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The
ifinanduflittintrie
INCLUDING
Railway& Industrial Compendium
Public Utility Compendium
State & Municipal Compendium
Railway Earnings Section
VOL. 123.
SATURDAY, DECEMBER 4 1926
Xixt Thronicle.
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The Financial Situation.
News of the first importance frequently passes
almost unobserved by the market. Sometimes because it has been expected and discounted, and sometimes because it has not been expected by speculative
operators who are depended upon to give a quick
indication as to the value of new developments. Two
Supreme Court decisions have recently been handed
down which eventually should prove most reassuring in respect to values of all classes of public utilities, but which as yet have made little impression
upon prices. On Monday, Nov. 29, the Supreme
Court upheld the $1 15 rate charged by the Consolidated Gas Co. of New York, releasing thereby some
$15,500,000 which had been impounded, representing
the difference between the price of $1 15 charged by
the company and the rate of $1 contended for by the
City.
This decision, important though it is, may not
prove so far-reaching in its beneficial effects as
the decision handed down by the same court on Monday, Nov. 22, in the case of the Indianapolis Water
Co. The point at issue in the latter case rested upon
a difference of opinion between the company and the
Indiana Public Service Commission as to the basis
of valuing public utility properties for rate-making
purposes, and as to what constitutes a fair return
upon such properties. The court held that a reasonable rate of return is not less than 7%,but even more
important than this laid down the following rule for
appraising public utility properties:
"In consideririg present value, consideration must
be given to prices and wages prevailing at the time
of investigation; and, in the light of all the circumstances, there must be an honest and intelligent forecast as to probable price and wage levels during a
Bank and Quotation Section
Bankers' Convention Section
NO. 3206.
reasonable period in the immediate future. In every
confiscation case, the future as well as the present
must be regarded. It must be determined whether
the rates complained of are yielding, and will yield,
over and above the amounts required to pay taxes
and proper operating charges, a sum sufficient to
constitute just compensation for the use of the
property employed to furnish the service; that is, a
resonable rate of return on the value of the property at the time of the investigation and for a
reasonable time in the immediate future."
This rule takes into consideration just those factors which the public actually rely upon in buying
and selling securities, namely the probable rate of
return under conditions likely to exist. Historical
cost, brilliant performance of the past, and all other
elements of the record, are of little or no weight as
compared with the probabilities that lie immediately
ahead, or as expressed by the Court, on,e, two or three
years ahead.
The decision in question will no doubt be of great
importance to the Indianapolis Water Co. and many
another.individual water, gas and electric company.
However,it is likely to be of less importance to utilities of these classes than to the railroads, for the
reason that in a large percentage of cases the former
properties are now fairly valued and rates are now
adequate. On the other hand, the railroads are in
the midst of the process of determining values for
rate making purposes, and the law and the Commerce Commission ruling allows them only 534%
upon property values. If this Supreme Court decision has the effect of bringing about a higher allowance for the railroads, it will be a matter of no small
consequence. In any event, a fair method of appraising property value is the one great desideratum.
The speculator is not particularly interested in results that are several years off. The investor, however, is. The decision is hence a significant milepost in a process that began with the enactment of
the present railroad law in 1920, passed when the
railroads were returned to the control of their owners.
Under Government control the railroads of the
country as a whole earned only a nominal sum upon
their capital investment. Great has been the change
in the interval since then. The percentage now is
probably well above 5%, beginning to approach the
prescribed limit of 53
4%, but as yet far from a figure adequate to bring about complete financial
health to the country's transportation system. The
decision, however, in the Indianapolis water ease
lends hope that the process of restoration now well
,
along will be carried to completion.
In view of the real bearing of the * decision, it is
rather strange that during the two weeks that the
2812
THE CHRONICLE
[Vol.. 123.
decision has been known, the average of railroad
One of the most significant movements of the past
prices has been practically stationary, although mar- week, and for that matter of several weeks past, has
ketconditions have been sufficiently good to cause the been the advance in the French franc, now approachindustrial average to rise 5 points. Most of this ing a level not far from 4c., up from a low of 1.94c.
latter advance, however, was made the present week. on July 20, this movement reflecting continuing
Bond prices, after a slow, steady climb during the confidence in the success of the Poincare rehabilitapast few months, have no more than held their own tion program. The actual strength of the franc is
the past week. Nevertheless the bond market still probably based largely upon repatriation of French
retains a high absorptive capacity. Among the capital, which had gone into hiding during the past
week's principal offerings were $50,000,000 Stand- several years, and particularly during the past sumard Oil Co. of New York 4y of 1951, offered at mer.
2s
973 yielding 4.65%,, by a Dillon, Read & Co.
%,
Insolvencies in the United States during Novemsyndicate; $18,000,000 Arkansas Power & Light Co.
first and refunding 5s, 1956, offered by a syndicate ber were somewhat more numerous than in the preheaded by Harris, Forbes & Co. at 95%, yielding ceding months this year since April, and exceed in
5.27%; financing involving approximately $12,000,- number any preceding November back to 1921. Last
000 by the Consolidated Gas, Electric Light & Power month's total was 3.8% larger than in October; a
Co. of Baltimore through separate offerings of bonds, year ago the number of insolvencies in November expreferred stock and common, the former being an ceeded those for October by 5.8%. As to the indebtissue of $7,000,000 first and refunding 5s, 1965, of- edness involved, the figures for last month do not
fered by a syndicate headed by Alexander Brown & vary greatly from the preceding months this year.
Sons and Lee, Higginson & Co. at 101 , yielding The report of commercial failures in the Unifoci
/
1
2
States for the month just closed, compiled from the
4.90%.
The stock market is proving troublesome to specu- records of R. G.Dun & Co., shows 1,830 defaults with
lative operators, opinion being sharply divided be- liabilities of $32,693,993, these figures comparing
tween those who predict a heavy slump in prices with 1,763 similar insolvencies in October this year
based upon expected decline in business operations, for $33,230,720 and 1,672 in November 1925 for $35,and those who count upon favorable developments, 922,421. For the eleven months of this year, includIf not for the entire list, at least for a number of ing November, there were 19,704 commercial insolimportant securities. The Dow-Jones average, af- vencies in the United States, with an indebtedness
ter having declined to 145.66 on Tuesday, Oct. 19, of $363,622,699, while for the corresponding period
recovered by the end of last week to 156.43, and af- in 1925 the number of similar defaults was 19,336
ter having fluctuated around this level during the with liabilities of $407,216,112. The increase in
Rarly part of the present week has again moved for- number this year over last is only 1.9%, but the liaward. There have been sharp advances in a num- bilities this year to date are less than those for the
ber of specialties, as, for instance, South Porto Rico eleven months of last year by 10.7%. Regarding
Sugar, Commercial Solvents, Baldwin Locomotive, commercial failures for the year 1925 it is proper to
state that the number was exceeded only in the years
Cast Iron Pipe and Case Threshing Machine.
More impressive perhaps than these was the 1915 and 1922. The total indebtedness reported for
rather belated move beginning on Thursday in Inter- 1925 was considerably smaller in amount than for
national Harvester, which on that day moved up the four years prior thereto, 1921-1924, inclusive,
4% points to 1413 and on Friday to a somewhat but with the exception of these four years the liabili4,
higher price, the move, no doubt, being based upon ties last year exceeded every preceding year.
In November this year there were 440 manufacannouncement made last Saturday of renewal of
the company's former policy of paying regular stock turing defaults with an indebtedness of $16,097,444;
dividends. Stock dividends were omitted early in 1,285 trading failures for $14,157,616, and 105 insol1923 owing to the company's tremendous European vencies among agents and brokers involving $2,438,losses. On the other hand, the $5 cash dividend was 938. In November of last year the corresponding
continued, this being raised to $6 in January of the figures were 442 manufacturing failures for $13,present year. The company now announces the pol- 993,701; 1,146 trading defaults owing $18,907,091,
icy of paying regular stock dividends at 4%, or 2% and 84 insolvencies of agents and brokers with a
semi-annually. This gives a total cash value of the total of $3,021,629. As to the number of defaults
cash and stock dividends taken together of about during .November of these two years, the increase is
$11 50, or more than 8% upon the present price of quite marked in the trading class. There was also
the stock. The action indicates confidence on the some increase this year in the third division, empart of the directors. The company's earnings last bracing agents and brokers. The number of manuyear were about $15 per share and are said to be facturing defaults, however, was practically the
running materially higher this year. It is reported same in both years. As to the amounts involved,
that the improvement has come through increase in the manufacturing indebtedness is somewhat heavier
the company's foreign business, which is now said this year than last, owing to some large failures in
to be larger than before the war, besides increase that division last month, while for the other two
in a number of new lines, principally tractors and classes, especially that of the trading class, quite a
buses. It is well enough to recall that International marked reduction in the liabilities is reported this
Harvester is one of the twenty stocks on which the year. The increase in the number of defaults last
Dow-Jones industrial average is based. By looking month over a year ago in the trading division is
over the list of these stocks it will be seen that sim- largely among grocers, dealers in clothing, in dry
ilar constructive developments in the business and goods, in shoes, in hardware and in drugs. In the
dividend policies have occurred in connection with class embracing hotels and restaurants, where failures have been quite numerous for some time, the
xnost of these stocks.
DEC. 4 1926.]
THE CHRONICLE
number shown in November this year is very much
reduced as compared with a year ago.
As to the smaller amount of liabilities shown for
the trading division in November of this year compared with a year ago, the decline is largely due to
the heavy reduction in the classes embracing dealers
in dry goods, and jewelers, there having been some
large failures in these two divisions in November
1925. Further reductions appear in the defaulted
indebtedness reported last month in comparison
with a year ago for the classes embracing grocers,
hotels and restaurants, and dealers in clothing. In
the manufacturing division there is some increase in
the nulmber of defaults this year among producers of
lumber and in the printing trades. On the other
hand, machinery manufacturers report a decrease
in number; also clothing manufacturers, bakers and
manufacturers of shoes. The liabilities of the class
embracing manufacturers of machinery, however,
are somewhat larger this year than last; likewise of
foundries, earthenware, printing and manufacturers
of hats. There is quite a decline in the defaulted
indebtedness reported last month, in comparison
with a year ago,for clothing manufacturers.
As to the larger commercial failures during the
month just closed, the division embracing defaults
of manufacturing concerns leads, both as to number
and the indebtedness involved, as is usually the case.
Furthermore, the increase in liabilities shown in
the manufacturing division in November this year,
as compared with a year ago, is due to these larger
defaults, as has previously been stated. Last month
there were 34 of the larger defaults in manufacturing lines, with a total of $9,978,412 of indebtedness.
These large failures include all of those in this division where the liabilities in each instance reach
$100,000 or more. In November 1925 there were only
20 such defaults among manufacturing concerns, the
total indebtedness being $7,025,156, an increase in
the liabilities for these large manufacturing failures of $2,953,000. There were 15 of these larger
trading failures last month for $2,515,166, in contrast with 20 defaults of similar character in November 1925 involving a total of $8,268,212, while
the aggregate of all large failures last month was
55 for $13,395,298, against 48 a year ago involving
$17,229,212. Deducting these large insolvencies
from the total of all commercial failures that occurred in November this year, there are 1,775 remaining, against 1,624 in November last year, the
average of liabilities for each of these defaults for
November this year being $10,861, in contrast with
$11,511 in November 1925. The average for November this year is much the lowest of any November
back to 1919.
European statesmen appear to be fond of holding
conferences to work out peace policies and measures,
but unfortunately, the events of the last few years
have shown that they were not so keen to put those
policies and measures into effect after they returned to their respective countries. Perhaps this
statement should be amended by saying that their
respective Parliaments have not been keen to make
them effective. According to Paris dispatches on
Nov. 26, it is probable that a conference will be held
either at Geneva or Locarno in the near future with
a view to forming "a quadruple entente comprising
Great Britain, France, Germany and Italy." An-
2813
nouncement was made in a special Paris message to
the New York "Times" on that date that "Aristide
Briand, Minister for Foreign Affairs, had a long
conversation with Baron Avezzana, Italian Ambassador, when the latter called on him this afternoon.
It was announced later that the conversation touched
notably upon the question of German disarmament,
in anticipation of the Dec. 6 meeting of the Council
of the League of Nations, but it is almost certain
that an important part of the conference was given
up to a discussion of M. Briand's new hope for a
quadruple entente comprising Great Britain, France,
Germany and Italy." It was added that "M. Briand
spoke feelingly of this scheme when he appeared several days ago before the Foreign Affairs Commission of the Senate and Chamber, and in quarters
usually well informed it is stated with considerable
definiteness to-night that such an entente can be
expected to reach the serious stage of consideration,
either at the Geneva meeting, or shortly afterward at
a meeting between M. Briand, the German Foreign
Minister, Dr. Stresemann; Premier Mussolini and
Sir Austen Chamberlain, the British Foreign Secretary." The "Times" correspondent suggested that
"disarmament and the manner in which the League
of Nations will take over supervision of the German
armaments, naturally play a vital role in M.Briand's
new scheme, but above all is said to be his idea of
a powerful alliance between the three dominant Continental Powers and Great Britain. From this turn
of affairs it Would seem that the opposition recently
apparent in official circles to a meeting between M.
Briand and Premier Mussolini is being overcome."
The Paris representative of the New York "Herald Tribune," in a cable message, also on Nov. 26,
was still more positive in his statements with respect to the probability of a second "Locarno Conference." He said in part: "The peace of Europe,
to be maintained by the policies and power of France,
Germany, Great Britain and Italy, will be the object
of a highly important meeting of the Foreign Ministers of these nations, probably at Locarno, immediately after the session of the Council of the League
of Nations early in December. This second Locarno
conference already has taken form. Sir Austen
Chamberlain, the British Foreign Secretary, wid
arrive in Paris within the next few days en route to
Geneva. With Aristide Briand, the French Foreign
Minister, he is scheduled to sign a joint invitation
to Premier Mussolini of Italy to come to Switzerland
for a conference. Foreign Minister Stresemann of
Germany already has agreed to go to southern Switzerland after the Council meeting, remaining in that
country for some time. The formal invitation to
Signor Mussolini, signed by M. Briand and Sir Austen, will follow and B Duce is expected formally to
accept. The joint nature of the invitation is due to
two reasons—first, the moral summons from two
powerful nations, both of which are prominently
interested in the Mediterranean; second, M. Briand's
inability to invite the Duce alone after the recent
Fascist incidents which resulted in strained relations between Paris and Rome. An initiative on
M Briand's part would bring down upon him severe
criticism from the French press, still rankling from
the treatment of French citizens in Italy. Once,
however, the ice has been broken around the council
table at Locarno, it is believed that M. Briand will
2814
THE CHRONICLE
not fear to call Signor Mussolini aside for a general
talk about Franco-Italian relations. Both Sir Austen and M. Briand, in their decision to ask Signor
Mussolini to southern Switzerland, have taken into
consideration the fact that the dictator is unable to
come to Geneva, where Dr. Stresemann and themselves will be gathered beginning Dec. 6 for the
League Council."
Two days later, Nov. 28, the same correspondent
declared that "the proposal for a second Locarno
Conference of Europe's four largest Powers finds a
responsive chord in to-night's Paris press and, while
the Quai d'Orsay prudently takes the position that
nothing has been decided as yet, the arrival here of
Sir Austen Chamberlain, British Secretary for Foreign Affairs, on Tuesday is expected to bring affairs
into the open. 'Le Temps' says: 'The idea of an
active and permanent collaboration of France, Great
Britain, Italy and Germany for the maintenance and
consolidation of peace is the big idea within the
framework of the policy of reconciliation. It remains to be seen how it can be practically realized.'"
Word came from Paris on Dec. 2 that "on his way
to Geneva; Sir Austen Chamberlain came to-day to
?..ris for one of these now customary preliminary
conversations with his friend, Foreign Minister Briand, on what will be their common policy—if a common policy is possible—at the League Council table.
Between them there is this time much to be discussed
and settled, though their gravest problems lie outside what will be discussed at any council meeting.
First, thereis the question of German disarmament,
of what is to be done now and during the next four
months and what is to be done in the future after the
Inter-Allied Control Commission is withdrawn.
Second, there is the question of Italy's unofficial
demands for more place in the sun. If these demands are made officially by Mussolini in person,
then there might be some slight chance of a conference of three—but not of four. If, however, they
remain muttered and inarticulate and the Duce does
not care to cross the frontier of his country, then the
Italian problems seem not unlikely to remain unsettled because unpresented."
Political conditions in Rumania naturally were
in a greatly disturbed state practically all week by
reason of the reported critical illness of King Ferdinand with cancer, the absence from the country of
Queen Marie and the escapade of Prince Carol earlier in the year, which resulted in his renouncing of
his right to the throne. Apparently because of the
strict censorship and a desire to avert alarm among
the Rumanian people, and abroad as well, reports
relative to the King's condition were extremely conflicting. They varied from statements cabled from
various points outside of the country that he could
live only a short time to claims, said to have been
official, that "there is considerable improvement."
Queen Marie arrived at Cherbourg on Tuesday, on
her way home from her American trip, and late the
same night reached Paris. On Wednesday it was
reported in Paris dispatches that she had an interview with her son, Prince Carol, "in a private room
at a fashionable restaurant on the Bois de Boulogne," instead of in the villa at Neuilly which the
Prince has been occupying. This was denied the
next day. The Queen left Paris for Bucharest "on
the Simplon express at 8.35 Wednesday evening,
[VoL. 123.
instead of waiting until Friday evening, as she first
intended." At that time the official advices relative to Bing Ferdinand's health were more reassuring, at least with respect to the immediate future.
A few days before the arrival of the Queen in Paris,
Prince Carol was said to have received a letter from
his father urging him to "find a way to wipe out the
past and effect a lasting reconciliation with his
mother." It was claimed that the Prince received a
second letter from his father on Wednesday morning urging him to remain away from Rumania, and
thus save the country from unnecessary trouble.
On Thursday, even before the arrival of Queen
Marie from Paris, it was asserted in an Associated
Press dispatch from Bucharest that "on her arrival
home from her visit to the United States, Queen
Marie will find a much clearer political horizon than
has been the case since reports of the serious illness
of her husband, King Ferdinand, gained circulation." It was added that "this clarification is due
largely to King Ferdinand's letter to Premier Ave-rescu on Tuesday,in which he said his condition was
growing better, that he purposed to continue to reign
so long as he lived and that he was unalterably opposed to the return of his wayward son, Carol." According to the dispatch also, "Ferdinand's letter
created a profound impression and caused the politicians quickly to sense public sentiment. They were
stimulated to sink, at least temporarily, their differences and agreed to stand behind a Coalition Cabinet, to be formed with M. Averescu retaining the
Premiership and with Jan Bratiano, former Premier
and one of the strong political personages, represented in the new Government by his principal adherents."
Announcement was made in an Associated Press
dispatch from Bucharest last evening that Queen
Marie was expected to arrive there this morning.
It was stated that "Bing Ferdinand will be the central figure at a great reception to be accorded Queen
Marie on her arrival home Saturday morning from
her journey to America. The authorities are making
elaborate preparations for the Queen's homecoming.
The populace of the entire city is expected to turn
out and give her a rousing welcome at the station.
King Ferdinand seems genuinely better. He not
only is able to transact his usual business but also
to indulge in social relaxations."
The sale of ,the White Star Line by the International Mercantile Marine Co. is regarded as one of
the most important and significant, as well as one
of the largest transactions in steamship properties
on record. Announcement of the sale was made in
London on Nov. 27. In an Associated Press dispatch from the British capital on that date it was
stated that "the Royal Mail Steam Packet Co. annonnced to-day that arrangements have been concluded to acquire the whole share capital of the
White Star Line as of the date Jan. 1 1927. The International Mercantile Marine, owners of the White
Star fleet, confirmed the announcement." It was
added that "transfer of the shares will not affect the
continuity of the White Star Line, its organization
and agency arrangements. P. A. S. Franklin, President of the International Mercantile Marine, who
negotiated the deal, declined to make a statement."
From several sources came the statement that "the
Dm 41926.]
THE CHRONICLE
purchase price was about $35,000,000." It was recalled by "The Sun" that "this corresponds with the
figure reported last spring when negotiations were
under way between the International Mercantile
Marine and Furness, Withy & Co. for the sale of the
White Star Line by the International Mercantile
Marine." According to the same newspaper, "the
money is to be paid in installments of $10,000,000 on
Feb. 1 next, $6,250,000 on Feb. 1 1928, $6,250,000 on
Feb. 1 1929, and the balance of $12,500,000 within
ten years. Interest rates on unpaid balances presumably are still to be agreed upon." Attention likewise was called to the fact in an Associated Press
dispatch from London that "the sale involves the
transfer of more than 100 vessels and a half interest
in another, or a total of 368,220 tons."
In a special London cable dispatch to the New
York "Times" on Nov. 26 it was recalled that "the
Royal Mail tried to buy the White Star in 1919, but
at that time stockholders refused to ratify the provisional agreement which was reached. With the
White Star Co., two of its subsidiaries will be transferred if the sale goes through. These are the Aberdeen Line to Australia and Shaw, Savill & Albion
Line." The "Times" correspondent suggested, furthermore, that "if the sale is consummated it means
that the International Mercantile Marine has divested itself of most of its international character,
which in the past has hindered its efforts to obtain
Shipping Board vessels. In order to be completely
American, however, the company would also have to
sell the Atlantic Transport Line, another of its British controlled subsidiaries."
Word came from London on Nov. 30 that P. A. S.
Franklin, President of the International Mercantile
Marine Co., had begun negotiations at that centre
for the sale of the Leyland Steamship Line to the
Ellerman Line. This and the definite sale of the
White Star Line were taken in the financial district
and in shipping circles in this city as indicating that
the International Mercantile Marine Co. had decided
to divest itself of all its foreign lines and to become
a strictly American corporation, doing its business
only with lines having an American charter. According to a Washington dispatch, it is expected
there that these steps will clear the way for the company to bid successfully for at least some of the
steamship lines owned by the United States Government. •
Foreign Minister Briand of the French Cabinet
has selected Paul Claudel to succeed Henri Berenger
as Ambassador to the United States. The appointment was ratified by the French Cabinet on Nov. 30.
M. Claudel is now Ambasgrador to Japan. The Associated Press representative in Paris stated that "he
is a veteran diplomat, having served in various important posts since the beginning of his diplomatic
career 36 years ago, when he served in the French
Consulates in New York and Boston. M. Claudel, in
addition to his diplomatic work, has gained recognition as a poet. He is 58 years old." It was suggested
by "The Sun" that "to the public, Paul Claudel is
perhaps better known as poet, playwright and litterateur than as a diplomat. His mystic style has
made him one of the most discussed writers in
France, though his years of literary activity have
been spent chiefly in foreign countries." Nearly a
half dozen rather prominent Frenchmen in various
2815
walks in life had been mentioned as the probable
successor of M. Berenger. For instance, it was
stated in an Associated Press cablegram from Paris
on Nov. 24 that "three authentic Counts to-day were
leading in the field of possible successors to Henri
Berenger as French Ambassador to the United
States. Count Robert de Billy, Minister to Rumania
and a cousin of Edouard de Billy, member of the
French Mission to the United States during the war,
has precedence so far as the diplomatic service is
concerned, and will be named if the natural order of
promotion is observed." It was suggested also that
"the new Ambassador, it is expected, in any case
w.11 be a trained diplomat rather than a politician,
candidates for the post from Parliamentary circles
having become extremely rare because of the stormy
roception given here to the Berenger debt sttlement."
Commenting upon the appointment of M. Claudel,
the Paris representative of the New York "Evening
Post" said in a dispatch on Dec. 1 that "in the appointment of Paul Claudel as French Ambassador
to Washington the Quai d'Orsay has chosen a man to
whom the French people are ready to confide one of
the most important missions of after-war diplomacy.
M. Claudel must receive the conventional acceptance
by the American State Department. It is consid
ered here that, in view of the difficult role that
b waits the new Ambassador, Foreign Minister Bitand has picked the diplomat with the best qualifications. During the last few days, since Henri Berenger's rejection of the Washington post, French political circles have insisted on a representative who
could adequately convey the right information bot
ways—to Washington and from Washington."
The further sharp rise in the French franc this
week has brought about a corresponding slump in
business in France, if reports are to be believed. A
special Paris cable dispatch on Dec. 2 outlined th
situation in that respect in part as follows: "With
disconcerting swiftness the franc has taken another
upward flight and is improving at a rate which is
embarrassing the Treasury, injuring business and
making fortunes for speculators. Yesterday the
i'remier announced that he held sufficient foreign
values to cover all debt payments during 1927. Today the difference between the price paid for these
reserve funds and the price at which they could be
bought is somewhat startling. On the Bourse th,3
franc rose to 26 to the dollar and the pound fell from
130.45 to 126.55. There was a corresponding fall in
all foreign stocks, for which there were no buyers.
In what looks like an effort to prevent a further rise,
the Treasury borrowed 1,000,000,000 francs from the
Bank of France, though it does not appear obvious
for what purpose, Nov. 30 having been the last day
for .tax paying in France and the Treasury being
accordingly well supplied. Of the effect of the ris3
in the value of currency, evidence is beginning to be
seen on every hand. The Premier yesterday declared
this was not so and that there was no evidence of an
economic crisis. He is pinning his hopes to a fall of
prices and a general improvement in the position of
the buying public. But meanwhile the buying public
is holding back. The Paris stores are emptier than
at any time for years. Stocks are having to be revalued everywhere and stores are already advertising reductions on every commodity. Shoes, for instance, have fallen considerably, but the other effect
2816
THE CHRONICLE
[VoL. 123.
of this revaluation is that workers in shoe factories parable with Soviet Russia's compromise
with capare being paid off, and in the luxury trades, such as italism. Free speech, which long has been
the battle
the automobile trade in the outskirts of Paris sev- cry of the democratic element, has been
granted, it
eral hundred men have been dismissed during the is understood, as a means of avoiding
the necessity
past week."
of dissolving the party. Until recently complete
The following announcement, which appeared in abandonment of the party
seemed imperative bea special wireless dispatch from Paris to the New cause many of the provincial
Fascist units seethed
York "Times" on Dec. 2, is of special interest: "The with local quarrelings and
in some cases openly reFrench Government is considering the transforma- fused to heed the orders of the
National Directorate.
tion of the State match monopoly to a semi-private When the Premier's explicit
orders failed to crush
industry. The project includes the participation of the disputes,the abolition of
popular elections within
foreign financial interests in the manufacture and the ranks of the black shirts
was ordered, but the
sale of matches in France, hitherto solely in the Democrats gave warning thatthe
tranquillity thereby
hands of the State tobacco manufactory under the attained would not endure
unless the rank and file
control of the Finance Ministry. The tobacco mo- felt that they had some share
in conducting party
nopoly already has been set aside for the sinking affairs." It was added that
"under the new system
fund which Premier Poincare created last August. it is expected that the
appointment of officers by
At the Finance Ministry it was said to-day that va- Mussolini will guarantee against
unruly local chiefrious projects had been examined and that the tains causing trouble, while
free speech, by allowing
scheme finally adopted by the Administration has every one to go on record with
opinions, will remove
been submitted to the Premier for his approval. This complaint of despotism and will
allow able and amscheme does not, according to the officials' version, bitious members to forge ahead of
their duller felentail the complete cession of the monopoly, but lows."
merely a transformation of exploitation with outsiders' participation in the profits. The proposed
European Governments always have maintained a
sale of the Government's match monopoly aroused a strict censorship in dealing with
the press, particuheated debate in the Chamber late this evening, in larly when there was trouble of
any kind. In most
which Premier Poincare defended his right to con- countries the censorship has
applied to freedom of
duct a technical investigation into the matter with- speech on the part of individua
ls with respect to
out first obtaining Parliament's assent. Although Government affairs and
officials. The action of
the Premier pointed out that the investigations have Premier Mussolini of
Italy in granting at least a
not been completed, and promised to present a bill degree of free
speech was spoken of in slang parto Parliament instead of proceeding by decree, Com- lance as "lifting the
gag to save the party." It was
munists and Socialists waged a wordy battle against quite striking and
significant that at practically the
allowing the match or any other monopoly to slip same time the Reichsta
g in Germany should have
from the Government's hands, even for a few years." been discussing a censorshi
p bill. Its alleged purpose was the "suppression of obscene and trashy
Ever since Benito Mussolini, as head of the "Black literature." In a dispatch on Nov.
26 the Berlin
Shirts," or Fascist forces, marched into Rome sev- representative of the New York "Herald
Tribune"
eral years ago and seized control of the Government, described the situation in part as follows:
"The
apparently every step that he has taken has been much-discussed trash bill, a measure which
was dewith a view to centralizing control of the Govern- signed to protect the morals of German
children
ment in his hands and a few of his closest associates. against improper literature, but which,
in the opinDuring his regime there has been scarcely a sem- ion of its opponents, will result in
press censorship
blance of freedom in any phase of the Government. more tyrannous than any that
Germany has experiAn announcement to the contrary, however, was enced, came up in the Reichstag
for a second reading
made in an Associated Press dispatch from Rome on to-day. The strange situation
exists that, although
Nov. 28. It has been regarded. as one of the most the majority of newspape
rs, art and literary circles,
significant steps taken by the Italian Premier and Socialists, Communists and
Chambers of Commerce
Dictator, and perhaps as indicating a realization on are opposed to the measure,
it is generally believed
his part that he cannot rule by force alone.
the bill will. passed. The bill provides for the crebe
This radical departure from what had gone before ation in every State of a
committee, consisting of an
since Mussolini took hold was outlined in part as official of the Government
as chairman and four
follows in an Associated Press dispatch from the others, representing the book
trade, authors, youth
Italian capital on Nov. 28: "The democratic move- welfare movements and popular
education societies,
ment in the ranks of Fascism has won its first vie- to pass on books suspected of being
pernicious to the
toy in the shape of restoration to all members of the morals of youth. The measure
provides that a 4 to 1
Right, withdrawn in the early days of the revolution, vote that any book is improper
would be sufficient
of discussing and criticizing freely the methods and to proscribe it, and if a book is
once put on the index
policies of Mussolini's lieutenants. Article 26 of the in any single State it would be banned automati
cally
new statutes of the party, which always proudly all over the country." The New York
"Times" repboasts of being the arch-enemy of all forms of liber- resentative in the German capital
added that, "analism and democracy, orders the local leaders to swering criticism from all quarters in
the literary
accord to the members unlimited right of free dis- world, he made plain that it was not
the idea that
cussion. Although the concession applies only to the the proposed law should deprive youths
and grownparty and does not imply granting actual voice in its ups of the joys of penny thrillers.
Herr Kulz cited
cottrol, which continues to be exercised exclusively the movie censorship as an example, stating that only
by Mussolini through his aides, it is interpreted as one film of 1,600 had been reported. Though supthe first step of a compromise with democracy com- porting the Government measure,
he explained, he
DEC. 4 1926.]
THE CHRONICLE
was not its author, as charged. The bill finds no
favor even in his party organ, the Berliner ‘Tageblatt,' which argues that it is impossible to enforce
laws of this sort."
In view of the foregoing presentation of the situation no surprise was caused by the announcement
from Berlin in a special wireless message to the New
York "Times" under date of Nov. 29 that "the Government's bill to suppress trashy and obscene printed
matter failed to pass in its entirety at its second
reading in the Reichstag to-day. The section providing for the creation of national and State censorship boards was defeated by 191 to 181, the Democrats and some People's Party members voting with
the Socialists, Communists and ultra-reactionary
members against the measure." It was stated also
that "the third reading was postponed until the end
of the week in order to give supporters of the bill a
chance to reach a compromise with the opposition
on the points which caused to-day's objections."
Greece has a Coalition Cabinet. It will be sworn
in to-day, according to an Associated Press dispatch
from Athens on Dec. 2. It was stated that "the new
Government which is to succeed that headed by Premier Condylis will be sworn in on Saturday. A
military council of nine will decide the question of
the restoration to duty in the army of capable of
removed for political reasons. General Othonaios, Commander of the troops in Athens, will be
removed from office unless he resigns before Saturday." Announcement had been made in an Associated Press cable message from Athens on Nov. 30
that "a Coalition Government, consisting. of members of all five political parties, will be formed on
Thursday. The present service Cabinet, headed by
General George Condylis, then will resign. An
agreement already has been reached along general
lines and only details await settlement." It was
claimed , also that the Coalition Government will
settle the thorny military question by appointing a
special commission to restore capable Royalist officers to active service and eliminate the incapable
ones. The Royalists have agreed to vote on a onstitution and to cope with the financial problem.
The Senate will be elected in April."
Word came from the Greek capital on Nov. 3 that
"Alexander Zaimis, who has held the Premiership
many times since 1902, again heads the Government
of Greece. He has formed a Coalition Cabinet, embracing all five political parties. This new Ministry
will replace that headed by General George Condylis, who announced several weeks ago, before the
general elections were held, that he would resign."
2817
were cast. The new Parliament has been called to
meet on Nov. 26." According to a special Athens
cablegram to the New York "Times" on Nov. 30,
"the first work of the Chamber will be the ratification of the Constitution of 1925, with the revision of
some articles to make it acceptable to all parties.
The country will proceed next spring to the election
of a Senate, as provided for in the new Constitution,
then the election of a President by the Senate and
the Chamber,and,finally, the constitution of a Colin
cil of State. Robert P. Skinner, the new American
Minister, will present his credentials to the President of the Republic to-morrow morning."
Still another European Cabinet has gone down—
that of Denmark. According to an Associated Press
cablegram from Copenhagen last evening, "the Socialist Premier, T. A. M. Stauning, presented his
-day in conseCabinet's resignation to the Bing to
quence of the Liberal and Conservative victory in
yesterday's Parliamentary elections." The following features in the situation also were presented:
"As an outcome of the balloting in the elections to
the Folketing, or lower House of Parliament, the
Conservatives won 30 seats, a gain of two over the
1924 elections, and the Liberals 46, also a gain of
two, while Socialists took 53, a loss of two, and the
Radicals 16, also a loss of two. The Slesvig (German minority party) obtained one seat, the same as
in the old Folketing. The Justice Party, which had
no candidate in the 1924 elections, obtained two
seats in the present balloting. The Liberals and
Conservatives having obtained 76 seats, as against
69 for the Socialists and Radicals, it is believed the
Liberals will form the next Government under the
leadership of Madsen Nydgal, Minister of Agriculture in the last Liberal Administration."
Industrial leaders in Europe feel the need of combining to meet American competition, according to
a special London cable dispatch to the New York
"Times" on Nov. 28. The correspondent said in
part: "Formation of a European'trust to fight the
industrial combinations of the United States will be
the principal subject for discussion at the resumed
conferences between the leading representatives of
the Federation of British Industries and the Federation of German Industries, which will take place
in London next Friday and Saturday [yesterday
and to-day], according to the 'Westminster Gazette.'
The agenda have not been decided, but it is stated
that the object will be to discuss to what degree and
in what manner the two organizations can co-operate
for the furtherance of the mutual interests of the
industries of the respective countries. The discusThe formation of a Coalition Cabinet had been sions are to be between the two organizations as a
expected for two weeks. Even on Nov. 14 it was whole and not between the representatives of the instated that "final election figures of the recent na- dividual industries. They will not be public."
tional election were announced by the Government
to-day, showing a Republican majority of 30. A
A recent interview with President Mayrisch of the
Coalition Cabinet of Moderate Republicans under European Steel Cartel or "trust," printed in the
former Premier Kafandaris and M. Michalakopoulos "Petit Parisien," fits in well with the foregoing.
and the Moderate Royalists under General Metaxas Referring to the United States, which he was quoted
is generally expected as a result. Party results as saying "manufactures more steel more economicwere: Moderate Republicans, 108; Advanced Re- ally," the European steel leader continued: "Eupublicans, 18; Independent Republicans, 20; Com- rope must organize in juxtaposition to it. Those
munists, 9; Agrariaus, 3. Royalists under P. E. who buy from us need, even as we do, guarantees
Saldaris,63; Moderate Royalists under Metaxas, 54; against variable exchanges by steadier production.
Independent Royalists, 11. Nearly 1,000,000 votes Therefore, from every point of view, in order to pro-
2818
THE CHRONICLE
[VOL. 123.
duce much cheaply and without risk, concentration Sir William Joynson-Hicks, Home Secretary, in the
has become an elementary industrial necessity.
House of Commons to-day. Sir William made one
would be the first to break the cartel if it were di- exception; the restrictions on coal will remain temrected against the State or the consumer. Moreover, porarily."
Governments can interfere if there is any abuse of
power. The cartel has already rendered service,
Official discount rates at leading European cennamely in encouraging M. Francqui when he under- tres continue to be quoted at 7 % in Paris; 7% in
/
1
2
took to stabilize the Belgian franc at the risk of un- Belgium, Italy and Austria;
in Berlin; 5 % in
/
1
2
employment by the steel agreements concluded in Denmark; 5% in London and Madrid; 4 % in
/
1
2
Berlin between the French and German Govern- Sweden and Norway, and 312 in Holland and
/%
ments." He further stated that "the object of the Switzerland. In London the open market discounts
trust is to stabilize industry by avoiding over-pro- were easier, and both short and long bills finished
duction and unemployment crises as dangerous to at 458%, as compared with 4 11-16@43
/
4% a week
producers as to workman and consumer. It does ago for short bills and 4 11-16@4 13-16% for three
not tend a priori to restrict production artificially, months' bills. Call money at the British centre likeas many believe. It does not fix sales, and the fund wise ruled at somewhat lower levels than during reprovided for is only temporary and is divided among cent weeks, with the close at 3/
58%,as against 378%
/
the producers at the end of each half-yearly period. the previous week. In Paris the open market disMy colleagues and myself felt that a permanent large count rate is now quoted at 61 1%,as compared with
/
fund would be dangerous and we acted accordingly." 6 @7I/ last week, while the rate in Switzerland
/
1
2
4%
declined to 24%,against 2 8% a week earlier.
3
7
/
Finally the British coal miners' strike is over. In
a special London cablegram to "The Sun" on Dec. 2
The weekly return of the Bank of England reit was stated that "the great coal strike is over. flected preparations for the month-end settlements;
With the mines in the three last stubborn districts, heavy shifting of funds, brought about important
Durham, Yorkshire and South Wales, ordered back changes in deposits, while note circulation expanded
to the pits to-day, nothing now remains to 'end' the £1,689,000, thus bringing about a reduction in the
strike except the detail of an official announcement." reserve of gold and notes in the banking department
Continuing, the correspondent said: "So far as of £1,787,000. The Bank's gold holdings decreased
effective restriction of output is concerned, the strike £98,537, while the proportion of reserve to liabiliended a fortnight ago. Thus the greatest industrial ties fell sharply, viz., to 25.93%, in comparison with
stoppage in British history comes to an end, having 27.86% a week ago and 28.70% for the week of Nov.
spanned the best part of a year—from May 1 to 17. At this time a year ago the ratio stood at 16%
Dec. 1. And it ends as it began, in a muddle of un- and in 1925 at 17%. Public deposits declined £14,certainty and futility. The general opinion is that 617,000, but "other" deposits registered an increase
the present settlement only serves to defer for an- of £17,000,000. The Bank's temporary loans to the
other year, or perhaps two or three, the eventual Government rose £8,930,000. Loans on other securiissue. There has been no effort to organize the in- ties, however, were reduced £4,698,000. Gold holddustry on a permanent basis, no attempt to follow ings now are £152,876,079. This compares with
the report of the Royal Coal Commission, no action £145,659,957 a year ago and £128,494,720 in 1924
to prevent just such another strike next year."
(before the transfer to the Bank of England of the
£27,000,000 gold formerly held by the Redemption
As for the effects of the strike, it was claimed that, Account of the Currency Note Issue). The reserve
"meanwhile the losses sustained by. Great Britain total is £32,932,000, against £22,126,507 in 1925 and
are staggering. The following may be considered £24,448,655 a year earlier. Note circulation aggreas some results of the strike: 1. A direct loss to gates £139,783,000, as contrasted with £143,283,450
British trade variously estimated between 320 and last year and £123,796,065 the year prior to that,
380 million pounds sterling. 2. An increase in un- while loans amount to £69,672,000, in comparison
employment, exclusive of the miners, of 620,000. 3. with £71,694,738 and £72,851,663, one and two years
Trade union funds are exhausted. 4. Hope of reduc- ago, respectively. Clearings through the London
tion of taxation in the next budget is gone. 5. For- banks for the week totaled £875,641,000, which comeign markets probably are reduced permanently. 6. pares with £758,539,000 last week. No change has
Railway earnings are down by a million pounds a been made in the Bank of England's minimum disweek. 7. Only five blast furnaces out of 482 are count rate from 5%, the figure previously prevailworking. 8. The iron and steel industries are crip- ing. We append comparisons of the different items
pled, possibly permanently. 9. The textile trades are of the Bank of England return for a series of years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
suffering the most serious slump in years. 10. Ship1926.
1925.
1924.
1923,
1922.
building is practically dead. 11. Domestic sufferDec. 1.
Dec. 2.
Dec. 3.
Dec. 5,
Dec. 6.
ing is serious and widespread. And what is on the Circulation
6139,783,000 143,283,450 123,796,065 128,111,790 123,063,855
9,192,000 8,525,449 10,399,575 11,209,522 11,142,202
credit side of the account? Nothing. But despite Public deposits
Other deposits
117,828,000
this depressing balance sheet, England is emerging Governm't securities 42,257,000 129,923,749 133,269,701 136,601,297 126,553,624
62,437,794 64,152,363 69,724,056 66,892,091
Other securities
71,694,738
from the strike with a high heart. Many industrial- Reserve notes dr coin 69,672,000 22,126,507 72,851,663 74,361,605 65,830,847
32,932.000
24,448,655 21,511,440 22,839,912
Coin and bullion. a152.876.079 145,659,957 128,494,720 127,873,230 127,446,768
ists think the boom they have been expecting since
Proportion of reserve
the war now is bound to come."
to liabilities
25.93%
16%
17%
16%
143.%
5%
5%
3%
4%
4%
It was added in a United Press dispatch from Lon- Bank rate
Includes, beginning with April 29 1925, £27,000,000 gold coin and bullion
don, also on Dec. 2, that "revocation of the emer- Previously held as security for currency note Issues and which was transferred to the.
gency regulations under which Great Britain has Bank of England on the British Government's decision to return to the gold standard
b Beginning with the statement for April 29 1925, includes £27,000,000 of Bank
been governed since the general strike of last May of England notes Issued In return for the same amount of gold coin and bullion
held up to that time in redemption account of currency note issue.
was announced, effective at midnight to-night, by
DEC. 4 1926.]
THE CHRONICLE
The Bank of France in its weekly statement as of
Dec. 1 reported an increase of 69,072,000 francs in
note circulation, following the decreases the three
previous weeks. Total note circulation now is
53,331,797,750 francs, as compared with 49,183,656,775 francs for the corresponding date last year, and
with 40,447,011,195 francs in 1924. Gold holdings,
which last week remained stationary, gained 7,150
francs the present week. Total stock of gold now
stands at 5,548,804,250 francs, as compared with
5,547,806,001 francs in 1925 and 5,544,777,794 francs
in 1924. Advances to the State showed a big increase.
The Government's indebtedness to the Bank is now
up to 36,700,000,000 francs, an addition of no less than
1,000,000,000 francs having occurred during the
week. At the same time last year advances to the
State aggregated 33,500,000,000 francs and in 1924
only 23,000,000,000 francs. Other changes for the
week are: Silver holdings increased 1,009,000 francs;
bills discounted, 680,957,000 francs; trade advances,
22,856,000 francs, and general deposits, 479,681,000
francs. Treasury deposits, on the other hand, fell
off 46,459,000 francs. Comparisons of the various
items in this week's return with the statement of last
week and with corresponding dates in both 1925 and
1924 are as follows:
BANK OF FRANCE'S
.
Changes
for Week.
Gold Holdings—
Francs.
In France
Inc.
7,150
Abroad
Unchanged
COMPARATIVE STATEMENT.
Status as o
Dec. 1 1926. Dec. 3 1925. Dec. 4 1924.
Francs.
Francs.
Francs.
3,684.483,343 3,683,485,093 3,680.456,888
1,864.320,907 1,864.320,907 1.864,320.907
Total
Inc.
7,150
Silver
Inc.
1,009.000
Bills discounted...Inc. 680,957,000
Trade advances_ _Inc. 22,856.000
Note circulation _ _Inc. 69,072,000
Treasury deposits.Dec. 46.459,000
General deposits_ Inc. 479,681,000
Advances to State.Inc.1,000,000,000
5,548,804.250
340,080.506
6,101.230,453
2,117.076,089
53,331.797,750
13,548,931
4.804,837,442
36,700,000,000
5,547.806.001
316,766.971
4,701,703,128
2,622,258,893
49,183,656.775
40,758.260
3,246,042,828
33.500,000,000
5,544,777.794
304,650.037
5,595,056,009
2.715.056,897
40,447,011,195
17,659,218
1,976,471,061
23.000.000,000
The weekly report of the German Reichsbank,
issued under date of Nov. 23, showed numerous important changes. Among these was another decline
in note circulation amounting to 146,960,000 marks,
while other maturing obligations rose 204,229,000
marks, but other liabilities were reduced 10,773,000
marks. As regards assets, a decline of 68,434,000
marks was indicated in holdings of bills of exchange
and checks, although advances increased 10,754,000
marks, while there were increases in all of the following items: Reserve in foreign currencies, 28,818,000 marks; deposits held abroad, 15,392,000
marks; silver and other coins, 9,048,000 marks;
notes on other banks, 5,769,000 marks; investments,
28,000 marks, and other assets, 60,311,000 marks.
There was another, though appreciably smaller, addition to gold holdings, namely 202,000 marks, thus
bringing the institution's stock of gold up to 1,754,924,000 marks, against 1,207,200,000 marks in 1925
and 694,834,000 marks a year earlier. Outstanding
note circulation totals 2,862,706,000 marks, in comparison with 2,423,850,000 marks a year ago.
Further expansion in rediscounting operations
and a liberal addition to open market dealings, were
the outstanding features of the weekly statement of
the Federal Reserve banks that was issued at the
close of business on Thursday. The report of the
New York Bank differed somewhat, in that bills
discounted showed a falling off. For the System as
a whole gold reserves remained practically stationary, declining only $105,000. Rediscounts of all
classes of bills rose approximately $17,900,000, while
2819
holdings of bills bought in the open market expanded $27,500,000. Total bills and securities (earning assets) increased $51,500,000 and deposits $62,000,000, while there was also an increase of $54,700,000 in member bank reserve accounts. Federal Reserve notes in actual circulation fell $2,400,000. At
New York, an increase in gold of $12,200,000 was reported. Rediscounting of bills secured by Government obligations fell $15,200,000; rediscounts of
"other" bills were larger, $6,400,000, so that total
bills discounted for the week fell off $8,800,000.
Open market purchases increased no less than $36,100,000. Expansion occurred in all of the following
items: total bills and securities, $32,600,000; deposits, $52,200,000, and member bank reserve accounts,
$53,400,000. The amount of Federal Reserve notes
in actual circulation fell off $4,700,000. As a result
of substantial additions to the deposit totals and
only minor changes in gold stocks, reserve ratios declined. For the banks as a group the ratio declined
1.1%, to 72.2%. At New York there was a loss of
2.1%, to 79.5%.
Last Saturday's statement of New York Clearing
House banks and trust companies revealed a heavy
reduction in surplus reserve, amounting to more
than $21,000,000, due chiefly to a shrinkage in the
reserves of member banks with the Federal Reserve
Bank. Net demand deposits fell off $15,259,000, but
time deposits increased $21,068,000, to $649,408,000.
The grand total of demand deposits is $4,350,204,000,
which excludes $17,516,000 in Government deposits.
Cash in own vaults of members of the Reserve institution increased $3,463,000, to $48,871,000. This,
however, does not count as reserve. State bank and
trust company reserves in own vaults showed an unusually large increase, namely $1,017,000, while reserves kept in other depositories declined $335,000.
As already indicated, member banks drew down
their reserves in the Federal Reserve Bank in
amount of $23,641,000, and this was the prime factor in causing a loss in surplus reserve of $21,572,430, reducing excess reserves to $18,030,690, as compared with $39,603,120 a week ago. The figures here
given for surplus are on the basis of 13% legal reserve requirements against demand deposits for
member banks of the Federal Reserve, but do not
include the $48,871,000 cash in vault held by these
member institutions on Saturday last.
Until after the turn of the month naturally call
money was higher. From the 41 2 quotation that
/%
had been practically the going rate for some little
/
time, there was an advance to 51 2%. With the large
Dec. 1 disbursements made the rate tended downward, so that as early as Thursday afternoon it was
back to 41 2%, where it remained throughout yester/
day's session. Probably this recession will prove
to be only temporary, for as the middle of the month
closely approaches, a retu-rn to a higher level would
seem altogether logical. The upward trend is likely
to be still more pronounced during the last week of
this month, because of the extraordinarily large interest and dividend disbursements that will be made
during the last few days of December and on Jan. 1.
From then on practically present quotations for
money are expected. Apparently the net change in
brokers' loans is small just now. At any rate, the
Federal Reserve Board reported as of Nov. 24 a de-
2820
[Von. 123.
TRE CHRONICLE
crease of $741,000 in comparison with the previous
week. This change was relatively so small that it
was regarded as negligible in the financial district.
As the stock market has gained rather steadily in
activity and strength this week, the loan figures for
this period may disclose an increase. Seemingly
the commercial demand for funds is not changing
greatly from week to week. Production of steel and
of automotive vehicles is falling off gradually, according to the latest advices. The pronounced prosperity of business enterprises of many kinds in this
country has been further evidenced by the declaration of many more increased and extra dividends.
There have been one or more exceptions nearly every
week recently. Yesterday announcement was made
of the passing of the usual quarterly dividend of 45c
a share on Paige-Detroit Motor Car Co. corn. stock.
Offerings of new securities have been on a good-sized
scale, while the market for previously issued investment securities has been most active, with a rather
steady, if small, advance in prices. The offerings for
this week were estimated in excess of $200,000,000.
a new high record.
Prime:eligible bills
SPOT DELIVERY.
90 Days.
3%@331
BO Days.
@
FOR DELIVERY WITHIN THIRTY DAYS.
Prime eligible bills
Eligible non-member banks
30 Days.
33(@3H
3% 914
3),i bid
InThere have been no changes this week in Federal
Reserve Bank rates. The following is the schedule
of rates now in effect for the various classes of paper
at the different Reserve banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT
DECEMBER 3 1926.
Paper Maturing—
After 90 After 6
Days, but
but
Within 6 Within 9
Months. Months.
Within
90 Days.
FEDERAL RESERVE
BANK.
Com'rcial Secured
Aerie( & by U. S. Bankers' Trade Apricot.* Apricot.
Livestock Governtn't Accep. Accepand
and
Paper. Oblipa- lances. lances. Livestock Livestock
n.e.s.
Hens.
Paper. Paper.
Boston
4
New York
4
Philadelphia
4
Cleveland
4
Richmond
4
Atlanta
4
Chicago
4
St. Louis
4
Minneapolis
4
Kansas City
4
Dallas
4
San Francisco
4
•Including bankers' acceptances
by warehouse receipts, &e
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
drawn for an agricultural purpose and secured
Referring to specific rates for money, loans on call
covered a range of 4M@55/2%, which compares with
Sterling exchange has continued to move within
43'(4)5% last week. On Monday the high was 53/2%, exceptionally narrow limits on a small volume
of
with the low 5% and the same for renewals. Tues- dealings. Lack of interest is still a predominant
day the renewal basis was advanced to 53 4 %, which feature and the market has been purely
.
routine in
was the low, while 53/2% was still the high. Call character and practically featureless. Rates have
funds again renewed at 53..% on Wednesday; but no continued to rule a fraction above or below
4
4 843/
loans were made above this figure, while the low was for demand, with the range for the week
4 84
5%. Increased ease developed on Thursday, so that 4 84 7-16. Cable advices during the week have
the basis for renewals was lowered to 5%, with 43/2% contained very little news regarding the progress
the low and 5% the maximum figure. On Friday made in final adjustment of the British coal strike.
there was no range, all loans being negotiated While the tie-up is virtually over and the strike is
4%.
at 41
to all intents and purposes ended, a good deal of unIn time money the undertone was slightly firmer, certainty seems to exist as to when all details of the
and quotations advanced to 432%@4%% for sixty dispute will be finally adjusted and the mines resume
days and 4Y
9
(4)43% for ninety days, four, five and operations at complete capacity. One point seems
six months' money, as compared with 43'@4% a certain: that is, that the ill effects of the long-drawn
week ago. The market was dull and featureless. out struggle between miners and operators remain,
No large individual trades were reported. The and this accounts for the extremely cautious attitude
stiffening was not surprising, since the market is shown by bankers of late in their dealings in foreign
still feeling the strain of recent month-end dis- exchange. In view of this, the most noteworthy
bursements.
feature of an otherwise uneventful week has undoubtMercantile paper was moderately active at the edly been the inquiry for sterling futures that has delevels of the preceding week, namely 43i,@432 for veloped in the last few days, especially for those
%
four to six months' names of choice character, with extending over the year-end and for early spring denames not so well known still requiring 432@4%%, livery. This buying was said to be for account of
unchanged. New England mill paper and the shorter British interests who are already preparing for
choice names are passing at 4h
1%. Offerings were cotton and grain purchases for the coming year.
light; most of the inquiry was from out-of-town insti- As outlined in this column a week ago, the shipment
tutions.
of a small consignment of South African gold from
Banks' and bankers' acceptances remain at the London to New York occasioned not a little conjeclevels previously current. Trading has been dull, ture, and gave rise to various rumors of the inauguraas is usual in seasons of stringency in the call division. tion of a movement in this direction. Nothing of
Country banks furnished most of the limited business the kind has developed, and one version of the episode
passing. Supplies Of the best names were scanty. now is that the metal was in reality destined for transFor call loans against bankas'acceptances, the posted shipment to Montreal. In the absence of some new
rate of the American Acceptance Council remains at lead, operators are turning attention elsewhere and
4%. The Acceptance Council makes the discount sterling has been in neglect the greater part of the
rate on prime bankers' acceptances eligible for pur- time.
chase by the Federal Reserve banks 3%% bid and
Referring to the day-to-day rates, sterling exchange
3%% asked for bills running 30 days, and the same on Saturday last was a shade easier and demand bills
for 60 days; 3 8 bid and 3%% asked for 90 days; receded to 4 84 17-32 (one rate) and cable transfers
%
4% bid and 37 % asked for 120 days, and 41 % to 4 85 1-32; trading was quiet. On Monday freer
4
A
bid and 4% asked for 150 days and 180 days. Open offerings sent prices down another fraction, to 4 843/i
market quotations follow:
for demand; the high for the day was 4 84 9-16,
DEC. 41926.]
THE CHRONICLE
2821.
disfavorjwith whicb[the French Government is said
to regard the present high rate of the franc. In the
late dealings reassuring utterances by M. Poincare
brought about renewed optimism and a fresh avalanche of buying orders. Antwerp exchange ruled
steady but remained unchanged. Berlin marks
were firmer, moving up some three or four points
to 23.772 on good buying, which was said to
/
1
represent a replenishing merely of depleted German
balances. No special attention was given to the
advance. Greek exchange signalized the formation
of a coalition cabinet in Greece by rising to 1.32,
or a gain of about 9 points. The view is that a period
of comparative political peace and stability should
follow this new development. In the minor divisions
of the market, Rumanian lei lost ground as a result
—M
of rumors early in the week of the approaching dea
of King Ferdinand. Polish zlotys, after ruling at
11.50 for several weeks, gained another 10 points to
11.60, with no specific reason for the change, then
dropped back to 11.50.
The London check rate on Paris finished at
124.90, which compares with 133.92 last week. In
New York sight bills on the French centre closed at
3.91, against 3.61; cable transfers at 3.92, against
3.62, and commercial sight bills at 3.90, against
4
3.60 a week ago. Antwerp belgas finished at 13.903
for checks and at 13.91 for cable transfers, in com—
/
2
parison with 13.913 and 13.911 a week earlier.
In the Continental'exchanges considerable backing Closing rates on Berlin marks were 23.77 for checks'
and filling occurred, 'accompanied by fairly active and 23.79 for cable transfers. This compares with,
trading in francs and lire, also in some of the minor 23.73 and 23.75 the preceding week. Austrian'
currencies, notably in the 'Scandinavian group. As schillings, however, have not been changed from,
regards French 'exchange, good buying developed 142 Italian lire finished at 4.34 for bankers' sight
/
1
.
early in the week and the quotation moved up 10 bias and at 4.35 for cable transfers, as against 4.21
points to 3.7332 Further calling in, or repatriation and 4.25 the week before. Exchange on Czecho.
of foreign balances , the part of French interests, slovakia closed at 2.96/,(unchanged); on Bucharest
on
was held to be the chief factor in the buying move- at 0.53%, against 0.55; on Poland at 11.50 (unment. As the week progressed, however, the inquiry changed), and on Finland at 2.523 (unchanged).
for a time slackened and there was a recession to Greek drachmae finished at 1.32 for checks and at,
3.61, although later another sensational spurt of 1.32 for cable transfers, against 1.23Y and 1.233i
/
1
2
4
strength carried the quotation up to another new high last week.
on the current movement, namely, 3.922 which is
,
/
1
the highest point reached since Jan. 8 of this year.
Movements in the exchanges on the countries
No definite reason could be assigned for the advance. neutral during the war were somewhat irregular,
It is worthy of note that the bulk of the trading in although not particularly significant. Narrow up
francs continues to be on the London market, and down fluctuations pervaded operations in Dutch
and to a lesser extent in Amsterdam and Berlin, guilders, which ruled between 36.96 and 36.972
/
1
.
quotations locally being largely a reflection of what Swiss francs also moved narrowly. Danish exchange
is going on abroad.
opened easy, dropped a point, to 26.58, then adItalian lire to some extent followed the course of vanced to 26.63. Swedish krona followed a parallel
French exchange, although not governed by the course and lost 2 points, but recovered all of the loss
same influences. After opening at 4.22, lire climbed and advanced 3 points to 26.68. Norwegian kronen
;
/
1
to 4.302 slumped off to 4.22, then rallied once ruled below the levels of a week ago, though sharp
/
more to 4.341 2 Alternate waves of buying and changes were still the rule. In the early dealings heavy
.
selling, mainly of a professional nature, were re- selling induced a decline of 30 points to 25.17; subsei
sponsible for the fluctuations, in the absence of quently speculative buying sent the quotation up to
definite news from Rome. It was claimed that a 25.51. Considerable interest attached to these flucgood deal of the selling of lire was to take profits tuations, although they reflected trading abroad
and based on substantially the same reasons that rather than any real activity locally. Rumors have
have governed trading in francs. Numerous long been circulated that the Norwegian Government
accounts have been built up during the recent has reached a decision to take immediate steps for
advances. Any political upheaval, or else failure of bringing about parity. Notwithstanding the un—
the widely heralded financial reconstruction schemes, willingness of the Norwegian authorities to see such
would be likely to cause a serious setback and in all abrupt advances in the level of Norwegian exchange,
probability a sharp slump in quotations. It must be it is felt that the distance to par is now so Blight,
admitted, however, that for the movement active it will be less dangerous to cross the intervening
buying support is being put forth at every indication distance and establish the kronen firmly on a permaof recession, which has had not a little to do with nent basis than dillydally any longer, thus putting
sustaining _current_highllevels, notwithstanding the an end to speculative interruptions and be able to
while cable transfers ranged between 4185 and
4 85 1-16; the volume of business passing was light.
Rates were maintained on Tuesday, but there was
very little doing; the range for demand remained at
4 84 @4 84 9-16 and for cable transfers at 4 85@
/
1
2
4 85 1-16. Wednesday's market was a dull affair,
with the undertone slightly easier; demand ruled all
/
day at 4 841 2 and cable transfers at 4 85. Dulness
characterized trading on Thursday, while quoted
rates were a shade easier, at 4 84 7-16@4 84 for
/
1
2
demand and 4 84 15-16@4 85 for cable transfers.
Friday the market was dull but steady; in consequence demand was not changed from 4 84 7-16@
4 84 and cable transfers from 4 84 15-16@4 85.
/
1
2
Closing quotations were 4 84 7-16 for demand and
4 84 15-16 for cable transfers. Commercial sight
bills finished at 4 84 15-16, sixty days at 4 80 5-16,
ninety days at 4 78 7-16, documents for payment
(sixty days) at 4'80 9-16 and seven-day grain bills
at 4 83 11-16. Cotton and grain for payment
closed at 4 84 5-16. So far as could be learned the
gold movement to Canada made no further progress
this week; as a matter of fact the only gold en. gagements reported were a small consignment of
$250,000 from England which is due to arrive on
the Majestic, while the Japanese Financial Commission reports that $2;000;000 in gold is coming
to New on the Sbingo Maru.
THE CHRONICLE
2822
[VOL. 123.
concentrate upon the restoration of business condi- as 3 62, but closed at 3 58, unchanged from the
tions in Norway to pre-war prosperity. It is gener- week before.
Far Eastern exchange was .irregular, thourgh
ally understood that the recent drop in rates was the
result.of official selling to discourage long-term specu- trading was not active. The Chinese currencies
lation; there are some, however, who claim that a moved in sympathy with the fortunes of silver,
large part of the selling was by certain parties who the metal; while Japanese yen continue to profit from
had been dealing in futures and found it too costly rumors that a return to the gold standard is imminent.
to extend their positions over another month. Nor- Hong Kong closed at 47 11-16@4831, against 484
wegian kroner futures are selling at a premium over @48 9-16; Shanghai at 58%@59%, against 603.@
1
spot of about $.0016
-an unusually high figure when 603'; Yokohama, 49.15@49.37, against 49.15@
the spot rate is so nearly at par. Spanish pesetas 49.50; Manila, 49.60@49.95, against 49%@49%;
3
ruled firm and closed at a sharp advance
-8 points, Singapore, 563i@56 (unchanged); Bombay, 36@
36 3-16, against 36 3-16@36M, and Calcutta, 36@
to 15.22, but with very little trading activity.
Bankers' sight bills on Amsterdam finished at 36 3-16, against 36 3-16@.36%.
39.97, against 39.95%; cable transfers at 39.99,
The New York Clearing House banks, in their
against 39.97%, and commercial sight bills at
39.93, against 39.91k last week. Swiss francs operations with interior banking institutions, have
closed at 19.28 for bankers' sight bills and 19.30 gained $5,585,215 net in cash as a result of the curfor cable transfers, against 19.273' and 19.293/ rency movements for the week ended Dec. 2.
the previous week. Copenhagen checks finished Their receipts from the • interior have aggregated
at 26.62 and cable transfers at 26.63, against 26.59 $7,123,815, while the shipments have reached $1,538,and 26.63. Checks on Sweden closed at 26.67 and 600, as per the following table:
cable transfers at 26.68, against 26.643/i and 26.683/2, CURRENCY RECEIPT1' AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
while checks on Norway finished at 25.51 and
Into
Out of
Gain or Loss
cable transfers at 25.52, against 25.48 and 25.52
Banks.
Week Ended December 2.
Banks.
to Banks.
a week earlier. Because of the change in monetary Banks' Interior movement
27.123,815 81,538,600 Gain $5,585,215
conditions in the three Scandinavian countries, the
As the Sub-Treasury was taken over by the Feddifferential between checks and cable transfers has
eral Reserve Bank on Dec. 6 1920, it is no longer
been reduced from 5 points to 1 point. Spanish
possible to show the effect of Government operapesetas closed at 15.21 for checks and at 15.22 for
tions on the Clearing House institutions. The Fedcable remittances, in comparison with 15.14 and
eral Reserve Bank of New York was creditor at the
15.16 the preceding week.
Clearing House each day as follows:
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
NOV. 27 1926 TO DEC. 3 1926, INCLUSIVE.
Country and Monetary
Unit.
Noon Buying Rate for Cable Transfers in New York.
Value in United States Money.
Nov. 27. Nov. 29. Not'. 30. Dec. 1.
Dec. 2.
Dec. 3.
2
$
EUROPE$
8
S
2
.14075
.14085
14.074
.14074
.14079
Austria, schilling____ .14071
.1391
.1391
.1391
.1391
.1391
.1391
Belgium, belga
.007267 .007250 .007250 .007261 .007250 .007239
Bulgaria, lev
Czechoslovakia. krone .029620 .029617 .029621 .029619 .029619 .029621
.2662
.2662
.2662
.2662
.2663
.2682
Denmark. krone
England, pound ster4.8500
4.8500
4.8500
.8497
4.8493
4.8494
ling
.025207 .025205 .025210 .025208 .025218 .025209
Finland, marlska
.0372
.0363
.0366
.0372
.0382
France, franc
.0390
.2375
.2376
.2378
.2378
Germany, relchismark. .2374
.2378
.012371 .012532 .012735 .012768 .012816 .012980
Greece, drachma
.3998
.3998
.3998
.3998
.3998
Holland, guilder
.3998
.1756
.1754
.1759
.1758
Hungary, pengo
.1756
.1755
.0429
.0430
.0426
.0426
.0429
Italy, lira
.0434
.2542
.2525
.3531
.2528
.2535
Norway, krone
.2550
.1118
.1115
.1130
.1118
.1128
Poland,zloty
.1136
.0511
.0511
.0512
.0512
.0512
Portugal, escudo
.0512
.005487 .005409 .005313 .005265 .005255 .005313
Rumania,lea
.1514
1514
.1515
.1515
.1520
Spain, peseta
.1522
.2668
.2668
.2668
.2668
Sweden,krona
.2668
.2668
.1929
.1930
.1929
.1929
Switzerland. franc._ .1929
.1929
Yugoslavia. dinar-. .017658 .017656 .017663 .017657 .017659 .017660
ASIAMina.6329
.6304
.6271
.6204
.6158
.6154
Chefoo. tad
.6197
.6216
.6200
.6109
.6059
Hankow,tael
.6050
.5963
.6020
.5989
.5886
.5868
Shanghai, tadl
.5864
.6342
.6304
6363
.6225
.6183
Tientsin, tael
.6188
.4779
.4765
.4732
.4720
.4720
Hong Kong, dollar_ .4793
.4438
.4463
.4380
.4453
.4322
.4341
Mexican dollar__
Tientsin or PelYani,
.4379
.4367
.4298
.4367
.4263
.4254
dollar
.4333
.4342
.4265
.4229
.4329
.4217
Yuan, dollar
.3597
.3598
.3596
.3594
3600
.3593
[ndia, rupee
.4911
.4911
.4910
.4909
.4908
.4909
raw, yen
.5592
.5592
.5592
.5594
.5594
lingapore(S.S.),dollar .5592
.NORTH AMER.1.001292 1.001084 1.001123 1.000894 1.000659 1.000410
2anada, dollar
.999156 .999281 .999500 .999563 .999281 .999188
>Oa, peso
.465667 .463667 .462000 .462500 .464333 .466833
dexico. peso
iewfoundiand, dollar .998875 .998688 .998555 .998594 .998438 .998375
SOUTH AMER..9242
.9244
.9239
.9243
.9243
1rgentina. peso (gold) .9244
.1218
.1213
.1221
.1235
.1248
.1210
hint', milrels
.1206
.1206
.1206
.1206
.1206
.1206
;7h1le, peso
r.........., .,...,-. • I Anna
1.0001
1.0016
1.0007
10007
1AflAl
As to South American exchange the trend was
upward and Argentine checks scored an advance
to 40.79 for checks, then closed at 40.70, with
cable transfers at 40.75, against 40.68 and 40.73,
while Brazilian milreis finished at 12.20 for. checks
and at 12.25 for cable transfers, which compares
with 12.15 and 12.20 last week. Chilean exchange
ruled around 12.12, then sagged and finished at
12.05, the same as last week. Peru went to as high
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
Saturday, Monday.
Nov. 27. Nov. 29.
Tuesday, Wednesd'y. Thursday
Nov. 30. Dec. 1.
Dec. 2.
Friday,
Dec. 3.
Aerofoil
for Week.
$
77.100,000 98,000,000 92,000,000 103.000 000 105,000 000 163.000 000 Cr.578,000,006
Note.
-The foregoing heavy credits reflect the huge mass or checks which come
to the New York Reserve Bank from all parts of the country in he operation of
the Federal Reserve System's par collection scheme. These large credit balances,
however, reflect only a part of the Reserve Bank's operations with the Clearing
House institutions, as only the items payable in New York City are represented in
the daily balances. The large volume of cheeks on institutions located outside of
New York are not accounted for in arriving at these balances, as such checks do
not pass threugh the Clearing House but are deposited with the Federal Reserve
Bank for collection for the account of the local Clearing House banks.
The following table indicates the amount of bullion in the principal European banks:
Dec. 2 1926.
Banks of
Gold.
Silver.
I
Dec. 3 1925.
Total.
Gold.
Silver,
I
Total.
£
L
2
I152.876,079 144,556,367
2
Z
1144,556,367
1
England __ 152,876.079
France a_ .. 147,379,334 13,600,000 160,979,334 147,350,69 12,848.000160,198.694
c994.600 79,814,600 49,687,250 6994,600 60,681,850
Germany 78,820.
102,263,000 26.820,000129.083.000 101,478.000 26,085,000 127,563,000
Spain
45,555.000 4.157.000 49,712,000 35.648,000 3,411,000 39,059,000
Italy
2,277,000 37,111,000 37.282,000 2,044,000 39,326,000
Netherrds. 34,834.0
3,649,000 14,603,000
Nat. Belg_ 17,207,000 1,073,000 18.280,000 10,954,00
12 7 :
:950
Switzeri'd_ 17,723,000 2,924,000 20,647,000 18,228.000 3,595,000 21 823 02
I 12,529.000 12.795.000
Sweden__ 12,529,000
881,000 12,495,000 11,628,00
874,000 12,502,000
Denmark _ 11,614,000
1 8.,180.000 8.180,000
8,180,000
Norway___ 8,180,000
Total week 628,980,413 62,726,600681.707.0l3577,787,311 53,600,600631,287,911
Prey. week627,753,616 52,454,600680,208,216682.919.104 53,068,600735,987,704
a Gold holdings of the Bank of France this year are exclusive of £74,572,836
held abroad. b Gold holdings of the Bank of Germany this year are exclusive of
E8,925,000 held abroad. c As of Oct. 7 1924.
The Reorganization of China.
The report of the Commission on Extraterritoriality in China, made public by the Department of
State on Sunday, marks, it is to be hoped, an important step in the direction of the peace and national reorganization of which China has long been
in need. The recommendations in which the representatives of twelve nations, including the United
States, have joined, and to which the representative
of China has adhered with certain reservation's, are
confined mainly to the administration of justice,
but the administration of justice is one of the prin-
Dsc. 4 1926.]
THE CHRONICLE
2823
cipal tests of the character and stability of a Gov- Provisional Government at Peking ceased to funcernment, and what the Commission has to say under tion in April of the present year.
To these internal conditions of disorder and weakthis head constitutes an informing exposition of the
political situation in China at the present moment, ness are to be added certain anomalies due to the
at the same time that it indicates clearly the action existing system of extraterritoriality. There is a
that must be taken if disorder is to cease and the multiplicity of foreign courts, and the courts adminstanding of China among the nations is to be re- ister diverse laws. The Commission points out that
stored and maintained. The report is not an ulti- the fact that the courts of a particular nation have
matum, and it does not fail to point out certain no jurisdiction over subjects of another nation draws
errors and shortcomings of the foreign administra- the courts of several nations into controversy when
tion against whose continuance many Chinese have the parties to a suit are of different nationalities, at
protested, but it is nevertheless a serious diagnosis the same time that the necessity of trying appeals
from the foreign courts in the countries to which
and a serious prescription of remedies.
The root of the troubles which have long distracted those courts belong creates a situation "obviously
China is to be found in certain fundamental differ- unfair to Chinese litigants and sometimes inconences, largely economic and social, between the venient for foreigners." Moreover, "foreigners are
North of China and the South, differences which immune from the operation of Chinese regulations,
have existed for centuries and which have gone far inasmuch as the courts of the several Powers in
to determine the historical development of the coun- China apply to their nationals the same laws as those
try. The particular manifestation of these diver- in force within their territorial limits, with or withgences which has attracted world attention, how- out modifications." Trials before foreign consular
ever, has been a succession of civil wars whose recent courts are pronounced by the Commission unsatisincidents it has often been difficult for foreigners factory, consular officials as a rule being lacking la
to follow intelligently. Notwithstanding the com- legal or judicial training, and their judicial and
parative smallness of the forces engaged and the administrative duties being obviously in conflict.
limited areas in which hostilities have prevailed, the
As far as the Chinese side of the case is concerned,
continuance of civil war has distracted the whole the remedies which the Commission proposes are
country, disrupted economic and political life, far-reaching. The administration of justice for the
plunged taxation and finance into confusion, and civilian population must be intrusted to a judiciary
substituted an arbitrary and changing military con- "effectively protected against any unwarranted in,
trol for the processes of orderly government. To terference by the Executive or other branches of the
this internal political dissension has been added, Government, civil or military." Civil, commercial
particularly during the past two years, a more or and criminal codes, together with laws relating to
less active agitation against foreigners, accompanied banking, patents, bankruptcy, the expropriation f
by regrettable collisions between Chinese and for- land, and notaries public, should be put into effect,
eign forces, attempts to boycott foreign goods, and the prisons modernized, and adequate provision
demands for the abrogation of treaties and the ter- made for the support of the judicial system and
mination of foreign control. To what extent outside places for the detention or confinement of criminals.
political influence has been responsible for stirring On the side of the foreign Powers, the report sugup trouble is not clear, but the political unrest which gests a consideration, pending the compliance of the
has shown itself in more than one European country Chinese Government with the recommendations
since the World War has found a fertile field in made, of the question of abolishing extraterritorialChina, and brought about a situation in which cen- ity, such abolition to be brought about by some protral political authority has practically ceased +- gressive scheme. In the meantime, the report suggests, the extraterritorial system may properly be
exist.
The Commission on Extraterritoriality natur- modified with a view to aiding the Chinese Governally limited in its inquiry to matters affecting the ment in the legal and judicial parts of its task.
relations between China and other Powers, has emIn so far as the proposals of the Commission call
phasized the effect of the prevailing disorganization for definite action on the part of China, the most
upon the administration of justice. The control of that apparently can be hoped for at the moment is
government, the report points out, has fallen into that the time when constructive action can be taken
the hands of rival military leaders who have been may soon arrive. Recent dispatches, however, have
able, by virtue of their position and the forces at indicated a serious situation in various parts of the
their command, to combine in themselves legislative, country, attended with increased danger for some of
executive and judicial functions, thereby obscuring the foreign residents, and while the sending of
the three-fold division of governmental powers American war vessels to Chinese waters may be only
which most modern Governments recognize as essen- a precautionary measure, it at least shows that the
tial. A depleted Treasury has made it impossible American Government shares the concern which the
at times to pay either judicial or police officials, the other Powers feel. Until the leaders of the Chinese
refusal of certain regions or provinces to recognize people, and such part of the population as concerns
the central Government has impaired uniformity of itself with public affairs, can find a way to assert
laws and their application, and the new legal and themselves and put a stop to the civil war which has
judicial systems which exist on paper have not in so long kept the country in commotion, judicial repractice afforded the protection to persons or prop- forms will probably have to wait. It would be
erty which they were designed to secure. Of the assuming too much, at this juncture, to assert that
three Constitutions which China has had since it the new Canton Government, which seems to have
declared itself a republic, none is now actually in made some genuine progress in the direction of suboperation, the third having been suspended by a stituting civil for military rule, holds the key to the
Provisional Government in October 1924, while the situation, but it may well be that the emergence of
2824
THE CHRONICLE
[VOL. 123.
a strong and stable Government in one part of the ship of this body. Yet the second and more consercountry may turn out to be the leaven that shall vative because numerically smaller body is intended
leaven the whole lump.
as a bar to the tyranny of popular majorities.
The responsibility which rests upon the Powers,
The proof of this deliberation and conservatism is
and which is clearly recognized in the Commission's found in the fact of this opposition by a single class
report, although obviously different in its nature, is calling itself "labor." Always we should realize that
no less in degree than that which China itself must this word is misused. Not labor, but union labor is
bear. It is for the Powers to be patient wherever speaking, a very small minority of those who work.
patience is justified, while nevertheless insisting It sounds as if, with deliberation at the hands of a
upon the right of their nationals to protection Senate, popular government is a failure. Outside
against lawlessness or military oppression, and the this one class we find no clamor for turning the legduty of China to observe its treaty obligations. For- islative branch of government over to the emotional
tunately, there is no reason as yet to believe that the demands of popular majorities. If this is true, then
United States, whose Commissioner in China, Mr. it must be believed that a single law-making body
Silas H. Strawn, served as Chairman of the Commis- would be more amenable to the demands of a class.
sion on Extraterritoriality, is disposed to depart Instead of popular rule we would have temperamenin any way from the policy to which it has long con- tal class rule. And as "labor," contrary to its assistently adhered, that, namely, of opposing the dis- sumed power to speak for all who work, is a class,
memberment of China, giving official recognition to its triumph by this means must sound its ultimate
Auch Government as appears to have the support of defeat. The wisdom of the existence of a Senate in
a majority of the effective public opinion of the parliamentary government needs no stronger assercountry, and aiding to the extent of its ability in the tion. It, in fact, is the mainstay of popular liberty.
Judging by what we find in the United States, the
development of progress, good order and a higher
standard of civilization. If, as has been suggested, "people" are very much engaged in governing theman international conference will have to be called in selves. It is an avocation, a passion, and a pastime.
order to deal with the question of foreign rights in A deep-seated idea that all things come through govChina, it is to be hoped that the American policy of ernment has taken hold of thought and action. At
friendliness and firmness to which the Powers have the same time so frenzied are many of the theories
deferred in the past may continue to prevail.
advocated that thoughtful citizens are staying away
from participation at the polls in an indifference of
Opposition to the Senates of the World.
disgust. Too much with us, and elsewhere, theorists,
The announcement that "labor" in Canada will dreamers, agitators, reformers and politicians, are
oppose a continuation of the Senate in the parlia- leaving their impress on the structure of governmentary government of that country is but another ment. The initiative and referendum is a concession
example of the means by which organized masses to their demands. The new idea, raw and crass as
everywhere are seeking to accomplish their own,ends. it may be, must be immediately grafted onto the
The idea is that representative government must be Government. All sudden changes of conditions, somade more resilient to popular will. The mass-mind cial, political, economic, are to be met by laws, albeit
that can inflame itself and will be inflamed by fiery they are outside the scope of law. And if the people
propaganda if freed from the interposition of delib- in a representative capacity are to think once, not
erative bodies can bring swift and sure betterment twice, the way will be easier.
to the citizenry, and especially to the class that
The Dominion Government of Canada is not so
operates in the name of labor. The idea in the United different from our form as that fundamental prinStates takes form in antagonism to the Supreme ciples of popular rule are unlike. And of all these
Court—Congress should have power on adverse de- movements in old States to change the form of govcisions to repass a law and make it final. Emotion ernment to do the will of a class it may be said a
does not stop to reason. When the flame of popular spirit of disloyalty is at work. If a part of a prinexcitement soars the wish and will of the hour should ciple division can be abolished, why not the
become law—and as a consequence, any feature of whole? And if it is proper for a class to incite opgovernment which stops long enough to consider position to a part, why not to the whole? All popucarefully cause and effect should straightway be lar governments, it is true, may be changed by conabolished.
stitutional methods, but an expressed will to call
Now, it cannot be charged that popular govern- a convention for change, in which, for example, aboment as found in most of the liberal nations of the lition of one house of the legislature may be menworld is opposed to the rule of the people. On the tioned, is a far different thing from these insidious
contrary, two houses in the legislative branch are attacks upon an already established body. These
provided for the greater protection of the people. onslaughts smack of communistic or socialistic enAnd the Senate, contrary to this modern dogma, is deavor.
designed especially to protect minorities in the conThe turmoil induced to some extent by the advotinuation and exercise of their rights. With but cacy of unmeasured self-determination does not
one legislative body elected directly by the people, easily subside. The path from conservatism through
there is no second thought, and majorities are at chaos leads to autocracy. Of government also it
once enthroned with autocratic power. In the United may be said it is "better to suffer those ills we have
States, it is true, we have a dual system, and the than fly to others we know not of." And if the peonational Senate is made up of representatives of the ples could just "lay off" this egomania for compelStates. But even'here, by a change to direct vote in ling Governments to bring individual and collective
the election of United States Senators, if we have prosperity many wrongs would right themselves.
not weakened the State representative capacity of Government is not the arbiter of human destiny. It
Senators, we have somewhat lowered the statesman- is intended, and almost universally now, fundamen-
DEC. 4 1926.]
THE CHRONICLE
tally, to protect personal and property rights. These
rights, bearing fruit in the exercise of energies to
the end of utilizing natural resources and enjoying
spiritual accomplishment and advance, need but the
protection, not the help of Government.
There follows in the train of "labor's" pronunciamentos a belief that the "big interests" control the
Senates of the world. Therefore they must be abolished or shorn of power. If this is not the doctrine
of Socialism what is it? If the "big interests" are
synonymous with capital, property, then to abolish
their leading control would be to strike down these
agencies of life, or at least to tie their ownership and
operation to the whims of class, faction, theory.
This is radicalism, not conservatism. Soon under
the triumph of this form of liberty over law, the
courts may be expected to go. Soon the executives,
to maintain power, will have to seize it as they have
already done in more than one country. And it must
be true that the open advocacy of these radical
changes in the form of government tends to the destruction of all government.
If the Senate can be abolished, why not the lower
House? It is not that the law-making division of
liberal Governments be abolished, but that the people put it in its place and teach politicians that it
was not instituted to grind out laws at the instance
of every pet theory, every selfish request, but only to
legislate in a large way for all the people. First the
electorate demands these multiplying laws, and then
turns against a vain attempt to satisfy their wishes.
The inconsistency is apparent, the fault in the peoples. True, from the standpoint of class, it would
be easier to elect a House to do its bidding than a
Senate, but as we have suggested, each class would
thus be at the mercy of every other. No, despite a
weakened personnel and a subserviency to popular
wish in the making of too many laws, the Senates of
the world are the bulwarks of human liberty.
"The Typical American."
It is related that when the Queen of Rumania expressed a desire to meet some real, simple, typical
Americans, the Governor of North Dakota brought
before her "farmers, cowboys and other good citizens," much to her delight and enlightenment. Bruno
Leasing in the Hearst publications takes occasion,
by delving into ancestry, to show the differences and
contrasts between the Scandinavian farmer of the
Northwest and the descendants of the Puritans in
the Northeast. He finds them "different intellectually, different in tolerance and different in tastes."
And he asks "which is the typical American?" Continuing, he says: "We are only beginning to realize
how big and diversified we are. One of the attractions of travel in this country is that you find a different lot of people in New Orleans than you do in
Los Angeles, in Duluth than in Atlanta, in Boston
than in St. Louis." And finding these contrasts, his
final question is: "What is a typical American?"
Now, we believe there i8 a typical American. And
the writer's question seems important enough to engage the attention of all good citizens in trying to
afford an answer. One overwhelming answer was
furnished when with one spirit four million men
went under arms in the Great War!
But of that we will not speak. Our first foundation for an answer will be by elimination: we will
eliminate section, ancestry and occupation. Neither
2825
of these is a determining factor in character, citizenship, or loyalty to this country. Each of them exerts
an influence, but does not really determine. We
have model citizens from all the races of earth, more
or less respected by their fellows and associates. We
have them in every State. We have them in every
industry and occupation. One strain of blood may
exert more influence on the making of the man, on
his adaptability to Americanization, than another,
but none, in the end, of itself, makes him a model or
type. Our idea of the typical American is: one born
in the United States and nurtured by its institutions.
The definition, however, is inadequate. Many have
these qualifications who are not typical. The type
must have the stamp of being representative of all
that is best in the development of the citizen by reason of the peculiar nature of our life, environment,
social and political creeds, and government.
The life of the individual is shaped by the larger
life of the people. He accepts the common thought,
activities, and beliefs of the time in which he appears and of the society into which he emerges. If
he finds law and liberty as practiced by his fellows
all wrong he cannot be a representative citizen, a
type. Thus, we feel constrained to say, the professional reformer is not a typical American. On the
contrary, he who runs with the herd, who thinks only
as others think for him, does not reach to the standard. The man who takes his part in the community
life in which he finds himself, earnest in its activities, zealous for its advancement, helping to shape
its ideas and ideals, while holding to his own freedom of thought, worship and endeavor, is more
nearly the type or product we call "American."
It is hardly to be expected that mere loyalty to
our flag will be sufficient index. This may be felt
by those who are recent converts to our political
system. "Naturalization" is too rapid a process to
produce the qualities imbued through long training
by those who are themselves good citizens. Those
of the second or third generation, born on 'these
shores, are more nearly typical of all that we are as
a people than can be possible to those transplanted,
for any reason, from foreign shores. Not that these
men and women are not good citizens who accept
our political system and its laws, but that they have
not the unconscious training of years of acceptance.
The children of the second or third generation inherit and absorb the fundamentals of our social and
economic advance, and thus become a part Of their
inner nature. What they are and do, their attitude
toward their fellows, their ambitions, beliefs, accomplishments, are shaped and formed by. this mould.
Eliminating section, ancestry and occupation as
determining factors, we are compelled to search for
those inner traits that, shaped by the influences of
this life of acceptance of conditions and creeds, constitute type. Every representative citizen, however,
has an occupation. He is not an idler, a wastrel.
He does something worth-while, however important
or humble in the general activities. What he does
does not matter, so that it is honest work and useful.
He does not therefore allow prejudice or envy to
destroy his faith in his fellows. He may be loyal to
his section because it is his chosen vicinage, but he
accords the same feeling to the citizens of all sections
of the country. More than all, while he reveres his
ancestral stock, he looks upon man and men for
what they are within themselves, not for what their
2826
THE CHRONICLE
forebears were. He does not regard all men therefore as equal, but rejoicing in the equality of opportunity, he measures personal worth by the use of
opportunities.
Along with section, ancestry and occupation goes
class, position or place, wealth and power. Riches
and poverty are relative terms, and neither constitutes an element of type. We have many classes in
business, society, politics and religion, but in no
single instance do they give rise to type. On the
other hand, all good citizens are to be found a part
of one or more of these classes. Position and place
in life are the accompaniment of every citizen. But,
high or low, neither stamps the citizen as a model
for his fellows, or as an exemplar of all that is best.
Wealth and power give us many to whom we attach
a sort of hero-worship. But in the temple of true
democracy all active, upright citizens are heroes.
Again we fall back on the inner or spiritual man as
a model or type—a man who not only accepts our
systems of social and political life, but who works,
thinks, aspires, achieves, under our liberal laws, for
himself.
It is often said there is no such thing as the "average man," and in a strict sense this is true. But
averages eliminate the specialties. Leaving these
out of the equation we are able to discern many true
or typical Americans. In fact, "the woods" are full
of them. Go into any assembly having to do with
our civic, industrial or religious life, and you will
[VOL. 123.
find them. They are all different as individuals;
they are all alike as members of the communal life,
striving by personal betterment to elevate the whole.
They are given more to action than to theory. They
are not so obsessed by their own ideas and importance that they carry the weight of all the ills or
needs or wants of society or the State on their own
shoulders. They have faith in the natural evolution
from "things as they are" to things as they should
and will be in the better good times to come.
If we have a typical citizen it is he who expresses
within himself the theory and practice of individualism. Conscious of inalienable rights, he looks to the
Government for protection in their possession and
exercise. He is convinced that the Government was
made for him and not he for the Government. His
faith and trust in our experiment in rule is profound but not predatory. He would rather teach its
virtues by example than force them on others
through a sense of high duty. He lives for his family, his society, and country, honestly but humbly.
He does not consider that other Governments and
peoples are his special charge. He is a patriot, not a
chauvinist. He believes in party rule, but holds in
his own right the duty to chastise a party when
necessary. He accepts, he has faith, he has fellowship, because "life, liberty and the pursuit of happiness" are endowments he must use and protect by
evolving systems of society and State, lest his spiritual nature become atrophied in the material.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, Dec. 3 1926.
The reports vary as to the condition of trade in this country. In some parts it is good; in others only fair and in
others quiet. The weekly bank clearings are falling off.
Cold- weather throughout the country has naturally stimulated the trade in clothing and also in coal. It helps holiday sales. Retail buying has increased. Wholesale trade
. on the whole has decreased. Iron and steel have been quiet,
with some tendency towards lower prices, even if it is not
marked. Wheat has advanced somewhat as Argentine crop estimates have been somewhat reduced; and December wheat in an evidently oversold market set the pace,
But the lack of a vigorous export demand in spite of lower
ocean freights is undoubtedly a drawback. Corn has advanced 2 to 3 cents, owing to recent bad weather, poor husking returns, and an impression that a considerable percentage of the crop will prove to be unmerchantable. There
has also been a rise of several cents in oats, with the world's
crop smaller than last year's, suggesting the possibility of
export trade seoner or later. At the Northwest a sharp
demand prevails for this grain. A little export business was
done to-day in rye, but prices are lower than a week ago in
the absence of any notable foreign demand. Rubber has
advanced sharply on the announcement of a $40,000,000 pool
among manufacturers in this country with a view of stabilizing the price. Cotton has been steadily declining and
winds up at some $3 to $4 a bale lower than a week ago,
with the crop estimates to-day up to 19,115,000 bales, incredible as that sounds. Other estimates during the week
have been hardly less surprising, namely 18,600,000 to 18,700,000 bales. The question is what the Government report
next Wednesday will say to this. The common impression
is that it will increase its estimate, which in the last statement was 18,399,000 bales. There has been a good deal of
cotton liquidation by tired long interests during the week
and steady hedge selling, the cumulative effect of which
has been very apparent. Exports of the staple are large
and world spinners' takings of American cotton are on a
very liberal scale. But for the time being nothing avails
against the effects of the tremendous crop.
Cotton goods have been quiet of late, although at one time
the sales of unfinished cotton cloths were rather larger.
Latterly some constructions have declined. Quite a good
business has been done in colored cotton, but it is feared
that buyers will withdraw now that the crop is estimated
at 3,000,000 bales larger than the last one, even though the
price of raw cotton is 8 to 22 cents lower than in recent
years. The market here is short, however, and an upward
turn from time to time would not be surprising. Woolens
and worsteds have been quiet, as usual at this time of year.
There is only a very light business in silk goods. But spring
silk fabrics may meet with a better sale later on, especially
as there has been a marked decline in the price of Japanese
raw silk. Sugar has advanced during the week on a steady
demand at home and abroad, with ocean freights lower,
opening up the prospects of a larger British outlet for Cuban
sugar. The world's crops of beet and cane sugar are something over a million tons smaller than the last one. The
restriction of the Cuban crop to 4,500,000 tons is a potent
influence in the higher prices. Coffee has declined here in
response to lower prices in Brazil, but it is announced today that the new President of Brazil has sent a bill to the
Brazilian Chamber providing for the stabilization of the
2
1
/
milreis at 13 cents. November mail order sales make a
good showing as compared with November last year and also
for the eleven months elapsed this year as compared with
the similar period in 1925. They show also an increase
over October this year. But the West is again restive.
There is talk of reviving the McNary-Haugen bill in some
form. Wheat is about 50 cents a bushel lower on No. 2 red
than at this time last year. Corn is only 5 cents lower.
1
/
Rye is 5 cents lower, while oats are 12 cents higher. But
with the Government protecting cotton, that is to say,
making advances on it at 9 cents per pound, the West, as
might have been foreseen, is also ready to demand protection of some sort. It is difficult for the farmer to realize
that the law of supply and demand cannot be abrogated by
this Government or any other in the world. In the long
run he must produce in accordance with the demand of the
market. Diversification of crops is the only remedy under
the circumstances. Everything else is a palliative. There
DEC. 41926.]
is less business in lumber. The sales of furniture and farm
implements have decreased. Building has fallen off, as
usual at this time of the year.
Car loadings make an excellent showing and the earnings
of 70 Class I railroads for October show an increase in the
gross of close to 3% and in net operating income of practically 6%. Failures and liabilities in November were larger
than those in October, or for any of the three preceding
months, and also much larger than in November last year.
The stock market has on the whole been firm and to-day
standard issues continued to advance despite considerable
profit taking. London was also stronger, with money
easier. Time loans here have advanced, but to-day the call
rate was down to 42
/
1
%. French francs have been up to the
highest point of the year. But London has seemed a little
disturbed on the subject and French bonds there have declined. Italian exchange was 7 points higher here to-day,
but Brazilian was lower.
Fall River, Mass., wired that operations were resumed by
the Firestone cotton mills, a subsidiary of the Firestone
Tire Co., after being closed for a month. Only part of the
spinning and card departments have started. New Bedford,
Mass., wired that business placed with mills in and around
New Bedford during the last three weeks practically means
that these mills have sufficient orders to carry them through
the first of the year. A few mills have enough on their
books to permit full-time operation until early spring.
About 75% of the cotton machinery in that section is said
to be in operation; very different from the situation several
months ago. At Charlotte, N. C., cotton mills are said to
be operating practically on full time, but trade just now is
quiet. At Greensboro, N. C., textile mills are actiVe, although profits, it is said, will be considerably less than in
1925. At Atlanta, Ga., cotton goods manufacturing is
ahead of a year ago. Greenville, S. C., wired that mills were
well employed, but their own and shippers' wants were temporarily supplied. Offerings were somewhat freer. The
basis was easier. Sentiment is bearish.
Manchester, Eng., cabled that the British Master Spinners recommended the yarn division using American cotton
to work hereafter at 40 hours a week instead of 35, and to
abandon the minimum scale of prices. Moscow advices say
the decline in cotton as a result of the big American crop
will doubtless influence the extension of the cotton industry
of the entire world. The report adds that the demand for
cotton fabrics in Russia exceeds the offerings and the reduction in the price of raw cotton will enable that country to
extend its industry because it can get more cotton for the
purchasing money at the disposal of the industry.
Montgomery Ward & Co. sales for November were $19,877,811, an increase of 5.76% over November 1925. Sales
for the first eleven months of this year were $176,159,134,
an increase of 9.21% over the corresponding period of 1925.
Sears, Roebuck & Co.'s sales for November were $27,990,651,
an increase of 8.4% over November 1925. Sales for the
first eleven months of this year were $242,715,612, an increase of 0.5% over the corresponding period of 1925.
It rained heavily here the night of Nov. 29, but soon
cleared. Temperatures fell for a time; then they rose. In
western Canada over Tuesday night the temperatures were
very low, I. e. 8 to 24 degrees below zero. It was 40 in Chicago, 38 in Cincinnati, 34 in Cleveland, 42 in Milwaukee, 20
in Minneapolis and 42 in New York. On the 1st inst. it was
36 to 44 degrees here and very cold at the West. In lowa
a drop of nearly 50 degrees in temperature occurred in 24
hours. The entire Northwest had the coldest wave of the
season, wtih high winds. Cookston, Minn., reported 26 below zero. Lake vessels were cautioned to remain in port
because of the gale over the Great Lakes region. It was 5
below at Aberdeen, S. D.; 9 below at Grand Forks, and 11
below at Fargo, N. D. In Sioux Falls the mercury had a•
30-degree drop in 10 hours. It was cold here on the night
of the 1st inst., with a wind of 40 miles an hour. On the
2d inst. it was very cold here. The cold wave from Canada
caused a sudden ending of navigation in the upper lakes.
On the 2d inst. the temperature here fell to 18, with an icy
gale. It was 13 degrees at Albany and 12 below at Saranac
Lake, N. Y.; five inches of snow fell at Tupper Lake, N. Y.,
where the temperature was below zero. In Vermont there
-inch snowfall. Several lake steamers were reported
was a 3
frozen in the ice near Sault Ste. Marie, Mich., and the crews
of two steamers were forced to abandon their vessels. Two
schooners were in distress off the New England coast and
2827
Th.E CHRONICLE
Coast Guard cutters were standing by ready to tow them to
port. Parts of New Jersey had their first skating. Chicago had 24 degrees, Cleveland and Cincinnati 22, Kansas
City 26, Milwaukee 28 and St. Paul and Portland, Me., 14.
The temperature to-day has been 18 to 34 The Indications
were for rain and warmer weather on Saturday. At Chicago
it was 30 degrees.
Prosperity of United States in Fiscal Year 1925-26 at
Highest in Nation's History, According to
Secretary Hoover—New High Records
in Financial Activities. •
According to Secretary of Commerce Hoover, "the fiscal
year 1925-26 has been one never surpassed In our history in
the volume of production and consumption, in the physical
quantity of exports and imports, and in the rate of wages."
This statement is made by Secretary Hoover in his annual
report. In the excerpt from the report made public Nov. 29
Secretary Hoover says:
There has been practically no unemployment. Further progress has been
made in the efficiency, of management and labor and in scientific research
and invention. As in the preceding year, there were a few points where
conditions were less satisfactory, as in the New England textile industry,
two or three sections of the agricultural industry, and the bituminous coal
Industry. On the whole, however, the country was able to maintain the
highest standard of living in its history, a standard far above that in moat
other countries of the world at this or any other time. This represents a
remarkable recovery from the great losses incurred by the nation in the
World War.
General Indexer.
The general progress of industry and trade during the past four years is
indicated by the following table of major economic indexes. Without exception these indexes for the fiscal year 1925-26 stood higher than during
the preceding year, and, with the single exception of mineral production,
where the difference was insignificant, higher than in any other year covered by the table. As a matter of fact, although there are no complete
statistics as to some of the iterns for the war period, there is reason to
believe that every one of these indexes stood higher in 1926 than ever
before, except that of the value of wholesale sales, the higher figures for
which in certain previous years were primarily due to much higher price
levels.
Of special significance is the fact that manufacturing production considered as a whole, showed a gain of 7%, even as compared with the highly
prosperous year 1924-25. The improvement was general through aimed
every branch of manufacturing industry. Although conditions in the cotton industry are somewhat unsatisfactory, especially in New England, the
gain in consumption of raw cotton and in spindle activity, which appeared
early in the calendar year 1925, has since been well maintained. Wool
consumption, however, was less in the last fiscal year than in the year
before. The rapid expansion of the output of electric power continues,
with consequent lowering of operating costs in the many industries which
are increasingly using electricity as motive force.
Although the prices of commodities in the fiscal year 1925-28 were practically no higher than in the preceding year, the value of sales of retail
stores and mail order houses showed a considerable increase. These figures are particularly significant as showing an advance in the already high
volume of consumption sufficient to take care of the constantly greater
output of our industry. The fact that the sales of mail order houses were
more than one-third greater than in the fiscal year 1922-23 is a clear
evidence of the gradual improvement in buying power among the farm
population.
MAJOR ECONOMIC INDEXES.
(Based upon calendar year 191100.)
seas.resielstallell-4-ssas.el
Years Ended!.1102430— sale
1923. I 1924.
Volume of busdness (quantities, not value):
Manufacturing production
Mineral production
Forest products, production
Freight, railroad. ton-miles
Electric-power production
Building contracts let, square feet
Value of sales:
Department stores
Five-and-ten-cent stores
Mail-order houses
Wholesale trade
118
119
117
109
138
107
118
152
91
80
1225.
1926.
it
115133,4.
1221
110
148
-108
II /P
118
128
1291
132
121
124
110
120*
158.
179
1120 142
1251
173
126 1133
196
219
110 A* 122
83'•F 86.'
loo,
e
ssis
Priem
Very little change has taken place is the general level of wholesale
prices during the past four fiscal years. The absence of any sharp upward
movement has shown the healthy character of our business activity and
Its freedom from the dangerous boom psychology. On the other hand, no
sharp declines have reflected business depression or a general change in
the relation between the volume of currency and csedit and the volume of
business. With a single exception no one of the nine great groups of
products showed a change of more than 4% between the price average for
the fiscal year 1925 as.a whole and that for the fiscal year 1926; the
exception was the "Misecellaneous" group, in which the sharp advance to
rubber prices was a dominant factor. There was more change in the getsend wholesale price index during the course of the fiscal year than as
between the annual average and that of 'the year preceding. A maximum
of 180 appeared from July to September 1925, whilh from March to June
1926 the index stood at from 151 to.152. Consequently, the maximum
variation was less than 6%.
The more satisfactory relation between the prices of farm products and
those of other cummodities, which was gradually brought about between
1922 and 1925, continued substantially unchanged in the fiscal year 1928.
The index of prices of farm products during that year averaged 52% above
the 1913 level, as compared with an increase of about 69% for non-farm
products.
Farm prices receded in the latter part of the fiscal year and down to
August, but this was accompanied by recession in prices of other commodities. In September both recovered part of the decline. The index
number in September was 141 for farm products and 150% for the average
of all commodities.
A slight advance appeared in the general level of retail prices during the
fiscal year, the cost of living index averaging 175 (1913 taken as 100), as
compared with 171 in each of the two preceding fiscal years. The advance
was due to higher food prices, as other elements in the cost of living,
taken as a group, showed practically no change.
PRICE INDEXES.
(Based upon calendar year 1913=100.)
Years Ended June 301923.
1924.
1925.
1926.
Wholesale prices:
156
155
150
General average
156
152
153
140
Farm products
139
156
Food
153
143
142
184
189
194
Cloths and el Wiling
193
175
169
Fuel and lighting
175
220
128
130
141
Metals and metal products
139
174
174
182
Building materials
188
133
183
129
Chemicals and drugs
129
166
171
178
House-furnishing goods
181
134
124
116
Miscellaneous
122
Retail prices:
162
150
146
Fob('
143
175
171
171
168
General cost of living*
• Figures are averages of indexes for 3, 4 or 5 months distributed through the
fiscal year, Including In each case June of the previous year.
Construction.
Construction volunfe during the past fiscal year surpassed the former
high reccrd made during the preceding twelve months. The number of
square feet of flocr space rind the value involved in the new contracts let
were each close to one-fourth greater than the year before. The actual
volume of construction work carried out increased by smaller proportions,
showing that the industry had a larger volume of unfinished work on hand
than the year before. •
Notwithstanding this immense building program, building cost remained
relatively stable. Both the construction industry and the owners of builddepartings have co-operated in the movement, to which the efforts of this.
ment have materially contributed, for keeping building activity more even
throughout the year. This movement has reduced operating expenses and
afforded more stab'e employment to building trades workers.
Construction activity was well distributed throughout the different
regions of the country. The leading class of building construction continues to be residential.
We are not merely keeping pace with the needs of expanding population,
but meeting the demand for better housing which comes with the general
advance in living stand irds. The past fiscal year, however, witnessed a
very considerable increase in cqntracts for new industrial and business
buildings and for public works and utilities. There was little to suggest
extravagant addition to industrial plants, which characterized the boom
of 1920, the new buildings representing rather a steady growth of production and trade and the meeting of needs for more efficient, comfortable
and attractive factories, stores and office buildings.
• The heavy and increasing expenditures for construction during the past
five years have been an essential factor in maintaining and augmenting
the activity of many of our most important industries, including not only
production of building materials, but also various other types of manufacturing, metal mining and railway transportation. There is indeed a close
and mutual inter-action between construction and other industries. The
prosperity of the latter makes possible the savings which go into construction, while construction activity helps keep other branches of industry
prosperous.
An increasing proportion of the housing construction during the last
two or three years has been of the less expensive types needed to relieve
the shortage which arose during the war, and to supply the demands of
workers whose advancing earnings enable them to afford better quarters
than ever before. Improvement in the methods of financing dwellings is
still needed, especially for families of the lower income groups. In particular it is desirable that interest rates and other charges on second mortgages should be placed on a more reasonable basis.
CONSTRUCTION STATISTICS.
Years Ended June 301926.
1923.
Indexes of volume of business (1919=100):
Contracts awarded. value
Contracts awarded. volume In square feet of
floor space
Cement shi paents
Lumber pr )ductl in
Price Indexes (1913=109):
'Frame-house materials, retail
Building-material prices, wholesale
1924.
1925.
135
142
164
205
107
152
111
108
158
121
113
178
120
140
183
125
198
188
206
182
198
174
195
174
Agriculture.
The steady advance in prices of agricultural commodities from the time
,Of the great fall in 1920-21 up to the crop year 1924-25 has contributed
to the restoration of agriculture, although there are still weak spots. There
was very little change in the situation, considered as a whole, during the
crop year 1925-26. The output of the farms was substantially the same
as the year before and the average prices of farm products also remained
at the same level. There were, however, very considerable changes in production and prices of some individual products. The wheat crop of 1925
was exceptionally small, but the price showed only a moderate advance.
The corn crop, which had been unusually small in 1924, regained its normal
volume, but the price fell sharply. The seduction in the number of horses
and mules In the country and the more efficient methods of rationing animals are tending to lessen the demand for the coarse grains. Live stock
prices for 1925-26 were considerably higher than during the previous year,
but there was a marked decline in the price of cotton following an exceptionally large crop.
September forecasts indicate that the aggregate output of all crops coin.
bined during the present year will again show very little change from the
year before, a ith perhaps a slight increase. There was some tendency
toward decline in prices of agricultural products during recent months, but
with partial recovery in September. The wheat crop has regained normal
proportions, but production of corn, oats and barley has apparently fallen
off. The potato crop, which was exceptionally low in 1925, has increased
somewhat. Indications are that the cotton crop will reach record figures,
but there has been some decline in the crop of tobacco.
In all the agricultural export commodities we must reckon with the
steady recovery of European agriculture and the increased competition of
Canada, Argentina and other countries where production, as in the United
States, was stimulated by war conditions. Our steadily growing population each year absorbs more, but obviously so far the increased domestic
demand of this country has not overtaken the increases in production tin
[VOL. 123.
THE CHRONICLE
2828
our own and other countries which have served to keep export agriculture
out of balance.
Transportation.
The steady gain in the volume of railroad traffic, characteristic of recent
years, continued in 1925-20. The ton-mileage of freight increased nearly
8% over the preceding year, in which it had already marked a record.
The operating revenue of the railroads increased by 5% and on account of
the greater efficiency of operation, the net operating income reached the
o
record total of nearly $1,200,000,000, 15%g greater than in 1924-25.
The constantly rising efficiency of the railroads is emphasized by the
fact that this greater traffic was handled with practically no change in
the number of employees. The ton-mileage in the last fiscal year exceeded
that of the fiscal year of 1913 by 43% and of the fiscal year of 1922 by
34%, while the number of employees was only 2 or 3% greater than befbre
the war and 9% greater than in 1921-22. Greater economy in operation
appears in the heavier tonnage per train, in the greater mileage of care
per day, in the reduced number of locomotives and cars in bad order, and
in various other operating indexes. The shippers and the general public
as well as the railroads have profited greatly by this progress. Car shortages and delays of traffic tend to raise the commodity prices to the consumer and to cut down the income of producers. Such shortages and delays
have been greatly reduced. Prompt delivery of goods has made possible the
carrying of smaller stocks, thus not only lessening the cost of doing
business, but also reducing its risks. Much of the credit for the improvement of the railroads is due to the recently established regional advisory
boards of shippers and receivers of merchandise, which have continued to
function actively throughout the United States.
There still remain important transportation problems to be solved, such
as extension of terminals, adjustment of rates, adequate development of
internal waterways, and establishment of proper relations of the motor
truck and bus to the railroad. It is essential that our transportation
facilities keep pace with our increasing production.
OPERATING STATISTICS OF CLASS I RAILWAYS.
Years Ended June 301922.
1923.
1924.
1925.
1926.
Freight ton-mileage
351,536 431,035 436,737 437,387 470,912
(millions)
Carloads of all commodi40,658 47,193 48,992 49,678 51,916
ties (thousands)
656
706
731
752
704
Net tons per train
27.2
26.8
27.0
27.7
27.0
Net tort) per loaded car_
Avge. daily car surplus_ 272,756 36,399 187,554 252,410 218,779
435
4.793
295
2,410 74,689
Avge. daily car shortage
Bad order cars, avge__
339,369 241,218 170,546 194,519 172,252
Bad-order locomotives,
11,514
10,478
16,089 10,838
15,764
average
Number of employees 1,643,000 1,770,000 1,850,000 1,765,000 1,783.000
Total operating revenues
5508,169 6,104,274 6,120,646 6,011,864 6,318,622
(1,000 dollars)
Net operating Income
818,345 873,777 924,674 1,033,766 1,192,453
(1,000 dollars)
* Not computed; numbers are insignifacantly small in both years.
P. C.
Change
1925 to
1926.
+7.7
+4.5
+2.9
-13.3
-11.4
-9.0
+1.0
+5.1
+15.4
Motor Transport.
An outstanding development of the year is the increasing use of the
motor truck and motor bus in conjunction with other forms of transportation. Transportation experts are beginning to comprehend the possibility
of the motor vehicle as a co-operative instead of a competitive factor.
Over 50 railroads in the United States and Canada are now using motor
trucks to supplement their shipping service; nearly as many more are
availing themselves of the motor bus. Quite a number of railroads are
experimenting with store-door delivery, some 30 or more use the truck in
terminal operation, and several have now replaced way freight trains with
the motor truck. One of our largest railroads has replaced local freight
trains on 1,000 miles of line and is serving 500 stations with the motor
truck. Furthermore, over 14,000 miles of motor bus routes are operated
by electric railways. Developments such as these warrant increasing
attention to the possibilities of the use of the motor vehicle as an adjunct
to other forms of transportation.
Water Transportation.
The situation with respect to ocean shipping throughout the world is
still unsatisfactory to ship operators. The balance between ship capacity
and available cargoes has not yet been restored. The world tonnage of
seagoing steel and iron steam and motor vessels, swollen by the stimulus
of war requirements, is nearly 40% greater than in 1913. Although a considerable amount of this shipping is obsolete, there is still an excess of
capacity, in view of the fact that the volume of ocean traffic is as yet
little if any greater than before the war.
Comparatively little change took place in the ocean shipping situation
during the fiscal year. Idle tonnage in the United States, and also that in
the world as a whole, fell off about one-tenth. The total tonnage of seagoing vessels increased slightly in the world as a whole, but that of the
United States declined by 5%. In contrast with the decline in American
vessels engaged in foreign trade, there was a gain of nearly 4% in the
tonnage in coastwise and internal trade. The percentage of the volume of
our overseas foreign trade carried in American ships, which had risen
slightly in the calendar year 1924, fell off considerably in the calendar year
1925, the proportions being, respectively, 41% and 37%. Further progress
was made in the transfer of American ships from Government to private
operation.
Banking and Finance.
The calendar year 1925 showed many new high records in American
-in volume of the capital, deposits, loans and discounts
financial activities
and investment holdings of banks, in the amount of foreign loans placed
,
(save, of course, as compared with certain of the war years), in new cm
porate securities issued, and in insurance written. Bank clearings and
debits to individual bank accounts each for the first time exceeded $500,000,000,000. The fiscal year 1925-26 has similarly been a record-breaking
period in our financial activities, although up to the present time certain
important statistics relating to the year are not available. In every month
of the fiscal year the debits to individual bank accounts were notably larger
than in the corresponding month of the previous fiscal year. A striking expansion in banking operations is shown also by the statistics of reporting
member banks of the Federal Reserve System, which reported larger totals
than
for loans and discounts, investments and deposits, as of June 30 1926,
as of the corresponding date of 1925.
withThis enormous expansion in financial activities was accomplished
Inout dangerous tension of commercial credit, without any perceptible any
in
crease in merchandise stocks, with a smaller stock of money than level of
other recent year, and without any appreciable advance in the
appears, therewholesale prices. The upward trend in credit operations
progress of infore, to represent a steady growth, reflecting the general expansion.
dustry and commerce rather than any temporary inflationary
THE CHRONICLE
Dne. 4 1926.]
2829.
There was, however, during the fiscal year a sharp up-and-down move- higher than a year ago, all industrial groups showing Inment in security prices. February 1926 marked a temporary termination of
except non-ferrous
the greatest "bull" market in the history of Wall Street. Until March 31 creased activity compared with last year
security prices dropped at a somewhat alarming rate. A strong reaction metals, lumber, automobiles and miscellaneous industries.
followed, and by the close of the fiscal year the general level of security The foregoing is from the monthly statement of the Departprices was not much below the previous peak. Nevertheless, the setback
had served as a timely corrective to speculative psychology. Moreover, the ment embodying the October index numbers of production,
fear that general business depression might follow served the useful pur- commodity stocks and unfilled orders, made public Nov. 30,
pose of checking any tendency to pile up merchandise stocks and to specufollowing is taken:
late in commodities. The end of the fiscal year consequently found the from which the
nation's business in an unusually liquid condition with ample credit for all
Commodity Stocks.
legitimate purposes.
Stocks of commodities, after adjustment for the seasonal element, were
Our operations as a lending nation during the fiscal year 1924-25 had
month
towered far above those of any previous year since the war, the total amount higher at the end of October than at the end of either the previous
large
of foreign capital issues publicly offered in the United States having been or October 1925. Stocks of raw foodstuffs mainly accounted for the
manufactured foodstuffs and
no less than $1,382,000,000. Foreign investment operations continued at increase in general stocks over a year ago, but
commodities also were held in larger quantities than
practically the same high rate during the fiscal year now under review, the other manufactured
decline
total reaching $1,302,000,000. Of this sum $335,000,000 consisted of Ger- last year, raw materials other than raw foodstuffs alone showing a
from a year ago.
man capital issues.
Unfilled Orders.
During the fiscal year the interest-bearing debt of the Federal Governanent was reduced by some $827,000,000. Although there were certain reUnfilled orders for manufactured etanmodities, principally iron and steel
ductions in tax rates, the total yield for the year from the income tax, from and building materials, declined, both as compared with the previous month
miscellaneous internal revenue, and from customs duties increased. A and the same month of last year, each group participating in the general
very slight increase occurred in the ordinary expenditures of the Govern- decline from both period. The index numbers of the Department of Comment, amounting to a little over 1%.
merce are given below:
Financial improvement abroad was almost general. Previous gains in
Oa.
Oct.
Sept.
public finance and currency stabilization were consolidated in most coun1926. 1926. 1925.
tries, and further progress was made toward limiting the fluctuations in
exchange rates, hitherto so destructive in international trade and finance.
Production—
The Hungarian and East Indian exchanges were stabilized at new parities,
(Index Numbers: 1919=1.100)
158
148
179
and the Danish and Uruguayan exchanges have been virtually at par for Raw materials: Total
140
163
156
Minerals
many months. Belgium has attacked its exchange problem with resolution.
118
115
113
Animal products
On the other hand, the new Polish currency, the zloty, sank rapidly begin232
196
172
Crops
117
136 120
ning with July 1925, though with partial subsequent recovery. Likewise
Forestry
132
134
134
the French franc, with many sharp fluctuations dropped from its approxi- Manufacturing, grand total (adjusted)
137
134
134
Total (unadjusted)
mate 5-cent level to below 3 cents. The difficulty of the great French
113
114
112
Foodstuffs
108
nation in solving the problem of its currency remains the most unsatisfac110 . 110
Textiles
130
133 • 139
tory spot in international finance. Financial recovery in Germany was
Iron and steel
178
193
180
Other metals
aided in some degree by the so-called flight of capital from the franc.
166
146
151
Lumber
94
97 , 96
Foreign Trade.
Leather
118
125
119
Paper and printing
The value of exports declined slightly, 2.3% in the fiscal year, as com200
188
178
Chemicals and oils
158
162
165
pared with that preceding, but this was due to the lower average prices
Stone and clay products
132
137
1.33
Tobacco
of export commodities, a quantitative increase of 2 or 3% having taken
211 ; 260
241
Automobiles*
place. The physical volume of exports thus marked a record scarcely, if
134' 148
147
Miscellaneous
at all, eXceeded even at the height of the post-war boom. The increase
Commodity Stocks.
would have been much more marked but for the poor wheat crop of 1925,
(Index numbers: 1919=100.)
(Unadjusted.)
which cut down greatly the exports of that commodity.
141
171
150
The value of imports showed an exceptionally great increase, 17%. This Total
121
222
1b8
Raw foodstuffs
194
was in large part due, however, to higher prices, the phenomenal rise in
191
123
Raw materials for manufacture
77
94
85
rubber alone accounting for an addition of about $300,000,000 to the value
Manufactured foodstuffs
172
175
172
Manufactured commodities
of imports. Nevertheless, even in quantitative terms the imports were of
(adjusted for seasonal element.)
record volume, reflecting the high prosperity of the country with the Total
131
174
172
113
263
256
consequently strong demand for foreign raw materials and exotic foodstuffs.
Raw foodstuffs
144
143
130
Raw materials for manufacture
While, largely owing to lower prices, but to some extent also to smaller
73
83
88
Manistactured foodstuffs
quantities, exports of crude materials, foodstuffs, and semi-manufactures
176
181
183
Manufactured commodities
were of smaller value in 1925-26 than the year before, the loss was nearly
Unfilled Orders—
49
44
53
offset by the marked increase in exports of finished manufactures, which Total (1920=100)
43
38
35
Iron and steel
were 16% greater, continuing the steady gain of recent years. In the case
94
92
82
materials
Building
of imports all of the economic classes except manufactured foodstuffs
*Included in miscellaneous group.
Increased in value, and the decline in the latter was due entirely to the
lower price of sugar, the principal item.
Exports to all of the continents of ,the world except Europe were greater
National Association of Credit Men
In 1926-28 than the year before. The decline in the case of Europe was Monthly Survey of
Sees Encouraging Soundness in Business Field.
due to smaller shipments of wheat and the lower price of cotton. Exports
to South America increased 16.6%; to Asia, 17.5; to Oceania, 20.5, and
Encouraging soundness is indicated by the monthly credit
to Africa, 21.6%. Imports from every continent showed an increase, the
most conspicuous being in our purchases from Asia, which were greatly and business survey conducted by the Research Department
affected by the abnormally high price of rubber.
of the National Association of •Credit Men, J. H. Tregoe,
By reason of the slight decline in exports and the unusually large increase in imports—both due, as already indicated, to special and pre- Executive Manager of the association, said on Nov. 30 in
sumably temporary causes—the excess of exports over imports was much making the survey public. The survey indicates that proless than in most years, and during two or three months in the spring of
distribution are progressing at a healthy pace
1926 there was an excess of imports. Nevertheless, a small net importa- duction and
tion of gold occurred during the year. That this should have happened in and that there is no marked unemployment to speak of.
the face of the diminished excess of merchandise exports, the large new With fair crops, mines producing well and building holding
foreign investments, and the continued heavy expenditures of our tourists
abroad, indicates that there must have been a considerable shifting of up fairly well, the Department of Research reports that
banking and commercial credits and also a very considerable purchase of basically we are as sound as six months ago. With the
American securities by foreigners. It is believed that the so-called flight
approaching, the Department po.nts to
from the franc was a factor of some importance in such purchase of Christmas holidays
the steady purchasing power of the public as an encouragAmerican securities.
FOREIGN TRADE OF THE UNITED STATES.
(Millions of dollars.)
1910-1914
1924.
1925.
1928.
% Change
1926 from
1925.
2,168
1,689
4,312
3,554
4,865
3,824
4,753
4,466
—2.3
+16.8
+477
+18
+20
+758
—407
+19
+1,040
+115
+37
+288
—97
+29
Years Ended June 30-
Exports, merchandise
Imports, merchandise
Excess of exports (+) or of
Imports
Merchandise
• Gold
Silver
Quantitative index eliminating
the effect of price variations (1913=100):
Domestic exports
Imports
89
94
1223
158%
1331.i
161
137
170
+2.6
+5.6
ing sign for the near future. The Department's monthly
regional survey conducted this month in the States of Iowa,
Kansas, Nebraska and South Dakota indicates moderately
fair conditions in these States. The Department's reports
of this survey read as follows:
Collections for October were somewhat larger than those for September.
Improved sales and collections during the coming winter months are reported by a good majority of the credit managers and treasurers furnishing
the information.
Reports on other business and credit factors in these States are about
equally divided -between poor and better. Sales for Octcber improved
slightly over September in this district and were about the same in October 1926 as in October 1925. One encouraging sign is that more than half
of the concerns in these four States anticipate decreased failures for the
coming winter months over the same period last year.
Spotty crops are reported in this district and echoes of pessimism occur
here and there throughout the region in which the survey was conducted.
Most of the concerns in these States report that merchants' stocks are low
and that credit is being extended satisfactorily but with considerable
scrutiny. Merchants are buying carefully and paying promptly. In Iowa
and South Dakota the number of bank failures has created timidity in some
sections of tinge States. But in general solidity that should dispel pessimism exists in the four Central States.
Survey of Current Business by United States Department of Commerce—Manufacturing Production
Higher Than Year Ago.
The United States Department of Commerce finds that
the production of raw materials in October was greater
than in either the preceding month or the same month of
Business Indexes of Federal Reserve Board.
last year, all groups showing increases over a year ago except forest products. Manufacturing production, says the
The Division of Research and Statistics of the Federal
Department, after adjustment for differences in working Reserve Board issued on Dee. 1 the following statement gi
time, showed no change from the previous month, but was ing current figures of its various business indexes:
INDEX OF PRODUCTION IN BASIC INDUSTRIES.
Adjusted for seasonal variations. Monthly averages 1919 = 100.)
---1926--- 1925
---1926--- 1925
Oct.
Oct.
Oct. Sept.
Oct. Sept.
121
122
121 ' 116 Bituminous
119
Total
124
124
122
113 Anthracite
116
1
Pig iron
107
136
130 Copper
146
147
Steel ingots
136
139
129
111 Zinc
116
122
133
Cotton
140
69
96
89
98 Sole leather
64
Wool
64
115
126
95
101
96 Newsprint
121
Wheatflour
198
167 Cement
212
204
139
205
Sugar melting
198
209
& slaughtered- 92
le
104 - '99 Petroleum
212
106
147 Cigars
98
135
125
99
Calves
169
208
Sheep slaughtesed- 94
96
88 Cigarettes
196
99
121
115 Manutac'd tobacco 92
96
Hogs slaughtered_ _ _ _103
119' *110
125
Lumber
'INDEXES OF EMPLOYMENT AND PAYROLLS IN MANUFACTURING
INDUSTRIES.
i
(Not adjusted for seasonal. variations. Monthly average 1919 -= 100.)
Payrolls
-Employment
1925
-----1926----1925
Sept.
Oct.
Oct.
Sept.
Oct.
Oct.
Total
111.3
97.0
112.4
108.3
96.3
95.8
we and steel
95.1
93.0 . .92.7 . 88.4
97.9
102.2
,Tactilee-group
107.5
.93.7
98.9
91.3
96.9
105.3
Fabrics
100.7
107.9
.d
92g
97.7'' 108.2
' Products
107.0
-90.8 • ' 89.5
95.8
101.7
96.7
.1Amber
100.1 . *100.0
117.2
117,0 *113.7
102.8
Railroad vehicles
89.3
93.4
88.9
..--,, 83.9., ,. 85.0 , 83.0
Automobiles
148.9
178.0
119.9
124.6
137.7
151.3
Paper and printing
142.3
106.0
151.0 • 146.8
109.8
108.4
Foods,&o
104.5
105.6
103.6
90.4
88.6
906
Leather, Om
97.4
95.8
97.3
91.8
Stone, Nay, glass
159.5
157.0
156.8
126.6
129.3
124.7
Tobacco. &c
91.5
87.6
97.1
82.7
80.6
90.1
Chemicals, ete_
109.0
102.3
101.1
76.4
78.2
77.4
INDEXES OF WHOLESALE AND RETAIL TRADE.
RETAIL TRADE.
! WHOL#SALE TRADE.
-1926- 1925
---1926--- 1925
i
.
Oct. SePt.
Oct.
. '
Oct. Sept.
Oct.
Total 4
101 Dept.store sales
*97
94
139
144
145
Groceries „
Adjusted
91
92
99
Unadjusted
158
131
105
Meat _
85
*86
87
.__102 .113
118 Dept. store stocks
Dry 8064)
137
132
134
.._;___,_ 76
•84
77
Adjusted
Shoes__,..'
122
Unadjusted
153
1
11
)42
149
Hardware ''''''__!.....7_1
14
•124
134 Mall order sales
Drugs ,
I- ..03
1.
116
Adjusted
131
127
i
.
,
Unadjusted
150
120
)70
•Resed.
""
•
Franklin i1ourti4 Street National Bank of Philadelphia
Refer* to' i926 as Year of Great Prosperity.
In the Di3comber number of its monthly 'letter, "Trade
,
Trends," the Franklin Fourth Street National Bank of
Philadelphia says.:
.
*As 1926 draws neat the close, it stands out clearly as a year of great
prosperity. Extraordinary volumes of trade, of industrial activities and
financial operations were rolled up. It is now apparent that the full year
will present hitherto tmapproached records for business profits, steel production, automobile odtput, building construction, mail order trade, freight
traffic and bank cfeposits.
Although. these high activities have prevailed, the pace of some important key industries rebently• has been moderately slackened. This reflects
some maladjustments is the economic structure, but by all the'important
teats, the situation appears fundamentally sound and healthy. The great
prosperity of the past two years has been a Bober one. It thus has
avoided the exoesses developed by most periods of good times. •
•
Evidences of a degree of maladjustment are seen in the decline of agricultural prioes, particularly cotton;
indications that the building boom
has passed its crest; in the current diminution of btitiness profits; in rising commercial failures, and in some slackening in the demand for steel and
Automobiles. ,
Factors of strength include the lack of price or inventory inflation, of
'over-buying and 0- general over-prodUction. Wages remain high and industrial employment and purchasing power .have not been curtailed on the
;average. Moreover, corporation finances are in strong position and the
administration is advocating credit or refund to taxpayers, of 15% of taxes
payable-in 1926 because of the unexpected Treasury surplus of $300,000,000
the present fiscal year. These . factors added to, the overweening one of
oontinued easy and abundant credit tend to balance the adverse side of the
picture. •
Although emploiment in the large automobile centres has declined, it
has increased in some other industries, notably the. textile and coal industries. In the latter there have been wage advances in the 'non-union mine
"districts. This reflects the great boom in demand and the tremendous
,
;stimulation of soft coal output.
The effect of the cotton price debacle is partly offset in some great cotton
by greater returns* from 'other crops. ' In Texas, estimates in
States
November indicated a production of 30% of. the South's cotton crop. Yet
the total farm income of that State, counting other farm production, Is
exceeding that of 1025 by about 8%, according to some estimates. Aggregate cash income for American farmers in 1926, from evidence now in
band, is lees than 696 below that of 1925. .
New England Business•in November More Active than
During Summer But Slightly Less than October.
According to the Dec. 1 "Monthly Review' of the Federal
Reserve Bank of Boston, "New England business is considerably more active than.it was last summer." Further reviewing the situation, the Bitnk states:
Last winter New England factories on the average were running at the
highest rate in three years, but this was followed by a moderate curtailment
last spring. The improvement which began In July nearly offset the spring
decline. Some of the reports On'business conditions early in November,
however, Indicated slightly less activity than in October. In the country
as a whole there was very little recession in activity during the spring and
'early summer months, and no increase in the autumn such as occurred in
New England. The total amount of checks drawn on banks in important
New England centers, which is an index of the total value of New England
trade, has had a declining tendency since last winter. The value of sales is,
of course, dependent upon both the volume of business and the selling
prices. Selling prices on the average, as measured by the wholesale commodity price indexes, have declined almost continuously for over a year,
,which accounts to some extent, for the decline in New England check
'payments. The sharpest declinee, in fact, occurred in such textile centers
as Fill River, New Bedford add Manchester. where the total value of
business depends,to a large extent on the price of cotton.. Department
[VOL. 123.
THE CHRONICLE
2830
stores reported an unusually large volume of orders for merchandise outstanding on the first of Octiber, but an unusually small volume on the
first of November. At the beginning of October outstanding orders were
large because manufacturers had not been able to make deliveries to the
merchants at the time specified by the orders, but during the month
production and shipments caught up with requirements, thereby reducing
the unfilled orders of department stores to a small amount. Contracts
awarded for new construction in this district during the past six months
have been much less than a year ago, indicating a real slowing down in the
building industry. The decline in October was general in all classes of
building excepting residential construction. In the last three weeks of
October and the first three weeks of November, the Boston department
stores reported an increase in total sales, as compared with a year age.
Instalment sales during both September and October were less than in
1925, and the rate of collections on instalment accounts in October was
slower than in either of the two preceding years. Money rates declined
during the latter part of October and November, as is usual at this season
of the year. "Commercial" loans of New England member banks increased
in September. October and the first part of November, to take care of the
autumn requirements of trade.
in Chain Store Sales in New York Federal
Reserve District.
Total sales of reporting chain store systems during October were 10% larger than last year, when sales were unusUally heavy. Despite the fact that there was one less selling day this year, increases were reported by all types of
systems except shoe chains, in which sales were smaller
than a year ago for the first time in six months. The foregoing is from the Dec. 1 "Monthly Review of Credit and
Business Conditions" by the Federal Reserve Agent at New
York, which goes on to say:
Increase
. In most lines the increases in total sales were due to the opening of
additional stores, but the. grocery and ten.cent chains reported increases in
sales that exceeded the expansion in number of units operated. Average
sales per store of all types combined were slightly smaller than last year
for the first time since February.
Percentage Change Oct. 1926from Oct. 1925.
Saks per
Number of
Total
Store.
Stores.
Sales.
Type of Stare5.0
+27.0
+20.7
Drug
-2.8
+10.4
+13.5
Variety
+0.1
+10.3
+10.4
Grocery
+1.4
+8.3
+6.9
Ten Certt
.
+7.1
+7.1
Tobacco
-13.6
+17.7
+1.8
Candy
-13.7
-3.7
+11.5
Shoe
'
Total
+10.1
+9.6
-0'4
Falling Off in Department Store Sales inlIslew York
Federal Reserve District in October This Year
as Compared with Year Ago.
The Dec.l. "Monthly Review of Credit and Business Conditions" of the Federal Reserve Bank of New York reports
that "dtle almost entirely to the shorter business month
this year, October sales of leading department stores in this
district were about 5% smaller than the unusually large
stiles reported a year ago. Sales of apparel stores decreased
.only 1%, but mail order sales were 12% smaller than last
year." In its further statement regarding retail trade, the
Bank says:
Stocks on hand in department stores at the end of the month were 8%
larger than last year, 8o that the rate of turnover for the month was considerably lower than a year ago for the first time since last spring.
Collections on regular accounts were larger than last year, but on installment accounts they decreased 3%. Outstanding charge accounts were
9% larger than last year, a smaller increase than in any month since April,
but installment accounts remained at about the same level as a year ago.
Accounts
Stock on
Hand End
Cotten- L RecelvNet
able.*
of Month. lion-a.*
Oates.
+8.4
-4.8
+1.7
+2.2
New York
-3.7
-6.1
-11.0
Buffalo
+17.4
+8.3
-5.2
Rochester
-11.0
-11.6
Syracuse
+7.4
-0.2
Newark
+1.4
+4.4
Bridgeport
48.9
-2.7
Elsewhere
+0.6
Northern New York state
-10.1
Central New York State
+0.4
Southern New York State
+1.4'
Hudson River Valley District
-9.8
Capital District
+14.0
Westchester District
7
--4.6
4 3:i
All department stores
+21.0
-1.0
Apparel stores
-11.9
Mail order houses
* Exclusive of installment accounts.
Most of the ready-to-wear departments showed decreases from the unusually heavy apparel sales last October, but sales of furniture, books and
stationery, linens and handkerchiefs, and toys and sporting goods continued
larger than last year
Net Sales
Stock on Hand
Percentage Change Percentage Change
Oct. 1926from
Oct 31 1926 front
Oct. 1925.
Oct. 3119211.
-0.9 +8.1
Books and stationery
-2.3
+6.6
Linens and handkerchiefs
+3.6
Toys and sporltng goods
+6.1
+5.0
+6.8
Silverware and Jewelry
+4.6
+6.0
Furniture
+3.9
+0.8
Shoes
+10.1
+0.2
Hosiery
-0.2
-1.2
Women's ready-to-wear accessories
+2.4
-1.7
Luggage and other leather goods
+2.0
Men's furnishings
-2.1
+7.2
Toilet articles and drugs
-2.3
-1.9
Musical instruments and radio
-2.8
+5.3
-4.4
Women's and misses' ready-to-wear
-6.1
Cotton goods
-4.7
+1.1
-5.4
Home furnishings
+3.1
Men's and boys' wear
-6.9
+2.4
Silks and velvets
-8.1
-34.9
Woolen goods
-18.7
-12.8
-9.4
Miacellaneous
Decrease in Wholesale Trade in New York Federal
Reserve District During October.
According to the Dec. 1 "Monthly Review of Credit and
Business Conditions" by the Federal Reserve Agent at New
York, "decreases from the substantial sales of October last
year were reported In practically all lines of wholesale
trade this October, due partly, however, to the fact that
there was one less selling day this year." The "Review"
adds:
The largest year-to-year declines continued to be reported in the clothing
and textile groups, although silk goods sales, while considerably smaller
than a year ago, were larger than in any other October since 1919. Substantial decreases were also reported in sales of machine tools, groceries
and jewelry and sales of shoes and drugs fell below the previous year's
level for the first time since last spring. Stationery sales were considerably smaller than last year, but larger than in any other October in the
past six years. Paper and diamond sales about equaled those of a year ago.
Stocks of hardware and jewelry and diamonds at the end of October continued larger than a year ago, and cotton jobbers' stocks also showed a
slight increase. On the other hand, silk stocks were 10% smaller than
last year, and shoes showed the largest decrease for any month for which
we have records.
Collections during October were 6% smaller than last year, a considerably larger decrease than in September. The amount of outstanding accounts at the month-end was little changed from last year.
Percentage Change
Oct. PJLti from
Sept. 1926.
'mnntodlty.
Net
Sales.
Groceries
Men's clothing
Women's dresses
Women's coats and suits_ _
Cotton goods-jobbers... _
Cotton goods-COMMil381ull
Silk goods
Shoes
Drugs
Hardware
Machine tools
Stationery
Paper
Diamonds
Jewelry
2831
THE CHRONICLE
DEC. 4 19261
Percentage Change
Oa. 1926 from Oct. 1925.
Net
Stock end
or .11th. Sales,
+10.3 +12.4 -10.1
____ -17.4
-24.6
-23.8
____ -26.4
+26.4-26.0
/.
..3- 4 -14.2
-8.7
__ -19.0
-16.9
+8.4 -17.4
-18.4
-6.8
-15.8 -11.7
+22.4-2.2
1+- .4
+7.3
____ -19.6
+0.5
+8.4
-6.4
-1.1
+10.8
+7.8 t -4.51 +1.3
+24.2 f
i -10.1
Weighted Average
• Quantity not value.
-14.6
Stock end Calico- ,4ccounis
,
of MIS. lions. Reel:le.
-5.6
+3.2
-13.4
-20.8
-21.6
+8.3
+9.9
-24.0
-11.3
-9.8. -1:-/.1
-31.7 -12.2
-2.0
6".r
41- 2 +5.0
+3.6
+13.4
+0.3
-0.1
-1-14 .
I.ii
____
t
J
8.
4-- - 6
.
-2 8
1
4 16
-5.8
-0.6
Merchandising Conditions in Chicago Federal Reserve
District-Decline in Wholesale and Retail Trade.
Both wholesale and retail trade in the Chicago Federal
Reserve District experienced declines during October, according to the "Monthly Business Conditions Report," issued
Dec. 1, by the Federal Reserve Bank of Chicago, from which
we quote as follows:
IVholesale Trade.
In general, wholesale trade in this district during October was on a
ago. Sales and collections were both less, and
smaller scale than a year
stocks on hand at the end of the month were below last year. In comparing the two periods, however, allowance should be made for lower prices
and for the fifth Sunday in October this year.
Groceries.-Two-thirds of the reporting grocery firms registered declines in sales from September, and nearly as many from a year ago.
For most, inventories were higher, although lower holdings by the minority reduced the gain over Sept. 30 to 2.5%, and resulted in a drop of 2.0%
from last year. Collection comparisons both with the preceding month
and with a year ago show increases and decreases about evently divided.
Accounts outstanding were higher than on Sept. 30, but below Oct. 31 1925.
-Aggregate sales by 17 hardware dealers barely equaled the
Hardware.
September total, although iadividually only six firma reported declines.
The majority indicated smaller sales, collections and receivables on the
books than in October 1925 and reductions in inventories both from Sept.
30 and from a year ago.
-With few exceptions sales; stocks, collections and accounts
Dry Goods.
receivable of reporting dry goods wholesalers were smaller than a year
ago, and for the first two items below September as well. All firms registered higher accounts outstanding Oct. 31 than on Sept. 30, although collections were better.
-Sales and accounts outstanding of reporting drug dealers were
Drugs.
around 6% below last year; stocks increased 2.5% and collections 3.0%.
All four items show gains over September.
-For nine reporting wholesale shoe dealers, comparisons in sales,
Shoes.
stocks, collections and accounts outstanding show decreases from a year
ago; stocks advanced slightly over Sept. 30 and collections increased 22.3%.
Department Store Trade.
During October, for the second time this year, aggregate sales of reporting department stores ia this district fell below the corresponding month
of 1925; individually, 55 firms registered declines and 29 increases, the
group averaging a drop of 2.1%, which compares with the cumulative gain
of about 8% for the nine preceding months. The October decrease from a
year ago is attributed in part to the one less trading day this year, as
average daily sales were 1.7% larger. Increases over September were reported by all except four stores, but marked decreases at these reduced
the group gain to 6.7%, or considerably below the 1921-25 average September-October expansion.
With few exceptions firms reporting accounts outstanding and collection
data showed increases over September in both items; as compared with a
year ago, collections for 61 firms advanced 6.9%, and accounts were 10.7%
higher. Collections amounted to 40.6% of receivables on the books Sept.
30, which as in previous months this year is below the 1925 figure.
As is customary during October, inventories were enlarged, 63 firms
averaging an advance of 6.0%. The gain of 4.6% over Oct. 31 1925 reflects pronounced increases at a few stores, as three-fifths were inventoried
lower at the cod of October this year than last. The ratio of October sales
to average stocks stood at 34.5% which, with the exception of September,
is the highest for any month this year and for the only time is leas than
the corresponding 1925 ratio (36.5) ; cumulative sales since Jan. 1
amounted to 311.5% of average stocks, as compared with 300.3 last year.
Unfilled orders for new goods were reduced from 11.1% of 1925 purchases
at the close of September to 8.8% by Oct. 31.
Retail Furniture Trade.
Combined sales of furniture, furnishings and equipment during October
by 14 furniture retailers and 24 department stores in this district were
13.2% below the corresponding September volume. As compared with
October 1925, the gain of 2.9% reflects increased installment business by
the furniture dealers, as their other sales, as well as department store trade
in these items, declined from last year. Total inventories at the end of
October for 26 firms were 5.5% above Sept. 30 and 9.1% ahead of Oct.
31 1925. Accounts outstanding as reported by 12 of the furniture houses
advanced 1.8% during the month to 26.6% higher than a year ago; collections for the same group fell off 5.9% from September, but were 12.2%
above last year; installment payments for 7 firms averaged 4.2% below the
previous month, and 17.5% heavier than October 1925.
Retail Shoe Trade.
Sales of shoes at retail during October by 44 reporting dealers in this
district totaled 1.4% more than the September volume, all but 6 firms
indicating expansion. The decline of 3.2% from October 1925 representing
individually 32 decreases and 13 gains, reflects the one less trading day
firms
this year, as average daily sales were slightly higher. Nineteen
reporting outstanding accounts showed an advance of 13.4% between Sept.
SO and Oct. 31, although the ratio of sales declined from 78.6 to 77.5%.
Collections during October were heavier than in September or a year ago.
With 9 exceptions, firms made net additions to their stosks during the
month, the group of 34 aggregating a gain of 6.4% at the end of October
were
over Sept. 30; in comparison with Oct. 31 1925 over half the firms
inventoried lower this year.
Federal Reserve Bank of Chicago Reports Slight
Reduction in Employment at Industrial
Plants in District.
, many of them seasonal in nature, resulted
Readjustments
in a slight reduction in employment at industrial plants of
the Chicago Federal Reserve District, firms employing 384,000 workers on Oct. 15, reporting a. decrease of 0.9% from
the previous month. The Federal Reserve Bank of Chicago,
in its Dec. 1 "Monthly Business Conditions Report," in stating this, adds:
products
Curtailment in rubber products, vehicles, and fond and related
7.2%, due
were extensive, the loss for the latter group amounting to
as
principally to the close of the busy season for canning and preserving
Metals
well as for the manufacture of ice, ice cream and confectionery.
largest gain was
and metal products made slight advances, while the
furreported by the chemical products group. Increased employment at
under lumber
niture and musical instrument factories accounts for the gain
decline.
and its products; most of the building materials showed some
-food and
Payroll figures as a whole advanced, with only two groups
The increases reflect not only the
rubber products-registering declines.
also a lengthenshort week covered by some of the September reports but
plants.
ing of the time schedules at many of the reporting
gain in employment
At coal mines and on construction jobs, there was a
also made some
during the month, while retail and wholesale concerns
additions to their working forces.
RESERVE
EMPLOYMENT AND EARNINGS-SEVENTH FEDERAL
DISTROCT.
Total Earnings.
Number of Wage Earners,
Week Ended
Week Ended
Industrial Croup
Per
Oct. 15 Sept.15 Ceni,
1926. Change
1926.
384.220 387,883
All groups (10)
Metals & metal products
(other than vehicles). 156,161 155,475
39,760 41,120
Vehicles
Textiles and textile prod27,169 26,892
ucts
Food & related products 51,480 55,465
Stone, clay and glass
15,238 14,951
products
Lumber and Its products 34,145 33,828
10,564 10.219
Chemical products
17,069 17,038
Leather products
3,206
3,090
Rubber products
Paper and Dilating-- - 29.544 29.689
Per
Sept. 15 Cent.
1926. Chaste
00. 15
1926.
-0.9 810,247,953 89,925,615
+3.2
+0.4
-3.3
3,897.12 3,739.490
1,257,709 1,208,268
+4.2
+4.1
+1.0
-7.2
613.694
628,960
1,403,288 1,464,445
+2.5
+1.9
+0.9
+2.4
+0.2
-3.6
465,903
899,697
293,231
377,521
73,637
0.53.826
440.528 +5.8
843.908 +6.6
268.596 +9.2
355,710 +6.1
83,340 -11.6
907 630 +3,1
Manufacturing Activities in Chicago Federal Reserve
District-Automobile Production and Distribution.
In its summary of manufacturing activities and output in
its district, the Federal Reserve Bank of Chicago In its
"Monthly Business Conditions Report," dated Dec. 1, says:
Shoe Manufacturing, Tanning and Hides.
Operations during October at shoe factories in the Seventh district were
seasonally greater than in September and continued above a year ago,
had
Shipments exceeded production by 5.1%. Twenty-seven companies
43.3%
stocks on hand on Nov. 1 which in the aggregate were equivalent to
books of
of the volume of their October shipments. Unfilled orders on the
ac23 manufacturers gave assurance of approximately five weeks' future
tivity at the current distribution rate.
CHANGES IN THE SHOE MANUFACTURING INDUSTRY IN OCTOBER
1926 COMPARED MTH PREVIOUS MONTHS.
Per Cent Change From
September.
1926
Ocioter.
1925
Corn panics Included
September.
1926
October.
1925
30
30
+6.1
+3.6
Production
30
+3.6
30
-1.7
Shipments
27
-27.2
27
-17.0
Inventories
22
-6.8
22
+3.1
Unfilled orders
in October over the preceding month, acProduction of leather expanded
cording to reports from representative tanners in the Seventh district.
The aggregate value of sales billed to customers was greater than in September or the corresponding period last year. Tanners' purchases, in geo„
2832
TTE CHRONICLE
eral, receded a little from a month previous. Prices ranged from steady
to slightly easier.
Sales of calf skins at Chicago declined during October, but those of
packer green hides were nearly as great as in September. Receipts and
shipments of hides and skins at the above city, however, were in excess
of the preceding month, according to statistics issued by the local Board
of Trade. Prices strengthened slightly in October and then declined during
the early part of November.
Automobile Production and Distribution.
October production of passenger automobiles in the United States aggregated 288,848, according to the Department of Commerce, a decline of
17.7% from September and of 26.7% from a year ago. Truck output
totaled 42,890, compared with 46,428 in the preceding month and 44,323
In October 1925.
Retail sales of new cars in the Middle West during October continued
the decline of the previous four months and for the second successive
month were below a year ago. Wholesale distribution in October also followed the trend of the preceding month, decreases being recorded in both
the month-to-month and yearly comparisons. Stocks of new cars on
Oct. 31 showed increases in number and value over those at the end of
September; used cars on hand were also greater in amount, despite slightly
heavier sales than in September; inventories of both new and used cars
remain larger than a year ago. Deferred payment sales of 33 dealers
totaled 42.6% of their total retail sales, compared with 42.4 in September and 46.4% in October 1925.
MIDWEST DISTRIBUTION OF AUTOMOBILES
-CHANGES IN OCTOBER
1926 FROM PREVIOUS MONTHS.
Per Cent Change From Companies Included.
September
1926.
New Car:
Wholesale-Number sold
Value
Retail-Number sold
Value
On hand Oct.31-Number
Value
Used Cars
Number sold
Salable on hand-Number
Value
October
1925.
September
1926.
October
1925.
-23.4
-26.1
-10.5
-10.6
+1.8
+11.6
-37.7
-37.3
-37.8
-35.3
+25.3
+39.0
39
39
88
88
61
61
34
34
54
54
57
57
+2.1
+4.9
+8.3
+14.6
+31.3
89
60
80
55
56
56
Business in Kansas City Federal Reserve District
Slightly Below Midsummer Peak-Unusually
Large Industrial Output.
Summarizing conditions in its district, the Federal Reserve Bank of Kansas City, in its "Monthly Review," Dec. 1,
says:
The flow of business in the Tenth Federal Reserve District continued
through October in heavy volume, not quite up to the mid-summer peak,
but above the level of the earlier months of the year, and exceeding the
volume in October of last year. This was reflected by the weekly bank
debits in leading cities which follow closely the movement of general business activity. An unusually large industrial output, in some instances
exceeding all former records, and heavy marketings of farm products and
live stock, contributed chiefly to the exceptional volume, as reports indicated a marked recession in the volume of wholesale trade and but little
improvement in retail trade, which was smaller than a year ago.
Production in the leading industries was maintained in October at the
high level of the year. The output of crude oil was the largest for any
month since August 1924. Production and shipments of zinc and lead
ores in the Tri-State District exceeded the heavy volume at this time last
year, and operations at the metal mines in the Rocky Mountain district
continued at a high rate of activity. At the soft coal mines there was a
seasonal increase in operating activity which carried the tonnage produced
to the highest figure for any month of the year. Cement production and
shipments were the largest for any month this year, and while the output
at brick plants decreased, actual shipments during the month were nearly
20% larger than in the preceding month and 32% larger than in the same
month last year.
Flour mills continued to operate at an unusually high rate of fulbtime
capacity and the large increase in the output since the beginning of the
new wheat year in July was maintained through October, and mills of this
district were leading the entire country in flour production.
The slaughter of cattle and calves at meat packing plants decreased,
while the slaughter of sheep increased markedly and for the first time in
several months slaughter of hogs was larger than in the corresponding
month in the preceding year.
The November report of the Department of Agriculture gave promise of
a larger yield of cotton than forecast one month earlier, and indicated this
year's crop would be the largest of record for this district, but depending
on the quantity of cotton left in the fields. The estimate indicated further
reduction of the corn crop and some deterioration in quality.
Live stock reports indicated fewer cattle and more sheep for winter
feeding than last year. There was improvement in live stock industry,
particularly for the range country, and a tendency to re-stock and to hold
young cattle and ewes'for breeding purposes.
Contract awards for construction in the district indicated an expenditure
almost twice the size of that for the same month last year. New building
projects started in cities, as shown by permits issued during the month,
exceeded in number and volume those reported for September. It was evident that this increase was due to interruption of work by rains in September. Building in cities is still running behind that of last year.
Business Activity in San Francisco Federal Reserve
District Near High Levels of Recent Months
Decrease in Wholesale Trade.
Reviewing business conditions in the Federal Reserve
District of San Francisco during October, Isaac B. Newton,
Chairman of the Board and Federal Reserve Agent, Federal
Reserve Bank of San Francisco, has the following to say
under date of Nov. 20:
General business activity in the Twelfth Federal Reserve District continued, during October, at or near the high levels of recent months,
although signs of recession appeared in some lines of trade. Industry was
more active than in October 1925 and total trade volume approximated that
of a year ago. Aggregate returns for the district's crops have been large,
[Vol,. 123.
despite declining prices for agricultural products, and there has been an•
orderly liquidation of country bank borrowings. Credit demands upon city
member banks rose to record levels during October and early November,
but funds were in ample supply and interest rates unchanged. Borrowings
from the Federal Reserve Bank of San Francisco and Federal Reserve note
circulation in the district declined during October and early November.
Debits to individual accounts (bank debits) in 20 principal cities of
the district (a measure of general business activity) increased 1% during
October 1926, as compared with September 1926 and were 5% larger than
during October 1925. This bank's index of bank debits, which is corrected for usual seasonal movements, declined during October for the third
consecutive month.
Decreases in activity of trade at wholesale have been reported during
recent weeks. Sales of 174 firms in eleven lines of trade were 5.5%
smaller during October than during September, whereas during past years
the tendency has been for sales to increase at this season. If allowance
be made for usual seasonal changes in trade volume, the trend of sales at
wholesale since June, and excepting September, has been slightly downward
October sales at retail, as reported by 68 leading stores of the district,
were 8.2% larger in value than September sales and approximately equaled
sales in October a year ago. This bank's seasonally adjusted index of sales
of 32 department stores (representing 85% of sales of the 68 reporting
stores) indicates that during recent months trade at retail has tended to
become more active.
Maintenance of industrial activity at the high levels of recent months
was reported during October, and figures of employment indicate that
industry is now slightly more active than a year ago. Declining labor
needs in agriculture, fishing, construction and other seasonal occupations
have released numbers of casual laborers from employment. The seasonal
migration of itinerant workers into California and Arizona has commenced.
The steady decline in figures of building permits issued in principal
cities of the district, which has been a feature of the industrial data of the
past six months, was interrupted, at least temporarily, during October 1926,
when these figures showed an increase of 5.1% as compared with September 1926. This increase in value of permits issued was considerably
greater than the usual seasonal increase from September to October, estimated to be 2.0%. Total value of building permits recorded in 20 selected
cities of the district during the first ten months of 1926 ($306,961,635)
was 14% less than the value of permits issued during the same period in
1925, a record year, and was less than in the first ten months of any year
since 1922.
Activity at lumber mills reporting to four associations in the district
was characterized during October 1926 by a slight increase in production, a
decline in volume of shipments, sales and unfilled orders, and an increase
in unsold stocks, production, shipments, sales and unfilled orders were
larger in volume than in October a year ago. Total production of 14
representative flour milling companies of the district this year showed
less than one-half the usual September to October percentage increase.
While the month's output of flour was equal to that of October 1925, it was
20.6% below the five-year (1921-1925) average output for October, emphasizing the downward trend in flour milling activity which has persisted
since late 1923 and early 1924.
The general level of wholesale prices tended downward during October.
Prices of farm products, cloths and clothing, building materials, metals,
chemicals and drugs, house furnishings and miscellaneous articles declined
during the month, according to indexes of the United States Bureau of
Labor Statistics, while the general level of fuel and lighting prices advanced, and that of foodstuffs was unchanged. Prices for agricultural
products of the Twelfth Federal Reserve District have generally been lower
in 1926 than in 1925, but not so low as to threaten seriously the opportunity for financial profit on the year's farm operations.
Over most of the Twelfth Federal Reserve District, dry weather followed
the rains of early October, a condition favorable to the successful harvesting of crops which were still in the field. Seeding of winter wheat in the
Pacific Northwest (Idaho, Oregon and Washington) has been in progress
for the past month. It is estimated that the area to be planted this year
will approximate the seven-year (1919-1925) average of 2,591,800 acres.
October Real Estate MarketrIndexlIndicates:Increased
Activity.
The National Association of Real Estate Boards says:
The real estate market index compiled monthly by the National Association of Real Estate Boards registered 160 for the month of October. This
indicates an activity 60% greater than that averaged in the same cities during
October of the period 1916-1923, the period used as the base of the calculations. The October mark is four points lower than the September index
figures, and seven points lower than the index for October of 1925.
The index is based on official figures of transfer and conveyances recorded in 41 principal cities.
Lumber Industry Shows Recession Due to Holiday
and Seasonal Conditions.
A falling off in production, shipments and new business
in the lumber movement of the country for the week ending
Nov. 27 is indicated in telegraphic reports received by the
National Lumber Manufacturers Association from 348 of
the larger commercial softwood, and 134 of the chief hardwood, lumber mills, when compared with revised reports
from the comparable reporting mills for the preceding week,
when, however, twenty more mills reported. The smallernumber of softwood mills reporting for last week, and the
Thanksgiving holiday relaxation, tend to make the recession,
which is particularly heavy in shipments, appear larger than
it is. In comparison with reports for the corresponding week
a year ago, the disparity in the number of mills, thirty-three
more mills having reported at that time, is responsible for a
part of the apparent decrease, but not all, there being a.
reduction in the operating time of many mills.
The hardwood operations, when compared with reportsfrom 145 mills for the previous week show no noteworthy
change in production, shipments and new business, according
to the Association's weekly report, from which we quota
further:
DEC. 4 1926.]
THE CHRONICLE
Unfilled Orders.
The unfilled orders of 230 Southern Pine and West Coast mills at the
end of last week amounted to 531,140.906 ft., as against 530,359,502 ft.
for 231 mills the previous week. The 125 identical Southern Pine mills
In the group showed unfilled orders of 203,515,620 ft. last week, as against
209.121,660 ft. for the week before. For the 105 West Coast mills the
unfilled orders were 327,625.286 ft. as against 321,237.842 ft. for 106
mills a week earlier.
Altogether the 335 comparably reporting softwood mills had shipments
88%, and orders 91%, of actual production. For the Southern Pine mills
these percentages were respectively 91 and 82; and for the West Coast
mills 79 and 89.
Of the reporting mills. the 307 with an established normal production for
the week of 216.161.611 ft., gave actual production 86%, shipments
74%
and orders 78% thereof.
The following table compares the softwood lumber movement,as reflected
by the reporting mills of seven regional associations, for the three weeks
indicated:
Past
Corresponding Preceding Week
Week.
Week 1925.
1926 (Revised).
Mills
33,5
368
355
Production
190,031.501
220.835.846
221.977.145
Shipments
167,292,862
230,416,083
225,872,252
Orders (new business)
173,306,762
237,748,954
190.558.799
The following revised figures compare the softwood lumber
movement
of the same seven regional associations for the first forty-seven
weeks of
1926 with the same period of 1925:
Production.
Shipments.
Orders.
1926
11,195,926,473 11,366,335.674 11,252.031.401
1925
11,361,743.265 11,202,958,074 11,027,399,108
The mills of the California White and Sugar Pine Association
make
weekly reports, but not being comparable, are not included in the
foregoing
tables. Thirteen of these mills,representing 44% of the cut of the California
pine region,gave their production for the week as 10,496,000 feet,shipments
8,419,000 and new business 7,669,000. Last week's report from 17
mills.
representing 52% of the cut, was: Production. 18,005,000 feet;
shipments.
17,244,000, and new business, 13.102,000.
West Coast Movement.
The West Coast Lumbermen's Association wired from Seattle that new
business for the 105 mills reporting for the week ended Nov. 27 was 11%
below production, and shipments were 21% below production.
Of all
new business taken during the week 49% was for future water
delivery,
amounting to 40.369,739 feet, of which 26,825,527 feet was for domestic
cargo delivery and 13,544,212 feet export. New business by rail amounted
to 37,866,405 feet, or 46% of the week's new business. Forty-five per
cent
of the week's shipments moved by water, amounting to 33,058,414
feet,
of which 23,905,505 feet moved coastwise and inter-coastal, and
9,152,909
feet export. Rail shipments totaled 36.229,935 feet. or 50% of the
week's
shipments, and local deliveries 3,891,531 feet. Unshipped domestic
cargo
orders totaled 111,449,500 feet, foreign 122,721,574 feet and rail
trade
93,454,212 feet.
Labor.
With the removal of night shifts at several large Douglas fir
producing
plants and the reduction of the working week to four and five
days at many
other mills, several thousand employees of the Douglas fir industry of the
Pacific Northwest have been affected, according to the Four L
Employment Service. As yet there has been no noticeable decrease in logging
camp employment. In the pine districts just east of the Cascades the
surplus of labor has been growing, due to the closing down for the season
of many pine mills, a usual condition at this time of year.
Southern Pine Reports.
The Southern Pine Association reports from New Orleans that for 125
mills reporting,shipments were 9.15% below production and orders 17.92%
below production and 9.65% below shipments. New business taken during
the week amounted to 52,479,900 feet, shipments 58,085,940 feet and
production 63,935,429 feet. The normal production of these mills is 78,825,982 feet. Of the 122 mills reporting running time, 63 operated full
time, 16 of the latter overtime. Three mills were shut down, and the
rest operated from two to .five and one-half days.
g The Western Pine Manufacturers Association of Portland, Oregon, with
two more mills reporting, shows a slight decrease in production, a notable
decrease in shipments and new business slightly above that reported a
week ago.
The California Redwood Association of San Francisco, California,reports
were not received in time for publication.
The North Carolina Pine Association of Norfolk, Va., with one less
mill reporting, shows production about the same, some increase in shipments, and a good gain in new business.
The Northern Pine Manufacturers Association of Minneapolis. Minn.,
with one less mill reporting, shows some decrease in production, heavy
decrease in shipments, and new business somewhat below that reported
for the previous week.
The Northern Hemlock & Hardwood Manufacturers Association of
Oshkosh. Wis. (in its softwood production) with one more mill reporting
shows marked decreases in production and shipments, and a considerable
decrease in new business.
Hardwood Reports.
The hardwood mills of the Northern Hemlock & Hardwood Manufacturers Association reported from 20 mills production as 1,267,000 ft.,
shipments 2,630.000 and orders 2,326.000.
The Hardwood Manufacturers Institute of Memphis. Tenn., reported
from 114 units, production as 17,160,751 ft., shipments 17,028,185 and
orders 17,078,873. The normal production of these units is 19.430.000 ft.
The two hardwood groups totals for the week as compared with the
preceding week were:
Mills.
Production.
Shipments.
Orders.
Week ended Nov. 27_ _ _ _134
18,427,751
19,658,185
19,404.873
Week ended Nov. 20_ -- _145
20,295,677
21,691.975
20,266.185
For the past 47 weeks all hardwood mills reporting to the National
Lumber Manufacturers Association gave production 1,382,527,357 ft.,
shipments 1.388,954,396 and orders 1,422.130,666.
2833
than production and shipments 3,987,194 feet more than
production.
COMPARATIVE TABLE SHOWING PRODUCTION. NEW BUSINESS,
SHIPMENTS AND UNFILLED ORDERS.
Week EndedNov.20.
Nov. 13.
Nog.6.
Oct. 30.
No. of mills reporting__.
106
107
107
106
107,025,490 105,447.051 113.268,010 114,065,198
Production (feet)
New business (feet)
94,306,267
79,928,874
91,046,801
90,810,982
111,012,684
Shipments (feet)
91,209.819 103,191,476 101,516,490
Unshipped balances:
92.098,676
97,252.370
Rail (feet)
98,877,045 102,442,284
108,945,134 126,338,493 127,546,981 139,520,328
Domestic cargo (feet)
120,194,032 119,844,356 126.617,427 116,260.272
Export (feet)
321,237,842 343,435,356 353,041,453 358,222,884
Total (f et)
First 47 Weeks1926.
1925.
1924.
1923.
Average number of mills_
106
114
123
132
4,927,338,023 4,709,275,122 4,397,327,949 4.788,915,984
Production (feet)
4,964,812,661 4,807,488,579 4,405,949,358 4,788,877,503
New business (feet)
4,979,934,371 4,852,657,718 4,495,296,955 4,923,451,695
Shipments (feet)
New Automobilel Models and Prices Announced.
The Marmon Motor Car Co. is expected soon to make a
formal announcement concerning the introduction of an
entirely new line of automobiles to be known as the "Little
Marmon." As the company has sold its flour and cereal
milling machine business, it will now be able to use its
entire plant for making cars. A statement given out by
President G. M. Williams on November 29 was reported in
the New York "Times", of November 30 as follows:
"The large expansion we have undertaken in our motor car production
makes it advisable that we use some of the valuable space now given over
to the milling department, and in view of the very advantageous offer •
by the Allis-Chalmers Co. of Milwaukee to take over our flour and cereal
milling business in its entirety, we have consummated a contract with
them."
The Marmon Motor Car Co. has been engaged in the production of
milling machinery for seventy-five years.
Gardner Motor Co. is introducing new and improved
eight-cylinder models. The new model 80 with 65 horsepower is priced at $1,395 for the roadster and $1,095 for
the sedan. The improved model 90 with 75 horsepower
motor is priced at $2,295 for the Victoria, sedan, or
brougham, and $1,995 for the roadster. Some time ago
(see the November '6 "Chronicle" page 2322) the company
was reported to have curtailed production somewhat in
order to prepare for the introduction of these new models.
During recent months, the Ford Motor Car Co. has introduced three important improvements on the present
four-cylinder type of car. They are new color options,
standardization of the gasoline vaporizer on all models
and standardization of Ford wire wheels on Fordor
sedans. Rumors concerning the introduction of a six and
an eight cylinder model have again occurred and been
denied.
Automobile Sales
Philadelphia Federal Reserve
District.
With regard to the status of the automobile trade in the
Philadelphia Federal Reserve District, the Federal Reserve
Bank of Philadelphia says:
in
Sales of new cars, while showing further seasonal decline during October,
were greater than those in October 1925, according to reports received by
this bank from 17 distributers in this district. At wholesale, cars selling
under $1,000 and those over $2,000 were in best demand, whereas retail
sales of automobiles under $1,000 increased over the number and value in
October 1925, medium and high-priced cars showing decreases. Business
in used cars during October was considerably larger than in September and
that of a year ago. Detested payment sales also showed a noticeable increase over those in October 1925.
As usual at this season, stocking of new cars by local dealers was much
heavier in October than in the same month last year both in number and
value, but supplies of used automobiles were over 5% smaller in value.
October 1926 Change From
Automobile Trade
Philadelphia Federal Reserve District
17 Distributors,
September 1926
Number,
Sales of new cars at wholesale
Cars selling under 81,000
Cars selling from $1,000 to 52,000
Cars selling over $2,000
Sales of new cars at retail
Cars selling under $1,000
Cars selling from $1,000 to 52,000
Cars selling over $2,000
Stocks of new cars
Cars selling under $1,000
Cars selling from $1,000 to 52,000
Cars selling over $2,000
Sales of used cars
Stocks of used cars
Retail sales, on deferred payment
-7.0%
-6.4%
-7.7%
-9.3%
-20.0%
-23.2%
-13.3%
+17.7%
+44.3%
+71.2%
+22.0%
-6.2%
+12.3%
+7.8%
-7.8%
Value.
-8.6%
-5.9%
-11.8%
-7.4%
-8.8%
-22.0%
-6.6%
+32.6%
+21.9%
+70.1%
+23.9%
-8.9%
+6.7%
+10.2%
+10.8%
October 1925
Number.
+10.1%
+26.8%
-24.6%
+10.8%
+2.4%
+5.2%
-20.7%
-6.5%
+38.5%
+38.3%
+51.5%
+32.2%
+22.5%
+1.7%
+5.4%
Value.
+3.7%
+27.3%
-25.9%
+9.1%
+12.4%
+32.4%
-29.0%
-2.2%
+30.0%
+38.2%
+45.5%
+17.8%
+2.2%
-5.4%
+10.8%
Crude Oil Market More Quiet With Few Price Changes
-Gasoline Prices Reduced in Several Localities
The crude oil markets of the country throughout the
week just closed showed few price changes, the only one
One hundred and six mills reporting to the West Coast of any great significance being the schedule posted by the
Lumbermen's Association for the week ended Nov. 20 manu- Humble Oil & Refining Co. This company on December 2
factured 107,025,490 feet, sold 94,306,267 feet and shipped announced new prices on Wheeler county crude oil, chang111,012,684 feet. New business was 12,719,223 feet less ing from a flat rate of $1.25 a barrel to a gravity basis.
West Coast Lumbermen's Association Weekly Report.
2834
THE CHRONICLE
The new prices range from 00 cents for 28 to 28.9-gravity
oil, increasing five cents for each degree, to $1.70 for 44gravity oil and above.
In the gasoline trade price reductions were rather more
numerous this week than last. On November 27, reports
from- Macon, Georgia, stated that for the first time in two
years gasoline was selling at less than 20 cents a gallon.
The Wofford Oil Co. announced that Purol gasoline would
retail at 18 cents at all its stations effective November 27.
At that time most of the distributors were charging 23
cents per gallon.
Reports from Denver on November 27 stated that the
Continental Oil Co. had reduced gasoline price 1 to 1%c.
a gallon in Colorado and 1 cent in Wyoming, New Mexico
and Montana.
Reports that the Standard Oil Co. of Indiana is to announce next month a new grade of gasoline of 60-62 gravity
and better than a 400-end point, to be sold under the Red
Crown name, are apparently traceable to the fact that
the company will this winter push the sale of its Solite
gasoline throughout its entire territory, according to current press advices. The company has been selling this
grade of gasoline at the larger points in its territory for
several years, but will now push it throughout the territory. It sells at a premium of three cents over Red
Crown.
The Standard Oil Co. of Kentucky on November 27 reduced the price of gasoline at tank wagons and service
stations in amounts ranging up to .2c. a gallon throughout
its territory. On December 1 reports from Tulsa, Okla.,
declared that the Magnolia Petroleum and Marland Refining companies had reduced gasoline prices one cent a
gallon generally throughout Oklahoma. From Philadelphia, Pa., the announcement was made, December 2, that
the Atlantic Relining Co. had reduced gasoline one cent a
gallon in Pennsylvania and Delaware. Pittsburgh dispatches of the same date report that the Gulf Refining Co.
met this reduction.
In the wholesale market at Chicago, on December 2,
prices were quoted as follows: U. S. Motor grade 9@9%c.;
kerosene, 41-43 water white heavy, 61/@634c.; fuel oil,
24-26 gravity, $1.30@$1.35.
[vox,. 123.
bbls. In north Louisiana. Haynesville Is reported at 8,750 bbls., no
change; Urania, 13,800 bbls.„ against 14,050 bbis.: and in Arkansas,
smackover light, 13,300 bbls., against 13.200 bbls.; heavy, 111.750 bbls..
against 114,200 bbls.. and Lisbon, 6.600 blabs., against 6,650 bbls. In
the Gulf Coast field, Hull is reported at 20.200 bbls., against 20.800 bbls.;
West Columbia, 9.650 bbls., against 9,600 bbls.; Spindietop, 90.550
bbls., against 79.550 bbls.; Orange County, 7.300 bbls., against 7,050
bbls., and South Liberty. 4,850 bbls., against 4,950 bbls.
In Wyoming, Salt Creek is reported at 42,200 bbls., against 43.000
bbls.; and Sunburst, Mont., 14.000 bbls., no change.
In California, Santa Fe Springs is reported at 45,500 bbis., no change;
Long Beach, 97,000 bbls., against 96,000 bbls.; Huntington Beach, 83.000
bbls., against 77,600 bbls.; Torrance. 26.500 bbls., no change; Dominguez,
20,000 bbls., no change; Rosecrans, 14,500 bbls., no change; Inglewood.
40.000 bbis.. no change; Midway-Sunset, 94.000 bbls., no change; Ventura
Avenue, 56.200 bbls. against 57.300 bbls,, and Seal Beach, 8,210 bbls..
against 5,400 bbls.
Continued Increase in Output of Electricity in Philadelphia Federal Reserve District During October.
During October the output of electricity in the Philadelphia Federal Reserve District increased considerably over
that in September and was 18% greater than in October
1925, according to the Department of Statistics and Research of the Federal Reserve Bank of Philadelphia, which
says:
Sales of electricity for lighting purposes exceeded greatly the volume
sold in the previous month a year ago. Gains also are reported in consumption of electricity for power purposes, October sales being over 22% above
those for the same month last year; purchases by municipalities alone show
a material decline from the September level and that of October 1925.
Details are given below:
ELECTRIC POWER-PHILADELPHIA FEDERAL RESERVE DISTRICT
12 SYSTEMS.
Oaober
1926.
Rated generator capacity
Generated output
Hydro-electric
Steam
Purchased
Sales of electricity
Lighting
Municipal
Residential and commercial
Power
Municipal
Street cars and railroads
Industries
All other sales
Change
from
Sept.
1926.
Change
from
Oct.
1925.
1,296,000 k.w.
0% +17.5%
404,641.000 k.w.b. +8.7% +18.2%
+23.4% +521.8%
18.106.000 "
331,5C6.000 "
+7.7% +12.4%
+10.7% +24.4%
318,742,000
+6.9% +22.4%
+20.8% +20.3%
61,236,000
+23.6% +13.6%
8.860 000
+20.4% +21.6%
52,376.000
218,482.000 ••
+2.4% +20.5%
1.285.000
-25.5% -29.8%
44,318.000
+7.0% +0.9%
+1.5% +27.5%
172,879,000
37.024.000
+15.5% +38.7%
Estimated Pig Iron Production Shows Slight Increase
D uring Month of November.
Data collected by wire by the "Iron Age" on Nov. 30
Increase Reported in Crude Oil Output.
The estimated daily average gross crude oil production from companies which estimated the pig iron production
in the United States for the week ended Nov. 27 was esti- for the last two days of the month show that there was a
mated to be 2,391,250 bbls., an increase of 20,800 bbls. small increase for November over October. The daily
over the output in tie preceding week, according to the rate for November was 107,883 tons as contrasted with
figures compiled by the American Petroleum Institute. 107,553 tons per day in October. This is a gain of 330
In the week ended November 20 production amounted to tons per day for November. The estimated daily rate for
2,370,450 bbls. per day. The daily average production last month is the largest since May of this year. The total
east of California during the week ended Nov. 27 was estimated production for November is 3,236,500 gross tons;
1,737,350 bbls., as compared with 1,724,750 bbls., an the October actual output was 3,334,132 tons, according
ncrease of 12,600 bbls. The following are estimates of to the calculations published by the "Age," which we quote
daily average gross production by districts for the weeks further as follows:
There were seven furnaces blown in and nine blown out or banked,
ended as noted in the table:
a net loss of two for the month. In October there was a net gain of four
DAILY AVERAGE PRODUCTION.
Nov.27'26 Nov.20 16 Nov.13'26 Nov.28'25
(In Barrels)548,400
Oklahoma
552.400
546,600
,
117,600
Kansas
,
.
105.650
261.550
266.050
North Texas
260,000
83,300
55.300
55,300
56.100
East central Texas
67,650
124,9.50
119,150
113.650
West central Texas
73,850
42.300
42,400
Southwest Texas
42,600
39.500
56.450
55,450
56,900
North Louisiana
44,850
141.750
114.050
144,400
Arkansas
205.400
185.510
1'0,550
173,600
85.750
Gulf coast
111,..00
111.500
111,000
105.000
Eastern
62,200
60.650
62.050
78,850
Wyoming
16.850
10.750
17,850
18.750
Montana
7,400
7.300
8,050
4,850
Colorado
6,250
4,600
6,550
5,200
Now Mexico
645.700
633.200
653,900
637.000
California
furnaces. There were 217 furnaces active on Nov. 30 as compared with
219 on Nov. 1.
One new furnace blew in during November, the new stack of the Weirton
Steel Co. at Weirton, W. Va., just recently completed.
Furnaces Blown In and Out.
Among the furnaces blown in during November were the Standish
furnace in New York, one furnace of the Bethlehem Steel Corp. in the
Lehigh Valley. one Carrie furnace of the Carnegie Steel Co. and the Clinton
furnace in the Pittsburgh district, one furnace at the Maryland plant
of the Bethlehem Steel Corp. in Maryland, the new furnace of the Weirton
Steel Co. in the Wheeling district and one furnace of the Sloss-Sheffield
Steel & Iron Co. in Alabama.
Among the furnaces blown out or banked during November were one
Duquesne furnace of the Carnegie Steel Co. in the Pittsburgh district.
2,391,250 2,370.450 2.343,850 2.045,250 the Claire furnace in the Shenango Valley, the Punxy furnace in western!
Total
The estimated daily average gross production of the Mid-Continent Pennsylvania, one Ohio furnace of the Carnegie Steel Co. in the Mahoning
field, including Oklahoma. Kansas, north, east central, west central and Valley. two South Chicago furnaces of the Illinois Steel Co. in the Chicago
southwest Texas, north Louisiana, and Arkansas, for the week ended district, the Thomas furnace in Wisconsin, one furnace of the Sloss-Sheffield
Nov. 27, was 1,348,300 bbls., as compared with 1.350.000 bbls. for the Steel & Iron Co. and one furnace of the Tennessee Coal, Iron & Railroad
preceding week, a decrease of 1,700 bbls. The Mid-Continent production. Co. In Alabama.
excluding Smackover, Arkansas, heavy oil, was 1,236,500 bbls., as comThe complete returns, giving the actual output for Nopared with 1,235,800 bbls., an increase of 750 bbls.
In Oklahoma, production of North Braman is reported at 29.100 bbls., vember, will be published next week.
against 27.100 bbls.: Sputh Braman, 5.550 bbls.. against 5,500 bbls.;
Tonkawa, 31,250 bbls.. a rainst 33.400 bbls.; Garber. 23.350 bbls., against
23.700 bbls.; Burbank. 41.250 bhls., against 44,900 bbls.; Bristow-RIck, Steel Operations Further Curtailed-Pig Iron Market
Inactive-Prices Steady.
27.850 bbls., against 26:410 bbls.; Cromwell. 14.650 bbls., against 14.950
bbls.; Papoose, 9,250 bbls., against 9.400 bbls.; Wewoka. 24.300 bbls.,
Further curtailment in steel operations has brought the
112.950 bbls. •
against 24,650 bbls.: Seminole, 111.050 bbls.. against
In north Texas, Hutchinson County is reported at 148.350 bblq., against industry to a level under rather than over 70% of capacity.
153.100 bbls.. and Balance Panhandle. 13,950 bbls., against 14.500 bbls. asserts the "Iron Age" in its
market review issued Dec. 2.
In east central Texas Corsicana Powell, 24,150 bbls., against 24.250
bbls.; Nigger Creek, 11.450 bbls.. against 11.200 bbls.; Reagan County, The Steel Corporation itself is close to a 73% basis. [The
west central Texas. 30,250 bbls., against 30,150 bbls.; Crane & Upton statement that operations of the United States Steel CorporaCounties, 23,-00 bbl., against 20.900 bbls.; and in the southwest Texas tion
were 73% was incorrect. Latest reports to the Steel
field, Luling, 19.650 bbls., against 19.750 bbls.; Laredo District, 16.700
offices show that the average operations of
bble.. against 16.600 bbls.; Lytton Springs, 3,150 bbls., against 3,250
Corporation's
DEC. 4 1926.]
THE CHRONTCLE
2835'
subsidiaries this week are 76.1%, the lowest level
reached in
Coincident with formal ending of the British
coal strike, Connellsville
some time.-Edi Signs now are that
the recession will furnace foundry coke receded another 50c., spot ftwilticeiaoW being available at $4 and foundry at $5. Some small
continue into January, with estimates
producers reduced wage rates
of a 60% rate before to 1917
scale, and a number of blast furnace interests, sensing
an upward turn will occur, reports the "Age,"
that thin
adding further will prove contagious, are holding back their
first quarter requirements.
comments from which we quote:
Pig iron consumers adopted much the
same procedure and forward buying
A fairly free flow of specifications featured the
last days of November, has become extremely light.
and consumers appear now to be definitely covered
Nearly 60.000 tons of various iron and steel products
for needs through
will be required
January. Current new bookings mean while are small.
by the Baldwin Locomotive Works for its
recent heavy bookings.
In the light
of likely subnormal stocks in buyers' hands at the
Chicago district steel producers are well on
year end, and the virtual
the way to another yearly
absence of forward buying, producers regard
the upturn as merely post- record. Shipments of both semi-finished and finished material in the
poned. Consumers view the conditions as safely
allowing time to appraise first 11 months passed the total for all 1925, which broke all previous
their own position.
records.
Additional releases of suspended shipments
In bidding for first quarter one-pass black
were received from the
sheet business of Chevrolet
automobile trade. These have covered
pig Iron as well as sheets cold- Motor Co.. four makers shaded the market $4 a ton, quoting 2.90c. a
rolled strips and cold-finished bars. One order
was for 2,500 tons of lb. Pittsburgh. But on this consumer's automobile body sheet requireauto-body sheets for December-January
ment. full market price of 4.25c. Pittsburgh
delivery.
held.
Sheet prices continue irregular. Some
The Chesapeake & Hocking RR., being built
first-quarter sales have been
in Ohio to connect Chesamade at the current quotations of 3c.
peake & Ohio and Hocking Valley lines, has
Pittsburgh for black sheets. and
placed 20,000 tons of rails
2.300. for the blue annealed, which is $2 a
ton below the level set some with the Carnegie Steel Co. Inquiry by three roads at Chicago for track
weeks ago for that period. The smaller makers,
without sizable backlogs, fastenings totals 35.000 Ot1/3.
are making concessions for prompt business.
The "Iron Trade Review's" composite price
The Pittsburgh prices, for
on 14 lending iron and
example, have been named as base for Valley
steel products this week Is $38 46. This compares
mills.
with $38 50 last week
Wider adoption is now indicated of the
new plan of basing the price of and $38 47 the previous week.
cold-rolled strips on the small lot order,
applying reductions from this
in steps on larger orders. It has not as
yet strengthened prices, which
are not uncommon at 3c. Cleveland.
Increased Volume of Iron and Steel Production
and
Activity of tin plate mills is notable, with
next season's needs as yet
Shipments in Federal Reserve District of
unestimated and In addition rendered uncertain
in respect to what will
be the Welsh participation in Canadian business next
Philadelphia in October.
year.
Contrasted with the quietness in butt welded
pipe is a purchase from
The Federal Reserve Bank of Philadelphia reports
the National Tube Co. of between
that
50.000 and 60,000 tons for a 10
-in. the total
line from the Texas Panhandle to the
production and shipment of iron castings in the
Gulf. An 18
-in, gas line in the
Southwest under negotiation will take
Philadelphia Federal Reserve District increased in
1,300 tons.
October
Two Western railroads bought
12,000 tons of rails, and in the Chicago over the Septemb
er volume and that of a year ago. Unfilled
market 50.000 tons of accessories are pending.
Rail mill operations
approach 80% of capacity, and productio
orders also were 20%'larger than those in October 1925,
n is heavier at this season than
but
in a number of years.
2.2% below the total at the end of September.
Details
Another good week in fabricated steel
proposals adds 50.000 tons in
follow:
new projects. A bank and office
building In Chicago will take 12.090
tons. and 10.000 tons for bridge work is
required for an 85
-mile railroad IRON FOUNDRY OPERATIONS THIRD FEDERAL
line planned by the Chesapeake & Ohio.
RESERVE DISTRICT.
Two more Lake boats have been put under
inquiry, taking over 5,000
tons of steel.
October
% Change % Change :
1928.
Pig iron, following the recent buying
Holub Ago. Year Ago.
for fitst quarter, is inactive. A
decline of 25c. to 35c. per ton In furnace
Capacity
coke, resulting from converting
11,928 tons
an increasing quantity of umnarketed coal,
6.120 ton
46.3
.
encourages a waiting attitude Production
.- - 9.7
Malleable Iron
among pig iron consumers, though
317 tons -12.4
-10.2
merchant furnaces that would be
Gray Iron
5,803 tons
affected directly, as in the Valley district,
+7.5
+11.0
are not making foundry iron.
Jobbing
4,049 tons
+10.2
+5.4
Foundry and malleable irons for the local
For further manufacture
Cleveland market are off 50c.
1,754 tons
+1.7
+26.7
a ton.
Shipments
5,893 tons
+1.6
--10.4
Value
The Imperial Government Rys. in Japan
8812,559
-0.5
-11.8
are accepting bids until Dec. 10 Unfilled orders
5,307 tons
-2.2
+20.0
on about 7,800 tons of 100-1b. rails
Value
and splice bars.
8877.238
+9.6
+27.0
British blast furnaces hope to resume
Raw stock-Pig iron
6.128 tons
by the end of the year. No general
+28.3
Scrap
resumption In steel is expected before
2.878 tons
-5,9
+13.4
•
mid-January. Plate mills have
Coke
four to five months' backlog,
1.958 tons +13.9
-13.8
following a marked increase in shipyard
orders. British receipts of Continent
al steel are checked by congestion
Regarding steel foundry operations, the Bank says:
at shipping ports.
The production and shipment of steel castings in this district during
Exports of iron and steel products
in October, at 172.070 tons. fell October exceeded considerably the volume in the same month
last year,
10,000 below the September total and
represented the smallest outgoing but unfilled orders at the end of the month were much smaller.
Comtonnage since June. For the ten months,
however, an advance of nearly parative figures follow:
21% was made over last year,
the current figure of 1.749,029 tons being
300,000 tons ahead of 1925.
STEEL FOUNDRY OPERATIONS THIRD FEDERAL RHSERVE DISTRICT.
Imports of iron and steel in October
amounted to 81,830 tons
-the
lowest figure since January.
October
% Change % Change
No change has occurred this week
1928.
Month Apo. Year APO.
in the components of the "Iron Age"
composite prices, that for pig iron remaining
for the third week at $20 13 Capacity
11,840 tons
per ton, while finished steel, for
the eighth week, stands at 2.453c. per lb. Production
6,952 tons --1- 77
0
+1372
Pig iron is $1 60 below its level
as of Jan. 1. while finished steel is at exactly Shipments
5,500 tons
+4.6
+35.2
the Jan. 1 price. The usual
Value
3880,576
-13.8
+15.7
composite price table is as follows:
Unfilled orders•
3,014 tons -18.0
-34.4
Ptnished Steel.
Value•
pig Iron.
$571,914
-20.1
-19.3
Nov. 30 1926, 2.453c, Per Lb.
Raw stock-Pig Iron
Nov. 30 1926, $20.13 Per Gross Don.
1,827 ton
One week ago
-14.3
+0.9
2.453c. One week ago
Scrap
$20 13
7,138 ton
One month ago
+3.0
-27.8
2.453e. One month ago
Coke
20 04
815 to
One year ago
-10.2
-14.9
2 439c. One year ago
21 83
10-year pre-war average
•Figures of one plant omitted.
1 889c 10-year pre-war average
15 72
Based on steel bars, beams,
Based on average of basic Iron at ValPlain wire, open-hearth rails,tank plates
and black sheets, constitutinblack pipe ley furnace and foundry irons at Chicago.
g 87% of Philadelphia, Buffalo, Valley and Bit
- Bituminous Coal .Markets
the United States output.
Steady Despite Prim
mlngham.
High.
Low.
Low.
Recessions-Anthracite Trade Less Active.
High,
1926-2.453o., Jan. 5: 2.403c., May 18
1926_321 54, Jan. 5; $19 48, July 13
1925-2.580e., Jan. 6; 2.396e., Aug.
The violent reactions which have marked the course
1924..2.789c., Jan. IS: 2460c., Oct. 18 1925._ 22 60, Jan. 13; 18 98. July 7
of
.Nov.
1923..2.824o.. Apr1124. 2 445c., Jan. 14 924._ 2288 Feb. .
2 1923_ 3086: Mar.20: 2077. Nov. 20 the bituminous coal markets of the United States since
the
Pig iron production in
November was larger than in end of the British strike first appeared a certaint
y gave way
any other November since 1918
and attained a daily average last week to more moderate readjustments in spot quotarate exceeding every month
since last May, according to tions, declares the "Coal Age" of Dec. 2 in reporting constatistics furnished by the
"Iron Trade Review on Dec. 2. ditions affecting the trade in the coal markets. Product
"
ion,
Preliminary estimates place
the month's total at 3,236,940 which the pessimists predicted would collapse at once,
congross tons, a loss of 97,266 tons from October or gain
,
a
of tinues at top speed. The output of soft coal during the
310,949 tons over last Novemb
er, reports the "Review in week ended Nov. 20 broke all records. Making due
"
allowmaking further comments.
Daily rate in November was ance for the Thanksgiving Day holiday, it seems likely
that
107,8981tons, compared with
107,555 tons in October, last week also will rank high from the standpoint
of daily
100,775 tons in November 1925.
At the close of November outturn, according to the opinion of the "Ago" which made
217 stacks, or 58% of the country'
s total, were active, the following comments on the situation:
against 218 at the end of October. These figures
West Virginia and Kentucky, which rode the top of the late
closely
rise, now
are bearing the brunt of the buyers' attacks upon prices. High
compare with those estimated
volatile
by the "Iron Age" and coals from the
first named State declined 25 to 75c. last week; spot quota
quoted in another item.
Mons from eastern Kentucky broke to the same extent. Smokeless
lump
While this was a good showing, to
an extent it was water dropped 25 to 50c. The price movement in mine-run was more erractim
at Boston quotations slumped $1 to $1 25 per gross ton, but net ton quoover;the dam, as indicated by shrinking demand both
for tations at Cincinnati gained 50c. over quotations
for the preceding week.
pigliron and finished steel in the last
Central Pennsylvania not only resisted further decreases in price
half of the month.
levels,
Still, it reveals strikingly the vitality of the present market but carried quotations 25 to 50c. above the ranges prevailing a week
earlier
In the field and at some of the tidewater markets. At New York,
and gives some hint as to the basis of strength which finished
however,
pools 9, 10 and 11 eased off. The fact that many consumers turned
from
prices have displayed in the face of contracting demand
steel
, West Virginia to Pennsylvania when prices were highest helps explain the
continues this trade journal, from which we quote further relatively stronger position of the central Pennsylvania mines.
Western
Pennsylvania, on the other hand, was slightly weaker.
as follows:
The favorable situation in central Pennsylvania, inconsequential
Moderate downtrend in bookings of pig iron and finished steel continues
changes
which did not affect the basic stability of prices in Illinois and
Indiana and
unchecked.
the less violent breaks in West Virginia and
Kentucky. all served to check'
2836
THE CHRONICLE
[VoL. 123.
The relative dullness on the surface is no real indication of what is actually
The "Coal
the rate of decline in spot levels for the country as a whole.
taking place. Developments are due. Changes in production and in price
index of spot bituminous prices on Nov. 29 was 239 and the correAge"
are almost inevitable. This is generally known, or at least generally felt.
sponding weighted average price was 32 89. Compared with the figures
however the and ansiety is distinctly perceptible.
on Nov. 22 this was a loss of 4 points and 5c. Since Nov. 8,
has
Index number has receded 60 points and the weighted average price
declined 72c.
New High Record Made in Bituminous Coal Output—
Who is buying all this coal is a %ration commonly heard these days.
Coke Also Increases—Anthracite Declines.
the British strike is
For one thing, export movement has ndt ended even if
industrial demand is expanding, both because
Weekly production records compiled by the U. S. Bureau
dead. For another thing,
coal
of the winter season and because of actual growth. Undoubtedly some
of Mines were again broken for bituminous coal during the
Is going into storage, placed there by consumers who are fearful of what may
when the quantity mined reached a
happen next April. Just how much is being purchased as strike insurance week ended Nov. 20,
to an unknown quantity. But American prosperity is the chief factor in total of 14,253,000 net tons, or 446,000 net tons over the
present output.
output in the preceding week. Anthracite output, however,
Anthracite output continues to fall behind the weekly averages made
of 1,760,a
earlier In the year. During the week ended Nov. 20 the output was esti- declined by about 28,000 net tons,falling to total
mated at 1,700,000 net tons. Compared with the average weekly produc- 000 for the week of Nov. 20. The output of coke continued
tion in October this was a loss of 322.000 tons, or more than 15%. Part of
the neighborhood of 200,000 tons per week, the total
this loss may be attributed to the flood conditions at some of the mines. in
being estimated at 206,000 net tons, or a gain of 4,000 net
but part must also be charged against less active buying.
The Connellsville coke market is in the doldrums. Production Is sharply tons over the production in the week ended Nov.13,continues
curtailed, and this, more than an increase in consumer interest, has preadding:
vented drastic declines in prices. Nothing is heard of contracting for 1927. the Bureau,
broken
All records of weekly production of bituminous coal were again
Domestic demand for by-product coke is lively in most parts of the country.
20. The total output is estimated at 14,253.000
The refusal of the Inter-State Commerce Commission to suspend rate in the week ended Nov.
week preceding.
net tons, an increase of 446,000 tons, or 3.2%, over the
opening up Michigan markets to Alabama will increase competition.
The highest production ever recorded in any year prior to 1926 was 13,344.is advancing in the attention of 000 tons in the last week before the great strike of 1919.
That the wage situation
trend,
The average production per working day shows a slight downward
the whole coal world seems to be the most vital factor in
week preced
but this is primarily due to the Armistice Day holiday in the
the present market situation as recorded Dec. 2 by the "Coal ing, which tended to Increase activity on the other days of that week.
and Coal Trade Journal." The decline in prices has given
Estimated United States Production of Bituminous Coal (Net Tons).
(Including Coal Coked)
a new level upon which it is necessary to proceed. The ad1925 (a)
1926 •
Cal. Year
Cal. Year
vance that was made in production cost is, in the estimation
to Date. b
Week.
to Date.
Week.
of an awkward
of that publication, in many cases the cause
474.002.000 12.171,000 429.423.000
13,104.000
Nov. 6
1,637,000
2,135,000
1.807.000
2,299,000
Daily average
situation. Back of all that is going on in the coal market
13,807,000 487,809,000 12,167,000 441,590,000
c
1.648.000
2.135,000
1,820.000
question, immediate and distant, is the one Nov. 13average
2,422,000
to-day, the wage
Daily
14,253,000 502,062.000 12.596,000 454,186,000
d
1,658,000
that is producing real, uneasiness, asserts the "Journal," Nov. 20average
2.099,000
1,832,000
2,375,000
Daily
has averaged
adding further details as follows:
a Original estimates corrected for usual error, which in past
to equalize
b Minus one day's production first week in January,
New England is showing a commendable degree of steadiness under 2%.
d Subject
number of days in the two years. c Revised since last report.
rather trying conditioi s and with a disturbed shipping situation.
anthracite situation in New York is not far from what it should be. to revision.
The
year to
Total production of bituminous coal during the present calendar tons.
Stocks are of good size; but this is certainly the time to have large amounts
ely 274 working days) amounts to 502,062.000 net
of salable coal on hand. In bituminous also there is the impression that the Nov.20 (approximat
years are given below:
corresponding periods in other recent
supply on hand is warranted by the best information regarding the coming Figures for
506,654,000 net tons
496,735.000 net tons 1923
1920
demand.
ago.
ANTHRACITE.
Firmness reigns in Philadelphia prices after the slump of two weeks
Production of anthracite coal during the week ended Nov. 20 is estimated
The railroad embargoes are having a decided effect. In the bituminous
23
field the buying by ladustrials is a prominent factor. But the great ques- at 1,760.000 net tonl. This is the first week since that ended Oct.
tion that is agitating the operators in this section is the matter of wages. which has been uninterrupted by holiday. Compared with the average
rumblings weekly production in October, output in the week of Nov. 20 shows a deMany believe that a decrease is inevitable and already there are
increase. crease of about 322,000 tons, or more than 15%. Part of this loss was due
among the non-union element who are now enjoying the recent
the disto flood conditions in certain of the mines.
This is i robabiy the question that will press to:ward from now on to
comfiture of the coal world. One of the smaller companies has put wages
Estimated United States Production of Anthracite (Net Tons).
back to the old level—others may follow soon.
1925-- 1926
done in
Cal. Year
It is remarkable the way business, especially export, is being
Cal. Year
to Date. a
Week.
of November a million tons of coal
to Date.
Week.
Baltimore. For the first three weeks
Week Ended—
61,359,000
28.000
71,591.000
1,565,000
by shit s, and it is reported that many vessels are still being Nov. 6
were taken
61,392.000
33.000
73,379,000
1,788,000
61.438,000
chartered. This is in line with expectations, however. The settlement Nov. 13 b
46,000
75,139,000
1.760.000
Nov. 20
of the British strike, as has been pointed out before, does not mean that
one day's production first week in January. to equalize number
a Minus
various parts of the world.
fuel is suds:et:1y in the hands of the consumers in
years. b Revised since last report.
production of days in the two
20 amounts to 75.139.The active depend for coal continues about Pittsburgh, but
Total production of anthracite from Jan. 1 to Nov.
has gone up to such a point that irregular prices are inevitable. Spot coal 000 tons. Figures for corresponding periods in other recent years are given
to
Is now offered at substantially last summer's prices. The shipments
is below:
78.305.000 net tons
the seaboard are still congested. An index of the prices In Pittsburgh
43,855,000 net tons 1924
1922
61,438,000 net tons
83.089,000 net tons 1925
the fact that retailers who once asked $9 a ton now accept something 1923
between five and six dollars.
BEEHIVE COKE.
In the Cincinnati district the coal business generally has slowed down.
a whole continues
The rate of beehive coke production for the country as
The time has arrived for lake haulage to dwindle. Vessels now moving
ly 200,000 tons a week. For the week ended Nov. 20 the
of the buyer. But besides this, the movement to the West at approximateestimated at 206,000 net tens, a gain of 4.000 tons over the
go at the risk
output is
has dimi. ished. The feeling still prevails that cheaper coal is inevitable. total
week. The detailed figures in the table below show that increases
However, there are broken contracts in this section that are tinged with preceding
Pennsylvania and Virginia were partially offset by losses in West Virginia
deep resret. Cold weather has appeared and this makes recent cancella- in
and Georgia.
and the Southern group—Alabama, Kentucky, Tennessee
tions look like extremely bad business.
Estimated Production of Beehive Coke (Net Tons).
The dealers in the Chicago district seem to be in a very comfortable posi1425
1926
Week Ended
books.
tion The Illinois and Indiana fields have reserves of orders on their
to
to
Nov. 20 Nov. 13 Nov. 21
of the
Date..
The most important sews that comes from this section is that 50%
Date.
1925.
1926.c
1926.6
stock for sixty days and the rest have all their re- Pennsylvania and Ohio 164.000 149,000 228,000 8.491,000 6.935,000
industrials have reserve
560.000
692,000
16,000
15,000
18,000
West Virginia
quirements covered by contracts.
815.000
561,000
21,000
20,000
market is over, Ala., Ky., Tenn. & Ga_ 11.000
326,000
Cleveland believes that wtile the boom in the bituminous
10.000
317,000
6.000
8.000
applies especially to the Virginia
213,000
230.000
5.000
5,000
stiff tradisg will nevertheless continue. This
& New Mexico 4.000
The home demand in Colorado
173.000
156,000
4,000
4,000
Washington and Utah_ _ 4.000
mining industry in eastern Ohio and Kentucky.
to remain good throughout the winter.
this section is likely
total_ _206,000 202,000 284,000 10.447,000 9,022,000
recent decline but reports
United States
33,000
Alabama has of course felt the effects of the
39.000
34.000
47,000
34.000
been in reality slight. The de- Daily average
years.
of this section indicate that the result has
a Adjusted to make comparable the number of days in the two
pouring in so that there is little despondency
mand is good, and inquiry is
b Subject to revision. c Revised since last report.
market in this section is very active.
In the trade The domestic
Current Events and Discussions
After noting these facts, the Federal Reserve Board proceeds
The Week with the Federal Reserve Banks.
as follows:
The Federal Reserve Bank of Philadelphia reports an increase of$14,200.
The consolidated statement of condition of the Federal
bills discounted for member banks, the Chicago bang
1, made public by the Federal Reserve 000 in its holdings of
Reserve banks on Dec.
310,600.000; Boston, 37.300,000, and St. Louis. 33,160,000.
the twelve Reserve an increase of
of
Board,and which deals with the result for
Discount holdings of the New York bank declined $8,900.0u0 and
acceptance holdings of the New
banks combined, shows an increase for the week of $51,400,- Richmond $6,700.000. Open-marAet preceding week's total, while holdabove ths
York bank were 336,100,000
000in bill and security holdings and of $54,800,000 in member ngs of the Atlanta and Philadelphia Reserve banks were $3,600,000 and
bank reserve deposits, and relatively small decreases in $2,900,01, , respectively, below the previous WOCIL'S totals. The System's
bonds and
Federal Reserve note circulation and cash reserves. Holdings holdings of Treasury certificates increased $3,300.0td. and of
increased—discounts by notes 32,700.000.changes in
of all classes of bills and securities
Federal Reserve note circulation during the
The principal
$17,900,000, acceptances purchased in open market by week comprise a reduction of $4,700,000 reported by the Federal HMV/0
by Chicago.
$27,500,000,jand Government securities by $6,000,000. Bank of New York and an increase of $3,200,000 reported
DEC. 41926.]
THE CHRONICLE
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 2E66 and 2867.
A summary of changes in the principal assets and liabilities.
of the Reserve banks during the week and the year ending
Dec. 1 1926 is as follows:
Total reserves
Gold reserves
Total bills and securities
Bills discounted, total
Secured by U. S. Gov't obligations
Other bills discounted
Bills bought in open market
U. S. Government securities, total
Bonds
Treasury notes
Certificates of indebtedness
Federal reserve notes in circulation
Total deposits
Members' reserve deposits
Government deposits
8
2- 37
Increase (+) or Decrease (—)
During
Year.
+$37.000.000 +$366.000.000
Loans and discounts, total
+7.000.1300 —18.000.000
Secured by U. S. Gov't obligations
• +38.000.000 —52.000.000
Secured by stocks and bonds
—8.000.000 +436.000.000
All other
—19.000.000 +119.000.000
total
Investments,
—10.000.000 —71,000.000
U. S. securities
—9.000.000 +190.000.000
Other bonds, stocks and securities
Increase (-I-) or Decrease (—)
—34.000.000 —32.000.000
During
Reserve balances with F. R. banks
—1.000.000
+15.000.000
vault
Year.
Week.
Cash in
--75.000.000 --141.000.000
—$1,800.000 +398,600.000 Net demand deposits
+2.000.000 +414.000.000
—100,000 +87,00 .800 Time deposits
—7.000.000
+29.000.000
+51.400.000 —30,400,000 Government deposits
+4,000,000
+41,000.000
borrowings from F. It. banks
+1.600,000 Total
+17,900.000
+36.500.000
+15,600,000
+2,300,000 —34,900,000
+10,400,000 Summary of Conditions in World's Markets According
+27,500.000
+6,000.000 —33,500.000
to Cablegrams and Other Reports of the
—8300,000
+2.400.000
Department of Commerce.
+300,000 —141.900,000
+3,300,000 +116,700.000
The Department of Commerce at Washington releases
+28.900;000
—2,400,000
to-day (Dec. 4) the following summary of
+11,400.000 for publication
+62,000.000
+21,400,000 conditions abroad, based on advices by cable and other
+54,800,000
—8.400.000 means of communication:
+7.600.000
The Member Banks of the Federal Reserve
Reports for Preceding Week--Brokers' Loans
in New York City.
It is not possible for the Federal Reserve Board to issue the
weekly returns of the member banks as promptly as the
returns of the Federal Reserve banks themselves. Both
v7ith Wednesday's business, and the
-endingcover the iveek
-are always given out
-banki
returns of the Federal'Reerve
after the close of business the next day (Thursday). The
statement of the member banks, however, includingas it
does nearly700 separate institutions, cannot be tabulated
until several days later. Prior to the statement ior the wee' k
ending May 19 1926, it was the practice to have them ready
on Thursday of the following week, and to give them out
concurrently with thereport of the Reserve banks for the
next week. The Reserve authorities have now succeeded in
expediting the time of the appearance of the figures, and they
are made public the following week on Monday instead of on
Thursday. Under this arrangement the report for the week
ending Nov. 24 was given out after the close of business on
Monday of the present week.
The Federal Reserve Board's condition statement of 691
reporting member banks in leading-cities as of Nov. 24
shows an increase of $37,000,000 in loans and discounts and
a—decline of $19,000,000 - in investments. These changes
were accompanied by a reduction of $75,000,000 in net
demand deposits and an increase of $41,900,000 in borrowings from the Federal Reserve banks. Member fianktiTin
New York. City reported increases ofT51,000,000 in loans
— _
and discounts, $7,000,000 in investments and $49,000;600 in
borrowings from the Federal Reserve bank.
—Loans on stocks and bonds, including U. S. Government
obligations, were $45,000,000-above the previous week's
—
total at all reporting banks ancl$46,000,000 above at reportiiig members in the New York district. "All other" loans
and discounts declined $8,000,000, reductions of $9,000,000
in_ the San Francisco district,_ $7,000,000 in the Boston
district and $5,000,000 in_the _Minneapolis district being
other districts.
Offset in part by small increases in some of the ,
Total loans to brokers and dealers, secured by stocks and
bonds,_ made by reporting memberbanks in_New York
City were $1,000,000 below the
-Nev. 17 tag,loans for own
account having increased $39,000,000 -while loans for outOf-town banks and " for others—declined- $25,000,000 and
$15,000,000, respectively. Asalready noted; the figures for
—
these member banks are always a week behind those for the
Reserve banks themselves. The statement goes on to say:
System—
CANADA.
Employment at the beginning of November showed a seasonal contraction that exceeded the losses registered on Nov. 1 1925, but the situation
continued to be more favorable than in any month of the years 1921-1925.
owing to the important gains that have been shown for ire\ ions months
almost continuously during 1926. The late figures show large seasonal
increases in logging camps and retail stores, and some iml roN ement in
mining employment. On the other hand, considerable curtailment, also
of a seasonal nature, was recorded for manufacturiag, transi.ortation and
construction lines of activity.
Renewal for a period of two years of the assisted passage agreements.
arranged last year for farmers, farm labcrers and domestics from the
United Kingdom is announced by the Minister of Immigration. It is
estimated that nearly 20,000 Fannie took advantage of assisted passage
rates to Canada from the United Kingdom last year.
The city of Edmonton, Alberta, has bee, officially licensed as an air
port and has the first municipal aiKrome in Canada. A customs air
port has also been established.
GREAT BRITAIN.
Negotiations are troceeding for further settlement by districts of the coal
mining dispute. Agreements, said to invol. e nertods of from two to five
years, are reported for the majority of the mi.lag districts. A total of
428,000 miners were at work on Nov. 25. Restrktioas on coal consumption
inland have been removed and domestic Intl.:LA.1g has been discontinued.
but,the export embargo is still effective and bunkering for vessels employed
in foreign trade is permitted only under licease.
BELGIUM.
Preliminary figures of the budget of 1927 show estimated receipts of
9,577,000.000 francs and expenditares of 9.415,000,000, lea% ing a surplus
of 162,000.000 francs. One-half of the ger.eralrecel; is will be absorbed by
the debtservice. The budget provides for a debt amortization of 1.500.000.000 francs by the end of 1927.
GERMANY.
There was a further decline in the number of government asaisted unemployed during the last two weeks of October, this number cropping from
1,340.000 as of Oct. 15 to 1,309.000 on Nov. 1. German Government
finances showed a surplus of 168,000,000 marks ii the month of September.
Total receipts for the first half of the fiscal year which started on Aril 1
1926, were 3,541,000,000 marks and expeaditures 3359.000,000 marks,
leaving a deficit of 15,700,000 marks. However, impertant amounts of
tax receipts are expected towards the close of the year so that it is said to
be not improbable that a surplus WM be recerded.
German imports for October totaled 1.148,000,000 marks, this figure including gold and silver in the amount of 158.000.000 marks. Exports were
882,000,000 marks. There were noticeable gains in the imports of foodstuffs, cotton and hops, while gains were registered in the exports of foodstuffs and finished goods.
CZECHOSLOVAKIA.
A slight improvement in the general economic situation has recently been
noticed. Better stabilization of cotton prices has led to a greater decree of
activity in the cotton industry; iron and steel works report a larger volume
of new erders, in part from Soviet Russia. The porcelain industry also
reports better business and new orders from Great Eritain. Coal fields
are operating at capacity but the shortage in the available number of ears
hampers sales both for domestic and export account.
Austria has signified her intention of abrogating the latest customs tariff
convention with Czechoslovakia on March 1 1927. This action follows
delay on the part of Czechoslovakia in opening negotiations for a further
convention.
ITALY.
Further to protect Italian currency from fluctuations following upon
commercial demands for foreign exchange, the Minister of Finance has been
authorized to purchase foreign money up to 3100.000.000 to be used in
Holdings of U. S. Government securities decreased $10.000,000. the connection with the foreign loans made by Italian commercial and industrial
changes including an increase of $7,000,000 in the New York interests. This sum is to furnish the borrowers with the necessary foreign
principal
district, and declines of $6,000,000 in the Cleveland district and $5.000.000 exchange to most interest and amortization charges on their loans at the
each in the Chicago and San Francisco districts. Holdings of other bonds, same rate as that at which their original loans were transacted.
stocks and securities were 89.000.600 below the previous week's total at
FINLAND.
all reporting banks and $8.000.000 below at banks in the New York
Trade in Finland during October was extremely active and a large favordistrict.
able balance was returned for the month. General conditions in the export
Net demand deposits declined $20,000,000 in the Boston district, $15,- Industries are satisfactory and considerable activity was the outstanding
000.000 each in the New York and Chicago districts, $9.000.000 each in the feature in trade during the month. The situation in the lumber industry
Cleveland and Atlanta districts and $75.000.000 at all reporting banks.
was very favorable. Sales have been very lively and only small quaotities
Borrowings from the Federal Reserve banks were $41.000.000 higher
of this year's stocks remain unsold. The indications last month toward
than on Nov. 17 at all reporting banks and $54,000,000 higher at banks in an improvement in the timber market here materialized, and during October
the New York district.
the market was extremely active, particularly with respect to next year's
tem
tone of
During October the paper market
On a subsequent page—that is, on page 2867—we give the sales. result of a weakening tendency inassumed a Exportsdullaess. largely
prices.
during Ovtober
as the
figures in full contained in this latest weekly return of the totaled 711.000.000 marks and returned a sun; ins of 139.000.000 marks,
passive balance of 29.900 marks at the end of September
member banks of the Reserve System. In the following is which reversed the
balance of nearly 110.000.000 marks for the first ten
furnished a summary of the changes in the principal items to a favorableBoth imports from and exports to the United State:months
of the year.
during
a week ago and with last year:
as compared with
the month continued to increase. The money market during October was.
2838
THE CHRONICLE
[VOL. 123.
characterized by easiness. The cost of living continues to decline,
falling
CHINA.
during October six points, while, on the other hand, the wholesale index
Business and trade conditions in the Yangtze
region and :North China
advanced two points. Both the import and export price indexes showed
a continue to be adversely affected by military operations.
With the advance
weakening tendency.
of the southern army into the Yangtze Valley,
strikes and labor disorders
NORWAY.
are prevalent in Hankow and all other regions under
their control. Businese
Economic depression has been existent in Norway for some time; during In
North China has been again thrown into confusion
November it became even more intense. The present situation is largely
by movement of
troops southward to oppose the Canton forces,
and railway schedules have
due to the sudden appreciable rise in the value of the crown and the ac- been
further reduced by commandeering of rolling
companying financial instability. The former development has
stock for military
affected purposes. Lack of transportation
facilities for the shipment of silver has
Norwegian industry adversely and inactivity is now quite general.
The resulted in tightening of the money market
outlook is generally regarded as poor for all except shipping interests,
in Peking and Tientsin. Prices
which of all foreign imports are rising in response
to depreciation of silver values.
continue to benefit from rising coal freight rates. The money
market re- Declared exports to the United States
from all China totaled $14,127.000
mains extremely easy, due to the renewed influx of foreign speculative
in October, an increase of $1,644,000 over
September exports.
capital and the consequent abnormal amount of money available.
The
Bank of Norway has endeavored to check the rise in the value of
INDIA.
the crown
through regulatory Intervention, but it is apparently expected that parity
Irregularity of rainfall in the Jute-growing
districts of India has caused a
will soon be reached. The wholesale price index dropped markedly during shortage of water for ratting, and
supplies of the better grades are short.
October, from 196.7 to 188. The labor market is quiet. Foreign trade The market is firm but quiet, with
no immediate prospect oft rice advances
during September resulted in a decreased import surplus due entirely to in evidence. Local mills are well
supplied and little business is coming from
augmented exports and re-exports.
Europe. General business continues to show signs
of revival and merchants
feel that trade during the winter months will be
DENMARK.
satisfactory. Uncertainty,
Continued low industrial activity, increasing unemployment and stagna- however, regarding the position of Bombay cotton
mills is exerting an
tion in trade show clearly that the downward trend which has been evident adverse effect in that centre.
In Danish economic life for several months continued during November.
PHILIPPINE ISLANDS.
The new Parliamentary election will be held on Dec. 2. This action was
General business is somewhat better, as a
• aoceesitated through the recent failure of the Government to pass the proresult of the approaching
holiday trade. The Manila corra market of
posed crisis relief legislation. The exchange rate, the money market and
the past week showed an
easier tendency, but provincial markets
continued firm. Arrivals at
prices have of late shown increasing stability. Industrial activity is limited
Manila were again heavy and all oil mills
operated. The p rice of rovincial
to the shipbuilding and shipping branches. Unemployment increased by
resecado (dried copra), delivered at Manila, is
now quoted from 12 to 12.25
about 10,000 during November and the total number of unemployed now
pesos per rice] of 139 pounds. fl peso equals
approximates 61.000. The previous record figure of 57.700 was reached in
$0.50). A somewhat weaker
tone in foreign markets resulted in very little
trading in abaca last week
1981. Some important wage agreements have been closed but several and
the market was quiet but firm. Production
others are in process. The volume of production and exportation of agricontinued slightly under
normal for the season. Except for a slight
deerease ia Grace L, prices
cultural products continues high but financial returns are as during the last
remain at 40 pesos per picul for Grade F: I,
35.50: JUS. 27 and JUK. 23.
few months, low. Foreign trade during September resulted in an import
Grade L is now 21 pesos.
surplus of about 16.000.000 crowns, as against 4,000,000 crowns during
August.
NETHERLANDS, EAST INDIES.
Recent internal disturbances in Java have been
LITHUANIA.
suppressed, except for
operations at Bantam on the West Coast of
Lithuania's foreign trade balance for September was unfavorable by
Java, where fighting on a
5.700,000 lite. Exports were valued at 17,900,000 lite and imports at 23,- small scale continues. It is generally believed, however, that
markets have
600,000 ills. The balance, however,for the first three-quarters of the year not been affected and the situation is not alarming. As the year
draws to
is favorable by 5.985,300 lits, the total value of exports being 182.906.500 a close it is evident that the economic condition of Java is
considerably
better than at this time last year when drought
lite and imports 176.921.200 lite. (Lit Yi $0.10.)
conditions prevailed.
Sumatra import markets are at present heavily
POLAND.
overstocked and trading,
In consequence is dull, but there are evidences
that conditions will improve
Reserves of foreign currencies at the Bank oe Poland show a steady as soon
as stocks are cleared from the leading ports. With
Increase during the last several weeks, notwithstanding the increased dethe fall in
rubber prices there has of course been some recession
of activity, but there
mand for foreign currency by importers, which grew from 200,000 zlotys
Is reported to be sound basis for continued
prosperity in Sumatra.
daily in September to 400.000 zlotys in October. The State guaranty for
the communal bonds of the National Economic (State) Bank has been reAUSTRALIA.
canny Increased by a Presidential decree from 200,000,000 to 500,000.000
The increase in freight rates provided for in the
New South Wales budget
zlotys (1 zloty Par ) $0.193), or the equivalent in foreign currencies. has been declared effective
gold
as of Nov. 24. Increases affect commodities
Final foreign trade figures for September show a decrease both in imports approximately as follows:
Agricultural products. 5%; coal. 30%;livestock.
and exports as compared with the preceding month. Imports amounted to 25%; wool, 25%; and
petrol, kerosene and lubricating oils. 10%. Passage
85,373.000 G. zlotys and exports 114,712.000 G. zlotys, as against 92,134,- ofthe publications tax, which
would levy a charge of one-half penny each
000 of imports and 128,557,000 exports in August. The favorable trade is regarded in Australia as
doubtful. Waterside workers are refusing to
balance for September amounted to 29,339.000 G.zlotys, as against 36,428,- work overtime after 5 p.
m. and it is reported in Australia to he likely that
0000. zlotys in August.
compulsory arbitration will be resorted to in an effort
to effect settlement.
RUMANIA.
Wool sales at Sydney during the week have
brought the season's record
The favorable trade balance continues to increase, despite the slow move- price of 35X pence per pound for greasy merino. Wheat
remains dull
ment of grain for export during the last two months. Exports for the first and unchanged.
ten months of 1926 totaled 31.229,800,000 lei (average rate of exchange for
NEW ZEALAND.
October, $0.0055), leaving a favorable balance of 2,400,000.000 lei for the
Representatives of all wool-consuming countries attended
Wellington's
period under review. The above figures compare with the total of exports first wool sale of the season, held on Nov.
15. and approximately 90% of
valued at 29.300.000,0001d and a debit balance of 1,073,000,000 lel for the the 11,000 bales offered were sold. Although prices were
slightly lower.
entire year of 1925. The outstanding increases in exports for 1926 are the turnover and receipts were satisfactory under existing
circumstances.
accounted for by the following commodities (for the first nine months): Bradford buyers were the chief purchasers, while American
representatives
Wheat. 193.477, against 4,190 tons in 1925: wheat flour. 80,708 tons, displayed interest in specials. Continental buyers were somewhat
inactive.
against 14,783 tons, respectively; barley, 328.478 tons, against 93,184;
ARGENTINA.
beans. 52,429 tone,against 21,998;refined oil, 355,000 tons, against 241,000:
Agrentine import trade improved noticeably during November as
gasoline, 295,000 tons, against 203,000; salt, 75.000 tons, against 23.000
a
result of seasonal activity in connection with cereal harvests. Relief from
tons, respectively. in 1925.
ocean tonnage shortage in the River Plate trade has been observed
GREECE.
and
Business continues slow with merchants showing an inclination to avoid there is a corresponding increase in export shipments. Money is easier
commitments. It is said in Greece that this dullness may diminish since and exchange is rising, but the credit situation still calls for a cautions
the new Parliament convened Nov. 26. and the changes in official person- attitude on the part of shippers to that market. Prospects for most crops
nel necessitated by the Nov. 7 election will now be completed and the are favorable, and the wheat.yield is in excess of expectations and of good
political situation consequently cleared. The unprecedented drought quality. A large part of the grape crop in Mendoza Province was destroyed
continues and as a result the prices of cattle feed and garden products are by frost early in November. The economic consequences are, however.
rising. Fall sowing has been considerably delayed and the Government Is expected to be only local. Congress has been called in extra session for
planning to distribute Manitoba wheat for winter sowing. The Italian- Dec. 1. primarily for action on the 1927 budget. The Province of Cordoba
has requested authority to float an internal or external consolidatioo
Greek commercial treaty was signed Nov. 24.
n
public works loan of 40,000.000 pesos and the Province of Buenos
Aires is
EGYPT.
now receiving bids on internal consolidation loan. Export markets
have
The 1926-27 Budget has been voted upon by the Parliament with a been quiet.
BRAZIL.
$15,060,000 increase in expenditures as compared to 1925-26, and a net
The outstanding event in Brazil during November was the
estimated shortage of $7.000,000 to be drawn from the Government ,i'serve
Presidential
Fund. Latest official Government estimates of agricultural production Inauguration which took place on the 15th. From the trade standpoint
place nearly all crops at or above the normal yield with the exceptIon of conditions were characterized by small exports, rapid exchange depreciasugar cane, which is estimated at about 99% of normal. This year's cotton tion, and an apathetic attitude on the part of importers. Additional factors
Is reported to be superior to that of last year in quality and ginning out are the uncertainty of the level at which stabilization will be effected,
turn, but the grade IS slightly lower because of delayed picking in nu.ny important remittances for loan service payments of the Sao Paulo
Government, and minor political disturbances in the interior.
districts.
Action of the new
administration in connection with amnesty to political
TURKEY.
prisoners, the
Exportation from the Smyrna area shows an increase and measures are existing state of siege in many parts of the Republic, and censorship of the
being taken to improve the shipping situation in general. Improvements press is awaited in Brazil. The Government is reported to be desirous of
continue to be made on the Anatolian Railway system,control of which,it is negotiating a foreign loan for the purpose of stabilizing the currency. Due
reported locally, the Turkish Government plans to take over. The Turkish to recent decline in exchange coffee prices are much higher, and the textile
Chamber of elommerce and Industry is reported to have advocated the industry is beginning to benefit. Large domestic stocks are starting to
modification of the law on the protection of industry, with a view to facili- move and interior buying is commencing. Daily entries of coffee into
tating the free import of necessary raw materials. Floating exposition on Santos are to be increased to 42.000 bags to take effect Dec. 5. Freight
board the SS. Kara-Deniz has returned to Constantinople after a trip to rates on coffee are to be raised Jan. 1. Demand for north bound tonnage
is active due to fewer offerings.
the leading European ports.
JAPAN.
CHILE.
Net profits on general business in Japan declined in the first half of 1926.
Chilean trade in November was generally unsatisfactory
, reflecting the
and it is believed in Japan to be probable the present half year will show a adverse situation in the nitrate region.
The closing of additional nitrate
still further drop. Statistics compiled by the Mitsui Bussan Kaisha show plants has added to the already serious
unemployment problem. Neveran average net profit of 11.40% at the end of June 1926. against 12.80% theless, there has been increased buying
on the part of agriculturists in
In the same period of 1925 and 11.70% in the second half of 1925. On anticipation of favorable crops, which
has arrested to some extent the
Nov. 26 it was reported that gold to the amount of 4.000.000 yen would decline in trade. In general, retail
buying is restricted to the absolute
be shipped to America on Nov. 28 to meet maturing foreign obligations. needs of the public. The banking
situation remains easy, with a complete
The second forecast of this year's rice crop places production at 56.800.000 absence of inflation. Bank collections
are not difficult, but some difficulty
koku (290.816,000 bushels), which is considerably smaller than the previous is being experienced in collecting
commercial accounts in the north. The
estimate.
conversion of government monetary issues is proceeding at the rate et
.
DEC. 41926.]
THE CHRONICLE
approximated) 20.000.000 pesos monthly. Copper production has been
,
maintained at the October level, although the principal mines are experiencing difficulty from diminishing water supply. Despite the apparent
nervousness of the Chilean import market many merchants are optimistic
for the future, and believe that an improvement may take place sometime
In December or January.
PERU.
Mercantile and economic conditions in Peru were leas satisfactory during
November than in October. in which month trade was at its lowest ebb
since the post-war readjustment of 1921. A spirit of optimism persists,
however, among the merchants who are inclined to the belief that accumulated stocks will move more rapidly after Jan. 1. when the higher schedule
of duties under the emergency import tariff measure becomes effective.
Inventory stocks are, In general, at an ave-age level but many cable orders
are being placed for arrIval prior to Jan. 1. In order to avoid higher duties.
A contract involving the issuance of $1,500.000 in bonds for the port and
municipal works project at Callao has been awarded to American financial
Interests. The twenty-fourth regular session of the Peruvian Congress has
come to a close, but it Is expected locally that an extra session will be called
to consider certain important measures. Exchange quotations for the
Peruvian pound were at $3 56 on Nov. 27, as compared with $3 65 on Oct.
13. Collections on import accounts have not improved.
COLOMBIA.
A good coffee crop and plenty of work for the laboring element has resulted in a generally prosperous condition throughout Colombia. The
coffee crop as estimated by trade circles will be larger than last year. Merchants in the cities of Bogota, Medellin and Mabizales are prosperous and
buying goods freely. Ccmmercial conditions in the Cauca River Valley
are fairly good. The estimated ordinary income of the Government is
believed locally to be suffLient to maintain the p resent program of public
works, consisting principally of railroad constracticn,for the months more,
by which time it is believed that an external loan will have been negotiated.
The large demand for labor on the many construction projects has caused a
shortage of workers on the plantations, which has made it necessary to pay
unusually high wages to secure agricultural workers. The Magdalena
River continues in good condition and boats have no trouble in plying back
and forth.
URUGUAY.
The buying nubile in Uruguay is exercising caution in its commercial
transactions, and collections are less satisfactory than usual. Conditions in
the southwestern grain area are generally good and harvests of wheat and
linseed are excellent. It will be less than a month before the gathering of
these two crops begins. Exrort and import shipments have been adversely
affected by high ocean freight rates, with especial hardships to importers
of American lumber. It Is thought in Uruguay that reduction in lumber
receipts may produce a temporary shortage in Uruguay and bring about
higher prices. Exports of wool haxa been sluggish, but meat
-packing-house
operations are increasing after the pronounced slump of the past two months.
VENEZUELA.
Business continues good with bank collections fair and general trade
prospects favorable. The forthcoming coffee crop is expected in Venezuela
to be normal and should begin to enter the market in January. Exchange
remains steady. Petroleum production, exports and tank steamer tonnage
are increasing steadily. Trade in dry goods is improving and the hardware
and drug business is fair. Work on the new docks at Maracaibo is proceeding favorably.
BOLIVIA.
The volume of business transacted in Bolivia in November was somewhat
smaller than in October. but was on the whole normal except in textiles and
sugar, which lines were depressed. Prosperity continues in tin, silver and
zinc mining, but this industry is reported to be disturbed over projected
legislation in the Bolivian Congress which threatens to affect mining operations.
MEXICO.
The business situation in Mexico, which for some time has been unsatisfactory, grew steadily worse in November. Purchasing abroad has dedined in practically all lines and the outlook for the immediate future
appears dark. A very conservative credit policy is being followed and bank
loans have been reduced. The decline in value of the peso has retarded
the import trade but is stimulating trade in native products somewhat, and
the large industries, especially those engaged in mining have therefore been
placed in a more favorable position.
GUATEMALA.
The general business depression which has existed in Guatemala for
some time has been intensified by erratic fluctuations in coffee prices and
options. Average coffee prices for the month were one cent below the
October average. The planters are holding their crops for more favorable
prices and buyers are absorbing only such quantities as can be readily sold
in Europe. The present crop is reported to be normal but is about six
weeks late in maturing and as it is not yet ready for market there are no
accurate estimates available. Money continues tight and collections are
slow.
SALVADOR.
General business conditions in Salvador for the month of November
were fairly good. The coffee markrt continues quiet with little or no
visible demand. Exports were at a low average, which is normal for this
time of the year. and importations were heavy, continuing the recent
upward trend.
COSTA RICA.
There was but a slight favorable trade reaction during the month of
November but because of the difficulty of rural communication brought
about by continual heavy rains it was not so great as had been expected.
However, banks report that foreign collections continue to be satisfactory,
although bad transportation conditions make collections from outstanding
districts somewhat slow. Building activities continue notwithstanding
adverse weather. Coffee shipments to November 23 were 3,000 bags to
London. 500 to Germany and 150 to New Orleans. The coffee crop is
expected locally to yield from 35 to 45 million pounds. There has been a
slightly upward trend in the prices of foodstuffs during the month.
PANAMA.
Imports into Panama for October were approximately $1,300,000 as
compared to $970,000 in September. Retail business continues dull.
The President has been authorized to negotiate a loan of $1,200,000 for the
completion of the national highways on which work was recently suspended,
and another for $100.000 for the construction of an aqueduct at Boats del
Toro. An extension to the Chiriqui Railway was formally commenced
by the President on Nov. 20. The contractor has subcontracted the work
to an American engineering firm. Important tariff changes are under
consideration by the national assembly.
2839
CUBA.
Business in Habana is again on the upgrade largely as the result of the
improved tone of the sugar market. There Is a wowing volume of trade
and care is being exercised by the banks and conservative merchants that
optimism is kept within bounds and that no inflation occurs. A more
noticeable improvement should result after the initiation of the 1926-27
sugar crop in January when the enhanced prices will be translated into
actual buying power. Bidding on the new Central Highway has been
reopened by the Government which rejected all the bids received in September and called for new offers for Nov. 30. Government revenues in
the first two weeks of November were heavy due to the large deferred
quarterly payments of the sales tax. The Government announced during
the month that the total expenditures made from the special Public Works
fund up to Nov. 1 were $6.465.675.
PORTO RICO.
General business conditions in Porto Rico during November showed a
decided improvement over those of October 1926 and November 1925.
The strength of sugar prices is creating a more generally optimistic feeling,
and reports from the sugar districts Indicate that the growing crop will
exceed the 1925-26 harvest of 603.000 short tons, but will not equal the
record production of 1924-25 when it amounted to 660.000 short tons.
Coffee picking continues with reported prospects that the crop will exceed
list year's production, which was estimated at approximately 30.000.000
pounds. The heavy tobacco plantings are said in Porto Rico to indicate
that the tobacco crop will exceed the capacity of the storage sheds but the
quality of the coming yield depends upon weather conditions during the
next few months. The Insular Department of Agriculture is emphasizing
the importance of producing a high grade leaf. Shipments of fruit were
light during November and prices have weakened. San Juan bank clearings
for the period Nov. 1 to 27. Inclusive, amounted to $17.104,000. compared
with $14.771.000 in the corresponding days of 1925 and $16,539,000 for
the entire month of October 1926.
HAITI.
The coffee crop of Haiti is still coming in slowly with best deliveries in
the south. Coffee prices in November were slightly higher than in the
previous month, when there was a decline from the satisfact-n-y prices of
September. The sugar crop Is promising and prices are recovering aomewhat. The demand for logwood is good, but it is difficult to get deliveries
of this commodity. Merchandise stocks are smaller and imports in general
are lower because of the curtailed purchasing power brought about by low
coffee prices. The Legislature Is expected in Porto Rico to approve the
contract between the Haitian Government and a group of American capitalists interested in the cultivation of sisal In the islan I. It Is planned to
devote 20.000 acres to sisal cultivation and to provide for official inspection
grading and baling of all sisal fiber shipped from Halt. Plans for extensive
vegetable crop cultivation of the Artibonite Valley by another American
company are progressing. The credit position is easy but bank accommodations are leas than last year. Go ernmont revenues for October 1928
,
decreased by 20% from those received In October 1925.
DOMINICAN REPUBLIC.
Busiaess conditions in the Demi lea Repuolle ot.ring October showed no
material change from the general dulne s prevailing in September. Imports were slightly less than normal and exports very light. The only
exception to the general slackness in trade was in the sales of the cacao and
coffee crops. Retail trade is sluggish and banks report that collections are
subnormal, especially in the country districts, where the number of overdue
tills is very high. The total production of sugar in the 1926 harvest of
the Dominican Republic amounted to 394,033 short tons. Custom receipts for October were $384,653. as com ,
ared with 1402.956 for the same
month of 1925, while internal revenue receipts amounted to $306,659 in
October 1926, against $227,479 received from the same soiree in October
1925. There has been a total increase in Government revenue for the
present year of $885,443.
Death of William H. Porter of J. P. Morgan & Co.
W. H. Porter, a member of the firm of J. P. Morgan &
Co. died suddenly while walking with his wife on Lafayette Boulevard, this city, on November 30. Mr. Porter
had Just left his automobile and had walked but a few
steps when stricken. It is stated that he had been in poor
health for some time. He was sixty-five years of age. His
connection with J. P. Morgan & Co. dated from January
1, 1911, at which time Thomas W. Lamont also entered the
firm and George W. Perkins and Edward F. Whitney
retired.
Mr. Porter upon his entrance to the firm withdrew from
the presidency of the Chemical National Bank. He became
head of the institution in 1903, upon the death! of George
G. Williams, advancing from the vice-presidency, in which
office he had served for four years. Prior to that he had
been associated with the Chase National Bank as both
cashier and vice-president. Mr. Porter was for two years
up to October 1910 president of the New York Clearing
House Association. He had also served for many years
as treasurer of the Chamber of Commerce of the State of
New York and a member of its- Executive Committee. He
was one of the organizers in 1903 of the Bankers Trust
Co. and had since been one of its directors. Other financial
organizations in which he was also a director at the time
of his death are the Fifth Avenue Bank, the Title Guarantee & Trust Co., etc. He held, besides, other important
connections.
The funeral services were held yesterday (Friday)
morning in the Central Presbyterian Church on Madison
Avenue. The following, all partners in the Morgan firm,
were the pallbearers:
7. P. Morgan, E. T. Stotesbury, Charles Steele, Thomas W. Lamont,
H. G. Lloyd, Dwight W. Morrow, Thomas Cochran, Junius S. Morgan,
Jr., Mr. Thomas Gates and Russell C. Leffingwell.
Delegations representing the Chemical National Bank.
the Chase National Bank, the Fifth Avenue Bank. the
2840
THE CHRONICLE
[VOL. 123.
Bankers Trust Company, the New York Chamber of Commerce, the New York Board of Trade and Transportation, France Has Debt Funds For A Year Ahead—Treasury
.
Also Will Resume 2,000,000,000-Franc Annual
etc., etc., were present at the services.
Repayments to Bank.
A Cablegram as follows from Paris December I (copyPaul Claudel Named to Succeed Henri Berenger, Who
right) appeared in the New York "Times":
Declined Renewal of Appointment as French AmDuring the three months the French Treasury has bought
bassador to United States—M. Berenger to
sufficient
foreign moneys to meet all external debt payments during the next year,
Seek Approval of Debt Agreement.
Premie Proincare declared today. Furthermore, the Treasury will this
It was announced on Nov. 30 that Paul Claudel will sifb- year resume payment to the Bank of France of 2,000,000,000 francs contracted to be repaid yearly in 1920, but actually only once repaid in
full
ceed Henri Berenger as French Ambassador at Washington since that time.
if the United States agrees and the chosen candidate is
These striking indications of the healthier state of the Treasury were
willing. Associated Press advices from Paris, which are emphasized by the Finance Minister when he discussed with the Finance
Commission today the effect on the budget of the rise in the value of
the
authority for this, said:
franc, which is again shooting upward. Nothing the Premier said
served
Semi-official announcement was made to-day (Nov.30) that M.Claudel. to indicate the possibility
of another prolonged depreciation in exchange.
now holding the post of Ambassador at Tokio, was the Government's choice.
His nomination awaits the approval of the State Department and the acceptance of M. Claudel, having been ratified by the Cabinet.
Proposed Franco-German Boundary Commission.
The successful candidate for the Washington post was preferred to
Associated Press advices from London Nov. 24 state:
Count Charles de Chambrun,the Minister to Greece, because of his seniority
in rank and service and for the further reason that he has had enough of the
An indirect but important outcome of the Imperial Conference, says
the
Far East.
"Evening News," is the proposal to constitute a Franco-German boundary
M. Claudel, who has been in the diplomatic service for 36 years, is said commission, modeled on the American-Canadian
commission. It would
to be one of the best masters of English among the foreign diplomats. He settle all questions relating to the Franco-German frontier.
is fifty-eight years of age.
It is understood, the newspaper adds, that the suggestion originated with
The new Ambassador has served as Minister to China. Minister to Den- Premier MacKenzie King, of Canada, who submitted it to Lord
D'Abernon,
mark and Ambassador to Japan.
British Ambassador at Berlin, who was much impressed with it and readily
undertook to give it his practical support.
— Announcement that M. Berenger
—olined renewal of
e
his appointment as Ambassador in order that he might take
up the cudgel for ratification of the American debt settle: Ulster's Status Unchanged by Change in King's Title
ment which he negotiated with Secretary of the Treasury
under Imperial Conference Report.
Andrew W.Mellon, was contained in Associated Press cableCopyright advices from London, Nov. 24, are reported by
grams from Paris Nov. 23, which quoted him as saying: the New York "Times" as follows:
"I regret to leave my post, but my task is now here, to fight
The explanation that the King's new title, made necessary by changes
for approval of the settlement which I made in Washington." in the Dominion status decided on by the Imperial Conference, is a descriptive title on geographical but not on political lines, was made by Sir
We also quote as follows from the cablegrams:
William Joynson-Hieks, the Home Secretary, to-day.
M.Berenger asked the Associated Press to convey a message of thanks
to the American people for their courtesy and cordiality to him during his
stay in the United States.
"I shall always retain the best recollections of my sojourn as French Ambassador to the United States," the message said. "The mission which I
accepted and carried out under the orders of my Government and in full
accord with it was manifestly thankless and thorny. The history of all
time shows that it was never easy to settle great debts between States and
such a mission has never been popular anywhere.
"The ratification of the Washington accord has now legally been submitted
to the French and American Parliaments. I, as a member of the French
Parliament (the Senate), have too great a respect for its prerogatives not
to await with deference and confidence the result of its deliberations.
"I am particularly happy to say how much my mission was facilitated
by the amiable way in which I was received by President Coolidge and the
members of the Cabinet as well as by the Debt Funding Commission.
I am glad also to recall the welcome on every occasion from members of
Congress. But it was not only from the Government and Congress. but
from all categories of Americans that I received continually the most sincere evidences of sympathy. In the capacity of a representative of the
French Government,I was frequently called on to speak before audiences of
thousands of persons and their applause made me feel that the heart of
America is close to the heart of France. I derived from this a certainty
that our two democracies, of the same origin, have preserved the same
ideal of peace, right and liberty.
"France and the United States are united in their history as well as their
development, and it would be a crime against the highest human civiliza
Mon to try to separate them. I shall ever retain a most cordial remembrance
of American society and the American people. I want particularly to thank
the American press, without exception, for the rare delicacy and constant
benevolence with which it facilitated my mission as Ambassador of France."
The Ambassador's retirement was generally expected, since his mission
was ended if the debt accord were ratified and his continued presence in
Washington would be impossible if it should be rejected by the French
Parliament.
M.Berenger recalls in his letter declining the appointment that his mission
had a special object and was limited in duration, that object being the formulation of an American debt agreement. He also took occasion to make
clear that he had the full approval of the French Government throughout
the negotiations and that he was congratulated by it for the result obtained.
The Ambassador's letter of declination was sent to Foreign Minister
Briand as soon as he was notified that the Council of Ministers had decided
to renew his commission as Ambassador for another six months. M.Briand
thanked him heartily for his services at Washington. and said that he hoped
to influence him to return to that post.
French Foreign Currency Clauses Declared Illegal.
The following was contained in Washington advices Nov.
30 to the New York "Journal of Commerce":
A new development in a controversy over the legality of clauses in French
commercial contracts stipulating for payment in gold francs or in foreign
currency, or providing for a more stable basis of payment than the paper
franc,is introduced by a declaration of the Ministry of Commerce,addressed
to the Chambers of Commerce and important industrial groups throughout
the country, stating that such clauses are against public policy and illegal,
states a report from Paris made public by the Department of Commerce.
International contracts, or contracts concluded abroad, even though made
with French citizens, are not subject to the French law.
His statement was issued to calm the apprehensions of a deputation from
Northern Ireland, headed by the Ulster Premier, Sir James Craig, which
waited on him.
"The change proposed to be made in the King's title," declared the
Home Secretary, "will not in any way affect the existing constitutional
status of Northern Ireland, or the existing constitutional position of Northern Ireland, either in relation to Great Britain or in relation to the
Irish Free State. All suggestions that the proposed title would give the
Government of the Free State authority to take action for the whole of
Ireland, including Northern Ireland, are groundless."
Premier Baldwin Explains Change in King's Title—Says
Ireland is Mentioned Because It Is Not a Dominion.,
An explanation of the change in the King's title decided
by the Imperial Conference was given in the House of
Commons on November 29 by Premier Baldwin, says a
copyright cablegram from London to the New York
"Times" from which the following is taken:
Asked why the name of Ireland alone of all the Dominions had been
singled out for inclusion in the title, Mr. Baldwin said:
"The question is based on a misapprehension. Although the Irish
Free State has a Dominion status, Ireland, which includes Northern Ireland, is not a Dominion.
"The proposed title does not purport to define the various political
units composing the Empire, but is descriptive on geographical lines of
the territories of which his Majesty is King, while involving a minimum
of change in the title."
London Brokers Opposed to Stand of Sir Charles
Pulley for Opening Stock Exchange on Saturdays.
A copyright cablegram as follows from London, Nov. 23,
appeared in the New York "Times":
The Stock Exchange was a scene of an extraordinary demonstration today. It was directed against Sir Charles Pulley, who has been a member
of the Stock Exchange for 40 years.
The Exchange since the war has been closed for business on Saturdays,
and Sir Charles had suggested in an interview that the members would be
better employed if they attended the Exchange Saturday mornings instead
of playing golf.
"It is ridiculous that the London Stock Exchange should close on Saturdays when all Continental Exchanges are open," he said.
Hundreds of members resented this suggestion and they showed their
disapproval to-day by booing Sir Charles Pulley as soon as he put in an
appearance. The booing continued many minutes to the accompaniment at
cries "Who wants to work on Saturday?"
There was no attempt to touch Sir Charles in view of his advanced age,
but some of the younger members who are in favor of Saturday opening
are said to have had a narrow escape from being severely handled. The
scene was described by one member present as "absolutely disgraceful."
— British Treasury to Guarantee Loan of $21,825,000
Sought by Palestine Government for Communications Work.
France Cuts Bread Price—Reduction of 15 Centimes a
The following advices are from the "United States Daily"
Loaf in Effect Dec. 2.
of Dec. 2:
The loan sought by the Palestine Government for purchase and construcA Paris cablegram Nov. 26 to the New York "Times"
tion of communications was recently announced in London as having the
(copyright) stated:
guarantee of the British Treasury, according to details Just received at the
The price of bread, which in France is a sort of barometer of the cost of Department of Commerce. The
full text of an announcement by the Deliving, will be reduced 15 centimes on each two-pound loaf beginning Dec.2, partment follows:
following the marked improvement in the value of the franc. Instead of
A memorandum has been issued by the British Government giving parcosting 2francs 60 centimes a loaf, it will cost 2francs 45 centimes. A drop ticulars of the loan to be raised by
the Palestine Government, which is to be
in the price of wheat preceded the reduction in bread prices.
guaranteed by the British Treasury,according to advices from the American
DEC. 4 1926.]
THE CHRONICLE
2841
of October is, among other things, due to the half-yarly payment of
wages in the rural districts on Nov .1, a phenomenon which repeats itself
every year, but the increase in the circulation was during October, as
before stated, only 17,000.000 Kr., against 23.000,000 Kr. In October 1925.
The foreign credit of the National Bank has during the past month
loan
increased with about 11.000,000 Kr., mainly owing to the foreign
ransactions by the Government. Moreover, the bank's balance towards
during this month, which practically
foreign countries has not changed
also applies to the private banks.
The transactions in stocks and bonds on the Copenhagen Stock Exchange
were during October comparatively large, on account of the effect which
the increase in freight rates had on the quotations of ship owners' stocks
and from these on other stock papers. The average weekly transactions
Kr.)
thus amounted to 3.800,000 Kr. for stocks (September 1.800,000
Kr.)
and 2,200.000 Kr. for bonds (Sept. 3.100.000 Kr., Aug. 1.500,000
s wholesale index there was in October
In the Statistical Department'
,
advancement for stocks, while for bonds there was a small depreciation
the stock index being 91.8 (September 88.9). the bond index 85.7(September
at 100. The increase
86.1), when the quotations of July 1 1914 are fixed
the stock groups, but is,
In the stock quotations is found in nearly all
shipping papers.
Building of Bank of England Carefully nevertheless, largest for
in
Demolished
The Statistical Department's wholesale index went up 16 points
Guarded.
October—from 162 to 178. The increase is mostly due to the high fuel
in several other groups of commodities.
there was also an increase
Regarding the plans for keeping secret the internal arrange- prices, butin some groups tnere was a decline.
However,
ments of the new building of the Bank of England, Associated
trade balance with the foreign countries amounted to 142,000,000 Kr.
The
for imports and 126.000.000 Kr. for exports so that there was an import
Press advices from London, Nov. 20, stated:
Kr., while in Sept. 1925 there was an export surplus
been practically demolished to surplus of 16.000,000
The old Bank of England building has
Kr. For the months January-September under one heading
make way for a new structure and all the bullion and valuables removed to of 7,000.000
surplus was only 26.000.000 Kr., against 55,000.000 Kr. in 1925.
Finsbury Square. Only the outer walls of "The Old Lady of Threadneedle the import
in SepThe export of agricultural products was larger in October than
Street" remain intact, but the site is more carefully guarded now than at
and
tember for meat, and especially for bacon, while the export of butter
any time in its long history, which goes back to 1694.
somewhat less than in September. The average weekly export
Special precautions are being taken to prevent prospective robbers eggs was
getting the idea of the Bank's future internal arrangements. Plans of the was as follows:
Butter, 23 580 kilos (September 25 438 kilos).
Interior of the building to be erected are known to only twenty persons, and
Eggs, 828 700 scores (September 986 300 scores).
each one of the groups of selected artisans does not know what the other is
Bacon, 41 465 kilos (September 36 796 kilos).
doing. Workmen's entrances are guarded and every man is carefully
Beef and cattle, 11 757 kilos (September 10 953 kilos).
scrutinized on arriving and leaving. Detectives are about everywhere
the egg Prices—
The prices of the exported products were—not counting
Inside the old walls and at night there is constant patrol of armed watchmen.
in September.
At every few yards of the ground on which the new Bank of England will somewhat lower than
larger than last year even though the increase
The unemployment is still
be built alarm bells have been fixed so that any foreman can summon help
the corresponding time
on the unemployment has been less this fall than at
within thirty seconds of an alarm being given.
end of October this
In 1925. The percentage of unemployed was at the
industrial professions
year 18.6%, against 13.5% in Oct. 1925. In the real
Italians in Portugal—Rome the percentage this year was 18.1%, against 13.2% last year.
Fascisti to Organize
Kr.,
The Government's revenue from taxation was in October 23.500,000
Deputy Will Enjoin Group Not to Mix in Politics,
In Oct. 1925 the
of whicn 11,200.000 Kr. were custom revenue taxes.
but to "Serve Italy Silently."
Kr.
corresponding notations were 24.900.000 Kr. and 12.000,000
(about I
Consulate General, London. This loan wilirtotal £4,500,000
(about
$21,825,000). divided as follows: Railway construction, £1,640,000
$7,950,000): harbor works, £1,115,000 (about $5.407.750); other developexisting railway
ment works, £745,000 (about $3,383,250); and purchase of
and other capital assets from the British Government, £1,000,000 (about
$4,850,000).
Need for Repairs Explained.
It is explained that when Palestine was occupied by the Allied forces during the war the country was in a neglected condition. Roads, other than
those constructed by the military, were practically non-existent; the telegraph system was derelict; a railway system existed, but only one line was
strictly adapted to the military needs of the two armies and that was seriously damaged in the course of the fighting.
Government buildings, where they existed, were in many cases unsuitable
or in a bad state of repair; harbor facilities were practically non-existent.
Extensive schemes of construction and repair were, therefore, necessary in
order to enable the Government to carry out its proper functions and to
tag
re-establish the commercial and agricultural life of the territory.
From Lisbon an Associated Press cablegram, Nov. 18
(published in the New York "Times"), said:
Socialists Raise Vienna's Budget—Will Expend
$19,000,000 in Building Flats to Provide Work
for 70,000 Unemployed—Some Taxes
Lowered.
•
Hugo Breitner, financial director of the city's Socialist
administration, to-day announced that the 1927 budget will
be 10% more than the budget for 1926, though some taxes
will be reduced, according to a copyright cablegram from
Vienna Nov. 27 to the New York "Times." Continuing, it
Albania and Italy Conclude Five-Year Security Treaty— says:
a revenue of $59,000,000,
Press Rejoices over Pact, Which Goes to League.
An expenditure of $69,000,000 is estimated and
deficit of $10,000,000, which will be covered by the city's cash
From the New York "Herald Tribune" we take the fol- leaving a The fact is that the closed accounts will probably show a surplus
reserves.
will be thus inowing Rome cablegram (Dec. 1), copyright:
instead of this deficit, and the already great cash reserves
Organization of a Fascist group in the Italian colony in Portugal will be
undertaken by the Italian Fascist Deputy, Colonel Evis Gray, who has
arrived here on an official mission to this end.
Colonel Gray said the Fascist! in Italy feel the necessity of ascertaining
the morale and economic situation of the various Italian groups working
beyond the Italian frontiers, who should be informed of the results of four
years of Fascist rule In Italy.
The groups will be enjoined to maintain strict neutrality as to the internal
politics of the country in which they reside, to respect its Government and
laws and at the same time serve Italy loyally and silently.
Under Premier Mussolini's foreign policy Italy has added Albania to its
list of friends by signing a treaty of amity and arbitration with the little
at Tirana
mountainous country beyond the Adriatic. The treaty, signed
on Nov. 27, was negotiated by Baron Pompeo Aloisi as plenipotentiary for
Italy and Hussels Bey Vroni, the Albanian Foreign Minister. The treaty
contains five articles, providing:
1. Italy and Albania agree that any disturbance of the status quo, either
political or judicial, of the territory of Albania will be regarded as contrary
to their reciprocal interests.
2. For the protection of the status quo they agree to lend "moral collaboration" and also agree not to conclude treaties with any other Government
prejudicial to the present treaty.
3. The contracting parties agree to submit to arbitration any dispute
which cannot be solved by the ordinary diplomatic channels, the method
of such arbitration to be decided by a special conference to be held soon.
4. The treaty will contin e for five years and can be renewed or canceled by either party one year before its expiration.
5. The pact after ratification will be registered with the League of Nations.
The Facist press rejoices over the treaty because in its opinion it proves
once and for all that Italy has no ulterior designs on Albania and also
that Premier Mussolini, instead of being hostile to the League, is following
a foreign policy of peace which is directly in line with the League's ideals.
and Industrial Conditions in Denmark
During October.
The Danish National Bank of Copenhagen and the
Danish Statistical Department have issued the following
statement regarding the economic and industrial conditions
in Denmark during October:
Economic
During the month of October the value of the Danish krone has, as
during the preceding months, increased somewhat. namely, from 98.94
to 99.02 gold ore, as the average various dollar quotations in October were
370 69-100 (equal to 26.55c. to one krone, September 377 01-100(equal to
26.50c. to one krone) for sterling 18.25 krone (September 18.27 krone).
The decrease in the banks' outstanding loan and deposit activities is continued. so that in the three principal private banks the outstanding loans
have been decreased with 7.000 000 Kr., of which the greater part is on
the account current, and the deposits have gone down with 13.000.000 Kr.
On the other hand, the outstanding loan of the National Bank has
increased with 16.000.000 Kr., which has caused that the amount of bills
sn circulation during the month has gone up from 377.400.000 Kr. to
394,500.000 Kr. At the end of October 1925 the amount of bills in circuit',
bills at the end
lion was 453,600,000 Kr. The increase in the amount of
creased instead of diminished.
estimated
Director Breitner, during the past seven years, has invariably
be a surplus. A typical
a similar deficit, which has invariably proved to
deficit, which he now
example was in 1925, when he estimated a $9,000,000
into $10,000,000 surplus.
states in closing the accounts has been converted
of the total
Thirty million dollars in the new budget, or nearly one-half
construction of flats,
expenditure, goes to capital investments, such as the
apartments.
for which $19,000,000 will be spent in building a total of 9,000
financial policy, to
This is the cardinal point of the Viennese Socialist
instead of
pay all capital investments out of the proceeds of taxation
in taxes the
through loans. This makes a total of nearly $100,000,000
city has spent in such investments in the last four years.
Provide Work for 70,000 Unemployed.
This is due to the
Such investments are $7,000,000 greater than in 1926.
which is meant to
city's extraordinary $13,000,000 building program,
is included under the
relieve the unemployed. The remaining $6,000,000
regular item for the construction of houses.
and extraordinary
Director Breitner states that the budget's ordinary
men.
building programs will provide work for 70,000
vaudeville taxes about oneM. Breitner reduces theatre, operetta and
the tax on hotel rooms almost
fourth, the same for auction sales, and he cuts
$1,000,000 increase in tax
in half, No taxes are raised, but he estimates
$15,000,000, judging from
receipts—the real increase is more likely to be
the past.
ts, they run a municipal
Though the Socialists here are prohibitionis
a profit of $17,000, and another
brewery on which B. Breitner estimates
agency it operates. The street cars
profit of $11,000 from an advertising
fares have not been increased.
will show a deficit of $200,000, but the
the city's remarkable financial
M. Breitner, who is responsible for
improvements—he achieved the feat of
strength despite the heavy capital
during the worst inflation period—
converting deficits into surpluses even
detested man in Vienna because of his taxaprobably is the most cordially
with a chorus of criticism in the nontion policy. His budget meets
Socialist press.
Inflation of Welfare Work.
an "inflation of welfare work," and says
The "Freie Freese" calls it
to pay so much in taxes for capital inthat a poor country can't afford
vestments.
Breitner is aiming at the gradual socializaThe "Tageblatt" thinks that
life in Vienna through taxation.
tion of individual economic investments shall be paid through a foreign
The "Stund" demands that
of New York's budget goes to pay interest
loan and declares that one-third
rich American city is thus unable to
loans. -It concludes that if a certainly the poor Viennese are unable
on
alone,
finance itself through taxation
investments out of current taxes.
to pay Breitner's heavy
2842
THE CHRONICLE
Report on Swiss Commerce and Industry in 1925.
The report on Swiss commerce and industry which is
published every year by the directors of the Swiss Association
of Commerce and Industry has just appeared for the year
1925. The report opens with a statistical survey, giving
essential information concerning the economic life and activities of Switzerland (factories and salaries, cost of living
banks, insurance, traffic, foreign commerce, public finances,
&c.). The second part of the volume, by far the most important, contains articles on the different branches of Swiss
commerce and industry. Each chapter provides official
statistical data concerning the commodities of the branch
to which it relates, indicating the import and export figures
as regards quantities and value. The text includes also
numerous statistical tables giving the figures for the prepreceding years, so that comparisons may be made with
former periods. The report ends with a bibliographical list
of the principal works on Swiss economy, which list, brought
up to date each year, may be of particular interest to readers
in foreign countries. This volume of 380 pages can be
obtained from the Secretariat of the "Swiss Association of
Commerce and Industry," Borsenstarsse 17, Zurich, Switzerland, at 9 Swiss francs a copy, plus forwarding charges.
South African Diamond Magnates Fear Diamond Surplus if Unrestricted Output Continues.
Under date of Nov. 30, Associated Press cablegrams from
London said:
Diamonds soon will be as common as artificial pearls if the present unrestricted output from alluvial diggings continues, in the opinion of the
South African diamond magnates, say a dispatch to the "Daily Express"
from Cape Town. The correspondent says the diamond mine owners are
perturbed over the increasing output of stones from the alluvial diggings,
where individual seekers are finding plenty of diamonds and putting them
on the market at prices below those charged by the de Beers Syndicate.
Solomon B. Joel, Sir Ernest Oppenheimer and Sir Abe Bailey, mine
owners, have arrived in Cape Town from England with the hope of inducing
the South African Government to limit the alluvial output.
"Something must be done to alter the present situation," Mr. Joel
is
quoted as saying. "The alluvial diggers actually are producing more
than the great producers. If this continues, a collapse in the industry,
which provides the South African Government with £3,000.000 annually,
Is sure to come,and the country will have to provide for thousands of starving
people."
Mr. Joel is a director of the de Beers Consolidated Mines and other
diamond diggings. He Is a nephew of the late Barney Barnato, a poor
Jewish peddler, who went to South Africa in the early '70s and made a
large fortune in diamond and gold mines.
Mexico Arranges to Pay November Interest—Due
Government Bonds.
on
Artuie M. Elias, Financial Agent of the Mexican Government issued the following statement yesterday (Dec. 3):
[VOL. 123.
sued, and to effect additional mortgage loans. The new
issue will be dated Nov. 1 1926 and will become due Nov.
1 1946. A cumulative sinking fund commencing May 1 1927,
operating semi-annually, is calculated to retire the entire
issue by maturity through purchases in the open market
below par or drawings at par. The bonds will be redeemable
(other than through the sinking fund) as a whole or in part
on any interest payment date at 105 and accrued interest
on or before Nov. 1 1931; thereafter the premium decreasing
1% per annum to and including Nov. 1 1935 and redeemable
after that date at the principal amount of the bonds and
accrued interest. The bonds will be in coupon form in denominations of $1,000 and $500, registerable as to principal
only. Principal and interest (May 1 and Nov. 1) will be
payable in New York City at the principal office of the
Chemical National Bank of New York, trustee, in gold coin
of the United States of America of or equal to the standard
of weight and fineness existing on Nov. 1 1926, without
deduction for any taxes, present or future, levied or imposed
by the Republic of Colombia or by any taxing authority
therein or thereof. Official advices regarding the bank and
the security back of the bonds state:
Business.—The Mortgage Bank of Colombia (Banco
Illpotecario de
Colombia), founded in 1910, pursuant to a contract
with the national
Government, is the oldest and largest mortgage bank
in Colombia. The
bank is located in Bogota. Its chief business consists
in the granting of
long-term loans secured by first mortgages on improved
city and agricultural
property.
The national Government has encouraged the development
of mortgage
business. It enacted legislation for the establishmen
t of mortgage banks
and granted them exceptional powers to insure prompt
and effective enforcement of all mortgage loans made by such banks.
All mortgage loans
which the bank makes are, and have been since the foundation
of the bank,
payable in gold coin.
The total value of property, at original appraised values, mortgaged
as
security for loans on June 30 1926 amounted to
$26,323,309. Mortgage
loans against these properties totalled 36.9% this amount,
or $9,715,585,
while mortgage bonds (cedulas) outstanding amounted
to $8,459,632 or
less than one-third (32.1%)of the property valuation.
The losses sustained
by the bank on the entire amount ofloans made since the
bank's organization
have been only four hundredths of 1% (.0004).
Security.—The bonds of this issue are the direct obligations
of the Mortgage Bank of Colombia. Under express
provisions of Colombian law, all
the mortgages held by the bank constitute specific
security for its outstanding mortgage bonds. After giving effect
to this financing, against a total
of approximately $11,000,000 outstanding
mortgage bonds, the bank will
hold first mortgages aggregating approximate
ly
erty valued at over $30,000,000. The Mortgage $12,000,000 upon propBank of Colombia, during
its entire existence, has punctually paid
principal and interest on all of
Its outstanding bonds.
A condensed balance sheet and statement of
earnings of the bank for the
fiscal year ending June 30 1926 is given below:
BALANCE SHEET.
Assets—
Cash and deposits in banks
$434,745 36
Loans and discounts
1,525.794 13
Rediscounts
1,301,163 22
Securities owned
1,662,990 32
Buildings, furniture and fixtures
298,645 79
Mortgage loans
9.715 585 13
Miscellaneous deferred accounts, &c
494,268 98
As the Financial Agent for the Government of Mexico in the United
States, I beg to announce that the Government of Mexico has placed at
the disposal of the International Committee of Bankers the November
815,433.192 93
Liabilities—
allotment of funds on account of the second half yearly interest on the bonds Deposits
$1.711.079 21
of the Mexican Government. The first six month payment for 1926 was Liability for rediscounts
1,301,163 22
paid In July and the second month interest will be paid on December 31st, Mortgage bonds outstanding
8,459,631 61
the Mexican Government already having put at the disposal of the Inter- Miscellaneous creditors
937,018 55
Capital, surplus and undivided profits
national Committee of Bankers the first five months interest allotment of
3,024,300 34
the second half of the year.
$15,433,192 93
STATEMENT OF EARNINGS.
When the next payment on Dec. 31st is made this will put the ComGross earnings
mittee in funds to make the second six month payment of interest on the Less operating from all sources
$1.291386 88
expenses,including interest,exceptinterest
on
bonds, thus completing the payment of interest for the year of 1926.
outstanding mortgage bonds
296,069 35
Netfor payment of interest on outstanding mortgage
53
Mexico Makes Debt Plans—She Will Meet Foreign Interest requirements of outstanding mortgage bonds bonds $995.117 07
540,032
Obligations in
Net earnings
Treasury Says.
8455.085 46
1927,
The bonds were offered when, as, and if issued and reFrom Mexico City, Nov. 25, the New York "Times" received and subject to approval of counsel. It is expected
ported the following cablegram (copyright):
A statement issued by the Treasury Department states that Mexico will that temporary bonds or interim receipts will be deliverable
comply with her foreign financial obligations in 1927.
in the first instance.
The Government will make two more monthly payments this year, for
November and December. The Bank of Mexico will deliver the November payment to-day to New York bankers.
In 1927 the Government will pay $22,000,000. This sum will be paid
In monthly installments and come out of oil export taxes.
It is also expected that the National Railways will be in shape to make
all payments for 1927 without fail.
$6,000,000 7% Gold Bonds of Mortgage Bank
of Colombia—Issue Oversubscribed.
A heavy oversubscription of the issue of $6,000 Mortgage
Bank of Colombia 20-year 7% sinking fund gold bonds
of 1926 is reported by the offering syndicate headed by Baker,
Kellogg & Co., Inc., and Ames, Emerich & Co. The bonds
were offered on Dec. 2 at 954 and accrued interest to yield
over 7.40%. Announcement that the bonds had been
awarded to the syndicate was carried in cablegrams received
from Bogota on Nov. 29. The proceeds of the loan will be
used to retire outstanding mortgage bonds of higher coupon
rate, to reimburse the bank for mortgage loans already made
but against which mortgage bonds have not as yet been isOffering of
Province of Buenos Aires Opens Bids on $36,000,000 Loan.
The Province of Buenos Aires, Argentina, has issued
a
call for bids on a new issue of $36,000,000 bonds of that
Province. Bids were opened at the Capital of the Province yesterday, December 3. Under the conditions of
the
bid, the Province is permitted seevral days in which
to
make the award. American bankers look for a strong
competition from London. It is pointed out that before
the war all major external issues of the Province had
been floated abroad. Foreign bankers now are coming
back into the field again. Improved conditions in London
market account in part for this change but in addition,
local bankers state that the election of the present Governor, Senor Vergara has been largely instrumental in
effecting the change. His election it was stated had
greatly improved the political situation. Governor Vergara Is frequently mentioned as a probable candidate for
President of the Republic at the next election, running as
a coalition candidate.
THE CHRONICLE
DEC. 4 1926.]
Buenos Aires to Redeem/ Outstanding 6% Loan of 1926.
The Province of Buenos Aires announces that it will
redeem all of the outstanding bonds comprising its Province of Buenos Aires 6% Ten-Year Gold Loan of 1926.
There now remain 404,950 of these bonds. The redemption
will be at par on December 14, 1926. They should be
presented for payment at the offices of Lee, Higginson &
Company, either in Boston or inNew York. Attention is
called to the fact that these bonds will cease to bear
interest on December 14, their maturity date. As a result
of the operation of the sinking fund over a period of years
all bonds comprising the 1926 loan except those affected
in this call have been redeemed before now. Outstanding
are 19 bonds of $50 each, 12 bonds of $500 each, 308 of
$1,000 each, and 18 bonds of $5,000 each.
Purchase of Argentine National 6% Gold Bonds for Sinking
Fund.
J. P. Morgan & Co. and the National City Bank of New
York as fiscal agents have issued a notice to holders of
Government of the Argentine National external sinking
fund 6% gold bonds due June 1, 1959, to the effect that
$239,293 in cash is now available for the purchase for the
sinking fund of such bonds of this issue as are tendered
.
and accepted for purchase at prices below par. Tenders
of the bonds with coupons due on and after June 1, 1927,
should be made at a flat price, below par, at the office of
J. P. Morgan & Co., or at the principal office of the
National City Bank, 55 Wall Street, New York, prior to
3 P. M. January 3, 1927.
2843
from New
Singapore, Straits Settlements, Dec. 3.—The announcement
United States
York of the formation of a rubber-buying pool in the
a pound.
caused the commodity to rise today on the local market 154 centssympathy
London, Dec. 3.—Rubber hardened fractionally today in
with the news from Singapore of a rise there.
Ceylon Opposed to Rubber Restriction Under Stevenson
Plan.
Associated Press advices from Colombo, Ceylon, yesterday, December 3, said
Opposition to Great Britain's restriction of the rubber output in
developed
her rubber producing areas, under the Stevenson plan, has
motion
in the Ceylon Legislative Council, which has under debate a
expressing dissatisfaction.
The motion reads: "This Council is of the opinion that Ceylon should
in
now stand out from rubber restriction, the readjustment of which,
the Secretary of State's recent instructions, is uneconomic for Ceylon."
In comment the Associated Press stated:
Although by far the greatest proportion of British rubber output comes
45,350
from Malaya, Ceylon produces about 20% of the total, turning out
tons of rubber in the last fiscal year. During the same period Malaya
produced 200,250 tons.
On .October 30 the standard of production of rubber, which could be
exported from Ceylon and Malaya at a minimum rate of duty, was reduced
from 100 to 80% for the quarter beginning November 1. The reduction
was directed because the average price of rubber for the preceding
quarter was below 21 pence, the price set under the Stevenson plan.
Investigation of Credit Situation, with Particular
Reference to Purchases of Automobiles on Installment Plan Undertaken by Group of Bankers.
Believing that there is a real danger in the over-extension
of credit through sales on the deferred payment plan, which
now amount to more than $7,000,000,000 annually, a group
of bankers, among whom, it is stated, are representatives of
prominent Stock Exchange firms and commercial credit
houses, have undertaken an investigation of the entire credit
Formation of $40,000,000 Pool by American Interests to situation with particular reference to the automotive indusStabilize Rubber Prices.
try, in which close to 75% of all sales are made on the inThe formation of a $40,000,000 pool by American rubber stallment plan. This was announced on Nov. 29 by Clarmanufacturers in co-operation with the automobile indus- ence Y. Palitz, President of the Credit Alliance Corporation,
try, with( the view to stabilizing the price of rubber, was who is now compiling the results of the survey. Taking as
announced on December 2. Charles B. Seger, president of a basis the income tax statements for the past year, which
the United States Rubber Company issued a statement show that 43,000 persons earned from $9,000 to $10,000 annusaying:
ally, compared with 2,350,000 with incomes from $2,500 to
"For the benefit of American consumers, rubber and automobile manu- $3,000, Mr. Palitz estimates that there are 550 individuals
facturers will co-operate in the crude rubbed market for the purpose of
cash to spend for purchases outside their improtecting American manufacturers against unreasonably high prices." with $200 in
De- mediate needs for every one who has $1,000. The deduction
The New York "Journal of Commerce" yesterday,
cember 3, carried the following information relative to the Is obvious, he says, that the greatest potential development
movement:
within the existing market is through the extension of
The $40,000,000 combine here plans buying crude rubber in considerequally obvious, he adds, that the terms of
as a measure against artificial regulation credit. It is
able quantities in world markets
credit must be placed on "a sound and economic basis rather
the restrictive measures of the British Government.
and
A group of rubber companies, which includes United States Rubber, than the haphazard and unscientific footing on which they
Goodyear, Goodrich, Firestone, Fisk, Kelly-Springfield, Ajax and several
cases." He adds:
manufacturers, which includes General are now situated in far too many
others, and a group of automobile
Motors, Willys-Overland, Dodge Bros., Packard and Studebaker, are
among the companies which have joined forces to forestall any efforts
on the part of those in control of the crude rubber market to artificially
advance prices through restriction, as has been done in the past.
$30,000,000 to be
According to present plans about $30,000,000 worth of rubber will be
purchased out of stocks in London, Singapore, New York and the Dutch
East Indies markets. A huge fund to finance this undertaking will be
built up in the following manner: The companies will enter into a contract arrangement whereby each pays in at a stated period an assessment
based on the price of the commodity. These purchases will be financed
by banks. A single purchasing agent, the General Rubber Company,
will be assigned to make the purchases. At no time will any particular
member of the buying pool be called upon to finance the rubber purchases
alone.
In the event the market for crude advances through the application of
the restriction plan, quantities of rubber from the pool will be gradually
released upon the market to adjust the situation. At these times the
commodity also will be released to the manufacturers who are members
of the combination.
Three Banks Appointed.
Automobile companies were invited to become members of the combecause their interests are involved, although it was stated that
bination
the rubber companies themselves felt they would make their plan successful without the co-operation of the motor manufacturers.
Financing of the paper involved in these rubber exchanges, it was said,
will be taken charge of by the National Bank of Commerce. This paper
is expected to have wide distribution throughout the country.
The three banking institutions appointed to handle the financing of this
undertaking are the Chase National Bank, the National Bank of Commerce and the International Acceptance Corporation. Their part in
negotiations was confirmed by officials of the institutions yesterday in
interviews with representatives of The journal of Commerce.
F. R. Henderson, President of the New York Rubber Exchange, said
it was hoped that the move would be a step in the right direction and
that it might well materially assist in approximating stabilization in rubber rice, according to the Associated Press. The announcement, he exMined, was a surrise to importers and dealers, as well as traders on the
exchange. It was followed by a brisk rally in prices of rubber shares
and futures.
spent
more than
To-day, with more than 1,500 organized finance companies and
2,500 individuals dabbling in the finance business, the dealer's endorsement
elimIs no longer required in most cases, the reserve or margin has been
far
inated, and the less conservative finance companies have proceeded
manufacturer
beyond the limits of safety and are carrying the bag for both
a sound situation, even for the
and dealer. Strangely enough, this is not
manufacturer or dealer. The dealer should endorse his paper and should
be responsible for prompt payment on the part of his customers. The manufacturer must play his part and assume his proper share of responsibility
for his product. The finance company must retain a reserve, which acts
as a guarantee of service on the part of the dealer whose profit is tied up
until the entire purchase price of the article has been paid.
The financing on deferred payment of luxuries and other perishable
articles is fundamentally unsound. Clothing, jewelry, tires and many other
articles of merchandise have no place in the business of the conservative
finance company. Such high pressure sales methods are not only uneconomical, but have atvery bad effect on the conservative and well-managed companies who confine themselves to the financing of earning utilities, productive machinery, equipment and automobiles, and such other articles as
have in themselves an economic value, and a term of existence that can
properly be adapted to the deferred payment plan.
Provided all factors are given due and proper consideration, the deferred payment business is unquestionably sound. It means compulsory
saving and the habit of thrift once acquired is a very real asset to any
community. It is the abuses of the practice rather than the practice itself
which is harmful. The sale of Liberty bonds on deferred payments was a
very vital factor in our war-time financing. The sale of earning and
productive machinery on deferred payment has made for real progress in
our industry, and the railroad equipment trust certificates which is deferred payment on a very large scale to-day, is considered among the soundest securities the market has to offer.
The bankers who are interested in this analysis and who are to make its
results public are fully aware of the dangers surrounding it. We are convinced that these dangers are not inherent in the policy itself, but are
entirely due to abuses of the practice and to over-competition among finance
companies. The theory itself is sound, possibly far more sound than the
ordinary open account basis of credit, but it is its very soundness that has
lulled many people into a sense of false security.
Cotton Problem Discussed at Meeting in Chicago
Dec. 1 and 2 of Agricultural Commission of
American Bankers Association.
Pool Action Lifts Rubber in Singapore and London.
Permanent solution of the cotton problem, methods for
The following Associated Press advices were reported
In the New York "Evening Post" of last night, December combating the ravages of the corn-borer, and other pressing
problems of agriculture, were the subjects of discussion
3:
2844
THE CHRONICLE
at a meeting of the Agricultural Commission of
the American Bankers Association held in Chicago Decem
ber 1 and 2.
Burton M. Smith, President of the Bank
of North Lake,
North Lake, Wisconsin, is Chairman
of the commission.
The first day's sessions, morning and
afternoon, were
held at the First National Bank of Chicag
o. Those in attendance were the guests of Melvin
A. Traylor, President
of the bank and President of the Americ
an Bankers Association, at the Mid-Day Club for lunche
on, and were also
the guests in the evening of Mr. Traylo
r at the Stock Yards
Show. The second day, Thursday, Dec.
2, the meetings were
held at the Stock Yards National Bank,
Chicago, where
the members were the guests at lunche
on of President
S. T. Kiddoo of the bank.
The subjects assigned the membe
rs of the commission,
who are bankers appointed to represent
each Federal Reserve district, were as follows:
[VOL. 123.
it will inevitably influence thought in
the various countries where a solution is most desired.
The spirit here has been one of utmost
co-operation. Here was manifested a strong desire to bring together
the
questions which are so vital to the preserva thought of the world on these
tion of peace and the promotion
of general prosperity.
Production in the United States is
inevitably benefited by anything
which improves the purchasing power of
be organized on a better basis Europe Europe. If European business can
will become an even greater consumer of our products than a competitor.
There is no reason for the United
States to fear European prosperity. On
the contrary, the greatest American prosperity is bound up with that
of our greatest consumer.
The agenda of the conference, in the
raw materials, not only has particular item touching the distribution of
interest to the United States from
the viewpoint of our consumption of
such staples as rubber and coffee,
which are controlled by the producing
Governments, but also from the
point of view of our exportation of cotton
and wheat. It is highly desirable that the producers of these products
be
conference, where they will inform themselv represented at the coming
es as to the conditions and
restrictions concerning their products in
European and world markets and
discuss with representatives of the consume
rs
ing conditions and removing or easing those the possibility of amelioratrestrictions.
Charles M. Smith, President Marble Savings
Bank, Rutland, Vt., representing the Boston Federal Reserve
Burton M. Smith on "Alfalfa vs. Timot
District, "Forestry and Reforestation."
hy."
William K. Payne, President Cayuga
At the meeting in Chicago Dec. 1 of
County National Bank, Auburn,
N. Y., representing the New York
the Agricultural
Federal Reserve District, "Co-operative Commission
Buying of Feed, Supplies, Etc."
of the American Bankers Association,
Burton
Charles IL Laird Jr., Vice-Preside
nt West Jersey Trust Co., Camden, M. Smith, President of the Bank of North Lake, Wis.,
N. J., representing the Philadel
phia Federal Reserve District, "Handling Chairman of the Commission,
spoke on "Alfalfa versus
Perishable Food Products."
Timothy." He said:
R. D. Sneath, President Commercial National
Bank, Tiffin, Ohio, repreIn those States bordering on and ease of
senting the Cleveland Federal Reserve
the Mississippi River is located
District, "What Federal and State 76%
of our dairy cattle and 56% of all cattle,
Governments Are Doing to Control the Corn
Borer."
animals. Here is where 95% of all the poorest including dairy and beef
J. E. Cox, President Commercial National
feeding
Bank,
resenting the Richmond Federal Reserve District, High Point, N. C., rep- grown. This is the great timothy region and timothy hay In America is
is one of the
"Balancing Agriculture producing and
and Industry."
feeding hays for dairy and general llvestoc purpose poorest
k
s. We
find only 14% of the acreage of the richest
H. Lane Young, Executive Manager Citizens
and highest yielding hay known
& Southern Bank, Atlanta, in all the
Ga., representing the Atlanta Federal Reserve
world, alfalfa. This great dairy land is
District, "Diversification and acres
growing 28,000,000
the Cotton Problem."
practically all timothy. Of the kind of hays that
put milk in the pall
and dollars in the bank, that build up the land
Burton M. Smith, President Bank of North
instead of
Lake, North Lake, Wis., rep- that
are most needed for a profitable livestock agricult wearing it down,
resenting the Chicago Federal Reserve District,
ure, this great dairy
"Alfalfa Versus Timothy." land
F. C. Dorsey, Vice-President Liberty Insuranc
grows
e Bank, Louisville, Ky., of alfalfa. but 3,000,000 acres of good clover and a million and a half acres
representing the St. Louis Federal Reserve
We cannot have a situation like this without
District, "Economy of Water and
paying the penalty,
the penalty is the enormous feed bill that
Transportation."
confronts our dairymen.
New York State, second greatest dairy
Fred A. Irish, Vice-President First National
State. has a feed bill of $83,000,000
Bank, Fargo, N. D., repre- annuall
senting the Minneapolis Federal Reserve
District, "Need of Optimism as land y; Pennsylvania, the sixth dairy State, $52,000,000: the New Engto Land Values."
States, $35,000,000; Wisconsin,
pay for not growing the protein needs$28,000,000. This is the price we
P. W. Goebel, Chairman of Board Commerc
of our livestock on the farm. By
ial National Bank, Kansas alfalfa
City, Ran. representing the Kansas City
the
Federal Reserve District, "Freight one-half cost of this valuable element In the ration can be reduced from
Rates and Farm Prosperity."
to one-third the amount now paid for It
'
in the form of purchased
feeds. The time has come to eliminat
P. B. Doty, President First National Bank,
e the heavy drain
Beaumont, Texas, represent- farm profits.
ing the Dallas Federal Reserve District,
This can be done by alfalfa, the hay crop of the feed bill on
"The Cotton Situation in Texas."
that produces the
most. Is richest
C. C. Colt, Vice-President First National
Bank, Portland, Ore., repre- ment, drought in feeding value and gives the greatest returns in soil enrichsenting the San Francisco Federal Reserve
District, "The Lumber Situation problem is to resistance, weed eradication and dollars and cents. The
as Affected by the Orient."
increase our million and a half alfalfa acres
to ten.million_or
more.
The
subjects which the members of the Adviso
ry Council
of the commission, composed of leadin
g agricultural educators, presented, are as follows:
Cotton Growers Given Eighteen Month
s to Pay According
to F. F. Davis of Federal Intermediate Credit
Bank
F. D. Farrell, President Kansas Agricult
ural College, Manhattan, Kan.,
of New Orleans.
"County Development of the Banker-Farmer
Movement."
The following is from the New Orlean
W. R. Dodson, Dean College of Agricult
s "Timesure, Louisiana State University,
Baton Rouge, La., "Permanent Solution
Pecayune" of November 27:
of the Cotton Problem."
H. L. Russell, Dean College of
Agriculture, University of Wisconsin,
Madison, Wis., "High Spots in the World
Agricultural Situation."
D. H. Otis, Madison, Wis., Director
of the
speak on "'48' Varieties of Banker-Farmer Agricultural Commission, will
Work."
The following were also invited to
attend the meeting: W. M. Jardine, Secretary of Agricu
lture; Thomas R.
Preston, President Hamilton National
Bank, Chattanooga,
Tenn., and First Vice-President Americ
an Bankers Association; Craig B. Hazlewood, Vice-Presi
dent Union Trust Co.,
Chicago, Ill., and Second Vice-President
American Bankers
Association; Fred N. Shepherd, New York,
Executive Manager American Bankers Association; Dr.
Walter Lichtenstein, Executive Secretary First National
Bank, Chicago,
Ill., and Rev. L. N. Zirbes, North Lake, Wis.
League of Nations Economic Conference Seen as
Possible Aid to Cotton.
Thomas Walter Page, American expert on the Leagu
e of
Nations Preparatory Economic Committee and former Chairman of the United States Tariff Commission, on Nov.
20
said that American participation in the international economic conference not only will be of eventual aid to our prosperity but will be of immediate aid to Western farmers and
Southern cotton planters in solving their difficulties. A
Geneva cablegram Nov. 20 (copyright) to the New York
"Times" is authority for this, the account quoting Mr. Page
as saying:
The attitude of the American Government should be as sympathetic and
helpful as possible. In the future conference, as in the present deliberations, it is intended to Ignore political considerations and direct the discussions to the causes of the present economic hardships from which all nations
of Europe are suffering. The experts who have been working here were
selected without political consideration, but with consideration of their
ability to advise with their colleagues.
Immediate results in the form of radical changes in legislation or even
modification of general policies are not to be expected. But from the
conference will develop I strong opinion regarding the remedy, which will
be backed by the authority of people who are best qualified to express an
opinion, and also by the facts on which intelligent opinion ought to be
based. If the consensus of opinion of that character can be given expression
Refutation of rumors that the Federal Intermediate
Bank of New
Orleans would require payment of the obligations of
the Louisiana
Farm Bureau Cotton Growers' Co-operative Association strictly
at maturity, thereby forcing sales to the disadvantage of the
members who
are shipping cotton to it for holding, was made unequivo
cally Friday in
a letter from T. F. Davis, president of the bank, to N. C.
Williamson
of Milliken, La., President of the association.
In his letter to Mr. Williamson, Mr. Davis declared that
such a fear
is "absolutely groundless," in view of the express purpose
and duty of
the bank to permit the holding of cotton for as long as
eighteen months
if necessary.
The letter was as follows:
"Dear Mr. Williamson:
"This bank has learned with regret that some of the
Farm Bureau Cotton Co-operative Association are not members of the
shipping their
cotton to that association because they fear that this bank
will require
payment of the association's strictly at maturity and
thereby force sales,
greatly to the disadvantage of its members.
"I cannot imagine how such an idea arose, and pronoun
ce it absolutely groundless.
"So far from taking such a position, I may say that at a
ference in Washington the Federal Intermediate Credit recent conbanks were
authorized by the Far Loan
Board to permit the holding of
as long as eighteen months, if that time should be necessar cotton for
y
orderly marketing and the farmer's getting a living price for to insure
his cotton.
"The Federal Intermediate Credit banks were created to
meet such an
emergency as exists at present in the cotton industry. The
law specially
confers upon them the duty and privilege of lending
to
ciations to enable them to carry the cotton of their co-operative assomembers for such
period as may reasonably be required to meet the above
-named purposes,
and under that duty and privilege we are ready
to back the Louisiana
Cotton Co-operative Association to the limit. Very
truly yours,
"The Federal Intermediate Credit Bank of New
Orleans,
T. F. DAVIS,
"President.
H. Lane Young Before Meeting of Agricu
ltural CommisAmeric
sion
of
an Bankers Association Tells
How
Georgia Gained Independence of Cotton
.
Cutting down cotton output in Georgi
a over half a
million bales annually in ten years, while
other products
have been greatly expanded, dairying
alone growing over
four thousand per cent in six years,
has partly solved the
cotton problem for that state, H. Lane
Young told the
meeting of the Agricultural Commission
of the American
Bankers Association at Chicago on Decem
ber 1. "The
DEC. 4 1926.]
THE CHRONICLE
2845
sent a list of these into the office of the Agricultural Commission. As
an aid in carrying out this program, the Agricultural Commission of the
A. B. A. has prepared a folder which is furnished in such quantities as
may be desired by the chairman of the State committee to send out to
his key bankers. This folder outlines the duties of the key banker and
gives illustrations how he can function effectively.
In order that bankers may become better acquainted with agricultural
conditions in their State and their community, a few States have inaugurated banker-farmer tours. Pennsylvania has led the way on the
banker-farmer tour, having held its fourth tour the past year. New
Jersey and Kansas have had county-wide work that has been very successful. The Kansas county tour was an outgrowth of development of
county key banker work, and included a visit to farms selected by
the past season produced 19,304 carloads of watermelons, the
Georgia
bankers that had been carrying on demonstrations in the liming of soil
17,460 cars of peaches, 100,000,000 pounds of peanuts, 2,070,000 galthe growing of alfalfa. There were over 700 people on this tour.
lons of syrup, five million pounds of pecans, nine million bushels of in
Another method of getting bankers acquainted with agricultural consweet potatoes and $12,000,000 worth of tobacco. We have also made
Is through the banker-farmer short course. This consists of one
considerable progress in dairying, making an increase of 4344 per cent ditions
two day courses, usually at the agricultural college. A program esin the past six years. When we bear in mind also that Georgia's cot- or
pecially prepared for bankers is given by the college. Usually the program
ton area in 1925 was only 3,589,000 acres against 5,220,000 for 1919,
carried out in the form of demonstrations or field tours, with the view
you can realize that the farmers, and business men have been en- is
the bankers what can actually be accomplished by utilizing
deavoring to get away from the one crop system producing only cotton of showing
information that is now known when applied in a scientific manner
as a main crop. Ten years ago we were producing far more than the
problems of the farm. Sometimes the short course idea may be carried
two million bales of cotton, while this year, although the crop has been to the
out in connection with a group meeting, the college of agriculture arranging
unusually good, we will produce only 1,500,000 bales.
to appear on the program with one or more demonstrations as part of
the group program. There have been 15 States that have held banker
farmer short courses and several of these have held them for the second
Spain Establishes Cotton Commission.
year.
An Associated Press cablegram, from Madrid, December
Holding the State convention at the agricultural college is a recent
1, was published as follows in the New York "Journal of development and deserves special mention. There are now seven States
that have held their convention in this manner and have allotted to the
Commerce":
agricultural college a portion of the program. This has the advantage
A national commission has been established with the object of of being something new and different. It gives the bankers of the State
promoting the cultivation of cotton so as to render Spain independent an opportunity to come in contact with the college, which in many inof foreign planters.
stances they have never visited before. It gives them a chance to get
Bonuses and prizes amounting to 150,000 pesetas ($83,000) will be in touch with the agricultural problems of the State, and learn of some
distributed next yearr for the purchase of American cotton cultivat- of the methods that are being worked out by which agricultural coning machinery. Premiums will be awarded for successful propaganda ditions can be improved along sound, economic lines. It helps them to
work and for the best results produced by growers.
understand better what is sound and what is unsound in agricultural
A jury of experts will decide the awards and in exceptional ,cases practice. It helps them to act more intelligently in the handling of farm
ifi
propose additional recompense.
loans, and encourages them to make loans on the basis of income rather
than assets. They also make contacts with the dfferent instructors and
future correspondence on problems that may arise in
paves the
Russia Buying Cotton Takes 290,868 Bales From America connection way for
with dealing with farm patrons. Incidentally the meeting
In Fiscal Year.
at the agricultural college is a good thing for the convention itself. It
types of entertainment
The following is from the New York "Herald-Tribune" usually draws a larger attendance and the different
furnishes a diversion that is appreciated by most bankers.
of December 2'
It will thus be seen that out of 48 varieties of banker-farmer work it
Russian purchases of American cotton totaled 290,868 bales, valued is possible to form groups of interests that can perform team work in
at $38,625,000, during the Russian fiscal year ended October 1. carrying out a constructive program.
These figures appear in a printed report of American-Russian Chamber of Commerce, of• which Reeve Schley is president, and show total
purchases made by the All-Russian Textile Syndicate in Europe, as Liverpool Cotton Association Decides Against Two-Year
well as in the United States.
Trading Plan in American Cotton Futures.
In the same period 60,262 bales of Egyptian cotton valued at
At an extraordinary meeting of the Liverpool Cotton As$15,965,000 and 57,800 bales of Turkish and Persian cotton valued at
$7,210,000 were bought abroad by the All-Russian Textile Syndicate. sociation on Nov. 22 the proposal to extend trading in
meager start we have made in Georgia in diversified farming has within itself solved the cotton problem in the diversified farming communities, but in communities where
diversification is not being followed the cotton growers are
suffering just as all one-crop growers always have and
always will," said Mr. Young, who is Executive Manager
of the Citizens and Southern Bank, Atlanta, Georgia, and
member of the commission for the Sixth Federal Reserve
District. He continued:
Forty-Eight Varieties"of Banker-Farmer Work, According to Dan H. Otis, Director Agricultural
Commission of A. B. A.
In an address before the Agricultural Commission of the
American Bankers Association at Chicago on Dec. 1, Dan
H. Otis, Director of the Commission, called attention to
the fact that there are 48 varieties of banker-farmer work,
but said, "Despite this tendency to variation, it is surprising to find how well the various officials and members
of agricultural committees can get together and correlate
the banker-farmer work into constructive programs." We
give herewith what he had to say:
There are reasons for 48 varieties of banker-farmer work. In the first
place, there are 48 State bankers associations, with 48 Presidents, whose
tenure of office is for one year only. These presidents appoint agricultural
committees of the State associations with varying notions as to the significance and importance of agricultural relationships. These presidents
appoint different types of men on the agricultural committees. There
are also 48 secretaries. Some of these give their full time to association
work, others only part time, and still others are "honored" with the postion
and give what time they can spare from their regular bank business.
Naturally these secretaries have different conceptions as to what an
agricultural committee is for and what these conunittees might do in the
way of encouraging or stimulating greater interest in farming. The
committee members themselves vary and possess different notions as to
what projects are suitable for banker-farmer activities and as to how
far these should be carried on by bankers. This variation exists among
members of any given committee, depending upon their early training
and experience and present contacts with the farming problems. These
variations are amplified as we pass from one State to another, and from
•
one section of the country to another.
Despite this tendency to variation it is surprising to find how well the
various officials and members of agricultural committees can get together
and correlate tho banker-farmer work into constructive programs. There
are now 46 States that have determined definitely upon projects suitable
for the respective States, and approved by the agricultural colleges of
those States. These programs have been printed and mailed to the banks
of the respective States. Some fine responses have come as a result of
this effort and important contacts are now being made between the county
agents and extension forces of the colleges of agriculture as a result of
this project undertaken.
In developing the project work and in the follow-up work necessary
to make it effective, there has been developed what is commonly known
as "the county key banker." This county key banker represents the
agricultural committee of the State bankers association for his county.
In co-operation with the county agent and other organizations interested.
he calls a meeting of the bankers of the county or makes a visit to the
banks in company with the county agent, discovers what each bank is
working upon and encourages the carrying out of one or more projects
recommended by the State committee. He is expected to make annual
reports on the progress of the banker-farmer work in his county. There
are now 26 States that have appointed county key bankers and have
American cotton futures to two years instead of one was
rejected. According to the Associated Press advices from
London, Nov. 24, there will be no poll on the proposal, the
decision of Monday's meeting of the Cotton Association defeating the proposal being final. From the "Evening Post"
of Nov. 24 we take the following:
Munds Sz Winslow of this city received the following cable message today: "Poll withdrawn; illegality upheld."
The firm in a statement added: "This refers to the poll ordered yesterday on the proposition of extending trading in futures over a period of
24 months, instead of 13 months as at present, and would seem to indicate
the defeat of this plan."
Secretary Jardine Says Definite Adjustment of Cotton
Acreage Needed.
A discussion of. the cotton situation took place on Nov. 27
between a representative cotton farmer and Secretary of
Agriculture Jardine in the latter's office in Washington,
and was relayed to cotton-growing communities. Secretary
Jardine agreed with his visitor that while the present predicament in the South is largely due to the overproduction
of cotton, the real remedy rests in securing the co-operation
of bankers and merchants in promoting a safe farming
policy in the South. The discussion brought out the fact
that cotton production during recent years has increased
from around 33,000,000 to almost 48,000,000 acres; that with
one-fourth less acreage than was planted last year the
world's requirements for American cotton could be supplied.
The Secretary was heard to say further that "we must convince the banker that the cotton farmer is an unsafe man to
do business with if he continues to grow cotton and little
else. A banker or merchant who will not actually encourage
his customers to grow the necessary food and feed required
for farm and home use and a little of something to sell, has
adopted a short-sighted policy.
"We must learn how to adjust production to market &mond," said the Secretary. "But, in reducing acreage, we
must adjust the program to the circumstances of the individual farmer. It would be unwise and dangerous in most
eases for cotton farmers to turn entirely or even largely to
other cash crops, but no farmer can go wrong, he said, by
providing home-grown products for his family and farm
live stock and have a little something to sell besides cotton.
2846
THE CHRONICLE
If every farmer in the South will be sure
to do this much
next year, an average of 25% reduction in
cotton acreage
will probably result. The whole problem of
adjusted production," said the Secretary, "rests in
the hands of the
merchant and the banker, working in
close touch with the
farmer and our Federal and State agricul
tural institutions."
Secretary Jardine then explained how
the President's
special cotton committee, organized to
perfect a plan for
taking care of the immediate situation
of surplus cotton,
sought and received splendid co-operation
from the bankers
of the South in the formation of cotton
credit corporations.
These credit corporations are ready to
make loans on cotton,
and then to see that the surplus is market
ed in an orderly
manner. They provide a means of
advancing cash to the
farmer who takes his cotton to a wareho
use and receives a
receipt for it. The corporations will
succeed, said the Secretary, if Southern farmers get behind
them.
The vital part which the co-oper
ative marketing associations are destined to play in solving
the problem was emphasized by the Secretary, but he also
stressed the necessity
for more farmers to become member
s of such organizations.
[VOL. 123.
CALL LOANS ON THE NEW YORK STOCK EXCHA
NGE.
Nov. 29—Renewal, 5%; high, 53-%: low, 3%;
last. 5.35%. Seasonal demand brought about advance to 5 % but with ample
supply
at rate.
Nov.30—Renewal,
%; high, 535%; low, 5Yi %; last. 54%. Moder
ately active day. Increasing of rate to 33i% attractin
g a plentiful supply.
Dec. 1—Renewal, 53%; high, 5Y4%;
low, 5%; last. 5%. Corporate
disbursements brought about'large offerings
, causing reduction
in rate to 5%•
Dec. 2—Renewal.5%;high,5%;low,43 %;
,
6
last,435%. Moderate turnover; accumulation of money offered brought
about reduction
In rate.
Dec. 3—Renewal, 435%; high,
%;low, 434%; last, 435%•
Average
volume; featureless day.
Statements of previous weeks have appeared weekly
in
our issues since July 10; last week's statement will
be found
on page 2726 of our issue of a week ago.
Re-election of Robert H. Treman and Theodo
re F.
Whitmarsh as Directors of New York Federa
l
Reserve Bank.
Robert H. Treman and Theodore F. Whitmarsh,
whose
terms as directors of the New York Federal Reserv
e Bank
expire Dec. 31, have been re-elected. Annouc
ement is
Representative Dickinson Opposes Creati
on of Business made as follows by Pierre Jay, Chairman of the Bank:
Men's Commission on Agriculture—
Fears FilibusRESULTS OF ELECTION OF DIRECTORS.
tering Against Passage of Farm
Relief Bill.
To all Member Banks in the Second Federal Reserve District:
In protesting against the action
of the National IndusThe election by member banks of Group 2, Second
Federal Reserve
trial Conference Board and the Chambe
r of Commerce of District, of two directors of the Federal Reserve Bank of New York, has
resulted in the choice of Robert H. Treman of Ithaca,
the United States in creating a Busine
N. Y., as a Class A
ss Men's Commission director, and Theodore F. Whitmar
sh of New York, N.
on Agriculture (which is to be under
the chairmanship of director, each for a term of three years from Jan. 11927. Y., as a Class B
Charles Nagel), Representative Dickinson
The total number of votes cast for each of the candidat
es is as follows:
of Iowa (Republican) warns that failure to enact farm
Class A
Class B Director.
relief legisla- Robert H.TremanDirector.
218 Theodore F. Whit:marsh
tion might result in a disturbance of the
219
political complexion Charles Van Winkle
18 Frank D. Clearman
17
of the nation. In a statement issued on
Nov. 28 he indiTotal number of votes cast.. _ —238
cated that he was disposed to believe
Total number of votes cast_ — _238
that the joint comVery truly yours,
mission "is not to get more information,
but to filibuster
PIERRE JAY, Chairman.
against passage of a genuine farm relief
bill at the approaching session of Congress." The New York
"Herald Tribune" Democrats
to Introduce Bill Providing for $350,000,000
In advices from its Washington Bureau
Nov. 28 gave the
Tax Reduction.
following regarding Representative Dickins
on's criticism of
Based on an agreement reached between Represe
the appointment of the commission:
ntative
Garner of Texas, minority member of the House
Reports that the Administration plans a
compromise farm measure and
Ways and
that it will have the backing of interests
that are projecting the new com- Means Committee, and Senator Simmons, Chairman
of the
mission of business men, have aroused Mr.
Dickinson, as well as a number Senate Finance Committee, a
bill will be introduced in the
of other agricultural members of Congress,
and they will fight a compro- House
mise. This in part is the cause of Mr.
next week providing for a reduction in taxes of approx
Dickinson's statement.
"Farmers know their own conditions
and what they need better than the imately $350,000,000. At a meeting on Dec. 1 Democr
atic
United States Chamber and the
Industrial Conference Board can possibly members of the House
Committee on Ways and Means
know them," said Mr. Dickinson.
"A simple illustration will show what I
mean. Congress has for quite a while
authorized Representative Garner to introduce the proposed
been wrestling with a bank bill involving branch banking and the re-charter
of the Federal Reserve banks. measure. Announcement of this was made as follows:
The banking and business worlds are
keenly interested in this measure and
not quite agreed on its terms. Suppose
they should compose their differences and agree upon a bill and Congress was
ready to pass it. Imagine the
amazement and indignation of the United
States Chamber and the Conference Board at that moment if the American
Farm Bureau and the American Cotton Growers' Exchange should
announce the appointment of a 'farmers' commission on banking' to make
a survey of banking conditions and
formulate a national banking program.
Such a thing would not be more
improper and impertinent than the
announcement of these business agencies
that they are going to make a program
for farmers.
Resents United States Chamber's
Stand.
"The farmers fully appreciate the research
work done by the National
Industrial Conference Board and findings
with reference to agriculture, and,
on the other hand, they resent the active
opposition of the National
Chamber of Commerce to the farm relief
program because said organization
is now confessing that it made its decision
to oppose farm relief for agriculture without having practical knowledge of the
condition of agriculture.
Many business organizations have been for five
years diagnosing the complaint of the farmer, and, unless they make more
progress than they have
heretofore, the patient will be dead before the
disease is known or the
remedy prescribed."
The Associated Press accounts in indicating what
Representative Dickinson had to say, quote him as follows
:
I serve notice that even though the United States
is becoming "an
Increasingly industrial and commercial nation," the farmers
are not entirely
bereft of power. They can still vote. They are still an
absolute political
power in many States and an irresistible balance of power
in many others.
I pray that they may not be driven to the use of class political
power—but
there is an extremity of discrimination beyond which they may
not be
pushed without danger.
With his property values reduced, his crops made unprofita
ble, the purchasing power of his dollar below par, the farmer is not fool enough
to believe that these things are a visitation of Providence. He knows these things
are largely the direct outcome of manipulation and discrimination in economic and political policies of the nation which are effecting a redistrib
ution of wealth between classes, with himself the victim.
He is not going to keep quiet about it, and he is not going to stay at
home and slop the hogs while these eminent industrialists open headquarters in New York for another peripatetic questionnaire throughout the
country to find out how much some people don't know about the farm
problem.
At a meeting of Democratic members of the House Ways and
Means
Committee, Representative Garner of Texas, ranking minority member
of
the committee, was directed to write and introduce in the House
early
next week a tax reduction bill which would relieve taxpayers to the
extent
of approximately $350,000,000.
The action was taken on motion of Representative William A. Oldfield
of
Arkansas and received the unanimous vote of Democratic members
of the
committee present. The only absentee was Represen
tative Crisp of
Georgia, who is understood to approve the action of his colleague
s, as do all
other Democratic members of Congress now here who have been
approached
on the subject.
The motion under which Representative Garner Is drafting the
tax bill
provides, among other things, for a reduction in the corporat
ion tax, repeal
of the taxes on automobiles, admissions and dues and other so-called
nuisance taxes. The bill will be based on the agreement reached between
Representative Garner and Senator Simmons, Chairman of the Senate
Finance
Committee.
The corporation tax, which the 1928 tax bill fixes at 133i%, would
be
cut appreciably, probably to 11%. However, the exact rate of the
corporation tax was left subject to determination after further figures,for
which
the Treasury Department has been asked, are available.
It was the sense of the conference that the Treasury will have a
surplus
at the end of the present fiscal year approximating a half
-billion dollars,
that further relief to the taxpayers can well be afforded, and ought
to be
given without delay.
These reductions, it was held, will not only tend to correct discrimin
ations
In the present law, but will afford the greatest measure of relief
to the most
people of any tax legislation that can be passed at this time,
especially in
view of the fact that the corporaiton tax is not only an
unjust burden on
small corporations, but that 70% of the corporation tax is
passed on to the
consumers, and to that extent all of the people, would
benefit from the
corporation tax reduction.
Furthermore, the tax on small corporations is discriminatory,
in view of
their competitive relation to partnerships, which pay
under present law less
than half the tax exacted from small corporations.
The conference not only directed the early introduc
tion of the relief
measure, but voted to press for its early enactment, so
that immediate relief
may be given.
At the same time a statement was issued by Represe
ntative
Cordell Hull (Democrat) of Tennessee to the effect that
he
is of the opinion "that the present and prospective conditi
on
of the Treasury would permit substantial tariff tax reducti
on,
Call Money Market.
a permanent internal tax reduction of 1%
on corporations,
The following are the daily statements issued this week $100,000,000, and the repeal
of remaining temporary war
by the New York Stock Exchange regarding the call money taxes on automobiles, admissi
ons and certain other minor
market:
items aggregating $105,000,000, or a total of $205,000,000."
DEC. 4 1926.]
THE CHRONICLE
Secretary
Proposed Resignation of G. B. Winston as Under
of Treasury—Ogden L. Mills to Succeed Him.
Announcement that Garrard B. Winston has decided to
Treasury
retire early in 1927 as Under Secretary of the
that Ogden L. Mills, a member of the House of Repreand
sentatives from New York City, will be appointed to the
2,
post, was made orally by Secretary Mellon on December
the United states Daily which says, the date
according to
said,
for the change has been left indefinite, Mr. Mellon
will not be later than March 4 at which time Mr.
but
Mills' term in the House expires.
carrying out
Mr. Mellon explained that Mr. Mills was desirous of
centering in the
his work in connection with several legislative programs
and probably
Committee of Ways and Means of which he is a member
he has completed
will continue to remain in the House until he feels
private practice
that work. Mr. Winston, while anxious to return to the
secretary
of law in his home 'city, Chicago, has agreed to remain as under
the post
until circumstances make it possible for Mr. Mills to take over
in the Department of the Treasury.
Mr. Mellon said also that the Treasury administration has agreed on
a man to be named Assistant Secretary in charge of Internal Revenue,
or more as
but that an announcement could not be made for a week
vacant since
to the identity of the person selected. This post has been
the appointment of Judge McKenzie Moss, of Kentucky, to the United
States Court of Claims, July 13, 1926.
2847
and judicial functions'
position, can assume administrative, legislative
t Treasury has been
Moreover, the report points out, the Governmen
lacking to pay the judicial and police
so depleted that funds are at times
judicial systems is being
officials, and the uniformity of the new legal and
established in areas which
retarded because of the independent law courts
do not recognize the Peking Government.
ion of justice with
The Commission recommends that "the administrat
be entrusted to a judiciary
respect to the civilian population in China must
unwarranted interference
which shall be effectively protected against any
Government, whether civil or
by the executive or other branches of the
military."
tions regarding civil,
The Commission also makes detailed recommenda
laws which China has not
commercial, banking, bankruptcy and patent
courts, detention houses
yet established, and for the extension of modern
reasonable compliance with these
and prisons. But it states that "prior to a
have been carried out,"
recommendations, but after the principal items
carried out on a progressive
that the abolition of extra-territoriality may be
scheme.
New Laws Found Satisfactory.
the new laws codified by
The Commission's report states that in general
ion is upset by military
China are satisfactory, but that their administrat
which the Chinese military
forces. The Commission cites 11 cases in
miscarriage of justice.
authorities interfered in such way as to cause a
in China, the .
There are only 91 modern courts of the first instance
of the population. As
Commission found, or one court to every 4.400,000
the difficulty of transportaa result ofthis restricted number of courts, and
hands of the magistrates courts,
tion, most of the litigation of China is in the
of which there is one for every 300,000 people.
Reference to reports of the intention of Under Secretary
Winston to retire was made in our issue of a week ago,
page 2717.
sumAs to Part I, we quote as follows in part from the
mary given in the "United States Daily":
of the prac-
general aspects
Paragraphs 36 to 50 are observations on the
finds that while the
tice of extraterritoriality in China. The Commission
some modus vivendi whereby
system grew out of the necessity of devising
between China and the several
harmonious relations might be fostered
betwween Chinese and foreign
Powers, because of the profound difference
Report of Strawn Commission on Extraterritoriality legal and judicial conceptions, the Chinese have come to feel that the
upon the sovereign rights of
practice of extraterritoriality is a limitation
in China—Abolition of Extraterritoriality Dependis due to the growth of
China. The Commission finds that this feeling
Coment upon Reforms in Judicial System—
rapid expansion of foreign
nationalistic feeling in China, along with the
frequently into prominence the
mission's Recommendations.
interests in the country, bringing more
the Commission
In its report submitting recommendations to improve the anomalies of the present system. Among such anomalies
laws involved, pointing
lists the multiplicity of courts and the diversity of
existing conditions of the administration of justice in China, out, among other things, that the extraterritorial court in which a trial is
the Committee on Extraterritoriality in China suggests taking place has no jurisdiction over an alien plaintiff or witness; that the
counterclaim against an alien plainthat the abolition of extraterritoriality be delayed pending defendant is debarred from bringing acourts of several nationalities become
tiff in the same court,and that several
"reasonable compliance" with the proposed recommenda- involved when aliens of different nationalities are joined in a crime or a suit.
extraterritoral
tions. The Commission, authorized under Resolution V
The Commission comments on the inaccessibility of the
other inconveniences. It is
of the Washington Conference on Limitation of Armaments courts, which results in burdensome delays and before consular judges may
pointed out that the trial of cases
held in Washingtin in 1921, was called upon to investigate furthermore ry because of their lack, in many instances, of legal and
be unsatisfacto
of Judicial training, and of the conflicting nature of their administrative and
extraterritorial practice in China, to report its findings
in the fact that under most
facts and make recommendations "as to such means as Judicial duties.ofA further difficulty is found
ialityl n China appeals from the judgment of
the existing conditions of the systems extraterritor to the.courts beyond the territorial limits
they may find suitable to improve
the foreign courts must be taken
and someof the administration of justice in China, and to assist and ofChina,a situation which is obviously unfair to Chinese litigants under this
Commission finds that
foreigners.
of the Chinese Government to effect such times inconvenient forimmune fromThe operation of Chinese regulations
further the efforts
the
system foreigners are
legislative and judicial reformation as would warrant the Inasmuch as the courts of the several Powers in China apply to their nalimits, with or
several Powers in relinquishing, either progressively or tionals the same laws as those in force within their territorial the power to
modifications. The Commission points out that
to extraterritoriality." withoutsuch laws, without specific legislative authority in each case, is of
otherwise, their respective rights
modify
enforcement of Chinese
Representatives of 13 nations are signatories to the report, course, limited and does not usually extend to the to traffic, taxation and
of Chicago, Chairman of the Commission, subsidiary legislation (such as regulations relating
Silas H. Strawn
connection with
the press). Further difficulties present themselves in
signing in behalf of the United States. The other nations, persons of Chinese race born in foreign countries or naturalized in foreign
the
not recognized in China,
parties to the report, are Belgium, the British Empire, countries whose foreign citizenship is sanguinis and the principledue tosoli.
of jus
the Netherlands, Norway, difference between the principal of jus
Denmark, France, Italy, Japan,
the extraThe lack of arrangements for extradition between China and
Portugal, Spain, Sweden and China. The Chinese delegate, territorial Powers offers further dififculties, as does the fact that under
however, appended this reservation after his signature: extra-territorial practice the premises occupied by foreigners enjoying extrato their becoming places of
inviolable,
"By signing this report my approval of all the statements territorial privileges are are wanted which leads
by the Chinese courts.
refuge for Chinese who
contained in Parts I, II, and III is not to be implied."
Regarding the Commission and its report, a summary says
in part:
Persons Enjoying Privileges Classified.
The Commission finds that, according to statistics compiled for the year
1925 by the Chinese Maritime Customs,there were in China 254,006 persons
The Commission on Extraterritoriality in China, composed of represen- and 6,473 firms enjoying extraterritorial privileges, as against 83.235 pertatives of the United States of America. Belgium, the British Empire, sons and 1,270 firms not enjoying extraterritorial privileges. Of the total
China, France, Denmark, Italy, Japan, the Netherlands, Norway, Por- number of extraterritorial nationals,98.4% are Japanese, British, American,
tugal, Spain, and Sweden, was established in accordance with Resolution V Portuguese and French. 'The remaining 1.6% consists of the nationals of
and additional resolutions adopted by the Washington Conference on the all other Powers together. Of the five extraterritorial Powers specially
Limitation of Armament on Dec. 10 1921. It met in the city of Peking
of whom
mentioned in the foregoing, 87.4% are Japanese (the larger part
on Jan. 12 1926,and began immediately its inquiry into the present practice are in Manchuria), 6% are British, 3.8% are American, 1.4% are Portuof extraterritorial jurisdiction in China and into the laws, judicial system, guese, and 1.2% are French.
and methods of judicial administration of China.
Regarding Parts II and III of the report, the summary
The Commission held twenty-one full sessions, the last being on Sept. 16
1926, at which time a Joint report was signed by all of the thirteen com- says:
to the laws
missioners.
Part of the report, consisting of paragraphs 51 to 196, relates
The Chinese Commissioner, Dr. Wang Chung-hui, was elected honorary and judicial and prison systems of China. The commission comments
of the Commission. Silas H. Strawn, the American commission- upon the work accomplished by the Law Codification Committee which
President
er, was elected Chairman, and presided over its several meetings. G. Ch. was first set up toward the end of the Ching Dynasty and which has been
French
Toussaint, the French commissioner, was elected Vice-Chairman.
continued under the Republic with the assistance since 1914 of
A traveling committee was also appointed to carry out a tour of investi- and Japanese advisers. Comment is made upon the fact that since the
the courts, prisons and detention houses in the various provinces establishment of the Republic in 1912 the theory has been that the congation of
and of the working of the Chinese judicial system in general. This tour stitutional method of enacting law in China was by action of the China
the
lasted from May 10 to June 16.
Parliament. The commission finds that since the establishment of
On Sept. 16 1926 the commissioners were able to agree upon a report Republic three constitutions have at various times been declared to be in
of 166 pages, including introductory remarks and signatures. force, namely, the Provisional Constitution of 1912, the Constitutional
consisting
It is divided into four parts as follows:
Compact of 1914, and the Constitution of 1923. and each has in turn been
Part I. Present practice of extraterritoriality.
set aside. It finds that the last-named constitution was set aside by the
China.
Part II. Laws and Judicial and prison system of
Provisional Government which was established in October-November, 1924,
Part III. Administration of Justice in China.
and that the result is a state of Weeks which, from a constitutional point
Part IV. Recommendations.
of view, is vague and unsatisfactory.
In printing the summary, the "United States Daily" says:
Laws Made by Mandate.
Development of Chinese law, the Commission says, is handicapped by
In considering the laws presented to the commission as laws applied in
foreign courts in the treaty ports which use only their own national
the
far as it was able to
and regulations Chinese courts, the commission found that few, so
laws, and it is therefore recommended that Chinese lawsCommission also learn, were ever enacted or confirmed by Parliament in the method generally
be used in the foreign courts so far as practicable. The
constitutions, that in fact they have as their basis
by the several
recommended that the cases of Chinese defendants and foreign plaintiffs prescribed
with a foreign mandates of the President or orders of the Ministry of Justice, neither of
Should be tried in the modern Chinese courts rather than
which has, strictly speaking, any legal or constitutional authority to make
assessor present.
China have laws. The commission finds that altlkyugh the Chinese laws thus rest
The Commission also found that the reins of government in
of their powerful on presidential mandates and ministerial orders, they are in fact adnqn-.
fallen into the hands of the military'eaders, who, by virtue
2848
THE CHRONICLE
[VOL. 123.
istered, irrespective of the question, by the Chinese
conrt, and it points out
3. It should establish and maintain a
that from the juridicial point of view the laws
uniform system for the regular enappear to be regulations actment, promulgat
ion and recission of laws, so that there
applied with the force oflaw by the courts,but subject
may be no unto change ofrescission certainty as to the laws
at any time by their creators, the President
of China.
and Minister of Justice. The
4. It should extend thesystem ofmodern
commission then proceeds to a detailed
courts, modern prisons and moddiscussion, law by law, of the ern detention
houses, with a view to the elimination of
several laws submitted to it as being in force.
the magistrates'
courts and of the old-style prisons and
The judicial system is discussed by the
detention houses.
commission in paragraphs 118
5. It should make adequate financial
to 186, attention being given to the modern
provision for the maintenance of
courts, the transition courts, courts, detention
houses and prisons and their personnel
the magistrate's courts, the special court,the
.
military courts, the administraIII.—It is suggested that,prior to the
tive court, and the police tribunals.
reasonable compliance with all the
recommendations above mentioned, but
Paragraphs 187 to 196 comprise a discussion
after the principal items thereof
of the prison system as it have been carried
out, the Powers concerned
was found to exist by the commission.
Government, might consider the abolition , if so desired by the Chinese
of extraterritoriality according
Administration of Justice Discussed.
to such progressive scheme (whether
geographical, partial or otherwise)
Part III of the report relates to the very
important subject of the ad- as may be agreed upon.
ministration of justice in China. Paragraph
IV.—Pending the abolition of extraterrit
s
oriality, the Governments of
the discussion of this subject. In discussing 197 to 242 are devoted to the Powers concerned should
this question the commission
consider Part I of this report with a view to
points out that when the Republic was
meeting the observations there made and,
established in 1912 the modern
with the co-operation of the
legal and judicial systems of Ching
were in their infancy, having been Chinese Government wherever necessary, should make certain modificainstituted a few years before under the China
Dynasty by a group of public- tions in the existing system and practice of extraterritoriality as follows:
spirited Chinese whose work was continued
During the first few years of the Republic under the Republican regime.
Use of Chinese Laws Urged.
the Government organization
was fairly stable, but for the last ten years
1. Application of Chinese Laws—The Powers
the commission finds that there
concerned should adminishas been increasing disorder in China with
a corresponding decrease in the ter, so far as practicable, in their extraterritorial or consular
courts, such
'authority of the Central Governmenttogether
with an assumption of power laws and regulations of China as they may deem it proper to adopt.
by the provincial authorities. It finds that
2. Mixed Cases and Mixed Courts.—As a
from the autumn of 1924 until
general rule mixed cases bethe spring of 1926 the central executive
power was under the control of a tween nationals of the powers concerned as plaintiffs and persons
under
provisional government set up by the
military authorities. The com- Chinese jurisdiction as defendants should be tried before
the modern
mission furthermore points out that
Chinese courts (Shen Pan T'Ing) without the
since the autumn of 1917, the Chinese
presence of a foreign assessor
authorities in the Provinces of Kwangtun
g and Kwangsi have refused to to watch the proceedings or otherwise participate. With
regard to the
recognize the authority of the Central Governme
nt, while other provinces existing special mixed courts, their organization and procedure should,
at various times have since refused recognitio
as
far as the special conditions in the settlemen
n to that Government.
ts and concessions warrants,
The commission points out that in addition
to the lack of a controlling be brought more into accord with the organization and procedure
of the
Central Government there has been for several
years'almost continuous modern Chinese judicial system. Lawyers who are nationals
of extracivil warfare in the various parts of China.
territorial powers and who are qualified to appear
before the extraterritorial
The commission finds that under the republican form
of government set or consular courts
permitted, subject to the laws and regulations
up in China the matter of the government was left to Parliament, but that governing Chineseshould beto represent
lawyers,
clients, foreign or Chinese, in all
that branch of the Government has suffered disorganization,
mixed cases. No examination should be
the parliarequired as a qualification for
ments having been ephemeral in nature and having contribut
practice in such cases.
ed but little
to the legislation ofthe country. It finds that In consequen
ce of this state of
Would Correct Abuses.
affairs the matter of legislation has necessarily fallen largely on
3. Nationals of Extraterritorial Powers.—(a)
the PresiThe extraterritorial powers
dent, the Minister of Justice and other ministers, and
points out that the should correct certain abuses which have
arisen through the extension of
instability of the tenure of ministerial office bas rendered
the continuity of foreign protection to Chinese as well as to
business and shipping interests
legislative policy difficult.
the actual ownership of which is wholly or mainly
Chinese.
(b) The extraterritorial powers which do not
Protection for Courts Lacking.
now require compulsory
periodical registration of their nationals in China
The commission finds that among the many serious consequen
should make provision
ces resulting for such
from this disorganization there are a number which
registration at definite intervals.
have an important
4. Judicial Assistance.—Necessary arrangements
bearing upon the administration of justice. The commissio
should be
n finds in the regard
first place that the reins of government have fallen into
to judicial assistance (including commissions rogatoires made In
the hands of the the
) between
Chinese authorities and the authorities of the
military leaders who, by virtue of their powerful position,
extraterritorial powers
can assume at and
will administrative, legislative and judicial function,
between the authorities of the extraterritorial powers
thus tending to
themselves,e.g.:
(a) All agreements between foreigners
obliterate the line of demarcation between the executive
and persons under Chinese jurisdio, legislative and tion which
judicial branches of the government. In the second
provide for the settlement of civil matters by arbitratio
place the commission be
n should
recognized, and the awards made In
finds that the Government treasury has been depleted
pursuance thereof should be ento such an extent forced,
by the extraterritorial or consular courts
that funds are at times lacking with which to pay
in the case of persons under
the judicial and police their
jurisdiction, except when in the opinion
officials. In the third place it finds that the uniformit
of the competent court, the
y of the legal and decision
is contrary to public order or good morals.
judicial systems is being impaired because of the
independent laws and
(b) Satisfactory arrangements should be
courts established in areas which do not recognize
made between the Chinese Govthe Central Government. ernment
and the powers concerned for the prompt
And in the fourth place the commission observes that
execution of judgments,
the extension and pro- summonses
and warrants of arrest or search, concernin
tection of the new legal and judicial systems are
g persons under
being retarded.
Chinese jurisdiction, duly issued by the Chinese courts
Considerable space is given by the commission to
and certified by the
a recitation of facts competent Chinese
authorities and vice versa.
Indicating interference by Chinese military authoritie
s in the administration
of justice. Several cases are cited illustrating how
the military authorities
Uniform Taxation Recommended.
have taken the law into their own bands, have seized
individuals, and have
5. Taxation.—Pending the abolition of extraterritoriality, the national
executed them without trial. The commission states
its belief that it Is
of the powers concerned should be required to pay such taxes as may be
well within the range of moderation to state that
in China at the present
prescribed in laws and regulations duly promulgated by the competent
time there is no effective security against arbitrary
action by the military
authorities of the Chinese Government and recognized by the powers conauthorities with respect to life, liberty, or property,
in so far as such security
can be afforded by an effective functioning of
the Chinese civil and judicial cerned as applicable to their nationals.
authorities.
The recommendations as set out in Part IV follow:
Presidential Proclamation Increasing
Duty on Wood
Recommendations.
Alcohol from 12 to 18 Cents a Gallon.
Part IV of the report of the commission consist
entirely of recommendations to the governments. In making these
A proclamation issued by President Coolidge on Nov. 27
sion has gone farther than was required by recommendations the commisResolution V. but it has made increases the duty on methanol,
or synthetic wood alcohol,
them in an effort to correct the present abuses
which
territorial practice in China. The recommendations have arisen in extra- from 12 cents to 18 cents a gallon. The Presiden
t's action
divide themselves into
four parts. The first and second parts are addressed
to the Chinese Govern- was taken in accordance with the recommendation of the
ment and fall within the instructions contained
in Resolution V. The U. S. Tariff Commission and
was resorted to as a measure
third and fourth parts are addressed to the powers
enjoying extraterritorial
privileges by extraterritorial aliens in China and
suggest steps which may of protection for wood alcohol producers in the United States.
be taken by the several governments to correct them.
According to a statement issued by the President, the new
Part IV:'The commissioners, having completed their
investigations and rate equalizes, as far as is possible
having made their findings of fact as set forth in Parts I,
, "the differences in costs
II and III of this
report, now make the following recommendations.
of production in the United States and in Germany, the
The commissioners are of the opinion that, when these
recommen
competing country." The statement as given in
shall have been reasonably complied with, the several powers dations principal
would be the "United States Daily" follows:
warranted in relinquishing their respective rights of
extraterritoriality.
It is understood that, upon the relinquishment of extraterri
The Tariff Commission has completed an investigation of the domestic
toriality, the
nationals of the powers concerned will enjoy freedom of residence
and foreign costs of production of methanol (methyl or wood alcohol) to
and trade
and civil rights in all parts of China in accordance and with
assist the President in equalizing the differences in such costs under
the general
the
provisions of Section 315 of the Tariff Act of 1922, and the President
practice in intercourse among nations and upon a fair and equitable
has
basis. Issued
Recommendations: I—The administration of justice with
a proclamation increasing the duty on methanol from 12 cents
respect to the
to
civilian population in China must be entrusted to a judiciary which
18 cents per gallon.
effectively protected against any unwarranted interference by the shall be
After completion of the field work conducted in this country and
in Gerexecutive
or other branches of the Government, whether civil or military.
many, the principal competing country, a public hearing as
required by
statute, was held in the office of the Tariff Commission in
System of Laws Proposed.
Washington,
at which interested parties were given a reasonable opportuni
II—The Chinese Government should adopt the following program
ty to be presfor the ent, to produce evidence and to be heard.
Improvement of the existing legal,judicial and prison systems of
China.
The principal uses of refined methanol, the grade which
competes with
1. It should consider Parts H and III of this report relating to the
laws the synthetic methanol imported from Germany, is in the
and to the judicial, police and prison systems, with a view to making
such formaldehyde, which in turn is used in the manufacture of manufacture of
amendments and taking such action as may be necessary to
synthetic phenolic/
meet the obser- resins and coal
-tar dyes. Refined methanol is also used in making dyesvations there made.
and as a solvent in the manufacture of pyroxylin plastics,
such as celluloid.
2. It should complete and put into force the following laws:
Methanol is produced in the United States by the Hardwood Distillati
(1) Civil code.
on
Industry jointly with two other products, acetate of lime
and charcoal,
(2) Commercial code (including negotiable instruments law, maritime
whereas the methanol imported into the United States is produced
law and nsurance laws).
in Germany as the only product of a synthetic process.
(3) Revised criminal code.
Prior to the development of synthetic methanol in Germany
in 1925,
(4) Banking law.
United States supplied approximately 50% of the world's productio the
(5) Bankruptcy law.
n of
methanol. The domestic industry enjoyed a considerable export
trade and
(6) Patent law.
imports were unimportant. However, imports increased
from 48 gallons
(7) Land expropriation law.
in 1924 to 508,409 gallons in 1925, which was about
834% of the domestic
(8) Law concerning notaries public.
production, and in that year, for the first time, imports exceeded exports.
DEC. 41926.]
THE CHRONICLE
Production Cost Equalized.
The rate of duty proclaimed by the President on methanol of 18 cents per
gallon equalizes, as far as is possible, within the limits of Section 315 of the
Tariff Act of 1922,the differences in costs of production in the United States
and in Germany, the principal competing country.
The only company producing synthetic methanol in Germany refused
representatives of the Tariff Commission access to their cost records. The
Commission was therefore restricted to invoice prices of methanol imported
from Germany as evidence of foreign costs of production. The weighted
average invoice price of methanol imported during 1925 was 48.12 cents
per gallon, c. I. f., Neff York.
The domestic costs of production of refined methanol, including transportation to New York, in the 18 months period covered by the investigation (1924, and first six months of 1925), was 75.61 cents per gallon, or
72.90 cents per gallon, depending upon the basis used in allocating the
joint costs in order to determine the domestic costs of production of methanol.
We also give the proclamation herewith:
By the President of the United States of America.
A PROCLAMATION.
Whereas, in and by Section 315(a) of Title III of the Act of Congress approved Sept. 21 1922, entitled "An Act to provide revenue, to regulate
commerce with foreign countries, to encourage the industries of the United
States, and for other purposes," it is, among other things, provided that
whenever the President, upon investigation of the differences in costs of
production of articles wholly or in part the growth or product of the United
States and of like or similar articles wholly or in part the growth or product
of competing foreign countries, shall find it thereby shown that the duties
fixed in this Act do not equalize the said differences in costs of production
In the United States and the principal competing country, he shall, by such
investigation, ascertain said differences and determine and proclaim the
changes in classifications or increases or decreases in rates of duty provided
in said Act shown by said ascertained differences in such costs of production
necessary to equalize the same:
2849
medicinal purposes, upon the ground that the quantities
prescribed for use of any person in any period of 10 days
exceed the limits fixed by said Acts, or either of them."
In May 1923 the case was heard upon an application for
an interlocutory injunction and a motion to dismiss. The
District Court issued the injunction. 291 Fed. 640. In
December 1924 the United States District Court of Appeals
for the Second Circuit reversed the decree, and directed that
the bill be dismissed.
In affirming the action of the lower court, the majority
findings of the Supreme Court said in part:
In Everard's Breweries vs. Day. 265 U. S. 545, the validity of the progoing
vision prohibiting the prescription of malt liquor was assailed as
beyond the power of Congress and impinging upon the reserved powers of
and
the States, in that it is an interference with the regulation of health
the practice of medicine, both of which are within the domain of State
power and outside the legislative power of Congress. The suit was against
the Commissioner of Internal Revenue and other Federal officers, and its
chief purpose was to enjoin them from enforcing the provision prohibiting
the prescription of malt liquor for medicinal purposes.
This court, besides observing that the' ultimate and controlling question"
in the case was whether the provision prohibiting physicians from prescribing intoxicating malt liquors for medicinal purposes is within the power
given to Congress by the Eighteenth Amendment, to enforce by "appropriate legislation" its prohibition of the manufacture. sale, &c.,of intoxicating liquor for beverage purposes, proceeded to consider every phase of the
question, and in conclusion held that the provision was appropriate legislation for the purpose and within the power of Congress, although affecting
subjects which, but for the Amendment, would be entirely within State
control. . . .
intoxicating
If the Congress may prohibit the manufacture and sale of
malt liquor for medicinal purposes by way of enforcing the Eighteenth
prescription
Amendment, it equally and to the same end may restrict the
Consideration Listed.
of other intoxicating liquor for medicinal purposes.
difference; if in point of expediency there Is
In point of power there is no
Whereas in and by Section 315(c) of said Act it is further provided that in
alone may consider. Experiascertaining the differences in costs of production, under the provisions of a difference, that is a matter which Congress
forbids
the President, in so far as he finds it ence has shown that opportunities for doing what the Constitution
subdivisions (a) and (13) of said section
not in frequently is taken
practicable, shall take into consideration (1) the differences in conditions in are present in both instances, and that advantage
production, including wages, costs of material and other items in costs of of these opportunities.
profession
Congress, in deference to the belief of a fraction of the medical
production of such or similar articles in the United States and in competmedicinal value, has said
ing foreign countries; (2) the differences in the wholesale selling prices of that vinous and spirituous liquors have some
according to stated
domestic and foreign articles in the principal markets of the United States; that they may be prescribed in limited quantities
be prescribed in larger
(3) advantages granted to a foreign producer by a foreign Government, or regulations; but it also has said that they shall not
because this would
by a person, partnership, corporation, or association in a foreign country; quantities, nor without conforming to the regulations,
be attended with too much risk of the diversion of the liquor to beverage
and (4) any other•advantages or disadvantages in competition;
Whereas,under and by virtue of said section of said Act,the United States uses.
embodying
Not only so, but the limitation as to quantity must be taken as
Tariff Commission had made an investigation to assist the President in
such medicinal
ascertaining the differences in costs of production of and of all other facts an implicit congressional finding that such liquors have no
prescriptions. Such
and conditions enumerated in said section with respect to the article de- value as gives rise to a need for larger or more frequent
of physicians,
scribed in paragraph 4 of Title I of said Tariff Act of 1922, namely, alcohol; a finding,in the presence of the well-known diverging opinions
basis. On the
methyl or wood (methanol), being wholly or in part the growth or product cannot be regarded as arbitrary or without a reasonable
restrictions imposed are admissof the United States, and of and with respect to a like or similar article whole, therefore, we think it plain that the
ible measures for enforcing the prohibition ordained by the Eighteenth
wholly or in part the growth or product of competing foreign countries;
Whereas in the course of said investigation a hearing was held, of which Amendment. . . .
The Eighteenth Amendment confers upon the Federal Government the
reasonable public notice was given and at which parties interested were given
liquor for beverage purposes.
reasonable opportunity to be present, to produce evidence, and to be heard: power to prohibit the sale of intoxicating
Under it, as under the necessary and proper clause of Article I, Section 8
Duty Ordered Increased.
of the Constitution, Congress has power to enforce prohibition "by approAnd whereas the President, upon said investigation of said differences in priate legislation."
part the growth ot product
costs of production of said article wholly or in
High medical authority being in conflict as to the medicinal value of
of the United States and of the like or similar article wholly or in part the spirituous and vinous liquors taken as a beverage, it would, indeed, be
growth or product of competing foreign countries, has thereby found that strange if Congress lacked the power to determine that the necessities of the
the principal competing country is Germany and that the duty fixed in said liquor problem require a limitation of permissible prescriptions, as by keeptitle and Act does not equalize the differences in costs of production in the ing the quantity that may be prescribed within limits which will minimize
United States and in said principal competing country, namely, Germany, the temptation to resort to prescriptions as pretexts for obtaining liquor for
and has ascertained and determined the increased rate of duty necessary to beverage uses. Compare Jacobson vs. Massachusetts, 197 U. S. 11.
equalize the same.
The dissenting opinion in holding that the legislation
Now, therefore, I, Calvin Coolidge, President of the United States of invaded the power reserved to the States, in part said:
proclaim that the increase in the rate of
America, do hereby determine and
The effect of upholding the legislation is to deprive the States of the
duty provided in said Act shown by said ascertained differences in said
exclusive power, which the Eighteenth Amendment has not destroyed, of
costs of production necessary to equalize the same is as follows:
and transfer it in part to Congress. See HamAn increase in said duty on alcohol; methyl or wood (or methanol)(within controlling medical practice
251, 275-276. It goes further, for if
the limit of total increase provided for in said Act) from 12 cents per gallon mer vs. Dagenhart, 247 U. S.
Congress can prohibit the prescription of liquor for necessary medical
to 18 cents per gallon.
of it for beverage purposes.
In witness whereof, I have hereunto set my hand and caused the seal of purposes as a means of preventing the furnishing
that body, by a parity of reasoning, may prohibit the manufacture and
the United States to be affixed.
indeed, as the most effective
or,
Doneatthe City of Washington this twenty-seventh day of November in sale for industrial or sacraments purposes,
in it for beverage purposes, may
the year of our Lord one thousand nine hundred and twenty-six, and of the possible means of preventing the traffic
and fifty- prohibit such manufacture and sale altogether, with the result that, under
independence of the United States of America the one hundred
the pretense of adopting appropriate means,a carefullyand definitelylimited
CALVIN COOLIDGE,
first.
power will have been expanded into a general and unlimited power.
By the President:
"The purposes intended must be attained consistently with constitutional
JOSEPH 0.GREW,Acting Secretary of State.
limitations and not by an invasion of the powers of the States. This court
has no more important function than that which devolves upon it the
limitations upon the
United States Supreme Court Upholds Power of obligation to preserve inviolate the constitutional
exercise of authority. Federal and State, to the end that each may continue
Prescriptions—DisCongress to Limit Liquor
to discharge, harmoniously with the other, the duties entrusted to it by the
senting Views.
Constitution." Hammer vs. Dagenhart, supra, p. 276.
to regulate the disposal of
I do not
The United States Supreme Court, in an opinion on intoxicating doubt the authority of Congress prevent evasions of the law
liquors for medicinal use so as to
Nov. 29, decided 5 to 4, that Congress has power to restrict against the traffic in such liquors for beverage purposes, and to that end to
safethe amount of liquor which may be prescribed by a physician surround the prescription by the physician with every appropriate it
guard against fraud and imposition; but as this record now stands
for medicinal purposes. The decision upholds the provision cannot prohibit the legitimate prescription of spirituous and vinous liquors
under which the amount of liquor which may be prescribed for medicine as this statute attempts to do.
limits must not be trans"Federal power is
is limited to one pint within a period of ten days to any cended even thoughdelegated, and its prescribedLinder vs. United States,
the end seem desirable."
on person. The opinion was written by Justice Brandeis, supra, p. 22. Because this statute by fixing inadequate prescriptions
and was concurred in by Chief Justice Taft and Associate prohibits to the extent of such inadequacies the legitimate prescription of
liquors for medicinal purposes, it exceeds the powers
Justices Holmes, Van de Vanter and Sanford. A dissenting spirituous and vinous those exclusively reserved to the States, and is not
of Congress, invades
opinion, written by Justice Sutherland, was concurred in by appropriate legislation to enforce the Eighteenth Amendment. The decree
Associate Justices McReynolds, Butler and Stone. The below should be reversed.
decision was given in the proceedings instituted in November
United States Supreme Court Upholds Validity of
1922 by Samuel W. Lambert, a physician of New York,
Massachusetts Daylight Saving Act.
Acting
who brought suit to enjoin Edward Yellowley,
The United States Supreme Court on Nov. 23 upheld the
Federal Prohibition Director, and other officials, "from
of the Massachusetts Daylight Saving Act, having
interfering with complainant in his acts as a physician in validity
sustained the lower courts in refusing to enjoin the enforceprescribing vinous or spirituous liquors to his patients for
2850
THE CHRONICLE
[VOL. 123.
The board met and organized on October 26, 1926. Hearings at
which evidence was presented and received began on October 28 and
continued until and including November 12. The parties were heard
in oral argument on November 12.
The railroads estimate that the request of the employes would, if
granted in full, equal an increase of 19% in their pay, which would
amount to $38,000,000 per annum.
All facts, conditions and circumstances relied upon in support of
the proposal of the employes were presented and replied to in evidence
and in argument. It is not contended that the railroads cannot afford
to bear some increase in the wages of these employes.
After full consideration of all the conditions and circumstances
presented in the record, and of the peculiar, exacting, hazardous and
responsible character of the services performed by these employes, the
board adjudges and awards as follows:
The standard rate of pay per mile per day and per month for conductors, assistant conductors and ticket collectors, train baggagemen,
train flagmen and brakemen, in passenger service, for conductors and
brakemen in local or way freight service, for conductors and brakemen in through freight service, for yard conductors or foremen, for
yard brakemen or helpers and for switch tenders, shall be increased
7y,% over the rates in effect Nov. 30, 1926.
In applying the 7%2% increase, the daily rates will
used as
basis. Mileage rates will be determined by dividing thebe
new daily
rates by 150, and 100 for passenger and freight service, respectively,
and monthly rates by 30.
Car retarder operators shall be paid 80 cents per day more than
the rate herein fixed for yard conductors or foremen.
Train baggagemen required to handle express shall be
cents
per day more than the rate per day herein fixed for train paid 34
baggage men.
Train baggagemen required to- handle United States mail shall be
paid 34 cents per day more than the rate per day herein
fixed for train
baggagemen.
Train baggagemen required to handle both express and United States
mail should be paid 68 cents per day more than the
rate per day
herein fixed for train baggagemen.
Train baggagemen required to handle dynamo shall
be paid 34 cents
per day more than the rate per day herein fixed for train baggagemen.
Train baggagemen required to handle dynamo and express
or United
States mail shall be paid 68 cents per day more than the
,
'
herein fixed for train baggagemen. If required to handle rate per dal
dynamo and
express and United States mail he shall be paid $1.02 more per day
than the rate per day herein fixed for train baggagemen.
The extra allowance for baggagemen handling United
States mail will
not apply when the amount of such mail handled
does not exceed in
volume, between any two points, that provided for the minimum
that can be authorized by the Postoffice Department—viz., threespace
feet
or its equivalent, fifty-four sacks or pieces. Loading United
States
mail into car, storing it at intermediate or terminal points
will constitute "handling" under this rule. The extra allowance
handling
United States mail will not apply when "storage" mail for in charge
is
of the baggageman, provided he is not required to
The extra allowance for handling dynamo, express "handle" it.States
or
mail by train baggagemen will apply to other trainmen United
who may be
assigned regularly or temporarily to that work.
In dissenting from the award Mr. Massey
and Mr.
Baldwin said (we quote from the New York "Times")
:
The employes endeavored to show that as a result of the increasing
number of cars in a train there is additional responsibility of and
hazard to the train employes; whereas testimony supported by official
records compiled by the Interstate Commerce Commission was
presented by the carriers showing that in the Eastern territory the avreage
train length has increased but 4.3 cars from 1920 to the end of 1925;
that much of this moderate increase has resulted from substitution of
more powerful locomotives on those parts of the roads that have the
most unfavorable grades; and that the present average trains of such
districts are far below the average train handled for many years by
the smaller locomotives on the so-called level districts; that such additional responsibility, if any, from added units to the average train
is more than offset by the improved standards of rolling equipment and
track design, maintenance and inspection; by automatic block signals
and additional main and passing tracks that reduce delays and necessity
for train orders; by the use of telephones in substitution for the
telegraph; by automatic train control, modern interlocking at railroad
crossings and main track connections; and, finally, omitting much
more that is equally important and obvious, by the decreased average
time to complete a freight run.
ment of the law. The Massachusetts State Grange, the
Brotherhood of Locomotive Engineers and others had challenged the law as an invalid exercise of authority which
rested exclusively in the Federal Government. They asserted that the statute caused a loss of $20,000,000 annually
to agriculture through depreciation of farm lands and
$8,000,000 through the loss of crops. The opinion of the Supreme Court was handed down by Associate Justice Holmes,
who emphasized that no injunction ought to be issued
against officers of a State unless "in a case reasonably free
from doubt and when necessary to prevent great and irreparable injury." This rule, he said, "should be very strictly
observed," says the Boston "Herald," which adds:
The court also refused to take into consideration the plea that children
lost an hour's sleep under the daylight saving law and that families of
railroad workers had to keep in mind two standards of time.
The court cited the acts of Congress of 1918 setting a standard of time
and the Massachusetts statute advancing the standard time fixed by the
Federal law by one hour. The decision reads:
"The court below found no inconsistency between the two acts and we
have seen no sufficient reason for differing from it upon that point. But
it also went on the important rule, which we desire to emphasize that no
Injunction ought to issue against officers of a state clothed with authority
to enforce the law in question, unless, in a case reasonably free from doubt
and when necessary to prevent great and irreparable injury.
"No such necessity is shown here. The corporations other than the town
of Hadley do not even allege any direct interest. The town of Hadley
makes a case that concerns none of the other plaintiffs, and complains only
that by failure to comply with the Massachusetts statute it will be held to
have lost its claim to certain state aid for its schools. It is said that in fact
Hadley has received its share and has no further interest in the case, but in
any event it is plain that a court of the United States would not intervene
between a state and a town of the state's creation to determine how far
the town should share in the state's benevolence.
Reviews Allegations.
"Of the individual plaintiffs, Mann alleges that statutes make it more
costly for him to employ labor at the first hours of the day, that he owns
land on both sides of the New Hampshire line and the railroad keeps to the
standard eastern time, and that to adjust himself to the two standards
causes him to worry and pecuniary loss. The plaintiff Snow alleges that
her children have to get up an hour earlier to go to school and so lose an
hour's sleep, and that women who have husbands employed by the railroads
as well as children have to keep two standards of time in their homes, and
other matters that do not concern her. The plaintiff Clarke alleges nothing
that needs mention. Evidently this is not a case for an exception to the
general rule.
"Courts sometimes say that there is no jurisdiction in equity when they
mean only that equity ought not to give the relief asked. In a strict sense
the court in this case had jurisdiction. It had the power to grant an
injunction, and if it had granted one its decrees, although wrong, would
not have been void. But upon the merits we think it too plain to need
argument that to grant an injunction upon the allegation of this bill would
be to fly in the fare of the rule which, as we have said, we think should be
very strictly observed."
Arbitration Board Awards 7%% Wage Increase to Conductors and Trainmen on Eastern Roads.
An increase of 7%% in wages was granted to conductors
and trainmen of the Eastern railroads by the Board of
Arbitration on December 2. The increase, affecting 89,000
employes, will add about $15,000,000 to the annual operating expenses of the roads. Ani increase of approximately
19% had been sought which would have involved an addition to the payrolls of something like $38,000,000 a year.
The award is the first to be made under the WatsonParker Railroad Labor Act. Arbitration proceedings
provided for under the act were resorted to when it was
found that the issue in dispute between the railroads and
the trainmen could not be settled through the Federal
Board of Mediation, also created under the Watson-Parker
Act. The arbitration proceedings, as was reported in these
columns October 30, page 2218, opened in this city on
October 28; the testimony in behalf of the trainmen was
concluded (except for the final summing up) on November 3, and the roads on November 4 began the presentation
of their case before the Arbitration Board. The summing
up by both sides was completed on November 12. Following the close of the arguments,the members of the Board
of Arbitration held executive sessions at the WaldorfAstoria, this city, these sessions having been adjourned on
November 19 until November VO. Four of the six members
of the Board voted for the award. These members were
Edgar E. Clark, former member of the Interstate Commerce Commission, and W. D. Baldwin, Chairman of the
Board of the Otis Elevator Company, representing the
public; E. P. Curtis, General Secretary of the Order of
Railway Conductors, and Daniel L. Cease, editor of the
Railroad Trainman, representing the trainmen. Dissenting views were filed by R. W. Massey, assistant vice-president of the Pennsylvania Railroad and William A.
Baldwin, vice-president of the Erie Railroad. The increased wages are made effective as of December 1. The
award says:
Decrease in Casualties.
That those improved facilities have decreased the occupational hazard
of employes in train service is evident, and this is clearly set forth in
the official statistics of the Interstate Commerce Commission, which
show that in the period during which the train length has increased
there has been a marked and consistent decrease in the casualty ratio.
As to the claim that increased productivity of the individual resulting from longer and heavier trains and increased train speed warrants
additional compensation, it was shown that the carriers of the Eastern
district have since 1921 expended approximately $928,000,000 for
heavier locomotives, improved car equipment, grade reductions, additional main and running tracks, additional main and running tracks,
automatic signals and train controls, heavier rails, better ballast, improved interlocking, grade-crossing eliminations, fuel and labor-saving
devices, improved terminal facilities—all contributing to increased
efficiency in operation and service without additional effort or
burden to
these employes; and that from such savings as have
resulted these
employes are now getting a liberal share as compared
with the
investors.
There has been such a remarkable improvement to the plants
and in
the financial results of these Eastern carriers since
the
vate operation in 1920 that the public generally, and return to primany of the
employes, are misled to the belief that the railroads have
been enjoying
unprecedented prosperity and are in a position to make liberal concessions in many ways without jeopardizing their ability
efficient transportation service. That this is far from the to provide
fact is indicated by the evidence in this case.
Earnings of Railroads.
The Eastern carriers in 1925 earned 5.13% on their
investment In
road and equipment, as compared with 5.74%
in 1916. In 1921 but
2.76% was earned.
The total deficiency in the net railway operating
income of these
carriers, based on 53 A, aggregates from 1921 to the end of 1925 the
,
/
4
sum of $824,706,347.
DEC. 4 1926.]
THE CHRONICLE
Since 1921 freight rates have been reduced to such a considerable
extent that, based upon traffic handled by these carriers in the year
1925, there was saved to the shippers the substantial sum of
$244,117,679.
Resulting from the operations of the year 1925 (a year of prosperous business conditions) the Eastern carriers were able to pay to the
stockholders in dividends but 4.61%, while interest paid on funded
debt was 4.71%.
With the necessity facing the carriers for continuing large expenditures in order to provide safe, efficient and economical transportation,
their financial credit must be such as to make investment in their stocks
attractive to the public.
Considering the foregoing pertinent facts, together with the liberal
proportion of earnings of the carriers which these classes of employes
are now receiving, we cannot concur in the decision of the majority,
and therefore, dissent therefrom.
L. F. Loree Surprised at Amount of Increased Wages
Awarded to Trainmen—Comment by. W. G. Lee
/
Commenting on the 712% wage increase awarded to
trainment and conductors of eastern roads by the Board
of Arbitration, L. F. Loree, President of the Delaware &
Hudson Company stated on December 2 that "the fact that
the arbitration board has decided to increase the wages of
the train service employes did not come as a, surprise to
me. Arbitrators usually try to effect a compromise between opposing elements. The fact, however, that the
Increase was so large is surprising." The New York
"Times" from which we quote, also gave the following
account (from Cleveland, December 2), as to what W. G.
Lee had to say regarding the award:
2851
transmission to the Governments of Chile and Peru on
Nov. 30 and handed to Ambassador Velarde of Peru and
Ambassador Cruchaga of Chile in Washington. The
memorandum was made public on Dec. 2. Secretary
Kellogg points out that numerous efforts made since the
Treaty of Ancon to effect a solution for the disposition of
the Provinces within the scope of the treaty have been thus
far unproductive, and he expresses it as his conviction that
"this problem should be, and can be, definitely solved
without the slightest sacrifice of national honor or dignity
or injury to national susceptibilities on either side." He
says that "while the attitude of Bolivia has not been ascertained, save that her aspiration to secure access to the
Pacific is common knowledge, it seems reasonable to assume
that Bolivia by virtue of her geographical situation, is the
one outside Power which would be primarily interested in
acquiring, by purchase or otherwise, the subject matter of
the pending controversy." Secretary Kellogg proposes that
the promontory known as the Morro of Arica be reserved
from the transfer to Bolivia and "be placed under the
control and jurisdiction of an international commission,
which shall be charged with maintainingit as an international
memorial to the valor of both Chili and Peru, with the
suggestion that there be erected on the morro a lighthouse
or monument to commemorate the friendly settlement of the
Tacna-Arica question." He also proposes that the City
of Arica by appropriate agreement among the three Powers
be made forever a free port, and adequate provision be made
insuring that no discriminatory rates or charges, as among
the three countries, Chili, Peru and Bolivia, shall be made
with respect to the port, or to the railroad, or to any other
means of communciation within the territory comprising
the Provinces of Tacna and Arica. The following is the
text of the memorandum:
The wage increase awarded railroad trainmen by the arbitration
board, was labeled "as near satisfactory as any arbitration can be"
tonight by W. G. Lee, President of the Brotherhood of Railroad
Trainmen. Other, brotherhood officials could not be reached for a
statement.
We don't believe the men have ever been paid according to the
hazard of their work, said Mr. Lee. However, I suppose every other
class feels the same way. We agreed to arbitrate, so this is final.
We have a date to meet the Southern railroads in Washington December 15.
ever
The Tacna-Arica controversy has engaged my closest attention
This 75/% increase brings the pay of the trainmen back to a little
predecessors in
above the peak rates paid up to July 1, 1921, when we were given a since I assumed the duties of Secretary of State. All of my
deepest
reduction of 64 cents a day. In 1924 we got back about half of the this office during the past forty years have followed with the
especially
reduction in the New York Central settlement, which subsequently interest the varying phases of the problem,and several Secretaries,
intimately concerned,
my immediate predecessor, Mr. Hughes, have been
was extended to other railroads.
solution.
The Canadian railway men never got the benefit of the 1924 increase, as I have been, with the task of contributing, if possible, to its
but by
It is, I know, fully appreciated, not only by the parties themselves
nor have they received the increase granted today.
had,
the world at large, that the Government of the United States never has
—
matter other than
or interest in relation to the
Engine Men Next in Line on Wages—Board's Appointment
of Neutral Arbiter in Central Clerks' Fight Due Soon.
The following is from the New York "Evening Post" of
last night, December 3:
Discussion of the arbitrators' award which gave conductors and
trainmen on Eastern railroads a 7%% increase in pay and added some
$15,000,000 to the annual aggregate wage bill of fifty companies turned
today toward consideration of other pending controversies in the general movement of railroad workers for higher wages.
One of the first disputes to be pressed for settlement in expected to
be that of the 20,000 clerks of the New York Central Railroad who
have asked for a general increase of six cents in the hourly rates of
pay. In this case both the company and the men have agreed to
arbitration and their two appointees having failed to agree on a third
neutral abitrator, the choice of that member will be made shortly by
the Board of Mediation.
Action on similar wage demands made by clerks of the Pennsylvania
Railroad for the present is being held in abeyance.
Start Battle in Southeast.
Officers of the Brotherhood of Locomotive Engineers chose to make
the Southeast their first striking point in a demand for a 15% increase over the present rates of pay. Conferences between representatives of the engineers through the various steps provided for in the
Watson-Parker law.
It is believed that this decision will vary according to the policy of
the individual carriers, with possibly group action by those who may
decide to make a fight.
More Esspected by Firemen.
Officers of the Brotherhood of Locomotive Firemen, who delayed
wage conferences with the Eastern railroad committee headed by
John G. Walber, vice-president of the New York Central, are expected
to move for further discussion now that the trainmen's controversy has
been settled.
Examples of the distribution of the wage increases granted in yesterday's award to the conductors and trainmen of the East appear
in the following calculations on the amounts by which the yearly
payroll will be increased under the decision: Pennsylvania Railroad.
$4,000,000; New York Central Railroad. $1,800,000; New York Central
System, $3,500,000; Erie, $650,000; Delaware, Lackawanna & Western,
$400.000; Boston & Maine, $500.000; Boston & Albany, $150,000.
Officers of the Delawarer & Hudson Company, one of the few railroads of the East which were not parties to the agreement for arbitration, are expected to decide within a few days what action that road
will take regarding the demands of its conductors and trainmen.
Secretary Kellogg's Proposal for Solution of TacnaArica Dispute—Would Sell both Provinces to
Bolivia.
A proposal for the sale to Bolivia of the Provinces of
Tacna and Arica, the possession of which has long been the
subject of dispute between Chile and Peru, has been made
by Secretary of State Kellogg, in a memorandum forwarded
to the American Embassies in both Santiago and Lima for
nor can have, any motive
that of a friendly adviser to both parties, and to do what it can to enable
them to escape from the unfortunate situation in which they find themselves. This spirit, combined with an abiding faith in the sincerity of the
contestants, has guided every step taken by my Government. I have at
all times endeavored conscientiously to observe the strictest neutrality, and
have, I think, been able to arrive at a sympathetic appreciation of the
respective points of view which have been presented.
In the present state of the controversy I am persuaded that it may be
helpful to the parties if I outline candidly certain observations under conclusions which I have formed as a result of my experience with the money
during the past year and a half.
1. The numerous efforts which have been made since the Treaty of
Ancon to effect a solution within the scope and intent of the treaty itself,
whether by direct negotiations between Chile and Peru or, as contemplated,
by arbitration and plebiscite, have been thus far unproductive.
2. The recent negotiations for settlement outside the treaty, with the
aid of the good offices of the United States, have unquestionably served to
explore the possibilities of adjustment and define the positions of the
principals. Representatives of the two Governments have explained their
respective attitudes to me with the utmost frankness, and I am convinced
that there is a sincere desire on both sides to arrive at a final and constructive adjustment.
3. We are obviously dealing with a question which turns upon a point of
national honor. Now, national honor is a very real thing, and in this particular case It is perfectly clear that national susceptibilities in this regard
are peculiarly sensitive in both countries and must be fully protected. I
see no reason why this cannot be done. It is my conviction that this
problem should be, and can be, .definitely solved without the slightest
sacrifice of national honor or dignity or injury to national susceptibilities
on either side. On the contrary, nothing could possibly redound so much
to the honor and dignity of Chile and Peru as a high-minded settlement of
this controversy, so as to permit them to stand before the world as friends,
unembarrassed by any serious differences between them.
4. I have studied with the greatest care the various types of solution
which have been advanced throughout the negotiations, and I have patiently
listened to the views which have been so freely expressed by the representatives of the contending powers. Leaving out of consideration the attempt
to carry out the unfulfilled provisions of the Treaty of Ancon, it would
ways to deal
appear that from the nature of the case there are but three
contestants,
with the disputed territory: You can assign it all to one of the
you can
you can divide it between them on some basis to be defined , or
of the
effect some arrangement whereby neither contestant shall get any
classification
territory. These three general types comprise an exclusive
of the rest. I think it may fairly
of the logically possible ways to dispose
territory
be said that the first of them—namely, delivery of the disputed
ceased to be
in its entirety to one or the other of the parties—has virtually
for a permanent
regarded as a practical solution by anybody who really hopes
settlement.
to me to recede
The second method, that of division, has also seemed
have not been able
further and further into the background. The parties
of dhision coupled
or
to find any formula or basis, either of straight division
which is acceptable to
with a "corridor" feature, or a "free city" device,
The prospect of success by following this path is not enboth of them.
couraging. Apparently no scheme of division,however ingeniously worked
out, has yet been able to overcome the stubborn fact that neither of the
Governments consider that it can afford to make an adjustment which
involves making substantial concessions to the other. The essential elements
of compromise in the true meaning of the term are lacking.
2852
THE CHRONICLE
[VOL. 123.
We may as well face the issue squarely and recognize that division of
this territory between Chile and Peru on any basis of agreement
ITEMS ABOUT BANKS, TRUST COMPANIES,
presents
&C.
almost insuperable differences so long as each applies to every arrangeme
nt
Two New York Stock Exchange memberships
suggested the test of whether it may conceivably enable the other to claim
were
reported posted for transfer this week, that of Grafton
a moral victory. I am not criticising this idea; I only state it as
a fact
H.
which militates powerfully against a territorial compromise.
Pyne to Leonard H. Bernheim, and that of
Edward W.
0 There remains the possibility of some arrangement by which
neither Buckhout to William
P. T. Preston, the consideration in
contestant shall face the possibility of giving up anything
to the other.
Manifestly a solution of that character would possess the distinct
advantage each case being stated as $170,000. This is the same as
of eliminating all apprehensions arising from a comparison of relative the last
preceding sale.
territorial benefits secured. It would involve a joint, as distinguish
ed from
a mutual, sacrifice and would rest fundamentally upon the realization
that
The directors of the Chemical National Bank
In all the circumstances neither country can expect to receive
of New
any substantial
York voted on Dec. 1 a $500,000 stock dividend
part of this disputed area and at the same time enjoy
the security and
subject
satisfaction accruing from a complete adjustment which they
themselves, as to the ratification of the shareholders at the annual
meeting
well as the rest of the world, could regard as permanent
.
on Jan. 11. The present dividend rate of 24%
0 Concerning myself with the practical aspects of the problem
will be
and conceiving it to be my duty to find, if I can, a plan which both
Governments maintained. This will make the capital of the Chemical
can afford to accept in the names of the peoples to whom they
are respons- $5,000,000, the surplus and undivided
profits $19,000,000.
ible. I have come to regard this third method as one meeting
the more vital For many years
the Chemical Bank has been known for
conditions and offering decided advantages from the
point of view of
permanent peace. I am moved to this conclusion principally
because such its large surplus as compared with its small capital. In
a formula does not call for a moral surrender, or anything
that can be so 1907 the bank's capital was increased
from $300,000 to
construed, by one country to the other.
$3,000,000 by a 900% stock dividend made entirely
5. In the course of the negotiations I have suggested for considerati
on,
from
in one form or another, all three of these logically possible types of
solution. the earnings of the bank. Prior to that the bank had
paid
On no one of them have the ideas of Chile and Peru converged.
I have to the shareholders an annual
suggested various combinations, such as division of territory,
dividend of 150%. The
with the
stock of the Chemical Bank sold at one time as
"corridor" feature and the "free city" device annexed.
Interesting dishigh as $5,000
cussions of details as to boundaries, he.. have ensued,but these
discussions per share. In 1920 when the bank consolidated
with the
have led to no conclusion. I have also suggested the neutralization
of the Citizens National Bank the
territory, but this has not been received with favor by both
capital became $4,500,000.
parties.
The Chemical Bank was organized in 1824,
To recapitulate: The proceedings under Article 3 of the Treaty
of Ancon
opening for
have not been successful. The parties have not agreed
upon any division business at 216 Broadway, opposite St.
Paul's Church, as
of the territory upon any basis whatever. They have not
agreed to the first bank on
Broadway far up on what was then conneutralization of the whole or of any part of the territory. No suggestion
which has been put forward has proved acceptable to both Chile and sidered the outskirts of the city. The
bank has been known
Peru. What remains_
in financial circles as "Old Bullion" since the
panic of 1857,
Co-Operation of Bolivia.
when it was the only bank to continue specie
payments.
Notwithstanding the fact that an agreement has thus far not
been Since Percy H. Johnston
obtained, and in the light of all that has taken place, I feel bound
became President of the bank he
to
consider what step it may lie in my power now to take, in the pursuit
of a has added to its conservative policy a program of expansion
friendly and disinterested effort to assist the parties; and after
mature and development which has included
two branch offices,
reflection I have decided to outline and place before the two
Governments one on
Fifth Avenue and one on Madison Avenue, and it is
a plan which, in my judgment, is worty of their earnest attention.
I
venture to express the sincere hope that they will adopt it. This plan
calls understood that a much larger program will be carried out
for the co-operation of a third power, Bolivia, which has not appeared
in during the coming year.
any of the negotiations, at least so far as my Government is
Since Mr. Johnston came to
concerned.
the bank the surplus has increased from
While the attitude of Bolivia has not been ascertained, save
that her
$7,000,000 to
aspiration to secure access to the Pacific is common knowledge,
it seems $17,500,000.
reasonable to assume that Bolivia, by virtue of her geographical situation,
Is the one outside power which would be primarily interested in acquiring,
Rumors regarding a possib- le increase in the
by purchase or otherwise, the subject matter of the pending controvers
capital Of
y. the
National City Bank of New York have figured
With this preface let me now define the concrete suggestion which I
have in
in the
mind:
newspapers the current week. The "Times"
of Dec. 1
A. The Republics of Chile and Pertt, either by joint or by several instrureferred thereto as follows:
ments, freely and voluntarily executed, to cede to the Republic of
Bolivia
in perpetuity all right, title and interest which either may
A rumor was current in the financial district
yesterday that the National
Provinces of Tacna and Aries, the cession to be made subject tohave in the City Bank would soon
appropriat
take action favorable to stockholders, probably
guarantees for the protection and preservation, without discrimination, e
in
of the form of an increase in capital, giving holders
the personal and property rights of all of the inhabitants of the provinces
valuable rights to subscribe. The report was based on the unusual
of whatever nationality.
strength the bank's stock
has demonstrated since Nov. 1 when it advanced
B. As an integral part of the transaction, provision to be
about 25 points to a
quate compensation to be given by the Republic of Bolivia made for ade- current price of 645 bid, 648 asked.
including public works, railways and improvements in the for said cession,
A further report came out that the possible action would
territory transferred, and taking into account the present value of all such public
include altersrailways and improvements made by both Chile and Peru during the works, tion of present relations between National City and its wholly owned
periods
when they have respectively been in control and occupation of the territory; subsidiary, International Banking Corp., involving direct
management
such compensation to be determined in direct negotiations participate
d in of the latter by the bank.
by Chile. Peru, and Bolivia; it being understood that the Secretary
Executives of the National City Bank said that no such
of
will place at the disposal of the three Governments his good offices, State
action was
if
are required, either to promote an agreement or to fix the character they taken at a directors' meeting yesterday. None would make any stateand
amount of compensation in case it should prove impracticable to determine ment of such action, but said this rumor could not be
substantiated at
the same in the tripartite negotiations.
this time by the bank.
C. Chile and Peru to agree in direct negotiation upon the
The National City Bank is the largest bank in the United
apprortionment between them of any cash compensation whichequitable
States, its
may be total resources aggregating more than $1,000.000,000.
provided for; it being here also understood that the
Its present capital
place at their disposal his good offices, if required, toSecretary of State will is $50,000,000, and surplus and undivided profits as of June
assist
30 1926,
the apportionment and that he will himself undertake them in making 863,133,500.
compensation if asked to do so by both Chile and Peru. to apportion the
At a meeting of the dii ecto- rs of the
United States MortJoint Memorial to Valor.
gage & Trust Co. of New York on Friday, Nov. 26, Arthur
D. The promontory known as the Morro of Arica,
appropriately defined, to be reserved from the transfer to with boundaries W Keevil, formerly Assistant
Bolivia and to be
Secretary, was elected Viceplaced under the control and Jurisdiction of an international
which shall be charged with maintaining it as an international commission, President in charge of the mortgage departme
memorial to
nt. G. A. Metthe valor of both Chile and Peru, with the suggestion that
on the morro a lighthouse or monument, to commemorathere be erected calfe was elected Assistant Secretary, succeeding Mr.
te the friendly
settlement of the Tacna-Arica question.
Keevil.
E. Simultaneously with the completion of the foregoing
as soon thereafter as may be practicable, suitable treaties arrangement, or
of friendship to
be entered into between Chile and Peru covering the resumption of diploAt the regular meeting on Dec. 2 of the board of directors
matic and consular relations, commerce, navigation and
necessary to re-establish normal and friendly intercourse all other matters of the Chatham Phenix•National Bank & Trust
between the two
Co., Edgar
countries.
F. The territory now comprised in the Provinces of Tacna and Arica to S. Bloom, President of Western Electric Co., was elected
be by agreement between Peru, Chile and Bolivia perpetually demilitarized a director. The Board declared the usual
quarterly dividend
in the fullest sense of that term.
G. The City of Arica, by appropriate agreement among the three powers, of $4 per share, payable Jan. 3 1927 to stock of record
to be made forever a free port, and adequate provision to be made insuring
that no discriminatory rates or charges, as among the three countries, Dec. 14.
Chile. Peru and Bolivia, shall be made with respect to the port,
railroad, or to any other means of communication within the said or to the
The stockholders of the Corn Exchange Bank of New York
territory
now comprising the Provinces of Tacna and Arica.
City at a special meeting Nov.30 approved an increase in its
submitting this plan I have not undertaken to do more than sketch
6. In
its broad outlines. The details should, in my judgment, present no serious capital from $10,000,000 to $11,000,000. This establishes
difficulties. The main advantages which this type of solution has over the bank as the largest State bank in
this State in respect to
others which have been considered need little emphasis.
both capital and surplus. A pioneer in developing the
a. It furnishes a substitute for the unfulfilled provisions of Article 3
of the Treaty of Ancon, and thus forever disposes of the controversy which branch banking system in this country, the Corn Exchang
e
has existed ever since that treaty was signed.
Bank, in addition to its main office at the corner of Wiliam
b. It is a clean, simple solution, free from obvious complicating factors
and Beaver streets, operates 62 branches. The main office
attendant upon other plans.
C. It LS comprehensive and definitive, leaving no room whatever for has been continuously at the same location since
1853,the
claims and disputes and manoeuvres for revision of territorial dispositions. year the bank was organzed
. Branches cover all the five
d. It can injure no national susceptibilities, either Chilean or Peruvian.
Neither country makes any concession to the other, and the moral position boroughs of Greater New York.
of both, so far as the original controversy is concerned, is left intact.
It was under the presidency of the late William A. Nash
e. It takes into account the continental interest in the controversy and that
the Corn Exchange Bank initiated the branch banking
embodies a settlement which South America as a whole could welcome as
system. Its first two branches, the Astor Place Branch, at
one insuring permanent peace and stability.
Ilia
Astor Place and Eighth Street,and the Hudson River Branch,
FRANK B. KELLOGG ,Secretary of State.
THE CHRONICLE
DEC. 4 1926.]
2853
In our reference last week (page 2737) to the death of
at Columbus Avenue and 72d Street, opened for business on
Robert Wolcott Day of Springfield, Mass., we spoke of
March 20 1899. These two branches are still located at
Day as having been First Vice-President of the First
their original addresses. From that time dates the period Mr.
the
Exchange Bank National Bank of Springfield, this should have read
of expansion. The statement of the Corn
Springfield National Bank, Springfield, Mass.
for 1899 showed capital and surplus combined of $2,230,020,
and total deposits of $12,782,792, whereas the bank's last
Announcement is made by the Shawmut Corporation of
public statement, uhder date of Nov.15 1926,showed capital Boston of the appointment of Robert C. Orr of Chicago as
and surplus of $25,269,769, to which $2,000,000 is now to be Vice-President in charge of the Chicago office of that comadded, while the amount owed to depositors was $246,961,- pany. The business of the, Shawmut Corporation in Chicago,
146. The new capital stock will be offered to shareholders formerly confined to bank acceptances, will be expanded to
of record Dec. 15 at $200 a share and payment will be include dealing in Liberty bonds and bank and trade accepmade Jan. 3 1927. President Walter E. Frew in a letter to tances, and the underwriting, wholesaling and retailing of
the shareholders states that the capital increase is made in municipal, railroad, industrial and public utility bonds and
pursuance of the policy of the bank "that the guarantee to certain investment stocks. Mr. Orr will also act as fiscal
our depositors in the amount of capital should keep pace with representative in Chicago of the National Shawmut Bank of
the enlargement of our business."
Boston.
President Frew,who was recently elected Chairman of the
The First National Corporation of Boston announces that
Clearing House Committee, the most importantcommittee
Association, became Presi- it has initiated a new special service to meet the requirements
of the New York Clearing House
dent of the Corn Exchange Bank in 1911, at which time Mr. of foreign investors who hold dollar bonds. This service will
Nash became Chairman of the Board. The bank's board of take the form of timely circulars on bonds, written from the
directors includes in addition to Mr. Frew, Clarence H. Kel- perspective of foreign holders of dollar bonds and will be
sey, Chairman, Title Guarantee & Trust Co.; William R. distributed internationally. The aim will be to furnish imStewart; William H. Nichols, Chairman Allied Chemical portant and up-to-date information on Foreign Dollar Bonds
& Dye Corp.; Charles W. McCutchen; Andrew Mills, Presi- and in addition to the usual data of bid and asked prices will
dent Dry Dock Savings Bank;Philip Lehman,Lehman Bros.; contain information on the amounts outstanding of individual
Robert A. Drysdale, Benedict Drysdale & Co.; J. Louis bonds, the amounts retired by sinking funds and all redeemSchaefer, Vice-President W. R. Grace & Co.; Edward F. able features pertaining to the individual issues.
McManus, Lawrence Turnure & Co.; Warren B. Nash;
An increase in the capital of the Ninth Bank & Trust Co.
D. Schnakenberg, President Hagedorn & Co.; Dunham B.
to $1,000,000, was authorized
Sherer, Vice-President Corn Exchange Bank; Archibald R. of Philadelphia from $750,000
30, according
l Paper Co., and C. W. by the stockholders of the institution on Nov.
Graustein, President Internationa
Philadelphia "Record" of Dec. 1. Stockholders of
to the
Nichols, President Nichols Copper Co.
record Dec. 1, it was stated, would be entitled to subscribe
The Equitable Trust Co. of New York announces the for one share of the new stock at par ($1OO) for each three
appointment of Thomas Graham and Joseph A. Bedner as shares of stock owned. It was further stated that payment
its representatives respectively in Philadelphia and in the was to be made on or before Dec. 30 and the new stock was
Wilkes-Barre and Scranton territory, both appointments to be issued as of Jan. 3 1927.
being effective Dec. 1. Mr. Graham is a native of PhilaAccording to the Baltimore "Sun" of Nov. 27, announcedelphia and a graduate of Haverford School. His previous
business experience was with the Pennsylvania Railroad Co., ment was made on the preceding day by Waldo Newcomer,
Baltiwith the Guaranty Trust Co. of New York in Pennsylvania Chairman of the Board of the Baltimore Trust Co.,
of the stockterritory, and with the investment firm of Edward B. Smith more, that at the forthcoming annual meeting
L. Norton, the
& Co., Philadelphia. Mr. Bedner was educated at Wyoming holders of the bank in January, Eugene
would be elected Vice-Chairman of the Board to
Seminary and at the University of Pennsylvania, and for President,
Ingle, who desired to be relieved of his duties
the past 13 years has been identified with the banking field succeed William
successively as an and retire, and that Mr. Norton,in turn, would be succeeded
in central Pennsylvania, where he served
Donald Symington. Other important
executive with the Luzerne County National Bank, the in the Presidency by company with a view to increasing
changes planned by the
Liberty Bank.
Miners Bank and the Reading
its working facility, it was stated, would be the elimination
The new Traders National Bank of Brooklyn began busi- of advisory committees, created at the time of the consoliness on Monday, Nov. 29. The bank is located at Flatbush dation of the Baltimore Trust Co. and the Atlantic Exchange
Avenue and DeKalb Avenue. The organization of the bank Bank & Trust Co., and a reduction in the number of direcwas referred to in our issue' of Aug. 7 1926, page 670. The tors. Mr. Norton, who will be promoted to Vice-Chairman
opening date had originally been fixed as Oct. 1. The bank of the Board, started as a Baltimore bank executive in 1913
starts with a capital of $500,000 and a surplus of $250,000. as President of the Munsey Trust Co., an institution which
Its officers are B. P. Van Benthuysen, President; Russell later became the Equitable Trust Co. Subsequently he
J. Perrine and Alexander H. Cunningham, Vice-Presidents, organized the Atlantic Trust Co., which in turn was conand Walter G. Peterson, Cashier. The following are the solidated with the National Exchange Bank and eventually
directors:
merged with the present Baltimore Trust Co. Mr. SymingPhilip A. Benson, Secretary Dime Savings Bank; John V. Cain, Viceto become President of the Baltimore Trust Co.,
Alexander H. Cunningham, Vice- ton, who is
President Fort Hamilton Savings Bank;
Co., which is
President; Charles R. Gay, Whitehouse & Co. (partner), member Board of is now Chief Executive of the Locke Insulator
Governors, New York Stock Exchange; R. Willis Goslin Agent Prudential affiliated with the General Electric Co. He is also First
Insurance Co.; William B. Greenman, President Brooklyn Builders Supply
Vice-President of the Symington Co., and a director of the
Co., trustee City Savings Bank; Louis Gretsch, real estate; Frank Grossman, Vice-President Julius Grossman, Inc.; Erastus E. Raft, President of Gould Coupler Co. In his announcement, Mr. Newcomer
the Haft Supply Co.; Frederick A. Keck attorney; Philip B. Newmark, stated that Mr. Symington would give his full time and
President Philip B. Newmark, Inc.; Russell J. Perrine, President Johnson
to the duties of President and would dispose of any
Brothers., trustee Dime Savings Bank of Williamsburg; George C. Roy, attention
President Roy Engineering & Iron Works; Fenwick B. Small, real estate; interests he might have that conflicted with his new occuB. P. Van Benthuysen, President, trustee Prudential Savings Bank, Chair- pation. Mr. Ingle, the retiring Vice-Chairman of the
man Finance Committee.
Board, has been identified with banking for forty-five years.
In its issue of Dec. 1, the Hartford "Courant" stated that He started with the Merchants National Bank of Baltimore
a newly organized institution, the Capitol National Bank, and held the position of Cashier when appointed as Federal
together with a subsidiary organization, the Capitol National Reserve Agent at Richmond, Va., at the time the Federal
Co., would shortly open for business in that city, the former Reserve System was formed. In 1916 he returned to Baltiwith a combined capital and surplus of $500,000 and the more to become President of the old Baltimore Trust Co. and
latter with a capital of $160,000. C. P. Tomlinson, it was was made Vice-Chairman of the Board (the position from
stated, would be President of the new bank, while Edward F. from which he retires) when that institution was consolidated
Dustin would head the holding company. Other officers with the former Atlantic Exchange Bank & Trust Co. in the
chosen for the bank were Mr. Dustin and William A. San- early part of last year.
was further stated that at a
born, Vice-Presidents. It—
—
Charles L. Bethel, Assistant Treasurer of the Union
meeting held on Nov. 30 in the banking rooms in the new
at the corner of Aslyum and High streets, Trust Co., Cleveland, has been named manager of the
Capitol Building,
twenty representative men ofHartford and vicinity were new office of the Union Trust Co. which will open in Lakewood, at Detroit and Cook Ayes., on Dec. 11.
elected directors of the new institution.
aiw-FO•minn
2854
THE CHRONICLE
Plans to increase the capital of the Commercial Nationa
l
Bank of High Point, N. C.,from $500,000 to $1,000,
000 will
be acted upon by the stockholders on Dec. 16.
The letter
to the stockholders under date of Nov. 15 says:
[vol.. 123.
The price of silver in New York on the same day has
been:
Sliver in N.Y., per on. (cts.)•
Foreign
5434
5434
5436
5334
5334
5334
At a meeting of the board of directors held
Nov. 2 it Was unanimously
THE CURB MARKET.
voted to recommend to the stockholders an
increase of the capital stock
of the bank from $500.000 to $1,000,000, and the
Trading in the Curb Market in the fore part
surplus from $500,000
of the week
to $875.000 on the following basis:
was dull with irregular price movements.
On Jan. 1 next, after paying the usual 6%
Business broadsemi-annual cash dividend, ened somewh
we would pay a stock dividend of 25% from
at as the week progressed, but fluctuations
the present undivided profit
account, amounting to 1,250 shares of
$125,000. We are confident the continue mixed, some issues showing substantial gains while
policy of the bank will be to continue the
12% annual dividend.
others suffered losses. Oil shares were conspic
After this dividend our set-up would
uous. Standbe as follows:
ard Oil of Ohio made a sensational advance from
Capital
8625,000
2983/b to
Surplus
500.000 358, followed by a reaction to 334.
The close to-day was
Undivided profits account
$125,000 or more. at 349. Accompanying the advance
It is then proposed to sell 3.750 shares
were rumors of a stock
of new stock at $200 per share,
making a total sum of $750,000, one-half
dividend and a split up in the shares. Standar
of which will be carried to the
d Oil of
capital account, and the other half to the
surplus account, making the fol- N. J. new common part paid was dealt in for
lowing set-up:
the first time
up from 383' to 39 and down finally to
Capital
38%. Buckeye
$1,000.000 Pipe
Surplus
Line rose from 443's to 46 and closed to-day
875.000
at 45%.
3
Undivided profits account
16125.000 or more Cumberland Pipe Line sold down from 111 to 104.
thus making the capital, surplus, undivided
Eureka
profits and reserves of the bank Pipe Line advanced
from 46% to 483/2. South Penn Oil
$2,000,000.
It might be well to remind you that since
4
the organization of our Institu- improved from 36% to 393 and finished to-day at 38
tion we have paid out $707.000 in dividends
4•
3
. When these two dividends Vacuum Oil fell from 973/ to 9432. Gulf
are paid on Jan. 1 1927 it will make
Oil sold up from
a total of $862,000 that the institution
to 933 and at 933/i finally. In the industrial section
4
has paid out in the way of dividends
903
, and still leaving a substantial undivided profits account.
Swift International was a feature and on
heavy transactions
moved up from 213/ to 25 and reacted to 233,
The 52d annual statement of the Imperial Bank of
the close
Can- to-day being
at 233/8. Victor Talking Machine gained
ada (head office Toronto) ,presented to the shareho
lders almost 7 points
to 120%, the close to-day being at 119.
at their annual general meeting on Nov. 24, furnishes a record of steady growth. The report, which covers the fiscal American Seating was active and advanced from 433 to
4
4
9
year ending Oct. 30 1926, shows net profits (after deducting 453 , the final figure to-day being 443/. Canadian Induscharges of management, auditors' fees and interest due de- trial Alcohol after early loss from 283- to 263- sold up to
/
positors, and after making provision for bad and doubtful 303.. Universal Pictures gained almost 5 points to 42%
debts, etc.) of $1,265,776, making with $1,098,872, the bal- and ends the week at 42. Warner Bros. Pictures dropped
ance to credit of profit and loss brought forward from the from 36 to 29 and finished to-day at 293/8. Among utility
preceding 12 months, the sum of $2,364,648 available for issues Pennsylvania Water & Power ran up from 173 to
distribution. This sum was appropriated as follows: $840,- 1843/i and sold finally at 179.
A complete record of Curb Market transactions for the
000 to cover dividends at the rate of 12% per annum; $70,week will be found on page 2884.
000 to pay a bonus of 1%; $42,500 contributed to officers'
DAILY TRANSACTIONS AT THE NEW
and employees' pension and guarantee funds, and $160,000
YORK CURB MARKET
to take care of Dominion Government taxes, leaving a balSTOCKS (No. Shares).
BONDS(Par value).
Week Ended Dec. 3.
ance of $1,252,148 to be carried forward to the new year's
Ind& Mist
oil. ' Mining. Domestic. Porn Govt.
profit and loss account. Total assets are given in the
report Saturday
53.855
59,860
17.000 81,235,000
as $131,832,310, of which $69,372,575 are liquid assets, or Monday
899.000
95,745
53.970
61,000 2,629,000
154,000
100,750
92.220
equal to 60% of the bank's liabilities to the public. Total Tuesday y
69,600 2,175,000
184.000
Wednesda
110,615
122,360
66,220 1,764,000
144,000
Thursday
deposits are shown at $100,787,015. The institution's
93,795
135,330
74,130 1,896,000
190,000
paid- Friday
117,910
157,536
73.360 2,665,000
145,000
in capital is $7,000,000 and its reserve fund $7,500,000. DurTotal
572,670
621,276
361,310 12,364,000 8916,000
ing the twelve months under review branches of the
bank
were opened at Kitchener and Elk Lake, Ontario,
and
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
branches were also operated during the summer season
at
It has been a week of rising prices on the Stock Exchange.
Hudson and Pine Ridge, Ontario, in the Red Lake
Gold
area. Peleg Howland is President of the Imperial Bank of Speculative interest has centered largely in the oil shares,
and except for moderate recessions in the general list during
Canada and A. E. Phipps, General Manager.
the short period of trading on Saturday and again in the final
John A. Northway was elected a director of the Imperia hour on Monday the market has
l
gradually increased in
Bank of Canada on Nov. 23 to succeed his father, the
late strength, price movements in a majority of the active issues
John Northway, according to the Toronto "Globe" of Nov. reaching materially higher levels.
Numerous cross move24. Mr. Northway is President of John Northway &
Son, ments characterized the trading during the two-hour session
Ltd., and is a director of the Northway Companies and
of on Saturday, many issues being in supply during the final
the National Club.
hour and the list closing at lower levels. Baldwin LocoThe directors of the Dominion Bank (head office To- motive continued in the foreground and advanced 5 points
ronto) have declared the usual dividend of 3% for the quar- during the first hour, though it slipped back later in the day
and closed with only a fractional gain. The tone of the
ter ending Dec.31 1926, together with a bonus of 1%, making
market was heavy on Monday and many of the leading issues
distribution to the shareholders for the current year
a total
declined from 1 to 5 points. The weak stocks included such
of 13%.
issues as United States Steel common, Baldwin Locomotive,
The Board of Directors of the Standard Bank of South Mack Trucks, General Motors and Westinghouse Air Brake.
Africa, Ltd. (head office London) have resolved, subject to Railroad shares continued to move downward, Atchison
audit, to pay to shareholders an interim dividend for the slipping back a point and Rock Island declining 2 points.
half year ended Sept. 30th last at the rate of 14% per annum One of the features of the day was the sharp run up of Consubject to income tax. Dividend warrants will be posted on solidated Gas following the favorable court decision. Brook-point gain. The strength of
Jan. 28. The bank's investments stand in the books at less lyn Union Gas also made a 2
than market value as at Sept. 30 and all usual and neces- these issues had a stimulating effect on other local utilities,
sary provisions have been made. Transfer books will be and most of the issues in this group closed with substantial
closed from Dec. 29 to Jan. 18, both inclusive. The New gains. Texas Gulf Sulphur also displayed considerable
activity and moved briskly forward, selling at a
York agency of the bank is at 67 Wall Street.
new high
under its present form of capitalization.
On Tuesday the market moved within a narrow
ENGLISH FINANCIAL MARKETS
-PER CABLE.
range.
The daily closing quotations for securities, &c., at London, United States Steel ex the quarterly dividend of 14% was
3
heavy, and General Motors made little progres
aereported by cable, have been as follows the past week:
s one way
or the other. Railroad stocks moved slightly
London.
Nov.21. Nov.29. Nov.30. Dec. 1. Dec. 2. Dec. 3.
lower, the
Week Ending-Dec:8
Sat.
Mon.
Wed. Thurs.
Tues.
Fri.
group leaders such as Rock Island, Atlantic Coast
Silver, per es
Line and
d 254
25X
24 11-16 24 9-16 24%
251
New York Central being off from % to 2 points.
Gold, per fine ounce
s 84.11% 84.11% 84.101.1 84.113.6 84.111.6 84 Al%
Oil stocks
Consols. 23 per cents----------543.
were unusually active, Phillips Petroleum
547-16 5436
53 15-16 5334
ç
leading the rise
British 5 per cents
100
100
/00
100
100
with an advance of more than a point and making a now
British 434 per cents_______
high
93%
9334
933(
93%
9334
record for the present movement above 55. General Elecench Rentes (in Paris)_fr.
50.15
49.80
49.90
49.90
49.75
renchWarLoan(InFaris)_fr.
tric was also active and scored a gain or 2 points at its high
56.85
56.50
5825
56.95
55.50
2855
THE CHRONICLE
DEC. 4 1926.]
d which advanced
con- 3 points to 163% and Erie first preferre
for the day. On Wednesday the oil stocks stood out the 25 points to 5034. Baldwin Locomotive continued its
%
points.
spicuously on the buying side, while, on the other hand,
remarkable advance and scored a net gain of 5
shares were freely sold. The widest movements were American Smelting was also in strong demand at improving
steel
making a
in the so-called specialties, Commercial Solvents
Allied prices. The final tone was good.
gain of 11 points at its high for the day, followed by
STOCK B;XCHANGE
TRANSACTIONS AT THE NEW YORK
Chemical with an advance of 5 points. United States Cast
DAILY. WEEKLY AND YEARLY.
ex-dividend, not only
Iron Pipe & Foundry, which was 2
United
State,
Railroad,
Stouts,
recovered its dividend but made a further gain of 4 points.
States
Municipal cfb
cite..
Number of
Week Ended Dec. 3.
Bonds.
stocks Lehigh Valley moved forward
Foreign Bonds.
Bonds.
Among the railroad
Shares.
and Chesapeake &
$540,350
$1,888,000
4 points, making a new high record at 96,
$5,058 000
813,585
520,800
strong, Saturday
3,045,000
6,861 000
1,490,538
Monday
Ohio gained 3 points. Public utilities continued
580,100
2,739,000
.7,765 000
1,286,924
527,350
2,932,500
which again crossed 60. Tuesday
7,611 500
1,474,748
especially American Water Works,
Wednesday
412,000
3,250,500
8.010 500
1,681,715
on Thursday. Thursday
777,000
2,047,000
10,892,000
The market showed notable improvement
1.830,100
Friday
33.357.500
Speculative activity centered largely in the oil shares, many
_ 8577510 546.098.000 315.902.000
n.t..1
of which scored substantial advances. This was partiouJan. 1 to Dec. 3.
Week Ended Dec. 3.
Sales at
larly.true of Atlantic Refining, which sold as high as 113 at
New York Stock
1925.
1926.
1925.
Marland Oil reached a new high for the
1926.
its top for the day.
Exchange.
was
411,933,794
414,959,275
year with an advance of 2 points, and Phillips Petroleum
8,577,610 10,223,459
Stocks-NO. of shares_
Bonds.
in strong demand throughout the day. The feature of the Government bonds_ _ $3,357,600 $5,035,500 $236,649,800 $321,623,360
651,211,500
of Atchison, which advanced State & foreign bonds_ 15,902,000 12,261,000 645,265,450 2,747.842,875
railroad group was the strength
misc. bonds 46,098,000 41,505,000 1,836,847,100
2 points and crossed 156, followed by Baltimore & Ohio. Railroad &
365,357,600 $58.801.500 $2,718,762,350 68.720.677,735
Total bonds
New York Central and St. Louis-San Francisco also made
LPHIA AND
States Rubber advanced
DAILY TRANSACTIONS AT THE BOSTON, PHILADE
further progress upward. United
BALTIMORE EXCHANGES.
2 points, Industrial Alcohol 3 points and United States Steel
common 23 points. United States Cast Iron Pipe & Foun
Baltimore.
Philadelphia.
Boston.
Week Ended
dry was particularly active and closed with a net gain of
Shares. BondSales. Shares. BondSales. Shares. Bend Sales
Dec.3 1926.
4
33 points. In the motor group Chrysler and General Mot$1,000
21,989
$10,000
8,127
$6,500
11,999
28,100
a1,048
18,600
20.481
ors were the outstanding features, the former moving upward Saturday
7,000
*25,059
Monday
28,000
a1,396
29,500
13,578
its high Tuesday
23,000
*23,540
14,000
point or more and the latter climbing to 1423i at
a1,254
18,000
15,905
31,100
*20,157
Wednesday
4,000
a2,938
42,600
24,680
21,000
*24,997
for the day.
Thursday
18,000
a2,307
25,000
16,198
7.000
11,670
Motor shares moved to the front on Friday and for the Friday
$93,100
10,932
98,969 $143,700
$95,600
117,422
Total
first time in several weeks the market advanced under the
7080 8141000
98 288 8191 RSA
826 600
05 772
The strong stocks included Gen- Army
leadership of this group.
883: Wednesday,
•In addition,
eral Motors, Packard, Nash, Chrysler, Mack Truck, Jordan 2,149; Thursday,sales of rights were: Monday, 2,311; Tuesday,
625.
. Railroad stocks were almost buoyant, parrights were: Saturday. 3.307; Monday, 2,313; Tuesday, 443;
and Hudson
a In addition, sales of
4,028; Friday, 236.
ticularly Chesapeake & Ohio, which bounded forward about Wednesday, 535: Thursday,
anualr ',MIA t10/1
Course of Bank Clearings
(including this city) there is a decrease of 0.2%.
Bank clearnings the present week will show a decrease District
Philadelphia Reserve District the totals are smaller
compared with a year ago. Preliminary figures compiled by In the
in the Richmond Reserve District by 12.8% and
us, based upon telegraphic advices from the chief cities of by 4.3%,
the Atlanta Reserve District by 26.5% the latter due
the country, indicate that for the week ending to-day in
ille
mainly to the decrease at the Florida points, Jacksonv
(Saturday, Dec. 4), bank exchanges for all the cities of the sharing a loss of 41.5% and Miami of 66.0%. The Chicago
weekly
United States from which it is possible to obtain
Reserve District has a loss of 2.0%, the St. Louis Reserve
returns will be 4.0% smaller than for the corresponding District of 6.9% and in the Minneapolis Reserve District of
$10,686,934,876,'
week last year. The total stands at
the falling off is
At this 14.2%. In the Kansas City Reserve District
against $11,130,248,343 for the same week in 1925.
the Dallas Reserve District 5.9% and in the San
com- 4.8%, in
centre there is a loss for the five days of 5.9%. Our
Francisco Reserve District 6.7%.
parative summary for the week is as follows:
In the following we furnish a summary by Federal Reserve
Per
districts:
Clearings-Returns by Telegraph.
Week Ending December 4.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Baltimore
Cleveland
New Orleans
Cent.
1925.
1926.
-5.9
$5,054,000,000 $5,371,910,458
+7.1
587,073,247
628,561,076
_ __ _
520,000,000
520,000,000
-4.7
442.000,000
421,000.000
+8.3
124,928,385
135,369,609
144.800,000 -12.5
126,700.000
-7.2
184,054,000
170,894,000
+4.6
145,000,000
151.598,000
-4.4
169,960,706
162,442.723
-7.5
150,521,489
139,221,851
125,413,143 -18.8
101.901,540
+7.4
103,822,370
111,531.736
75,143,475 -14.3
64,401,096
Thirteen cities, 5 days
Other cities, 5 days
$7.787,621,631
1,118.157,432
$8,144.627,273
1,257,656,295
Total all cities. 5 days
All cities, 1 day
$8,905,779,063
1,781,155.813
$9,402,283,568
1,727,964,775
Total all cities for week
tin 621% one 3178 111.130.248.343
SUMMARY OP BANK CLEARINGS.
Week End. Nov. 27 1926.
1926.
1925.
Inc.or
Dec.
1924.
1923.
$
$
$
11
Federal Reserve Dints.
378,261,312
408,204,692
434,862,677 -9.7
477,052,339
Let Boston_ __ _12 cities
4,769,163,986 4,776,205,905 -0. 4,711,357,100 4,191.213,829
2nd New York _11 "
455,817,974
470,286,812
510,524,038 -4.3
488,712,230
3rd Philadelpblal0 "
302,430,101
312,523,018
347,301,174 +1.5
352,534,038
6th Cleveland__ 8 "
164,014,933
174,662,892
200,357,575 -12.8
174,823,076
5th Richmond - 6 "
165,390,801
187,117,005
247,105,422 -26.5
181,518,563
6th Atlanta_ ._13 "
708,706,153
773,729,253
-2.0
809,437,056
793,681,610
7th Chicago __ _20 "
190,861,146
192,906,456
197,114,519 -6.9
183,571,489
._ _ 8 "
8th St.Louie
106,339,251
149,014,657
128,505,113 -14.2
110,214,964
9th Minneapolis 7 "
203,598,685
223,025,895
231,265,186 -4.8
220,101,086
-4.4 10th Kansas City12 "
66,711,823
74,863,250
81,479,826 -5.9
76,628,651
-11.1 11th Dallas
5 "
416,097,647
397,026,189
-6.7
493,506.030
461,446.303
12111 San Fran- _17 "
-5.3
8,074,687,179 7,349,443,656
+13.1
129 cities 6,289,498,334 8,457,665,531 -2.0 3,459,757,612 3,253,749,428
Total
3,634,711,054 3,774,239,461 -3.7
Outside N.Y.City
-4 n
Complete and exact details for the week covered by the
summary by Federal Reserve
foregoing will appear in our *ssue of next week. We cannot • We also furnish to-day a
For
ends to-day districts of the clearings for the month of November.
furnish them to-day, inasmuch as the week
is a decrease for the whole country of 3.9%,
(Saturday), and the Saturday figures will not be available that month there
clearings being $41,136,348,347
until noon to-day. Accordingly in the above the last day the 1926 aggregate of the
the 1925 aggregate $42,799,439,175. This is the third
and
of the week has in all cases had to be estimated.
our monthly compilation of bank
In the elaborate detailed statement, however, which we time since March 1924 that
d with the
final and complete clearnings has shown a decrease as compare
present further below, we are able to give
month of the previous year. Outside of New
results for the week previous-the week ended Nov. 27. For corresponding
decrease for the month is only 2.3%, the
that week there is a decrease of 2.0%, the 1926 aggregate York City the
of 5.2%.
bank exchanges at this centre registering a decrease
of clearings being $8,289,49 -,334 and the 1925 aggregate
Reserve District has a gain of 2.6% and the
$8,457,665,531. Outside of New York City the decrease is The Boston
District of 4.3%, but the New York
only 3.7%, the bank exchanges at this centre having shown Cleveland Reserve
Reserve District (including this city) shows a loss of 5.1%.
a loss of 0.4%. We group the cities now according to the
phia Reserve District the totals are smaller
Federal Reserve districts in which they are located, and In the Philadel Richmond Reserve District by 9.6% and
Reserve District by 1.3%, in the
from this it appears that in the Boston
Reserve District by 31.9%, the latter following
there is an improvement of 9.7% and in the Cleveland in the Atlanta
in the New York Reserve mainly from the falling off at the Florida points, Miami
Reserve District of 1.5%, but
2856
THE CHRONICLE
[VOL. 123.
having a decrease of 66.9%, Tampa of 18.7%
, and JackThe course of bank clearings at leading cities of the count
sonville of 34.2%. The Chicago Reserve District shows
ry
a for the month of Nov. and since Jan. 1 in each of the last
loss of 0.2%, the St. Louis Reserve District of 4.6%
four years is shown in the subjoined statement:
i
and the
Minneapolis Reserve District of 4.1%. In the Kansa
BANK CLEARINGS AT LEADING
s City
CITIES.
Reserve District there is an increase of 3.6%, in the
(000,000s
Vorember
Dallas
omitted.)
1926. 1925. 1924, 1923. 1926. Jan. 110 Nov. 30
Reserve District of 0.6% and in the San Francisco Reser
1925. 1924.
1923.
$
ve New York
$
$
2
22,252 23,477 22,433 18,048 263,640 256,660
District of 1.1%.
224,242 194,501
Chicago
2,715 2,743
November
1926.
Federal Reserve Dist'.
1st Boston __14 cities
2nd New York _14 "
3rd Philadelphial4 "
4th Cleveland- _15 "
5th Richmond _10 "
6th Atlanta__18 "
7th Chicago _29 "
8th St.Louis_ _ _10 "
9th Minneapolls13 "
10th Kansas City16 "
11th Dallas
12 "
12th San Fran_ _28 "
November
1925.
Inc.or
Dec.
November
1924.
2,344,255,737
22,887,705,869
2,553,151,806
1,760,919,978
865,691,530
842,152,481
4,064,998,768
956,266,240
626,708,169
1,277,085,737
622,649,323
2,331,762,709
2,285,629,477
24,106,005,236
2,587,379,728
1,687,396,851
957,622,306
1,236,826,676
4,071,520,642
1,002,381,211
653,219,488
1,232,542,220
618,734,654
2,360,180,686
+2.6
-5.1
-1.3
+4.3
-9.6
-31.9
-0.2
-4.6
-4.1
+3.6
+0.6
+1.1
2,174,938,331
22,963,413,513
2,294,050,613
1,529,318,457
848,789,047
892,646,424
3,746,033,695
954,467,136
729,796,601
1,165,092,638
603,711,056
1,980,696,687
$
1,899,457,072
18,440,535,376
2,170,991,119
1,530,157,604
812,286,538
929,252,600
3,633,003,013
943,588,251
591,844,532
1,103,438,381
433,784,968
2,043,957,099
Total
193 cities 41,136,348,347 42,799,439,175
-3.9 39,882,954,098 34,529,305,551
Outside N. Y. City
18,884,769,561 19,322,261,092
2.3 17,450,223,973 16,630,993,606
Canada
(29 cities) 1,732,482,285 1,666,827,435
+3.9 1,644,258,375 1,910,288,913
We append another table showing the
Reserve districts for the eleven months clearings by Federal
back to 1923:
32,251 28,773 28,506
20,376 19,336 17,607
26,382 23,107 22,469
6,929
6,509
6,583
8,035
7.289
7.530
8,570
7,613
7,354
5,294
4,570
4,404
3,382
3,043 3.164
6,385 5,980 6,327
5,474
4,958
5,099
2,864
2,644
2,502
4,042
3,713
3,363
1,575
1,460
1,416
7,680 6,719 6,122
1,884
1,743
1,717
7,192 6,542 6,384
652
563
577
1,999
1,834
1,943
2,534
2,095
2,150
1,480
1,465
1,469
804
911
966
1,512
1,462
1,418
2,573
2,547
2,356
1,102
968
1,016
2,001
1,865
1,776
691
595
517
800
718
700
37.27138,638 36,239 31,284 433.026 421,123
3,865 4,161 3,644 2,755 43,991 42,887 373,264 339,936
37,437 34,580
Total all
41,136 42,799 39,883 34,039 477,017 464,010
410,701 374,576
Outside New York_18,885 19,322 17,450 16,581
213,379 207,350 186,459 180,015
Inc or
Dec.
1925.
31,912
22,868
26,660
6.850
8,361
8,956
5,470
3,547
6,626
5,643
2,813
3,771
1,629
8,089
2,014
8,108
653
1,834
2,287
1,472
1,089
1,539
2,377
1,095
2,158
732
833
Total
Other cities
Eleven Months.
1926.
2,589 2,504
2,093 2.023 1,952 1,669
2,331 2,372 2,098 1,982
589
629
583
590
752
726
643
660
762
827
674
666
441
498
417
382
721
304
271
269
621
587
564
548
504
481
437
433
255
284
252
292
381
404
455
326
138
135
129
119
697
724
587
556
183
167
156
154
711
666
565
613
61
63
52
56
173
180
160
158
220
245
196
197
141
143
142
161
99
74
72
88
159
150
142
147
224
259
251
243
115
128
132
133
193
192
162
187
59
67
53
48
81
90
72
75
Boston
Philadelphia
St. Louis
Pittsburgh
San Francisco
Baltimore
Cincinnati
Kansas City
Cleveland
New Orleans
Minneapolis
Louisville
Detroit
Milwaukee
Los Angeles
Providence
Omaha
Buffalo
St. Paul
Indianapolis
Denver
Richmond
Memphis
Seattle
Hartford
Salt Lake City
November
1923.
1924.
1923.
Federal Reserve Dists.
lstl Boston .,...,14 cities 25,659,994,419 23,137,59
2nd. New York _14 " 270,866,400,537 263,435,70 0,905 +10.9 21,781,023,662 19,998,766,434
2,297 +2.8 230,308,57
3rd Phlladelphial4
22,178,332,522 28,830,807,320 +1.2 25,867,77 3,282 198,839,231,596
0,458 24,643,080,191
4th Cleveland_15
19,668,386,632 18,948,127,632 +3.8 17,281,042
,307 17,861,030,915
5th Richmond _10
9,963,845,373 9,961,336,692 +0.02 8,997,386,
6th Atlanta_ _ __18
11,414,871,558 12,128,214,478 -5.9 9,301,385, 079 8,657,612,113
7th Chicago ___29
47,259,598,283 46,744,625,275 +1.1 41,888,007 851 8,859,625,521
,808 41,018,346,334
8th St.Louls___10
10,750,515,665 10,754,937,039 -0.1 9,968,129,
9th Minneapolls13
6,176,648,657 6,486,312,240 -4.8 6,106,516 963 10,011,121,828
,170 5,978,032,697
10th Kansas CitY16
13,543,573,821 13,148,037,277 +3.0 12,207,066
,006 12,365,717,210
11th Dallas
12
6,171,317,782 5,933,222,057 +4.2 5,286,241,
12th Han Fran_ _28
26,363,751,002 24,510,608,932 +7.4 22,218,165 429 4,766,015,762
,851 21,517,273,575
Total
193 cities 477,017,236,251 464,009,522,144 +2.8
410,701,30
Outside N Y. City
213,377,634,629 207,349,563,384 +2.9 186,459,078,866 374,515,854,176
1,128 180,014,974,239
Canada
29 cities 15,910,208,807 14,843,236,379 +7.2
15,272,273,444 15,760,173,688
Our usual monthly detailed statement of
the New York Stock Exchange is appended. transactions on
The result
Nov.and the eleven months of 1926 and 1025 are given s for
belows
Month of iVovember.
Description.
1926.
Eleven Months.
1925.
1926.
1925.
Stock, number of shares_
31,313,410 49,176,
408,871,450
411,140.297
Railroad and misc. bonds 2168,139.400 4165,56 979
9,100 $1,809,330,900 $2,157,552,175
State, foreign, arc., bonds 83,680.000 49,320,
000
637,035,950
607.472,260
U. S. Government bonds 17.860.000
22,993,200
236,880.500
353,361,660
Total bonds
5269.679.400 $237,882,300 22,683,247,350
$3,118,386,095
The volume of transactions in share proper
ties onXthe
The following compilation covers the cleari
ngs by months New York Stock Exchange each month since Jan. 1 in_1923
ince Jan. 1 in 1926 and 1925:
to 1926 is indicated in the following:
MONTHLY CLEARINGS.
Clearings, Total All.
Mont 1.
1926.
1925.
1924.
1923.
No. Shares. No. Shares. No, Shares,
No. Shares,
38,987,885 41,570.543 26,857,
35,725,989 32,794,456 20,721,386 19,914,827
562
52,271,691 38,294,393 18,375,911 22,979,487
25,964,666
126,985,565 112,659.392 65,954,859
68,858,980
Clearings Outside New York.
1926.
1925.
%
1926.
1925.
%
$
2
$
$
Jan. _ 47,660.896,876 46,161,258,211
+3.2 20,559,798,610 19,440,564,225 +5.7
Feb_ _ 38,799,487,828 37,490,819,848 +3.5
Mar _ 48,505,299,107 42,009,334,406 +15.5 17,346,130,353 16,433,760,696 +5.5
20,413,426,165 18.660,323,657 +9.4
let a _ 134965683,811 125661412,465 +7.4
58,319,355,128 54.534,648,478 +6.9
AprU _ 45,536,492,634 41,394,612,885 +10.0
May_ _ 42.411.631,981 41.866,240,874 +1.2 19.572.431.886 18,545,728,280 +5.5
June-- 44.163,009,912 43.232,725,823 +2.1 19.025,486.348 18.038,806,454 +5.5
19.968.020,328 19.213.882,108 +3.9
24:0 -132111134,527 126493579,582 +4.4
58.565.938,542 55.798,416,842 +4.9
1. 267076818.338 252154992,047 +5.9 1168852
93.670 110333065.820 +5.9
July - 43.785.324.325 42.989.080.931 +1.8
19.958.111.685 19.593.330.824 +1.9
Aug _ 39.946.960,139 38.036.385,824
+5.0
Sept_ _ 40,166.553,832 40,756,409.028 -1.5 18,270,980,440 17,817,867,459 +2.5
18.806.535,083 18,981.970,549 -0.9
3d q _ 123898838.298 121781875,783
+1.7 57,035,627,208 56.393,168.832 +1.1
Oct-- _ 44,905,231,270 47.273.215,139
Nov_ _ 41.136.348.347 42.799.439.175 -5.0 20.571,944.190 21,321,068,140 -3.5
-3.9 18.884.769.5511 19.322.261.092 -2.3
Month of January
February
March
First quarter
Month of April
May
June
30,326,714
23.341.144
38.254.575
24,844,207
36.647.760
30,760.768
18,116,828
13.513.967
17.003.140
20,091,988
23,155,730
19,754,197
Second quarter
91,922,433
92.242,735
48.633.935
63.001.913
Month of July
August
September
36,691,187
44,491,314
37.030,166
32,812,918
33,047.248
37,109,231
24.318.182
21.809,031
18,184.160
12,551,851
13.144,641
14,642.289
118.212.667 102,969,397
64.311.373
40,338,781
18.332.992
41.657,077
15.802,900
22,588,598
Third quarter
Month of October
November
40.437.374
31,313,410
54,091.724
49,176,979
We now add our detailed statement showing
for each city separately for November and since the figures
Jan. 1 for
two years and for the week ending Nov. 27 for four
years: A
CLEARINGS FOR NOVEMBER,SINCE
JANUARY 1, AND FOR WEEK ENDING
NOV.27.
Month of November.
1925.
2
2
First Federal Rese rye District- BostonMaine-Bangor
3,433,257
3,113,287
la Portland
16.567.852
15.141,261
Mass.
-Boston
2,093,353,812 2,023,181,527
Fall River
9,701,928
11,534,147
Holyoke
4,416,072
4,191,766
Lowell
5,348,893
6,507,110
Lynn
a
a
New Bedford
7,285,738
7.620,515
Springfield
24.877.263
24.848.524
Worcester
15.364,515
15.184,729
Conn.
-Hartford
59,322.479
66.862.314
New Haven
30.498.057
31,013,812
Waterbury
9,751,700
10.295,500
R. I.
-Providence_
60,765,200
63.408.200
N. H.
-Manchester_
3,025.171
3.270,585
Total(14 cities)
2,344,255,737 2,285,629,477
Second Federal Re serve District -New YorkN. Y. Albany
28,978,138
25,093.256
Binghamton
5,054,719
4,910.600
Buffalo
219.978.262
245,088,364
Elmira
4,278,069
4,055,715
Jamestown
5,936.722
6,431,010
New York
22,251,578.786 23,477.178,083
Niagara Falls
4,462.070
4,239,662
Rochester
52.942,793
55,405,582
Syracuse
26,193.063
24,676,741
Conn.
-Stamford_
14,604,883
14,941,085
N. J.-Montclalr
3,309,017
2.837.918
Newark
n
103,506,584
101,843,641
Oranges
5,843,042
5.467,702
Northern N.J
161,039,721
133,855,877
Total(14 cities)_... 22,887,705.869
24.106,005,236
1926.
%
45
Week Ended November 27.
1925.
Inc. or
Dec.
1926.
1925.
$
%
5
$
+10.3
36,059,509
34,865,479
+9.4
175.022.807
158,358,076
+3.5 22,867,839.654 20.376.0
76.577
-15.9
94.946,200
110.096,106
+5.3
44,881,586
45.248.155
-17.8
51,047,701
55,434,119
a
a
a
-4.4
63,617.722
72.908,237
+0.1
273,997,867
278.177,696
+1.2
173.936,621
176,130,711
-11.3
732.466.584
690,584.687
-1.7
341.895,522
339.575.672
+5.6
114.699,900
112.327,400
-4.2
652,546,400
652,013,500
-7.5
37,036,346
35,792,490
+3.4
+10.5
+12.2
-13.8
-0.8
-7.9
a
-12.8
-1.4
-1.3
+6.1
+0.7
+2.1
+0.1
+3.5
+2.6 25,659,994,419 23,137,590.905
0
1926.
Since January 1,
Inc. or
Dec.
+15.5
309,566.529
304,804,664
+2.9
55,595,533
54.543,700
-10.3 2.487,141.064 2,534.079 042
+6.0
48,880,383
44,981,638
70.653,181
-7.7
70.832,093
-6.2 263,639,601,622 256.659.958,761
+5.2
50,389.573
50.122,227
622,877.796
-4.5
608.989,289
+6.1
291,796.579
276,599.855
172,054,654
-2.3
168,140.220
+16.6
38,290,934
29,584.447
+1.6 1,184,040.853 1,001,689,659
69,254.621
+6.9
62,202,934
+20.3 1,826,257.215 1,571,173,768
-5.1 270,866.400,537 263,435,702,297
+++40.com00w0t,;00...
Clearings at
-
572,579
3,360,598
432,000,000
1,831,337
a
967.947
a
906,520
4.631.081
2,987.397
10,969.123
6,036,938
12.298.400
610,419
477,052.339
533.166
2,984.484
388.000.000
2,277,501
a
861,733
a
1,108,075
4.468.488
2.923,506
12.835,146
5,770,520
Inc.or
Dec.
%
+7.4
+12.6
+11.3
-19.6
a
+12.3
a
-18.3
+3.6
+1.6
-14.6
+4.6
12,482,400 -1.4
617,659 -17.4
434,862,677
1924,
$
_,
-,
1923,
....,..s ,
.,,,
549
,011 t
592.920
2.884,821
*3,000.000
366,000,000 336,000,000
2,031,006
2,279,829
a
1 a
.4
990,451 ak.961,661
a
Al.'s 'tit
-,
1,109,051
1,353,925
4,540,830
4,241,501
3,033,000
2,951,000
10.615,458
9,234,512
5,354,064
5,269.060
10.470.600
626,400
•4
11,242.600
1,134.304
+9.7
408,204,692 378,261.312
at
i
dejr4414.1
5,126,757
4,879,269 +5.1
4,619,150
5,466,489
909,400
1,151,000 -21.0
797,600
728,200
42,950,537
48,165,758 -10.8
40,322,340
30,654,454
817.242
748,382 +9.2
759,691
302,233
c1.142,050
1.248.041 --8.5
1,199.111
1,301,963
4,654,787,280 4.873,426.070
-0.4 ,614,929.567 4.095,694.227
9.584,183
10.241.656 -0.4
8,755,378
8,772,715
4,320.852
4.662.863 -7.3
4.084.569
3,998,916
c4,058,913
3,810.889 +6.5
3,191,251
2,892,678
611,814
652.757 -6.8
684,614
529,039
44,874,958
27.220.220 +64.8
32,013,829
34,812,915
+2.8 4.769.183.9864.776.206,905
-0.2 4,711.357,1004,191,213,829
DEC. 4 1926.]
THE CHRONICLE
2857
CLEARINGS-(Continued.)
Clearings at
-
21 onfhlof November.
1926.
Since January 1.
Inc. or
Dec.
1925.
1926.
Week Ending November 27.
Inc. or
Dec.
1925.
.+ +t+,,.±,.. 1+1.++++1
$
$
$
3
Third Federal Re erve District -Philad
%
elph I.
-Altoona
Pa.
7,272,508
6,644,413
77,184,975
71,422,116
+8.1
Bethlehem
18444,825
16,778,253
212,346,783
200,266,118 +6.0
Chester
5,847,454
5,719,471
67,709,541
71,071.333 -4.7
Harrisburg
20,242,051
18,969,914
231,577,717
230,513,851
+0.4
Lancaster
9,140,650
10,744,312
109,651,273
134,370,951 -18.4
Lebanon
2,511,855
2,369,957
31,150,058
29,966,004 +3.9
Norristown
3,658,727
4,764,339
43,220,932
49,310,487 -12.4
Philadelphia
2,331,000,000 2,372,000,000
26,660,381,000 26,381,855,000 +1.0
Reading
•
19,235,067
16,302,194
199,971,871
179,988,455 +11.1
Scranton
•
26,694,506
24,268,470
298,317,488
293,094,821
+1.8
Wilkes-Barre
•
17,293,072
14,752,290
177,714,419
183,800,499 -3.4
York
7.734,835
7,084,797
89,794,296
91,480,670 -1.9
N.J.
-Camden
57.639,861
60,802,063
682,270,666
622,827,021
+9.5
Trenton
•
26,436,395
25,979,233
297,041.503
290,839,994
+2.1
Del.
-Wilmington _ .
a
a
a
a
a
Total(14 cities). _ _ . 2,553,151,806 2,587,379
,728 -1.3 29,178,332,522 28,830,807,320 +1.2
Fourth Federal R e serve District -Clevel
and-Ohio-Akron
24,235,000
23,864,000 +1.5
Canton
16,323,556
16,034,245 +1.8
Cincinnati
320,993,060
303.709,343 +5.7
Cleveland
504,324,137
480,820.198 +4.9
Columbus
70,002,400
64,403,300 +8.7
Dayton
a
a
a
Hamilton
4,010,665
3,208,064 +25.0
Lima
a
a
a
Lorain
1,982,673
2,061,550 -3.8
Mansfield
8,954,487
7,895,907 +13.4
Springfield
a
a
a
Toledo
a
a
a
Youngstown
22,546,395
22,270,733 +1.2
Pa.
-Beaver County _
3,244,376
2,730,007 +18.8
Erie
a
a
a
Franklin
1,241,623
1,497,199 -17.1
Greensburg
5,772,358
5,820,716 -0.9
Pittsburgh
751,628,235
726,489,289 +3.5
Ky.-Lexington_
_
7,101,317
6,534,974 +8.7
W. Va.-Wheeling _
18,559,696
20,057,326 -7.5
Total(15 cities)___ _ 1,780,919,978 1,687,396,851
+4.3
Fifth Federal Re ,c rve District- Richmond
W. Va.-Iluntingto
6,857,641
7,081,312
Va.-Newport New L
a
a
Norfolk
39,157.130
39,913,381
Richmond
223,945,000
259,300,000
N. C.
-Asheville_ _ _
a
a
Raleigh
_
11,870,072
12,247,976
Wilmington
_
a
a
S. C.
-Charleston_ _
10,630,767
10,731,175
Columbia
8,851,641
7,258,739
Ald.-Baltimore_ _
440,665,635
497,750,312
Frederick
._
2,142,440
2,177,519
Hagerstown
3,504,667
3,304,709
D. C.
-Washington ...
118,066,537
117.857.183
Total(10 cities)-- ._
865,691,530
957,622,306
Sixth Federal Rese rye Distr cc -AtlantaTenn.-Cbattanoog'.
34,010,612
31,998.577
Knoxville
13,535,412
12,281,787
Nashville
88.498.815
91,705,113
Ga.-Atlanta
232,792,227
341,942,663
Augusta
9,517,304
9,854.626
Columbus
4,725,979
4,784,984
Macon
8,883,011
8,172,841
Savannah
a
a
Fla.
-Jacksonville _ -98,427.452
149,668,324
Miami
33,896.528
102.271,016
Tampa
26,052.551
32,032,447
-Birmingham _ __
Ala.
108.684,560
111,559,135
Mobile
9,121.642
8.859.123
Montgomery__ _ __
6,986,283
7,361.500
Miss.
-Hattiesburg -8,434,448
7.781,973
Jackson
7,835,366
6,434.028
Meridian
3,900.320
3.825,641
Vicksburg
1.894,329
1.843.677
La.
-New Orleans_ .._
254,685,642
284,449,221
Total(18 eitios)__ __
842,152,481 1,236,826,676
291,888,000
194,133,403
3,547,124,296
5,642,925,505
802,167,900
a
45,497,973
a
21.868,239
99,684,273
a
a
255,764,162
36,074,477
a
16,145,955
67,936,760
8,361,178,322
85,392,211
200,605,156
287,369,000 +1.6
212.203,669 -8.5
3,382.421,123 +4.9
5,474,119,522 +3.1
728,774,900 +10.1
a
a
41,886,721
+8.6
a
a
23,630,637 -7.5
94,759,434 +5.2
a
a
a
a
249,040.207 +2.7
35,058,455 +2.9
a
a
16,212,594 -0.4
73,841,755 -8.0
8.035,071,252 +4.0
88,237,988 -3.2
205,500,375 -2.4
19,668,386,632 18,948,127,632
+3.8
-3.2
a
-1.9
-13.6
a
-3.1
a
-0.9
+21.9
-11.5
-1.6
+6.0
+0.1
71,607,843
a
392,769,885
2,376,812,000
a
123,349,335
a
118,843,813
83,834,148
3,469,888.694
23,196,006
38,225,416
1,265,318,237
75.440,751 -5.1
a
a
389,513,843 +0.8
2.573,220.632 -7.6
a
a
131,020,930 -5.9
a
a
122,280,10
-2.8
87,881.76
-4.6
5,293,601.68
+3.3
22,060.829 +5.1
36,762,95
+4.0
1,229,553,20
+2.9
-9.6
9,963,845,373
9,961,336,692 +0.02
+6.3
+10.2
.3.5
-31.9
-3.4
-1.2
+8.7
a
-34.2
-66.9
-18.7
-2.6
+3.0
-5.1
+8.4
+21.8
+1.9
+2.7
-10.5
372,733.373
154.593,128
1,030,891,738
2,899,460,364
99,214,794
50,856,650
88,456,978
a
1,394,911,097
594,778,4.54
385,629,881
1,222,580.604
1 99,345,178
i 78,609,898
; 96,030,456
1 80,356.999
. 43,316.146
19,894,484
2,812,932.34
1928.
Inc. or
Dec.
$
$
1924.
%
1925.
$
1923.
$.+14111
1.473,307
4,721,324
1,114,914
1,316,677 +11.9
3,683,999 +28.1
1,226,411 -9.1
1,196,813
3,816,633
1,148,234
1,245.178
3.900,395
787.503
1.813,104
2,255,202 -19.6
2.305,199
2,308,546
462,000,000
3,495,474
5,092,072
c2,981,012
1,414,755
484,000,000 -4.6
3.100,690 +12.7
4,698,682 +8.4
4,377,591 -31.9
1,364,585 +3.7
444,000,000
2,892,972
5,148,992
3,991,307
1,546,012
431,000,000
2.838.176
5,815,793
2,530,811
1,424,393
4,606,268
a
4,500,201
a
+2.3
a
4,220,650
a
4,167,179
a
488,712,230
510,524,038
-4.3
470,268,812
455,817,974
4,144,000
3,211.214
64,967,761
98,490,940
13,127,200
4,508,000
3,129.306
60,699,240
98.200,871
12,540,700
-8.1
+2.6
+7.0
+0.3
+4.7
6.074,000
3,694,027
56,812,953
88,374,916
11,875,400
5,207,000
3.583,595
54,116,539
85.600,226
11,371,200
a
c1,544,985
5,215,697
a
a
1.504.976
a
a
+2.6
1.474,657
2,016,678
4,066,749 +28.2
3.396,397
3,366,911
161,832,241
162,651,332
-0.5
140,820.668
137.167.952
352,534,038
347,301,174
+1.5
312,523,018
302.430.101
1,487,397
1.427,561
+4.2
1,589,269
1,492,990
c7.969,772
48,421,000
8,218,900
53,592,000
-3.0
-9.6
8,005,775
54,770,000
8,642,341
49.960,000
2,137,178
-6.4
2,488,374
2,693,172
112,004,450 -17.8
87,941,105
84.133,430
.2,000,000
92.117,791
22,827,116
22,977,486
-0.7
19,858,369
17,093,000
174,823,076
200.357,575 -12.8
174,652.892
164,014,933
c7,709,570
2,493,016
18,241,674
45,045,738
1,724,118
7,393,996
+4.3
2,514.065 -0.8
18,457.641 -1.2
71,319.201 -36.8
2,020,365 -14.7
5,676,654
2,232,570
17,861,000
53,813,914
1.895,757
6,100,301
2.543.000
15,820,085
51,316,361
2,278,232
1,732,174
a
21.101,142
6,969,000
1.610,327 +7.6
a
a
36.012,595 -41.5
20,482,348 -66.0
1,341,379
a
14,771,000
4,748.432
1,204.889
a
11,493,178
21,514,945
1,677.959
24,215,059 -11.2
1,785.942 +6.0
24,294,524
1,612,112
23,486,788
1,841,078
338,365,101
148,925,046
1.023,018,889
3,227.527.346
100.890,875
50,864.526
82,516,068
a
1,285,901,116
963,542,566
409,342,342
1,239,315,481
95,929,182
84,820,185
82,120,024
68.917,723
41,351,508
21.189,397
2,863,677,103
+8.1
+3.8
+0.8
-10.2
-1.7
-0.02
+7.2
a
+8.5
-38.3
-5.7
-1.4
+3.6
-7.3
+17.1
+16.6
+4.7
-6.1
-1.8
1,817,112
1,068,000 +51.4
1.148.000
901,603
391.343
51,330,772
391,469 -0.04
59,834.414 -14.2
489,500
57.232,163
-31.9 11,414,871,558 12,128.214,478
509.548
47,895,758
5.9
Seventh Federal R eserve Distric t-Chicago-Adrian_ _ _ __
Mich.
1,106.114
1.049,783 +5.4
11,691,189
11,886,334
Ann Arbor
4,865,569
4.452,992 +9.3
54,073,565
47.668.566
Detroit
697,032.975
724.357,122 -3.8 8,089,397.684 7.680,495,631
Flint
__
12,630,492
10.243,200 +23.3
138,736.289
115,304,32
Grand Rapids- _ _
32,728,046
34.887.705 -6.2
397,566,750
375,095,54
Jackson
__
7,788,558
7,152,142 +8.9
84,032,805
81,814,46
Lansing
10,482,709
11,797,394 -11.2
132.368,513
128.899,495
-Fort Wayne- _
Ind.
14,114,783
11,633,162 +21.3
139,163,337
133,262,31'
__
Gary
26,423,499
22.057,944 +19.8
297,685,391
241.909,96
Indianapolis
__
99,269,000
73,743,000 +34.6 1,088,828,000
804,496,95
South Bend
__
13,008,800
13.578,760 -4.2
147,736,163
137,908,06
Terre Haute
__
24,746,364
22,681,570 +9.1
282,825,654
277,175,98
Wis.-Madison.
__
14,503,104
12,947,598 +22.2
169,744.539
148.087.759
Milwaukee
__
182,883,718
167.020,884 +9.5 2,014,210,614
1,883,743.301
Oshkosh
__
4,299,305
3,908.415 +8.0
45,516.919
40,300,323
Iowa-Cedar Rani 1s_
11,312,116
10.879.663 +4.0
126,135,090
127,895,170
__
Davenport
48.453,451
49.097,587 -1.3
469.859,877
560.385,649
Des Moines
__
45,138,308
46,538,544 -3.0
499,281,949
525.399,003
__
Iowa City
2,133,006
1,785,904 +19.4
23,318.622
20,020.345
Mason City
__
f
1,338.000
1
f
19,396,736
Sioux City
25,106,236
28,036,630 -10,5
319,718.511
337,704,567
Waterloo
5.545,147
5.352,844
+3.6
59,798.439
64,685,753
__
-Aurora
111.
7,387.631
6,978.611
+5.9
81.462,105
71.734.891
Bloomington_ _ _ __
6.632.402
6,568,008 +1.0
77,962.831
79.179,909
Chicago
2,715,160.041 2,743,273,616 -1.0 31,911.895,362
32,251.012,837
Danville
a
a
aa
Decatur
5,650,528
5.461,272 +3.5
647057,233
71.569,156
19,459,753
Peoria
20,877,731 -6.8
241,655.532
239.032,703
Rockford
13,948.071
12.306,916 +13.3
155,284,807
133,312,792
Springfield
13.189,044
11,441.645 +15.3
135,590,513
133.246,744
181,548,563
247,105,422 -26.5
187,117,005
165,390,801
-1.7
+13.5
+5.3
+20.3
+6.0
+2.7
+2.7
+4.5
+23.0
+35.3
+7.1
+2.0
+14.6
+6.9
+12.9
1.4
-16.2
5.0
+16.5
1
5.4
-7
.5
+13.5
-1.5
-1.1
a
-10.5
+1.9
+14.7
+1.7
205,142
854,992
150.918,542
204,444
880.146
158,635,30
+0.3
-2.9
-4.9
208,632
788,553
118,572.373
142,069
728,843
102,557,553
6,353,009
7,141.351 -11.0
6.154.714
5.409,291
1,779.307
2,560,646
2.249.038 -20.9
2,309.926 +10.8
2,020,294
2.016,602
1,767,598
2,073.791
17,637,000
2,402,600
5,067,331
33,485,160
13,937.000 +26.6
2.437.700 -1.5
5,166,502 -2.0
31,499,376
+6.3
13,364,000
2.259,000
4,934,380
30.949.845
15,318,000
1,658.000
3,993.214
29,821.587
1,160,835
546.372,119
a
1.138,048
3,398.650
2.814,247
2,145.346
1.260,155
555.893,231
a
1.144,404
4,123,073
2.583.158
2,304,903
+1.1
793,681,610
257,496,223
8.143 431
6,929.208,218
a
1,575,285,067
19,625,563
103,421,480
1,101.842,881
662.600.643
20,342,399
77,171,133
+2.1
+9.1
1.2
a
+3.4
-9.1
-3 3
.
-0.6
+3.8
-1.4
+1.8
-4.6 10,750,515.665 10,754,937.038
-0.1
Total(29 cities)-
4,064,998,768 4.071.520,642
Eighth Federal Re serve District -St. Louis
-Evansville _
23,215.605
Ind.
22,260,997
_
777,679
New AlbiulY
742,870
Louis_ _ _
588,783,106
-St.
628.576,559
MO.
Springfield
a
a
Ky.-Louisville- .._
138,146,275
135,450.164
1,264,707
1,358,022
& Owensboro
.__
9,129,841
10,Padueah
9.364,050
Min.-Memphis114,947,716
127,951,649
71,975,512
Ark.-Little Rock_ __
68,819,192
-1,521.033
• 1,750,027
6,504,786
6,107.681
Quincy------- __
Total(10 cltlet)- _
956,266,240 1.002,381,211
-0.2 47,259,598,283 46,744,025.275
+4.3
+4.7
6.2
a
+2.0
-6.9
-2.5
-10.2
+4.6
-13.1
+6.5
262,877.477
8,881,900
6,849,859,549
a
1,629,428.136
17,850.598
100,003,672
1,094,780.292
687, .
990 588
20,256.573
78,586,880
2.284.893
2.084.369
+9.6
2,124.744
1,920,101
7,809.977
8.793.888 -11.2
10.225,141
8.336,585
4,534.616
959,152
5,819.514 -22.1
969,779 -1.1
5,271.010
1,070.064
4,716,430
1,082,394
-7.9
-1.7
a
-0.6
-17.6
+1.2
-6.9
1,257,955
563,331.093
a
1,180,377
4,182,283
1,985.041
1,833,152
1,126,383
519.581,487
a
1,153.954
3,675.071
2,035.362
1,608.442
809.437,066
-2.0
773,729,253
708,706,153
4,487,081
4,673.727
-4.0
4,355,695
4,585,238
115,000,000
122,600,000
-6.2
120,877,190
119.010,387
26,613,563
223.146
27.028,385 -1.5
279.996 -20.4
24,688,430
306,093
23,485,300
482,168
21,800.133
14,015,625
250,568
1,181.373
26,882.278 -28.9
14,089,172 -0.5
355.222 -29.5
1,205.739 -2.0
27,110,957
14,088,939
293,932
1,185,220
28,700,115
13,241,081
232,731
1,124,061
192,906,456
190.8(11_14(
183,571,489
197,114.519
-6.9
[VOL. 123.
THE CHRONICLE
2858
CLEARINGS-(Concluded.)
.41
Al
Month of November.1
Clearings at
1925.
1926.
Week Ended November 27.
Since January 1.
Inc. or
Dec.
1925.
1926.
Inc. or
Dec.
1925.
1926.
Inc. or
Dec.
1923.
1924. •
Ninth Federal Res erve District -Minneapoll s54,788,378 -15.2
46,457,624
-Duluth
Minn.
404,003,836 -5.7
380,866,774
Minneapolis
2,151,418 +14.4
2,460,408
Rochester
142.782,454 -1.1
141,270,684
St. Paul
7,721,778 +14.0
8.799,072
No. Dak.-Fargo
6,455,000 -0.8
6,406.000
Grand Forks
1.371,678 +8.4
1,485,586
Minot
6,978,459 -4.9
6,639,529
-Aberdeen- _ _ _
S. D.
4,950,770 +49.5
6,905,378
Sioux Falls
3,017,074 +17.6
3,547,238
-Billings
Mont.
4,131,022 +31.1
5,416,440
Great Falls
13,911,008 +10.0
15,297,648
Helena
956,613 +20.8
1,155,788
Lewistown
379,528,948
3,770,616,958
25,641,605
1,472,236,967
87,530,400
64,955,000
14,346,419
68,282,244
72,080,667
29,090,361
42,674,545
141,510,872
8,153,671
440,975,198
4,041,799,776
20666,443
1,480.370,976
85,601,747
68,397,000
12,233,762
70,611,031
56,071,357
30,038,394
35,602,331
137,748,610
6,195,615
-13.9
-6.7
+24.1
--0.6
1-2.2
-5.0
+17.3
-3.3
+28.5
-3.2
+19.9
+2.7
+31.6
7,549,409
68,484,053
10.186,890 -25.9
82,751,957 -17.3
18,436,413
93,993,930
8,123,475
62,781,497
27.330,687
1.656.453
29,012,784 -5.8
1,387,358 +19.4
29,146,512
1,901,597
29.179,939
1,627,724
1,218,786
-4.1
8,176,648,657
6,486,312,240
-4.8
Tenth Federal Res erve District -Kansas Cit y1,436,380 +1.4
1,456,032
Neb.-Fremont
2,461,854 --22.2
1.915,925
Hastings
19,846,770 --2.3
19,402,535
Lincoln
179.955,597 --3.8
173,257,927
Omaha
16,125,470 --30.9
11,147,401
-Kansas City-Kan.
a
a
a
Lawrence
a
a
a
Pittsburgh
13,964,070 +3.6
14,464,864
Topeka
30,713,436 +9.2
33,544,569
Wichita
8,231.499 -2.3
8,041,251
Mo.-Joplin
586.963,990 +5.8
620,914,566
Kansas City
+0.3
28,824,796
28,911,932
St. Joseph
a
a
-Lawton
Okla.
1,535,155 -44.1
858,793
McAlester
9
a
a
Muskogee
146,448,956 -0.6
145,490,985
Oklahoma City_35,813,854 +33.0
47,645,673
Tulsa
5,165,028 -0.6
5,036.925
-Colo. Springs_
Colo.
150,099.905 +6.1
159,309,006
Denver
4,955,460 +14.8
5,687,353
Pueblo
18,019,592
26,075,553
224,031,746
1,933.817.428
201,211.255
a
a
162,666,470
399,383,321
85,681.175
6,625,827,551
344,995,857
a
9,482,415
a
1,382,959,622
476,219,361
56,715,602
1,538,637.190
57,849,683
20,857,377
29,375,885
232,169,241
1,999,362,303
194,338,606
S
a
168,416,927
366,754,219
80,791,844
6,384,713,383
359,523,629
a
13,240.974
a
1,290,927,839
383,528,204
58,144,753
1,511,633,954
54,258,139
-13.6
-11.2
-3.5
-3.3
+3.5
a
a
-3.4
+8.9
+6.0
+3.8
-4.1
a
-28.4
a
+7.2
+24.2
-2.5
+1.8
+6.6
+3.6 13,543,573,821 13,148,037,277
+3.0
Total(13 cities) _
Total(16 cities)
626,708,169
653,219,488
1,277,085,737 1,232,542,220
Eleventh Federal Reserve Distr ct-Dallas
8,069,745 -9.1
7,339,577
-Austin
Texas
6,150,997 +26.8
7.815,000
Beaumont
246,879,294 -5.9
232,272,557
Dallas
26,616,748 -17.1
22,078.932
El Paso
65,824,677 +8.0
71,665,125
Fort Worth
50.581,000 -0.7
50,238,000
Galveston
160,391,023 +9.6
175,821.338
Houston
2,285,798 +3.3
2,362,429
Port Arthur
4,009,436 -17.7
3,300,635
Texarkana
11,242,469 -6.6
.10,500,000
Waco
14,119,224 +7.4
15,167,000
Wichita Falls
22,564,243 +6.7
24,088,730
-Shreveport
La.
Total(12 cities)--
622,649,323
618,734,654
1,339,176
1,410,341
-5.1
1,479,356
691.896
677.899
+2.1
000,608
454,956
3,163,290
3,077,884
+2.8
3,456,201
2,952,874
110,214,964
128,505,113 -14.2
149,014,617
108,339,251
c256,684
367,938
3,650,640
34,786,444
283,994 -9.7
430,493 --14.5
3.642,398 +0.2
36,665,199 -5.1
289,544
502,591
3,201,660
33,416,727
263,780
420,542
3,621,440
31,743,955
2,709,430
c6,501,069
2,408,348 +12.5
6,516,172 -0.2
2,363,422
8,008,478
2,123,390
6,285,751
112,533,217
c5,165,163
117,576,224 -4.3
5,756,042 -10.3
116,169,548
(1,0K888
105,080,770
5,123,083
a
24,123,912
a
a
38,113,443 -10.5
a
a
1,001,491 +10.7
17,947,189 -0.1
924,193 +5.7
a
34,954,371
a
984,294
18,319,448
812,924
a
29,878,108
a
805,391
17,607,688
644,787
-4.8
223,025,895
203,598,685
1.108,796
17.921.153
e976,639
220,101,085
231,265,186
1,513,458 -18.8
1,342,352
1,392,020
-6.7
46,883,623
38,648,793
13,004,073 +6.1
11,841,000 --18.9
a
a
12,769,534
9,994,394
•
11,958,015
10,278,000
a
79,142,907
79,502,313
2,290,959,579
229,069,525
665,580,612
533,145,000
1,706,041.201
26,936,388
34,466,852
103,595,726
167,613,225
255,264,454
97,211,236
65,870,710
2,303,976,308
225,682,658
584,329,355
452,773,804
1,607,944,524
24.124,886
38,438,310
118,610,461
152,568,821
251,700,924
-18.6
+20.7
-0.6
+1.5
+13.8
+17.7
+6.1
+11.6
-10.3
-12.7
+9.9
+1.4
c13,798,485
9,603,800
S
4,910,652
4,650,463
+5.6
3,873,347
4,434,989
+0.6 . 6.171,317,782
5,923,222,057
+4.2
76,628,051
81,479,826
-5.9
74,863,250
66,711,823
39,324.088
10,372,000
a
1,243,201
42,929,794
10,560,000 --1.8
a
a
1,657,960 --25.0
34,546.873
0,662,000
a
1,618,781
35,778,550
9,560,000
a
1,273,439
36,923,667
34.774,924
+6.2
31,020,037
33,304,581
16,596.424
a
a
22,237,891 --25.9
a
•
a
18,615,651
a
a
16,516,068
a
a
-1.0
-0.2
+3.4
4,217,674
5,570,859
116,806,000
4,810,753
7,881,503
130,862.000
27.155.618
5,154,447
20.794.471 +30.6
5,231,586 -1.5
14,968,213
4,532,459
13.405,678
4,576,058
8,899,015
4,992,789
149,968,000
2,435,870
1,069,804
1,806,411
11,304,546 -39.0
4,862,490 +2.7
180,288,000 -16.8
2,554,536 -4.7
1,293,789 -17.3
+6.3
1,700,056
6,547,689
3,593,325
140,100,000
2,176,936
986,609
1,607,383
6,435,254
3,333,269
140,900,000
2,103.029
979,085
1,842,180
-San Franc ISCO-Twelfth Federal R eserve Distric t
39,901,000
42,847,000
*3,700.000 --5.4
v3,500,000
Wash.-Liellingham_ _
+0.5 2,158.165,5.30 2,000,835,007
192,463,127
193.492,974
Seattle
549,872,033
588,970,000
53,318,000 +1.9
54,304,000
Spokane
a
a
a
a
a
Tacoma
74.835,418
71,735,992
9,630,902 --23.0
7,417,599
Yakima
51,054,995
53.749,097
+1.4
5,626,366
5,702.389
Idaho-Boise
25,343,117
25,789,689
2,431,499 1-3.4
2,515,037
-Eugene
Ore.
-1-7.0 1,930,558,426 1,835,972,927
175,025,020
187,280,497
Portland
72,618,000
74,085,759
10,458,000 --19.0
8,476,651
Utah-Ogden
800,324,663
832,796,722
89,867,994 --9.7
81,154,857
Salt Lake City
32,001,177
32,895.831
2,994,859 --4.9
2,849,367
Nev.-Reno
108,599,000
122,492,000
12,283.000 1-11.9
13,750,000
-Phoenix
Ariz.
53,420,308
60,670,240
5,775,000 1-8.7
6,275,502
Calif.-Bakersfield_ _ _
199.780,059
211,517,075
17,898,511 dr 10.5
19,770,729
Berkeley
176,245,5:14
210,690,901
1-16.4
24,048,483
28,116,836
Fresno
298,803,781
334,712,629
27,743,323 1-3.0
28,578,752
Long Beach
665,518,000 +6.8 8,108,277,000 7,192,491,000
711,089,000
Los Angeles
40,715,413
42,049,247
1-1.8
4,303,090
4,382,871
Modesto
941,989,093
985,062,747
93,501,347
77,035,953
Oakland
282,744,936
304,005,587
25,055,292 +9.6
27,462,425
Pasadena
39,126,606
47,498,611
3,570.613 1-3.2
3,683,696
Riverside
408,266,163
399,519,414
40,935,503 --12.4
35,879,011
Sacramento
243,672,622
287,145,615
22,617,019 1-26.0
26,238,811
San Diego
8,955,526,369 8,570,250,139
827,015,000
762,250,768
San Francisco
130,944,873
145.549,099
13,703,798
14,063,676
San Jose
65,342,841
70,279.434
6,623,762 --I1.5
5,865,299
Santa Barbara
95,862,133
109,279,166
8,176,493 1-13.0
9,243,251
Monica
Santa
24,054,122
24.134,034
2,334,685 --I4.2
2,002,458
Santa Rosa
135,461,100
133,847,700
13,562,000 --8.7
12,380,300
Stockton
2,334,762,709 2,360,180,686 -1.1 26,363,751,002 24,510,608,932
Total(28 cities).
-3.9 477,017,236,251 464,009.522,144
Grand total(193 cities) 41,136,348,347 42,799,439,175
.
York__ 18.884.769,561 19,322,261,092 -2.3 213,378,634.629 207,349,563,384
Outside New
+7.4
+7.9
+7.1
a
-4.2
+5.3
+1.8
+5.1
+2.0
+4.0
+2.8
+12.8
+13.6
+5.9
+19.5
+12.7
+12.7
+3.3
+4.6
+7.5
+21.4
-2.2
+17.8
+4.5
+11.2
+7.5
+14.0
-0.2
-1.2
+7.4
1,229,234
47,086,480
4,930,072
5,777,197
143,990,000
2,807,700
461.446,303
50,470,832
4,981,302
5,790,685
139,222,000
3,322,000 -15.5
2,455,700
2,535,300
-6.7
397,026,189
416,097,647
493.506,030
+2.8 8.289,498.334 8,457,665,531
-2.0 8.074,687,179 7,349.443,655
+2.9 3.634,711.054 3 774 '14.
-3,7
7,/ 9'
^ O'q 7
40. 598
FOR WEEK ENDING NOVEMBER
CANADIAN CLEARINGS FOR NOVEMBER, SINCE JANUARY 1, AND
7/..c4-;..k .
,
,co-Joaqococ.
,
1.-waw....1.-40..04.,
,
,
1.p.......ccomo.w,ww.c.4 0o.qou.....ww...oc,.40
389,688,004
376,884,694
o
abWW:akkin.ci...00'0W.
..
40.
,
..
COCAW.MOCAWOOMM4,4
..N
4.
104,4
,
..
.4004.00202W.40 1N1..1.1
.4WW,IWN.C..0==b,..140440WCOMWA.
, ,
..40004...44,D4 1W011Z..ChOu..,00.4.
+7.2
I++
+3.9 15,910,208,807 14,843.236,379
8
5,094,187,167
4,682.086,147
2,433,426,142
806.537,713
306,132,094
283,733,749
138,547,138
242,573,124
351,183,230
124,384.599
102,137,439
129,407,121
233,576,720
216,255,489
27,796,479
26,771,944
93,145,978
61.395,929
49,579,642
42,854,559
34,283,416
15,049,091
37,740.051
40,197,601
46,793,968
198,110,938
18,101,654
39,609.610
34,010,075
$
106,944,591
98.366,234
87,843,616
17,977,910
5,858,429
5,748,758
3,118,519
5,288,113
9,963,700
2,363,125
1,721,384
2,644,958
4,579,078
7,840,641
640,290
653,855
2,774,315
1,396.667
878.748
972,231
698,431
377,847
712,406
770.796
1,003,288
3,800,957
472,769
789,584
683.454
Inc. or
Dec.
++1+
8
4,579,763,181
4,361,970,254
2,498,631,577
732,325,076
296,236,175
272,583,019
138,362.324
225,914,688
311.229,790
120,219,221
91,812,117
123,618,908
213,736.465
197,022,082
28,702,245
24,538,827
79.929,957
54,014.127
45,071,982
39,055,061
29,824,901
14,761,621
37,669,657
38,667,671
44,730,596
157,809,907
15.234,254
36.868.899
32.931,797
%
+7.1
-2.8
+1.6
+7.7
+8.6
+23.9
+5.9
+1.9
+17.8
+2.0
+7.4
+8.4
+16.3
-5.1
+13.7
+39.9
-1.4
+12.4
+18.0
+36.7
+5.9
-6.0
+20.7
+12.3
+11.0
+13.4
+6.5
+10.1
+4.0
1925.
1926.
++
1.732.482,285 1.066,827.435
a No longer report clearings.
$
510,356.034
469,796,651
327,294,118
73,421,978
29.955,037
26,814,554
13,009,654
21,925,018
38,707,902
11,014,311
8,236,608
11,854,010
19,852,574
31,625,071
3,060,550
2,488.792
11,636,043
6,546,574
4,101,126
4,240,737
2,921,639
1,877,231
3,270.835
3.473,137
4,213,593
16,278,628
1,912,263
3.669,642
3,273,125
1925.
++1
.
Total(29 cities) _ _ _
$
546.639.645
456,695.799
332.562,637
79.090.894
32.541,108
33.236.777
13,772.295
24,538,588
45,618,724
11.233.909
8.844,029
12.852,749
23.087,052
30.008,494
3,4s0,299
3,481,452
11,473,920
7.360,151
4,838,902
5,797,433
3,095,585
1,765,007
3,949.096
3,900,444
4,677,980
18,461,369
2.036,148
4.039,472
3.402,527
1926.
Inc. or
Dec.
0.N.ONMt...VNVW./.010MN.Va7.0...0CW=1,Nfl
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort W Illiam
New Westminster
Medicine Hat
Peterborough
Sherbrooke
Kitchener
W Incisor
Prince Albert
Moncton
Kingston
Inc. or
Dec.
-I-IA- -I- -++.1+.A
-I- +++
+-Im ++++.4 ...+1+++.4 .4-4
++.
,voig.wowv.ovmo*.w...,cowmtzwto.-wn:
C.-c6;:b;oilbl.14.:-..lki.004.:-4-W:1;zi4k
1925.
1926.
1Yeek Ended November 25.
Since January 1.
Month of November.
Clearings at
25.
+3.4
1024.
1923.
$
$
101,845,375 107,432,755
93,049,530
90,499,853
82,051,265
75,050,164
14,587,409
16,752,788
6,261,811
6.104,949
5,451,282
6,022.640
2,947,964
2,777,229
5,632,232
4,812,228
7,690,071
9,991,818
2,697,406
2,187,492
2,066.326
1,816,388
2,301,746
2,450.845
4,249,175
4,700,531
4,968,549
5,276,860
617,200
850,454
723,935
577,503
2,447,718
1,793,969
1,587,699
1,477,132
988.111
834,114
1,461,471
1,127,243
579,197
, 526.677
954,366
384,905
789,790
818.188
727.766
729,189
843,927
976.909
3,447,073
2,918.891
396.507
318.797
856,485
761,882
537,673
677.530
348,512,289
d Week ended Nov.25. a Week endedov. 20.
b Do not respond to requests for figures. c Week ended Nov.24.
355,296.771
.
DEC. 4 1926.1
THE CHRONICLE
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Nov. 17 1926:
The Bank of England gold reserve against notes amounted to £150,497.940
on the 10th inst., as compared with £151,219,930 on the previous
Wednesday.
About £947.000 bar gold became available in the open market yesterday.
The Indian Bazaars bought about £50,000 and about £80,000 was taken for
the Trade, the balance being absorbed by the Bank of England.
The following movements of gold to and from the Bank of England have
been announced since our last issue.
Nov. 11. Nov. 12. Nov. 13. Nov. 15. Nov. 16. Nov. 17.
Received
£22,000
£1,313.000 £10.000
Withdrawn_ _ _ L258,000
36,000
/31,000
39,000
The £1,313,000 received on the 16th inst. consisted of £500.000 in
sovereigns released from account of the South African Reserve Bank, and
£813,000 in bar gold. The latter was the first important amount of bar
gold acquired since Aug. 31st. The bulk of the withdrawals was in sovereigns, namely £289,000 of which £250,000 was taken for Canada. £32,000
for India and £7,000 for Straits Settlements. The net receipt by the Bank
during the week under review has been £981,000, increasing the net influx
since Jan. 1 1926 to £7,957,000, and decreasing the net efflux since the
resumption of an effective gold standard to £3,638.000.
United Kingdom imports and exports of gold during the week ending the
10th inst. were:
ImportsExports
France
£31,364 Germany
£1,161,157
British West Africa
27,986 Netherlands
60,100
British Soutn Africa
783,258 Belgium
203.000
Other countries
45 France
41,165
Switzerland
70,300
Austria
79,000
British India
68,250
Straits Settlements
27.083
Canada
200.000
Other countries
5.050
Total
£842,653
Total
£1,915,105
The market has been in a very sensitive condition during the week owing
to vacillations of the China exchange and speculative business in India
connected with options. The reduction in the London stocks following the
departure of the settlement steamer, and the nervousness of some bear
operators, created an upward tendency. Yesterday orders from China
and
India launched upon a market scantily supplied drove prices WO. up
for
cash and 11-16d. for two months' delivery to 268 and 25°%d. respectively
Prices have been falling more or less continuously since Oct. 7th when
26d. was fixed for cash and Oct. 13th 253id. for two months' delivery.
Yesterday's movement though large for one day was exceeded
last month
when on the 18th the cash price fell 13-16d.
The basis for the recent improvement seems entirely speculative.
No
fresh factors have appeared that will increase actual consumption
or remove
the incubus of probable demonetization. The amount of the
silver rupees
held in the Indian Currency Note Reserves, with an average
weekly increase
since June 7th last of about 80 lace a week, has risen 20%
since that date
and shows no sign of abatement. Such an influx, if continued,
will render
the disposal of surplus sliver coin under the new currency
scheme a serious
problem. During the same period the visible stock in Shanghai
has increased
to an almost similar degree, namely about 16%. These
figures relating to
the greatest silver using countries in the world-who
have had to take,
failing other buyers, nearly two-thirds of th_ world's ou put
-indicate that
unless India can increase proportionately its offtake (recently there
has been
a slight falling off) the sterling value of silver may be difficult
to maintain
in the not too far distant future.
As the price of silver in India, and the China Exchanges, failed fully to
respond to yesterday's sharp rise, a reaction ensued to-day of ;id. for
cash and of 3-168. for twomonths' delivery. The near future of the market
is uncertain, owing to the reasons above detailed.
United Kingdom imports and exports of silver during the week ending
the 10th inst. were:
ImportsExports
France
£56,551 British India
£508,727
United States of America_: 56,506 Other countries
19,523
Other countries
13,161
Total
£126,218
Total
£528,250
INDIAN CURRENCY RETURNS.
(/n lacs of rupees.)
Oct. 22. Oct. 31. Nov. 7.
Notes in circulation
19273
19379
19299
Silver coin and bullion in India
10381
10408
10488
Silver coin and bullion out of India
--- --- Gold coin and bullion in India
2232 2232 2232
Gold coin and bullion out of India
_
Securities (Indian Government)
5260
5260
5260
Securities (British Government)
1400
1399
1399
No silver coinage was reported during
the week ending the 7th inst.
The stock in Shanghai on the 13th inst. consisted of about
71.300.000
ounces in sycee, 70,700.000 dollars, and 6.160 silver bars, as compared with
about 70,800.000 ounces in sycee, 72,500.000 dollars, and 6,500 silver bars
on the 8th inst.
-Ear Silver, Per Oz. Std.- Ear Gold.
QuotationsCash,
Per Oz. Fine.
2 Mos.
Nov. 11
25ISici.
25 WI.
84s. 11 tici.
12
257-168.
84s. 115.0.
253.d.
13
25 7-168.
253-168.
845. 11 Sid.
15
25-(d.
25 I -16d.
84s. 113 .
,
0
16
26
25•,,ia.
845. 9Lici.
17
25%cl.
25 9-16d.
84s. 1 i 3.icl.
Average
25.541d.
25.3028.
84s. 11.2d.
The silver quotations to-day for cash and two months' delivery
are
respectively 15-16d. and Id. aeove those fixed a week ago.
goiroaercial andMiscellancons ACM
Breadstuffs figures brought from page 2924.
-All
the statements below regarding the movement of grainexports, visible supply, &c., are prepared by us
receipts,
figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ending last Saturday and since Aug. 1 for
each of the last three years.
Receipts atChicago
Minneapolis_
Duluth
Milwaukee_ _ _
Toledo
Detroit
Indianapolis_
St. Louis_
_
Peoria
Kansas City _
Omaha
St. Joseph _
Wichita
Sioux City_
2859
Flour.
Wheat.
Barley. I Rye.
Corn.
Oats.
bbls.1981bs.bush.60 lbs.bush.56 lbs.bush. 32 lbs.bush.481bs.bush.581bs.
Total wk. '26
Same wk. '25
Same wk. '24
228.000
204.000
1,271,000
2,301.000
271.000
84,000
38,000
19,000
373.000
12,000
723,000
148,000
79,000
304,000
34,000
38,000
124,000
31,000
164.000
164.000
229,000
79,000
375.000
65,000
22,000
96,000
418,000 5,861,000
417,000 8,697,000
433.000 13,340,000
2,218,000
6,878,000
5,658,000
28,000
119,000
43.000
741.000
90,000
382.000
206.000
125,000
402.000
54,000
58.000
82.000
262.000
88,000
30,000
68.000
14,000
55.000
278.000
180,000
177,000
14.000
1,000
65.001)
90.000
171.000
29.000
1.000
17.000
14,000 •
5.000
5,000
45,000
17,000
1,785.000
753,000
397.000
3,423,000 1,080,000
637.000
4.207,000 2,605,000 1.353,000
Since Aug.18.238.000184,865.000 77,622.000 63,531,000 4,153,00018,028.000
1926
8,137,000 179,251,000 63,095.000 116.815.00037.810,00013,906,000
1925
1924
8,562 000 334.622,000 79.170 000 142 370 00036,412.00042.012 000
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, Nov. 27, 1926 follow:
Receipts alNew York_ _ _
Philadelphia__
Baltimore__ __
Newport News
Norfolk
New Orleans•
Galveston__
Montreal
Boston
Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
Barrels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
240.000
42,000
21,000
1,000
1,000
58,000
2,230,000
509,000
640,000
38,000
5,000
11,000
35,000
148.000
232,000
1,110,000
198,000
64,000
21,000
110,000
5,000
158,000
20,000
Total wk. '26
468.000 5,102,000
Since Jan.1'26 23,299,000276.457,000
233.000
7,069,000
Week 1925._ _
473,000 6,849,000
sine,. Jsn.i'25 22.914 (1430213Ofl1.000
205,000 1.274.000
950,000
60,000
7.869 000 72.548.00040.235 00029.208.000
70,000
35,000
120,000
33,000
15,000
308.000
160,000
240,000
13,000
633,000
60,000
367,000 1,181,000
233,000
6,661,00032.904,00029,498,000
• Receipts do not include grain passing through New Orleans for foreign ports
on through bile of lading.
The exports from the several seaboard ports for the week
ending Saturday, Nov. 27, 1926, are shown ItS folkws:
Exports fromNew York
Boston
Philadelphia
Baltimore
Norfolk
Newport News
New Orleans
Galveston
Montreal
Wheal.
Bushels.
Corn.
Flour.
Oats.
Bushels. Barrels.
1.287,656
88,000
292,000
425,000
35,000
110,000
592,000
3,166,000
83,000
Total week 1926._ 5,995,656
Same week 1925....7,110.167
83,000
95.000
Rye.
Bushels. Bushels.
118,695
24,000
8,000
5,000
1,000
1,000
52,000
10.000
63.000
Barley.
Bushels.
25,788
314,702
281,000
298,000
24,000
282,695
349 044
24,000
898 762
306,788 612,702
211.0002,642.150
The destination of these exports for the week and since
July 1 1926 is as below:
Flour.
Exports for Week
and Since
July Ito-
United Kingdom_
Continent
So. St Cent. Amer_
West Indies
BrIt.No.Am.Cols.
Other countries__
Total 1926
'1'.4 al 1925 _
Wheat.
Corn.
Week
Since
Nov. 27
1926.
Week
July 1
1926.
Since
Nov. 27
1926.
Week
Juat 1
1921.
Since
No,. 27
1926.
July 1
Bushels.
Bushels.
Barrels. Barrels.
110,705 2,001,862 1,981,891 51,840,964
104,005 2,872,984 3,843,765 80,950,046
23.000
276,960
170,000 3,399,000
11,000
258.000
13,000
33,985
296,550
1925.
Bushels. Bushels.
198,610
17,000
5,000 1,067,000
78,000
661,000
560,350
282,695 5.706,376 5,995.651 .36,763.360
349 04., 5.582,677 7,110,167 12,323.499
83,000 1,943,610
95 000 2.612.255
The visible supply of grain, comprising
granary at principal points of accumulationthe stocks in
at lake and
seaboard ports Saturday, Nov. 27, were as follows:
GRAIN STOCKS.
Wheat,
Corn,
Oats.
Rye.
Barley.
United Statesbush.
bush.
bush.
bush.
bush.
New York
608,000
199,000
751,000
123,000
42,000
Boston
11,000
4,000
36,000
6,000
Philadelphia
1,001,000
12,000
146,000
17,000
Baltimore
2,519,000
51,000
153.000
85,000
4,000
New Orleans
1,008,000
254,000
84.000
Galveston
1,252,000
140,000
15.000
Fort NV orth
2,536.000
100.000 1,457,000
10.000
75,000
Buffalo
5,128,000 3,319.000 3,681.000
109,000
227,000
"
afloat
3,145,000
750,000
541,000
84,000
Toledo
1,944,000
223.000
316.000
48.000
7,000
Detroit
200,000
7.
48.000
12,000
Chicago
4,514,000 17,547.000 7.437,000 2,631,000
445,000
Milwaukee
476.000
823,000 2,312.000
535,000
198.000
Duluth
8.211.000
16.000 8,630.000 4,749.000
855,000
Minneapolis
10,727.000
632,000 18.001.000 3,728,000 2,787,000
Sioux City
484.000
203,000
261.000
2,000
10,000
St. Louis
4.074.000 1.202,000
330.000
24.000
61,000
Kansas City
13,327,000 1,779.000
745.000
317.000
22,000
NV ichita
3,928,000
3.000
11,000
St. Joseph, Mo
841,000
426.000
77,000
103,000
Peoria
12.000
485.000
664.000
Indianapolis
1 31.8,000
660,000
394.000
1,000
Omaha
3,373,000 1,270,000 2,300.000
235.000
10,000
On Lakes
1,573.000
40,000
On Canal and River
734 000
14,000
Total Nov. 27 1926___72,944.000 29.965.000 48,365,000
Total Nov. 20 1926_ _ _72.558.000 30,103,000 48.391.000 12,889.000 4.882.000
Tots. Nov. 28 i925. _ _44,775.000 2,456,000 64.282.000 13.484.000 5,087.000
11.232.000 6,673.000
Note.
-Bonded grain not included above: Oats, New York,54.000 bushels;
Buffalo,
219,000, total. 273.000 bushels. against 481,000 bushels in 1925. Barley,
New York,
368,000 bushels: Baltimore, 179.000; Buffalo, 1,805,000; Buffalo afloat,
298,000:
Duluth, 196,000; Canal, 140.000; On Lakes, 1,204,000; total,
4,190.000 bushels,
against 3,832.000 bushels in 1925. Wheat, New York, 4.038,000
37 i.000; Philadelphia, 1,327,000; Baltimore, 1,214,000: Buffalo. bushels: Boston,
7,156,000; Buffalo
afloat, 7,317.000; Duluth, 313,000; Canal, 4,042,000; On Lakes,
853.000: total,
26.631.000 bushels, against mimeo° bushels in 1925.
Canadian
M000
ontreal
2,690.000
206,000 1,973.000
Ft. \'.
& Pt. Arthur_29.ig.
,
(100
2,197.000 1,41,2,000 3.014.000
Other Canadian
13.020.000
1,947 000
967.000 1,599,000
Total Nov. 27 1926__44.530300
_
6,834.000 2,565.000 6,586.000
Total Nov. 20 1926-47,892,000
6,655.000 2,613,000
Total Nov.28 l925..35,928,000
60,000 6,616,000 1,384,000 6,740,000
7,291,000
Wheat.
bath,
Summary
'American
Canadian
Corn.
bush,
Barley.
bush.
Rye.
bush.
Oats.
bush,
72,944,000 29,965,000 48,365,000 12,889,000 4,882,000
6,834,000 2,585,000 6,586,000
44,535,000
Total Nov. 27 1926...117,479,000 29,965,000 55,199,000 15,474,000 11,468,000
Total Nov. 20 1926_ 120,450,000 30,103,000 55,046,000 16,097,000 11,827,000
Total Nov. 28 1925_ _ 80,701,000 2,516,000 70,898.000 12,616,000 13,964,000
The world's shipments of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ending Friday, Nov. 26, and since July 1 1926 and 1925,
are shown in the following:
Wheat.
1926.
Week
Nov. 26.
Since
July!.
Corn.
I
1925.
Since
July 1.
1925.
1926.
Week
Nov. 26.
Since
July I.
Since
July 1.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels. I Bushels.
North Amer_ 10,651,000217,343,000 169,984,000
67,000 1,265,000 1,435,000
Black Sea_ __ 2,160,000 22,404,000 13,288,000
569,000 8,467,000 10,112,000
Argentina...
263,000 11,172,000 25,934,000 4,852,000 93,856,000 72,060,000
Australia.....
144,000 8,792,000 15,616,000
India
4,104,000 2,512,000
0th. countr's
280,000 1,034,000 27,014,000
880,000 9,145,000
Total
[VOL. 128.
TITE CHRONICLE
2860
14.098,000 272.960,000227,334,000 5,768,000 104,622,000 110,621,000
National Banks.
-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED.
Capital.
8100,000
-First National Bank in Merced, Calif
Nov.24
Correspondent, J. Emmet McNamara, Merced, Calif.
25,000
-The First National Bank of Donna. Texas
Nov. 26
Correspondent, B. S. Roberts, Donna, Texas.
CHARTER ISSUED.
Nov. 27-13010 The Commercial National Bank of Berkeley, Callf$250,000
President, Harrison B. Smith; Cashier, E. S. Bender.
VOLUNTARY LIQUIDATION.
1550,000
Nov. 23-12841 The First National Bank of Boynton. Fla
Effective Nov. 19 1926.
Lig. Agent, The Citizens Bank of West Palm Beach,Fla.
VOLUNTARY LIQUIDATIONS NATIONAL AGRICULTURAL
CREDIT CORPORATIONS.
Nov.23-2 The National Agricultural Credit Corporation of
Dodge, Iowa. Effective Oct. 25 1926
$250,000
Fort
Lig. Agent, E. H. Rich, Fort Dodge, Iowa.
Nov.23-3 The National Agricultural Credit Corporation of
250,000
Des Moines, Iowa. Effective Oct. 25 1926
Lig. Agent, John H. Hogan, Des Moines, Iowa.
CHANGE OF TITLE AND LOCATION.
Nov. 27-8723 The Vassar National Bank, Vassar, Mich., to
"Millington National flank," Millington, Mich.
-Among other securities, the following,
Auction Sales.
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston and Philadelphia on Wednesday of
this week:
By R. L. Day & Co., Boston:
$ per sh;
$ per sh. Shares. Stocks.
Shares, Stocks.
5 Galena-Signal Oil Co., new pref__ 454
341
27 First National Bank
3 Edison Elec.Ilium. Co., Brockton
377
Bank
18 Merchants National
8434
par $25
30 National Shawmut Bank_2464-2464
32
51 units Roxy Theatres Corp
250
2 Atlantic National Bank
2734
300 Eastern Rolling Mills Co
466
3 National Rockland Bank
39234 80 Summit Gold Min. Co., par Si)
2 Second National Bank
5 Englewood Casino Co.. par $10__
10 Metropolitan Trust Co.,ctf. dep.
$100 lot Empire Trust Co., certif. of dep. $21
for 46 Middlesex 011 Corp., par lot
3264
10 Old Colony Trust Co •
360 Park Trust Co., Worcester,
10 Chapman Valve, pref____106,ex-div.
9
Mass., in liquidation
1 Taunton Gas Light Co.. par 550..125
1 Phoenix State Bank & Trust Co..
443
5 State Street Exchange
401
Hartford, Conn
20 The Real Estate Associates
69
40 Park Trust Co., Worcester,
11255
14 Pray Buildings Trust
9
Mass., In liquidation
4 Municipal Real Estate Trust_114 & div.
._146
50 Naumkeag Steam Cotton Co.
684 4 Metropolitan Associates, pref____ 714
5 Arlington Mills
4 IIemenway Chambers Trust, pref. 414
53
15 West Boylston Mfg. Co., pref
1 Dartmouth Mfg. Corp., corn_ _1054 2 Devonshire Building Trust, pref. 65
3 Boston Ground Rent Trust_11334&div.
170
2 Farr Alpaca Co
504 5 Board of Trade Building Trust__. 49
1 Merchants Mfg. Co., Fall River
93
854 2 Atlantic Building Trust
1 Taber Mills
2 Great Falls Manufacturing Co_ _ _ 134 125 Lawrence Gas & Elec. Co., par
$25
354
6834
2 York Manufacturing Co
20
10 Railway & Light Securities Co.,
20 Otis Co
484
common, full paid
94
100 American Rayon Products_ _
75c. 10 Converse Rubber Shoe Co., pref. 71
550 U. S. Worsted Co., com
10 Union Twist Drill Co., pref_ __ _1024
160 U. S. Worsted Co., 1st pref.__ 5
364
1184-1184 25 Eastern Mfg. Co., 1st pref
24 Pepperell Mfg. Co
80
6 Metropolitan Coal Co., pref
99
4 Brookside Mills
Rayon Corp., class A 44 17 Fall River Gas Works, par 525._ 614
316 Industrial
6 Edison Elec. III. Co., Brockton,
21
12 Hill Manufacturing Co
par $25
100 Worcester Consol. St. Ry.Co.,644
3
5 Merrimac Chemical Co., par $50_ 74,4
13
1st pref.. par $80
114, ex-div.
1094 14 Boston Wharf Co
15 U.S. Envelope Co., pref
Elec. Lt. Co., par $25 484 1,300 Woodman Carlson Elec. Co.,
10 Fall River
corn
1 First National Stores, 1st pref _ _ _1015X
300 Woodman Carlson Elec. Co.,
68 Quincy Market Cold Storage &
pref., par $10
66-564
Warehouse Co.. pref
4 interest in letters patent recorded $85
22 Quincy Market Cold Storage &
Oct. 26 1922, book 116, page 481 lot
,
3234
Co.. corn
Warehouse
2 Draper Corporation, old stock __ _1204 4 interest in letters patent recorded
Oct. 20 1922, book 117, page 226
2 E. T. Burrowes Co. (Portland.
72
20 units First Peoples Trust
25
Me.), pref
100 Fall River El. Lt. Co.. par $25_ 484
112
1 Buffalo Pitts Co., prof
T.Burrows Co.(Portland. Me.
2 E.
$ per right.
No. Rights.
common
Fire Insurance Co.304
250 Bay State Road Co.,Inc., pf.$8,500 2 New Hampshire Hartford,
Conn- 80
lot 9 Phenix Ins. Co.,
Co., Inc., Co)l
125 Bay State Road
100 New Damp.Fire Ins. Co
800 Bancroft Realty Co.. Wor3 Malden Electric Co.(cash)
center. Mass., comm
ce
Per 3Tt.
4
Bonds.
50 Bancroft Realty Co., Worces$5,000 Boston & Worcester St. Ry.
ter, Mass., pref
Co.445,Aug. 1923, ctf. dep---- 174
Co.,cap.stk. $44,300
316 Bancroft Hotel
lot $5,000 Detroit Ypsilanti Ann Arbor
$15,000 Cuyahoga River Power
& Jackson Ry. 5s Feb.1926---- 2751
-year 55
Co. 1st mtge. 20
$5,000 Grand Rapids Grand Haven
July 13 1935, in bearer form,
& Muskegon Ry. let 58,July 1926
no coupons on, $500 pieces...
13
May 1925 coupons on
185 American Glue Co., corn
35%
500 American States Securities A__ 254 $5,000 Detroit Ypsilanti Ann Arbor
274
& Jackson Ry.58, Feb. 1926
(Lehigh Power Securities, corn__ 154
$5,000 Grand Rapids Grand Haven
Wills St. Claire. Inc., prior pref.
& Muskegon Ry. 1st 55. July 1926
$50 lot
13
May 1925 coupon on
.rE(Wills St. Claire, Inc., 2d pf_$20 lot
$5,000 Michigan RR.Co. let mtge.
(Pemberton Building Trust
53
fa, May 1924. coupon May 1924
EJoint Stock Securities Co
4534
20
on
Galena-Signal Oil Co., old pref__ 45
By Barnes & Lofland, Philadelphia:
8 per sh.
Shares. Stocks.
.
$250 Zoological Society of Phila. 25
2 Northern National Bank
3204
8 Northern National Bank
320
15 Union National Bank
253
10 Union National Bank
2524
1 Tradesmen's National Bank
486
10 Colonial Trust Co.. par 850_ _186
369th $5 Term. Title & Trust.
St.
par0
104
30 Central Tr. & Savings, par 850_2204
10 Farmers & Mechanics Trust Co.
of West Chester,Pa
125
10 Phila. Whse. & Cold Storage_ _100
100 Union Transfer Co., par 825_ 254
225 Fairmount Park Transit, com_ 104
50 Darco Corp., pref., class B__ _215 lot
252044-10000 Salamanca Sugar Co.,
pref., v. t. c., with 25 shares
common as bonus
885 lot
54 Hancock Knitting Co., par $50_ 40
1 Tioga Paper Box Co., par 850...100
50 Otto Eisenlohr dr Bros.,Inc., pf_ 894
Bryn Mawr Ice rtc Cold Storage. 35
100 Army & Navy Co-Operative
Co., par $10
$20 lot
2,500 Maxmoor Corp.. class A, no
$40 lot
par
10 Tybon Co., pref
P$
Shares. Stocks.
10 George M. Beringer, Inc.. ar # 84.
P
5
550
10 Motors Mortgage Corp.. pref..
19
par $50
10 Motors Mortgage Corp., com.,
2
no par
734 Tybon Co., common, no par.. 5
18 1-3 National Guarantee Credit
Corp., pref., par $15
24 4-9 National Guarantee Credit lot
Corp., class A, corn., no par_ _ _ ..$1 lot
3 1-18 National Guarantee Credit
Corp., class B, corn., no par_ _ _ ..$1. lot
50 Hare & Chase, Inc., pref
95
10 Hare & Chase. Inc., pref
94
50 Hare & Chase, Inc.,corn., no par 25
167 Hare & Chase, Inc., corn., no
par
24
4 Mutual Trust Co
135
100 Mizner Dev, Corp
Co.erS,1a0 lot
Bonds.
$5,000 Vale-Oregon Irrigation P
1st 6s, 1932 (July 1915 & all subsequent coupons attached)
85,000 Apperson Bros. Auto Co.. lot
"
1st M. 7s (dated Oct. 1922). ctf.
of deposit
$55 lot
$40lot
$1,000 Sesqui-Centennial
By A. J. Wright & Co., Buffalo:
$ per sh.
Shares. Stocks.
rs
15 Buffalo Property Owners, Inc__ 85
1,000 Baldwin Gold Mines, par $1_ 4c.
10 The McKone Tire & Rubber Co..
$2 lot
pr f
6 Bueff. Niag.& East.Pow., no par_ 304
Shares. Stocks.
200 March Gold, par- 10c.
5 p"11
6 Buff. Mag. & East. Pow., pref..2 0'.
par $25
2534
500 Columbus Kirkland Min,par
es
234e1
$1
By Adrian H. Muller & Sons, New York:
$
$ per sh. Shares. Stocks.
Shares. Stocks.
.
p
"
100 Crusader Cos.,Inc.,cl.A 7% pf 1 lot .
Butterworth-Judson Corp., no
250
$25 lot 100 National American Bank
r
par
400 National Drug Stores Corp., pf.$1 lot 1 The Bronnell Sumner Co
0
$ o t
10 C.N.C. Producing Corp., pref_S55 lo7
7 5 National Drug Stores Corp.,
$2 lot 150 Frank & Dugan, Inc., prof..-$50 lot
com., no par
-On Standard Optical Co..
52 Shur
300 Cleveland-Akroratlag Co.,com.,
2
preferred
no par
$
100 Mizner Development Corp_ _$300 lot 1,019 Shur-On Standard Optica150 lot
Co.,common v.t.o
34 Clay Products Co. of West Palml
$100 20 Gibson Devel. Co.. pref
Beach, Fla., com., no par
8
$35 1 tt
66 Clay Products Co. of West Palm lot 130 Gibson Devel. Co., common_ _$550 1lo:t
1,000 Southern Oil & Transport
Beach, Fla., pref
corn
$11 lot
Corp., par $10
63 Compo Bond Corp.. co
500 Dobie Mines, Ltd. par $5
250 South.Bakg.Co., com., no par. 50
500 Dello Ink Corp.,com., par 510520 lot 2,000 California-Nevada Copper
$120
Co. temp. ctfs.. par $5
3,000 R.E.Thompson Radio Corp.,
8750 lot 534 Black Hawk Petroleum Co. of lot
no par
Del., corn. 4 sh., due bill, no par
830101
30 Union Stove Works
250 Alland Bros. Co., Inc., com_$150 lot 106-10 Black Hawk Petroleum Co.
of Del. pref. 6-10 share, due bill
500 New Almaden QuicksliverMines
$10 lot 1,500 Green Monster Mining Co.,
Corp., pref
par50c
500 National Motor Car rk Vehicle
$10101 1,485 Mexico Northwestern Ry.Co. $18
Corp., no par
3,750 Great Northern Devel. Co.,
300 Manhattan 011 Products Co., lot
no par
par $10
$65 lot
1,000 Regal Mines Co.. par $5-830 lot 10 Mines Co. of Amer., par $10..
2,548 Golden Reward Consol. Gold
5,334 Copper Canyon Mining Co.,
par $1
& Milling Co., par $10_
$160 lot
Bonds.
Per cent,
375 N. Y. & Mahuaves Oil Co.,
100 pesos each
$101ot $226,000.33 Gates Circle. Inc.,
Buffalo, N.Y.,2d M.7% serial
1,000 Interstate Gasoline Co.,
par $1
gold bonds, June 1 1926 and
$10 lot
subsequent coupons attached_ 440 lot
172 Imperial 011 Corp., pref., par
87Iot $5,000.33 Gates Circle, Inc., 13uf$10
falo, N. Y., 2d M. 7% serial
115 011 Lease Devel. Co.,no par__$21 lot
gold bonds. June 1 1926 and
818 lot
7,025 Revere 011 Co.. par 81
subsequent coupons attached.
-$7 lot
100 Hardite Metals, Inc., pref._ $26 lot
$34,500.33 Gates Circle, Inc.,
a Right, title and interest in 1-94
Buffalo, N.Y.,2d M.7% serial
participation in Neilson Florida
gold bonds, June 1 1926 and
Investment Deal No. 8 ($2,625
subsequent coupons attached-$15 lot
$1101
paid in)
$6,200.33 Gates Circle, Inc., Buftitle and interest in 2-47
b Right,
falo, N. Y., 2d M. 7% serial
participation in Neilson Florida
gold bonds, June 1 1926 and
Investment Deal No. 8 (810,500
subsequent coupons attached__$10 lot
$10101
paid in)
$100.33 Gates Circle, Inc., Bute Right, title and interest in 1-47
falo, N. Y., 2d M. 7% serial
participation In Neilson Florida
gold bonds. June 1 1926 and
Investment Deal No. 8 (85,250
subsequent coupons attached_811ot
$10 lot
paid in)
Buf$700.33 Gates Circle, Inc., Butand interest in 1-47
d Right, title
falo, N: Y., 2d M. 7% serial
participation in Nellson Florida
gold bonds, June 1 1926 and
Investment Deal No. 8 ($5.250
subsequent coupons attached_ 31 lot
$1 lot
paid in)
$3,000.33 Gates Circle, Inc., But
e Right, title and interest In 2-47
fah), N. Y., 2d M. 7% serial
participation in Neilson Florida
gold bonds, June 1 1926 and
Investment Deal No. 8 (810.500
subsequent coupons attached__$16 lot
$16 lot
paid in)
$200.33 Gates Circle. Inc., Buf1 Right, title and interest in 2-47
falo, N. Y., 2d M. 7% serial
participation in Neilson Florida
gold bonds, June 1 1926 and
Investment Deal No. 8 (510,500
subsequent coupons attached__$1 lot
$11 lot
paid in)
$500.33 Gates Circle. Inc., Burg Right, title and interest In 2-47
falo, N. Y., 2d M. 7% serial
)
p it in
Pardicipation in Neilson Florida
gold bonds, June 1 1926 and
Investment Deal No. 8 ($10,500
subsequent coupons attached-311ot
$5 lot
8500.33 Gates Circle, Inc.. Bufinterest In 1-47
h Right, title and
falo, N. Y., 2d M. 7% serial
)
rtic n
paid iipation in Neilson Florida
gold bonds, June I 1926 and
Investment Deal No. 8 (85,250
subsequent coupons attached__$1 lot
85 lot
$1,500.33 Gates Circle, Inc., BufI Right, title and interest In 5-47
falo, N. Y., 2d M. 7% serial
participation in Neilson Florida
gold bonds, June 1 1926 and
Investment Deal No. 8
subsequent coupons attached--$3 lot
$21
(826.250 lot
paid in)
$2,500.33 Gates Circle. Inc., Bufinterest in 10-47
1 Right, title and
falo, N. Y., 2d M. 7% serial
participation in Neilson Florida
gold bonds. June 1 1926 and
Investment Deal No. 8 ($52.500
subsequent coupons attached_ _$38 lot
520 lot
pald in)
83,600.33 Gates Circle. Inc.,Bufk Right, title and interest in 5-47
falo, N. Y., 2d M. 7% serial
Participation in Neilson Florida
gold bonds, June 11926 and
Investment Deal No. 8
subsequent coupons attached.
$12
.871 lot
($26,250 lot
paid
$1,000.33 Gates Circle, Inc.,But
mp
idear
50 America Dry Corp. panic. pref.,
falo, N. Y., 2d M. 7% serial
634
no
gold bonds, June 1 1926 and
2,100 Harlan Petrol'm Co., par $1 $10 lot
subsequent coupons attached_ _$22 kit
100 Roland Steel Co.. Inc.. 8%
$100 lot 85.900.33 Gates Circle, Inc., 13ufpreferred
falo, N. Y., 2d M. 7% serial
$21 lot
100 Shepard-Hecht Corp
gold bonds. June 1 1926 and
1,500 Connecticut Steel Corp. 7%
subsequent coupons attached_.8101101
$40
cum.pref
lot $2,000.33 Gates Circle, Inc., Buf1,725 Conn, Steel Corp. corn
tab, N. Y., 2d M. 7% serial
25 Commonwealth Finance Corp.
gold bonds. June 1 1926 and
$3
of Del. 7% pref
subsequent coupons attached-836 lot
5 Commonwealth Finance Corp. lot
$1,000.33 Gates Circle, Inc.,But
of Del., no Par
falo, N. Y., 2d M. 7%''serial
750 C. Y. Chocolate Yeast Co.,
gold bonds. June 1 1926 and
$50 lot
Inc., no par
subsequent coupons attached_ _$27 lot
10 Bernard G.Richards Co., Inc_.$11 lot
$20,000 Wickwire Spencer Steel Co.
500 New ldria QuicksIver Mines
7% class A notes. Feb. 2,5 1930._ 32
82.000
Inc., common, no par
500 New Idria Quicksilver Mines, lot 850.000 Lucey Mfg, Co. 8% cony. lot
s. I. notes 8er. A. July 1 1930_5500
Inc., pref.. par $10
3200,000 Warner Sugar Corp. 8%
3,250 Fort Griswold Paper Co ,
lot
ill lot
common, par $10
6
35
uly
.
te
d liiiyal in C . 3 r
40 Washington Florida,Inc., pref_$20 lot $3,800 Mt.b j La Id9 o.:Ltd, °,
48, Oct. I 1922.-52 lot
cony. mtge.
100 Crusader Cos.,Inc.,com.,no parl$850
DEC. 4 1926.]
TH 11 CHRONICLE
By Wise, Hobbs & Arnold, Boston:
Shares. Stocks.
$ per oh. Shares. Stocks.
$ per sh.
10 Pepperell Mfg. Co
118
47 Fall River Elec. Lt. Co., par $25 4834
83% 50 Migner Develop. Corp.,corn.
75 American Mfg. Co., pref
.810 lot
10 Naumkeag Steam Cotton Co__ _ 46% 25 Quincy Mkt. Cold Storage &
83,4-84%
50 Nashua Mfg. Co.. pref
Warehouse Co., pref
5634
1 West Point Mfg.Co
137
80 The Oceanside Co.. prior pref._ 25
10 Harmony Mills. pref
65% 10 Winchester Co., 1st met
5334
25 Continental Mills
60
5 First National Stores, Inc., pref _101%
4 Gluck Mills
80
5 Worcester Elec. Lt. Co., par $25_16134
20 Hamilton Mfg. Co
510. 42,507 Southern Phosphate Co.... 500.
Hamilton Woolen Co
25
30
14 Fall River Flee. U.Co., par $25 4834
5Bigelow Hartford Carpet Co., pref 99
6 units First Peoples Trust
72
16 Draper Corp
60
29 First Nat. Stores, Inc., preL10134
60 Lancaster Mills, pref
45-4531 40 Lowell Elec. Lt. Corp., par 525_ 6734
25 West Point Mtg. Co
136-13634 10 Mass. Ltg. Cos.,8% pref
115
290 Hamilton Mfg. Co
510. 419 Anderson, Meyer & Co., Ltd.,
a Massachusetts Cotton Mills
74
comm. vot. trust certifs
134
10 Merrimack Mfg. Co., pref
7234 25 Graton & Knight Co., pref.... 6334
50 Canadian Conn. Cotton Mills,
50 Mizner Develop. Corp., cora...810 lot
common class A. par $10
51c. 75 Puget Sound Pow. & Light Co.,
50 Canadian Conn. Cotton Mills,
prior pref
10354 &dlv
common class B, par $10
500. 25 Fall River Gas Works, par $25„ 6134
10 West Boylston Mfg. Co., pref._ 54
10 Heywood-Wakefield Co., cora__ 7234
5 Nantasket Beach Steamboat Co
31 /5 10 Puget Sound Pr.& Lt., pr. pref_10334
20 Bay State Fishing Co., com
Bonds.
2834
Per Cent.
8 units American Founders Trust
74
$7,000 City Invest. Corp.2d M.65,
200 Quincy Mkt. Cold Storage &
Aug. 15 1925
535 lot
Warehouse Co., common
3234-33 $34,000 City Invest. Corp. 2d M.
50 Graton & Knight Co., common_ 13
6s, Aug.15 1925
$170 lot
105 Charleston Gas & Electric Co.,
$16,000 City Invest. Corp. 2d M.
par $25
Sc, Aug. 15 1925
120-12134
880 lot
4 Blackstone Vail. Gas & Elec. Co.,
$27,000 City Invest. Corp. 2d M. •
common, par $50
6s, Aug. 15 1926
10034
5135 lot
30 Quincy Mkt. Cold Storage &
$10,000 City Invest. Corp. 2d M.
Warehouse Co., common
3234
65, Aug. 15 1926
$50 lot
37 Boston Wharf Co
114 ex-div. $20,000 City Invest. Corp. 2d M.
20 Reed-Prentice Co., pref., carry6s, Aug. 15 1925
$100 lot
ing 20 shs. of common
16
$4,500 City Invest. Corp.2d M.65.
25 Beverly Gas& Elec. Co., par $25 8534
Aug. 15 1925
820108
7special units First Peoples Trust
534
Name of Company.
2861
Per
When
Cent. Payable,
Books Closed.
Days Ifidtabit.
Banks (Concluded).
Seaboard National (guar.)
United States(Bank of)(guar.)
*4
Jan. 3 *Holders of rec. Dee. 23
234 Jan. 3 Holders of rte. Dee. 206
Trust Companies.
Guaranty (guar.)
Manufacturers (guar.)
United States (guar.)
3
Dec. 31 Holders of reo Dec. 17
5
Jan. 3 Holders of rec. Dec. 20a
1234 Jan. 3 Holders of rec. Dec. 21
Miscellaneous.
Ahumada Lead (quar,)
754c. Jan. 5 Holders of roe. Dec. 18
Extra
7340. Jan. 5 Holders of rec. Dec. 18
154 Jan. 3 Holders of rec. Dec. 15
Allied Chemical & Dye, pref. (quar.)
Allis Chalmers Mfg., pref. (guar.)
'134 Jan. 15 *Holders of rec. Dec. 24
American Can, preferred (guar.)
154 Jan. 3 Holders of rec. Dec. 166
American Car & Foundry, corn.(quar.)_ $1.50 Jan. 1 Holders of rec. Dec. 15
154 Jan. 1 Holders of rec. Dec. 15
Preferred (guar.)
American Cigar, preferred (guar.)
114 Jan, 3 Holders of rec. Dee. 15
-La France Fire Engine,com.(gu.) 25c. Feb. 15 Holders of rec. Feb. 1
Amer.
Preferred (guar.)
134 Jan. 3 Holders of rec. Dec. 15
American Snuff, com.(guar.)
3
Jan. 3 Holders of rec. Dec. 10
134 Jan. 3 Holders of rec. Dec. 10
Preferred (guar.)
American Steel Foundries, com.(quar.)_ *754. Jan. 15 *Holders of rec. Jan. 3
Preferred (guar.)
*134 Dec. 31 *Holders of rec. Dec. 15
American Utilities, $7 Pref. (quar.)...- 51.75 Dec. 1 Holders of rec. Nov.22
154 Jan. 15 Dec. 16 to Dec. 22
American Woolen, pref. (guar.)
*$1
Auburn Automobile, corn. (quar.)
Jan. 3 *Holders of rec. Dec. 21
Doe, 24 Holders of rec. Dec. 15
Autosales Corporation, pref
$3
600. Jan. 10 Holders of rec. Dec. 24
Beech-Nut Packing, corn. (guar.)
134 Jan, 15 Holders of rec. Dec. 31
Preferred (guar.)
$1.50 Dec. 31 *Holders of rec. Dec. 3
Bessemer Limestone & Cem., com.(qu.).
*44
Common (extra)
Dec. 3 *Holders of rec. Dec. 3
*134 Dec: 3 siroblers of rec. Dec. 3
Preferred (guar.)
'$1.25 Dec. 1 *Holders of rec. Nov.25
Bethany Oil (special)
*2714 Dec. 1 *Holders of rec. Dec. 14
Big Lake Oil
Maw-Knox Co., corn.(extra)
81.25 Dec. 24 Holders of rec. Dec. 13
144 Dee. 1 Nov.21 to Nov.30
Boott Mills (guar.)
50c. Jan. 2 Holders of rec. Dec. 15a
Brill° Mfg., pref., class A (guar.)
8234e Jan. 2 Dec. 15 to Dec. 31
BrItIsh-American Oil (guar.)
50c. Jan. 2 I,Dec. 15 to Dec. 31
Bonus
DIVIDENDS.
Burroughs Adding Machine,com.(guar.) 750. Dee. 31 Holders of rec. Doe. 15
Dividends are grouped in two separate tables. In the Butte & Superior Mining (guar.)
*50c. Dec. 31 *Holders of rec. Doe. 15
Jan.
15
first we bring together all the dividends announced the Canadian General Electric, pref. (guar.) 'I% Jan, 1 *Holders of rec. Dec. 15
1 Holders of rec. Dec.
Certain-teed Products Corp., com.(cu) SI
current week. Then we follow with a second table, in which
First and second preferred (quar.).... 154 Jan. 1 Holders of rec. Dec. 15
*62%c Jan. 1 *Holders of rec. Dec. 16
Chicago Fire
we show the dividends previously announced, but which Cleveland Manufacturing (quar.)
"500. Dec. 15 *Holders of rec. Dec. 5
Stone (guar.)
have not yet been paid.
"250. Dec. 15 *Holders of rec. Dec. 5
Extra
*50o. Mar. 15 *Holders of rec. Mar. 5
Quarterly
The dividends announced this week are:
Quarterly
*50c. June 15 *Holders of rec. June 5
Quarterly
*50c. Sept. 15 "Holders of rec. Sept. 5
Per
When
Books Closed.
Commercial Credit, com. (guar.)
*25c. Dec. 31 *Holders of rec. Dec. 21
Name of Company.
Cent. Payable.
04% preferred (guar.)
Days Inclusive.
•1% Dec. 31 *Holders of rec. Dec. 21
8% preferred, class B
*50e. Dec. 31 *Holders of rec. Dec. 21
Railroads (Steam).
Seven per cent preferred (guar.)
*43%c Dee. 31 *Holders of rec. Dec. 21
Alabama Great Southern, ordinary
3% Dec. 30 Holders of roe. Doe. 10
Commercial Investment Trust,com.(qu.) 900. Jan. 1 Holders of rec. Dec115a
Ordinary (extra)
1
Dec. 30 Holders of rec. Dec. 10
7% first preferred (quar.)
Jan. 1 Holders of rec. Dec. 154
Preferred
3)4 Feb. 14 Holders of rec. Jan. 14
834% first preferred (quar.)
1% Jan. 1 Holders of rec. Dec. 15a
Preferred (extra)
1
Feb. 14 Holders of rec. Jan. 14
Congress Cigar (guar.)
*75c. Jan. 1 *Holders of rec. Dec. 15
Bangor & Aroostook, corn. (guar.)
1% Jan. 1 Holders of rec. Dec. 14
Consolidated Cigar Corp., com.(quar.)_ $1.75 Jan. 6 Holders of rec. Dec. 15a
Preferred (guar.)
1% Jan. 1 Holders of reo. Dee. 14
Consolidation Coal, pref
'
his' Jan. 10 *Holders of rec. Dec. 20
Chicago Burlington & Quincy
5
Dee. 27 Holders of rec. Dec. 17
Consolidated Ice, pref.(guar.)
Dec 120 *Holders of rec. Dec. 4
Chicago Rock Island & Pacific,6% pref. *3
Dec. 31 *Holders of rec.
Credit Discount Corp.of Am.,com.(qu.). $1
Jan. 20 Holders of rec. Jan. 3
Seven per cent preferred
*3H Dec. 31 *Holders of roe. Dec. 10
Preferred (guar.)
Jan. 3 Holders of rec. Dec. 20
$2
Dec. 10
Colorado & Southern, com
3
Dec. 31 Dec. 12 to Jan. 2
Crown Willamette Paper, pref.(guar.)- - elm Jan. 3 *Holders of rec. Dec. 15
First preferred
2
Dec. 31 Dec. 12 to Jan. 2
Detroit de Cleveland Navigation (quar.)_ 31
Jan. 3 Holders of rec. Dec. 15a
Second preferred
4
Dec. 31 Dec. 12 to Jan. 2
Dominion Textile, corn,(guar.)
$1.2 Jan, 3 Holders of rec. Dec. 15
Fonda Johnstown & Gloverst., Pref.(flu.) 1% Dec. 15
1% Jan. 15 Holders of rec. Dec. 31
Preferred (guar.)
Holders of rec. Dec. 10
Lehigh Valley, corn. (guar.)
87Ho Jan. 3 Holders of rec. Doe, 18
Economy Grocery Stores (guar.)
*25c. Jan. 15 'Holders of rec. Dec. 31
Extra
81.50 Jan. 3 Holders of rec. Dec. 18
Fanny Farmer Candy Shops, pref.(qu.)_ .1306. Jan. 1 'Holders of rec. Dec. 15
Preferred (guar.)
$1.25 Jan. 3 Holders of reo. Dec. 18
Financial Invest. Co.of N.Y.,Ltd.(qu.) 25e. Jan. 1 Holders of rec. Nov.30
Northern Central
First National Stores, corn. (guar.)
Jan, 15 *Holders of rec. Dec. 31
53734c Jan.I 3 *Holders of rec. Dec.118
Old Colony (guar.)
•1% Jan. 3 *Holders of rec. Dec. 18
First preferred (guar.)
134 Jan. 1 Holders of rec. Dec. 11
Pere Marquette, com. (guar.)
1% Jan. 3 Holders of rec. Dec. 154 Fleischmann Co.(guar.)
*50c. Jan. 3 *Holders of rec. Dec. 15
Prior reference (guar.)
,
Extra
Holders of rec. Dec. 15
*25e. Jan.
1% Feb. 1 Holders of rec. Jan. 15a
Preferred (guar.)
1% Feb. 1 Holders of rec. Jan. 154 French (Fred F.) Companies, prof
334 Dec. 15 Holders of rec. Nov.30
St. Louis-San Francisco, com. (quar.). *1 34 Jan. 1 *Holders of rec. Dec .15
French (Fred F.) Security, pref
3% Dec. 15 Holders of rec. Nov.30
Preferred (quar.)
*1H Feb. 1 *Holders of rec. Jan. 15
General Electric, corn. (guar.)
750. Jan. 28 Holders of rec. Doe. 156
Preferred (guar.)
Special stock (guar.) •
150. Jan, 28 Holders of rec. Doe. 156
*1)4 May 1 *Holders of rec. Apr. 9
Preferred (guar.)
•1H Aug. 1 *Holders of rec. July 15
Jan, 1 Holders of rec. Dec. 10
General Railway Signal, corn.(quar.) . Si
Preferred (guar.)
Common (extra)
25c. Jan. 1 Holders of rec. Dec. 10
*1% Nov. 1 *Holders of rec. Oct. 15
St. Louis Southwestern. pref. (guar.)
Preferred (guar.)
1% Jan. 1 Holders of rec. Dec. 10
134 Dec. 31 Holders of rec. Dec. 15
Giant Portland Cement, pref
334 Dec. 15 Holders of rec. Nov.300
Public Utilities.
Preferred On full Of all accum. dive.).
19
Dec. 15 Holders of roe. Nov.30a
Amer.Pub. URI., partio. pref. (quar.)... $1.7 Jan. 3 Holders of rec. Dec. 15
Ginter Company, preferred (guar.)_ _
.0c. Jan. 3 *Holders of rec. Doe. 18
Prior preferred (guar.)
Goulds Pumps. Inc., com.(guar.)
2
Jan. 2 Holders of rec. Dec. 20
$1.7 Jan. 3 Holders of rec. Dec. 15
Arkansas Natural Gas (guar.)
Common (special extra)
2
Jan. 2 Holders of rec. Dec. 20
120. Jan. 1 Holders of rec. Dec. 10
Bangor Hydro-Elec. Co., 7% pref. WO 13 Jan. 1 Holders of rec. Dec. 10
Preferred (quar',)
131 Jan. 2 Holders of rec. Dec. 20
Six per cent preferred (guar.)
Hammermill Paper, preferred (quar.)..
434 Jan. 1 *Holders of rec. Dec. 20
134 Jan. 1 Holders of roe. Dec. 10
Brazilian Trac., L. & P., pref. (quar.).- •IH Jan. 1 'Holders of rec. Dec. 15
Helme (George W.) Co., corn.(quar.).
750. Jan. 3 Holders of rec. Dec. 13
Cent.& South West Util., prior lien (qu.) 51.7 Feb. 15 Holders of roe. Jan. 31
Common (extra)
PI
Jan. 3 Holders of rec. Dec. 13
Preferred (guar.)
Preferred (quar.)
$1.7 Feb. 1 Holders of roe. Jan. 31
134 Jan. 3 Holders of rec. Dec. 13
Consolidated Gas, N.Y., pref.(guar.) 87)50 Feb.
Holders of roe. Dec. 154 Honolulu Consolidated 011 (quar.)
50c. Dec. 15 *Holders of roe. Dec. 4
Dominion Power & Transporen,
Si% Jan. 15 *Holders of rec. Dec. 23
Extra
.500. Doe, lb *Holders of rec. Dec. 4
Electric Power & Light allotment certifiIndiana Limestone, pref.(quar.)
134 Dec. 1 Nov.20 to Nov.30
cates for corn, and Prof. (f. p. (quar.)_ $1.75 Jan. 3 Holders of rec. Dec. 15a Ingersoll-Rand Co., preferred
"3
Jan. 3 *Holders of rec. Dec. 13
Allot. ctfs. for corn.& pf.40% pd.(qu.) 700. Jan. 3 Holders of rec. Dec. 15a International Business Machines
(quar.) *750. Jan. 10 *Holders of rec. Dec. 22
Illinois Power & Light.6% pref.(guar.). *1)4 Jan. 1 *Holders of rec. Dec. 10
Extra
.
250. Jan. 10 *Holders of rec. Dec. 22
Seven per cent preferred (guar.)
•1H Jan. 1 *Holders of rec. Dec. 10
International Harvester, corn. (quar.)_. '134 Jan. 15 *Holders of rec. Dec. 24
Illinois Traction, pref. (guar.)
•1H Jan. 1 *Holders of rec. Dec. 20
Common (payable in common stock)., "14
Jan. 15 Holders of rec. Dec. 24
Interstate Power, $7 pref.(guar.)
$1.75 Jan.
International Shoe, common (quar.)
Holders of rec. Dec. 6
*$1.75 Jan. 1 *Holders of rec. Dec. 15
Memphis Power & Light, pro!.(guar.)._
1% Jan.
Jewell Tea, preferred (quar.)
Holders of rec. Dec. 18
•154 Jan. 1 *Holders of rec. Dec. 20
Municipal Service Corp.,cony. pref.(qu.) 50c. Jan.
Holders of reo. Dec. 15
Preferred (account accum. dIvidend)_ 41i9
Jan. 1 *Holders of rec. Dec. 20
New York Steam, $6 preferred (quar.).. *$1.50 Jan.
*Holders of rec. Dec. 15
Kelsey Wheel, common (quar.)
•134 Jan. 3 *Holders of rec. Dec. 21
Preferred series A (guar.)
'81.75 Jan.
*Holders of roe. Dec. 15
Keystone Watch Case (quar.)
1
Jan. 3 Holders of rec. Dec. 286
North West Utilities, prior lien (guar.)
1% Jan,
Knox Hat, prior preferred (quar.)
Holders of rec. Dec. 15
$1.75 Jan. 1 Holders of rec. Dec. 15
•
Ohio Bell Telephone, pref.(guar.)
14,4 Jan.
*Holders of roe. Doe. 20
Kraft Cheese (quar.)
*3734c Jan. 3 *Holders of rec. Dec. 10
Ottawa Montreal Power, 7% pref. (qu.) *1,4 Jan. 1 'Holders of reo. Dec. 30
Stock dividend
*el )5 Jan.I 3 *Holders of rec. Dec. 10
Penn Central Light & Power. Prof. (qu.) 41.25 Jan.
*Holders of rec. Doe. 15
Liberty Baking Corp., pref. (quar.)
134 Jan. 1 Holders of rec. Dec. 15
Peoples Gas Light & Coke (guar.)
*
2
Jan, 1 *Holders of rec. Jan. 3
Life Savers, Inc. (guar.)
*400. Jan. 1 *Holders of roe. Dec. 15
Power Co.of Canada, prof.(guar.)
•134 Jan. 1 *Holders of rec. Dec. 30
Liggett & Myers Tobacco, pref.(quar.)_
134 Jan. 1 Holders of roe. Dec. 15
Power Corporation of Canada, pref.(qu.) '134 Jan. 1 *Holders of rec. Dec. 30
Liquid Carbonic Corp.(guar.)
*90c. Feb. 1 *Holders of rec. Jan. 20
Puget Sound Pow.& Lt., prior p1.(qu.).. 1% Jan. 1 Holders of rec. Dec. 20 • Lorillard (P.), com. (in
com. stock).... (y) Jan. 3 Holders of rec. Dec. 15
Preferred (guar.)
134 Jan. 1 Holders of rec. Dec. 20
Preferred (guar.)
134 Jan. 3 Holders of rec. Doe. 15
South Pittsburgh Water, pref. (guar.)
*1% Jan. 1 *Holders of rec. Jan. 2
MacFadden Publication, Inc
4
Feb. 2 Holders of rec. Dec. 31
Southwestern Gas & Elm,8% 0f.(cm.). *2
*Holders of rec. Dec. 15
Matheson Alkali Works, com. (quar.).. $1
Jan.
Jan. 3 Holders of rec. Dec. 176
Seven per cent preferred (guar.)
Preferred (quar.)
Jan.
*Holders of rec. Dec. 15
134 Jan. 3 Holders of rec. Dec. 176
Union Passenger Ry. (Philadelphia).--Merck & Co., preferred (quar.)
Jan,
*Holders of rec. Dec. 15
Jan. 3 Holders of rec. Dec. 17
$1
United Gas Improvement (guar.)
Jan. 1 Holders of rec. Dec. 31
Muller Rubber, common (guar.)
*50c. Jan. 25 *Holders of rec. Jan. 5
United Light & Pow., new com.A (guar.)
Motion Picture Capital Corp.,com.(qu.) 250. Deo, 15 Holders of rec. Doe. 11
*Holders of rec. Jan. 15
Feb.
Old common A (guar.)
*Holders of rec. Jan. 15
Preferred (guar.)
Feb.
500. Jan, 15 Holders of roe. Jan. 1
New common B (guar.)
Feb.
'Holders of rec. Jan. 15
Motor Meter, Inc., class A (guar.)
90o. Jan, 1 Holders of rec. Dec. 156
Old common B (guar.)
Motor Wheel Corporation (guar.)
Feb. 1 *Holders of rec. Jan. 15
50o. Dec. 20 Holders of rec. Doe, 106
Preferred class A (guar.)
Jan. 3 *Holders of rec. Dec. 15
Mountain Producers (guar.)
600. Jan. 3 Holders of roe. Dec. 156
Preferred class B (guar.)
Jan. 3 'Holders of rec. Dec. 15
National Breweries, com. (guar.)
Jan. 1 Holders of rec. Dec. 15
$1
Utah Gas de Coke, pf. & partio. pf.(qu.)
.
Jan. 3 *Holders of reo. Dec. 15
Preferred (guar.)
134 Jan. 1 Holders of rec. Doe, 15
Utilities Power & Light, class A (guar.)
Jan. 3 Holders of reo. Dec. gcs Nat. Enamel.& Stamping. pref.(quar.). '134 Dec. 31 *Holders of rec. Dec. 15
Class B (guar.)
Jan. 3 Holders of roe. Dec.Se National Standard Co.(guar.)
'
62340 Jan. 1 *Holders of rec. Dec. 20
Class B (extra)
Jan. 3 Holders of rec. Dec.6a
Extra
*12lic Jan. 1 *Holders of rec. Doe. 20
Preferred (guar.)
Jan. 3 Holders of reo. Dec. 6a National Supply, com.(extra)
Dec. 23 Holders of rec. Doe. 13
$2
West Penn Electric, class A (guar.)
Dec. 30 Holders of roe. Dec. 15
Neptune Meter, class A and B (quar.).. 50o. Dec. 15 Holders of rec. Doe, la
West Penn Power,7% preferred (guar.).
Feb. 1 Holders of rec. Jan. 15
Nevada Consolidated Copper (guar.)... 37340 Dee, 3 *Holders of rec. Doe. 15
'
Six per cent preferred (guar.)
Feb. 1 Holders of reo. Jan. 15
New Process Cork, class A (guar.)
62340. Dec. 15 Holders of rec. Nov.30a
West Philadelphia Passenger Ry
Jan. 1 *Holders of rec. Dec. 15
Oil Well Supply. preferred (guar.)
134 Feb. 1 Holders of rec. Jan. 15
Paige-Detroit Motor Car, pref.(guar.)_ _ '134 Jan. 3 *Holders of rec. Dec. 15
Banks.
Penick & Ford, Inc., corn.(qu.)(No. 1). *250. Jan. 1 *Holders of rec. Doe. 15
834 Jan. 3 Holders of roe. Dec. 13a
11% Jan. 1 *Holders of Tee. Dec.
,
Chase National (guar.)
Preferred (guar.)
$1
Chase Securities Co.(guar.)
Jan. 3 Holders of reo. Dec. 13a Pettibone.Mulliken Co.,1st & 2d pf.(q11.) •1,4 Jan. 3 *Holders of roe. Dec. 15
23
Chatham & Phenix Nat. Ilk. & Tr.(qu.)
Jan. 3 "Holders of roe. Doe. 14
Phenix Cheese Corporation, prof.(guar.) 2
Dec. 1 Holders of rec. Nov. 15
National (stock dividend).... (r)
Chemical
Pick (Albert) & Co., pref.(guar.)
.
0154 Jan. 1 *Holders of rec. Dec. 20
[Vol,. 123.
THE CHRONICLE
Name of Company.
When
Per
Cent. Payable
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Pierce Manufacturing (guar.)
Dec. I Holders of rec. Nov. 90
$8
.75e. Dec. 20 *Holders of rec. Dec. 14
4
Plymouth 011
Provincial Paper Mills, com.(quar.)..
144 Jan. 3 Holders of rec. Dec. 15
Common (bonus)
Jan. 3 Holders of rm. Dec. 15
1
145 Jan. 3 Holders of rec. Dec. 15
Preferred (guar.)
145 Jan. 1 Holders of rec. Dec. 10
Pure 011 Co., 545% pref.(guar.)
Six per cent preferred (guar.)
144 Jan. 1 Holders of rec. Dec. 10
Eight per cent preferred (guar.)
Jan. 1 Holders of rec. Dec. 10
2
Reo Motor Car, class A (guar.)
*90c. Jan. 1 *Holders of rec. Dee. 15
Reynolds(R.J.) Tobac.. coin., A&B(qu.) 51.25 Jan. 1 Holders of rec. Dec. 18
Salt Creek Consol. 011 (guar.)
*20e. Jan. 3 *Holders of rec. Dec. 15
Schulte Retail Stores. Pref. (guar.)
*2 Jan. 1 *Holders of rec. Dec. 15
Simmons Company, corn. (guar.)
*50e. Jan. 2 *Holders of rec. Dec. 17
South Penn Oil
*50c. Dec. 31 *Holders of rec. Dec. 14
South West Penna. Pipe Line (quar.)--- $I
Dec. 31 Holders of rec. Dec. 15
Standard Oil(Kentucky)(guar.)
Dec. 31 *Holders of rec. Dec. 15
*51
Sterling Products, Inc.(quar.)
111.25 Feb. 1 *Holders of rec. Jan. 14
Extra
Dec. 23 *Holders of rec. Jan. 14
*31
Swift & Co. (guar.)
Jan. 1 Dec. 11 to Jan 6
2
Tunic Standard Mining
*20c. Dec. 23 *Holders of rec. Dec. 11
Tintic Standard Mining
*30c. Jan. 3 *Holders of rec. Dec. 11
Tower Manufacturing (guar.)
41745c Jan. 1 *Holders of rec. Dec. 15
Ulen & Co., 7A % preferred
345 Jan. 3 Holders of rec. Dee. 20
Eight per cent preferred
Jan. 3 Holders of rec. Dec. 20
4
Union Tank Car, com.(in com. stock)_. 4125
Dec. 28 *Holders of rec. Dec. 13
•15.i Jan. 3 *Holders of rec. Dec. 15
United Dyewood, pref. (quar.)
Jan. 1 Holders of rec. Dec. 15
United Equities Corporation (special)._ Si
United Ice Service, pref. A (guar.)
$1.75 Jan. 3 Holders of rec. Dec. 20a
U. S. Distributing, preferred
345 Jan. 1 Holders of rec. Dec. 15
U.S. Tobacco, corn.(guar.)
75c. Jan. 3 Holders of rec. Dec. 13
Preferred (guar.)
51.75 Jan. 3 Holders of rec. Dec. 13
Utah Copper Co.(guar.)
411.50 Dec. 31 *Holders of rec. Dec. 15
Jan. 1 Holders of rec. Dec. 15
Ward Baking Corp., class A (guar.)---- $2
145 Jan. 1 Holders of rec. Dec. 15
Preferred (guar.)
*50c. Jan. 3 *Holders of rec. Dec. 15
Warner-Quinlan Co., com. (quar.)
Jan. 31 *Holders of rec. Dec. 31
Westinghouse Elec.& Mfg.,com.(guar.) *Si
Jan. 15 *Holders of rec. Dec. 31
*51
Preferred (guar.)
Jan. 1
Wheeling Steel Corp., pref. A (guar.) _ *2
*h60c. Jan. 1
Preferred A (account accum. dividend)
4
'234 Jan. 1
Preferred B (guar.)
Preferred B (account accum. div.)_ _ _ _ *875c. Jan. 1
Jan. 3 Holders of rec. Dec. 10
Yale & Towne Manufacturing (guar.)._ 51
Yates American Machine, part. pf.(qu.) 65c. Jan. 2 Holders of rec. Dec. 206
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Corn pony.
1
When
Per
Cent. Payable.
Books Closed,
Days Inclusive.
Railroads (Steam).
334 Jan. 10 Holders of rec. Dec. 170
Atlantic Coast Line RR., common
144 Jan. 10 Holders of rec. Dec. 176
Common (extra)
4245 Dec. 30 *Holders of rec. Nov. 30
.
Boston & Albany (guar.)
Boston Revere Beach & Lynn (guar.)._ •145 Jan. 3 *Holders of rec. Dec. 15
Dec. 30 Holders of ree. Dec. 15a
2
Buffalo & Susquehanna, pref
234 Dee 31 Holders of rec. Dec. 10
Canadian Pacific, corn (quar)
Jan. 1 Holders of rec. Dec. 8a
.Chesapeake & Ohio.corn.(guar.)
a34 Jan. 1 Holders of rec. Dee. 80
Preferred A
The. Dec. 4 Nov.21 to Dec. 3
Chestnut Hill RR. (guar.)
Dec 31 Holders of rec. Dec. la
2
Chicago & North Western, corn
345 Dec 31 Holders of rec. Dec. la
Preferred
Dec 31 Holders of roe. Dec. la
5
Chicago St Paul Minn & Omaha. pref_ _
Dec. 21 Holders of rec. Dec. la
CM., N.0.& Texas Pacific, common__ 4
Dec. 21 Holders of rec. Dec. la
3
Common (extra)
Consolidated Rita. of Cuba, pref.(guar.) 144 Jan. 3 Holders of rec. Dec. 10a
$1.20 Dee. 20 Holders of rec. Dec. 20a
Cuba RR., common (guar.)
Feb 1'27 Hold,of roc. Jan. 15'270
8
Preferred (guar.)_
Delaware & Hudson Co. (guar.)
234 Dec. 20 Holders of roe. Nov.270
Erie & Pittsburgh (guar.)
8745e. Dec. 10 Holders of rec. Nov. 30a
Holders of rec. Dec. 164
145 Jan.
Gulf Mobile & Northern. pref. (guar.)._
Preferred (account accumulated divs.) h245 Jan. 3 Holders of rec. Dec. 164
Dec. 31 Holders of rec. Dec. 80
2
Hocking Valley (guar.)
Jan. 1 Dec. 12 to Jan. 4
2
Illinois Central, leased lines
$1 Dec. 15 Holders of rec. Dee. I
Maine Central, common
Jan. 2 Dec. 2 to Jan. 2
2
Mobile & Birmingham, preferred
N. Y. Chicago & St. Louis, common-- 234 Jan. 3 Holders of rec. Nov. 150
Preferred Series A (guar.)
134 Jan. 3 Holders of rec. Nov. 164
Norfolk dr Western, com. (guar.)
134 Dec. 18 Holders of rec. Nov. 30a
Dec. 18 Holders of rec. Nov. 300
3
Common (extra)
Phila. Germantown & Norristown (qu.)_ $1.50 Dee. 4 Nov.21 to Dec. 3
Pitts. & West Virginia. oom.(quar.)..... 144 Jan. 31 Hold, of rec. Jan. 15'27e
Beading Company,first pref. (quar.)___ 50c. Dec. 9 Holders of rec. Nov. 23a
Jan. 13 Holders of rec. Dec. 236
Second preferred (Guar.)
144 Jan. 3 Holders of rec. Nov. 280
Southern Pacific Company (guar.)
Union Pacific, common (guar.)
234 Jan. 3 Holders of rec. Dec. la
Public Utilities.
145 Jan. 3 Holders of rec. Dec. 15a
American Public Service, pref. (quar.)_ _
.
Amer Superpower Corp.,com.A &B(qu.) 30e. Dee. 31 Holders of rec. Nov. atto
Com.A & B (in partic. pref.stock)___ n50c. Dec. 31 Holders of rec. Nov.300
51.50 Jan. 3 Holders of rec. Dec. Is
First preferred (guar.)
2)0 an 15'27 Holders of rec. Dec. 20e
American Telep. Jz Tel.(guar.)
2 mA pr 15'27 Holders of rec. Mar. 15e
Quarterly
Dec. 31 Holders of rec. Nov. 30
Associated Gas & Elec., orig. pref.(qu.)_ vs7
yl2Ac Dec. 31 Holders of rec. Nov. 30
Original series preferred (extra)
$7 dividend series preferred (guar.). _ V$1.75 Dec. 31 Holders of rec. Nov. 30
2
Jan. 15 Holders of rec. Dec. 23
Bell Telephone of Canada (quar.)
Bell Telep.of Penna.,634% pref.(guar.) 145 Jan. 15 Holders of rec. Dec. 20a
144 Jan. 3 Holders of rec. Dec. 10a
Boston Elevated Ry.,common (quar.)__
Jan. 3 Holders of rec. Dec. 104
4
First preferred
334 Jan. 3 Holders of rec. Dee. 100
Preferred
Brooklyn-Manhattan 'Fran,, pf. A (go.). 130 an 16'27 Holders of reo. Dec. 81
1MA pr 16'27 Holden of roe. Apr. 1
Preferred series A (guar.)
Jan. 3 Holders of rec. Dec. 80
$I
Brooklyn Union Gas(guar.)
$1.50 Feb. 1 Holders of rec. Dec. 3Ia
Central & Southwest Utilities, corn
144 Dec. 29 Dec. 18 to Dec. 26
Chicago City Railway (guar.)
Congo]. G., E. L.& P., Bait., com.(qtr.) 6245c Jan. 3 Holders Of rec. Dec. 15
Jan. 3 *Holders of rec. Dec. 15
*2
Preferred, class A (guar.)
'134 Jan. 3 *Holders of rec. Dec. 15
Preferred, class B (guar.)
*Di Jan. 3 *Holders of rec. Dec. 15
Preferred, class C (guar.)
*145 Jan. 3 *Holders of rec. Dec. 15
Preferred, class D (guar.)
Consolidated Gas of N. Y., coca.(qu.)-- $1.25 Dec. 15 Holders of rec. Nov. 10a
Consumers Power.6.6% pref.(monthly) 134 Jan. 2 Holders of rec. Dec. 16
1.65 Jan. 2 Holders of rec. Dee. lb
6.6% preferred (guar.)
1)4 Jan 2 Holders of rm. Dee. 16
7% preferred (guar.)
500. Jan 2'27 Holders of rm. Dec. 15
6% preferred (monthly)
65e. Jan 2'27 Holders of rec. Doe, 15
6.6% preferred (monthly)
Diamond State Telephone, pref. (guar.) .1% Jan. 15 *Holders of rec. Dec. 20
Duquesne Light Co., 1st pref.(quar.)--- 134 Dec. 15 Holders of rec. Nov. 154
East Kootenay Power, pref. (guar.).--- 144 Dec. 15 Holders of rec. Nov. 300
Holders of rec. Dec. 8a
Eastern Texas Electric Co., pref.(guar.) 134 Jan.
Electric Power & Light,first pref.(guar.) $1.75 Jan. 3 Holders fo rec. Dec. 150
$1.75 Jan, 3 Holders of rec. Dec. 6a
Engineers Public Service, pref.(quar.)_.
50c. Jan. 2 Holders of rec. Dec. 140
Fail River Electric Light (guar.)
25c. Jan. 2 Holders of rm. Dec. 146
Extra
Federal Light & Tree., common (guar.)_ 200. Jan. 3 Holders of rec. Dec. 15a
Common (payable In common stock) fl5c. Jan. 3 Holders of rec. Dec. 15a
Holders of rec. Nov. 30
FoslutY (W. B.) Co., com.(monthly)__ _ 67c. Dec. 10 Holders of rec. Nov.30
Seven per cent preferred (monthly).-- Mc. Dec. 10
670. Dee. 10 Holders of rec. Nov. 30
Preferred A (monthly)
General G.& E. Corp., com., cl. A(qtr.) 3744c Jan. 1 Holders of rec. Dec. 15
Holders of rec. Dec. 15
Jan
$2
• $8 Preferred, class A (guar.)
$1.75 Jan. 1 Holders of rec. Dec. 15
$7 preferred, class A (quar.)
31.75 Jan. 1 Holders of rec. Dec. 15
Preferred clam B (quar.)
Dec. 31 Holders of rec. Dec. 30
*2
Illinois Bell Telephone (guar.)
Illinois Power,6% preferred (quar.)___. 145 Jan. 2 Holders of rec. Dec. 15
Seven per cent preferred (guar.)
134 Jan. 2 Holders of rec. Dec. 15
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Public Utilities (Concluded).
144 Jan, 1 Holders of rec. Dee.g1140
Indianapolis Water, pref. (guar.)
1115a
Kansas City Power & Lt. 1st pf.(qtr.)._ $1.75 Jan. 1 Holders of rec. Dec.
145 Doe. 20 Holders of rec. Nov. 300
Kentucky Hydro Elec. do., pref. (qu.)_
Dec. 15 Holders of rec. Dec. la
_ 2
Laclede Gas Light. common (guar.)
Deo, 15 Holders of rec. Dec. la
Common (extra)
2
Preferred
244 Dec. 15 Holders of rec. Dec. la
Louisville Gas & Elec., corn. A dz B (qu.) 4345e. Dec. 25 Holders of rec. Nov. 304
145 Jan. 3 Holders of rec. Dec. 40
Mackay Companies, common (quar.)___
Jan. 3 Holders of rec. Dec. 44
1
Preferred (guar.)
Manila Elec. Corp., common (guar.)._ 50o. Dec. 81 Holders of rec. Dec. iSa
Middle West Utilities. nrior lien stk.(qu.) 2
Dec. 15 Holders of rec'. Nov.30
MonongahelaW.PennPub.Serv..pf.(qu.) 4335c. Jan. 1 Holders of rec. Dec. 15 1
134 Jan. 3 Holders of rec. Dec. 100
Montana Power, common (quar.)
Preferred (guar.)
154 Jan, 3 Holders of rec. Dec. 104
245 Jan. 15 Holders of rec. Jan. 7
Montreal Tramways(guar.)
National Power & Light, pref. (guar.)_ _ 51.75 Jan. 3 Holders of rec. Dec. 11
Nat.Public Serv.Corp.,cl. A,corn.(qtr.) 400. Dec. 15 Holders of rec. Nov.027
2
New England Tel. & Tel. (guar.)
Dee. 31 Holders of rec. Dec. 10
144 Jan. 15 Holders of rec. Dec. 20
New York Teleohone, pref.(guar.)
Niagara Lockp. & Ont. Pow.,com.(qu.) *75e. Dec. 31 *Holders of rec. Dec. 15
145 Jan. 1 Holders of rec. Dec. 154
Preferred (quar.)
North American Co., corn. (guar.)
1245 Jan, 3 Holders of rec. Dec. 60
75e. Jan. 3 Holders of rec. Dec. 60
Preferred (guar.)
North Amer. Utility Secur., let pf.(qu.) $1.50 Dec. 15 Holders of roe. NM'.30
First pref. allot. ctfs. (guar.)
$1.50 Doe, 15 Holders of rec. Nov.30
Northern Ohio Pr. & Lt.,6% pf.(qu.)_ _
144 Jan. 1 Holders of rec. Dec. 15
7% preferred (guar.)
145 Jan. 1 Holders of rec. Dec. 15
Oklahoma Gas & Elec., pref. (quar.)___
145 Dec. 15 Holders of rec. Nov.30
Ottawa & Hull Power, pref. (guar.)._
145 Dec. 15 Holders of rec. Nov.304
Pennsylvania Gas & Elec., pref. (qu.)._
155 Jan. 1 Holders of rec. Dec. 20
Pennsylvania Water & Power (guar.)... 2
Jan. 3 Holders of rec. Dec. 170
Peoples Gas Co., preferred
Jan. 1 Holders of rec. Dec. 150
3
20c. Dec. 10 Holders of rec. Nov.30
Peoples Lt. & Power, corn. A (mthly.)
10o, Dec. 10 Holders of rec. Nov.30
Common Class A (monthly)
Mc. Dec. 10 Holders of rec. Nov.30
7% preferred (monthly)
Philadelphia Electric (quar.)
50e. Dec. 15 Holders of rec Nov. 174
*5
Dec. 20 Holders of rec. Dec. 1
Pittsburgh Oil & Gas
.L,corn.(guar.)._ 50c. Dee, 31 Holders of rec. Dec. 30
Public Serv. Co. of N.
145 Deo. 31 Holders of rec. Dec. 30
6% preferred (guar.)
145 Dee. 31 Holders of rec. Doe. 30
7% preferred (guar.)
2
8% preferred (guar.)
Dec. 31 Holders of rec. Dec. 30
Public Service Elec. & Gas. 7% pf. (911.) 145 Dec. 31 Holders of rec. Dee. 10
Six per cent preferred (quar.)
145 Dee. 31 Holders of rec. Dec. 104
145 Jan. 15 Holders of rec. Dec. 31
Quebec Power,common (guar.)
145 Jan. 3 Holders of rec. Dec. 15
Preferred (guar.)
Radio Corporation of Amer.. Pref.(qu.). 8745c Jan. 1 Holders of rec. Dec. la
344 Jan. 1 Holders of rec. Dec. Ma
Roanoke Gas Light. preferred
145 Dec. 31 Holders of rec. Dec. 20
South Pittsburgh Water. com
Southern Calif. Edison, ser. A pf. (qu.)_ 4345c. Dec. 15 Holders of rec. Nov. 20
3744c. Dec. 15 Holders of rec. Nov.20
Series B preferred (guar.)
Southern Colorado Power, pref.(guar.). 145 Dee. 15 Holders of rec. Nov.30
Southern Gas & Power, class A (quar.)_. 4354c. Dec. 15 Holders of rec. Nov. 25.1
Standard Gas & Electric Co.
Common (payable in common stock). .11200 JanI5'27 Holders of reo. Dec. 810
$1 Dec. 15 Holders of rec. Nov.300
Treferrt d (guar.)
Dec. 31 Holders of rec. Dec. 15
4
Tacony-Palmyra Ferry
1 eanessee Elec. Pow. ti% let p1. (qu.)._
144 Jan. 2 Holders of rec. Doe, 16
145 Jan. 2 Holders of rec. Dm. 15
7% firbt preferred (quar.)
7.2% first preferred (guar.)
1.80 Jan. 2 Holders of roe. Deo. 15
50e. Jan. 2 Holders of rec. Dec. 15
8% first preferred (monthly)
7 2% first preferred (monthly)
600. Jan. 2 Holders of rec. Doe, 15
Utility Shares Corp., corn.(No. 1)
50o. Dec. 15 Holders of rec. Nov.30
Virginia Elec.& Power, pref.(guar.).
$1.75 Dec. 20 Holders of rec. Nov. 150
Washingtou Water Power.6A% Pf.(1111.) 134 Deo, 16 Holder, of rec. Nov.240
West Penn Rys., pref. (guar.)
131 Doe. 15 Holders of roe. Nov.24
Winnipeg Electric Co., pref. (guar.)._ _
145 Jan. 1 Holders of rec. Dee. 15
iseotsin Power dr Light, pref. (guar.). 134 Dee. 15 Holders of rec. Nov.300
Wisconsin Pub. Serv., 6 A % pref.(qu.)_
154 Dec. 20 Holders of rec. Nov.30
Banks.
2
Cheisra Exchange (guar.)
i t erce, National Bank of (guar.)._ _ 4
Con it ra
2
Extra
4
Public National (guar.)
*3
Queens-Bellaire(No. 1)
3
Standard(guar.)
g rI
llat una Corp., common (qu.) $3
Standarde (loa)
IN
Preferred
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Trust Companies.
Equitable (qtoar.)
Dec. 31 Holders of rec. Dec. 214
Fire Insurance.
Fidelity-Phenix (stock dividend)
North River
3
z100
5
3 Holders of rec. Dec. 17a
2 Holders of rec. Dec. 170
2 Holders of rec. Dec. 170
02 Holders of rec. Dec. 20
3 *Holders of rec. Dee. 21
3 Holders of rec. Dec. 270
3 Holders of rec. Dec. 27.5
3 Holders of ree. Dec. 270
Jan. 10 Holders of rec. Dee. 300
Dec. 15 Holders of rec. Dec. 104
Miscellaneous.
$1.50 Dec. 31 Holders of rec. Dm. 150
Adams Express (quar.)
134 Jan. 15 Holders of rec. Dec. 31
American Art Works, com & pf.(qu.).American Bank Note, common (guar.)._ *50e. Jan. 3 *Holders of rec. Dec. 15
Dec. 30 *Holders of rec. Dec. 8
11
4
Extra
4154. Jan. 3 *Holders of rec. Dec. 15
Preferred (guar.)
145 Dec. 1 Nov. 4 to Dec. 2
American Candy, pref.(guar.)
500. Dee. 31 Dee, 22 to Jan. 2
American Chain, clam A (guar.)
750. Jan. 1 Holders of rec. Dec. 154
American Chicle, corn.(guar.)
144 Jan. 1 Holders of rec. Dec. 150
6% preferred (quar.)
154 Jan. 1 Holders of reo. Dee. 150
Prier pref.(guar.)
61 Jan 1'27 Holders of reo. Dec. 160
American Hardware Corp.(guar.)
200. Jan. 3 Holders of re°. Dec. 15a
Amer. Home Products (monthly)
Marl'27 Holdersofrec.Feb.21'27
Amer. Laundry Machinery, com.(qu.). El
1)( an 3'27 Holders of reo. Dec. 170
American Linseed. pref.(guar.)
134 Aprl'27 Hold, of red.Mar.18'27a
Preferred (guar.)
Dee. 31 Holders of rec. Dec. 134
$2
Amer. Locomotive, common (guar.)_ _
145 Dee. 31 Holders of rec. Dee. 134
Preferred (guar.)
134 Dec. 31 Holders of rec. Dec. 17
A.merlean Mfg., common (guar.)
134 Dec. 81 Holders of rec. Dec. 17
Preferred (quar.)
234 Jan. 2 Holders of rec. Dec. 15
American Piano, common (guar.)
Common (payable in common stock) _ 1244 Jan. 2 Holders of rm. Doe. 15
145 Jan. 2 Holders of rec. Dee. 15a
Preferred (quar.)
51.25 Dm. 31 Holders of rec. Dec. 154
Amer. Radiator. common ((muar.)
Express (quay)
81.50 Dec. 31 Holders of rec. Dec. 150
American Railway
50c. Jan. 15 Holders of rec. Dec. 310
Amer. Rolling Mill, com. (guar.)
145 Jan. 1 Holders of ree. Dec. 164
Preferred (guar.)
75c. Jan. 3 Holders of rec. Dec. 104
American Safety Razor (qilar.)
(s) Jan. 3 Holders of rec. Doe, 104
Stock dividend
American Seating, common (guar.)._ _ 75e. Jan. 1 Holders of rec. Dec. 20
25c. Jan. 1 Holders of rec. Doe. 20
Common (extra)
25c. Apr. 1 Holders of rec. Mar.20
Common (extra)
25e. July 1 Holders of rec. June 20
Common (extra)
25c, Oct. 1 Holders of rec. Sept. 20
Common (extra)
75c
an. 1 Holders of rec. Dec. 20
Preferred (quar.)
50e. Jan. 1 Dec. 17 to Jan. 1
American Stores Mara
60e. Dee. 1 Nov. 18 to Doe, 1
Extra
Amer. Sugar Refining, corn. (gm:40_ _
134 Jan. 3 Holders of rec. Dm. la
154 Jan. 3 Holders of rec. Dee. la
Preferred (quar.)
12 Ac Jan. 1 Holders of reo. Nov.800
American Thread, preferred
134 Jan. 3 Holders of reo. Dec. 100
American Tobacco, pref. (guar.)
Jan. 15
American Vitrified Products, corn. (qtr.) *31
145 Jan. 1 Holders of rec. Dee. 10
Armour & Co. of III., pref. (glue.)
145 Jan. 1 Holders of rec. Dec. 10
Armour & Co. of Del.. pref. (quar.)_
Armstrong Cork,common (guar.)
$144 Jan. 2 Holders of roe. Dec. 17
Common (payable in common stock).. 15
Jan. 15 Holders of rec. Deo 17
134 Jan. 2 Holders of roe. Dec. 17
Preferred Mar.)
Artioom Corp.. common (guar.)
The. Jan. 3 Holders of reo. Dec. 164
Associated Oil (guar.)
50c. Dec. 24 Holders of rec. Dec. 04
----------------- 40e. Jan. 25 Holders of rec. Deo. 64
Extra ___ _ _ _
atlantic Ice & Coal preferred
354 Jan1'27
4
Atlantic Terra Cotta, preferred
Dee. 16 Dec. 0 to Dec. 18
Atlas Powder, common (guar.)
Ill Dec. 10 Holders of reo. Nov.30a
Common (extra)
61 Jan. 10 Holders of rec. Nov.80a
DEC. 4 1926.]
Name of Company.
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Autocar Co., pref. (guar.)
2
Dec. 15 Holders of rec. Dec. 4
Babcock & Wilcox (guar.)
1% Jan 2'27 Holders of rec. Dec. 200
Quarterly
134 Apr1'27 Hold,of reo. Mar.20'27a
Balaban & Katz, common (montluy)
25c. Jan. 1 Holders of rec. Dec. 20
Preferred (guar.)
134 Jan. 1 Holders of rec. Dec. 20
Baldwin Locomotive, common & pref.
3% Jan. 1 Holders of reo. Dec. 4a
Hamadan Corp., class A & B (guar.) _ 500. Jan. 3 Holders of rec. Dec. 15a
Beech Nut Packing, common (extra)_
600. Dec. 10 Holders of rec. Nov. 240
Belding Corticelli. Ltd., pref.,(guar.)._
1% Dec. 15 Holders of rec. Nov. 30a
Belding Hemlnway Co., com.(011.)
75c. Jan. 1 Holders of reo. Dee. 20a
BeIgo Canadian Paper, pref. (quar.)._._
Jan. 2 Holders of rec. Dec. 4
Bendix Corporation, class A (quar.)____ *50o. Jan. 3 *Holders of rec. Dec. 15
Bethlehem Steel, pref. (guar.)
1% Jan. 3 Holders of reo. Dec. 3a
Borg & Beck (guar.)
$1
Jan. 1 Holders of reo. Dec. 18
Boston Wharf
*33
Dec. 31 *Holders of rec. Dec. 1
Boston Woven Hose & Rub.,com.(go.)_ $1.50 Dec. 15 Holders of rec. Dec. la
Preferred
3
Dec. 15 Holders of rec. Dec. la
British Columbia Fish & Packing (Quar.) 1% Dec. 10 Holders of reo.Nov. 30
Buckeye Pipe Line (guar.)
$1
Dec. 15 Holders of rec. Nov. 19
Bucyrus Company,common (guar.)_
114 Jan. 3 Holders of rec. Dec. 20
Common (extra)
154 Jan. 3 Holders of rec. Dec. 20
Preferred (guar.)
Jan. 3 Holders of rec. Dec. 20
Burns Bros., pref.(guar.)
134 Jan. 3 Holders of rec. Dec. 15a
•3
Bush Terminal, preferred
Jan. 15 *Holders of rec. Dec. 31
Debenture preferred (guar.)
*1% Jan. 15 *Holders of rec. Dee. 31
Bush Terminal Bldgs., pref. (guar.)_ _ _ *114 Jan. 3 *Holders of rec. Dee. 17
Butte Copper & Zinc
50o Dee. 24 Holders of rec. Dec. 90
By-Products Coke, common (guar.)..._ 50c. Dec. 20 Holders of rec. Dec. 4a
Preferred (guar.)
*2% Jan. I *Holders of rec. Dec. 20
California Packing (guar.)
$I Dec. 15 Holders of reo. Nov. 30a
Calumet & Arizona Mining (guar.)
$1.50 Dec. 20 Holders of rec. Dec. 3a
Calumet & Heels Cons& Copper Co-50c. Dec. 15 Holders of rec. Nov. 30a
Canada Dry Ginger Ale, stock div, (g11.) 61 14 Jan1517 Holders of reo. Jan 1 '27a
Canadian Car & Foundry, pref. (quar.)- 1% Jan. 10 Holders of rec. Dec. 27
Canadian Connecticut Cot. Mill, pf (qu.) 1
Jan. 3 Holders of rec. Dec. 16
Carter (William) Co., pref.(guar.)
1% Dec. 15 Dec. 11 to Dec. 14
Case (J. I.) Threshing Machine
Preferred (guar.)
1% Jan. 1 Holders of rec. Dec. 130
Casey-Hedges Co.. pref. (quar.)
134 Jan. 1
Central Alloy Steel, common (guar.)._ --500. Jan. 10 Holders of rec. Dec. 24a
Preferred (guar.)
1% Jan. I Holders of rec. Dee. 15a
Chesebrough Manufacturing (quar.)_ _ 750. Dec. 28 Holders of rec. Dec. 100
Extra
250. Dec. 28 Holders of reo. Dec. 100
Special extra
50o. Dee. 28 Holders of rec. Dec. 10a
•1% Jan. 1 *Holders of rec.
Chicago Mill & Lumber. Pref. (quar.)..
Dec. 22
Chicago Motor Coach, pref. (quar.)____ •1% Jan. 1 *Holders of rec. Dec. 18
Chicago Yellow Cab Co.(monthly)
33 1-3c Jan.
Holders of rec. Dec. 20a
Monthly
33 1-3c Feb.
Holders of reo. Jan. 20a
Monthly
33 1-3c Mar.
Holders of reo. Feb. 180
Childs Co., corn.($100 Par) (quar.)__.. 60c. Dec. 1
Holders of rec. Nov. 26s
Common, no par value (guar.)
60c. Dec. 1
Holders of rec. Nov. 25a
Preferred (guar.)
1% Dec. 1 Holders of reo. Nov.26
Chili Copper Co.(guar.)
6234c Dee. 2 Holders of reo. Dec. lo
Chrysler Company.com.(guar.)
The. Jan.
Holders of rec. Dec. 15a
Preferred
$2
Jan 3'2 Holders of reo. Dec. 150
Cities Service, common (monthly)
14 Jan.
Holders of rec. Dee, 15
Common (payable in common stock). 114 Jan.
Holders of rec. Dec. 15
Preferred and preferred B (monthly)__
14 Jan.
Holders of rec. Dec. 15
City Housing Corporation
3
Holders of rec. Dec. 3Ia
Jan.
Clinchfield Coal Corp., corn
500. Dee. 1 Holders of rec. Dee, 10a
Coca-Cola Co (guar.)
$1.75 Jan.
Holders of rec. Dec. 15
Coca-Cola International (guar.)
$1.75 Jan.
Holders of rec. Dee, 180
Colt's Patent Fire Arms mfg. (guar.).- 50c. Dec. 3 Holders of rec. Dec. ha
Commercial Solvents Corp., class B(qu.) $2
Jan.
Holders of rec. Dee. 20a
Consolidated Lead & Zinc (guar.)
12%c.Jan.
Dec.415 to Jan. 1
Continental Can, Inc.. pref.(guar.)._
1% Jan.
Holders of rec. Dec. 20a
Continental 011 (guar.)
250. Dec. 15 Holders of rec. Nov. 150
CooksvIlle Shale Brick. pref.(quar.)._,_
1
Dec. 15 Holders of rec. Nov.20
Coty,Inc.(guar.)
$1
Dec. 31 Holders of rec. Dec. 200
Extra
$1
Dee. 31 Holders of rec. Dec. 200
Crane Company, corn.(guar.)
1% Dec. 15 Holders of rec. Dec. la
Preferred (guar.)
1% Dec. 15 Holders of rec. Dec. la
Crucible Steel, pref. (guar.)
1% Dec. 31 Holders of rec. Dec. 15a
Cuba Company, preferred
*3% Feb. 1 *Holders of rec. Jan. 15
Cuban-American Sugar, corn.(guar.)... 250. Jan. 3 Holders of rec. Dec. 70
Preferred (guar.)
1% Jan. 3 Holders of rec. Dec. 70
Cumberland Pipe Line (quar.)
.3
Dec. 15 Holders of rec. Nov.30
Cunoo Press. Inc.(guar.)
Dec. 15 Holders of tee. Dee. 1
$1
Davis Mills (guar.)
1% Dec. 24 Holders of rec. Dec. 110
Decker (Alfred) & Cohn. corn (gu.)
50c. Dec. 15 Holders of reo. Dec. 40
Derk Manufacturing, pref. (guar.)
Dec. 15 Holders of rec. Dec. la
2
Devonian 011
20c. Dec. 20 Holders of rec. Nov.30
Diamond Match (guar.)
2
Dec. 15 Holders of rec. Nov.300
Dominion Glass,common & pref.(qu.) - 1% Jan, 3 Holders of reo. Dec. 15
Douglas-Pectin Corporation (guar.).
- 50c. Dec. 31 Holders of rec. Dee. la
Extra
50e. Dec. 31 Holders of rec. Dec. la
Draper Corp., new no par stock (No. 1). $1
Jan. I Holders of rec. Nov. 27
Extra
1234 Jan. 15 Holders of rec. Aug. 28
Du Pont(El.)de Nem.& Co., com.(qu) $1.75 Dec. 15 Holders of rec. Dec. la
Common (extra)
25
Jan. 5 Holders of rec. Dec. la
Debenture stock (guar.)
1% Jan. 25 Holders of rec. Jan. 100
Eastman Kodak. common (guar.)
$1.25 Jan. 3 Holders of rec. Nov. 300
Common (extra)
750. Jan. 3 Holders of rec. Nov. 300
Preferred (guar.)
1% Jan. 8 Holders of reo. Nov. 30a
Eisenlohr (Otto) & Bro.. pref. (guar.)__
1% Jan. 1 Holders of rec. Dee. 210
Electric Storage Battery,corn & pf.(qu.) $1.25 Jan. 3 Holders of reo. Dec. 60
Emporium Corporation (guar.)
50c. Dee, 24 Holders of rec. Dec. 1
Equitable Office Bldg. Corp., com.(qu.) $1.50 JIM. 3 Holders of reo. Dee. 15
Preferred (guar.)
1% Jan. 3 Holders of reo. Dec. 15a
Falrbanks-Morse & Co.. Gem.(guar.)._
75o. Dec. 81 Holders of reo. Oct. 15s
Fair (The). common (monthly)
20c. Jan, 1 Holders of rec. Dee. 200
Common (monthly)
20c. Feb. 1 Holders of rec. Jan. 20a
Preferred (guar.)
1% Feb. 1 Holders of rec. Jan. 200
Famous Players-Lasky Corp.,com.(qu.) 12
Jan, 3 Holders of reo. Dee. I5a
Federal Mining dr Smelting, pref.(guar.) 1% Dec. 15 Holders of reo. Nov.29a
Federal Motor Truck (guar.)
*20c. Jan. 2 *Holders of reo. Dec. 18
Stock dividend
*e254 Jan. 5 *Holders of tee. Dec. 18
Fifth Avenue Bus Securities (quar.).. 16c. Jan. 18 Holders of rec. Jan. 4
First National Pictures, preferred (guar.) 2
Jan. 1 Holders of rec. Dec. 180
Flour Mills of America, met A (guar.)__ $2
Dec. 31 Holders of rec. Dec. 15
Foote Bros. Gear & Mach., corn.(qu.)_ _ 25c. Jan. 1 Dec. 21 to Dec. 31
Preferred (guar.)
1% Jan, 1 Dec. 21 to Dec. 31
Forhan Company,common (guar.)
25e. Jan. 2 Holders of rec. Dec. 150
Class A (guar.)
400. Jan, 2 Holders of reo. Dee. 15a
Foundation Co., coin. (guar.)
22 Dec. 15 Holders of rec. Dec. la
Gabriel Snubber, com. A and B (guar.)_ 8714c Jan. 1 Holders of reo. Dec. 15a
Gamewell Company,com.(guar.)
$1.25 Dee, 15 Holders of rec. Dec. 4a
General Cigar, debenture pref.(guar.) _ _
1% Jan. 3 Holders of rec. Dec. 23a
General Electric. corn. (guar.)
75e. Jan. 28 Holders of rec. Dec. 15a
Special stock (goar.)
15c. Jan. 28 Holders of rec. Dec. 15a
General Motors Corp.. common (guar.). $1.75 Dec. 11 Holders of rec. Nov.20a
Common (extra)
$4
Jan. 4 Holders of reo. Nov.20a
Preferred (gust)
1% Feb. 1 Holders of rec. Jan. 10a
Six per cent debenture stock (guar.)_ _
I% Feb. 1 Holders of rec. Jan. 100
per cent debenture stock (guar.) 114 Feb. 1 Holders of reo. Jan. 10a
Seven
General Necessities Corp.(monthly)__
1
Dec. 15 Holders of rec. Dec. 5
Stock dividend
025
Dec. 81 Holders of rec. Dec. 20o
C. G.Spring & Bumper
Common (in corn. stk. on each 10 eh..) 13-10 Feb1527 Holders of reo. Feb.021
Gleasonite Products (guar.)
214o. Dec. 10 Holders of rec. Nov. 30
Glidden Company, common (guar.)__. 50c. Jan. 43 Holders of rec. Dec. 16a
prior preferred (guar.)
134 Jan. (13 Holders of rec. Dec. 16a
Globe-WernIcke Co.. common
$1.50 Jan1'27 Holders of reo. Dec. 20
Golden Cycle Mining & Reduo.(guar.). 4c Deo, 10 Holders of rso. Nov.30a
154 Jan, 3 Holders of rec. Dec. 15a
Goodrich (B. F.) Co., pref. (guar.)_ _ _
Goodyear Tire & Rubber,prior pref.(gu.) 2
Jan. 1 Holders of reo. Dec. 15a
Preferred (goar.)
I% Jan. 1 Holders of rec. Dec. 1
Coward (H. W.)& Co.. cow (m'thlY) 83 1-3o Jan 3'27 Holders of rec. Dee, 20
6214e. Dee. 31 Holders of rec. Dee, 15
Gotham Silk Hosiery, corn.(guar.)
75c. Dee, 28 Holders of roc. Dee. 6a
Great Northern Iron Ore Properties
Name of Company.
2863
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Great Western Sugar, corn.(guar.)
*$2
Jan. 2 *Holders of rec. Dec. 15
Preferred (guar.)
*134 Jan. 2 *Holders of rec. Dec. 15
Greenfield Tap & Die,8% pref.(guar.). 134 Jan. 3 Holders fo rec. Dec. 15
8% preferred (guar.)
2
Jan, 3 Holders of rec. Dee. 16
Guantanamo Sugar. preferred (gust.)... 2
Jan. 3 Holders of rec Dec 150
Gulf States Steel, Common (guar.)
134 Jan, 3 Holders of rec. Dec. 150
Preferred (guar.)
114 Jan. 2 Holders of reo. Des. 15a
Hanes (P. H.) Knitting, pref. (quar.).. 134 Jan. 1 Holders of rec. Dec. 18
Harbison-Walker Refrac.. pref. (gust.). 134 Jan. 20 Holders of rec. Jan. 100
Hartman Corporation, class A (guar.)...
50o. M5r127 Holders of rec.Feb.11 270
.
Clan A (guar.)
500. J'nel'27 Holders of rec. May 170
Class B (guar.) In class A stock
(o) Mar 127 Holders of reo.Feb15'274
Class B (guar.) In class A stock
(o) J'nel'27 Hold, of rec. May 1r270
Hart, Schaffner & Marx,Inc..com.
134 Nov. 30 Holders of rec. Nov. 166
Hathaway Baking Co.,cony. pref.(gu.)_
114 Dec. 15 Holders of rec. Dec. la
Hayes Ionia Co.(monthly)
10e. Jan1'27 Holders of rec. Dec. 346
Monthly
100. Febl'27 Holders of rec. Jan. 343s
Monthly
100. Marl'27 Holders of reo. Feb. 25a
Hayes Wheel, common (guar.)
750. Dec. 15 Holders of rec. Nov.260
Preferred (guar.)
134 Dec. 15 Holders of rec. Nov.26a
Heels Mining (guar.)
50c. Dec. 15 Holders of rec. Nov. 150
Spencer, Bartlett & Co.(mthlY)
Hibbard,
350. Dec. 81 Holders of rec. Dee. 24
Extra
200. Dec. 31 Holders of rec. Dec. 24
Hood Rubber, com. (guar.)
Dee. 31 *Holders of rec. Dec. 20
*S1
Household Products (extra)
50c. Jan. 3 Holders of rec. Dec. 15a
Hudson Motor Car (guar.)
8730. Jan. 3 Holders of rec. Dec. 15a
Hudson River Navigation, pref
a
Dec. 31 Holders of rec. Dec 15
Illinois Beek (guar.)
60c. Jan. 15 Jan. 5 to Jan. 16
Extra
40e. Jan15'27 Jan. 5 to Jan. 16
Quarterly
60e. Ap15'27 Apr. 5 to Apr. 15
Quarterly
60e. J1y15'27 July 3 to July 15
Quarterly
60e. 0o15'27 Oct. 5 to Oct. 16
Illinois Pipe Line
Dec. 15 Nov. 24 to Dec. 14
6
Independent 011& Gas(guar.)
25o. Jan. 17 Holders of rec. Dec. 80a
Inland Steel, preferred (guar.)
154 Jan. 1 Holders of rec. Dec. 150
Inspiration Consolidated Copper (guar.) 50c. Jan. 3 Holders of rec. Dee. 16
International Cement, common (guar.). $1
Dec. 31 Holders of rec. Dec. I54
Preferred (guar.)
134 Dec. 31 Holders of rec. Dec. 15a
International Paper,6% pref. (guar.)._
I% Jan, 15 Holders of MC. Jan. 50
Seven per cent pref. (guar.)
134 Jan. 15 Holders of rec. Jan. 30
International Salt (guar.)
134 Jan, 3 Holders of rec. Dec. 15a
International Silver, corn.(guar.)
dl% Dec. 31 Holders of rec. Dec. 15a
Preferred (guar.)
154 Jan. 1 Holders of rec. Dec. 15a
Isle Royal Cooper Co
50c. Dee. 15 Holders of rec. Nov.30a
Jones es Laughlin Steel, pref. (goat.).... 134 Jan. 1 Holders of rec. Dec. 15a
Kaufmann Dept. Stored. pref. (guar.)._
134 Jan 2'27 Holders of rec. Dec. 200
Kayser (Julius) & Co., pref. (gust.).... $2
Jan. 3 Holders of rec. Dec. Via
Kennecott Copper Corp. (guar.)
$1.25 Jan. 2 Holders of rec. Dec. 3a
Kilburn Mill (guar.)
Dec. 15 *Holders of rec. Nov.30
*2
Kinney (G. R.) Co..common (guar.)... $1
Jan. 3 Holders of rec. Dee. 236
Kirby Lumber (guar.)
135 Dee. 10 Dec. 1 to Dec. 10
Kresge (S. S.) Co.. common (guar.)._ 30c. Dec. 31 Holders of rec. Dec. 16
Preferred (guar.)
134 Dee. 31 Holders of rec. Dee. 15
Kuppenheimer (B.) & Co., common.... $1
Jan. 2 Holders of rec. Dec. 244
Laclede Steel, corn
5
Dec. 10 Holders of rec. Dec. 80
Lake Shore Mines
Dec. 15 Dee, 2 to Dec. 14
10
Bonus
Dee. iS Dec. 2 to Dee. 14
10
Lehigh Valley Coal Sales (guar.)
Jan. 3 Holders of rec. Dec. 9
$2
Libby, McNeil 4: Libby, pref
314 Jan. 1 Dec. 18 to Jan. 13
Lindsay Light, pref
3)4 Jan. 3 *Holders of rec. Dee. 10
Loew's Buffalo Theatres, Inc..pf.
2
Jan. 1 Holders of tee. Dee. 20a
Loew's, ISO.(guar.)
50a. Dee. 31 Holders of rec. Dec. 186
Extra
Dee. 81 Holders of rec. Dec. 130
Si
Locw's London Theatres(Can.),com
250. Jan. 15 Holders of rec. Dee, 81
Preferred
334 Jan. 15 Holders of rec. Dec. 31
Long Bell Lumber, class A (guar.)
Dec. 31 Holders of rec. Dec. lla
$1
Lord & Taylor, common (guar.)
211 Jan. 3 Holders of rec. Dec. 17a
Christmas dividend
Dec. 10 Holders of reo. Nov. 171
Mallinson (II. R.)& Co., pref.(goat.).. 134 Jan. I Holders of reo. Dee. 21a
Marland Oil (guar.)
Dee. 31 Holders of reo. Dec. 180
$1
Marlin-Rockwell Corp., corn.(goat.)... 50e. Dec. 31 Holders of rec. Dec. 206
Slay Department Stores, pref. (guar.)_ _
154 Jan. 2 Holders of rec. Dec. 150
McCord Radiator es Mfg., class A (go.). *75o. Jan. 1 *Holders of rec. Dec. 18
Merch & Mfrs.Sec., partic. pref.(guar.) 6234c Jan. 1 Holders of rec. Dee, 156
Participating preferred (stock div.)___ 61
Jan. 1 Holders of rec. Dec. 150
Mergenthaler Linotype (guar.)
•
$1.25 Dec. 31 Holders of too. Dee. 40
Extra
250. Dec. 31 Holders of rec. Dee. 4a
Metro-Goldwyn Pictures Corp., pf.(qu.) 4734 c. Dec. 15 Holders of rec. Nov.27a
Metropolitan Paving Brick, pref.(guar.) 134 Jan. 1 Dec. 16 to Dec. 81
Midvale Co
*25c. Dec. 31
Missouri Portland Cement (guar.)
50c. Dee. 15 Holders of reo. Dee. 8
Montgomery Ward & Co.,class A (g.). *41.75 Jan. 1 *Holders of rec. Dec. 21
Montreal Cottons. Ltd.. com. (goat.).. 134 Dee. 15 Holders of rec. Nov.300
Preferred (guar.)
114 Dec. 15 Holders of rec. Nov.304
Mother Lode Coalition Mines
3714c Dec. 31 Holders of rec. Dec. 10a
Mttnyon Remedy Co.(guar.)
150. Dee. 15 Holders of reo. Nov.80
National Biscuit, common (guar.)
$1
Jan. 15 Holders of ree:Deo. 316
National Grocer, preferred
3
Jan 1'27 Dec. 21 to Dec. 31
National Lead, common (guar.)
2
Dee. 31 Holders of rec. Dec. 100
Preferred (guar.)
134 Dee. 15 Holders of rec. Nov. 196
National Sugar Refining (guar.)
134 Jan. 3 Holders of rec. Dec. 8
National Surety (guar.)
2% Jan, 3 Holders of rec. Dec. 170
National Transit
25o. Dec. 15 Holders of rec. Nov.300
Extra
1254c. Dec. 15 Holders of rec. Nov. 300
New Jersey Zinc, extra
2
Dec. 10 Holders of reo. Nov.20
New York Transportation (guar.)
500. Jan, 15 Holders of reo. Dee. 316
North American Provision (guar.)
134 Jan. 1 Holders of rec. Dec. 10
Northern Pipe Line
$3 Jan. 1 Holders of rec. Dee. 10
Extra
$1 Jan. 1 Holders of rec. Dec. 10
Ohio Oil (guar.)
50o. Dee. 15 Holders of rec. Nov. 13
Extra
50o. Dec. 15 Holders of reo. Nov.13
011 Well Supply (guar.)
50o. Jan. 3 Holders of rec. Dec. 154
Omnibus Corporation, pref. (guar.).-.- *2
Jan. I Holders of tea Dec. 170
Orpheum Circuit. Inc.. coin.(monthly). 6 2-50 Jan 2'27 Holders of reo. Dec. 206
Preferred (guar.)
2
Jan 3'27 Holders of res. Dec. 150
Otis Elevator. pref.(guar.)
134 Jan15'27 Holders of rec. Dee. 31a
Otis Steel, prior preferred (guar.)
*I% Jan. I *Holders of rec. Dec. 15
Owens Bottle, common (guar.)
750. Jan. 1 Holders of rec. Dec. 160
Common (extra)
Jan. 1 Holders of rec. Dec. 164
$2
Common (payable In common stock).. 5
Jan. 1 Holders of rec. Dec. 164
Preferred (guar.)
134 Jan. 1 Holders of rec. Dee. 164
Pacific Steel Boiler (guar.)
25c. Dec. 15 Holders of rec. Dec. la
Packard Motor Car
Common (monthly)
200. Dec. 31 Holders of rec. Dec .154
Common (monthly)
20c. Jan. 31 Holders of rec. Jan. 15a
Common (monthly)
200. Feb. 28 Holders of rec. Feb. 154
Paraffine Companies, com.(guar.)
$1.50 Dee, 23 Holders of rec. Dec. 136
Pedigo-Weber Shoe(Wit.)
6234c. Jan. 2 Holders of rec. Dec. 23
Pennok Oil Corporation (guar.)
500 Dee. 23 Holders of rec. Dee. 16a
Pa.
-Dixie Cement. com.(No. 1)
80c. Jan. I Holders of rec. Dec. 154
Preferred (guar.) (No. 1)
I% Dec. 15 Holders of rec. Nov. 30a
Phillips Petroleum (guar.)
750. Jan. 3 Holders of rec. Dee. 15a
Pie Bakeries of America,class A (guar.). $1
Dee. 31 Holders of rec. Dee. 15
Preferred (guar.)
114 Dee. 31 Holders of rec. Dee. 15
Jan. 1 Holders of rec. Dec. 15a
Plerce-Arrow Motor Car, pref. (guar.)._ 2
Pittsburgh Plate Glass (goar.)
Dec. 31 Holders of rec. Dee. 15
2
Pittsburgh Steel Foundry. pref. (quar.). d154 Dec. 31 Dec. 16 to Jan. 2
Port Alfred Pulp & Paper, pref. (quar.)_
134 Dec. 15 Holders of reo. Dee. 80
Pratt & Lambert.Co.,common (guar.).- 75e. Jan, 3 Holders of reo Dec. lila
Common (extra)
$1
Jan. 3 Holders of reo. Dee. 168
Pressed Steel Car. pref.(Qum.)
134 Dec. 31 Holders of rec. Dee. la
Procter & Gamble.6% pref.(guar.).- 134 Dee. 15 Holders of rec. Nov.24a
Pro-phy-lactic Brush, pref. (goat.).... 154 Dec. 15 Holders of rec. Dec. 1
Jan. 16 Holders of rec. Dee. 310
Quaker Oats, common (guar.)
$1
154 Feb. 28 Holders of rec. Feb. la
Preferred (guar.)
Real Silk Hosiery Mills, common (go.).. $1
Jan. 1 Holders of rec. Dec. 20a
134 J. 1 Holders of rec. Dec. 204
Preferred(guar.)
750, Jan. 3 Holders of reo. Dee. 200
Reid Ice Cream Co., corn.(guar.)
Remington Typewriter, first pref.
(MO - 154 Jan, 1 Dec. 16 to Jan. 2
Second preferred (guar.)
2
Jan. 1 Dec. 16 to Jan. 3
Per
When
Cent. Payable
Books Closed
Days Inclusive.
Miscellaneous (Concluded)
Republic Iron & Steel, preferred (guar.)_
151 Jan, 2 Holders of rec. Dec. 150
Richmond Radiator, pref. (special,extra) 25c. Dec. 15 Holders of rec. Nov. 30
St. Maurice Valley Corp., pref. (quar.). 134 Jan. 3 Holders of rec. Dec. 15
San Toy Mining
lc. Jan. 3 Holders of rec. Dec. 15a
Savage Arms, first preferred (quar.)_ _ _ _ 5151 Feb. 15 *Holders of rec. Feb. 1
Second preferred (quar.)
•13-i Feb. 15 *Holders of rec. Feb. 1
Shell Union Oil (quar.)
35c, Dec. 31 Holders of rec. Dec. 100
Extra
60c. Dec. 31 Holders of rec. Dec. 100
Sherwin-Williams Co.,Can., corn. (qu.)_
134 Dec. 31 Holders of rec. Dec. 15
Preferred (quar.)
134 Dec. 31 Holders of rec. Dec. 15
Shredded Wheat (quar.)
*75c. Dec. 31 *Holders of rec. Dec. 21
Shreveport-El Dorado Pipe Line (quar,) 25c, Jan. 2 Dec. 22 to Jan. 1
Extra
Jan, 2 Dec. 22 to Jan. 1
SI
Shubert Theatre (quar.)
$1.25 Dec. 15 Holders of rec. Dec. is
Simms Petroleum
50c. Jan. 3 Holders of rec. Dec. I50
Skelly 011 (quar.)
50c, Dec. 15 Holders of rec. Nov. 150
Sloss
-Sheffield Steel & Iron, corn.(guar.) 134 Dec. 29 Holders of rec. Dec. 100
Preferred (quar.)
1% Jan, 3 Holders of rec. Dec. 20a
Smallwood Stone. class A (guar.)
6234c. Dec. 15 Holders of rec. Dec. 5
Smith (Howard) Paper Mills, pref. (qu.) 2
Jan. 10 Holders of rec. Dec. 31
Solar Refining
Dec. 20 Dec. 1 to Dec. 10
5
South Porto Rico Sugar, coca.(quar.)
134 Jan. 3 Holders of rec. Dec. 100
Preferred (quar.)
Jan. 3 Holders of rec. Dec. 100
2
Standard Milling. corn. (quar.)
1% Dec. 31 Holders of rec. Dec. 180
Preferred (quar.)
134 Dec. 31 Holders of rec. Dec. 180
Standard 011 (Calif.) (quar,)
50o. Dec. 15 Holders of rec. Nov. 150
Extra
50c. Dec. 15 Holders of rec. Nov. 15a
Standard 011 (Indiana) (quar.)
6234c Dec. 15 Holders of rec. Nov. 17
Extra
25c, Dec. 15 Holders of rec. Nov. 17
Standard Oil (Nebraska) (quar.)
62c. Dec. 20 Nov. 25 to Dec. 20
Extra
50c. Dec. 20 Nov. 25 to Dec. 20
Standard 011(N.J.) $25 par stock (qu.)_ 25c. Dec. 15 Holders of rec. Nov. 26a
$25 par stock (extra)
1234c. Dec. 15 Holders of rec. Nov.26a
$100 par value stock (quar.)
Dec. 15 Holders of rec. Nov.26
1
$100 Par value stock (extra)
50c. Dec. 15 Holders of rec. Nov. 26
Preferred (quar.)
134 Dec. 15 Holders of rec. Nov.26
Standard 011 of New York (quar.)
40c. Dec. 15 Holders of rec. Nov. 19
Standard 011 (Ohio). corn. (quar.)
234 Jan. 1 Holders of rec. Nov. 26
Standard Plate Glass, prior pref. (quar.) *134 Jan. 1 *Holders of rec. Dec. 20
Jan. 2 Holders of rec. Dee. 21
Stern Brothers, class A (auar.)
51
41.50 Jan, 3 Holders of rec. Dec. 100
Stromberg Carburetor (quar.)
25c, Dec. 15 Holders of rec. Nov.260
Sun Oil (quar.)
Dec. 15 Holders of rec. Nov. 260
e6
Stock dividend
Dec. 10 Holders of rec. Dec. 1
Superheater Company
82
Symington (The) Co. class A (quar.)_ _ _ 50c. Jan, 2 Holders of rec. Dec. 150
Syracuse Washine Mach., A & B (quar.) *75c. Jan. 1 *Holders of rec. Dec. 15
Jan. 1 *Holders of rec. Dec. 15
*2
Class A and B (in stock)
Telautograph Co. (guar.)
134 Jan, 10 Holders of rec. Dec. 31
25c. Dec. 15 Holders of rec. Nov. 300
Tennessee Copper & Chemical (guard
75c, Dec. 31 }folders of rec. Dec. 100
Texas Company (quar.)
75c Jan. I Holders of rec. Dec. 100
Texas Corporation (No. 1)
Dec. 15 Holders of rec. Dec. la
Texas Gulf Sulphur, no par stock (No. 1) El
$1.50 Jan. 1 Holders of rec. Dec. 6
Tide Water Associated Oil, pref
3734c Dec. 31 Holders of rec. Dec. 60
Tide Water 011, corn. (quar.)
Dec. 4 Holders of rec. Noq. 180
Timken Roller Bearing, common (quar.) $1
25c. Deo, 4 Holders of rec Nov. 180
Common (extra)
Dec. 20 Holders of rec. Dec. 3
Todd Shlptards Corporation (guard_
El
3734c Jan. 3 Holders of rec. Dec. 15a
Traveler Shoe (quar.)
40c. Jan, 15 Holders of rec. Jan. 50
Truscon Steel, common (quar.)
Jan. 15 Holders of rec. Jan. lba
Common (payable in common stock)_ _ 56
Underwood Computing Mach.. pref.(qu) $1.75 Jan. 1 Holders of rec. Dec. 15
Jan. 1 Holders of reo. Dec. 40
Underwood Typewriter,common (guar.) 81
Preferred (quar.)
134 Jan. 1 Holders of rec. Dec. 4a
Union Carbide & Carbon (quar.)
41.50 Jan. 1 Holders of rec. Dec. 30
Union Storage
50c, Dec. 15 Holders of rec. Dec. 1
United Cigar Stores of Amer.,corn.(qu.) 50c. Dec. 30 Holders of rec Dec. 100
Common (payable in common stock)_ _ /134 Dec. 30 Holders of rec. Dec. 10a
Preferred (quar.)
13( Dec. 15 Holders of ree.Nov. 300
United Fruit(guar.)
51
Jan. 3 Holders of rec. Dec. 90
United Profit-Sharing Corp., com.(ext.)_ 60c. Jan, 15 Holders of rec. Dec. 15a
Common (payable in common stock). (x) Jan. 15 Holders of rec. Dec. 150
U.S. Cast Iron Pipe & Fdy..corn.(qu.)_ 234 Dec. 15 Holders of rec. Dec. la
Preferred (quar.)
134 Dec. 15 Holders of reo. Dec. is
U.S. Gypsum,common (guar.)
40c. Dec. 31 Dec. 5 to Dec. 19
Common (extra)
41.40 Dec. 31 Dec. 5 to Dec. 19
Common (payable In common stock)_ _ 135
Dec. 31 Dec. 5 to Dec. 19
151 Dec. 31 Dec. 5 to Dec. 19
Preferred (quar.)
U.S..Playing Card (quar.)
Jan. 3 Holders of rec. Dec. 21
42
U.S. Realty & Improvement (quar.)__ _ $1
Dec. 15 Holders of rec. Nov.260
U. S. Steel Corp., common (quar.)
Dec. 1
151 Dec. 30
Universal Chain Theatres,first pref.(qu.) 2
Dec. 15 Holders of rec. Dec. 4
Jan, 1 Holders of rec. Dec. 20
Universal Picture Corp.. first pref. (qu.) 2
Universal Pipe & Radiator, pref. (qu.)_ _
134 Febl'27 Holders of rec.Jan15'270
Preferred (quar.)
134 M'y2'27 Holders of rec.Apr15'27a
Preferred (quar.)
131 Augl'27 Holders of ree.July15'27a
Preferred (quar.)
134 Nov1'27 Holders of rec.Oct.15'27a
Vacuum 011 (quar.)
50c. Dec. 20 Holders of rec. Nov.30
Extra
50c. Dec. 20 Holders of rec. Nov.30
Special extra
$1
Dec. 20 Holders of rec. Nov.30
Valvoline OIL common (quar.)
134 Dec. 17 Holders of rec. Dec. 11
Vanadium Corp., extra
Dec. 15 Holders of rec. Dec. la
41
Virginia Iron, Coal & Coke, pref
234 Jan, 3 Holders of rec. Dec. 15a
Vivaudou (V.), Inc., corn.(quar.)
*75c. Jan, 15 *Holders of rec. Dec. 31
Preferred (quar.)
5151 Feb. 1 *Holders of rec. Jan. 14
Vulcan Detinning, pref.(quar.)
134 Jan. 20 Holders of rec. Jan. 80
Preferred A (quar.)
151 Jan. 20 Holders of rec. Jan. 80
Preferred (account accum. dividends). 52
Jan. 20 Holders of rec. Jan. 80
Si Jan, 2 Holders of rec. Dec. 150
Wabasso Cotton (quar.)..
513c. Jan. 2 Holders of rec. Dec. 150
Bonus
3151c Jan. 3 Holders of rec. Dec. 200
Waldorf System, coca. (quar.)
20c. Jan, 3 Holders of rec. Dec. 20
Preferred (quar.)
25c. Dec. 15 Holders of rec. Dec. 40
Walworth Company, corn. (quar.)
75e. Dee. 31 Holders of rec. Dec. 210
Preferred (quar.)
1
Dec 15 Holders of rec. Nov. 90
Wamsutta Mills(Dear.)
Western Canada Flour Mills, corn,(qu.) *35c. Dec. 15 *Holders of rec. Nov.30
5c Dec. 20 Dec. 16 to Dec. 19
Western Exploration (quar.)
Weston Electrical Inst:ument, cl. A(qu.) 50c. Jan, 1 Holders of rec. Dec. 160
Dec. 31 Holders of rec. Dec. 150
Si
White Motor Co.(quar.)
15c. Dec. 31 Holders of rec. Dec. 15
Woodley Petroleum (quar.)
Dec. 15 Holders of rec. Nov. 10a
$1
Woolworth (F. W.) Co.(extra)
25c. Jan. 3 Holders of rec. Dec. 200
Wrigley (Wm.) Jr. St Co.(monthly)50e. Jan, 3 Holders of rec. Dec. 200
Extra
25c. Feb. 1 Holders of rec. Jan. 200
Monthly
25c. Nlar. 1 Holders of rec. Feb. 20a
Monthly
Yellow Truck & Coach, class B (quar.)_ _ 1831c Jan. 1 Holders of rec. Dec. 15a
134 Jan, 1 Holders of rec. Dec. 15a
Preferred (quar.)
Dec. 31 Holders of rec. Dec. 150
Youngstown Sheet & Tube, corn.(quar.) 81
151 Dec. 31 Holders of rec. Dec. 150
Preferred (quar.)
•From unofficial sources
f The New York Stock Exchange haa ruled that stock
Will not be quoted ex-dividend on thls date and not until further notice. t The
New York Curb Market Association has ruled that stock will not be quoted exglvidend on this date and not until further notice
, a Transfer books not closed for this dividend. d Correction. e Payable In stock.
On account of aceumulated
g Payable In scrip.
rPayable In common stock
dividends. as Payable In preferred stock
par, cash being paid in lieu of fractional shares.
n Payable in partic, prof stock at
q American Plano stock dividend last rate of one share for each one hundred shares.
rFisk Rubber not ex the 35% accumulated dividends until Dec. 2.
8 At rate of 8% per annum for period from May I to Dec. 31 1925
C United Profit-Sharing stock dividend is one Share corn.stock for each 20 shares.
15-100 of a share
V In lieu of cash dividends may be taken In stock at the rate of 3
et class A stock for each share of original series pref. stock and 5 5-100 of a share of
Maas A stock for each share of 57 dividend series pref. stock.
w In lieu of cash, dividends may be taken in stock as follows: on class A corn.,
1-40 of a share of class A stock for each share: on class B at rate of 810 per share In
Class B Stock for each share of class B stock held.
Chemical National Bank stock dividend of $500,000, subject to ratification by
stockholders at meeting in January.
Payable In stock dividend certificates exchangeable May 1 1927 for $25 Dar Value
V
gammon stock at the rate of two shares for each one hundred shares.
Subject to approval of stockholders at meeting to be held Dec.8
Weekly Returns of New York City ClearinglHouse
Banks and Trust Companies.
The following shows the condition of the New York City
Clearing House members for the week ending Nov. 27. 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.
(Stated in thousands of dollars-that is, three ciphers (000) Omitted.)
New
CapitalProfits Loans,
Reserve
Time Bank
Week Ending
Net
with
Discount, Cash
De- drew'
Nov. 27 1926, Nat'l, June 30 Investin
Legal Demand
State, Sept.30 resents, Vault. Deposi- Deposits. posits. tatigs.
dec.
(000 omitted.) Tr.Cos.Sept.30
tortes,
dembers of Fed. Res,Bank.
3ank of N Y &
S
$
Trust Co...... 4,000 13.200
3k of Manhat'n 10,700 15,571
3ank of America 6,500 5.143
gational City__ 50,000 63,133
Dhemical Nat__ 4,500 18,535
km Ex-Pac Nat 7.500 13,095
qat Bk of Corn.. 25,000 41.943
DhatPh NB &T 13.500 12,763
lanover Nat.... 5,000 26,003
Dorn Exchange,. 10,000 14.767
..rational Park__ 10,000 24,152
3owery & E R_ 3,000 3,224
?irst National- 10,000 74,875
rving Bk & 'Tr 22,000 19,389
Dontinental_ _ _ _ 1,000 1,234
Dhase National_ 40,000 36,782
Tifth Avenue__
500 2,933
Dommonwealth.
675
800
3arfield Nat'l__ 1,000 1,782
leaboard Nat'l.. 6,000 10,415
3ankers Trust.. 20,000 34,555
I El Mtge & Tr_ 3,000 4,820
3uaranty Trust 25,000 24,606
ildelity Trust__ 4.000 3,154
'lewYorkTrust 10.000 21,320
l'armers L & Tr 10,000 19.820
Lquitable Trust 30.000 22,144
Average, Average Average
4
$
$
71,378
507 7,149
168,157 3,284 17,711
76,943 1,671 11,170
657,522 5,098 73,983
135,383 1,236 16,316
139,223 2,122 17,839
363,480
838 39,939
217,609 2,897 23,711
117,736
503 13,346
201,403 5,152 24,110
154,077
803 16,084
59,306 1,828 5,988
273,978
604 25,195
294,428 3,130 35,326
7,746
126
909
587,566 7,455 70,251
25,32"
831 3,193
13,498
519 1,399
17,193
443 2,811
121,228
906 15,062
329,256
912 34,421
60,714
748 7,359
428,234 1,368 44,343
41,437
771 4,907
165.821
630 18,170
139,648
588 13,957
272,616 1,530 29,401
Average. Average
$
4
51,035 7,454
127,288 27,885
85,650 3,704
*689,617 106,255
123,254 3,238
127,910 9,424
297,453 37,521
164,138 43,192
101,263
-1
171,763 31,65
123,058 6,781
40,825 18,335
189.596 14,650
264,360 31,465
440
6,213
*539,122 45,985
24,381
9,907 4:342
17,219
345
114,780 2,817
*282,692 39,952
54,999 4,652
*396,909 57,733
35,508 4.068
134,533 18,308
*105,330 19,171
*303,313 26,548
Al05.
$
-92
348
4,951
--6:131
--.3:509
1,479
6,475
--- - -2:475
------,,
45
--------------------
total of averages 333,000530,044 5.140,905 46,500574,030c4,218,048 565,11625,505
totals, actual to ndition Nov.275,191,736 48,871 584,058c4,225,586 579,876 25,432
totals, actual co ndition Nov.205,125,154 45,408607.699c4,240,139558,632 25,464
totals, actual to nditlon Nov.135,122,286 46,112584,637c4,241.514 558,10825,530
State Banks Not Members of Fedl Res've Bank.
lreenwich Bank 1,000 2.583
25,321 2,099 2,039
nate Bank..___ 5,000 5,669 110,167 5,155 2,492
9total of averages
23,522 2,688 -41,050 64,779 --
8,252
135,488
7.254
4,531
64,572 67,467 --
Petals, actual condition Nov.27
9Petals, actual condition Nov.20
9totals, actual Condition Nov.13
135,022
136,577
135,365
7,521
6,829
6,734
4,665
4,775
4,419
64,605 67,393 -65,475 67,528 -63,934 67,343 ----
8,000
Trust Compa riles N ot Mem rs of Fed 'I Res'ye Bank.
40,064
title Guar & Tr 10,000 18,580 65,232 1,844 4,227
20,035
..awyers Trust_ 3,000 3,394
24,355
928 2,126
1,353
824
--- _-
total of averages 13,000 21,974
89.587
2,772
6,353
60,099
2,177 --
totals, actual condition Nov.27
totals, actual condition Nov.20
totals, actual condition Nov.13
89,723
89.442
87,839
2,884
2,559
2,763
6,256
6,481
6,112
60,013
59,849
58,235
2,139 -2,180 -2,170 _---
3r'd agar., arse.352.000 560,271 5,365,980 56,526 584,914 4,342,719634,76025,505
+15,346 +1,88' +4,141 -10,711 +5,944 -18
lomparison with prev.week
3rd agar., act':conWn Nov 27 5,416,481 59,276594,979 4,350,204649,408 25,432
+65,308 +4,480-23,976 -15,259 +21068 -32
lomparlson with prey.week
3rd
1rd
lr'd
lr'd
led
ir'd
aggr., acrlcond'n
aggr., oatconWn
agar., eelcond'n
agar., err/ cond'n
aggr., cal cond'n
agar.. aril cond'n
5.351,173 54,796618,955
Nov.13 5,345.490 55,609595,168
Nov. 65,358,451 58.226583,488
Oct. 305.396.7S0, 56,876598,539
Oct. 235.326,864 56,073550.038
Oct. 16 5.378,099 57,467603,820
4,365.463628,340
4,363,683627,619
4,309,088624,678
4,384,710607,838
4,333,808589,698
4,367,935 591,090
to IN to to to to
On too'to toot
Name of Company.
[VOL. 123.
THE CHRONICLE
01-.CO- 044.
- tO.
tit• 00 Coo'
-.I
LO GO 0
00
titt
2864
)
-11. S. deposits deducted from net demand deposits in the genera total'
Note.
above were as follows: Average total Nov. 27, $17,516,000. Actual totals Nov. 27.
417,516,000; Nov. 20, 517,861,000; Nov. 13, 527.806,000; Nov. 6, 432,717,0001
Oct. 30, $32,727,000; Oct. 23, $33,175,000. Bills payable, rediscounts, acceptances
and other liabilities, average for week Nov. 27, $620,179,000; Nov. 20, $587,891,000;
Nov. 13, 4590,712,000: Nov.6, 4601,084,000; Oct. 30, $569,189,000; Oct. 23. 4560,844,000. Actual totals Nov. 27, $657,913,000; Nov. 20, $616,980,000; Nov. 13,
4597,811,000; Nov.6, $624,541,000; Oct. 30, 5608,177,000; Oct. 23, 8540,853,000.
* Includes deposits in foreign branches not included in total footings as follows:
National City Bank, $165,322,000; Chase National Bank, $10,152,000; Bankers
Trust Co., 428,076,000; Guaranty Trust Co., $70,575,000; Farmers' Loan & Trust
Co., $2,875,000; Equitable Trust Co., 487.968,000. Balances carried in bank in
foreign countries as reserve for such deposits were: National City Bank,427,706,000:
Chase National Bank, $2,273,000; Bankers' Trust Co.. 42,875,000; Guaranty Trust
Co., $3,220,000; Farmers' Loan & Trust Co., $2,875,000; Equitable Trust CO.,
,
$7,520,000.
gigs=5
, • ••
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 13ANKI1
AND TRUST COMPANIES.
Averages.
Cash
Reserve
Reserve
In
In Vault. Depositaries
Members Federal
Reserve banks_ _
State banks *
Trust companies_ ---
7,254,000
2,772.000
Total
Reserve.
Reserve
Required.
574,030,000 574,030,000 585,299,720
4,531,000 11,785,000 11,622,960
6.353,000 9.125,000 9,014,850
Surplus
Reserve,
8,730,280
162,040
110,150
Total Nov. 27....... 10,024,000 584,914,000 594,940.000 585,937,530 9,002.470
- 9,702,000 580.773.000 590,475.000 587,120,160 3,354,840
TotalNov.
9,855.000 580.575.000 590.430,000 583.158,480 7,271.520
Total Nov.13-6.....- 9,808.000 582,102.000 591,908,000 589.349,380 2.558,620
Total Nov.
Not members of Federal Reserve Bank.
banks
b This is the reserve required on net demand deposits in the case of State Bank
and trust companies, but in the case of members of the Federal Reserve
follows:
Includes also amount of reserve required on net time deposits, which was as
Nov. 27, 416,953,480; Nov. 215, $16,775,430; Nov. 13, $16,675,290: Nov. 8, $18.
313,070: Oct. 30, 815,879,240.
DEC. 4 1926.]
THE CHRONICLE
Actual Figures.
Cash
Reserve
Reserve
in
in Vault. Depositaries
Members Federal
Reserve banks__
State banks *
Trust companies
Total
Reserve.
a
Reserve
Required.
Surplus
Reserve.
2865
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.
7,521,000
2,884,000
584.058.000 584.058,000 566.722.460 17,335,540
4,665,000 12,186.000 11,628.900
557.100
6.256,000 9,140,000 9.001,950
138.050
Total Nov. 27...,... 10,405,000 594,979,000 605,384,000 587,353,310 18,030.690
Total Nov.20
9.388.000 618.955,000 628,343.000 588,739,880 39.603.120
Total Nov.
9,497,000 595,168,000 804.665,000 588.383,370 16.281,630
Total Nov. 8
10,217,000 583,488,000 593,705,000 581,098,790 12,606,210
•Not members of Federal Reserve Dank.
a This is the reserve required on net demand deposits in the case of State banks
anti trust companies, but in the case of members of the Federal Reserve Bank includes also amount of reserve required on net time deposits, which was as follows:
Nov.27, 317,396.280; Nov.20,$16,758,960; Nov. 13, $16,743,180; Nov.6. $16,655,070; Oct 30. $16,151,430.
Dec. 1
1926.
Changes from
Previous Week.
Nov. 24
1926.
Nov. 17
1926.
$
$
$
$
Capital
69,500.000 Unchanged
69,500,000
69,500,000
Surplus and prolits
94,021,000 Unchanged
94,021,000
94,021,000
Loans, disc'ts & invest_ 1.038362.000 Dec. 5,694.000 1,043,856,000 1,049,848,000
Individual deposits___. 697.304,000 Dec. 9,292,000 706,596,000 717,486,000
134,519,000 Inc. 2,401,000 132,118,000 139,174,000
Due to banks
Time depoeits
238,044.000 Inc. 1,734,000 236,310,000 236,369,000
9,641,000 Inc.
United States deposits_
9,000
9,632,000
13,240,000
31,264,000 Inc.
236.000
Exchanges for Cl'g H'ite
31,028,000
30,142.000
82,523,000 Dec.
Due from other banks
501,000
83,024.000
85,988.000
81,713.000 Dec.
229.000
81,942,000
Res've in legal deposles
83,985,000
11,350,000 InC.
131,000
Cash in bank
11,219,000
11,471,000
Affect excess In F.R.Bk
,
614,000 Inc.
401,000
213,000
643.00C
State Banks and Trust Companies Not in Clearing
House.
-The State Banking Department reports weekly
Philadelphia Banks.
-The Philadelphia Clearing House
figures showing the condition of State banks and trust companies in New York City not in the Clearing House as follows: return for the week ending Nov.27, with comparative figures
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER for the two weeks preceding, is given below. Reserve
NEW YORK; NOT INCLUDED IN CLEARING HOUSE STATEMENT.
requirements for members of the Federal Reserve System
(Figures Furnished by State Banking Department.)
are 10% on demand deposits and 3% on time deposits, all
Differences from
Nov 27.
Previous Week. to be kept with the Federal Reserve Bank. "Cash in vaults"
Loans and investments
$1,234,012,200 1nc.$14,348,600 is not a part of legal reserve. For trust companies
not memGold
4,786,700 Dec.
84,800
Currency notes
25.155.700 Inc.
the Federal Reserve System the reserve required is
188,200
Deposits with Federal Reserve Bank of New York_ 104,198.300 Inc. 4,127,500 bers of
Total deposits
1,284,177,200 Inc 9,018,900 10% on demand deposits and includes "Reserve with legal
Deposits eliminating amounts due from reserve dedepositaries" and "Cash in vaults."
positaries and from other banks and trust companies in N.Y. City, exchange, & U.S. deposits.1,213,959,300 Inc. 15,498,000
Reserve in deposits
173,397,000 Inc.
300,000
Percentage of reserves, 20.4%.
RESERVE.
-State Banks-Trust Companies
Cash in vault
4144,347,500 16.32%
$89,793,200 15.60%
Deposits in banks and trust cos___ 13,487.600 4.96%
25.768,700 4.47%
Total
$57,835,100 21.28%
$115,561,900 20.07%
• Includes deposits with the Federal Reserve Bank of New York, which for the
State banks and trust companies combined on Nov. 27 was $104,198,300.
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.
Loans and
Investments
Week EndedJuly 31
Aug. 7
Aug. 14
Aug. 21
Aug. 28
Sept. 4
Sept. 11
Sept. 18
Sept. 25
Oct. 2
Oct. 9
Oct. 16
Oct. 23
Dot. 80
Nov. 6
Nov. 13
Nov. 20
Nov.27
Demand
Deposits.
Total Cash
in Vaults.
Reserve in
Depositaries.
$
6,568,161,000
6,649,515,100
6.574.966,900
6,544.607,200
6,538,084,700
6,588,168,500
6,593,206.900
6,625,391,700
6,616,162,700
6,683.007,800
6,668,046,700
6,617,799,100
6,559,420.600
6,553,253,200
6,615,890,200
6.553.162.600
6.570,297,600
6 599 992.20n
$
5,497,566,600
5,582,538,500
5,700,305,900
5,437,978,000
5,522,021,300
5,512,541,300
5,569,556,300
5,607,019,600
5,576.966,700
5,662.751,200
5,660,177,400
5.628.365.000
5.542,973.000
5,539,644,900
5,562,041,000
5,511.751.000
5,551,891,300
A AAR R751 win
$
82,039,100
81,793.500
83,952,500
80,536.800
82.328,600
83,086,700
87,287.200
85.257,300
83,168,800
84,153,500
85,684.200
89,206,200
84.662.600
86,186,300
86,272,300
87,381.300
84,480,000
SRI 551.000
$
723.588,600
727,017,800
712.571,100
709,242,000
708,699.500
105,865.300
713.794,700
725.144,400
718,452,500
733.798,400
730.174.600
719.799.100
722.780.700
717,062.800
723,552,600
721,151.800
724,021,000
728,368,500
New York City NonrMember Banks and Trust Companies.
-The following are the returns to the Clearing
House by,clearing non-member institutions and which are not
included in the "Clearing House Returns" in the foregoing:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK
CLEARING HOUSE.
(Stated in thousand/ of dollars
-that is, three ciphers [000] omitted.)
Loans,
CLEARING
Ms
NON-MEMBERS Capital.
Na
counts,
Profits. InvestWeek Ending
ments,
Nov. 27 1926.
dbe.
Members of
Fed's Res've Bank.
Grace Nat Bank.. _
Total
State Banks.
Not Members of the
Federal Reserve Bank
Bank of Wash.Eta_
Colonial Bank
Total
Trust Company.
Net Member of the
Federal Reserve Rank.
Mech.Tr.,Bayonne
Total
Average. Average. Average. Average.
$
$
$
$
1,104
7,328 . 3.635
49
1,000
1,883
13,881
1.000
1,883
13,881
49
1,104
7,328
3,635
400
1,200
1,0061
3,216
10,0081
34,700
869
3,695
1
347
1,763
6,7561
29.3871
3,009
5,387
1,600
4,222
44,708
4,564
2,110
36,143
8,396
480
182
3,638
5,858
500
6101
9,093
610
9,093
480
6,717, 67,682
-1241
5,093
+202
8.100
Grand aggregate__
Comparison with pr ev. week
182
3,6381
5,858
3,306 a47,109 17,889
-123 -300, -372
8,100
8,717 67,8061
Gr'd aggr., Nov. 20
3,519 847,409 18,261
4,891
8.717 68.268
8.100
Or'd eggs.. Nov. 13
3,412 a48,210 18,245
5,130
Ges mgr., Nov. 6
3,100
6.717 66.679
5,050
3,436 846.947 18,203
3,100
6,717
6.105
Gr'd aggr.. Oct. 30
5.035
3.260 846.308 18,064
a United States deposits deducted. $11.000.
payable. rediscounts, acceptances, and other liabilities. $3,364,000.
Bills
Excess reserve, $165,120 increase.
Capital
Surplus and profits
Loans. disc'ts & investmls
Exchanges for Clear House
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposits
Res've with legal deposit's_
Reserve with F.R.Bank_ _
Cash in vault*
Total reserve ik cash held..
Reserve required
Excess res. & cash in vault
That
Membersof
F.R.Systetn Companies
$49.975,0
150,266,0
949,510,0
33,648,0
102,962,0
130,538,0
637,070,0
158,614.0
926,220,0
$5,000,0
17,778,0
47,945.0
240,0
16.0
845,0
27,237,0
2,245,0
30,327,0
2,843,0
69.390,0
*11,499,0
80,889.0
69.783.0
11,108,0
1,467,0
4,310,0
4,285,0
25,0
1926
Total.
$54,975,0
168,044,0
997,455.0
33,888,0
102,978,0
131,381,0
664.307,0
160,859.0
956,547,0
2,843,0
69,390,0
12,986.0
85,199,0
74,068,0
11,131,0
Nov. 20
1926.
Nov. 13
1926.
54,975.0
168,044,0
995,006,0
37,193,0
111,913,0
135,993,0
673,735,0
157,911.0
967,639,0
3,250,0
69,359,0
12,089,0
84,698,0
74.373,0
10,325,0
54.975,0
168,044,0
999,864,0
40,850.0
115,488,0
137.914,0
681,160.0
156,886,0
975,960.0
'
3,377,0
69.421,0
13.047,0
85,845,0
75,153,0
10,692,0
•Cash in vault not counted as reserve for Federal Reserve members.
Condition of the Federal Reserve Bank of New York.
-The following shows the condition of the Federal Reserve
Bank of New York at the ch. se of business Dec. 1 1926 in
comparison with the previous week and the corresponding
date last year:
Dec. 1 1926. Nov. 24 1926. Dec. 2 1925.
Retottre48Gold with Federal Reserve Agent
273,312,000 343,312.000 370,227,000
Gold redemp.fund with U. S. Treasury_
16,001,000
12,293,000
8,257,000
Gold held exclusively agst.F.R.notes_ 289,313,000
Gold settlement fund with F. it. Board_ 287,778,000
Gold and gold certificates held by bank
425,908,000
355,605,000
208,689,000
420,477,000
378,484,000
241,377,000
351,079,000
Total gold reserves
Reserves other than gold
990,771,000
24,961,000
970,940,000
25,883,000
Total reserves
1.027,844,000 1,015,732,000
Non-reserve cash
12,940,000
11,963.000
Bills discounted
Secured by U. S. Govt. obligations_
85,567,000 100.823.000
Other bills discounted
54,544,000
48,149,000
996,823,000
14,964,000
Total bills discounted
Bills bought In open market
U. S. Government securities
Bonds
Treasury notes
Certificates of indebtedness
1,002,999,000
24,845,000
96,727,000
91,032,000
140,111,000
108.518,000
148,972,000
72,456,000
187,759,000
34,833,000
2,657,000
19,386,000
37,816,000
1,322,000
17,629,900
35,496,000
1,257,000
68,114,000
1,710,000
59,859,000
54,447,000
71,081,000
2,241,000
Total bills and securities (See Note)
308,488,000
275,875,000
295,919,000
Due from foreign banks (See Note)
Uncollected items
Bank premises
All other resources
652,000
175,872.000
16,740,000
3,154,000
651,000
165,564,000
16.740,000
3,266,000
771,000
171,080,000
17,261,000
4,456,000
Total U.S. Government securities__
Foreign loans on gold
Reserve
Net
Net
with
Cash
Legal Demand Time
in
Vault. Deposi- Deposits. Deposits.
tortes.
500
Week Ended Nov. 27 1926.
Two Ciphers (00)
omitted.
Total resources
1,545,690.000 1,489,791,000 1,501,274,000
Liabilities-Fed'I Reserve notes in actual circulation 390,534,000
Deposits
-Member bank, reserve steel__ 885.564,000
Government
3,455,000
Foreign bank (See Note)
4,041,000
Other deposits
8,609,000
395,253,000 361,533,000
832.128,000 868,834,000
3,477,000, 10,479,000
4,658,000
11,417,000
9,233,000
9,593,000
Total deposits
Deferred availability Items
Capital paid in
Surplus
All other liabilities-
849,496,000
144,530.000
36,191,000
59,964,000
4,357,000
TotalliabUltles
901,669,000
152,903,000
36.221,000
59,064,000
4,399,000
900,323,000
144,258,000
32,132,000
58,749,000
4,279,000
1,545,690.000 1,489,791,000 1,501,274,000
Ratio of total reserves to deposit and
Fed') Reeve note liabilities combined_
79.5%
81.6%
79.0%
Contingent liability on bills purchased
for foreign correspondents
13,506,000
12,854,000
10,987,000
NOTE -Beginning with the statement of Oct. 7 1925, two new items were added
in order to show separately the amount of balances held abroad and amounts due
to
foreign correspondents. In addition, the caption, "All other earning assets," previously made up of Federal intermediate credit bank debentures, was changed to
"Other securities," and the ,aption "Total earning assets" to "Total bills and
securities." The latter term 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.
[VOL. 123.
THE CHRONICLE
2866
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Dec. 2, 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 2836, 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 DECEMBER 1 1926.
,
Dec. 1 1926. Nov. 24 1926. Nov. 17 1926. Nov. 10 1926. Nov. 3 1926. Oct. 27 1920. Oct. 20 1926. Oct. 13 1928 Dec. 2 1925.
6
3
$
$
$
$
3
3
$
RESOURCES.
1,342,346,000 1,395,138,000 1,397,938,000 1,387,686,000 1,337,772,000 1,411,623,000 1,409,541,000 1,329,143,000 1,343,424,000
bold with Federal Reserve agents
54,162,000
61,931,000
62,770,000
54,130,000
57,044,000
58,396,000
51,568,000
54,844,000
59,599,000
bold redemption fund with U. B. Treas.
Gold held exclusively agst. F.R.notes 1,401,945,000 1,449,982,000 1,456,334,000 1,450,436,000 1,399,703,000 1,465,753,000 1,461,109,000 1.388,187,000 1,397,586,000
3old settlement fund with F.R.Board
739,979,000 696,966,000 709,237,000 744,647,000 789,574.000 727,545,000 745,626,000 817,152,000 729,002,000
3old and gold certificates held by banks_ 687,701,000 682.782,000 685.518,000 646,672,000 617,997,000 630,029,000 619,140,000 815,583,000 616,023,000
2,829,625,000 2,829,730,000 2,851,089,000 2,841,755,000 2,807,274,000 2,823,327,000 2,825,875,000 2,818,922,000 2,742,611,000
126,526,000 128,201,000 133,623,000 128,129,000 127,411,000 130,750,000 128,928,000 126,305,000 114,938,000
Total gold reserves
Reserves other than gold
2,956,151,000 2,957,931,000 2,984,712,000 2,969,884,000 2,934,685,000 2,954,077,000 2,954,803,000 2,945,227,000 2,857,549,000
Total reserves
45,268,000
46.957,000
52,841,000
47,184,000
54,926.000
53,740,000
56,379,000
47.236,000
49,116,000
con-reserve cash
8111s discounted:
000 238,198.000 287,369,000 347,003,000 316,185,000 290,035,000 339,205,000 314,582,000
499,
Secured by U. 5. Govt. obligations._ 351,060,000 335.
294,416,000 292,105,000 278,789,000 294,044,000 328,895,000 315,738,000 296,587,000 364,696,000 329,293,000
Other bills discounted
627,604,000
340,629,000
,
45,668,000
48,021,000
112,912,000 112,583,000
144,975,000 141,653,000
566,087,000
347,882.000
581,413,000
339,901,000
675,898,000
332,098,000
631,923,000
307,541,000
586.622,000
292.824,000
703.901,000
291,312,000
643,875,000
357,723,000
47,630,000
113,544,000
146,956,000
46,482,000
113,003,000
140,882,000
47,211,000
136,416,000
118,719,000
46,611,000
135,901,000
117,662,000
53.287,000
136.145,000
117.532,000
53.803,000
135,516,000
118,849,000
56,269,000
254,858,000
28,302,000
299,904,000
2,544,000
308,130,000
2,534,000
300,367,000
2,500,000
302,346,000
2,500,000
300,174,000
2,500,000
306.964.000
2,500,000
308,168.000
3,700,000
339,429,000
3,150,000
8,300,000
Total bills discounted
Bills bought in open market
U. B. Government securities:
Bonds
Treasury notes
Certificates of Indebtedness
645,476,000
368,163,000
Total U. B. Government securitles
Dther securities (see note)
305,908,000
2,564,000
roreIgn loans on gold
Total bills and securities (see note)
Due from foreign banks (see note)
Uncollected items
(tank premises
ill other resources
1,322,111,000 1,270,681,000 1,225,533,000 1,224,181,000 1,312,842,000 ,242,138,000 1,188.910.000 1,307.081,000 1,352,477,000
771,000
650,000
650,000
650,000
651,000
651,000
718,000
650,000
652,000
729,046,000 694,469,000 854,986,000 704,567,000 695,976,000 693,558,000 807.671,000 747.408,000 742,551,000
62,021,000
60,051,000
60,093,000
60,014,000
60,039,000
60,047,000
60,051,000
60,084,000
60,106,000
18,166,000
13,961,000
14,924,000
13,561,000
13,752,000
14,161,000
14,772,000
13,789,000
15,339,000
Total resources
LIABILITIES.
F. R.. notes In actual circulation
Deposits—
Member banks—reserve.account
Government
Foreign banks (see note)
Other deposits
5,132,521,000 5,045,985,000 5,197,117,000 5.027,234,000 5,065,122,000 ,017,063,000 5.080,560,000 5,121,421,000 5,078,803,000
Total deposits
Deferred availability items
Capital paid in
Burplus
ill other liabilities
2,324,360,000 2.262,311,000 2,301,120.000 2,264,889,000 2,276,419.000 2,281,131,000 2.257.556.0002,274.226,000 2,312,999,000
667,987,000 641,028,000 777,322,000 643,311,000 665,233,000 638,465,000 727,440,000 725,275,000 670.132,000
124,462.000 124,441,000 124,906,000 124,885,000 124,379,000 124,392,000 124,002,000 123,901,000 116,871,000
220,310,000 220.310.000 220,310,000 220,310,000 220,310,000 220,310,000 220.310.000 220.310,000 217,837,000
18,258,000
23,351.000
23,178,000
23,841,000
21.410,000
23,071,000
21,419,000
22,254,000
23,776,000
1,771,626,000 1,774.054,000 1,750,281,000 1,750,788,000 1.755,430,000 1,730,511.000 1,729,833,000 1,756,299,000 1,742,706,000
2,257,165,000 2,202,406,000 2,238,208,000 2,218,651,000 2,207,325.000 2,216,896,000 2,213,488,000 2,217.091,000 2,235,787,000
44,136,000
32,932,000
19,416.000
38,546,000
28,118,000
30,560,000
35,689,000
17,867.000
29,226,000
13,002,000
12.186,000
13,883,000
5,894,000
6,855,000
14,065,000
8,258,000
12,973,000
9,938,000
20,074,000
23,976,000
18,413,000
20.681.000
17,797.000
17.431,000
17,441,000
20,713,000
17,904,000
5,132,521,0005.045,985,000 5,197,117,000 5,027,234,000 5,065,122,000 5,017,063,000 5,080,560.000 5,121,421,000 5,078,803,
000
Total liabilities
Ratio of gold reserves to deposit and
69.6%
67.6%
70.7%
70.1%
70.4%
70.3%
70.8%
69.9%
69.1%
F. R. note liabilities combined
Ratio of total reserves to deposit and
70.5%
72.8%
74.1%
73.6%
73.1%
74.0%
73.3%
73.7%
72.2%
F. R. note liabilities combined
Contingent liability on bills purchased
40,101,000
40,344,000
46,093,000
40,945,000
42,853,000
43,981.000
49,177,000
48,887,000
48,889.000
for foreign correspondents
S
3
$
8
8
$
3
ti
3
Distribution by Maturities—
91,107,000 107.875,000
81,062.000
80,100,000
141,706,000 114,422,000 116,061,000 100,826,000 105,231,000
1-15 day bills bought in open market
515,094,000 494,608,000 434,547,000 445,279,000 532,567,000 487,139,000 447,760,000 552,134,000 510,719,000
1-15 days bills discounted
4,691,000
1,475,000
124,000
5,751,000
500,000
45,494,000
1-15 days U. S. certif. of indebtedness_
1-15 days municipal warrants
61,183,000
67,019,000
55,152.000
61,678.000
62,260,000
70,252,000
57,686,000
59,899,000
65,051,000
10-30 days bills bought in open market_
39,649,000
42,886,000
41,440,000
43.079,000
41,394,000
45,403,000
41,464,000
41,032,000
40,005,000
16-30 days bills discounted
107,000
49,223,000
49,217,000
16-30 days U. S. certif. of indebtedness_
16-30 days municipal warrants
77,042,000
76,556,000 111,115,000
84,092,000
84,738.000
90,048,000
96,883,000
81-60 days bills bought in open market_ 103,995,000 101,734,000
52,726,000
57,690,000
65.550,000
61,099.000
61,189.000
55,466,000
57,044,000
55,231,000
53,000,000
81-60 days bills discounted
44,138,000
.._
44,103,000
44,084,000
48,921,000
81-60 days U. S. certif. of indebtedness_
34,000
44,000
64,000
81-60 days municipal warrants
60,854,000
62.677.000
67,887,000
55,991,000
64,329,000
69,254,000
6.3,310,000
54,270,000
47,883,000
61-90 days bills bought in open market_
33,116,000
31,162,000
33,131,000
37,634,000
32,864,000
26,544,000
25,867,000
27,454,000
28,088,000
61-90 days bills discounted
43,811.000
certif. of indebtedness61-90 days U. S.
61-90 days municipal warrants
10,365,000
12,506,000
16,696,000
13,202.000
10,781,000
9,521,000
11,942.000
10,304,000
9,528,000
Over 90 days bills bought in open market
6,626.000
5,697,000
9,619,000
7.475,000
7,884,000
8,721,000
8,065,000
9,279,000
9,289,000
Over 90 days bills discounted
73.394,000
23,611,000
73,559.000
74,511,000
73,563.000
91,854,000
91,982,000
91.936,000
99,481,000
Over 90 days certif. of Indebtedness
90 days municipal warrants
Over
2.936,126,000 2,945,863,000 2.937,876,000 2,914,314.000 2,922,368,000
F. R. notes received from Comptroller._ 2.939,409,000 2,942,033,000 2,953,990,000 2,940.133,000 875,780,000 877,685,000 863.777.000 851,172.000 869,531,000
824,007,000 851,260,000 866,761.000 856,221,000
F. R. notes held by F. It. Agent
2,115.402,000 2,090,773,000 2,087,229,000 2,083,912,000 2,060,346,000 2,068.178.000 2.074099,000 2,063,142,000 2,052,837,000
Issued to Federal Reserve Banks
How Secured—
By gold and gold certificates
Gold redemption fund
Gold fund—Federal Reserve Board
By eligible Winer
306,453,000
101,627,000
934,266,000
988,404.000
306,452,000
101,684,000
987,002,000
939,544,000
307,554,000
100,101,000
990,283,000
891.338,000
307.214,000
101,017,000
979,435,000
884,836,000
307,413,000 306,429,000 306,428,000
96,715,000
96,106,000
92,990,000
937,369,000 1,009,088,000 1,006,398,000
958,606,000 900.057,000 837,644,000
306,428.000
105,902,000
916,813,000
947,286,000
304.901,000
102,328,000
935,695,000
949,41.0,000
.
2.330.750.000 2.334.682.0002,289.276 000 2,272,502.000 2,296.378,000 2,311,680,000 2.247,185.000 2,276,429,000 2,292,834,000
show separately the amount of balances I eld abroad and amounts due
NOTE.—Beginning with the statement of Oct. 7 1925, two new items were a Ided in order to up or Foreign Intermediate Credit Bank debentures, was changed to
assets," p eviousiy made
to foreign correspondents. In addition, the caption, "All other earning
caption, "Total earning assets" to "Total bills and securities." The latter item was adopted as a more accura e description of the total of
"Other securities," and the
the provisions of Sections 13 and 14 of the Federal Reserve Act, which, it was stated, are tile only items included
the discounts, acceptances and securities acquired under
therein.
WEEKLY STATEMENT OF
Two ciphers(00) omitted.
Federal Reserve Bank of—
Boston.
New York.
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis. lifintway. Kan. City Dallas. Stus Fran.
Total.
$
RESOURCES.
Gold with Federal Reserve Agents 137,381,0
U.S.Treas. 8,018,0
Gold red'n fund velthU
8
$
3
$
$
$
$
$
8
$
3
$
273,312,0 96.465,0 150,825,0 65,001,0 118,028,0 148,515,0 17,967,0 56,447,0 57,480,0 30,599,0 190,326,0 1,342,346.0
59,599,0
16,001,0 7,238,0 6,247,0 1,948,0 4,576,0 5,076,0 1,205,0 2,234,0 2,162,0 2,179,0 2,715,0
Gold held excl. agst. F.R. notes 145,399,0
Gold settle't fund with F.R.Board 26,090,0
32,791,0
Gold and gold certificates
289,313,0 103,703.0 157,072,0 66,949,0 122,604,0 153,591,0 19,172,0 58,681,0 59,642,0 32,778,0 193,041,0 1,401,945,0
287,778,0 45,319,0 61,875,0 35,705,0 22,290,0 133,286,0 26,053,0 24,016,0 27,582,0 21,958,0 28.027,0 739,979,0
425,908,0 29,073,0 47,383,0 11,251.0 4,193,0 64,156,0 13,643,0 6,763,0 5,795,0 9,088,0 37,657,0 687,701,0
Total gold reserves
Reserves other than gold
149,087,0 351.033,9 58,868,0 89,460,0 93,019,0 63,824,0 258,725,0 2,829,625,0
204,280,0 1,002,999,0 178,095,0 266,330,0 113,905,0
24,845,0 4,867,0 10,758,0 6.222,0 10.911,0 20,432,0 13,433,0 3.154,0 4,921,0 7,596,0 6,151,0 126,526,0
13,236,0
217,516,0 1,027,844,0 182,962,0 277,088,0 120,127,0 159,998,0 371,465,0
Total reserves
986,0 3,206,0 2,630,0 3,622,0 8,547,0
12,940,0
6,491,0
Non-reserve cash
Bills discounted:
85,567,0 39,314,0 50,155,0 9,587.0 5,149,0 76,839,0
Bee. by U.S. Govt. obligations 32,948,0
54,544,0 21,008,0 25,735,0 19,618,0 45,037,0 40,631,0
21,860,0
Other bills discounted
54,808,0 140,111,0 60,322,0 75,890,0 29,205,0 50,186,0 117,470,0
Total bills discounted
34,310,0 108,518,0 25,998,0 30,669,0 12,138,0 28,384,0 44,381,0
Bills bought in open market
U. B. Government securities:
261,0 20,508,0
585,0 1,121,0 1,191,0
2,657,0
529,0
Bonds
19,386,0 15,964,0 19,812,0 1,933,0 1,501,0 9,312,0
Treasury notes
3,138.0
107,0 17,738,0
37,816,0 3,363,0 14,316,0 3,915,0
5,898.0
Certificates of indebtedness
Total U. s. nnvt. semi
-Men_ --
9.585.0
59.859.0 19.912,0 35,249,0
7.039.0
72,301,0 92,614,0 97,940,0 71,420,0 264,876,0 2,956,151,0
3,254,0
721,0 2,119,0 1,568,0 3,032,0
49,116,0
13,332,0
22,613,0
763,0 5,613,0 4,318,0 27,475.0
3,565,0 10,114,0 10,034,0 19,657,0
351,060,0
294,416,0
35,945,0 4,328,0 15,727,0 14,352,0 47,132,0
10,432,0 13,137,0 17,217,0 14,487,0 28,492,0
645.476,0
368.163,0
1,875,0
8,473,0
9,494,0
7,568,0 8,689,0 2,951,0
86,0
2,885.0 6,246,0 5,974,0 18,288,0
6,006,0 13,501,0 12,428,0 20,393,0
48,021,0
112,912,0
144,975,0
1,869,0 47,558,0 19,842,0 16,459,0 28,436,0 21,353,0 38,767.0
305.908.0
DEC. 4 1926.]
THE CHRONICLE
RESOURCES (Concluded)
Two Ciphers (00) omitted.
Boston.
New York.
S
$
Other securities
Total bills and securities
Due from foreign banks
Unoolleoted Items
Bank premises
All other resources
98,683.0
Phila.
2867
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.City Dallas. San Fran.
S
2,000,0
$
5
$
$
$
$
564,0
S
S
5
Total.
$
2,564.0
308,488,0 108,232,0 141,808,0 48,382,0 80.439,0 209,409,0 66,219,0 34,488,0 61,380,0 50,192,0 114,391,0 1,322,111,0
652,0
652,0
175,872.0 65,327,0 69,065.0 62,868,0 30,305,0 90,777,0 34,944,0 15,315,0 44,557;0 28,945,0 45,035,0 729,046,0
16,740,0 1,601,0 7,409,0 2,364,0 2,974,0 7,933,0 4,111,0 2,940,0 4,668,0 1,793,0 3.505,0
60,106.0
3,154,0
576,0 1,067,0
628,0 2,176,0
319,0
788,0 2,491,0
838,0
369,0 2,844,0
15,339,0
66,036.0
4.068,0
89,0
Total resources
392,883 1,545,690,0 359,684,0 499,643,0 236,690,0 278,126,0 690,622,0 181,457,0 148,254,0 211,502,0 154,287,0 433,683,0 5,132.521,0
LIABILITIES.
F. R.notes in actual circulation_ 150,636,0 390,534,0 126,111,0 213,228,0 83,352,0 165,225,0 224,716,0 46,060,0 67,375,0 69,687,0 49,144,0 185,558,0
1,771,626.0
Deposits'
Member bank-reserve awl 146,844,0 885,564,0 136,055.0 179,552,0 68,860,0 65,045,0 326,933,0 80,020,0 52,881,0 85,260.0
59,693,0 170,458,0 2.257,165,0
Government
4,478,0
3,455,0 1,844,0 3,837,0 4,117,0 4,102,0 5,031,0 2,026,0 2,033,0 1,323,0 1,758,0 1,685,0
35,689,0
Foreign bank
1,049,0
4,041,0 1,312.0
1.477,0
552,0 1,892,0
732,0
442,0
59,0
538,0
483,0
953,0
14,065.0
Other depotats
92,0
8,609,0
155,0
636.0 . 103,0
263,0
82.0 1,159,0
155,0
701,0
28,0 5,458,0
17,441,0
Total deposits
152,463,0 901,669,0 139,366.0 185,502,0 73.812,0 69,781,0 33,5.015,0 82.903,0 55.511,0 87,822,0 61,962,0 178,554.0
Deferred avallabllitY Items
62,856,0 152,003,0 60,010,0 62,258,0 60,048,0 27,697,0 8'0,044,0 36,247,0 13,427,0 39,584,0 30,134,0 42,779,0 2,324,360,0
667,987.0
Capital paid In
8,800,0
36,221,0 12.573,0 13,557.0 6,098,0 5,031,0 16,688,0 5,301,0 3.077,0 4.181,0 4,302,0 8,633,0 124,462,0
Surplus
17.020,0
59.964,0 20,464,0 22,894,0 11,919,0 8,700,0 30,613,0 9,570,0 7,501,0 8,979,0 7,615,0 15.071,0 220,310,0
All other llabllItleo
1,108,0
4,399,0 1,160,0 2.204,0 1,461,0 1,692,0 3,546,0 1,376,0 1,363,0
1,249,0 1,130.0 3,088,0
23,776,0
Total liabilities
392,883,0 1,545,690,0 359,684,0 499,643,0 236,690,0 278,126,0 690,622,0 181.457,0 148,254,0 211,502,0 154,287,0
433,683,0 5,132.521,0
Memoranda.
Reserve ratio (Per cent)
71.8
79.5
68.9
69.5
66.4
76.4
56.1
68.1
62.2
75.4
64.3
72.7
72.2
Contingent liability en bills purchased for foreign correopondls 3,704,0
13,506,0 4,630,0 5,215,0 2,584,0 1,948,0 6,677,0 2,096,0 1,560,0
1,901,0 1,706.0 3,363,0
48,889,0
F. R. notes on hand (notes reo'd
from F. R. Agent lees notes in
simulation)
39,932,0
95.496.0 32.354.0 22.950.0 15.083.0 29.945.0 36.270.0 4,727,0 4,931,0 14,920,0 5,356.0 41.812.0 343.776.0
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS
NOV. 31 1926
Federal Reserve Agent at-
Boston. New York.
s
Phila.
-
Cleveland. Richmond Atlanta. Chic go. St. Louis. Minneap.Kan.City Dallas. San Fran.
Total.
(Two Ciphers (00) omitted.)
S
1f.R.notes rend from Comptroller 243.868,0
F.R.notes held by F. R. Agent-- 53,300,0
$
S
3
3
3
$
3
$
$
771,350,0 198,265,0 275,318,0 127,264,0 261,965,0 441,363,0 71,567,0 85,633,0 114,817,0 70,029,0 277.970,0 2.939,409,0
285,320,0 39,800,0 39,140,0 28,829,0 66,795,0 180,377,0 20,780.0 13,327,0 30,210,0 15,529,0 50,600,0 824,007.0
If.R.notesiseued to F.R.Bank 190,568,0
Collateral held as security for
F.R.notes issued to F.R.Bk.:
Gold and gold certificates__ 35,300,0
Gold redemption fund
13,081,0
Gold fund-F.R.Board
89,000,0
Eligible paper
89,118,0
486.030,0 158,465,0 236,178,0 98,435,0 195,170,0 260,986,0 50,787.0 72,306,0 84,607,0 54,500,0 227.370,0 2,115,402,0
Total collateral
226,499,0
$
$
168.698,0
8,780,0 28,805,0 15,222,0
7,745,0 13,507,0
18,396,0
23,614,0 9,488,0 12,045,0 6,196,0 5,806,0 2,871,0
940,0 3,620,0 4,203,0
922,0
81,000.0 86,977,0 130,000,0 31.000,0 97,000,0 145,644,0 9,300,0 42,000,0 53.860,0 8,000,0
240,805,0 73.812.0 104,737,0 39,618,0 78,511,0 161,650,0 46,349,0 17,208,0 32,747,0 28,733,0
10,000,0
19,841,0
160,485,0
75,316.0
306.453,0
101.627,0
934,266,0
988,404,0
513,917,0 170.277.0 255,562,0 104.619,0 196,539,0 310.165,0 64,316,0 73,655,0 90,227,0 59,332,0 265,642,0 2,330,750,0
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving
the
and liabilities of the 891 member banks from which weekly returns are obtained. These principal items of the resources
figures are
those for the Reserve banks themselves. Definitions of the different items in the statement were always a week behind
given in the statement
of Dec. 12 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of
for the latest week appears in our Department of "Current Events and Discussions," on page the Reserve Board upon the figure,
2837
1. Data for all reporting member banks in each Federal Reserve District at close of business NOVEMBZR 24 1926.
(Three ciphers (000) omitted.)
Federal Reserve Dtarta.
Boston. New York
Number of reporting banks
Loans and discounts. groes:
Secured by U.S.Gov't obligations
Secured by stocks and bonds__
All other loans and discounts____
38
93
$
s
7,649
48,839
351,106 2,145,724
655,678 2,925,078
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.City Dallas. San Fran.
50
75
68
11,064
418,991
382,834
$
21,948
556,711
787,526
Total.
99
31
24
66
S
5,284
148,921
363,088
3
8
6,547
20,240
103,957 884,864
409,840 1,279,480
47
S
6.778
189,396
318.398
S
3,260
70,619
170,108
5
4,458
101,823
311,997
3
4,023
73,058
243,950
812.889 1,366,185
517,293
520,344 2.184,584
514,572
243,987
418,278
321,031 1.291,949 14,325,186
83,050
263,971
275,016
360,611
67,432
65,807
39,162
58,897
303,661
450,056
61,489
118,278
69,372
46.913
101,876
93,950
347,021
635,627
133,239
98,059
753,717
179,767
116,285
195.826
Total loans and Investments
1,406,868 7,249,699 1,159,910 2,001,812
Reserve balances with F.R.Bank_
83,074 124,593
95,990 727,994
Cash in vault
21,508
33,688
19,124
85,943
Net demand deposits
918,292 5,512,252 769,255 1.027,686
Time deposits
430,483 1,317,232 248,500 818,481
Government deposits
5,699
9,065
21,486
9,480
Rills pay. & redis. with F. It. Bk.:
Secured by U.S.Gov't obligation,
19,433
33.082
10,550
82,403
All other
10,382
21,098
40,118
6,986
650,532
41,586
14,604
378,355
207,995
1,784
618.403 2.938,301
39,164 240,775
11,339
53,384
327,285 1,774,943
224,316 1,062,288
3.832
10,007
694,339
45,984
8,245
401,369
218,518
1,336
360,272
24,804
5,622
222.013
123.446
481
614,104
57,215
12,593
486,841
147,531
1,041
Total loans and discounts
1,014,435 5,119,641
Investments:
U. S. Government securities__
138,592 973,634
Other bonds, stocks and securitie; 253,843 1,156,424
Total Investments
392,435 2,130,058
Total borrowings from F.R.Bank
SWAM'balances of reporting member banks in F. R. Bank cities:
Due to banks
Due from banks
5
35
65
691
$
5
6,031
146,121
320,573 5,365,743
965,345 8,813,322
51,644
25,070
241,216 2.406,144
223,912 3,117,732
76,714
465,128 5,523,876
397,745 1,757,077 19.849,062
30,352 112,215 1,623.746
10,478
22,159
298,687
274,129 791,319 12,883,739
99,743 875,571 5,774,104
2,800
7.070
74.081
6,427
12,597
4,326
25,672
52,714
22,063
7,071
12,249
800
800
3,399
7,868
3,018
7,941
28,646
12,134
251,869
179,908
10.959
40,780
431.777
29,815
122,521
17.536
54,180
19,024
29.998
74,777
19.320
1,600
11,267
123,238
34.286
987,305
97.148
159.043
49.218
45,359
26.121
32,638
17.772
17,541
11.479
338,316
145 372
74,776
20 741
48,217
10 Ann
90,768
33,469
49 4.17
90 040
106,334 2,057,004
sn 190
sae 1107
2. Data of reporting member banks In New York City. Chicago. and
for the whole country.
AU Reporting Member Banks.
Reporting Member Banks in N. Y. City.
Reporting Member Banks in Chicago
Nov. 241926, Nov.17 1926. Nov.25 1925. Nov. 24 1926. Nov. 17
1926. Nov. 25 1925. Nov. 24 1926. Nov. 17 1926. Nov. 251925.
Number of reporting banks
691
691
722
55
55
61
46
46
46
Loans and discounts, gross:
3
$
$
$
3
$
$
$
$
Secured by U.S. Gov't obligations
146,121,000
138,765,000
163,635,000
45,988.000
41,675,000
50,288.000
14,511,000
12,626,000
16,405,000
Secured by stocks and bonds
5,365,743,000 5,328,207,000 5,417,924,000 1,865,562.000 1,823,399,000
All other loans and discounts
8,813,322,000 8,821,580,000 8.377.653.0002.575,843.000 2,571,131,000 2,146.548,000 666.613,000 669,390,000 638,251.000
2,268,624,000 713,101,000 707,286,000 670.138,000
Total loans and discounts
14,325,186,000 14,288,552,000 13,959,212,000 4,487,393,000 4,436,205,000 4,465,460,000 1,394,225,000
1,389.302.000 1,324,794,000
Investments
U.S. Government securities
2,406,144,000 2,416,139,000 2,476,744.000
Other_bonds. stocks and securities_ 3,117.732.000 3,126,787,000 2,927,985,000 871,525,000 861.463,000 892,265.000 159.975,000 163,392.000 173,290,000
844,561,000 847,929,000 835,890.000 207,029,000 210,527,000 185,273,000
Total investments
5,523,876,000 5,542,926,000 5,404,729,000 1,716,086,000 1,709,392,000 1,728,155.000 367,004,000
373,919,000 358,563,000
Total loans and investments
19,849,062,000 15,831,478,000 19,363,941.000 6,203.479.000 6,145,597.000 6,193,615,000
Reserve balances with F.R. Banks
1,623,746,000 1,658,200.000 1,655,647,000 672.049,000 690,929,000 703,411,000 1,761,229,000 1,763,221,000 1,683,357,000
170,583.000 167,256.000 167,701,000
Cash in vault
298,687,000
283,354,000
299,216,000
59,502,000
74,161,000
21,773,000
21,183,000
24,955,000
12,883,739,000 12,959,057,000 13,025,048,000 4 69,961,000
Net demand deposits
,962.706.000 4,962,268,000 5,131,229,000
Time deposits
5,774,104,000 5,772,411,000 5,359,673,000 881.008,000 876,513,000 796,192,000 1,208,650,000 1,206,333,000 1,171,744,000
518,357,000 521,075,000 499,316,000
Government deposits
74,081,000
80,944,000
45.244,000
19,682,000
11,347,000
21,875,000
5,397,000
5,397,000
1,453,000
Bills payable and rediscounts with
Federal Reserve Banks:
Steered by U.S. Gov't obligations_
251,869.000
220,597,000
253,066,000
57.600,000
67.565.000
26,800,000
19,688,000
13,530,000
13,115,000
179,908,090
All other
169,744,000
174,528,000
35,900.000
48,796,000
3,861,000
17.995,000
7,270,000
4,975.000
Total borrowings from F. R. bye
431,777,000
390,341,000
427,594,000
93,500.600
23,549,000
44,795,000 116,361.000
20.800.000
18.090,000
L051111 to brokers and dealers (secured by stocks and bonds) made by reporting
member banks in New York City:
For own account
838,562,000 799,296,000
For account of out-of-town banks
1,030,998,000 1,055,529,000
For account of others
738,723,000 754,199,000
Total
On demand
On time
*Revised figures
2,608,283,000 2,609.024.000
1,915,567,000 1,906,753,000
692.716 000 702.271.000
[Vol,. 123.
THE CHRONICLE
2868
Vaulters'
New York City Realty and Surety Companies.
matt
All prices dollars per share.
Bid.
45
192
318
270
Ask.
47 I Mtge Bond..
at Surety __
196
324 N Y Title
274
MortgageEl Casualty.
284
Did.
Bid.
Ask
140 150 Realty Assoc.
Wall Street, Friday Night, Dec. 3 1926.
(Bklyn)com 233 239
228 229
92
Railroad and Miscellaneous Stocks.
88
1st pref _ _ _
-The review of the
87 L91
2d pref.
418
415
Stock Market is given this week on page 285.5.
jtT
315 325 Westchester
The following are sales made at the Stock Exchange this
Title & Tr. 500 550
278
week of shares not represented in our detailed list on the
pages which follow:
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Alliance R'Ity
Amer Surety_
Bond & M G.
Lawyers Mtge
Lawyers Title
& Guarantee
STOCKS.
Week Ended Dec. 3.
Sales
for
Week
Par Share
Range for Week.
Highest.
Range Since Jan.1.
Lowest.
Highest.
Maturity.
Rate.
Bid.
Dec. 15 1926... 331% 100
Dec. 15 1927___ 436% 10111,
Asked.
Maturity.
Int.
Rate.
Bid.
,
100 st Mar.15 1927.... 4)(% 10054
101131 June 15 1927-- 334% 100131
Asked.
100ha
1000w
Per share. $ per share. $ per share.S per share.
Railroads.
Atlantic Coast Line rts__ 8,444 1634 Dec
1734 Nov 29
Buff Roch & Pitts pf_100
21 9834 Nov
98% Nov 30
Consol RR of Cuba pf100 3,400 6934 Dec 1 70% Dec 3
Duluth S & AU pref 100
100 434 Dec 1 4% Dec 1
Y & Harlem
50
1017034 Nov 27 17034 Nov 27
NY Rys Ws 2d stpd__•
47142 Nov 29 145 Dec 1
Fitts Ft W & Chi__ __100
5145 Dec 2 145 Dec 2
Reading rights
6.800 1934 Nov 2 19% Nov 27
Southern Ry rights
Nov 29
61,600
34 Dec 2"le
Vicksburg Shrev & P_100 200 98 Dec 2 98 Dec 2
16 34
92
68%
435
7034
08
3434
1635
34
90
No 1831
0031
M
No 7134
D
831
No 205
July 145
Feb 145
Ma 2234
1
Oc
Jan 98
Nov
Oct
Oct
Jan
Jan
Nov
Dec
Feb
Oct
July
United States Liberty Loan Bonds and Treasury
-Below
Certificates on the New York Stock Exchange.
we furnish a daily record of the transactions in Liberty Loan
bonds and Treasury certificates on the New York Stook
Exchange. The transactions in registered bonds are given
in a footnote at the end of the tabulation.
Daily Record of U. S. Bond Prices. Nov. 27 Nov. 29 Nov. 30 Dec. 1 Dec. 2 Dec.3
Industrial & Misc.
Amalgamated Leather_* 3,7001 1735 Nov 2 1834 Nov 29 1431 0 21
Sept First Liberty Loan
High 100"as 100"ss 100"st 100"ss 100"ss 100"s,
33
Preferred
Sept
July 113
10
335% bonds of 1932-47_ Low_ 1000 1001133 1001133 1001233 1001233 1001113
70010534 Nov 2 106 Nov 29 102
Amer Chicle prior pref_• 100 88 Dec 3 88 Dec 3 88
97 May
Dec
Close 100"31 1001133 1001133 1001231 1001233 1001133
(First 3355)
28
22
54
76
53
151
American Piano preLl
Dec
Total sales in $1,000 units
400 102 Nov 30 104 Dec 3 9331 Ma 104
American Snuff pref_lIl
(High
Converted 4% bonds ofI
300 9531 Nov 31 97 Dec 3 95% Dec 105 June
Auto Sales
Sept
1932-47 (First
• 700 734 Nov 31 8 Dec 3 431 Jan 10
Jan 4435 Dec
*Preferred
50 2044 42 Nov 30 4434 Dec 3 18
May 5731 Feb
Barnet Leather
Total sales in $1,000 units__
• li 4 45 Nov 27 45 Nov 27 40
- -141
.
--1
-; 102 in 102iin 102
2
May 101
Bayuk Bros 1st pref_100
Sept
Converted 434% bonds{111419 102iin 10- iisi 102
30010034 Nov 2710034 Nov 27 98
133 1021133 102113 1021033 1021033 1021031
Sept
Can Dry Ginger Ale '
of 1932-47 (Finn 4348) Low_ 102.
2,900 3631 Dec 1 3834 Nov 29 3234 Oc 49
Close 1021133 1021133 102", 102"ss 102ess 102113,
Central Alloy Steel__' 2,200 2934 Nov 31 3034 Nov 29 2834 Oc 3331 Aug
.
31
2
26
1
8
17
Nov 5331 Nov
Total sales in $1,000 units...
Cent Leather of cUs_100
200 53 Dec 3 53% Nov 29 50
----- ___
------Second Converted 434% High 1021033
Columbia0& El new_ _•23,200 8731 Nov 2 9034 Dec 1'8534 Nov 90% Dec
----___
---- .
--bonds of 1932-47 (First( Low_ 1021033
Preferred new
100 2,800 100% Nov 27 101% Dec 2 9834 No 10134 Nov
Second 431s
IClose 10220,,
Cont'l Baking CIA
•17,300 6835 Nov 30 7135 Nov 27 5034 Oc 9334 Aug
33
Total sales in $1,000 units.-hi Class B
*23,000 834 Nov 30 934 Nov 27 734 Oc 1534 Sept
---------econd Liberty Loan
High 100',, 100isi 100;is
p Preferred
00 9634 Aug
100 3,000 9034 Nov 30 92 Dec 1 87
--,
------4% bonds of 1927-42
Low_ 100',, 100 ss 100ht
Oct
Aug 107
100 107 Dec 1 107 Dec 1 106
Cushman's Sons pf 8% _*
-------Close 100133 100013 1001133
(Second 4s)
44 3035 Dec 3 3131 Dec 1 2735 Ap 3934 Oct
De Beers Cons Mines__
2
9
Total sales in $1,000 units...
144 107 Nov 29 107 Nov 29 10434 M 110
Nov
100
Deer & Co pref
0
- 3,
335 Nov 27, 331 Nov 27 3% No
Converted 434% bonderigh 1001133 1001133 10021n 1002 43 100",,10 -11
Detroit Edison rights__ _ 9,8
334 Oct
of 192742 (second
Low. 100"is 100"ss 1002 ss 100"st 100"ss 100uss
Elk Horn Coal Corp_ _ _0
' .1 I 11 Nov 30 12% Nov 30 831 Jun 1634 Oct
Close 100.1n 100..ir 1002.32 100"ss 100"ss 100"ss
434e)
Engineers Pub ServIce_* 3,311 22 Nov 29 2234 Nov 29 1931 Oc 2434 July
237
138
52
273
206
115
. 311 9331 Nov 27 94 Dec 3 9231 Nov 9634 Aug
0
0
10 Preferred
Total sales in $1000 units__
illIgi 101133 101131 101133 1016,1 1011,1 101',,
Erie Steam Shovel
5 4.800 2331 Dec 1 24% Nov 29 2135 00 2534 Nov [bird Liberty Loan
100101 Nov 29 101 Nov 29 100
100
00 102
Preferred
Nov
Of% bonds of 1928„- Low_ 101.33 101.32 101.3, 101 122 101.1, 101.1,
Oc 3434 Aug
(Third 434s)
Close 101',, 101.n 101.n 101.fi 101.ii 101.as
Federal Motor Truck' 2,600 2435 Dec 2 25 Nov 27 23
86
16
18
80
34
36
Total sales in 31.000 unitsOc 4835 Aug
38 Nov 29 4035 Dec 1 36
Gen Gas & Elec ci 13_ _* 4
10311,
,
,
,
,
riiiii 103 ss 103 ss 103 ss 103 n 103
Hartman Corp cl B____• 500 26% Nov 27 2635 Nov 30 2535 Aug 30
Sept Fourth Liberty Loan
,
No 107
400100 Nov 29 102 Dec 2 100
Hayes Wheel pref.....1Il
May
434% bonds of 1933-38
Low- 103113 103 ss 102"ss 102"st 102"ss 1020131
0
(Fourth 4,31s)
Close 103133 103131 1021131 1021131 102133 102 83
Dec
1
600 7031 Nov 27 85 Dec 2 5034 Fe 85
Iron Products
265
129
90
Total 80141 in $1,000 units_ .
150
Jan 120
119
149
200119 Nov 30 119 Nov 30 114
Jones & L Steel pref_ _100
Aug
---- 109"ss 109"ss
109.42 109"ss
{High 110
Oc 68
Kraft Cheese
Nov Treasury
25 1,500 62 Nov 30 6431 Dee 2 58
,
434s. 1947-52
---_ 1091131 109",
Low_ 1091033 1091131 1092133
Feb
100 34 Dec 1 34 Dec 1 2934 Jun 35
Kuppenhelmer
-- 109243 10910n
Close 110
1091133 1091133
Liquid Carbonic ctfe
* 5,500 53% Dec 1 56 Nov 27 4335 Oc 3834 Nov
2
1
Tota sales in $1,000 units._
-_6
3
9
Feb
Ap 110
200 109 Nov 30 109 Nov 30 105
McCrory Stores pref_100
033 1051033 1052133 105",, 105"ss 105uss
.
(High 105
100 71 Dec 1 71 Dec 1 71
D
7834 Mar
MallInson & Co pref.].i 4
,
4s, 1944-1954
Low_ 105",, 1051131 1051131 1051133 10513n 105",
134 Dec
35 Oc
Marland 011rights
34 Nov 27 135 Dec 3
149377
Close 1051133 1051133 1052133 1052131 1051133 10520n
100117 Nov 29 117 Nov 29 11235 Jan 117% Jan
Montana Power pref_100
15
3
65
Total sales in $1,000 units__
16
101
10
Murray Body etfs
400 634 Dec 3 734 Nov 27 6% Dec 1131 Aug
*
-___ 102103, 10210n
(High 10221,3 102..n 1021033
Jan
Mar227
100225 Dec 1 225 Dec 1 208
National Surety
100
_ _ 102113, 1021131
Low_ 1021113 1021133 1021032
834.. 1945-1956
Dec
National Supply pref_100 200 11535 Dec 3116 Dec 3 10431 Mar 116
---_ 1021131 1021013
Close 1021133 102 33 1021031
0
N Y Steam 1st pref __*
100105% Nov 27 105% Nov 27 9931 Apr 105% Oct
101
1
2
11
Total sales in 31.000 unite__
July 9834 Feb
Omnibus Corp pref A 100
100 89 Dec 3 89 Dec 3 88
Sept
No 74
Otis Steel prior pref_100 1,000 68 Nov 291 6936 Nov 29 63
Nov
Pacific T & T pref
100105 Nov 29,105 Nov 29 10135 Jun 105
100
-The above table includes only sales of coupon
Note.
Peerless Motor Car___50 8,800 2334 Nov 30 26 Nov 27 2334 No 3134 Nov
Transactions in registered bonds were:
Penn-Dixie Cement....' 7,100 3831 Nov 30 3934 Dec 3 3831 No 40% Nov bonds.
1011,2 to 102.31
100133 to 100133 1 4 3d 4348
No 10035 Nov 5 1st 3355
Preferred
100 700 99 Nov 30 10034 Nov 29 99
1022133 to 103
1001133 to 1001133118 4th 43143
Dec 6 2d 43.143
Jan 86
Porto-Rican Am Tob 100 4,000 6531 Nov 271 86 Dec 3 60
00 4934 Nov
Purity Bakeries class A25 1,400 4735 Nov 2 4831 Nov 30 47
Dec
• 700 43% Dee 3J44 Dec 14134 No 44
Class B
Oc 10134 Dec
500 101 Nov 27101% Dec 2 99
100
Preferred
-Sterling exchange was quiet but
Foreign Exchange.
10 14,900 3734 Nov 30 4234 Nov 29 3735 No 5034 Oct
Real Silk Hosiery
Jan fairly steady at very close to the levels of the previous week.
200 96 Dec 2 97 Dec 1 9535 M 100
Reid Ice Cream pref_100
100107 Dec 1 107 Dec 1 100 34 J 110 June
Sloss-Sheff St & I pref100
134 Oc
534 Dec The Continental exchanges were irregular, though generally
So Porto Rico Sugar rte. 8,200 334 Nov 29 534 Dec 1
234 Nov trending upward. French francs made another new high
Stand 011 of N J rights__ 598118 2 Nov 27 Int Dec 2 134 No
Texas Corp new
25 31.700 5434 Nov 30 5635 Dec 2 5335 No 5634 Dec
Feb point, while lire, pesetas and kronen scored good gains on
75
A
104) 6331 Nov 30 6331 Nov 30 58
Van Raalte 1st pref__100
July 82% Dec fairly active trading.
100 82% Dec 3 82% Dec 3 70
Va Coal & Coke preLl
Dec
Sep 15
200 14 Nov 30 15 Dec 3 10
Vulcan Detinning_ 1
.
To-day's (Friday's) actual rates for sterling exchange were none for sixty
200 84 Dec 1 8431 Dec 1 7834 Oc 87% Feb days, 484 7-16©4 8436 for checks and 484 15-16@4 85 for cables. ComWest'house Elec 1stpf5
July mercial on banks, sight, 4 84 5
Ma 101
West Penn Pr 6% pf_100 400100 Nov 2 ,100 35 Nov 27 95
-16094 84%; sixty days, 480 5
-16(4)4 80%;
White Sewing Mach pt• 1,400 5434 Nov 291 55 Nov 27 4634 Oc 6434 Oct ninety days, 4 78 7-16@4 7834, and documents for payment (60 days)
* No par value.
480 9-16(04 8034; cotton for payment. 484 5-16®4 84%, and grain for
payment,4 84 5-16 ®4 8434.
none for
To-clay's (Friday's) actual rates for Paris
-The review of the Curb Market is long and 3.82(433.91% for short. German bankers' francs were not yet
The Curb Market.
bankers' marks are
quoted for long and short bills. Amsterdam bankers' guilders were none
given this week on page 2855.
for long and 39.93 for short.
A complete record of Curb Market transactions for the
Exchange at Paris on London, 124.90; week's range, 124.90 high and
134.50 low.
week will be found on page 2884.
The range for foreign exchange for the week follows:
Cables.
60 Days,
Sterling, ActualChecks.
(None)
High for the week
4 85 146
4 84 9-16
York City Banks and Trust Companies.
New
Low for the week
(None)
4 84 15-16
4 84 7-16 AA prises dollars per shore.
Paris Bankers' Francs
Ask. Trust Co. Bid. As*
Bid
Banks.
(None)
High for the week
3.9334
3.9234
Ask
Y. Bid
Ban ks-N.
New York
1040 1970
(None)
Low for the week
3.6034
3.5934
America*___. 300 310 Hanover
605 625 2ankotNY
Germany Bankers' Marks
Amer Ex Pac. 467 472 Harriman& Trust Co. 670 680
Nigh for the week
23.79
23.77
Amer Union*. 205 215 Manhattan' 226 231
__ Bankers Trust 666 668
575
Low for the week
23.76
23.74
Bowery EastR 390 400 Mutual*
Amsterdam Bankers Guilders
Broadway Cen 345 365 Nat1011111 City 642 696 Bronx Co Tr. 310 330
915
(None)
High for the week
39.9934
39.9734
Bronx Boro*.. 1325 1345 New Nerh'ds* 325 335 Central Union 2445 925
304
500 504 County
(None)
Low for the week
39.98
39.96
Bronx Nat.__ 500 520 Park
378 382
130 140 Empire
Bryant Park.. 200 225 Penh Exch
-Chicago, par. St. Louis, 15025e. per $1,000
Domestic Exchange,
Equitable Tr. 290 295
Capitol Nat- 225 230 Port Morris__ 310
discount. Boston. par. San Francisco, par. Montreal,$.3125 per $1,000
505 575 Farm L & Tr. 513 548
Cent Mercan_ 265 27.5 Public
premium. C ncinnati, par7
755 715 Fidelity Trust 310 316
145 152 Seaboard
Central
435 450
160 170 Fulton
420 425 Seventh
Chase
660 800 Guaranty Tr. 417 420
Standard
Chath Phenix
CURRENT NOTICES.
500 605 Irving Bank
Nat Bk &Tr 873 377 State
305
& Trust Co. 301
160 165
Chelsea Exch. 291 296 Trade*
The Seaboard National Bank of the City of New York has been ap190 205 LawyersTrust
United
Chemical.... 865 880
United States* 312 316 Manufacturer 525 530
pointed registrar of the no par value common stock of Shaughnessy Knitting
_ 700
Colonial._
Mnrrav
Commerce__ _ 415 418 Wash'n Hiss_ 640 750 Mutual(West- 220 225
Company.
137 143
Com'nwealth* 290 300 'Y ork town.
215 230
chester)
-John S. MacLean, formerly with Jenks, Gwynne & Co., has become
Brooklyn.
Continental- 260 275
548 522
N Y Trust
Coney Island* 875
Coro Each... 682 586
associated with Barton, Remick & Barton in their public utility department.
Ternalmil Tr_ 175 185
200
Cosmop'tan*_ 260 300 Dewey•
-Erving M. Shear announces the formation of the firm of Shear & Co..
tle Ou & Tr 683 688
410
4.10
Filth Avenue•2150 300 First
305 315 U E3 Mtg &Tr. 409 415
with offices at 30 Broad St., New York, to specialize in railroad bonds.
First
2650 700
_ United States. 1725 1750
350
Franklin
160 175 Montauk'
Eldredge & Co. announce the opening of an office at 137 South La Salle
305 315 Weetchee'r Tr 550
Municipal•
Garfield
370
Brooklyn.
Street, Chicago, under the management of Mr. Harley A. Watson.
350 360
Globe Etch* 220 240 Nassau
690 575 Brooklyn.... 820 830
People's
Grace
350
Feuchtwanger & Co.,25 Broad St., New York,announce that Yasukata
Greenwich'
525 550 Queensboro• 175 225 Kings County 2000 2150
Mural has become a special partner in their firm.
Mldwood_ .1 275 285
Hamilton_ _ 218 224
-W.K. Terry & Co. announce that J. J. Hassinger has joined the sales
(4) Ex-dividend.
(I) New stock.
•Banks marked .9 are State banks
department of their New York office
Ex-rights.
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
2869
OCCUPYING SIT PAGES
For sales during the week of stocks usually Inactive. see preceding page
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Nov. 27.
Monday,
Nov. 29.
Tuesday,
Nov. 30.
Wednesday, Thursday,
Dec. 1.
Dec. 2.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
I
PEN .3HAICK
Range Since Jan. I 1926.
On basis of 100
-share lots
PICK 011414Z
Range for Previous
Year 1923.
Friday,
Dec. 3.
I
Gowen
Highest
Lovett
Highest
$ per share $ per share t per share $ per share $ per share 8 per share
Shares.
$ per share $ per share 5 per share $ We awe
Railroads.
Par
1644 1573 153 15512 153 15
8
4
1534 1541 15318
/
4
15612
4
*100 10012 100 10012 *100 10014 *100 10014 10018 15614 10012 1573 43,400 Atoll Topeka & Santa Fe_100 122 Mar 30 161 Sept 1 11614 Jan 1404 Dee
10012
10012
900 Preferred
100 9418 Mar 5 1013 Nov 23 9213 Feb 98 Dec
g
5
8
5
8
5
8
3
4
53
3
4
5
5
3
4
5
8
3
4
3
4 5,400 Atlanta firm & Atlantlo_100
5
8
12May 28 10 Jan 2
3 Jan
113 Dee
4
20812 210
207 2084 20512 20714 20612 208
/
1
20514
2043 20512 7,700 Atlantic Coast Line RR
4
100 18112 Mar 30 26212 Jan 2 14714 Jan 268 Dec
106 10714 1055 1065 10512 1053 10534 10612 1055 206
8
8
4
8 1068 1057 107
8
21,300 Baltimore & Ohio
100 8312Mar 3 1093
45ept 7 71 Mar 9412 Dee
*723 7318 *72
4
734 72
/ 727 *72
1
4
727
8 723 723
4
4 724 723
/
1
4
100 6713 Jan 6 737 Aug 20 627 Apr 673 Nov
500 Preferred
g
4
*42
43
427 427 *42
8
8
43
4212 423
4 43
4318 4312 437
1,900 B .ngor az Aroostook
50 33 Mar 2 46 Feb 1 35 Mar 5613 Nov
/
1
4
•1007 101 *1007 103 *100 101 *10012
8
8
•10012 ____ *10012 -- _ - -----8Feb 8 101 July 12 89 June 100
Preferred
100 977
Oct
723 7412 7212 7312 6934 7218 697 705
4
8 707 7214 71
7212 33,900 Bkln-Manh Trite v t o_No par 5418 Mar 31 7412 Nov 27 354 Jan 64 Nov
*8712 8912 8953 89
/ •88
1
4
8912 *88
883
4 8812 89
88
8812
900 Preferred v t iz
No par 78 Mar 31 8912 Nov 26 72
/ Jan 83 Dec
1
4
*133 15
/
1
4
4
135 14
8
1414 1438 1514 153
4 155 1614 16
8
163
8 4,600 Brunswick Term & Ry Sec_100
812 Mar 4 183 Tov 5
3
3 Feb
1718 Noy
*82
8512 *82
86
*82
86
*82
86
.82
86
*82
86
Buffalo Rochester & Pitts _100 693 Mar 26 874 July 20 48
4
Apr 923 May
8
593 593 *60
4
4
6012 60 60
*60
6012 *60
62
*60
6012
115 Canada Southern
100 68 Jan 15 81 June 14
56
Jan 59 May
16434 1654 16514 16514 16412 1664 z164 164
/
1
163 16312 16314 286,800 Canadian Pacific
16314 2
100 14612 Jan 9 16853Sept 7 13812 Mar 152
/ Jan
1
4
•270 285
280 280
2794 280
/
1
282 283 *279 289
500 Central RR of New Jersey_100 240 Mar 30 305 Jan 11 265 Mar 321
1565 1583 15714 15912 158 1585 1588 16112 16014 16112 *275
8
Jan
4
8
16118 1643 48,000 Chesapeake & Ohio
8
100 112 Mar 2 1783
sSept 24
8914 Mar 13012 Dec
•155 ____ *155
*155 -___ *____
•158
____ •182
____ ______
Preferred
100 119 Jan 20 171 Sept 28 10514 Apr 130 Dee
47
3 48
5
5
6
5
*43
4 5
543
4 5
.43
4 3
600 Chicago & Alton
100
414Sept 18 1153 Feb 20
3 Apr 1053 Feb
/
1
4
7
7
714 73
8 *718 714 *718 712
718 74
7
618May 18 1814 Feb 13
718 1,700 Preferred
100
54 Apr 1912 Feb
•248 290 *250 290 •250 290 *250 280 •250 280
*250 280
C C C & St Louis
100 1734 Mar 29 275 Aug 24 140 May 200 Dee
*3153 34
*32
34
*3112 34
*3112 34
*31
34
*31
3112
Chic & East Illinois RR
100 3014May 10 37 Feb 10
2934 Mar 3814 Aug
•4612 48
*47
48
47
47
*48
4712 *4513 47
*46
4612
100 Preferred
100 3612 Mar 31 511 Feb 10
/
4
40 Mar 5714 Jan
9
9
9
9
9
9
83
4 83
4
83
4 87
8
8
1
4
1,700 Chicago Great Western
734 Mar 31
1218 Sept 9
100
9 Jan
245 2458 2412 2412 2414 2412 2418 2434 2412 244 • / 9
8
15 Feb
/ 2412 25
1
3,800 Preferred
100 1614 Mar 30 315
8Sept 9
1914 Mar 32 8 Feb
3
1014 1014
9
/ 9
1
4
/
1
4
93
4 9
/
1
4
9 4 94
3
3
953 93
4
9
9 14 3,600 Chicago Milw & St Paul
314 Apr 163 Jan
100
84 Nov 11 1412 Jan 6
10
3
10
*93 10
4
934
93
4 97
*918 912
914
9
918 2,100 Certificates
Hp
818 Apr 20 14 Jan 8
19
/ 197
1
4
7 Sept 11 Nov
8 1953 2014 1913 20 8 *1912 1978
20
20
19
/ 193
1
4
4 3,100 Preferred
100 1418 Mar 31 24 Aug 24
7 Apr 2812 Jan
1914 20
19
/ 20
1
4
191z 1958 1913 1912 193 197
8
1914 195
8 6,300 Preferred certificates_ _ _ _100 14 Apr 20 23 Aug 24
/
1
4
127 Oct 22 Nov
8
7914 7912 79
79
/ 784 794 z761 7714 763 7753 77
1
4
/
1
/
4
4
7712 6,300 Chicago ei North Western_100 8514 Mar 30 833 Sept 10
4
47 Apr 807 Dee
8
012518 12578 126 128 *126 127 •12313 125 *123 125
•123 125
100 Preferred
/
4
100 11812 Jan 4 12612 Apr 30 1011 Apr 120 Des
70
/ 707
1
4
s 68
/ 7014 6712 681z 6718 6812 68 681 681/ 685
1
4
/
4
8 36,500 Chicago Rock Is!& PacIfio_100 4012Mar 3 71 Nov 28
g
4018 Mar 5.87 Dec
10612 1064 *10613 107
/
1
1063 1063 •106 106
4
4
/ 10612 10634 107 107
1
4
1,000 7% preferred
100 96 Mar 4 107 Dec 3
92 Jan 100 Dee
9712 9734 974 9712 973 98
4
*9714 98
974 98
973 973
4
4 1,400 6% preferred
100 8314 Mar 31 98 Nov 30
82 Mar 894 Mar
86
86
*85
89
85
85
85
85
*843 86
4
.8412 86
400 Colorado & Southern
4418 Jan 7012 Sent
100 52 Mar 3 9614 Oct 13
*72
74
•72
75
•72
73
.72
73
•72
73
*72
73
First preferred
100 62 Mar 2 74 Oct 13
60 Mar 66 Dee
/
1
4
*68
74
*68
74
*68
75
*69
74
*68
74
•68
74
Second preferred
54 Jan 6212 Aug
100 59 Jan 11 72 Sept 27
171 171
17112 173
17012 171 *17012 17112 17112 1711 172 1723
4 1,600 Delaware & Hudson
100 15014Mar 30 18312Sept 2 13312 Mar 155 Apr
146 14614 14512 147
14514 1451 1444 146
1443 14514 144 145
4
/
1
4
5,700 Delaware Lack & Western_ 50 129 Mar 30 15312 Jan 12 125 Mar 1473 June
4
4222 4212 *4214 4314 4212 4212 4212 431 .4212 43
4234 43
400 Deny & Rio Or West pref 100 3712May 19 47 Jan 2
345 Oct 60 Jan
8
3818 3838 38
38'4 38
/
4
38's 381 381
3812 38
/ 39
1
4
403 40,900 Erie
4
100 2212 Mar 29 403 Dec 3
4
263 May 39 Dec
/
1
4
45
4
53 46
4512 458 4512 45'z 4514 46'8 464 4712 47
/ 50
1
4
20,100 First preferred
100 33 4Mar 30 5014 Oct 6
3
35 June 487 Jan
44 44
8
*4314 44
*4324 44
44
44
4412 443
4 4514 463
4 1,200 Second preferred
100 30 Mar 30 4718 Oct 6
34 June 43 4 Jan
8014 803
3
4 8018 807s 80
8038 80
804 79
/
1
/ 80
1
4
/
1
4
/
4
60 Apr 82 Dee
19
194 1912 1912 194 194 1914 1938 1918 1912 8018 8013 12,700 Great Northern preferred_ _100 8812 Mar 30 801 Nov 29
/
1
4
/
1
/
1
1914 193
8 3,100 Iron
36
36
23 Dec 4033 Jan
*3512 36
*3512 36
3512 352 357 364 364 3714 4,700 Gulf Ore Propertles__No par 1814 Oct 21' 2714 Feb 15
8
Mobile & Northern_100 2518 Apr20 414.8ept 29
23 Mar 361 Sent
*10612 10712 10712 1071 •107 108 *107 108
s
108 108 •107 1077
8
200 Preferred
100 95 Mar 29 109125ep1 30
8912 Mar 10914 Sept
3918 394 39
39
39
391 3914 39
/
4
/ 383 39
1
4
4
/ 383 3
1
4
4 918 2,300 Hudson & Manhattan__ _100 344 Jan 22 40 Apr 8
/
1
*76
2134 Mar 3838 Aug
7934 77
77
*76
793 *76
793 *76
79
*76
79
100 Preferred
•120 12213 *12012 122
100 67 Mar 31 7914July 26
/
1
4
6412 Feb 72 July
12033 1204 121 12114 12134
/
1
1,500 Illinois Central
100 11312Mar 3 131 Sept 7 111 Mar 12512 Dec
12112 12112 *120 124 *12112 124 *12113 12212 122 122 *12112 122
1224 12218 12218
500 Preferred
100 11512Mar 30 12912Sept 7 11212 Apr 12514 Dec
*7512 76
•7512 76
754 7553 7514 7512 753 753 •
/
1
4
4 7512 76
160 Railroad See Series A__1000 7114 Jan 6 77 June 23
*2512 2612 *2512 2612 *2512 26's 2513 2612 •2512
8814 Aug 7414 Dec
2612 2513 251
100 hat Rys of Cent America_ _100 2514 Mar 30 31 Feb 13
0
18
59
Jan 3318 Sept
67
*59
67
*59
67
*59
67
.59
67
*59
67
Preferred
100 62 Mar 30 66 June 24
5912 Jan 664 July
50
52
50
51
4812 493
8 48
/ 49
1
4
/ 49
1
4
3014 4712 4912 16,800 Interboro Rapid Tran v t o_100 2412 Jan 15 523 Nov 28
•1
1312 Mar 3412 Feb
113 M.
4
112 *1
11
*1
112
M.
M
112
112
Iowa Central
100
1 Aug 14
312 Jan 15
42
113 Jan
/ 4338 42
1
4
312 Mat
4213 413 42
4
414 415
/
1
8 42
4312 43
431
4,000 Kansas City Southern
100 3414 Mar 3 5138Sept 9
*6514 66
284 Mar 51 Dec
/
1
*6414 66
66
66
*65
66
*6412 66
100 Preferred
100 608
/
1
4
37
917 9212 92
sMar31 68 Sept 10
s
Jan 63 Dec
/
1
4
925
8 913 924 927 957
4
8 943 96
4
96
96% 15,200 Lehigh Valley
50 75l2 Mar 3 967 Dec 3
8
69 Mar 8812 Dee
130 13014 •129 132
1323 1327 1334 13314 .131 132 •139 131
4
8
1,700 Lout/villa & Nashville
100 118 Mar 30 144 Sept 3 106
Jan 148 Dee
*90
92
*90
92
*90
92
*90
92
*90
90
IVO
Manhattan Elevated guar 100 84 Mar 3 923 Apr 20
94
4
64 May 11912 Sept
555 563
5
4 5412 553
8 53
54
523 5314 523 5314 514 52
4
4
/ 12.000
1
4
Modified guaranty
100 3818 Jan 26 617sMay 28
3218 Mar 5114 Feb
•5
512
512 512 •5
6
*5
5 4 *5
3
53
*5
51
100 Market Street Rallway
100
418July 31 10 Feb 9
6 Nov
12 Sept
•22
28
*22
28
*22
28
•22
28
.22
28
*22
28
Preferred
100 1912 Oct 22 40 Feb 9
20
Jan 4614 Sept
*4312 45
4473 45
44
46
4412 44
/ *44
1
4
45
4412 4412
700 Prior preferred
4214 Nov 6514 Sept
/
4
100 3912June 21 511 Feb 10
*14
18
•14
18
*14
19
•14
19
•14
19
•14
19
Second preferred
100 113 Oct 29 2212 Feb 10
15 Dec 3514 Sept
4
•1
/ 11
1
4
•138
11
•13
8 113
lag
13s *124
11
'13*
200 Minneapolis & St Louls
112
100
378 Jan 11
214 Oct4 Mar
1s July 26
*32
35
*32
35
*31
35
*31
33
35
*32
33
34
100 Minn St Paul & SS Marie 100 33 Dec 2 5212 Feb 3
/ Apr 57 Nov
1
4
30
*50
58
*48
60
*50
60
*50
58
55
54
57
*55
200 Preferred
100 54 Dec 2 79 Feb 3
40 Mar 8814 Nov
•5634 eal *mks 6312 5634 631 .5634 631 •56/ 631 *5634 6312
1
4
Leased lines
100 60 Oct 28 867 Feb 24
s
5712 June 63 Feb
334 3438 3312 34
/
1
33
33
323 33
4
333 354 343 344 9,300 Mo-Kan-Texas IIR____No par 2912 Oct 20 474 Feb 9
/
1
4
4
/
1
2814 Jan 454 Sept
9412 9434 9438 943
4 943 9453 94
9434 94
3
/ 951j 954 9538 9,300 Preferred
1
4
100 82 Mar 2 954 Dec 3
/
1
4
743 Jan 924 Dec
383 3914 3812 391
4
3814 3853 3818 383
4 38
38s 3812 39
11,600 Missouri Pacific
100 27 Mar 3 45 Sept 1
305 Jan 413 Dec
8
4
9014 9134 90
4
9O7s 893 9014 8918 9053 89
904 8912 9012 10,300 Preferred
100 7112Mar 3 95 Sept 3
71 Mar 9112 Dee
*43
4 51
*434 553 •43
4 612
48
43
*412 478
434 43
4
400 Nat Rys of Mar 1st pref _100
4
43 Apr 10
83 Jan 7
•178 2
112 June
4
3 Dec
14
•178 2
•178 2
•17
3 2
•178 2
*17
8 2
Second preferred
100
134 Oct 27
412 Jan 7
*121 128 *121 128 *121 128 *120 130 *121
112 June
314 Dec
128 •121 128
New On Texas & Mexico_100 120 Mar 30 13212 Jan 9 11314 June 13711 Dee
1354 1364 134 1351 133 13414 13312 13434
/
1
/
1
4
1333 1343 13412 1354 31,300 New York Central
4
4
/
1
100 117 Mar 30 147128ept 7 1134 June 13712 Dec
1863 18712 186 187
8
186 188
18614 187
187 18814 188 191
4,000 N Y Chic & St Louis Co
100 130 Mar 3 20412Sept 23 118 June 183 Dec
10112 10112 *101 103 *10112 10312 103 103
1023 1023 *102 10314
4
4
400 Preferred
100 93 Mar 1 1 106 July 8
423 433
4
8 425 427
884 Jan 98% Nov
8
8 4218 423
4 4218 4284 42
421 4224 4314 19,000 NY N II & Hartford
/
4
100 30 Mar 30 483* July 17
/
1
4
2412 2412 *2312 24
28 Mar 47 Dee
235 237
8
8 2352 2324 23
/ 24
1
4
234 23% 1,700 N Y Ontario & Western
/
1
100 193 Mar 30 287 Feb 13
4
s
2053 Apr 3434 Aug
127 1314 121 13
/
4
8
1258 1318
13
13
1212 1212 13
14
9,000 N Y Railways pref ctfs-No par
6 Jan 25 2014 Feb 61
*13
*13
17
15
3 Dec 12 June
•13
15
•13
17
*13
•13
15
15
New York State Rallways_100 15 Nov 24 2812 Jan 14
*35
*35
37
37
21 Dec 36 July
*36
37
37
37
38
3712 1.100 Norfolk Southern
37
38
100 277 Apr 15 443
35ept 2
16453 1647 164 165 215814 159
8
217 Apr 45 Sept
3
1584 159
/
1
158 1583 15712 159
4
100 13914 Mar 30 1707 Oct 2 12312 Mar 151 Des
83 4 8384 8312 841 *8312 8412 8312 8412 *8312 8412 6,900 Norfolk dr Western
3
*83 85
/2
100 Preferred
100 8312 \ov 4 85 Aug 11
/
1
4
787 79
8
8
/ 784 7914 785 79l4 78
7512 Jan 86 Dec
1
4
787 79
/
1
8
/ 79
1
4
/ 783 7914 6,800 Northern Pacific
1
4
4
100 65 4 Mar 30 8212 Aug 26
3
1512 1512 •15
20
5814 Apr 7814 Dec
*15
20
•15
20
*15
•15
20
20
1.000 Pacific Coast
100 15 Oct 19 48 Jan 6
557 564 561g 56'4 557 56'8 56
20 Aug 4012 Dec
8
561
5618 5614 564 5614 19,800 Pennsylvania
50 48 Mar 30 5718 Oct 27
/
1
4
*1812 20
•1812 20
4212 Apr 55 Dee
•1812 20
/
1
4
*1812 20
.1812 20
*1812 20
Peoria & Eastern
100 157 Oct 19 2634 Jan 14
2
110 110
110 110
13 Apr 2152 Dec
/
1
4
110 110
110 1131s 11312 114
11212 11212 8,700 Per, Marquette
100 67 Mar 3 114 Dec 2
*93
613 June 8512 Dee
4
9314 9314 931 *9314 953 *9314 94
*9314 94
*9314 94
300 Prior preferred
100 79 Mar 1
96 July 7
78 July 89 4 D00
86
88
*86
86
3
86
86
*86
87
*86
.86
87
87
200 Preferred
•148 ____ •148 ___ *148
100 703 Mar 29 917
4
8July 17
6812 Apr 795 Dee
8
____ •148
1503 15118
4
22 Pitts Ft Wayne & Chic pref 100 14212 Jan 2 151 18 Dec 2 139
---11638 1163 *114 116
8
Jan 144 Nov
115 11512 11618 11618 115 117 •I50 118
*11714
900 Pittsburgh az West Va
100 85 Mar 30 1193 J31111
8912 9014 883 895
4
873 8814 881 803
4
s
63 Mar 122 Dec
/
4
4 89
/ 9114 14,300 Reading
1
4
893
4 89
4
*4012 41
693 Mar 914 June
50 79 Mar 30 100 July 9
*4018 41
•4014 4014 4014 41
•4018 41
4014 4014
300 First preferred
*4112 4312 41 12 411 •41 12 423 *42
357g Mar 41 June
30 40 Jan 5 42 Apr 26
4
423 •4218 423 .423 42
4
4
4
/
1
4
400 Second preferred
40 40 Mar 30 45 Sept 24
3614 Mar 443 June
*44
48
*44
48
6
473 48
4
483 48
4
/ *47
1
4
47
49
5112 1.500 Rutland RR pref
100 42 Apr 8 6114 Aug 2
42 Apr 627 Jan
1023 103
8
g
10114 1023 1004 1014 1003 10114 1004 10214 10214 103
8
/
1
4
/
1
22,80051 Louis-San Francisco_ _109 85 Mar 30 10314 Nov 26
9112 9112 917
91
574 Jan 1024 Aug
s 92
9214 9212 9212 9314 9312 94
944 2,600 Preferred A
/
1
100 8312 Apr 1 917 Dec 3
2
Jan 9214 July
633 *62
*63
76
3
63
•62
66
6212 6212 62 62
82
62'z
700 St Louis Southwestern- _100 574 Mar 19 74 Feb 9
43 4 June 6914 Dec
3
*7312 7512 7512 751
7512 7512 75 4 753 *76
3
4
*76
77
77
400 Preferred
100 72 Mar 19 80'4 July 27
*31
701s June 783 Dec
311 303 307
4
/
4
4
8 31
3112 31
311 30
/
4
/ 3114 *307 3112 1.900 Seaboard Air Line
1
4
3
100 2llzMar 3l 61 Dec 2
203 Jan 54 NoV
2
/
1
4
39
3812 3812 *38
3814 3814 377 38
8
39
38
3812 •38
1,000 Preferred
100 3112 Mar 31 483 Feb 18
3
35 Mar 5112 Aug
1053 10614 1054 10614 1053 106
/
1
4
4
1053 10618 10512 10618 106 10614 14.000
8
100 9618 Mar 30 11014Sept 3
98
Oct 1084 Jan
/
1
4
11718 11712 117 1173 117 11714 117 11714 1164 1164 11614 117's 8.300 Southern Pacific Co
/
1
/
1
Southern Railway
100 103 Mar 30 13114Sept 3
/
1
4
77
/ Jan .12012 Dec
1
4
9418 941 9418 94
94
/
4
94
044 944 9418 944 *941 9414
/
1
/
1
/
1
/
4
1,300 Preferred
100 8712 Apr 6 9512 Aug 5
83 Jan 954 Sept
4912 50
4
503 51
483 4912 5014 5014 50
4
603
4 507 507
2,900 Texas & Pacific
100 421 Mar 30 613 Jan 13
/
4
4
4314 Jan 59 Deo
387 39
393 40
4
373 3814 374 38
4
3784 3,800 Third Avenue
37
/ 37's 37
1
4
100 1312 Jan 8 43 Apr 23
74 Apr 1553 Sept
•63
66
*63
65
*62
66
*63
6412 *63
•62
86
66
Twin City Rapid Transit_100 5914 Oct 25 783 Jan 4
4
58
Jan 7814 Dec
1634 16312 1631s 16312 16314 1637 z1595 1803 15933 1597 15912 1604
8
8
4
/ 14,500 Union Pacific
1
8
100 14112Mar 30 1683 Oct 1 13314 Apr 15314 Jan
8
793 793
4 795 793
4
*7912 80
8
4 795 8013 80
8
80
793 80
4
1,700 Preferred
100 7434 Jan 6 8114 Aug 28
72 Jan 774 July
•____ 34 *___- 3412 *____ 3412 *
3412 s_ ___ 341 •---- 3412
United Railways Inveetm1.100 193 Mar 3 2712 Apr 7
4
18 Aug 331z May
*111 160 *111 160 •111 160 *111 160 *111 102 •111 162
Preferred
100 65 Mar 2 125 Nov 11
484 Mar 837 Deo
8
40
4014 394 3912 39'8 39'8 387 39
s
/ 39
1
4
40
40
403 11.600 Wabash
3
/
1
4
100 33 Mar 30 52 Jan 12
1912 Mar 4714 Aug
7418 7334 7414 74
7414 74
74
7414 7418 744 74
7414 4,100 Preferred A
4
100 68 Mar 30 783 Jan 13
55 Jan 73 Dec
/
1
4
/
1
4
6914 *60
68
6814 69
65
*60
68
*61
68
*61
68
1,000 Preferred B
67 Mar 29 72 Jan 29
100
3812 Jan 8012 Aug
1214
117 1218 111 117
8
124 1212 12
s
/
4
12
12
1218
12
100 11 mar 3 164 Jan 4
3,800 Western Maryland
/
1
11 Mar 18 Aug
2114 204 204 2012 2114 207 2114 2114 213
/
1
4
/
1
/
1
2212 21
22
g 4,600 Second preferred
me 163 Mar 30 243 Sept 25
3
8
16 Mar 2614 Jan
35 .3314 3412 *34
3412 3412 *34
*3412 33
341 *34
3412
500 Western Pacific new
3
100 32 4 Nov 6 3914 Jan 2
19 4 July 3913 Deo
3
817 817
82
8214 82
4 82
.1
813 813
4
8 82
82
8212 8212 1,100 Preferred new
100 774 Jan 15 863
4Sept 11
72 July 81 D00
2814 263
4 263 2612 2812 273
4
3
/
1
4
273 284 263 28
3 264 2712 16.500 Wheeling & Lake Erie Ry_100 18 Mar 30 32 Jan 2
/
1
10 4 Mar 32 Dec
3
443 *43
433 433 *43
4
4
4
46
443
4 433 4412 4412 447
45
4
/ 2,100 Preferred
100 37 Mar 30 5012 Jan 4
22 Apr 537 Dee
s
Industrial & Miscellaneous
3941 893
90
15924 9012 90
4 9018 90
/ 9014 9012 *90
1
4
903
4
900 Abitibi Power & Paper_No par 70 4May 21 98 Sept 14
3
ea Jan Ms Dec
x-cllvIdend. a Ex-rights.
•Bid and asked Prices.
New York Stock Record-Continued-Page 2
2870
For sales during the week of stocks usually inactive, see second page preceding
-PER SHARE. NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
Nov. 27.
Monday,
Nov. 29.
Tuesday,
Nov. 30.
Wednesday, Thursday,
Dec. 2.
Dec. 1.
Friday,
Dec. 3.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
ran actinE
Range Since Jan. 1 1926
On basis of 100-share tots
Lowest
Highest
rbIG on Ants
Rangefor Previous
Year 1925
Lowest
Highest
than
per
$ Per share $ per share $ per share $ per share $ per share $ per share Shares. Indus. 8c Mlscel. (Con.) Par $ Per share $ per share 8----share 8 Per ---_-__ ---500 Abraham & Straus_ _No par 43 May 20 5912Sept 27
58
567 *57
*5212 55
5612 56
56
p5212 56 '55 56
___ ____ ---- 100 10418 Mar 19 111 Sept 28 .
800 Preferred
11012 11012
110
*111 112
111 *110 111
11018
110
*11012 112
,
Albany Pert Wrap Pap_No par 2618 Oct 6 27 4June 23
*2612 27
*2618 27
*2612 27 .2613 27 •2612 27
*2612 27
100 131 Jan 8 155 July 24 119 Jan 13334 Oot
200 All America Cables
145 146 *140 148 *140 148 *140 148 *140 148 *140 148
100 9978 Mar 18 136 Sept 22
90 Apr 117 4 Oot
400 Adams Express
1
129 129
129 129
13012 13012 13012 13012 *129 130
"128 130
13 Apr 20 Oot
100
9 Dee 1 22 Sept 24
934 12
1212
12
9
1212 13
105* 1014 114 10% 10% 12,800 Advance Rumely
100 334 Dec 2 65 48ept 24
47 Feb 6214 Oot
3
13,600 Preferred
35
4214 38
38% 3312 3514 34
41
34
41
4414 4512
1
*
53
74 Oct 125 May
918 Jan 4
47
434 Nov 22
5,000 Abumada Lead
47
4%
8
4 47
8 '43
3
4 4 47
48 5
48 5
4
13912 142
1385* 1415* 1387 140
s
14114 141% 140 14134 14014 14118 4,900 Air Reduction. Ino----No par 10714May 19 14512 Aug 9 863 Jan 11738 Dee
718 Oct20 16 Feb 10
No par
93* Dec 1578 Jan
*73* 778
75
3,900 Ajax Rubber, Inc
8
8
8
712 758
3
3
74 74
712 75*
24 Oot
1 Jan
2 Jan 4
% Oct22
800 Alaska Juneau Gold Min_ 10
8 138
13
112 *15* 112
132 112 *132 112
112
*114 112
13634 14134 14134 14414 14112 14338 253,600 Allied Chemical & Dye_No par 106 Mar 30 147 Sept 22 80 Mar 1165* Dee
1361 13834 13518 13738 13514 137
4
100 1183 Mar 20 12234 Dec 2 117 Jan 12114 Nov
700 Preferred
*122 123
12134 12178 12134 12134 122 122 *122 12212 12212 12234
7118 Jan 9714 flea
100 7814 Mar 26 945 Jan 14
8712 8712 2,400 Allis-Chalmers Mfg
'87 8734 87 8738 87 873* 8718 875* 87 87
100 105 Aim 7 11012May 24 10314 Jan 109 De*
200 Preferred
110 110 *10912 11012 11012 11012 *10912 11012 °10912 11012 *10912 110
No par 2414May 20 3278 Aug 9 ----- --- -,6,300 Amerada Corp
295* 2938
2914 30
2912 2912 2912 2934 2912 2912 2914 297
1318 Mar 297 Oct
9 Oct 14 345* Jan 14
600 Amer Agricultural Chem__100
1312 1318 1318
14 "13
1312 1312 1318 1318 1318 137 *13
3618 Mar 8212 Dee
100 355* Oct30 9612 Jan 14
438 4518 3,500 Preferred
45% 46
46
45% 46
46
464 "4512 4612 46
10 3458Mar 31 46 Oct28
3912 Dec 443* flea
4412 3.000 Amer Bank Note, new
4212 42% 43
4
423 43
44 4414 4314 4312 4212 43
5318 Jan 5818 Sept
50 55 Jan 15 5812July 10
100 Preferred
*5534 56
*5534 56 '55 4 56
56
'5534 56
56
59
3
*96
293* Oct 43 Jan
100 2012Sept 13 3834 Feb 5
2714 2718 2712 2614 2718 2634 2678 2,100 American Beet Sugar
27
265* 265* 265* 27
78 Dec 8778 June
100 55 Nov 5 83 Feb 24
800 Preferred
8
6178 617
62 62
6114 6114 62 62
62
*61
6134 62
26% Mar 544 Jan
4,500 Amer Bosch Magneto__No par 16 May 19 345* Jan 4
17
167 1718 17
1618 1612 16% 16% 1612 1712 17
17
9014 Mar 156 Deo
3
14413 146 *144 145 4 2,200 Am Brake Shoe de F_--No par no May 19 180 Feb 2
146 14618 "1444 146
147 148
111147 148
100 11014 Mar 24 12814 Feb 18 10712 Jan 1145* Dec
100 Preferred
118 118 *11714 120 *11714 120 '11714 125 *11712 120
•117 118
473 Dec 5378 Oct
8 3914 3934 20,000 Amer Brown Boyer! El_No par 3014 Mar 29 50 Aug 9
4
3812 39
38% 3912 3812 394 383 394 3918 393
9018 Nov 98 Dec
100 8612Mar 31 974 Jan 16
200 Preferred
96
96
*9512 96
*9512 96
*9512 96
*9512 96
*9512 96
4714 Dec 4934 Dec
25 3878Mar 30 634 Aug 4
513 5214 5111 53
52
528 5218 5338 47,500 American Can w 1
5134 523
518 525
100 121 Jan 4 12712Nov 31 115 Jan 12178 Sept
400 Preferred
12712 12712
12612 12612 127 12712 127 127 *127 130
*12511 127
7,800 American Car & pdy ___No par 9112Mar 31 11478 Jan 12
9718 Apr 11534 Sept
10234 103
4
1035* 105
1035* 10414 10234 10334 103 103% 1023 103
100 12012 Oct 15 12914June 23 12034 Apr 128 July
500 Preferred
12614 12614
126 126
12578 1258 '125 126
12534 12534 *125 126
224 Oct 27 Feb
-25 2314 Mar 30 2614July 20
800 American Chain,class A_25% 2514 2512 2512
*2514 26
2514 2538 2514 2514 '2514 26
37 Jan 62 Aar
No par 31 Oct 11 51 Jan 4
400 American Chicle
373 *367 378
8
3612 36% *37
37
8 3712 3712 *36
367
*36
37 Jan 5812 Apr
No par 28 Oct 13 4714 Jan 7
100 Do certificates
3734
*36
37
37 "36
*35
37
3512 3512 *35
*35 37
634 Jan
44 Dec
414 Jan 5 1038 Aug 19
8,300 Amer Druggists Syndicate_10
10
10
10
1018 10
10
3
9 4 10
934 10
1018 1018
100 10578Mar 3 140 Jan 6 125 Apr 166 Jan
12914 13114 3.100 American Express
129 12934 12934 131
*129 12912 129 13034 *127 129
2714 Apr 5138 Sept
175* 1838 9,300 Amer & For'n Pow new _No par 1414 Nov 3 425* Jan 2
1718 184 1778 18
4
1718 163 1714 1612 1612
17
87 Jan 94 Feb
No par 79 Oct 1 98 Feb 13
8512 8638 1,700 Preferred
86
86
8412 8412 85 86
8314 84 *8312 85
812 Mar 143 flea
7 May 10 1712 Feb 9
1,200 American Hide & Leather_100
9
9
912 8t2 *812 834
813 914
818 814
814 814
100 33125lay 7 6714 Feb 9
5812 Sept 7578 Jan
5114 7,200 Preferred
52 "50
471 48
4812 4834 49
4714 4914 47 4834
8
4
2812 283 28% 18,900 Amer Home Products__No par 2358 Oct 8 297 Dec 3
8 28
283
28% 28
2658 2634 2634 2778 28
100 109 Mar 31 136 June 8
83 Mar 139 Dee
900 American Ice
8
4
1273 129 1263 1265* 128 128 '12714 129 "12718 1288
*128 129
7418 Mar 86 Jug'
100 8112 Oct18 8634June 1
400 Preferred
8314 8314 *8212 83 "8212 8378
8212 8212 18212 83
83 83
321 Mar 4678 Nov
4,700 Amer International Corp-100 3134July 19 4634 Feb 16
393 4018 3912 3934 3914 3912 3914 3912 3914 3914
397 41
1114 Jan 20 Nov
1114 1114 1134 1134 1,400 American La France F E___10 1078 Nov 18 157 Jan 4
12
*1112 1178 12
12
12
12
1138
20 Mar 5914 Nov
100 2538 Oct 20 527 Jan 4
5,800 American Linseed
3212 3114 313
31
*3014 31
4
3012
3034 318 30
3114 32
53 Jan 89 Oat
100 6734 Oct 19 87 Jan 4
100 Preferred
763 *74
76
7612 *73
764 *73
7634 *74
.74
7512 7512 4
109 10912 10834 109
14,200 American Locom new__No par 9014 Mar 31 1197 Jan 4 10418 Jan 14473 Mat
10812 11014 108 1088 108 10812 108 109
100 116 Aug 9 12334 Doc 1 115 Aug 124 Feb
300 Preferred
121 121 '121__._ 12112 1214 12314 12314 *122 125 *122 125
200 Amer Machine & Fdy __No par 6514 Oct 11 8018 Aug 1
72 "7112 7212 *7113 7212 "7112 7212
4 7212 7212 72
*7212 733
100 114 July 15 122 Aug 2
Preferred
4
*121 12434 *121 12434 *122 12434 '122 1245 *122 1243
'121 124
Oct
4654 Mar 6752 o
1,500 Amer Metal Co Ltd___No par 444 Dec 1 573 Feb 1
4434 4434 4412 4412 45' 4512 454 46
4
*45 4612 *443 46
111 Mar 119 Nov
Preferred
100 1134 Apr 15 120 Feb
*110 115 *110 115 *110 115 *110 115 "11212 115 "112 115
4May 19 7212Sept
-ht_ -Np pfir 503
5,300 Am Power & Lk
611
6112 5912 6112 604 6012 61
6034
62 623* 6112 62
-897; -Jan 1224 NO;
15 10114May 19 12238 Aug
4
8
110 110 *11012 1107 1103 11118 2,800 American UM/Mr
10934 11078 10912 1105* 110 110
876 Sept 84 Jan
200 Amer Railway Express---100 773* Mar 31 88 Nov 2
88
*87
88
*87 88 "87
*87 88
88
87
87
*86
48 Jan 7934 Deo
200 American Republics_ __No par 397 Nov 9 74 Jan
*4614 48 "464 49
48
*46
49
49 *46
48 '46
48
36% Jan 763 Nov
4
4 4,300 American Safety Rasor___100 42 Apr 14 7034 Aug 1
6014 6014 603
6134 59 4 6012 60 60% 60
3
62 6214 61
5h Dec 144 Feb
5h Jan 2 1178 Marl
638 4,400 Amer Ship & Comm__No par
*6
3
54 7
3
54 6
614
618 618 "64 6%
614
9038 Mar 14418 Deo
Smelting & ReflnIng-100 1095* Apr 21 152 Aug 1
13378 13512 13418 1367 40,000 Amer
8
13314 13478 13318 13414 133 13314 133 134
10512 Jan 11514 Oct
100 11278Maz 31 1204 Aug 1
500 Preferred
8
4
4
11934 120 *11914 1193 *11912 1193 1197 1197 '11914 1198
*11934 120
13814 Apr 154 Nov
100 121% Oct 6 165 Feb
300 American Snuff
13312 13412 "134 13434 "133 13418 *133 13412 *133 1344 *133 13412
37% June 4711 Dee
4414 445* 4414 443* 44 4414 3,800 Amer Steel Foundries-NO Par 40 May 11 47 Aug
4434 435* 44
44
441
44
108 Jan 11318 Oct
100 11014Sept 21 115 Feb 2
100 Preferred
113 113 *113 114 *113 114 *113 114 *113 114
*113 114
MO 6514 Apr 14 874 Nov 2
8
471 Jan 771g flea
18,100 Amer Sugar Refining
8334 834
8 843e 8614 8312 8534 28212 8414 8312 84
3
85 4 867
9114 Jan 1043* Nov
100 100 June 19 11012 Nov 30
3,325 Preferred
4
4
*
4
10912 10912 1093 1093 1097 11012 ±108 108 *108 1093 108 108
-_ -- ---- --13 4212
par
4
* 4012 4138 413 4214 15,400 Am Sum Tob new etle-No 100 294 Aug 28 36 Nov 23
s 40 403
4114 418 40 4114 3912 403
Aug 19
1412 Apr
Option A ctfs
___ __-_ ---_
Feb
3734 June 47 500 Amer Telegraph & Cable-100 2512July 6 4118 Feb 10
4
208
-- i28- - 4 *283 292
4
4
164 i•282 283 -56- io
.
;315- if- -50- 4
100 139%June 18 1503 Feb 15 1305s Jan 145 Dee
5,900 Amer Weil de Teleg
14918 14914 149 1493* 1483* 14918 149 14918 14912 1497
1487 149
*
85 Feb 12112 Oct
4Sept 8
50 11138Mar 31 1243
American Tobacco
5,000
8
8
4
119h 11934 11934 1213 11978 12114 1207 1207 12018 12018 12012 121
100 10618 Jan 4 113 May 26 10412 Jan 110 Nov
1,000 Preferred
4
8
1093* 1103 11038 1103 1103* 11012 11034 11034 "1103* 11034 1103 11114 5,800 Common Class B
8412 Feb 119h oat
50 11018Mar 31 124 Sept 8
11818 11873 11814 12012 11918 11938 11914 11912 11878 11938 11834 11914
Founders-100 114 Jan 22 135 Feb 13 103 Apr 1355* Nov
300 American Type
119 119 "119 120 *119 120
11878 1187s *11812 119
348k Jan 7614 Deo
*118 119
20 4334 Apr 13 74 Jan 4
8 604 6134 22,700 Am Water Works & Eleo 100 10112Mar 3 10814 Jar 27
4 6012 613
613
59
5978 59 59
5812 5812 5812
9714 Aug 103 Feb
200 Lot preferred (7%)
4
,
*10214_ - 105 105 "10214 106 4 *10612 1063 *10612 1068 *10612 10634
8
4
343 May 6434 Jan
100 19 June 9 427 Jan 13
32
318 32
3338 3238 3334 6,000 American Woolen
318 318
s
3212 315* 32
3138 100 66 Apr 30 89% Jan 4 6918May 9518 Jan
8618 868 2,200 Preferred
8612 87
8518 8512 8514 8512 863* 8638
8578 86
112 Dec
713 Jan
5% Jan 13
12 Aug 13
Writing Paper pref-100
900 Amer
118 118
118
114 *1
114
1
1
114
*I
1
1
4 Dec
4 Jar,
44 Jan 13
12 Aug 4
Preferred certificates---l00
7 May 1211 Jan
518May 19 1218 Feb 4
73 -Amer Zino, Lead & Smelt--25
_:
-i
71 - 71- -- 4 ii4WW1
Fs
2
. IF --i- 2
i .
-, 7i2 -i- -ills -VI; -ii 2478 May 447k Dee
25 20 May 19 4818 Feb 4
4218 4212 43
4512 4512 468 8,700 Preferred
42
435* 4312 42 4212 41
3514 Apr 5314 Nov
9,700 Anaconda Conner Mining-50 4t1 Mar 30 517 Aug 6
4712 4734 474 475* 4714 473* 4712 4734 4712 48
4712 48
26 Jan 4612 Dee
Archer, Dan'is, MicIrd_No par 3478June 11 404 Jan 2
200
"394 40
40 40
41
*40
41 •40 41
"40
41
*40
904 Jan 105 Oot
100 100 Mar 4 108 Oct 16
Preferred
4
*103 10918 *103 1094 *103 10918 *103 10818 *106 1073 *107 10734
9014May 21 977 Jan 13 904 Mar 100 Oct
8 9412 1,300 Armour & Co (Del) pref-100 131sMay 22 2512 Feb 13
9314 94
9412 9412 *943
921e 9218 92% 9218 924 93
20 Mar 2712 oat
* 164 173* 1638 1738 1618 165* 29.100 Armour of Illinois Clam A-25
s
4 143 157
1412 1412 1412 143
16 Dec 2034 Oct
534May 20 17 Jan 4
25
9
918 912 14,400 Class B
8
8
918 97
95*
812 87
814 812
814 812
90 Dec 934 Nov
100 80 Apr 30 93 Feb 11
400 Preferred
85 85
89
84 841 '84 87 "85
*8312 84
84
84
8 Jan 175* Oct
6,400 Am n Cons Corp tern oil No par 18 Apr 12 3114 Jan 6
25
2512 25
2312 2314 2514 25 2512 2518 2612 25
23
15 Jan 2038 Nov
500 Art Metal Construction----10 1918 Jan 2 2334 oat 5
23
23
23
23 23
23
*22 23 *2214 23 "22 23
39 June 6034 Dee
No par 46348ent 23 6312 Jan 21
600 Artioom
5318 "52
52
53
5314 523 5234
'52
4
53
5212 521 *52
100 108 Mar 18 112 Nov 4 10118 Aug 110 Dee
Preferred
*112 115 "112 116 "112 116 0112 116 '112 116 *112 116
4612 Aug 602 Nov
5478 Jan 9
8
415 424 417 43
4212 42c 8,500 Associated Dry Goods---100 3714Mar 30 10212 Jan 6
427
8
4218 4218 4218 4338 42
94 Jan 102 Ott
100 96 Mar 25
500 1st preferred
*10012 102 *101 102
10118 10138 _______
101 101
10012 102
Jan 1084 Feb
100 102 May 19 108 Jan 28 101
100 2d preferred
106 106 *104 106 *104 106
1110418 106 *104 106 "105 106
32 Mar 47h Dec
25 443 Jan 6 60 Mar 4
100 Associated Oil
450h 52
*5012 5112 5012 5012 *5012 52 *5014 51
*5012 51
20 Jan 77 Beat
Gulf Se WI S 8 Line--100 29 Oct 11 68% Jan 6
4 388 39
39
39
3818 393* 2,000 AU
385* 383
382 3834 3818 39
Jan 60 Sept
31
100 334 Oct 27 5614 Jan 30
200 Preferred
38% 387 "37 40
3714 374 *37 .40
40
40 *37
*38
9518 Jan 11712 Feb
100 97 Mar 3 12838May 24
1044 10934 10913 113
1094 112's 26,100 Atlantic Refining
10278 103 103 1047 104 104
100 1154 Oct 1 120 June 22 113 Sept 11734 June
1163 1163 "11614 1163 "1164 11612
4
4
700 Preferred
4
11618 11612 "11618 1163 •11634 117
45 June 65 Dee
No par 54 Mar 4 64 Nov 22
4
10613 6284 638 63
64 64
300 Atlas Powder
64
*61
64 64
4
"623 64
9012 Oct 94 Jan
100 94. Jan 8 9718 Aug 16
7 97
947 948
8
100 Preferred
*947 96
*95 98 *953 98 '95% 97 *94
94 Feb 21 Dee
8 Oct 21 1712 Jan 30
No par
*812 84
100 Atlas Tack
,
84 8 4 *812 84 *812 83
"8% 9
22 July 3212 Jan
"13% 9
74 Oct23 28 Jan 29
812 81
4 918
85
*852 91
LOGO Austin, Nichols&Co vt0 No par
9
9
A A
"812 8%
87% Jan 95 Aug
100 54 Nov 3 93 Jan 6
563 '56
*55
57
57 57
500 Preferred
57
571 *55
5712 5712 57
h Dec
218 Feb 11
44 May
14 Oct 9
900 Auto Knitter Hosiery-NO par
313
8
3
8
3
*14
1
s
53
8
3
5
3
%
s
,
12
311
'
sMar31 164 Nov 27 107 Mar 146 Feb
4
8
8
15318 1563 1532 1387 1573 16238±15712 1621 276,500 Baldwin Locomotive Wks_100 927
154 160
15834 164
*
100 105 Mar 31 1194 Nov 24 107 Aug 1165 Jan
4
8
300 Preferred
118 1183 *118 11834 *118 1183 1183 11884 1147 11814
"118 120
1834 Aug 334 Deo
25 2312May 11 3312 Jan 2
A
4
2714 263 2711 275* 2712 2712 2814 2814 2833 2814 2884 37,300 Barnsdall Corp class
27
16 Aug 30 Deo
25 2212 Oct 27 2911 Jan 2
251± 2512 2514 253 261
Ow Ii
2,600
4
25
25
8
*247 25± 2478 2478 25
3814 Sept 5314 Feb
No par 39 Mar 31 5518 Nov 30
531
5234 5314 11,900 Bavuk Cigars, Inc
4 53
5418 5314 553* 53 543
5438 53
54
60 Mar 775 Aug
20 524 Oct 6 7178 Feb 4
587 587
5934
400 Beech Nut Packing
85512 59
,
4551 59
8 5834 591 *59
*5712 59
37 Sept 415* Dee
29
29
3,000 Beld'g H'way Co tern etiNo Par 27%844428 395 Jan 4
2814 281± 2834 29
4
281 *284 283
28'z 28
*28
37 June 534 Jan
100 374May 20 51188ept 20
463 4718 79,800 Bethlehem Steel Corp
47 48
463* 471
7 46
463* 4838 4634 48
44
9314June 102 Jan
100 99 June 1 1054 Dec 2
105 10518 105 105'i z10314 10314 1,800 Preferred (7%)
10434 1043 *10434 105
104 104
3738 3734 8,000 Bloomingdale Bros---No par 28 June 11 38 Dee 1
3738 373
38
8 37
354 364 3512 373
351
35
100 10414June 21 10912 Dec 3 - -- --- - . -- 200 Preferred
108 108 *10712 1091 *10712 108i 10918 10918
"107 109 "107 108
98 Jan 11
87* oOt
418 Mar 24
No pa
4'* May .
71
712 9,700 Booth Fisheries
7
7
74 738
714 73*
714 738
7l
7
25 June 52 Oct
100 343 Oct 11 5112 Jan 7
60
*45
50
200 1st preferred
50 '45
46% 461 *45 90 "48 50 "45
405* Aug 46 Jul/
2412 '23
Botany Cons Mills class A__50 20 May 25 4113 Jan 4
2412
26 "2312 241 *23
82412 26 "2478 26 *23
27 Oct 4411M41
2514 9312 254 2512 6,200 Briggs Manufacturing__No par 24 Oct20 374 Jan 4
251
2512 2512 25
251
2518 25'4 25
100
3 Jan 18
5 Oat
los May
12MaY 5
200 British Empire Steel
*12 1
4
3
*12 1
'2
3
4
3
"2
*12 1
1
1
22 July 36 oot
4June 29 27 Jan 28
93
100
"912 21
'912 21
1st preferred
'912 21
20
*18
21
4911 21 '18
6118 July 14 Oct
112June 24 104 Jan 11
100
8
2 4 *2
*2
4
23
2d preferred
3
4 314 *2
"13
*115 4
*112 4
100 133 Mar 31 163 Sept 8 120% Jan 15612 Nov
15712 15812 2,900 Brooklyn Edison. Inc
15712 159 *157 158
1583 1601 *159 160
15834 158
7318 Dec 10014 Nov
No par 68 Mar 30 98 Dec 1
4 9512 9614 19,300 Bklyn Union Gas
963
96
4 9338 963
9434 9634 9612 98
9434 943
46 Dec4614 Deo
No pa, 2912June 1 4858 Jan 7
35
*33
100 Brown shoe Inc
•3312 34
34 34
*3312 35
35
35 *33
*32
98 Mar 109 Oct
100 107 June 5 111 Mar 10
preferred
. -- *109
_- "109
__ 0109
__ "109
"109- "109
24 June 4938 Jan
Brunsw-Balke-Collan'r_No par 2438 Mar 30 39348e04 15
3512
512 3514 -3
-3512 *35
354 154 3512 -61
3
36 -35
35 9218 Feb138 Des
144 July 23
s
700 Burns Bros new elAcom No par 121 Mar 31
1274 1301± 130 13014 *12912 133 *12072 13012 "1297 13012
129
"127
17 Mar 39 Dec
30
900 New class B com--No par 29 Nov 9 44 Feb 13
3012 305*I 30
30
0112 July 99 Oct
•2912 311± 295* 2938 2912 314 30
100 97 Mar 30 1034June 22
Preferred
104 *1011s 104
*102 104 '10118 104 "10114 104 "10118 104 "10118 122 I 1203 1217
2 65 Jan 103 Sent
4
2,900 Burroughs Add Maoll_No par 7712 Apr13 122 Dec
118
11419 1141 *115 117 *115 116
...AI- 11*
•B18 and asked prices; no saleg on this day 'Ex-dividend.
New York Stock Record-continued-Page 3
For sales during the week of stocks usually Inactive, see third page
preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Nov. 27.
Monday,
Nov. 29.
Tuesday,
Nov. 30.
Wednesday, Thursday,
Dec. 1.
Dec. 2.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK .
EXCHANGE
FEE BHAKE
Range Since Jan. 1 1926.
On basis of 100
-share lots
2871
FEB MIAKE
Range for Previous
Year 1925.
Friday,
Dec. 3.
Lowest
Mellen
Lowest
MOWS
$ per share $ per share $ per share $ per share $ per share $ per share Shares. Indus.
& Miscall.(Con.) Par $ per share $ per share 3 per share per Oars
*28
2814 28
$
*277 2814 *277 28
28
8
8
*277 28
8
*277 28
8
100 Bush Terminal new____No par 163 Mar 18 3414 July14
4
1458 June 28 Dec
*91
*91
92
93
*915 93
8
*9134 9212 *913 9212 9134 913
4
4
100 Debenture
100 86 Apr 6 93 Aug 2
*103 _ _ *103 _ _ *103 _ _ *103
80 May 897 Juno
2
_ _ *103
_ _ *103
_ _
_ _ _ _ _ Bush Term Bldg., pref----100 9912 Jan 20 104 Nov 19
9612 Jan 103 Deo
4
/ - 8
1 474
44
3
17
8
43
4 - 2 "43
474 -/
4
1
4
47
2 - 8
47
4
/ -7
1 4 2 1,700 Butte Copper & Zinc
4
41213ot 28
5
614 Feb 10
53
44 Mar
/ 54
1
4
8 Jan
/
1
4
5312 5212 5314 5214 5314 5312 54
52
.5412 55
2,700 Butterick Co
100 1734Mar 3 71 Sept 15
*12
1212 123 12
17 May 283 Jan
8
/ 12
1
4
/ 125
1
4
4
8 127 127 *1218 13
8
123 127
s 1,200 Butte dr Superior MInIng„ 10
4
718May 18 1614 Jan 11
51 May 24 4 Jan
*7312 75
7312 7312 *74
1
76
*74
75
*73
76
x747 747
300 By-Products Coke_ __No par 63 June 30 90 Sept 27
4014 4014 4114 4214 40
/ 41
1
4
42
*40
4112 4112 42
42
/ 1,700 Byers & Co (A M)__ _No par 28 Mar 29
1
4
7 Nov 18
69
44
69
if Oct 447i Oct
89
693 "6814 6812 687 69
4
2
68
3.500 California Packing__-_No par 6614 Oct 18 1794 Feb 4
70
69
69
3012 303
4 3014 308 3018 3014 301a 31
10012 Jan 3612 Nov
an 3114 31 3134 13.700 California Petroleum
25 29 4 Oct 11 3812 Feb 10
1
*112 15
2372 Jan 3438 Dec
8
15
8 158
112 158 *112 14
/
1
112 11: *112 15
8 3,300 Callahan Zinc
-Lead
112Mar 26
10
2 Jan 15
/
1
4
*68
69
4
11 Oct
/
4
43 Feb
6811 6812 68
69
6934 70
70
70
x65
65
1,400,Calumet Arizona Mining
10 5512 Mar 29 73 Aug 9
/
1
4
*1612 16
/ 1612 163 51512 16
1
4
45 Apr 614 Dec
4
*153 16
4
*15
/ 16
1
4
*15 4 1614
3
700,Calumet & Heels
25 133 Mar 31 1812 Aug 9
8
152 15512 151 152
1214 May 185 Jan
8
15012 151
152 15312 15212 15512 153 1551z 4,600 Case Thresh Machine
•
100 6213 Jan 4 176 Aug 6
*110 114 *110 114 *112 114 *112 _ _ 112 112 *110
24 Mar 6811 Dec
112
1001 Preferred
100 96 Jan 5 11812 Aug 10
814 814
60 Mar 10712 Dec
8
83
2
74 8
3
.752 Iss *73
4 814 *8
812
500 Central Leather
100
7 Nov 11 2012 Jan 5
53
/ 5453 53
1
4
108 Mar 2358 Oct
5314 5314 5314 5214 5318 533 5312 .52
8
53
2,4001 Preferred
100 43 Apr 28 683 Jan 5
/
1
4
4
1312 1312 1312 1312 *1212 1312 *1212 15
4914 Mar 71
Oct
*1212 1312 1212 1212
700 Century Ribbon Mills-NO par 1014 Oct 25 32 2 Jan 8
7
*7814 8518 *784 8518 *7814 8518 *7814 85
30 4 Sept 47 Mat
3
72
•7814 8518 *7814 8518
I Preferred
100 83 May 25 90 Jan 21
94 Dec 9834 Jan
63
63
6212 6314 62
/ 627
1
4
8 6214 ,6212 623 6253 •6258 6314 5,400 Cerro de Pasco Copper_No
8
par 5712 Jan 22 7312 Aug 9
4414 4414 44
434 Mar 64 2 Nov
444 43 433
3
4 43
433
2 4314 433
43
3
*106 10712 *106 10712 *10534 107 *105 109 *105 107 4 *105 4 4412 4,500 Certain-Teed Producta_No par 3612May 20 4912 Jan 5
403 Mar 583 Sept
4
4
107
lst preferred
100 100 May 22 10614 Nov 9
*87
8 94
8918 .Tan 110 Sept
94 94
*9
913
912
9
9 12 *9
9
1,800 Chandler Cleveland MotNo par
9
812 Nov 5 28 Feb 11
23 ,4 23 4 233 24
3
3
4
233 23 4 233 24
4
3
4
2312 24
24
2414 2,700 Preferred
No par 2232 Nov 23 45 Feb 15
/
1
4
*115 118 *116 118
115 115
116 11612 •115 117 *115 117
300 Chicago Pneumatic Tool_100 9412 Apr 8 120 Jan 2
*4814 50
49
8014 Mar 128 boo
'
49
*4812 4918 4812 4818 4814 '49
4912
800 Childs Co
No par 4514May 19 663 Jan 4
2
3238 3212 3218 3212 3214 3253 x3134 3218 317 3218 3218 4912
497 Mar 74 8 Oct
2
7
3212 10,300 Chile Copper
25 30 Mar 3 383 Jan 6
8
*25 8 27
3012 Mar 37 Jan
5
*22
27
/
1
4
*22
27
*22
27
2512 2512 *22
27
200 Chino Copper
6 16 Mar 3 26 Nov 4
31
19 Apr 28 Feb
33
33
/
1
4
/ 3414 3412 3712 36
1
4
37
3718 387
8 387 .393 17,400 Christie-Brown certifs_No par 2912 OM 15 63
8
8
/ Jan 4
1
4
3512 3614 3553 36
62 Dec 644 Dee
/
1
4
3558 3614 358 363
8 36% 377
373
*10112 1041z *10114 10412 *10114 10412 *101 103 *102 10212 103 4 3812 207,100 Chrysler Corp new____No par 2812 Mar 30 548 Jan 9
103
600 Preferred
No par 93 Mar 30 108 Jan 2 10012 July 1117; kov
*6112 62
*6112 62
61
61
61
61
61
62
61
1,000 Ciuett. Pealioa & Co---100 6014 Mar 31 6813 Jan 7
---*113*11312 11714 *11512 11712 *11312 117 *11312 117 *11312 61
5812 Mar 711 Jan
/
4
117
Preferred
100 10314 Jan 13 116 Sept 17 10312 Jan 109 Sept
16812 17012 16512 16953 165 1663 16614 167
4
8
1865 168
16814 1697 18,700 Coca Cola Co
8
No par 128 Mar 24 17012 Nov 27
80 Jan 177 Nov
56
56
56
56% 563 57
/
1
4
8
5612 5612 •5612 57
5612 5714 3,500 Collins & Alliman
4May 27 593
No par 343
4Sept 18
*112 11314 11314 11414 114 114 *11314 11414 *11314 114
/
1
4
11312 11312
400 Preferred
100 983
4May 27 119 Sept 20
4318 435
4234 44
4258 4318 4212 423
4 423 4312 4314 4453 14,300 Colorado Fuel & Iron
4
100 273 Mar 3 493 Oct 2
8
8
3214 Apr 4814 6512 6512 6534 6534 6612 67
Jan
/ 6712 70
1
4
6811 6914 6812 687 10,500 Columbian Carbon
8
5
v t0 No par 55 8 Jan 26 697 Feb 23
2
45 Mar 62 4 Dee
88 8814 88
1
884 8812 894 89
/ 9012 90
1
4
9014 8912 90
3,000 Col Gas & Eleo
No par 6312Mar 29 9012 Dec 1
1167 1167 *1163 120 *1163 11818 *11612 11812 116 11714 11714
4
4
45 4 Jan 86
3
4
Oct
4
11714
400 Preferred
100 111488ept 13 11718 Nov 26 10414 Jan 11412 Deo
17
17
/ 1712 177
1
4
1712 1712 *1712 18
1734 1818 1814 1812 3.600 Commercial
Credit---No par 1612 Nov 13 4712 Jan 14
*2014 2312 *2153 231g *22
3812 Sept 5518 Dec
2312 *213 2312 *2112 24
4
*22
2123
Preferred
26 2114 Nov 13 2614 Jan 13
2514 Sept 2711 Oct
*21
24
*2112 24
*21
23
*22
25
*2112 24
22 22
300 Preferred B
26 20 Nov 16 273 Jan 11
4
1387
26 Sept 27 Del
/
1
4
89
/
1
4
*87
89
*87
89
*87
89
*87
89
87
87
200 184 preferred (634)
100 87 Nov 19 991: Feb 26
*59
6014 59
59
57
58
5812 5918 62
62
62 4 623
3
4 1,000 Comm Invest Trust_ __No par 55 Apr 12 72 Jan 11
50 Jan 841- Nov
___ •100
8
_- *100
__ •10I 10214 10214 102
/ --------200 7% preferred
1
4
100 97 June
104 Jan 28 100 Nov 107% Nov
*999414 9414 94 - 9412 94 -94
*93
9412 94
941
9412 9412
800 Preferred
100 89 May 7 100 Jan 13
21812 22314 21312 219
/ 2133 223
1
4
4
228 234
2275 23314 226 23114 32,400 Commercial(634)
8
Solvents B NO par 11814 Jan 4 237 Nov 23
184 1832 183 20
76 May 189 2
Jan
1912 2212 203 217
8
8 2012 2114 2053 21
76,200 Congoleum-Nalrn Inc_No par 1212May 13 293
4918 497
8Sept 1
157 Nov 43% Jan
8
51
555
8 54
5612 5412 555
8 5414 5514 543 5514 27,300 Congress Cigar
4
No par 4012May 17 5612 Nov 30
*1
/
4
-_3
4
*11
3
4
• 12 3
4
*4
/
1
3
4
*12
3
*12
Conley Tin Foil stpd
3
4
No par
84
12 Oct 8
/ 85
1
4
1 Mar 12
84
1± May17 Feb
85
/ 833 8434 84
1
4
4
/ 863
1
4
4 858 867
3 85% 86
25,800 Consolidated Cigar
No par 454 Apr 15 867 Dec 2
*9712 1021 *9712 102
8
2618 Jan 6334 Dee
*9712 102
*9712 102
*95 102
*9711 102
Preferred
100 91 Mar 31 1073
*112 13
184
8July 28
1315
8
79 4 Jan 96 Dec
3
13
4 13
4 *15
8 13
4
134
13
4
112 158
500 Consolidated DistrIb'rs No par
110 111*3 11012 11384 111 112
/
1
4
112 Aug
612 Jan 7
313 Jan
03 Feb
8
/ 1111s 112
1
4
/ 11012 1111 1104 11134 148,288 Consolidated Gas(NY)No par 87 Mar 13
1
4
30 115 s Aug 6
3
7418 Mar 97 Dec
33
4 4
33* 37
3
/ 38
1
4
8
5
31s 3'2
334 414
374 4
15,800 Consolidated TextUe___No par
114May 10
7272 727
414 Nov 22
73
234 June
514 Jan
73'z 73
73'z 7358 74
74
74
7413 75
/ 8,000 Continental Can. Inc-No par 70 Mar 30 9212 Jan 2
1
4
135 136 *134 136 *13414 136 •132 13514 1343 1351
/
1
4
601* Mar 931 Dec
:
4
800 Continental Insurance_ __ _ 25 122 Mar 31 144 4 Jan 9 103 Jan 140 Dee
114 1138 1114 1112 1112 11*2 114 11*2 111 1158 13514 13514
/
1
3
/
1
/
4
1114 1158 9,200 Cont'l Motors tem ctis_No par
4912 49'i 485 4918 4858 49
97
sMay 17 13 Jan
814 Jan
151 Oct
4
49
491
4912 511
5014 508 50,900 Corn Products Beth: w L._ 25 3558 Mar 30 511 Dec 5
12712 1271 *126 128 *126 128
32 May 42 Dee
/
1
4
2
8
/
1
4
1271g 12712 *126 129 *12612 128
200 Preferred
100 12212 Jan 6 12913 Apr 28 11814 Jan 127 July
5912 601
5912 591
g 60
593 597
4
60
6078 6078 3,100 Coty. Inc
598 607
No par 441:Mar 29 607 Dec 2
757 76
8
7514 76
48 Aug 6012 Dec
7412 741
7418 7412 75
7
8
77'± 777 78
9,700 Crucible Steel of America_100 64 Apr 15 8118 Jan 4
•102 1021 10212 1021 •102 102
64% Mar 84% Nov
/ 102 102 non 1021 n01 10214
1
4
400 Preferred..
100 96 Mar 30 10212 Nov 29
34
92 May 102 Dee
34
3412 35
34
/ 3514 3414 343
1
4
4 354 35's 35
3512 14,700 Cuba CoNo par 2814 Oct 30 533
8June 20
4414 Dec 5478 Oct
1034 111
1012 1058 1012 11
1012 107
4 1014 1012 10
1012 4,800 Cuba Cane Sugar
No pa
8 8May 22 1112 Jan 29
5
4712 48'8 47
7 4 Oct1458 Feb
3
48
47
/ 481
1
4
4712 483
4784 47
8 47
4738 10,700 Preferred
100 3512,June 8 4958 Feb 4
3712 Oct 62 Feb
2734 28
/
1
4
274 273
4 274 281
27
284 264 2714 27
/
1
/
1
2714 7,500 Cuban-American Sugar
10 2014 Aug 10 30 Jan 28
/
1
4
*104 106 *104 106
20 Oct3318 Mar
104 104 *102 106 *101 10312 *102 10312
300 Preferred
100 973 Jan 5 105 Nov 19
4
93 8 Nov 101 Mar
7
*1712 1812 *1712 18
1712 177
18
18
1812 1814 183
18
2 2,800 Cuban Dom'eanSug newNopa
1512Sept 24 2014June 7
52
5258 513 62
4
517 523
8
8 52
521
5212 5212 5212 5212 3,800 Cudahy Packing new
50 5118 Nov 19 53 4 Nov 23
3
*962 98
*94
98
96
97
*94
99
97
97
9678 97
500 Cushman's Sons
No par 7712Mar 1 10512Sept, 2
62 Mar 104 Oct
3212 333
4 33
3314 34
34
3412 35'i 3514 3612 3434 35
6,300 Cuyamel Fruit
No par 32 Nov 26 61 Jan 14
44 Nov 59 MAY
263 27
4
2612 27% 26
265
27
271
27
2718 2,800 Davison Chemical v t o_No par 23% Oct20 46 4 Feb 17
27
27
1
27 Apr 49 4 Jan
/
1
4
1
13314 13314 13314 1333 *13314 134
4
13354 134
1,200 Detroit Edison
1333 1333 134 134
4
4
100 12312Mar 80 14118 Feb 1 110 Jan 1591: Sept
37% 39
3714 383
1 3714 39
3912 3914 393
39
383 391
4
4 4,700 Devoe & Raynolds A_No par 31 Oct 7 1048 Feb 10
53 Oct 9014 Dee
2312 23
/ 2312 24
1
4
2338 2358 2318 231
2318 237
35,400 Dodge Bros Class A___No per 2114May 17 4714 Jan 2
* 2312 24
213 June 48 Nair
4
/
1
4
813 817
4
8 815 815
8
8 815 81*4 8112 815
8
4 818 82
8
2,400 Preferred centre
8 815 813
No par 7912May 17 90 July 20
731 May 9111 Oct
1078 11
11
1214 12
121i 1214 123
1214 1212 113 1213 25,200 Dome Mines, Ltd
4
No par
8 Oct 18 20 Mar 13
/
1
4
12 Apr 18% Nov
48
46
46
48
46
46
54512 45
3
900 Douglas Pectin
4512 4512 •4412 45 4
3
No par 19 Mar 20 46 Nov 27
*116 117 *116 117 *11512 116
14 Feb 2318 Aug
400 Duquesne Light 18t pref_100 11112Mar 3 116 Aug 10
11512 116*3 11512 11512 1151: 11512
/
1
4
12334 1243 123 124 51203 1211 *121 122
2
4
12114 12112 2,600 Eastman Kodak Co---No par 106% Mar 30 1243 Nov 27 105 Jan 1134 Dec
*121 122
8
*23
/ 231
1
4
10453 July 118
Jan
23
/ 2314 2314 231
1
4
2318 231
2314 2334 23 8 24
7
3,000 Eaton Axle et Spring
No par 23 Oct 20 32 Feb
/
1
4
16814 170
1018 Feb 3012 Dee
166 16914 1673 169*4 161 164
4
4
34,000 E I du Pont de Nem new_No pa, 1543 Nov 4 17114 Nov 14
163 1643 164 167
4
*10634 107
12
107 107
107% 1071 *10718 108
*
1077 1078
108 108
600 6% non-vot deb
100 1003 Apr 20 10812 Oct 7
4
*1112 12
1112 117 *1112 12
94 Jam 1041- Nov
4
2
111g 115
4 12
123
4 121g 1212 2,100 Elgenlohr es Bros
25 10 4 Oct 11 2018 Feb 1
3
•66
67
1166
67
661 661 •8513 66
:
66
*6614 6612
66
400 Electric Autolite
No par 611 Mar 31 82 Feb 1-/
4
9 4 10
3
93
4 97
94 9
3
7
9
/ 10
1
4
10
1014 11,000 Electric Boat
1012 10
No par
4 Mar 23 1072Sept 22
1732 1712 1714 1754 1718 1712 1718
1784 1712 173
4 173 183 16.800 Elea Pow & Lt 001
8
4
NO par 1514 Oct 7 3418 Feb 10
*10312 105 *10312 105
17 Apr 40% Jn17
/
1
4
104 104 *10358104 *103 105 *10312 104
/
1
4
100 40% pr pd
11912Mar 30 115 Feb 11 100 Mar 110 June
*1031
-- *10312
*10312 ___ *104
*104
_ -_ *104
_
_ _ .._
.
Pref full paid
96% 96
2--/ 96 16
10212 Oct 5 1101 Feb 26 10012 Mar 110 June
1
4
:
96 /
1
4
97
97 97
9612 96 --- 2,100 Preferred certifs
97
/ 968
i
1
4
894 Mar 24 9814Sept 10
373 3918 37
4
385
897 Aug 94 4 Dee
8 35
2
/ 363
1
4
3
4 343 3614 34
8
/ 3312 34
1
4
/ 31,050 Electric Refrigeration-No par 3312 Dec
1
4
/ 35
1
4
•83
8318 1337
84
8218 8314 827 827
8
s 831 83 8 8312 8378 3,200 Elea Storage Battery_No par 711 Mar 3 7812June 23
7
•118 2
3 9418 Aug 19
11 114 *114 2
/
4
4
603- Mar 80 Dea
*114 2
•114 2
*114 2
200 Emerson-Brantingham 00-100
1 May 20
*10
'MO
15
4 Feb 1
15
118 May
•10
Ms July
15
*M
15
*10
15
•10
15
Preferred
100
5 May 20 24 Jan 29
68
/
1
4
68
673 68
8 May 26 Aug
4
s
877 677
/
1
4
67 8 68
7
68 68
6734 68
1,600 Endicott-Johnson Corp
50 651:Mar 31 725 Feb 8
13116 120 *115 120 *116 120 *115 119
8
6351 Apr 747 Sept
8
8
120 *115 120
Preferred
100 114 Jan 7 120 Sept 15 111 May 118 4 Oct
*123 126 *123 1261: •12412 12612 1241 12412 *115 12412
3
:
13124 126
12414
300 Equitable Office Bldg pfd 100 997
8June 17 132
60 605
/
1
4July 28 ---- --- ---- * 60
605
8 593 61
4
607 617
6138 26,700 Eureka Vacuum Clean_No par 43
8 6012 617
8 60
*15
May 19
1512 *15
4812 Nov 5718 8
Deo
151 *15
/
4
151 *15
/
4
100 Exchange Buffet Corp_No par 14 4July 20 617 Dec 1
1511 151* 1518 *1412 1514
3
*211 4
*212 4
17 Apr 22
131 July 197 Jan
8
:
•21
: 4
*212 4
*21: 4
*21: 4
Fairbanks Co
25
2 Apr 16
3 48ept 11
445* 4414 4414 4514 45
3
2 Mar
/
1
4
44 Aug
46
*44
4412 *44
4412 1,200 Fairbanks Morse
4412 *44
No par 40% Oct 20 59 4 Feb 10
•10612 109 31107 111 51107 111 *107 111
3214 Jan 54% Got
3
108 108
*108 111
100 Preferred
100 10612Nov 23 115 Feb 9 10810une 11018 Nov
116 117
116 117
116 116
/ 116 117
1
4
11518 11634 22,300 Famous Players-Lasky-No par 10318
116 117
•121 123 •12012 122 *12012 123 *12012 123
Jan 19 12711June 11
9014 Feb 114 4 July
3
*121 12114 *12012 12214
Preferred (8%)
100 115 Mar 31 124 Mar 11 103% Feb 120 July
42 425
4012 423
4 4014 4212 42
423
:
4 4238 43
411 4212 14,000 Federal Light & Trao
16 28 Mar 31 4514 Nov 23
•139-- - *89
Oct 37 Dee
26
/
1
4
-- *89
- __ *89
.. _ *89
*89
92
92
Preferred
No par 88 June 18 9113Sept 28
•703 -*70 4 72
89
8212 Sept 89 Dee
*60 89
80 81
80
88
*80
900 Federal Mining & iiimelt'd_100 41 May 22 1113 Jan
/ 81
1
4
1614 Mar 951 Dee
7012 7012 703 70
4
5
4
/ 70% 70 4 7012 71
1
4
:
3
7112 72
73
*71
2,300 Preferred
100 61 Mar 3 105
*190 195
1943 1943 *190 194 *190 194
49% Mar 947 Dee
4
4
8
194 194 *190 195
200 Fidel Phen Fire Ins of N Y. 26 160 Apr 15 20014 Jan 6
Jan 23 1471: Jan 179 De.
163 163
4
4 1512 1512 1512 1512 *1612 1612 *1512 1612 *1512 1612
300 Fifth Ave Bus tern otts_No par 14 Oct 14 2132 Feb 9
*99 100
*99 100
12
Jan
*99 100
173 July
4
*99 100
*99 100
*99 100
First Nat'l Pie. let pre:_ _100 96 May 18 107 Feb
13 _-- ---- -297 •284 29
28
/
1
*
*2814 283 59812 28 4 2834 2914 29 4 31
4
3
6,400 First Nat'l SUMO
3
No par 28 Nov 27 493 Feb 5
8
1654 17
17
17
3818 Dec 40 IDeo
1638 167
4 1614 1618 1614 163
1714 1712
No par 1414May 20 2614 Jan 13
80
80 •79
*79
1013 Mar 2834 Oct
na 80 •79 80 79 79 4 *79 80 16,700 Flak Rubber stamped..__100 767
100 1st preferred
8 Apr 19 8414 Mar 16 - ---. - ---•96 102
•96 10134 •96 1013 5
5
96 100
4
4 96 1013 *96 1013
1st preferred cony
4
100 94 June 3 107 Mar 1 - ----- ---.-4
483 495
497
49
4853 4914 491a 50% 495 5012 403 50% 60,300 Fleischman Co new----No
---8
8
par 3214 Mar 29 5612 Feb 1
8212 8314 82
*8214 84
8258 x80
81
/
4
8012 8114 8014 811 2,700 Foundation Co
No par 7654 0(319 179 Jan 29
/
1
4
90
Jan 183 Nov
s
/
1
4
725 7312 1234 7458 73
743
8 73
7414 7214 733
4
4 727 7314 41,300 Fox Film Class A
NO par
6812 Sept 85 Dee
4
313 3214 3158 3234 3154 325
4 3212 3334 3314 3434 3414 36 100,600 Freeport Texas Co_. No par 5518 Mar 31 86 Jan 2
1958 Jan 13 36 Dec 3
8 Mar 24% Oct
3012 30
31
/ 30
1
4
31
303
2958 30
30
301 3018 2,300 Gabriel Snubber A
30
/
4
No par 25 8 Nov 11 42 Feb 11
5
287 Aug 397 Nov
8
8
7
75
73
7
8 7
/
1
4
65
71/4 77
8%
8
8
8 8,700 Gardner Motor
/ 85
1
4
878
Ms Nov 5
No par
93 Jan 4
4
4 2 Jan
,
1614 Mar
46
47
4612 46
•46
46
47
47
473
4612 47
4 3,100 Gen Amer Tank Car
/ 47
1
4
100 39 Mar 29 55 Jan 2
/
1
4
4412 Aug 50
*10618 108 *106 107 *106 107
Oct
10614 10614 107 107
107 107
300 Preferred
100 9912June 24 107 Nov 26
933 Feb 104 Nov
4
855
7 86
8 83
8 837 863
84
8614 8814 8714 8918 865 883 98,400 General Asphalt
8
4
100 50 Mar 3 9414 Aug 28
4212 Mar 70 Dee
51125 12912 127 12914 128 128
/ 1291 13012 133 133 •130 132
1
4
:
1,400 Preferred
100 947 Mar 3 14014 Aug 28
8
253
5312 &vs 54
8618 Mar 109 Dee
54
541± 54% 5514 55
5514 54% 55
6,800 General Cigar, Inc new-No par 46 Mar 29 591 Feb 11
:
116 115 *115 120 *11512__ *11512
*114 116 *114 115
200 Preferred (7)
100 109 Jan 11 11518 Feb 18 105 Jan 1111- i
:, lar
*110 117 *113 11712 115 115 *11511 11712 *116 11712 11512 11z.51
/
4
200 Debenture preferred (7)_100 10914 Apr 12 11812 Feb 10 104 July 11624
Aug u SeptDgeot
55 s 557
8 555 55
5
8
/ 55 8 5578 55% 557 *5512 56
1
4
5
3
55 4 551
8
1.700 Gen Outdoor Adv ANo par 61
8
4518
3515* 3558 3514 3514 3514 3512 3538 355
4 35% 35% 3514 3512 2,000 Trust certificates--No par 2658 Mar 30 563 Aug 4
Mar 30 357 Nov 19
8
26% Aug 34 Dee
---- -- _ ____ ____ ____ ____ ____ ___ __ ____
/
1
4
General Electric
100 285 Apr 15 38612 Feb 19 22714 Feb
- - 85
813
4
8 857 8814 87
52 873
8
8812 865 Ein 8512 8714 111,900 New
337 4 Aug
8
1
No par 79 June 9 9512 Aug 14
ard sited g
no sales On this day. a Exowiggsgi g Ex-rights
•
2872
New York Stock Record-Continued--Page 4
see fourth page preceding
For sales during the week of stocks usually inactive,
PER SHARE
PER SHARE
Range for Previous
. Range Since Jan. 1 1926
STOCKS
Sales
-PER SHARE, NOT PER CENT.
Year 1925
-share lots
HIGH AND LOW SALE PRICES
On basis of 100
NEW YORK STOCK
for
EXCHANGE
the
Friday,
Wednesday, Thursday,
Highest
Tuesday,
Monday,
Lowest
Highest
Saturday,
Lowest
Week.
Dec. 3.
Dec. 2.
Dec. 1.
Nov. 30.
Nov. 29.
Nov. 27.
share g Per share $ per share
Share
Per
Per
Miscell. (Con.) Par
per share $ per share $ per share Shares. Indus. &
8
1078 Oct 117 July
$ per share S per share $ Per share
General Electric special__ _10 11 Jan 5 1158 Mar 22
4
/
4
/
8 1138 1112 1138 1112 111 1138 111 1112 4,900 General Gas dr Else A__No par 34 Mar 30 59 Jan 2
4
/
2
587 Dec 6138 Des
1114 1138 111 113
47% 7,700
46
8
4
1
/ 447 4714 4612 47
44
99 Dec 100 Dec
4272 4412 43
4Sept 10
4212 4212
No par 95 May 11 993
400 Preferred A (7)
8
9914 9914 9914 *993 9912 9912 9912 *974 100
99
4
*983 99
1
/
No par 1054 Apr 8 113 Sept 9 110 Dec 110 Des
Preferred A (8)
*1091z
*10912
__•
10912
*10912 ---- *10912
*113 _
No par 9214 Apr 27 96 Jan 4
290 Preferred B (7)
95%
*95
96
Nov
957 95% *95
8
96
96
8
*954 96
645 Jan
96
3
96
General Motors Corp No par 11314 Mar 29 225 4 Aug 9
4
2
Jan 115 Dee
13814 142% 137% 1394 13812 1403 1393 14214 141 145 523,100 7% preferred
4Sept 1 102
13912 142
100 11312 Jan 29 1203
2,500
120 12018 120 12038 *120 12012 120 1204 11912 120
8812 Apr 9912 Nov
120 120
13 105 June 29
100 9814 Apr
100 6% preferred
1041
4
/
51044
nov2
42 Jan 594 Dec
1044 10412 *10414 ---- *10414
25 4912 Mar 2 70I8June 23
General Petroleum
68 Nov 80114 Oct
8
6012 Mar 31 937 Aug 18
843 8 -11412 84 111- *104 4 - _5 z 19,700 Gen Ry Signal new_ _go -par 103 Apr 14 105 Nov 16 901 July 10572 Nov
1
85 idt; -8314 - ;
81
4
/
TiEz
100
Preferred
_
'104 _ _
1
/
_
*104 ____ *104
Oct 584 Jan
42
*104
*104
General Refrantories___No par 36 May 27 49 Jan 4
45
*43
45
*43
43
45
44% •
8
*43
i'47- *43
47 Mar 83 Dee
45
*43
8
par 4114 Nov 16 787 Jan 19
No
17,600 Gimbel Bros
4
453 46% 4612 48
4512 46
47
4912 4518 47
4
1
/ 47
45
100 100 Nov 10 11138 Jan 7 10214 Mar 11412 Nov
4
/ 1,500 Preferred
8
1017 102 •102 10212 *102 1021
8
1
/
124 Mar 2612 Des
*101 1024 10212 10212 1017 102
8June 3 2534 Jan 4
No par 153
183 193
4
4 2.600 Glidden Co
4
*183 19
Oct
1912 1912 19
*18% 19
4
1912 183 19
37 Mar 51
8
v to NO Dar 4112 Mar 31 567 Feb 3
45% 463
2 4514 4514 2,000 Gold Dust Corp F)
3
8
1
/
453
4
363 Jan 74 4 Nov
4 4518 454 455 46
3
3
45 4 45 4 *45
No par 3912 Nov 30 7034 Feb 9
36,400 Goodrich Co (B
443
4
8
405 41% 41 15 41% 43
Jan 102 Nov
92
42% 45% 4218 434 3912 42
100 95 June 25 100 Feb 16
900 Preferred
97% 97%
97
97
4
1
/
8 97 97
973
8
967 96% *97
8618 Jan 114 Oet
97
97
1.800 Goodyear T dr Rub pf v t o_100 9714 Dec 2 109% Aug 1
97% 98
9714 98
99% 99% 59714 109
100 10018 100 100
2
100 1053 Jan 22 109 Sept 14 103 Apr 109 Dec
700 Prior preferred'
42 Dee
2
39 Dec
8
1063 1063 •106 10718 105% 106% 10618 107
10618 10618 107 107
par 3314 Mar 30 6912 Nov 15
4 61. 6214 6,300 Gotham Silk Hosiery_ _No par 4712July 12 68 8 Nov 15
6314 62 623
6414 6314 6414 6318 6312 62
7
64
No
3,000 New
62
4 61
4
8
6418 64% 638 6418 633 6353 634 6314 623 623
100 98 Apr 6 125 Aug 17 "61; iiJJ 10212 Dec
700 Preferred
8
23 Sept
8
1872 Dec
4
4
8
4
4
1113 1113 1115 11152 *1114 1113 *1115 1113 11112 1115 11112 11112 1,000 Gould Coupler A
8 Oct 30 2112 Jan 23
No par
8
9% 93
8
912 912
217 Dec
218 212
912 912
13 Mar
4
/
*91 10
4
*912 10
164 Mar 31 363 Nov 24
34% 3512 7,800 Granby Cons M Sm dr Pr 100 89 Apr 14 1097 Nov 26
34% 35
1
/
Jan 1134 June
8 344 347
91
8 343 347
4
357
8
3512 3614 35
Western Sugar tern ctf25
4
4
1073 1073 1061z 10712 9,600 Great
4
8
10633 1087 10712 1083 107 108
10818 109
Mar 30 1184July 22 107 Apr 11512 Dee
100 1084
100 Preferred
*11612
4
/
*11612 1181
*118
,
11 4 Mar 1914 Jan
__ *11612 __
11612 11612 *11712
3
9 4 Apr 3 30% Nov 10
5,600 Greene Cananea Copper.._.J00
274 28
28
4
/
61 Jan
3% Sept
271s 2712 *27
2
8
2512 254 257 1614 2614 27
54 Jan 5 107 Feb 1
24,100 Guantanamo Sugar_ _No par
9% 10
97 1014 10
1014
3
93
912 914
6718 Mar 95 4 Nov
103
4
9
3
2
94
100 5138 Oct 25 93 8 Jan
4,100 Gulf States Steel
5512 *5518 56
5412
1
/
424 July 89 Feb
3
4 55 4 56
2 5512 573
57% 57% 58
583
100 45 June 18 59 Nov 1
Hanna 1st pre! class A
57
*55
56
55
*
57
*55
57
12
*55
57
*55
55
*
57
200 Hartman Corp class A_No par 26 Oct 20 2918 Nov 14 16- Rii
4
/
Nov4912
*2612 2712 52612 2712 261 264 2614 2614 2,800 Hayes Wheel
28
*27
•27
28
1914 Nov 26 46 Jan
No par
21%
4
1
/ Jan
66 May 77
2112 2114 2112 21
2018 20
4
1
20
4 20
* / 203
1
/
194 20
25 68 Mar 29 87 Nov 22
W)
4 2,400 Helme (G
1
/
854 863
86
8
85
27 Dec 487 Jan
4 85
863
8
8
27 3512 Aug 11
835 8353 847 85
8612
*85
100 Hoe (R)& Co tern etfs_No par 1712May
*2412 26
Jan
*2414 26
Jan 50
43
*2412 26
244 2414 *2414 26
*2414 26
100 4712 Jan 4 63 Oct 9
300 Homestake Mining
3412 Jan 4718 Nov
624 *6212 64% 62% 62%
6412 62
8
643 *62
4
*62
643 *62
4
ettNopar 40 Mar 3 483 Jan 8
4
/
Jan
45% 45% 451 4618 7.400 Househ Prod,Inc.tem °Us WO 5014Mar 31 71 Jan 5
4
453 46
59 Apr 85
47
4
4414 443 4653 46
44
6.500 Houston Oil of Tex tern
59
4 5852 594 59
1612 June 3118 Nov
5718 593
56
56
55
55
5.535 58
No par 27 Jan 8 45 Sept 15
4012 6.600 Howe Sound
4
/
401 40
40
4
393 40
4
1
/
33 Jan luta NOV
4
4
393 404 *393 40
403 Oct 29 12314 Jan 4
39% 404
,
48 4 75,300 Hudson Motor Car___ _No par
4
8 47
4518 46 4 453 475
,
144 Mar 31 Nov
46
4
8
8 45
473
46
47% 45
14,200 Hupp Motor Car Corp_ 10 17 Mar 2 283 Jan
1
/
1
/
1312 Jan 414 June
2012 20% 2014 2033 2018 2014 204 2014 204 20% 20% 2114 46,500 Independent 011 de Gas_No par 194 Mar 30 34 Jan 2
1
/
2
4
/
2612 2712 2714 28% 2818 281 283 2912
273
2653
27
27
•
13 Mar 24 Aug
15 Oct 29 2414 Feb 4
No par
200 Indian Motocycie
4
3
1414 Dee
4
512 Jan
73 Oct 20 1334 Feb 13
*1534 1712 *153 1712 •15 4 1712 *153 17
17
1712 17
*16
10
8 1.300 Indian Refining
812 85
818 84
8 14
8
6 Sept 1258 Dee
8
8
4
838
4 73
73
8
74 Oct 20 1212 Feb 13
10
900 Certificates
83
*8
4
8
8
8
8
77 Mar 110 Dec
4 8
*73
8
8
100 90 May 14 104 Jan 7
4 8
*73
100 Preferred
97
*95
96
96
97
*95
98
77 Nov 10712 Dee
*95
Jan 5
*95 107
95 107
*
700 Ingersoll Rand new___ _No par 8014 Mar 31 104 Jan 7
96
*93
96
954 *94
95
4
934 95
385 May 50 Feb
97
*95
97
*95
No par 3412May 11 4312
4
/
4012 1,800 Inland Steel
8 401z 401 *40
4 4012 4118 408 407
4
40
4014 403 403
4
100 1083 Mar 18 115 Feb 9 10412 Apr 112 Sent
100 Preferred
4
1
/ Jan
110 110 *110 113 •110 113 *110 113
2214 Apr 32
10
8
4
*103 110 *103 110
5,100 Inspiration Cons Copper___20 203 Mar 30 285 Nov 11
2618
8
4
2612 2612 2612 2653 2618 2612 2614 2614 263 2633 1418 2853 9,400 Intercont'l Rubber___No par 1312May 10 213 Feb
4
1512
8 133 14
4 134 137
4
718 Jan "iiTs Nov
4
*133 1418 133 133
95 Oct 30 2614 Jan 22
4
133 14
No par
2.000 Internet Agricul
4
*93 10
4
3
3
9 4 9 4 *93 10
4
*93 10
10
40 Apr 85 Nov
9% 1012 10
100 57 Nov 8 95 Jan 27
400 Prior preferred
62
3
63 4 62
62
6412 *
6412 *62
7
62
*
6412 6214 63 2 *62
2
, Dec 3 110 Mar 1764 Nov
65
8
555 18,300 Int Business Machines_No par d3818 Mar 30 55 8 Jan 21
2 5418 55
531
547
4
/
53
5353 54
52 Jan 811 Sept
5218
53% 54
2 2,800 International Cement__No par 445g Oct 20 717
523
4
/
521 52
5214 5212
Aug
52
53
5253 *52
5218 5212 52
8
100 1017 Oct 26 106 Jan 26 10212 Nov 107 Dee
600 Preferred
104 104 *104 10414 1035 10414
104 104
4
/
311 Jan 6912
Jan 5
*1034 104 *10314 104
1
/
27,200 Inter Comb Eng Corp_ _No par 3312 Mar 30 614
44
8
4
4 423 437 5433 4414 43
964 Mar 1384 Sept
8 4114 4314 4112 423
4
423 433
100 1124 Mar 29 14312 Dec 3
1413 14312 46,400 International Harvester
4
13753 143
4
13718 139% 13618 13853 136 137'8 137 138
100 118 Jan 5 1263 Aug 7 114 Mar 121 Nov
700 Preferred
124 12412
4
1
/ 124
8
8
74 June 147 Feb
2
12312 12312 *123 124 •123 124 *123 1237 123
6 Sept 21 123 Feb 17
100
3
4 2,600 Int Mercantile Marine
1
/
712 7 4 *74 73
3
4
1
/
712 753
27 Aug 52 Feb
74 712
812
714 7
8
100 27 Mar 30 4632 Feb 16
28,400 Preferred
4
/
8 371 3812
375 387
4
/
4 381 39
383
8
4 37
383
8
563 Dec 607 Dee
8
3814 4014 37
.35 5312 Mar 3 663 Feb 23
4 6118 6112 7,600 International Match pref_
618 614 613
8 61
244 Mar 4812 Nov
6214 6112 624 6118 615
62
2
54,700 International Nickel (The) 25 323 Mar 30 4614 Jan 5
/
381 39
Jan 102 Nov
4
/
94
37
3833 371 3814 3812 394 384 3914 •1034
3612 37
100 10112 Jan 29 1044 Apr 21
200 Preferred
____
Oet
4814 Mar 76
103*103 ____ 1034 1034 *103
103 103 *
100 4418 Apr 15 63% Aug 28
4
/
5712 571 4,300 nternatlonal Paper
4
/
5733 571 59
8 57
-356 16 4 561g 567
56
56
8
86 July 995 Oct
100 89 May 7 9812 Jan 2
1,500 Preferred (7)
4
*963 97
97
97
July
97
19954
97
97
97
97
96
8
*967 97
International Shoe__ _No par 135 May 6 175 Jai) 11 108 Feb 144 Aug
.161 164 •161 164
8712 Apr
111 Mar 3 133 Jan 25
*161 165 *161 165 *161 165 *161 164 8
8
1175 117% 1183
4 6.500 Internet Telep az Teles-100 1812July 24 29 Jan 7
8
8
18 July 293 Oct
4
4
NO par
4
4
1173 1173 11618 11778 1163 1163 11618 1167 11653 20
400 Intertype Corp
2014 2014
20
8
1612 July 263 Dec
*1912 20
*1012 20
•1912 20
100 25 Jan 4 4778 De) 2
4
/
*191 20
4514 4733 464 474 4,700 Jewel Tea, Inc
46
4
/
3
4
453 *4514 45 4 45
100 11512 Jan 29 125 Feb 9 1021 Jan 11512 Dee
45
45 4518
Preferred
*125
8
____ *125
1134 Dec 217 Feb
4
1
/
9 Dec 3 1912 Feb 5
*12412 128 *1244_ *125 130 *12412
4
93 1012 3,100 Jones Bros Tea, Ine,stpd..100 12 Nov 12 66 Feb 19
65 Nov
4
1
/
8
353 Aug
4
/
-14 *104 101 1014 104 *1014 103
No par
4 1014 10
*1018 103
4
/
161 1812 9,200 Jordan Motor Car
4
/
11June
14 May
144 1438 14% 17
4
3 Jan 8
Mar 4
1414 145
10
14
1412 1412 148 15
14
14
300 Kansas Gulf
4
1
/
2
3
Jan 109 Sept
99
*14
8
3
29 115 Nov 27
*14
14
8
3
14
14
*14
14
200 Kan City P&L let pf A_No par 10714 Mar 20 47% Jan 14
4
s
4218 Des
11412 *1133 1143 *1137 11412
4
4
183 Mar
4
4
3314May
4
115 115 •114 1143 1143 1143 *113
441 4412 2,400 Kayser (J) Co v t c. __No par
4
/
2138 July
1214 Mar
1
/
9 2112 Feb 6
4418 434 444 4353 44
9 Oct
25
4
1
/ 4412 4414 4452 44
44
2 3,700 Kelly-Springfield Tire
912 97
74 July
41 Mar
914 915
4
914 914
958 97
8
100 4312 Oct20 743 Feb 5
912 952
912 95
8% preferred
54
*44
47
*41
48
43 Mar 72 July
*41
48
*41
48
*41
100 45 Dec I 7314 Feb 5
48
*41
200 6% preferred
*42
46
53
*45
47
87 Aug 124 Dec
45
Feb 4
55
*47
55
*47
100 71121 NOV 26 126
55
*47
600 Kelsey Wheel Inc
77
7912 8114
4 77
594 Nov
4612 Mar
4
763 763
8
*775 79
4
78
*77
No par 493 Mar 30 6414 Nov 16
78
*77
39,400 Kennecott Copper
62% 634 x6112 62
4
1
/
3 July
1% Sept
218 Jan 2
12May 11
6211 62% 624 63
6212 627n 6212 63
55
800 Keystone Tire & Rubb_No par 39 Nov 5 8218 Jan 7
%
%
%
Oct
8
5
75 Mar 100
%
4
5
4
3
*53
*52
4
3
*Ns
No par
Kinney Co
4
/
8 *361 38%
3
3914 *3612 3812 *3612 3853 *3612 385
10 42 4 Mar 30 82 Jan 29
*37
3914
Co new
Oct
4
543 5512 5518 55% 554 554 55% 5618 13,400 Kresge (5 5)
Feb 26 Hof.' Mar 116
4
4
100 11212 Nov 22 1143
5512 55% 554 553
Preferred
*112 113 *112 113
4
1
/ Jan
45
2812 Dec
8
1518 Mar 25 333 Jan 14
*11012 113 10112 113 •112 113 *112 113
600 Kresge Dept Stores ____No par
4
1
/ 1912
1912 19
1912 •18
1912 *18
4
Jan 975 June
88
*18
19
19
100 7014 Mar 26 934 Feb 1
2014
20
Preferred
80
*76
80
•76
80
•76
78
•76
78
*76
146 Mar 29 178 Nov 23 11014 Jan 178 Mar
80
76
•
172 1743
4 1,800 Laclede Gas L (St Louis)- _100
174 174
175 1774 x173 173
175 175
*172 174
14
Oil & Transport_No par 1918May 14 2412June 5
8 2118 213 21,4001Lago
213
21
8 21
No par 39I2May 7 72 Nov
2012 2014 2018 2012 2018 2012 205 70
7,700 Lambert Co
69
697
69 69
6912
Oct
69
2 69
713
par
64 Dec 3 14 Jan 4 "hag Feb 19
7012 7138 70
4 4,000 Lee Rubber dr Tire___ _No par 303 Mar 30 414 Jan 2
612
614 63
612
64 63
4
4
374 Del 4412 Oat
4 63
63
7
7
4
7
No
7
1,500 Lehn dr Fink
3512 3432 348 3452 35
_
35
3412 3414 35
*34
par 1714May 4 22 June 25
35
No
35
2114 2,300 Life Savers
2112 21
21
8
*207 21
57 Mar 92 Deo
8
*207 21
new-_25 7218 Mar 31 101 Nov 23
20% 20% *2078 21
8
997 998 9918 9953 *994 9912 1,700 Liggett & Myers Tob
99
1
/
164 Jan 124 Dee
99
4May 5
98
98
100 11934 Jan 18 1293
*99 100
200 Preferred
____ 1271s 1274
5512 Mar 89 Dec
4
1
/
s
4
/
12412 1241 *124 128 *124 128 *124
25 71 Mar 24 1013 Nov 21
*124 126
2,400 "B" new
4
9853 987 *983 99
s
4
1
/ Jan
4
60 June 74
8 9918 993 *984 99
NO par 5312 Mar 31 6934 Jan 4
1
/
994 994 977 985
400 Lima Loc Wks
6312 *6214 634
63 •
62
4
*62
22 Feb 443 Nov
62
62
62
62
No par 3414 Mar 2 48',Sept 28
634 63%
8
4 463 4714 21,300 L ew's Incorporated
Jan
94 Apr
8 4518 463
8 448 453
6
4
443 447
4
6 Oct 8 1114 Feb 10
443 45
45
45
1,200 Loft Incorporated__,...No. par 4212July 23 51)12 Feb 3
612 612
6
64
61s 612
14 Mar 43 Sent
618 61g
64 64
614
*6
A-_No par
700 Long Bell Lumber
8
4418 *433 44
44
45
4
1
/
*44
77 Feb 143 Dee
45
*44
45
100 88 Mar 30 1694 Oct 1
4412 *44
*44
2,000 Loose-Wiles Biscuit
15412
152 1568 15114 1514 153 153 *1054 155 *150 155
100 12014 Mar 30 167 Sept 8 104 Feb 148 Deo
155 156
300 2d preferred
156
3014 Jan 39 Sinn
4
1
/
4
1
/
155 155 *150 160 *150 156 *150 156
25 27 Oct 25 4214 Feb 3
*150 160 .
3114 315s 3112 3158 6,100 Lorillard
32
3012 3018 3012 32
100 11118 Apr 5 120 Aug 31 10818 Feb 116 Aug
30% 29
30
400 Preferred
*11714 119 *11712 1184 11712 1174
1358 Aug 23 4 Feb
5
8
par 12 Mar 3 1978.1une 21
4
*117 1183 117% 1177 117 117
2
4 153 157 11.590 Louisiana 011 temp ctfo_No
1514 153
8
1412 1514
23 Der 263 July
1414 143
31 2618 Feb 10
3
1412 1412 1418 1453
1,700 Louisville (/ & El A__ _-No Par 22 4 Mar 25 5814 Feb 4
24
2412 244 237 2418 24
313 Feb 60 Des
4
8
1
/
8
No par 224 Oct
8
243 2412 243 243 x2418 2418 2412
2,200 Ludlum Steel
4 2414 2412 2412 2412
243
4
/
251
24
100 122 Oct 26 138 Feb 9 114 Mar 141 Sept
*2512 26
27
*26
Mackay Companies
*12818 130 •12818 130 •1284 130
1
/
66 Mar 784 Feb
100 88 Mar 19 7318 Feb 9
*128 130 *12818 130 *12818 130
200 Preferred
*71
72
71
71
72
*71
Jan 242 Nov
8
4
70i. 718 *7014 71
No par 80 Nov 4 159 Jan 4 117
*704 72
8
8 991 1007 63,100 Mack Trucks, Ins
4
/
9714 983
4 98 1007
4
/
Jan 113 Aug
4 971 991
9712 1003
100 10712 Nov 23 113 June 10 104
99% 1011z
400 1st preferred
4
/
8 10912 10912 *1091 Ill
8
4
4
1094 1098 *1083 1093 1093 1093
*109 110
99 Jan 10658 Aug
4
100 102 Oct 5 1083 Sept 3
2d preferred
108 *105 108 *164 108
6912 Jan 112 Oct
4Sept 7
1
/
par 864 Mar 29 1263
*102 106 *101 106 *103 106 *105 123 *12012 123 •1204 123
500 Macy (R H)& Co,Ino_No 100 1143 Oct 20 11834 Jan 14 11454 Jan 118 Aug
4
4
121 1213 120 120 •120
*121 123
Preferred
116 *115 116 *115 116
34 Mar 46 Nov
No par 34 Apr 19 4478 Feb 10
*115 116 •1154 116 *115 116 *115
4
/
3614 3618 364 364 361 2,900 Mag a Copper
3614 36
4
1
/ Jan
2114 Dec 37
1258 Nov 1 2818 Jar 5
8 3614 3614 36
2
363 363
700 Mallinson (II B)& Co_No par
*14
8
143
1478 147 *1412 15
4
1512 *143 15
79 July 8214 June
15
100 55 June 4 82 Feb 1
*1512 1612
300 Menet' Sugar pref
*664 72
4
/
*661 72
70
6814 6814 *67
32 Mar 59 Mar
70
4July 19
70
73
69
•
Manh Elea Supply____No par 44 Oct 16 873 Jan 4
491z 4912
500
49
49
49
*47
8
49
*47
204 Mar 347 Nov
8
4
/
25 211 Oct 20 327
504 5014 4912 50
26
1,100 Manhattan Shirt
264 26
26
*254 26
26
4
/
par 2712 Mar 20 453 Sept 14
8
28's.Mar 491 Apr
2514 2514 *2512 2612 *25
42
100 Manila Electric Corp__No
*40
42
*40
42
*40
42
*40
8
203 Sept 3512 Jan
42
*40
42
42
Expl_ _ _ _No par 1612 Oct 6 28 Feb 2
8 6.100 Maracaibo 011
1914 215
8 18% 1918
185
4
/
184 18
18
8
325 Mar 601 Dee
No par 4914 Mar 30 6338June 17
*1812 194 •1812 19
8
5514 5514 564 557 5612 134,500 Marland Oil
8
103 Mar 327 Oct
3
53 4 544 54
3
53 4 545
No par 2412 Oct 21 33 Mar 11
537 54
1,000 Marlin-Rockwell
8
8 277 28
8
4
/
4
1
/ 271 *267 277
274 27
19 Dec 3718 Jan
4 2612 2612 •27
No par 17 May 20 23 June 25
*2612 273
300 Martin-Parry Corp
*201s 211z
Jan 10714 Do*
8
8
205 205 *2012 213 *2012 21
51
3
Jan 2
4
4
/
211 2114 203 20 4
Wkstem 0.150 6212May 12 10618
8 8814 8814 8514 8614 4,090 Mathieson Alkali Stores-50 10672May 17 14514 Oct 26 101 Mar 13912 Dee
1
/
864 864 *854 8618 851s 885
88
87
*
8 8,300 May Department
1367 1367 137 13712 *13612 13712 13714 1397
100 12238 Feb 2 125 June 11 11612 Mar 124 June
137 137
137 137
Preferred
8
4
____ *12514 ___- *1253 1264
4
/
211 Nov 263 Oct
_ *12514 ____ *12514
No par 19 Mar 3 2412Sept 8
*12514 ____ 512514
4
1
/ Oct
4 1,100 Maytag Co
4 2212 2212 2212 223
79 Mar 139
223 223
2212 22 22
Class B No par 72 Mar 30 121 Jan 11
1
/
224 2212 2212 _-100 McCrory Stores
78
4
1
/ Oct
4
/
781 78
Jan 22
16
791s *78
7 *773 7912 *75
794 *78
30 Feb 15
4
79
78
•
1,800 McIntyre Porcupine Mines_ _5 2214 Oct 14 2512 Nov 24
4
/
4
*243 25
25
Jan 241 Nov
4 25
18
24% 243
4
_27
*243 25
8
243 25
24
24
300 Metro-Goldwyn Pictures pf par 224 Jan 8 133
25
4
1
/ Jam
4
*243 2512 25
9 Dec 22
25
4July 23
25
25
6 Feb 25
_No
2512 25
2514 2514 *25
77
73
84 11,200 Mexican Seaboard Oil_
734
77
8 May 23% Jan
1
8
75
3
72
8
5 11 Mar 3 175 Oct
74
8
8
84
8
8,300 Miami Copper
3
3
4
1
/
25 Aug 38 Nov
1614 15 4 161s 15 4 157
par 2712July 22 37 Jan 2
2
4 1612 1653 163 1653 16
4
163 163
3114 317 21,500 Mid-Continent Petro__No
315
31
3012 3014 3014 3014 31
3012 30
30
no alai on this day S 112r-dividend. I Et-rightl.
•Bld and gated prima:
2873
New York Stock Record-Continued-Page 5
For gales during th• week of stocks usually inactive, see fifth page preceding
.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Nov. 27.
Monday,
Nov. 29.
Tuesday,
Nov. 30.
1Wednesday, Thursday,
Dec. 2.
Dec. 1.
Friday,
Dec. 3.
Sates
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PKR SHARE
Range since Jan. 11926.
On beats of 100
-share lots
Lowest
$ per share $ per share $ ner share $ per share $ per share $ per share Week. Indus. & &Mice111.(Con.) Par $ per share
100 90 Mar 30
102 10212
800 Mid-Cont Petrol Prof
*1003 10114 *10012 10112 10114 10114 10114 10212 *10112 102
4
3
4
7
8
34
3 Nov 19
4
%
3
4
7 11,400 Middle States 011 Corp____10
8
3
4
3
4
3
4
7
8
3
4
7
8
12
12
12
12
12
a
s
12
5
8
%
5
8
10
Certificates
% Oct 8
12
12 8,800
_100 107 Mar 30
110 11012 *108 110 *108 110
11014 11014 *11014 112
*110 112
500 Midland Steel Prod
pref_4
8 35
*335 34
8
35
*333 35
35% 355
*3412 353
300 Miller Rubber ctfs___No par 30 May 17
4 35
35
83
82
83
100 693 Mar 26
8
*82
*82
8212 833 84
4
2,000 Montana Power
83
83
838 83
6514 6612 6514 653
8
3
4 643 65 8 6514 67
66
661 6614 667 32,700 Montg Ward & Co Ill corp_ 10 56 May 19
/
4
8
8
8
No par
103 113
9 4 Nov 23
3
108 107 *103 11
4
4 1012 1012 1114 127
8 1112 12% 5.112 Moon Motors
4% 4%
4 Nov 19
43
4 48
43
4 4%
43
48 5
4,700 Mother Lode Coalition_No par
452 43
48
1414 1312 125 1318 123 123
8
4
1214 13
13
No par 1214 Dec 1
14
133 14
4
4,000 Motion Picture
34% 34 34
3414 34% 34
3414 3458 347 353
No par 33114May 19
4
3,400 Motor Meter A
8
4 353 37
1912 197
8
8 1914 1912 195 20
193 2014 *2014 21
4
No par 1918 Nov 27
208 208 3,400 Motor Wheel
*614 10
*814 10
*814 10
7 2 Nov 19
3
No par
*812 10
8% 83
8
100 Mullins Body Corp
812 10
*37
3712 *37
3712 3512 3612 *3512 3712 *3512 3712 3512 35l
4
No par 343 Apr 6
300 Munsingwear Co
*714 9
3 May 8
714 714 *718 9
No par
•712 9
7
714 *612 7
300 Murray Body
55 2 5512 55
3
55 4 554 58
3
55 4 *55
3
No par 52 Mar 24
/
1
5512 553
5512 5812 23.000 Nash Motors Co
*614 612 *614 612
5
614 *518 614 *512 6
5 Nov 30
*512 614
1,900 National Acme stamped_100
973 983
4
4 9712 993
8 963 9814 963 977
25 74 Jan 8
4
8 98
9812 9712 9812 14.200 National Biscuit
*12814 129
130 130 *129 13012 *129 130% 3
.1293 13012 *1293 130
4
100 126 Jan 27
100 Preferred
8
4012 4118 405 4114 4014 41
4058 4058 4012 4058 4.018 4012 5,400 Nat Cash Register A w I No par 3712 Oct 26
*18
1912 1834 1938 1958 1958 •1812 193a
100 18 Nov 3
183 183
600 National Cloak as Bun
4 183 1924
4
*58
61
*58
62
*5814 6012 *5814 61
100 5818 Nov 19
6014 6014 *5814 60
Preferred
100
/
4
701 72
6812 711 69 693
4 693 693
/
1
8
g
70
7112 7012 717 13,200 Nat Dairy Prod tern otrallo par 584 Nov 11
263 263
4
28
*2712 277
8
4 267 2838 28
8 2752 27% *2718 278 4.700 Nat Department Stores No par 24 Oct 25
9018 9018 *9018 91
*9018 91
*9018 91
100 89% Oct 15
*9018 91
*9018 91
100
1st preferred
8
*203 2112 207 207
4
2 2018 2014 2012 2012 21
900 Nat Distill Prod ctfs___No par 1212May 18
21
2012 2124
*4312 47
*4314 45
*4412 45
*4412 45
/
1
4
45
45
*45
47
Preferred temp ctf __No par 37 Aug 2
100
*27
28
26
26
25
25
*25
27
253 26
4
*27
28
400 Nat Enam & Stamping_100 2118July 14
*82
85
*81
85
381
85
*81
85
100 76 July 13
2082
85
Preferred
*82
85
153 155 *156 160 *154 1547 155 155
100 138 Apr 15
8
15713 16112 160 160
2,100 National Lead
*116 118 •116 118
11614 11614 117 117 *117 11712 11712 11712
100 116 Jan 16
Preferred
300
2012 203
4 205 2118 2014 2034 20
8
2028 20 2014 2038 2058 10,300 National Pr 02 Lt ctfs__No par 163
4Mar 2
83 8312 8312 847
8
8 835 8438 84
847
8212 83
823 84
4
13,900 National Supply
50 5512 Jan 4
*12012 125 *119 125 *120 125 *120 125 *119 125 *120 125
No par 11612 Nov 4
National Tea Co
155 157
8
155 157
8
8
1534 1614 16
15 4 158 153 157
3
8June 1
4
1614 36,000 Nevada Consol Copper
5 115
g
42
4338 42
42% 42
427
8 423 4312 4318 4412 437 445 17,600 N Y Air Brake
8
No par 3612 Jan 2
2258 2278 2218 227
2114 22
2118 2112 2112 217
8
8 217 2338 6,500 NY Canners temp ctfs_No par 2018 Nov 24
•76
815 •76
8
80
2076
7912 *76
7912 7618 7618 *78
80
No par 761 Dec 2
100
Preferred
*34
35
34
3418 34
34
*3312 35
*3312 35
*33
3412
100 32 Oct 2
400 New York Dock
*7012 72
*7012 72
7114 7114 *70
72
•70
72
•70
72
100 69 May 13
100
Preferred
3
2812 287 *285 287
8
8
8 283 283 *283 28% 28% 288 28% 28%
4
4
4
8
600 Niagara Falls Power pf new_25 275 Mar 31
Ws 4918 4812 49
483 48% 4812 483
2
4 4812 4912 488 4912 14.700 North American Co
10 42 Mar 30
5 8 507
52
07
*51
8 51
8
515
51
2
51
5112 513 513 •50
8
600
50 49 Jan 2
Preferred
*96
97
*96
97
*96
9612 9614 9612 96% 9618 9614 96'4
400 No Amer Edison prat __No par 911 Mar 31
414 4%
4
/ 4%
1
4
414 4% *418 4%
4
/ 4%
1
4
418 42 2,800 Norwalk Tire dr Rubber
41 Oct 20
/
4
10
*15
16
*15
16
*15
16
*15
16
•1514 16
*15
16
Nunnally Co (The)____No par 1338 Mar 1
3112 311 *303 32
4
*303 32
4
*31
32
*3118 32
*31
32
200 Oil Well Supply
25 30 July 2
1714 16
161
/
4
17
1514 16
1514 157
1518 163
No par 12 Oct le
4 1512 1612 11,100 Omnibus Corp
•36
361 *36
3614 36
36
36
36
36
36
*36
No par 3114 Feb 2
38s 1,200 Onyx Hosiery
2 __ *1145
'11458__ _ •1145
8
*1145
8 __
____
_ _ _ _
_
___
Preferred
100 95 Apr 17
69
6824 gi
687 8 587g
*5814 59
3312 - - *58 3812
59
500 Oppenheim Collins & CoNo par 47 Jan 12
3114 3114 313 331
8
3212 3234 3212 3234 32
3252 32
3212 14,600 Orpheum Circuit, Inc
1 2712Mar 2
•10312 106 *104 105 *104 105 *104 105 *104 105 *104 105
100 101 Jan 13
Preferred
12512 12512 12418 124's 12338 124
124 1253 125 1267 12718 1273
8
8
4 6,200 Otis Elevator
50 106 May 20
*10612 10712 *10612 10712 10712 10712 *107% 108 *10712 108 *10712 108
100
4
100 1023 Jan 13
Preferred
818 818
818 81
818 818
814 812
714 88
8
/ 814 4,300 Otis Steel
1
4
No par
8 Oct 18
- .- 100 85 May 17
Preferred
- - - - - __
24
32 -- 14 S21. 8
1
2 f311
i 13 iiTx - -iis iii/4 13 55 "ii - ,O156 Owens Bottle
8
-24
25 533 Mar 29
4
2
51)12 5012 5012 *51
3250
52
50
52
51
5114 517 523
3,700 Outlet Co
No par 44 May 19
*104% 105
105 105 *105 108 *10412 106 *10412 106
105 105
100 97 Apr 1
/
1
4
200
Preferred
0129 12912 130 130
1297 1298 •12912 1298 •129% 1297 *1295 129%
8
100 118 Mar 31
8
8
200 Pacific Gas dr Electric
112 112
112 15
8
112 18
112
112
No par n1 May 13
112
112
112
112 7,800 Pacific Oil
8 3412 3434 3414 345* 34
345* 347
3412 34
10 318 Mar 3
351
3412 3558 19,100 Packard Motor Car
4
97 101
97 1014 1018 1012 10
10
10
1014 103
9 Nov 19
8
1012 6,300 Paige Dot Motor CarNo par
61
6114 6214 621
6114 6114 6214 6214 6314 6314 63% 633
50 561a Mar 31
4 1,100 Pan-Amer Petr ,k Trans
6012 61
603 6134 6058 6218 62
50 567 Mar 31
8
4
Class D
6318 63
638 637 648 60,200
8 311 3112 32
/
4
313 313
4
4 3112 317
32% 325 33
6.100 Pan-Am Weak Petrol B_No par 30 Oct 13
8
3314 343
•1512 16
412 Jan 21
1614 1718 16
163
4 1618 168 1618 1618 1614 168 11,900 Panhandle Prod & Ret_No par
100 51 Jan 19
*71
Preferred
78
•70
73
200
•70
73
72
72
72
72
*72
77
203 231g 223 248 243 25% 25
8
4
243 23.800 Park & Tilford tern ctfs_No par 185* Oct 23
4
4
8 24
257
233 247
4
I
51eSept 30
614 638
612 638
2 2,900 Park Utah C M
8 *63
63, 63
6'8 63
2 62
,
63
8 612
37
16,200 Pathe Exchange A____No par 3214 Nov 30
3714 35
8
343
3712 3214 35
4 345 3812 3918 41
34
No par 167 Jan 28
23
2314 23
238
228 231 13,000 Penick dr Ford
2214 24
23
233g 2312 24
w__50
7 Aug 6
100 Penn Coal dr Coke
*13
*1212 14
13
*13
15
1412 13
*1212 15
*1212 15
5 Oct 28
8
3 18,300 Penn-Seaboard SO vto No par
4
5
8
ki
3
4
7
8
7
8
7
8
3
4
3
4
7
8
3
4
3
4
1.400 People's CI L & C (CI:210_100 117 Jan 4
12514 12512 *125 12512 12514 12512 125 12514
1254 12512 125 125
/
1
88
1,000 Philadelphia Co (Pittsb)___50 5918 Mar 2
*80
4285
82
88
*80
85
82
86
80
85
*82
50 45 Oct 11
200 6% preferred
*4914 4912 4912 49% •49
*49
50
50
4912 *4914 4912 *49
433 441e 4212 434 43
8
4214 435* 4212 434 10,000 Phila & Read C & L_ Nopar 3614 Apr 14
43
4213 43
*4214 44
*42
4June 14
*42
44
44
Certificates of Int....No par 363
4312 *42
4312 •42
4312 *42
*4712 50
*4712 .50
Phillips-Jones Corp__ _No par 49 Sept 30
*5712 50
*4712 50
*4712 50
*4712 50
37
3878 361 37% 3518 38
/
4
19,400 Phillip Morris & Co, Ltd
39
1016 Apr 3
3612 375* 37
3714 37
534 533e 5312 544 535 5514 55
/
1
557 274,000 Phillips Petroleum__ _No par 40 Mar 30
a
/
1
2 55
8
5612 5512 565
4 445 4614 *44
8
a 4,800 Phoenix Hosiery
4458 453
8
437 437
447
5 31 Mar 30
45
4 44
4412 443
•l0112 104 *10112 104 *1015 1043 *10112 1043 *10138 1043 *1013 1043
8
8
100 94 Mar 25
Preferred
4
4
4
4
233 233* 2212 233* 2212 223
221 2314 2314 23% 2312 2418 29,700 Pierce-Arrow Mot Car No par 19 May 15
/
4
•10714 10912 10914 10914 109 10914 109 10918 1093 1103 11012 11012 2,700
4
100 7612 Apr 15
Preferred
4
7
a
I
%
3
4
7
8
12 Oct 1
7
8 4,100 Pierce 011 Corporation
25
7
8
4
3
7
8
7
8
3
4
7
8
17
17
17
17
*1714 18
900
17
100 1118 Nov 15
Preferred
19
1714 1712 171g 1718
35
338 334
354 354
312 334
314 35
8
4
33
8 3 8 19,000 Pierce Petrol'm tern ottsNo par
5
2% Aug 26
*33
35
34
*33
34
35
343
4 1,100 Pittsburgh Coal of Pa
34
*33
35
34
*33
100 29 June 9
72
72
71
*715g 74
71
72
72
500
72
72
*71
100 70 June 21
72
Preferred
*99 100% *99 10012 *99 10012 *99 10012 *9912 103
*99 101
Pittsburgh Steel prof
100 94 Mar 29
*40
44
42
*40
42
42
44
*41
40
600 Pitts Term Coal
40
100 39 Oct 5
45
2040
*80
86
86
*80
*81
86
86
*80
*80
Preferred
86
*8112 87
100 8012 Oct 7
99% 1007
8 978 1003* 98
983
98
9812 98 10014 99
993 10.000 Post'm Cer Co Inc new_NO par 7512 Mar 30
4
4312 44
4312 44
44
3
44
43
1,500 Pressed Steel Car new
43
4312 4318 4314 43
100 3418May 19
/
4
4282
8412 *821 84
84
*83
84
*80
*80
84
*80
84
Preferred
100 7812 Oct 21
178 *163 17
2317% 1814 17
4
1914 1912 10,800 Producers & Refiners Corp.50 11 Mar 29
163 1814 18
4
20
*36
39% *37% 3918 *378 40
383 383
8
300
8
Preferred
2 383* 383 •3818 40
50 3034May 11
2
3318 327 3358 33
33
3314 3318 333
8 33
39,200 PubServCorp of N JnewNo pa
333* s323g 33
3114 Oct 29
99
*99 100
*99 10018 99
*99% 997 *9914 997
200 8% preferred
8
8 99
100 9612 Apr 7
99
8
*10912 110 *1097 110
10912 1097 *10914 10912 10912 10912 *10712 10912
400
7% preferred
100 10318 Jan 12
1245 124 124 *12312 1245* *1237 1247 *1237 1243, *122 1235*
8
*124
8
100 8% preferred
8
8
100 115 Mar 2
1031g 10312 *1023 10312 1033 10312 *1025 10318 103% 10314 *10312 10312
4
2
8
600 Pub Serv Elea dr Gas ptd_100 97 Jan 22
114 114 *1133
4
*11312 114 *1133 114
4
8100 Pub Service Elea Pr prat _100 106 Jan 18
4 _ .*1137
1132
186 187
4
1883 1903 187 190
4
1863 11:T012 18858 1901s 18714 isii 36.100 Pullman Company
4
100 14514 Mar 31
435* 44% 435* 447
447 45
8
4 5.700 Punta Alegre Sugar
4414 443
4414 448
448 447
50 33 Apr 14
/
4
26't 2614 27% 27
*2614 26% 2614 261 26
2712 2714 27% 30,500 Pure Oil (The)
25 2514 Oct 20
111 111 *1103 112 *1103 112 0111 112 3111 112
4
*11012 112
100
4
8% preferred
100 106 Apr 14
5712 5512 5638 567 583
575 58% 56
8 5714 58% 5712 58% 50.100 Radio Corp of Amer..
.._No par 32 Mar 30
*5112 5212 *513 5212 *512 5212 52
4
8
/
4
521 *515 5218
3
6's 3
6's ----------8 10-14
16,- -8
8 16, 1618 1634 1612
8
iliTs -- 4
16.
407 4112 *4012 4212 423 4212 *4012 4212 4212 421
8
/
4
812 81
/
4
818 818
8
8
8
8
8
814
814 812
103 103
105 107
107 1115* 114 1167 1134 11534 11314 1133
/
1
*113 11814 *11312 1184 *11312 11814 *11312 1184 *11312 11814 *11212 113
*111 114 •111 114 *111 114 '111 114 *Ill 114 *111 114
9
/ 9%
1
4
,
912 9 2
912 912
9% 9 8
914 1012 1012 1114
,
5512 563
5512 55
55 4 56
3
/ 5518 5518 55% 5512 553 5512
1
4
2
*957 971 *95
8
/
4
96
/ 96 2 39512 9612 *9512 0612 96
1
4
,
96
96
41
43
*43
4 5
*43
4 5
412 43
4
41 43
/
4
4
43
4 5
8
119 11912 11612 11812 11712 11812 115 1183g
1167 11514 1167
g
78
78
78
*78
78
80
*79
8
81
*797 81
*79
81
4912 49
49
*483 49 2 488 488
*49
4
,
4878 4914 49
4914
3922 40% 4012 4118 403 4218 42
s
4228 413 411 4114 423
4
/
4
523 535
6322 537
4
5212 5212 53
5312 54
524 537
/
1
53
761 6714 70% 6818 69
/
4
68
7018 72
71
717
8
•7612 77
31
35
3% 312
312 3%
334 33
312 3%
358 3%
627
8 5812 6012 5812 5912 575 59
8 61
8
6212 6212 6212 627
/
4
4
4
483
8 47
4512 443 4512 443 471 47
45
477
47 ._7
. 4 8
.8116 11814 *11414 11814 *114% 11814 *11414 11814 4211414 11814 *114.4 lila%
•,•... 121. *131, 133e
131, 131, 131
, 1319 1334 1224 *131, 1331
'112 53
iars 1614
4112 4112
06
200
--100
3,200
700
1,400
17,700
20,900
2,300
200
2,500
26.200
300
3.900
11,400
4,100
44
. 00
3.700
8 400
.
38 500
.
500
'Preferred
50 4452 Mar 31
Rand Mines. Ltd
No pa
32 Apr 30
5
Ray Consolidated Copper...i0 1012 Mar 3
Reid Ice Cream
No par 40 4 Oct 18
3
Reis (Robt) de Co
No pa
712July 24
Remington Typewriter_-__100 8312 Apr 20
7% 1st preferred
100 106 Apr 21
8% 2d preferred
100 105 Apr 1
Replogle Steel
8 Oct 27
No par
Republic Iron & Steel
100 44 May 10
100 9114 Mar 30
Preferred
414 Oct 29
No pa
Reynolds Storing
Reynolds (NJ) Tob Class B 25 00 Mar 30
25 78 Nov 29
Rosala Insurance Co
Royal Dutch Co(NY shares). 473 Oct 21
2
8May 11
10 365
St Joseph Lead
No par 4218 Mar 31
Safety Cable
Savage Arms Corporation _100 6714 Nov 30
33 Dec 3
No par
Seneca Copper
Shubert Theatre Corp_No par 52 Mar 4
No par 4212Mar 30
Schulte Retail Storee
100 11212 Jan 6
Preferred
Rea:rave norn
No ear 121•Mar 3
Highest
$ per share
10212 Dec 1
212 Jan 8
1% Jan 8
13312 Feb 23
4434 Feb 25
8612 Nov 11
82 Jan 2
3738 Feb 10
712 Feb 8
2312June 3
538 Feb 10
3373 Feb 15
193 Feb 1
4
3884July 6
157 Feb 20
66 Feb 23
In Jan 9
993 Nov 29
8
13112 Apr 28
54 Jan 5
57 Jan 2
9212 Jan 8
80 Jan 2
423 Jan 7
8
97 Jan 19
34 Jan 4
7318 Jan 4
4012 Jan 2
893 Jan 4
4
174 4 Jan 5
3
120 May 20
3858 Jan 21
847 Nov 2;
8
238 Jan 4
1614 Nov 6
46128ept 7
4
843 Jan 29
85 Apr 29
457 Feb 5
74 Feb 5
2914 Nov 18
67 Jan 14
Lowest
Highest
$ per share $ per Mars
8314 Apr 9414 Oct
58 .Apr
3 June
/
1
4
11 Feb
/
4
111 Feb
96
Jan 147 Aug
di Apr 19% Aug
41 Mar 8414 Nov
223 Mar 42 Dec
4
6 May
9% Jan
1952 Dec 2012 Dec
40 Nov 447 Oct
18 Apr 35 June
13 Aug 2112 Feb
3018 Apr 39 Dec
514 Dec 421 Mar
:
1934 Jan 488
/
1
Oct
414 Mar 125 Dee
65 Apr 79 Dee
12311 Mar 128'l May
4912 Dec
873 Dec
4
42 Jan
3812 Jan
96 Apr
2938 Dee
52% Jan
25 Apr
75 June
13812 Apr
11412 Sept
- .7i1 Oct
84
104
Jan
817 Nov
g
45 May
102
Jan
4318 Oct
81
Oct
415 Des
898, Jan
17434 Nov
119 Sept
- 2543 Dec 'if Jan
201 Dec 250 Dee
11% Apr 163 Jan
5
3112 Oct 5611 Jan
3158 Mar 8112 Dee
18 'Mar - / Nov
45
1
4
521s Jan 78 Del
275s Oct 29
Jan
4112 Jan 75
Oct
4652 Jan 5012 Sept
94 Dec 9612 Dee
/
1
4
12 Sept 1814 Aug
/
1
4
8 Jan 18 Nom
/
1
4
3358 Dec 38 No
5214 Aug 31
9678Sept 18
1518 Jan 14
1712 Jan 7
3612 Oct 19
2214 Feb 23
3
4512June 29 185 Jan - - 9 Dee
8
7814 Mar 97 Not
116 Nov 4
4118 Sept 53 Del
6352SePt 29
3318 Nov 29
25 4 Jan 3272 Jul:
3
105 Apr 21
98 Jan 107 Sept
/
1
1293 Feb 6 .8738 Feb 1404 Awl
4
10912 Aug 30 101 Feb 112 Jul:
8 Mar 1514 Aug
1412 Jan 19
5014 Mar 9712 Ant
107% Feb 17
85 Sept 18
8
4258 Mar 1393 Not
49 Nov 57 Not
/
1
4
523 Dec 3
4
105 Sept 29
98 Nov 1007 Del
2
1337
/
4
8Sept 21 10212 Jan 1371 Not
8318 Feb 13
5158 Aug 7812 Del
4514July 7
15 Jan 481 Not
:
2812 Jan 4
Ocl
1758 May 32
7812 Jan 2
594 Sept 83% Mal
/
1
Jan 4
60 Aug 8412 M83
/
1
4
7838
46 Jan 2
37
/ Oct 49 4 Da
1
4
3
32 June 17
2 Aug
/
1
4
614 Del
993
8June 16
37
Oct 6012 Dal
25 Sept 35% Jaz
2818 Jan 4
812 Feb 5
83 Jan 7 70 Nov 90 s Oct
3
24 Dec 1
17 Dec 28 Apt
19 Oct 26
123 Apr 2658 Jai
4
I Aug
3 Jaz
214 Jan 4
130 Feb 11 112 Jan 123 00
89 Nov 22
5112 Mar 6714 Deo
451 Jan 49 Julz
5114July 7
488 Feb 13
373 May 521g Jae
4
4612 Jan 11
38 July 501 Jaz
/
4
51 Nov 901g Jaz
55 4 Jan 29
3
39 Dec 3
123 Mar 2514 sag
4
5652 Dec 2
364 Mar 4718 JUDI
/
1
4614 Nov 29
18 Apr 4214 Juli
103 Oct 28
84 Apr 99 Da
431s Jan 9
107 Mar 4758 Oc
g
12714 Aug 19
43 Mar 100 Noi
17 Jan 30
8
114 Nov
3 Fel
/
1
4
2712 Jan 3
2014 Dec 40 Fel
7 Jan 3
41: Dec
8 Fel
/
1
4
4213 Jan
37 May 5412 J112
/
1
4
85 Jan
80 May 99 Jai
100 Nov 2
94 Mar 10212 Jai
637 Jan
3
8
30 Apr 63 4 Jal
9214 Feb
79 July 8814 No,
1247 Feb
2
64% Nov 121 Da
44 Nov 2
3
-fit: July lila Jai
95 Jan
1211 Aug 323e Fel
20 4 Oct 29
3
27 Sept47ts Fel
413 Oct 29
4
3332 Nov 29
101 Oct I
9 Jan 106 No2
110 Nov 13
9
8
Oe
1243 Nov 17 1085 Apr 119
4
92'2 May 10018 DO
1041,,Sept 27
Jan 108
Os
99
114 Aug 5
1991zSept 16 129- Mar 17311 Sep
33 J1113
, 4714 Jai
47 Feb 4
2518 Aug3358 Fel
31 Jan 4
112843une 25 10212 Jan 10812 Sep
39% Nov 77% Jai
615* Nov 19
45 Dec 54 Fel
5314 Nov 24
8
4134 Oct 1
33 Nov 3912 Alt
163
4Nov 8
1158 Apr 1758 Fel
66 Jan 4
43
Oct 6014 De
10 May 2814 Jul,
188g Feb 23
127 Feb 3
463 Jan 11758 De
4
Jan 10912 Oa
118 Oct 1 100
11514 Aug 27 103 Sept 11312 Ap
157 Jan 4
8
125 June 2314 Jai
8
635 Jan 7
8
4218 Apr 643* Jai
99 Sept 15
8414 July 95
Jai
8 July
1052 Jan 5
18
Jai
1214 Nov 19
/
1
7212 Mar 953 No,
4
100 Jan 20
85 June 9712 Fel
57% Jan 9
4814 Mar 573 Jai
8
3
48, Feb 10
e
35 July 5212 Ma;
5512 Nov 10
48 Dec 50 De
/
1
4
:
1021 Feb 10
4812 July 10858 Ma
1014 Jan 4
9 Nov
II No'
705
8July 28
5112 Dec WI De
13812 Jan 23 101% Sept 1347 De
120 Sept 9 110
Jan 118 AU
131, way tax. am.
143, Mar 12
•Bid and asked pile..: 00 sales on this day. a Ex-dividend. a Ex-rights. is Ex-dividend one share of Standard Oil of California new.
FISK LiHAX.6
Range for Previous
Year 1925.
2874
New York Stock Record-Continued-Page 6
For sales during the week of stocks usually inactive. see sixth page preceding
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
Nov. 27.
Monday,
Nov. 29.
Tuesday,
Nor. 30.
Wednesday, Thursday,
Dec. 1.
Dec. 2.
Friday,
Dec. 3.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1926
On basis of 100
-share tots
Lowest
Highest
per share $ per share $ Per share $ per share 3 per share 3 per share
4
8
53
5413 543 5514 544 543
53. 5313 •. 523 53
4
5318 54
6214 6213 637
8
8 64
8 6213 6513 637 637
*59
653
3
5913 60
4318
,
8
4 43 8 433
8
8 43
8 433 435
43 8 437 *424 4353 •423 433
7
8
3014 3014 3012 303 3012 303 3012
4
3 293 303
8
3 30
304 303
3
4
8
8
8
,
1073 1073 10818 10818 1087 1087
*107 107 8 *10714 1075 *1073 110
4
4
193 2014
4 183 1913 194 20
8 1818 183
3 1818 183
4
184 182
3
3334 35
34
3312 3
32 4 3318 33
3
4 3218 3314
4% 3212 333
4
3
*106 10653 1064 1063 •106 1067 *106 1073 1073 1073 *10614 10812
8
8
3
1718 173
8 174 1718 1714 174 173 183
8
4
4 185 1914 194 2918
9413 941z 9413 96
9612 9613
96
9414 9414 *93
96
96
343 35
8
344 344 35
3314 3353 3313 3413 3312 3418 34
126 12813
1263 1283 12513 127 *125 128 *124 128 *125 127
4
4
4
4
1463 1504 143 1513 149 1563 1507 1563 151 15514 1474 153
3
4
4
•121 125 *120 125 *120 125 *120 125 *1.20 125 *120 125
3114 3114 313
.3118 314 31
3 314 314 31 18 3113 *3118 3138
4313 4434 433 443
8
4413 45
8 4314 4414 4312 433
4 4313 4312
8
213 2214 2013 214 2013 204 2014 2053 2013 21 18 *203 203
4
4
•1114 1313 *1114 1313 'lilt 1313 *1114 1312 10
13
1114 10
7912 *76
*76
8012
7912 .78
8014 *76
8012 *76
80,2 *76
8
8
3
2114 2113 2114 2113 2114 21141 21
2114 213 2112 215 217
5110213 106 •10213 106 *10212 106 *10213 106 *10212 108 *10212 106
5513 584 5513 56
55 4 56
3
554 553
5513, 56
4 5513 554
56
5814
5713 5713 5718 5713 3554 564 56
557 56
8
56
73
74
*7118 73
72
713* 73
74
74
71
71
71
87
*85
*85
87
*85
*85
87
*85
87
*85
87
87
574 58
58
58
573 58
4
8
3 5812 587
574 56,
4 5318 567
383
3 38
373 384 38
4
3814 3814 384 384 3914 3812 3918
11513 1154 115 11514 115 11513 1158 11518 1154 115,3 1154 115 4
,
44 413
5
412
4
*4
*4
412 *4
412 *44 5
8
944 9413 9413 9614 9413 96
95 953
3 944 947
943 95
4
67
' 674 6712 6613 6714 654 683
673
4
4 653 664 6614 68
4
*56
57
531
513
56
57
.56
5014 5112
51
533 58
4
514 524 524 5313 52
8
4
4
4 547 553
5313 52,3 513
8 533 55,
*11814 12014 *11814 12014 .11814 1204 *11814 120 4 *11814 1193 *11814 1193
4
4
,
14
178
2
2
•2
213
2
24
2
2
2
2'3
8
32
32
323 323 .3114 32
3
32
32 32
323* *3113 32
4
38 4
7
44 413
4
43
44
414 412
8
44 43
4
*24
25
*24
25
24
*24
25
•24
28
*24
25
24
•123 14
*1258 14
4
*123 14 .123 13, •123 1312 *123 134
4
4
4
4
2
5
5
*43
4 5
5
5
•513 6
*43
4 6
44 43
4
4.121 1378 •1234 1334 124 1212 1213 124 1213 124
:
1113 1113
*12
12
124 *12
1212 *12
1214 *12
12,
4 12
104 1118 11
1.114 1114 1112 1112 311
11
11
11
11
3
55
554 5512 5612 56
5514 55
5513 547 554 55
5612
8
5113 523
3 507 515 3504 5138 5013 5013 4934 5012
8
8
513 52
1518 145 1514
8 1453 153* 15
1414 1413 1414 1453 1413 145
8
1090 1145 1085 1127 1120 1195 1200 1245 1160 1200 1100 1140
*2713 28
4
4
2713 2753 *2714 274 273 273 "2712 28
28
28
4
*453 47
4
*46
464 *4614 484 *453 463 *453 463
4
*45 4 47
3
4
4
27
27
3
2712 2712 283 283
27
27
*27
28
8 2814 283
4
90
90
90
3
8918 8918 893 90
90
•90
91
8912 90
7813 8012 7814 7913 7812 794 7914 8114 80
807 81
8
80 12
10813 1093 1084 1093 1097 11012
8
8
4
1073 108, 10714 10812 1073 109
4
8
4
1143 115
4
114 114
8
115 1154
11312 11312 1137 1134 114 114
37
8 4
34 4
37
8 4
34 4
3
3 8 41a
7
34 4
*15
19
19
16
1813 154 1518 *15
•1613 1712 *1613 17
4713 4713 4713 4712 34712 4814
4614 47
47
474 474 46
4412 455
4278 44
4
8 443 453
4
4612 423 44
4511 464 43
4
4
4
3 953 964 2943 95
954 964 954 964 9514 954 954 957
8 534 5413
4
8 5314 537
521 5314 5314 534 523 533
:
8 5312 537
11713 11712
3
11313 11313 11412 11412 1147 117
112 113
•114 115
8
4
*11614 1163 *1163 1163 11612 11613
t
Shares. Indus. & Miscell.(Con.) Par
Per share 8 per share
31,800 Sears.Roebuck & Co newNopar 4414 Mar 29 588
:Sept 7
No par 47 Mar 30 69 3 Jan 4
8,100 Shatuck (F GI
5
1„60 Shell Transport de Trading.E2 4013Ju1y 26 4853 Jan 4
20,700 Shell Union 011
No par 24 Mar 3 31 Nov 23
400 Preferred
100 103 Mar 3 114 July 2
49,000 Simms Petroleum
10 151a Aug 18 284 Jan 2
/
1
9.600 Simmons Co
No par 283* Oct 15 5413 Jan 4
100 1051217ov 10 10913July 2
,
300i Preferred
SInclair Cons 011 Coro_No par 1634 Oct 9 247 Feb 23
72,800
8
5001 Preferred
100 90 Mar 30 9913June 24
32,400 Skelly mll Co
8
25 265 Mar 30 3718June 28
1,900 Sloss-Sheffleld Steel dr Iron 100 103 Apr 12 14213 Aug 10
28,700 South Porto Rico Sugar.._.100 92 Apr 15 156',Nov '10
1 Preferred
100 110 Oct R 1201 Nov 21
4
2,500 Southern Calif Edison
25 3014 Oct 25 33 July 1.9
6,000 Southern Dairies el A_No par 41 Oct 27 5513July 17
5,2001 Class B
No par 1712 Oct 20 354 Mar 11
400 Spear & Co
No par 10 D cc 2 173 Feb 19
4
Preferred
100 72 Apr 20 824 Jan 13
par
2,8001SpIcer Mfg Co
1834 Apr 19 3133 Feb 5
No
100 101 Jan 12 10512Sept 1
Preferred
19,200 Standard Gas dr El Co.No par 51 Mar 2 69 Fib 8
2,5001 Preferred
4
50 533 Mar 30 573 Feb 9
8
2,200 Standard Milling
100 6718 Oct 20 9213 Feb 4
I Preferred
100 , 80 Mar 2 90 Feb 5
38,900 Standard 011 of Cal new.No par 524May 14 6358Sept 8
75,800 Standard 011 of New Jersey _25 3713 NJ, 21 463 Jaa 2
"
8
23,800 Pref non-voting
100 1153* NJV 29 11913May 18
600 Stand Plate Glass Co__No Par
313 Nay 15 107 Feb 10
3
6,500 Sterling Products
No par 75 Mar 27 9614 Noy 29
9,200 Stewart-Warn So Corp No par 61
4 924 Jan 2
2,300 Strornberg Carburetor_No par 5014 Deo 3 7714 Jan 4
88,800 Studeb'rCorp(The) new No par 47 May 18 62 Sept 15
1 Preferred
100 11413 Feb 23 1221,June 23
2,100 Submarine Boat
112.1il1y 27
33 Feb 21
4
No pa
1,000;Sun 011
/
4
No par 3018 Mar 30 411 Jan 4
50,500 Superior 011
1 July 29
5 Nov 1
No pa
100 Superior Steel
100 1912 Apr 12 3473Sept 7
'Sweets Co of America
852 Apr 13 173
3Sept 13
50
300 Symington temp ctle...No pa
4 Nlv 8 1413 Jan 4
60') Class A temp ctts___No par 1033 Oct20 207 Feb 4
8
400 Telautograph Corp.
3
.._.No par 11 Apr 5 147 Jan 19
1,500 Tenn Copp at C
No par 1034 Oct 19 16 Feb 5
11,100 Texas Company (The)
25 48 Mar 30 58 Aug 31
75,800 Texas Gulf Sulphur !ew No pa
39 Oct 25 5253 Nov 29
10,600 Texas Pacific Coal & Oil__ _10 12 Oct 20 19 Jan 7
454 Texas Pacific Land Trust.100 510 Mar 19 1245 Dec 1
400 The Fair_ .
/
4
No par 271 Mar 31 34 Jan 14
!Thompson (J R) Co
25 424May 7 5012Sept 10
1,100 Tide Water Oil
100 27 Nov29 3914 Jan 25
7001 Preferred
.
4 103 • Jan 25
100 8714
21,1100!Tim ken Roller Bearing.No par 447 Mar 3 853 Nov 16
3
28,900!Te bacco Products Corp_ 100 9514 Apr 12 1165
8Sept 22
1,4001 ..3ass A
100 103 Mar 3 1183
3Sept 21
512July 9
13,200'TranscTI011 ternctf newNopar
3 Mar 4
600 Transue & Williams St'l No par 15 Aug 28 27 Jan 28
1,500 Underwriter TypewrIter___25 4314 Nov 12 63 4 Jan 7
3
6,700 Union Bag & Paper Corp 100 3i May 21 7114 Jan 5
10,900 Union Carbide & Carb_No par 7713 Mar 29 97 Nov 23
33,400 Union 011 Callfornla
3Sept 23
25 374 Jan 20 583
2,500 Union Tank Car
100 8414 Mar 31 1204 Oct 1
100 Preferred
100 11314May 22 118 July 12
United Alloy Steel_ ___No par 2512 Jan 21 357g July 15
9513 9513 953* 96
25 83 8 Feb 4 109 4 Aug 17
65; Iol -5578 664
8
a
3
,
983
s 9712 984 -1.666 United Cigar Stores
Preferred
100 11478 Mar 4 125 June 30
•12412 126 *12412 12512 *123 12513 *123 12512 *123 12512 *123 1254
100 134 Mar 30 171 Sept 8
2,400 United Drug
16214 163
162 162
3
162 16214 1607 16114 16113 162
163 163
let Preferred
50 5512 Mar 5 59 July 8
*58
5812 5813 5812 1,000
58
583 583
8
5812 58
8
3 583 583 *56
3
No par 98 Apr 15 126 Nov 23
4,800 United Fruit new
122 12413 12134 1233 12313 12312 123 123 3121 122
12411 125
4
100 174 Oct 20 3812 Mar 2
United Paperboard
*1712 21
*1712 21
"173 21
4
*1713 20
*171: 1812 *171 20
:
100 Universal Pictures 1st pfd_100 90 Mar 8 9712July 8
3
*96
9713 961 9613 *9613 9713 *9612 967 *964 9713 *9613 9713
:
8
55,000 Universal Pipe & Rad__No par 133 Mar 31 30sNov2I
283 293
8
4 2818 2918 2638 2814 2713 2914 2718 284 264 28
100 52 Mar 30 8612 Nov 21
853 22,000 Preferred
8
857
8 844 8612 84
8418 83
834 844 8313 85 4 82
3
30,200 US Cast Iron Pipe & FdY-100 150 May 19 24811 Aug 3
22312 227
2204 224
2144 221
214 218 221512 222
218 4 223
3
100 10014 Mar 8 109 July 9
300 Preferred
1067 1067 *10513 107
3
8
1077 1077 *106 107
8
3
107 107
*106 108
:
, 39 Mar 30 611 Feb 13
4
4
4
524 534 534 534 533 5412 5414 5514 543 553 12,000 US Distrib Corptem et( Norm
5314 54
8
587 573
8
8 5,800 U S Hoff Mach Corp vtcNo Par 457 Jan 2 594 Feb 4
54
5518 5513 57
54
8 54
534 533
*54
55
8
8
8
4
7914 804 793 8013 8012 834 813 827 85,700 U S Industrial Alcohol-100 453 Mar 30 8314 Dec 2
783 7953 784 81
8
81'Jov 8
100 9914 Apr 22 1147
200 Preferred
10713 10712
1074 10714 *10713 110 *10712 109
*107 110 *107 109
3
644 11,900 US Realty & Impt new.No par 4818 Mar 29 717 Jan 4
8
3 607 6414 63
*59
593
3 5914 594 5912 603
5914 59
100 piati may 19 8814 Jan 23
8
8 5624 571
593 603 52,100 United States Rubber
4
57
577
8 564 573
573 60
4
571s 59
100 10113 Mar 30 109 Jan 19
1st Preferred
300
4
4
4
4
*10613 10713 1073 10734 107 1073 10653 10658 *10614 10714 1083 1063
2,500 U S Smelting, Ref & Mln___50 30 Oct 23 497k Jan 2
35
347 354 35
8
3412 35
343 35
3
35
354 344 35
50 42 01326 50 Jan 4
500 Preferred
46
46
46
46
46
46
*454 46
*4514 46
*45
46
1465 1493 14913 1503 680,200 United States Steel Corp__100 117 Apr 15 1593* Aug 17
8
4
8
149% 151% 14818 1503 14513 1474 14612 148
4
100 12412Mar 3 13018June 11
3
12814 1283 12813 12813 1283 12813 12812 12812 12813 1285
12813 129
8 3,600 Preferred
4
/
4
No 1oo 581 Jan 4 66 Nov 15
par
100 U S Tobacco
*65
67
*65
67
*65
67
*65
67
67
6514 654 *65
112 Mar 19 123 Dec 2
121
100 Preferred
____
121
____ 123 123 *121
*121
10 93 Apr 1 116 Nov 13
113 113 *113
111 111 *110
111 111
*113 115
1,300 Utah Copper
___
-
aa-
3,100 Utilities Pow & IA A_-_No par
No par
1,800 Vanadium Corp
No par
1,600 Vick Chemical
Virginia-Caro Chem-No par
No par
02
8
"loi 165i ;164 T638 "1063 "165"8 "joii "1"61"2 "i6 -1- -1- "i6i2 Iii -"2",56'El New
s
No Par
____
_
100
400 6% pref w 1
;55" '16" ;51 16 ;55" 16"16- 40 103
411
;
;58- 100
8712 87
8713 *86
800 7% pref w 1
3
8714 867 864 87 8712
8713 *88
'86
*50
55
52
52
•52
58
200 Virginia Iron Coal dr Coke.100
*50
55
58
*52
58
•52
8
8
4 345 3514 345 3514 56,700 Vivaudou (V) amv____No par
3313 3533 354 353
3314 3313 3314 34
100
4
500 Preferred
8
*10514 1064 10713 10713 107 1073 108 108 *107 1091 1074 1077
No
22
2212 224 4,100 Waldorf System
22
221
22
*214 22
22
•2118 214 2114
r
o par
o
4
•153 157 31512 1512
4
8
8
157 157 *153 16
8
400 Walworth Co ctfs
16
1614 16
•16
3100 112 *100 112
War ass B
cid Baking Class A No par
*103 112 *100 112 *106 112 *107 112 '
No par
8
31
3212 31
313
4 303 3178 34,200
2914 33
8 2913 31
304 315
No par
903 903
4
4 9114 9114 *9114 92
500 Preferred (100)
*904 91
91
91
91
91
8
4613 4714 4413 4714 437 454 4218 454 4218 4358 4218 43 2 61,700 Warner Bros Picture) A
No par
553 553
4
*5513 56
4
4
600 Warren Bros
5512 5513 553 56
55
54
5512 8
*54
8 1,900 Weber & Hellbr, new c_No par
4 6013 60 2 6053 603
,
597 604 60 603
4
60
584 5813 60
14818 149
146 147
145 145
2,000 Western Union TelegraPh-100
14413 145
1454 14513 145 146
135 13614 13614 13912 13914 14014 30,300 Westinghouse Air Brake---50
133 135
4
3
4
13 4 1363 1323 135
8 6818 69
8,700 Westinghouse Elea & Mfg-50
3
694 6813 6914 683 6914 6814 687
6813 684 6813
/
4
*16 8 1653 161 161 1,000 Weston Elea Instrument
,
17
/
4
8
:
161 1673 107 164 *16
16
16
3213 •32
3213
100 Class A
32,
8 3218 3213 *32
8
5
r317 317 *3172 324 *32
*95
9812
*95
98
100 West Penn Elea el A vtf No par
97
9812 97
9812 *95
984 *95
*95
100
200 Preferred
10112 10113 10112 10112 *100 10113
•9912 102 *100 102 *100 102
100
6
West Penn Power pre
8
1147 1147 *113 114 *113 116 *113 114 .113 114
3
*113 116
No par
2
253 257
8
3 26
1,E8 White Eagle 011
3
3
253 25 4 25 4 26
4
25 4 253
3
4 254 28
ao
8 5618 5612 564 564 5614 5712 5612 5712 15,500 White Motor
584 5753 5612 573
265
8 5,000 White Rock Min Sp ctf_No par
, 26
243
4 2512 251
24
3
24
2414 23 4 24
233 24
4
7
8
7
8
Wickwire Spencer Steel Ctf*7
8
1
7
8
7
8
*7
3 1
5
1
58
78 21'144 22344 41,12 WPreferred
4.9473 Ill ys-Overland (The)
2138 213
,5
4
2118 2113 214 2113 2118 2138 2114 22
100
92
*91
91
91
92
*91
91
, 91
9111 921
.
4 103
Wilson & Co, Inc.new-No par
10
103
4 1012 103 '91 3 78 4
10
10
10
10
10
10
No par
4
213
4 2113 213
4
4 21
2012 2012 2014 2014 2018 2018 203 213
10
8
3
3
8 683 7112 69, 72
6612 667 687
65
65
*63
63
63
2
8
8
4
3
4
3
8
1895 1923 1873 19018 1883 191, 1894 1913 1904 1943 66,300 Woolworth Co (F W)
190 193
22
100
3,600 Worthington PA M
211z 2112 214 2213 21
21
2013 21
2014
*2014 21
100
*4812
47
473
8 47
47
47
453 454 *46
4
*453 47
4
2
41
1,180 : ferr d
3034 40
1 re rr:
re
394 4013 3913 40
39
393
• 3 404 39
3112 32
4,100 Wright Aeronautical...No par
304 2913 30
30 4 3078 3014 3014 30
3
No par
200 Wrigley(Wm Jr)
4
4
4
,
*513 5312 5213 5213 5312 5313 *513 52 2 *513 5314 *513 5212
4
25
7034 70 4
800 Yale & Towne
70
79
70
70
•70
714 70
*693 70
4
70
291 64,0
5N Yellow Truck & Coach____100
267 284 27
8
2753
8
8 27
2778 267 273
274 2814 27
100
*95 100
Preferred
*98 100
100 100
99
994 *97 100
*08 100
8 ,,,... ...., oh... a -r• Vn n n•
4 4.0nu ,
854 8514 353
85
85
85
85 4 85
3
85 85
85
86
Ex-dividend. •En-dividend and ex-rietta. s Ex-dividend.
•1314 and asked prima: no sales an Ms day.
2912 304
8
*2912 297
8 2913 297 *2913 30
40
403 34014 404
4
4113 4014 41
*41
4612 47
"4613 47 .4613 47
•4634 48
304 3038 30
303
8
393 41
4
*3913 403
4
8
4612 46 2 463 4712
,
1, 3
2
934
33038
a
100
2814 Mar 31
29 Mar 3
4314July 21
38 Feb 26
9 0(320
S July 2
4
3132 Oct 14
83 Oct 15
40 May 15
26 Mar 30
Jan 29
17 Jan 12
1214June 2
99 June 30
21% Oct20
8812 Oct 7
12 June 11
k
437 Apr 15
53 Apr 20
13413 Mar 30
105% Mar 31
65 May 19
133
4May 10
27% Jan 4
8811 Jan 6
9512May 17
108 Mar 25
2513 Apr 20
511 Apr 15
/
4
22 Oct,22
53 Dec 2
18 May 17
881 Oct 25
/
4
6 May 20
14 May 21
42 May 19
13514May 19
19 Nov 22
44 Nov26
3714 Nov 23
2412 Mar 30
47 Apr 3
6012 Mar 4
20 May 24
9112 Apr 3
110 2.44. 14
0484
PER SHARE
Range for Prater:ale
Year 1925
37 Feb 15
43 Aug 16
52 Aug 6
17 Jan 15
3
2512 Feb 3
11 Jan 8
/
4
69 Jan 4
9818 Jan 6
6012 Nov 11
3514 Dec I
108 Dec 1
2213 Dec 2
234 Jan 27
195 Jan 2
8538 Feb 1
11012 Jan 16
6914Sept 15
573 Oct 28
4
8512 Jan 13
1577 Sept 8
8
14014 Des 3
791 Feb 10
:
19':July 28
3212 Oat 7
9412 Oct 28
10113 Des 1
115 Sept 21
293 Feb 10
90 Feb 11
385 Feb 3
333 Jan 8
34 Jan 4
99 Feb 4
1212 Oct 21
23% Oct 21
731 Oct28
:
222 Jan 4
443 Jan 6
4
80 Feb 2
65 Feb 24
393
4July 16
594 Feb 11
4
724 Aug 26
/
1
30 Sept 8
/
1
4
1071
:Sept 2
(1414 %lie 11
Lowest
S
per
Highest
shareS Per earn
- - ;tail;
4 1
11
3913 Sept
2153 Aug
9912 Jan
173 Boot
3114 Mar
1004 Jan
17 Jan
784 Jan
213 Mar
4
8014 Mar
62 Jan
98 4 Jun
3
92 Aug
49 Dee
2813 Dee
10614 Nov
263 Jan
4
5438 Nov
10618 Dec
2478 Feb
944 Feb
324 Nov
14312 Dee
1094 Dec
11314 Dec
-- -1 Dec 24 May
13;
784 Des 92 Mal
3673 Sept
1512 FeL
92 Apr 108 July
Oct
404 Jan 61
6012 Mar 5613 Nov
62 May 88 Dec
3
81
Jan 86 4 Dec
387s Mar WizFeb
11614 July 119 Feb
Jan
533 Aug
16
6214 Mar 82 Dec
55 Mar 9612 Dec
61 Mar 8933 Oct
414 Jan 6853 Nov
112 Mar 125 Sept
3
Oct 12 Mar
3818 Nov 437 Nov
8
618 Feb
2 Dec
20 May 4138 Jan
1512 Oct
5 8 Mar
7
1012 Jan 207 Sept
8
1934 Dec 264 Sept
11 Aug
1614 Not
7 8 Apr 16 Dec
5
4234 Jan 55 Dec
1O7 Aug 133; Feb
255
Apr 657 Dee
3214 Sept 3914 VA
1614 Sept "idi 13;i
Oct
99 Nov 101
3734 Mar 5938 Oct
Jan 101.34 Nov
70
9318 Jan 11033 Nov
312 Sept
5 8 May
7
2412 Sept 35 Jan
3818 Mar 6514 Nov
Oct
36
Apr 86
Oct
33
94 Des
11314 June
24 May
6014 Jan
115 Dec
11073 Feb
53
Jan
;
133 Feb
134 June
11718 May
367 Mar
3
11512 Nov
1334,Dee
18212 Oct
5811 Nov
j8l
947
26
65
13114
91
3013
23
7014
102
Apr
Dec
Dec
July
Apr
July
Feb
Jan
Des
Dec
Ili Dec
1034 Oct
507 Feb
g
94 Feb
250 Feb
113 Aug
6314 Dec
494 Oct
98
Oct
115 June
33'l Mar
92% Mar
30
Feb
44
Apr
11218 Mar
12218 may
5112 Mar
1053 Apr
3
82 Mar
97'n Nov
1087 Nov
51 Dec
4914 Dee
139% Nov
1265 Jan
8
594 Nov
114 Sept
111 Nov
30 Aug
253* May
38 Aug
345 July
-- Sept
11;
1778 Dee
1 Aug
8
56% Nov
92% Nov
30 June
714 Jr
-1 Iu13
; -7
217 Dee
*
47 July
8
638 Dec
2
9512 Dee
46 Dee
2_834 Dee
.
111; Aug
2114 Dec
116 Apr
37% Mar
94 Feb
/
1
4
17% Dec
43 June
Apr
51
11614 Jan
97 Apr
6614 Mar
93* Apr
1.9% Mar
- 2 Jan
198
2414 Dee
198 Dee
9512 Oot
112 Del
27 oat
3
5012 July
1004 Dee
1447e Sept
144 Aug
84 Jan
2012 Aug
281 Dec
*
-2
104 - -Jan iff" "Li;
4
25 Aug 3111 Feb
/
1
4
5718 Mar 10412 Aug
3312 Dec 4982 Aug
54 May
11
/
2 Dec
2
91e Jan 348 Nov
,
7214 Jan 1237 Dec
1 -14 -Jan 220- Oct
-12
3514 Aug 79% Um
Jan
76 Nov 88
58 Aug 7834 Feb
%
07507 July
16 Mar 3241,44 .70ieOat1y,
2511 Mar
62 Sent
22% Oct
Oet
Oct 100
90
65 Mar 094 Nov
•
New York Stock Exchange-Bond Record, friday, Weekly and Yearly
Jas. 1 1909 the Exchange method of quoting bonds was changed add rim me now "and illierezr--mmia for tacome and c11
1a911 4 bowls •
.
BONDS
N.Y.STOCK EXCHANGE
Week Ended Dec. 3.
Price
Friday.
Dec. 3.
Week's
Range or
Lam oak
g
co o%
U. S. G
Bid
mint.
Ask Low
High No
irst Liberty Loan
f
J D 100141 Sale 100131110014n 384
334% of 1932-1947
J D 100 1002222 1001411ilev'25
Cony 4% of 1932-47
J D 1021122 Sale 1021%10217s
85
Cony 434% of 1932-47
3D 1022022
33
2d cony 44% of 1932-47
1022042102101
'Second Liberty Loan
M N 100 100141 100344 100344
12
48 of 1927-1942
MN 1002222 Sale 100333410034 921
Cony 44% of 1927-1942
Third Liberty LoanMS 101432 Sale 101344 101031 270
• % of 1928
fourth Liberty Loan
A 0 1023144 Sale 102244103'n 902
434% of 1933-1938
1947-1952 A 0 1092722 Sale 109244110
21
Treasury 44e
1944-19542
Treasury 45
1052022 Sale 105141105ms 242
Treasury 349
1946-1956 M S 1022022 Sale 102144102", 116
State and City Securities.
-4'.8 Corp stock 1960 M 13 1003 101 1006
• Y City
8
5
8 1005
8
1964 M /3 102 Sale 102
2
434e Corporate stock
102
1966 A 0 10178 ____ 10178 Oct 26
434e Corporate stock
1972 A
&He Corporate stock
102 1026 1014 Oct 26
8
1971 J D 10614 1067 1063 Oct'26
434e Corporate stock
8
4
4345 Corporate stock_July1967 2 1 1116 10612 10638 Oct'26
D 106 10612 1063
1965
4348 Corporate stock
8 1063
8 10
414,Corporate stock
1963
1057 10612 1057 Nov'26
8
8
6% Corporate stock
1959 M N 9812 987 egi:
991
8
2
4% Corporate stock
1958 M N 981: 984 983 Sept'26 -4
4% Corporate stock
1957 m N
984 Sale 9818
1
98
/
1
4
4% Corporate stock
991
1956 M N
0818 ____ 9812
1
6% Corporate stock
1955 M N 9818
977 Oct'26
8
stork
6% Corporate
1936 M N
99 Mar'26
434% Corporate stook--1957 M N 1054 106 1053 Nov'26
4
634% Corporate etock .1957 M N 1056 106 10538 Sept'26
8
834% Corporate stk.May 1954 M N 8914
89 Aug'26
834% Corporate stk _Nov 1954 M N 891 ____ 891: Oct'26
:
330 Corporate stock
1955 M N 9812 99
89
Apr'26
New York State Canal Im 421.1961 3
10212 Oct'26
de Canal
1960 -1021 Aug'26
:
de
1962
02 May'26
48 Canal
1942 J J
02 8 Mar 25
3
4348 Canal impt
.....
_1964 J 3 ------ 102
Apr 26
48 Highway impt regist'd_1958
1011 Mar 26
/
4
Highway improv't 434,_196:i MS
11014 May'26
Virginia 2-38
1991 J J
I 761 Feb 25
:
.
Foreign Gov't and Municipal's
Argentine Govt Pub Wks d,1960 AO 98 Sale I 9778
9818 220
FA 1004 Sale 10018 1004 32
Argentine (Nat Govt of) 76.1927
Sink fund 68 of June 1925.1959 3D 9814 Sale 977
4
9814 47
Exti 8 f 133 of Oct 1925
1959 A0 977 Sale 9778
8
85
981
Sink fund Os Series A__ _1957
S 9814 Sale 9778
983 105
8
External (Woe:lee B_ _Dec 1958 3D 98 Sale 9778
983
8 34
3?Extl 6s of May'26 temp 1960 MN 9318 Sale 9778
9814 60
Argentine Treasury 58 R.__AM MS 89
8518 8834
9
891
Australia 30-yr 5s_ _ July 15 1955 J J 97 Sale 964
131
97
Austrian (Govt) s f 78
1943 3D 1011: Sale 1014 1013
55
Bavaria (Free State)63fs._ -1945 FA 97 Sale 9612
43
971
Belgium 25-yr ext s f 73422 9.1945 3D 11012 Sale 1101: 111
71
20
-year s f 83
1941 FA 1073 Sale 10712 1073
4
4 38
25-year external 630
1949 MS 954 Sale 95
951 146
J J 9118 Sale 9014
External s f 69
1955
907 381
3D 9938 Sale 987
External 30-year e
4
991 304
Stabilization loan 7s
1956 MN 9938 Sale 9£34
993 960
Bergen (Norway) e f Eis
8
1945 MN 1116 11278 112
1121
10
25
-year sinking fund 69
1949 A0 10(1 Sale 100
1001
5
Berlin (Germany) 6348
1950 AO 963 Bale 9812
971 139
4
Bogota (City) ext'l a f 88_1945 AO 10212 Sale 10212 1023
10
Bolivia (Republic Of) 812_1947 MN 1034 Sale 103
1033
60
Bordeaux (City of) I5-yr 68_1934 MN 924 Sale 924
921
38
Brazil(U 8of) external 822..._1941 3D 10412 Sale 10312 104
61
External,f 634s of 1926__1957 AO 884 Sale 8778
89
160
79 (Central Railway)
1952 3D 9434 Sale 94
95
65
734s(coffee ewer) (flat)1952 AO 10412 105 1041: 1041
1
Bremen (State of) ext'l 74. _.1935 MN 10114 Sale 10114
85
1021
Buenos Aires(City) extl 63409553, 9934 997 100
8
1003
8 13
Canada(Dominion of) 58. _1931 AO 101 Sale 101
20
1011
10-year 534e
/
4
1929 FA 1011 Sale 10112 1017
81
5s
1041
49
8
1952 MB 1043 Sale 10414
4348
27
98 Sale 974
981
1936 FA
Carlsbad (City) s f 85
1954 J J 10212 104 10412 Nov'26
Chile (Republic) ext'l s f 8a 1941 FA 108 Sale 1074 1081
11
20
-year external 7s
99
6
1942 MN 100 8 Sale 10018 1003
26
-year sinking fund 88
18
8
4 1081
1946 MIII 1077 Sale 1073
External sinking fund 68_ _1960 A C 9314 Sale 934
933 104
8
Chile Mtge Bk 6348 June 30 1957 3D 9614 Sale 9534
30
961
S f 65£9 of 1926__June 30 1961 J D 974 Sale 9714
79
973
Chinese(Hukilang Ry)5s_ _1951 3D
243 Bale 244
4
281 221
Christiania (Oslo) 30-yr at 881954 MS 10012 1013 10114
1
1011
4
Cologne(City) Germany8301950 Ml. 964 Sale 1 9614
88
97
Colombia(Republic)634s__ _1927 AO 10018 10012 10018 1001
4
Dept of Antioeula 78 A_..1945 3J
41
9318 Sale 9338
94
External a f 7s eer B__194523 934 Sale 92 4
42
931
3
Copenhagen 26
-years f 5%9_1944 2J 9912 Sale 9912
55
997
Cordoba (Prow) Argentina 781942 J J 98 Sale 9778
4
98
Cuba 58 of 1904
1944 MS 1014 -___ 101
10
101
External Es of 1914 ger A.1949 FA 1003 --- 10114 Nov'26
_
8
External loan 43412
1949 FA 9414 Sale 9218
941: 68
Sinking fund 53.421
1953 J 2 1021: Sale 1021: 1024 19
Czechoslovakia(Rep of) 8,_.195l AO 1044 Sale 1041: 105
35
Sinking gund 85 ear B _ _1952 AO 10414 Sale 1033
4 1043
4 33
External817%miles A..1945 AO 1043 Bale 10334 1043 215
4
4
Danish Cons MunIcip 823A__1946 F A
Series B f 8s
1946 F A
Denmark 20-year 68
19423 J
Dept of Caldas(Colombia)7348'46 3 J
Dominican Rep Con Admit 58523 F A
Custom Administen 5%8_1942 M 13
Dresden (City) external 78...1945 M N
Dutch East Indies extl6e_1947 3 J
60
-year 68
1962 01
30
-year external 534,
1953 M
30
-year external 534,
1953 M N
El Salvador (Repub) 88
1948 J J
Finland (Republle) extl 6e-1945 M S
External sink fund 7s...,_1950 M S
External s f 6348
,
1956 M S
Finnish Mun Loan 630 A 1954 A 0
External 63421 series B__ _1954 A 0
Trench Repub 25-yr ext'l 88_1945 M S
20
-year external loan 730_1941 J D
1949 J D
External 78 of 1924
German Republic ext'l 7s__ _1949 A 0
German Cent Agri° Bank 78_1950 M
1954 M N
Gras (Municipality) 88
OS Brit & Ire'(UK of) 5348-1937 F A
F A
Registered
10
1929 F A
-year cony 534/1
Greater Prague(City)730_1952 m N
1964 M N
Greek Government 78
Haiti (Republic) s f 88
1952 A 0
Heidelberg(Germany)ext 7%850 J I
J
Ht1998rlan Mimic Loan 7348.1945
Hungary(Kingd of) if 730_1944 F A
Ind Bank of Japan 6% notee.1927 F A
Italy (Kingdom of) ext'l 76..1951 J D
1931 .3 J
Japanese Govt loan 48
1954 F A
-year f 648
n30
Development e8_19531M
MOrlental
ESsts=t„
1103 Sale 1103
4
4 11118
1104 Sale 11014
111
10414 Sale 10378
10438
98 Sale 98
9814
10214 ____ 10214 Oct'26
9914 Sale 971:
993
8
993 Sale 9912 10014
4
10312 104 102
1034
10312 Sale 103
103 8
6
10112 ____ 1014 1013
4
1014
_ 10183 1013
4
107 Sale 107
108
911 Sale 9012
:
92
100 Sale 9912 100
95 Sale 9412
9518
95 Sale 943
4
95
941 9478 9412
8
95
1073 Sale 10634 10712
8
102 Sale 10112 102
97 Sale 9638
974
1056 Sale 1053
8
8 1053
4
10014 Sale 993
4 10014
1004 10012 10034
101
1046 Sale 1041: 1047
8
8
10438 Nov'26
118
118
103 Sale 103
/
1
4
10414
90 Sale 90
903
4
983 Sale 9818
8
983
4
10212 10312 1034
10312
97 Sale 9678
973
3
10018 Sale 100
8
1003
10012 Sale 10018 10012
9214 Sale 913
4
9214
904 Sale 904
9134
997 Sale 9938 100
8
934 Sale 933
8
933
4
20
11
34
45
187
62
21
51
22
10
47
57
94
15
13
250
182
817
183
44
54
34
30
41
11
26
2
40
39
108
530
61
442
99
ttange
Since
Jan. 1
Low
BONDS
N. Y.STOCK EXCHANGE
Week Ended Dec. 3.
Price
Friday.
Dec. 3.
Week's
Range or
Last Sale
2875
Range
Sinew
Jan, 1
High
Bid
High No. Low
Hub
Ask Low
37
8
95 1101$
Leipzig (Germany),f 78_1947 F A 997 Sale 9912
100
9910220136n 14008 ((:ity of) 15-year 8s__1934 M N 926 Sale 9214
811 92
/
4
/
1
4
8
9268 89
99111101183, Marseilles(City of) 15-yr 68.1934 M N 9212 Sale 9214
924 82
8118 927
4
10111:s02w,, Mexican irrigation 4A8_-_-1943 M N
30 Mar 26 -31
30
Assenting is I 445._ _ _ .1943
101440217n
34
35
33 Nov 26 --- 283 40
4
Mexico(U Si ext1 522 of 1899 £'45Q J 50
1945
70
5112 Oct 26 -- - 4212 53
Assenting 58011899
9911is00141
41 Sale 3978
344 5015
4112 41
Assenting 58 large
100141 101
44 Nov 26 --- 38
48 4
7
Assenting As small
3712 May 25 --- Gold deb 45 01 1904
1954.5 D 28
10011
/
4
101'in
3912 34 July 26 -- "tiii 4 31"
Assenting 45011904
2634 Sale 262a sep2 21 __7_
2
t71
6 2
2014 37,
1
101141033n
Assenting 4s of 1904 small.........
253 25 8
8
6
10871, 11C
Assenting 4s of 19i0
- 714 I73- 255 Aug 25 __ __
4
8
10214105"as
Assenting 4801 1910 large......... 2714 283 263
4
4
27
18 "i54
1001410211
2418 Sale 2312
Assenting 480? 1910 small.....
/
4
s
2438 48
3138
22
Trees 68 of'31 assent(large)'333 J 4014 44
385
8
524
384
/
1
38
5
100 101
Small
40 Sale 39
27
11
1
102
40
3718 5 4
3
100 10214 Montevideo 75
/
1
4
19523 D 102 Sale 10168
96 1024
1001 1023 Netherlands 68(flat priees)_ _1972 M 8 1063 Sale 1063
:
8
4
4
10738
6 10612 110
100 4 102
3
30-year external 6s Man _1954 A 0 1034 Sale 1034 104
24 10314 1047
2
1051 1063 Norway 20-year eat! 65
:
4
1943 F A 1011 Sale 10134
/
4
10214 73
99 102
/
1
4
/
1
4
10478 1063
8
1944 F A 10(3 Sale 1014 10 14 143 100 1021
20
-year external 68
4
0
0
2
4
06
1044 10634
1952 A 0 10114 1014 1014 102
30-year external 68
18 100 1024
10412 1065
19663 D 994 Sale 99
8
40
-year s f 5 Sis temp
95
994
973 99
4
Oslo(City) 30-year f 86_1955 M N 1013 Sale 1013 N00214 ...1.
4
1 0
,2
9
981 1024
:
4
973 99
4
J D 10214 103 10212
Panama (Rep) eat!
1001: 103
977 99
8
Peru (Rep of) external 58.....1944 A 0 104 Sale 10312
104
16 1011 105
:
Exti sink Id 7348 temp_
1940 M N 1C012 Sale 100
974 9s3
4
1004 52
/
1
/
1
97 1014
8
9714 977 Poland (Rep of) gold 134
1940 A 0 73 4 Sale 7334
3
74
33
751:
61
99
98
19503 J 9114 Sale 904
Extl slnk fd g8s
8218 92
914 221
/
1
4
1041 106
:
Porto Alegre (('ity of)8a_ _1961 J D 10313 Sale 103
10334 24
98 8 106
6
1044 1054 Queensland (State) esti s f 781941 A 0 112 113 1113
4 1121: 38 1101 11414
:
873 8912
4
1947 F A 10418 Sale lO4ls
25-year external 68
1044 17 1044 108
8814 894 Rio Grande do Sul extl s f 89 1946 A 0 103 1034 1031
11
4 104
98 105
/
1
4
8834 89
1031:
9
Rio de Janeiro 25-yr s f 8s__-1946 A 0 104 Sale 103
971 104
/
4
1016 1021
8
: 25-yr extl 88
1947 A 0 102 Sale 102
1024 21
/
1
97 103
10212 10
1964 M N 10414 10412 1041
212 Rotterdam (City) esti 6s
: 1041
: 8 103 107
10134 102
1952 M N 1081 Sale 10714
Sao Paulo(CAW)s ISs
:
10812
5 1004 1094
17 10214 1064
San Paulo (State) ext s I 85_1936 3 J 1044 Sale 104
/
1
105
jai' ficil; External 5 f 88 lot recta_ -1950 J J 10214 icale 10712 10514 126 10112 106
0
0
78
04 B le 04
1011 1011
/
4
944 ge
/
4
External water loan 7s.
l956 M S
110 11012 Santa Fe (Prey Arg Rep) 71_1942 M S 94 Sale 94
/
1
4
944 33
93
96
Seine (France) extl 7s
1942 J 3 95 Sale 943
8
84
951
: 48
954
Serbs, Croats & Slovenes 88_1962 M N 98 Sale 954
:
1
9614 01
' 87 97
9755 Mg Soissons(City) exti 68
1936 M N sn Sale 8812
81
897
8 23
901
4
10018 10218 Sweden 20
-year 68
1939 J D 104 10411 10334 104 1 16 10318 10614
96
997
8
External loan 5348
103 Sale 1023
/ 47 1011 10518
1
41
:
4 103
957 100
5
Swiss Conted'n 20-yr,f 8s 19
9
54
40
1144 Sale 114
/
1
115 I 27 113 1174
9614 101
Switzerland Govt ext 6346..1946 A 0 10314 Sale 1024 10314 20 1021 106
:
4
VA 903 Tokyo City 58 loan of l912_1952 M S 743 Sale 741:
754 31
4
67
77
973 9978 Trondhjem (City) ext.' 6348.19442 J 100 1003 101
5
3
101 1
4
99 1014
14
85
9314 Upper Austria (Prov) 78 _1945 J D 934 Sale 923
931: 62
4
90
94
9615 9912 Uruguay(Republic) a:L.188_1948 F A 10914 1093 10912 Nov 26 -4
- 1071: 111
100 103
External f 88
1960 M N 9558 Sale 954
951
: 78
94 8 97
72
9438 98
Yokohama (City) extl 88_1961 J D 9338 Sale 934
4i
933 211
9314 94
105 11112
Railroad
1054 108
/ Ala Gt Sou ist cons A 5a
1
4
1 1017 1034
1943 J D 10314 ____ 103
103
2
88
95
/ Ala Mid 1st guar gold 5a_
1
4
1928 M N 10012 101 10012 Sept 26 ---- 100 8 102
1
:
811 91
Alb & Swig cony 33421
1946 A 0 866 Sale 863
8641
7
8
8418 87
8
914 0012 Aileg & West 1st g gu 4s_ _1998 A 0 84
85
8418 Nov 26'---824 864
94
/ 997 Alleg Val gen guar g 48
1
4
4
1942 M
945 ____ 941: Nov'26 ---8
924 96
111,2 115
Ann Arbor lstg4s
July 1995 Q .1 793 801± 791: Nov'26 -8
757 8218
2
98 10212 Atch Top & Fe
-Gen g 48-1995 A 0 924 Sale 1 9212
8912 94
92 4 137
7
8518 934
A 0 ---- ---- 911 Nov'26 -/
1
Registered
/
4
8814 914
96 4 104
3
2
Adjustment gold 48--July 1995 Nov 873 Sale 87 4
4
8778
Risw r
84
/ 887
1
4
3
4
961 10418
:
Nov 844 ---- 873 Sept'26 --- _
87
/ 877
1
4
4
4
814 92 12
July 1995 M N 87 8 87 8 8768
7
884 34
6
7
Stamped
8412 89
1004 105
Registered
MN 844 ____ 85 Sept'26 -834 85
87 8 90
7
19553 D 8718 881 88
:
1
Cony gold 481909
847 897
:
88
s
891s 96
Cony 45 1905
1955 J D 871: 881 8712 Nov'26 -/
1
4
841: 89
:
/
1
4
103 8 108
6
Cony g 48 issue of I910_1960 J D
863
4
863
4
834 874
1
921: 102
/
1
4
East Okla Div 1st g
M S 9918 Sale 994
9834 100
994
3
MI 9014
Rocky Mtn Div 1st 4s___ _1965 J J 887 Sale 887
9714 1013
4
8
8
89
/ 19
1
4
10034 1031s
Trans-Con Short L let 48.19581 J 903 907 9014
8
8
9035 10
88
92
10118 1033
Cal-Ariz 1st & ref 4%e A-1962 M S 9712 ---- 0712
8
974
1
944 991s
102 1056 All Knoxv & Nor 1st g 58-1948 J D 1044 ____ 10312 Ape26 --- - 10312 10318
8
9712 99
Atl & Chad A L 1st A 4348._1944 J J 977 __ 9778
8
9778 10
964 9818
/
1
10114 105
1034 104 103
/
1
let 30
-year 54 series B
1944 J
/ 1031:
1
4
2 10218 1047
4
10714 109
/ Atlantis City 1st coos
1
4
_1951 J J 8518 8614 851 July'25 -:
100 10212 Atl Coast Line 1st eons ds July '52 M S 9418 95
94
9414 10 -51
107 109
/
1
4
10
-year secured 78
1930 M N 10412 105 1044 105
25 10412 107
934 934
General unified 434e
19643 D 9838 __ 981: Nov'26 ---93
14 98 8
1
947 981:
4
L & N coil gold 431._ Oct 1952 M N 907 9112 91
8
9112
8
90
904
986 9912 Atl & Danv let g 48
8
19481 J 78
8014 791
: 804 13
76
82
12
24 5 487
5
8
2d 4s
19482 J 7118 7174 7112
7112
4
65
7614
99 10212 Atl & Yad 1st g guar 49
1949 A 0 82
/ 8212 8214
1
4
7614 83
824
1
91
93
Austin & N W let gu g 5e
____ 1021: Nov'26 --- 1004 1034
1941 J J 102
99 4 101
8
94
93
Bait & Ohio 181 g U.._ _July 1948 A 0 9312 Sale 9134
1394 93
931
: so
12
923 9312
4
Registered
July 1948 Q J 911 -.-. 911: Nov'26
/
4
8838 911:
9814 101
20
-year cony 43412
1933 M
97 Sale 967
8
974 147
94
98 4
3
95 4 9812
7
Registered
M S
963 Nov'26
,
8884 964
98 102
Refund & gen 5a series A__1995 J 0 9978 Sale 991: 100 "Rig
9312 100
98 10214
1st g 5s
1948 A 0 105 Sale 1044 105
44 10218 105
883 10118
4
10
-year 65
1929 1 J 1026 Sale 1023
8
8
8 1023 107 1023 104
4
1004 103
Ref & gen 65 series C
1955 J ID 108 Sale 1073
4
108 8 55 104 109
3
9934 10511
P L E & W Ya Sys ref 422_1941 MN 9278 Bale 923
8938 934
8
934 27
4
99 4 1047
7
Southw Div 1st 511
19501 J 1017 102 1017
8
2 1017
98 102
8 58
95 1047
/
1
4
4
Tol & CM Div 1st ref 48 A_1959 J J 82 Sale 817
35 7434 82
82
s
Ref & gen 5s series D_ _2000 M S 997 Sale 9912
8
974 994
99
/ 281
1
4
10812 11214 Battle Crk & Stur lit gu 35._1989 I D 6234 641 621 Oct'26
61
: :
654
10812 112
Beech Creek 1st gu g 48
1936 J .1 944 Sale 94 4
2
93
95 8
7
8
948
4
102 104 4
7
Registered
J D 944 96
94
94
94 Aug'26
9512 99
Beech Crk Ext tat g 334e__ _1951 A 0 811 837 83 Nov'26
80
83
:
8
1014 1054 Big Sandy 1st 49
/
1
4
19443 D 92
s
897 91
913 Nov'26
4
93
/ 99
1
4
/ Bost & NY Air Line 1st 43-1955 F A 7812 8023 811:
1
4
24
72
/ 83
1
4
83
924 101
931 954
4
Bruns & W 1St PI gold 4s
1938 J J 954 963 954 Sept'26
8
102 10811 Buffalo R & P gen gold 58
/
4
1017s 1034
1937 M S 10213 ---- 1024 Oct'26
103 10812
Consol 4348
8712 934
1957 M N 93 Sale 927
8
9318 42
10112 1041:
87
/ 90
1
4
Registered
27
90
M N 90 Sale 90
10112 10514 Burl C R & Nor 1,1 55
1004 1014
/
1
1934 A 0 101
__ -- 10012 Nov'26
103 1094 Canada Sou cons gu A 5e
/
1
3 102 1054
/
1
4
8
1047
8
1962 A 0 1047 10518 1047
8
847 92
4
Canadian Nat 434s-Sept 15 1954 M II 95
2
934 9574
/
1
954 9434 Nov'26
9412 100 .
5
-year gold 4%s_ _Feb 15 1930 F A 99 Sale 99
98
8
9912
9914
94
95
Canadian North deb e f 75_1940 J D 11538 Sale 1154
/
1
4
11538 12 114 1174
89
/ 954
1
4
20-year a f deb 630
13 1157s 118
/
1
4
1946 1 J 118 Sale 1171: 118
894 95
9612 981
10
-Yr gold 4349_ _ _ _Feb 15 1935 F A 97
/
1
4
4
/ 974 97
1
4
977
8 27
9812 10712 Canadian Pat Ry 42f, deb stock__ J J 843 Sale 844
8518 99
,
8
8011 87
9212 102
/ Curb & /Rum 1st gold 48-.1932 M S
1
4
94
944 July'26
944
884 9712 Caro Cent 1st cons g 48
19493 D 844
844 Nov'26
814 84 1
7
1014 105 4 Caro Clinch &0 1st 3-yr 58_1938 J D 10238 10278 1024 1024
/
1
7
5 1011 1037
/
4
1
94 1004
4 1073
4
2 1067 1094
4
laift20ia
69 seriesA_ 1952 .1 D 10734 Sale 1073
Ms 101
Car142Ad
1 4.km
8
1
811 90
/
4
1981 J D 883
88
/
1
4
88
/
1
4
1034 10812 Cent Branch U P 1st g 49.-1948 J D 851 Sale 85
:
79
/ 8612
1
4
3
854
1044 1054 Central of Ga 1st g 5s_Nov 1945 F A 1047 Sale 047
/
1
/
1
/
1
8
1047
8
8
3 1034 106
1174 119
102 10422
/
1
4
3
1945 M N 1034 Sale 03 4 1033
4
Coneol gold Ess
92 1044
/
1
4
/
1
016 Feb'26
8
1011 1011
/
4
/
4
M N 100 102
Registered
84
9112
/
4
10212 13 1021 103
10
/
1
4
-year secured 65_June 19293 D 1024 Sale 0218
95
/ 993:
1
4
02
0 4 0
04
1043
4 18 1014 1064
/
1
/
1
Ref & gen 5345 series B__-1959 A 0 1043 Sa17 1044
984 10414
864 00'26
WA 88
/
1
4
Chatt Div par money g 422.1951 J D
84% 100
4 100 103
Mac
m
/
1
4
DivisionNorDiv u g 68-.1948 .1 J 102 Sale 0134 102
1st
9312 102
1011 102
/
4
1948 J J 100 1014 02 Nov'26
993 1007s Cent New Eng 1st gu 48.-1961 J J 7612 Sale 757
4
8
764 10
68
77
884 9474 Central Ohio reorg 43421
99
Oct'26
1930 M S 9812
984 98 2
7
2834 904 Central RR of Ga coil g 522-1937 IS N 100 1001 0014
/
1
10014
:
987 1014
2
/
1
9238 100 2 Central ol N Jean gold 5a
112
3
1987 J J 112 Sale 12
8 1084 113
/
1
u terea
86
9468
5
091 Nov'26
:
1987 Q J 1103 111
1083 111%
2
2876
. BONDS
N.Y STOCK EXCHANGE
Y.
Week Ended Dec. 3.
r.3
t
Cent Pac 1st ref gu g 48____1949 F A
'
Registered
F A
Mtge guar gold 3As_ _Aug 1929 J D
Through St L let gu 48_1954 A 0
Guaranteed g 58
1960 F A
Charleston & Savannah 5e 1936 .1 J
Ches & Ohio fund & Impt 18_1929 1 J
let coneol gold Eis
1939 M N
Registered
1939 M N
General gold 48(8
1992 M S
Registered
1992 M 0
29
-year cony 48(e
1930 F A
Craig Valley let g 58
1946 J J
Potts Creek Branch let 459463 J
R & A Div let con g 4e__ _1989 J J
2d consol gold 48
1989 J J
Warm Springs V let g 5s...1941 M S
Chic & Alton RR ref g 35....A949 A 0
Ott dep stpd Apr 1926 Int_ __ _
Railway first lien 3Ms__ 1950 :1--J
Cris dep Jan '23 & sub couo
ChIc Burl & Q-III Div 3%8_1949 J--;
Registered
.1 J
Illinois Division 4s
1949 J .1
Nebraska Extension 48_ 1927 M N
Registered
MN
General 48
1958 M S
Registered
M S
let & ref 5s series A
1971 F A
Chicago dr East Ill let 6s
1934 A 0
C & Ill Ry (new co) gen 58_1951 MN
Chic & Erie let gold 58
1982 M N
Chicago Great West let 4s....1959 M S
New York Bond Record-Continued-Page 2
13
Price
Friday,
Dec. 3.
Week's
Range or
Last Sale
Bid
Ask Low
High
917 Sale 913
8
4
9214
8914 ____ 90 Sept'26
9712 Sale 9712
9738
8912 91
893
4
90
10178 Sale 10112 1013
4
118 __ _ 11812 Oct'26
1005 Sale 1008 101
8
10312 10414 10312 10312
--------10212 Oct'26
97 Sale 965
8
9718
---- ---- 94 8 Oct'26
99 Sale 99
9914
10018 ____ 100f2 Sept'26
___ 875 8618 Aug'26
8
8734 Sale 873
4
873
4
853 863 8512
8
4
8614
9912 ____ 9912 Nov'26
71 Sale 7038
71
7012 7114 6814 Oct'26
617
8
617 Sale 61
8
59
60
593 Nov'26
4
86% Sale 863
8
87
-6i5-8412 Feb'26
-5:12 94
9414
997
995 Sale 995
981
9912 Nov'26
935 Sale 9314
8
938
9218 Mar'26
90%
10614 Sale 10614
1063
4
106 10712 10512 Oct'26
8038 Sale 795
8
80%
1067s Sale 1063
4 107
69
69 Sale 6812
44
No. Low
High
135
887 9214
8
90
90
4
96% 97%
12
87
91 12
9712 107
111
11812 11812
3 10014 1013
4
4 1023 10558
8
10114 10314
13
92
973
4
933 9418
8
85
8
97% 997
10018 10214
88
83
31
85% 885
8
2
827 8712
8
9834 102
46
65
717
8
70
64
81
513 62
8
51
59 4
3
5
833 87
4
8412 843
4
3
91% 9412
4
96% 10014
9912 9912
26
905 933
8
4
8
9118 923
10 10258 10712
1035 10712
8
211
7318 813
4
13 1015 107
8
144
6418 7078
Chic Ind & Louisv-Ref 68_1947 J .1 11312 ____ 11312 Nov'26 --Refunding gold Se
19473 J 10318 10414 10414 Nov'26 -Refunding 4s Series C__1947 J J 90%
90 8 Sept'26 ---3
General 58 A
4 21
1966 M N 993 Sale
4
General 135 B
May 19663 J 10714 116 107 Nov'26 99993
Chic Ind & Sou 50
-year 4s1956 J J 9158 ____ 9014 Aug'26 ---Chic L S &East 1st 4%8.-1969 J 13 9658 10012 9718 Nov'26 ---C M & Puget Sd let gu 48___1949 J J 5514 5614 543
4
557
8 23
553 Sale 5518
U S Ti' certifs of deposit
557
33
8534 61
Ch M dr St P gen g 4s Ser A_e1989 .1 J 8512 Sale 8512
Q J 83
Registered
8518 81 Sept'26 -General gold 3349 ser 13„e1989 J J 9518 9512 76
76
1
Gen 4148 Series C___May 19893 .1 9512 Sale 95
8
9512
923 Nov'26 --- 4
Registered
8
Gen & ref ser A 4%'s_ _Jan 2014 A 0 573 Sale 565
5712 89
4
Guar Tr certits of deposit__ _
5714 Sale
4
4
5714 IR
-.
Gen ref cony ser B 54.Jan 2014/ A 567 Sale 5538
8
Guar Tr eertifs of deposit_ _ _
567
8
3
5814 Sale 5514
let sec 68
1934 3--i 1044 sale 10412 10412 21
1932 J D 57 Sale 553
4
5712 170
Debenture 48(e
Bankers Tr certits of deposit-56 57
553
4
5612 81
Debenture 4s
1925
5612 Sale 5512
5718 66
U S Mtge & Tr Ms of dep__
51
57
57 Sale 555
3
4
25
-year debenture 4s
1934 3--i 5612 Sale 55
5612 77
Farm L & Tr ctfs of deP--8
5612 48
5612 Sale 553
Chic & Mo Ely Div 5s
1926 3 i ____ ____ 9912 June'26 ---Chic & N'tveet gen g 334s
1987 Al N 7712 Sale 7712
7712
5
Registered
.
Q F 7414 7612 7412 July'26 --General 48
1987 M N 8918 8912 8858
8858
8
Registered
Q F
87 Aug'26 Stott 48 non-p Fed in tax '87 M N 8918 96
883 Nov'26 -- - 4
Gen 4d48stpd Fed Inc tax_1987 M N 10312 Sale 1033
4 10
8 1033
General bs stamped__ __1987 M N 10758 10734 10718
10714 18
Sinking fund 68
1879-1929 A 0 1025 103 103 Nov'26 -8
Registered
4
A 0 10214 ____ 1023 Sept'26 -Sinking fund 58
1879-1929 A 0 1002_ _ 10114 Nov'26 --Registered
Oct'26 ---1879-1929 A 0 101 10112 101
- 3
Sinking fund deb 58
1933 M N 10158 1028 10158
10158
_ 10114 Aug'26 ---Registered
MN 1011s
10
1
-year secured 78 g
1930 J D 10638 1663 10612 10612
- 4
5
15
-year secured 634s g
1936 M S 112 Sale 1117
8 112
8 15
let & ref g 58
May 2037 J D 10338 Sale 1027
s 1033
Chic R I & P-RaUway gen 481988 J J 8718,Sale 8714
8714 10
8
Registered
J J ____ ___ 847 Oct'26
Refunding gold 48
8
9218 -i55
1934 A 0 92 Sale 915
9112
1
A 0 9112 Sale 9112
Registered
Ch St L & N 0 Mem Div 48_1951 J D 8914 ____ 8912 Nov'26 ---St L & P let cons g 58____1932 A 0 10118 ____ 101
Oct'26 --Chic St P M dr 0 cons 6s___1930 J D 10314 Sale 10314
10314
5
Cons fie reduced to 3348_ _1930 J D 944 9512 95 Nov'26 --Debenture 58
9934 32
1930 M 5 9912 9934 9912
Stamped
9912 10018 99
Oct'26 Chic T 11 & So East let dis_ A960 J D 9412 Sale 9314
9478 140
Inc gu ta
Dec 1 1960 M S 878 Sale 9658
973 186
4
Chic Un Sta'n let gu434s A-1963 J D 98
985 983
8
8
987
8 17
let 58 series B
1963 J J 1043 10518 1033
7
4
4 105
Guaranteed g be
1944 J D 1023 Sale 10258 1023
4
4
7
let 6%8 series C
19633 J 11814 Sale 11812 1183
9
8
1
Chic & West Ind gen g 68_p1932 Q M 1025 Sale 10258 1025
8
Consol 50
-year 48
1952 J .1 863 Sale 8658
4
8634
8
1962 M S 10414 Sale 1037
o
let ref 5lis ser A
10414 12
1
Choc Okla & Gulf cons 58
1952 M N 10418 10514 104
104
1937 J J 971 973 974 Nov'26
Cln H & D 2d gold 4%s
4
4
4
C I St L & C let g 40.....Aug 1936 Q F 943 __ 953 Nov'26 --- _
Aug 1936 Q F 9212
9314 July'26 Registered
1942 MN 893 91
4
91
Oct'26 -_
Cin Leb dr Nor gu 48 g
8
8 10038
1
1928 J J 997 10058 1003
Cin S dr CI cons let g 5e
___ 8814
883
4 46
Cleve Cin Ch & St L gen 48_1993 J D
1931 J J 8858993 9912 993 Nov'26
8
-year deb 480e
20
8
1993 J D 1065 109 104 Nov'26 General 55 Serial B
8
10278 41
1929 J J 1023 Sale 10258
Ref & impt 68 series A
1
107
1941 J J 10612 107 107
68 series C
57
1963 J J 10312 Sale 10358 104
511 eerie.) D
4
933
4
2
4
Cairo Div let gold 48.- _1939 J J 933 Sale 933
6
853
8
Cln W & M Div let g 46_1991 J J 853 ---- 8514
4
4
873
4 12
St L Div let coil tr g g 45.._1980 M N 873 Sale 873
M N 873 8858 8314 Feb'26 -8
Registered
___ 9112 Oct'26
Spr & Col Div let g 48_ - _1940 M S 911
8112 May 26 -___
.
4W W Val Div let g 4$,____1940 3 J 9012 94
cons g 68.......1934 .1 J 10458 107 1075s Nov'26 -___
C C C 1 gen
dr
1015
8
4
8
8
Clev Lor & W con let g 58_1933 A 0 1015 10212 1015
99 8 Sept'26 --5
Cleve & Mahon Val g 58-_ __1938 J J 9912 --_
4
3
4
N 9812 99 - 983 Nov'26 --__
CI & Mar 1st gu g 434s
193
--------9514 Aug'26 --__
Cleve & P gen gu ilyis ser B_1942 A 0
10l12 Mar'26 --__
Series45481942J J 99
1948 Isi N 854 --__ 8514 Oct'26 --__
Series C 330
8
1950 F A 8412 ____ 845 Sept'26
Series D 3348
6
4
Cleve Shor Line let gu 450_1961 A 0 1004 Sale 10034 1003
8
1083
8
8
1972 A 0 1083 ___ 108
Cleve Union Term 5518
10414 18
1973 A 0 10414 Sale 103
let s f Eis ser B
8
-_ 883 July'26
1945 J D 8812
Coal River Ry let gu 4s
987
8 16
8
Colorado & South, let g 48 1929 F A 987 Sale 9812
24
97
4
Refunding & exten 4348_1935 M N 963 Sale 9612
8
1948 A 0 905 9212 8912 Nov'26 --__
Col dr H V let ext g ds
894 Nov'26 --_
1955 F A
Col & Tol let ext 45
___ 88 Nov'26 --__
Conn & Passum Ely let 4s 1943 A 0
9312 Oct'26 _-__
95
93
1930 F A 86Consol Ry deb 48
1
72
72 Sale 69
1954 J J
Non-cony 48
J D --------70 Sept'26
Registered
Oct'26
72
Non-cony debenture 48__1955 .1 J
481956 J J -io- "5 69 Nov'26 ___ _
Non-cony debenture9411 10
9412 Sale 9312
-year 58 g___1952 J J
Cuba RR 1st 50
4 14
1083
4
let ref 7545
19363 D 108 1083 108
9912 9912 Nov'26 -let lien & ref Be ser B
1936 .1 D 99
9812 46
4
Cuba Northern Ry let 68
1966 J J 944 ---- 973
t Due Feb. et Due May. p Due Deo.
Range
Since
Jan, 1
BONDS
N.Y.STOCK EXCHANGE
Week Ended Dec. 3.
Price
Friday.
Dec. 3,
a.
Day & Mich let cons4 34s___1931 .1
Del & Hudson 1st & ref 4s___1943 MN
30-year cony da
1935 AO
15-year 5348
1937 MN
10-year secured 78
1930 3D
D RR & Bdge let gu 48 g._1936 FA
Den & R 0
-let cons g 43_1936 33
Consol gold 434s
1936 33
Improvement gold 58
1928 3D
Den & R G West gen 58_Aug 1955 MN
Des M & Ft D 1st gu 4s
1935 33
Temporary ctfs of deposit_ _ _
Des Plaines Val let 434s.._ 1947 MS
Det & Mack-let lien g 4s 1995 3D
Gold 48
1995• D
Detroit River Tunnel 48(0_1961 MN
Dul Missabe dr Nor gen 58_1941 3J
Dul & Iron Range 1st 5s__1937 AO
Dul Sou Shore & All g 5s
1937 1
East Ry Minn Nor Div let 48248 A 0
East T Va & Ga Div g 5s
1930 33
Cons let gold 5e
1956 MN
Elgin Joliet & East let g 58 1941 MN
El Paso & S W 1st 58
1965 A0
Erie let consol gold 78 ext..1930 M
let cons g 48 prior
1996 33
Registered
1997 33
1st cousol gen lien g 4s
1996 33
Registered
1996 ▪ .1
Penn coil trust gold 4s
1951 FA
513-year cony 48 series A 1953 AG
Series B
1953 AO
Gen cony 48 series D
1953 A 0
Erie & Jersey 1st s f6s
1955 33
Genesee River 1st e f 58 1957 33
Erie & Pitts gu g 3348 B
1940 53
Series C 3555
1940 ▪ .1
Est RR ext1 s f 78
1954 MN
110% 11312
101 10114
795 9038
8
92
993
4
10314 1083
4
8312 92
95
971e Fla Cent& Penn 1st eat g 58_1930 .1 J
Consol gold be
1943 .1 J
58
47
Florida East Coast let 4348_1959 J D
457 56
8
1st & ref 5e series A
1974 M S
81% 87
Fonda Johns & Glov 4340_1952 MN
81
81
Fort St U D Co 1st g 091_1941 J J
7014 76
5%8
1961 J D
903 9512 Ft W & Den C
8
91
023 Ft Worth dr Rio Gr 1st g de 1928 J J
4
4814 583 From Elk & Mo Val lst 6s
1933 A 0
4
4714 583
4
4712 5714 GH&SAM&P 1st 58_1931 MN
5714
2d extens 58 guar
1931 J J
47
Galv Hous & Bend 1st 58.. .1933 A 0
102 106
47
575 Ga & Ala Ry let cons 5s_Oit 1945 33
8
4634 5752 Ga Caro & Nor lst gu bs 1929 33
4552 573 Georgia Midland let 38
1946 A0
4
467 58
8
Gr 11 & I ext let gu g 4%8_1941 53
4712 57
Grand Trunk of Can deb 76_1940 AO
I5-year s f Be
47
573
8
1936 MS
9812 997 Grays Point Term 1st 58
8
1947 3D
745 79
8
Great Nor gen 78 series A
1936 J J
7412 7412
Registered
J J
let dc ref 434s series A____1961 33
85511 8912
General 55.1s series B
8614 87
1952 • J
855 8914
General 58 series C
8
1973 33
10114 104
General 4%2 series D
1976 S i
103 1083 Green Bay & West deb ctfs A____ Feb
8
Debentures ctfs B
10112 1057
Feb
8
1023 1033 Greenbrier Ry let gu 4s___1940 MN
4
4
10012 10318 Gulf Mob & Nor 1st 5 is___1950 A0
Gulf & S I 1st ref & ter g 58_51952 S i
10012 101
100 10212
10114 10114 Hocking Val 1st cons g 43/16_1999 53
1999 33
Registered
10614 10818
,1937 MN
11114 11412 Housatonic Ry cons g 58..
1937 33
995 10414 H T C 1st g int guar
8
1930 MN
Waco & N W lst 68
88
85
83% 8512 Houston Belt & Term let 58_1937 53
8712 9214 Houston E & W Tex let g 58_1933 MN
1933 MN
let guar be red
8814 9112
86% 9012 Hod & Manhat 58 series A 1957 FA
FA
Registered
101 102
Adjustment income 513 Feb 1957 A0
1027 10412
8
9418 95
Illinois Central 1st gold 48-1951 .1 J
9814 101
1951 .1 .1
Registered
9812 10014
1951 J J
1st gold 3345
77
£.47
8
J J
Registered
765 873
8
4
Extended 1st gold 334e__1951 A 0
0418 987s
1951 M
101 10572
let gold 35 sterling
1952 A 0
Collateral trust gold 4s
100 10418
A 0
Registered
1157 11914
8
1955 M N
let refunding 45
9912 10612
1952 J J
Purchased lines 38(8
81
8714
J J
Registered
10012 105
Collateral trust gold 48-1953 M N
1023 10414
8
MN
Registered
96
985
4
1955 M N
9534
Refunding 58
93
19343 J
15-year secured blis
9314 9314
1936 J .1
15-year secured 6348 g
8912 91
1950 J D
100 10112
Cairo Bridge gold 48
Litchfield Div let gold 38_1951 .1 J
85
88 8
,
9714 10012
Louis"Div & Term g 3%8-1953 .1 J
,
J J
Registered
102 10418
Omaha Div let gold 3s____1951 F A
10134 103%
105 108
St Louis Div & Term g 314_1951 J J
1951 J J
Gold 38(5
4
993 104
91
Springfield Div 1st g 3348_1951 J J
93%
813 857
4
s
Western Lines let g 40-.1951 F A
1951 F A
Registered
8212 8814
8314 8314 Ill Central & Chic St L & NO
9112
89
Joint 1st ref 58 series A-1963 J D
1951 J D
8112 90
Gold be
J 13
10418 107%
Registered
1951 J 13
10114 10234
Gold 334s
995 995 Ind Bloom & West 1st ext 45A940 A 0
8
8
19503 J
963 9834 Ind Ill & Iowa 1st g 48
8
J
Ms 9918 Ind dr Louisville 1st gu 48-1956
10112 10112 Ind Union Ry gen 58 ser A 1965 3 J
19653 J
8312 86
Gen dr ref 5e series B
84513 8518 Int & Grt Nor 1st 6s ser A 1952 J J
973 10112
Adjustment 68 ser A July 1952 Aprl
4
Aprl
10511 1083
Stamped
8
1003 10454 Int Rye Cent Amer let 68.-1972 M N
4
1941 M N
86% 8852
let coil tr 6% notes
1938
9814 9912 Iowa Central let gold 55
D
9538 9712
Certificates of deposit
- -11
113
8718 9212
Refunding gold 48
8718 90
James Frank & Clear 1st 43-1959 J 13
81
88
7512 9312 Ka A & R lst gu g 5s
19383
1990 A 0
6512 73
Kan & M 1st gu g 46
1927 J
70
70
-year Eis
2d 20
1928 M N
6512 75
K C Ft S & M cons g 6s
6512 74
K C Ft S & M Ry ref g 48_1936 A 0
883 9612 Hc&mr‘&13 letgu 5s 1929 A 0
4
105 110
Kansas City Sou let gold 33.1950 A 0
9712 100
Apr 19505 J
Ref & Inapt 58
9214 983
4
Week's
Range or
Last Sale
13
cg 4
Range
Since
Jan. 1
Bid
Ask Low
High No, Low
High
9814 98% 9814 Nov26
97% 984
933 9412 933
9438 28
4
905 95
8
4
55 10818 12212
11512 Sale 115
116
7 10278 10512
104 10414 104
10414
13 1063 11012
1063 Sale 1063
4
4
4 107
9412
95 Apr'26
9414 95
9114 Sale 903
8538 913
2
4
9114 67
9412 9512 95 Nov 26
95
89
9612 100
993 Sale 9912
4
993
4 12
7612
7614 Sale 75
62
7612 265
34
41 • 39 Sept'26
4712
39
35
36
333 47
8
363 Nov'26
4
9612 96%
93%
963 Aug'26
4
2
7212 Sale 7012
75
7212
70
65
65
67% 65 Nov'26
85
97 Sale 97
943 984
4
9714 55
1033 Sale 1033
4
4
4 10414 123 10312 1043
10212 103% 10212 Nov'26
10118 1034
82 8212 Nov'26
75
814 904
9212 93
91 Sept'26
1003 1007 10034 Nov'26
4
8
10618 Sale 106
2
10618
19218 10412 10218 10218 10
1043 ___ 1043 Nov 26
4
4
10714 Sale 10714 10712 15
807 Sale 7978
8
43
81
793 7912 77 8 Oct'26
8
7
7214 Sale 713
4
723
4 61
,
v 22
'
834 No986
5
ga.1- 68
- e- 9
78 Sale 76
64
78
757
773 Sale
4
137
78
825s Sale 8018
995
83
11178 Sale 11112 1117
8 11
11112 1115 11112 11112 11
8
88,8 8ep' g
8 12 Noy 2
8
t2
14 _
_
8
94313 Sale 9318
943 144
8
9112
91
100% 101%
10058 1063
4
10118 104%
10252 105%
10514 10812
7412 81
77% 77%
73
64
65
683
49658 9858
674 78
6714 78
73% 85
104 111%
10414 1114
92
86
894
88
8112 94%
10012 1003 10012 10012
4
2
10118 10112 10112 10112
1
98
1
9812 98
98
Sale
152
64 4 S
9 13
9
69312
9'
0
6
90934 174
9418 ____ 9014 Dee'25
10518 _-_- 13634 Sept'26
973 983 983
8
8
8
983
8
10712 139 10712 10712
98 10012
9814 102
95% 99
97 1004
5818 66
103
96
107
10014 1007 1035 Nov'26
8
8
101) 10012 100 Nov'26
9612 9718 9612 Nov'26
973 9814 9814
4
9814
997 100 10014 Nov'26
if
7218 73
7218 Nov'26
2
963 Sale 963
4
4
96%
11538 1153 11512 11578
4
8
11
107 Sale 107
107
7 _ _ _ _ 9512 Oct'26
94
157
1133 Sale 11334 114
4
11338 Nov'26
937 Sale 9534
8
96% 11
13758 Sale 10714 10712 23
6
10214 Sale 10214 1023
4
9378 Sale 933
8
937
11 86
Oct'26
84
36
23
2112 Sale 2112
913g _ _ _ _ 9114 July'26
5
105
105 10512 105
10712 Sale 107
1073
4 12
9714 101%
100 101
934 99
96 100
9914 100%
73
63
95% 97%
113 11612
1065 108
8
9512 951s
10954 11412
11214 113%
9112 98%
10252 108
97% 103
9054 95%
78
85
134 235
4
88% 91%
101 106
10312 107%
18
9712 Sale 9712
98
90 May'26
9812 9912 98 Nov'26
1013 -- 101 Nov'26
4
4
1013 --- 1013 Mar'26
4
2
985 Sale 985
8
8
9853
10014 Oct'26
10018 _
1003 101 101 Nov'26
8
9814 Sale 9712
9814 142
Apr'26
97
84% Sale 83%
8438 255
91% 98
90
90
9512 9914
100 102%
1013 101%
4
9612 100
10018 10112
100 10112
924 9814
97
97
754 84%
_ _ 933 Oct'26
4
9312- - 93 Mar'26
91
8512
8312
-84
823 Jan'25
4
8 93851 9
2 7 87 Sept'26
9 0 9.2 72
70
8
0
72
90 Nov'26
803 Nov'25
4
84%
8332 68; ; 933
938 5 1
1
8
9312
82
Oct'26
81
_
8412 July'25
8812
8812
8512 Oct'26
10712 10712
15218 102%
1°8°82587%322 SSa2:a3 2 1125
11 1211 11 111-2e21:
1
8 1125
8
9212
927
8
927
8
75%
7612 Nov'26
8218 Nov'26
8118 Aug'26
753
4
76
Oct'26
75
85532'118 - 2 8512 Nov'26
77884 84 :7:6:11-4-6i
837 85
8
84 Sept'26
9014
_ 90 Nov'26
88
84 Aug'25
3
1
107
- -98%
1084
9114 97%
93
93
834 91
83i 87
72
71
8813 92
6
90% 938_
815 8512
8
7
"ii
, Wit;
"
851 8512
,
105 10818
1013 104
4
11112 113%
90% 927
1
74
7814
803 83
4
784 824
7312 76
733 75
4
8118 574
82% 85
89% 9012
6
15
2
8
26
1023 Sale 10238 1023
4
4 39
10512 10712 10414 Sept'26
10118 104 10214 Apr'26
793
8
7812 Feb'26
9112 Nov'26
913
9134 Oct'26
86 Sale 833
12
8
86
10218 Nov'26
1022124 16 2 10212 Sept'26
19928:
2 31106 Sale 106
1063
4 31
85814 S771e 81%
77234 a60,782
2
172
83
51
783
4
79
13
76
76
95 Sale 95
50
95
____ 543 56 Nov'26
4
5412 59
2
5412
5412
2
1612 Sale 1612
1612
914
2
9114
913
8
99%
1034
10214
7812
91
892
4
79%
100%
10078
103
66
694
76
9412
55
5412
15
8
885
10212
8412 87
100 10018
1015 Sale
8
025 Sale
8
9912 99%
7312 Sale
9914 Sale
101 101
87
83
993 10114
4
10012 103%
8918 93
4
983 1024
76
72
93% 994
Apr'26
101
8512 Nov'26
10018 10018
10112 1015
8
923
8
9234
9912
9912
74
7312
983
4
993
s
1
5
47
1
a
62
103%
105%
102%
7812
9212
92
86
104
10312
10712
83
8012
81
98
1
655
65
234
91%
2877
New York Bond Record—Continued—Page 3
BONDS
N.Y.STOCK EXCHANGE
Week Ended Dec. 3.
Price
Friday.
Dec. 3.
Range
Since
Jan, 1
Week's
Range or
Last Bale
BONDS
N.Y.STOCK EXCHANGE
Week Ended Dec. 3.
Price
Friday.
Dec. 3.
Week's
Range or
Last Bale
Range
Since
Jan, 1
His)
High N o. Low
Ask Low
Bid
High
High No, Low
Ask Low
134tt
14
85
4
883 NY Central & Hudson River— .1 J 8014 Sale 80
7612 814
8812 123
4
1
/
8052s
1997
Kansas City Term let 4s_1980• J 8814 Sale 874
Mortgage 330
92
5
86
2
8
765 803
8712
79 Nov'26
1997 1 J
Kentucky Central gold 432_ A987 S i 8712 Sale 8714
Registered
81
9112
4
9414 963
5 54
969
9334 86 85 Nov'26
Kentucky & Ind Term 448_1981 J
1934 M N 9612 Sale 9614
Debenture gold 0
85 4 9014
3
941s 94;
9014 Nov'26
1961• J 8712
M N _--- -- 9434 Sept'26
Stamped
Registered
100 103
6
9218 97
9514
is 1024
10218 Nov'26
1
/
954
19423 J 9514 Sale
Lake Erie & West let g 58 1937
-year debenture 48
30
5
3
983 101
4
993
4
93 Feb'25
1941 S i 9934 Sale 993
2d gold be
Registered
k
757 80¼
8
785 8214
8014 14
4
79
82,
79
Lake Shr & Mich S g 330_ _1997 J D 8214 Sale 82
Lake Shore coll gold 330_1998 F A 78 Sale 78
80
1
8
77
78
76
78
J D 80 Sale 793
5
83
1997
Sale
1998 F A
Registered
Registered
983 9104
8
84
78
991s 28
4 93
803
1928 MS 99 Bale 9878
4
Debenture gold 45
34e 1998 F A 803 Sale 80
Mich Cent colt gold
4
80
9614 973
77
8 90
975
4
783 Sept'26
1931 MN 9712 Sale 9738
-year gold 4e
25
1998 F A
Registered
3
4
1
/ 95 4
92
4 23
953
8
96 Dec'25 12
1931 MN
3
.
, 8 . 947
Registered
1987 A 0 _1_ 51_ S812
N Y Chic & St L lstg 48
102 105
92
9314
9314 Mar'26
.1954 FA 10438 105 10458 Nov'26
A 0
Leh Val Harbor Term 55..
1937
Registered
7
99
90
4
9312 973
Si 9812 99
9878 Nov'26
4
963
4
Leh Val N Y 1st gu g 430._1940
1931 M N 9612 Sale 983
25-year debenture 48
8
825 8714
2
10258 83 10214 105
8612
8
863 8534
Lehigh Val (Pa) cons g 4s 2003 MN 88
1931 M N 1024 Sale 10214
2d 623 series A B C
83
80
MN
9812 105
10412 53
8012 May'26
10414 Sale 104
Registered
Refunding 530 series A 1974 A 0
99
92
9618 20
3
9814 105 8
8 10412 32
2003 MN 9611 967 9618
Sale 1037
General cons 410
Refunding 545 series B 1975 J J 10378 Sale 96
10534
8
4
963
92
96 12
96
Lehigh Val RR gen bs series_2003 MN 10478 Sale 10478 1051s 14 1004 105
N Y Connect 1st gu 434s A 1953 F A 10314 Sale 10318 10314 11 10018 104
g be_ _1941 AO 10212 l03't 10334 Nov'26 ...- 102
Leh V Term Ry 1st gu
1953 F A
1st guar 53 gerie B
85
5
905
4
8
8912 913
8934 Nov'26 ---4
913 Oct'26
Leh & N Y 1st guar gold 4s 1945 M S 88% 90
let ext gold 48_1947 M N
N Y & Erie
10512 110
98
98
4
1
/
98 Sept'26
1093s
Lex & East let 50-yr be gu1965 AO 109 __-- 108 Oct'26 1933M S
3d ext gold 44e
8
845 8712
2
10012 1003
8612 Oct'26
1942 MN 8512 88
8
Little Miami 0
1930 A 0 10012 ---- 1005 Mar'26
4th ext gold be
4
109 1093
2
983 99
- 109 Oct'26
1935 AO
99 Mar'26
Long Dock consol g 65
1928 J D 9814
5th ext gold 48
2 10018 101
1
/
8
993
94
9918 Nov'26
let con gold 5eJu1y1931 Q J 10034 ____ 10334 1004
-Long UM
N 9812 1063;
9412 9712 NY & Greenw L gu g 5e-1946 M N 797 ---- 80 Nov'26
4
7914 803
4
1
/
let consol gold 48__July1931 Q J 974 ___- 9712 Aug'26
4
N Y& Harlem gold 339e-2000 M
5
905 93
93 Nov'26
1938 J D 93
General gold 48
97
97
1932 J D 9412 ____ 97 July'26
80 July'25
Gold 0
M N
8
s
843 915 N Y Lack & W lat & ref 58_1973 M N 101
3
8
8884
3
993* 102
1949 MS 88 4 8914 885
101 Nov'26
Unified gold 0
1973
First & ref 430
4
1
/
11
97 100
10 106 1064
106
1934 J D 9958 100 994 100
106
Debenture gold bs
S 10512
1930 M
N Y L E & W 1st 7s ext
94 100
7
2 10038 1014
98
9812 98
4
- 1937 MN 98
-year p m deb 68
20
1932 F A 10)12 1;63 10012 10012
8 N Y & Jersey let be
903
85
1
5
90 4
88't
8814
90
4
903 00'28
92
Guar refunding gold 45_ _1949 MS 8812 89
S 90
4
2
9918 1003 N Y & Long Branch gen g 01941 M 0
9155
100
88
4
1
/
Nor Sh B lot con an 5s_Oct '32 Q J 100 Sale 100
-- 91 00'26
N Y & N E Bost Term 0._1939 A
2
997 101
2
3
704 774
77
1
77
Louisiana & Ark let g 58_1927 MS 100 4 101 10034 100't
7512 78
& H n-c deb 4s.„1947 M El 898
4
885 9012 N Y N H
891
soiz ____ 8918
Lou & Jeff Bdge Co gu g 4s_ _1945 M
M S —_- -- 60 June'25
Registered
3
2 10212 105 4
"6212 WN 105 _-_- 105
105
Louisville az Nashville 68 A937
-- 70 Aug'26
Non-cony debenture 330_1947 M S 881 677 667
27
9314 96
4
alk 7014
96
6712
s
1940 3, 98 Sale 954
Ulfled gold 48
8
2- 330_1954 A 0 887
Non-cony debenture
8
1003 104
1
4
1
/ 76
68
__-- 1014 Nov'26 ..193l MN 101
753 75 4
4
3
753
Collateral trust gold 68.
75
Non-cony debenture 45___1955 J J
105 10912
21
1081
8
875 76
76
1930 MN 10814 10612 106
3
75 2
-year secured 75
10
Non-cony debenture 4s....1956 M N 7512 Sale 667
10514 11014
74
6714 12
61
8
4
let refund 539e series A-2003 AO 107 1073 138 Nov'26
67 Sale
1956
Cony debenture 339s
14 101 10814
4
4
973 1057
8 108
8 41
105521 Sale 1055
1057
200
105
& ref be series B
let
10512 Sale
1948 J
Cony debenture 6s
30
96 10014
991
96 102
4
102 00'26 - 200 A 0 9912 993 9914
series C
1st & ref 4
J
Registered
1037 107
5
9612 1024
8
10212 28
1930 J J 10378 1044 1037 Nov'26
N 0& M let gold 6s
0 102's Ei;ie 102
1940 A
Collateral trust 611
10312 104
70
58
4
c1.2
3
6914 26
1930 J J 10312 10412 1033 0
26 gold 88
1957 M N 6834 693 88 4
Debenture 49
8
913 93
4
1
/
804 89
11
89
8718
Paducah & Mem Div 4s_ _194 F A 9278 ___- 9212 Nov'26
Harlem R & Pt Ches 1st 491954 M N 884 891 994
6512 68
8
997 10032
4
1
/
8 _6
997
St Louie Div 2d gold 38_1980 M 11 67 - - 8712 Nov'26
8
4
983 995 N Y & Northern let g 58._ 1927 A 0
4
9834 Aug'26 ---673 76
z7
76
Mob & Monts let g 430_194 M S 100
7808384 7.1.1_.4
0& W ref bit g 4s_June 1992 M S 76 Sa17 754
NY
1
854 89
6212 714
88'4
8 8814 8814
7114 16
704
South Ry joint Monon 0_195 J J 875 1954 J D
General 4s
12
93
90
14 8814
88
2
934
Atl Knorv & Cln Div 48_ _195 M N 9338 Sale 933
8814 Nov'26 -NY Providence & Boston 45.1942 A 0
9914 100
8812 884
1
/
994 Nov'26
-Lousy Cin & Lax Div g 4He'3 M N 9912 100
8 2 895
9 14 4s 1993 A 0 893 ..„8 8812 Nov'26
1013 1013 N Y & Putnam let con gu
4
4
3
4
3
99 4 100 4
-- 1013 Mar'26
193 J 5
2
Mahon Coal RR let be
3
4
99 4
993
1927 M S
N Y & R B let gold be
6012 67
8
6514
1
8
647 6514 647
1
77 4 89 1
Manila RR (South Lines) 48_193 M N 1034
4
1
/ 843- 8312 Nov'26
6212 7818 N.Y Busq & West let ref 58_1937 J J 83
73
94
7114 Sept'26
195 M N 7114 72
let 4s
. 714 Oct'26
0
9
F A 78
1937
2d gold 44e
100 101
7488
63
1
65
Manitoba SW Coloniza'n 43 1934 J D 10012 ___ 10014 13014
1940 F A 85 Sale 85
General gold be
8312 85
J 8378 __
8312 Oct'26
9
97 4 99
Man GB asNW let 330_ _1941
99 July'28
1943 M N
Terminal let gold be
1004 102
8 - 4
7
8 66
797
1
69 4 79 s
5e.'31 S M 1015 1013 10134 Nov'26
Mich Cent Det az Bay City7912 Sale 79
N Y W'cbes az B 1st ser I 430'46 J J
8
995 101
QM
101 June'26
Registered
8
924 955
9318 00'26
8
7
893 748
77
14 39%
Mich Air Line 45
1940 J J 93 8
AO 893 Sale 8814
s
1950
92
92
Nord Ry ext'l s!Vie
J J
92 Nov'26
7714 90
Rwastered
885s 32
8
883
79
s
1303 Norfolk South let az ref A 55_1961 FA 8812 sale 100 Nov'26
79 Mar'26
3
98 101
1951 M S834
JL&S lst gold 34e
86
Norfolk & South let gold 68_1941 MN 10014 10012
_
4
1
/ --- 86 Nov'28
83
let gold 3i-le
1952 M N 84
8
MN io57 1061 1)6 Nov'26 -- 10514 108
7
93158 98 2 Norfolk & Wet gen gold 65_1931
8 985
8
9852
12
-- 108 110
20
-year debenture 4s
1929 A 0 985 - 8 985
3 -- 10834 Nov'26
Improvement & ext 611_1934 FA 108
_
9612 96
3
8
10678 107 e
947 Oct'26
1940 A 0 9514 96
hald of N J 1st ext 5s
8
42
1932 AO 1067 1071 1067 Oct'26 --8
New Fiver let gold
4 31 10018 1015
9014 904
19
Milw L S & West imp g 5E1_1929 F A 10038 101 10038 1003
93
4
923
1998 AO 93 Bale
1
N & W By 1st eons g 4s
13 9512 Sale 9412 Dec'25
9211
89
Mil & Nor let ext 4 4.0blue)1934
9012 Oct'26 ---1996 AO
Registered
2 -93.8 9918
1
9512
9512
4
907 944
4
/
931 21
Cons ext 439s (browij)._ _1934 J D 9512 96
Div'l 1st lien & gen g 48.1944 S i 93l Sale 924 1823
93
89
91
Mil Spar & NW 1st gu 45
3 138 167
4
1947 M S 9112 Sale 91
4
-- 1623
1929 M S 159
10-yr cony. 85
94
91
8
1
MOW & State L 1st gu 3393_1941 3 5 8312 ____ 813 Dec'25
0318
93
Cjoint 42_ 194I S D 93
Pocah C &
1 10038 10514
10514 10514
9812 North Cent gen & ref bs A 1974 MS 10518 1053 94
98
J D 9814 993 9812 Nov'26
9714
88
4
3
3
94 4
Minn & St Louis let 78
1927
943
North Ohio let guar g 5s.,— 1945 AO 94
100 100
8618 91
9034 226
D 9934 132 100 Nov'26
let guar g 78
8
1927
8
905 Sale 905
North Pacific prior lien0 1997 Q
464
2
4612
5612 64
891s
86
let consol gold be
1934 M N 5612 58
8918 Nov'26
8918 90
1997 Q
Registered
3
83 4
bb
4
Oct'26
613 8812
64
4
1
/
653
4 40
4 5615 57
Temp etre of deposit
M N 55
Gen'i lien gold 3s,._San 2047 Q F 6512 657
8518
4
_
173 23
50
9
3 18
1912 18 Nov'26
•1
854
let & refunding gold 4s_ _ _1949
67 65
Jan2047 Q F 45
Registered
12
1614
4
9414 12
9512
87
15
9478
Ref & ext 60-yr 58 ser A__1962 @ F 13 Sale 13
Ref az impt 44e series A__204753 9512 Sale 1123 Apr'25 -42
8578 9112
89
8
61 St P dc 88 M con g 48 Int gu'38• J 8912 Sale 8812
S i 9114 -Registered
3
9712 99 4
4
4
8 11314 60 10814
3 973 9818 983 Nov'26
let cons 5s
S i 1125 Sale 1125
8
1938
Be!& 'flint 65 series
4
9712 993
14
9814 12
1
Ii 109 4 ---- 11014 Mar'26 -- 11014 110
let cons 53 gu as to teL _ 1938 J . 9814 Sale 98
3
Registered
74
100
9814 104
52
10234 134
4
10
-year coll trust 64e___ _1931 M S 10214 Sale 10178 10214 11 1008 105
58 series C ___2047 S i 104 Sale 1023
Ref az impt
3
100 8
8
4
984 1031
J J 1004 Sale 10012 1013
10314 19
102
let & ref 65 series A
1946
Ref AC impt 55 series D.__2047• J 10314 Sale 14934
8
12
885 9712
3
91
5 109 4 1104
10914
4
25
0
-year 51
1949 MS 91 Sale 91
Nor Pac Term Co 1st g 623_ _1933 iS 1393 110 10434 51fty'26 -- 10112 10514
93
_
93
let Chicago Terms!4s__ _1941 M N 94
1938 AO 1044 105
93 10112 Nor of Calif guar g 55
4
8
6
2
10212 1031
4
91- 94 Nov'2
2
8
Mississippi Central 1st be_ _ _1949 J J 9414 - 12 93 Mar'
1930 iS 1025 -- 1023 Oct'26
North Wisconsin let fis
e
33
843 88
87
Mo Kan az Tex—let gold 413_1990• D 87 Sale 87
9(04 103
82
1 73
73
1022
3
J J 10112 Sale 101
8014
31 7912 8014 8014
Mo-K-T RR—Pr 15e ger A_ A962
8012 8612 Og&LChamlstgu4sg,1948
3
80
-year 4s series B
1962 J
1st 423_ _1943 MS 9214 ___ 90 4 Dec'25 ---6
figs
85's10315 19 1013 10414 Ohio Connecting Ry
4
/
99581 Sa
103 8ale 10825321
8
10
-year 65 series C
1932 J
1938 J D 102 1021 1015 Oct'26 -- 10012 1021,
s
9012 957 Ohio River RR let 555
A 0 953 Sale 945
8
s
957 530
4
Cum adjust be ser A Jan.1967
1937 AO 10114 1021 10114 Nov'26 ---- 1003a 1014
General gold be
9 no
not8
Missouri Pacific
Oregon & Cal 1st guar g 58..l927 S i 100 Bale no
100
4
1
/
35
89
8914 9211
6
8
99
924
let & refunding Ls ser A 1965 F A 98523 99 985
8
45 10134 10714 Oregon RR & Nay con g 45_1946 J D 4218 923 92
10718 45 1004 108
let az refunding fis ser D 1949 __ 10634 Sale 10812 107
F A
46 10134 10714 Ore Shore Line 1st cons g 55.1946 J i 107 Sale 107
10634 Sale 10612 107
4
/
1071 13 10518 108
let & refund 68 ser E__ _1955
10718 Sale 107
1946
Guar cons 55
7412
65
1
s
967 987
3
744 302
General 4s
984 59
8
1975M_,,„,. 73 4 Sale 7388
1929 S D 9814 Sale 977
Guar refunding 45
93
88
2 10
927
4
8
833 88
2
9
3
M Pac 3d 7s ext at4% July 1938 1
87
" 925 93 924
.
1961 is 8612 Sale 86'4
Oregon-Wash let & ref 4s
2
913 96
9314
1946 J D 9315 9414 9314
Pacific Coast Co 1st g be_ _
4
1
/
.9112 94
Mob & Bit prior lien g 5e_ 1945 J J 10018 ____ 99 sept'25
3
4 94 4 Nov'26
4
4
793 W7- Pac RR of Mo 1st extl g 48_1938 FA
8
8
1945• jp
-- 88 Nov'26
s 22 100 1023
Mortgage gold 0
1938 S i 10214 10214 1021s 1023
4
2d extended gold be
783 87
4
4
1
/ 857
4
78
8
964 981
Small
1944 .1 .1 8614- - 783 Sept'26
4
J 9714 9814 973 Oct'26
8
8
1007 1035 Paducah & Ills 1st s f 4 30_1955 J
841 342
,
734 854
Mobile & Ohio new gold 65_ _1927 S D 13334 10114 101 Nov'26
Q
10614 Paris-Lyons-Med RR 85_ __ _1968 FA 8518 Sale 8418
10012
10012 101 101 Nov'26
13
82
94
8
943 204
let extended gold 65._ J ul)1927
4
1
/
76_1958 MS 94 Sale 934
Sinking fund external
923
4
90
4
923
4
7
8
93 e
82
1938 MS i)25 9518 923
General gold 49
937 107
7
7
1954 MS 93 8 Sale 92 s
Paris-Orleans RR 8 f 78
4
983 101
4
993
993
4
1
/ _
19058 1034
Montgomery Div let g 55_1947 FA 99
4
10134 102 1013 Nov'26
1942 M
994 1004 Paulista Railway 75
4
8 - 18
14 9153
93
1927 J O 997 106- 100 Nov'26
St Louis Division be
4
___ 953 Nov'2
MN
8
985 Pennsylvania RR cons 845_1943
87
9012
9312
914 994g
4401 az mar 1st gu gold 4&J991 MS 90_
941
94 9412 9418
1948 MN 951095 11212
8
Consol gold 42
11238 11312 11314 Nov'26
1
9114 99 4
1937 .t
Mort C let gu g 68
4
dollar_May 1 1948 MN 9412 95 933 Nov'26 27
10914 10914
45 start stpd
S i jogs
8
10914 Oct'26
987 102
Registered
1980 FA 102 Sale 10114 102
2 10118 103 4
3
Consolidated 4148
1034 1035s
79
00
9414 1
1937 S i
let guar gold ba
100
General 445 series A- _ _ _ 1985 3D 99 Sale 99
4
773 8158
12
4
1
/
;3_ 7958 Nov'26
2
37 1023 107
Morris & Essex let gu 3423..2000 J D 79 6;1
4 1071
S D 10678 Bale 1063
1968
2 100 1011
4
4
1
/
General be series B
54 10612 10612
Mosby Chatt & St L let 58..1928 AO 1_7_ _... 1001912
1930 AO 10812 Sale 10612 1067
-year secured 7e
4
1
/
10
100 10318
FA
11332
Nov'26
1
/
10212 1014 Apr'251034
1937
NFlaatE3 lstgugbe
4 11214 28 11132
8
1936 FA 1117 Sale_ 1113
15
-year secured 648
11114 11214
Nat RS'of Mex pr lien 446..1957 S i
11114 Oct'26
FA
_
Registered
4
1
/
9832 102
July 1914 coupon on
4
1
/ 53
102
1984 MN jogs liZe 102
7
2212
40
-year gold be
15
t
87
15 Sale 15846
53
9 4 8e91.25
4
1
/
87
Assent cash war rat No 3 on
Oct'26
87
tr A reg_ _1937 MS
Pa Co gu 3396 coll
4
/
871 Aug'25
87
83
-year a f 45
1977 AO
Guar 70
Guar 339e coil trust ser B_I941 FA 8512 ____ 87 Nov'26
AO .
84%
84
8712 Aug'25 12
April 1914 coupon off
___ 841s Aug'26
Guar 348 trust ctfs C___ _1942• D 847
4
173 27
1814
85
i
ii14 Sale 18
82
Assent cash war ret No 3 on
85 Nov'26
81944 S D 8412 85
Guar 348 trust Ws D
4
3812 July'25
9614 971
Mex prior lien 430-1928 is
Net RR
__ 9712 Nov'26
-25
Guar 14 -year gold 413__ _1931 AG
14
24 Sept'25
8612 89
July 1914 coupon on
8
N 883 894 887 Nov'26
8
1952
9712-- Guar 45 series E
23 IS12
iii4 -261 3014 Nov'26
Assent cash war rct No 3 on_
28 Apr'25
1951 Kis
Let consol 45
8518
AO 851s
s
"Hi If" Peoria & Eastern 1st cons 48_1940 Apr. 404 Sale 8534 Nov'26 3 7958 8718
AO
184 June'28
42
35
April 1914 coupon on
4012 40
1990
Income0
s
13
203
-iiT2 Ii- wz Nov'26
2 10014 104
4
1
/
cash war rct No 3 on_
102
Assent
4
Peoria az Pekin Un let 5348_1974 AO 1023 Sale 101
5
8
10312 26 1011 104 8
2
9514 10018 Pere Marquette let ser A 5e.1958 S i 10312 Sale 10314 Nov'26
974
8
8538 887
1945 S i 9718 Bale 9718
New England cone be
4
1956 S i 10312 1033 8814
1st 45 series B
87
81
14
8638 Nov'26
3
8
93 8 95
1945 S i 863
4
Consol 48
4
,
841 8514 MUIR Bait & Wash let g 0._1943 MN 943 95 4 943 Nov'26
2
8438 Sept'26
1084 1114
1988 FA 8438
J June RR guar let 45
4
1974 FA 110 1103 10912 Nov'26
General be series B
923 975
4
8
2
J
9618
4012 45
423
4112
4 17
8
N 0& N H Isr refazimp 430 A'52 J J 96 !WA; 96
84
8814 Philippine Ry let 30-yr 5 f 45 1937 is 415 Sale
J
8814 31
8
New Orleans Term let 4e_ _ _1943 AO 88 Sale 874
1932 S D 1065 10714 10514 Mar'25
4
9614 1003 Pine Creek registered 6s
16
4 W.1661:
4
1
/
99
993
8
1940 AO 993e
NO Texas & Mex n-c Inc bs_1935 AO 10014 Sale 100 Nov'26 77
u430A
98 10078 PCC&8tLg
8
3
10014 Sale 10018 1005
9638 9911
1944
s
993
6
let be series B
s
1942 AO 993 -- 993
Series B 4 45 guar
97
4
1
/ 9915
1959 AO 10478 Sale 10434 10514 41 1021s 10512
let Skis series A
1942 MN 9912 -- 9912 Nov'26
2
Series C 44e guar
9412 97
J J
4
983
4
963
4
9312 98
9412 Nov'26
& C Bdge gen guar 4.48-1945 AO 963
1945 MN 9412
N
4
Series D 45 guar
993 102
12
10114 Nov'26
9214 95
4
9512 Nov'26
NYS az M B let con g 53_1935 MN 1003
Series E 330 guar gold_ _1949 FA 9518
8
5 1043 109
107
107 Sale 107
8
927 9712
8
4
1953 S D 943 973- 9712 Nov'26
Y Cent RR cony deb 68_1936
Series F 48 guar gold
1064 10612
N
10612 May'28
974
93
MN 941e -- 95 Nov'26
1957
1/ Registered
4
853 9914
Series 045 Boar
4 37
897
6
1998 FA 8978 Sale 893
Consol 48 series A
9214 9812
4
/
981s 37
,
2013 t o 97 4 Sale 971
Ref & impt 430 • A"
3
C_ _ _2013 AO 10518 Sale 10514 105 4 73 10112 106
Ref & hunt be series
10312 103 2
7
AO 105 8 105 8 103 4 Oct'26
,
3
7
Registered
a
a
2878
BONDS
N. Y.STOCK EXCHANGE
Week Ended Dec. 3.
New York Bond Record-Continued-- Page 4
t
Price
Friday.
Dec. 3,
Feet's
Range or
Last Sale
Range
Since
Jan. 1
BONDS
N.Y.STOCK EXCHANGE
Week Ended Dec. 3.
3
t
Price
Friday,
Dec. 3.
Week',
Range or
Last Sale
Rang.
Since
Jan. 1
Bid
Ask Low
High No. Low
High
Pitts CM Chic & St L (Concluded)
Ask Low
High No. Low
Hi&
U N J RR & Can gen 9s____ 1943 MS Bid
Series H 40
934
1960 F A 9518 ---- 9712 Nov'26
9212 Dec'25
_
9714 9712 Utah & Nor let ext 4s
Series I cons guar 4420_ ___1963 F A
J J 9614 9818 96
9812 Sale 9812
9414- 9513 941
Oct'26
2
9812
9514 9812 Vandal's cons g 45 series A 1955 FA
Series J 4 4
,e
1964 M N 963
907
8
4
9012 Nov'26
88
96
9011
9814
Consul 45 series B
General M be series A____1970 J D 10653 ____ 97 Nov'26
1957 SI N
907
8
Sale 10638
9012 Oct'26
8815 903
1065
Vera Cruz & P 1st gu44,8_1939 J
8 49 100 108
4
Registered
J D
20 Sept'25
102
Oct'26
102 102
July 1914 coupon on
Gen mtge be aeries B
J J
1975 A 0 106 s Sale 10612 1067 116
2413 24
A pr'26
24
24
8
9912 1(18
Assenting let 4
Pitts & I. Erie 2d g 58_ __Jan 1928 A ()
1934
10012 100 Nov'26
24 Nov'26
22
100 101
33
Virginia Slid 58 series F__ _ 1931 J
M
Pitts NicK & Y 1st gu (Se_ _ _1932 .1
1 93
6
inois 101 101 Sept'26
J 1055 10714 106
8
101 101
Oct'26
103 106
General Is
Pitts Sh & L E 1st g bs
1940 A 0 1017a ___- 1017
102.38 i0278 10234 Nov'26
101 102%
8
1 1007 10314 Va & Southven let gu 582003 M
8
1017
8
let consol gold 58
J J 102 103 102
1943 .1 J 10112
1
101.1, June'26
102
9912 103
1013 1013
4
4
let COI18 50- year 5
Pitts Va & Char let 45
1958 AU 96
3
1943 NI
11
967 9513
8
9114 May 25
903 97
4
9614
Virginian 1st 58 aeries
Pitts Y de Ash let eons 58.__. 1927 3.1 N
N 10014
993 10014 Wabash 1st gold 55 A____1962 MN 103 Sale 10234
_ 10014 Nov'26
10314 66
993 10312
4
1st gen 48 series A
N 103 Sale 103
1948 J I) 9234
4 101 104
9112 Mar 26
10313
91
9112
2d gold 5t3
1st gen be series B
FA 101 Sale 101
1962 F A 10434
11
105 Nov'26
101 14
10212 1(15
9812 102
Ref 8 f 542e series A
Providence Secur deb 45____1957 M N
19935 MS
119799
3
8
6512 70
8
6812 Aug'26
6212 6834
4 63
9812 105
Debenture B 6s registered.1939 MS 1035 1037 10312 1033
Providence Term 1st 45
1956 M S 835 ____ 845 Aug 26
_
8
8314 Feb'25
8
8453 845
8
let lien 50-yr g term 45_1954
J 90-- - 8412 Aug'26
837 893
8
4
84
Det & Chi ext 1st g 5s_ ___1941 J J
Reading Co gen gold 46
1997 .1 J 100 10012 10018
10258 Nov'26
2
9518 10018
101 1025
10018
Des Moines Div let g 951939 .1 J 10212
)
Registered
a /
8814 89 88, Sept'26
447 May 25
8
8414 90
Om Div let g 312e
Jersey Central coil g 4a__ _1951 A 0
1941 AU 8314 Sale 823
917 92l 92
4
4
8314 12
92
95
90
7718 8314
Tol & Ch Div g 4s
Gen & ref 4325 aeries A _ 1997 .1
1941
_
9818 Sale 973
9012 Oct'26
4
9414 985s Warren let ref gu g 342s2000 MS
9818 48
87
9012
RIchm & Danv deb 58 stmed 1927 A J
FA 9075
0 997 100 130
8
80
8012 Sept'26
1
100
80
81
993 10012 WWash Cent lot gold 48
4
Rich & Meek 1st g 48
M 853 89
1948 M
4
7918
8518 No v'26
7912 Oct 26
78
80 • Wash Term 1st gu 3 1,4s
84
86
Mehra Term Ry 1st gu 5s___1952 J N
1 945 FA 8512 853 851s Sept'26
19
48
J
4
10012 1023
83
4
887
s
let 40-year guar 48
Rio Grande June 1st gu 58_ _19341 .1 0 10138 10212 10112 Sept'26
1945 FA 9212
10053 Sale 1005
85
8
Oct'26
8
1005
9512 101 4
83
9114
Rio Grande Sou 1st gold 45..1940 J
J
Oct'26
54
,
51 4
-- 7
7
W Min W & N W lot go 50_1930 FA
Guaranteed (Jan 1922 coup on) J 1
98 100
5
9853 Nov'26
12
6 may'25
965 983
West Maryland let g 4s_ _ _ _1952 AU
8
5
Rio Grande West let gold 48_1939 J
75 Sale 7412
4
8678 927 West N VA Pa let
9214 30
7514 170
667 757
8
8
;
Mtge & coll trust 46 A ___ _1949 A J 92 Sale 913
5- 943 .1 J 101 12 Sale 10112 101
s19 7
3
7 1003 1021a
9334 21
7418 85
12
4
Gen gold 9s
RI Ark & Louie let 442e____1934 M 0 9358 Sale 8312
AU 88
13 9412 Sale 943
8814 88
88
62
s
89
9434 39
947s
833 88
8
!motile g 58
Rut-Canada 1st gu g 48.___1949 J .1
Apr 1 1943
45 Feb'25 - -.783 797 787
4
8
753 833 Western Pac 1st sec A 58__.1946 Nov
8
8
4
787
8 10
Rutland 1st con g 4's
M
1941 a a
993 Sale 993
4
91
9134 9012
8
9934 20 "957
1
87
9012
92
s
1st gold 68 series B
St Jos & Grand lel 1st g 48_ _1947 1
1946 M
103 1033 1033
8714
J
4 104
_ 863
2
4
7814 8634 West Shore 1st 4e guar
9 10054 10618
4
863
4
St Lawr & Adir let g bs
2361 J
1996.3 1 9812
87
87
8712 87
99 Nov'26
2
9712 0912
835 8714
8
Registered
2d gold 6e
2381 .1 J 865s Sale 86
1996 A 0 10518
8638 25
_ 105 Nov'26
105 105
83
865e
Wheeling & Lake Erie
St L & Cairo guar g 45
1931 J J 96
97
9513
2
95
9512
9612
Wheeling Div 1st gold 65_1928 J
St L 1r Mt & S gen con g bs 1931 A 0 10014 1003 1003
9912 10014 9912 Oct'26 -- 9912 10212
4
13 100 101
3 100
Ext'n & It gold 55
nle
Stamped guar 5s
FA 10(1
1931 A 0
100 Nov'26 -8 Sept'26
1003
10014 1003
8
95 100
Refunding 4 125 series A_ _ 1991 NI 5
Unified & ref gold 98
196
:6
1929.3 J
9018 9012 9018 Nov'26 -9712 Sale 9738
953 973
975
4
8 23
8078 9312
4
RR let consol 46
Registered
1949 MS 87 Sale 863
4
1 1
87
22
93 Sept'25
81
8914
Wilk & East let gu g 513___ _1942
Rh & 0 Div 1st g 44) _ __ _1933 M N
,
13 713 7214 71 3
4
93 Sale 93
7214 35
89
94
9314 71
6414 743
4
Will & S F lot gold Is
St L M Bridge Ter gu g be_ _ .1930 A 0 997 Sale 9978
1938 J0 1021
8
103 Nov'26 ---- 1023 103
_
10014
4
993 10078 WInston-Salem S B let
4
3
OIL & San Fran (reorg co)48 1950 1 1 845 Sale 8414
4s
1960 J J 8612 - - 863
8
, 8638
863
2-4
2
775 85
843 264
8
4
8514 8814
Wis Cent 50-yr let gen 45.._1949 .1 J
Registered
J J
8214 Oct'211
8
833
8 37
80
84
8018 87
Sup & Dul dB & term 1st 45'36 M N 83 Sale 823
Prior lien series B 613
,
1950.3 1 100 Sale 997
8914 Sale 895
8
s
100
9 8612 903
130
893
93 100
4
4
Wor & Con East let 4456._ _1993 J J
Prior lien aeries C 5e
1928 J .1 102 1023 102
8
87
Jan'26
10271 11 1013 103
/
4
3
7814 .8613
Prior lien 5(48 aeries D .1942,3 J 10212 Sale 10218
1025
8 36
9914 10318
INDUSTRIALS
Cum adjust ser A es_ _July 1956 A 0 9938 Sale 99
9214 9 .7 Adams Express coil
8
9912 221
Income series A 68. _July oro Oct
tr g
905 Sale 9018
96 Sale 9412
8
96 1046
905
8 21
843 9614 Ajax Rubber let I5-yr 4s...1948 M
3
85
905
s
st Louis & San Fr Ry gen 6s_1931 J .1 10518 1053 10514
4
12 10112 10514
105
10514
101 10618 Alaska Gold M deb 68 S f 88_1936 J 0 105 Sale 105
General gold be
A ___1925 M
1931 J / 10012 10112 10012 10012
4
45
8 4
Oct'26
2 10001 10112
4
5
Cony deb (is series B
St L Peor & N W let fru 511_1948 .1 1 103 10512 10312
4
Oct'26
Oct'26
514 4
313 412
10212 104
AlpIne-Mouton Steel
St Louis Sou 1st gu g 4119
1931 M S
943 Oct'26
8
9012 26
9418 973 Am Agree Chem 1st 58 7s___ _1951 M 8 9012 Sale 90
8914 9114
3
St LS W 1st g 48 bond etre_ _1989 MN
1928 A 0
863 Sale 863
4
03
Oct'26
1
4
8418 88
10234 10414
803
4
1st ref of 7',13
2d g 1s inc bond ctfs_Nov 1999
1941 F A 10414 Sale 1033
793 803 7918 Oct'26
4
4
4
10414 33 10312 106
75
82
Amer Beet Sue cony deb 621.1935 F A
Como!gold 48
1932 J P 9412 Sale 9414
4
9412
9512
9414 95, 9512
4
913 95
9012 10112
3
American Chain deb s
1st terminal & unifying 54.1952 J
9613 Sale 9(112
11113
97
4 13
18
8912 9712 Am Cot 011 debenture f 65..1933 A 0 10112 Sale 0114
9814 102
&Paul & K C Sb L let 93,21_1041 F A
Se_ _1931 M N 06 Sale 9338
9214 Sale 9218
29
96
9212 30
86
9318 9714
9312 Am Dock & Impt au 8s1936
St Paul & Duluth 1st be
1931 Q
J J 10512
10112 -- 10114 Sept'26
0512 Nov'26
10114 10114 Amer Ice deb 7s,.
10512 1065
8
let consol gold 4s
.July 15 1939
1968
_ 11.13- 130 Nov'26
9014 9212 91
_
91
4
15
87
118 1344
91
Am Macb & Fdy s f 6s
Elt Paul E Or Trunk 444s._ _ _1947
1039A . ioi Sale 104
.1 937 99
0
8
5 10014 104
927 Oct'26
104
8
9018 9278 Am Republic Corp deb
St Paul Minn & Man con 44.1933 J
68_ _1937 A 0 99 Sale 99
97 Sale 97
111 98 100
9914
10
97
95 4 973 Am Sm & R let 30-yr be
3
4
/
1
4
Registered
ser A '47 A 0 11105 Sale 1005/
8
4
9212 July'25
101 14 108
99 1013
4
let M (38 series II
1st consol g 45
1947 A 0 1075 Sale 1073
1933 J
108 Sale 1(18
8
29 106 109
8 108
108
5 1073 1093 Amer Sugar Ref 15-yr
8
4
Registered
Os_ _1937 J J 10412 Sale 10414
41 102 10512
105
108 Aug'26
107 108
Am Telep & Teleg coil tr 45.1920
64 reduced to gold 445s___1933 J
J
983 9812 983
8
993 10018 10018
4
8
9812 62
99 100,
967 983
10:08 10
8
8
4
Convertible 48
Registered
1936 M S 9 4 9434 9312 Nov'26
1933 J
33
9713 Aug'26
92
9712 99
955
8
20-year cony 432s
Mont ext 1st gold 48
1933 M
1937 1/
973
99
4
95 Sale 95
9734
93
9.5
9714 10213
955
8
30-year coll tr Is
Registered
1948.3
10238 Sale 10212 103
33 10018 10312
9413 Nov'26
,
9214 94,
Registered
Pacific ext guar 45 (sterling)'40 J
103 June'26
10234 103
9014 Oct'26
8918 9914
35-yr s f deb 58
St Paul Union Depot 58_ _ __1972 J
1960J J 10114 Sale 1003
3
10114 275
4
10514 10612 104 s
973 102
8
10.5
8
3 1017 1053
4
20
-year s f 5 1,28
1943 93 N 1055 Sale 1055
8
8 1057
4 70 1025 1063
8
4
Am Type Found deb 6s
S A & Ar Pass let gu g 48._1943 J
1940 A0 1037 Sale 10353 104
8
11 10014 105
84
887
89
8
2
Am Wat Wks & Elec 5s
Santa Fe Pres & Pben 5a____1942 NI .1 8814 88 8812
AU 98 Sale 98
1934
102
953 9912
9819 28
4
10212 Sept'26
10012 1023 Am Writ Paper 8 f 7-65. _ _ _1939'.3
4
Sac Fla & West let g 68
5912 60
8
1939 A 0 10818
503s
60
42
6212
108 Sept'26
108 110
Temp interchangeable We dep.
1st gold 58
595 Sale 59511
8
1934 A 0 1023 104 1023 Oct'26
4118 825
6012
3
1
4
1023 111231
4
_
Scioto V & N E 1st gu g 4s1989
311
N 903 Sale 9014
4
877 903 Anaconda Cop Min 1st 6s_ _1953 FA 10312 Sale
903
8
4
7
4
Seaboard Air Line g 45
1023
4
1950 A 0 8012 Si', 7934
1037 185 10114 1091a
8
793
4
7814 82
2
Registered
Gold 48 stamped
1027 Sept'26
_ 1025 10278
8
1950 A 0 8012 807 8012
8
8012
8
3
7814 82
15-year cony deb 7s
Adjustment 58
1938 F A 1067 Sale 10638 10714
8
77 10214 1073
Oct 1949 F A
81 Sale 8012
4
8I78 91
76
877 Andes Cop Min cony deb 78,1943 1 J 10712 Sale 107
s
Refunding 4s
1959 A 0 7314 Sale 73
1073 121
4
987 108
8
7312 75
6914 76
Anglo-Chilean Nitrate 7sww1995 M N
1st & cone es series A
97 Nov'26
1945 NI
9212 10018
9614 Sale 96
9633 139
91
963
4
Without warrants
Atl & BIrm 30-yr 1st g 48_d1933 M 8
8912 Sale 84
131
85
84
9012 91
91
4
91
13
8812 94
Seaboard All Fla 1st gulls A _1935 F A
AntIlla(Comp (Azuc) 7 .-60. _1930 JI J
90
9014
5 8412 863
00
95
9214
053
4 40
9214 983 Ark & Mem Bridge at Ter 55.1964 M S 997 10018 90
4
Seaboard ar Roan be extd_ _1931 J J 100 Sale 95
8
100 Nov'26
9418 10013
10012 10018 Oct'26
997 10012 Armour & Co let real est 4 12e '39 3 13 92 Sale
8
So Car & Oa 1st ext. 54,e_ _ _1929 M N 101
t 913
4
9218 61
1013 101 14 Nov'26
8
4
9014 927
101 102
Armour & Co of Del 5425...l943 J J
N Ala cons gu g 5s
9414 Sale 1 935
1936 F A 10312 1043 10312 Nov'26
8
9414 111
92
4
9613
10214 10414 Aseoclated 0116 ,2 gold notes 193593
Gen cons guar 50-yr W...1963 A 0 10
103 Sale 10212 103
15 102 10318
12
1083 Nov'26
4
_ 1053 1083 Atlanta Gas L 1st 58
4
4
So Pac coil 4s (Cent Pac coil) 549 J D 8812 _
1947 J I) 1003
4
9953 Mar'25
Sale 8812
8914 17
8512 9113 Atlantic Fruit 75 etre dep..1934 J D
3
Registered
155 24
8
J D 841a 87
15 Sept'26
8418 Nov'26
15
28
__
8418 8512
20-year cony 48
Stamped etfe of deposit
June 1929 NI
_
2018 Jan'26
9812 Sale 98318
201A 2018
985 103
8
967 9854 A 21(:,1,1 h e ab u tr 58.1959 1 1
8
20-year cony 58
WlSSLcol
t1), )212 itig e
6912 7014 69-53
19343 D 10112 102 101 12
7
70
6512 7112
10214.
2 100 1023
4
20-year gold be
1937 .1 / 101 Sale 10012 101
1944 M N 10012 10112 10034
108
993 1023
1003
4
4'
4
1
9934 1017
8
San Fran Term! let 4s
1950 A 0 9(1
8
903 90
9012 30
87
91
lialdw Loco Works 1st be_ _ _1940 M N 10712 Sale 10812
Registered
A 0
1071.2 11 10214 110
80
Oct'26
86
85
So Pac of Cal-Co g 5e
Baragua (Co '-p Az) 7 426._ _1937 J
1(15 106 106 Nov'26
1937 M N 10713
10312 Oct'2
103 10614
1 10053 1043 liarusdall Corp deb 68
4
1940 J D 100 Sale 987
So Pac Coast 1st gu g 4s
1937 J J 9413
810
8
100
_ 9.514
96 101
9414 9514 Belding-Hemingway 611
9514 10
So Pac RR 1st ref 45
1936 J J
9714 Sale 0712
19553
3
9312 Sale 9314
9712
4
943 1007
3
9314 70
90
93 4 Bell Telephone of Pa Ss
,
1948 J J 10278 Sale 10234 10314 23 10033 10378
IstA ref 58 series C
Southern-let cons g 544.___1994 J J 107 10714 107
1960 A 0 10318 Sale 1(1318
10314 30 100 10378
1073
8 24 104 108
Beth8ee
w.3,2v. Lo222.
t1181 ref
Registered
'92 M N 1003 Sale 10012 1007
J D
9
4
_ 10512
3
8
953 10218
1013 10 12
4 6
Devel & gen 4e series A..1950 A 0 86 Sale 857 Nov'26
1 973 Sale 9712 1, 8 2 28
4
9
)
8
93
8614 185
9818
81 14 8614
Cons 30-year 133 series A..1948 F A 10112 Sale 10118
Develop & geo 6s
1956 A 0 11314 Sale 11278
11 130
9514 10153
11312 22 10718 1137
8
Cons 30 year 5
13.1953 F A
Devel & gen 638e
9614 Sale 953
1956 A 0 119 Sale 119
4
9612 62
8713 9773
11912 23 112 1193, Bing & Bing deb 1,e Isaias
1950 M S 93
Mein Div 1st g 4 ,,11-58_ _1996 1 J 10612 107 1065
'VI
94
,
93 Nov'26 - -8 10634
9013 95
2 1013 1063 Booth Fisheries deb s I 138._ _1926 A 0
4
4
St Louis Div let g 4s
10014 109 100 Nov'26 -1951 J J 90
9012 9014
9014
70 100
6
86
91
Botany Cone Mills
_1934 A 0 853 Sale 85
East Tenn reorg lien g 5e_ _1938 M S 1003 103 lud18 Nov 26
8
4
853
4 11
8011 95141
8
997 101
Brier (1111 Steel let 5
._1942 A () 1(1414 Sale 10312 10414 23 101
Mob & Ohio coil tr 98_ .1938 M S 925 Sale 9134
'
8
92
105
8712 93
13'way & 7th Av 1st e g 548._ _1943 J
Spokane Internet let g be_ _ .1955 J J 8414 8512 833 Oct'26 21
72
74
72
7:3
4
7
70,8 763
81
873
4
8
Ctfe of dep stmixi June '26 int
Superior Short Line let be_ _81930 NI 5 10)
71 18 ____ 707 Nov'26
8
10012 Sept'26
9912 10(02 Brooklyn
6815 73
City RR 58
1941 .1
Term Assn of St L 1st g 4'&4_1939 A 0 98's 9912 985
4
8
9102
4
9514 9912 Bklyn Edison Inc gen be A 1949 J J 9412 953 9413 Nov'26
9314 957
8
1st cons gold 56
,
10412 Sale 10418 105
1944 F A 10238
44 1025 10534
1023
8 1023
8
4 101 106
8
General Os series 13
1930 J J 1033 1043 104
Gen refunds f g 40
3
19533 J 87
4
8812 87
873
1041 2 16 10338 10615
8
5
843 8814 Bklyn-Man R T sec 68
4
1 968 J
Texarkana Az Ft S 1st 5 Sis A 1950 F A 104 Sale 10312 10
983 Sale 9812
4
9
4'4 24 10153 105
914 303
9214 9948
Bk1122 52u Co & Sub eon gtd43
y nQ
541 N1 N
Tex & N 0 con gold 58
63 Sale 61 14
194:1 J J 9934
5
_ 100
63
100
27
985 10214
8
60
644
4
Texas & Pac let gold be
1941 J
7514 ____ 79
9000 J D 10618 Sale 10618
6
79
106
6 103 10712 Brooklyn It Tr 1st cony g 48_2002 J
72
79
La Div 13 L let g 5a
1931.3 J 10038 10038 100 Nov'26
88
Aug'
25
9
993 101
4
8813 881s
3-yr 7% seeured notes. ___1921 J .1
Tex Pac-Mo Pac Ter 5428_1964 3.1 5 10312 Sale 10314
13612 Nov'25 -104
15
9914 105
Ctfs of deposit stainped
Tol & Ohio Cent let gu 55...1935 J 1 101
12812 Nlar'25 - - -10118
10118
5 10018 1017 Bklyn tin El
8
Western Div lot g 58
1950
1st g 4-55
A 93 Sale 93
1935 A (1 100 •4
_ 101 Nov'26
10012 101 73
93,2 17 Ws 9738
Stamped guar 4-55
General gold 5e
1950 F A 923 94
19:15.3 0 10012 1003 1003 Nov'28
_4
g9,
4
4
9312 19
973 10218 Bkiyn Us Gas 1st eons g 55_ _1945 M N
3
8812 95 4
5
To1-do Peoria & West 48._ _ _1917 J 1
103 Sale 1027
15
20 20
29 10058 1041
8
103
0(.1'26
20
373
8
4
let lien & ref 138 series A..1947 M N 11312 11418
Tol St L & W 50-yr g 45
195() A 0 99 Sale 90
1135 Nov'26
8
90
1
8714 903
110 114
3
(leD 058
19361 J 16012 Sale 15912 161
rolvvve,osti 4)us &
1931.3 1 99
993 98 Mar'26
3 126 156
s
14
3
973 98
8
Buff & Sum Iron 0 1 58
1932 1 D 9214 9212 91 June'26 29
Series)) 4385.
1933 J 1 99
, Dec'25
3
96
---91
92
Bush Terminal 1st 45
1952 A 0 91
Series C 45
1942 M S 93
91(8 903 Nov'26
93
3
Oct 28
93
93
871 9214
4
Consol be
1955
Tor Ham & Buff 1st g 4s_ ___1948 .1 0 895 Sale 89 8
97 Sale 963
(
8
4
3
8953
1
874 9014 Bush Term Bides 58 go tax-ex 0 A J
90
97 4 14
9814
0 1003 Sale 100
8
10012 60
953 101
4
Ulster & Del let cons g 58_1928 J D 6913 725 6613
8
6012 80
663
4 28
Cal a & E Corn gulf A ref
1st refunding g 48
1952 A 0 43 Sale 43
10112 Sale 10138
53-1937 M
1015
4313
8
5
3612 48
8 1001, 10214
Cal Petroleum sf g 6
_1033 A' 0 1033 104
Union Pacific let g 44
1947 J .1 95 Sale 9411
4
8
9
9218 9512 Camaguey Sue 1st 8 f g 78_1942 A 0
9518 72
1v4
N0092,64 115 10314 1053
4
Registered
9914 Sale 193314
1 J
1) 2
8
933 Nov'26
9012 997
4
8318 9334 Cent Dist Tel let 30-yr 58_1993 J
_
8
-year ronv 4a
20
1927J J
1027
8
997 Sale 993
moi 100
8
10118 10318
100
4
34
Cent Foundry 18t f (13_ May1931 F A 9712 10314 10278
Registered
J 11
10
98 98
9334 99%
_
98
9912 May 26 -99
9912 Cent Leather 1st Ilen s f 6s..1045
lot & refunding 4s_ _June 2008 M S 903 Sale 9014
10218 Sale 1013
3
4 10213 12 100 103
903
4 43; 86
91
1st lien & ref Sc. ___ June 2004 NI 8 1075
1075
8 Sale 107
8
6; 10614 10913
-year perm secured 66_1928 J J 10218 Sale 1013
10
10213 35 10134 1033
4
4
d Due May. 1 Due Aug.
2879
New York Bond Record -continued-Page 5
BONDS
N.Y.STOCK EXCHANGE
Week Ended Doc. 3.
11'T
Price
Friday.
Dee. 3.
Week's
Range or
Last Sale
Range
Since
Jan. 1
BONDS
N.Y.STOCK EXCHANGE
Week Ended Dec. 3.
43
:
t
Price
Petday,
Dec. 3.
Peek's
Range or
Last Sale
Rang.
Since
Jan. 1
High
4,8 Low
High No Low
Hid
High
High No Low
Rid
Ask Low
7714 8218
4
804 8012 8014
,
90 4
12018 19 11514 12318 Kings County Elec let g 413__1949 F A
11712 120 120
774 89
9
1949 F A
Stamped guar 4s
29
4414 58
52
5118
5112 52
98% 103
_1954 J
0
8 2
°
0
8 4 3042 80 4
10°118 181: 10 4 10°1'8 10
Kings County Lighting
8 10112 103
4
10112 Sale 10112 1013
108 112
19541 J 11018 111 100 Nov'26
First & ref 6345
6534 81
73 Sale 7218
7312 90
4 10112 107
0
10512
,
4 25 104, 10913 Kinney(GR)& Co 74% notes'361 D 105 Sale 10414
1053
10512 Sale 105
8 10214 Si 100 10214
10218 Sale 1015
5 101% 10312 Kresge Found'n coil tr 6s...1936 J
8
103 10314 102% 1025
984 100
7
.1950 M S 9838 99
9813
9812
5 10214 10512 Lackawanna Steel 1st 55 A.
104
104 1043 104
8
23 100 10314
1002
4
4
9484 9712 Lac Gas Lot St L ref&ext 58.1934 A 0 1003 Sale 1003
9712 292
9718 sale 97
10412 41 102% 105
series C._ _1953 F A 10418 Sale 104
Coll & ref 5345
82
8218
82
82 May 26
9718 1004
1
4
9812 9914 99,
9914
Lehtgh C dr Nay sf43.48 A..1954 J J
957g 9518
9518 9014 91
9512 19
10018 101%
4
833 9214 Lehigh Valley Coal let g 53_1933 J J 101 18 102 101 Nov'26
9234 15
9212 927 9212
8
9412 95
_1933 1 J
____ 95
Oct'26
9412
1st 40-yr gu int red to 4%
14
9914 10114
100
997 100
99%
8
9914 101
2
1959 F A 101
____ 9914
99%
1st & ref s be
2
99% 101
99%
99%
8
997 100
39% 404
4012 Feb'26
1st gu g 55_1993 NI
&P
Lox Ave
Oct 25
10
_
15 118 1264
Liggett & Myers Tobacco 78.1949 A 0 123 Sale 121 12 123
12012 122
_ 12012 NIay'26
A 0
4
Registered
97 1003
J J 9712 98
98 Nov 26
Columbus Gas let gold bs___1932
10214
8 99% 10314
1951 F A 10138 10213 102
58
83
75
8234
823 82
Commercial Cahle let g 4s_ _2397 QJ 82
9918 100
F A
_
9918 Sept'26
Registered
95 101118
95% 17
95
Commercial Credit 5 1 6a__ _1934 M N
98 107
Liquid Carbonic Corp 68_1941 F A 1(1618 Sale 10512 106% 164
91
1
993
.1
4
91
91
91
1935 .1
Col tr s f 54% notes
957 100%
5
233
1091 4 0 10012 Sale 100
100%
4 12 1(121i 10512 Loew's Inc deb 65 with ware.
Commonwealth Power 68_1947 MN 10438 Sale 10412 1043
,
1 17 .26
10 1154 12118
4 1818 , 1s
1944 A 0 117 1173 11672 j,
Lorillard (P) Co 75
13 10412 100
105
Computing-Tab-lice s f 6$_ _1941 J J 105 1051 109%
11812 1184
A 0
9412
Registered
90
9314 Nov 26
Conn Ry & L 1st & ref g 434e 1951 ii 93% 94
8
983 10218
6
9914
1951F A 99 -963- 99
.8
Ss
95
90
9314 Nov 26
1951 J J 93% 95
Stamped guar 434s
9614 Oct'25
F A
Registered
9712 10138
8
_1936 AO 10118 Sale 10012 1013 424
Consolidated Cigar 8 t
fff
9
100
(Ity) bs 52 M N 100 Sale 9934
Louisville Gas de Elec
7812 86
84% 29
68_Cons Coal of Md 1st & ref ba.1950 JO 83 Sale 83
1
8913 96
8
933
Louisville Ry let cons 55_ __ _1930 J J 0338 9512 933
4 81 10414 106
Consol Gas(N Y)deb 548..1945 FA 105% Sale 10512 1053
Lower Austrian Hydro Elec Pow
8
737 82
7512 10
75
7512 76
Cont Pap dr Beg Mills 634(3_ _1944 FA
34
8212 88
88
1944F A 88 Sale 8614
1
1st s f 6 SO
9814 10234
101
Consumers Gas of Chic gu 561936 JO 9912_ 101
9712 103
8 79
1013
8
ga
..i952 MN 101is le 1007
Consumers Power let 58.
9314 103
8 47
1013
8
8
1st sf 7346._ _1942 AO 1013 Sale 1007
4
Menet! Sugar
99 101
10014
• Copenhagen Telep ext 68_ _ _1950 A0 9912 9912 100
5914 6912
26
69
4
3 10013 103% Manhat Ry (N Y)cons g 43_1990 AO 68 Sale 673
8
1015
4
Corn Prod Refg 1st 25-yr 6 f 5s'34 MN 11113 10238 101%
1
63
53
8
_ 623
6238
D 625
8
2013
2d 43
11
823 95%
4
94
93%
94
Crown Cork & Seal 1st 68_1942 PA 93
8913 98
4
1163 Nov'26
_MS 924 93
38
NI aril la Elec Ry & Lt sf58..1953
99 100
100
Crown-Willamette Pap 66_ _ _1951 J J 9953 Sale 9914
15 4
4
08I3 33 ( 3 9912
96 Sale 953
88
,
96 4 Market St By 75 ser A A pri1194(1 Q
9614 47
Cane Sugar cony 78_ _1930 J J 95% Sale 9512
Cuba
4 104 1084
4
1073
4
4
Mete Ed let & ref g 65 ser 13_1952 FA 1073 ___ 1073
92 100
9914 53
Cony deben stamped 8.7; _1930 J J 9812 Sale 9814
4
J83 10114
8
100% 32
1953 J J 1003 Sale 1004
1st & ref Se series C
7.1uban Am Sugar let coil 88_1931 MS 108 Sale 10712 10812 25 10612 10912
10212 106,
105%
4
Metropolitan Power lit Os A1953 ID 105 106 10538
42
MN 9912 Sale 9814
100
4 10
91,
Cuban Dom Sue let 734e___1944
7112 74%
7358
735
735 75
46.1938 F A
1 10014 102% Mete Wes Side El(Chic)
J 1013 10214 1013
4
1013
4
4
Cumb T & T let & gen 55....1937
35 10114 10514
105
4
1043 Sale 1044
9512 10
9514
4
933 97% Mid-Cont Petrol let 634s_ _ _1940 M
Cuyamel Fruit let s f es A._ _1940 AO 9512 96
70
4
923 98
97
Midvale Steel At 0cony s 153 1936 MS 9658 Sale 0612
1
96% 99
9818
8
9814 987 0818
Milw Elec Ity&Lt ref&ext 448'31
92
9
97
J 93 Sale 923
03
4
Davison Chemical deb 6345.1931
24
8
983 10112
100
1951 JO 100 Sale 9934
General & ref 53 A
_
92 < Aug'25
Denv City Tramw let con 56 1933 AO
9012 100
49
98
1961
D 98 Sale 975
let & ref 68 B
9838
8 12 -ii
987
8
Den Gas & E 1. let & ref s f g 5861 MN -987 Sale 9838
4
99
9972
4
8
We
9312 987 Milwaukee Gas Light let 48_1927 MN 9912 997 093
8
4
MN 987 Sale 9812
8
8
Stamped as to Pa tax
087
35
99% 105
91
Montana Power let 58 A _ __1943 JI 101% Sale 10138 102
1
85
M S 68
85
65
67
Dery Corp (I) G) let s I 7s__1942
964 983
4
9712 Nov'26
54..1941 II 977 98
8
23 1007 103% Montreal Tram 15t& ref
J 10114 1013 111118
1013t
4
Detroit Edison let coil tr 58.1933
5
9212 94
94
Gen & ref a 1 be series A__1955 A0 94 Sale 9312
102* 17 1110% 108
let & ref 56 series A _July 1940 131 5 10214 Sale 10214
84
88
8612 21
4346_ ___1939 Ji 864 Sale 86
1 100 104% Nlorris & Co let
8
1949 AO 10214 1025 10214
,
Gen Ar ref 55 series A
102 4
81
80
81 Nlay'26
81
4
4 1084 13 106 10834 Mortgage-Bond Co 418 ser 2.1966 AO 80
1013 Sale 1073
let & ref 68 series 11..July 1940 M
_
9614 98
8
965 Nov'26
1932 J J 96% 98
10-25-year 56 series 3
4 15 1004 104
1023
4
Gen & ref 58 ser B
1955 JD 10212 1023 10212
831, 974
97,8 15
8
JO 967 Sale 963
8
1934
90
J 95
9712 Murray Body 1st 6348
9513 95 Nov'26
Det United let cons g 43424._1932
9612 103
8
9212 973 Mutual Fuel Gas 1st gu g 58_1947 M N 101 12 10212 1017 Nov'26
4
9531 174
8
19411 MN 955 Sale 95/2
Dodge Bros deb 68
100 1024
4
8
4
Mut Un Tel gtd b ext 4% _ _1941 MN 1017 10312 1013 Nov'26
693 86
4
8312 Sale 83
8312
Gold (Jacob) Pack 1st 6e
1942 MN
6234
34
4412 24
Dominion Iron & Steel 68_1939 M S 4414 Sale 43
584 9.438
3
6012 69
92% 98
Nassau Elec guar gold 4s____1951 J J 6012 Sale' 603
3
97
1942 J J 97 Sale 97
Donner Steel let ref 7s
2
98 102
102
4
National Acme lot s f 734s_ _193 J D 1013 102 1102
63 10434 107
1949 J J 106 Sale 10512 106
Duquesne Lt let dr coil 65
5
81
9512 1001,
100
4
11 1043 106% Nat Dairy Prod 6% notes_ __1940 Si N 100 Sale 99
J 1047 10514 10518
8
10514
let coil trust 5345 series B_1049
10012 103
Nat Enam & Stampg 1st 58.10291 D 10114 10213 101 14 Nov'26
9914 10312
4
9914 _ _ __I 993 Oct'26
10734 33 103 1085s Nat Starch 20-year deb 58..1930 J J
East Cuba Sug 15-yr s I g 7346'37 M S 10712 Sale 10714
2 10184 10414
103%
4
93
99% National Tithe 1st s f Ss__ _1952 M N 1033 10412 10338
95
2
Ed El III Bkn 1st eon g 45_ 1939 J J 95 Sale 95
10214 10214
10214 Sept'26
M N
103 108%
.1 J 1067
Registered
107 Nov'26
8
Ed Elec III let cons g 58_ _ _ _1995
6 10012 10334
4
4
1023
857 9514 Newark Consul Gas cons 53_1948 J D 10218 10212 1023
8
9814 28
9618 Sale 9618
Elec Pow Corp (Germany)63.4s58) M
984 10018 New England Tel & Tel 56 A 1952 J 1) 10318 Sale 10212 103's 52 10072 10312
26
9912 NovElk Horn Coal 14t& ref 6348.1931 JO
924 9512
9518 203
4
1961 M N 95 Sale 943
11
4
let g 434s series
973 10112
5
99
Deb 7% notes (with warets'31 JO 97
4
973
4
973
9034 9614
4 38
953
10518 84 10112 1054 New On Pub Serv let 68 A..1952 A 0 951. Sale 9512
Empire Gas & Fuel 734s._ _ _1937 MN 105 Sale 10418
053
9014 9612
8 14
1955 J D 95 Sale 95
First & ref 5s series B
AO 995 Sale 98%
9612 1C012
1st & ref 6 y,s(with wareta)'41
8
10012 189
10072 103
N 10114 MI,102 Nov'26
9912 1003 N Y Air Brake let cony ils_ _1928 M
4
1
9934
9934
4
Equip Gas Light 1st con 56_ _1932 MS 993 _ _
1
8112 8812
86
86 86
N y Dock 50-year lets 4s-1951 F A 85
924 98
96
25
Federal Light & Tr let 5e. 1942 MS 95% Sale 95%
4 28 115 118
8 1153
115% 11534 1153
8
1st lien 6s stamped
1942 MS 10312 Sale 10312 103% 11 100 1043 NY Edison 1st & ref 8.34e A_I941 A 0
3
8 12 102 104 4
10312 1035
1944 A 0 10312 Sale
First lien & ref 5s B
03
9812
1
96
30-year deb 6s ser B
1954 JO 96 Sale 96
4 104 106
10514
N Y Gas El Lt & Pow g 58__1948 J D 10514 106 1 10514
98
84
8912 68
Federated Metals a f 78
1939 ID 89 Sale 8612
8912 92
9153 24
81
8
913 917 9138
gold 45_1949 F A
Purchase money
11612 20 11312 116%
Fisk Rubber lets 185
1941 MS 11612 Sale 115%
101 101
____1101 July'26
N5LE&WC&RR545_1992 MN 101
7514 89
_
4
Ft Smith Lt & Tr let g tet _ _1936 MS 86
883 8738 Nov 25
10118 10238
_ 1 10112 Sept'26
9814 NY LE& W Deck & Impba1943
88
4 62
983
4
983 Sale 981s
Frameric Ind & Dev 20-yr 7348'42 J J
1 1004 1034,
-12
2
101,
F A 10084 101 101 12
53_1930
16 101 107% NY&QEIL&P
Francisco Sugar 1st 51 7348_1942 MN 105 Sale 10412 105
60
52
Apr'26
55
9312 N Y Rye ist R E & ref 9.8_ _1942 J J
79
JO 9214 Sale 9112
92% 271
French Nat Mall SS Lines 76 1949
62
46
60% Oct'26
Certificates of deposit
21
7
6
412 104
7 Sale
30-ye ad) Inc Se.._Jan 1942 A 0
10038 10234
D 1013 103 1023 Sept'26
4
4
Gas& El of Berg Co cons g 531949
512 11
5 Aug'26
312 1014
Certificates of deposit
17 102 110
110
Gen Asphalt cony (is
1939 AO 108 Sale 108
22
37
31 1 1124
31 12 Sale 29
92
N Y Rye Corp Inc 6s.. _Jan 1965 Apr
87
1
91
Gen Electric deb g 3348_ _ _ _1942 FA
91 Sale 01
8112 884
851g 42
g
1965 1 J 8512 Sale 847
Prior lien 6s series A
95 104
4 65
J 10212 1027 10212 1023
8
Can Elec(Germany) 78 Jan 16_45
1 10034 1033
8
103 10212 10212
M N
N & Mehra Gas let
994 119
11212 49
4
f deb 648 with war
1940 JO 11134 Sale 1103
36
49
54
3
69 4
9 12 NY State Rye I st cons 4 30_1982 M N 54 Sale 5312
97
9914 44
Without warets attach'd '40 JO 9914 Sale 9812
1
82
8
60
767
7712 7678
73
196251 N
4
1st eons 6 sis series B
983 102
10114 83
F A 1013 Sale 10118
Gen' Petrol let s f 514
4
1940
9 10118 10512
4
10 1004 10314 NY Steam Ist 25-yr Baser A.1947 MN 10438 Sale 10412 1043
103
Gen Refr I st s f 136 ser A _ _1952 FA 10212 10312 102
22
99
97
994
98
NY Telep let & gen s f 4343.1939 M N 9834 Sale 988
92
15
98
8
Good Hope Steel dr I see 76..1945 AO 973 Sale 965
4
2
11117s 35 1097 1114
30-year deben s 16s _.Feb 1949 F A 11014 Sale 110
41 104 107
J 105% Sale 10588 1064
Goodrich (11 F) Co let 630.1997
4 35 10712 10912
1083
20-year refunding gold 68_1941 A 0 10812 Sale 10812
N 12034 12114 12012 121,
4 33 11912 122
Goodyear Tire & Rub let 88_1941
1 100 103
Iona
A 11018 Sale 110
11014 30 10934 112% Niagara Falls Power 1st 5s. _1932 1 J 10118 Sale 101
10-years f deb g 88.Slay 1931
10434 10612
Jan 1932 A 0 105 10512 10518 Nov'26
97
Ref & gen 135
85
4 12
863
85
Gould Coupler 1st s I lls_ _ _ _1940 FA 84
80
4
99 1013
10012 10
Niag Lock & 0 or 1st 5s A..1955 A 0 10014 Sale 10014
Oct'26 _ _ 100 101
Granby Cons M S & P con 1314 A'2e MN 10014 101 100
10
96
914 100
9512 9512
95
No Amer Cement deb 6 48 A.1940 M
100 101
14
MN 10014 102 10014
Stamped
1
1925
100
15 10114 106 4
,
M 13 10553 Sale 10512 106
142 I 37 100 14614 North American Edison 65. _1952
Cony deb 76
1930 MN 1102 13 II • 139
16 103% 108
116
105 10512 10512
8
90% 977
Secured s g 634e ser B__1948 NI
9758 129
1
Gt Cons El Power(Japan)76.1944 , A
9712 Sale 97
4
923 99
9819 10
3 100 10412 Nor Ohio Trae & Light Sc...1947 M 5 96 Sale 9512
10338
Great Falls Power let ef 5e 1940 51 N 103% Sale 103%
44
l0O7
0
4
9
973 101
8
Norn States Pow 25-yr 58 A _1941 *0 1007 Sa_k_4_ 1 10
Sept'26
9914
99
*0
844 8818
Registered
Hackensack Water let 4e.....1952 J J 88
8558 Nov'261___.
8714
90
90
let dr ref 25-yr 6s series B.1941 AO 104E8 10518 10438 10512 25 10414 1061s
Oct'26
19311 M
Hartford St Ity let 48
- 90
4
873 4
:
9612 981
9812
9812 9812
9412 10018 North W T 1st fd g 43.4s gtd_1934 J1 98
Havana Elec consol g 58..... 1052 F A
4 9614 9518 Nov'26
95
9918 10214
55
102
4
102 Sale 1013
Bentley Choc 1st & coil 5451090 J
11412
3 112 1163
2
2, 9112 9914 Ohio Public Service 74s A..1046 AO 11412 114781 114
977
4
973
Roe (11) & Co 1st6 4s •wr A.1934 AO 9718 98
4 11038 119
11912
4
4
933
1947 FA 114 1143 114
let & re( 7s series B
33' 79
90
8912 897 8912
Holland-Amer Line 68 (flat) _1947 MN
8
10512 13 10114 10614
M N 10212 1023 10212 10212 10 100% 10312 Ohio River Edison 1st 8a__ _1948 J J 10512 Sale 10514
Hudson Co Gas 1st g 58._ _ _1940
4
3
88
94
9714
94 Sale 9214
1944 FA
10212 28 1014 103 Old Ben Coal let 611
Humble Oil& Refining 5346_1932 J J 10212 Sale 10218
2
993 1024
101 14 13
1943 FA 10114 Sala 10114
Ontario Power N F let 5s
2
993 101
8
1005 Nov'26
4
1003 10312 Ontario Transmission 55_ _ _ _1945 MN 10014
D 103 Bale 103
1034 57
Illinois Bell Telephone 68..- -1956
48
9712 10012
10014
94% 98 Pacific Gas& El gen & ref 58_1942 .1 .1 100 Sale 99%
3
98
1940 AO 973 98
98
Illinois Steel deb 4345
4
7
9912 1014
10018
8
987 100 Pac Pow & Lt Ist&ref 20-yr 5530 FA 10014 Sale 101)
22
100
1946
Reeder SteelCorp 8178
4
903 Sale 9914
8 1004 1024
10238
8
1023 Sale 10214
9118 9812 Pacific Tel & Tel let 53
1937 1
4
98
1936 M N
981 973 Nov'26
Ind Nat Gas & 011 58
6
9872 10213
11 10114 10518
1952 MN 10112 Sale 10112 10218
Ref mtge Sa series A
104
1952 lia N 1033 104 10338
4
Indiana Steel 1st ba
10512 130 104 1123
2
8
- - Pan-Amer P dr T cony e f 65_1934 M N 1053 Sale 104
4
Ingersoll-Rand let 5a Dec 311935 J J 10(112 _ _ 993 Dee'25
4
105,
9 36 10372 107h
lot lien cony 10 yr 7s ____ 1930 FA 105 Sale 1043
1945 M 1% 10112 Sale 101 18
10138 41 -684 1-04-13
Inland Steel deb 5345
9212 9814
0814 46
J 98 Sale 98
8 39 10018 1024 Paramount-Bway 1st 5343_1951
1017
Con Copper 834s 1-31 M
101% Sale 101
Inspiration
93 2 85
,
5,2 96
3
4
Park-Lea st leasehold 6343_1953 J J 923 Sale 9212
Apr'25
11
Interboro Metrop coil 43,46.. 1 66 A 0
20
8
100 102%
13 Pat & Passaic0& El cons 58.1949 MS 10214 10314 10214 Nov'26
13
13 Ma '26
Guaranty Tr Co etre dep.._...
_ _ 11312 11312 38 11014 1134
_
Peop Gas & C let cone g 63_ .1943 *0
Ma,"25
104
Ctf dep Mod riestd 16 '4, sub _ _ -- _
9812 10314
10112 12
101 1014
4
1947 NI S 114- - 101 14
7918 740 -6213
783 Sale 763
4
Interboro Rap Tran let 5s_ _1966 .1 J
Refunding gold 55
3
4 40 10312 105 4
1043
742 Philadelphia Co coil tr 6$ A.I944 FA 10438 Sale 10418
62
.1
794 1008
78% Sale 764
Stamped
101
8
98% 10112
8
83
10078 Sale 1005
_1938 M
84
0 81 Sale 8014
207
15-year cony deb 534e.__
1932 A
83
10-year Os
8
9912 102%
10214
8
8
4
853 100 Phil& dr Reading CA I ref 58.1973 11 1017 Sale 11017
334
99
4
10-year cony 7% notes__ .1932 M S 98% Sale 973
8814 9812
92
9434 93 Nov'26
lot Aerie Corp 1st 211-yr 5s. _1932 M N
9 103 110
,
108 4
108 Sale 1 108
81
21
01% Pierce-Arrow Mot Car deb 881943
81
7412 80
Stamped extended to 1942....M N
5
07% 10772
1034
13, JO 10314 Sale 10214
4
893 98 Pierce Oil deb s f 83. _Dec 15 1,
9512 1696
Inter Wrenn Nlarine a f es_ .1941 A 0 9514 Bale 931
103
3 10114 104h
4
8
9712 34
913 98 Pillsbury Fl Mills 20-yr 65..l943 AO 10212 1033 1021s
J 965 Sale 9924
8
International Paper fie__ 1947 J
9812 100
9912 Sept'26
9912
9612 10012 Pleasant Val Coal 1st g f 53.1928 J J
110
55
10014 Sale 9938 100
1, M
Ref s f 68 aer A
8
913
9138
90h 93
5
8
915
10912 205 107 11614 Pocah Con Collieries 181 s 581957 J J
8
Int Telco & Teleg cony 534s 194551 S 1093 Sale 10834
10512
9 102 1054
Port Arthur Can & Dk (is A _1953 FA 10518 10512 105
105
8 10112 10512
____ 105
1953 FA 105
let NI (is series 13
6 103 116
108
10734 10812 108
1
Jurgens Works 111(flat Frire)- 1947.
99 104
101114
10212 26 10014 104 Portland Elec Pow 1st 68 B.1947 MN 10014 Sale 10014 Nov'26
Kansas City Pow & Lt 58._ _1952 M S 10214 Sale 111214
993 10212
2
100 10014 100
4
1054 18 1(1138 10618 Portland Gen Elec let 58._1035 .4
Kansas Gag & Electric 68._ _1952 M 8 1043 Sale 10434
95 Nov'26
92% 96
9514 96
4
10712 59 105 10711 Portland Ity let & ref 55_ .._1930 SIN 9018 90% 9014
(Julius) & Co 1st e f 78'42 F A 1063 107 107
Kayser
4
903
4
883 94%
9612 99 'Portland Ry LAP 1st ref 58.1942 FA
13
8 9814 Sale 0818
9812
Keith (B F) Corp let 68....1948 M
10038
4
99 10311
4
38 1023 108
1st lien & ref 65 series B.._1947 MN 10018 10014 100
104
Kelly-Spring? Tiree; notes_1931 M N 1034 Sale 10234
10612 107
10 105% 1084
9(1
93
lat & refund 7348 series A_1940 MN 10612 Sale
_1935 J J
93 Nov 26
Keyston Telep Co 1st 58.
102 104
____ 103 Nov 26
Kings County El & P g be...1937 A 0 103
8
1207 124
4
4
19971 A 0 1223 124 1223 Nov'26
Purchase money 68
Central Steel let get 88._ _ _1941 M N
Chic City & Conn Rye bs la n1927 A 0
Eh 0 L& Coke let gu g 55..1937 J .1
1927 FA
Chicago Rye 1st be
Chile Copper cony 6s ser A..1932 A 0
Mein Gas & Elec let dr ref 5856 A 0
Jan I 1961 A 0
548 ser B due
Mies Serv Pow & 1. s 163_ _ _1944 M N
Clearfield Bit Coal let 48_1940 J J
Colo F & I Co gen f 5s_ ___1943 F A
Col Indus let & coil be gu_ .1934 F A
1927 J J
Columbia 0 & E 1st as
1927
J
Stamped
Col & 0th Av let gu g 5a____1993 NI S
Option sale.
2880
THE CHRONICLE
New York Bond Record-Concluded-Page 6
BONDS
N. Y STOCK EXCHANGE
Week Ended Dec. 3.
[VOL. 123.
Quotations of Sundry Securities
All bond prices are "and Interest" except where marked
Pries
Friday.
Dec. 3.
Week
's
Range or
Lan Sate
Range
Since
Jan. 1
Standard 011 Stocks P
dak.1
Public Utilities
Per C
Anglo-Amer()Hootstock.E1 •1915 20 American Gas de Electtic_t •109 Basis
110
Non-voting stock
El •185819
6% Preferred new
*9614 97
Bid
Ask Low
High Atlantic Refining
HUM No. Low
100 110 111
Filmed Steel Car cony g 55._1933 J J
Deb Os 2014
MAN 101% 102
15
% 9412 944
94
94
981a
9414
Preferred
11614 11612 Amer Light & Trac com_100 230 231
100
Prod & Ref s f 88(with warts)'31 .1 D
11114 Sept'26
11014 1121
4 Borne Scryrnser Co new.--- *69
72
Without warrants attached._ J D 1114
Preferred
100 115 125
1 1093 11214 Buckeye Pipe Line Co__ __50 *4515 45 4
11118
4
1111s
Pub Serv Corp of N J sec 68_1944 F A 112 _
3
104 Sale 103% 104
102 100 104 4 Chesebrough Mfg new_-_25 *77 80 Amer Pow & Light pref-100 9815 99
3
PubServEiec&Osa1at54sl959A 0 104%
Deb Os 2016
M&S 10015 101
10512 104%
4
10514 21 1033 10614 Continental Oil v t a
10 *2015 2014
1st&ref53s
1964 A 0
70
10 103% 10512 Crescent Pipe Line Co...50 •1518 1512 Amer Public Util com___100 65
105
Pub Serv El Pow s fist 135_ _1948 A 0 104% Sale 104%
7% prior preferred_ ___100 88
92
48 101% 109
1067 Sale 10612 107
5
CumberiandPipe Line.
,,.100 10512 108
Punta Alegre Sugar deb 78-1937
4% partic preferred---100 75
79
J 11015 1103 11012 11114 48 104 11112 Eureka Pipe Line
4
Co----100 49 50 Associated Gas & Elec pref.t .084
Remington Arms es
55
1937 M N
33
Galena Signal 0110°m...100 12
8014 95
95
1212 Blackstone Val G&E com_50 100 107
Repub di 13 10-30-yr 55 s f_ _1940 A 0 94% Sale 94
5
1005 -- 10012 100%
5
Preferred old
9714 100%
100 45% 50 Com'w'ith Pow Corp new.
Ref & gen 5 kis series A_ _ _1953
*4112 42
.1 9712 Sale 9712
9212 98
Preferred new
973
4 31
100 45 4512
Rheinelbe Union Ts with war 1946
Preferred
100 9212 93
.1
9512 11512 Humble Oil & Refining_ __25 •59
5912 Consol Gas 6% Mat
Without stk purch warls_1946 J J 114% Sale 113% 11415 177
61
50 60
93
9714 40
973
4 Illinois Pipe Line
100 12714 129 Elec Bond & Share pref _100 10712 108
Rhine-Main-Danube 75 A...1950 M S 9714 Sale 97
23
101 Sale 1013
4 102
98% 10214 Imperial 011
*373 38 Elec Bond & Share Secur_t 6715 6814
4
Rhine-Westphalia Elec Pow 78 50 M
.
16
101 Sale 1013
95 101% Indiana Pipe Line Co_ _50 6012 62 Lehigh Power
8 101%
Rime Steel 1st 78
Securities__ A •16
164
1955 F A 9215 Sale 9112
88
92% 58
92% International Petroleum_ _ ..t *3114 3133 Mississippi Riv Pow pref.100 9412 9613
Robbins & Myers s f 78
1952 J D
2
76
53
70
National Transit Co__12.50 123 13%
70
77
4
Rochester Gas & El 7s ser 13.1946 M S 68
First mtge 55 1951_ _J&J 1003 1015
4
4
11138 Sale 1114
3 111 114
New York Transit Co__.100 *30
111%
33
Gen mtge 546 series C__ _1948 M S
8 F g deb 78
102
10512 12 104% 106
Northern Pipe Line Co..100 74 75 National Pow di1935_M&N 102
Roth & PIRA C&Ipm 5s_ _1946 MN 105% ---- 1054
Light pref_ t
oi
.
9012 0212 9014 Sept'26
9014 9012 Ohio 011
25 *61
Rogers
6112 North States Pow com-100 110
-Brown Iron gendiref 7s42 M N
1012
_ - 493 52 Nov'26
4
49 4 73 4 Penn Mex Fuel Co
3
3
25 *1712 19
Stamped
Preferred
100 10015 03
M N -493 Sale 49%
7
4
49
49%
6512 Prairie Oil & Gas new---25 *5018 5014 Nor Texas Elea Co com-100 19
22
Prairie Pipe Line new...100 12412 125
St Jos Ry Lt & Pr 5s
Preferred
56
100 53
1937 MN
3
4
Solar Refining
953
4
9114 97
100 194 197 Ohio Pub Serv,7% pref-100 103% 0412
St Joseph Stk Yds 1st 445.._1930 J J 943 95% 95
97% ---- 9718 Aug'26
5
953 9715 Southern Pipe Line Co new_ *22
St L Flock Mt di P 5s stmpd_1955 J
2212 Pacific Gas& El 1st pref_100 9975 100
20
75
75%
81% South Penn Oil
25 '34 3914 Power Securities com
3
St Paul City Cable cons 56_1937 J J 75% Sale 75
9
t *8
Southwest Pa Pipe Lines.100 56
4
9514 98
Ban Antonio Pub Serv let 65_1952 J J 9514 953 9514 Nov'26
5612
Second preferred
*26
3 101% 1067
10612
5 Standard 011 (California)._ - *5812 58%
Saxon Pub Wks(Germany) 78'45 M S 10612 Sale 10618
Coll trust 68 1949_ __J&D 91
93
10018 Sale 993
4
Standard Oil (Indiana)..._25 *653 655
3
92 4 102
100% 62
5
Schuler)Co guar 645
Incomes June 1949_F&A *85
8
19462 J 9914 Sale 982
4
98 4 10015 Standard 011 (Kansas)_..25 *2012 2112 Puget Sound Pow & Lt..100 3012 3212
3
9914 57
Sharon Steel Hoop 1st 8s ser A '41 M
3 1073 109
Standard Oil (Kentucky).25 118
8
Sheffield Farms 18t & ref 6 4s'42 A 0 108 Sale 10812 10812
1914
6% Preferred
100 8412 861s
1067 10812 Standard Oil (Neb)
s
25 *473 48
4
Sierra & San Fran Power 58_1949 F A 108 10812 10812 Nov'26
7% preferred
05
100 4103
9514 95% 95
9115 9815 Standard 011 of New Jer_ _25 385 383
95 18 72
8
1st & ref 5445 1949_J&D 100
4
Sinclair Cons 011 15
00%
-year 78_1937 M S 973 Sale 9614
4
Preferred
973
4 58
933 995
4
100 511518 1512 Republic Ry & Light__ --100 90
5
1st En col tr 65 C witb war_1927 J D 10014 Sale
92
9912 100% 196
8
993 1133
4 Standard 01101 New York.25 *3234 33
Preferred
lst lien 6Sis series B
100 118
1938.1 D 9214 Sale 913
4
9455 Standard 011(Ohio)
9212 111
87
100 347
50 South Cal Edison 8% pf__25 *34 "ii"
Sinclair Crude Oil 3-yr es A.1928 F A 1007 Sale 100%
8
100% 77 10018 10112
Preferred
100 118
19 Stand CI & E 7% pr pf- -100 103 10412
3-yr 6% notes B Feb 15_ _1926 F A
_ 10115 Oct'26
1002 10112 Swan di Finch
100 16
s
17 Tema Elec Power 15t pref 7% 104 1041s
Sinclair Pipe Line s f 5s
1942A 0 9212 Sale 9214
92% 36
87
9414 Union Tank Car Co
100 114
17 Toledo Edison 7% pref-100 1033 10412
Smith (A 0)Corp 1st 6448_1933 MN 1013 Sale 1013
4
4
4 101% 18 100 102%
Preferred
100
8% preferred
100 11612
Vacuum Oil new
2 *9414 95 Western Pow Corp pref_100 98
South Porto Rico Sugar 7a..1941.1 D 108% 109
99
1085
8 10912 14 1053 109 4 Washington Oil
4
5
10
South Bell Tel di Tel 1st s f 551941 J J 1023 Sale 102%
4
10314 65 10118 10315
Other 011 Stocks
Chic Jt Stk Ld Bk Bonds
Southern Colo Power es_ _ _ _1947 J J 10014 Sale 10014
9712 103
- 10038 16
Atlantic Lobos 011
*158 112 5415 Nov 1 1951 opt 1931__ 10112 103
S'west Bell Tel 1st & ref 58_1954 F A 10318 Sale 1023
4 103% 41 100% 103%
Preferred
50 *412 5 58 Nov 1 1951 opt 1931._ 100 10154
Spring Val Water g 55
1948 M N 100 100% 10014
100% 25
9914 100% Gulf Oil
25 *9258 93 58 May 1 1952 opt 1932_ 100 102
Standard Milling 1st 58
1930 M N 10012 Sale 10012 10012
3
98% 10112 Mountain Producers
10 *251: 255 43s Nov 1 1952 opt 1932-- 99 101
8
1st tk ref 5's
1945 M S 10012 Sale 10012 10012
2
97% 10114 Mexican Eagle 011
5 *3
318 441s Nov 1 1952 opt 1932__
Steel & Tube gen s f 7s ser C.1951 J J 10712 Sale 10712 107% 25
98 100%
National Fuel Gas
10715 109
100 175 180 4415 May 1 1963 opt 1933__
Stevens Hotel 1st 65 ser A_ _ _1945
99 101%
J
4
9912
10012
993
4
99% 1003
7
4
8 55 Nov 1 1963 opt 1933__ 98 10012
4 Salt Creek Consol 011_10
Sugar Estates (Oriente) 7s_1942
9914 Sale 973
4
9914 20
Salt Creek Producers_ _ _ -10 *31
89% 100
Superior Oil 1st s f 75
3115 444s Nov 1 1961 opt 1934__ 98 10015
1929 PAl 100 Sale 00
28
100
Railroad Equipments Pere Basis 4418 Oct 1 1985 opt 1935_ 98 10012
95 10015
Syracuse Lighting 1st g Ss__ _1951 J D 102% -- 0212 Nov'26
Atlantic Coast Line es
100 103
5.10 5.00 Pac Coast of Portland,Ore
Tenn Coal Iron & RR gen 58_1951 J J 1035 105
- 9812 100%
5
035 Nov'26
8
10214 10514
Equipment645
Tenn Copp & Chem deb 68_194. A 0 100 10012 0014
4.90 4.70
58 1955 opt 1935___M&N 101% 10318
Tennessee Elec Powlst es__ 1947 J D 1055 Sale 0514 Nov'26 64 10014 10014 Baltimore & Ohio 65
5.12 5.00
55 1954 opt 1934___M&N 1014 1023
4
8
1053
4
Equipment 4345 & 55--- 4.85 4.62
102% 106
Third Ave 1st ref 48
Sugar Stocks
19602 J 6514 Sale 64%
6512 245
55% 6614 Buff Roch & Pitts equip es_ 5.20 5.00 Caracas Sugar
Adj Inc Es tax-ex N Y Jan 1960 A 0 62 Sale 59%
212
50 *1
868
2 Canadian Pacific 441s & 65- 4.95 4.65 Cent Aguirre
623
4
4115 887
Third Ave Ry 1st g 58
94 •
Sugar corn--20 *93
19372 J 9814 Sale 98
7
98 14
925 984 Central RR of N 268
5
5.10 4.95 Fajardo Sugar
Toho Elec Pow 1st 717
100 15415 156
1955 M S 97% Sale 97%
9012 9834 Chesapeake & Ohio es
983
4 74
5.12 5.00 Federal Sugar Ref coin_ _100 30
45
6% gold notes __ _July 151929.1.1 9814 Sale 973
9812 108
4
Equipment645
96 5 99
3
5.15 4.90
Tokyo Elec Light lc% notes_1928 F A 98% Sale
65
Preferred
100 50
94
9814
99
Equipment55
96
9912
4.85 4.70 Godschaux Sugar,Inc
5
Toledo Edison 1st 75
t .03
1941 M S 108 Sale 08
10814 43 10714 109 4 Chicago Burl & Quincy 623
5.12 5.00
23
Toledo Tr L & P 541% notes 1930
Preferred
100 20
J 99 Sale 99
9914 227
Chicago & North West 65-- 5.15 5.00 Holly Sugar Corp corn...
98 101
*33
35
Trenton G & El 1st g 5.s_ _1949 M S 1024 10212 10215 Nov'26
Equipment645
10018 1023
4
4.95 4.75
Preferred100 76
78
Trumbull Steel 1st s f 65_1940 F A 98 Sale
98% 37
Chic RI & Pee 445& 55
9714
94% 99
4.85 4.70 National Sugar RefinIng_100 12912 131
Twenty-third St Ry ref 5s.._1962 J J 66
_
6912 65 Nov'26
Equipment65
75
61
5.20 5.05 New Niquero Sugar
75 85
Tyrol Hydro-Eiec Pow 745-1955 M N 97 Sale 97
Colorado & Southern es-- 5.20 5.00 Santa Cecilia Bug Corp 100
9414 98
9712 18
12 3
P1100
Delaware ,k Hudson 1347
5.10 5.00 Savannah Sugar corn
144 149
Ujigawa El Pow s f 711
1945 M 5 977 Sale 97
36
98
Erie 4445 & 58
96
98
5.00 4.75
Preferred
100 122 125
Underged of London 445_1933 2 J 9418 -___ 65 Apr'26
Equipment65
94
96
5.25 5.10 Sugar Estates Oriente pf_100 74
78
Income 65
1948
J
- 96 Nov'26
Great Northern 135
95
5.12 5.00
90
Tobacco Stocks
Union Elec Lt & Pr(Mo)65_1932 M S 101 10112 1007
8 10112 12 10015 10212
Equipment 58
4.85 4.70 American Cigar corn_...100 130 135
Ref & ext 58
1933 M N 101 10114 101
10114
2 10018 10258 Hocking Valley 55
4.85 4.70
Preferred
100 100 104
UnEL&P(I11)istg 54sser A1954 J
102 10218 1017
2 10218 12 10015 1023
Equipment68
5.15 5.00 British-Amer Tobac ord._El *22
4
23
Union Elev Ry(Chic)5s
1945 A 0 8215 83
2
8215
8212
Bearer
4.75 4.60
7715 854 Illinois Central 4415 & 55
23
El •22
Union 011 1st lien s f 55
1931 J J 10112 1013 101% Nov'26
4
Equipment65
10018 102
5.10 5.00 Imperial Tob of0B & Irel'd *275 28%
4
30-yr es series A
May 1942 F A 107 10712 10714
5 10038 10814
10712
Equipment 7s&6Hs
4.85 4.70 Int Cigar Machinery- __ _100 104
08
1st lien sf58 series C
1935 F A 99 Sale 9812
9918 191
9515 9915 Kanawha & Michigan es-- 5.30 5.10 Johnson Tin Foil & Met_100 65
United Drug 20-yr es_Oct 15 1944 A 0 1062 Sale 1063
4
4 1074 47 10312 10712 Kansas City Southern 54111- 5.10 4.85 MacAndrews & Forbes__100 42
43
United Fuel Gas 1st s f es__ _1936 J .1 103 Sale 10212
10314 13 10112 104% Louisville & Nashville Os... 5.10 5.00
Preferred
03
100 101
United Rys St List g 4s_ __ _1934 J J 7612 78
23
761
7
Equipment6 Hs
4.90 4.75 Mengel Co
7412 79
37
100 32
United SS Co 15-yr es
1937 MN 8912 903 8912
1
8
Michigan Central Es di 135- -- 4.95 4.75 Porto Rican-Amer Tob_ _100 76
8915
87% 95
78
United Stores Realty 20-yr 65'42 A 0 105 10512 10512
9 103 106
MinnStP&SSM 4445&55 5.10 4.85 Universal leaf Tob com
10515
*36
38
U B Rubber 1st & ref 5s ser A 19472
140
945 Sale 944
4
95
Equipment 6349 & M.-- 5.25 4.90
913 9514
4
Preferred
01
100 99
Registered
J J
_ 927 Sept'26
92% 927
8 Missouri Kansas & Texas es 5.30 5.00 Young (J 73) Co
20
100 117
10-yr
% secured notes_1930 F A 106% Sale 1062
12 105% 108% Missouri Pacific es & 6345-. 5.20 4.90
4 107
Preferred
08
100 104
US Steel Corp(coupon Apr 1963 MN 10612 Sale 10612
1067 169 103 1073
8
4.90 4.65 Rubb Stks (Cleve'd quotaen)
4 Mobile & Ohio 55
Si 10-60-yr 5sIregist_ _ A pr 1963 MN
10612 Nov'26
New York Central 441s & fs 4.80 4.60 Falls Rubber COM
10434 10612
•
Utah Lt& Tme lst & ref 58_ _1944 A 0 -9314 Sale 934
Equipment65
93% 80
5.10 4.95
8615 94
Preferred
182
4
25•
Utah Power & Lt 1st 55
1944 F A 0838 Sale 9738
991 141
Equipment 71;
4.(4) 4.75 Firestone Tire & Rub corn.10 *115
95
99 4
3
25
Utica Eiec L & P 1st 58
19502
102'8
- 102% Oct'26
1005 1023
5
6% preferred
4 Norfolk & Western 4348.....4.70 4.55
02%
100 101
Utica Gas& Eiec ref & ext fa 1957 J
2 10015 102% Northern Pacific 78
102 10214 102
102
5.00 4.75
7% preferred
100 97
99
Vertientes Sugar 1st ref 75_1942 J
9912 Sale 9815
993
4 28
9012 99 4 Pacific Fruit Express 75-- 4.95 4.75 General Tire dt Rub corn_ _25 *150
5
75
Victor Fuel lst s f 58
19532 J 5614
57 Aug'26
5314 6412 Pennsylvania RR eq 55 dr 65 5.10 4.65
Preferred
100 10615 0712
Va-Caro Chem let 78
19472 D 107 ---- 10812 Nov'26
Pittsb & Lake Erie 6445---- 5.05 4.80 Goodyear Tire & R com_100
105 110
30
Stpd as to payt 40% of prin
Equipment fis
5.15 5.00 Goody'r R& Rot Can pf.100 9612 97
1st 75
1947
16 1043 11112 Reading Co 4Hs & &I
107 Sale 107
108
4
4.70 4.55 India Tire & Rubber new_ _
30
Ctf of deposit asstd-----107---- 108 Nov'26
St Louis & San Francisco 58- 4.85 4.70 Mason Tire & Rubber corn_ t .1% 172
10415 110
Ctf of deposit stpd - _ _ _ _
107 110 10812 Sept'26
10878 10812 Seaboard Air Line 5418 di 65 5.25 4.95
Preferred
100 19
20
Va Iron Coal & Coke 1st g 581940 1W13 932 ---- 93 4
-1949
1
3
4
932
4
Southern Pacific Co 4445
4.70 4.60 Miller Rubber preferred_100 99% 101
9114 98
Va Ry Pow 1st di ref 55
1934 .7
9918 Sale 99
Equipment 7ii
99% 33
4.90 4.70 Mohawk Rubber
9712 10155
100
25
Walworth deb 6 48(with war)'35 A 0 91
91
5
93
91
89
Preferred
4.85 4.70
9512 Southern Ry 4Hs & 58
70
1st sink fund es series A _ _ _1945 A 0 95 Sale 93
9518 30
Equipment68
5.15 5.00 Selberling Tire & Rubber__ t *20
9114 97
2112
Warner Sugar Refin 1st 78_ _1941 .1 D 9312 Sale 86%
9412 76
Toledo di Ohio Central 68
5.15 5.00
79 100
Preferred
100 95
9812
249
Warner Sugar Corp Ist 78_ _ _1939 J J 7018 Sale 63
77
4.90 4.70
56
Water Bonds.
887
5 Union Pacific 75
Wash Water Powers f 5s.._1939 J .1 1023 1033 10212 Nov'26
4
Short Term Securities
10115 102%
Arkan Wat let 55'56 A AM/ 9434 9514
Westches Ltg g 58 stmpd gtd 19502 D 1023 103 102% Nov'26
8
10115 103% Anaconda Cop Min 6s'29J&J 10218 10215 Birm WW 1st545A'54.A&O 104 105
Wait Ky Coal 1st 78
5 100 10214 Chic R I & Pac 513 1929_J&J 9934 10018
1944 MN 10112 102 10112 102
1st M 58 1954 ser B__J&D 9712 9812
West Penn Power ser A 58
3
1948 M S 10014 Sale 10014
10012
5% notes 1929
M&J 997 10018 Butler Wat Co s I 58'27.J&J 100
997 103
8
_
1st 5s series E
49
1963M S 10012 Sale 1004 10012
993 10314 Federal Sug Ref fis'33.M&N 82 86
4
55 Sept 2 1931____M&S 1 9612 68
1st 54s series F
4 104 1067
105
1953 A 0 105 10512 105
s Missouri Pacific 55'27__J&J 100 100% City W(Chatt)545'54A JdtD 10315 10412
1st sec 58 series0
19562 D 100 Sale 100
10014 48 100 100% Sloss-abet( S di I 65'29.F&A 1013 10214
let M 55 1954
4
J&D 97
973
4
Wait Va C di C ist es
80% 20
1950 2 .7 80% Sale 8015
Wise Cent 545 Apr 151927. 100 10012 City of New Castle Water
65
91
58 Dec 2 1941_ _ _ _J&D 1 93 95
Western Electric deb 55
38 10015 10314
1944 A 0 1013 Sale 10112 102
4
Indus. & MiscallClinton WW let 55'39_F&A
Western Union coil tr cur 55_1938 J
101 ---- 10115 1015
4 12 101 10312 American Hardware
25 •8712 89 Com'w'th Wat 1st 5445A '47
Fund & real est g 44s_ __ _1950 MN 97
4
9912
Babcock & Wilcox
9912 99
100 117 11812 Connellsv W 550ct2'39Adi01 102 -- - 2
9614 100
93192
15
-year 6 45 g
11214 18 110 5 11718 Bliss(E W)Co new
193a F A 112 112% 112
t *23
1
24 31 51 L & Int Wat 58'42.J&J 93 94
Wes'house E & M 20-yr g 55_1946 M S 101 Sale 1003
4 101% 165
Preferred
99% 101%
50 *57
let M es 1942
J&J 101 102
Westphalia tin El Pow6tsi950.3 D 9414 Sale 943
33
8
9518
9314 953
4 Borden Company coin-- - _ t *9515 9812 Huntington 1st 65 54-M&S 103% 1042
.
g
Wheeling Steel Corp 1st 545 1948 J .1 96 Sale 95%
35
96
Celluloid Company
100 17
94
96
20
5s
1954 95
953
4
White Sew Mach 6s(with war)'36.3
100 65
98% 85
98% Sale 9814
Preferred
94% 101
70 Mid States WW 68'36 MAN
Wickwire Spen St'l 1st 75_ _1935 J .1 52 Sale 51 Nov'26
46
7015 Childs Company pref.--100 11412 11612 MonmConW 1st 55'513AJ&D
Certificates of deposit
6014 Mar'26
100 174 178 Monon Val Wat 545'50
6014 6014 Hercules Powder
Ctfs of deposit stamped
MN::__ 75
100 114 116 Muncie WW Oct 2'39 J&J 9912 -7012 Mar'26
Preferred
7015 70%
01 92
Wickwire so St'l Co 75 Jan 1935 MN 4234 Sale 422
4
42% 25
397 6812 International Silver pref-100 102
5
0512 StJoseph Water 55
94%
Willys-Overland sf6 ls.
5 10114 105
102
.A933 M S 10112 102 1013
5
Lehigh Valley Coal Sale5-50 *97 100 So Pitts Wat 1st 55 1941A&O 94
1960 J&J 96
97
Wilson & Co 1st 25-yrs f es_ _1941 A 0 101 Sale 1004
10112 65
100 132 135
5
. Phelps Dodge Corp
95 5 102
1st M 58
9712
FAA 97
Registered
Royal Raking Pow com_100 165 173 Ter H WW 1955
93 Feb'25
es '49 A__J&D 103 __Winchester Arms 74s
1941 A 0 104i2 105 10412 10412
Preferred
100 101 103
105
1st M 55 1956 ser B._ FdiA 9312 9413
Young% Sheet & T 20-yr 68.19432 J 10315 Sale 10314
Singer Manufacturing-AO° 368 375 Wichita Wat 1st es
104
58 101% 105
'49..M.S5 103 ---Singer Mfg Ltd
Ll *512 8
1st M 55 1956 ser 11__F&A 9315 9412
*Per share. t No par value. 0 Basis. 4 Purchaser also pays
accrued dividend.
a New stock. f Flat price. k Last sale. a Nominal. z Ex
-dividend. I Ex-11101W
r Canadian quotation. s Sale price.
ss
ioNs
2881
BOSTON STOCK EXCHANGE-Stock Record...BNCrirpage
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Nov. 27.
Monday,
Nov. 29.
Tuesday,
Nov. 30.
Wednesday, Thursday,
Dec. 1.
Dec. 2
Friday,
Dec. 3.
Safes
for
the
Week.
STOCKS
BOSTON STOCK
EXCHANGE
Range Since Jan I 1928
Lowest
Highest
Range for Previous
Year 1925
Lowest
Highest
Railroads.
1747 175 217212 17212 17512 17512 17512 17512 --------351 Boston & Albany
8
174 174
100 159 Jan 9 17512 Dec 1 156 Feb 16424 Jan
7514 Mar 85 Jan
81
81
8112 8012 81
100 77 May 3 8512July 15
8112 81
81
81
675 Boston Elevated
8112 8012 8112
92 Jan 10414 Dee
*102 103 *102 103
100 89 Feb 27 103 Dec 2
102 102
102 102
103 103
--------120 Preferred
11912 11912 120 120
119 119
100 11518 Jan 16 122 Jan 7 109 Mar 130 Dee
120 120
129 120
--------292 1st preferred
94 Mar 116 Dee
_ _ *104
*104
___ *104
100 9812 Jan 9 112 Jan 2
_ _ 10514 10514 107 107
10714 10714
229 2d preferred
10 Apr 494 Dee
52 - -12 52 - 54 54
100 35 Mar 30 5812 July 26
52
53
52
53
5113 1,195 Boston & Maine
51
52% 51
114 Apr 46 Des
100 32 Apr 14 55 Nov 23
15 Preferred
-----------------------*77 ____
17 Apr 65 Dee
712 -7712
80
100 69 Apr 15 82 Oct 2
6 16 iii2 If
80
47 Series A let pref
12
'115 ____ *115
29 Apr 8712 Dee
*11514 ____ *120
*115
100 84 Apr 1. 125 Nov 16
12012 12013
50 Series B 1st pref
*102 ____ *102 ____ *10212 ____ *10212 ----*102t2
25 Apr 7912 Deo
100 74 Apr 15 110 Sept 29
Series C 1st pref
+150
__ *150
3512 Apr 116 Dee
*150
___ *150
100 105 Jan 29 IBC Sept 30
*150
_
__
Series Diet pref
------ -+105 1653 105 1057- 1057 fos
4
96 'Dec 99 Nov
106 106
8
8
94 Apr 16 107 Sept 1.7
10514 1057174 Prior preferred
8---- -_
3188
*187
___'
_ *189
_ _ *189
100 217511 Mar 19 190 Dec 3 167 Feb 180 May
_
*190
__ 190 190
5 Boston & Providence
31 31
31 31
*30 32
26 Sept 524 Nov
3212 - 1 3314 1314 ---- ---32 4
86 East Mass Street Ry Co_100 28 Oct 6 61 Jan 6
65 65
*64
65
60 July 73 Dee
*64
65
*64
65
100 5912 Apr 29 71 Jan 2
_ _ _ _ __ _ _
*63
65
let preferred
.50
*62
64
63
*62
64
51 Aug 70 Dee
*63
63
100 56 May 6 69 Jan 13
*63
65
65
100 Preferred B
4212 4212 4212 43
43
4312 44
35 Sept 50 Dee
45
100 40 Apr 29 4914 Jan 29
44
45
4412 - 45
2,645 Adjustment
051
'51_. _ '
*51
52
23 May 58 Dee
52 +250
100 49 Sept 1 60 Feb 3
51
52
51
5112
51
64 Maine Central
*434 4658 425 422
8
4 4214 4214 422* 425
8
28 Mar 462* Doe
8 4218 423
100 317 Mar 30 488 July 17
1,334 NY N H & Hartford
4 42% 43
•
___ *
____ *96
70 Feb 90 Dee
96
96
*96
____ 96
46 Northern New Hampsh1re_100 81 Apr 8 964 Nov 10
96
10124
_ _ *124__ *124
___ +124
Oct
__ *126
Norwich & Worcester pref_100 120 Apr 2 130 Aug 9 100 Jan 125
12112 121
12 12014 112
122 122
Oct
98
Jan 113
125 Sept 1
100 111 Jar
124 124 *123 124
124 124
505 Old Colony
*10312 ____ *10312 ____ 104 104 *10312 ____ *1034 ____ 104 104
4
87 Feb 101 Dec
35 Vermont dr Massachusetts_100 993 Mar 1 105 July 26
Miscellaneous.
*214 3
212 21
*212 3
212 Mar
212 212
5 Dee
5 Jan 7
24 218
2 Nov 2
214 214
185 Amer Pneumatic Service-25
*21
22
*21
22
*21
1612 Mar 2412 Dm
2414June 3
*21
22
21
22
21
50 1912 Nov 1
10 Preferred
4
4
4
1487 14918 1483 1493 149 1493 1488 14914 1487 14912 14912 1497
8
- 1 1,532 Amer Telephone & Teleg-100 13912June 2 1508 Feb 15 13038 Jan 145 Dm
5114 5114 51
7 5212 --------1,340 Amoakeag Mfg
52
513 52
4
6112 May 87 Aug
71 Jan 2
513 5134 51
4
No par 48123u1y 1
723 723 *723 ____ *723 74'2 723 723 --------18 Preferred
4
*724 74
78 Feb 23
4
4
7014 May Ws Atli
4
No par 7212 Nov
4
16 Aug
14 Jan
2112 Jan 23
Art Metal Construe,Ine__10 20 Jan 1
'V5712 59
5812 5812 5812 5812 *58 ----------205 Atlas Plywood tr ctfs
4612 Aug 674 Dec
633 Jan 19
4
5212 Apr 1
94 Aug 21 Dec
1714 Jan 2
814 Oct 1
No par
Atlas Tack Corp
i18I8 16 ;ii- - 3 ;iiT2 "fit; ;iii2 - 1 ;iii2 11 2 -_,-;-_ -__-_-_ ..._-_- Beacon Oil CO COM tr clfs____
114
2012 Jan 14
1418May 1
11 2
1:
7812 79
79
80
9112 Nov 1094 Oct
793 80
4
9812 Jar 2
79
7912 793 80
79 7912
4
445 Blgelow-Hartf Carpet_No par 74 Nov
107 108 *107 109
107 108 *108
•108
__ ____
59 Boston Cons Gas pref 6M %100 10512 Jan 2 10912June 21 103 Jan 10814 AIM
69
6912 *6812 6912 *8712 69
2814 Jan 74
Oct
70 Nov 24
*675 8 69
69 6712 68
69
275 Dominion Stores, Ltd_No par 57 May
99 June 100 Dec
11218June 9
100 104 Jan
Preferred A
112 2
*112 2
112 Apr
6% Sent
*1% 2
312 Jan 21
*112 2
4May 2
*113 2
13
10
_ ---- Eaat Boston Land
*512 6
51z 512 *512 6
628 Jan
3 July
7 8 Oct26
3
*512 6
311 Mar
35 Eastern Manufacturing
'ibi2 -6
3
512 6
5
+48
*47
50
5()
+46% .50
2
42 Mar 897 Del
*4812 50
8812 Jan 22
*4612 50
25 44 Nov
--Eastern SS LMes, Inc
gii preferred
2 313;
3612 3612 *3614 3612 36i 35 Jan 4614 Oct
,
38
3 4 3612 36 2 *3618 37
63
45 Jan 6
No par 34 Nov
*91
93 '
391
93
*91
+91
93
89 Jan 100 July
93
994 Jan 9
*91
93
---- ____ ---let preferred
100 9014 Oct
15
1512 1513 *1512 ___ *1512 ____ *1512 ------------240 Economy Grocery Stores
15
18 Aug 2312 Sept
26 Feb 5
14 Nov 1
225 225
22312 225
22312 225
224 227 •226 2263 225 227
4
100 2207 Jan 15 250 Feb 11 200 Jan 213 Ma3
4471Edhion Electric Illum
*1912 203 *20
4
+20
22
22
17 Oct38 Jai
22
22
2212 2212 2212 224
400 Galveston-Houston Eleo_100 14 June 22 27 Oct 4
•11
12
*11
*11
12
12
___ -*II
12
--- - *11
12
____
___ --- __ - General Pub Serv Corp corn_
114 Apr 12 17 J$22 22
3712 3712 3712 3712 3712 38
43 fulj
37
322* Aug 8
37
3714 37 37
37
295 Gilchrist Co
No par 3414 Apr 20 402 Jan 12 9218 9112 92
9214 92
913 9212 92
4
92
93
574 Jan 11512 Del
9312 9514 2,931 Gilette Safety Razor
No par 884Mar 30 11312 Feb 6
•10
11
*10
11
*10
11
*10
11 '
11 May 1512 JUni
010
11
Greenfield Tap & Die
25 10 May 6 14 Sept 17
46
46
4512 46
453 46
4
52 May 72 Oct
4514 46
453 46
4
4512 46
1,244 Hood Rubber
No par 4514 Dec 1 684 Feb 4
5212 Jan 80 Oct
Internal Cement Corp.No par 52 May 17 6814 Feb 9
---- ---- ---- ---- ---- ---- ---- --- ---- --__
---- ---•.30 __
. 30•.30 __
0
.
2 Jai
1..30 __
____ ____
+.30 __
International ProdUcte_No par .10 Jan 2 30 Nov 26 .05 Dec
•_.. .i *____
.2 *____
.ii*____
.i
..2*____
____
100 .30 May 19 55 Jan 5 .10 Dec 1011 Jal
Preferred
95 95
95
95
95
95
*95 _ __ *95_
____ ____
8212 Jan 951/ Not
140 Kidder. Peab Accep A pref_100 293 Apr 15 96 July 30
*914 93
4
9
9
9
914 10
94 Jai
1014
1014 - -3- --------221 Libby, McNeill & Libby____10
614 Apr
10 4
612 Aug 13 104 Dec 2
7
7
'7--7
7
7
7
7
1114 Aug 1378 J11
_
714 _____
6 July 8 124 Jan 18
186 Loew's Theatres
25
9012 0012 8912 96
8912 90
8912 90
8912 90
68 Feb 85 De
--------448 Massachusetta Gila Coa-100 80 Apr 20 9412 Nov 17
8712 6812 6812 69
69 69
6912 70
6312 Jan 70 00
69
6912
8912 70
100 65 Jan 8 7018 Feb 20
346 Preferred
•108 107
105 105
107 107
107 10712 106 106 •10512 106
107 Mergenthaler LInotype_No par 1104 June 2 1110 May 1 167 Jan 197 Oe
4
74 Sept 163 Jai
5
7 4 Apr 22 14 8May 26
2
Mexican investment, Inc
10
--- ---- -___
- ---- ---- ---- -- -- ---- ---- ---;15,-.T2 - - 13 '
1
9
6
39412 9612 *9412 9613 9412 9412 95 8712 Jan 9614 Not
95
116 Miss Riv Pow stpd pref_100 89 Apr 9 96 Jan 4
_
*214 212
214 25*
23
23
24 212
34 Dec
62* Jai
413 Jan 5
214 214 --------513 National Leather
2 Aug 4
10
26
2614 26
26
253 26
4
1158 Dec 17 Do
*257 2614 26
8
5 1512 Jan 9 2912July 19
2618 26
1,165 Nelson (Herman) Corp
2
•.20 .25
.25 .25
.25 .25 •.25 .50 '
2 Jun
3.25 .50 --------500 New Eng Oil Ref Co tr ctfs__ .20 Jan 2 .95 Apr 29 .10 Dec
*4
1013 *4
1012
1012 Jan 6
4
54 Apr 12 Sep
6
6
3 July 1
1011
6
*4
1012 --------2251 Peferred tr ctfs
101 102 *10012 101 *2100 1013 *2100 1013 100 100
4
95 Sept 20 101 Sept I
125 New
100 10England Pub Serv prior p
2
2% Dec II Eel
'
0.75
2
8 Feb 18
1 Oct I
•.75
__ *.75
*.75 ------------12 New Eng South Milla_No par
__
41 Nov 30 28 Jan 29
20 Dec 55 JD/
*512 812
100
370 Preferred
512 312
5
5
5
47 _8 5 *- - -- _11712 118
99 Apr 1224 No'
11712 118
11712 118
949 New Eng Telep dr Teleg_100 1101 Apr 1 1188 Feb 17
1173 118
116 118
1177 118
8
90 Sept 100 Ma:
89 Feb 15 96 Feb 25
*2913 _
4
_
4
_
__
_ ___ __ _ No Amer Util 1st pf full paid__
_
*289
_ _ *289
*914
- *913 _
20 May 28 Ma
*17 -- 16 Dec 3 27 Feb 25
1714 *17
8 -5
1712 165 I68 165 165
-125 1st pref 25% paid
814
8 -- 8 1614 16_12 16 150 Dec 8112 Jai
100 3512July 6 55 Jan 2
434 44
4312 44
660 Pacific Mills
43% 435* 435* 438 434 435* 4314 4314
32 Aug 75 Oc
*45
47
____ ____ ____ _ _ Plant (Thos G), let pref-100 40 Mar 25 6814 Jan 12
47
545
*45
47
*45
*45
47
47
1514 Aug 18 Ap
10 15 Feb 8 1714 Aug 26
15
15
*1518 16
*1514 _ - *1514
- *1514 ------------20 Reece Button Hole
25 Jai
114 Nov
2 Nov 22
Reece Folding Machine_ 10
14 Oct 30
__ ___
112 ____
-112 *1
112 *1
112 *1
1
*1
112 •
994 Dec 101 De
682 Swed-Amer Inv part pref 100 98 May 28 110 Aug 6
•10212 103
10212 10212 103 104
1044 10518
_10418 10412 104 1Q5
100 111 Apr 21 1174 Dec 2 10914 Apr 120 Fel
389 Swift & Co
11612 117
11612 117
4
11612 117
11612 11712 11712 1173 11712 11712
4512 Apr 7312 De
25 54 Mar 31 72 Sept 10
_ ___ __ _ Torrington Co
____
*70
*70
71
*70
71
*7012 71
570
71
71
712 Jet
3 Oct
7 Jan 5 1512 Feb 11
5
305 Union Twist Drill
1112 12
*11
•___ 12
11
11
12
11
11
*1018 11
497 5018 497 503
403 July 50 No'
4
495g 50
3,466 United Shoe Mach Corp_ 25 47 Mar 31 534 Aug 25
51
51
8 5014 5012 5014 51
Oc
2612 Jan 29
28
28
25 28 Jan 2 30 June 25
396 Preferred
28
*2814 2812
28
28
28
28
28
28
28
98 Mar 12413 De
87
1,090 0 S & Foreign Sec let pref f pd 82 Nov 15 135 Feb 16
87
87
88
87
873
4 87
87
873
4 8712 8712 87
813 8134 81
4
2412 Jan 73 No
8113
60 May 30 90 Apr 3
620 1st pref 75% paid
81
82
81
815
*81
82
81
8 81
1
,
212* 215* 2112 22
1412 Aug 19 Ja
4
8 4,635 WaldorfSys,Inc, new eh No par 17 Jan 6 223 Oct 19
22% 2212 225
213 217
4
22
217 22
8
•37
38
*37
5 Jan 34 De
--------10 Walth Watch cl B com_No par 29 Jan 18 40 Feb 5
39
3718 3718 *37
*37
39
39
174 Jan 57 De
100 4818 Nov 24 60 July 19
--------100 Preferred trust Otis
*56
58
56
56
*56
58
58
56
*258
58
*107 109 *107 109 *107 109 *107 109 *107 109
100 101 Sept 30 11012 Apr 13
65
Jan 105 De
Prior preferred
. ___
____
16
16
1512 1512 *1513 16
330 Walworth Company
169 June 2714 Jul
4May 28 23 Jan 27
20 123
512
21512 1155* 155 +1512 16
55 551
55
5512 5514 554 5512 56
37
Jan 5012 Jul
812 Warren Bros
50 44 Mar 25 572* Oct 28
56
554 56
58
4134 4134 4134 4134 +41
'41
42
3728 Jan 4313 Jul
50 39 Apr 15 43 May 24
50 let preferred
413 413
4
4
413
4134 *41
*44
+44
47
47
*44
4012 Jan 48 De
2d preferred
47
50 42 Apr 16 47 Feb 10
____ ____ ___
+44
*44
47
47
1412 1412 *14
*1412 15
11 Mar 217 We
--------100 Will & Baumer Candle com- 105 Aug 18 1712 Jan 2
15
8
+14
*14
15
15
Mining.
•____
.30 +____
.30 *____
.30 *____
Adventure Consolidated____25 .05 Mar 15 .413 July 19 .05 Dec .25 is
.30
.30 *____
.30 *_ _ _ _
'
3.05 .25 +.05 .25 *.05 .25 5.05 .25 s.05 .25 '
Aigomah Mining
25 .10 Feb 2 .10 Feb 2 .10 Mar .25 is
0.05 .25
.90 .90 *a.85
.90
sa.85
I 80 Arcadian Consolidated
3 Ja
1% Aug 4 .50 Dec
.90
25 .25 Mar 27
.80 .80
.85 .85 *a.80 .90
1012 *10
+10
1012 * 310
175 Arizona Commercial
1012 +10
3
912 Mar 15 8 Fe
10
10
8
914May 25 12 Jan 2
5
10
10
1034
*32
33
32
3214 3212
3214 3113 32
284 July 604 of
10 29 June 2 558 Jan 4
335 Bingham Mines
3112 3112
311z 32
1614 167 2153 157 *2155 1614
1612 163
8
4
8
1238 June 187 Ja
25 1314June 7 1828 Aug 9
1,930 Calumet dr Hecla
1614 1614
8
16
16
3
.25
__ +.25
+.25
_ '
110 Carson Hill Gold
_ +.25 _
1 .20 June 10 .50 Jan 2 .20 May .90 Au
.20 .20
_ .25 .25
145 - 8 145 - 3
145
*145 _-- 4
8 143
8 11 4 145 1134
18 Dec 33 is
25 13 May 20 20 Jan 4
145* 145* 1,100 Copper Range Co
8
1413 145
*2lz 23
4 *212 3
*212 23
64 Ja
550 East Butte Copper Mining_ 10
.1
3 June
213 212 *212 3
4 Feb 3
214 Oct 13
214 212
'a.31
.45 'a.30
.45 *a.31
15 Ja
.45 *a.30
Jan
14 Jan 20 .04
.45
25 .25 Nov 3
.30 .31 --------250 Franklin
0.50 .75 '
.
3.50 .75 '
0.50
14 Fe
1
'
3.50 1
114July 17 .50 June
Hancock Consolidated-- 25 .50 Feb 25
3
'.50
'
3.50
1
1
1712 1712 1713 1712 1712 1712 171 1712 *1713 18
17
1512 July 23 is
1,280 Hardy Coal Co
17
1 14 Mar 29 2114 Jan 4
•.90
1
.90 .90
.90 .90
34 Fe
*.90
1
1 Dec
300 Helvetia
'
0.913
1
1
2 Jan 11
1
25 .75 Oct 11
189 189
18813 189
188 188
189 190
210 Island Creek Coal
190 191
1 141 Mar 29 198 Oct 29 121 Mar 165 De
190 190
102 102 *102 103 *102
*102 103
9414 May 10012 De
15 Preferred
_ _ _ •102
1 9912 Jan 4 108 July 28
*102
97 Apr 2012 is
*1112 12 *211
12
12
12 *all
35 Isle Royale Copper
912June 7 14 Aug 9
25
12
1 114 11
14 *10
12- 17
2
2
*2
214
112 Jut
1% *US 214
25 .50 Jan 2
275 Keweenaw Copper
24Sept 30 .50 June
8 24
*Fs 218 .17
'
0.90
'
0.75
1
5.75
1
200 Lake Copper Co
1
3 is
1
Apr
138July 14
.90 .90
'
2.75
25 .60 Oct 26
*.75 1
1
*1
114
*1
114 *1
1
1
145 La Salle Copper
It is
.
25 .80 June 12
114
1 Dec
'
3.80 .90
1
1
2': Mar 15
24', 214'., *17
135I Mason Valley Mine
8 218
218 *17
23 is
4
258Sept 17 .95 Sept
13 Jan 26
4
5
8 218
214 214 *17
8 218 *17
.20 .20 '
.26 .26
225 Mass Consolidated
.15
'.25 .
14 is
25 .15 Dec 3 .75 July 19 .40 May
.15
0.25 .40 *.25 .50
.50 .51 *o.45 . 55 *a.45 .60 *a.45 .50
.45 .50
25 45 Nov 29
400 Mayflower-Old Colony
sa.50
.60
3 is
11 Jan 5 .50 Nov
4112 4214 *41
42
42
4214 42
483 Mohawk
Ja
2512 June 41
25 30 Mar 30 46 Oct 18
4012 405*
4113 4013 41
.510 New Cornelia Copper
2212 2212 *2212 223
*223 23
4
18 Mar 25 is
5 1812May 19 24 Aug 9
221
4 225 223
8
4 2214 2212 22
New Dominion Copper
.05 Jan 30 .20 June 10 .10 July .85 Fe
.18 *.05 .18 +.05 .15
0.05 .18 +___
+.05 .18 '
*18
100 1812 Nov 26 25 Feb 4
22
*18
22
25 Apr 31 Au
5 New River Company
22
1812 1812 *17
•18
22
*18
22
*60
60
40 June 65 Au
100 45 July 13 72 Feb 11
390 Preferred
60
61
60
60
+60
62
60
60
*60
61
77 Jan 27
63 Ja
4
5 July 8
5
*6
614
53
4 6
55
3 54
48 July
5
5
65* 612 *614 6'2 1,397 NipIssing Mines
15
2 Apr 13
3% No
37
8Sept 20 .89 June
8 1,000 North Butte Mining
25
8 25
25
8 25
212 25
258 258
25
8 25
8
8
25, 25*
2 Nov 22 .15 Nov
25 .50 Jan 4
4
114 Ja
*al%
13
4 13 *a113 2
*a112 2
100 Olibway Mining
134 *al%
14
14 *114
1614 1614 1614 1612 1514 1514
163 Dec 27 is
4
25 14 May 28 20 July 17
790 Old Dominion Co
4
+1614 164 1614 1614
153 153
4
1112 1112 *1112 12
1012 June 187 Set
1112 12
*
75 Pd Cr'k Pocahontas Co No par 1012Mar 29 15 Jan 2
114 12
*1112 12
*1113 12
19 Apr 3912 is
1714 1712 *1714 1812 '
1712 177
17
18
25 1512May 24 25 July 16
313 Quincy
*16
017
18
18
284 Apr 48 is
26
2612 2612 2612 2612 28
27
25 2512M5y 25 3812 Feb 10
271 St Mary's Mineral Land
2612 26
*2612 2712 27
312 Dec 1
37
714 Nov
958 Jan 4
313 334
*312 413 '
4
0312 412 *314
11 Nc
250 Seneca Mining
*34 33
*312 37
.30 .31
10 .30 Nov 1 .80 Jan 5 .50 May
.30 .31 '
0.31 .35
112 is
.30 .30 1,440 Shannon
0.30 .40
*.31 .35 '
0.25 .50 *.25 .45 '
.20 .20 '
4.
25 Superior & Boston Copper_ 10 20 Nov 30 11 Mar 1 .70 May
0.25 .40
0.25 .45
2 is
45 '
'.25
37 Jan 8 ;is is
57
57
57
57
43 Oct 26 1124 Feb 5
4
5
*57
4 6
54 6
2
578 57
6
58 1,835 Utah-Apex Mining
yi
1 .a() Jan 8 2% Mar 13 .40 July .98
13
8 *114
13
2 *1st
114
114 1,025 Utah Metal & Tunnel
114
114
132
114 *114
114
25 40 May 24 .75 Feb 23 .22 Nov
0.50 .65 '
.1..30 __*.50 .65 5.50 .65 '
3.50 .65
Victoria
0.50 .65 '
14 is
25 .10 Sept 13 .40 July 20 .10 Dec .48
0.15 .25 *.15 .25
.20 .20 '
500 Winona
.15 .15
.20 .20
Js
'
0.20 .2L
25 .40 Feb 1 .45 Mar 22 .05 An
_ _ _ __._
21
ni
Wvandot
-rights. it Ex-dividend and rights
•
Sid and asked prices; no sales on this day. a Assessment paid. C Ex-stook dividend. t New stock. s Ex-dividend. y Es
2882
THE CHRONICLE
Sates
Last Week's Range for
Safe
ofPrices.
Week.
Stocks (Continued) Par Price. Law. High Shares.
Outside Stock Exchanges
Boston Bond Record.—Transactions in bonds at Boston
Stock Exchange Nov. 27 to Dec. 3, both inclusive:
Friday
Last )i'eek's Range Sales
Sale
of Prices.
for
Price. Low. High. Week.
Bonds—
Atl G&W IS 13 L 58_1959
Chic Jot Ry & U B Y 5s.'40
Current River Se
1927
East Maas St RR 434s A'48
6a Series B
1948
611 Series D
1948
Hood Rubber 78
1937
K CM dtB inc 5e_ _1934
Keystone Tel Co 6s__1951
Mass Gas 434s
1929
4.34e
1931
5348
Miss River Power 5._1951
Mtge Bank of Col 7s _ _1946
New Eng Tel & Tel 5s_1932
Pneumatic Scale Corp 811 36
.
PC Pocah Co 7.deb _ _1935
Swift & Co 5s
1944
Seattle Elec 5e
1930
Western Tel& Tel 88 _ _1932
6934
Range Since Jan. 1.
Low.
6934 694 24,000 65
10034 101
2,000 99
1,000 9934
99% 9934
64
64
3,000 62
69
69
500 65
79
82
1,100 74
104 104
1,000 104
994 994 3,000 9734
98 34 9834 10.000 984
9934 99%
1,000 98)4
98
9831 4,000 96
10234 102% 7.000 994
100% 101
7,000 99
96
9634 20,000 96
1004 100% 8.000 1004
104 104
500 104
103 103
5,500 100
10134 10134 9.000 994
100 100
1.000 100
1004 100% 3.000 994
64
99
Apr
Jan
Feb
Mar
Mar
Apr
Oct
June
Oct
June
Jan
Feb
Mar
Nov
Feb
Oct
Mar
June
Dec
Mar
High.
74
102
100
70%
7634
88
10634
99%
99
100
99
10534
10234
9634
102
104
111
10234
10034
101%
Feb
Aug
June
June
June
June
June
June
Oct
Sept
June
Apr
July
Dec
May
Oct
Feb
Aug
Feb
Aug
Philadelphia Stock Exchange.—Record of transactions
at !Philadelphia Stock Exchange, Nov. 27 to Dec. 3, both
inclusive, compiled from official sale lists:
Stocks—
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Abbotts AI Dairy pref100
Almar Stores
17
Alliance Insurance
10 50
American Stores
• 714
Baldwin Locomotive_ _100
Bell Tel Co ofPenn pref___ 1124
Cambria Iron
50
Congoleum Co Ino
•
Electric Storage Batt'y _100
Fire Association, new_ .10
Horn & Hardart(NY)own 5034
Geperal Asphalt
100
Giant Portland Cemeat_50 70
Preferred
50
Insurance Co of N _ _10 844
(AR) Kirschbaum 7% pf _
ALake Superior Corp_ _ _ _100
134
Lehigh Navigation
50
Lehigh Valley
50
Lit Brothers
10
Little Schuylkill
50
Man Rubber
10
Mineh ill & Schuyl Hav_ -50
Northern Central
50
Penn Cent L & P cum pf _• 7234
Pennsylvania RR
50
Pennsylvania Salt Mfg...50 76
Philadelphia Co (Pitts)—
Preferred (5%)
50
Preferred (cumul 6%)_50
Mona Electric of Pa
25 4974
Power receipts
20
Milts Insulated Wire
•
Phila Rapid Transit _ _ _ _50 5434
Phila & Read C & I Co_ •
Philadelphia Traction_ _50
Phila & Western
'0
Reading Company
IA)
Shreve El Dorado Pipe L 25
Scott Paper Co. pre( _ _100 9831
.
Stanley Co of America_ _ _* 884
Tono-Belrnont Devel_ _ _1
.
Tonopah Mining
1
Union Traction
50 4034
United Gas Impt
50 1,034
U S Dairy Prod "a"
•
Victor Talking Machine_ _1 119
Warwick Iron & Steel_ .10
Westmoreland Coal new 50 55
York Railways pref
50 3434
Bonds—
Amer Gas & Elec 5s._2007 9736
Baldwin L000m let 53_1940
Consol Trao NJ let 5s 1932 6134
Elec & Peoples tr ctfs 4s'43 57
Inter-State Rys coil 4s 1943
Keystone Telep let 5s1935
Lake Superior Corp 55 1924
Lehigh C&Nav gen 4368'24
Leh Vali gen consul 45_2003
Lehigh Val Coal 1st 531933
Peoples Pass tr etre 4s _ 1943 614
Phila Co cons &coil trust 53
stropd ek fd & red._1951 9934
Phila Elec 50
190
let fre
1966 104
1047
54e
1953
548
1941 lug
6s
1972
She
Reading Jer Cent coll 4s'4.
Reading Trao let m 6s '33
York Railways lot 54.1937 934
10334
1634
50
7034
1554
112
40
1834
83
524
53
8434
63
a41
52
1/0
134
106
95
2634
41
134
52
814
7234
5574
7534
Range Since Jan. 1.
Low.
High,
5 10034 Jan 10334 Nov
10334
665 1634 Oct 2034 Sept
1754
50
168 36
Jan 59
Jan
2.271 60
72
Mar 9434 Jan
1614
490 9934 Apr 1614 Nov
11236
134 10936 Apr 11334 June
40
100 38
Jan 4034 Sept
645 134 May 29
2134
Sept
35 73
8354
Jan 9334 Aug
54
455 50
July 68
Jan
5734
1,287 49
Sept .5734 Dec
884
715 58
Mar 93
Sept
72
1,745 31
Mar 74
Nov
540 3434 Jan 56
56
July
5534 3,969 49
Mar 6436 Jan
90
14 90
Nov 9136 Oct
14 2,580
44 Jan
194 July
107
1,031 973-4 Mar 1204 Feb
256 8036 Apr 9536 Dec
0534
660 25
27
Mar 334 .Jan
Al
8 40
Jan 4134 Nov
134
150
134 Dec
8
Jan
52
20 504 Oct 524 June
8136
26 7934 Feb 82
July
45 7034 Sept 91
73
Sept
5634 16,100 4834 Mar 5736 Oct
76
69 71
Jan 91
Feb
6
3834 3836
4934 4931
45
4934 504 19,319
94
9
633
6934 70
15
5436 5534 2,698
310
4234 4234
584 584
60
114 114
10
88
20
8934
25
830
26
45
08
984
864 8834 7,575
234 2 11-03 3.200
334 334 2.360
404 4034
447
0034 9134 5,423
33
31
70
11334 12034 5.510
1
45
1
55
554
103
3434 344
38
Mar 3934
37
Oct 504
48
4134 Apr 6734
334 Apr
954
Jan 70
50
Oct 5734
41
2736 May 584
Nov 65
56
Mar 1634
11
Apr 994
82
134 July 28
89
Jan 101
55
May 924
2 1-16Apr
436
34 Nov
73.4
38
Jan 4334
844 Mar 1444
31
July 3834
80
Mar 12036
1
34
Sept
Apr 56
49
34
Nov 384
Jan
July
Jan
Oct
Nov
Feb
Feb
Feb
May
July
Oct
Feb
Sept
Jan
Feb
Jan
Jan
Mar
Dec
Mar
Jan
Feb
94
1064
6134
56
4834
94
6
0834
86
10134
6134
984 212,500 8934 Feb 10134 May
10834 2.000 1034 Dec 1064 Dec
6136 4.000 58
Jan 6936 Feb
5736 22,000 52
Nov 6936 Feb
484 4,000 484 Nov 564 Feb
94
5.000 91
Jan 94
Nov
6
16,500
3
Nov
1334 June
9834 6.000 96
Nov 10034 May
86
3.000 8436 Apr 86
Nov
101% 4.000 10034 Mar 10134 Sept
1,000 614 Nov 7836 Jan
6134
995-4
10234
1034
10,534
10734
1073-I
10236
1044
1014
9134
4.,000 9694 Jan 100
100
10334 10,500 10134 Oct 10336
Mar 1044
10434 10.600 102
107
3.000 10336 Mar 108
10754 6.000 10334 Mar 108
July 1084
1073.4 6.000 105
103
10,500 10034 Nov 10334
10434
1.000 1044 Dec 10454
10135 3.000 10194 Nov 102
9336 9.000 9134 Dec 9636
Dec
Apr
June
June
June
Aug
Nov
Oct
Oct
July
• No par value. a Ex-dividends.
Chicago Stock Exchange.—Record of transactions at
Chicago Stock Exchange Nov. 27 to Dec. 3, both inclusive,
compiled from official sales lists:
Stocks—
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. RCA. Shares
All America Radio cl A_ _5 12
12
American Pub Seri prat 100 9734 97
,
Am Pub URI Co par pfd 100 7734 77%
American Shipbuilding_100
78
Amer States Secur Corp A •
234
251
3
Class B
3
Warrants
SS
Armour & Co(Del) pref 100 94
92
Armour & Co pref
100 854 8334
1434
Common Cl A v t o__25 1634
Common cl B V t o__25
834
Ameociated Investment— •
37
Auburn Auto Co com__25 61
574
Balaban & Katz v t o_25 65
6334
Preferred
102
100 102
Beaver Board prof et13_100
38
1234
9734
7734
78
3
354
34
94%
854
1734
94
3734
61
654
102
38
950
135
10
25
2.100
3,100
200
235
1,020
2,375
475
50
4,650
1.475
25
222
Range Since Jan, 1.
Low.
9
92
7734
70
134
1
34
90
79%
13
534
30
4034
82
98
32
(Vol.. 123.
Apr
May
Dec
may
May
Mar
May
Aug
May
May
May
Aug
Mar
Sept
July
Mar
High.
19
99
91
9534
8%
534
I
98
92%
25%
17
37%
7234
7634
103
45
Jan
July
Feb
Jan
Feb
Feb
June
Mar
May
Feb
Feb
Mar
Mar
Juno
Feb
Aug
Range Sinew Jon. 1.
Low.
11108.
Bendix Corp cl A
10 374 35% 3734 4,350 2534 Mar 3834 Oct
Borg dr Bnk com
10 50
49
50
3,216 28
Sept
Jan 55
Brach & Sons(E J) corn_ _• 28
28
28%
275 2734 May 3734 Feb
Bunte Bros
10
15
15
100 14
Apr 22
July
Butler Bros
20 2734 274 28
7,325 2754 Nov 30
July
Celotex Co corn
• 85
844 86
486 84
Nov 8734 Nov
Central III Pub Serv prof.•
88
8831
380 87 May 91
Jan
Central Ind Power pref_100
84)4 86
20 8494 Nov 93
Jan
Ctfe of deposit
100
8334 834
10 8334 Nov 834 Nov
Cent Pub Serv (Del)
• 17
184 174
1,760 12
Apr 174 Nov
Central S W corn
• 5034 50
5031
970 4734 Nov 5034 Dec
7% preferred
9234 93
317 8934 Mar 964 July
Prior lien pref
• 99
9834 99
1,365 93 Jun 100
Feb
Chic City & Con By pref.*
3
34 1,040
7
Jan
25-4 Aug
Chicago Fuse Mfg Co. _ _* 31
31
32
95 30 June 35
Jan
Chic NB & Milw com...100 38% 38
3834
442 37
May 614 Feb
Prior lien pref
100 100
99% 100
25 99
Mar 101
Mar
Preferred
100
72
72
20 71
Oct 83
Jan
Chic R T prior pref
100
9934 100
165 9934 Nov 100
Nov
Commonwealth Edison_100 137
13634 137
824 13534 Aug 145
June
Consumers Co new
5
7
73.4
734 1,625
534 Aug 104 Feb
Common v t c
5
7
736
1,500
7
Dec
734 Oct
Continental Motors
•
1134 1134
934 May 1334 Jan
100
Crane Co
25
50
51
374 4734 Oct 60
Jan
Preferred
100
119 119
25 1134 Mar 119
Nov
Cuneo Press A
50
4934 49%
60 4534 July 50
Feb
Decker (Alf) & Cohn, Inc
preferred
100
105 105
10 102
Jan 105 June
Deere & Co pref
100 107
10534 1074
216 10534 Nov 110
Aug
Diamond Match
100 11534 114 116
460 114
Nov 125% Feb
Eddy Paper Corp (The). •
47 18
Apr 27 June
El Household Util Corp.10 1634
154 1634
520 11% Oct 25
Jan
Elec Reeearch Lab
• 1534 15
15% 1,725
84 July 3234 Jan
Empire G&F 7% pref. _100 9334 92% 9334
515 91
Apr 97
Jan
8% preferred
100
99
99
31 96
Apr 99
Nov
Evans & Co, Inc. Cl A___5
294 2934
125 25
May 32
Sept
Claes B
5 213
2534 2734
475 24% Oct 29
Sept
Fair Co(The)
•
2734 28
110 27
May 3336 Jan
Foote Bros(0 & MI Co_.•
12
1234
600
9
May
1534 Jan
General Box Corp pf B_I00
45
45
35 45
Oct 45
Oct
Gill Mfg Co
10
434 44
4
225
34 May
534 Aug
Godchaux Sugar
•
394 33.4
25
34 May
7
Feb
Coward Co (II W)
3434 3434 34%
200 3134 Mar 39
Jan
Great Lakes D & D....100 141
139 143
410 122
Mar 171
Jan
Greif Bros Coop'ge Acom •
3934 3934
10 38
May 43
May
Hammermill Paper Co..10
34
34
77 25
Nov 36
June
Hart, Schaffner & Marx 100 110
110 110
125 1063.4 Nov 125
Jan
Hibbard. Spencer. Bartlett & Co
25
10 70
73
73
Apr 7934 Apr
Hupp Motor
10 2134 2034 2134
110 19
Mar 284 Jan
Illinois Brick
25 48
4734 4934 2,200 37
Jan 57
Sept
Illinois Nor Utilities pf _100
9134 9234
26 90
May 9234 Oot
Jaeger Machine Co
2934 294
25 2434 May 324 Nov
Kellagg Switchboard newl0
13% 14
90 13
Nov
17 June
Preferred
100 9534 9534 95%
25 95
Nov 102 June
Kentucky URI Co pref. _50
51
51
20 49
Mar 5234 Aug
Kraft Cheese Co
25 63
62
63
260 55
May 9034 Jan
Kup'helmer & Co(B) Inc_ 5
3534 35%
70 294 Jan 36
Sept
La Salle Ext Unly (III) _ _10 1034 10
7
1134 2,025
Sept 14% Jan
Libby. MeN&Libby,new 10
94 11% 32,000
734 Mar 1134 Dee
934
McCord Radlat )r Mfg A.
3836 3834
50 36
May 4934 Sept
Middle West Utilities. •
110 11134
1,010 99
Nov 134% Jan
Preferred
103 107
105 107
1,306 9734 Jan 11134 Feb
Prior lien preferred_ 100 118% 110 110
1,100 106% Jan 123% Feb
Midland Steel Products •
42
43
155 40
Oct 4936 Feb
Midland Util prlor lien_100
99
210 98
994
Mar 104
June
Preferred A
100 98
98
98
57 96
Jan 9934 June
Morgan Lithograph Co..* 58
58
59
380 2434 Mar 654 Oct
Mower Leather coin
•
1334 14
76 1334 Dec 1634 Aug
Nat Carbon pref. new_100
125 125
25 124
Oct 128
Apr
Nat Elec Power A w I__ • 22% 2234 23% 1,268 19% Mar 264 July
Preferred
ioo
94
93
40 92
July 0634 Feb
National Leather
10
642
24 234
234 Nov
434 Jan
National Standard
• 3134 3134 3134 1,770 26
Sept 3334 Oct
North American Car corn •
2834 284
25 28
Mar 32
Jan
Nor West URI pr In pref 100
9936 9934
12 93
Jan 100
Nov
100 95
9234 95
7% preferred
255 91
Nov 9734 Aug
Novadel preferred
•
2534 2534
250 24
Oct 28 June
Omnibus v tett la
* 16
1534 173( 1,050 1234 Oct 21% 1`,1/
19
20
Penn Gas & Mee w _
550 19
•
Nov 24
Feb
9034 903(
Preferred
-too
10 73
July 9034 Dec
165 19
2034 21
Pick Barth & Co pref A_
May 23
Aug
1
Common v t c
75 1234 July 13% Nov
1234 1334
5534 50
350 334 Mar 6034 Aug
5 56
Pines Winterfront A
• 13134 1314 13134
93 121
Pub Son of Nor Ill
,
Oct 140 June
43 128
Pub Serv of Nor 111_ _..100 1314 13134 13134
Oct 143 June
114 114
100 114
22 112
7% preferred
Jan 11634 Mar
•
182 195
Quaker Oats Co
275 128
Jan 195
Dee
100 108
107 108
Preferred
180 105
Feb 10834 July
• 344 3434 3434
1,395 2534 Aug 37% Nov
Q Its Music corn
,
374 4234 5,225 313( June 5834 Jan
Real Silk Hosiery Mills_10 42
10 194
19
1934
Rea Motor
169 17% June 2534 Jan
25 11
11
Ryan Car Co (The)
11
210 10
Oct 16
Jan
5434 52% 55
Sears, Roebuck & Co_ _
4.025 4934 Jan 180
Mar
26
26
So Cola Pr Elec A corn_25
720 22
Apr 2634 Nov
Southwest Gas & El pref100 96
94
96
180 93
Apr 98
Mar
30
27
27
Sprague Sells
so 27 Nov 3034 June
-Warner Speedom • 68
Stewart
6534 68
2,675 61
Nov 93
Jan
100 117% 11134 117%
Swift & Co
1.910 110
Apr 118% Nov
15 23% 21% 2434 139,500 143( Apr '2434 Nov
Swift International
25 46% 46% 47
Thompson (J R)
805 42
Apr 5034 Sept
95
Union Carbide & Carbon_• 95
9654
141 724 Jan 97
Nov
..• 3634 35
825 34% Oct 5836 Jan
United Biscuit class A.
3034
4
234 4
United Iron Works v t 0.50
1,850
4
Dee
34 Mar
•
3
Common
334 5,150
Dec
3
374 Dec
United Light St Power—
1334 13%
A w I new
100 11
Oct 26
Feb
1734
• 17
17
Apr 31
B w I new
75 15
Mar
8734 8734 88
Preferred cl A w
80 8134 Mar 92
May
Preferred cl B w I a___ • 50% 5094 503.4
50 4254 Apr 54
Sept
io 14734 146% 153
11 S Gypsum
2,315 125
Mar 171
July
117 117
100
Preferred
92 1114 Apr 121
Aug
15
15
Utilities Pow & Lt cl B--•
15
6
Apr 31
Mar
•
Wahl Co
8
120
834
734 June 14% Feb
6534 67
550 584 Mar 8134 Jan
Ward (Monts) & Co—_ _10 67
100
11534 11534
Preferred
50 112
Sept 117
Jan
Claes A
• 1144 11434 115
500 107% May 115
Nov
Weyerberg Shoe Mfg com.•
1534 153(
10 154 Nov
153( Nov
William Oil 0 Mat com.• 14%
1434 1531
1.070 13
Oct 234 Feb
Wolff Mfg Corp
•
54 6
350
534 Nov
10% Feb
Wolverine Portl Cem. ..10
534 6
200
5
934 Jan
Aug
• 52
52
Wrigley Jr
52%
1,230 49
Apr 574 Oct
Yates Machines part Did.* 284 284 29
1.835 26
Mar 32
Feb
Yellow Tr & Cori Mtg B.10 2934 27
2934 5.480 21
May 3934 Sept
Yellow Cab Co (Inc) Chic• 45
4434 45
1.011 4234 Mar 50% Feb
Bonds—
Armuir & Co of Del 201943
94
year gold 534e
94
Chicago City fly 5s...1927 7434 7334 7434
Chlo City & Con Rye 5s'27
5036 52
Chicago Railways 5e_ _1927 724 724 7334
let M ctfs of dep 53_1927
73
73
1927 5051 504 51%
55 series A
Commonw Edison(43C'58
944 95
Hone G 0 Co.f g 6359 1931 9634 9634 9634
Lake St Elev 1st 53...1928
974 974
Pub Serv let ref 534s. 1962 105% 1054 10534
Swift & Co lets f g 53_1944
1014 10134
• No per value.
$1,000 93
2,000 67
4434
38,00
6,000 67
1,000 73
7,000 45
11,000 944
56.000 95
4,000 95
6,000 1044
9.000 99%
May 954 Mao
Mar 81% Sept
July 56% Jan
Jan
Apr 82
Nov 7734 Oot
Mar 5434 Sept
Dec
Sept 95
Feb
Sept 99
9734 July
Fel
Nov 10534 Dec
Jan 10134 Nov
2883
THE CHRONICLE
pEc.,4 1926.]
Pittsburgh Stock Exchange.
-Record of transactions
at Pittsburgh Stock Exchange Nov. 27 to Dec. 3, both
inclusive, compiled from officials sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Week.
Sale
ofPrices.
Par. Price. Low. High. Shares.
t4
..... 00
b c,b:cub
01.2.!ZInW b
0{,0M*.wW0.0040WW-40WOWW0WWW,00 .W.
0000000000
00..40=
.0000vpo0W0000000.
40=00
Industrials
Friday
Sales
•
Amer Laun Mach com-_25 10934
Range Since Jan. 1.
Last Week's Range for
Amer Rolling MIll com- _25 4494
ofPrices.
Sale
Week.
100 111
Preferred
StocksPar. Price. Low. High. Shares.
Low.
High.
Baldwin, common
100 200
100
New preferred
Amer Virtified Prod corn 50
2834 3034
23
Aug 3334 Jan Buckeye Incubator._ _100 106
Preferred
100
90
90
Apr 9434 Jan Carey (Philip) pref _ _100 114
904
Am Wind GI Mach corn 100 59
59
59
Jan
56
Nov 80
Preferred
100
82
8234
Oct 9134 Jan Churngold Corporation-. 4734
80
22
Am Wind Glass Co pref_100
Feb Cincinnati Car
107 107
1063 Jan 112
100
Ark Nat Gascom
sg Oct CM Union Stk Yds_-_100 131
734
734 834
534 Feb
•
50
Bank of Pittsb N A
174 175
141
Feb 180 May City Ice & Fuel pref..100 23
Blaw-Knox Co
25 72
72
74
45
Mar 80 Sept Cooper Corp new com_100
Dalton Add
Byers(AM)Co pre:___100 10434 10434 10434
98
Apr 105
Aug Eagle-PicherMach corn._20
Lead
2794
Carnegie Metals Co
10
Feb
1134 1134
1134 Nov 21
Early & Daniel common..*
Columbia Gas & Eleo com- 90
Dec
8734 90
7934 Aug 90
Preferred
100
Dec Excelsior Shoe common...
95
Aug 101
10034 101
100 65
Devonian 011
10 15
Jan Fay dc Egan pref
1434 1534
1234 Apr 17
•
Duquesne Lt 7% pref__100
112
Mar 11634 Nov Formica Insulation
11534 11534
Houston Gulf Gas
•
Feb Giant Tire
534 634
534 Nov 10
*
/tide') Brewing corn
50
3
3
234 Jan
634 Mar Gibson Art common
Preferred
50
534 534
.534 Nov
1334 Mar Globe Wern pfd undep.100 90
Lone Star Gas
25 4434 4434 4534
Oct Gruen Watch common...5 45
Apr 46
30
Preferred
los
Nat Fireproofing com-100
8
8
8
734 Oct1834 Feb
* 29A
Preferred
100 29
Jan Jaeger Machine
26 Sept39
2634 29
Oblo Fuel Corp
25
Apr 4534 Nov Johnston Paint pref._ _100 102
33
4534 4534
Kroger common
14 128
Certificate of deposit.--. 4734 4534 4734
4134 Sept4734 Deo
New preferred
100
Ohio 011 dr Gas
5
5 July
634 634
634 Dec
734
Okla Nat Gas ctfs of dep _27 2034 1934 21
lityi Oct21
Dec Paragon Refg common_ _25
Peoples Say & Tr Co_ _ _100 390
390 390
July 500
Feb Procter & Gamble cam _ _20 15834
370
100 1113.4
8% Preferred
Pittsb Brewing corn
50
Mar
Jan
7
3
434 434
100 97
Preferred
50
1234 13
11
Jan 15
Feb Pure 011, 6% pref
24X
Pittsb Plate Glass com _100
Jan Amer Products
270 270
268
Nov 310
Salt Creek Consul Oil.--10
Feb Amer Thermos "A"
734
714 8
734 Oct10
Preferred
1
San Toy Mining
Sc. 5in
Sc. Nov
30. Jan
* 4834
Stand Plate GI prior p1 100
75
75
75
Nov 8534 Aug U S Can common
Preferred
100
Stand Sanitary mte corn 26 9134 91
8934 Oct11834 Jan
9234
20
Tidal Osage 011
100
Nov U S Playing Card
8 July 27
1934 22
Union Steel Casting
35
31
Oct39
Nov U S Ptg & Lith corn._100 78
35
3534
Preferred
100
U ES Glass Co
25
15
1534 1534
Nov1934 Jan
734
•
Waverly °Unless A
43H
4034 Nov4334 Dec ll S Shoe common
4334 42
Preferred
100 4574
Weet'house Air Brk_ _ _50 140
Mar 140
Dee
136 140
108
Western Paper
• 2834
•No par value.
Note.
-Sold last week and not reported: 330 National Fireproofing. pref. at
Banks
28‘&263i.
Fifth-Third-Union unIte100 335
First National
100 333
San
Francisco Stock and Bond Exchange.
-Record of
transactions at San Francisco Stock and Bond Exchange
Nov. 2/ to Dec. 3, both inclusive, compiled from official
sales lists:
rumy
ems.
Last Week's Range for
ofPrices.
owe
Week.
Per. Price. Low. lit.th. Shares.
r
•
Stocks-
1.0.1N mMN.•N.O
WM00,
N
.
.
C.
OC
1s
50
100
100
120
5)
12,150
100
500
5,641
8,575
820
200
500
285
5
300
420
2.0
. 85
.
-.-
1
3
af,3 ,144-;;;n3ligggoly8g03.1'a.1.1gvaNatttgi 2Wa'attigatirs.40W;
3
x
4"x00.,20","ox2;.,x "0
, .
2z Var4t3 4%t;g341tt4gg51,3
x2
"21
x
202, 4x zwD02„,20 .4",22.4.40ow, ,.g.42,
.
0
_
x,,,,m
!mxxxxxm m t.0000000=0M.00.0‘*M4, ,,
xm
x•P,
I
m,
x xx„,x x
x
mxm
x x
0 We
•No par ;Mine.
500
30
36
10
26
9,475
260
660
147
1.330
2,886
1,222
10
6
24s
203
180
120
1,810
180
453
400
100
35
10
30
1,016
85
115
530
759
180
410
800
5
53
2,036
40
lb
810
701
240
1,040
490
5s7
12,542
MO
100
1,500
137
10
35
10
10,341
Low.
.O.N.0N0000p..0m0==.00.0.o.OW0M,P0,0.00M,IN0MC-MTM m.M.MOKIN=NOM
cN.N•.MMN 0.0 OM.M.N.4001V00
.
N
.
.
.
M
.W.4....
.. ;
Alameda Sugar
1
25
I
American Bank
196 19634
100
Anglo& Lon Par Nat Bk LOO 19734 197 19714
Armour & Co A emu
•
1534 1534
Associated 011
25
sig 5134
Bancitaly Corporation. 26 85
85
85
Bank of Italy
100 460
475 480
California Copper
ill
465 48734
Calif Oregon Pow prof _100 104
.
104 10634
California Packing Corp... 139
6834 6934
California Petrol oom-25 3134 4034 31H
Caterpillar Tractor_ _MO 13334 132 13334
Coast Cos G & E lot id.i00
96
96
309 309
Crocker First Nat Bk._100
East Bay Water A pref.i00 9834 9634 9634
Emporium Corporation... 36
36
3634
Ewa Plantation Co
42
20 43
4234
Fageol Motors prof
10
1334 634
634
Federal Telegraph Co_ _ _ 10 11
1034 12
Firetuan's Fund Maur--20 91
9014 913-4
Great Western Pow pf_ 100 1033-4 10234 10334
SA 9
HaikuFrult&Pack(Free)20
9
35)4 3634
Hale Bros ino
*
Hawaiian Con a 15:311 25
50
50
Hawaiian PineaPPle----2
0 55
55
53
Hawaiian Sugar
41
20
41
Honolulu Cons Oil
10 38
38
3934
Hunt Bros Pack Co"A"..•
26
28
Illinois Pacific Glass"A".
5 3054 3034 3034
Kay Syst Trans prior pf 100
69
75
Preferred
5
100
30
40A
Langeadorf Baking "A"... 1234 12H 13H
L A Gas& Elea pref. _100
9834 99
Magnavox Co
1 .85
.65 .65
Magnin, I. common
•
2234 22.14
Mercantile Trust Co_ _ _100
29734 304
North American 011_10 3834 35
39
Oahu Sugar
20
3414 3434
Olaa Sugar
20
734 73.4
734
Pacific Gas & El let 91.100 9934 9934 100
129 130
Pacific: Gas & El com_100 129
Pacillo Ltg Corp6% pf.100 9674 98H 97
•
1.50 1.50
Pacific Oil
Pacific Tel & Tel pref _100 10534 10454 106
.. 110
Paraffine Cos, Inc, cam110 111
Phillips Petroleum
* 5534 53X 5634
Piga Wigg West States A.*
1934 1934
Pioneer Mill
20
26
25
RR corn 100
8FSacra m ento
3
3
sJ Lt dc Pow prior pret_100 i06 A 106 10734
100 104
"A"7% pref
104 104
Common
100
47
47
.
B F Schlesinger pref _100 92
92
92
Shell Union Oil common.-* 30A 30
31
Sherman & Clay 7% prior
93
preferred
100
93
Sierra Pacific Eleo pref _100 86
88
8634
100 1053.4 1054 10834
Southern Pacific:
93st 94
EVerry Flour Co prat... _100
45
Common
100
45
Spring Valley Water_ -100 103
10234 103
Standard Oil of Calif_ _25 5834 573.4 59
.
A.".
. 2034 2034
Traung Label & Lith" •
.55 .56
Texas Consolidated 011_ _10 .55
53
Union 011 Associates- _ _26 54
541i
Union 011 01 California._26 533i 5294 56
27A 27A
26
Union Sugar pref
20
20
Common
25
1
1.15 1.15
Universal Consol Oil
Walalua Agrio Co Ltd._ -20
3731 3734
Wells Fargo 13k dc Un Tr 100
265 265
°3-i
West Amer Finaile0 pref_10
9Si 9A
98
9834
Western Power pref. _ _100 98
9A
93.4 914
Yellow & Checker Caly A 10
98
9634
Zellerbach Corp pref._ _100
• 97. 97LC 97a,
•74
Range Since Jan. 1.
Hi2h.
3
Mar
200
Oct
202
Jan
25)4 Feb
60
Mar
351
Apr
483
Nov
500 Sept
1093.4 Oct
180
Feb
3834 Feb
150
Feb
96
Oct
320
July
983-4 Nov
38
Jan
4734 Nov
834 Jan
1334 Aug
97H Feb
110 Sept
16
Feb
37
Nov
50
Nov
6834 Jan
42
Sept
404 Jan
2634 Oct
3.3
Aug
80Ii Jan
65
Jan
14
Nov
110A Non
1.88
Jar
24 Sept
305
Fet
42
Api
3591 Sept
834 Nos
10234 July
136
Sept
983.4 Sept
1.8214 Ati3
108
Not
113
Not
5634 Not
2034 Not
25
Oci
4
Jat
108
Not
104
De
59
Jai
96
Jai
31
Not
Tractions
Cincinnati Street
_50
Col Ry Pr & Lt corn "13"_•
Ry..
R-ilro ds.
CNO&TPeorn
PrwtarrArl
9134
9334
3774
94
100 370
Inn
330
328
335
333
9134
92
125
8834
III
9234
9334
125
71
11134
37A 373-4
94
9434
370
102
375
1112
858
855
107
5
3
118
10
72
7136
1
778
10
I
732
24
50
51
20
10
251
82
50
10
200
45
1,313
14
159
936
57
60
75
5
4
177
160
2
70
27
369
50
52
High.
Law.
Mar
Nov
Jan
July
Jan
14714
47
1123.4
248
107
Jan
Oct
Mai
Feb
Aug
Jan
111
Nov
47
Nov
22
Aug
125
2134 Nov
9934 June
130
May
2634 May
93
July
4
Mar
55
Apr
30
Apr
2334 Jan
38A Feb
81
Nov
313
Jan
10334 Feb
2734 Oct
99
Jan
105
Mar
11034 Mar
634 May
13934 Jan
10834 Apr
8534 Jan
2434 Apr
934 Oct
Nov
35
3934 July
99
Mar
135 May
Nov
74
July
91
554 May
Aug
44
2734 Apr
115
70
2234
153
2534
108
7134
2934
103
5
80
37
59
44
93
50
110
3234
10214
135)4
114
934
164
11434
98
2734
2034
4431
83
105
187
95
100
8)4
5634
3131
Mar
Feb
Nov
Jan
Jan
Jan
Jan
Nov
Sept
Sept
Feb
JSUI
Oct
Feb
July
Aug
Oct
Nov
Mao
Jan
Sept
Jan
July
Mai
Sep1
Pet
Ma/
Mal
Jan
Sept
Oct
Pet
Fat
Jan
Jan
Jan
108
4434
10834
200
10434
8 318
11 321
May 330
June 335
Jan 93
81 81
Mar 9534
237 88
1 11234 Jan 125
Apr 7034
59 83
Jan 115
92 109
71
50
33
94
7 270
2 int
Dec
Api
Not
Api
Dm
Juni
Jolt
Oct39 Nol
Dec 9734 Ap
Apr 825
Jan 103
Ma
CM
•No par value.
St. Louis Stock Exchange.
-Record of transactions
at St. Louis Stock Exchange Nov. 27 to Dec. 3, both
inclusive, compiled from official sales lists:
Stocks-
lertday
Sates
Last Week's Range for
Sale
ofPrices. •Week
Par. Price. Low. lash Shares.
Bank Stocks
Boatmen's Bank
100
Nat Bank of Commerce 100 180
Street Railway
St Louis Public Service..*
Miscellaneous
Amer Credit Indemnity_25
AS Aloe Co corn
20 33
Best Clymer Co
*
Boyd-Welsh Shoe
• 4334
Brown Shoe pref
100 110
Certain-teed Prod 14_1 4 108
2 i preferred
100
Curie° Cloth prof
100
E L Bruce com
.
Preferred
100
Emerson Electric pref._100
Ely & Walker D Gi com_25 3234
Fred Medan Mfg pref _ _100
Fulton Iron Works corn. * 113i
Preferred
loo
Hamilton-Brown Shoe_ _25
Hussman Refr corn
* 38
Huttig S & D corn
•
Preferred
100
Hydr Press Brick com _ _100
Preferred
100 7754
International Shoe corn. 5
.
Preferred
100 108
Johansen Shoe
*
Mo Portland Cement_ _ _25 5634
Nat Candy corn
100
Pedigo-Weber Shoe
*
Polar Wave Ice & F, A_ •
Rice-Stix Dry Goods com.• 20H
let preferred
100 108
Scruggs-V B D 0 corn _25 22
9634 Fel
Sheffield Steel coin
•
89
Not
Sieloff Packing corn
•
1103.i Sep
Skouras Bros, A
*
97
Jai
South'n Acid
61
Jai1 Southwesen & Suiph com • 115H
Bell Tel pf 100
108
Feb St Louis
Amusement, A..
5
633i Sept St
Louis Car cam
10
203.i Do
Dec
Preferred
100
1.50Jun, fitly Baer &
• 3234
Fuller
87
Jai1 Wagner
* 19
Electric com
66A Jai
Wm Waltke corn
* 50
29
Jai
29A Jan
Mining
IA5Sep
Consolidated Lead & Zino * 1734
38
Ma
282
De
Street
10
Feb East St L Ry. Bonds
di Sub Co 58_1932
i
985 Feb United Railways 4s_-_1934
10A Ma
1934
4s C
-D
98
Au
,
• Auc
Miscellaneous Bonds
Dallas Automatic Tel Ils'27
Kinlock Telephone 68_1928
transactions at Linloch Long Dist 5s _ _1920
Wagner El.,, Mfg 7s_serial
Cincinnati Stock Exchange.
-Record of
Cincinnati Stook Exchange Nov. 27 to Dec. 3, both inclusive, compiled from official lists:
Public Utilities
Cincinnati & Sub Tel_ _ _ 50
Cin Gas 8: Wee
100
Cin Gas Transportation 100
CNdiCLt & Tr pret_ _100
Ohio Bell Tel pref
100
105 10934
4434 4434
11034 111
200 200
106 106
42
4234
114 114
4734 49
22
2234
131 131
2134 23
10334 10334
60
80
27H 2834
100 101
5
5
59
65
21
23
50
50
4134 4234
90
90
45
45
109 109
29H 2934
10134 102
121 128
112 112H
734 731
158 A 180
1113-4 11134
963-4 97
2414 2434
10
10
35
35
4334 41334
102 102
179 179
78
78
94
95
734 734
4534 453-4
2834 29
Range Since Jan. 1.
* No par value.
155
160
155
182
issi 18%
Range
Low.
5 153
54 155
85
SlI1C8
16
49
32
45
38 .
107
9834
85
101
38
97
100
28
98
101
50
4134
34
29
100
334
78
135
107
28
4854
70
27
31
19
108
22
24
18
4534
4234
11234
48
14
90
2854
1334
40
'
Jan. 1.
High.
Nov 16034 MAY
Feb
Jan 171
Sept
Mar
Nov
Dec
Apr
Aug
May
Apr
Oct
Nov
Nov
Jan
Oct
Nov
Nov
Aug
Dec
Oct
Oct
Oct
Nov
Nov
May
Nov
Jun.
Mar
Apr
May
Nov
Nov
Dec
Dec
May
Dec
May
Jun
Apr
Dec
July
Nov
Aug
July
Ap
Irl)
May
Nov
55
333.4 Oct
Mar
66
44A Feb
Jae
111
108
Dec
Nov
98
Nov
105
5334 Jai
10134 Mal
Del
105
35
Aug
Apt
101
3634 Pal
9934 Pet
Jar
57
Jaz
41
Fet
44
103 Juni
63.4 Fat
9734 Jar
17534 Jan
11134 Jan
Jan
45
Jar
67
Pet
92
Jaz
30
3734 Pet
2534 Pet
Jan
109
Mal
30
2934 Jar
Jar
22
Jar
59
5234 Fet
11534 seas
5934 Jar
1834 Fed
Jar
97
353-4 Jar
343.4 Jar
Del
50
55
55
33
3334
45
45
4234 4334
110 110
108 108
98
98
105 105
36
38
97
97
105 105
32
3334
98
98
10
1134
80
60
4134 42
36
36
30
30
101 101
33-4 334
7754 7734
181 164
108 109
30
30
56 34 57
86% 87
38
363-4
31
31
203-4
20
106 106
23
22
2534 26
18
18
5034
45
115 11534
46
1534
92
9334
3234 3234
19
19
50
50
20
303
5
303
30
5
70
12
114
20
30
400
10
1,775
3
145
100
10
10
60
165
134
37
50
140
95
70
65
200
321
13
50
10
3
190
78
40
100
235
295
125
275
1734
265
1634 Nov
25
53.000
8634
9,000
7834 77
763.4 7634 19,000
8334 Jan
75
Jan
74
Jan
8734 On7834 Ap
7834 Ap
17
100 100
10134
100
100 100
mot, Innat
AVA
2,000 100
1,000 1013.4
4.000 993-4
2,000 97
v nrwl thoLL
Mal
Dec 100
De
Dec 10234 Jun
Apr 10034 Sep
Nov 10174 jaj
r... Incal, ...
.
2884
THE CHRONICLE
Baltimore Stock Exchange.
-Record of transactions at
Baltimore Stock Exchange Nov. 27 to Dec. 3, both inclusive, compiled from official lists:
Friday
Sates
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
(Vol,. 123.
Range Sinle Jan. 1.
Low.
High. •
Blyn Shoes, Inc, com __10
4% 5
3% Aug
600
834 Feb
BOO ADO CO COM A
•
55
No
5534 2,100 55
Range Since Jan. 1.
5634 Oct
Borden Compony
50 9435 9415 953.4
400 91% Ma
110
Jan
Brazilian Tr, LA P.ord.100 107
Stocks10034 107
200 89
High.
Mar 110% Oct
Low.
Bridgeport Mach, cons...*
535
535 5%
500
435 Nov
1535 Jan
Amer Wholesale, pref,
.100
Feb Brill Corp (new), class A • 46
100 100
4534 46,44 2,600 3134 Sept 57% Jan
25 98 June 101
Class B
• 2334 23
Arundel Corp, new stock.. 3335 3334 3334
1,600 13
Jan
2335
Sept 33
Jan
625 2834 Apr 36
Baltimore Trust Co......50 130
3.300 121% July 23% Nov
Apr 154
Feb BrIt-Amer Tob,ord bear.11 22% 2235 23
355 120
1293.4 13034
Benesch (I), corn
6% 1335
2,700
Jan Brooklyn City RR
40
•
10
934 Feb
Nov
27 Sept 40
6
14
40
Bucyrus Co common..
.100 225
225 235
Preferred
25
150 179
Jan
27
Jan 335
Feb
28 2634 Jan 27
27
Boston Sand & Grave1.100
Nov Buff Mae & EastPow con)* 2934 zag 30%
800 2335 July
81
% Jan
Mar 81
81
50 61
Preferred
25
2534 25%
Canton Co,corn
•
400 24
Nov
240 240
May 240
Feb
25 215
313.4 July
Canadian Indus Alcohol _.• 304 26% 3014 3,100 24
Central Fire Insurance.
.10
Sept 2834 Feb
Oct 3034 Dec
25
25 25
25
10734 107%
Ches & Pot Tel, Bait, pf100
June Carolina Pow A Lt, pref.._ _
10 104
11434 115
10 11035 Jan 116
Ma 109
Sept
25
Commercial Credit
10 134
* 1834
17
Nov 145
1834 1,570 1615 Nov 4635 Jan Caterpillar Tractor
July
100
Preferred
15
1934
25 2234 2134 2234
430 1334 Nov 26
500 2135 Nov 2635 Jan Celluloid Co, corn
Apr
Preferred
100 68
Preferred B
6034 68
25 2215 2234 23
Nov 2734 Jan
170 51
465 21
Feb 75
Aug
Celotex Co. corn (ex 100%
635% preferred
Feb
100 8735 86
Nov 97
170 86
8734
stock dividend)
Consol Gas, EL A Pow... 5235 5135 5234
85
85
Jan 5735 Feb
100 85
538 45
Nov 86
Nov
Preferred 7%
100
634% preferred
90% 9135
Dec
175 8535 Nov 9734 Aug
100
11134 112
86 10834 Mar 112
7% preferred
90% 9335 2,050 76% July 95
100 11335 11334 11334
Mar 11334 Sept Central Aguirre Sugar_ _50 93
15 109
Feb
100 12834 12734 12834
8% Preferred
Jan 12834 Feb Central Leather (new corn)
33 124
Class A vot trust Mrs._•
1835 1834
Power rights
200 17
1.30 Nov
1.60 Dec
10,862
No) 21
Ottl
1.50 1.30 1.60
Prior pref vol tr etfe_100 7234 7235 73
Consolidation Coal_ __100 40
500 71
Feb
Mar 53
111 36
Nov 794 Oct
40
40
1634 1634
East Roil Mill, new Bieck.. 27
800 1634 Dec 1635 Dee
Oct Cent Pub Serv Co, corn,.'
226 2534 Nov 48
2734
27
Centrifugal Pipe Coro...' 17%
1735 18
Finance Co of America_ _25
1,800 11534 May
Jan
834 Oct 12
27
265
835
Jan
834 8%
5
5
Finance Serv, class A_ _10 1734 1734 1734
10e
.
4
934 Feb
85 1734 Sept 2135 Jan Checker Cab Mfg,clam A.'
July
44
44%
Preferred
75
9
Aug
200 42
10
10
10
1034 Feb Chic Nipple Mfg class A 50
Feb 44% Aug
Clam B
50 3135 3035 31%
Hare & Chase
1.800 25% Apr 32
Apr 2615 Mar
20 23
23
• 23
23
Oct
49% 13,300 3735 Feb 49% Dec
20 49% 49
Preferred
56 8534 Aug 96
Sept Cities Service. com
100 93
9235 93
Preferred
100 9235 92% 9235 3,800 8234 Apr 9234 Nov
Houston Oil, pref v t c.100 89
Mar 89
Jan
418 81
8435 89
Preferred BB
82% 82%
100
Manufacturers Finance_25 41
71 3715 Nov 6834 Feb
700 74
Nov
41
Mar 83
41
Bankers' shares
2435 2435
First preferred
100 19
Jan
23
380 1931 Nov
25 20
Jan 24% Nov
1934 20
2%
215 235 8,460
Second preferred
204 1934 Aug 2434 Feb Colombian Syndicate
25 2035
1934 2034
134 Oct
834 Jan
Trust preferred
46 1934 Nov 23
Jan CoMwealth Power Corp
25 1934
1934 1934
Common
41% 6,000 29
• 4115 41
Maryland Casualty Co_ _26 100
141 94
May 102
Jan
99 100
4
Mar 434 Sent
Preferred
100 9235 9214 9334
700 83
Merch A Miners, new _ _ _ _• 42
Jan
3 4134 Apr 47
42
42
Mar 9334 Dec
101
101
10 101
Monon Vail Trac, pref_ _25
Apr 25
Nov CommunPAL7%Istpf100 101
1,008 20
25
23
Dec 101
Dec
Consol Dairy Prod
134 1%
•
100
Mt V-Woodb Mills v t r 100
30
Oct
934 May 20
1635 1634
134 Oct
5;4 Jan
5235 3,900 44% Jan
138 49
Mar 5834 Jan Con Gas,E L&P Bait corn' 524 Si
New Amster'm Cas Co_ _10 52
5134 52
58 Feb
• 22
22
2235
7,200 21
Northern Central
105 783£ Jan 8215 Nov Conaol Laundries
8234 8234
50
2814 Feb
Atte
24% 25
Ll
500 2335 Oct 35% June
101 141
May 180
Penns Water A Power_100 180
Dec Courted& Ltd
173 180
Cuneo Press, corn
400 26
10 34% 3334 34%
Standard Gas EquipmentFeb 3434 Nov
2 88
94
Oct 94
94
Pref with warrant& _100
Oct Curtiss Aeropl & M corn ..5 1934 1935 2034 2,800 15% May
2334 Jan
185 190
180 183
3 232
50
•. 116
Aug 238
Union Trust
238 238
Nov Curtis Pub Co, corn
Nov 203
Sept
114 11734 1,520 113
$7 preferred
385 17
Jan 21
Nov
United Ry dr Electric__ _50 2034 2034 2034
Sept 117% Dee
Davies(Wm). Maas A
3034 3115
1,672 187
200 29
US Fidelity A Guar_ _ _50 240
225 240
•
Mar 240
Dec
Mar
.
Oct 33
8%
5% 835 23,000 filo June
100 35
35
West Md Dairy, Inc, corn..
35
Aug 11834 Mar De Forest Radio Corp....*
103
4 Jan
Vot trust ars of deposit_
634 734
1,400
734 Dec
6% Dec
Dictograph Prod, com_100
334 335
Bonds
100
234 Aug
335 Nov
Congo' Gas Co gen 434554
9815 9835 85,000 9534 Feb 9834 Apr Dinkier Hotels Co
_
21
Class A with purch warr. 21
100 1935 May 25% Jan
Cons G,E L A P 4346_1935
1,000 9515 Feb 99
9834 9835
Sept
14534 14534
10 130
10135 10134 10,000 10034 Jan 10234 May Dixon (Jos) Crucible...100
Preferred 58
1965
Jan
Mar 159
19% 1933
1,700 11% May 20
107 10734 5.000 10534 Jan 10734 Aug Doehler Die-Casting
6% notes, series A...1949
Nov
• 1934
67
69
Elkhorn Coal Corp 635s'32
75 57 May 69
9934 9934 10.000 am June 100
Apr Dominion Stores, Ltd '67
Nov
5
534 2,800
Fair & Clarks Trac 58.1938
9234 9234
1,000 9034 Feb 94 June DubilierCond Corporation*
33.1 Oct
11
Jan
21M 23
23
Mary'd Elec Ry 1st 50.1931
1,000 9494 Jan 9715 Mar Dunhill International_ _
1,200 1734 Oct 2534
96
96
Jan
7% 834
1952 97
97
•
4.800
97
7%
6348
2,000 9134 Apr 9714 Mar Durant Motors. Inc
334 May 14% Sept
8
Monon Vail Trac 68..1942
*
8
834
9215 9234 3,000 8734 Jan 9335 June Duz Co class A vtc
400
Feb
8
Oct 22
27
Penns W & P 5s
27
1940
102 102
1,000 10134 Sept 10434 July Eastern Rolling Mill
100 27
•
Dec 47% Feb
3334 33%
Stand Gas Equip 1st 6s1929
100 25
10034 10034 1,000 10034 Nov 10034 Mar Eitingon SchIld Co corn _•
Sept 3734 Jan
United E L & P 430..1929
480 104% Jan 110
9834 9834
1.000 9834 Jan 9934 June Elec Bond A Share pref-100 107% 10734 10933
July
United Ry A Elec 4s_ _1949 7034 7034 7034 7,000 69
Mar 7134 Mar Elec Bond A Share Secur-• 0.1% 67% 6834 4,800 5634 Mar 86
Jan
Income 4s
1949 5235 52
52% 20,000 48
Mar 5234 Dec Elec Invest without warr.• 4834 37% 41% 6,400 3054 Nov 74% Jan
400 8534 Nov 90
Funding 5s
1936 7534 75
7535 6,300 6734 Jan 7535 Dec Eiec Pow & Lt. 2d pf A__• 8834 8634 8834
Sept
Option warrants
736
734 1,200
7
65, when issued_ _ _ _1949
9734 9736 5,000 9134 Jan 9734 Aug
8
Sent
53.4 Oct
5% 5%
800
Wash Balt & Annan 5s 1941 84
6335 64
6,000 62
54 Oct
8
July 7334 Feb Elec Railway Securities...
Sept
2634 27
400 21
West Mary'd Dairy 68.1946
10134 10115
May 32
1,000 10034 Oct 10214 Aug Empire Pow Corp part stk*
Feb
Estey-Welte Corp class A..• 4
04 4535 46% 16,900 24
Jan 4634 Dec
•No par value.
16% 17
Class B
600
•
84 Sept 17
Dee
234
Fageol Motors Co corn_ _10
2% 335 2,300
2% Dec 1034 Jan
New York Curb Market.
-Below is a record of the Fajardo Sugar
Do 155
15234 157
1,120 124% Apr 169
Feb
200 30
transactions in the New York Curb Market from Ncv.27 to Federal Porch Corp cl A-. 935 30 30
May 33% June
•
10
9
700
Class B
Dec 13% June
9
Dec. 3, both inclusive, as compiled from the official lists. Federated Metals Corp...'
13 1335
200
11
June 22
Jan
6
400
634
6
•
As noted in our issue of July 2 1921, the New York Curb Film Mope • Mach
334 May
1034 Sept
225 98% Aug 9934 June
Firestone TAR,7% pf..100 9814 9814 98%
Market Association on June 27 1921 transferred its activities Ford Motor Co of Can-100 390 390 430
110 328
No% 655
Mar
17% 18
2,500 1334 Mar 20
from the Broad Street curb to its new building on Trinity Forhan Co. class A
Jan
• 18
Place, and the Association is now issuing an official sheet Foundation Co class A *
17
2,100 15
18
May 55
Jan
Foreign shares
24
7,000 19% Mar 34% Jan
25
Which forms the basis of the compilations below.
Fox Theatres. el A.com--• 24
700 16
Nov 83
Jan
Franklin (BH) Mfg. v081-* 1834 1735 1935
8235 84
175 7834 June 90
Friday
awes
100 83
July
Preferred
Week Ended Dec. 3.
4% 535 1,200
Last Week's Range for
Range Singe Jan. 1.
Freed-Eisemann
9% Aug
334 Mar
Sale.
of Prices.
Week.
• 29% 28% 2934 7,700 174 Jan $74 Beat
Freshman (Chas) Co
500
Stocks20
23
Par. Price. Low. High. Shares.
Low.
14
High.
Galv-Hous Elec, cons-100 23
May 25% Oct
3%
3% 3%
400
•
Oared Corp
2% Feb
8
Aug
Indus. & Miscellaneous.
General Baking, class A..' 58% 5635 5835 5,700 44% Apr 79% Jan
5%
Au Great South,corn__.50
123 125
5.15 635 3,900
600 95
Mar 13434 Sept
5% Mar
1734 Jan
Class B
Preferred
55
50
175 40
12334 127
5535
50 9434 Mar 135
•
Sept Gen'l Fireproofing, corn..'
Mar 5834 Aug
Alabama Power 47 pref..* 108
41
108 108
42
10 10634 Oct 10815 Nov General Ice Cream Corp..
600 3833 Oct 56% Jan
Allied Packers,com
•
134 135
7
400
714
400
135 Apr
334 Feb Gen'l Necessities Corp-10
7
9
Nov
Sept
Prior preferred
100
18
11% 11%
18
75
700 11
935 May 29
Jan General Pub Service corn.'
16% Feb
Nov
Alpha Portland Cement... 39
39
39
100 37
Sept 4535 July Gillette Safety Raior......• 9434 9135 9535 10,600 89
Mar 114
Feb
common__.•
Aluminum Co
7034 7034
1,400
9% 1035
100 5435 Jan 76
Feb C G Spring & Bump com •
934 Nov 15% Jul,
6% preferred
100 10334 10334 10334
1,100
402 9834 May 10334 Dec Gleasonite Prod, corn.
1135
..10 1134 11
a Apr 1234 Sept
AlnerMan Arch Co
10735 108
100 108
• 181
180. 183
2,500 13834 Jan 186
225 106
Oct 13234 Feb Glen Alden Coal
Nov
100 134
American Book
134 134
10 134
22
600 22
22
Dec 134
Dec Gobel (Adolf) Inc com .
Nov 2534 Oct
Am Brown Boveri El corp
20
3
3
3
Dec
Godchaux Sue, Inc, corn.'
3
Deo
• 1834
1836 20
Founders shares
800 1634 Oct 2234 Aug Goodyear T & R com--100 2834 2735 2934 6,000 2735 Nov 40
Mar
1836 21
Founders shares v t c..... 1834
1,100 1835 Nov 21
65
200 50
65
Dec Grand(F &W)5-10-25e St* 65
Mar 85
Jan
133 142
620 110
Amer Cigar common_ _ _100 140
Feb 142
Dec Greif (L) A Bros, Inc,
34% 3535 2,100 3234 Oct 47
Am Cyanamid,dB com-20 35
Feb
100 108% 10635 108% 3,500 105% Nov 108% Nov
7% pref
89
89
100 86% Sept 89
1
• 200 50e Sept
1
100
Preferred
Nov
Griffith (DVV), class A.--•
134 Apr
1735 19
135
500 1734 Nov 2434 Feb Grimes Had & Cam Rec..'
115 2% 5,100
Amer Electric& class A..25
134 Apr
7
Jar.
g
434
3% 434 1,100
1,800
6)5
5% 635
334 Nov 11H Feb Happiness Candy St cl A-.
Com vot trust ctfs
534 Nov
834 Jan
6
300
64
Mar 110% Sept
Amer Gas & Elec, com.....• 10935 10535 109% 14,100 64
5% June
•
734 Jan
Founders shares
• 9734 96% 9734
490 510
700 9034 Apr 9734 Dec Hartford Fire Insur Co.100 510
15 460
Preferred
Oct 510
Dee
7% 934 1,200
31
200 2
934
31%
American Hawaiian SS_ _10
734 Nov 1135 Jan Hay Mee UM,v t c..---•
June 44% Jan
105 108
75 105
1214 12%
500
Dec 155
Amer Laundry Machinery_ 108
Jan Hazeltine Corporation...'
8% Apr 2134 July
Mar 264
Jan Hellman (Richard) CoAmer Lt & Tree, com--100 23235 230 24635 13,525 19$
127 135
4,550 105
29
29
Mar 134
- -- 29
Preferred
100
Dec
Partic pref with war_ - _" 29
Dec 36% Feb
238 250
140 220
117 118
Nov 256
40 109
Amer Piano Co,com -100 238
Nov Hercules Powder, pref_100 117
Apr 118
Dec
9834 9834
260 92
Apr 9934 Oct Heyden Chemical
100
Amer Pow & Lt, pref.....10t1
•
1
2% Jan
June
835 9%
900
8
2134 2234
Nov 35% Jan Hires(Chas) Co cl A cora1,000 2134 IDec 26
American Rayon Products.
9
• 22
Jan
435 414
200
3 May
2634 2634
100 28
434 Nov Hollander(A) A Son corn.'
Amer Road Machinery 100
3634 Jan
Nov
50 4434 Oct 5934 Feb Hood Rubber Co corn...
46
4434 45
46
200 46
46
Amer Rolling Mill, com.25
Nov 68% Jan
30 lOS
111 111
111
Jan III
5634 54
100
600 41
Dec Horn A Hardart corn...-.
67
Preferred
6234 Jan
Ma
28
300 24
28
Am Seating (new corp) vtc• 44% 433 4515 11,200 3234 July 4534 Nov Imp'l Tob of GB & Ire_.£1
Feb 28% June
5
10,500
4
4%
Convertible preferred__' 4435 43% 4534 5,600 3634 Oct 45% Nov Industrial Rayon.clam A_•
4
1934 Jan
Nov
1,900 1934 Mar 3734 Jan Insur Co of No Amer-10
31
2935
53
75 60
5534
Am Superpower Corp .4.-.
Jan
Oct 84
4 30
29% 3234 8,800 2134 Mar 39
315
Class B
3
300
Jan Int Concrete Inc fdrs sh.10
1% Oct
8% Jan
500 23
2634 26%
Mar 2634 Nov Int Match part pref new-35
61% 6134
Participating pref. _ ..25
600 6834 Nov 6234 NoV
100 93
95
95
may 9515 Sept Internet DUI Class A....• 2835
24
200 24
First preferred
2835
•
Jan
Dec 39
200
335 Aug
3
916 3%
4
3%
Jan
2,100
American Thread. pref....5
•
3% 4
Class ii
9% Jan
3% Sep
16435 16435 167
400 29
Nov 34
1.150 130
Sept Johns-Manville, Inc
Am Wr Pap, new pf vte.100 2934 2934 3034
Nov
Ma 169
1,400 1334 Dec 1434 Nov Kawneer Co
1334 1334
2935 2935 2935
300 2934 Dec 2934 Nov
Anglo-ChB Nitrat.- Corp_.•
2235 2215
25 19
Oct 3935 Jan Keiner-Williams SIP
15
•
1,000 14
17
Arizona Power, corn. _100
.
1833 Jan
Sep
20
5
5
6
Nov
5
122 125
Nov Kroger Grocery & Bak--10
20 108
Arnold Pr Wks. without w_
July
Apr 132
1835 19
Aliso° Gas & Elec. class A.• 35% 3434 3534 3,800 2534 Mar 3834 Aug Kruskal & Kruskal. Inc..' 19
900 16
May 2034 Feb
2.800 890
ly, ig
Jan
2)4 Feb Landay Bros, class A_
3235 3235
Atlantic Fruit A Sugar...'
100 32
Feb
•
37
Ma
500 4034 Oct 5534 Mar Landover Holding Corp
41
4134
Atlas Portland Cement....
25 4135 Mar 73
61
61
Mar
1 12%
1,000
Dec
Auburn Automobile com 25 61
Class A stamped
934 13
Apr 13
8
20 112
117
117
Oct 149
Jan La Salle Extension Univ-I0
Jan
100
Babcock A Wilcox Co...100
13
10% 1034
9% May
150 63
Sept 7634 June Lehigh Power Securities
BalabanAKatz,com,vtc..25 6434 6415 6435
700 7834 June 8534 Nov
Jan
Bancitaly CorporatIon..25 8534 8535 85%
22
1534 1634 8,100 10
New consolidated corp.* 16
Ma
38
200 3234 Nov 45
38
Aug Lehigh Valley Coal Sales.50 9834 98
Aug
Beaverboard Cos pre( 100
800 80
Ma 102
9934
37
100 334 Sept 3834 Sept Lehigh Val Coal ctfs. new.. 45% 4534 47
Bendix Corp, cl A cons.10
37
47% Nov
5,100 3615 Ma
50 74
79
Dec
79
11
Oct 9834 Jan Libby,
Bifelow-Hartf Carp, cons.
9%
935 11
& Libby _10
•
2.400
734 Ma
0012 OR
1 0041
1111U Siam
071x I.
Jan
Libby Owens Sheet G1ass25 139% 139% 14234
186 125
Aug 219
h riaap
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
DEC. 4 1926.]
Sates
Arida,/
Last Week's Range for
Week.
ofPriC41.
Sale
Stocks (Continued) Par Pries. Low. High Shares.
2885
THE CHRONICLE
Range Sines Jan. 1.
Low.
Iii3h.
4.1441
ersday
Last Week's Range for
Week.
ofPrices.
Sale
Stocks (Concluded) Pat Pries. Low. High• Shares.
Range Mises Jan. 1.
Low.
High.
Oct
334 Jan West Md fly, 1st pref _ _100
800 10o Apr
80e 90e
Jan
Liberty Radio Chain St..* 75c
Western Power. pref...100
Mar 32% Jan
100 25
27
27
Rent
Lit Bros Corporation. _10
21
Mach PORI
White Sew
500 3934 May 4634 Feb
4034 4234
Sept
MacAndrews&Forbes,com*
3,600 13% Sept 154 Oat Yates Amer Mach, part pf•
Apr
Madison tio (lard Co v t • 1434 1434 15
Yellow Taxi Corp, N 'P..'
134 Jan
1,100 73o Sept
85e 900
Marconi Wirel Tel of Can.' 850
6% Jan
334 Sept
500
433 434
Marc Wirel Tel of Loncl_Li
RightsNov 50% Sept
45
45
100
45
Marmon Motor Car cont.*
Mar 65% S •pt
300 36
49% 50
•
135 Dec
McCall Corporation
134 Nov
1% 133 7.200
134
Jan Consol G. El Lt & Pr, Bait
100 100 June 145
105 105
1% Nov
Mercantile Stores Co_ _100
134 Nov
500
1% 1%
May Dept Stores
Mercurbank (Vienna)
Nov
5 Sept
3
3
500
3
5
American shares
Former Standard Oil
24 Jan
2,000 870 Dec
87c
1
1
•
Mesabi iron Co
Subsidiaries.
33
100 2434 Mar 3934 Jan
33
Metropol Chain Stores. •
6% Nov
63( Nov
100
8% 6%
Michigan Sugar, pref_ 10
100 1635 Mar 2014 Nov
1834 1835
Jan Anglo-Amer non-vot stk _ _1 1835 69
107% May 135
112
700
11035
50 65
Middle West ULU.corn._• 112
Nov 75 Sept
69
25
450 98
Jan 122% Feb Borne Serymser Co
116 118
100
Prior lien stock
550 42
Oct 6934 Jan
4434 46
50 4534
Buckeye Pipe Line
Jan 11135 Feb
350 97
100 10713 105 10734
Nov
300 65
Jan 78
78
7% preferred
78
25
25% Mar Chnsebrough Mfg
100 21% May
* 2334 2333 2333
Jan
Midvale Company
Oil v t 0-10 2034 1934 20% 20,500 17% Oct 25% July
Feb Continental
Sept 103
110 97
9934 100
Miller Rubber, pref. _ _100
200 1334 Apr 1634
15
15
25
Apr 96% Sept Crescent Pipe Line
150 92
9513 9535
Jan
Miss Riv Pow 6% pfd__100
110 102
Oct 137
104 111
Cumberland Pipe Line_100 104
Mohawk & Bud Pow,corn' 2334 2234 2334 3,100 2035 Mar 28% Feb
500 43
Nov 63% Jan
100 4834 46% 48%
July 4135 Aug Eureka Pipe Line
1,700 25
• 41
4034 41
Mohawk Valley Co
400
1235
12
934 Oct 3234 Jan
3
Sent Galena-Signal 011, com_100
Nov
1
1
100
1
"
Mur-Rad Radio Corn
120 35
Apr
45
Oct 85
45
100 45
New preferred
900 3334 Dec 35% Nov
5
Murray Body New Corp WI 3334 3311 3534
45% Oct 9734 Jan
' 100 4534 4531 4534
Old preferred
Nat Elec. Power, class A. • 2234 2235 2334 1,300 1535 Mar 26% Jan
Oct 6831 Apr
59% 9,800 52
Humble Oil& Refining-_25 5934 58% 129
Nov 102% Dec
10234 10234 1,000 93
100
Preferred
15 127% Nov 14414 Apr
128
100 128
Illinois Pipe Line
Nov
834 Nov 10
500
9
9
935
•
Nat Food Prod, class B_.
4,10
38
3234 May 39% Nov
• 3735 37
434 Jan Imperial 011 (Can)
400
2% 244
235 May
10
National Leather
Mar
50 5434 Nov 70
6134 6135
50
Indiana Pipe Line
Mar 103
60
Dec
97
10234 103
•
Nat Power & Light, pref...
1.40
1235 13
1254 Nov 2934 Jan
Jan National 'Pransit......12.50 1234 3234 32%
1834 19
1,000 15% Mar 24
Nat Pub'Serv corn class A • 19
50 27% Oct 5114 May
100 3233
10
Mar 16% July N Y Transit
1334
10
•
1334
Common class B
50 64
Nov 8034 Feb
7434 7434
26
10
19% Mar x2934 June Northern Pipe Line._ -.100 61
28
5 26
Nelson(Herman)Co
5835 6135 3,000 655( July 6735 Jan
25
10
23% June 25% Jan Ohio 011
Neptune Meter class A_ _ _• 2334 23% 23%
400 15
Mar 24% July
1634 19
Penn Mex Fuel._ —25
1
Ma 118% Sept
118 118
109
New England Tel & Tel 100
Mar 6034 Feb
25 5034 4935 50% 9,300 48
Jan Prairie 011 & Gas
935 Apr 17
New Mex & Ariz Land_ _ _1 1234 1034 1234 2,900
400 12244 Sept 12715 Mat
100 12434 12435 125
550 11035 Apr 11513 June Prairie Pipe Line
11434 11335 115
70 184% June 220
N V Teter), 635% pref_100
Aug
191 198
100 198
Oct Solar Refining
100 46
July 60
55
55
Jan
New York Transport'n_.10 55
25 3834 36% 39% 1,600 34% June 50
100 19
Jan 2735 Feb South Penn 011
1934 1934
-Pond corn.'
July
100 2235 Dec 27
Niles-Bement
2213 2235
50
1734 1734 4,100 1535 Oct 3835 Jan Southern Pipe Line
Nov
Northeast Power, corn...' 1734
'200 49 May 57
55%
55
Lines._100
2634 Jan So'west Pa Pipe
Ma
1134 12,500 10
Northern Ohio Power Co • 1134 10
65% 23.700 8013 Oct 7013 Jan
10 77% Sep
86
Nov Standard 011 (Indlana)....25 6544 6'34 21
86
86
Nor Out L & P. pref. _100
3,800 1634 Oct 36% Jan
18%
5,100 984 May 1364 Jan Standard 011 (Kansas)-25 21
Mar 134% Jan
Nor States P Corp.com.100 11034 10634 111
117% 11933 1,900 108
119
25
150 99% Apr 10334 Oct Standard 011(Ky)
Preferred_ _ _ ......100 10134 10134 10235
Apr 5134 May
1,200 42
48
47
25 48
it
300
June Standard 011(Nob)
10%
9% Jun
Ovington Bros, part pref • 1035 10
part Pd
10 98% Nov 100 Sept Stand Oil N J new
9814 9814
Deo
Pacific G & El. 1st pref_100
9,900 3834 Dec 39
38% 39
3834
sub receipts
Apr 16% Feb
700 11
• 1134 11% 12
Pacific Steel Boller
47,500 30% Apr 493( Jan
31% 33
20 111
Apr 132
Dec Standard Oil of N Y.-25 3234 29835 358
132 135
25 135
Jan
Parlek Davis & Co
1,470 288
Oct 362
349
43
100 24
43
Nov 5235 Jan Standard 011 (0)oom..100
July
Pender(David)°roe. CIA'
100 11634 Feb 122
118 118
100
Preferred
210 98
101 10134
Aug 101% Dec
& Co el A pf 100 101
Jan
Penney
25 9434 9434 9734 4.900 903( Oct 109%
Vacuum Oil
20 9534 Nov 9734 Nov
9533 9534
Penn Ohio Ed,7% prior pf_
900 , 8% Nov
833 9%
9% Nov
9
Warrants
Other Oil Stocks.
935 934 1,700
May 10% Sept
6%
Penn Ohio tiecur Corp. •
30 79% Oct 86
Oct
80% 81
•
Preferred
634 Feb
134 16.601) 450 Oct
90e
300 19
19
1934
Nov 21% Aug Amer Contr 011 Fleids-5 990
Pa Gas& El el A partic stk•
Oct 14% Jan
4
8% 635 28,100
834
•
2 10434 Jan 109
Aug Amer Maracaibo Co
10634 10635
Penns Pow & Lt, pref. •
834 001
534 June
734 835 2.000
734
610 13014 Mar 184% Dec Arkansas Natural Gas-10
172 18444
Penn Water & Power...100 179
3% May
400
1% Nov
134 1%
535 20
Mar 3434 Mar Atlantic Lobos 011, corn..'
3234 32%
Peoples Drug Stores. Inc..'
Aug
5
400
2% Oct
434 434
•
Preferred
100 40
Mar 67
Jan
Philadelphia Elec corn.. 25 4934 4944 4934
1534 1734 14,40
Sep
1734 No, Barnsdall Corp stock pure
10
Philip-More Cons Inc oom• 18
5 82 June 125 May
107 107
warrant (per 100 wareta) 107
18
19
1.30
Sept
18
Dec 21%
26
1774 1834 4,400 1434 Mar
Class A
1944 Jan
• 18
Beacon Oil Co, corn
PickiAlbert),Barth & Co
Oct 7734 Dee
7744 2.700 60
69
60
12% 13
10
13% Oct British American 011_ ___25 7834 2135 2334 38,000
AD
Common vot trust etf....1 13
934 Mar 2334 Nov
2235
Carib Syndicate75 36
Feb 50% Sept
Pillsbury Flour Mills.._.50 4834 45% 48%
200
834 Mar 1034 Feb
934
934
12
100 12
12
Nov 14% Nov Consolidated Royaltlee---1 1434 13% 144 41,400 10
Pond Creek Pocahontas.
Mar 16 Sent
100 30
30
30
No
4834 Jan Creole Syndicate_
Portland Electric Pow_100
734 Jan
114 Mar
144 134 4,000
134
•
Petrol Corp..
100 31
5634 5634
Mar 6031 Feb Crown Cent
•
Pratt & Lambert
834 Nov
33.4 434 1.500' 75e Apr
130 142% Jun 163
Jan Darby Petroleum
15734 158
100 1234 Max' 19 June
Procter & Gamble, com_20
14. 14
Derby Oil& Ref pref
100 102% Nov 102% Nov
10214 10234 10234
334 Feb
6.400 60e
Prudence Co 7% pref
Oct
800 850
1
Oct 66% Jan Euclid 011
75451a7
Puget Sound P&L.corn 100 3134 2834 3134 1,700 26
454 68,500
3
234 Oct
334
1
10 102 Sept 107
Nov Gibson Oil Corp
103 103
Jan
100
2
135 1.5.00 63c Mar
7% preferred
85c
1
Oil corn v t o..__ •
30
12% 12%
1034 Mar 1234 Oct Gilliland
Oct15c Feb
1.0310
50
Sc
4c
Pyrene Manufacturing_ _10
10
Nov Gienrock 011
10 106
Nov 110
108 106
100
Apr 95 Sept
Quaker Oats, pref
_25 9334 9034 9334 8.000 82
Gulf Oil Corp of Pa
3135 9.500 2834 Mar 3734 Jan
Rand-Kardex Bureau__ • 5034 4934 5133 21,400 3435 Apr 5134 Nov International Petroleum..' 3134 31
1918 2,100 19 Nov 25% Jan
134 134 2.900
Oct
10 1933 19
1
334 Feb
134
Reo Motor Car
•
700
533 535
700
335 Oct 1634 Jan Kirby Petroleum
634 Apr 1234 Feb
533
7% 735
734
Republic Mot Truck v to.'
Leonard 011 Develop1-25
Feb
2,800 15
9.200 20 May 2534 Feb
Jan 23
1835 21
25
• 2435 23
Richmond Radiator corn.*
600 36% Feb 4434 Nov L1OD Oil Refining
1,700 50e Oct134 Jan
43% 44
1350 75c
100
Prete,red
954 Jan Livingston Petroleum____'
Oct
4535 1,10
Aug 46
134 144 2,900 900 Nov
45
38
134
•
Rickenbacker Motor
Jan Lone Star Gas Corp
10 141
Apr 213
234 Oct
2% 9,800
Nov
170 170
2
2
235
Royal Bak Pow, coin._100
_1
5034 June Magaalena Syndicate.....
500 39 Sep
Oct
44
10
43
5335 5334
5014 Oct53
•
St Regis Paper Co
Oct Marland 01101 Mex new.....
100 27
Aug 30
2% 335 40.300
2734 2735
113 Nov534 Feb
3%
Seeman Brothers, corn. _ _•
011-10
6% Dec 22% July Mexican Panuco
320 40c 94,500
634 1134 27,700
Sc Apr 420 Nov
7%
39c
(Del), cm...*
Servel Corp
10
Nov Mexico 011 Corp
100 454 May 58
134 Jan
58
58
134 Aug
134 135 1,100
• 58
Shredded 3.3 heat
1
Mar 28% Jan Mountain & Gulf Oil
100 23
24
Jan
24
Apr 26
2535 2535 2534 7,700 23
Sierra Pee El Co,corn...100
300 11)4 Mar 2234 Jan Mountain Produeers......10
110 131
Nov
1313
13
175 180
13
Apr 196
Silica Geo Corp, corn v to.'
100
Sept National Fuel Gas
140 295 May 401
800
834 Jan
360 37434
534 535
534 Oct
544
Singer Manufacturing...100
5
New Bradford 011
1134 1134 1.200
833 July 1234 Feb
EMI Viscose urd (200 lire)
Oct1334 Apr North Cent Texas 011___-*
700
5
5.000
534 6%
ge Nov
6c
6%
40
May
Dep rcta Chase Nat Bk.
1
2435 2434 1,200 2433 Oct33 June Northwest 011 Gas ctf dep. 21
100 20
Dec
21
Nov 21
21
Sou Calif Edison. pf B_ _25
300 3334 Aug 3734 Nov Oklahoma Nat
3634 3634
934 May
Oct
South Cities Util, el Acorn'
834 935 9,000
8
935
•
25 8534 Oct 9134 June Pandem(MCorp
86
86
11.500 1134 Oct 1234 Oct
100
Preferred
1134 12
Pantepec 011 of Venezuela* 12
No, 2734 Feb
900 21
2134 23
4,000 20e Oct
25e 260
Southern 0& P,class A. •
234 Feb
•
3135 3234 8.800 21% Mar 4634 Jar, Peer 011 Corp
400 12
S'eastern Pow & Lt, corn.' 32
Oct 2233 Feb
• 1374 1334 143.4
6835 1,100 59
Mar 6934 Sept Pennok Oil Corp
88
22
Participating preferred.* 68
100
22
634 Feb 38 May
25
Bank 011
Aug Red
100 9634 Apr 103
103 103
• 103
$7 preferred
Oct303.4 Aug
1734 1844 8.700 12
Mar 1534 Feb neiter Poster Oil Corp.. _• 174 22
7
834 934 1,600
1,500 22
23
Warrants to our corn stk.
Oct2734 Sept
.25
30 9931 Feb 116
July Richfield Oil of Calif...
115 115
4,000 200 Apr
134 Sept
Southwest Bell Tel pf-100
230 300
230
10
Aug 4334 Jan Royal-Can Oil Syndicate.'
20
20
20
300
Splitdorf Bethlehem Elee.•
435 Oct734 Jan
434 434
Sept Ryan Consul Petroleum..'
2a 102
Nov 104
105 105
0(.100 105
7%
Feb
Standard
10
100
734 734
Oct754
Salt Creek Consul OH —10
234 Mar
100
134 Nov
134 1%
Jan
Stand Motor Construe-100
3134 5.200 2834 Oct 36
Feb Salt Creek Producers-10 3135 3031 3%
300 1733 May 24
4 June
Standard Pr &t.t cl A__ .25 2031 1934 2034
300
1% Feb
3
3
Oct1934 June Savoy 011
500
4% 4%
434
Nov
2134 1.800
Stand Publishing, class A25
7% Apr 27
19
voting stock.'
Apr Tidal Osage
100 28
Mar 38
3334 3334
Stromberg CarisonTel Mfg'
834 May 2534 Nov
1734 1934 4.200
Non voting stock
• 1734 1735 1835 1,500 1635 001 3734 Jan
Mar
Stutz Motor Car
22% 2174 2235 8.600 2035 Oct 27
Nov Tide Water Assoc Oil__
Apr 119
450 110
100 11734 11634 11735
Swift & Co
9644 9634 9831 2.100 9535 Nov 993.4 Mar
160 54
Preferred
Nov
45,200 1414 May 25
15 2334 21% 25
Swift International
200 54
Dec 5534 Oct
54
54
• 48% 47
4834 1.300 4574 Oct67 May Union Oil Assoclates____25
734 Mar
Tampa Electric Co
434 Jan
634 7% 14,100
734
enesuelan Petroleum-5
Nov 10734 Nov
100 106
1073.4 10734
Texas Pow & Lt, 7% p1.100
Mar 2734 NoV
900 22
27%
27
_.• 27
834 Mar 1334 Nov Wilcox Oil & Gas new
935 Sept
Tiniken-Detroit Axle-16 1234 1374 1334 1,300
400
434 May
634 7
Jan Woodley Petroleum Corp.'
3%
434
334 334 1,200 334 Oct
Tobacco Prod Exports—•
7,000
So Jan 35e May
21e 24e
1 240
'200 29
Jan 4034 Sept "Y"011 & Gaa
3935 40
Todd Shipyards Corp._ •
Trans- Lux Day Pict Screen
Mining Stocks.
834
•
Jan
634 June 14
844 9% 20,200
Claw A common
Jan
Dec 240
153 165
63 153
5,000
Tubize Artlf Silk class ES...• 180
30 July 13o Aug
Sc
50
754 Mar 1035 Jan Amer Com'l Min & 131111..1
20
834
8% 8%
200 50e Jan 750 Dec
Tung Sol Lamp Wks corn.'
750 75e
-1
300 1734 May 1935 Sept Amer Exploration Co.
• • 1834 18% 1834
we Aug
Class A
1,01)
ao Aug
40
40
Amer Tul a Tungsten... -1
United Artists Theatre Co
8.000
6o Nov 310 Feb
6c
flo
tio
June Arizona Globe Copper....l
Nov 101
97
100 97
97
100 Jan
Allot ctfs for corn & pf stk 97
2,000
50 Sep
80
50
'
Western Mining
835
64 Nov 1734 June Butte &
634 8% 3.400
Jan
21
United Biscuit, class B...•
500 1134 Sep
1134 12
10
Mar 4414 Feb Carnegie Metals
300 23
2735 2735
335 July
United Elea Coal Co.v to'
400
234 May
31t5
1
Mar 14434 Jan Chief Consol Mining
91%
800 84
50
90
Apr
United Gas Impt
335 Deo
2% 335 23.500
3%
1
Feb Consol Copper M ines.
United Light de Power A..* 1333 13% 13% 19.500 1034 Oct 28
1.000
70 June
30 May
40
40
_3
• 8735 87% 87%
12
85 June 8854 Oct. Consol Nevada-Utah..._1
Preferred A
Oct 14c Aug
6.000
4c
305
3o
934 Oct 133.4 Nov Cortex Silver Mines Co__ 1
2% Jan
United Profit Sharing corn* 1234 12% 1334 2,900
500
1% Jun
2% 235
2044 20%
200 1738 Jan 204 Nov Cresson Consul0 M & M 1
7o Mar
2.000
United Rys & Elec, Balt_ 50
40
3c Feb
40
50
Apr 53
Aug Divide Extension
60
IOU 47
1,000 32e Aug
United Shoe Mach com-25
1 Sept
50o 700
July Dolores Esperansa Corp__2 50c
Mar 166
146 155
400 125
20
Nue 2834 Feb
U S Gypsum, corn
3
3% 435 2.200
334
Oct Engineer "fold Mines,Ltcl 5
Mar 33
1.800 18
31
8c 19.000
30 Apr 160 Aug
US 1.1unt & Heat,oom...10 3034 30
70
tio
May Eureka Croesus
734
5% Mar
700
7
10
8% 7
Preferred
850 900 47.500 fllo Aug 90e Nov
89e
14 Juue Falcon Lead Mines
14
100 1134 Nov
14
Apr
8.000
10e
2o Nov
40
U 8 Rubber Reclaiming •
30
40
Mtn...1
• 42
3734 42% 2.500 2935 July 4234 Nov First Thought Gold
4,000
Universal Pictures
80
Sc Feb 19e Apr
80
1
Forty-Nine Mining
Feb
Utilities Pow & Lt. cl B..• 1544 1435 16% 3,800 13% Aug Ic.
600
Mar
May
I
135
3
114
Mines... 5
10
7% May 14% Feb Golden CentreMlning__10c
100
10
Utility Shares Corp com •
Sc 10.000
40
20 Jan
6e June
Sc
23( 2%
734 May 1434 Feb Golden State
300
2.00u
70
Option warrants
70
60 July 18o Feb
1
Apr 12034 Dec Goldfield Florence
113% 120% 13,300 68
8c 33.000
Sc Nov 32e Feb
Victor Talking Mach--100 119
70
7c
dept Hawthorne Mines, Inc_ _.1
36
JUDO 65
29
17,400
8
200 15% Mar 1934 Mar
Warner Bros Pictures...' 2934
18% 1634
25c
•
400 2354 Mar 3034 June Hecht Mining
25% 26
Warner QUILIISO Co
400 174 Jan 1938 JUDO
18% 19
5
5234 53%
860 4934 June 5734 Sept Hollinger Cons0 M
Wesson 0 & S corn v t 0•
88,10
1%
1% Dec
234 Mar
Nov Kay Copper Co
97
June 99
97
lt0 92%
•
Preferred
700 740 Nov
71c
I 1
'" 76c 80c
1% Feb
Aug 53 June Kerr Lake
46
46
46
300 44
800
West Dairy Prod el
135 234
2
5
i34 Jun
234 Sops
15
15
1334 June 1633 Oct Mason Valley Mines
1,10
• 15
Class B vot tr ctfs
8935 8934
98%
98
21
19
29% 29%
14
14
•
Sc
50
20
2,600
100
100
70
9135
14
27
9
May
Mar
Oct
July
Mar
93
99
2934
31
1734
2886
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Mining (Concluded) Par. Price. Low. High. Shares.
THE CHRONICLE
Range Since Jan. 1.
Low.
High.
Bonds (Continued)
-
[VOL. 123.
Friday
Last Week's Range Sales
Sale
ofPrices.
for
Price. Low. High Week.
Range Sines Jan. 1.
Low.
High.
Mlzpah Ext of Tonopah-1
20
2c
1,000
2o Mar
20 Mar Ohio River Edison 56_1951 9634 96;4
New Cornelia
6 22
96% 26,000 94% June 97
22
23
Nov
200 QM May 2334 Aux Okla Natural Gas 65..1941 99
% 99
New Jersey Zinc
99% 51,000 99
100 186
182 186
Sept 99% Nov
140 178
Oct 210
Jan Oswego River Power 681931
Newmont Mining Corp_10
100% 10034
1,000 10034 Dec 100% Dee
1,000 4614 Jan 77
Oct Pan Amer Petrol 68_1940 9934
Nipissing Mines
5
9831 9945 139,000 9844 Dec 105
644
5% 644 10.000
July
7% Jan Park & TlIford 6.6
5 June
1936
Noranda Mines, Ltd
96
96
• 2034 19% 21
Mar 98
Feb.
13,500 1214 Mar 21
Nov
Penn-Ohio Edison 65-1950 11344 112% 113% 3,000 96
Ohio Copper
1 35e
35c 39c
Apr 11094 Seln
7,000 350 Nov 750
Jan Penn-Dixie Cement 081941 9934 99% 10034 36,000 98
Plymouth Lead Mines.
206,000 99
90
90
Seth 10034 Nov
1,000
80 Jan 280 Mar Penn Pow & Light 55..1952 993
,
1 9934 100% 14,000 97%
Premier Gold Min, Ltd_ .1
1% 2
200
114 Nov
2% Mar
6a aeries D
1953 9934 9944 10044 15,000 97% Mar 1004 Nov
Red Warrior Mining
1
20e
16c 200
June 100% Nov
2,000 150 July 350 Feb Pbila Electric 5348._ _1947
Reorg Div Annex Min_10c
10034 10034 1,000 106% Jan 10834 June
40
40
1,000
4,1 Dec 22e June
534s
1953
San Toy Mining
107 107
I
Sc
4,000 106%
Sc
6e 59,000
July
3c Mar
8e Nov
135
Mar 108
1941
South Amer Gold dr Plat..1
107% 10734 3,000 106
334
3% 3%
Jan 10834 June
534 July
500
3% Oat
Southwest Metals
• 90c
90c 90c
900 90c Dec
1% May Pink' Elea Pow 53-45..1972 10244 102% 102%
Spearhead Gold Mining_.1
65,000 100% Mar 103% Nov
40
40
2.000
2o Feb
70 Nov
Pink' Rapid Tran 68_1962 100
Teck-Hughes
100
1
4% 4%
100 2 11-16 Jan
5% Oct Pub fiery Corp NJ 634s'56 10034 10034 100% 5,000 9734 Jan 101,4 Nov
Tonopah Belmont Deve1.1
100% 101,000 98
2% 2%
Aug 10034 Nov
300
244 Apr
4% Jan
Pure 011 Co 6445
1933
Tonopah Ext Mining..
10334 103% 24,000 102% Jan 10444 Aug
.1 26e
260 260
2,000
80 Ma y 144 Jan Rand-Kardex Bur 5%01931 122
Tonopah Mining
12044 125 172.000 10144 Mar 125
I
334 3%
Nov
200
334 Oct
734 Feb Richfield 011 01 Calif 135 '41
TA-Bullion Smelt & De_10e
99
99
15,000 99
8o 10c
Oct 99
Oct
4.000
3o May 15o July Saudi" Falls Co 5e__1955 96
96
United Verde Extens-50
9644 14,000 94
Mar 97
, 2334 23% 24% 1.000 24
July
Nov 33
Feb Saxon Public Wks 63451951 9644 96
Unity Gold Mine
9644 244,000 9134 Aug 97
1
100 100
Nov
1,000 100 Dec 30o Aug Schulte 11. E Co 6s....1936
94% 95
Utah Apex
57,000 92
5
534
634 5%
API' 98% Jan
700
434 Oct 114 F'eo
65 without corn stk..1935
86
Wenden Copper Mining...1
86
1,000 83
24
2% 3
API' 90
July
4,100
234 May
334 Jac Servel Corp 66
'1931 82
81
Yukon Gold Co
8644 81,000 81
420 42e
Dec 109 June
1,000 200 Aug 490 No., Shawsheen Mills 7a_ _1931
100 100% 31,000 98
May 10234 Jan
Slemana & Balske 78-1928
100% 100%
Bonds 1.000 9644 Jan 10134 Sept
75
1936 10044 10045 101% 36,000 94
Allied Pack deb 85_1939
7344 73% 81.000 70% May 89
Jan 10234 Sept
Jan
Aluminum Co 76
1933 10534 105% 10634 27,000 105% Oct 107% Feb Slemana & Halske-S S
(3.4s with warrants 1951
9834 9844 9834 415,000 9834 Nov 994
Am 0 & El 68. new
2014 102
10134 102% 132,000 98% APr 109% Not Sloes-Sheffield S & I Os '29
Oct
102
102 10244 14,000 10144 Nov
American Power & LightSolvay A Cie Os
1934 10444 10444 10444 22,000 101% Aug 103% Juno
6a.old without warr_2016 101
10044 101 132.000 96
10434 May
Jan 101% Nov Southeast P & L 65..2025
Amer Rolling MI1164_1938 10334 103 103% 7.000 101
Jan 103% July
Without warrants
9634 96% 96% 257,000 89
Amer Seating 68
1936 10234 10144 102% 228,000 97% Oct 102% Nov
Mar 96% Nov
Sou Calif Edison 66._ _1951 98
97% 9834 77,000 9744 Nov
American Thread 6s 1928 10134 101% 102
99 June
4,000 101% Sept 10344 Jan
55
1944
10144 10144 2,000 98% Jan 101% June
Amer W Wks & El 68_1975 9734 97% 98
60,000 9234 Mar 934% Sept Southern Gas Co 6345_1935 103
10244 103% 44,000 95
Amer Writing Paper 681947
Mar 103% Nov
82% 83
55,000 7714 Aug 85% Oct Southwest P & L 6s...2022
98% 9834
1,000 97% Oct 98% Dee
Anaconda Cop Min 6s_1929 10234 10234 10234 15,000 10234
Dec 103% Aug Stand Oil NJ 58
1946 102
10134 102% 1224000 101%
&ndlan Nat Corp 6s_ _1940
Stand 011 of NY 6346.1933 10534 105% 10534 76,000 104% Nov 102% Dee
Without warrants
9934 100
Oct 107% Jan
32,000 974 Oct 10144 July
434s when issued_1951 98
97% 98
90.000 97% Dec 98
Appalacb El Pow 5s-1956 9534 95% 95% 68,000 9444 July
Dec
97% Nov Stinnes (Hugo) Corp 7%
Assoc Gas & Mee 65..1955 103
10344 105 272,000 9244 Mar 105
Dec
notes Oct 1 '36, with ware 9934 9945 9944 86,000 99% Nov 9944
Assoc'd Sim Hardw 64033 9744 97% 97% 30,000 95
Nov
Jan 98
Sept
7s 1946 with warrants._ _
99% 9944 99% 199,000 99% Nov 9934 Nov
Atlantic Fruit 136
1949
21
21
5,000 1744 Nov 33% Jan Stutz Motors of Am 7448'37
99
99
2,000 9844 Nov 120
Hamadan Corp. 65, withJan
Sun 011 5348
1939
99% 100
24,000 97% Jan 10044 June
out warrants
1940 90
88% 90
5,000 8834 Nov 90% Nov Swift & Co 58-00t
16 1932 9934 9845 9934 139,000 96% Jan 9944 Dec
Beacon Oil 68
101 101% 12,000 101
1936
Nov 1014( Dec Thyssen (Aug) 1&13 75_1930 10234 101% 102% 87,000
Beaver Board 88
93
Jan 102% July
1933
98
99
3,000 93% Feb 10034 Sept
103 103
1,000 102% Oct 105% May
Belgo-Canactian Pap 661943
10134 101% 10,000 99% May 10144 Nov Tidal-Osage Oil 7e_..i931
97
36,000 91 June 99
Bell Tel of Canada 58.1955
101 101% 41,000 9944 Jan 101% June Trans-Cont'l 011 78___1930 96% 96
July
Ulen & Co 6%6
100 10034 5,000 100
1936
Berlin Electric 6%a._ _1928
Nov 101
100% 100% 2,000 98
Nov
Mar 1004( Sept United Oil Prod 85.
...1931
38
40
5,000 30% Aug 45
634s
100 100
1929
Feb
3,000 97
Mar 100
Nov
United Rya of Hay 73411'30
11044 111
4,000 109%
Berlin Elea Eiev 6445_1956 9444 9434 9434 56,000 9444 Dec 95%
Jan 11234 Anti
Nov
Boston & Maine RR 681933
10034 100% 5,000 94% Jan 101 7 Sen7 US
4
Rubb,034% notes 1927 10014 10044 10044 2,000 100% Dec
Brunner Tur & Eq 7345'55 85% 85
8534 29,000 85 Jun, 101% Feb
102)1 Mar
Serial 634% notes_ _1928
101% 101%
1,000 101
Buffalo Gen Elea 56 ..19
10234 10244 11,000 9934 Jan
July 102% June
10334 May
Serial 644% notes. _1929
101% 10145 1,000 101
Burnelster & Wain of CoAug 103% Apr
Serial
% notes_ _1930
10144 102% 26,000 101
penhagen 15-yr 6s_ _1940
94
9544 38,000 94
July 10234 Apr
July 9534 Nov
Serial 634% notes101 102
Canadian Nat 1tY8 75-1935
75,000 10034 Mar 10234 Apr
111% 111% 42,000 110
Jan 11434 June
Serial 644% notes_ - 1933
_1934
10144 101% 1,000 100% Mar 102% Apr
Canadian Pat 4345--_1946 9644 96
9644 148,000 96
Nov 97
Oct
Serial 634% notes_ _1935
101% 10144 1,000 100
Carolina Pow & Lt 513_1956 99% 9934 100)4 42,000 9734 May 101%
Mar 102,4
Nov
Serial 634% notes...1939
101% 101% 7,000 10034 Mar 10234 May
Cities Service 65
1966 97
96% 97% 210.000 91% Apr 97% Dec
Feb
Serial 634% notes 1937
101% 10144 2,000 10034 Oct 10234 May
Cities Serv 75, ser B _1966
221 221
1,000 178
Jan 221
Dec
Serial 64% notes_ _1938
10144 102
13,000 10034 Mar 102% May
Cities Sexy 75, Ser D-1966 12234 122 12234 80,000 10134 Jan 12234
Dec
Serial 614% notes__1939 10134 10144 102
21,000 10034 Mar 102% Apr
Cities Serv 86 ser E_ .1966
130 130
1,1810 109
Jan 132
Nov
Serial 634% nob:6_1940 102
102 102
2,000 100
Cleve Elec Ili 58 ser A.1954 10234 102 102% 20,000 102
Jan 102% Apr
Nov 102,44 Apr U S Smelt & Ref 5345_1935 1
0234 10134 10244 60,000 100
1961 10244 102% 102% 18,000 10234 Oct 10234 Nov United
5s series B
Jan 103
Aug
Steel Wks Burlach,
Commander-Larabee 66'41 9634 95
97
48,000 95
Nov 99
Aug
Luxemburg 76
1951
98
98% 61,000 9234 May 99% Nov
Cons0 El dr P 66 ser A '49
107% 107% 4,000 10534 Feb 108
May US Steel Works A IlAs '51
58, series F
1965
10144 101% 6,000 100
Jan 102% June
With eta pun wan. Fier A 98% 98% 98% 359,000 9534
Sept 9934 Aug
New
10144 101% 3.000 10134 Nov 10134 Nov
Without stock our warn.
93
933.1 129.000 91
Nov 94
Cowl Publiehere 6%8-'36
Nov
9644 99
,
31,000 97
Sept 100
Series C
Aug
9834 98% 9844 18,000 98
Aug 100
Consolidated Textile 85 '41 8934 8914 9034 9,000 80 June 92
Aug
Feb Wabash Ry 56
1976 973' 9644 97% 288,000 94% Oct 9734 Nov
Container Corp 68_ _ _1946 97% 97
9744 11,000 80 June 9934 Aug
Warner Bros Plc 6341.1928
106 107
85,000 106
Oct 122
Sept
Cosg-Meeh Coal 6445_1954
92
92
1,000 90
Apr 9634 Jan Webster Mills 634s_..1933
97% 97% 10,000 9044 May 101
Jan
Cuba Co 6% notes-1929 98
98
9934 79,000 98
Dec 10034 Nov Western Pr Corp 534s A '57
99
99
2,000 99
Nov 99
Nov
Cuban Telep 744s-1941 11144 111 111% 9,000 108% Jan 112
Mar Western States G & E 13s'47
10144 10144 14,000 10144 Nov 101% Nov
Cudahy Pack deb 544s.1937 9444 94
94% 38,000 91
July 96% Aug Western
94% 94% 1.000 94% Nov 97% Sept Youngst Union Tel 5s.1951 10144 10034 101% 439,000 100% Oct 101% Dee
66
1946
Sheet & T 63.1943 10334 10334 10354 35,000 10334 Nov 104
Nov
Detroit City Gas 6s__1947 106% 10634 107
30,000 104% Jan 107% Sept
Doke-Pricr Powlst Os 1966 103% 103% 10334 143,000 100% Ayr 103% Dec
Foreign Government
Eitingon-Schild 6s..-1938 97% 9734 -9734 6,000 96
Aug 98
Aug
and Municipalities.
Elec Refrigeration 68..1936 9745 9534 9735 130,000 9544 Nov 107
Jan
Federal sugar 63
8534 8534 1,000 84
1933
Nov 9844 Feb Austria (Prov of Lower)
Flat 20-yr s t 76
9134 61,000 89% Oct 9344 July
1946 91% 91
101% 101% $4,000 94% Nov 98% Mai
1950
734a
97;4 98
Flak Rubber 5301
1931 98
51,000 93% Apr 98% Jan
Baden (Germany)75_1951
9844 99
27,000 93
Fen 9934 Oct
Florida Pow & Lt 58....1954 93% 9334 9334 107,000 9144 Mar 9634 June
Buenos Aires (Prov)7345'47 9834 97% 98)4 139,000 91334 Aug 10134 Feb
Gan'(Robert, Co 76-1937
105 105
2,000 103 May 105% Mar
78
1936 9734 96% 98
38,000 9634 Dec 100% Apr
Galena-Signal 011 7e....1930
87% 88
7,000
Oct 103
Mar
7s
1952 95% 9534 9534 84,000 93% Sept
Gatineau Power 56.....1955 9534 94% 96 418,000 8034 Oct 96
9734 May
93
Dec Danish Cone Muni° 5345'55 98
97% 9845 55,000 96
May 9934 July
65
9734 9944 140.000 9734 Seri
1941 99
9934 July
77,000 98
Mar 10034 Nov
General Petroleum 66.1928
10144 10144 16,000 10034 Aug 102% Jan Denmark (King) 5348-1955 99% 99% 100
101 101
66
1970
3,00
Goodyear T & R 58-1928
9934 Jan 10134 Jan
9734 98
8,000 96% Aug 994( Jan German Cons Munic 75 '47 9934 98%
9934 182,000 94% Mar 9934 Oct
Goody'r T & R Cal 534631 95% 95% 98
20,000 95% Nov 99
Apr Hamburg (State) Ger lis '46 95% 95% 96 180,00
Gotham Silk Hos(is A.1936 100
100 10044 24.000 100
Nov 10044 Nov Hungarian Cons Mun 76'46 9334 9336 93% 79,000 92% Oct 9634 Nov
93% Nov 944 Nov
Grand Trunk Ry 6348_1936 10844 108% 10844 19,000 10734 May 109% June
Hungarian Land Mtge Ina
Great Cons Elea 6448 1950 91% 91
9235 101,000 85
AP
92% Nov
1961 9834 9744 9844 8,000 95 June 99%
7448 series
1937
Gulf 01101 Pa 55
10034 100% 10,000 98% Feb 10134 June Indust Mtge A of Finland
Seral
Bk
Hamburg Elec Co 78__1935
100 101
15,000 94
Jan 101% Nov
1st M con f 75.__1944 9934 99
9944 16,000 96% Jan 100 June
Havana Elec Ry 5445_1951
Italian Pub Utll 75 -.1952 89% 89
102,000 87
may 93
Mar
8935 90
With corn eta pwch war. 90
36,000 88% Oct 92% Aug Medellin (Colombia) 88 '48 103% 103% 8934
103% 30,00
98
Jan 104
104 104
Aug
RoodRubber 76
1936
5,000 103)4 Nov 10534 June
10634 10634
1.00 10644 Mar 10934 Aug
98
97% 9834 157,000 97% Dec 9834 Oct Nethlands (King) 65 B '72
534% notes Oct 15 1936_
97% 96% 9744 15,000 93
Oslo (City) 5445
1940
Mar 97% May
9934 100
44,000 95% May 100It Feb Peru
Indep till & Gas 6%11-19
31 100
100 100% 47,000 100
1956 100
744a
Aug
Indiana Limestone 65.1941 98% 9834 99 104,000 97
Oct 9934 Aug Prussia(Free Eitate)63.0 '51 97% 97% 97% 136,000 9544 Sept 100% Aug
98
Nov
Indianapolis P & L 66.1936 101% 101 10134 29,000 9634 July 103% Oct Russian
16% 17
1919 17
Govt 0348
. 7,000 13
Mar 1834 Nov
Internat (it Nor 55 13.1956 9734 9635 9734 140,000 944( Oct 9734 Deo
16% 17
634% certificates___1919
43,000 12 June 17% Nov
98% 98,000 98
98
Internat Paper 68, w 1.1941 98
Oct 9834 Nov
16
17
1921 16
6345
12,000 12 June 17% Nov
Interstate Nat Gas 68-1936
1644 17
534s certificates_ _ 1921
17,000 12 June 1734
12434 122 12834 92.000 110
With warrants
Aug 12834 Nov Eaton State Mtge Inv 75'45
99% 9935 37,000 9234 Mar 100% Nov
100% 99% 101 113,000 9754 Oct 101
ithout warrants
Aug
6445
1945 9734 97% 9734 2,000 9734 Dec 97% Nov
Nov
Jeddo-lilghland Coal fle '41 9934 99% 100 217,000 9934 Dec 10034 Nov Switzerl'd
Govt 530-1929 10134 101% 10134 8,000 101% Oct
90
91
14,000 83
Keystone Telep 5%8-1955
102% Jan
AP
9134 Nov
Krupp (Fried), Ltd, 751929 10034 100% 10034 47.000 9044 Jan 1014 Nov
• No par value. k Correction.
Listed on the Stock Exchange this PUNA, where
100% 10034 4,000 98
Laclede Gas Lt 5348.-1933 -Jan 101% Aug
81,000 93
Lehigh Pow Secur 65-2026 9434 9434 95
Mar 9534 Feb additional transactions will be found. a New stock. a Option sale.
8 Ex-rights
Libby. MeN & Lib 78-1931 103% 10344 10444 5,000 103%
105
Jan and Donna. a Ex-cash and stock dividends. w When
Issued. z Ex-divideng.
1,000 10634 May 10834 Apr
Liggett Winchester 76_1942
108 108
Ex-rights. a Ex-stock dividend.
Leonard 'nets, Inc, 73046
With neck purch warls 10534 104)4 105% 32,000 9334 Mar 108
Nov
Long Isld LtR Co 68..1945 10234 102% 103
4.000 9934 Mar 103% July
Manitoba Power 5446_1951 9734 97% 98
88,000 9434 Apr 98
Apr
CURRENT NOTICES.
Mansfield Min & Smelting
10044 101% 21,000 94
(Germany) 75
May 102
1941
Nov
Mass Gas Cos 550-1940 10334 103% 103% 33,000 9934 Jan 10334 Nov
-Matthew B. Whittlesey of Whittlesey, McLean & Co..
has been
McCallum Hosiery 6)0'41 9534 95% 95% 4,000 95% Nov 99% Sept elected Chairman of the
Michigan Group of Investment Bankers AssociaMiag Mill Mach 75_1930 100
9
56 95x 94% 95% 88,000 91% Oct 96% Oct
tion of America.
Midwest Gas 7s
es
Nov 100% Nov
100 100% 24,000 100
Montgomery Ward 58_1946 9634 9634 97
6,000 96% Deo 9844 Aug
-Walter Gurnee Dyer has been admitted to general partnership
in
Montreal L. & P rva A_'51 9934* 99
9934 51.000 9834 Nov 9934 Oct Dyer, Hudson & Co., members New
York Stock Exchange, 66 Broadway,
Morris & Co 744s---1930
10234 10234 10,000 102
Sep 10534 Apr
Nat 1)1st Prod 6;
_ _1945 973.4
99
9644 9734 35,000 95 Jun
Jan New York.
Nat Pow & Light 66 A 2026 9834 98
9844 92,000 98
AtIO 9934 Nov
Nicol-Ford & Co., Inc., of Detroit, announce the opening of a New
Nat Pub Serv 64s.--_1955
97% 9744 4,000 96
Oct 98% Nov York office at 115 Broadway
under the management of Bertrand L.
Nevada Cons 56
1941
106% 108
33,000 9134 Jun 108% Nov
Burbank
New On Tel & M RR 58'56
101 102
20,000 9944 Oct 10234 Nov
Nor States Pow 646_1933 114
11044 114
69,000 108
Jan
Ma 131
George W. Blood has become associated with 0. B. Richard & Co.,
6346 gold Rotes____1933 103% 103 10334 15,000 102% Au 10434 Jan
Ohio Power tai ser B__1952 98
9734 98% 63.000 94
Jan 101% June members of New York Stock Exchange, 29 Broadway, New York.
4348 Series D
1958 9034 90% 90% 57,000 8034 Aug 93% June
-Coffin & Burr, Inc., announces the removal of its New York office
7s
10644 10634
1,000 105% May 107 June
to the 27th floor of 26 Broadway.
Sintestmeift anti
ailtaati jgtettigente.
-In the table which
Latest Gross Earnings by Weeks.
follows we complete our summary of the earnings for the
third week of November:
2887
-Gross from Railway- -Net from Railway- -Net after Taxes
1925.
1926.
1925.
1925.
1926.
1928.
Baltimore & Ohio
October.. __ 23,899,632 23,736,093 7,048,517 6,877,359 5,856,087 6,027,348
From Jan L208671555 196486,614 55,365,170 47,767,390 45,807,802 39,311,990
Increase. Decrease.
1925.
1926.
B & 0 Chle TerminalThird Week of November.
49,912
48,321
92.740
October..370,122
105,885
337,733
106,370
$
$
183,501
$
522,440
From Jan 1_ 3.188,867 3,025,135
704,445
Previously reported (6 roads)-__ 15,143.313 14,689.248 451065
Bangor & Aroostook
23,056
98,229
121.285
Duluth South Shore & Atlantic199,980
276,521
679,717
349,058
754,434
261,800
October.._ _
26,600
33.600
60.200
Georgia & Florida
From Jan 1 5.732,498 5,800,377 1.796,811 1,701,834 1,319,642 1.221,698
211
5.461
5.672
Mineral Range
Bellefonte Central
40,654
340.550
299,896
Minneapolis & St Louis
-204
--1,054
--939
8,317
--4
9,205
October -- _
6,279
369,681
375,960
Mobile Sc Ohio
3.074
--7,233
--6,083
5,074
87,486
From Jan 165.105
55,795
376.412
320.617
Nevada-California-Oregon
5:086 Belt Ry of Chicago
-18
2.490.555 2.675.611
Rock Island Lines
163.557
638,778
225,010
273,421
210,944
163.814
758,366
October_ _
Southern Ry System E & W--- 3.920.800 4.084,614
From Jan 1_ 6,338,791 5,836,786 2,072,652 1,971.771 1,588,257 1,829,344
22,744,437 22,361,287 516.350 439,180 Bessemer & Lake Erie
Total (14 roads)
77,170
Net increase(0.35%)
583,590
685,717
855,374
October__ _ _ 1,890,567 1,537,898 1.025,574
From Jan 114,610,339 13.585,027 6,429,610 5,158,230 5.437,053 4,449,559
For the fourth week of November only one road has -as Bingham & Garfield-3,742
9,601
--9.771
--1,866
48,286
46,097
October_ ___
yet reported earnings. Its figures are as follows:
515,146
28.130
120,548
25,079
132,928
From Jan L 468,088
Boston & Maine
Increase. Decrease.
1925.
1926.
October... 7,274,045 7,282,056 1,620,500 1,899,395 1,353,701 1,627,421
Fourth Week of November.
From Jan L68,057,647 67,933,952 16,420,913 15,178,627 13,883,575 12.522,697
$
Brooklyn E D Terminal
16,591
497,115
513.706
Buffalo Rochester & Pittsburgh65.682
58,258
55,808
50,587
133.975
140,540
October_
522,543
495,967
444,087
420.043
From Jan 1. 1,260,874 1,207,783
In the following we show the weekly earnings for a number Buff Rochester & Pitt.',323,914
332,801
308,914
282,726
October. 1,681,612 1.602,801
of weeks past:
From Jan 1.15,204,571 13,500.259 3,120,148 2.190,691 2,588,975 1.810,327
Canadian National Rye--'/wane or
Pretious
Current
8,317,458
October-----7,550,742
Decrease.
Year.
Year.
Si.
Week.
From Jan 1.217047034 196444,081 34,060,792 20,485,720
Lawrence
Atl & St
$
$
$
6,582 -87,831
20,244 -53,080
117.188
199.255
October.
1.880,735 10.96
week June (15 roads)____ 19,039.129 17,158,394
103,840 -221.893
240,467 -51.685
From Jan 1_ 2,179,936 1,992,294
Ill week Rune (15 roads)_ _. 25.593.738 23,231.988 +2.361,75010.17
Chi Det dc Can 0 T Jet1.380.736 7.90
week July 15 roads ____ 18.862.723 17,481.987
lit
173,434
151,593
181,458
178,552
342,051
October......359,969
+987,299 5.52
week Judy 15 roads ___. 18.873.507 17.886.208
From Jan 1 3,232,562 2,644,753 1,500,855 1.284,835 1.427,402 1,185,369
week July 15 roads ____ 19.558,751 18.149.032 +1.402.719 7.82
15 roads ____ 28.153.394 26.762.794 +1.390.600 5.19
H & MilwaukeeDetroit 0
ith week Judy 1
285.321
353,005
289,193
371,068
745,489
851,627
October.,
1st week Aug.(15 roads ____ 19.701.756 18,665.206 +1.126.550 6.83
From Jan 1 6,721.772 5.893,262 2,680,027 1.948445 2,589,344 1,904,641
24 week Aug. 14 roads)_..__ 23.509.600 22.158.813 +1.350.987 6.09
+906.979 4.68 Canadian Pacific Lines in Me
Sd week Aug. 15 roads____ 20,284.661 19.377.682
4th week Aug. 15 roads)____ 29.887.268 28.327.016 +1,530.252 5.40
126,734 -17,650 -11,134 -33,550 -22,134
137,742
October..._
+793.975 2.99
let week Sept 15 roads ---- 19.862,085 19.068.090
103,662 -138.671 -28,338 -248,671
From Jan 1: 1,984,389 1.838,910
-563.813 2.60
24 week Sept. 15 roads ____ 21,117,872 21.681.685
+42.782 0.01 Canadian Pacific
3d week Sept. 15 roads ......_ 22.446.081 22.4 3.299
October. ..21.377,710 19,569.188 7,947,200 7.444,027
+829.412 2.62
week Sept.(14 roads ____ 31,049.598 30.220.186
4th
From Jan L158709495 144243,276 36.579,221 29,079,949
--184.639 0L82
lit week Oct. (14 roads. ____ 22.080.40 22,265,044
+194.271 0.91 Central of Georgia
___ 21.459.391 21.265.115
2d week Oct. (14 roads.
782.552
733.144
910,172
21.114.400 +1.103.135 6.21
899,642
October.... _ 2.874,081 2,888,666
3d week Oct. (14 roads)____ 22.217.535
From JanL26,785,479 24,929,488 6.838,467 6,062,578 5,566,579 4,930,834
4th week Oct. (14 roads)____ 30,638.424 29,041.065 4-1.597.359 5.58
week Nov.(14 roads)_ _ _ _ 21,446,17% 19.753.529 +1,602,644 8.57 Central New England
let
+967.369 4.76
24 yreeir Nov.(14 roads)._ 21.112.807 20.154.637
39,206
813,224
64,211
339,010
588,961
781,214
October_ _
+77,170 0.31
3(1 week Nev.(14 roads)____ 22,744.437 22,361,267
From Jan 1: 6,450,046 6,267,936 1,953,336 1,664,541 1,694,494 1,415,898
Central RR of N 3
We also give the following comparisons of the monthly
531,217
833,549
881,018
October_ __ _ 5,523,145 4,359.770 1,305,449
From Jan 1.50.285,015 47,337,872 14,078,235 12,6.55,290 9.866,801 8.923,263
totals of railroad earnings, both gross and net (the net before
the deduction of taxes), both being very comprehensive. Charles &_ _West Carolina 347.924
84,913
49,467
69.480
105,014
October __ 300,684
They include all the Class A roads in the country, with a total
941,206
595,052
804,653
740.347
From Jan E 3,259,881 3,402,138
mileage each month as stated in the footnote to the table.
Chesapeake & Ohio Lines
October_ _ _12,641,340 11,783,727 4,434,829 3,456,737 3,675,543 2,709,115
From Jan L110302681 101776,150 34,670,683 27,519.673 28,277,823 22,549,031
Na Earnings.
Grose &arsine,.
Chicago & AltonMonth
721,189
856,897
570,400
680,579
2,840,426 2,990,994
October..
Increase or
Increase or
From Jan 1_26,004,928 25,613,648 5,700,855 6,255,883 4,615,847 5,223,159
Decrease.
1 24.
Decrease.
1925.
1925.
1924.
Chicago Burl & Quincy
October.. _15,965,260 15.751,770 5,551,288 9,247,799 4,312,607 4,195,376
$
$
$
From Jan 1.133452934 131685.382 37,859.942 35,067,551 27,914.735 26,045.725
,
Oet
590,161,046 571,576.038 4 08,685.008 180,695.428 168.640,671 +12,054,757
Nov- 531,742,071 504,781.775 +26.960.298 148.157,616 131.381.847 +16.775.769 Chicago & East Illinois676,087
627,817
773,595
439,877
2.661,530 2,488,393
October
Dee__ 523,041,764 504,430,580 +18,591,184 134,445.634 124.090.958 +10.354,676
From Jan 1_23,279,486 21.577.268 4,526,340 3,482,407 3.223.800 2,348,838
1925.
1926
1925.
1926.
Chicago Great Western
+946,994
648447
518,861
614,846
565.147
Jan __ 480.062,657 484,022.695 -3.960.038 102.270.877 101,323.883
October _ ___ 2,450,503 2,456,654
-38,008
Feb.. 459.227,3l0454,198.056 +5,029.255 99,480,650 99.518.658
From Jan L21,216.571 20,303,677 4,503,098 3,744,249 3,598,168 2,931,607
March 528,905,183 485,236.559 +43.668.624 133,642.754 109,081.102 +24,561,652 Chicago Ind & Louisville
April 498.448.309 472,629.820 +25.818,489 1143585.151 102,920,855 +11,764.296
455,498
507,173
560,439
418,207
October_ _ 1,755,922 1,678,588
May _ 516,467.480487.952,182 +28,515.298 128,581.566 112.904.074 +15,677.493
From Jan 1.15,495,019 14,691,900 4,429,108 4,105,384 3448,350 3.350,584
June _ 538,758,797 506.124.762 +32.634.035 149.492.478 130,920,396 +18.571,M2
139.644.601 +21.435.011 Chicago Milw & St Paul
July__ 555.471.276 521,596.191 +33.875,085 161.070,612
October.. _ _15.480,918 16.240,927 4,148,105 4,646,695 3,419,916 3,942.652
Aug_ 577,791,746 553,933,904 +23.857.842 179,418,017 166 426.264 +12.989.753
From Jan 1_134178623 134632,455 26,692,402 25,273,743 19,208,593 17,776.407
191,933,148 176.936.230 +14.996.918
Sept__ 588,945.933 664.756.924
.
above months has been: Chicago & North Western
-Percentage of increase or decrease In net for
Note.
October-14,895,485 14.772,076 4,125,004 3,728,293 3,318,815 2,924,906
-Oct.. 7.14% Inc.; Nov., 12.77% Inc.; Dec., 3.69% inc. 1926-Jan.. 0.93%
1925
From Jan 1.130067467 124072,234 30,841,054 27,876,655 22,812,265 19,846.330
Inc.; Feb., 0.04% dec.; March, 22.50% Inc.: April, 11.43%1 no.; May. 13.89% Inc.;
Chicago River & Indiana
June. 14.18% Inc.: July. 15.35% Inc.: Aug.. 7.86% Inc.: Sept.. 8.48% inc.
224,252
187,213
241,112
630,962
173.775
669,030
October_ _
In October the length of road covered was 236.724 miles in 1925. against 236,564
From Jan 1_ 5.746,304 5,695,467 1.995,240 1.720,796 1.548,038 1,307,785
miles in 1924: In November. 236,726 miles. against 235.917 miles; in December,
238,959 miles, against 236.057 miles: in January 1926, 236.944 miles, against 236,599 Clilc R I & Pacificmiles in 1925: in February, 236,839 miles, against 236.529 miles; in March. 236.774
October--11.991.765 11,699,444 3,474,832 3,346.809 2,836,289 2,760,799
miles. against 236,500 miles; in April, 236,518 miles. against 236,526 miles: in May,
From Jan 1 108459,460 103263,447 26,771.117 22,681,167 20,742,324 17.163,738
236,833 miles, against 236.858.3111es; in June, 236,510 miles, against 236.243 miles:
Chic It I & Gulf
n July, 236,885 miles, against 235,348 miles: in August, 236.759 miles. against
193,506
132,834
166,255
211,603
545,558
October_ _ _ 612,257
236,092 miles: in September, 236.779 .3111es, against 235.977 miles.
From Jan!, 5,799,744 5.076,899 1,907.329 1,331,017 1,725,489 1.101.770
-The table Chicago St Paul Minn & OmEarnings Monthly to Latest Dates.
Net
531,587
457,973
619,929
645,505
October.. _
2,476,393 2,578,985
following shows the gross and net earnings for STEAM
From Jan 1_22,008,934 22,488,632 4,152.224 4,558,421 3,036,178 3,223,246
railroads reported this week:
Chn Indiana & Western
62,700
-9,984
83.549
8,516
424,392
October,, _ 456,159
-Gross from Railway- -Net from Railway- -Net after Tares
208,474
491.158
677.040
391,307
From Jan 1_ 4,067.849 3,995,687
1925.
1926.
1926.
1925.
1926.
1925.
Clinchfield231,475.
237,793
301,494
337,795
784,901
October__
754,813
Akron Canton Os Youngstown
From Jan 1 6,863,001 7,256,921 2,639,921 2.691,268 1,979,768 2,110,927:
85,357
100,195
307,838
117,172
October_ __ 308,697
101,873
711.702
939,457 Colorado & Southern896,327 1,084,043
From Jan L 2,766,493 2,660,038
348,824,
311,775
411,849
375,336
October__1,328,301 1,253,526
American Ry Express
From Jan 110,509,980 10,020,572 2.201,821 1,959.293 1,564,926 1,316,618
86,197
111,210
295,772
265,835
October..-.12,283,358 12,230,799
711,985
733,117
From Jan L98,452,321 98.820,182 2,150,762 2,164,006
Trinity & Brazos \Talley
12,796
63,882
20.503
71,586
223,967
310,212
October__
Ann Arbor
33,235 -124,845 -43,928 -202,857
From Janl 2.131,707 2,045,732
146,382
573.981
561.916
139,188
160,106
171,982
October_ _
940.913 1,025,851)
Ft Worth & Denver City
From Jan L 4.886,218 4,854404 1,174,810 1,223,848
494,141
471,181
551,330
572,085
October,. __ 1,273,213 1,161,146
Atch Topeka & Santa Fe
From Jan 1_10,625,948 9,082,931 4,240,212 3,200,786 3.530,210 .656.087
October.. - _20.814,945 21,141,579 8,986.495 9,584,640 7,168,591 7,616.521
Wichita valley
From Jan 1_171686076 161166,963 60,072,422 48.110.374 44,736,332 35,259.725
114,655
74,353
121,347
84,185
202.898
October_ _ _ 169,201
Gulf Colo & Santa Fe
523.265.
459.27
012,139
556,317
From Jan 1_ 1,248.531 1,327,070
952,429 1,078,371
October__ __ 3,347,221 2,829,165 1,270.600 1,169,723
From Jan L26,045,088 23,638,666 7,116,679 5.561.505 5,998,133 4,670,725 Columbus & Gree.as55.508
58,199
57,032
59.320
183,244
184,868
October_ _ _
Panhandle & Santa Fe
145.019
289,664
163.336
304,159
529,860
From Jan 1. 1,577,593 1,381,824
517,593
584,417
596,425
October. _ _ 1,558,892 1,317,309
Jan 1_12,708,400 8,897,753 5,193,950 2,883,991 4,515,011 2,482,925 Delaware IludsonFrom
37,577 1,064.318 -74,885
October _ _ _ _ 4,384,254 2,634,934 1,271,979
Atlanta Birm & All
484.973
32,472
62,648
From Jan 1.38,434,144 37,052,813 10,109,272 7,850,323 8,999,593 6.724.576
75,452
46.757
468,638
October320,322
351.688
482,627
460,023
From Jan 1. 4,807.803 4,421,009
Delaware Lack & WesternOctober8,274,782 6A77,320 2,924,973 1.897,140 2,169,600 1.101,742
Atlanta & West Point50,686
67,455
300,747
70,915
82,401
October- - - 275,692
From Jan L73,620,964 71,642,690 22,220,511 18,889.678 15,648,574 12,938,851
459,033
477,458
634,740
624,681
1_ 2,663,987 2,623,386
From Jan
Denver & Rio Grande Western
888,086
Atlantic City949,035,
3,503,188 3,580,682 1,108,173 1,164,139
October__
304,323
-9,490 -28,021 -45.020 -60.271
October- _- 314.353
1
From Jan - 28,222,233 27,425,620 7.812,081 6,892.369 5,878,136 5,132,34a
531.934
710,202
854,877
946,737
From Jan 1- 4,210,482 4,522,911
Denver & salt Lake
Atlantic Coast Line113,324
155,448
149,445
448.507
466,921
104,323
October__
944,874 1,978,020
October- 7,313,297 8,504,905 1,496,347 2,578,737
356,241
468,588
296.222
378,357From JanI 3,415,119 2,958,761
1.81,040,481 76,370,332 22,175,880 23,674,687 16,639,824 18,361,334
From Jan
-
2888
THE CHRONICLE
[VOL. 123.
—Gross from Railway— —Net from Railway— —Net after Tares
—Gross from Railway— —Netfrom Railway— —Net after Taxes
1926.
1925.
1926.
1925.
1926.
1925.
1926.
1925.
1926.
$
1925.
1926.
1926.
Detroit & Mackinac—
Louisville di Nashville—
October.... 169.123
163,015
55,387
33,339
45.616
23,185
October____13.023,367 13,142,831 3,438.741 3,640,323 2,608,450 2,916,105
From Jan 1 1,388,559 1,453,167
174,295
149,067
80,911
From Jan 1_122765957 117310,273 29,940.213 27,461,988
47,916
23,260.618 21,816.088
Detroit Terminal—
Maine Central—
October.- __ 217,716
249,002
67,142
77,939
52.330
October.... 1,896.910 1,794.247
59,955
594.408
From Jan. 1 2,183,005 2,116.670
425,435
489,916
324,633
549,884
707,062
383,069
From Jan 1_17,082,559 16,890,827 3,774,403 3,660,949
512,941
2,766,091 2,654,810
Detroit Toledo & Ironton—
Midland Valley—
k October_ _ _ _ 1,089,198 1,513,650
313.466
704,437
257,767
629,912
October....390,267
383,830
156,808
1 From Jan L11,123,066 11.369,390 3,746.544 4.428.768 3,095,100 3,948.246
155.124
134.374
135,237
From Jan 1 3,591,341 3,682.709 1,471.208
1,346.574 1,279:378 1,174,751
Detroit & Toledo Shore Line—
Minneapolis & St Louis—
October.,.
. 417,140
433.962
198,663
260,465
174.282
October.... 1,475,444 1,452,599
229,810
338,221
From Jan 1 3,899,064 3,366,378 1,959,633 1,649,674 1,721,928
356,594
291,975
275.703
Frorn Jan 1_12,279,097 12.503,207 1,149,908
1,425,109
1,309,283
666,388
625,969
Duluth & Iron Range—
Minn St P &SS M System—
October.....1,015,180
792,743
581,577
383.158
491,370
October.... 4,387,392 5.177,686 1,375,621
320.951
From Jan 1 6,671.961 6.404,403 2,743,465 2,367,385 2,303,611
From Jan 1_39.196,822 41,165,654 9,133,450 1,853,272 1,130,932 1,480,082
1,920,617
10,925,135 6,733.820 8,262,557
Duluth Missabe & Northern—
Mississippi Central—
October.... 2.778,341 1,983,500 1,950,409 1,160.131 1,703,942
October_ _ _ _
996,042
158,732
151,024
55.746
From Jan 1 17.697.407 16,739,613 10,628,960 9.771,404 8,759,881 8,316.623
43,538
42,530
32,619
From Jan!. 1,393,037 1,370,897
396,958
427,296
293,248
Duluth South Shore az Atlantic—
307,978
Mo-Kansas-Texas—
October....483,024
532,898
136,103
140,392
107,103
October_ ___ 3.230.136 3,249,580 1,048,427
112,392
From Jan
4.502,508 4,954,313
843,043
762.912
795.195 1,055,082
505,195
From Jan 1_29,297,201 29,115,644 9,631.277 1,078,394
768,948
10,606,682 7,352,416 8,793,816
Duluth Winnipeg & Pacific—
Mo-Kan-Texas of Texas—
October__ _ 203.612
187,130
5.036
7,606
—4,564
—1,840
October....2,366.428 2,165,171
912,902
From Jan - 1.977,150 1,854,252
769,249
1
223.121
858,973
283.278
716 659
.
125.016
From Jan 1.18,210,689 17.914,420 4.843,559
191.017
3,884,689 4,307,023 3,281,492
Elgin Joliet & Eastern—
Missouri dr North Arkansas—
October.... 2,247,511 2,073,982
819,075
655,573
680.563
494.476
October_ _
165,512
150.068
17.640
13,113
From Jan 1 22,275.784 20.930.751 7,939.627 6.483,584 6,836,040 5,431.762
10,730
15,273
From Jan!. 1,459,656 1,291,041
—1,136
135,897 —24,687
114,355
Erie Railroad—
Missouri Pacific—
.10.753,237 9.165,053 2,685,253 1.741,235 2.212.075 1.372,652
October.. _12,712,588 12,190,647 3,356,591 3,046,593
October._- 92,031,825 88,504,397 16.853.618 17.104,945.13,093,782 13,449,007
From Jan 1
From Jan 1_111464381 108314,427 25,940,284 23,264,151 2,858,184 2,537,770
21,308,851 18,990,450
Chicago & Erie—
Mobile & Ohio—
October. __ 1.555,765 1,312.627
765,293
523,422
773,086
466,704
October.... 1,718,257 1,923,648
524,787
634,668
395,370
From Jan 1_12.511.382 11,780,415 5,255,271 4,650.788 4,688,114 4,092,783
496,973
From Jan 1.16,205,714 15,960,565 4,389,572 4,507,795
3,324,357 3,549,459
i• NJ&NYER—
Montour—
October__ _ _ 134.818
135,409
October.... 129,400
14,660
16,294
11,018
71,643
13,454
15,292
—2,959
9,306
—7,193
r From Jan 1. 1.339,838 1,372,072
From Jan 1_ 894,464
195.497
200,482
157,888
164.520
808,925 —41,553 —43,486 —81,463 —85,400
Evans Ind & Terre Haute—
Nash Chatt & St Louis—
,. October_ _ 230.070
228.970
76.169
77.236
October....2.099,909 2.322,624
68.932
70,834
543.245
586,457
511,313
432,993
706,368
From Jan 1_20,100.178 19.893,518 4,200,194 3,831,198
i From Jan L 2,114,193 2,006.632
642,979
645.631
580,573
3,308.395 3,184,622
Florida East Coast—
Nevada Northern—
492,868
911,473
, October_ _ _ _ 1,960.296 2,738.037
October._ _
351,909
97,820
752.291
100.612
52,527
48,900
39,664
39,968
From Jan 1_24,794.015 23.454.118 7.753,576 7.786,575 6,400,687 6,549,349
From Jan 1. 797,153
875.201
408,743
387.094
278,830
300,185
Fonda Johns & Gloversville—
Newburgh & South Shore—
26.848
98,780
04.518
31,811
October- ___
21,071
October....168.061
198,809
26,036
49,844
57,540
43,731
37,204
338,209
345.160
From Jan 1_ 1,002,451 1,050,385
From Jan 1. 1,684.499 1,693,899
261.874
268,825
386,084
367,069
234,998
252,367
New Orleans Texas & Mexico—
Ft Smith di Western—
215.147
62.042
87.159
L October..._ 191,769
October.. . 267,762
56,517
.
333,654
81.657
22,502
110.218
—4,091
93,950
254,095
From Jan 1_ 1,416,645 1,510.100
399,142
From Jan 1 2,901,781 2.878.055
198.660
343.093
625.530
854,639
363,857
660.500
Galveston Wharf—
Beaumont So Lake & W—
145,017 •
91,911
214,629
October....
54,166
October.
67.311
202,547
247,587
32.666
16,375
83.806
9,542
75,030
535,772
334,836
From Jan 1 1,540.274 1,304,231
From Jan 1. 2,358,293 2,328,473
335,328
144,758
657.756
804,589
687,667
722.298
Georgia Railroad—
St L Browns & Meg—
537.537
136,791
October.... 538.129
77.236
October.... 869,860
120,655
69,761
571,577
318,332
106.033
287,848
71.168
5,162,040 5,020.755 1,080.523
From Jan
951,894
From Jan!. 8,292,049 7,052,348 3,107.987 2,753.926 2,801,425
955,624
874,234
2,428,812
Georgia az Florida—
New York Central—
183,959
40,407
_ 176.699
, October—
61,559
October..__34,903,683 35,583.511 8,057.779 8,307,900 5,871.261 6,188,975
15.243
36,643
465,843
From Jan 1_ 1.677.722 1,502,935
424,157
Fru'Jan 1332.082.801 319883,862 85,597.643 82,014,901 62,701.273
208.423
199,928
60,274,762
Grand Trunk Western—
Indiana Harbor Belt—
2,012.286 1,721,101
October__
581,975
419.165
October.... 1.087,399 1,209,916
483.680
354.922
306,560
489.251
263.006
433,247
From Jon 117,380,525 15,333,355 4,684.683 3,250,472 3,875,599
From Jan 1- 9,476,992 9,349,949 2,804.289 3,098,695 2,336,354 2.670,113
2.587.382
Great Northern System—
Michigan Central—
—14.503.091 13,821,116 7,626,541 6.948,860 6.689,266 6,017,568
October- _
'
October.... 8,313,235 8,294,625 2,485,936 2,808,355 1,954,248
From Jan 1_97.054.170 94,658,930 23,849.425 30,933,736 25,812.787 22,832.261
From Jan 1_81,066,251 76,435,291 26,122,723 25,055,190 20,921,219 2,281,788
20,183,731
Green Bay Western—
C C C& St Louis—
172.787
October.... 152.263
37.427
October.... 8,449,114 8,348,701 2,280.391 2,183,505 1,784,769 1.710.193
68.319
27.428
58.319
Jan 1 1,382,338 1,291.379
From Jan 1.78,736,320 75.992,300 20,344,485 20,668.058 15,713.105
313.537
i From
348,259
216,396
267.485
15,968,266
Gulf Mobile & Northern—
Cincinnati Northern—
612.577
243.385
, October. - 637,256
October_ _ _ _ 425,324
221,694
441,380
188.479
168.929
169,219
168.226
137,917
137,992
From Jan 1 5,330,005 5,215,657 1,723.486 1.628,029 1,264,148 1,234,590
From Jan!. 3,995,334 3,892,874 1,396,359 1,416,560 1,130,847 1,160,064
Pittsburgh & Lake Erie—
Gulf & Ship Island—
October....353,752
340.653 —13,445
3,117,824 2.752.457
October122 —37.554 —17.470
635,324
556.466
432,509
373,893
From Jan 1_28,079,617 26,589,147 5,537,015 5,205,301 3,691,236 3,423,080
From Jan 1_ 3,368,609 3,098,105 —467,231
794,927 —722.929
603,712
Hocking Valley —
New York Chic & St Louis—
1.689,569 1,947,204
514,458
October_
October— - 5,053,665 5.156,441 1,501,514 1.559,123 1,310.594 1.294,532
531.125
401,222
435,656
From Jan 1_46,001,150 45,489.832 12,608.953 12,860,063 10.099.788 10,369,416
From Jan 1_16.505.929 16,216,132 5.069.741 4,246.417 3,923,060 3.255.168
New York Connecting—
Illinois Central System—
174.303
226.779
October.... 341,515
78,181
188,779
October_ _ _18.138.871 18.069,676 4,842.526 4.760.905 3.506.121 3,496.046
41,781
From Jan 1_ 2,480,674 2,248.873 1,444.909 1,416,426 1,060,909 1,026.826
Fr'm Jan 1157,376.347 152931.618 36.180.604 36.539,816 25,332,440 25,442,593
1r. 2
. to0
NJ N blelr .Ha2 ford
et,
o
Illinois Central Co—
057
.
- 11.874,349 3,654,106 3,267,223 3,201,123 2,832,542
October— _15.035.731 14.757,357 3.939,445 3,728.222 2.926.247 2.662.629
Fen]Jan1111.937.333 109764,188 29,813.757 28,365,153 25,287.049 24,242,367
From Jan 1 131612.959 126240.787 30.681,991 29,093,133 21.900.360 19,841,774
N Y Susquehanna & Western—
Yazoo & Miss Valley—
348.583
109,152
October.... 455,424
October_ _ _ 3,109,277 2.478.639
914.732
22.828
741,544
79.912
663.634
—7.965
617.815
833,691
From Jan 1 4,149,025 4.283.473
948.008
From Jan 1_22.685.902 19.968,856 5,277,995 5.663,454 3.675.619 4,385.772
641.021
656,987
9
Norcolk S . oftobero_u_thern 36,
International Great Northern—
430 869,486
292,176
270.622
226,779
226.312
October... _ 2.099,603 1.651.657
657,153
498,936
602.805
461,771
From Jan 1. 8.378.145 7,635.025 2,495,046 1,940.283 1,949,893 1,486,863
From Jan 1 15.599.256 14.034.045 3.404.940 2,856,468 2.940.806 2,491.749
_.it .n
esero
Kansas City Mexico az Orient—
l5T.990 10.192,055
;
d
172.587
—247
October.... 212,374
13.062 —10.5599.082 NorfolkOc obe 1.98.303.083 86.389.979 4,856,189 4,004,798 3.764.900 3,156.467
39,739,396 29,945.051 30.953,179 23,368.144
From Jan
From Jan 1. 1,872.903 2.105,928 —46,091
233,413 —100.055
164,481
Northern Pacific—
K C Mex &0 of Texas—
_10,291,216 10.685,622 4.438,031 4,745.181 3,339,379 3,774,688
254.007
October....402.553
62,166
40.142
53.773
33.142
October.- 81,353,906 80,268,359 23,634,809 21.169,453 16,826,443 13,674.755
From Jan 1
549.524
647.374
From Jan 1. 3,309.183 2,687,957
477.708
476,965
Northwestern Pacific—
Kansas City Southern—
714.871
October.... 593,797
143.903
238.736
545.318
103.039
197.657
October_ _ _ 1,646.154 1.681.154
575.380
438.480
467,792
From Jan 1 6.082.110 6,038,138 1.792,093 1,680,875 1,382,327 1,239,401
From Jan 1_15,935.494 15.115.113 5.170.187 4.359,492 4.094.264 3.399.939
Pennsylvania System—
Texarkana az Ft Smith—
Pennsylvania Co—
91.885
231.187
108.018
75.225
October.... 222.826
92,114
October _67.051.899 62.600.963 18,830,544 16,013,881 15,036,032 12,807,404
988,296
From Jan 1_ 2.489.280 2.458.034 1.158.740 1,072,478
913,541
-Wm Jan1588,442,779 557069,209 135968.863 122207.417 103557,294 94,864,007
Lake Superior & Ishpeming—
Baltimore Chas & Atlantic—
191,876
175,105
305.733
158,443
331,432
149.418
October.
143.076
October..
.. 133.779
16,298
27.275
16,298
27,275
998.518
817.097
762.496
842.432
From Jan 1 2,220.259 1.979.037
From Jan 1 1,219,357 1,293.799 —68.503
—6,386 —118.721 —38.817
Lake Terminal—
Long Island—
4,414
8,893
108,147
—1,753
96.060
2,721
October....
October... 3,353.909 2,959.267
881.630
612.225
328.301
704.300
112.892
83,272
51,401
22,946
From Jan!. 993,523 1,009,123
From Jan 1.33,409,213 31,463.240 9,675.151 9.031,989 7,888.366 7,046.039
Monongahela—
Lehigh & Hudson River—
47.450
127,283
107.733
223.642
628.304
597.744
October.
34.350
321,781
October.... 347.908
334,602
286,243
301,196
748,350
843.227
612.613
From Jan I_ 2,844,624 2.605.318 1,013.007
From Jan!. 5,456.030 4,761.150 2,594.061 2,225.332 2,319.487 2,002,391
W eat Jersey & seashore—
Lehigh az New England—
984,290
1,025.123
October_
123,215 —48,889
78.149
91,259
257.427
220.999
414,961
107,772 —65,728
October_ _ 590.526
From Jan 1.11,258.733 11,788.562 2,276.166 2,600.429 1,347,951 1,584.212
From Jan 1_ 4,732,183 4,742.017 1,680.903 1.313.340 1,425,156 1,128,388
Peoria & Pekin Union—
Lehigh Valley—
160,197
October.... 161.199
962.090 1,748.737
47,601
28.943
735.774
1,943
29.601
October.... 7,590.068 5.894,306 2.165.415
From Jan!. 1.451,756 1.547.876
425.818
354,179
172,179
243.618
From Jan 1_67.037,220 64.281.477 16.892.438 15,742.702 13,225,964 12,262.551
Pere Marquette—
Los Angeles & Salt Lake—
October... 4,512.217 4,255.831 1,745,633 1,576,830 1,544,625 1.382.168
559.098
443.974
689.577
309,611
2.192.809 2.406.584
October.
From Jan 1.38,469.805 34,946.724 12.031.468 9,673,137 9,984,922 7,870.291
From Jan 1.20,603.894 20.234.489 4.579.802 4.277,122 3,254.934 2,923.288
Perklomen—
Louisiana At Arkansas—
.
138,305
October.- - 134.511
160.517
118.653
64.664
73,991
62,851
197,080
67.955
68.007
367.393
Onto ber_ ___ 444.693
From Jan I- 1,208.450 1,149.729
913.999
551.018
825.759
516.784
465.089
480,415
From Jan 1 3.593,245 3.419,945 1,256.870 1.141.202
Pittsburgh & Shawmut—
Louisiana Ry & Nay Cu—
137,809
October.... 147.113
36,509
72.010
62.739
32,913
33.099
32.730
36,206
94.028
356.271
October.... 375.186
From Jan 1. 1.383.568 1.056.059
348,484
174.379
313.335
325.158
626.898
311,168
570,220
195.362
3.143,555 3,153,829
From Jan
Pittsburgh Shawmut & Northern
La Ry & Nay Co of Texas—
188.109
October.... 172.637
47,591
42.792
22.285
33.891
45.512
30,920
51,597
26.286
144,881
October.... 121.138
266,512
97.618
From Jan 1 1,626.851 1.555.445
283.527
320.163
135.788
290,013
175.743
137.986
Promo Jan!. 1,092,030 1.094.618
Pittsburgh & West Virginia
Louisv Henderson & St L—
152.258
443.034
October_ _ __ 466,962
83.111
236.507
165.541
206,497
110.775
138.679
106.545
357,142
October. ___ 320.513
From Jan!. 4,268,675 4,012,639 1,849,648 1,562,374 1,269,311 1,109,574
575.109
990,082
789,772
From Jan 1- 3,131,757 3,164,797
784,204
r
1
1
DEC.
4 1926.]
THE CHRONICLE
-Gross from Railway- -Net from Railway- -Net after Tare,
1926.
1925.
1926.
1926.
1925.
1925.
6
8
Port Reading
October.... 219.309
186,521
24.003
7,288
89,112
73,285
From Jan 1_ 2,014,261 2,111,845
722,047 1,085,612
557,948
928.173
Pullman Company
October. ___ 6,778,034 6,818,258
681,280
368,722
966,450
668,838
From Jan L69,378.934 67.465,597 13,099,048 15,307,184 9,392,970 11,592,947
Quincy Omaha & K 0
81,721
107,082
October._
14,465
-9,254
9,715 -13,894
849,042 -25,928 -63,960 -73,723 -110,313
From Jan E 779,798
Reading Company
October. 9,283,311 7.261,311 3,077,160 1,729,049 2,644,754 1,352,104
._
From Jan L81,219,083 77,039,710 20,729,830 19,459,133 16,325,310 15,779,009
Richmond Fred & Potomac
948,402 1,045,126
October.
243,672
273,602
184,434
216,300
From Jan E10,80),301 10,675,833 3,609,755 3,858,077 2,862,625 3,220,641
Rutland
October.
585,215
552,605
114,291
81,081
81,529
54,996
From Jan 1_ 5,673,009 5,406,392 1,039,525
848,646
733,996
583,520
Louis-San Francisco
St
October. _ _ 8,297,955 8,595.603 2,655,456 2,707,535 2,237,499 2,188,516
From Jan 1_74,971,112 74,139,666 23,283,104 22,657,879 19,201,081 18.601,876
-San Fran of T
St 1,
October_ _
182.759
202.305
48,247
62,272
45,855
59,332
From Jan 1_ 1,678,781 1,789,577
432,432
585,364
405,804
460,396
Ft Worth & Rio Grande
October. _ _
116,618
133,821 -12,481
9,416 -16,678
5,380
From Jan 1_ 1,052,754 1,116,000 -76,141
3,820 -117,882
36,800
St Louis Southwestern
October_ _ _ _ 1,800,666 1,746,166
719,944
534.814
598,586
447,045
From Jan E 15,064,953 14,888,984 4,988,129 4,518,299 4.249,661 3,903,620
St Louis SW of Texan
October. _ 827,847
817,077
116,079
137,204
81,064
110,135
From Jan E 6,170,259 6,425,968 -47,363
112,914 -354,887 -157,492
Total System
October. _ 2,628,513 2,563,243
835,023
671,818
679,651
557,129
From Jan 1_21,235,213 21.314,952 4,940,766 4.629,213 3,894.775 3,746,128
San Ant Uvalde & Gulf
October._ 159,277
105,880
38,894
16,795
35,063
12,533
From Jan E 1,611,960 1,229,379
459,853
279,837
423,117
241,890
Seaboard Air Line•
October_ _ _ _ 5,422.359 6,038.211 1,445,051 1.557,551 1.192.549 1,319,858
From Jan 1_55,576.939 50,993,446 14,536,288 12,800,315 11.663,759 10,415,202
Southern Pacific System
Southern Pacific Co
October. .20,838.188 21.161,076 8.204,340 8,34,134 6,373.778 6,543,815
From Jan 1_180424622 175264,572 56,877,655 50,096.790 42.027,323 35.541,366
Atlantic SS Lines
October_ _ _ _ 1,155,370 1.151,985
163,039
165,661
159,890
150,938
From Jan 1_10,410,443 9,467,193 1,382,647 -59,183 1,298,959 -205,218
Galv Harris & San Ant
October.. _ _ 3,155,111 2,733,066 1,062,163
790,816
811,440
693,229
From Jan 1_25,224,807 24,419,387 5,093,670 4,378,261 3,961,271 3,502,245
Houston dc Tex Cent
1
October._
1,521,566 1,307,361
600,036
352,730
501,570
257,770
From Jan L11,632,343 12,083,387 2,599,921 2,575,069 1,944,437 1.923,538
Houston E & W Texas
October. _ 338,013
365,219
123,249
155,820
109,923
141,220
From Jan 1 2.713,789 2,841,046
839,760
735,147
682,241
625,012
St Louis Western
October . __ 317,259
420,815
76,951
152.498
42,849
114,833
From Jan 1_ 3.170,069 3,518,324
713,388
839,214
459,446
593.709
Morgans La St Texas 88
October.._ 795.243
783,153
155,411
135,335
99,830
85,441
From Jan 1. 6,639,126 6,830,484
13,083
543,950 --509,513
37,990
Texas & New Orleans
October.
902,405 1,043,376
138,779
321,178
107,533
289,357
From Jan 1 8,487,500 9,268,369 1,403,275 2,065,037 1,058.341 1,742,801
Southern By System
Southern By Co
October_ _13,535,623 13,901,740 4,620,891 4,753,544 3,740,672 3,755,563
From Jan 1_129448581 123026,510 39,530,239 34,564,663 31,158,364 28,820,718
Ala Great Southern
October._
930,763
946.812
315,790
333,671
264.417
241,547
From Jan 1_ 8,872,119 8,614,409 2,672,061 2,607.331 2.048,797 2,061,768
Cm N 0 & Tex PacOctober_ _ 1,994,184 2,102,647
902,640
565,465
775,372
427,638
From Jan 1_19,657,341 19,292,731 6,456.020 7,056,210 5,188,509 6,006,096
Georgia So & Florida
October. _
490,757
673,384
128,259
66,444
158,795
89,377
From Jan 1 5,796,578 5.424,454 1,425,567 1,830,200 1,124,339 1,524.806
North Alabama
October. ___
140.059
141,947
66,300
50,930
62,297
60.066
From Jan 1 1.214,199 1,309,233
491.529
512,512
434.610
578,440
Spokane International
October_ _ _ _
113,173
121,527
39.705
34,553
33,788
40,768
From Jan 1 1,060.617 1,043,913
380,015
325,151
287,986
341,043
Spokane Portland & Seattle
October.... 878,924
862.337
395,620
305.363
323,588
399,925
From Jan 1 7,229,620 6,751,813 2,769,870 2,317,090 1,971,966 1,560,345
Staten Island R T
October_ _
268,918
244,996
80,049
63,549
2,296
17,606
From Jan 1_ 2,689,383 2,503,906
645,634
476,283
113,079
271,186
Tennessee CentralOctober...- 286,681
305,667
67,355
56,530
76,008
65,077
From Jan E 2,746.734 2,669,143
575,729
578,790
505,738
653,013
Term By Assn of St LouisOctober....1.284,121 1,230,760
514,650
222,092
391,795
348,829
From Jan 1_11,287,301 10,878,650 4,174,691 3,501,694 3,036,229 2,484,051
Texan & Pacific
3,397,054 3,481,478 1,109,957 1,167,016
October.
988,458
946,532
From Jan 1_28.865,168 28,305,842 7,071,816 6,803,045 5.480,616 5,288,607
Toledo Peoria & Western
October.
163.700
152,972
21,373
13,673 --12.925
5,075
From Jan 1_ 1,235,191 1,355,798 --20,187 -68,007 --95,193 --152.065
Ulster & Delaware
October. _ _ 101,042
80.836
13,921
8,171
3,803
-1,697
From Jan 1_ 1,103,311 1,207,464
141,653
122,662
84,152
177,564
Union PacificOctober....i2,922.280 14,222,318 6,097,980 6 791 782 5,288,370 6,277,619
From Jan 1 95.430,807 90,434,629 33.018,555 31,318:036 25,963,993 25,409,186
Oregon Short Line
October.. _ _ 3,849,772 4,298.584 1,672,144 1,911,997 1,349.996 1,689,110
From Jan 1_30,657,348 28,674,720 9,347,605 7,752,630 6,746,809 5,426,628
Ore-Wash By & Nay
3,174,296 2,807.826 1,263,259
October.
553,141
724,802 1,055,048
From Jan 1_25,697,543 23,148,418 6,788.564 4,346,287 4,984,500 2,644,333
St Jos dr Grand Island
October._ 381,047
399.092
124,527
100,306
156,803
144,732
From Jan 1_ 3,050,612 2,813,407
765,326
571,990
704,162
582,680
Union RR (Penn)
October...- 1.060,942 1,026,577
242,414
197,414
356,060
289,829
From Jan 1_10,286,714 9,702,950 2,495,791 2,262,292 2,079.384 1,939,287
Utah
151,108
October_
194,952
68,482
58,139
86,426
80,014
From Jan 1- 1,338,696 1,409,133
420,905
473,198
324,262
398,721
Virginian
October.... 2,464,711 1,741,615 1,328.926
764,164 1,168,914
667,307
From Jan 1_19,439.255 15,673,780 9,230.590 5,835,467 7,865,900 4,741,224
Wabash
October_ _ 8,652,166 6,639,832 2,285,237 2,065,823 1,988.162 1,793,074
From Jan 1.59,514,722 57,544,364 15,329,782 14.494,500 12,510,577 12,003,514
2889
-Gross from Railway1026.
1925.
8
1
Western Maryland
October_ _ _ _ 2,612,214 1,732,317
From Jan L19,918,855 16,373,846
Western Pacific
October_ _.. 1,875,027 2,051,614
From Jan L13,836,707 13,009,155
Western By of Ala331,954
October_ _ _ _ 285,591
From Jan E 2,826,467 2,813,120
Wheeling & Lake Erie
October_ __ _ 2,023,760 2,040,386
From Jan 1_17,723,640 17,054,973
-Net from Railway- -Net after Taxes
1926.
1925.
1926.
1925.
$
$
$
$
552.155
871,019
487,155
766,019
6,126,252 5,074.102 5,271,252 4,434,102
852,868
868,535
788,130
773,469
4,241,398 3,472,093 3,170,391 2.680.726
76,282
766,860
144,697
899,615
61,228
599,047
120,125
726,772
441,724
690,024
599,432
541,645
5,278,819 5,058,106 3,818,114 3,719.719
-Deficit.
Total Net
Income.
Fixed
Charges.
Balance.
*22,224
Oct '26
31,673
-9,449
'25
*28,195
31,224
-3,029
From Jan 1 to Oct 31 '26
*335,568
321,101
14,467
*337,062
'25
318.368
18,674
Georgia & Florida
*15.243
Oct.'26
13.228
2.015
*36.643
'25
13,253
23.390
From Jan Ito Oct 31 '26 *208,423
133,257
75,166
'25 *199,928
132.577
67.351
NY New Haven & Hartford_._Oct '26 *3,034,176 1,797,008 1.237,168
'25 *2.816,974 1,905,436
911,538
From Jan 1 to Oct 31 '26 *25339,635 18,107,628 7,232,007
'25 *24908,523 19,086,948 5,821.575
New York Ontario & Western Oct '26 *157.085
114,229
42,855
'25 *de169,499
116.062 de1185.561
From Jan 1 to Oct 31 '26 *2,136,888 1.181,046
955.842
'
'25 E754,354 1,171,466
582.887
Oct '26 *701.410
St Louis Southwestern
230,123
471,287
'25 • *570,468
232,519
337,948
From 'Jan 1 to Oct 31 '26 *4,002,935 2.331.716 1,671,219
'25 *3.864,528 2.340.563 1,523,965
•Includes other income.
-Grossfrom Railway- -Available for Int.- -Surplus after Chas
.1925.
1926.
1925.
1925.
1926.
1926.
$
$
$
3
$
6
St Louis-San Francisco (incl. Subs. Lines)938,585
October__ 8,690,391 9,033,311 2,241,017 2,098,085
854,102
From Jan 178,435,422 77,822,679 19,199,415 18,218,806 6,313,041 5,643,938
Net
Gross
Interest & Balance.
Earnings. Earnings.
Surplus.
Taxes.
$
S
$
$
-939
115
Bellefonte Central
6.317
-1,054
Oct 1926
-4
200
9,205
1925
-- 204
From Jan 1 to Oct 31 1926
-6,083
65,105
--7,233
1,150
5,074
87.486
1925
3,074
2,000
Fonds Johnstown & Gloversv
'Includes other Income.
Electric Railway and Other Public Utility Net
Earnings.
-The following table gives the returns of
ELECTRIC railway and other public utility gross and net
earnings with charges and surplus reported this week:
-Gross Earning.- -Net Earnings
-
Current
Precious
Current
Precious
Year.
Year.
Year.
Year.
Companies.
$
$
$
$
e Barcelona Tr,IA & Pr-Oct 7,348,480 7,270,724 4.679.223 4,574,109
10 mos ended Oct. 31_ -73,942,425 70,931,194 47,786.876 46,391,977
Winnipeg Electric Co__Oct 492,698
476,913
172.026
162,514
10 mos ended Oct 31....... 4,552,053 4,354.991 1,359,440 1.199.634
e Given in pesetas.
Gross
Net after
Fixed
Balance.
Earnings.
Taxes.
Charges.
Surplus.
Companies.
American Water
Oct '26 3,86.1.43 1,874,131 1,465,924
408,207
Wks & El Co & Subs '25 3,485,879 1,548,759 1,287,407
261.352
12 mos ended Oct 31 '26 44,641,644 21.446,610 17,351,596 4.095.014
'25 40,444.047 18,449.268 15,271,055 3,178,213
Blackstone Valley
500,035
Oct '26
148,235
Gas & Bloc
458,725
'25
156.837
12 mos ended Oct 31 '26 5,424,325
1,376.446
'25 1,376,446
1,491,755
Binghamton Lt.
Oct '26
172,755
c57.448
Heat & Power Co
'25
148,091
c52.384
12 mos ended Oct 31 '26 1.887.375 0650,009
320,832
329,178
'25 1,631.721 c*611,848
307.851
303,996
Boston Elevated
Oct '26 *3,018,697
671,010
688,287
2,723
Railway
'25 *3,035.964
781,858
664,155
117,704
Broad River
Oct '26
236,876
c107,184
Power Co
'25
170,409
c75,076
12 mos ended Oct 31 '26 2,151,863c*1,157.572
660,967
496,605
Engineers Pub Serv Oct'26 2.329,186
868,540
276.927 5589,613
Co and subsid
'25 1,974,622
731,218
256,931
5474,287
12 MOS ended Oct 31 '26.26.044,957 9,987,791 3,158,186 56.829,605
Federal Lt & Trac Oct '28
552,807
162.116
'25
493,954
132,926
12 mos ended Oct 31 '26 6,491,287
1,685,450
25 5,835,400
1,427.220
Florida Public
Oct '26
133,404
51.094
Service Co
'25
96,010
19.947
12 mos ended Oct 31 '26 1,589,223 *730,503
423.295
307.20.4
'25
971,856
*315,520
221,602
93,918
Galvaston Houston Oct'26
411,272
62.758
Elec
'25
338.471
36,464
12 mos ended Oct 31 '26 4,433,839
500.235
'25 3.934.576
406,218
General Gas &
Oct '26 2.136,299 a756,738
Electric
'25 1,870,652 a594,593
12 mos ended Oct 31 '26 23,490,369*a8,838,220 16,010.798 2,827,422
'25 20,588,905*a7,158,717 1'5,435,689 1,723,028
Jamaica Public
Sept '26
53,325
22.344
6.141
16.203
Service Co, Ltd
'25
48.869
17,374
6.308
11.066
12 mos ended Sept 30 '26
646,465
253,021
75.055
177.967
'25
607,912
214,407
80.249
134,158
Manchester Trac
Oct '26
244,198
99.961
29,864
70,097
Lt & Pow Co & subs '25
213.819
90,492
25.977
64,515
12 mos ended Oct 31 '26 2.772,937 1,268,560
352,082
916,478
'25 2,516,561 1.098,458
315.324
783.135
Metropolitan Edi- Oct '26
847.958 a354.887
son Co & Sub Cos
'25
788.829 a313,000
12 mos ended Oct 31 '26 9,448,257*a4.161.598 1,784,754 2,376.843
'25 8,499,048*a3,735,681 1,743,114 1,992,567
Nervada Calif El Co Oct'26
360,877
223,471
139,920
83,551
and subs
'25
298.277
161,661
107,168
54,493
12 mos ended Oct 31 '26 4.980.200 2,851,556 1.453,927 1,397,629
'25 4.831,015 2.356.100 1.263,217 1,092,883
New Jersey Power Oct '26
217.058
c59,076
& Light Co
'25
127,065
c34,242
12 mos ended Oct 31 '26 2,283,203 *c602,597
306,964
295,632
25 1,272.758 *c378.943
173,750
205,193
North Carolina
Oct 26
193.736
58,441
Public Serv Co & Subs '25
159,759
53.659
12 mos ended Oct 31 '26 2,030,261
*670,375
337,571
332.804
'25 1,842,937
*589,792
292,712
297.089
•
Companie.
,
.
Oct '26
Northern Penn
'25
Power Co
12 mos ended Oct 31 '26
Oct '26
Reading Transit
'25
& Sub Cos
12 mos ended Oct 31 '26
'25
Third Ave Ry Syst Oct'26
'25
4 mos ended Oct 31 '26
'25
Gross
Earnings.
$
63,552
60.660
748.321
246.099
247.862
2.960.592
3,030.497
1,316,647
1,272,858
5,147,631
4,915,978
Net after
Taxes.
Fixxed
Charges.
a17,272
a16,654
a*282.899
a28,179
a17.469
*a275.264
•a262.733
272,114
266,803
1,052,414
948,295
Balance.
Surilus.
147.587
135,312
103.440
89.576
228.978
223,617
885,779
898.716
171,824
173,156
43,136
43,186
166,635
49,579
a After depreciation and rentals.' c After depreciation. f Includes preferred stock dividends of subsidiaries. * Includes other income.
Month of October
12 Months Ending Oct. 31
Burp. after
Burp. after
Charges.
YearGross
Net.
Charges.
Gross.
Net.
$
$
$
$
$
Baton Rouge Electric Co
269,465
79,540
931,654
339,634
1926
24,633
18,753
198.794
1925
75,329
268,631
23,949
17,681
778,577
Blackstone Valley Gas & Elec Co and sub cos
1926
500,035
195,971
148.235 5,424,325 1,937.116 1,376,446
1925
458.725
187,170
156,837 4,966,900 1,890,053 1,491,755
Cape Breton Electric Co Ltd
48,351
1926
51,548
605,121
117,642
10.372
4,323
13,091
1925
50,407
11,341
81,890
5,561
568,725
Edison Elea Ill Co of Brocton1926
158,479
62,220
585,431
575,456
61.390 1,750,491
1925
140,980
52,344 1,657.289
603,083
612,728
51.048
The Elee Lt & Pr Co of Abington & Rockland
102.733
1926
53,305
12,512
579,941
105,540
12,079
49,798
1925
11,583
11,234
516,643
98,903
93,552
El Paso Elec Co and Subs
881,521
1926
253.849
101,178
87,207 2.772,724 1,046,350
217,684
1925
83,222
69.385 2,520,338
888,385
689.437
Fall River Gas Works Co
90,420
1926
26,579
26,556
992,503
221,489
217,860
1925
91,335
263,464
260,923
26.813
26,391 1.006.763
Galveston-Houston Elec Co and sub cos
411.272
1926
130,096
62.758 4,433,839 1,252,940
500,235
338,471
1925
91,684
36,464 3,934,576 1,019,965
406,248
Haverhill Gas Light Co
61,061
12,510
12,381
682,712
1926
133,586
133,046
53,307
9,446
629,887
9,455
135,365
1925
135,050
Lowell Electric Light Corp
The
148,443
55,379
53,352 1.711,096
593,815
1926
580,150
149,738
61,000
60,984 1,604,877
563.750
1925
560,417
Jacksonville Traction Co
51,374
140,977
592,863
1926
401,685
35,789 1,613,975
129,665
51,991
35,469 1,264,161
422,230
1925
287,313
North Texas Elec Co and sub cos
82,147
52,377 2,524,372
219,541
837,388
1926
481,610
215,495
69,832
40,540 2,503,294
800.505
1925
455,689
Puget Sound Pow de Lt Co and sub cos
468,164
232.179 13,365,674 5,505,861 2,843,790
1,138,513
1926
1,099,779
294,982
117.506 12,778,657 4.785.497 2,657,637
1925
Savannah Electric & Power Co
37.425 2,197,101
817,585
194,692
66.817
453,669
1926
696,261
175,206
60.717
30,103 1,930.869
324,518
1925
Sierra Pacific Elec Co & sub cos
505,888
461.588
21,873 1,231,893
115,969
25,664
1926
468,802
409,208
37,487
34,036 1,147.502
91,777
1925
Tampa Elec Co & sub cos
140,581
135,893 4,735.968 1,778,286 1,700.320
399.638
1926
130,393 3,081,292 1,330.926 1,274,011
309,481
136.390
1925
konth of September
Columbus Elec & Pow Co and sub cos
119,691
192,656
330,938
1926
235,974 ---30,154 ---51,978
1925
East Texas Elea Co (Del) and sub cos
163,185
538,178
234,501
1926
108.127
514,710
185,706
1925
-12 Motulis Ending Sept. 303,530,710 1.698,748 1,013,352
2,600,644
805,499
541,888
5,390,287 1,755,362
2,817,604
898.364
913.728
P41,196
FINANCIAL REPORTS
Financial Reports.
-An index to annual reports of steam
railroads, public utility and miscellaneous companies which
have been published during the preceding month will be given
on the last Saturday of each month. This index will not
include reports in the issue of the "Chronicle" in which it is
published. The latest index will be found in the issue of
Nov. 27. The next will appear in that of Dec. 25.
Loew's Incorporated (and Subsidiaries 100% Owned)
(Annual Report-Fiscal Year Ended Aug.31 1926.)
OPERATING STATEMENT FISCAL YEARS ENDED AUG. 31.
1924-25.
1925-26.
1923-24.
1922-23.
Gross IncomeTheatre receipts, rentals
films, &c..$59.152.476 $53,797,925 $40,628,928 $16,860.161
and sales of
1,585,279
1,448.049 1,363,238
Rentals of stores & offices 1.589,904
630,181
437,731
580,955
623,623
Booking fees & Commis_
515,657
Divs.rec.from affil.corp.
473.811
230,110
271,678
886,244
Miscellaneous income-$62,209,579 $56,294,745 $42,937,269 $19,634,355
Expenses
Operation of theatres &
$32,629,314 $29,039,528 $24,182,952 $8,320,486
office buildings
4.327,420
6,820,583
2,958,355
Oper. offilm distribution 6,894,510
5,612,596
2,766,547
2,118,832
Amortization of films_ _ - 7,919,206
Cost of film advertising
436,177
492,559
366,657
513,282
accessories sold
Producers' share of film
5,862,032
5,521,986
2.793,634
3,133,435
rentals
825,031
1,811,082
409,712
Depr. of Wigs. & equip_ 1,884,498
450,674
674,316
251,192
1,125,453
Federal income
interests' share
Minority
946.351
1,034,352
affiliated corporations. 1,253,080
Loew's, Inc., share un112,858
268,925
160,044
distributed affil. corp's
Divs.on subsidiary stock
78.174
310,186
308,559
(Metro-Goldwyn pref)
Total expense
Operating profits
Previous surplus
$55,821,381 $51,586,114 $39,988.217 $17,218,866
$6,388,198 $4.708,631 $2,949,053 $2,415,488
2,961,486
545,998
3,788,978
6,376.050
$12,764,248 $8,497,610 $5,910,538 $2,961,486
Total surplus
2,121,560
2,121,560
1,591,170
Dividends
550.000
Reserve for contingencies
Profit & loss, surplus-$10,623,078
[VOL. 123.
THE CHRONICLE
2890
$6,376,050 $3,788,978 $2,961,486
CONSOLIDATED BALANCE SHEET AUGUST 31.
1926.
1925.
1925.
1926.
Assets
$
Liabilities$
$
Cash
5,076,030 1,547,585 Capital stock._ _y26,280,858 26,280,858
Cash res. for const. 1,431,013
Met.
-Goldwyn preAccts.receivable
927,061
ferred stock____ 4,940,481 4,430,667
914,353
Notes receivable
84,415
161,444 15-yr.6% bonds _14,500,000
Due fr. affil. corp.
Obligations of subs.16,011,600 11,477,875
(less than 100%
Accounts payable_ 2,352,064 2,066,432
owned)
484,913
428,179 Notes payable__ 169,543 1,252,088
Inventories
17,913,241 11,864,862 Taxes (theatre adAdvances
1,090,802 1,060.741
missions, &c.).._
16,199
20.677
Inv.In affil.cos_ _11,866,639 9,854,215 Accrued interest._ 590,619
136,647
Deposits on leases
Advances from afand contracts
489,108
469,235
filiated cos
73,101
48,001
Miscell.Investm't_ 289,187
266,942 Federal taxes
731,279
363,483
Prop. 100% own_x34,291,146 25,846,041 Res. for conting_ 500,000
Deferred charges 2,868,682 1,341,799 Sinking fund
592,500
Mortgage loan_ _ _ 2,000,000
Subs. dividends
75,953
Long-term payables 789,000
Divs. payable
607,922
Deferred credits__ 565,959
694,697
Surplus
10,623,080 6,376,050
Total
78,812,236 53,755,396
Total
78,812,236 53,755,396
x Property Includes: Land, $13,650.160; buildings and equipment.
$24,030,082; leaseholds, $1,735,941: total, $39,416,184: less reserve for
depreciation, $5,125,038; leaving, as shown above, $34,291,146. y Capital
stock, without par value,shares outstanding, 1,060,780.-V. 123, p.2527.
Co. (Cuba), New Yo'rk City.
(21st Annual Report-Year Ending Sept. 30 1926.)
The remarks of President James H. Post, together with income account and balance sheet as of Sept. 30 1926, will be
found under "Reports and Documents" on a subsequent page.
Guantanamo Sugar
INCOME ACCOUNT FOR FISCAL YEARS ENDING SEPT. 30.
1925-26.
1924-25.
1923-24.
1922-23.
$2.958,070 $2,625,915 $2,477,006 $1,620,482
162,311
314.796
17,246
115,034
*Gross sugar sales
Molasses sales
Total
$3.120,381
aProducing & manufacturing expenses, &c
2.706.088
Profit on operations__
Other income, credit._
$2,940,711
$2,592,039 $1,637,727
2.676,490
2,321,345
1,839,673
$414,293
178,829
$264,221
178.748
$270,695 loss$201,946
167,641
203,984
Total profits
• $593,122
Depreciation of mills, &c.
257.734
Federal taxes
45.000
$442.969
264,401
19,000
$438,336
218,690
3,000
$2,038
246,330
Balance, surplus
$290.388
$159,568
$216,646 def.$244.291
Previous surplus
1,944,185
2,310,270
2,264,559
2,609,306
Prof. fr. pur. of co's stk.
3,791
12,426
4,697
Adj. of res.for repl. colon
accts. & invent
Dr.300.000 Dr.130,000 Dr. 61,632
Cr.19,544
Total
$1.938.364 $2,352,265 $2,424,270 $2,384,559
Preferred dividends_ ..._
151,520
138.080
114,000 . 120,000
Miscellaneous charges
270,000
b62,250
P.& L.surp. Sept.30- $1.722,594 $1,944,185 $2,310,270 $2,264,559
* After deducting sea freight commissions, &c. a Also includes shipping
and general expenses. b Additional reserve for contingencies.
BALANCE SHEET SEPT. 30.
Assets1926.
1925.
Liabilities1926.
1925.
Real estate, buildPref. 8% stock---$1,904,200 $1,933,800
Inge, .1zo
x$5,080,913 65,040,965 Common stock ---y3,974,900 3,974,350
Guan. RR. notes_ 1,086.957 1,086,957 Old common
z75,100
75,650
Adv.to Guan.RR.
26,104
26,596 Notes payable _ _ _ _ 1,350,000 1,387,500
Guan. RR. stock_
1
1 Accounts payable_
170,000
204,037
Grow, crops carr'd
Other notes & loans 525,000
to follow. season 215,635
200,750 Taxes and contln823,532
Inventories
gencies
795,756
135,652
39,037
205,795
Cash
167,023 Repairs & maInt75,000
75,000
1,669,527 1,751,867 Maintenance soil
Adv. to colonos
Misc.accts.rec.,&c. 244,584
114.509
fecundity
119,463
92,514
43,150 Surplus
38,067
1,722,594 1,944,185
Unexpired ills., &c.
25,000
25,000
Stk. for employees
Adv. for pur. of
473,500 Total(each side) 510,051,9l0 $9,726,074
add'l sugar lands 635,795
x After adding $35,079 for machinery and apparatus purchased to be
installed, and after deducting $1,696,371 reserves for depreciation, replanting and extraordinary repairs. y Common stock authorized 405,000 shares
of no par value, issued and outstanding 397,490 shares of no par value.
z $50 par value.
RESULTS OF OPERATIONS OF THE GUANTANAMO RR. FOR YEARS
ENDING JUNE 30.
1925-26.
1924-25.
1923-24.
1922-23.
$23,419
$16,390 1088$89,770 loss$108.092
Profit for year
-V. 121, p. 2747.
GENERAL INVESTMENT NEWS
STEAM RAILROADS.
U. S. RR. Board of Arbitration Awards to 89,000 Conductors and Trainmen
of Eastern Roads a 734% Increase in Wages.
-Increase is approximately
$15,000,000 per year. Brotherhoods had asked for 19% wage increase, or
$1 per day, amounting to approximately $38,000,000 per year. About 50
Board's vote stood 4 to 2. Will take effect as of Dec. 1.
roads are affected.
New York "Times" Dec. 3,_p. 1.
Chicago Milwaukee &St. Paul RI!. Employees Demand Restitution of 1920
-800 shopmen request 13 cents per hour increase, bringing
Wage Scale.
wage scale up to 1920 level. The now receive 72 cents per hour. "Sun"
Dec. 2, p. 41.
Eleven Western Roads Operating Out of Chicago Voluntarily Increase Shop
-Increases range from 1 to 3 cents pre hour but in most cases
men's Wages.
are 2 cents per hour. Most of the changes are effective as of Dec. 1, but
Missouri Pacific's went into effect Aug. 1 last, and Atchison Topeka Sc
Santa Fe's Nov. 1. Other roads involved include: Chicago Rock Island &
Pacific, Chicago & Eastern Illinois, Ft. Worth & Denver, Union Pacific,
Wabash, Illinois Central, Great Northern and Chicago & Alton. Chicago
& North Western is negotiating with Federated Shoperafts. New York
"Times" Nov. 27, p. 26.
Chicago Burlington & Quincy RR. granted 1 cent per hour increase on
-"Journal of Commerce" Nov. 27.
Nov. 1.
Emergency Conference to Avoid Canadian Rail Strike Held in Ottawa by
Rail Heads and the Minister of Railways.
-The latter urges further negotiations, declaring a strike would be disastrous at this time. New York
"Times" Nov. 29. p. 6.
Eguipment.-Class I railroads of this country during the first 10
New
months this year installed 1,839 locomotives, the Car Service Division of
the American Railway Association reports. This was an increase of 347
locomotives over the number installed during the corresponding period last
year and 69 locomotives over the number installed during the corresponding
period in 1924. Of the total number installed so far this year, 175 were
placed in service in October. Locomotives on order on Nov. 1 this year
totaled 334, compared with 218 on the same date last year and 358 on the
same date in 1924.
Freight cars installed in service the first 10 months this year totaled
93,979, a decrease of 25,264 under the corresponding period in 1925, and
a decrease of 43,390 under the corresponding period in 1924. Freight cars
installed in October this year totaled 8,596, including 3,704 box cars, 3,218
coal cars and 220 refrigerator cars.
DEC. 4 1926.]
THE CHRONICLE
2891
Class I railroads on Nev. 1 had 14,646 freight cars on order, compared 000,000 of which will be contingent upon earnings. Under its existing
with 24,606 on the same date last year and 40,760 on the same date in 1924. capital structure, the system faced maturities during the next ten
These figures as to freight cars and locomotives include new and leased approximately $239,000,000. The immediate cause of the receivership was
the inability to meet maturities on June 1 1925 aggregating $48.000,000.
equipment.
(3) Provision for the raising by assessments of about $70,000,000 in
h, Surplus Cars.—Class I railroads on Nov. 15 had 98.704 surplus freight
cars In good repair and immediately available for service, the Car Service cash, of which approximately $10,000,000 is to be set aside for working
Division of the American Railway Association announced on Nov. 27. capital.
This was an increase of 10,574 cars compared with Nov. 8, at which time
(4) Release of $18,000,000 of general mortgage bonds now pledged to
therelwere 88,130 cars. Surplus coal cars in good repair on Nov. 15 secure the notes held by the U. S. Government. The reorganization plan
totaled 11,321, a decrease of 1,218 cars within approximately a week, while contemplates the immediate adjustment of the company s debt to the
surplus box cars totaled 61,815, an increase of 11.512 cars during the same Government of approximately $55.000.000. Of that amount, $20,000,000
period. Reports also showed 14,663 surplus stock cars, a decrease of 173 is due the Director-General of Railroads and $35,000,000 is due the Secre-S.
cars under the number reported on Nov. 8, while surplus refrigerator cars tary ofthe Treasury on account ofloans certified by the I. C.Commission.
Under tne reorganization manager's proposals, the Government will be
totaled 4,017, an Increase of 501 cars within the same period.
Matters Covered in "Chronicle" Nov. 27.—(a) Rail wage raises spread to paid in full $35.000,000. The proposal with reference to the settlement of
the West; Atchison Topeka & Santa Fe and Union Pacific roads will each the 820,000,000 debt is that $17,000,000 in cash and $3.000.000 in preferred
stock of the reorganized company, plus approximately $2,500,000ofinterest.
pay shopmen upward of $500,000 more annually.—p. 2735.
be delivered to the Government in liquidation of the debt. Secretary of the
Alabama Great Southern RR.—Extra Dividends.—The Treasury Mellon has accepted this method of repaying the debt to the
directors have declared an extra dividend of 1% on both the Government.
reorganization managers have stated that if legislation now pending
common and preferred stocks, in addition to the regular in The
Congress to provide for funding of the railroad indebtedness to the
permit it
%
Government at OA' interest is
semi-annual dividends of 334% each on both issues. The of in the St. Paul reorganization, enacted in time to to effect ato be availed
modification
common dividends are payable Dec. 30 to holders of record of the plan to that end. Two they will endeavor Congress, which, if
bills are now before
10. The preferred dividends are payable Feb. 14 to enacted, would permit the funding or extension for a long period of the
Dec.
from 6 to 4l, % of the
holders of record Jan. 14. The last previous extra dividend $55,000,000 Government debt, with a reduction favorable action in time
interest rate on the debt. Should Congress take
common and preferred stocks was 5%, declared six for the reorganization managers to include these modifications, substanon the
months ago. This company is controlled by the Southern tially corresponding reductions will be made in the amount of cash to be
provided by the stockholders.
Railway.—V. 123, p. 1870.
•
The modified plan of reorganization will reduce the high fixed charges
of the road and correct the weaknesses which contributed to the receiverAtlantic & Western RR.—Final Valuation.—
ship. A reduction in the fixed interest cl3ar8es of approximately 36% will
-S. C. Commission has placed a final valuation of $241,720 on bring such charges to about the level of the company's principal comThe I.
petitors.
the property of the comany, as of June 30 1917.—V. 120, p. 3062.
The $70,000.000 cash requirements to effect the reorganization will be
Baltimore Chesapeake & Atlantic Ry.—Protective met by payments of $28 per share by the holders of the $115,931.900
existing preferred stock and of $32 per share by the holders of $117,411.300
Committee.—
existing common stock, for which only $106.888,980 of new bonds will
At a meeting of the committee representing assenting owners of let be issued.
mtge. 5% bonds under the protective agreement dated Aug. 5 1926, Fred
This assessment, of course, will be appreciably reduced should Congress
G. Boyce Jr. (V.-Pres. of Mercantile Trust & Deposit Co.), Baltimore, enact the required legislation to extend and reduce the rate of interest on
and William G. Edinburg, N. Y. City (representing F. J. Lisman & Co.), the road's debt to the Government. This is not a flat assessment, because
were elected to membership. The Mercantile Trust & Deposit Co. of for each share of the preferred stock the holder will receive $24 principal
Baltimore was appointed an additional depositary, the First National amount of new 50
-year 5% gold mortgage bonds and one share of new
having been designated depositary at the time preferred stock. The depositors of common stock will receive $28 prinBank of Lewiston.
Me.,
-year 5% gold mortgage bonds and one share of
of the formation of the bondholders' protective committee.
cipal amount of new 50
The previously elected members of the committee are as follows: William new common stock.
B. Skelton. Lewiston, Me., Chairman; Josiah S. Maxcy, Gardiner, Me.,
These bonds, it is indicated, will have a market value of about 80%.
and Franklin R. Chesley, Saco, Me.
This will mean a net assessment of approximately $9 per share. It is
The Baltimore Chesapeake & Atlantic Ry. Co. is affiliated with the one of the lightest assessments ever necessitated in the reorganization of
Pennsylvania RR. System.—V. 123, P. 451.
a first-class railroad system. Past reorganizations have frequently been
Bolivia Ry.—Announces Its Inability to Repay Principal of made on the basis of a flat assessment.
One of the most important considerations in the reorganization plan
Is that the integrity of the
Its Maturing 5s, but Provides Fundsfor Int. on Next Coupon.— interests, headed by Edwin C.system shall be preserved. The -minority
Jameson. opposed to the plan of the reorAlthough unable to repay the principal of its £5,750,000 let mtge. 5s,
managers, had previously indicated that they would bid only
maturing Jan. 1 1927. the company has provided the necessary funds to ganization
on the eastern lines of the system. If the Jameson interests had been
pay the last interest coupon due on that date. Of this issue approximately successful in bidding for the road, it would have resulted in the complete
70% is owned by the Antofagasta (Chile) & Bolivia Ry. Co., Ltd., of Lon- severance of the Puget Sound extension and the sale of the remainder
don, which controls and operates the property under a long lease. The of the system In separate parcels. According to financial observers,
remaining 30% is in the hands of investors, the greater part being held in this would have been disastrous.
Continental Europe. Minority bondholders have as yet taken no action
More than 80% of the bondholders have assented to the reorganization
with respect to the Bolivia By. Co.'s announcement beyond taking cogni- plan and deposited their holdings with the reorganization managers.
sance of it.
taken because of the belief that the best interests of the
Interest on these 1st mtge. 5s has always been promptly paid, the interest This action wasbe served under tne Kuhn, Loeb National City reorganizamajority would
on the entire issue being guaranteed by the Antofagasta (Chile) & Bolivia tion plan.
By.Co., Ltd.,of London,and the interest on £3,750,000 thereof being guarPrevious to the actual sale, it had been freely charged that the Jameson
anteed in addition by the Bolivian Government.
$18,000,000, were purchased for speculative
The Bolivian Government owns the entire issue of the railway company's holdings, amounting to only
purposes, and that these interests had offered no safe plan for protection
outstanding E2,500,000 2d mtge. 5s, which are due on Jan. 1 1932, and the of the interests of the majority, which folds more than 8158.000.000
company's $10,000,000 par value capital stock is owned by the Antofagasta In bonds. It Is believed certain, therefore, that even if the Jameson
(Chile) & Bolivia By. Co., Ltd.—V. 113, p. 415.
Interests had been successful in bidding for the road, they would have
Comwall with the Federal courts
Boston & Maine RR.—Bond Extension—New President. run up against a stoneof this kind. it has been the and the I. S. C.of the
historic policy
mission. In matters
The I.
-S. C. Commission on Nov. 17 authorized the Petersborough & Commission consistently to uphold the public interest, which could not
Hillsborough RR. to extend the maturity date of its let mtge. 456% have been served by the disruption of one of its great transportation
,
bonds to July 1 1931 by entering into a certain agreement with the Boston systems.
& Maine RR. The bonds are owned by the Boston & Maine RR., which
Effort has been made to show that the Puget Sound extension and its
has control of the company, and is obligated to pay the interest on the electrification over the Rocky Mountains were not profitable. In refutabonds.
tion of this change, It is shown that prior to the competition of the Panama
George Hannauer of Chicago has been elected President,succeeding James Canal, the Chicago Milwaukee & St. Paul By. had a large net income
H. Hustis, effecti've Jan. 1 next.—V. 123. p.2772.
each year. The net operating revenue in 1913 was $31.200.000. After
the deduction of fixed charges, this left a net income of $18.141,000. In
Brazil Ry.—Interest Payments.—
the year 1921 the combination of increased Isthmian Canal traffic and
The report of the directors for the year 1925 states that the income of the beginning of post war deflation in the Northwest showed marked
the various bond issues received in that year is sufficient to enable the effects. During that year there was no net Income, but a deficit of $11,joint committee of bondholders to meet the service of the French series 071,000 after fixed charges.
bonds (4M %),to distribute 134% on their nominal value in pounds sterling
Despite the enormous problems arising since the road went into the
to the 5% 1st mtge. 60
-year gold bonds (International series), and 15 hands of receivers more than a year and a half ago, economy and efficiency
francs per note on the 63¢% notes. (London "Railway Gazette.")— of management have been maintained. So outstanding is the achieve,
V. 121, p. 2634.,
ment under the receivership that it constitutes a real romance of American
railroading. There is strong probability that the St. Paul this year will
Canadian National Rys.—New Vice-President.—
not fall far short of making its old fixed charges. Such a showing would
Albert T. Weldon has been appointed Vice-President in charge of traffic
1925, when there was a deficit of
and express, succeeding J. E. Dalrymple. Mr. Weldon has been :general indicate a marked improvement over
$3,934.611.
traffic manager, a position which will be abolished.—V. 123. 13• 13
79.
There was a time when the announcement that a railroad had passed
the hands of receivers
Carolina & Northwestern Ry.—Tentative Valuation.— Into service deterioration. led the public to expect physical depreciation
The experelence of the St. Paul during the
-S. C. Commission has placed a tentative valuation of $2,937,000 and
The I.
owned and used properties of the company as of June 30 1918. receivership had demonstrated that such things need not occur.
on the
For some years prior to the receivership, this road had difficulty in
107, p. 1099.
earning 113 fixed charges and it had, therefore, more than the ordinary
Incentive to economize in every possible way throughout that period.
Castleman Valley RR.—Stock.—
It might have been expected that the failure of these economies to produce
-S. C. Commission on Nov. 20 modified its order of Aug. 11 desired results would cause the personnel to slacken its efforts when the
The I.
1924 so as to permit the application of unexpended proceeds otherwise receivership ensued. But due to the loyalty of the road's 50,000
than provided in said order. By the order of Aug .11 1924 authority was and its efficient administration by the receivers, remarkable employees
economies
granted to issue at par not xeceeding $70,000 common stock and $230,000 of operation have been effected. This railroad is now rounding out
preferred stock, from the proceeds of which $204,000 was to be used to eighth year without a single fatal accident to a passenger on its trains. its
pay for "cost of rehabilitation" of company's railroad. It appears that
Since
from Federal control, the road has been gradually worked
there now remains unexpended $4,650 of the proceeds allocated for such up to a emergingcondition where It rivals the best systems in the country.
physical
purpose.—V. 123, p. 2514.
The reorganization managers feel, however, that with the adjustment
of the financial affairs of the huge system, effected by their plan, the
Chesapeake & Ohio Ry.—Obituary.—
will assume leadership in the railroad field.
W. J. Louderback, a director of the International Harvester Co. and the St. Paul again master's report is now being prepared and will be filed
The special
Chesapeake & Ohio By., died at Chicago on Nov. 27.—V. 123. p. 1870.
with Judge James H. Wilkerson in Chicago. The question of confirmation
of the sale will come
Chicago Milwaukee & St. Paul Ry.—Summary of Facts consideration not onlybefore Judge Wilkerson on Dec. 13 and will include
of the reasonableness of the bid, but also the terms
Connected with Reorganization.—A summary of some of the of the reorganization plan.
If the sale is confirmed, the plan of reorganization, in whatever form
facts connected with the sale at foreclosure on Nov. 22 at It is approved by the Court, will be submitted to the I. C. Commission
-S.
.
Butte, Mont., of the road, and a digest of the plan for re- with a request for approval of the new securities. When the Commission
has prescribed the conditions governing the issuance of the securities
organization of this transcontinental system, follows:
the reorganization will be completed and the receivership lifted.
The road was sold at public auction to Robert T. Swain° and Donald C.
. History of Financial Difficulties of Company.
-2
Swatland, representing the reorganization managers, Kuhn, Loeb & Co.
The financial difficulties of the company,which culminated Nov. 22 in
and the National City Co., for $140,000,000. Immediately after the
property was struck off to them the bidders assigned their bid to the Chi- the public sale of this great system, go back to 1917.
cago Milwaukee & Pacific RR. This, It is believed, presages the reorganiThe road was forced into the hands of receivers in March, 1925, not by
zation of the great system on a sound financial basis and the early lifting mismanagement, short sightedness or inefficiency on the part of its executives, but by an accumulation of natural causes entirely beyond the control
of the receivership which began March 18 1925.
Simultaneous with the sale, there was submitted for approval of the of the company's management and impossible of prediction.
Court a reorganization plan designed to effect the complete financial reVast changes in world conditions hastened and intensified by the World
habilitation of the road. The plan contemplates a readjustment of the War had a pronounced effect. Even before the war, the opening of the
road's whole financial structure. The consummation of the plan, it is Panama Canal in 1913 and the resulting cheaper water rates between the
believed, will meet all the financial problems of the system and effect Its two American coasts had cut deeply into the railroad's freight revenues.
rapid return to its former high position in the railroad financial field. The Each succeeding year saw an increase in isthmian canal traffic and a proprincipal objects of the plan may be outlined briefly as follows:
portionate decrease of freight revenue to the railroad.
The outbreak of the World War caused a decline in freight shipments to
(1) A net reduction in the amount of fixed interest-bearing securities
of more than $227,000,000 and a net reduction of annual fixed interest and from the Orient which was felt by all transcontinental carriers. Russia
charges on funded debt from about $21,800.000 to less than 814.000.000. and Japan mobilized their industries for the successful prosecution of the
This amount, it is believed, will be well within the present earnings of the war, resulting in a decrease of their exports to the United States. The
system, which,it is stated, are in tne neighborhood of $20,000,000 annually. economic collapse of Russia virtually,resulted in cutting off her trans
(2) Funding of over $185,000,000 of obligations maturing during the next Pacific exports and her practical elimination as a source of business to tne
ten years into long-term obligations, the interest charges upon over $130,- United States in which the St. Paul might share.
2892
THE CHRONICLE
Shortly after the Armistice. China entered a period of internecine warfare
and military brigandage which continues to the present time and which
has caused a marked drop in her exports to the Pacific Coast ports of the
United States.
These radical economic changes in the Orient have had their inevitable
effect upon all transportation systems in the Pacific Northwest. but the
St. Paul. which at one time did a thriving business of this nature, felt
particularly the result of this decline. The ensemble represented a heavy
-the life substance of all railroads. Government
drop in freight revenues
operation of the St. Paul during the war period was disastrous. The property was operated at a great loss by the Government and when it was
returned to its owners, they were confronted with inadequate revenues
and a high scale of wages. A $50,000,000 deficit was incurred during the
period of Government operation.
Post war deflation was particularly rapid and severe in the Northwest
States traversed by the road. In the agricultural districts of the Northwest.
due to the wartime prices of wheat and corn, land had greatly risen in value.
When deflation took place at the close of the war, there was a rapid falling
off in prices. Production decreased, unemployment Increased, credits were
frozen and interest rates were high. These conditions produced great
financial difficulty, resulting in the collapse of hundreds of banks in the
Northwest. The situation became so serious that Government action was
necessary to aid the agricultural interests of the Northwest.
These extremely adverse conditions Inevitably contribu(ed to force the
road into the hands of receivers. But above all other causes, the competition of cheap water rates offered by the Panama Canal made the
deepest inroads into the St. Paul's earnings. Panama Canal tonnage
jumped from 4.888,000 in 1915 to 26.995.000 in 1924. If this tonnage in
1924 had moved by rail. the western railroads' traffic would have been
Increased about 54.000,000.000 ton miles. This is 8.000.000.000 ton miles
greater than the total volume of freight traffic handled by all Northwestern railroads in that year.
It is conservatively estimated that had this Panama Canal intercoastal
tonnage moved by rail and had been equally divided between all of the
transcontinental lines, including even the Canadian Pacific, the increase
in gross revenues of the Chicago Milwaukee & St. Paul would have been
in the ne.ghborhood of $15,000,000 annually.
The much-discussed Puget Sound extension was undertaken about 20
years ago, long before the Panama Canal was completed. At that tone
there was a most urgent need for another transcontinental line. The
then existing railroad facilities were inadequate and traffic that now moves
in a week bete een the racific Coast and the Great Lakes was being held
up en route or at terminals from one to two months. Shippers and consignees were anxious that another road should be built to ameliorate thee
conditions.
The Puget Sound extension, therefore, was constructed to participate
in the great and growing volume of traffic, much of it originating in, or
destinedl for, China and Russia. The economic collapse of these two
vast countries as a result of the World War was a severe blow to the young
road.
About 70% of the traffic moved into and out of the territory west of
the Missouri River by the C. M. & St. P. originates upon, or is destined
to, points not reacned by any other railroad. Several reasons stand
out clearly in explaining why tne Milwaukee suffered more severely in
recent years than its competitors. One is tne fact that it paid for every
foot of its right-of-way from the Missouri River to the Pacific Coast,
whereas other lines were substantially aided by land grants.
Second, the Milwaukee was the junior line into the Northwest and
when agricultural depression and other economic disturbances began,
sufficient time had not elapsed to build up the regions it served to the
extent of other and older roads.
A third important reason is that the Milwaukee had invested its money
in the extension of its line instead of in the securities of other railroads.
When adverse conditions came, therefore, it did not have the income of
investment in another road, as had two or three of the competing systems.
With the steady return of prosperity to the Northwest and the financial
reorganization of the St. Paul planned by Kuhn, Loeb & Co. and the
National City Co.. It is believed that the great system again will assume
front rank. The reorganization will correct the topheavy Mancha structure which the road has found of crushing weight. A sweeping reduction
of the fixed charges will be brought about by the reorganization plan.
When this plan is approved by the Commission the receivership which
began more than a year and a half ago will be terminated.
-V.123, p.2772,
Chicago Rock Island & Pacific Ry.-Action on Common
Dividend May Be Taken Early Next Year.
-
[VOL. 123.
As to Georgia & Florida By. 1st mtge. 5% gold bonds,
holder is entitled to participate in the plan unless such bonds have been noare deposited
or
with a depositary accompanied by Nov. 1 1913 and all
maturing coupons (whether serially related thereto or not) or subsequent of such
scrip in lieu
coupons, or $10 in cash in lieu of each
$25 coupon or $5 in cash in
lieu of each missing $12 50 coupon. missingP. 2772,
-V. 123,
2515.
Glasgow Ry. of Kentucky.
-Stock Dividend Proposed.
-
The company has applied to the I.
-S. C. Commission for authority to
issue $100.000 of common stock, which it proposes to
distribute to common
stockholders as a 50% stock dividend.
-V. 120, p. 699.
Great Southern RR.
-Tentative Valuation.
The I.
-S. C. Commission has placed a
the property of the company as of Junetentative valuation of $678,660 on
30 1916.
Gulf Colorado & Santa Fe Ry.-Bonds.-
The I. C. Commission on Nov. 23 authorized the company to issue
-S.
one general mortgage 6% gold bond, series
said bond to be delivered to the Atchison B,in the amount of $21,310,000:
Topeka & Santa Fe By.
the
purpose of refunding bonds in a like amount now held in pledge. for123.
-V.
p.708.
Johnstown & Stony Creek RR.
-Tentative Valuation.
The I.
-S. C. Commission has
placed a tentative
on the owned and used properties of the companyvaluation of $184,554
as of June 30 1918.
-V. 116. p. 615.
Lehigh Valley RR.
-Extra Dividend of 3% on Common
Stock.
-The directors on Dec. 1 declared an extra dividend of
3% and the regular quarterly dividend of 13 % on the out4
standing $60,501,700 common stock, par $50, both payable
Jan. 3 to holders of record Dec. 18. In making this announcement, President Edward E. Loomis pointed out that
while conditions had not yet reached a point which would
justify placing the common stock on a regular 10% basis,
the showing in the current year warranted dividends at that
rate for 1926.-V. 123, p. 840.
Louisville & Nashville RR.
-Assumption.
-The I.
-S. C. Commission on Nov. 16 authorized the company to assume
obligation and liability, as lessee, in respect of the following securities of
the Cumberland & Manchester RR. A note of $375,000 general mortgage
bonds aggregating $125.000,equipment trust certificates aggregating $70,000
and $36,000 of Horse Creek branch first mortgage serial bonds.
The note for $375,000 is dated June 15 1921 and will mature June
1931. It is held by the United States Government, having been issued 15
in
respect of a loan under Section 210 of the Transportation Act 1920.-V. 123.
P.McKeesport Connecting RR.
840
-Tentative Valuation.
The 1.-S. C. Commission has placed a tentative valuation of
on the owned and used properties of the company as of June 30$1,122,500
1917.
Macon (Ga.) Terminal Co.
-Tentative Valuation.
-
The I.
-S. C. Commission has placed a tentative valuation of $1.332,086
on the owned and used properties of the company as of June 30 1917.V. 101, p. 1886.
Midi RR. Co., France.
-Bonds Called.
-
Sixteen hundred 6% bonds (foreign series 1960) were called for redemption at par (1,000 francs per bond) on Dec. 1, payable at the office of A.
Iselin & Co., fiscal agents, 36 Wall
N. Y. City.
-V. 121, p. 2748.
Minneapolis Northfield & Southern Ry.-Tentative Val.
The 1.-S.C. Commission has placed a tentative valuation of $1,620,000
on the property of the company as of June 30 1920.-V. 123. p. 1759.
Monongahela Ry.-Control of Charters Southern Ry.-
-S. C. Commission on Nov.23issueda(1)certificate authortzlngthe
Toe I.
Monongahela Ry. to operate over lines of the Pennsylvania RR.in Fayette
and Washington counties, Pa., under trackage rights.
The directors on Dec. 1 declared the usual semi-annual dividends of
(2) Authorized tne acquisition
3% on the 6% preferred stock and 33i% on the 7% preferred stock, both control of the Pennsylvania RR.by the Chartiers Southern By, Co. of
Co.'s
payable Dec. 31 to holders Of record Dec. 10. No action was taken on an part of the Pennsylvania RR. Co.'s line in Ten Mile Run branch and of a
Washington and Greene counties,
initial common diVidend.
Charles Hayden, Caairman of the board, stated after toe meeting that Pa., under lease. the acquisition by the Monongahela By,
(3) Authorized
of control (a)
the declaration of r dividend on the common stock would not be considered of the Chartiers Southern By., by purchase
at the January meeting but intimated that the February meeting was the lease;(b) of the Indian Creek & Northern By.,of capital stock and under
oy purchase of capital stock
earliest date at which such action could be expected. He said that the
the Catawba branch and,(d) a part of the Paw Paw
fun accounts of operations for this year would not be available until that and under lease: (c) of
and (e)
branch of the Baltimore & Ohio RR., under
time and it would not be desirable to act until they were in hand and could sylvania RR. Co.'s Ten Mlle Run branch, and lease. a part ofof the Penn(f) of
the Pennsylbe carefully considered.
-V. 123, p. 2650.
vania RR. Co.'s line in Washington and Greene counties, Pa., by transfer
and assignment of lease.
Colorado & Southern Ry.-Resumes
Common Dividends.
-The directors on Dec. 1 declared a dividend of 3% on the
outstanding $31,000,000 common stock, par $100,the regular
semi-annual dividend of 2% on the 4% non-cumul. 1st pref.
stock, and the usual annual dividend of 4% on the 4% noncumul.2d pref. stock, all payable Dec.31 to holders of record
Dec. 11. The last previous dividend on the common stock
was 3% paid in 1922. This company is controlled through
stock ownership by the Chicago Burlington & Quincy RR.
-V. 122, p. 3078.
Cumberland & Manchester RR. (of Ky.).-Final Valuation
-S. C. Commission has placed a final valuation of $504,199 on the
The I.
owned and used property of the company,as of June 301918.-V.123, p.838
-Final Valuation.
Dansville & Mt. Morris RR.
-S. C. Commission has placed a final valuation of $169.500 on
The I.
the property of the company, as of June 30 1918. This road operates
from Dansville to Mt. Morris, N. Y., with branches, about 15 miles (incl.
approximately 234 miles leased from the Erie RR.).
Des Moines Union Ry.-Tentative Valuation.
-S. C. Commission has placed a tentative valuation of $2,815.000
The I.
on the owned and used property of the company as of Juno 30 1918.V. 112, p. 1617.
Galesburg Rockford & Northern RR. (of III.).-Valuation.-S. C. Commission has placed a final valuation of $05,000 on the
The I.
owned and used property of the company, as of June 30 1919.
Georgia & Florida Ry.-Plan Operative.
The committee for the 1st mtge. 5% gold bonds (Franklin Q. Brown,
-S. C. ComChairman) announces that, subject to the approval of the I.
mission, the plan oi reorganization dated Oct. 18 1926 has been declared
operative by the committee.
Holders a 1st mtge.5% gold bonds of Georgia & Florida By. and of gen.
mtge. 6% gold bonds of Georgia & Florida By. and of 1st min. 6% gold
bonds of Georgia & Florida Terminal Co.,and of is mtge.5% gold bonds of
Millen & Southwestern RR. are notified that the time for making deposits
has been extended by the committee until Dec. 8.
Present holders and those who may become holders in accordance herewith of certificates of deposit for 1st mtge. 5% gold bonds of Georgia &
Florida By. and for gen. mtge. 6% gold bonds of Georgia & Florida By.
who desire to exercise the privileges specified for such holders in the plan
of reorganization, must make the necessary payments of the amounts
required in the plan on or before Dec. 8 1926. All payments should be
made to the appropriate depositaries and such payments should be accompanied by certificates of deposit for proper notation thereon showing receipt
of payments.
The report of the Commission says in part:
The Monongahela is controlled through stock ownership,In equal shares.
by the Pennsylvania and the Lake Erie. The B. & 0. at one time had
an interest in the Bucknannon & Northern RR., one of the constituent
companies entering into the formation of the Monongahela, but later disposed of such Interest to the Pennnsylvania. It was testified that the
Monongahela is operated as a separate entity, but practically serves as
the agent of the proprietary companies.
The Chartiers owns two detached lines of railroad, aggregating 12.94
miles in length, all in Greene County. Pa. One of the lines extent northeastward from Mather to Besco, and the other soutnward from Crucible
to Nemacolin. These lines are physically connected by the Pennsylvania's
Ten Mile Run branch, which extends from Besco to Millsboro, and the
Pennsylvania's lines from West Brownsville Junction, through Millsboro,
to Crucible. The Chartiers is controlled through stock ownership, in equal
shares, by the B. & 0., the Lake Erie, and the Panhandle. It owns no
equipment and its lines are operated by the Pennsylvania, as agent, in
connection with toe West Brownsville Junction-Crucible line of that
company. The lines of the Chartiers do not now connect with rails of
the
n a
eMoI ongaheias stem. West Virginia corporation having the right of
The Indian Creek is a
perpetual secession. It owns a line of railroad extending from Lowesville,
on the main line of the Mononganela, to Arnettsville, W. Va., 2.6 miles,
all in Monongalia County, W. Va. The B. & 0. constrols this company
through stock ownership. The Indian Creek owns no equipment and its
line is operated by the Monongahela as a mine siding.
The B. & 0.'s Catawba branch extends from Catawba Junction to
Rivesville Junction (Hite, W. Va.), 1.36 miles, all in Marion County,
W. Va. The Paw Paw branch connects at or near Fairmont with lines
of the B. & 0.system, and extends northward to Catawba Junction, tnence
northwestward along Paw Paw Creek to Grant Town, in Marion County,
4.76 miles. The Catawba branch connects with the main line of tne
Monongahela at Rivesville Junction.
In order to bring about unified operation, by the Mononganela, of
railroad facilities above described, it is proposed (1) thri., for the pimps°
of connecting its own lines, the Chartiers lease the Pennsylvania's Ten
Mile Run branch and that part of the Pennsylvania's West Brownsville
Junction-Crucible line between Millsboro and Crucible;(2) that the Monongenets be granted trackage rights, for through freight trains, from Brownsville Junction. througa West Brownsville Junction. to Millsboro over lines
of the Pennsylvania in order to enable the Monongahela to connect at the
point last mentioned with the through line of the Chanters proposed to be
formed; (3) that the Monongahela purchase all the stock of the Chanters,
owned by the B. & 0., the Lake Erie, and the Panhandle; (4) that the
Chanters lease its owned lines to the Monongahela and assign to that
company the interest In properties of the Pennsylvania proposed to be
acquired by the Chanters:(5) that the B. & 0. sell all of the stock of the
Indian Creek to the Monongahela; (6) that the Indian Creek lease its line
to the Monongahela. and (7) that the Monongahela lease from the B. & 0.
that company's Catawba branch and that part of the Paw Paw branch
from Catawba Junction to Grant Town, the Catawba branch forming a
connecting link from Rtvesville Junction to Catawba Junction. The
B. & 0. is to acquire from the Pennsylvania and the Lake Erie shares of
the Monongahela stock in an aggregate amount sufficient to constitute a
one-third interest, so that the Monongahela will thereafter be controlled
through stock ownership, in equal shares, by the three trunk-line carriers.
DEC. 4 1926.]
THE CHRONICLE
each of which will have access to the service to be performed by the jointly
controlled subsidiary.
The proposed lease from the Pennsylvania to the Chartiers, covering the
Ten Mile Run branch and the Milisboro-Crucible segment, is to be for the
term of 99 years, but provision is made for renewals or extensions for further
terms of 99 years in perpetuity, at the option of the lessee. The annual
rentals prescribed by the lease are sums equivalent to 6% of the cost of
Constructing the leased properties, and all taxes. assessments. &c., levied
upon the properties. Provision is made for assignment of the lease by
the lessee.
The proposed trackage agreement between the Pennsylvania and the
Monongahela provides that for the privilege of operating through trains
between Brownsville Junction and Mllisboro, the Monongahela will pay
to the Pennsylvania annually a sum equal to a proportion, computed on a
car-and-engine mileage basis, of 6% of the cost of constructing the facilities
covered by the agreement. The facilities of the Pennsylvania to be used
by the Monongahela will be maintained by the Pennsylvania, but the
Monongahela will pay a proportionate amount of maintenance expenses
and taxes, &c. The agreement is to continue in effect until lines of railroad
are constructed and put in operation (a) by the Monongahela or the
Chartiers, from Besco, through Marianna, to Eighty-four, and (b) by the
Pittsburgh, Chartiers & Youghiogheny By., from Eighty-four to Van Emman,so as to afford a continuous line of railroad from Besco to Van Emmen,
of until a bridge is conthructed across the Monongahela River at Millsboro.
The proposed lease fromthe Chartiers to the Monongahela. covering the,
two detached lines from Mather to Besco and from Crucible to Nemacolin,
and assigning and transferring to the Monongahela all right, title, interest
and estate of the Chartiers in the Ten Mile Run branch and the MillsboroCrucible segment, is to be for the term of the corporate existence of the
lessor (999 years) and any extensions and renewals thereof, except that
the lease may be terminated, at the option of the lessor, upon default by
the lessee in the performance of its obligations under the lease, or, at the
option of the lessee, upon 90 days' prior notice in writing. The lessee
will agree to pay, as rental, sums equivalent to interest accruing during
the term of the lease upon indebtedness of tne lessor incurred for capital
purposes, a sum equal to 6% Per annum of the aggretate par value of
the lessor's outstanding capital stock, all taxes, assessments. &c., levied
upon the leased properties,and expense incident to maintaining the corporate
existence of the lessor. Provision is made for financing the cost of additions
and betterments through the issue of securities by the lessor or lessee.
The price proposed to be paid by the Monongahela for the stock of the
Indian Creek is 3759.655. plus adjustments for transactions between Dec.31
1924, and the date on which settlement is made, and certain other adjustments of minor importance.
The proposed lease from the Indian Creek to the Monongahela is to be
for the term of the corporate existence of the lessor, subject to termination,
at the option of the lessee, upon 90 days' prior notice in writing. Annual
rentals payable by the Monongahela are to include sums equal to interest
on the lessor's present indebtedness and any indebtedness hereafter incurred
by the lessor for expenditures for capital purposes, and taxes. assessments,
Zgo., levied upon the leased property, sums equal to 6% of the aggregate
par value of the lessor's outstanding capital stock, and amounts necessary
to be expended in maintaining the lessor's corporate existence. Provision
is made for the issue of securities to provide additions and betterments.
The proposed lease of the Catawba branch and part of toe Paw Paw
branch from the B. & 0. to the Monongahela, is to be for 99 years, and
thereafter, at the option of the lessee, for further terms of 99 years. in
perpetuity. As annual rentals for the leased properties, the Monongahela
is to pay to the B. & 0. sums equal to 6% of $307,859, the agreed cost of
the properties, plus 6% of the cost of additions and betterments made during
the term of the lease, and all taxes, assessments, &c., levied upon the
leased properties.
The stock of the Monongahela to be acquired by the B. & 0. will be
purchased from toe Pennsylvania and the Lake Erie on the basis of the book
value of the Monozwahela's assets.
The plan for unified operation is a temporary arrangement pending
ultimate consolidation of the properties when and if such consolidation may
be accomplished. It is stated that no Issue of securities by ...he Monongahela is in contemplation at this time and that none of the proposed leases
Involve any assumption of obligations within the meaning of Section 20a
of the Act.
-V. 123, p. 1248.
Nevada-California-Oregon Ry.-Tentative Valuation.
-
The I.
-S. C. Commission has placed a tentative valuation of $1,940.000
on the owned and used properties of the company as of June 30 1917.
-V. 122, p. 2944.
New Orleans Texas & Mexico Ry.-Control of Road.
-
The I.
-S. C. Commission on Nov. 20 authorized the acquisition by the
company of control of the San Antonio Southern Ry. by purchase of its
capital stock.
The report of the Commission says in part:
"On May 7 1926 the applicant contracted to purchase from Harry
Landa the entire capital stock of the San Antonio, consisting of 2,500
shares of the par value of $100 each, for 8600,000. The seller of the
stock covenants that there are no encumtsances of any kind upon any
of the assets or properties of the carrier and agrees to indemnify the applicant against loss should it be found hereafter that any such liens or encumbrances exist -V. 123. p. 1500, 1248.
2893
$777,875 on the property used by the latter, including its leased line, the
Port Townsend Southern By., as of June 30 1917.-V. 121, p. 1098.
Rock Island-Frisco Terminal Ry.-Final Valuation.
The I.
-S. C. Commission has placed a final valuation of $2,140.250
on the owned and used properties of the company, as of June 30 1915.
-V.84, p. 749.
St. Louis Brownsville & Mexico Ry.-Construction.The I.
-S. C. Commission on Nov. 18 issued a certificate authorizing
the company to construct an extension of its line of railroad from a point
on its main line near Raymondville in a general southeasterly direction
to a point near the Hidalgo-Cameron County floodway, a distance of
approximately 18 miles all in Willacy County, Texas.
The company is controlled, through stock ownership, by the New
Orleans Texas & Mexico Ry., which in turn is controlled by the Missouri
Pacific RR.
The estimated cost of construction is 8441,578. No additional equipment is to be provided specifically for this line. The construction cost
will be fleancfti by issuing 1st mtge. bonds.
-V.123. p. 80.
-New Control.
San Antonio Southern RR.
-V. 119. P. 1626.
See New Orleans Texas SG Mexico By. above.
-Final Valuation.-•
Savannah Union Station Co.
The I.
-S. C. Commission had placed a final valuation of $818,000 on the
owned and used property of the company as of June 301917.-V.74. p.1253.
Southern Ry.-Registrar.The Central Union Trust Co. of New York has been appointed registrar
--V. 123, p. 2652.
for 810,000,000 of common stock.
Toledo & Ohio Central Ry.-Tentative Valuation.
-S. C. Commission has placed a tentative valuation of $26,060,000
The I.
on the owned and used properties of the company, as of June 30 1918.
V. 122, p. 2796.
-Receivers' Certificates.
Winchester & Western RR.
-S. C. Commission on Nov. 20 authorized the issuance of $30,000
The I.
receivers' certificates; said certificates to be sold at not less than par.
The proceeds are to provide funds to pay taxes of $9,300 and wages of
5,813. also resairs to roadbed and equipment.
PUBLIC UTILITiES.
-May Acquire Union Edison Co.
American Utilities Co.
The company is understood to have entered into an agreement to acquire
the Union 'Edison Co. The latter is a holding company owning electric
and New
light -and power properties in Kentucky, Missouri, Oklahomaservice to
Mexico. These properties supply electric light and power
communities having an estimated population of over 40.000.-V. 123.
ls• 2259.
American Water Works & Electric Co., Inc. (&
.-Earnings.Subsidiaries)
-Month of October- -12 Mos.End. Oct. 311925.
1926.
1925.
1926.
PeriodGross earnings- -- $3,867,143 $3,485,879 $44,641,644 $40,444,047
Operating exp., mainte1,937.119 23,195,034 21,994.779
1,993,012
nance and taxes
$1.874,131 31,548.759 $21,446,610 $18,449,268
Gross income
$691.532 $8,554,260 37.942;298
Int..kamort.ofsubs.disc. $723.418
3,448.876
297,599 4,267.741
359.016
Pref. divs, of subsidiaries
476,408
60,264
28,213
6,134
Minority interests
Int. & amortization of
646.588
1,172.182
52,880
93.912
discount of the co_ .._ _
2,756,886
217,183 3,297,149
283,443
Res. for renew. & repl
5261,352 $4,095,014 $3,178,213
5408.207
Net income
Net power output of the electric subsidiaries of the company for the ten
months ended Oct. 31 1926 was 1,220.255.528 k.w.h., comparing with
1.073,452,146 k.w.h. for the corresponding period of 1925, a gain of over
.-V. 123, p. 2773.
1334%
-Merger.
Arkansas Central Power Co.
-V. 123, p. 1872.
see the Arkansas Power & Light Co. below.
-Merger.
Arkansas Light & Power Co.
-V. 123, p. 1872.
See the Arkansas Power & Light Co. below.
-Harris,
-Bonds Offered.
Arkansas Power & Light Co.
Forbes & Co.; W. C. Langley &-Co.; Bonbright & Co., Inc.;
Old Colony Corp.; Tucker, Anthony & Co. and John Nicker4
son & Co. are offering at 951 and int., yielding over 5.27%
New York New Haven & Hartford RR.
-Equipment $18,000,000 1st & ref. mtge. gold bonds,5% series, due 1956.
Dated Oct. 1 1926; due Oct. 1 1956. Int. payable A.& 0.in N.Y. City,
Trusts Offered. Public offering is made of $4,995,000 4A%
without deduction for any Federal income tax not exceeding
equip. trust gold certificates, which were awarded this week 4 mills tax refunded. Red. on first of any month in whole or in2%. Penn.
part on 45
after spirited competition in which 10 banking groups entered days' notice through Sept. 1 1936, at 105 and int.: thereafter at premiums
reducing 4 of 1% each year to 100K, and int. on Oct. 1 1954, and through
.bids that were only fractionally apart. The offering group Sept. 11955, and thereafter at 100 and int. Denom. c* 31.000 and $500.
is headed by the First National Corp. of Boston, Blodget & and r $1,000. 35.000 and authorized multiples. Guaranty Trust Co. of
Co., Rutter & Co. and Albert Hale & Co. of Boston. The New York, trustee.
by the Arkansas Railroad Commission.
certificates were offered at prices ranging from 4%to 43
4% Issuance.-Authorizedof Pres. H. C. Couch, New York, Nov. 27.
Data From Letter
according to maturity.
Company.
-Organized in Arkansas and has acquired by purchase certain
The certificates are dated Dec. 1 1926 and mature in semi-annual installments, $167,000 each June 1 and $166,000 each Dec. 1, to and including
Dec. 1 1941. Issued under the Philadelphia plan. Interest and principal
as due payable J. & D. at the Bankers Trust Co., New York, trustee.
Denom. $1.000 c*.
The issuance and sale of the certificates was approved by the I. S. C.Commission after a decision which attracted widespread interest. This decision
on the part of the Commission called for the sale of equipment trust certificates by the company at public rather than at private sale. In handling
this particular transaction it is understood that the New Haven, after receiving the bids from 10 competitive banking groups,forwarded them to the
Commission, who, after consideration, announced to the road the bid which
met with the approval of the CommIssion.-V. 123. p. 2515.
North Charleston Terminal Co.(S. C.).
-Final Valua'n.
-S. C. Commission has placed a final valuation of $112,500 on the
The I.
owned and used properties of the company as of June 30 1917. Control
of the stock is owned by the Seaboard Air Line Ry., the Atlantic Coast
Line RR. and the Southern Ry.
-To Issue Additional Stock.
Old Colony RR.
The directors have voted to call a stockholders' meeting to authorize the
issuance of 8,917 shares of new stock to reimburse the New York New
Haven & Hartford RR. for money advanced in connection with additions
-V. 121, p. 1674.
and betterments.
-Bonds Called.
Paris-Orleans RR.
Three hundred (300,000 francs)6% bonds (foreign series 1956) have been
called for payment Dec. 1 1926 at par and interest at the office of A. Iselin
-V. 122, p. 3079.
& Co., 36 Wall St., New York City.
Pennsylvania RR.
-No. of Stockholders Decreases.
On Nov. 1 stockholders of the company numbered 139.591, as compared
with 140,153 on Oct. 1, a decrease of 562. This number also compares
with 144,315 on Nov. 1 1925, a decrease of 4,724. The average holding
on Nov. 1 1926 was 71.53 shares, as compared with 71.24 on Oct. 1 last
and 69.19 on Nov. 1 1925. Foreign holdings on Nov. 1 1926 totaled
3.68%. V. 123, P. 2516, 2389.
Port Townsend Southern Ry.-Final Valuation.
-S. C. Commission has placed affinal valuation of $3,790 on the
The I.
owned and used property of the Port Townsend & Puget Sound Ry. and
properties in Arkansas and by merger effective in Nov. 1926, acquired the
properties of Arkansas Central Power Co., Arkansas Light & Power Co.. the
r'ine Bluff Co. and East Arkansas Power & Light Co. The last named four
companies, except the recently organized East Arkansas Power .k Light
Co., were successfully operated for several years. The company supplies
electric power and light service, through extensive transmission systems
aggregating 1,138 miles, to a large part of the State of Arkansas, including
prosperous agricultural, industrial and mining regions. The territory
served constitutes for the most part the richest and most productive section
of the State. The population in the territory served is estimated to be in
excess of 260,000, but the total population of the counties in which the company operates is approximately 900,000 or about 50% of the entire population of the State.
Among the 110 communities supplied by the company with electric powes
and light service are Little Rock. North Little Rock (wholesale), Pine Bluff.
El Dorado, Camden, Newport, Russellville, Stuttgart, Morrillton, Malvern,
Arkadelphia, Bauxite, Clarendon. Fordyce. Smackover, Wynne and
McGehee. The company also owns and operates street railway systems in
Little Rock and Pine Bluff, in which all cars are one-man operated, and
supplies steam heat service in the business district of Little Rock and water
service in Pine Bluff, El Dorado and 15 other communities and owns ice
plants in 6 communities.
Authorized.
Outstanding.
CapitalizationCommon stock(no par value)
1,300,000 shs. 1,000.000 shs.
Pref. stock, $7 cumulative (no par)
150.000 shs. 96,400 shs.
None
100.000 shs.
$6 cumulative (no par)
1st& ref. mtge. gold bonds,5% series, due 1956518.000,000
(closed
b2,000.500
Underlying divisional Ponds
a Additional bonds may be issued only under the conservative restrictions
of the mortgage. b In addition $2,401,000 underlying divisional bonds
of t..ese issues will be pledged as additional security for the 1st & ref. mtge.
gold bonds, and $598,500 are now held alive in sinldng funds.
-Secured by a 1st mtge. on the major portion of the company's
Security.
physical property, and by a direct mortgage on the remainder of its physical
property, subject to two closed issues of underlying divisional bonds and
certain minor real estate mortgages. Only 52.000,500 of these underlying
divisional bonds, which mature in 1933 and 1938. are now outstanding with
the public and this amount is being reduced regularly through the operation
of a sinking fund.
-Additional bonds either of this series or of other
Mortgage Provisions.
series having such rates of Interest, maturity dates and other provisions
as the directors may determine, may be authenticated (a) against the properties as existing on Nov. 30 1926 to a total of not exceeding $800,000 In
2894
THE CHRONICLE
principal amount of bonds,(b) for refunding an equal principal amount of
outstanding underlying or prior lien bonds (as defined in the mortgage) or
bonds of any series authenticated under the mortgage, (c) for cash to be
deposited with the trustee and (d) fOr not more than 75% of the cost or
fair value,whichever is less, of property additions (as defined in the mortgage) made subsequent to Nov. 30 1926.
Additional bonds may not be authenticated, however, except for refunding purposes, unless net earnings (as defined In the mortgage) for 12 out
of the 15 months immediately preceding the application for authentication
shall have been equal to either (1) twice the actual annual interest requirements on, or (2) 12% of the principal amount of all outstanding underlying
and prior lien bonds and all bonds outstanding under the mortgage,including
those proposed to be authenticated.
The mortgage contains certain provisions permitting on conditions stated
therein the modification or alteration of the bonds or the mortgage or of
any supplemental indenture, in any particular, with tne assent of the company and of the holders of not less than 85% in aggregate principal amount
of the outstanding bonds, not including any bonds owned by the company;
provided that any such modification or alteration shall not permit, without
the consent of the holders affected, (a) the extension of the maturity of
any bond, or the reduction in rate of interest thereon, or any other modification in the terms of payment of such principal or interest or (b) the
creation by the company of any mortgage lien ranking prior to or on a parity
with the lien of this mortgage with respect to any of the property covered
thereby.
Earnings of Present Propertiesfor the 12 Months Ended Oct. 31 1926.
Gross earnings from operation
$5.782,397
Operating expenses, maintenance and taxes
3,174,136
Net earnings from operation
$2,608,261
Annual interest on $20.000,500 bonds outstanding with the public •
(including this issue)
1,010.210
Balance for other interest, depreciation, &c
$1.598,051
Of the gross earnings approximately 72% was derived from electric power
and light service, 17% from transportation service, 8% from water service
and about 3% from miscellaneous business.
Property.
-The physical property owned and operated includes electric
generating stations having a present installed generating capacity of 50.729
kilowatts, including 19,900 kilowatts in the Little Rock steam electric
generating station, 11.450 kilowatts in the Pine Bluff steam electric generating station and 9,000 kilowatts in the new Rommel Dam hydro electric
plant on the Ouachita River. Company also owns 1,138 miles of high voltage transmission lines and 1,048 miles of electric distribution system.
Through a favorable purchase contract, the company's power supply is
supplemented by electrical energy, delivered by means a a 110.000 volt
line,from the new Sterlington steam electric generating station of the Louisiana Power Co. located in the Monroe natural gas field, one of the largest
natural gas fields in the world. The Sterlington station has a present
capacity of 25,000 kilowatts and is designed for an ultimate capacity of
135.000 kilowatts.
The Remmel Dam hydro electric plant, placed in operation in Jan. 1925.
and the first major generating plant to be constructed on the Ouachita
River, has an initial installed generating capacity of 9.000 kilowatts. The
contemplated development of other sites on tnis river will provide upon
completion a total installed generating capacity of approximately 95,000 kw.
,
The transmission system of the company, which at present interconnects
most of the electric properties, includes 110,000 volt lines tying together
the Remmel Dam hydro electric plant and Little Rock and Pine Bluff
steam electric stations. The system will be increased by 288 miles of
high voltage lines now under construction (of which about 95 miles are
practically completed), and in due course all communities served will be
entirely interconnected. The principal lines under construction include
a 110,000 volt line 124 miles in length, extending between Little Rock and
Walnut Ridge via Newport, and a 110.000 volt line 77 miles in length (of
which about 33 miles are now built), extending from Newport east to interconnect with the property of the Mempnis Power & Light Co. with which
the company will interchange power.
Company's electric system is also interconnected by high voltage transmission lines with the properties of the Mississippi Power & Light Co.,
whicn, like Arkansas Power & Light Co. and the Louisiana Power Co., is a
subsidiary of the Electric Power & Light Corp. The company's transmission lines are also tied in with the Citizens Electric Co. in Hot Springs and
electrical energy is sold at wholesale to this company and the lines will be
tied in when present construction work is completed with the Arkansas
Missouri Power Co. to which electrical energy will also be sold at wholesale.
Supervision.-The company is controlled through ownership of all its
common stock (except directors' shares) by the Electric Power & Light
Corp. Electric Bond & Share Co. supervises the operations of Electric
Power & Light Corp. and Arkansas Power & Light Co.
-V. 123, IL 1872.
[Vol.. 123.
total capitalization of properties, used and useful, at valuations verified
and approved by the Commissioners. All the company's charges for
,
service are payable annually, in advance, and are payable for a year's
service without deduction for non-use for a portion of the year.
Valuation.
-The valuation of the company's properties used and useful
as shown by appraisalssubmitted to and considered by the I'
.U. Commission
in the proceedings which resulted in the approval of this issue of bonds.
and including construction work now in progress, is $2,541.783. This is
exclusive of accounts receivable, cash and other current Items and after
deducting depreciation. The total funded debt of $1,500,000 (this issue)
will be, therefore, under 60% of the valuation of the plant. No additional
future improvements can be bonded for more than 70% of the cost of
such improvements and then only subject to the approval and authorization
of the Commission and `subject to other conservative provisions of the
mortgage.
Earnings for Calendar Yearsx1924.
1923.
b1926.
1925.
Operating income
$278.377 $347,635 $417,453 $429,886
Operating expenses and taxes
155,306 196,168 203,131 198.706
Net operating income
Other income
$123,071 $151,467 $214,322 $231,181
746
1,980
2,359
1.249
Total income before int., deprec.,
Fed.taxes & amort.ofprep.exp.$123.817 $153,826 $216,302 $232,429
Interest requirements on total funded debt (this issue only)
$90,000
x 1924 operating income was at new rates effective at and after June 1.
b 1926 operating income is actual income as bills for service for the year
have been rendered and paid. The operating expenses of 1926 are based
on the actual expenscs from Jan. 1 1926 to Sept. 1 1926, the expenses for
the final 4 months being estimated in the same proportion as the preceding
eight months.
Based upon the bills rendered in 1926 for new buildings and upon new
building constructions, now in progress but not yet in service, the earnings
for 1927 incicate a substantial increase.
Sinking Fund.
-A sinking funa of not less than ti of 1% on all outstanding bonds shall be paid by the company to the trustee annually after 1926
for the purchase and retirement of outstanding bonds. If bonds are not
purchaseable at or less than the redemption price,the trustee may call bonds
at such redemption price in the amount available in the sinking fund for
redemption.
Maintenance and Renewal Fund.
-Mortgage provides that not less than
9% of the gross earnings shall be expended or reserved for improvements.
additions, extensions, replacements, renewals, maintenance and deprec'n.
CapitalizationAuthorized. Outstand'g.
1st mtge. s.f. gold bonds,series A 6%.1956(this iss.)
$1,500,000
*
Capital stock no par value)
75,000 shs. 75,000 shs.
*Limited by the conservative restrictions of the mortgage.
Purpose.
-The P. U. Commission has approved this issue for the following purposes: $850,000 for the redemption of present funded debt maturing
April 15 1927: 8285,179 for additions, extensions and improvements now
under construction and to be completed prior to Jan. 11928. and the balance to reimburse the company for expenditures heretofore made for additions and extensions and for other corporate purposes.
Baltimore Electric Co.
-To Retire Bonds.
-
All of the outstanding 1st mtge.5% gold bonds, dated June 1 1907, have
been called for redemption Feb. 1 next at 110 and int. at the Northern Trust
Co., trustee, Philadelphia, Pa.
-V. 108, p. 1166.
Baton Rouge (La.) Electric Co.
-Earnings.
-
12 Months Ended Sept. 30Gross earnings
Operating expenses and taxes
Interest & amortization charges
1926.
$927,443
588,493
70.558
1925.
$762,468
496,205
68,948
Balance
$197,314
$268,392
Condensed Balance Sheet.
AssetsSept.30'26. Dec .31'25. I LiabilitiesSept.30'26. Dec .31'25.
Plant
83,227,403 82,947,015 Pref. stock (7%)-- $365,800 8246,700
Cash
115,974
243.973Pref, stock subset'.
25,100
75,900
Notes receivable
250
2,750 Bonds5Si% (1954) 990,000
990,000
Accts. receivable
103,338
126.112 Mtge. note assum_
7,834
7,833
Materials & suppl_
61,880
64,734 Notes payable. _ _ 160,000
295,000
Prepayments
17,660
21,284 Accts. payable_ _ _
20,087
23,969
Unamort. debt dlsAccts. not yet due_ 109,607
42,586
count & expense 114.455
117,558 Retirement reeve_ 266,563
279,702
Unad1ust. debits
21,923
13.013 Contrib. for ext'ns
10,833
9.637
Sinking funds_
9,918 Oper. reserves_ _
20,430
19,493
Unadjus. credits__
57,352
42,504
(each side)--33,662,882 83,546,355 Balance of assets_ _x1,629,298 1,513,032
Total
Associated Gas & Electric Co.
x Showing book value for 41,041 shares common stock (no par value).
-Bonds Called.
All of the outstanding 6M% convertible secured gold bonds, series of -V. 123, p. 1249.
1924, due July 1 1954, have been called for redemtption Jan. 1 next at
Binghamton (N. Y.) Light, Heat & Power Co.
105 and int. at the Chase National Bank of the City of New York, 57
-Bonds
Broadway, New York City.
-Halsey, Stuart dr Co.,Inc.,are offering at 100 and
Offered.
Associated System Links Boston and Chicago.
-
Coincident with the Interconnection on Nov. 19 of a continuous system
of transmission lines at the Piney Hydro-Electric Station of the Associated
Gas & Electric System's Penn Public Service
group on the Clarion
River. in Pennsylvania, connecting Boston Corp*Chicago, all previous
and
kilowatt hour output records were broken by these and other Associated
properties. For the system as a whole the week ended Nov. 19 was the
largest in the entire history of the system, being just short of 16,000,000
k.w.h. The output for the 4 weeks ended Nov. 19 was over 62,000.000
k.w.h.
Four days later, on Nov. 23, the Penn Public group exceeded by a considerable margin all previous records for demand and k.w.h. output. The
demand was 88,030 kilowatts, an increase over the highest figure for Nov.
1925, of 17.9%. The output on that day was 1.433,240 k.w.h. an increase
of 16 2-3% over the highest figure of daily output for Nov. 1925.
The Piney Clarion River project was the first completed project of the
kind under the present system of Federal Power Commission licensing.
The closing of the switch tied together the lines of the Penn Public Service
Corp. of the Associated Gas & Electric System and the West Penn Power
Co., of the American Water Works & Electric Co. System. The result was
that there was operated as a single system electric lines extending from
New Hampshire through Boston, Providence, Albany. Buffalo, Pittsburgh,
Cleveland. Toledo, Chicago, Milwaukee, Charleston, W.Va.,and Roanoke,
Va., with hundreds of intervening towns and cities.
-V. 123. p. 2652.
int. $1,450,000 additional 1st ref. mtge. 5% gold bonds.
Dated Feb. 1 1916; due Feb. 11946.
Legal Investment for savings banks in the States of Maine, New Hampshire
and Vermont.
Data From Letter of W. S. Barstow, President of the Company.
Company -Furnishes electric energy for light and power to Binghamton.
Johnson City, Owego and 39 other cities and towns in the south-central
portion of New York State. The territory served, of which Binghamton
Is the commercial center, includes fertile agricultural districts and an
important industrial area which, in addition to many diversified industries.
Is the home of the world's largest shoe factories. The business of the
company has been successfully operated for a period of more than 34 years
and serves an estimated population of 150.005 .
Security.
-Secured by a first mortgage on all of the property owned by the
company, with the exception of certain property on which the mortgage
is a direct lien subject to $300,000 of divisional underlying liens. The
value of the property covered by the underlying liens is less than 10% of
the total property value.
-Proceeds from the sale of these bonds will be used for addition
Purpose.
and betterments to the property of the company,including a portion of the
cost of a new 30,000 k.w. unit now being installed in the modern central
generating station of the company at Johnson City. This unit is expected
to be finished and in operation about Aug. 1 1927.
Capitalization Outstanding with Public (After This Financing.)
Athens (Ga.) Railway & Electric Co.
-Merger Plan.
Toe stockholders will vote Dec. 14 on approving the merger with other
Authorized, Outstanding.
1st ref. mtge. 5% bonds, due 1946 (Incl. this
companies into a new corporation to be known as Georgia Power Co.
Issue)
For further details see.Georgia Ry.& Power Co. below.
-V.123, p.2259.
a
86,129.000
Divisional liens
(closed)
300,000
Cumul. preferred stock (no
Atlantic City (N. J.) Sewerage Co.
-Bonds Sold.
- Cumul. preferred stock (no par) $6 dividend-- 75,000 shs. 18,649 shs.
50 shs.
None
Charles A. Frank ilk Co., New York have sold at 100 and int. Common stock (no par) par) $7 dividend__ _ 50,000 shs.
25,000 she.
a The issuance of additional bonds is limited by the provisions of the
$1,500,000 1st mtge. sinking fund 6% gold bonds series A.
Dated Dec. 11926; due Dec. 11956. Interest payable J. & 13. at Gar- mortgage.
Earnings 12 Months Ended Oct. 31 1926.
field National Bank, New York, trustee, without deduction for Federal
income taxes not in excess of 2%. Denom. $1,000 c*. Red. all or part Gross earnings (including other income)
x$1,910,245
Operating expenses, maintenance & taxes
upon 30 days' notice, on or before Dec. 11936. at 105 and int.; after Dec. 1
1,081,220
1936 to Dec. 11940, at 104 and int.: after Dec. 1 1940 to Dec. 1 1944, at
Net earnings before depreciation
103 and int.; after Dec. 1 1944 to Dec. 1 1948, at 102 and int.: after Dec. 1
Annual interest on bonded debt to be outstanding with public $829,024
1948 to Dec. 1 1952 at 101 and int, and at 100 and Inc. after Dec. 1 1952.
324,450
x Includes interest during construction, $17,768.
Data from Letter of Frank C. Poucher, President of the Company.
Control.
-Company is controlled by General Gas & Electric Corp.
Company.
-Is an old and seasoned public utility. incorp. in 1888in New V. 123, p. 709.
Jersey. for the purpose of installing and operating a system of sewage
Boston & Worcester Street Ry.-Receiver Certificates.
collection and disposal in the City of Atlantic City, N. J. It now furnishes
sewerage service to practically the entire city and has over 112 miles of
In order to pay certain outstanding
trunx sewers, variously connected and constructed under substantial, capital, Receiver Franklin T. Miller has accounts and replenish working
asked the Mass. Supreme Court
modern and sciantific engineering methods. Company furnishes service for authority to issue $100,000 of receiver's certificates, bearing interest
to over 13,500 hotels, apartment houses, dwellings and business houses. at rate of not more than 6%.
Its disposal plants (4 in number) are constructed and operated under the
The cash balance is now down to about
insufficient
supervision of the State and local boards of health and dispose of sewage for proper conduct of the business. Among$20.000, an amount
and house wastes of the city amounting to approximately 10,000.000 gal- local tax balance of $12,500; 1926 taxes accounts now overdue are 1925
lons daily. The residential population of Atlantic City is about 60,000 and on those items amounting to $1.200; and of $24,500; accumulated nterast
merchandise accounts of$55.000•
the transient population ranges as high as 500,000 during certain seasons
As of beginning of the present calendar year, according to Receiver
of the year. Company is under the jurisdiction of the New Jersey P. U. Miller, net operating loss sustained during
beginnCommission and the State and local boards of health. Under the rulings ing on Feb. 111925, amounted to $26.457 the receivership from it loss had
1926, the
of the Commissioners the company is allowed a net return of 73,i% on its increased to $49,969. October results will By Sept. 30disclose
a loss and
undoubtedly
DEC. 4 1926.]
THE CHRONICLE
similar conditions will probably prevail during next few months, he says.
Losses already incurred and the inevitable losses confronting the receiver
seem to require immediate drastic curtailment of trolley operations. Mr
Miller says that the draining of income by extensive use of private automobiles continues. As a last resort, in order to eliminate persistent losses,
or keep themvrithin reasonable bounds it may be found necessary to suspend
trolley operations, both passenger and freight, throughout the entire
system. The whole matter has been under extended consideration and
recommendations of the receiver will be presented to the court shortly.
V. 123, p. 2390.
Blackstone Valley Gas & Electric Co. (& Subs.)
Earns. 12 Months Ended Sept. 30Gross earnings
Operating expenses& taxes
1926.
1925.
$5,383,015 $4,927,364
3,454,699
3,067,604
Net earnings
xIncome from other sources
$1,928,315 $1,859,760
17.616
133,820
Total
yDeductions
Interest & amortization charges
$1,945,931 $1,993,580
105.500
105,500
455,383
434,319
2895
-Secured by deposit of all of the common stocks of its subsidiary
Security.
companies. Additional bonds may be issued under restrictions as set forth
in the trust indenture. As recently determined by independent engineers.
the properties which are the basis for the security of this Issue have a reproduction value-in excess of all outstanding securities senior to this issue
-of approximately $13,000,000, or more than $4,900 for each $1,000 of
these bonds.
Capitalization Outstanding (Upon Completion of Present Financing).
$2.604,000
Series "A"6% collateral trust gold bonds (this issue)
*350,009
% secured gold notes
634
198.300
-year 2 to 5% notes
5
15.172 shs.
Preferred stock,$7 dividend series(no par value)
180.000 shs..
Common stock (no par value)
*Closed issue, secured by 8350.000 debenture bonds of Michigan Water
Power Co.
The above capitalization does not include funded debt and pref. stock of'
subsidiary companies outstanding in the hands of the public with a total
par or liquidation value of $26.616,690.
-Consolidated earnings for the 12 months ended Aug. 31 1926,
Earnings.
including estimated earnings of the subsidiary, Michigan Water Power Co.
(gross $140,000 and net $119,160-in partial operation Oct. 15 1926).
were as follows:
$5,752.587
Grossearnings
Opelsting expenses, incl. maintenance and taxes (other than in3,460,716
come taxes), but excl. depreciation and non-recurring items
Balance
$1.385,048 $1,453,761
x Interest on funds advanced to Montaup Electric Co. y Interest
charges on bonds and dividends on outstanding preferred stock of Paw$2,291,872
tucket Gas Co. of New Jersey.
Net earnings
Consolidated Balance Sheet.
The balance of net earnings, as shown above, after aeaucting $1,703,118
charges of subsidiaries, is $588,754, over 3.7 times annual interest
Sept.30'26. Dec .31'25.
Sept.30'26. Dec .31'25. for fixed
requirements of the total amount of these bonds to be presently outAssets$
$
Liabilities
$
$
-V. 122. p. 746, 607.
Prop., plant, &c...21,481.462 20,259,459 Common stock... 6,496,550 6.487,250 standing.
Cash
214,924
275,694 Pref. stock (6%).._ 1,294.E00 1,294,200
-Debentures Sold.
Central West Public Service Co.
Notes receivable
1,677
2.380Prem. on com.stk_
9,021
Accts. receivable_ - 881,702
939,403 Pawtucket Gas Co.
A. B. Leach & Co. and Porter Fox Co. Inc., have sold
Materials & suppl_ 591,797
544,149
preferred stock. 990,000
990,000
'
and int. to yield about 6.35% $1,800,000 10-year
Prepayments
11,058
25,168 Funded debt
10,609,000 9,354,000 at 97
Sinking fund x____ 258,342
293,904 Notes payable_
400,000 convertible 6.% debentures.
Special deposits_
and $1,000 c*.
822 Accts. payable
238,851
271,713
Dated Nov. 1 1926; due Nov. 1 1936. Denom. $500Interest payable
Unamortized debt
Accts. not yet due_ 224,868
79,379
all or part on 30 days' notice on any int, date at 110.
disc. & expense_ 307,028
246,622 Retirement reserve 1,122,486 1,323,953 Red. N. without deduction for Federal income tax up to 2%. renn.
M. &
Unadjus. debits__
88,383
69,286 Unadjusted credits
11,112
13,703 and Conn.4 mills tax,Maryland 434 mills tax. Calif. and Kentucky 5 mills
Treasury securities
50,000
50,000 Reserves & surplus 2,889,984 2,497,929 tax, Iowa 6 mills tax. Kansas 254 mills tax, Mass. 6% income tax on int.,
Misc. curr. assets_
5,240
New Hampshire 3% income tax on int., and any similar taxes hereafter
imposed in Maine not exceeding 5 mills personal property tax or 6% income
Total
23,886,371 22,712,127
Total
23,886,371 22,712,127 tax on interest, refundable. Central Trust Co. of Illinois, trustee.
x Includes $195.000 bonds of Woonsocket Electric Machine & Power Co.
Convertible into one share of series A preferred stock for each $100 of
held in sinking fund uncancelled.
debentures so converted, such stock entitled to cumulative dividends at
Note.
-Company has subscribed for $500,000 New England Power the rate of7% per annum for two years after conversion, and 8% thereafter.
Association common stock against which advances have been made and
Data from Letter of Pres. W. N. Albertson, Milwaukee, Wis.,
Included in property, plant, &c.,to the extent of$300.000.-V. 123, p. 1249.
Nov. SO.
Company.-Incorp. in Delaware. Will be a consolidation of the public
Brooklyn Union Gas Co.
-$1 Gas Law Void.
utilities formerly owned with those of the Platte Valley Power & Light
See Consolidated Gas Co. of New York below.
-V.122, p. 3336, 1305.
Co. and its subsidiaries, the Platte Valley Power Co. of Nebraska and the
Buffalo, Niagara & Eastern Power Corp.(& Subs.).- Dakota Public Service Co. and other independent public utilities. Company will own all the capital stocks (except directors' qualifying shares and
Earnings.
negligible minority interests in three subsidiaries) and all outstanding funded
The company reports gross earnings of $20,924,276 for the nine months debt of its subsidiary companies.
ended Sept. 30 1926 and net after taxes and depreciation of $10,049,337.
Company will own and operate through subsidiaries, public utility
The balance after charges and preferred dividends of subsidiaries was properties serving 129 cities and towns in Iowa, Nebraska, Minnesota,
$4,955.822 and surplus after preferred dividends $2,621.980.-V. 123. ri• 'South Dakota and North Dakota. The population of the communities
served is approximately 150,000 and the total number of customers about
2652.
32,500. These utilities supply 59 communities with electric, 4 with gas,
Cape Breton Electric Co., Ltd.
1 with water and 64 with telephone service. Wholesale electric power is
-Earnings.
the
supplied for the distribution systems of 14 other towns. Included in Hot
(Including Leased Property.)
company's territory are Norfolk and Columbus, Neb.; Rapid City and
12 Months Ended Sept. 301926.
1925.
Springs, S. D.; and Jamestown, N.D.
Gross earnings
$603.980
$571,659
Electric power is generated at 10 plants, with 4 others operated part time
Operating expenses & taxes
485,369
493,699 as reserve stations. The balance of the electric energy distributed is purInterest charges
69,022
68,747 chased under contract at favorable terms from other public utility companies that are large producers of electric power. The system will include
Balance
$49,589
$9,213 nearly 500 miles of transmission lines, with about 150 miles of additional
lines now under construction and soon to be completed. The distribution
Condensed Balance Sheet.
comprise a large mileage ofsecondary
systems
Assets,Sept.30'26. Dec.31'25.
Sept.30'26. Dec .31'25. lines. in the cities and towns served
Prop., plant, &c__83,222,036 $3,219,767 Common stock...81,125,000 51,125,000
plants which supply Jamestown, Rapid
Water gas is manufactured at 4
Cash
20,310
15.934 Pref. stock (6%)._ 314,000
314,000
distribution systems of these gas
and
Accts. receivable
51,805
44,521 Bonds
1,227,000 1,227,000 City. Columbus of 47 Norfolk. The with annual sales about 100,000.000
miles of mains,
properties consist
Materials & suppl.
53,597
132,125 cu. ft.
57,219 Notes payable.-- 132,125
Prepayments
6,257
49,413
• 6,610 Accts. payable...45,835
Authorized. Outstanding.
CapitalizationMiscell. investm'ts
20,854
7,663 1st
2.503
2,503 Accts. not yet due.
-year 534% gold bonds series A_ _ _ a$4,C50,000 $4,000.000
Sinking funds_ __ _
246,561 10 lien coll. 30
5,310
910 Retirement rea've. 238,486
1,800.000
1,800,000
-year convertible 6% debentures
Unadjus. debits
12,584
12,618
2,862
958 Oper. reserves....
c50,000
85,000,000
preferred
234,044 7% cumulative(par $1) stock (par $100)
Reserves & surplus 248,796
105,000
105,000
Common stock
a Additional series of 1st lien bonds may be issued, under restrictions of
Total
$3,364,680 $3,348,423 the trust indenture. b Divided into series A and B. Series A. limited to
$3,364,680 $3,348,423
Total
-V. 123, P. 1249.
$1.800.000 is reserved for the conversion of the 10 year convertible debenyears
Capital Traction Co., Wash., D. C.
-Merger Legislation. tures and two Series after issue upon conversion entitled to 8% cumulative
B.
dividends. c
See Washington ,Railway & Electric Co. below.
-V. 122, p. 1916.
Consolidated Earnings(of Subsidiaries to be Owned)years ended July 31.
Caribou Water, Light & Power Co.
-Notes Offered.
1925.
1926.
$1,285,611 $1.340,497
Sawyer, Fiske & Spencer, Inc., Boston, are offering at 100 Gross income
788,473
799,649
Oper. costs and expenses, incl. maint. and taxes
and int. $100,000 one-year 6% coupon notes.
Dated Nov. 1 1926: due Nov. 1 1927. Int. (M. & N.) and principal
payable at the Old Colony Trust Co., Boston.
CoMpany.-Incorp. in Maine in 1903. Supplies water and electricity
to Caribou, Me., and surrounding country and sells power at wholesale to
two other distributing companies. Company owns a dam and power site
on the Aroostook River,from which it derives power for water supply pumping, and In addition it purchases some of Its electrical current. Moreover,
work has been started on the complete development of the company's own
-electric power. It is expected that this will be in operation within
hydro
6 months' time. It is estimated by the President that this development
will add at least $15.000 per annum to the net earnings.
Earnings 12 Months Ending Sept. 30 1926.
Gross earnings
876,657
Operating expenses and taxes
48,017
Bond interest
9,300
One-year note interest (this issue)
6,000
balance
Net
$13,339
Capitalization.
1st mtge. 6% gold bonds, dated 1923, due 1943 (closed issue).-$155,000
One-year 6% notes (this issue)
100,000
Common stock
50,300
Control.
-The common stock of the company is owned by the Atlantic
Public Utilities, Inc.
Central Public Service Co.
-Thompson
-Bonds Offered.
Ross & Co., Inc., Chicago, and E. R. Diggs & Co., Inc.,
New York, are offering an additional issue of $760,000
series A 6% collateral trust trust gold bonds due July 1
1940 at 97 and int. to yield over 6.30%. Dated July 1
1925; due July 1 1940 (see original offering in V. 121, p. 584).
Net earnings before int., deprec. and Fed. taxesInt. on total funded debt, incl. these debentures...
$407.138
328,000
$540.847
328,000
8212,847
3169,138
Balance after interest charges
The consolidated earnings of the subsidiaries to be owned for the year
ended July 311928, available for interest, depreciation and Federal taxes
are about 1 2-3 Ames the annual interest charges on the total funded debt
to be outstanding, including this issue. After deducting the annual
interest on the first lien collateral gold bonds, before depreciation and Federal taxes, the balance of $320,847 is about 3 times the annival interest on
these debentures.
Purpose.
-Proceedsfrom these debentures, together with other financing.
will provide funds required to retire funded indebtedness of the company
and its subsidiaries, to acquire new properties, and for additional worldng
capital and other corporate purposes.
Control.
-The entire outstanding common stock (except directors' qualify
-V. 123. p. 2652.
big shares) will be owned by the McGraw Electric Co.
Charleston Consolidated Railway, Gas & Electric
Co.
-Proposed Consolidation.
-V.122, p.2327,
See Charleston Consolidated Ry.& Lighting Co. below.
Charleston (S. C.) Consolidated R.& Lighting Co.
Proposed Consolidation.
The stockholders of this company, the Charleston Consolidated Railway,
Gas & Electric Co., the Charleston Gas Light Co. and the CharlestonEdison Light & Power Co. will vote Dec. 17 on approving the consolidation of these properties into the South Carolina Power Co.,control of which,
it is stated, will eventually pass to the Southeastern Power & Light Co.
Stuart Cooper has been elected President of the Railway & Lighting company and B. A. Hapgood has been elected President of the other three
Charleston companies.
-V. 115, p. 987.
Data from Letter of President A. E. Peirce, Chicago, Nov. 15 1926.
-Listing.
Chicago Rapid Transit Co.
Company.
-A Delaware corporation. Will furnish, through operating
has authorized the listing of 50,000
properties, public utility service in 15 States of the Middle West, the Atlan- ofThe Chicago Stock Exchange A ,par $100 per share (which is all shares
of the
prior preferred stock series
tic Seaboard and the Gulf Censt, including Illinois, Wisconsin, Michigan, total authorized issue of this class), all of which are issued and outstanding
Indiana, Kentucky, Maine, New York, Pennsylvania, Maryland. the Vir- in
-V. 123, p. 1995.
the hands of the public.
ginias, North Carolina, Georgia, Alabama, Texas and New Brunswick,
in Canada,supplying a population of approximately 750,000. The sources
-Answer of F. J. Lisman to
Chicago Surface Lines.
of net revenue of tne properties are reported as follows: Electric light and
power, 41.4%; gas, 45%; water, 11.3%; railway and heat, 2.3%. All of Letter of B. E. Sunny, Chairman Protective Committee Chicago
properties in Wisconsin, Lower Peninsula of Michigan, Maine and New
the
-In our issue of
-electric. The present capacity of the electric stations City & Connecting Rys. Collateral Trust 5s.
Brunswick are hydro
equals 35,430 h.p., of which 21,014 h.p. is hydro-electric. Connected to Nov. 27 there is attributed to F. J. Lisman (of F. J. Lisman
of transmission ana distribution lines. The & Co.) the statement that he could avoid
these stations are 1,242 miles
a receivership
gas plants have a rated capacity of 11,420,000 cubic feet of gas per day and
for the Chicago traction lines. .Mr. Lisman states he never
the gas distribution systems total 838 miles of mains.
2896
THE CHRONICLE
[VOL. 123.
made any such statement. In alletterYtojthe "Chronicle" offering at 96 and int., to yield over 5.83%, $850,000 1st
he says:
misibsA ss0
mtge. 53% sinking fund gold bonds, series 'A."
0 Adel* "fil
00
"In fact I have stated repeatedly that receivership was unavoidable but
bent my efforts to make it as innocuous as possible by bringing out a reorganization plan before the time of default. If the bondholders would
agree to such a reorganization, receivership could be terminated quickly
and should not be expensive-otherwise it is likely to last for years and be
extremely expensive.
The answer in full of Mr. Lisman, dated Nov. 22, to the
letter of B. E. Sunny (see V. 123, p. 2774) follows:
. I am in receipt of your letter of Nov. 20 and thank you very much for
Dated Dec. 1 1926: due Dec. 1 1946. Int. payable J. & D. Denom.
51.000 and $500 c5 Red., all or part, on any int. date on 30 days' notice
.
at 105 and int. Principal and int. payable in New York at Guaranty Trust
trustee. Company agrees to pay the normal Federal income tax up
to 2%. Personal property tax of any State under any present law, not in
Co..
excess of o mirls in any case, and tne Mass, income tax on the int. not
exceeding 6% of such int. per annum, refundable.
Data from Letter of R. A. Pratt, President of the Company.
Company.
-W111 own and operate an electric light and power business
locateo in the vicinity of Denver, Colo. The territory served includes the
following communities: Englewood, Evergreen, Fort Logan, Fort Lupton,
Golden, Hudson,Indian Hills,Johnstown, Keenesburg, Littleton, Milliken,
Morrison, Petersburg, Plattesvilla, Starbuck and Troutdale. Company
serves a population of approximately 25,000. Electric light and power
service is furnished to 6.598 customers in a territory which has shown a
normal and steady growth over a period of years.
For the year ended Sept. 30 1920
-the energy distributed and sold was in
excess of 7,000.000 k.ve. hours. The present extensive distributing system
is adequate to provide for a large increase in business with only moderate
additional capital expenditures.
Additional 1st Mtge. Bonds may be issued but only under the restrictions
provided in the indenture. Additional bbnds may be issued for 80% of
the cost or fair depreciation value, whichever is lower, of additions, extensions or improvements, provided, however, that net earnings,
in the indenture, for a period of 12 months, within the 15 monthsas defined
preceding
the application have been not less than twice the annual interest charges
on all bonds outstanding, including those to be issued.
Capitaizzation upon Completion of Present Financing.
1st mtge. 5%% sinking fund gold bonds (this issue)
$850,000
Common stock, no par value
10,000 abs.
Earnings.-The earnings ofthe properties to be acquired for the 12 months
ended Sept. 30 1926 were as follows:
Gross earnings
$384.426
Oper. exp., incl. maint. & taxes other than Federal taxes
230,994
Net earnings
5153,432
Annual int. charges on 1st mtge. 5%% gold bonds (this issue)
46,750
The not earnings as shown above were thus more than 3.3 times the maximum annual interest charges on these let mtge. bonds.
Sinking Fund.
-Indenture will provide for a sinking fund sufficient to
retire annually on Dec. 1 1928 and to and incl. Dec. 1 1932 3% of the
maximum amount of bonds of series A from time to time outstanding and
thereafter 2% of the maximum amount of said bonds from time to time;
outstanding.
Purpose.
-Proceeds will be used in part for the acquisition of electric light
and power properties in the vicinity of Denver and for general corporate
SOS.
gement.-The entire capital stock, except directors' qualifying
shares, will be owned by the Electric Public Service Co.
See also Electric Public Service Co. below.
answering me sofully. Ofcourse,lam thoroughly familiar with the present
position of the Chicago City & Connecting bonds and find myself at variance
with your point of view.
To commence with, you state in your letter: "The permanency of the
property is safeguarded in the present ordinances by the provision that if
the city shall grant a right to another company to operate street railways
in the streets constituting the present street railway system, such new
company shall be required to purchase and take over the street railway
properties of the companies at not less than the full purchase price."
It seems to me that your corrunittee and the other committees representing
the bondholders are endeavoring to construe this particular paragraph
against the bondholders because it is admitted that the present company
cannot pay off these bonds at par nor prevent an expensive receivership.
Corporation Counsel, Mr. Busch, has stated in an open meeting that the
provision you quote does not in his opinion prevent the city from granting
an ordinance for the use of its streets to anyone it chooses and this point
of view is shared by lawyers in general, although, of course, the attorneys
representing the stockholders of the present companies could not be expected
to admit this. This provision in the original franchise was surely inserted
in the interest of the bondholders with the intent that they should be
paid at maturity. It was not intended to perpetuate the present company
If it did not pay its obligations. Furtherletore, under my plan, the permanency of the property is not in any way attacked. Intact, this permanency
as far as the bondholders are concerned, is being perpetuated.
You next state that the new organization which I propose to form will,
at the outset, sell $50.000,000 first mortgage bonds at 91. Permit me to
say that this statement is absoutely incorrect Our temporary franchise
and pemanent franchise distinctly state that the bonds in question are to
be sold at a minimum price of 91. The franchise also provides that as
the bonds are sold from time to time they may hereafter be issued at 5%
and not at 5%%. I believe these new bonds will be just as good as the
Commonwealth Edison bonds and the People's Gas bonds, but they cannot
be sold at a satisfactory price until the credit of the traction systems is
rehabilitated and this is what I am sincerely trying to do. On the contrary.
I am under the Impression that the people at present in charge of the
Chicago Surface Lines are actually doing their best to undermine the credit
of the companies by stating that refinancing under a 20
-year franchise
Is impossible.
I have fequently heard it stated that the 5% profit on financing allowed
to the present companies was insufficient and that the companies actually
lost on that. Nevertheless you repeat the statement that the profit to
me in the way of a discount should not be less than $2,500,000. In this
Columbus (Ga.) Electric & Power Co. (& Subs.).
case your premises are wrong as pointed out above and your reasoning is
Earns. 12 Months Ended Sept. 30fallacious: permit me to say that this remark is hardly worthy of a man of
1926.
1925.
Gross earnings
your standing and experience. .
53,530,710 $2,600,644
Your next remark that the retirement ofthe $145.000,000 offirst mortgage Operating expenses & taxes
1.831.962
1,795,145,
bonds within 20 years through the operation of a shirring fund is impossible
of achievement: In this respect you find yourself in contradiction with
Net earnings
$1,698,748
$805,499
Mr. Kelker, City Engineer, who, while not particularly favorable to my Income from other sources x
3.306
Interest, has officially stated that the amortization fund as I have provided
it would suffice to retire not only the first mortgage bonds within 20 years
Total$1,702.053
$805,499
at par, but would also retire the junior bonds, which you are to receive, Interest & amortization charges
688,702
263.610
within another 8 or 9 years thereafter.
I am astonished at your next statement
Balance
-that this sinking fund would
81.013,352
3541,888
require one cent per passenger. The Chicago City Lines now carry approxix Interest on funds used for construction purposes.
mately 900.000.000 people; actually the aggregate of the two sinking funds
Note.
-Figures for the
is about $4,200.000, or less than one-half cent per passenger. Two-thirds from 9 months operation12 months ended Sept. 30 1926 include results
of
of this sinking fund is to be supplied out of the city's 55%. The city has acquired as of Jan. 1 1926. the property of South Georgia Power Co.
received this 55% heretofore and is to receive a similar proportion of the
Consolidated Balance Sheet.
net earnings hereafter. The difference between the plan in effect heretofore
Sept.30'26. Dec .31'25.
and the one to be in effect hereafter is that the money has been allowed to
Sept.30'26. Dec.3125.
Assets3
lie more or less idle at a low rate of interest in the Chicago banks, although
$
Liabtilltes$
$
of late a small amount has been used to buy short time municipal bonds Prop., plant, &c._26,786,650 19,379,809 Common stock__ 5,250,000 5,247,500
990,514
392,848 2d pref. stock.... 653,400 1,428,700
bearing 3%% and 4% interest. The legal point which you purport to Cash
303,765 Pref. stock II
raise about our franchise not being a "service at cost" is therefore not as Acc'ts receivable_ _ 368,583
3,848,600
Mat'is dr supplies_ 244,166
189,261 Premium on stock_
subtle as you appear to think.
240
77,277
431,813 Funded debt
16,374,000 10,946,300
You further state that the bonds which we propose to offer you are not Prepayments
17,034 Notes payable_
as good as those you have because they are sul3ject to the "extraordinary" Misc. Investments 194,417
424,000 1,150,000
22,853
Accounts payable_
95,496
sinking fund. I think I have answered this quite fully, but nevertheless Subs. to 2d pref _ _ _
154,867
88,600 Acels not yet duo_ 376,055
Will reiterate-the city's 55% which, as previously stated,nes been lying Subs,to corn.stock
117,684
31,133 Retirement reserve 851,045
343
919,378
practically idle, will be used to cancel the loonds which will be prior to your Sinking funds_ _ _ _
Contrib. for exts__
equity. The money taken out of the renewal and depreciation fund will Unamort. debt dis3,657
4,658
453,609 Operating reserves
count & exps.... _ 524,087
work at 5% and 5%% to retire the bonds ahead of your equity while now
32,716
24,154
12,131 Unadjusted credits
this money is in Chicago banks at 3%. No doubt the bulk of it is in the Unadjusted debits 141,271
30,008
10,140
Reeves & surplus_ 1,411,945 1,297.622
banss which are sending out the most urgent request to bondholders in
Total(each side)_ _29,350,162 21.300.002
their circular of Nov. 17 to "go forth and protect their equity."
The holders of Chicago City & Connecting bonds have an equity subject -V. 123, p. 1761.
to first mortgages. Under my plan these first mortgages will be entirely
Commonwealth Light & Power Co.
retired out of available funds and the bonds which are now part of a lien
-Time Extended.
-See Inland Power & Light Corp. below.
on $165,000,000 properties, junior
-V. 123, p. 1995, 1761.
$95,000.000 of first mortgage, will,
20 years hence, be a first mortgageto a property which at that time will
on
Community Traction Company.
-Tenders.
represent a cost of probably $250,000,000.
-The Bankers Trust Co.. trustee, 16 Wall St., N.Y. City, will, until
Referring to your furtner aspersion about our profits and our interest
n the property, &c.. I can only reiterate my statement that our company Dec. 21, receive bids for the sale to it of 1st mtge. 6% gold bonds. dated
will be satisfied with a profit which the present companies purport to Jan. 31 1921. to an amount sufficient to exhaust $155,218 at prices not
exceeding 104 and int.-V. 122 p. 3209.
disdain.
Before closing I want to call your attention to the fact that our ordinance
Connecticut Power Co.
-Notes Paid.
provides that we shall accept an indeterminate franchise just as soon as
The $500,000 7% coupon notes due Dec. 1 1926 are being paid at office
the Legislature authorizes it,and in that 'event, the sinking fund which
seems so objectionable to you can be substantially reduced. although by of United States Security Trust Co., trustee, 777 Main St., Hartford,
-V. 123. p. 1874.
doing so the citizens of Chicago will of course not be enabled to own the Conn.
property free of liens within 30 years. I think it is this provision of my
Consolidated Gas Co. of New York.
-$1 Gas Law
franchise which seems to be the most obnoxious to the existing company,
although it protects the bondholders and is very favorable to the city Voided as Confiscatory by Supreme Court.
-The New York
of Chicago.
law of June 2 1923, fixing a rate of $1 per 1,000 cu. ft.
Frankly, in my opinion the Chicago traction question should have been State
settled long ago but it has not been settled on account of the uncompromising on gas furnished in New York City, was Nov. 29, declared
Bourbon attitude of the parties in control,which is reflected in your and confiscatory by the U. S. Supreme Court.
Opinions preother letters which I have received from the parties in interest.
pulp:
pared by Associate Justice McReynolds modify the decree
of the lower courts, which held the New York gas law to be
invalid in all respects.
The high court ruled that the $1 rate amounted to confiscation, as adjudged by the lower courts, and was therefore
void, but directed a modification of the parts of the decrees
which held the statute invalid "for any reason except conflict with the Fourteenth Amendment because confiscatory
in effect."
Three cases were disposed of. One was brought by the
Consolidated Gas Co. of New York, a second by the Brooklyn Union Gas Co., the third by the Kings County Lighting
P. W. Chapman & Co., Inc.. announce the purchase of a new issue of Co. The Consolidated case was treated in one opinion and
81.350.000 1st mtge. 5%% gold bonds, Series A. Company, all of whose
in a second opinion.
common stock is owned by Community Water Service Co., has been sup- the two others
plying the City of Washington, Pa., and adjacent territory with water for
In the case of the Consolidated the Court emphasized a
domestic and industrial purposes for over 39 years. The population served statement made by the Master
who handled if kr the Federal
by company is estimated at over 28,650. A public offering of the issue is
Court for the Southern District of New York that the dollar
expected early next week.
-V. 123, p. 841.
rate would not yield 6% on the company's investment. In
Coal Belt Electric Ry.-To Discontinue Service.
'The Illinois Commerce Commission has authorized the company to the case of the Brooklyn Union Gas Co. and the Kings
discontinue service. The latter operates from Marion to Carterville and County Lighting Co. the court stressed the assertion of the
Herrin, Ill., about 15% miles.
Master who acted for the Federal Court for the Eastern DisColorado Central Power Co.
-Bonds Offered.
-Stanley trict of New York that the rate prescribed would not yield
& Bissell, Inc., and E. R. Diggs & Co., Inc., New York, are 5% on their investment.
Supplementing the above, Mr. Lisman adds: "Upon
further consideration it occurs to me that you could not have
thoroughly read my plan. Apparentlyyou have only read
Mr. Busby's attempted criticisms. I herewith enclose
another copy of my synopsis together with Mr. Busby's
criticisms and Mr. Harlans' replies. I would also suggest
that you ask my Chicago office to send you copy of tentative
franchise, although I think the _permanent franchise will
be ready to submit to the City Council within the week."
-V. 123, p. 2774, 2652.
Citizens' Water Co. of Washington, Pa.
-Bonds.
-
DEC. 4 1926.]
THE CHRONICLE
2897
The three cases came to the Supreme Court on appeal of bonds, series F (see description in V. 120, p. 2940). Dated
the Attorney-General of New York from judgments in the June 1 1925; due June 1 1965.
two Federal District Courts in New York, in which the State Data from Letter of Pres. Herbert A. Wagner, Baltimore, Nov. 27.
Compang.-A consolidation of
law was ruled to be void, not only on the ground that it was Baltimore. Company and the the gas and electric light companies of
constituent companies which preceded if
confiscatory, but also for other reasons. It was noted in have served the community with gas since 1816 and with electricity since
Justice McReynolds's opinion, which was read by Chief 1881. Company does the entire gas, electric light and power business in
Baltimore, including the supply
power
Justice Taft in the absence of Justice McReynolds, that the Its operations also extend into of allsuburbsused by the street railways.
the
and surrounding counties.
The total population now served is about 900,000. For 1925 electric sales
New York P. S. Commission did not join in the appeal.
were 645,215.639 k.w.h. and gas sales 10,372,886.400 cu. ft.; and for
The full text of the opinion of the court on the Consoli- 12 months ended Oct. 31 1926 electric sales were 722.163.160 k.w.h,and the
gas
dated Gas Co. case, delivered by Justice McReynolds, sales 11,239,261,600 Cu. ft.
-The proceeds, together with additional funds to be supplied
Purpose.
follows:
by the company, will be applied at this time
In Newton vs. Consolidated Gas Co., 258 U. S. 165, decided March 6
1922, this court held that Chapter 125, New York Laws 1906, which prescribed an 80
-cent per 1,000 feet gas rate, had become confiscatory and
should not be enforced.
Thereafter the New York P. 8. Commission made careful investigation
of the property and operations of appellee and prescribed a rate not exceeding Si 15 per 1,000 for gas of537 British thermal units, effective Oct. 1 1922,
to continue for one year. Acceptance of this order, the company now
claims, consummated a binding agreement with the State.
The Legislature, by an Act provided June 2 1923, C. 899. Laws 1923,
effective immediately, directed that thereafter in New York City not more
than $1 per 1,000 feet should be demanded for gas of 650 British thermal
units.
By an original bill in the U. S. District Court, Southern District of New
York, wherein the P. S. Commission and the Attorney-General of that
State were the defendants, appellee attacked the Act of June 2 1923 as confiscatory and prayed for an Injunction prohibiting enforcement thereof.
It also asked that the Act be adjudged veld because enforcement would
impair the company's contract with the State under the Commission's
order, contrary to Article I, Section 10. of the Federal Constitution.
Further, that the Act be declared invalid because of the impossibility of
supplying immediately and with safety to consumers gas of650 thermal units
Answers followed and the matter went to a Master, who took much proof
found the value of the property dedicated to public use cost of operation,
the impossibility of furnishing safely gas of the prescribed standard, &c.
He reported tne Si rate would not yield a fair return upon such property
estimated according to any reasonable standard and,therefore,recommended
that the Act be declared confiscatory and unenforcible.
He further recommended that it be declared invalid because in conflict
with Article I,_Section 10,also because compliance therewith was practically
impossible. The court confirmed this report without material modification, adjudged as recommended and granted the injunction prayed for.
6 Fed. (2d), 243.
The Commission, wisely we think, declined to ask review here of the final
decree. The Attorney-General sued out a broad, separate appeal. His
petition tnerefor alleged:
"That in substance the decree restrains the defendants from enforcing in
any way Chapter 899 of the Laws of 1923 of the State of New York, and
declares that said statute violates or is in contravention of Section 10 of
Article I and of the Fourteenth Amendment of the Constitution of the
United States."
There is an enormous record. Seventy-one assignments of error assail
rulings of the court and question many of the Master's actions and conclusions.
Although somewhat oracular-as in the lines which make solemn declaration concerning the position which this court must ultimately take regarding
valuations in rate cases
-and too mucn burdened with unimportant dissertations, the report of the Master contains a valuable analysis of the relevant evidence and clear statements concerning values. It also sets out
distinctly what the evidence discloses as to the cost of production, expenses
of the business, &c.
He concluded that the prescribed rate of $1 per 1,000 feet would not yield
a return of 6% and was therefore confiscatory. With this conclusion the
court below agreed, and we find nothing whatever suggested by the Attorney-General in brief or oral argument which would justify material modification or reversal of the final decree in so far as it se adjudges and directs
appropriate injunctions.
As the statute is clearly confiscatory and therefore invalid under the
Fourteenth Amendment, it was unnecessary for the trial court to consider
other objections thereto, and we have not done so.
The decree of the District Court will be modified by excluding therefrom
those parts which declare the Act invalid for any reason except that enforcement would result In confiscation. Thus modified, it is affirmed. All
costs of the appeal will be taxed against appellant.
Mr. Justice Brandeis concurs in the result.
The full text of the opinion of the court on the Brooklyn
Union Gas Co. and Kings County Lighting Co., delivered
by Justice McReynolds, follows:
Eleparate suits were begun by appellees in the U. 8. District Court, Eastern District of New York, against the P. 8. Commission and the AttorneyGeneral of that State. They sought injunctions against enforcement of the
Act of June 2 1923, C. 899.'Laws of New York 1923. by which the Legislature directed that gas of650 British thermal units should be sold at not more
than $1 per 1,000 feet.
Prior to June 2 1923. under orders of the Commission,the Brooklyn Union
Gas Co. had been charging $115 and the Kings County Lighting Co. Si 30
per 1,000 feet for gas of 537 British tnermal units.
The causes were referred to different Masters. They took much evidence,
and each reported that the rate prescribed by the Legislature would yield
less than 5% upon the fair value of the complainants' properzy devoted to
public use. With some exceptions, not now important, these reports were
approved and the court adjudged the statute confiscatory and therefore
Invalid. Also, that it was unreasonable and invalid in respect of the standard of 650 British thermal units. 7 Fed. (2d) 192, 628.
The Commission declined to ask for an appeal to this court. The Attorney-General, upon petitions which allege ':that in substance the decree
restrains the defendants from enforcing in any way Chapter 899 of the Laws
of 1923 of the State of New York, and declares that said statute violates
or is In contravention of Section 10 of Article I and of the Fourteenth Amendment of the Constitution of the United States,' sued out broad appeals
and has presented many assignments of error-107 in No. 358 and 21 in
No. 365.
But we find no reason whatever advanced by him in brief or oral argument whim would justify reversal of either decree.
The statute was clearly confiscatory in effect and there was no necessity
for the District Court to consider any other objection thereto. We have
not done so.
The decrees will be modified by excluding therefrom such parts as adjudge
the statute invalid for any reason except conflict with the Fourteenth Amend
ment because confiscatory in effect. Thus modified, both are affirmed.
All costs will be taxed against appellant.
Mr. Justice Brandeis concurs in the result.
Litigation Cost Consolidated $2,000,000-$28,500,000 in
Suspense.
-
to the redemption of $3,423,000
(less bonds retired out of proceeds of sinking fund investments) 1st mtge.
5% bonds and $1,000,000 5% pref. stock of Baltimore Electric Co.of Baltimore City, and to the retirement of the treasury of the Consolidated company, in part, for cost of property additions and extensions, including gas
and electric plants, transmission lines and distribution systems.
The Baltimore Electric Co. issues constitute all of the outstanding securities of that company other than common stock,all of which latter is, through
a holding company, under Consolidated company ownership. The bonds
are guaranteed both as to principal and interest, and the pref. stock as to
dividends, by the Consolidated company.
Earnings Years Ended Dec. 31.
Gross
Net Before
d Fixed
Depreciation.
Earnings.
Charges.
e Balance
1919$12,813,617
54,800,711
$2283622
5,517,089
15,433,458
1920
4,981,667
2,428.288
2,553,382
16,612,388
1921
6,027,806
2,826,184
3,201,622
1922
8.924.357
20.376,084
3,219.351
5,705,006
22,221,699
1923
9,633,107
3,088.722
6,544,385
b21,711,928
8.647.926
3,074,365
5.573.561
e23,092,209
9,974,699
1199224
5
3,036.391
6.938,308
c24.837.938
10,004.845
1926
2.905.941
7,098,904
a 12 months ended Oct.31. b Rate decrease effective July 1923. c Rate
decrease effective Dec. 1925. d Exclusive of amortization. e Applicable
to depreciation, amortization, dividends and surplus.
-Company is also just announcing an issue of preferred and
Capital Stock.
common stock in amounts which will, after this bond issue and the refunding
thereby provided for, increase the equity ratio so that the capitalization
will, upon completion of such financing, consist of approximately 60% bonds
and 40% stock (including common stock at former par value and the no par
value stock at price of issue).
The company will have outstanding, upon completion of present and proposed financing,a total of $14,000,000 pref.stock,issued in series,consisting
of $5,000,000 series A 8%, 52,000.000 series B 7%, 54.000,000 series C
6.i% and $3,000,000 (including $2,000,000 to be offered to gas and electric
customers on a partial payment basis) series D 6% and 925,700 shares of
no par value common stock (including 84,155 shares to be offered to common stockholders of the company). The total indicated market valuation
at current quotations for the preferred and common stocks, exclusive of
stock shortly to be issued, is more than $57,000,000. as compared with a
total bonded indebtedness, including this issue and underlying and subsidiary mortgages. of $60,625,500 principal amount.
Dividends.
-Continuous cash dividends on the common stock have been
paid since 1910. In Oct. 1924 the common stock, then of a par value of
$100 per share, was changed into common stock of no par value, on the basis
of 4 shares oe no par stock for each share of $100 par value. For the 10 years
prior to Oct. 1 1924 the dividend rates averaged more than
% Per
annum-equivalent to more than $1 93 per annum on each present no par
share. The present dividend rate is $2 50 per annum per no par share.
Funded Debt (Upon Completion of Present Financing).
Consol. Gas El. Lt.& Pow. Co. gen. (closed) mtge.4 ids 1935-a$13,845,000
Consol.Gas El.Lt.& Pow.Co.of Bait. 1st ref.M.s.f.gold bonds:
Series A,6%. due Feb. 1 1949
10.827.500
Series E. 5i9. due Sept. 1 1952
4,999,000
Series F. 5%,due June 1 1965 (including this issue)
615.964.000
Issues of Constituent and Sub. Cos. (Upon Completion of Present Financing).
Consol. Gas Co. of Balt. city 1st cons. 5s. 1939 (closed)
$3.400,000
Consol. Gas Co. of Bait. City gen. mtge. 4ids, 1954 x
6,100,000
United Electric Lt. & Power Co. 4ids. 1929 (closed)
4,428,000
Roland Park El. & Water Co. 1st mtge. 5s, Feb. 1 1937 (closed)
300,000
Guaranteed bonds (closed) and pref. stock (closed) of Public
Service Building Co. (covering 20
-story office building, 40%
of which is occupied by the company and 60% by tenants)
1.415,400
a In addition. there are $1,155,000 which will be deposited under the 1st
ref. mtge, upon release from the lien of the Baltimore Electric 5s, 1947,
to be callad for re 00.o
tomm aenl y u, emption on Feb. 1 1927. b In addition, there will be
et
41
c et orge..bends,geeserF ej,e theream
reptlint
l
00
rries v
, izire 5 of
ri
o . x i3
ie c
o
aPriiote- 13. .
Closed except
N
.50.000 1st mtge. 5% bonds iaf the Consolidated Power Co.
of Baltimore, constituting the total outstanding funded debt of that company (out of an authorized issue of $15,000,000) are deposited as collateral
under the 1st ref. mtge. of the Consol. Gas Electric Light & Power Co. of
Baltimore.
Rights to Be Given Stockholders-Rate Reduction Authorized.
-
The common stockholders of record Dec. 17 will be given the right to
subscribe on or before Jan. 10 for 84.155 additional shares of common stock
(no par value) at $35 per share. to the extent of one share of new common
stock for every 10 shares of their respective holdings. The proceeds are
to be used to finance necessary extensions to the company's property.
plants and distribution system.
Subscriptions will be payable in cash or in New York or Baltimore funds
to the company at its office. Lexington Building. Baltimore, Md.. or to its
agent. the New York Trust Co.. 100 Broadway, N. Y. City, or to its agent.
Aldred & Co. Ltd., 24-28 Lombard St.. London, E. C. 3. England, under
one of the following methods: (1) $35 per share, with subscription, on or
before Jan. 10 1927:(2) $10 per share with subscription, on or before Jan.
10 1927, and $2526 per share on Feb. 15 1927; or (3) $10 per share with
subscription, on or before Jan. 10 1927. $10 per share on Feb. 15 1927, and
$15 34 per share on Mar. 10 1927. New stock will participate in all dividends payable on April 1 1927 and thereafter.
The Maryland P. S. Commission on Nov. 10 ordered the company to
raduce its primary electricity rate from S cents to 7 cents per k.w.h. It is
estimated that consumers of electricity in Baltimore and vicinity will save
approximately 51,000,000. This cut becomes-effective Jan. 1 1927 an
will remain in effect until June 30 1929.-V. 123. p. 2775.
Dayton, Covington & Piqua Traction Co.
-Abandons.
It was recently announced that operation of interurban cars between
Dayton and Piqua, 0., by the company ceased on Nov. 6. Discontinuance
of the service leaves a half dozen towns in the central part of Ohio without
interurban service. It was said that the line, which had been a losing
proposition for the past 3 years, would be junked. ("Electric Railway
Journal.")
-V. 123. p. 1874.
East Arkansas Power & Light Co.
-Merger.
-
See Arkansas Power & Light Co. above.
The litigation that followed the enactment of the $1 Gas Law in 1923
-V. 123, p 1874.
and was ended on Nov. 29 by the decision of the U. S. Supreme Court
that the law was unconstitutional is said to have cost the Consolidated Gas
Eastern Massachusetts Street Ry.-Banking Interests.
Co. approximately $2.000,000. The other companies which joined in the
In a letter to the stockholders L. Sherman Adams states:
fight on the law-the Brooklyn Union Gas Co.and the Kings County LightDuring the litigation which started in 1923 asking the court to instruct
-also were put to heavy expense.
ing Co.
the trustees to pay common dividends and back dividends on the
Arthur J. W. Hilly, Acting Corporation Counsel, said the records of the ment and common stock, I felt it would be inappropriate for me toadjustCorporation Counsel's office showed that the amount of money collected stockholders of developments until the Supreme Court decided theadvise
issue.
by the gas companies serving New York which would have had wo be reNow that the decision by the Full Bench of the Supreme Court has been
funded to consumers if the Supreme Court had decided against the corpora- handed down, I thought you would be interested to know the latest detions would have been, at the end of toe present calendar year. as follows: velopments.
Consolidated GELS Co., serving Manhattan and the Bronx. $15,500.000:
It is with a great deal of satisfaction that I am able to advise you that
Brooklyn Union Co., serving Brooklyn, about $8,000,000: other companies, the banking firm of Hayden Stone & Co., have taken a large financial
serving Queens and other sections of the city, about $5.000,000: making interest in the company. I have realized for many years that the weakest
an aggregate of about 528.500.000.-V. 122, p. 3452.
part of the situation in regard to the company was that no large banking
house had any
Hayden Stone
Consolidated Gas, Electric Light & Power Co. of have purchasedfinancial interest in it.ofNow, thatand adjustment & Co.
substantial amount
common
stock,
the shareholders a assured of strong banking group should any
are
Baltimore.
-Bonds Sold.-Alex Brown & Sons, Lee, Rigfinancing
be required,
addition to able management after the period of public
o Brothers &Clo, Jackson i& to y ,
n ve sold at o. 1
n
son ntCurtistlg control whichin
insocer
pen n &
terminates under present law Jan. 15 1929.
The drawback in the past in getting a financial house interested to invest
ar
Trask B Co.
mt.,
In the shares of
company has been due to the fact that during the
over 4.9 %,57,000,000 1st ref. mtge. 5% sinking
gold Period of Public the
0
Control very limited powers are left to the owners and
2898
THE CHRONICLE
[VOL. 123.
directors. The matter of policy being left with the trustees, you can well service (and other public utility service in some cases) to 469 communities
realize few large banking houses care to invest in any porperty in which In the States of Louisiana, Texas, Arkansas, Mississippi, Utah, Idaho,
Oregon, Nevada and Wyoming -V. 123, p. 2775.
they are deprived of a voice in the management.
During the last four years I have found many others of the leading banking
Electric Public Service Co.
houses as well as public utility management organizations who would have
-Debenture Bonds Offered.
- Stanley & Bissell, Inc. and E. R. Diggs
taken a financial interest by purchasing shares were it not for this fact.
& Co., Inc., New
V. 123. p. 2390.
York,are offering at 95 and int. to yield over 6.68% $850,000
-Earns.
- 10-year 6% sinking fund gold debenture bonds.
Eastern Texas Electric Co.(Del.)(& Subs.).
12 Months Ended Sept. 30Gross earnings
Operating expenses & taxes
1925.
1926.
$5,390,287 $2,817,604
1,919.240
3,634,925
Net earnings
xIncome from other sources
$1,755,362
218,233
$898,364
582
Total
yDeductions
Interest & amortization charges
81,973.595
608,519
451,348
$898,946
216,469
41.280
Balance
$641,196
$913,728
x Interest on funds for construction purposes. y Interest, annortization
charges and dividends on securities of underlying companies held by the
public.
Consolidated Balance Sheet.
Sept.3026. Dec.3125.
Sept.30'26. Dec.31'25.
Assets$
Liabilities-$
$
Prop., plant, &c...27,054.707 21,314,777 Pref. stock (7%)__ 2,226,800 1.929,500
Cash
274,200
805.962
455,471 Corn. stk. (subs.). 130,900
Notes receivable_ _
,
Pref.stk.(subs.).. 1,987,700 2,033,900
.
Accts.receivable_ _ 714,671
18,185,600 18,237,000
535,679 Funded debt
Materials & suppl_ 524,845
.
457,393 Notes payable_ _ - 2,825,000 1,660,078
Prepayments
371,632
484,598
271,142 Accts. payable_
274,699
Miscell. Investm'ts
528,672
16,200
5,279 Accts.not yet due_ 606,449
Sinking funds_ __ _
342
342 Retirement reserve 1,248,424 1,276,902
Special deposits_ _
45,416
25,137
587
250 Contrib. for ext'ns
Unamor.debt disc.
67,249
50,572
Oper. reserves_
& expense
785,188
743,171 TJnadjust. credits_
52,867
875,942
Unadjusted debits 439,607 1,512,225 Balance of assets_ _x6,460,498 4,952,015
Treasury securities 3,264,400 6.926,100
Total
34,094,925 32,232,227
34,094,925 32,232,227
Total
x Showing book value for 88,316 shares common stock (no par value).
-V. 123, p. 1875.
Edison Electric Illuminating Co. of Brockton.
12 Months Ending Sept. 30
Gross earnings
Operating expenses and taxes
1926.
1925.
81,732,992 $1,659,402
1.158.732
1,048,446
Net earnings
x Income from other sources
8574.260
5,285
3610.956
40.044
Total
Interest charges
$579,544
13,135
$651.000
31,152
Balance
$566,410
x Interest on funds advanced to Montaup Electric Co.
•
Condensed Balance Sheet.
AssetsSept. 30'26 Dee. 31 '25
LiabilitiesSept. 30'26
Prop., plant, &c....$6.666,610 $6,367,141 Capital stock
$4,035,000
Cliel
244,308
412,639 Prem. on stock_ _ _ 1,444,004
Accts. receivable
207,084
243.253 Bonds 5% (1930). 200,000
Mat'is & supplies_ 246,299
182,256 Accts. payable_ _ _
55,145
Prepayments
45.180
9,577 Accts. not yet due_ 240,776
Misc. investls_....
1,103
1,102 Retirement res've. 728,658
Unadjusted debits
10,154
7,143 Unadjust. credits_
706
716,449
Reserves & sum_
$619,848
Dec.31 '25
$4,035,000
1,444,004
200,000
66,633
74,765
771,864
129
630,714
Dated Dec. 1 1926; due Dec. 1 1936. Denom. $1,000 and $500 O.
Red. all or part, on any int, date, on 30 days' notice at 102 and int. to and
incl. Dec. 1 1929 at 101 and int, to and had. Dec. 1 1932 at 100% and
int, to and incl. Dec. 1 1935, and thereafter at 100 and int. Principal
and int. (J. & D.) payable in New York at Guaranty Trust Co., New York.
trustee. The company agrees to pay the normal Federal Income tax up
to 2%. Personal property tax of any State under any present law, not
in excess of 5 mills in any case, and the Massachusetts income tax on the
int. not exceeding 6% of such interest per annum, refundable.
Data from Letter of R. A. Pratt, President of the Company.
Company.
-A Delaware corporation. Serves without competition, directly through its subsidiaries, electric light and power from its own generating stations to 18 different communities in Ohio and Oklahoma. 16
communities in Colorado will be served, through a subsidiary, with electric
light and power. 2 additional communities in Oklagoma are supplied
with natural gas and one city in Ohio, Findlay, is supplied with hot water
heat as well as electric light and power. The company serves a population
of approximately 90,000 with electric light and power and gas. A subsidiary of the company furnishes electric railway service in Findlay and
kpeet
olrc o profitable freight and passenger service between Findlay and
t
a
io,
Over 90% of the net revenue of the properties is derived from the sale
of electricity and gas and less than 10% is derived from hot water heating
and railway service.
The present combined electric power station capacity is 18,425 h.p. For
the year ended Sept. 30 1926. the total amount of energy distributed was
over 30,000,000 k.w.h. of which approximately 23.000,000 k.w.h, were
generated in the company power stations and approximately 7.000.000
k.w.h. purchased under favorable long-term contracts. The total gas
output was over 2,000,000,000 cu. ft. There are 3 electric power stations
and 2 sources of natural gas. Generating and distributing equipment is
In good physical condition and of modern design, thereby enabling the
company to maintain a high level of operating efficiency.
The company serves 14,646 electric customers, 3.307 gas customers and
192 heating customers.
Capitalization of Company upon Completion of Present Financing.
15
-Year 6% secured gold bonds, series A
o Series
3,000 0
157 0
0 :010
Debenture bonds (this issue) and 3
-year 6% gold notes
2,200.000
7% Preferred stock (par 100)
000
Common stock (no par value)
: e
20000hs.
In addition to above there were outstanding as of Sept. 30 1926 $384,250
of subsidiary bonds plus $8850,000 of 5%% bonds of a subsidiary company
to be presently acquired, and less than 2% of the capital stocks of a subsidiary company.
Earnings of company and subsidiaries (including those to be presently
acquired) year ended Sept. 30 1926:
Gross earnings
$1,871,496
Operating expenses, maintenance, taxes and prior charges.... 1,194,998
Balance available for interest, depreciation and Federal taxes_
Annual int. requirements on 15
-year 6% secured gold bonds_ _ _
5676.498
222,000
Balance
$454,498
The annual interest requirements on debenture bonds (this
Issue) and 3
-year 6% gold.notes amounts to
8132.000
Sinking Fund.
-Indenture will provide for the payment annually, beginning Dec. 1 1928, of a sinking fund equal to 5% of the net earnings as
defined in the indenture, which sinking fund will be applied to the retirement of these bonds.
Purpose.
Total
-Proceeds will in part provide funds for the acquisition of
$7,420,738 $7,223,110
Total.,
$7,420,738 $7,223,110
additional property, and for general corporate purposes.
-V. 123, p. 1250.
The company announces the acquisition of the entire capital stock,
Electric Investors, Inc.
-Earnings.
except directors' qualifying shares, of the Colorado Central Power Co.,
12 Months EndedOct. 31 26. Dec. 31 25. which will own and operate an electric light and power business located
Gross earnings
83,074,745 82.964,746 In the vicinity of Denver. Colo.
Expenses, including taxes
262,137
202,582
See also Colorado Central Power Co. above. See V. 123, p. 2775.
Dividends on $7 preferred stock
206,165
211,470
Dividends on $6 preferred stock
El Paso Electric Co. (Del.) & Subs.
-Earnings.
303.052
109,950
12 Months Ended Sept. 30Balance available for common stock divs.& res've 82.298.086 82,446.049 Gross earnings
$2,736.558 $2,506,551
The company has outstanding 29.645 shares of $7 pref. stock. 60.000 Operating expenses and taxes
1,708,164 1.633.493
shares of $6 pref. stock, 780.137 shares of common stock and subscription
receipts for common stock equivalent to 66.813 shares.
$1,028,394 $873,058
Net earnings
As of Oct. 31 1926, the company had investments in public utility com- x Income from other sources
20.049
panies, or their operating subsidiaries in the caseoEholdingcom&ae.
operating In every
g ecoana a
In the United States,
$1,028,394 $893,107
Total
lson8anada.Mexico, Cuba Panama, Guatemala, Ecuador, Interest and amortization charges
223.313
164,695
thheexc tianVew
l
.
_
Italy, Spain, France and Japan.
The largest public utility investments of Electric Investors, Inc., are in
81,028,394 $893,107
Total
26 prominent public utility companies, Including American Gas & Electric
Interest on funds used for construction purposes.
x
Co.. American Power & Light Co., National Power & Light Co., Electric
Comparative Balance Sheet.
Power dr Light Corp , olumbia Gas & Electric Corp., International Tele.
Sept. 30'26. Dec.31 '25.
Sept. 30'26. Dec. 31'25.
phone & Telegraph do.. Public Service Corp. of N. J., American Light &
Liabilities$
$
AssetsTraction Co., North American Co., American Water Works & Electric Co.
and Commonwealth Power Corp. The aggregate present market value of Prop., plant, &c.._ 9,785,276 9,263,346 Pref. stock (7%).. 2,553,700 2,380,600
267,432
350,694 Pref. stock (6%)
115,100
the securities of these 26 public utility companies owned by Electric In- Cull
106,900
3,230
801 Corn, stock (subs.)
12,300
15,000
vestors, Inc., represents more than 80% of the total present market value Notes receivable
Accts. receivable_ _ 272,865
235,827 Pref. stock (6%)
of all the securities owned by the company.
-V. 123, p. 205.
Materials dr suppl_ 241,529
270,907 (subsidiaries). _ _
8,700
7,700
35,125
Electric Light & Power Co.
Prepayments
34,133 Bonds
x3,000,000 3,000,000
-Earnings.
15,328
1,500
Miscell. investm'ts
15,027 Notes payable..
12 Months Ending Sept. 301926.
1925.
81,773
Accounts payable_
Gross earnings
97,606
$576,433
8505.885 Unamort. debt dis- 239,828
153,650
count & expenses
243,177 Accts. not yet due_ 160,829
Operating expenses and taxes
471,823
413,776
79,317
43,518
84.247 Dividends declared
Interest Charges
46,409
2,723
5,313 Unadjusted debits
810,896
Retirement res ve_ 811,104
12,557
Contrib. for exts__
12,647
Balance
$101,888
$86.795
67,150
Operating reserve..
07,590
Condensed Balance Sheet.
15,456
6,745
Unadjusted credits
AssetsLiabilitiesSeM.30'26. Dec.31 '25.
Sept.30 '26. Dec.31 '25. Total (each sIde)_10,939,929 10,498,100 Bal. of assets y__ _ 4,056,394 3,783,260
Plant
$828,446- $771,418 Capital stock
$567,000 $567,000
x El Paso Electric Co. (Texas) 5% (1950). y Showing book value for
23,357 Prem. on stock... 100,992
Cash
38,892
100,992 58,036 shares common stock of no par value.
-V. 123, p. 1250.
Accts.receivable
96,075 Notes payable.... 110,000
109,986
30,000
Materials & suppl_
80,765 Accts. payable..
80,573
29,111
43,269
Evansville & Ohio Valley RR.
-Bonds Authorized.
3,051 Accts. not yet due_
Prepayments
3,597
35,993
12,931
Indiana P. S. Commission recently authorized the company to
The
Unadjust. debits._
9,180 Retirement reserve
15.539
35,448
66,865 Issue 856.500 1st & ref. 5% bonds, to be sold at not less than 87)-% of
Unadjust. credits_
212
243 par. The proceeds are to be used to pay for general improvements, &c.
Total(each &de)iL077,034 $983,846 Reserves & surplus 198,278
162,546 -V. 123, p. 1762.
-V. 123, p. 1250.
-To Acquire Control of
Electric Power & Light Corp.
Gas and By-Products Co.
-
Announcement was made Nov. 26 that more than two-thirds of both the
preferred stock and common stock of the Gas It By-Products Co. has
been deposited under a plan and agreement of reorganization whereby the
holder of each share of preferred stock of the Gas & By-Products Co. will
receive in exchange 85-100ths of a share of the 97 cumul. preferred stock
of the Electric Power & Light Corp., entitled to cumulative dividends from
Oct. 1 1926, and the holder of each share of common stock of the Gas &
By-Products Co. will receive two shares of common stock of the Electric
Power & Light Corp.
Holders a.s of Oct. 19 1926, of preferred and common stock of the Gas &
By-Products Co. who have not yet deposited their stock under this plan
are given the privilege of doing so upon the same basis until Dec. 10 1926.
The Gas & By-Products Co. through subsidiaries, is engaged in producing
natural gas in the Monroe and other gas fields and in transporting the
natural gas so produced and In distributing it both at retail and at wholesale.
The Electric Pow.& I.t. Corp.(whose operations, subject to the direction
and control of its board of directors, are supervised by Electric Bond &
Share Co.) own a substantial majority of all the common stocks ol New
Orleans Public Service Inc., Dallas Power & Light Co., Dallas Railway dc
Terminal Co., Arkansas Power & Light
Louisiana Power Co.. Mississippi Power & Light Co • Louisiana Power dc Light Co., Central Louisiana
Co..
Power Co., Power Securities Corp., Utah Power & Light Co. and- other
companies. The operating subsidiaries supply electric power and lizht
Fall River Gas Works Co.
-Earnings.
-
12 Months Ending Sept. 30Gross earnings
Operating expenses and taxes
Interest charges
1926.
$993,419
771.696
4,028
1925.
$1,007,849
742,487
2,133
Balance
$263,228
$217,695
Condensed Balance Sheet.
Se/X.30'26. Dec.31 '25. LiabilitiesAssets
Sept.30'26. Dec.31 '25.
$3,261.433 $3,169,570 Capital stock
Plant
1,562,600 51,502,600
100,388
Cash
841,670
36,843 Prem. on stock.. _ 901,670
Prepayments13200;000000
161,294
Accts.receivable
155,694 Capital stk. subs°.
Materials & suppl_ 218,744
302.618 Notes payable_ _ _ 275,000
.
72,233
30,929
3,449 Accts. payable...
20,771
3,005
Unadjust. debits
1,773 Accts. not yet due_ 113,495
43,909
392,008
Bilbao. to cap. 51k.
7,990 Retirement reserve 221,342
3,011
4,769
Unadjust. credits_
713:811
Total(each side)83,817,097 $3,677,938 Reserves & surplus 717,450
-V. 1231p. 2654.
Federal Water Service Corp.
-Construction of Wells.
The New York Water Service Corp., one of the principal subsidiaries
of the Federal Water Service Corp., announces that construction work
on the new additions to its White Plains division is well under way and
will be completed the latter part of the month. The company is installing
a series of new driven wells to augment the present water supply of White
DEC. 4 1926.]
THE CHRONICLE
ahas and a modern Mackintosh Seymour 300-h p. Diesel engine, which
I be sheltered in a new pumping station. The company supplies at
holesale in addition to White Plains, the City of North White Plains.
V. 123. p. 2776.
Galveston-Houston Electric Co.(& Subs.).
-Earnings.
12 Months Ended Sept. 30toss earnings
yerating expenses and taxes
1925.
1926.
$4,361,038 $3,940,510
3.146,510 2,916,625
Net earnings
come from other sources
51,214,528 51,023,885
x17,772
Total
Interest aim amortization charges
51.232,300 51,023.885
605,983
7E8,360
Balance
$473,940 $417.901
x Interest on funds for construction purposes.
-Results of operation of properties formerly owned by Brush ElecNote.
tric Co. are included with the consolidated figures since March 1 1926.
Comparative Balance Sheet.
Sept. 30'26.Dec.31'25.
Dec.31'25.
ept.30
Assets$
Liabtlitte4
prep., plant, &e._20,644,216 17,897,524 Common stock_
3.988.000 3 988,000
.
_
Cash
718,813
192,703 Pref. stook(6).- 3.000,000 3 000M00
.
Notes receivable
500 Funded debt
13,299,000 9,964,500
Accts.receivable
120,523
69,181 Car trust ctts
190,437
234,883
Materials & suppl_ 272,316
237,653 Notes payable____
27,900
Prepayments
97,741
22,642 Accounts payable_ 136,190
210,329
41,083
3
M1/ 0. investments
52,078 Accts. not yet due_ 427,726
101,356
Sinking funds x
203,374
962 Retirement res've. 962,228
986,860
Special deposits
6,510
150,000 Operating reserves
58,044
49,798
Bonds In escrow...
51,000
Unadjust. credits_
1,005
Unamortlzed debt
Res'ves & surplus_ 924,952
720,463
dIsct. & expense 627,478
572,462 .se ,,eiesi
Unadjusted debits
39,383
42,729 Total (each sIde)_23,007,237 19,264,434
Treasury securities 187,000
26,000
x Includes $197.000 bonds of Brush Electric Co. held in sinking fund
uncancelled.-V. 123. p. 1250.
Gas & By-Products Co.
-New Control.
-
See Electric Power & Light Corp. above.
-V. 122. p. 3209.
General Gas & Electric Corp.(8c Subs.).
-Earnings.
Consolidated Income Statement-year Ended Oct. 31.
Operating revenue
Operating expenses and taxes
Maintenance
Depreciation
Rentals
Operating income
Other income
Total income
Interest on funded debt
Other deductions from Income
Preferred stock dividends of subsidiaries
Minority interests
Dividends on-$8 cum. pref. stock, class A
$7 cum. pref. stock. class A
Cum. pref. stock. class B
Common stock, class A
1926.
1925.
523.490.369 520.588,905
11,406,252 10.101,177
2,404,362
2.394,042
1,109,534
1,017,034
393,848
405.817
58,176,373 56,670,835
661,847
487,882
$8.838.220 57,158.717
3.690.447
3,525.042
534.201
455.916
1,558.281
1,318,980
227.869
135,751
500.754
501,153
280.000
72.333
271.897
618.052
476,591
88,126
Surplus
51,298.180
$443,364
Sales of electric current by the "system" for the
year
amounting to 688.491,264 k.w.h.. showed an increase of ended Oct. 31,
22% over the
preceding 12 months, when sales totaled
560,459.484
throughout the system now number 237.406, against k.w.h. Customers
200,634 a year ago.
Dividend Decision Jan. 19 Next.
-
See Federal Mining & Smelting Co. under
"Industrials" below.
-V.123.
p. 2776.
Georgia Power Co.
-Merger of Georgia Companies
$45,000,000 Bonds to be Issued.
-See Georgia Ry. & Power
Co. below.
-V. 123, p. 2518, 1633.
Georgia Ry. & Electric Co.
-Merger Plan.
The stockholders will vote Dec. 15 on approving the merger with other
companies into a new corporation to be known as Georgia Power Co.
For further details see Georgia By.& Power Co. below.
-V.120, p.1328.
Georgia Railway & Power Co.
-Southeastern Power &
Light Co. Proposes toMerge Six Georgia Operating Companies
into One-Merger Calls for $45,000,000 Bond Issue.
-The
stockholders will meet Dec. 15 "for the purpose of considering and taking action upon a joint agreement which has
been made and entered into by and between the directors
of Georgia Railway & Power Co., of Georgia Railway &
Electric Co., of Georgia Power Co. of Athens Railway &
Electric Co., of Rome Railway & Light Co. of East Georgia
Power Co. and said six corporations providing for the consolidation of said six corporations and their property, rights
and franchises into a new corporation to be known as Georgia
Power Co."
From circulars issued to stockholders of the several companies we take the following:
2899
It will own or serve the local distribution systems in approximately 158
cities and towns in the State of Georgia. The Georgia Ry. & Power Co.
is now the lessee of the Atlanta street railway system and is responsible for
its operation and development. More than half the properties of the
Georgia Railway & Electric Co. consist of street railways, the earnings from
which have been diminishing each consecutive year for the past five or six
years, and at the present time amount to less than 2% per annum on the
value of the street railway property. The street railway properties of the
consolidated company will represent approximately 20% of the value of its
whole property. It is believed that the future development of the consolidated company will be more largely in the light and power fields and
that accordingly the street railway property will represent a decreasingly
Important part of the whole.
Capitalization of New Consolidated Company.
Under the consolidation agreement the consolidated company will have
outstanding:
Underlying divisional bonds
$18.534.000
New 5% bonds
45,000,000
$6 preferred stock, without par value or voting rights__ _
285.445 shs.
$6 second preferred stock, without par value or voting rights
450,000 shs
Common stock, without par value.0tOOO shs.
00e .
The $45.000,000 of new 5% bonds will be used to retire bonds
present
outstanding on the properties of the constituent companies, to fund floating
debt incurred by tne constituent companies for construction and to provide
the consolidated company with a substantial amount of cash to carry on
Its construction program well into the year 1927.
The 285,445 shares of the $6 pref stock ef the consolidated company
is,to be issued in excnange for the shares of the constituent companies not
held by the present Georgia Power Co. This number of soares will be
Increased or decreased by the number of shares issued in lieu of fractions
as mentioned below.
The 450.000 shares of $6 2d pref. stock and tne 2,000.000 shares of the
common stock of the consoldiated company are to be issued in exchange
for the like number of snares of 2d pref. stock and common stock of the
present Georgia Power Co. heretofore issued or agreed to be issued. The
present Georgia Power Co. is itself the holder of all the common stock of
Athens Ry. & Electric Co. and substantially all of the common stock
of Georgia R.& Power Co., and of large amounts of the capital stock,
both pref. and common, of Georgia By. & Electric Co. and Rome By.
& Light Co.
Terms of Exchange.
For eacn share of the 8% 1st pref. stock of Georgia Ry. & Power Co.
the consotidated company will Dsue under the consolidation agreement
1 1-3 shares of its $6 pref. stock, and
For each share of tae 7% 1st pref. stock of Georgia By. & Power Co.
the consolidated company will issue under the consolidation agreement
1 1-6 shares of its $6 pref. stock. No shares of the $6 pref. stock of the
consolidated company will be issued because of these holdings of the
Georgia Power Co. mentioned above.
For mica share of the 5% non-cum. pref. stock of Georgia By. & Electric
Co. the consolidated company will issue under the consolidaion agreement
one share of its $6 pref. stock, and for each share of tne common stock
of Georgia By. & Electric Co. the consolidated company will issue under
the consolidation agreement 1% s..ares of its $6 pref. stock. No shares
of the $6 pref. stock of the consolidated company will be issued because
of the holdings of tne Georgia Power Co. mentioned above.
For each share of the 5% pref. stocs of Athens By. & Electric Co. the
consolidated company will issue under the consolidation agreement 5-6
of a share of its $8 pref. stock. No shares of the $6 pref. stock of the
consolidated company will be issued because of tne noldings of the Georgia
Power Co. mentioned above.
Fractional snares will not be Issued by the consolidated company, but
each stockholder of a constituent company entitled to a fractional share,
after combining all fractions to whico .10 is entitled, will be given the
privilege, for 30 days after the consolidation becomes effective, eitner
to buy from the consolidated company at the rate of $95 per integral
share an additional fractional share sufficient to make an integral snare
or to sell his fractional share to the consolidated company at the same
rate. Adjustments in cash will be made between the dividends accrued
on the stocks of tne companies and t dividends accrued on the 86 pref.
-e
stock of the consolidated company issued in exchange therefore.
Preferred Stock.
-The $6 pref. stock of the consolidated company is
entitled and limited to cumulative dividends at tne rate of $6 per annum
In preference to the 2d pref. stock and the common stock, and to $100
and dividends in any distribution of assets of the company other 1.han by
dividend from surplus or net earnings. It is subject to redemption in whole
or In part at any time at 110 and dividends.
Second Preferred Stock.
-The 2d pref. stock is entitled and limited in
preference to the common stock to cumulative dividends and shares in
distribution of assets at the same rate as the $6 pref. stock, but only after
all dividends and shares in distribution to whim the $6 pref. stock is
entitled have been paid or provided for. It is redeemable at the same
rate as the $6 pref. stock but it cannot be redeemed from capital while
any of the $6 pref. stock is outstanding witaeut the consent of the holders
of two-thirds of the shares of the $6 pref. stock outAanding. It is convertible in whole or in part into $6 pref. stoc4 whenever toe earnings of the
:
company available for dividends oave been at tne rate of 25i times the
amount necessary to pay tne dividends on the $6 pref. stock and the shares
of al pref. stock so converted for 12 months within the 15 months immediately preceding the conversion.
Georgia Ry. it Power Co. Stockholders.
-Under the consolidation agreement
the holders of the 1st pref. stock of Georgia By. & Power Co. now outstanding will receive stock entitled In the aggregate to dividends at the
same rate as is being paid upon their present shares of Georgia By. &
Power Co., and it is believed that the shares of tne consolidated company
received by them in exchange for toeir present shores will have a more
ready market than their present shares.
Georgia Ry. it Electric Co.
-Has outstanding on its property five separate
mortgages, under which bonds have been issued and are outstanding in
tne hands of the public aggregating $16,526.000 in principal amount.
Of these, bonds aggregating $6,884,000 in principal amount mature in
the next six years. The bonds Lssuable under these mortgages have been
exhausted. The company owes to Georgia R. & Power Co. approximately $7,000,000 for advances made for new construction, for watch
reimbursement has not yet been made. The properties of the company
have been leased to Georgia By. & Power Co. for 999 years from Jan. 1
1912 for a rental equal to annual dividends on tne 5% non-cum. pref.
stock and 8% on the common stock. The dividends on this stock are
tnerefore In:lilted for 999 years to $5 per share on the pref. stock and $8
per share on the common stock. Under tne consolidation agreement each
share of the 5% non-cum. pref. stock of the company, except that aeld by
Georgia Power Co., is to be exchanged for one share of we $6 pref. stock
of tae consolidated company entitled to cumulative dividends at the rate
of $6 per annum. Each share of the common stock of tne company,
except that neld by Georgia Power Co., is to be exchanged for 1 M shares
of the $6 pref. stock of the consolidated company entitled in the aggregate
to cumulative dividends at the rate of $9 per annum.
The Georgia By. & Power Co. has also practically exhausted all bonds
issuanle under its existing mortgages, so that It is not in a position to
finance on favorable terms tne necessary extensions and improvements to
tne property.
Advantages.
-Present stockholders will have a larger interest in the
capital of the consolidated company; tney will be share.mlders in a much
larger and more diversified company, and a company which will be able
to obtain the money necessary to meet the demands of the public served
by their company on satisfactory terms. For the past 12 months the
earnings from the properties and securities to be owned by the consolidated
thegi5t4regaeeethpre.
than
o"panyavladeforavidendonis
3iinetg(vlderleeete
pref. stock have been
on
stock to be issued by the consolidated company. The economies which
will result from the operations of these properties as an ent.tiy, and tne
earnings from the new capital to be provided for the consolidated company
should suestantlaily increase this ratio. Toe consolidated company will
be a Georgia corporation and under toe present laws this stock, when held
by es123ht, psts of Georgia. will be free from State, county and municipal
vtax reside
.
e
e0rgia, and will be free from the normal Federal income tax.23 o
9
The systems of an of the above companies are interconnected. In
order to meet the demands of the public served by these companies for
additional public utility facilities, it is necessary for these companies to
spend for enlargements of their systems in excess
of 510,000,000 per annum,
of which the largest part is required by the Georgia By. & Power Co. and
more than $3,000,000 per annum must be spent on the properties of Georgia
ity. & Electric Co. Unless these demands for additional service are complied with, these companies will fail to perform their public
hamper the development of the territory served by them, duty, they will
will forfeit
the good will of the public and the value of their propertiesthey necessarily
will
decrease.
There are mortgages on the properties of each of these six companies
under which substantially no additional bonds can be issued. The title
to the properties of Georgia Railway & Electric Co. is encumbered by
long term leases and the securities of that company and of the Georgia Railway & Power Co. now outstanding impose restrictions which make almost
prohibitive the cost of obtaining the substantial sums of money each year
necessary to meet the public demands for service.
With a view to solving this difficulty, an agreement has been made for
the consolidation of these companies (other than the companies controlled
by Georgia Light, Power & Rya referred to as the Macon companies) into
a new corporation to be known as Georgia Power Company.
The consolidated company will OW11 and operate the properties now owned
by Georgia Railway & Electric Co., Georgia By.& Power Co., East Georgia
Power Co., Athens Railway & Electric Co., Rome Railway & Light Co.
and the present Georgia Power Co. The consolidated company will also
own all or a majority of the capital stock of Atlanta Gas Light Co.. Atlanta
Northern By. Co., Atlanta Coach Co. and of the companies which control
the utilities in and adjacent to Macon and Brunswick. Service by the '
Macon companies includes the power reuctirements of most of the towns I
Grand Rapids, Holland & Chicago Ry.-Suspends.within 30 miles north and within 15 miles west of Macon and the ownership
Service was suspended by the company on Nov. 15 last. See also V.
of the transmission lines necessary for this service.
123, p. 2391.
The consolidated company will own hydro-electric plants and steam
plants, and its transmission lines will be connected with the electric transHortonia Power Co.
-Sale.
mission systems of all of the larger power companies in the Southeast.
See Public Service Corp. of Vermont below.
-V. 123, p. 1996.
2900
THE CHRONICLE
(VOL. 123.
Illinois Bell Telephone Co.
-Files Petition.
-
"The holders of a large majority of the shares of the Montreal Water .ld
Power Co. have disposed of their interests in the company at $85 per share
for the common stock and $100 per share for the pref. stock, payable in
New York funds.
In the above mentioned sale the vendor majority group imposed a con
dition that every other shareholder of the company should have the right
Indiana Coke & Gas Co.
to sell his shares at the same price. This right, however, continues only
-Tenders.
The Guaranty Trust Co. of New York. trustee. 150 Broadway, N. Y. until Dec. 15 next, by which time such stock must be delivered in N.Y.City.
"It is not compulsory for you to sell your shares, but if you decide to no
City, will until Aug. 13 1927 receive bids for the sale to it of 1st mtge.
30
-year 6% sinking fund gold bonds, dated April 1 1916. to an amount so we shall be glad to act for you in carrying your sale into effect, and in
sufficient to exhaust $757,330 at prices not exceeding 1023i and int.- this cennection beg to say that we shall not charge you any fee for our services. The only expense to which you would be liable would be the GovernV. 123, p. 1875.
ment stamp duty on the transfer of the sharres."-V. 123, p. 581.
Inland Power & Light Corp.
-Time Extended.
A. E. Fitkin & Co., Managers, announce that the time for deposit of
Mountain States Power Co.
-H. M.
-Bonds Offered.
securities under the plan and agreement for exchange of securities of
Commonwealth Light & Power Co. and Inter-State Electric Corp. for Byllesby & Co. and Blyth, Witter & Co. recently offered
securities of Inland Power & Light Corp. has been extended until the close at 1023.' and in,to yield about 5.70%,$750,000 additional
of business on March 1 1927, and on or before said date the managers will
either: (a) declare the plan operative: or (13) abandon the plan and cause 1st mtge. 6% gold bonds, series B. Dated Jan. 1 1918;
the deposited securities to be returned without cost to the depositors, as due Jan. 1 1938.
provided in the plan.
Company
To remove any doubt which may exist in the minds of security holders, Washintton,owns and operates six groups of utilities located in Oregon.
Wyoming, Montana. Idaho
the managers deem it appropriate at this time to state that no securities system furnishes, without competition, and South Dakota. Company's
public utility service in 86 communi•
which are entitled to be deposited under the plan will be called for redemp- ties having a combined
estimated population in excess of 300,000. Ovetion in order to consummate the plan.
-V. 123, p. 1762.
77% of the present net earnings of the properties in the system
from the sale of electric power and light, approximately 17% is derived
from gall
Interstate Electric Corp.
-Time Extended.
and 6% from telephone, steam and water services.
See Inland Power & Light Corp. above.
-V. 123, p. 1762.
Capitalization Outstanding (Giving Effect to Present Fmancing).
First mortgage gold bonds, due Jan. 1 1938Interstate Public Service Co.
-Bonds Called.
6% series B (Including this issue)
All of the outstanding Indiana Public Service Co. 1st mtge. 5%
bonds, dated Jan. 1 1906, have been called for payment Jan. 1 atgold
es •
1,787,000
$850°0
105
and Int. at the office of the Provident Savings Bank do Trust Co., trustee, Convertible 6% gold notes, due 1935
1,111,000
Convertible 7% gold notes, due 1938
Cincinnati, Ohio.
497,400
Divisional bonds
All of the outstanding United Gas & Electric Co. 1st cons. mtge.
26,500
5%
gold bonds, dated Sept. 1 1904, have been called for payment Jan. 1 at 7% cumulative preferred stock
3,659,700
105 and int. at the office of the Continental & Commercial Trust & Savings Common stock (without par value)
142,500 shs.
*Originally issued as "1st & ref. mtge." bonds.
Bank, trustee, Chicago, Ill. V. 122. p. 3210.
Earnings
-12 Months Ended Sept. 30 1926 of all Properties now Comprised
Interstate Public Service Corp.
-Bonds
in the System .
All of the outstanding 30
-year coll. trust 5% bonds, dated July 1 1915, Gross earnings
have been called for payment Jan. 1 at 105 and int. at the office of the Operating expenses, maintenance and taxes, excl. depreciation__2:
153 0 8 552
2 5: 23
9 3
5
Pennsylvania Co. for Insurance on Lives and Granting Annuities, trustee.
Philadelphia, Pa.
-V. 112, p. 2754.
Net earnings
81,242,829
Annual interest requirements on $10,322.500 1st mtge.gold bonds
Kentucky Utilities Co.
-Acquires Three Add'l Plants.
- and divisional bonds (including this issue)
601,480
The company has acquired the electric plant at Harrodsburg (Ky.),
The above net earnings of $1.242,829 are in excess of twice the annual
which was owned and operated by the city. The question of selling the interest
requirements on all 1st mtge. gold bonds and divisional bonds
municipal plant was submitted to a vote of the people. Harrodsburg has
a population of approximately 5.000. The electric revenues at present outstanding, including those of tots issue. During the five years ended
amount to about 845,000 per annum. The city service will be promptly Dec. 31 1925, gross earnings of the properties at present in the system
increased over 25% and net earnings more than 73 o•
connected to the lines from Dix Dam.
Purpose.
-Proceeds will be used in part to re mburse the company
The company has also acquired the municipal plant at Wickliffe
arranging to extend its transmission lines from Barlow to Wickliffe. and is for extensions and additions heretofore and now being made to its properties.
Seeurity.-Seeured, in the opinion of counsel, by a first mortgage on
The municipal utilities at Eddyville were recently acquired by the Kentucky company and arrangements are now being made to connect this ser- substantially all the property of toe company, the value of which is estivice to the transmission system at Kuttawa. The old plant at Kuttawa mated to be largely in excess of the amount of 1st mtge. gold bonds at
outstanding and those about to be Issued.
-V. 123. v. 2655.
has been shut down and that city is now being served from
new transmission system between Harlington and Paducah. the company's
New England Power Association.
-Stock Increased
The company recently made a contract to wholesale electric power to
the municipal utilities at Bardstown, Ky. The company will furnish the Makes Offer to Lawrence Gas & Electric Co. Stockholders.
service over a transmission line which is in now constructing from BardsThe stockholders on Dec. 3 increased the authorized capital stock by
town to Springfield to connect with Dix Dam.
500,000 additional shares of common stock, no par value, and 200,000
The company, with subsidiaries, now supplies electric service to 149
munities. This is an increase of 25 since Jan. 1 of this year. -V.com- additional shares of preferred stock.
123.
See also Lawrence Gas & Electric Co. above.
-V. 123, p. 2777.
p.2261.
The company has filed a petition before Judge James H. Wilkerson in
the Federal Court at Chicago, Ill., asking for an injunction to prevent the
permanent reduction of $2,000.000 a year in tolls ordered by the Illinois
Commerce Commisslon.-V. 123, p. 2391.
Kings County Lighting Co.
-3l Gas Law Void.
-
See Consolidated Gas Co. of New York above.
-V.122, p. 2651, 2495.
Lake Superior District Power Co.
-Acquisition.
-
The company acquired on Nov. 1 the Glidden Light, Power & Water Co.
-V. 123. p. 2777.
Lawrence (Mass.) Gas & Electric Co.
-Offer Made to
Stockholders by New England Power Association.
-
New York Edison Co.
-Opens New Station.
-
As her last public act in this country. Queen Marie of Rumania on Nov.
23 set in motion for the first time the world's most powerful machine
-a
100.000 h. p. turbine generator-and thereby officially opened the new East
River Station of the New York Edison Co.. which is said to be the largest
electrical generating station in the world. with an ultimate capacity of more
than a million horsepower. The generator weighs 1.182.500 pounds.
The station will have a generating capacity sufficient to light about
4.000.000 six-room homes
-more than are to be found In all Rumania.
The total cost of the station will be in excess of $50.000.000. With the
addition of this new plant the New York Edison system will have sufficient
power to supply the electrical needs of all New York State outside of New
York City, or to serve all of France, and France is considered the best lighted
country in Europe. This one station, it is stated, will generate more power
than the Muscle Shoals development.
More than a billion gallons of water-twice as much as is used by the city
-will be required daily for condensing
of New York for all other purposes
the exhaust steam. The water will be taken from the East River, to which
It will be 1nunediately returned.
Coal for the station will be unloaded from ocean-going steamers at the
rate of 500 tons per hour. Tnis means that New York traffic is relieved of
500 or more huge coal trucks which would be required to carry coal to the
station were it not located on the waterfront. Ashes also are loaded directly
onto barges and it Is not necessary to haul them through the streets.
-V.122,
p. 2192.
At a conference held Nov. 26 at Lawrence. Mass.. and attended by
President I. McD. Garfield, Agent Fred H. Sargent and Director of Public
Relations Thomas A. Collins, and A. E. Pope of the New England Power
Association, negotiations for the purchase of the local gas and electric company by the New England Power Association were mane public. The
terms, as announced, are:
Option No. 1.
-One-half of a share of New England Power 6% preferred
stock, par $100, and sne-half of a share of its no par value common stack
for each share of Lawrence company stock; or
Option No. 2.
-One-half of a share of its preferred shares and $26 in cash;
or
Option No. 3.-78-100ths of a share of its preferred shares.
The stockholders of the Lawrence Gas & Electric Co., wishing to accept
any of these options,should deposit their stock at the Old Colony Trust Co.,
Boston, or the Merchants Trust Co., Lawrence, Mass., on or before Dec. 15
1926.
If more than a majority of the 166,000 shares (par $25 each) of the LawNew York Steam Corp.
-Initial Preferred Dividend.
rence company's stock is deposited on or before Dec. 15, the offer will be
The directors have declared an initial quarterly dividend of $1 50 Per
accepted, and the New England Power Association must accept all stock
that is so deposited, But the Power Association may accept all stock that share on the outstanding cum, pref. stock, $6 dividend series, no par value,
and the regular quarterly dividend of $1 75 per share en the $7 dividend
Is deposited, even if it is less than a majority.
-V. 122. p. 2495.
pref. stock, no par value, both payable Jan. 2 to holders of record Dec. 15.
See also V. 123, p. 2139, 2262.
Los Angeles
Gas & Electric Corp.
-Bond Redemption.
-
All
the outstanding 1st mtge. gold bonds of the Los Angeles Electric
Co.. dated Dec. 1 1902. nave been called for payment Jan. 1 1927 at
1003i and int, at the Wells Fargo Bank & Union Trust Co., trustee,
744 Market St.. San Francisco, Calif.
-V. 123, p. 2391.
The Lowell Electric Light Corp.
-Earnings.
-
12 Months Ending Sept. 30Gross earnings
Operating expenses and taxes
Interest Charges
1926.
1925.
$1,712.391 $1,594,805
1,112.954
1.039,236
11,654
3,749
New York Telephone Co.
-Bonds Called.
-
-year sinking fund 6% gold debenture bonds, due Feb. 1
Certain of the 30
1949, aTgregating $242,300, have been called for redemption Feb. 1 at
110 and interest at the Guaranty Trust Co., trustee, 140 Broadway, N. Y.
-V. 123, p. 2392.
City.
Niagara Share Corp.
-To Create Issue of Preferred Stock.
The stockholders will shortly vote on creating an Issue of 50,000 shares
of preferred stock. The company has at present an authorized issue of
750,000 shares of capital stock, all one class.
-V. 122, p. 2949.
Balance
$587,783
Northern Cambria (Electric) Ry.-Sale.$551,820
Condensed Balance Sheet.
This road, which operates between Patton, Carrolltown, Spangler, St.
Sept.30 '28. June 30213.
AssetsSept.30 '28. June 3028. Benedict and Barnesboro. Pa., about 13 miles, has been abandoned and
$7,134,831 $7,083,811 Capital stock
Plant
$3,884,375 $3,884,375 all articles of equipment disposed of at public auction to Roberts Brothers.
188,911 Premium on stock_ 1,600,875 1,800,875 Philadelphia, for $29,800. The Northern Cambria Bus Co.. a subsidiary.
188,988
Cash
220,288 Notes payable_ ___ 350,000
Aces receivable
234,839
300,000 was sold to Fred J. Fees, Ebensburg. Pa.. for $4.100. The real estate.
234,154 Accounts payable_
Materials & suppl_ 230,977
19,487
40,448 known as Sunset Park. Patton. was sold to Roberts Brothers'and Joseph B.
Prepayments
33,140 Accts. not yet due_ 273,888
27,233
218,992 Broan, Philadelphia. for 54.000. Work on removing the tracks has been
Retirement reserve 577,052
Unadjusted debits.
242
5,710
589,304 started. The sale of the line was under an order of the Ebensburg Trust
Res. and surplus__ 1,116,299 1.108,550 Co., receiver. ("Electric Ry. Journal")
-V. 106, p. 2229.
Total
$7,802,375 $7,720,544
-V. 123. p. 1876.
Total
57,802,375 57,720,544
Milwaukee Electric Ry. & Light Co.
-Bonds Offered.
-
Northern States Power Co.
-Earnings.
12 Months Ended Oct. 31Gross earnings
Net earnings
1925.
1926.
$27.063,974 321.567.444
$13,482,104 $10,464,849
The Wisconsin RR. Commission recently authorized the company to
offer to its customers $1,000,000 of refunding and first mtge. 5% gold Bal. avail, for retirem't res., conting. & surplus
$2.062,986 $1,317,118
bonds, series B. dated June 1 1921. due June 1 1961. These bonds are -V. 123, p. 2392.
a portion of an issue of $9,800,000 authorized by the Commission to refund
an equal amount of 6% bonds called for payment on Sept. 1 1926.
Northern Texas Electric Co. (& Subs.).
-Earnings.The bonds are offered at 98 and int. Denom. $500 and $1,000. Pay12 Months Ended Sept. 301925.
1926.
ment may be made either in full or on the partial payment plan-10% Gross earnings
$2.520,326 32.523.353
down and 10% monthly for 9 months. On the payment plan 5% interest Operating expenses and 'taxes
1.845,253 1.854,068
is allowed on all monthly payments. credited on the final payment. The
bonds are callable on any interest date by giving 4 weeks notice by publicsNet earnings
$675,074 $669,285
tioi at 1043 and interest.
-V. 123, p. 2519.
Income from other sources x
150.000
150,000
-- - -Montreal Water & Power Co.
-New Control-Offer
Total
$825.074 $819,285
Interest and amortization charges
343,994
355,301
Made to Shareholders.
Hanson Brothers, investment bankers, of Montreal, Canada, in a letter
Balance
$469,773 $475.291
to the shareholders sa- in substance:
•Rental of Oak Cliff property.
DEc. 41926.]
2901
TrITF CHRONICLE
Consolidated Balance Sheet.
Ohio Bell Telephone Co.
-Expenditures.
Sept. 30'26. Dec.31 '25.
The company has authorized expenditures of about $3.000,000 for addiSept. 30'26. Dec. 31 '25.
$
$
tions and improvements to Ohio properties, bringing the appropriations for
AssetsLiabilities-$
$
• ea., plant, &c_17,419,742 17,277,407 Common stock_ __ 3,150,000 3,150,000 these purposes since the beginning of the year to more than $22,000,000.
176,770
114,664 Pref. stock (6%).. 4,000,000 4,000,000 -V. 123, p. 1763.
ash
13,459
14,876 Bonds
6,231,000 6,281,999
, Mee receivable_
Pennsylvania Power Co.
-Permanent Bonds Ready.
69,340
63,734 Car trust etre
ccts. receivable
36.321
250,291 Notes payable_ _
Permanent 1st mtge. gold 5% bonds, series of 1956, due July 1 1956.
1 aterials & suppl_ 236,283
610,000
435,000
28.440
25,103 Accounts payable_
i• epayments
78,244
69,236 sold by Bonbright & Co., Inc., Eastman, Dillon & Co. and Harper &
Dwell. investm'ts 126,560
101,261 Accts. not yet due_ 216,021
110,818 Turner, are being exchanged at the National City Bank of New York,
685
685 Retirement reserve 1,777,367 1,833,482 trustee, for the temporary bonds outstanding. For offering see V. 123.
:inking funds_ _ _ _
namor.debt disc.
Operating reserves
68,612
130,949 p. 83.
2,400
3,300 Unadjust. credits_
and expense.._ _
4,022
3,672
Peoples Gas & El. Co., Oswego, N. Y.
-New Control.
13,446
6,939 Reserves & surplus 1,915,540 1,843,106
s najust. debits.._
See Oswego River Power Corp. above.
-V. 123, p. 2520.
Total
18,087,126 17,858,262
Total
18,087,126 17,858,262
Philadelphia & Easton Transit Co.
-Sale.
V. 123, p. 1251.
•
Track, overhead and otner similar property of the company was recently
to
Oswego River Power Corp.
-Bonds Offered.
-F. L. sold at public auction for $51,000 realAugustus Ii. Sickler. Pnildelphia,a
estate and other property of the
acting for the bondholders.
Carlisle & Co., Inc., E. H. Rollins & Sons, Hornblower & company will be disposed of The
at private sale. ("Electric Ry. Journal")
Weeks, and Schoellkopf, Hutton & Pomeroy, Inc., are -V. 123. p. 2262.
offeiing at par and int. 83,500,000 5-year 6% debentures.
Pine Bluff Co.
-Merger.
-
Date Dec. 1 1926: due Dec. 1 1931. Int. payable J. & D. in N. Y•
City without deduction for any Federal income tax up to 2%, which the
..mpany may be required or permitted to pay at the source. Red. all or
part upon 30 days' notice at 102X% and int., to and incl. Dec. 1 1927;
thereafter at a premium becoming X of 1% less each year. Denom. $500
and $1.000 c*. Equitable Trust Co., New York. trustee. Penn. 4 mill
tax, Conn. 4 mill tax, Maryland
mill tax, California tax not exceeding
5 ralizs or Mass. 6% income tax refunded.
Data From Letter of H. E. Machold, President of the Company.
Company.
-A subsidiary of Northeastern Power Corp., was bloom. In
Dec. 1925 in New York. Company acquired certain water rights on the
Varick and Oswego Canals in the City a Oswego, N. Y., and built at this
location a hydro-electric power station with an initial installed capacity
of 15.000 h.p., which will be increased later to 18.000 h.p. This plant,
which was completed recently, will have a potential output, based on the
present installation, of 50.000,000 k.w.h. annually.
Lessee.
-Northern New York Utilities, Inc.which owns and operates
gas. electric light and power properties in Northern and Central New York,
will lease and operate this plant for a period of 10 ywars from Dec. 1 1926
and has erected a transmission line of 110.000 volts from Oswego to Altmar.
N. Y. in order to utilize in its general transmission system the power not
required in the Oswego territory. This company now has available 140.000
nydro-electric h.p. and 9,775 steam-electric h.p. It has high-tension
inter-connections with the Mohawk Hudson Power Corp. (through the
Utica Gas & Electric Co.). with the Buffalo, Niagara & Eastern Power
Corp. (through the Niagara. Lockport & Ontario Power Co.), and with the
St. Lawrence County 'Utilities, Inc.
The net operating earnings of Northern New York Utilities. Inc. for the
year ended Oct. 31 1926, were $2.627.933; after deducting interest payments of $872,404 there remained $1.755,529 available for annual rentals
of $870,647 (including that to be paid to Oswego River Power Corp.).
-Upon completion of present financing, Oswego River Power
Subsidiary.
Corp. will own 39.056 shares of the outstanding 39,132 shares of common
stock and 4,500 shares (total issue) of the $6 dividend preferred stock of
peoples Gas & Electric Co. of Oswego, N. Y. This company furnishes gas
and electric service to the City of Oswego and electric service, only, to
certain adjacent communities. The properties of the company consist of a
hydro-eiectrie generating station with an installed capacity of 1,300 h.p.
and a steam-electric generating station with an installed capacity of 1.200
h.p.' also transmission and distribution lines and gas mains necessary for
carrying on its business.
Bartz:mos.-Under the terms of its lease with Northern New York Utilities,
Inc., Oswego River Power Corp. will receive a net annual rental of $250.000
for its hydro-electric generating station. This amount, exclusive of earnings
from other sources, is more than sufficient to meet the annual interest
charges on this entire issue of debentures. The net earnings available for
dividends on the stock of Peoples Gas & Electric Co. of Oswego now owned
by the company amounted to $156.318 for the year ended Oct. 31 1926.
It is estimated that the net earnings of Oswego River Power Corp. and
subsidiary will amount to at least twice the interest charges on these
debentures.
Assets.
-Net tangible assets of the company, including investment in the
stocks of its subsidiary, amount to over $2,600 for each $1,000 debenture.
Control -All the preferred and common stock of the company is owned by
Northeastern Power Corp.
CapitalizationAuthorized.
Issued.
5 year 6% gold debentures (tnis issue)
$3,500.000 $3,500,000
Preferred stock, $7 dividend, cumul. (without
par value)
25,000 shs. 24.000 shs.
Common stock ewithout par value)
100,000 shs. 100.000 shs.
Purpose.
-Proceeds of these debentures will be used to reimburse company in part for the acquisition and construction of certain of its properties.
-V. 123, p. 844.
See the Arkansas Power & Light Co. above.
-V. 123. p. 1878.
Otter Tail Power Co. (Minn.).
-Bonds Offered.
-Wells-
Poughkeepsie & Wappingers Falls Ry.-New Managers
Hemphill & Wells, New York, have assumed the management of the
above company following the withdrawal of the J. G. White Management
Corp. as operating managers. Albert W. Hemphill. B. A. Tompkins
Vice-Pres. of the Bankers Trust Co., N.Y. City) and William Schickle
Cashier of the Falikill National Bank) have been elected directors, succeeding Joseph B. Choate, J. I. Mange and Frank B. Lown.-V. 123,
p. 1383.
Public Service Corp. of N. J.
-New Director.
Arthur W.Thompson, President of the United Gas Improvement Co.of
Philadelphia, has been elected a director to succeed Dr. Walton Clark. who
resigned. Mr. Thompson has also succeeded Dr. Clark as director of the
corporation's subsidiary companies.
-V. 123, p. 2778.
-Personnel.
Public Service Corp. of Vermont.
The following have been elected directors of the above corporation, which
was recently formed by the Insull interests to acquire and operate the
Hortonia Power Co. (V. 123, p. 1996): W. A. Buttrick (Pres.), H. L.
Harris (Treas.), W. H. Lawson ((len. Mgr.), Walter S. Wyman, P. T.
Hanscom, George 0. Spencer and C. D. Spencer. C. A. Forrest is Secrea ry of the corporation.
Public Service Electric & Gas Co.
-Reduces Gas Rates
sfor House Heating.
This company, chief operating subsidiary of Publlc Service Corp. of
New Jersey, has filed with the New Jersey P. U.Commission a new uniform
rate covering gas used for house heating which will materially lower the
cost of gas for this purpose. The new rate applies to and is intended to
further popularize the use of gas-fired house heating apparatus, which has
already met with favor.
The house heating rate consists of two parts, a demand charge and a
commodity charge. The demand charge is in effect during the beating
season, which begins on Oct. 1 and ends on Apri.30. In the case of steamheating apparatus it is 30 cents per sq. ft. of installed radiation; in the case
of hot water apparatus 18% cents per sq. ft. of installed hot water radiation, and in the case of warm air apparatus 18 cents per sq.ft. of basement
pipe area. The demand charge is to be paid in seven equal monthly
installments during the heating season.
The commodity rate is 80 cents per 1,000 cu. ft. consumed, as contrasted
with a rate of $1 20 per 1,000 for the first 20.000; $1 15 for next 30,000:
$1 10 for next 50,0(.0. $1 05 for next 50.000. $1 for next 50,000; 95 cents
for next 100,000; 90 cents for next 500,000 and 85 cents for all over 800,000
cu. ft., the rate now in effect.
The new rate becomes effective with bills rendered after Jan. 1 1927,
such bills covering gas consumed betwee nthe December and January
readings of meters. It is available to customers using gas in a c:entral
heating plant.
At the same time the company filed an amendment to its uniform rate
for gas, which provides that customers shall guarantee a minimum monthly
bill of Si per installation or meter. No other change in rates is made.
-V. 123, p. 2778, 2520.
(& Subs.).
Puget Sound Power & Light Co.
-Earnings.
12 Months Ending Sept. 30Gross earnings
Operating expenses and taxes
1926.
1925.
$13.326.941 $12,707.137
7,994,261
7.893.669
Net earnings
Income from other sources
$5.332.679 $4,813.468
559,104
600,754
Total
Interest and amortization charges
$5.891,784 85.414.222
3.162,667
2,730,832
Dickey Co., Minneapolis Trust Co. and Justus F. Lowe Co.,
Balance
$2,729.117 82.683,390
Inc. Minneapolis, are offering at 983/ and int. to yield over
Comparative Balance Sheet.
$1,300,000 general mortgage, series E (now a first
Sept.30'26. Dec. 31 '25.
Sept. 30 '26. Dec. 31 '25.
AssetsLiabilities-$
$
$
mortgage), 20-year 5% gold bonds.
Prop., plant,&a 97.106,057 93,865.065 Pr. pt. stk.(7%) 10,000,000 10,000.000
Dated Oct. 1 1926. due Oct. 11946. Principal and interest (A. & O.)
payable at First National Bank, Minneapolis. Denom.$1.000 and $500 c*.
Callable on any interest date on 60 days' notice at 103, if redeemed on or
before Oct. 1 1939: thereafter at j.6 of 1% less for each succeeding year or
part thereof to Oct. 11945;from Oct. 1 1945 to maturity at par. Trustee.
Northwestern Trust Co., St. Paul. Coupons payable without deduction
for normal Federal income tax up to 2%.
Data From Letter of Vernon A. Wright, President of the Company.
-Incorporated in Minnesota in 1907. Provides electrical
Company.
service to more than 175 communities located in western Minnesota and
eastern North and South Dakota. The population served is estimated at
approximately 100,000. Company has developed on the Otter Tail River
5 water power sites with a total capacity of 7,500 h.p. Contiguous to its
largest hydro-electric plant the company has built one of the most efficient
steam turbine plants of its size in the Northwest with a total installed
capacity of 4.000 h.p. Additional primary steam generating plants are
operated at Jamestown. Devils Lake and Washburn, N. D. with a total
capacity of 7,750 h.p. and auxiliary generating plants of 2,900 h.p. capacity
are located at other strategic points on the system. The company operates
approximately 1,600 miles of transmission lines.
Security.Secured by a direct first mortgage on the entire property now
owned or hereafter acquired.
-On completion of this financing the company's
Financial Structure.
financial structure will consist of$3,300,000 of bonds, all issued under the
indenture securing this issue, $2,162,500 of cumulative preferred stock, and
common stock and surplus of $1.745,434.
Diridends.-Cumulative dividends on the preferred stock have been paid
from issuance in 1912 to date. Dividends on the common stock have been
paid from 1909 to date at not less than 6%, the present rate being $7 50
per share.
Valuation.
-The properties are carried on the company's books at approximately $7,502,595.
-Trust deed provides for sinking fund of 1% and depreciasinking Fund.
tion reserves of 4% of the bonds outstanding.
Earnings.
[Including earnings of the Midwest Power Co. and Jamestown, N. D.,
properties now owned and operated by the Otter Tail Power Co., and for
1926 the earnings of additional properties recently acquired.]
GrOsS
Net Available
Earnings.
for Interest.
Year-$1,103,371
$470,875
1923
1,207.768
561,652
1924
1,372.226
689,513
1925
1.603,346
762.407
1926 (12 mos. ended Oct. 31)-Average earnings as shown above are 3.39 times, and for 1926 4.15 times.
interest requirements -V. 120. p. 3065.
bond
Cash
1,529,757 2,330,904 Prem.on pr.pf.stk
148,777
148.777
Notes receivable
75,747 Funded debt.._ 66,069,700 61,233,000
70,818
Acels receivable 1,908,153 2,004,047 Notes payable__
100,000 2,750,000
Mans & suppl's 1,179,987 1,117.612 Accts. payable._
723,976
664,042
Prepayments_ _
77,682
102,228 Accts.notyetdue 1,459,624 1,316,191
Misc. invest'ts x
245,360
173,106 Divs. declared__
629,602
456,138
Sinking funds_ 5,123,607 4.589,542 Retirem't res've 3,810.714 4,308,435
City of Seattle
Accrued deprec_
244,542
285,365
bonds
10,835,000 11,668,000 Contrib. for ext.
10,599
8.365
Special deposits_ 2,044,225
418,259 Operating res'ves
126,386
139,266
Unamort'd debt
102,337
Unadlust. creel_
77.534
disc. & expense 2,241,801 2,173,816 Bal. of assets._ _y40,180,196 38,009,460
UnadJust. debits
978.530
883,724
Treasury sees_
105,900
152,200
Total
123,446,776 119.554,250 Total
123,446,776 119,554,250
x Includes securities of Puget Sound Power & Light Co. owned and held
for sale by Puget Sound Power & Light Securities Co. y Showing book
value for 189,000 preferred shares without par value (entitled in liquidation
to $100 a share) and 202.829 common shares without par value.
-V. 123.
P. 1252.
Quebec Power Co.
-Preferred Stock Called.
All of the outstanding preferred stock has been called for redemption
Jan. 3 next at 110 and diva. at the Canadian Bank of Commerce, Quebec.
or at the National Trust Co., Ltd., Montreal. All holders of preferred
stock are given the option either to accept such redemption price or to
surrender their Certificates on any date on and after Jan.3 1927 and up to
and including Feb. 1 1927, at either of the offices above mentioned, and
upon such surrender to have the same converted into an equal number of
common shares, par $100. All common shares issued on the exercise of
the conversion privilege will rank for any dividend declared thereon for
the quarter ending March 31 1927.-V. 123, p. 2779.
Rapid Transit in New York City.
-Charles E. Hughes
-Contends Cost of Service
Holds City Cannot Fix Bus Fares
is only Legal Basis on which Franchises Can be Sold.
The City of New York does not have the legal power, in the grant of
bus franchises, to impose a fixed fare, with conditions that will prevent
regulatory fixation of a proper and reasonable fare, according to Charles
E. Hughes, former Secretary of State and formerly of the U. S. Supreme
Court, in an opinion submitted to the Brooklyn-Manhattan Rapid Transit
Corp. and which that company transmitted Dec. 1 to the Board of Estimate
and Apportionment.
Accompanying the opinion was a letter signed by Gerhard M. Dahl,
chairman of the board of directors. Mr. Dahl says in part:
•
2902
THE CHRONICLE
"As this company is interested in the application of the Coney Island
& Gravesend Bus Corp., a subsidiary of this company and of the Brooklyn
City RR., for the grant of bus franchises, it desires hereby to supplement
the previous communications of that corporation for the consideration
of your honorable Board.
"There is one subject that seems of immediate importance; that is, the
proposed fare conditions in the contemplated bus franchises. It is to be
borne in mind that any responsible applicant for franchises musy subordinate considerations of ultimate investment, particular routes to be operated
and similar problems, to the terms and conditions of the form of franchise
proposed by the city.
"A suggested form of such franchise is contained in the second report
of the Board of Transportation. Without discussing at this time other
provisions of such proposed form, your attention is invited to the proposed
fare and the provisions which attempt to fix such fare and to prevent the
grantee from questioning its reasonbleness. By its sixth report, the
Board of Transportation recommends that such fixed fzre on each route
or zone shall be 5c. Similar statements by public officials have caused
a general public belief that the bus fares will therefore be Sc. The question
naturally arises whether the city has the power to compel a fixed fare
and to require the grantee of bus franchises to abide thereby, beyond State
power to fix a reasonable fare higher or lower than such fixed fare.
"Ifthe city does not have such power,thesituation should be so thoroughly
understood that the public will not be misled by repeated statements
that all applications must be on a Sc. basis, with consideration given only
to other favorable conditions of proposed offers and with the final claim
that the bus situation has been successfuly 'solved' on a 'Sc. fare' basis.
"If the city does not actually have such power, the public will be, by
such claim, further deluded for a time on the economic principles controlling permanent transportation service.
"Our subsidiary in its application, therefore, suggested that the franchise frankly provide for a .
i:ost of service' fare, with adequate safeguards,
to the end that the public might at all times get service at cost, whether
high or low, Its suggestion was based on its belief that 'cost of service'
was the legal and sound basis upon which the city should consider the
granting of bus franchises. It further believed that any effort to impose
an arbitrary fixed fare was lacking in candor to the public, in the light
of the legal situation controlling the granting of franchises.
"In order that the question as to fare fixation should be made clear
as possible, we asked the Hon. Charles E. Hughes to consider the matter
and to express his opinion thereon."
[VOL. 123.
Santa Monica Bay Telephone Co.
-Preferred Stock Of
fered.-The Citizens' National Co. and M. H. Lewis & Co.
Los Angeles, are offering at 103 and div., to yield abou
6.80%, 7% cumulative preferred stock.
Company.-serves the rapidly growing territory of Santa Monica, Oc
Park, Venice, Sawtelle, West Los Angeles, Westwood,
Calif., and oth
communities having an estimated present population
in excess of 100,000
Telephone service is now being given to 11,519 stations,
which represen
a gain of over 71% in 2 years and 9 months. Recent
tions places value of property at $2,188,178 before appraisal with addi
giving effect to th
financing.
Earnings.
-For the past 3 years earnings have been equal
to 3 tim
dividend requirements on the entire amount
outstanding, incluMng•th
p”Psent issue.
-V. 119,
p. 2531.
Savannah Electric & Power Co.
-Earnings.
12 Months
Ending Sept. 30Gross earnings
Operating expenses and taxes
Interest and amortization charges
1926.
1925.g
$2,177,614 $1.913.5
4
1,219,45
1,368,130
365.138
372.67
Balance
$321,41
$446.347
Condensed Balance Sheet.
Sept. 30'26. Dec.31 '25.
Sept. 30'25. Dec.31'25
Assets$
$
Liabilities
$
$
Plant
12,937,869 11,698,133 Common stock__- 2,500,000 2,500,000
Cash
136,008
89,883 Pref. stock (6%) 1,000,000 1,000,000
Notes receivable
20,000
592 Deben. stock (8%) 1,300,000 1,300,000
Accts. receivable
231,104
177,502 Deb. stock (714%) 182,600
75.400
Materials & suppi- 133,785
116,833 Deb. stk. subscr'd
22,000
55,250
Prepayments
331,564
19,195 Coupon notes(5%) 1,700,000
Securities held for
Prem.on deb.stk.
344
resale
500 Bonds
6,072,238 6,105,975
Subscr. to deb.stk.
31,834
7,727 Notes payable_
260,000
Sinking funds_ _ _
76.807
75,083 Accounts payable_
66,849
88,091
Special deposits__
36,300 Accts, not yet due_
75,987
68,717
Unamortized debt
Divs. declared_
20
disct. & expense 135.992
94,861 Retirement reserve 745,002
781,632
2,792 Operating reserve_
6,524
The question submitted to Judge Hughes reads as follows: Unadjusted debits 18,504
3,955
Contrib. for exts
3,625
4,795
Would a bus franchise granted under the form of contract proposed in
Unadjusted credits
915
1,385
the second report of the Board of Transportation enable the city to ter- Total (each side)_14,053,466
12,319,400 Reserves & surplus 321,250
130,311
minate the franchise in case an increased rate of fare were charged under - 123, p. 1878.
V.
authority of the Transit Commission?
Mr. Hughes's opinion, which covers 11 pages of printed
matter, says in part:
•
I conclude, therefore, that any attempt to create a contractual obligation
on the part of the carrier to charge a fare whicn the Transit Commission
finds to be unjust and unreasonable, or not to charge a fare which that
Commission finds to be just and reasonable, in the exercise of its jurisdiction
under Section 49 of the Public Service Commission law would be abortive
and a stipulation to that end In the grant of the franchise would be null
and void.
It may be said, however, that assuming that no such contractual obligation could be created, there would still be a question whetner the charge
of a pdrticular fare could be made a condition of the grant so that the
franchise would be subject to forfeiture in case a higher fare were charged
than that prescribed in the grant, although the fare was fixed by the
Transit Commission. The attempted distinction is between a covenant
and a condition: between the validity of a promise by the grantee, and
the validity of a condition enforced by forfeiture of the grant.
I am of toe opinion that such a distinction in this instance is of no value.
The reason the covenant would be void is that it would be contrary to
the public policy defined In the legislation of the State and beyond the
power conferred by the State upon local authorities in making a granting
of a bus franchise. In my judgment the same reason would make a condition, imposed to achieve the same end, nugatory.
It may be said that the Transit Commission is authorized to fix only
maximum fares. But the Commission is to fix such fares when it finds
tnat the fares at the time chargeable by the carrier are unjust and unreasonable.
Again, in my opinion, it cannot be maintained that, altnough the Transit
Commission has jurisdiction to fix maximum fares and the city has no
authority to exact a promise t at the carrier will not charge such fares
as the Transit Commission may lawfully find to be just and reasonable,
still the carrier may be bound by the terms of the franchise not to invoke
the authority of the Commission and may be subjected to a forfeiture
of the grant if it doss invoke that authority or makes application to the
court to support the exercise of that authority. This would simply be
another way of saying that toe city by the terms of its grant could subvert
tne autnority of the Commission-an untenable conclusion.
The city Is authorized to make adequate provision by way of forfeiture
in order to enforce t e conditions of the franchise. But these conditions
must be lawful. The city cannot impose a condition in order to work a
forfeiture for a compliance with the law of the State.
It must always be remembered that the conditions prescribed by the
city in granting a bus franchise are not the only conditions of the grant.
The State itself prescribes its conditions; these are found in the applicable
legislation. Among the present conditions is the one that the grantee
as a common carrier is subject to the Public Service Commission law
and thus is subject to the jurisdiction, and entitled to the exercise of the
authority, of the Transit Commission.
My conclusion is that in a grant by the city of a bus franchise the city
has no authority to exact a stipulation for forfeiture in case of a charge
by the carrier of a fare lawfully determined by the Transit Commission
to be just and reasonable and that such a stipulation would be invalid.
The distinction should be observed between the inclusion in a franchise
of terms and conditions for w. ich there is a mere absence of aut iority,
but which are not in contravention of a definite policy established by the
Legislature and the imposition of terms which are directly antagonistic
to that policy. In the present case, as already stated, the provisions
of the Public Service Commission law must be taken as read into the
franchise. The city is powreless to avoid this effect and stipulations to
the contrary are simply void. Tney can gain nothing by the insistence
-V. 123, p. 2779, 2262.
of the city or the mere acceptance of the grant.
Rochester & Lake Ontario Water Co.
-New Control.
A dispatch from Rochester. N. Y; states that a majority interest in this
company has been acquired by J. G. White & Co. of New 'York.
Four new members were elected to the board of directors. They are:
George W. Todd. William T. McCaffery, Warren P. Smith and G. Munro
Hubbard. The old members of the board who remain are: Alvin H.
Dewey, Charles J. Brown, William W. Hibbard, Merton E. Lewis, Alexander Russell, Willis A. Matson and Frederick W. Zoller. Mr. Dewey
continues as President and Mr. Russell as Secretary & Treasurer.
The board made the following statement: "No reorganization of the
company is necessary, and no changes in management or policies are
contemplated."
-V. 122, p. 884.
2
Rockford (Ill.) & Interurban Ry.-Payment of 103/%
on Rockford & Freeport Electric Ry. Bonds.
All holders of certificates of deposit evidencing 1st mtge. 5% coupon
gold bonds of Rockford & Freeport Electric By. deposited under the
agreement for deposit of bonds of the issue dated Nov. 5 1925, are notified
by the bondholders' committee (Hamilton Allport. Chairman) that the
committee has adopted a plan for the sale to T. M. Ellis Jr. of Beloit,
Wis., of bonds deposited with the committee. The consideration for such
sale is to be paid in cash and is on the basis of 1035% of the face value
of the bonds, which consideration, subject to committee's necessary expenses, If any, above the amount provided for in the sale, will be distributed
to holders of certificates of deposit.
According to the terms of the deposit agreement. any holder of certificates of deposit may at any time within 20 days after the publication
of this notice (Nov. 19 1926) surrender to the depositary his certificate
of deposit and withdraw from the obligations of the deposit agreement and
receive bonds to the amount represented by his certificate of deposit, upon
payment of his pro rata share of the reasonable compensation and expenses
theretofore incurred by the committee.
-V. 123. p. 1998.
Rome (Ga.) Ry. & Light Co.
-Merger Plan.
See Georgia Ry. & Power Co. above.
-V. 123. L'• 1383
.
Sierra Pacific Electric Co.(& Subs.).
-Earnings.
-
12 Months Ending Sept. 30Gross earnings
Operating expenses and taxes
Interest and amortization charges
1926.
1925.
$1,207,702 $1,146.531
687.713
689.991
43.960
62,053
Balance
$396,765
$473,751
Consolidated Balance Sheet.
Sept. 30'26. Dec.31 '25.
Sept. 30'26. Dec.31'25.
Assets$
$
Liabilities$
$
Prop., plant, &c_ A4,994,608 14,875,024 Common stock___ 8,000,000 8,000,000
Cash
147,390
71,444 Pref. stock (6%).- 3,600,000 3,500,000
.Accts. receivable
152,413
129,052 Bonds
678,000
678,000'
Materials & suppl_
59,236
59,230 Coupon notes(5%) 400,000
Prepayments
27,251
50,340 Notes payable_ _ __ 365,000
690,000
Miscell. invest'ts x
15.279
7,704 Accounts payable_
64,099
26,708
Sinking funds y
316,844
292,774 Accts. not yet due_
94,703
56.578
Unamort,debt disc
8,741
Contrib, for exts_..
24,098
5,838
Unadjusted debits
10,385
6.326 Retirement reserve 901,790
917,169
Unadjusted credits
98.335
141,946
Total (each side)-15.732,148 15,491,894 Reserves & surplus 1,606,123 1,475,655
x Includes seturities of Sierra Pacific Electrirao. owned and
sale by Truckee River Power Co. y Includes $114,000 bonds of held for
Nevada
Power, Light & Water Co., and $155,000 bonds of Reno Power, Light &
Water Co., held in sinking fund, uncanceied.-V. 123, p. 1252.
Southern California Edison Co.-Dtfinitive Bonds.
-
Harris. Forbes & Co. announ ce that the definitive ref. mtre, gold bonds,
Series of 59 due July I 1951, ar e now ready at their office to be exchan
outstanding interim certificates.
For offering of bonds, see V. 1
1
0
p. 33y2.)
-V. 123. p. 2141.
Southern Canada Power Co., Ltd.
-Annual Report.7frinbined Operating Statement (Incl Subs.) for Years Ending Sept. 30.
.
(After eliminating all inter
-company charges.)
1925-26.
1924-25.
1923-24.
1922-23.
Customers, connected
20.065
18.269
16.217
15.066
Gross earns. (Incl. oth. inc.)-$1,389.131 $1.213.665 $1,150.863 $953.970
Purchased power
12,163
93.908.
111.128
Operation
298.982
269.472
240.393
222.702
Taxes
82.038
62.249
45.679
28.955
Maintenance
82.387
74.470
63.570
59.956
Bad debts
6.930
6.020
5,750
3,117
Interest
333.068
269.305
270,958
275,057
Surplus for the year
Previous surplus
$573.563
117.776
$438.241
127.989
$394.771
127.406
$253.055
58.511
Total
Preferred dividends paid
Common dividends
Depreciation reserve
$691.339
286.074
100.000
138.900
$566,230
227.089
100.000
121,365
$522.177
179.088
100.000
115.100
$311,566
82.160
Surplus
$1S6,365 $117.776 $127,989
Balance Sheet1Sept. 30.
1926.
1925.
1926.
Assets
Liabilities$
16,983.592 15,328,000 Preferred stock- 4,865,100
Plant
47,263
6,281 Common stock.... 4,971,925
Cash
822,144
Victory bonds.Corn, sub. cos._._
13,200
167,107
121,801 Bonds
Accts. receivable
7,100,556
23,754
Notes receivable8,970 Notes payable_
238,812
254,536 Accounts payable- 172,456
Supplies
18,774
Prepaid charges15,410 Deposits
18,419
40.283
Investments
14,783 Interest matured..
6,620
12,059
Mortgages
12,085 Interest accrued .... 163,245
Funds In escrow
Dividends payable
73,134
93,173
for bonds of subs
Deprec. reserve.-- 864,311
MIscell. reserve_
31,630
Total (each side).18,446,961 15.761,870 Surplus
166.365
V.
- 122. p. 2043.
102,000
$127.406
1925.
3,840,100
4,171,925
16,300
5,507,023
525,000
686,660
14,943
18,350
35,335
57,691
735,960
34,803
117,776
Toledo Edison Co.
-Tenders.
Henry L. Doherty & Co., 60 Wall St., N. Y. City, fiscal agent, will
until Dec. 22 receive bids for the sale to it of prior pref. stock, 8% cumul.,
series A, to an amount sufficient to absorb 525,000 at a Price not exceeding
105.-V. 123, p. 1507. 1252.
Toho Electric Power Co., Ltd. (Toho Denryoku
Kabushiki Kaisah).-Earnings.-Apr.30 1926
6 Months Ended-Oct. 31 1925
Yen.
Dollars.
Dollars.
Yen.
Gross earnings
24.006,717 12,003.359 22.955,671 11,477,836
Oper. & general expenses 12,398,477
5,845,677
6,199.238 11.691,355
Taxes
301,618
566,286
283.143
603,237
Interest ch,rges
3,347,438
1,673.719
Depreciation
1.100,793
550.397
tIANg1.568.822
Net profit
6,593.722
Balance brought down...
808.429
3,296.861
404,214
6,500,691
789,992
3,250.345
394,996
Total
7,402,151
Legal reserve
400.000
Dividends 12% per ann. 6,132.254
3,701.075
200,000
3.0;".127
7,290,"82
350,000
6,132.254
3.645,341
175,000
3,039,127
434,949
808,42
.
8
404.214
Balance carried toed_
869,897
DEC.4 1926.]
THE CHRONICLE
balance Sheet.
Apr. 30 '26. Oct. 31 '25.
Apr. 30 '26. Oct. 31 '25.
Liabilities
Assets3
Uncalled capital 18,808,489 18,808,488 Share capital_ 69,910,600 69,910,600
Power plants-- 19,986,041 17,356,841 Legal reserve_ __ 10550,500 1,375,500
36,708.730 38,934.105
Transmis. lines_ 5,833,535 5,642,395 Bonds
596,606
Substations _--- 5,610.115 5,051,827 Los & bills pay_ 2,861,656
507,520
Light & Power
Employees'says. 608,204
installations__ 25,439,410 24,297,456 Suspense reels_ 5,237,544 5,136,613
439,697 Acets payable._ 2,075,155 2,679,205
Gas works
439,610
993,569
9225,794 Balance brought
Railroads
394,996
4,157.498 3,963,209
404,214
Real estates
down
351,841 Profit
3,621,861 3,550,345
Tools & office eq. 379,718
Extension acc'ts 4,567.499 5,792,812
Mat'l & supplies 1,279,394 1,263,760
Suspense payls. 4,011,980 4,467,001
783,715
817.513
Acc'ts receivable
Securities owned 13,276.026 12,695,976
249,943
366.078
Securs. depos'd_
Loans & bills rec. 13,873,480 15,289,358
Deposits
3,286,390 5,482,958
Cash
2,156
2,486Total(each side) 122,978,464 123,085,489
-V. 123, p. 2780.
Tampa Electric Co.(& Subs.).
-Earnings.
12 Months Ending Sept. 30Gross earnings
Operating expenses and taxes
Interest and amortization charges
1926.
1925.
$4.645.811 $2.970,472
2,871,716
1,699.080
79,296
55,408
Balance
2903
appraisement of stock of any dissenting stockholders similar to that contained in the Act approved June 5 1900, entitled An Act relating to certaiis
street railway corporations owning or operating street railways in the
of Columbia.'
"2. The consolidated or new corporation or corporations thus formed
should be protected from harmful competition within the District of
Columbia, and shall be entitled, after all operating and maintenance costs,
taxes, proper allowance for depreciation, obsolescence and abandonments,
and other proper charges, to earn a reasonable return upon the fair value
of the combined or constituent properties forming said merger, as may be
determined in pending litigation, or upon revaluations thereof, as may be
made from time to time in accordance with the provisions of the Act of
March 4 1913. The rates of fare shall be based upon a return of 735%
upon such fair value, plus the cost of additions. If the rates hereafter
yield more than 7%% return on such fair value, plus actual cost of future
additions, undepreciated but weighted, during a period of any one year,
one-half of said excess shall be used in the reduction of rates to be charged
the public for transportation service thereafter, thereby providing a sliding
scale of rates under provisions of paragraph 18 of the Act creating the
Public Utilities Commission-advantageous to the public and company
alike; or, one-half of such excess shall be used in providing additional
services or facilities, or in any other way beneficial to the public, with the
approval of the Commission. Provided, that for a limited period, not
exceeding two years, the present rates for street car and motor bus service
shall remain in force, except that the charge for inter-company transfers
between the street railway lines of the two companies shall be eliminated.
If. after the limited period of operation aforesaid under existing rates Of
fare it shall akipear that during such period the consolidated or new company
shall have earnelmore or less than a reasonable return, as above stated,
on the value of its properties, such excess or deficit, as the case may be,
shall be carried forward and taken into consideration in the determination
of rates of fare thereafter.
"3. The consolidated or new corporation, or corporations, thus formed
shall be relieved frem any obligation to pay the cost of maintaining special
policemen,or Contributing to the cost incident to the laying of new pavement
or to the permanent improvement of streets or highways utilized by them
-V. 122, p. 752.
in the District of Columbia."
$1.694,819 $1,215.984
Comparative Balance Sheet.
Sept.30'26. Dec.31 '25.
Sept. 30'26. Dec.31'25.
Assets$
$
Liabilities$
$
Prop., plant, &e__13,056,471 9,905,566 Common stock_ _x12,231,706 6,206,700
Cash
581,954
325,688 Pref. stock (7%).
175,000
35,608
Notes receivable
23,586 Pref. stock subscr.
50,200
-Preferred Stock Offered.
West Penn Power Co.
362 425 Reserve & surplus_
Accts.receivable._ 671,277
2,369,777
The West Penn Securities Department, Inc., Pittsburgh, Is offering
Materials & suppl. 450,051
335.371 Bonds
1,187,000 1,205,000
cumul. pref. (a.
Prepayments
206.364
193,063 Prem. on cap. stk.
2,656
2,240 locally at $100 per share 10,000 shares 6%months' notice at & d.) stock,
110 and dive.
Miscell. Investmls
1,102
Accounts payable_ 184,911
231,781 par $100. Red. as a whole or in part upon 6
-F. Exempt from the present Penn. 4-mills tax.
Sinking funds_ _ __
1,138
1,393 Accts. not yet due_ 253,674
120,271 Dividends payable Q.
Unamortized debt
Retirement reserve 1,054,952 1,149,777 Dividends are not subject to normal Federal income tax under present law.
Authorized. Outstanding.
tibia. & expense
31,830
34,583 Contrib. for exts__
23,850
17,953
Capitalization$10.000.000 $6.000,000
Unadjusted debits 113,393
74,594 Operating reserves
51,719
55,016 67 cumulative pref. stock incl. this issue)
25.000,000 12.707.70()
173,500 Unadjust. credits_ 107,021
Tampa El. Co. bds 173,500
95,255 7% cumul. pref. stock
0.000 18.600.000
35.01
,
Common
47.000.000
Total (each skle)..15,322,688 11,435,769 First mortgage gold bonds
600.000
x Showing book value for 458,712 shares common stock of no par value. Funded debt of subsidiary company
2401000
-v.123, p. 1252.
* Authorized issue limited by the restrictions of the mortgage.
Company has also outstanding a contract obligation of $604 500 to the
Trenton & Mercer County Traction Corp.
-Notes. U. S. Government. due serially to 1930 with interest at from 5% to 6%.
The New Jersey P. U. Commission recently authorized the issuance of Company has entered into an indemnity bond for its faithful performance
$105,000 of equipment notes by the Central Transportation Co., Trenton, of this contract and such bond is secured by a second mortgage on its
N. J., a subsidiary. The proceeds are to be used in the purchase of buses. properties.
-V. 122, p. 2193.
Company.
-Supplies electricity for light, heat and power in 437 conununities in southwestern Pennsylvania. exclusive of Pittsburgh and its immeUnion Edison Co. (Del.).
-Control Sought.
diate environs, having a population estimated to exceed 575.000. This
See American Utilities Co. above.
-V. 123, p. 1384.
territory is considered one of the best fields for power consumption in the
June 30 1926 was 102.317
of consumers
United
Union Electric Light & Power Co. of Illionis.-Call.- and theStates. The number390,000 k.w. as ofthe three years ended June
For
total connected load
Certain 1st mtge. 5%% gold bonds, series "A," due Jan. 11954, aggre- 30 1926 number of consumers increased 50%. total connected load 29%
gating $125,000, have been called for payment Jan. 1 at par and int. at the and annual kilowatt hour output over 40%, The physical properties owned
.
Equitable Trust Co. of New York, trustee, 37 Wall St., N. Y.City.- include 4 electric generating stations with an aggregate Installed capacity
V. 123, p. 2521.
of 355.500 k.w..186 high-tension substations and over 955 miles of hightension transmission lines, exclusive of distribution lines. The two largest
Union Power Co., Inc.
-Bond Redemption.
generating stations are located at the mouths of large coal mines, whose
All of the outstanding 7% debenture bonds, dated Jilly 11923, have been acreage is sufficient to furnish the fuel supply for these plants for at least
called for payment Jan.1 1927 at 103 and interest at the Seaboard National 50 years. See also V. 123, p. 2780.
Bank, 115 Broadway, N. Y. City.
-V. 117, p. 562.
Union Traction Co., Phila.-Approves Track Removal.
-
Westphalia United Electric Power Corp. (Vereinigte
Westfalen G.m.b.H.)-Bonds Ready.
The stockholders on Nov.29approved the proposition for the removal of Elektrizitatswerke
Coupons due Dec. 1 1926 of the 1st mtge. sinking fund gold bonds,6%%
surface tracks on portions of Chestnut and Walnut streets, Philadelphia, in
consideration of the grant of certain rights in the proposed Chestnut St. series due 1950. will be paid on presentation in New York at the office of
Speyer & Co. or in Chicago at the office of Harris Trust & Savings Bank.
subway.
-V. 123, p. 2657.
-V. 123, p. 2522, 2263.
United Gas Improvement Co.
-Acquisition.
-
-Hill,
-Bonds Offered.
Wisconsin Power & Light Co.
Joiner & Co., Inc., Halsey, Stuart & Co., Inc., and Paine,
Webber & Co. are offering at 96M and int., yielding over
- 5.20%, 81,000,000 additional 1st lien and ref. mtge. 5%
-Stricken from List.
United Railways Investment Co.
On Nov. 26 the Stock List Committee of the Phila. Stock Exchange gold bonds, series "E." Dated May 1 1926; due May 1 1956
struck off the regular list the company's preferred and common stocks, the
Exchange having been notified that a dissolution certificate for the com- (see description in V. 122, p. 3343).
The company has purchased the George (Iowa) Electric Light & Power
Co., which had been operated by H. C. Hatch for the last fourteen years.
-V. 123, p. 2780.
pany was issued on Nov. 23 1926 by the Secretary of State of New Jersey
-V.123. p. 2780.
and that no further transfers of stock would be made.
Utilities Power Light Corp.
-Extra Div. on Class B Stk.-
The directors have declared a dividend of 66 cents per share on the
class B stock. This is an extra of 41 cents over the dividends of 25 cents
which have been declared for the previous three quarters of this year,
snaking a total for the year of $1 41. Holders of stock or voting trust
certificates have the option of taking cash for their dividend or additional
voting trust certificates at the rate of $10 per share to the extent of their div.
The regular quarterly dividend of 50 cents per share has been declared on
the class A stock. Holders of this stock have the privilege of utilizing their
dividends in the purchase of additional class A stock at the rate of $20 per sh.
The regular quarterly dividend of $1 75 per share has also been declared
on the 7% cumulative preferred stock.
All dividends are payable Jan. 3 to holders of record Dec. 6.-V. 123.
p. 1253. 584.
Washington (D. C.) Gas Light Co.
-51,500,000 Bonds
Placed Locally at 101.
The company recently offered for subscription to its customers an issue of
$1,500,000 Series "B" 10
-year 6% mtge. gold bonds, dated Oct. 1 1926:
due Oct. 1 1936. The bonds, offered at 101 and int., were largely oversubscribed.
These bonds are a part of the authorized issue secured by a mortgage or
deed of trust dated April 2 1923, and were offered for the purpose of financing additions, Improvements and extensions to the properties of the company. The bonds were issued in denominations of $100. $500 and $1,000.
-V. 122, p. 752.
-Authorized by the Railroad Commission of Wisconsin.
Issuance.
Data from Letter of President Marshall E. Sampsell, Nov. 27 1926.
Company.
-Now supplies, without competition, electric light and power
service to 177 communities situated in 28 counties of central and southern
Wisconsin, including the cities of Beloit, Fond du Lac. Sheboygan, Janesville and Monroe. Ten communities are supplied with gas, 4 with water,
4 with street railway, 10 with interurban service and 2 with heating service.
In addition to the territory served direct, the company wholesales electrical
energy to 50 tributary communities. The population served, directly or
Indirectly, is estimated to exceed 700.000.
Capitalization Outstanding with Public (After This Financing).
$7.070.100
Preferred stock. 7% cumulative ($100 par)
6.889.200
Common stock 4100 par)
let lien & ref. mtge. gold bonds (Incl. this issue)
a8.660,600
61.019.000
Divisional bonds-lst & ref. mtge. 5s, due 1947
Various issues. 5s and 6s, maturing 1926 to 1946 incl6.142.000
a $2,043.400 are 6% series A, due Dec. 1 1942: $1.182.000 are
%
series 13, due Sept. 1 1948: $2.235.200 are 6% series C. due May 1 1944:
$1,200,000 are 5%% series D, due Dec. 1 1955. and $2.000.000 will be
5% series E. due May 1 1956. b Not incl. $8.670,000 pledged under the
mortgage securing the 1st lien & ref. mtge. gold bonds.
Putpose.
-Proceeds will be used to reimburse the treasury in part for
additional property acquired, for expenditures made on account of additions and improvements to the properties, and for other corporate purposes
of the company.
Earnings 12 Months EndedSept. 30 '26. Dec. 31 '25. Dec. 31 '24.
Gross earnings
'
$6,793.060 $5.217,229 $4.179,064
Oper, exp., maintenance and taxes-- 4,495,257
3.539,848
2.925,525
Net earnings
Washington R.& Electric Co.
$2.297.803 $1,677.380 $1.253,539
-Merger Legislation.
596.140 ,
560.755
751.387
This company and the Capital Traction Co. on Nov. 29 jointly sub- Interest charges on funded debt
mitted a suggested outline for merger legislation in a letter to Lieut.-Col.
Annual interest requirement on the company's total funded debt to be
J. Franklin Bell, Engineer Commissioner and Chairman of the Public outstanding with the public, Including this issue, amounts to $863.216.
Utilities Commission of the District of Columbia. The letter says in part
Net earnings for 12 months period ended Sept. 30 1926 were over 24
"Dtfring the progress of a hearing held by the Commission on Nov. 3, times above interest requirement.
Management.
-The operations of the company are controlled by the Midon tho subject of a bill to provide for the merger of local street car companies,
rept was made by you that the companies outline to the Commission dle West Utilities Co.
-V. 123. p. 1635.
ation which, in their judgment, would form a basis for merger.
le
Wisconsin Traction, Light, Heat & Power Co.
- 'This request has been given careful consideration at joint conferences
acommittees of our two companies, and in response thereto we submit the
The company has acquired the A. C. Haman Bus Line of Menasha, Wis.,
following as containing their ideas of the more essential features that which has been supplying bus service in the vicinity of Neenah, Menasha
should be embodied in such legislation:
and Appleton. Wis.. In competition with the traction company's buses and
"1. The bill should provide that any existing street railway or new electric railway. Operation of the Haman line will be continued, it is said.
corpor ;ion to be formed shall have power to own and operate directly -V.121, p.2158.
or through subsidiary companies, street railway, motor bus, or any other
form of public transportation service in the District of Columbia and adjacent
States, and to conduct such other activities as may be useful in connection
INDUSTRIAL AND MISCELLANEOUS
therewith or incident thereto, and with power, among other things, subject
-No changes in price were noted throughout the
Refined Sugar Prices.
to the approval of the Commission, to acquire, lease, operate and enjoy
all or any part of the street railway, motor bus or other transit properties week.
Garment Union in New York City Holds Demonstration Against "Left
franchises of any and all such companies now operating or authorized
and
-About 3,000 union
and Communist Leaders of Strike.
to operate street railway, motor bus and or other transportation properts Wing"resolutions demanding resignation of the leaders of the members
strike and
within the District of Columbia or any adjacent State, and to acquire the adopt
request International Union to take charge of the local's affairs and carry
capital stock and or other securities of any such companies. Such legisla-"New York Times" Dec.
the jobbers.
tion should, without going into detail, provide, among other things, for on the strike againstAutomobile Manufacturers Form Pool to 3, p. 1.
Leading Tire and
Purchase Crude
the issue of stock, common and or preferred, non-par or otherwise, and
-$40,000,000 credit is understood to have been arranged through
bonds or other evidences of indebtedness, and should also provide for the Rubber.
2904
THE CHRONICLE
National Bank of Commerce and International Acceptance Bank. Among
those interested are: U. S. Rubber, Goodyear Tire & Rubber, Goodrich
Rubber, Firestone Tire. Fisk Rubber, Kelly-Springfield Tire, and Ajax
Rubber companies; also General Motors Corp., Willys-Overland Co.,
Dodge Bros., Inc., Packard Motor Car Co., Studebaker Corp. and others.
-"New York Times" Dec. 3, p. 25.
Rayon Prices Cut.
-Du Pont Rayon Co. announced Nov. 27 a new price
schedule effective as of Nov. 15 making reductions ranging from Sc. to 25c.
per pound.
-"Wall St. News" Nov. 27.
Tubize Artificial Silk Co. of America also makes general reductions in
price, new schedule being 150 denier, grade "A." $1 45 per lb.; grade "B,"
$1 40 and grade "C," $1 30.
-"Wall St. News" Nov. 30.
General Electric Co. Reduces Motor Prices.
-Stationary motors reduced
about 5% in sizes from 100 to 200 horsepower and about 10% on commonly
used types of squirrel cage induction motors, effective Dec. 2.
-"Wall
St. Journal" Dec. 1, p. 2.
Building Trades Employers Will Fight Against Five Day Week and Advances
in Wages
-To Hold Conference Dec. 13.
-"New York: Times" Nov. 28,
Sec. 2, p. 1.
U. S. Industrial Alcohol Co. Advances Price on Wood Alcohol 5 Cents Per
Gallon.
-"Wall St. News" Dec. 3.
Matters Covered in "Chronicle" Nov. 27: (a) Data on cotton situation.,
p. 2722-2726. (b) Philadelphia Stock Exchange and New York Curb
suspend William C. Hesse, Jr. & Co. for insolvency, p. 2726. (c) Newsprint production breaks records, p. 2710.
Aetna Explosives Co.
-Bonds Called.
-
All of the outstanding series "A" 6% bonds of this company (now the
Hercules Explosives Corp.) have been called for payment Jan. 1 1927 at
par and int, at the Bankers Trust Co., 10 Wall St., N. Y. City.
-V. 113.
p. 186.
Ahumada Lead Co. (Del.).
-Smaller Extra Dividend.
-
An extra dividend of 734 cents per share has been declared in addition
to the regular quarterly dividend of7% cents per share both payable Jan.5
to holders of record Dec. 18. Extra dividends of 1754 cents per share
in the previous seven quarters were paid.
-V. 123, p. 2658.
Allis-Chalmers Mfg. Co.
-Builds Large Crushers.
-
[VOL. 123.
ments which will be subject to final approval by
an executive committee to be elected therefrom.the board of directors or
Management.
-The board of directors will
7 members
is expected, will be chosen as follows: Two consist ofrepresenting who. it
members
Witter & Co., two members representing J. Henry Schroder Banking Blyth,
Corp..
New York; two members representing the above group of
banking institutions excepting those in Great Britain and the United States;
the legal counsel of the corporation resident in New York. one member,
J. Henry Schroder & Co., of London, will, in co-operation
with Blyth,
Witter & Co., London, act as London correspondents
and will arrange for meetings of the bankers' committeeof the corporation.
to take place from
time to time in their offices. They will place at the disposal
of
tion the necessary clerical staff to examine and co-ordinate the corporathe various
business proposals presented for consideration.
J. Henry Schroder & Co. and Blyth, Witter & Co., London,
will assist
the board of directors by reporting to it their opinion of
when transmitting the same to the board of directors such proposals
for approval or
otherwise.
Voting Trust.
-The common stock to be issued with the
will be deposited under a voting trust agreement, under 2d pref. stock
which
common stockholders will be entitled to deposit their common all other
Investments.
-Following the practice of the successful British stock.
Trust Companies, the board will invest in loans and securitiesInvestment
diversified
both as to type and geographical location. Included in
which the corporation proposes to make will be the bondsthe investments
of or loans and
credits to governments, municipalities and other political
subdivisions, and
railways, public utilities and commercial, financial
tions in foreign countries and in the United States; and industrial institualso in such preferred
and common stocks of any companies or corporations as
appear to offer
opportunities for safe and profitable investment.
pate in the underwriting of foreign and domestic Corporation may particiissues, and a portion of
the corporation funds may be reserved for investment within
the United
States in approved loans and securities.
Debentures.
-The corporation may sell debenture
in
an amount equal to $100 per share on each share of bonds not of excess of
all classes
preferred
stock outstanding, plus an amount equal to the then accrued book
value
of the common stock.
Listing.
-Allotment certificates for let pref. stock listed on the Boston
Exchange,
Stock
It is announced that(this company has established another world's record
In the lines for heavy machinery in the building of two 60
-inch Superior
American Brown Boveri Electric Corp.
-Launches
McCully all steel gyratory crushers, each of which weighs approximately
one million pounds. The first of the two crushers is now being shipped Boats.
Six Coast Guard patrol boats, the first of 33 being built for the U. S.
to the Chile Exploration Co.. a subsidiary of the Anaconda Copper Mining
Co. The crushers were built at the West Allis Works of the Allis-Chalmers Government by this corporation. at a total cost exceeding $2,000,000. were
Manufacturing Co. of Milwaukee, and will be installed at Chuquicamata launched Nov. 30 with appropriate ceremonies at the Camden, N. J.,
In the Andes Mountains near Antafogasta. Chile, a distance of 5,000 miles shipyard of the corporation. When placed in commission shortly they will
from the point of manufacture. On account of the hardness of the copper be an important addition to the Government's fleet of Coast Guard cutters
ore which they must handle, the crushers are of an especially heavy design, and "rum chasers." Seven more of these vessels are under construction
built almost entirely of steel, the castings and forgings being among the and will be ready for launching early next year.
largest ever made in this country.
-V. 123, p. 2522.
Quarters Ended
9 Mos.End.
Earnings (Incl. Subs.) Sflpt. 3026. June 30'26. Mar.31'26. Sept.30'26.
Amalgamated Silk Corp.(& Subs.).
-Earnings.
Net inc. after int. & depr.
6 Mos.End. 4 Mos.End.
but before Fed. taxes_ $492.680
Total
$539,890
$436,326 $1,468,898
Net loss after depreciation. interest, Oct. 31 '26. Apr. 30 '26. 10 Months. -V. 123, p. 2658.
taxes and factors' cnarges
$139,121
$141,499
$280,620
Anglo-Chilean Consolidated Nitrate Corp.
Consolidated Balance Sheet (Company and Subsidiaries).
-Operations.
Oct. 31 '26. Dec. 31 '25.
Ocl. 31 '26. Dec. 31 '25. onAnnouncement was made Nov. 27 by the corporation that the new plant
its Coya Norte properties in Chile had been brought into operation
s
Assets$
:Plant, equip.,&c_ 5,617,049 5,762,796 7% pref.stock__ 3,599,745 3,548,318 exactly on schedule. This plant, which has been under construction for
629,568
549,526 Corn, stock equity y735,349 1,015,969 almost two years, covers more than 45 acres and has a potential capacity
Cash
27,345 First mtge. bonds_ 3,935,500 3,945,500 of 350,000 tons. This is more than double the capacity of the 3 plants
Accts.receivable..
19,514
Inventories
3,298,839 4,279.363 Acceptances pay'le 977,080 1,261,830 acquired in 1924 from British interests and since operated by the corpora,tion. The plants
Prepaid Maur., &c.
32,951
48,249 Accts. payable.&c. 284,848
711,015 of approximately of the corporation will have a combined potential capacity
Sinking fund cash_
2,753
9,587 Accr.int. payable_
45,915
92,062 its Coya Norte 500.000 tons. The corporation will now begin to mine
Deferred charges
8.782
11,350 Res. for conting31,018
113,521 60 square milesproperty, which has about the same nitrate content as the
of deposits, which were included among the assets of the
company.
9,609,455 10,688,215
Total
Total
9,609,455 10.688,215 former British emplpyment
Through the
of the much more efficient Guggenheim extracs After deducting reserves for depreciation and plant contingencies.
tion process, the new plant will be able to
y Represented by 194.869 shares of common stock of no par value.
-V.122. in the ground in comparison with about recover about 90% of the nitrate
55% under old
p. 3456.
located as to be in position to treat the major nart of methods. It is so
the nitrate in the
American, British & Continental Corp.-Pref. Stock properties bought from the British company.
-V. 123, p. 2523.
Sold.-Blyth, Witter & Co. and the J. Henry Schroder
Banking Corp. announce that they had placed privately
100,000 shares first preferred stock. The offering carried
an equal number of shares of common stock, representing
25% of the authorized common stock of the corporation,
and was made at a price of $100 and accrued div., to yield
6%. Subscribers will not only be entitled to a fixed annual
dividend of $6 a share but, through their holdings of common
stock will be in a position to benefit by the surplus profits
of the corporation. Payment of 50% of the offering prices
will be called for upon delivery of allotment certificates and
further installments of 25% each will be called for at intervals
of not less than 90 days.
Arkansas Natural Gas Co.
-Larger Dividends.
-
The directors have declared a quarterly dividend of 12 cents per share
on the outstanding $16,336.900 capital stock, par $10, payable Jan. 1 to
holders of record Dec. 10. From April 1 1924 to Oct. 1 1926. incl., quarterly dividends of 8 cents per share were paid.
-V.12.2. p. 2655.
Atlantic Refining Co.
-Review Denied.
-
The U. S. Supreme Court has denied an application to review the case of
Marshall Hodgman et al against the company. The suit was brought in the
Federal District Court of Delaware by the petitioners as minority stockholders of the Superior Oil Corp. in 1921,and sought to recover damages
from the Atlantic Refining Co., on account of alleged fraudulent acquisition
by the Atlantic from the Superior of 325,000 shares of its newly issued stock
at about $8 per share instead of paying $16 per share, which was the price
the petitioners claimed It was fraudulently represented the Atlantic was
paying. The petitioners also sought to set aside a written contract of
June 24 1920, under which the Superior company was to sell to the Atlantic
its entire production of crude oil for ten years, on the ground the contract
Preferred as to assets and dividends. Dividends payable Q.
-M. Red. was obtained by fraud of the Atlantic on the Superior.
The District Court held that the petitioners could recover for the benefit
all or part on any div. date on 60 days' notice at $105 per share and dive.
If red. on or before Dec. 1 1930. or at $102 per share and dive. thereon if of the Superior $3.279,681, being $2,424,459 actual damages together with
red. after Dec. 1 1930. Entitled to $100 per share and dive. in event of interest, and the Court also canceled the ten-year contract. An appeal
liquidation. Divs. exempt from present normal Federal income tax. was taken to the Circuit Court of Appeals of the Third Circuit, which reTransfer agents of allotment certificates, Chase National Bank, New York, versed the decree and dismissed the bill. The Supreme Court,in denying
and Boston Safe Deposit & Trust Co., Boston. Registrars of allotment the writ of review in effect approved the Circuit Court's decision.
-V. 123.
certificates, Guaranty Trust Co., New York, and Old Colony Trust Co., p. 2143, 1385.
Boston.
Auburn Automobile Co.
-Balance Sheet Sept. 30.-Corporation has been organized in Delaware. Will have
Organization.
Assets1926.
associated with it 12 banking institutions in Europe and the United States
1925.
Liabilities1926.
1925.
which are taking a substantial participation in the capital stock of the Land, buildings &
Capital stock
$1,772,050 $1,500,000
equipment:._ _ _ $581,927 $522.805 Accounts payable_
corporation. The corporation will invest in such securities and do such
81,432
315,160
634,027
634,027 Notes payable__
business as is authorized by its certificate of incorporation and by the laws Good-will
645,000
Accrued wages,
of the State of Delaware. Some of the particular types of investments Cash & certifs. of
deposit
1,468.451
696,320 salaries, arc__ -which the corporation anticipates making are set forth below. The corpora30,705 .
141,225
445,131 Excise tax payable
tion will have the benefit of the wide experience of its associated banking Notes & accts. reo_ 1,074,581
14,965
40.841
Inv. in subs
90.000
netitutions in the selection of a diversified list of investments.
Accr. State and
101,594
local taxes
51,004
Capitalization.-The authorized and issued capital stock, after completion Bonds
41,756
Accr. int. roe
9,793
5,188 Accruals
of this financing, will be:
55,473
819,893
908,823 Other reserves_
199,790
100.000 shs. Inventories
First pref. stock, Si) curnul. annual dividend
Res. for Fed. taxes 181.447
•
40,000 she. Prepd. Ins., taxes,
2d pref. stock, $6 cumul. annual dividend
86,477
52,199
arc
6,798 gee, for sAvertis'g 110,000
Common stock (exclusive voting rights except in the event of
30,060
Surplus
1,746,072 1,008,181
default in payment of 8 quer. dive. on the 1st pref. stock
and in other contingencies. 100.000 shares to go with let
$4,832,464 $3,219,093 Total
Total
400,000 she.
$4,832,464 $3,219,093
pref. stock, the balance to go with 2d pref. stock)
x After depreciation of 5158.738.-V. 123, p. 2265.
-The following banking institutions
Equity for First Preferred Stock.
have agreed to purchase for $4,000,000 the 40,000 shares of 2d pref. stock
Autosales Corp.
-Dividend of 6% on Pref. Stock.
-The
with the common stock which it carries:
Vienna, Austria directors on Nov. 29 declared a dividend of 6% on th9 6%
Aligemeine Oesterreichische Boden Credit Anstalt
Brussels. Belgium non-cumulative partic.
Societe Generale de Belgique
pref. stock, par $50, payable Dec. 24
Prague, Czechoslovakia
Bohemian Union Bank
Paris, France to holders of record Dec. 15. On Dec. 29 1925 the company
Banque de L'Union Parisienne
Berlin, Germany made a cash distribution of 5%
Dresdner Bank
on this issue.
London, Great Britain
J. Henry Schroder 8c Co
The directors have voted to purchase up to 9,995 shares of preferred
Budapest, Hungary
Hungarian Commercial Bank of Pest
at the cheapest price offered under par, and in addition to cancel
Amsterdam, Netherlands stock shares of preferred stock
Lippmann, Rosenthal & Co
held in the treasury.
Stockholm, Sweden 2,269
Stockholms Enskilda Bank
Holders desiring to sell their stock are being requested to submit sealed
Zurich, Switzerland offers to the American Exchange
Credit
-Pacific Bank up to Dec. 16. Payment
New York will be made at the bank on
Blyth, Witter & Co., J. Henry Schroder Banking Corp
accepted offers between Dec.
One-half of the second preferred stock will be purchased by Blyth, Delivery of stock will not be accepted after Dec. 31.-V. 24 and Dec. 31.
123, P. 2658.
Witter & Co. and J. Henry Schroder Banking Corp. and companies or
Interests affiliated with it. The $44.000.000 derived from the sale of the
Bayuk Cigars, Inc.-Pref. Stock Sold.
-Blake Brothers
2d preferred stock will be received by the corporation in cash without any
deductions whatsoever. There will therefore be a substantial equity & Co., New York and Boston; Howe, Quisenberry & Co.,
behind the first preferred stock. The proceeds from the sale of the first Inc., Chicago, and Samuel B. Lewis, Philadelphia, have
preferred stock will be received by the corporation with no deductions sold at
100 and div. an additional issue of $1,000,000 7%
except for a selling commission which will include distribution coats and
expenses.
cumulative (participating) 1st pref. stock.
Bankers' Committee.
Capitalization-A bankers' committee will be formed, with its
Authorized. Outstanding.
central office in London, consisting of a representative from each of the First preferred stock, par $100
$5,000,000 $2,819,600
banking institutions mentioned above as subscribers for 2d preferred stock. Second preferred stock, par $100
1,239,000
1,300,000
It will be the function of the members of this committee to propose invest- Common stock, no par value
250,000 she. 77,121 sh.s.
THE CHRONICLE
DEC. 4 1920.1
Data from Letter of Samuel Bayuk, President of the Company.
Purpose.
-Proceeds will be used to reimburse the company for expendi
tures incurred in connection with a new factory and to provide additional
working capital required for its operation.
Business -Originally established in 1896. Company is one of the leading manufacturers of popular-priced cigars. Operates 24 factories and
warehouses and its plant for the curing and sweating of cigar leaf is one of
the best in the world. In addition, it has recently completed, through a
subsidiary real estate company which holds the title, a factory in Philadelphia which is equipped with the latest types of cigar-making machines.
This factory, embracing the latest improvements, is the most up-to-date
one in the world, and its operation, allowing the most efficient and economical conditions, should have a distinctly favorable effect both on future
sales and earnings.
Earnings
.-Company has rnade a profit in each year since organization,
and in no year since it has had first preferred stock outstanding has its
dividend requirement been earned less than four times. Earnings for the
last five years have averaged annually 4% times the dividend requirement
on the total amount of first preferred stock to be presently outstanding and
for the first ten months of this year were $772.757, or at the annual rate
of 4.71 times this dividend riaquirement.
Net After
Dividend
Total Pref. to Be
.
Earnings
Depreciation
Rate per
Passed
Outstanding
and Taxes.
Share. Earned per Share. to Surplus.
Cal. Years$7
1922
$1,123,925
$930,206
$4015
902,332
7
1923
32 22
708,046
862,284
1924
7
30 79
639,030
634,050
1925
7
22 64
417,370
1926(2 mos.est.) 923,500
7
32 98
697.937
In the above earnings, no allowance has been made for the benefits to be
derived from the Introduction of new capital or from the operation of the
new factory.
Listing.
-Company's shares are listed on the New York Stock Exchange
and application will be made to list this additional issue.
Balance Sheet Oct. 30 1926 (After This Financing).
• Assets
Liabilities
$492,981 Notes payable
Cash
$3,100,000
Trade debtors
1,637,707 Trade creditors
257,218
Inventories
7,789,835 Sundry accounts payable_ _ _ _
37,344
Revenue stamps
67,384 Accrued wages and salaries
53,120
Rec,from tobacco broker,&c.
35,797 Special compensation payable
Due from officers & employ
8,740
to officers and employees
33,825
Investments
642,760 Fed.Inc. tax payable for 1925
24,852
Plant
1,088,855 Provision for 1926 Fed. tax
125,883
Cigar machines at PhiladelReserve for advertising
22,545
phia plant No. 2
15,833 7% 1st pref. stock sinking fd _
47,711
Prepaid ins.,int., taxes, &c__
91,046 First preferred stock
2,810,600
Commission on sale of 1st
Second preferred stock
1,239,000
preferred stock
183,423 Common (no par value)
1,668.089
Surplus
2,631,954
Total
-V. 123, p. 2143.
912,052,141
Total
$12,052,141
Beaver Products Co., Inc.
-Bonds Called.
Certain 1st & ref. mtge. 20
-year 7 % sinking fund gold bonds, dated
July 1 1922, aggregating $99,000, have been called for payment Jan. 1 at
110 and int. at the Central Trust Co. of Illinois, trustee, 125 West Monroe
St.. Chicago,
122. p. 3213.
Bessemer Limestone & Cement Co.
-Extra Dividend.
-
The directors have declared an extra dividend of 47 on tile common
stock and the regular quarterly dividends of 1%% on tne common and of
1 g% on the preferred stock, all payable Dec.31 to holders of record Dec.3.
An extra dividend of like amount was paid on the common stock on Jan. 1
1926.-V. 121, p. 2406.
Black Hawk Hotel Co., Davenport, la.
-Bonds Offered.
-An issue of $1,000,000 1st mtge. 6% serial gold bonds is
being offered at prices ranging from 53 to 63j%, according
,
to maturity, by Peabody, Houghteling & Co., Chicago.
Dated Nov. 15 1926; due serially 1927 to 1938; authorized, $1,100,000
now issued, $1,000,000. Subordinated bonds, due 1938, $100,000. Int.
payable M. & N. at offices of Peabody, Houghteling & Co. in Chicago and
New York, without deduction for Federal income tax not in excess of 2%.
Denom. $1,000 and $500 c*. Red. on 60 days' notice on any int. date at
par anoint, plus a premium of3% if redeemed up to and incl. Nov. 15 1930:
thereafter to and Incl. Nov. 15 1934 at a premium of 2%; and thereafter
before maturity at a premium of 1%. Certain State taxes, incl. the Calif.,
Kansas ana Penna. 4 mills taxes, the Ky. 5 mills tax ana the Iowa 6 mills
tax refunaable. American Trust Co. of Davenport, Ia., ana Augustus S.
Peabony, Chicago, trustees.
Data from Letter of Thomas J. Walsh,President of the Company.
Hotel.
-The Black Hawk Hotel is located in Davenport, Ia. The building, built in 1915 and extended in 1920, comprises an 11-story and basement structure of modern, steel construction throughout, a modern, luxurious and thoroughly equipped hotel containing 304 bedrooms.
Securily.-These bonds will be seemed oy a 1st mtge. on all tne land and
buildings of the rilacz Hawk Hotd Co., which have been appraised for the
bankers by the Lloyd-Thomas Co., appraisers, as having a net, sound depredated value of 11,747.813, making this loan loss than 60% of the appraised value of the properties.
Earnings.
-Net earnings available for interest, depreciation and Federal
income tax for the 63.i years eaded June 30 1926 have oeen as follows:
1920, $H,1,286; 1921, $102.834; 1.122, $89,079; 1923, $123,301; 1924, $129.907; 1925. $145,176; 1926 (first 6 months), 972,411. Maximum annual
Interest charges on these bonds will be $60,000.
Blaw Knox Co., Pittsburgh.
-Extra Dividend.
The directors have declared an extra (Christmas) dividend of 5% on the
common stock, par $25, payable Dec. 24 to holders of record Dec. 13.
A year ago an extra of 4% was paid.
-V.123. p. 1766.
British American Oil Co.
-Extra Dividend of 50c.
The directors have declared an extra dividend of 50 cents per share in
addition to the regular quarterly dividend of 623 cents per share, both
payable Jan. to holders of record Dec. 14.
The stockholders will vote Dec. 15 (a) no approving the conversion of
the existing shares of capital stock , par $25 each, into shares of no par
value on the basis of 4 such shares of no par value for each, share of the par
value of $25 each, and (b) on authorizing the sale of unissued shares at
prices fixed from time to time by the directors.
-V. 123, p.1385.
Bristol (Conn.) Mfg. Co.
-Receivership Continued.
2905
int. to Dec. 1 1931, the premium decreasing ; of 1% for each year there,
6
after.
Convertible at the principal amount at any time into 82 25 participating
.
preferred stock of the corporation at $35 per share.
Security.
-Bonds will be secured by a direct (closed) first mortgage on all•
property and equipment of the corporation now owned or hereafter acquired.
The assets on which these bonds are a first mortgage had on Oct. 2 1926 the
following sound values, as determined and certified to by the American
Appraisal Co.: Land, buildings, machinery and equipment,$1,586.131.
-Indenture provides that beginning June 1 1928 and anSinking Fund.
nually thereafter the corporation will pay to the trustee as a sinking fund;
a sum equal to 20% of the net earnings for the previous calendar year,
after making allowance for dividends on its participating preferred stock.
but in no year to exceed $50,000. The trustee will apply such sums to the retirement of the 1st mtge. 63,i% gold bonds through purchase or call by
lot at not to exceed 105. If in any calendar year bonds are converted, the.
principal amount thereof may be deducted from the maximum amount to,.
be paid to the sinking fund.
Participating Pref. Stock Offered.
-McGuire, Cole & Co.,.
New York; Pistell, Deans & Co., Inc., Buffalo, and McCown.
& Co., New York-Philadelphia, are offering at $28 per shareand div. 50,000 shares $2 25 cumulative participating pref.
(a. & d.) stock (no par value). .
-M. at the mutual rate of $2 25 per share.
Dividends payable Q.
ferred both as to assets and dividends up to $35 per share in the event of •
liquidation and dividends are cpmulative from Dec. 1 1926. The preferred
stock has voting power equaUF with the common stock. Red. at,any time
either as a whole or in part by lot at $45 per share. After payment.of the
annual dividend of $2 25 per share, the preferred stock is entitled to participate equally, share for share, in any distribution on the common stock,
and if in any year a dividend is declared payable to the common stock, then
a like amount per share must be declared payable to this preferred stock in
addition to the cumulative dividends of $2 25. Manufacturers: & Traders
Trust Co. and Guaranty Trust Co. of New York, transfer agents. The
Peoples Bank of Buffalo and Chemical National Bank of New York, registrars.
-Application will be made to list this stock on the New York
Listing.
•
Data from Letter of Pres. Wm. T. Whitbeck, Buffalo, Nov. 24:
Company.
-Has been organized to acquire the business and property of
the following companies:
Shirton's Laundry (est. 25 years),
American
Merchants' Toilet Supply Co.(estab(established 46 years).
lished 10 years),
Central Star Laundry (est. 32 Yrs.),
Harvey Steam Laundry (est.32 yrs.), Superior Steam Latin. (est. 8 yrs.),
Johnson Steam Laundry (est. 30 Yrs.) uality Damp Wash Laundry (5 yrs.)
llsey Laundry (est. 30 yrs.).
Star inen uo.(est. 5.yrs,).
Each of these companies has been operated successfully and has an established clientele and good will. The plants and equipment are modern and •
use the latest machinery and methods in giving service. The combined
companies are now serving in excess of 35,000 customers each week and give
approximately 70% of the laundry service in the City of Buffalo.
Through the consolidation of the constituent companies it is expected
that important economies can be effected in reducing overhead and delivery
costs, in the purchase of supplies and equipment and in the allocation of •
work in such a manner as to use to the fullest extent the specialized equipment and facilities not previously available to the indlyidual.companies.
CapitalizationAuthorized.
Outstanding.
First (closed) mtge. cony.
% gold bonds_ ---$900,000
$900,000
25 participat. pref. stock (no par value).. __ _x100,000 shs. 50,000 shs.
Common
50,000 shs. 50,000 shs.
x Of which 25,71N shares are reserved for conversion of the bonds.
Purpose.
-Proceeds of the pref. stock, together with funds derived from
the sale of the $900,000 1st mtge. 631% bonds, will be used for the acquisition of the business and properties of the constitnent companies and for
other corporate purposes.
• IIIME
Earnings.
-Net earnings of the constituent companies after operating
expenses, Federal taxes, depreciation and Interest on the flurried debt of •
the new corporation, as certified to by Ernst & Ernst, and after adjustment
of non-recurring expenses (such as proprietorship dividends and salaries),
but before considering any of the economies of consolidation, were as follows:
Aver. for 3 yrs. & 9 mos. (1923. '24, '25 & 9 mos. of '26)
$152,047
1926 (3 mos. est. at same rate as actual earns, for 1st 9 mosi- --- 230,093
The dividend requirements on this issue of preferred stock are $112,500
per annum.
consideration to the effect of anticipated economies of conAfter giving
solidated operation, earnings before dividends on this issue are estimated
at $416,065, or $8 32 per share for participating preferred.
After payment of the regular preferred dividends, this would be equivalent
to $3 03 per share additional on both this preferred issue and the common
stock.
Pro Forma Balance Sheet of the Corporation.
AssetsLiabilities
Cash
$83,113 Notes & acc'ts payable_._ $47,669 •
Acc'ts & notes rec., net.....
52,492 Accrued items
9,796.
Inventories and supplies__
33,966 Machinery purch. oblig's_
56,896
Land, bldgs., mach. & eq.. 1,586,131 let mtge. convert. 630_
900,000
Good-will, tr.-marks, &c..
1 Capital stock
x784,302 •
Deferred charges
22,873
Securities owned
10,213
Other assets
9.875
Total (each side)_ -_81.798.663
x 50,000 shares participating pref. (no par value) and 50,000 shares common (no par value).
Directors.
-Howard Bissell, John N. Cole, Robert C. Common, Joseph
Feeley, Charles Lapides, Jay Lapides, Lester Lapides, Robert V. Lvon,
Herman Merker, Walter J. Monro, Clarence K. Piston, Frank,G. Raichle,
George P. Rea, Frank G. Sherwin, William T. Whitbeck,
Burroughs Adding Machine Co.
-To Increase Common
Stock-33 1-3% Stock Dividend Probable.
-The stockholders.
will vote Jan. 4 on increasing the authorized common stock
no par value, from 600,000 shares (all outstanding) to
1,000,000 shares. If this increase is approved, it is proposed to distribute to common stockholders a 33 17
3% stock
dividend.
-V. 123, p. 1880.
(A. M.) Campau Realty Co., Detroit.
-Bonds OfferedAn issue of $500,000 532% 1st mtge. and leasehold serial
gold bonds is being offered at 100 and int. by Nicol-Ford
& Co. Inc., and First National Co. of Detroit.
The receivership of the company has been ordered by Judge L. J. NickerDated Nov. 1 1926, due Nov. 1 1929-1940. Principal and interest
son to be continued for a month, during which time further action will be (M. & N.)
payable at office of the
Detroit, trustee.
determined. American Trust Co., Bristol, Is acting as receiver.
-V. 123, without deduction of 2% normal Guardian Trust Co. of Denoms. $1,000
Federal income tax.
p. 2524.
and $500 c*. Red, all or part on any int. date upon 30 days notice at 102
and at
Brunswick (Ga.) Terminal & Ry. Securities Co.- until Nov. 1 1932bonds 101 thereafter.
Security.-The
are specifically secured by two properties owned in
Acquisitions.
fee and one long time lease, appraised by Wormer & Moore and two officers
A published statement understood by the "Chronicle" to be correct, says: of the Guardian Trust Co. of Detroit. Total appraised value of 3 parcels.
company has acquired the ownership of8,000 acres ofsemi-anthracite, $1,059,000, total average net rental for next 10 years of 3 parcels, $68,071.
The
iron ore, limestone and timber lands along the Norfolk & Western system
Canada Paper Co.
near Roanoke, Va., together with the ownership of all the capital stock of
-Control of Company Sought.
the Roanoke & Catawba Mountain RR.
See St. Maurice Valley Corp. below.
-V. 122, p. 485.
-V. 123, p. 2000.
Celotex Co., Chicago.
-Bonds Sold.
-Hayden,Van Atter Buffalo General Laundries Corp.
-Bonds Sold.
-Manufacturers & Traders Trust Co., Piston, Deans & Co., Inc., & Co., Detroit, have sold at 100 and int. $2,000,000 10-year
gold
Schoellkopf, Hutton & Pomeroy, Inc., Vietor, Common & 6% convertible sinking fund 1938, debentures.
Principal and int. (M. &
Dated Nov. 1 1926; due Nov. 1
Co., Inc., Glenny, Monro & Moll, A. L. Chambers & Co., payable at Illinois Merchants Trust Co., Chicago, trustee, without N.)
deFederal income tax not exceeding
Callable, all or
Inc., Hayes & Collins, Buffalo, N. Y., and McCown & Co., duction of normaldate on 30 days' notice up to and2%. Nov.
part, on any int.
incl.
1 1927 at
New York-Philadelphia, have sold at 100 and int. $900,000 103 and int., reducing thereafter X of 1% each year to Nov. 1 1935 and
at par from that date to maturity. Denom. $1.000 and $500c*.
1st (closed) mtge. convertible 63/2% gold bonds.
Convertible at the option of the holder from Feb. 1 1929 up to
Dated Dec. 11926; due Dec. 1 1941. Interest payable J. & D.at Manufacturers & Traders Trust Co., Buffalo, N. Y., trustee. Denom. ELMO
and $500 c*. Interest payable without deduction for Federal income tax
not to exceed 2% Per annum. Red,all or part on 60 days'notice at 105 and
and incl.
Nov. 1 1935 into preferred and common stock of the company on a unit
basis of eight shares of preferred stock and two shares of common stock
for each $1,000 of debentures plus a cash payment of 10% of the par value.
of the debentures surrendered for conversien.
2906
THE CHRONICLE
Data from Letter of B. G. Dahlberg, President of the Company.
-Incorporated in 1920. Began quantity production of
Company.
Celotex in 1922 and since that time has established its product throughout
the world as a standard building material. Starting with a production of
18,699.359 sq. ft. in 1922, the company practically doubled its production
in each succeeding year until for the year 1925 123,624,351 sq. ft. were
manufactured and sold, and it is anticipated that sales for the year 1928
will exceed 200.000,000 sq. ft.
Product.-Celotex is a thermal insulating lumber made by converting
sugar cane fibre into a strong broad board. As an insulator against heat
and cold. Celotex is the approximate equal of cork. Extensive tests
made by the American Society of Refrigerating Engineers and the Armour
Institute of Technology show that one inch thickness of Celotex has the
same insulating value as 3 inches of solid wood, 4 inches of plaster board,
8 inches of plaster, 12 inches of brick or 25 incnes of concrete. Company
produces more insulation used for building purposes than all tne other
insulation manufacturers combined.
Property.
-Upon completion of present construction the company will
have two operating units, the present plant at New Orleans. La., producing 1,250,000 sq. ft. of Celotex per day, and the new unit at Porto
Rico producing 500.000 sq. ft. per day, a total of 525,000,000 ft. per year
-The following table gives a comparison between net earnings
Earnings.
available for interest charges and actual interest charges paid on the
funded debt for the period in accordance with the audit of Peat, Marwick.
Mitchell & Co.
Actual Int. No. Times
Net
Earned.
Charges.
Earnings.
$36.602
8.6
1924-10 mos. end. Oct. 31 1924_2_ - $314,921
8.3
66.425
1925-1 year end. Oct. 31 1925
557.215
15.8
91,725
1926-1 year end. Oct. 31 1926
1,451.6.32
For the year ending Oct. 31 1926 net earnings were over six times maximum interest charges on the total funded debt to be outstanding including
these debentures. Such net earnings for the past two years and 10 months
average over 3% times such interest charges. Increased production at
New Orleans beginning Dec. 1 1926 should result in annual net earnings
of $2.000,000 and upon completion of the Porto Rican plant about January
1928 such earnings should be $2.500.000 per annum.
Sinking Fund.
-On May 1 1929 and each year thereafter to maturity
a sinking fund will retire 8100.000 of these debentures either by purchase
in the open market, call by lot, or by the application of converted debentures.
-Proceeds from the sale of these debentures will be used to
Purpose.
reimburse the treasury of the company for expenditures made in connection
with additional units at New Orleans and to provide a portion of the
additional capital needed for the construction of the Porto Rican plant.
Outstanding.
Authorized.
$4,200.000
$20,000.000
77F, cumulative preferred stock
164.702 shs.
500.000 shs.
Common stock (no par value)
20.000.000
1,250,000
1st mtge. gold bonds
532.000
1,000,000
-year 6% convertible gold notes
3
2.000,000
2,000,000
-year 6% convertible debentures
10
Balance Sheet as at Oct. 31 1926 (after this Financing).
Liabilities.
Assets.
$1,040.082 Accts. pay. & accr. exp.... $324 056
Cash
Accr. Int. on funded debt
47,154
Notes & accounts rec.,
1,484.913 Prov. for local & Federal
less reserves
taxes
240.684
299.483
Materials. supplies, &c.._
255,019 1st mtge. 6%s
1,250,000
Stock subscr. of empl.,&c
-year 6% cony. notes.._
3
532.000
Inv. in other cos. and
-year 6% cony. debs
53,769 10
2.000.000
cash surr. val of life ins
Property, plant & equip_ 4.319.399 Pref. stock (7% cum.)
42,000 shares
4,200.000
Patents & patent rights_ 5,225,000
509,330 Common 164,702 shs.)_ 4.593,131
Deferred charges
[\Tor.. 123.
City Ice & Fuel Co., Cleveland.
-Declares 1P27 Divs.The ditectors have declared for the year 1927 four regular quarterly
dividends of 50c. each on the capital stock. payable March, June, Sept.
and Dec. 1, respectively, to holders of record the 10th day of Feb., May.
Aug. and Nov.
The company reports sales of $14,470.827 for the 10 months ended Oct. 31
1926, as compared with $12,896,284 for the same period of 1925. Net
earnings were $2,874,508 af.er deducting $1.309.532 for depreciation and
$451,384 for Federal taxes. This compared with a net of $2,874,508 for
the corresponding period of 1925.
Consolidated Balance Sheet.
Oct. 31 '26. Dec. 31 '25.
Oct. 31 '26. Dec. 31 '25.
Assets$
$
Land, buildings,
Capital & surplus x24,080,940 22,644,719
163,125
machinery, ace_ _35,190,985 29,142,154 Minor.Int.In subs. 1,280,472
4,710,539 1,720,686
205,358 Bonds
Investments
Cash
692,420
240,000
513,995 Bills payable
Notes receivable 13,046,860 { 343,487 Accounts payable_ 445,827
669,355
2,037,523 Accrued expenses_
Accts. receivable._
120,350
701,463
511,736 Mtge& on real est_ 233,500
Merchandise
367,000
217,909 Res. tor deprec.,dm 8,718,921 7,286,926
Deterred accounts_
78,472
39,710,202 32,972,162
Total
Total
39,710,202 32,972,162
x Represented by 892.000 shares of no par value.
-V. 123, p. 1637.
City Investing Company.
-Earnings.-Quarters Ended- 6 Mos. End,
PeriodOct. 13 '26. July 31 '26. Oct. 31 '26.
Gross income
$237,641
$121,759
$115,882
Exp.,int., real estate, taxes & deprec_
186,574
114,244
72,330
Profit
-V. 123, p. 1510.
$49,429
$1,638
$51,067
Cleveland Brass & Copper Mills, Inc., Euclid, Ohio.
The plant and equipment of the company have been bought by the Elyria
Belting & Machinery Co. of Elyria. Ohio, under sale by the U. S. Government. The sale was to satisfy a claim by the Government for money ad-V. 123. p. 1882.
vanced for the manufacture of war munitions.
-Extra Dividend-New ComCleveland (0.) Stone Co.
mon Stock Put on $2 Annual Dividend Basis.
The directors have declared an extra dividend of 25c. a share, and four
regular quarterly dividends of 50c. each on the new no par value common
stock, payable the 15th day of December, March, June and September to
holders of record on the 5th of the same months.
-V. 123, p. 847.
Colonial Processing Co., Pawtucket, R. 1.
-Receiver.
Malcolm D. Champlin, of Providence, has been appointed temporary
receiver by the Rhode Island Superior Court on the petition of the Lowell
Yarn Co. (Del.) and Ozark Mills, Inc. The complainants allege that the
respondent corporation is financially embarrassed,and that a promissory
note for $30,000 held by the Corn Exchange National Bank of Philadelphia
matured on Sept. 30. It Is further averred that the plant in Pawtucket is
being operated at a loss of $300 weekly, and that lack of harmony has resuited in inefficient management, so that the assets of the company are in
danger of being wasted.
-Buys Pacific Sheet Steel Co.
Columbia Steel Corp.
The corporation on Nov. 24 announced the•consolidation with It of the
Pacific Sheet Steel Corp., a subsidiary of the Metal & Thermit Corp. of
New York, effective at once. The deal has been consummated on a stock
exchange basis, with details as to the amount paid withneid.
Total
$13.186,995
Total
$13.186.995
As a result of the merger, the business of the Pacific Sheet Steel Corp.
-In connection with toe acquisition of patents, the company is will be conducted as a part of the Columbia Steel Corp. It marks the entry
Note.
under obligation to issue 10.000 shares of common stock once the plant into South San Francisco and the peninsula of the Columbia Steel Corp.
to be constructed in Porto Rico attains 200,000 ft. daily production; and -V. 123, p. 2335.
a further 10.000 shares when 400,000 ft. sally production shall have been
-Earns. Commercial Credit Co., Balt.-Smaller Div.
-V. 123, p. 2782.
reached.
The directors have declared a quarterly dividend of 25 cents per share on
-Receivers' Report.
the common stock, payable Dec. 31 to holders of record Dec. 11. This is
Iron Co. of America.
Charcoal
The report and recommendations of the receivers as to operations and at the rate of $1 per annum, as compared with dividends at the rate of
future policies, which will be the subject of a public hearing Dec. 17 before $2 per annum (50 cents per share quarterly) paid in the first three quarters
Judge Itaymond of the U. S. District Court for the Western District of of this year. The previous rate was $1 50 per annum.
Michigan, Northern Division, follows:
Chairman A. E. Duncan, Dec. 1, in a letter to the stockAndrew H. Green Jr. and Edward P. Smith, receivers, report to the
holders, says in substance:
court as follows:
(1) That James D. Lacey & Co. have been acting as operating agents of
Almost every enterprise must at some time encounter unusual conditions
the receivers, and on Nov. 24 1926 there were filed the recommendations which cause a temporary setback, and this company is no exception.
of James D. Lacey & Co. respecting future operations as to the property
The officials have for a year been concentrhting their efforts to improve
of the company.
the quality rather than to increase the quantity of receivables outstanding
(2) That since the institution of the receivership the Ashland. Wis., plant by demanding much closer scrutiny of the credit of the purchasers and dealhas been sold and deeds have likewise been executed covering the Boyne ers of the articles bought, and by increasing the down payment and shortenand ing the maturity. Throughout this year drastic steps have been taken to
City and Manistique plants of the company. The steamer Griffin
various cut-over lands, together with a few properties upon which there is strengthen the organization, to train and educate new employees, to acquire
timber, have also been sold,and that these actions have resulted in removing more desirable business and increase the supervision from the home office,
a large sum from the list of taxes payable.
all of which must, in time. result in increased efficiency, reduce operating
(3) That the Marenisco plant is not being operated nor is the Yale mine, expenses and reduce losses. More progress is, in fact, being made than is
and that manufacturing operations have been largely limited to the New- reflected by current earnings, but no special improvement in earnings may
berry plant.
be expected during the winter season which is always the least profitable
(4) That James D. Lacey & Co. recommend that a sale of the properties season.
of the company should not now be considered, but that an effort be made to
The officials have continued to pursue their most liberal policy of charging
develop the Newberry plant with a view to making it a possible operating off all bad and doubtful claims, regardless of the effect thereof upon current
concern. '
which is evidenced by the fact that for the ten months ended
of the earnings,
(5) That James D. Lacey & Co. further report that all property
Oct. 31 1926. $603.433 was recovered on claims previously charged off.
company,other than the Newberry plant and timberlands adjacent thereto, They intend to continue to keep the credit of the company and its assets in
the development of the Newberry plant, should be sold very strong financial position, which is also ,evident by the consolidated
not essential for
as soon as conditions will allow. With this end in view. James D. Lacey collections during October of $22.386,588. and $18,828,778 cash in banks
& Co. are, from time to time, conducting negotiations with various parties on Oct. 311926. with $19.119,200 unused credit lines with depository banks.
covering a sale of the Marenisco plant, the Newberry plant, Yale mine and They feel that they should meet reverses very frankly and submit unfavorcertain of the timberlands, and are of the opinion that if a reasonable period able as well as favorable facts to the stookholders.
of time be allowed them, they will be able to sell the properties upon more
Net income during 1925 applicable to the company's common stock, after
advantageous terms than if they sold were under a forced sale when the Federal taxes, but before charging off for furniture and fixtures, was
present low prices for timber properties are taken into consideration.
$2,400,703, and after payment of dividends thereon, $1,515,060 was left
report that they have given careful study to the recom- for surplus. In addition, $2,812,647 was paid in through the sale of new
The receivers
mendations of James D. Lacey & Co. and concur in the same, and they common stock in February 1926. On Oct. 31 1926 the book value of its
believe that none of the properties of the company should now go to a forced common stock was $16 63 per share, exclusive of plant equipment with
which cost $923,813; goodwill and of reserves for losses and unearned charges
sale.
of $4.746,429 on present outstandhigs.
Statement of Operations of Receivers Eight Months to' Oct. 31 1926.
October,
The gross earnings from operations during this year are substantially
6 Mos. to Aug. 31, September,
- larger than for last year. Therefore, a reduction in overhead and losses
2 Mos. Shut Daum. -Full Time Operation
$34,795 which should result from present policies, should increase the net earnings.
$24,024
$63,702
Newberry plant gains
The difficulties, which although general during the first quarter of the
Admin. & gen. exp., incl. receivers
5,751 current year, have now been largely concentrated in the Charlotte Branch
5,632
32,241
and legal expense
3,144
4,056 and in the St. Louis division of the Baltimore company, which in the ten
17.097
Expenses,shut down plant,incl. taxes
1,500 months ended Oct. 31 1926, showed net operating losses of $264,004 and
3,000
Royalties Yale mine
$377,201, respectively, or a total of $641,206. Had these losses not oc14,433
Fire loss, Moran wood, net
Cr.115
curred there would have been a shortage of only$115,524 in earnings, the
fire loss
Recovery on Moran
full dividend on the common stock.
1,000
Income tax compromise offer
Even with the unfavorable operating condition during the year and notCr.150
Dr.473
Cr.1,825
Miscell. interest and discount
withstanding the severe losses at Charlotte and St. Louis, the consolidated
Expense during shut down of Newnet income for the ten months ended Oct. 31 1926 applicable to dividends
13,799
berry plant, including taxes
of the company and its affiliated companies after all taxes but before
loss$16,042 sur$14,890 sur$23,638 charging off for furniture and fixtures, was $1,461,256. After payment of
Net result of operations
6,083 preferred dividends of the Chicago and New Orleans companies, which in
6,083
48,347
Taxes accrued on lands
3,252 each case were earned over three times, there remained $1,259,099 applicable
2,108
13,567
Tax penalties accrued
to the Baltimore company. This is 2.01 times the dividend requirement on
sur$6,699 sur$14,302 the 6%% and 7% first preferred stocks, which are of equal rank-the balloss$77,957
Net results
ance of $635,766 being 2.38 times the dividend requirement on the class B
-V. 121, p. 2277.
8% preferred stock, leaving a net balance of $389,099 for the ten months
the common
-Retires Additional $50,000 applicable to is unwilling tostock.
Ltd.
Christie, Brown & Co.,
long continue to pay any dividend which has
The board
-Earnings.
not been fully earned but they believe that the present setback is temBonds
an additional $50,000 of its bonds, leaving porary, for which purpose a surplus has been created.
The directors have retired
issued in May 1925
The opinions of several of the company's largest banks and its bankers
only $600,000 outstanding of the $1,000,000 6% bonds
were obtained and the directors most carefully considered the credit of the
Earnings Statement for the First Nine Months of 1926. 9 Mos. company, its prestige and goodwill with its many customers,its preferred
1st Quar. 1st
3rd Quar. 2nd Quar.
Period.stockholders and its employees, upon whom future success must depend.
Oper. profit, before int.
$50,787
$209,286 They declared the regular quarterly dividend on the 6%% and 7% first
$68,632
$89,867
& Federal taxes
preferred stocks and on the class B 8% preferred stock, but reduced the
Surplus after int., Fed.
19,933
65,731 quarterly dividend on the common stock from 50 cents to 25 cents per share,
12,726
33,072
taxes & dividends_ _ _ _
all dividends being payable Dec. 31 1926 to holders of record Dec. 111926.
-V. 123, p. 1766.
DEC. 4 1926.]
2907
THE CHRONICLE
Income Account of Pacific Mills, Ltd., 10 Months End. Oct. 311926.
Summary of Consolidated Operations and Net Income.
$1.906,571
- Gross earnings
10 Mos.End -Calendar Years
337,745
Interest
1924.
1925.
Oct. 31 '26.
706.408
Depreciation
43.035
221,058,617 262,838,156 162,789.744 Depletion
receivables purchased
Gross
143,520
109,123,774 84,030,861 57,266.090 Federal taxes
Average cash employed
9,174,285
13,315,364 13.821.197
Gross earnings from operations
$675,863
Net profit
Net earnings for int. and disc. chges.,
2.994.187 -V. 123. p. 1255.
4,875,887
applic. to Bait. Co. prior to Fed.tax 2,871,544
839,124
1,663,665
Int.& disc, charges of Baltimore Co_ _ 1.595,095
Curtis Publishing Co.-Pref. Stock Sold.-Hallgarten
Net income applic. to capital stock of
& Co., G. A. Sisto & Co. and Old Colony Corp. have sold
consol'd companies after Fed'l taxes
1,165.099
1,470,793
1.765
Baltimore Co
(carrying dividend from Oct. 1 1926)
342,205 at $116 50 per share
696,748
764.282
New York company
405,501 10,000 shares $7 cumulative dividend preferred stock (with760,355
441,385
Chicago company
252.590 out par value). The shares offered were privately pur274,771
253,823
New Orleans company
1,461,256
Consolidated
Div. on pref. stock of Chicago and
x202,156
New Orleans companies
Net income applicable to capital stock
1.259,099
of Baltimore company
x623.333
Divs. on 6% and 734% 1st pref. stks_
x266.666
Div. on 8% class B pref. stock
x1,069,167
Dividends on common stock
3,202,668
2,165.396
chased, and do not represent the introduction of new money
into the company.
166,248
-J. Red. all or part on any div. date
Dividends payable quarterly, Q.
tax.
1,999,147 at $120 and dirs. Free of Pennsylvania State 4-mill
Capitalization Authorized and Outstanding.
276,111
315,555 $7 cumulative dividend preferred stock (without par value)_ _4100,000 shares
900.000 shares
720,000 Common stock (with- ut par value)
-Owns and publishes the nationally known periodicals, (a) the
Company.
Dr.700.063Cr.1.680,703 Cr.687.481 "Saturday Evening Post," (b) the "L'adies' Home Journal," (c) the "CounNet credit or debit to surplus
301.377 try Gentleman."
165,643
is 77,782
Furniture and fixtures charged off.-Net earnings have for many years shown a steady increase.
Earnings.
Total credit or debit to surplus_ _ _ _Dr.777,846 Cr.1,515,060 Cr.386,103 For the year ended Dec. 31 1924, such earnings after depreciation and all
for October on preferred stock at regular taxes, were $14,714,819. and for the year 1925 were $16,040,515. or nearly
x Includes accrued dividends
-V. 123. P. $10.000.000 in excess of preferred dividend requirements. Net earnings
rate and on common stock at rate of $1 per share per annum.
for the first six months of 1926, after depreciation and taxes, are reported
2782.
$8.173,277.
- asAssets.-Company has no funded or other debt except current monthly
-Sells Interest in Canadian Co.
Congoleum-Nairn, Inc.
The corporation has sold its interest in the Congoleum Co. of Canada. accounts, and among its current assets on June 30 1926 were over $25,Ltd., to Canadian interests for a cash consideration. The Canadian sub- 000,000 in cash, United States Government bonds and other investments.
sidiary was formed shortly after the formation of the original Congoleum It also owns valuable parcels of real estate, situated on Independence
Co. in 1919 and represented an investment of $282.000 on the part of the Square and elsewhere in the City of Philadelphia.
Equity -The common stock at current quotations has a market value
parent organization. Regular dividends have been paid on the stock
which Congoleum-Nairn, Inc.. owned. The Congoleum Co. of Canada. In excess of $160,000,000.-V. 123. Yl• 90.
Ltd., was organized under the laws of Canada to manufacture and distribute
-To Discontinue Dividends.
-V. 123. p. 2782.
Cuyamel Fruit Co.
Congoleum products throughout Canadian territory.
the
The directors have decided to discontinue the usual dividends for
- present. From May 1 1925 to Nov. 1 1926, the company paid quarterly
-Equipment Trust Sold.
Conley Tank Car Co.
A., dividends of $1 per share on the outstanding 300,000 shares of common
McLaughlin, MacAfee & Co., the Bank of Pittsburgh N.
stock, no par value.
201,964
3,000.703
280,000
320,000
720,000
the First National Bank, and the Peoples Savings & Trust
Co. Pittsburgh have sold at prices to yield from 4.75 to
5.5d% according to maturity $1,680,000 5% equipment
trust certificates, series "G." Issued under the Phila. plan.
Dated Dec. 11926. Prineipal payable in annual installments of $140,000
each Dec. 1 1928 to 1939, both inclusive. Interest payable J. & D. Denom.
$1.000 c*. Both principal and interest payable without deduction of normal
Federal income tax of 2% per annum and Penn. state tax not exceeding
4 mills. Red. as a whole or in part on 60 days' notice at 102 and int.
Principal and interest payable at Penn. Co. for Ins. on Lives & Granting
Annuities. Phila., trustee. Principal and interest to be unconditionally
guaranteed by endorsement by Conley Tank Car Co.
-These certificates are to be secured through depcsit with the
Security.
trustee of title to 1,320 standard all-steel tank cars, of which 700 are new
cars. The present replacement value of all the cars under this issue, after
due allowance for depreciation in accordance with the ruling of the American Railway Association Code, is in excess of $2,268,000, or over 135% of
the total amount of these certificates to be issued. These certificates will
be outstanding at the rate of $1,275 per car. The equipment pledged
under this issue consists of the following: 1,021 8,000-gallon steel tank cars;
279 10,000-gallon steel tank cars; 5 8.000-gallon insulated steal tank cars
and 15 8,000-gallon compartment steel tank cars.
Purpose.
-The proceeds of this issue will be deposited with the trustee
to make payment for cars purchased and to refund other equipment trust
certificates bearing a higher rate of interest.
Company.-Incorp. in Penn. in 1920. Owns a total of 1,741 tank cars,
Including those acquired through the proceeds of this issue. These cars
are leased for transportation of refined and crude oil, gasoline, benzol,
industrial alcohol, cotton-seed oil, packing house products. &c. All cars
owned by the company are fully insured against any losses resulting from
fire, collision or derailment.
-The business has never had an unprofitable year. Dividends
Earnings.
have been paid on the common stock each year since organization and on the
preferred stock regularly since its issuance. It is estimated that net earnings
applicable to interest charges, after all new cars are placed in service, will
be approximately $550,000 per annum after Federal taxes but before depreciation. The maximum annual interest charges on all outstanding
equipment trust certificates of the company, including this issue, will be
$118,350. In addition to this issue, the company has outstanding two
other issues of equipment trust certificates amounting to $470,000, of which
$50.000 are due annually.
[The company has arranged for the construction of 300 new cars. Of
these cars 150 will be 8,000-gallon capacity and 150 of 10,000-gallon capacity.
One hundred of the cars have been leased for a period of 3 years and the
company reports active inquiries for over 1,000 additional cars.1---V. 123.
P. 847.
-Bonds Auth.Consolidated Dairy Products Co., Inc.
The stockholders at a special meeting authorized the issue of $500.000
-year general mtge. cony, sinking fund 7% gold bonds.
10
The bonds will be convertible into common stock at $5 per share after
Jan. 1 1927 and before Jan. 11930. and at prices increasing from $6 to $10
per share thereafter. The sinking fund provides for retirement of half the
issue by maturity, through purchase in the market or redemption at 105
of 5% each year after the first year.
President George K. O'Donnell stated that the purpose of this issue is
to increase working capital and to enable the company to acquire 200 additional accounts. Earnings on the common stock for 1926. before Federal
taxes and depreciation, will be $110,000, he estimated, an increase of 158%
over last year. Earnings on the common stock for 1927, as a result of the
issue of these bonds, should be in excess of $300,000, he estimated.
V. 123. P. 1119•
Consolidation Coal Co. 4% Preferred Dividend.
-13 .
The directors have declared a dividend of 14% on the 7%
cumul. pref. stock, payable Jan. 10 to holders of record
Dec. 20. The previous payment was 13 % made on Dec. 1
4
The above distribution will leave 7% still unpaid on the
-V. 123, p. 2396.
pref. stock.
Continental Baking Corp.
-New Plant for Subsidiary.
Chairman George G. Barber announced on Nov. 26 that contracts have
just been let for the construction of a new bakery for the Campbell Baking
-V. 123, p. 2782.
Co.. a subsidiary, at Davenport, Iowa.
Continental Motors Corp.
-Consolidates Sales Activities.
The industrial division of the corporation has consolidated its sales
activities by transferring its personnel to the Muskegon plant, now its
new headquarters. This change has been made to facilitate the efficient
control over both the manufacture and sales schedules of industrial power
units as well as to better serve its growing list of customers. L. J. Kanitz
-V. 122. p. 3346.
has been appointed industrial division manager.
Crown Willamette Paper Co.
-Earnings.
[Including wholly owned subsids., but not incl. Pacific Mills, Ltd.)
Earnings 10 Months Ended Oct. 311926.
.
$4.828,882
Gross earnings
912.915
.
I nterest - ---------------------------------------------972,034
Depreciation
246,818
Depletion
364.110
Federal taxes
Net profit
$2,333015
S. Zemurray, Nov. 26, says in substance:
President,
Cuyamel
The company was organized in March 1923, absorbing the oldBluefields
Fruit Co. which a short time before had acquired the assets of theThe stock
Fruit & Steamship Co. with its Nicaragua banana division. share after
$56 per
issue is 300.000 shares with a present book value ofcompany since 1913.
new
$10,978.691 of depreciation taken by the old andengaged in developing its
The company has for the past 6 years been
new and most important banana division along the Ulua River and a large
sugar plantation between the Ulua and Chamelecon Rivers. 10 months In
The earnings since reorganization for 1L23, 1924. 1925 and
1926, in which 10 months the gross earnings were $2,266,391 and the net
$1,109,762). are as follows:
$11,712744:645903
Gross earnings after operating expenses
Interest paid
4,088.614
Depreciation charge
3.800.000
Dividends paid
$1,461,339
Balance to undivided profits
With the exception of 1924, the sugar business, on account of well-known
conditions, has shown a loss, which has been absorbed by the banana end
of the business. For the past three years the company has labored under and
unusual combination of adverse conditions: but the most serious drawbacks
has been the successive droughts in the Honduras divisions. Chamelecon
The company has in cultivation along the Ulua and adjacent
River in Honduras approximately 18,000 acres of land, with ample reserves
of virgin land for future development. This land is regarded as among the
best and most enduring for the production of bananas on account of the
annual overflow, which deposits alluvial silt, thus renewing the fertility of
the soil. A few formerly privately owned farms on the Ulna River, after
30 years continuous production, show practically no signs of exhaustion or
blight, which frequently develops after long production, and this region
therefore justifies a larger expenditure than the average tropical lands
planted in bananas.
The unfavorable feature of these lands, which it is our purpose to rectify,
The
is insufficiency of moisture, which is essential to first-class bananas. parts
company has installed irrigation on a total of 5.000 acres in different
of the land on the Ulua and Chamelecon Rivers and proven to its entire
satisfaction the economy and efficacy of this operation. The irrigated
portions produce regularly first-class bananas in most satisfactory quantities,
while a lalbge part of the lands not irrigated have for the past 3 years suffered
so severely from drouths in the spring that the result of operations in the
pointing.
last half of the year have been d
After careful study it appears t at the bast interest of the company
demands the irrigation of approximately 12.000 acres of additional land at
a cost of over $1.500.000. The company has been likewise handicapped in
its operations by the lack of refrigerated steamers of sufficient capacity and
rpeed to carry its bananas to distant markets and should be in a postion to
purchase steamers of this class.
The directors believe that the capital needed for these additional expenditures should be provided out of earnings and think it is advisable to discontinue the usual dividends for the present.
The company is in excellent financial condition with a ratio of 5 to 1
current assets to current liabilities. The policy of discontinuing the dividends for the present will make it possible to use the depreciation reserves
and future earnings to meet the capital expenditures now to be undertaken
so that no issuance of additional securities therefor is contemplated.
This action is taken by the board on the recommendation of the management, which believes that the conservation of the earnings of the company
for the present and their use in the manner indicated is more to the interest
of the stockholders than the payment of dividends and that this course
-V. 123. 13•
will add greatly to the value and earning power of the stock.
2661.
-Radio Patent Suit.
De Forest Radio Co.
The U. S. Supreme Court has denied the Westinghouse Elec. & Mfg. Co.
a writ of certiorari for a review by the Court of differences between the
Westinghouse company and the De Forest Radio Co. over rights to the Armstrong radio patent.
Edwin II. Armstrong's claim that he invented the radio tube had been
thrown out by the lower courts after a long legal controversy. Involved
in the proceedings on one side were Armstrong and the Westinghouse El.
& Mfg. Co.while on the other side were Lee De Forest, the De Forest
Navy.
Radio Co.. 'the General Electric Co. and the Secretary of the by which
The invention in controversy relates to a circuit arrangement This imhigh frequency oscillations.
the vacuum tube is a generator of
interference in the Patent
portant invention had been in controversy in anof the General Electric Co.,
Office between Armstrong, De Forest, Langmuir
the Government. De Forest
and Meissner, whose application is owned by
the other parties
prevailed and has a patent issued therefor. Each of of Armstrong was
promptly brought suit under Section 4915 R. S. Thatdismissed as above
brought in the Southern District of New York and was
Court for
stated. The suit by the Government was brought in the U. S. awaiting
and is
the District of Delaware. where the case has been triedthe same as those
decision on the merits. The parties there, and issues, are
Involved in the suit which Armstrong brought in the Southern District of
New York.
-V. 123. P• 1766.
-Consolidation.
Detroit Twist Drill Co.
-V. 123. p. 986.
See Whitman Barnes-Detroit Co. below.
-Tenders.
Donnacona Paper Co., Ltd.
The company will until Dec. 31 receive bids for the sale to it of 400
-V. 121, p. 2756.
shares of the preference stock for the sinking fund.
-The Colonial Trust Co. and
-Bonds Offered.
Eljer Co.
Glover & MacGregor,Pittsburgh, are offering at 98 and int.,
2908
THE CHRONICLE
[VOL. 123.
stock of Federal Telegraph Co. duly endorsed, issuing its receipt therefor,
and will forward the certificate; for exchange.
This offer of exchange remained open until Dec. 1 1926.
[It was announced Dec. 2 that the exchange of class A common stock of
Int. payable
Dated Oct. 151926;due Oct. 151941. Denom.$1,000
Federal-Brandes, Inc., for the common stock of the Federal Telegraph Co.
c*.
A.& 0. 15 without deduction for any Federal income tax not exceeding 2%.
Red., all or part, on any int. date upon 60 days' notice at 103 and int. of California on a share-for-share basis has been completed.]
Principal and int. payable at Colonial Trust Co., Pittsburgh, trustee. Consolidated Balance Sheet June 1 1926 [Giving effect to consolidation and
new financing].
Free of the Pennsylvania 4 mills personal property tax.
Assets
Data from Letter of R. E. Crane, President of the Company.
Liabilities
b$6,782,734
$2,155,349 Total capital stock
Company.-Incorp. in Penn. Manufactures a complete line of china Property and plant
Cony. 6I4% 15-yr notes_ 2,500,000
sanitary ware, such as toilets and tanks, wash stands, drinking fountains, Patents, patent rights and
contracts
2,784,819 Fed. Tel. Co. 1st mtge. 8s._
202,000
&c. The Ford City property which consists of over 9 acres is equipped
102,164
25,872 Accounts payable
with tunnel kilns and the most modern machinery in tne ceramic industry. Investments
18,182
Misc, accrued liabilities
Toe plant at Cameron, W. Va., is used for making certain specialties for Funds for red. of 1st mtge
notes
67,932
202.000 Reserves
wnkh it is particularly adaptable. Company ranks fourth in the saniCash
2,127
1,057,262 Deferred credit items
tary ware industry.
4,962
-Proceeds will be used to reimburse the company for improve- Notes receivable
Purpose.
209,774
ments already made, to retire small issues of 1st mtge. bonds and of pref. Accounts receivable
Inventories
1,867,322
stock, and for other corporate purposes.
-Company covenants to deposit with the trustee a mini- Due from Federal Telegraph
Sinking Fund.
Co. of Delaware
578,435
mum sinking fund of $25,000 annually to be used for the retirement of the
Deferred charges
807,345
bonds.
-year period ending Dec.31 1925 annual net earnings
-For the 5
Earnings.
Total
$9,603,139
$9,673,139 Total (each side)
amounted to $143,776, or over 4 times interest charges on this issue. The
a Federal Telegraph Co. of Delaware-180.000 shares par value $10
above earnings were obtained from a clay shop production of approximately
580 pieces per day, where the present production is more than double each, pledged, book value, $400; other investments. $5.472. b Preferred
Authorized, 50.000 shares of no par value, cumulative dividend of $7 a
these figures.
share: To be issued when net annual earnings exceed S831,000 (8.000
Consolidated Balance Sheet Sept. 30 1926 (After This Financing).
shares), $800,000. Unissued, 42.000 shares
-25.000 shares in reserve for
Assets.
$135,000 conversion of *2.500.000 gold notes, 17,000 shares for later issue. Class
Cash and accounts receivable_ $307,229 Notes payable
"A" common-Authorized. 550.000 shares of no par value, cumulative
65,779
275,002 Accounts payable
Inventories
15,000 dividend of $1 20 a share: Outstanding, 500,000 shares, $5.982,734.
68,208 Reserve for Federal taxes____
Investments
10.983 Unissued. 50,000 shares, subject to option to be given holders of gold notes.
35,978 Reserve for contingencies
Deferred charges
550,000 Class"B"common,non-voting-Authorized and outstanding, 20,000 shares
Plant & equip., less deprec_ __ 1.600,000 6% 1st mtge. bonds
320,000 of no par value, non-cumulative dividend of $7 a share.
Preferred stock
See also Federal Telegraph Co. in V. 123. p. 2661.
1,000,000
Common stock
189,654
$2,286,417 Surplus
Total (each side)
Federal Telegraph Co. (Calif.).
-Merger.
See Federal-Brandes, Inc.--above.-V. 123, p. 2661.
Elks Club Building (B. P. 0. Elks Lodge No. 27 of
to yield 6.20%, $550,000 1st (closed) mtge. sinking fund
6% gold bonds.
-An issue of $750,000 1st mtge.
-Bonds Offered.
Fleischmann Co.
-25-Cent Extra Dividend-To Increase
Memphis).
-The directors on Dec. 2 declared
6% serial gold bonds is being offered at par and int. by Regular Dividend in 1927.
Co., Memphis, and I. B. an extra d'vidend of 25c. a share in addition to the regular
Union & Planters Bank & Trust
quarterly dividend of 50c. a share on the common stock,
Tigrett & Co. of Wrmingham.
Dated Sept. 1 1926: maturing serially, 2 to 10 years. Principal and no par value, both payable Jan. 3 to holders of record
int. payable at the Union & Planters Bank & Trust Co., Memphis, trustee. Dec. 15. An extra dividend of 25c. a share was also paid
or Chemical National Bank, New York. Denom. $500 and $1.000.
Red. all or part on any int. date, in inverse numerical order, upon 60 days' on this issue on July 1 last. The directors stated that
notice. at 102 and int. Deposits will be made with the trustee monthly in "owing to the satisfactory showing of the company as
advance by tie Elks Lodge of an amount equal to 1-12th of the annual
requirements for the payment of the interest and serial installments of evidenced by increased earnings and a strong cash position,
principal of the bonds.
--Is a non sectarian, fraternal organiza- it is their intention to declare regular'dividends of 75c. a.
Benevolent Protective Order of Elks.
tion, one of the largest and richest of its kind in the world. The Order of share quarterly in 1927, thus placing the common stock on a.
Elks was founded in 1858, and in the 68 years of its existence has become a $3 annual basis instead of $2 as at present."
-V.123, p. 2783.
strong national institution. with local chapters in most of the cities and
towns of importance in the United States. The order has a total of ap-Reductions in Prices of Motors.
General Electric Co.
proximately one million members.
Memphis Lodge, B. P. 0. Elks, established in 1884, is the 27th chapter
of tne order chartered in the United States. For almost half a century,
the Memphis Lodge has contributed substantial support and influence to
the civic and charitable enterprises and tne fraternal life of the city. Fourteen hundred active members, including many of the most prominent and
influential men in Memphis, make up the present roster of the local lodge.
and a program has been agreed upon by the order for admitting additional
members to a total of 3,000 as soon as the new lodge quarters can be made
available.
-The new building, now under construction, standing
• New Building.
12 stories hign, will be one of the finest structures in Memphis. The new
building will be entirely fireproof, built of brick, steel and concrete, and will
be arranged by floors, as follows: Swimming pool, Turkish baths and
bowling alleys in the basement; three stores, main restaurant, lobbies, and
club and hotel offices, ground floor and mezzanine: gymnasium and six
hand ball courts on 2d and 3d floors; 150 sleeping rooms, 4th to 9th floors.
Inclusive: club rooms containing reading rooms, rest rooms, &c., and
barber shop. on 10th and 11th floors; and on the top floor, quarters for
ladies and the Elks Lodge assembly room.
-Bonds will be secured by a closed first mortgage on the land,
Security.
owned in fee by the Memphis Lodge of Elks, and on the new 12 story building, together with its furnishings and equipment. The mortgage will also
constitute a prior lien on the revenues of both the lodge and building.
The value of the land has been placed at $300,000 and the building, equipment and furnishings at $1.001.560. or a total value of $1,301,560.
-The annual income of the Memphis Lodge of
Estimated Net Income.
Elks upon completion of the new building, and including the revenues
therefrom, after allowing for vacancies of 20%, is fixed in an official estimate as follows: Gross income from lodge and building, $184,500; operating expenses, $60,750; net annul income available for these bonds.
*123.750. Net annual earnings more than three times average annual
Interest requirements of $37,980 on these bonds.
The company has announced a price reduction of approximately 5% on
most lines of stationary motors in sizes from 100 to 200 h. p. and a 10%
reduction on some of the most commonly used types of squirrel cage induction motors, effective Dec. 1. These reductions are the result of
quantity production. improved manufacturing methods and the introduction of labor-saving devices. Prices of standard squirrel cage induction
motors are now brought to a level within about 10% of that of 1914.
A new desien of automatic arc welder, which welds with great smoothness, speed and accuracy, has been introduced by the company. With
this equipment, the operator needs but to push a button to start the sequence of operations which produce the weld without any further effort or
skill on his part.
Melvin A. Traylor, President of the First National Bank of Chicago,
has been elected a director. In addition. Mr. Traylor is a director of the
Stock Yards National Bank of Chicago; of Fairbanks, Morse & Co. of Chica To, and of the Austin Nichols & Co. of New York. He is also a member
of the advisory committee of the Central Manufacturers District Bank of
Chicago and Chairman of the finance committee of the National Wool
Warehouse & Storage Co.
Burton L. Delack. Assistant Manager of the Erie, Pa., works of the
General Electric Co., has been appointed Assistant Manager of the Schenectady. N. Y.. works, effective Dec. 11926. At the same time John St. Lawrence, General Superintendent at Erie, has been named to succeed Mr. De-V. 123, p. 2783.
lack there.
-Decision in January.
Federal Mining & Smelting Co.
President Alfred P. Sloan Jr. announces the purchase from the Metropolitan Life Insurance Co. of the largest group life insurance policy ever issued
in point of number of lives insured. • General Motors has more than 100,000
employees who have been on the payroll 3 months or more and are thereby
covered by this policy, each for $1,000. Thus the original amount of insurance will exceed $100,000.000. The insurance is payable at death to a
or in event of total and permanent disability before
designated
beneficiary'
age 60, to the insured in 20 equal monthly installments. The plan will be
co-operative, the employees and General Motors sharing the cost.
Announcement was made Nov. 24 that the Delaware State Supreme Court
will meet Jan. 19 to hand down opinions in the appeal cases of H. Content
& Co. against the Federal Mining & Smelting Co. and Bodell & Co. against
-V. 123, P. 1512, 1386.
General Gas & Electric Corp.
Federal-Brandes, Inc., New York.
-Merger of Associated Companies and Federal Telegraph Co. of Calif.
This company was incorp. in Delaware July 2 1926 and has effected a
consolidation of the stock interests of Federal Telegraph Co. of Calif.,
Brandes Products Corp. and Brandes Laboratories. Inc.. New Jersey
Corporations, Canadian Brandes. Ltd. and Brandes. Ltd. tEngland).
In a recent letter to the stockholders of Federal Telegraph Co. (Calif.)
President E. W.Stone of the Federal Brandes, Inc., said: "You are invited
to exchange your stock of Federal Telegraph Co., share for share, for A
common stock of the Federal Brandes, Inc.
Stockholders owning more than 67% of the stock of the Federal Telegraph
Co. have agreed to exchange and are exchanging their stock in that company
for A common stock of the Federal Brandeis, Inc., and tne Federal Brandes,
Inc. has already acquired all the stock of the other companies mentioned.
You are invited to exchange your stock on precisely the same terms as all
other stockholders of Federal Telegraph Co. who have already agreed to
the same exchange.
The holders of the A common stock of the Federal Brandes. Inc. are
20
entitled to cumulative dividends at the rate of $1B per share per annum
common stock of the
before any dividends can be declared upon the surplus
profits
Federal-Brandes. Inc.; they are also entitled to all the payment available,
of dividends
judgment of the directors,for dividends after
In the
A common stock, and
on the preferred stock, cumulative dividends on the Except in tee
event of
non-cumulative dividends on its B common stock.when issued, the
holders
default of dividends on the preferred stock, if and
of A common stock possess the exclusive voting power. All stock is without
nominal or par value.
Business in hand indicates that for the period commencing Jan. 11927.
the Federal-Brandes, Inc. will earn sufficient net profits to pay semishare
annual dividends on its A common stock of 60c. per annualper half year
dividends of
period, or $1 20 Per annum: this will be equivalent to
12% per share on the stock of Federal Telegraph Co. with a par value of
$10.
below) was
The financial setup of the Federal-Brandes. Inc., (see all
based upon the assumption that the company had acquired thethe stock
issuance
of the companies mentioned. The balance sheet also assumes
(sold privately),
of $2.500,000 of 15 year 6.15% convertible gold notesB common
stock,
common stock and 20,000 shares of
500.000 shares of A
(botn sold privately), both of no par value, and the inclusicin of g,000
shares of no par value preferred stock, which preferred stock is to be issued
hereafter to C. Brandes, Inc., when the net profits of the Federal-Brandes,
Inc., reach *831.000 for the preceding fiscal year.
Your stock will be exchanged at the office of the Irving Bank & Trust
Co.. 60 Broadway, New York. For the convenience of stockholders
residing in California, the United Bank & Trust Co. of California (trust
department), 631 Market St. San Francisco, will receive certificates of
-To Refund Bonds.
General Motors Building Corp.
It is understood that all the outstanding 1st mtge. 7s are about to be
called for redemption at 1071-i and that the property is to be refinanced
at a much lower coupon rate due to tne continued easy money market
and the consequent decline of interest rates. Actual redemption, it ié
said, will probably not be effective until May 1.-V. 113, p. 2189.
-Large Life Insurance Contract.
General Motors Corp.
New Buick Company President.
E. T. Strong, general sales manager of the Buick Motor Co., has been
named to succeed the late Harry H. Bassett as President and General Manager of the Buick company. C. B. Durham, Asst, Gen. Mgr., becomes
-V. 123, p. 2783.
Vice-President.
General Railway Signal Co.
-Extra Dividend of 25 Cents.
-The directors on Nov. 30 declared the regular quarterly
dividends of $1 50 per share on the pref. stock and $1 per
share on the common stock and also declared an extra dividend of 25c. per share on the common stock. All dividends
are payable Jan. 1 to holders of record Dee. 10. Like amounts
were paid on Oct. 1 last. On July 1 last the company paid an
extra dividend of 50c. per share on the common stock (compare V. 122, p. 3091).-V. 123, p. 2662.
Giant Portland Cement Co.
-Clears Up All Arrearages
on Preferred Sdock.-The directors on Nov. 26 declared a
dividend of 223/2% on the preferred stock, payable Dec. 15
to holders of record Dec. 3. Of this amount 19% represents
all dividend accumulations and 33'% the regular semi-V. 122, p. 891.
annual payment.
-E. H. RolGolden Gate Ferries, Inc.
-Bonds Offered.
lins & Sons and First Securities Co., San Francisco, are offering at 99 and int. $1,100,000 collateral trust sinking fund
gold bonds, series "B," 63/2%,
Dated Oct. 1 1926: due July 1 1941. Red., all or part, on any int. date,
upon 60 days' prior notice at par and int, and a premium of .4 of 1%
for each year or fraction thereof of unexpired term, the premium, however.
%
In no event to exceed 5%. Int. payable J. & J. (first coupon, for
ex,
due Jan. 1 1927). Denom. $500 and $1.000c. Company agrees to pay
e ng
int. without deduction for any normal Federal income tax, not
2%. and to reimburse the holders of these bonds, if requested within 60
days after payment,for the Calif. personal property tax not exceeding 4 miLs
per annum. Crocker First Federal Trust Co.. San Francisco, trustee.
DEC. 41926.]
THE CHRONICLE
Data from Letter of A. 0. Stewart, Presidenc of the Company.
Company.
-Owns the Golden Gate Ferry Co., which now handles approximatelY 90% of the San Francisco-Sausalito vehicular traffic and which is
preparing to inaugurate a vehicular ferry service between San Franc sco
and Berkely. It also owns Sears Point Toll Road Co., which is constructing a toll road from Vallejo to Sears Point.
Earnings
-12 Months Ended Oct. 311926.
$876,016
Gross earnings
526.745
Operating expenses, maintenance and taxes
$349,271
Net earnings before depreciation and Federal taxes
The annual interest chagres on all collateral trust bonds outstanding
(including this offering) amount to $176,500.
The Golden Gate Ferry Co. is commencing the construction of a 334-mile
pier from the foot of University Ave.. Berkeley, between which pier and
the company's terminal at the foot of Hyde St.. San Francisco, the company proposes maintaining a vehicular ferry service. It is expected that
this pier and three new ferry boats for .this service will be compleod in
June 1927. An estimate made by H. G. Butler, consulting engineer,
of toe net earnings, before depreciation and Federal taxes, to be derived
from this service for the first complete year of operation is $449,600.
It Is expected that the Sears Point Toll Road will be completed during
the summer of 1927, and estimated net earnings of the toll road during
its first complete year of operation is 8107,000.
Adding the estimated net earnings from the Berkeley service and from
the operation of the toll road to the present actual net earnings of the
Golden Gate Ferry Co. results in total net earnings from all operations of
$905,871, or about 5.13 times the annual interest requirements on all
collateral trust sinking fund gold bonds now outstanding, including the
present offering.
CapitalizationAuthorized. Outstanding.
Collateral trust gold bonds, series A,7%
$1,500.000
x{36,000,0001
Series B.6;4% (this offering)
J
1,100,000
Preferred stock, cumulative (par $25)
3,500,000
1.450,000
Common stock (Par $25)
1,500,000
2,500,000
x The remaining unissued $3,400,000 of excrow bonds may be issued
from time to time, bearing such rate of interest and of such tenor as the
directors may determine, for the purpose of refunding bonds already
outstanding, or up to 55% of the cost or of the value of additional securities
acquired from subsidiary companues, whichever may be lower; provided
the consolidated net earnings, before depreciation, of the Golden Gate
Ferries, Inc., shall equal at least 12% of the par value of all bonds outstanding and those proposed to be issued.
Security.
-The collateral trust bonds, which constitute the only funded
debt of the company, are general obligations of the company and are
collaterally secured by deposit with the trustee of all of the outstanding
bonds and capital stock (except directors' qualfiying shares) of the Golden
Gate Ferry Co. and by the deposit of all the outstanding stock except
directors' qualifying shares) of Sears Point Toll Road Co. and all the
bonds of that company that may be issued.
Sinking Fund.
-Indenture provides that the company shall pay to the
trustee each six months a sum in cash to be used (1) to pay interest on
all collateral trust bonds outstanding and (2) to retire collateral trust
bonds by purchase in the open market at not to exceed the redemption
price and (or) by call by lot at the redemption price. Such payments
applicable to series A bonds commence on July 1 1928, while the first
payment applicable to series B bonds is due on Jan. 1 1929. It is estimated
that these payments are sufficient to retire all series A and series B collateral
trust bonds at or prior to their maturity.
Purpose.
-Proceeds from the sale of these bonds and of $700,000 preferred
stock will be used to purchase additional capital stock and bonds of the
Golden Gate Ferry Co. The proceeds from the sale of the securities of
that company will be used for the purpose of constructing the Berkeley
pier and the three new ferry boats, and for other corporate purposes.
V. 123, p. 718.
Goodyear Tire & Rubber Co., Akron 0.-Seiberling
Interests Ask Stockholders' Aid to Defeat Proposed Plan.
A special Akron, 0., dispatch to the "Journal of Commerce,"
dated Dec. 1, says in part: .
An appeal to approximately 60.000 stockholders to support them in their
fight against New York bankers and others in the present management of
the company is made by Frank A. Selberling, H. B. Manton and R. L.
Robinson, majority members of the common stock voting trustees, in
letters just being mailed.
It attacks the statement issued by President Litchfield on Oct. 22 1926.
in which he charged that the Seiberling group was blocking the proposed
reorganization.
Seiberling and the others charged that the Litchfield statement was an
attempt to "glorify" the present management, which has been in control
since the 1921 reorganization.
The appeal charges that the plan is just an alleged attempt by the financiers to perpetuate their control of the company tnrough issuance of prior
preference and preferred stock of equal voting power with the common
stock, the controlling stock in the company.
With the additional shares of the proposed issue of prior preference and
preferred the present controlling interests would retain their power, the
statement declares.
Alleged manipulations of these two classes of stock since 1921 has given
the New York bankers and the other financiers control of these securities,
It was charged.
Seiberling and the other common stock trustees declare they are seeking
only to protect toe interests of all classes of stockholders and own or represent 300,000 of the 700,000 shares of common stock.
"If the present management feels that, because of operation under their
control makes refinancing at this time necessary, this could be done without any unnecessary expense," the statement says, "but not at the expense
of the common stockholders relinquishing for all time their rights, as is
proposed.
"If the Litchfield plan is approved," it added "it will mean that $64.000,000 securities will be sold to the same financial interests at prices to be
fixed by a board of directors, a majority of whom are under their control.
"Common stockholders wanted the back dividends on preferred stock paid
by stock of the same class in the company's treasury. This was refused
unless we agreed to recognize the management stock as valid. To this
we would not consent."
The letter points out that, in addition to conditions imposed in 1921.
275,000 shares of common stock, one third of the equity of the company,
was acquired by the banking interests as a bonus. Approximately 550,000
shares of common stock in total was taken by them in addition to the
275,000 shares of management stock, it declared.
'We have consistently maintained,' they said, "that the financial
interests did not buy the company in 1921 when they reorganized it and
that the company still belongs to the stockholders.'
No dividends have been paid on common stock since 1920,the letter stated.
Hearing on Suits Set for Jan. 11.
-
2909
Dated Nov. 1 1926; due Nov. 1 191. Principal and int. (M. & N.)
payable at Canadian Bank of Commerce, Montreal or Toronto, or at
agency of the Canadian Bank of Commerce, New York. Red, all or part
by the application of sinking fund or other moneys, by lot on any int. date
on 60 days notice, at 103 and int. on or before Nov. 11931; at 102 and int.
thereafter to and incl. Nov. 1 1936; and at 101 and int, thereafter and
before maturity. Denom. r $1,000 and c* $1,000 and $500. Company will
agree to pay interest without deduction for United States normal income
tax not exceeding 2%. Old Colony Trust Co., Boston, trustee.
Capitalization, Authorized and Issued.
First mortgage 6% sinking fund bonds (closed)
$37550 0
.20
Common stock (par $100)
Data from Letter of E. Holt Gurney, President of the Company.
Mass. Is the outgrowth of a business established
Company.-Incorp. in
in 1886.. Company has engaged in the distribution, and since 1912 in the
manufacture, of steam and hot water radiators and boilers and hot water
heaters of special types and designs, developed in its own plants or ia those
of the Gurney Foundry Co., Ltd.. of Canada. Plant at Framingham,
Mass., including foundry, machine shops, warehouse, pattern shops and
power house, cover an area of some 53i acres, employ approximately 500
men. During the five years ending Dec. 31 1925 the business showed an
increase of 141% as compared with a 40% increase in the five years previous.
-Mortgage will provide for sinking fund payments comSinking Fund.
mencing on Nov. 1 1927 sufficient to retire the entire issue by maturity.
Earnings.
-Based on statements certified by Scovell, Wellington & Co.,
certified public accountants engineers. Boston, net earnings of the company, and its subsidiary, available for interest on these bonds, depreciation and Federal inCome tax nave been as follows:
155:2
163
3
Average annual earnings for the 10 years ending Dec. 31 1925_ _ _52 819
years
Average annual earnings for the 5ea ending Dec. 31 1925
238,541
Earnings for the year ending Dec. 31 1925
Annual interest charges on this issue
Earnings for 1926 to Sept. 30 snow an increase over tae same period
Of the previous year.
Harriman Building Corp. (Harriman 39 Broadway
-Bonds Sold.
-W. A. Harriman
Building), N. Y. City.
& Co., Inc. and Edward B. Smith & Co. have sold at 100
,
and int. $5,450,000 1st (fee) mtge. 6% sinking fund gold
loan (closed issue).
Dated Nov. 1 1926; due Nov. 1 1951. Principal and int. (M. & N.)
payable in United States gold coin at the principal office of American
Trust Co., N. Y. City, trustee. Denom. $1,000 and $500 c*. Red. all
or part on any int. date upon not less than 25 days' prior notice as follows:
at 105 and int. up to and incl. Nov. 1 1927; thereafter at 105 less I.% for
-year period or portion thereof up to and including Nov. 1
each succeeding 5
1947; at 100 on or after May 1 1948. Interest payable without deduction
for normal Federal income tax not exceeding 2% per annum. Penn. and
,S
Conn. 4 mill taxes. Maryland 4; mill tax, District of Columbia and
Kentucky 5 mill taxes and Mass. 6% income tax refundable.
Data From Letter of E. Roland Harriman, Pres. of the Corporation.
-Owns in fee simple the plot of land on the west side of BroadCompany.
way, N. Y. City, designated by Nos. 35-37-39 and extending back one block
to Trinity Place. There will be erected on this site a modern, fire-proof,
36 story office building of the most approved type of construction. A
portion of the building will be occupied by W. A. Harriman & Co., Inc.
and various associated interests. The international importance of the
institutions located in downtown New York and the accessibility of this
district for all sections of the city and suburbs insure a steady and increasing
demand for office space of the type which the new building will provide.
Security.-This loan will be secured by a closed first (fee) mortgage on
This
land ha
an areaof approximately 17,150 sq. ft. and on the modern
office building to be erected thereon. Certificates aggregating the face
amount of the lean and representing participations therein will be issued
by the trustee. The property which will come under the mortgage, including the land and the building when completed, has been appraised by
Pease & Elliman, Inc. at $8,400,000. and by Charles F. Noyes Co. at
$8,442,500. The amount of the loan will thus represent less than 65% of
the lower of the two appraisals.
The new building is to be constructed by the George A. Puller Co.
Harriman Building Corp. Wi 1 deposit with the trustee under the trust
mortgage securing this loan,funds sufficient to complete the building at the
estimated cost; in addition the completion of the building will be guaranteed by United States Realty & Improvement Co. The guarantor company, which controls the George A. Fuller Co.. shows a net worth according
to its consolidated balance sheet as of April 30 1926. of $35.715,984. Title
insurance for the full amount of this loan together with fire, liability and
other customary insurance will be carried payable to the trustee.
-It is expected that the building will be completed
Estimated Earnings.
on or before May 1 1928. Brown, Wheelock; Harris, Vought & Co., Inc.
and Douglas Gibbons & Co. Inc. who will have charge of the rentals,
'
estimate that annual net earnings available for interest, after an allowance
for vacancies and after operating expenses including depreciation, real
estate taxes and insurance, will amount to $817.000, or about 2% times the
maximum annual interest requirements for this loan.
-Semi-annual sinking fund retirements beginning Nov. 1
Sinking Fund.
1928, through call of certificates at the current redemption price or previous
purchases in the market, will leave leas than 38% of the certificates outstanding at maturity.
-Extra Dividend of 16%.
(George W.) Helme Co.
The directors have declared an extra dividend of 16% in addition to the
regular quarterly dividend of 3% on the outstanding $6,000,000 comnion
stock, par $25. both payable Jan. 3 to holders of record Dec. 13. An extra
dividend of 15% was paid on the common stock on Jan. 2 1925 and on
Jan. 21926, while on Jan. 2 1924 an extra dividend of 7% was paid.
-V.
122, p. 1035.
Hercules Explosives Corp.
-To Retire Bonds.
See Aetna Explosives Co. above.
-V. 113, p. 855.
Honolulu Consolidated Oil Co.
-Extra Dividend.
The directors have declared an extra dividend of 50c. per share in addition
to .the regular quarterly dividend of 50c. per share, both payable Dec. 15
to holders of record Dec. 4. An extra distribution of 25c. per share was
made on Sept. 15 last.
-V. 123. p. 1256.
Hotel Manger, N. Y. City (Seventh Avenue Hotel
Corp.).
-Certificates Offered.
-The Prudence Co., Inc., New
York, is offering at par and interest $3,600,000 53z% guaranteed Prudence-Certificates. Secured, by first mortgage
on Hotel Manger owned by the Seventh Avenue Hotel Corp.
Principal and interest guaranteed by the Prudence Co., Inc.
The Ohio Supreme Court has set Jan. 11 1927 as the date for hearing arguments on tne suits of Prosecutor Walter Booth attacking the management
Interest payable J.& J. Maturities Jan. 1 1928 to Oct. 1 1936. Denom.
stock of the Goodyear, and seeking to oust the directors elected by holders from $100 up. Depositary, Bank of the Manhattan Co.
Security.
-The bonds are secured by an absolute first mortgage on the
of that stock.
land and Hotel Manger building occupying the block front on the east
Sale of Holdings in Akron, Canton & Youngstown RR.
side of Seventh Ave. from 50 to 51st Sts., on a plot fronting 200.11 ft. on
Otis & Co.. according to Cleveland dispatches, on Nov. 30 purchased
and 51st Sts.
for $1,376,000. 7,500 shares of common stock of the Akron Canton & 7th Ave. and 100 ft. on both 50th
-$3,600,000 of the total issue has been advanced at this time
Property.
'Youngstown RR.and 500 shares of Akron Canton & Youngstown Terminal
as the Hotel Manger. Built in the Spanish Renaison the property
Properties Co--which was offered at auction by the Goodyear company. sance style, theknownis of fireproof construction throughout, of granite,
hotel
The stocks were pledged to the Goodyear company as surety for a loan of limestone
ornamental brick exterior. The building contains 1.219
over 163,000,000 by F. A. Seiberling, former President of Goodyear, at the rooms,568and with baths and 385 rooms with showers. All guest rooms
rooms
time of the company's reorganization in 1921.-V. 123, p. 2784, 2526.
are equipped with hot and cold running water, circulating ice water and
Renaissance style.
Servidors. The interior design also follows the
Gotham Silk Hosiery Co.-Debent. Approved-Acquistion The main lobby, 40x160, is 2 stories in height,Spanish
unobstructed by columns
synkie
The 1st and 2d pref. stockholders on Dec. lapproved the authorization and finished in Bottaccino marble and ornamental plaster and bronze work.
n
fund gold debentures. The mezzanine contains large lounging rooms, ladies' writing and rest
and sale of a new issue of $6000,000 of 10-year
The issuance of these securities, which have been underwritten and sold by rooms, beauty parlor, banquet and conference rooms. The main dining
New York bankers, is for the purpose of financing the acquisition of the as- room, artistically decorated, is located in the basement at the south end of
sets of the Onyx Hosiery, Inc. (See also latter company below.) Compare the hotel.
The entire front of the building, with the exception of the main entrance
V. 123. p. 2784.
over to 4 stores, the rental
- and the entrance to the Roxy Theatre, is given
-Bonds Offered.
Gurney Heater Manufacturing Co.
of which considerably increases the earning capacity of the building. The
Dominion Securities Corp., Ltd., Toronto are offering at building is supplied with steam from the mains of the New York Steam
06% and int., yielding 6.36%, $750,000 1st mtge. 6% Corp.
-Following the highly successful policy of the Manger Hotels
Earnings.
sinking fund bonds.
system, the moo for this hotel Will be moderate, ranging from $2 50 to
2910
[Vol,. 123.
THE CHRONICLE
$4 per day for one person, and $3 50 to $6 for two, this being considerably
ess than the rates charged for the same service by other first-class hotels.
The annual net earnings are estimated at over $800,000.
Hutto Engineering Co., Inc.
-New Control.
-
Announcement is made that T. Hall Keyes & Co., members of the New
York Stock Exchange, are acquiring a block of common stock which gives
them, together with the holdings of M.C. Hutto of Detroit, control of the
Hutto Engineering Co., Inc., which is being organized to take over the
entire assets, good-will, patents and business of the Hutto Engineering
Co., a predecessor company which was incorporated in Michigan in 1923.
Part of the stock was bought from the company and the rest from individuals. Upon completion of present plans the new company will have an authorized capital of 200,000 shares of no par value common stock, all of which
will be outstanding, and $300,000 of7% cum. pref.stock, of which/134,700
will be outstanding. The Carborundum Co. of Niagara Falls, ofie of the
so-called Mellon companies, is the owner of a block of the common and
preferred which it acquired several years ago at the inception of the old co.
The company manufactures Hutto multiple spindle grinding machines,
such as are used by Packard, Chevrolet, &c. and cylinder grinders for
factory production, and a portable cylinder grinder of the same type for
service station and garage use, under patent protection in the United States,
Canada and several foreign countries, which are fundamental or basic in
character. The principal product of the company is the Hutto cylinder
grinder, which is a self-adjusting precision tool using abrasive cutting
units for grinding cylinder bores in automobile, stationary and marine
motors and all other types of equipment wherein cylinders are used, such
as electrical household refrigerators, hydraulic brakes, pneumatic tools,
air brakes, pumps, hydraulic machinery, locomotives, &c. The abrasive
cutting units used in connection therewith wear out rapidly, requiring replacement from time to time, thus giving the company a continuity of
business from each and every grinder in use, similar to the safety razor and
blade industry. The abrasive stones used in the cutting units are manufactured by the Carborundum Co. for the Hutto Engineering Co., under a
process owned and patented by the latter.
---Extra DiviInternational Business Machines Corp.:
dend.
-The directors have declared an extra dividend of 25
cents per share in addition to the regular quarterly dividend
of 75 cents per share on the capital stock, no par value, both
payable Jan. 10 to holders of record Dec. 22 (compare V.
122, p. 1178).-V. 123, p. 2399.
-Resumes Stock Dividends
International Harvester Co.
-The directors on Nov. 27 declared two
on Common Stock.
semi-annual stock dividends of 2% each for the year 1926,
in addition to the regular quarterly cash dividend of 13/2%
on the common stock, all payable Jan. 15 to holders of
record Dec. 24. Semi-annual stock dividends of 2% each
were paid on the common stock from Jan. 1921 to Jan. 1923,
incl.; none since. An authoritative statement says:
Due to the program of heavy capital expenditures confronting the
ensuing year, cash dividends on the common stock will remain at 6% per
annum.
-V. 123, p. 2004: V. 122, p. 2806. 1756.
International Paper Co.
-Construction of Gatineau Mill.
-The company Nov.22 made the following announcement:
Work is progressing rapidly on the construction of the newsprint paper
mill which the company is building at Gatineau, Quebec. It is expected
that the mill will be in operation early in 1927. This is the second paper
mill of the company in Canada. The other mill, at Three Rivers, Que.,
started in 1922 and now has a capacity in excess of that of the Gatineau
mill. When the Gatineau mill is in operation the company will be the
largest manufacturer of paper in Canada. The Gatineau mill is on the
Ottawa River, about 5 miles below the city of Ottawa and 2 miles below
the confluence of the Ottawa and Gatineau Rivers.
The first unit of the mill, now being built, will contain 4 paper machines
designed to produce a sheet of newsprint paper 256 inches wide at the rate
of 1,200 feet a minute. These machines will have a capacity of 600 tons
of paper a day. The mill is being designed so that its capacity may be
increased if and as conditions warrant. The electric power required to
operate the mill will be supplied from the hydro-electric plants which the
company is now building on the Gatineau River. Work on the Chelsea
plant was started in November of last year and that at Farmers in January
of this year. Construction of the Paugan hydro-electric plant has already
commenced. The equipment of the Gatineau mill will include a wood
slashing and wood barking plant, a ground wood pulp mill, a sulphite pulp
mill, newsprint and wrapping paper machines, and accessory equipment.
Pulpwood logs floated directly to the mill will be manufactured there into
finished rolls of newsprint.
The construction of the mill is a large undertaking. The buildings will
cover an area of more than 10 acres, and in their construction there is being
required 200,000 cubic yards of excavation, 65,000 cubic yards of concrete,
8,000 tons of structural steel and 6,000,000 bricks. Many auxiliary machines, electric motors, &c. are in use as well as miles of water pipe and
steam and air lines. About 6,500 men are now employed on the construc'
tion of the mill and power developments. When these projects are completed, it is estimated that 1,500 men will be regularly employed. In the
forest and sawmill operations about 2,600 men will work during the summer
months and from 4,500 to 5,000 men in winter.
-V. 123, p. 2527.
International Shoe Co., St. Louis.
-Dividend Rate on
Common Stock Increased.-The directors on Dec. 2 declared
a quarterly dividend of $1 75 per share on the outstanding
920,000 shares of common stock, no par value, payable
Jan. 1 to holders of record Dec. 15. This compares with
dividends at the rate of $6 a share per annum paid in 1926
on this issue and $5 a share per annum paid during 1925.
-V. 122, p. 3350.
•
International Standard Electric Corp.
-Contract.
The International Telephone & Telegraph Corp. announces, that the
associated company in Argentina of its affiliated company, the International Standard Electric Corp., has received an order for the Colon
-KW broadOpera House, Buenos Aires, for furnishing and installing a 5
casting station similar to station WEAF. The equipment will be of Western
-V. 123,
Electric design and will embody all the latest improvements.
P. 2527.
-Earnings.Iron Cap Copper Co.
-Sells Control of
International Mercantile Marine Co.
Oceanic Steam Navigation Co. (White Star Line) to Royal
-London dispatches
Mail Steam Packet Co. for £7,000,000.
dated Nov. 27 state that the Royal Mail Steam Packet Co.
has bought the White Star Line. The dispatches add:
ProductionCopper (lbs.)
Silver (oz.)
Gold (oz.)
Earnings
Income
Expenses
The Royal Mail announced that arrangements had been made for acquiring the whole of the share capital of the Oceanic Steam Navigation Co.,
Ltd., (the White Star Line) as from Jan. 1 next. The International
Merchantile Marine Co. has confirmed the announcement made by the
Royal Mail. The transfer of shares, it is further stated, in no way affects
the continuity of the White Star Line, its organization and its agency
arrangements. These statements were made in an official announcement
issued Nov. 27. The purchase price is said to have been £7,000,000.
By this purchase the Royal Mail adds another and immensely valuable
shipping company to the already long list under its control. These include,
according to the latest available data, the Pacific Steam Navigation Co.,
the Nelson Steam Navigation Co., the Royal Mail Steam Packet Boat
Transport, Ltd., and MacAndrews, Ltd.
The Royal Mail also has large interests in the Union Castle Mall Steamship Co. Elder Dempster & Co.. Lamport & Holt, Ltd., and the Argentine
Navigation Co. Before its latest purchase the Royal Mail owned 51
steamships. By acquiring the White Star Line it adds to its fleet 38 vessels
aggregating 544.000 tons. In addition to the existing fleet, the report is
current that it is proposed to add to the White Star fleet 5 new boats
-ton liner "Oceanic,'
totaling more than 140.000 tons, including the 62,000
which will be the world's largest.
Profit
-V. 123, p. 1121.
Regarding the London dispatches John H. Thomas,
V.-Pres. of the International Mercantile Marine Co.,
announced Nov. 27 that he had received a cable dispatch
from Pres. P. A. S. Franklin now in London, confirming
the report of the sale of the White Star Line to the Royal
Mail Co. The New York "Times" further adds, in part:
-guar. End. Sept. 30- -9 Mos.End. Sept.301925.
1926.
1926.
1925.
3,790,397
3,210,014
1,136,875
766,677
117,147
85,702
27,022
32,255
107
248
111
51
$130.564
113,120
$104,789
52,329
$377.897
322,136
$468.755
309.767
$17.444
$52,460
$55,761
$158,988
Jewel Tea Co., Inc.
-39 Dividend on Account of Arrearages
-The directors on Dec. 2 declared a
on Preferred Stock.
dividend of $10 75 a share on the pref. stock, payable Jan. 1
to holders of record Dec. 20. Of the total dividend, $9
will be credited to accumulated dividends due on this issue,
and $1 75 will be in the form of a regular quarterly disbursement. After payment of the above, a total of $14
a share in back dividends will still be due on the pref. stock.
Dividends were resumed on this issue on April 1 1925 by the payment
of a dividend of $4 25 a share: this was followed on July 1 by the payment
of $1 75 a share and by the distribution of $4 a share on Oct. 1 1925 and
on Jan. 2, April 1, July 1 and Oct. 1 1926.
1924.
1926.
1925.
First 44 Weeks of$12,111,446$11,523,818 $11,326,962
Sales
1,023
1,041
1,073
Average number of sales routes
-V. 123, p. 2400, 1884.
-Obituary.
Jones & Laughlin Steel Corp.
President William Larrimer Jones died in Pittsburgh. Pa., on Nov. 25.
-V. 123, p. 2271.
-To Construct Plant.
Kehler Corp., Rochester, Minn.
A complete modern plant, supplying ateam for cooking, sterilizing and
washing, bathing,
of electricity for
The agency of the White Star service for the United States and Canada heating, water for purposes, will be &c., and 2,000 k.w.Mayo Properties
constructed by the
will remain in the hands of the International Mercantile Marine for some power and lighting Kehler Corp. in Rochester, Minn. The entire output
Association and the
time to come. The sale includes 20.1i ships under the White Star flag in of this power plant will be consumed by the new 16
-story Mayo Clinic
the North Atlantic and Australian trades, 6 steamsnips of the Aberdeen office building, now being erected, the various hotels operated by the Kehler
White Star Line and 44% of the 17 steamships of the Shaw, Savill & Albion Corp. and by the various hospitals run by the Mayo Brothers, world-famous
Co., running from London via the Panama Canal to Australia. The half surgeons.
ship is the 50% of toe freighter "Delphic," the other half being owned by
The power plant will consist of three 400-h.p. boilers which will produce
the Atlantic Transport Line.
at 250 psunds pressure, 175 dertrees superheat,for driving two 1,000The sale includes the 17.000-ton passenger steamer Laurentic, nearfng steam double-extraction type General Electric turbine generators.
k.w.,
completion by Harland & Wolff at Belfast for the Canadian trade.
The new clinic building will be opened some time in the spring of 1928
Oceanic, which is also included in the
-ton liner
Plans for the 62,000
is expected that the power Plant will start operations about May 1
purchase. have been prepared but the motive power has not been decided and it
1927.-V. 110. P. 171.
upon and construction has not been started.
The transaction will make the Royal Mail Steam Packet Co., with Its
Keith-Albee Bldg., New Rochelle N. Y.
-Bonds Ready.
numerous subsidiary lines, the largest single shipping concern in the world.
S. W. Straus & Co. announce that permanent 1st mtge. fee 6% sinking
Reports received in Wall Street have Indicated that the International fund gold bonds are now ready for delivery in exchange for the outstanding
Mercantile Marine is getting approximately £7.000,000, or around $34,- interim receipts. See also V. 123, p. 589.
000.000, for the White Star fleet. If this figure is correct the line has been
sold for less than the price reported to have been agreed on in the original
-George H.
Kinnear Stores Co. (Ind.).
-Stocks Sold.
negotiations by which the fleet was to go to a British shipping syndicate
headed by Furness, Withy Si Co. The figure mentioned in those negotia- Burr & Co., New York, have sold in units of 1 share of pref.
tions, which eventually fell through, was £7,500,000.
stock and 1 share of common stock at $120 per unit $600,000
The 6% bonds of the company and the preferred stock were weaker on
the Stock Exchange yesterday (Nov. 27) than on the previous day, when 8% cumulative convertible pref. (a. & d.) stock, series "A."
Dividends payable quarterly, beginning March 1 1927. Cumulative
reports of the sale were heard. The moderate recessions were supposed to
reflect a slight disappointment at the reports of the terms received in Wall sinking fund commencing Dec. 1 1930, is provided to retire annually 3%
Street. One of the reports that attracted attention was that part of the of the largest amount of this 8% cumulative preferred stock ever outstanding. Red. as a whole on Dec. 1 1927, or any subsequent div. date
£7.000,000 would be paid in cash and part in serial notes.
The bonds, of which $545,000 were traded in,opened at 94%,touched a upon 30 days' notice at 115 and div. Red. by lot for the sinking fund on
high of 95, a low of 933( and closed at 94 for a net loss of 3i point. The any June 1 or Dec. 1, after Dec. 1 1930, at a like price upon similar notice.
Dividends exempt from present normal Federal income tax. Transfer
Preferred stock opened at 39k. made a high of 403s and a low of 383,4
closing at 383.1 for a net loss of 1 point. The total turnover was 6.900 agent, Bankers Trust Co., New York City. Registrar, Chase National
shares which, even for a two-hour trading period, was at a slower rate than Bank, New York.
Convertible.
-Conversion privilege unlimited as to time. Convertible at
that of the day before.
Directors of the International Mercantile Marine met on Friday(Nov. 26) holder's option upon 10 days' notice at any time before actual redemption
at which time it was understood they ratified a sales agreement entered into at the rate of 334 shares of common stock for each share of preferred stock.
Capitalizationby Mr. Franklin. There was much discussion in Wall Street as to the use
Authorised. Outstanding.
$600,000
that will be made by the company of the proceeds of the sale. At the time Cumul. cony. pref. stock (par $100)
$1,000,000
Britisn group headed by Furnees, Common stock (no par valise)
the company was negotiating with the
100,000 shs. 60,000 shs•
WIthy & Co., it was understood that the $35.980,000 of first trust gold
Data From Letter of Pres. E. S. Kinnear, Dated Nov. 24.
6% bonds outstanding on Dec. 31 1925, were to be redeemed. These
Ccrrnpany -An Indiana Corporation. The nucleus of this business was
bonds mature on Oct. 1 1941.
It is assumed here that the funds received in the present transaction will established In Marion, Ind., in 1911 with a capital of $83,100. The present
be used for this redemption, although there has been no announcement to management taking control in 1914, changed the character of the business
that effect. The Royal Mail, it is supposed, will assume the $5,345,670 of from the ordinary department store lines to a popular price cash mer-V. 123, p. 2270, chandise store. Since that time, over 2700,000 in dividends (including
4
debentures of the Oceanic Steam Navigation Co.
$600,000 in cash) have been disbursed to its stockholders and the business
719.
DEC. 4 1926.]
2911
THE CHRONICLE
will form a connecting link in a transcontinental highway. Federal Highway
No. 54 will pass through Louisiana across the proposed bridge and on east
through Pittsfield, Illionois.
-These bonds will be secured, in the opinion of counsel, by a
Security.
first mortgage on all of the physical property of the company now or hereafter owned, and upon its franchise, including all rights of the company
thereunder. The cost of the bridge and approaches will be substantially
In excess of the principal amount of these bonds.
-Based on gross revenue and net earnings, as estimated by
Earnings.
Ford, Bacon & Davis. Inc., Engineers,for the first 5 years of operation there
available net earnings over this period of over 2.8 times the
should be
maximum annual interest charges on the $600,000 of these bonds to be
presently issued.
-Mortgage will provide for a sinking fund into which, after
Sinking Fund.
the expiration of one year after the Bridge is open for operation, there shall
out of the net earnings of the preceding year, as more particularly
be paid
decided in the mortgage, the first $40.000 of such net earnings in such year.
If net earnings for any one such year are in excess of $40,000, then 121.4%
of such excess shall also be paid into the sinking fund. All bonds purchased
or retired through the sinking fund will be cancelled. The operation of he
sinking fund through purchase in the open market or by redemptioo is
expected to retire $600,000 of these bonds prior to maturity, accordin; to
the estimate of earnings given above.
-The Congress of the United States has granted a franc Ilse
Franchise.
which has been acquired by the company, giving the right to construct.
maintain and operate the bridge and approaches, and the necessary approval
of the Secretary of War has been obtained. The franchise gives to the
States of Illinois and Missouri or the political subdivisions of either state,
at any time, the right to acquire the property by purchase, or by condemnation, and after 20 years from date of completion, to acquire the
property by condemnation at a price equal to the actual cost of constructing
the bridge and approaches. less a reasonable deduction for actual depreciation, plus the actual cost of acquiring the necessary interests in real property,
Total_
$1,171.437
Total
$1,171,437 the actual cost of financing (not in excess of 10% of cost of construction and
for improvements.
land) and actual
Koppers Co., Pittsburgh, Pa.
-Acquisition of Interest ofCapitalization- expenditures
Authorized. Outstanding.
$600,000
$650,000
mtge. sinking fund 7% gold bonds
in Milwaukee Coke & Gas Co. Reported.
1st
325,000
325.000
It is unofficially reported that this company has acquired approximately Cumulative 7% preferred stock
20,000 abs. 20,000 sits
one-third of the $3.500,000 outstanding capital stock (par $100) of the Common stock (no par value)
Milwaukee Gas & Coke Co. Tne latter is controlled by the Newport Co..
-Sales.
Montgomery Ward & Co., Chicago.
of which A. A. Schlesinger is President.
-V. 123, p. 1513.
1924.
1925.
1926.
Sales for$19,877,811 $18,794,362 $17,053.151
Kraft Cheese Co., Chicago.
Month of November
-Regular Dividends.
176,159.134 161.306,980 142,570,298
The directors have declared the usual quarterly dividend of 37)4c. in First 11 months of year
cash and 1%% in stock on the common stock, payable Jan. 3 to holders of -V. 123, p. 2664, 2401.
record Dec. 18. Tnis rate has been paid since July 1 1925.-V. 123, p.2004*
-The
-Bonds Offered.
Bond Co. of New York.
expanded to its present chain of 11 stores, located in the following cities:
Marion. Huntington, Logansport, Lafayette, Elkhart and Indianapolis,
Ind.; Champaign and Streator, Ill.; Bellefontaine, 0., and Lansing, Mich.
Company owns in fee and unencumbered the property which it occupies,
a recent appraisal of which indicates a sound depreciated value of over
$232,000. The property is located in the heart of the city and has been
particularly adapted to the requirements of our business.
Earnings.
-Sales and earnings after allowance for depreciation, Federal
taxes, and non-recurring charges (non-recurring charges not exceeding an
average of $4,150) for the past three years, as audited by Ernst & Ernst,
were as follows:
Net
Times Pfd. Earns. on Net to
Sales.
Earnings. Ditridend. Common. Sales.
$1,808,768 $152,327 3.17
8.42
1923
1.74
2,000,977
1924
219,521 4.57
2.86
10.97
1925
2,412,391
214,670 4.47
2.78
8.89
Net profits for 1926, after taxes and available for dividends on preferred
and common stocks and estimated at $230,000, showing dividends on the
$600,000 of preferred stock earned over 01 times and in excess of $3 per
share for common stock after allowance for full yearly preferred dividends.
Officers.
-E. S. Kinnear, Pres.; W. E. Leonard, V.-res.
Thridends.-It is expected by the management to inaugurate cash
dividends upon common stock beginning early in 1927.
Balance Sheet as of Sept. 30 1926 (Giving Effect to this Financing.)
AssetsLianintiesCash
$151,892 Accounts payable
$133,774
Customers' acets receivable_
7,616 Accrued taxes
40,086
Inventories
565,027 Preferred stock
600,000
Permanent assets
436,966 Common stock (60,000 shs.
Personal & sundry accounts_
3,081
no par)
397,578
Prepaid Ins. .3, expenses
6,855
Lehigh & Wilkes-Barre Corp.
-Bonds Called.
-
On Jan 1 next the corporation will redeem $3,000,000 of the $5,000.000
outstandin; 5
serial collateral trust berms, series F,
and H. due
Jan. 1 1930. 1931 and 1912, respectively. This -ill reduce the company's
funded debt to $2.000,000. of which $1,000,000 is due Jan. 1 1933 and
$1,000,000 on Jan. 1 1934
The *odes F bonds will be redeemed at 101.14. the series G at 102 and the
series H at 1026, acid interest on these bends mill cease after Jan. 1.
Payment will he trade at the First National Bank, 2 Wall St., N. Y. City.
-V. 121, p. 2760.
Mortgage
Mortgage-Bond Co. of New York is offering $2,000,000
10
-year 532% guaranteed gold mtge. bonds, "series 11," at
par and int. The bonds are guaranteed unconditionally
by the house of issue.
income tax paid
Dated Dec. 1 1926; due Dec 1 1936. Normal Federal
up to 2%. Bonds and coupons (J. & D.) payable at office of MortgageBond Co. of New York. Denom. 1,000. $500, 100 c* and r. United
States Trust Co of New York, trustee.
Sreurity.-Bonds are secured by first mortgages on certain carefully
the trustee. Deestate which are deposited
Loeb Arcade and Hale Buildings, Minneapolis.
- selected types of real always equal in face value towith amount of bonds
the
posited mortgages are
Bonds Offered.
-Offering of $500,000 1st mtge. building and outstanding. The total of all mortgages made by the company amounts
leasehold QM% serial gold bonds was made recently by to 42% of total appraisals of the properties securing them. Selling prices
of properties on which the company has had loans have, over a period of 21
E. H. Ottman & Co. and First Illinois Co., Chicago.
Years, averaged 5% above appraisals. 1 he mortgages, which average
The bonds, which are due serially Oct. 1 1928 to 1942, were offered to about 4,000 each, are on improved real estate. In every instance the propinvestors at prices to yield from 6.25% to 6.50%, according to maturity. erty securing these loans is a home or an essential business property. It
Net earnings after payment of ground rental, taxes and operating expenses
because real estate cf these two types are elementary
for the 32 months ending Aug. 31 1926 have averaged nearly $70,000 per is thus restricted life of any *community, and have long been recognized
necessities in the
year, or about 2 1-6 times the maximum annual interest requirements. as the most substantial and consistently valuable of all property.
These figures, however, do not include any rental income from space occuDivcrsification.--The loans are made in 28 substantial and growing Southpied by interests who were then part owners of this property and now ern and Western cities. They are stable agricultural, manufacturing and
leased for approximately $10,000 annually.
centres with sound economic reasons for their permanent exThese bonds will be the direct obligations of the Loeb Arcade Building distributing
They extend from Georgia to Oregon. For these reasons it would
Corp.. and will be secured by a closed 1st mtge. on the Loeb Arcade and istence.
be practically impossible for any industrial or commercial depression to
Hale Buildings, and the very valuable 86
-year leasehold estate in the land materially affect the entire group. This diversificaticn affords a safeguard
thereunder, containing approximately 27,387 square feet, having a frontage unusual in mortgage investments.
on Hennepin Ave. of 148 feet and on Fifth St. of 157 feet.
--The company, founded in 1905. was created as
Record of the Company.
The Loeb Arcade is one of the best known buildings in Minneapolis; it an or Tanization to provide sound snort-ace investments for its own funds
is a modern 5-story and basement fireproof stores, shops and office building as well as to create a higher form of real estate security sufficientlysafewith structural provision in foundation and columns for 5 additional floors. guarded to attract the better informed and more exacting type of investor.
The Hale building is a 3
-story and basement mill construction stores and
The company has never lost a dollar of principal or interest for any inoffice building; the upper floors were recently remodeled for occupancy by vestor during the 21 years of its existence. It has made over 14,650 loans
the Northern States I'ower Co. The buildings are both nearly 100% in the cities of the South and West, of which only 28 have been foreclosed,
rented to a high class of tenants.
and these foreclosures have resulted in a net profit to the company. (see
also V. 123, P. 1257.)
(P.) Lorillard Co.
-Common Div. of 2%,Payable in Stock.
-Smaller Common Div.
The directors on Dec. 1 de-clarod a dividend of 2% on the common stocg,
Motion Picture Capital Corp.
payable Jan. 3 to holders of record Dec: 15 in stock aividend certificates.
The directors have declared a quarterly dividend of 25c. per share on the
These certificates will entitle the record owners thereof to have delivered common stock (for the 3 months ended Nov. 30), payable Dec. 15 to holders
to them on May 1 1927, in exchange for such certificates. shares of common of record Dec. 11. The company previously paid quarterly dividends of
stock (par 425 each) at the rate of 20 shares for each 100 shares so held, 37Mc. per share on the common stock.
together with the dividends which may be is
-sued or paid during the time
The directors also declared the usual quarterly dividend of 2% on the
such certificates are outstanding upon the 26,247 5988-10.000 shares of pref. stock, playable Jan. 15 to holders of record Jan. 1.
common stock, which are being set aside as of Jan. 3 1927, for such delivery
President Frank R. Wilson called the attention of the directors to the
for said certificates. Previously, the company paid cash dividends at fact that the company has opportunity to use additional funds profitably
the rate of $3 per share (12% P. a.)•
desirable to employ funds for the more rapid
A dividend of like amount was paid on the common stock on Oct. 1 last. for lending; that it would be that it is She desire of the management to
retirement of debentures, and
-V. 123. p. 1256.
-V.123,
maintain a most conservative attitude in the creation of reserves.
lo• 2787.
Lumbermen's Insurance Co., Phila.-Rights,
-Notes Called.
Mt. Vernon-Woodbery Mills.
The stockholders of record Nov. 16 have been given the right to subscribe
pro rata, on or before Dec. 30 for 20,000 additional shares of capital stock
Certain of the ten'year 7% notes, dated Jan.1 1922(aggregating $100,000.)
(par $25) at $50 per share, of which $25 per share will be added to the have been called for redemption Jan. 1 next at 102 and int. at the Mersurplus account. The stockholders recently increasqd the authorized cantile Trust & Safe Deposit Co. of Baltimore, trustee, Calvert & Redwood
capital stock from $500,000 to $1,000,000.
Sts., Baltimore, Md.-V. 122, p. 3220.
Madison Square Garden Corp.
-Stock Increased.
The company has filed a certificate at Albany, N. Y.,Imreasimr its authorized capital stock (no par value) Yrom 325,000 shares to 400,000 shares.
-V. 123, p. 2400.
Massachusetts Cotton Mills.
-Merger Approved.
The stockholders on Nov. 30 approved the plan to merge this company
with the Pepperell Mfg. Co. (see latter company below and in V. 123,
p. 2665).-V. 123, p. 2663.
Merchants Fire Assurance Co.
-Increase in Stock.
The stockholders on Nov. 23 increased the authcrized common stock
(par $25) from $750,000 to $1,500,000, and the preferred stock (par
$100) from $250,000 to $500.000. The plan further provides for the issuance of all the increased common and prefetred stock to common stockholders as stock dividends in proportion to their holdings. and the transfer of
the equivalent amount from the surplus account to the capital account.
Milwaukee Coke & Gas Co.
-Koppers Co. Acquires Int.-
See Koppers Co. above.
-V. 122. D• 223.
Missouri-Illinois Bridge Co. of Louisiana, Mo.-Bonds
Scld.- William R. Compton Co., Peabody, Houghteling
& Co., Inc., and Lorenzo E. Anderson & Co. have sold at
10Q and int. $600.000 1st mtge. sinking fund 7% gold bonds.
Dated Nov. 1 1926; due Nov. 1 1946. Denom. $1.000 and $500 c*.
Red. all or part by lot on any int. date upon 30 days' notice at 105 and int.
Principal and int. (M. & N.) payable at Bankers Trust Co., New York or
at American Trust Co., St. Louis, trustee, without deduction for any
Federal income tax not in excess of 2%. Company agrees to refund certain
State taxes as defined in the mortgage.
Data From Letter of Lloyd C. Stark, Pres. of the Company.
Property & Profect.-Company was incorp. in Missouri in Aug. 1926,
for the purpose of constructing, owning and operating a toll bridge across
the Mississippi River at Louisiana. Mo. At present all local traffic crossing
the river is either diverted out of its way through Hannibal, Mo., a distance
of 23 miles by river from Louisiana, or is subjected to the delays and
inconvenience of crossing by ferry at Louisiana. The bridge at Louisiana
Mystic Iron Works.
-Stock Increased.
The stockholders have voted to increase the capital stock from $5,000,000
to $6,000,000, par $100, and authorized the directors to issue the 10,000
additional shares for cash at par, at their discretion. This company is
controlled by the Massachusetts Gas Companies.
-Omits Dividend.
Nantasket Beach Steamboat Co.
The directors on Nov. 26 failed to take action on the annual dividend
usually paid on Dec. 1. A year ago, a distribution of 5% was made, while
in 1923 and 1924 dividends of 6% were paid. See V. 121, P. 2531.
National Lead Co.
-Stock Offered Employees.
The company is offering 16.000 shares of its common stock (Par $100)
to employees at $140 a share, the stock having been purchased in the open
market by the company. Employees will get 5 years to pay for the stock
on the installment plan, or it can be paid for in full and -taken up any time
after 3 years. A charge of 5% will be made on unpaid balances. This is
the third stock otter to employees of the company.
-V.122, P. 1776.
-Extra Dividend.
National Supply Co. (of Del.).
The directors have declared an extra dividend of 4% ($2 per share)
on the outstanding $13.295.CCO common stock, par $50, payable Dec. 23
to holders of record Dec. 13. Dividend record on common stock follows:
May'26 to Nov.'26
Feb.'23 to May '24.
June'24. Aug.'2410 Feb.'26.
2% qu. in csah
qu. in cash 10% in stk. 134% qu. in cash
-V. 123, p. 2664.
National Surety Co.-Comparatire Balance Sheet.
June 3026 Dec.31 '25
LtaWines10,000,000 10,000,000
75,097 Capital stock
28,078,369 Unearned proms_ _11,161,941 10,596,877
ContIng.claims_ _ _ 6,221,574 6,367,201
Taxes and commis
along
2,615,252
1,110,255
960,642
1,124.300 Re-lnsurancex_ _ 204,091
212.943
3,342,757 Accts. payable_ _ _ 955,747
998,455
Divs. declared_ 225,000
6.633.036 5.874.656
Tot.(each side) 36,286.644 35,235,775 Surplus
x Reserve for re-insurance in companies not entered for business in
New York State.--V 123 p. 989.
.
.
June 30'26
AssetsReal est. & mtge__
75,022
Stks. & bds., mkt _28,346,810
Loans on collateral 900.000
Accts. rec. .k accr.
2,547,010
Interest
744,245
Cash
Unpaid premiums_ 3,673,557
Dec. 31 '25
2912
THE CHRONICLE
Nevada Consolidated Copper Co.
-Dividend Increased.
-The directors on Dec. 2 declared a quarterly dividend
of 373/2c. per share on the outstanding 1,999,457 shares of
capital stock, no par value, payable Dec. 31 to holders
of record Dec. 15. This is at the rate of $1 50 per share
per annum, compared with dividends at the rate of $1 per
annum (25c. quarterly) paid since Dec. 31 1925.-V. 123,
p. 2529.
New Britain Machine C% Preferred Dividend.
The directors have declared a dividend of 7% to be payable Dec. 15 on
the class A preferred stock on account of dividend accruals. The previous
dividend was paid Oct. 1 and was 131% regular and flis % accumulated
dividend.
-V. 122, p. 894.
.New England Steamship Co.
-Reduces Fare.
-
A reduced fare of $5 between New York and Boston over the historic
Fall River Line has just been announced by the company. This fare took
effect Dec. 1. Similar reductions are effected to other New England points.
The fare applies to all steamers of the Fall River Line.
This is the lowest fare in effect between New York and Boston via the
Fall Rivei Line since the Great War, according to Mr A. H. Seaver, General Passenger Agent of the company.
-V. 123, 13• 93.
New Hampshire Fire Insurance Co.
-Rights.
-
The stockholders of record Nov. 23 have been given the right to subscribe on or before Dec. 15 for $250.000 additional common stock at par
($100) on the basis of one new share for each nine shares held. Subscriptions are payable on or before Dec. 24 at the office of the company, at
Manchester, N. H. Dividends on the new stock will accrue from Dec. 31.
N.P. Hunt is Treasurer. The present authorized capitalization is $5,000,000. of which $2,250,000 is outstanding.
New Home Sewing Machine Co.
-Receivership Ends.
-
[VOL. 123.
Oceanic Steam Navigation Co. Ltd.
-New Control.-
See International Mercantile Marine Co. above.
-V. 123. p. 591.
Omaha Orpheum Co.
-The
-Guaranteed Bonds Sold.
Minnesota Loan & Trust Co., Minneapolis; Stern Brothers
& Co., Kansas City, and Waldheim, Platt & Co. St. Louis,
announce the sale at prices yielding from
to 6%,
according to maturity, of $1,250,000 1st (closed mtge.)
fee and leasehold 6% serial gold bonds. Guaranteed principal and interest by Orpheum Circuit, Inc.
Dated Dec. 1 1926. due serially 1928-1941. Denom. $1,000. $500 and
$100 c*.Int. payable J. & D. at Minnesota Loan & Trust Co., trustee.
Minneapolis, or at First National Bank in Kansas City, without deduction
for normal Federal income tax not to exceed 2%. Company will refund
the 235 mills Kansas tax and the 3 mills Minnesota tax. Tax exempt in
Nebraska.
Security.
-Direct obligation of the company, a wholly owned subsidiary
of Orpheum Circuit, Inc.. and unconditionally guaranteed by endorsement
as to principal and interest by Orpheum Circuit, Inc. These bonds will
be secured by a closed first mortgage upon the land, leasehold estate,
building and equipment owned by the Omaha Orpherm Co.
The Orpheum Theatre in Omaha was opened in 1898 and has proved
successful since its beginning. Approximately ono-half of the property
upon which the new theatre building is being erected is owned in fee and
the balance is held under 99
-year leases with favorable terms. When
completed the building will occupy one-quarter of a city block In the heart
of the retail district of Omaha. The theatre will be of thoroughly modern
construction and will have a capacity of 2.900 seats, making it one of the
largest in the OrphetimCircult. The actual cost of the mortgaged property
when completed will represent an amount very substantially in excess of
this bond issue.
Earnings.
-Annual average net income of Orpheum Circuit, Inc.. and
subsidiaries for the 33.5 year period to June 30 1926. after depreciation and
all Intern-I' charges, but before Federal income taxes, amounted to $2.205.210. Such net income for the 12 months ended June 30 1926 amounted
to $2,387,170.
Judge Anderson in the Federal Court at Boston Nov. 26 handed down a
final decree discharging Charles N.. Stoddard as a receiver of the company.
Under the receivership the creditors of the concern were paid off. Secured
Onyx Hosiery, Inc.
-Sale Approved.
creditors were paid 100 cents on the dollar. Unsecured creditors agreed to
The stockholders on Dec. 1 voted to accept the offer of $7,868.500, subtake and were paid 21 cents on the dollar.
-V. 121, p. 2049.
mitted by the Gotham Silk Hosiery Co. for the purchase of the assets,
New Weston Hotel Annex (New Weston Hotel Corp.), property and good-will of the Onyx company. See also V. 123. p. 2787.
-Bonds Offered.
N. Y. City.
-S. W. Straus & Co., Inc. are
offering at 100 and int. $1,350,000 1st mtge. fee 6% sinking
fund gold bonds.
Dated Oct. 13 1926;due Oct. 101940. Interest payable A.&O. Denom.
$1,000 and $.500 c*. Red. for sinking fund at 101 and int. callable.
'except for sinking fund at 103 and int, on or before Oct. 10 1931: at 1023i
and int. after Oct. 10 1931 and on or before Oct. 101936:and at 102 and int.
after Oct. 19 1936 and before Oct. 10 1940. U. S. Federal income tax
up to 2% paid by the borrowers. Penn., Conn. and Vermont 4 mills
taxes: Maryland 434 mills tax: District of Columbia and Virginia 5 mills
taxes; New Hampshire state tax up to 3% of the int. per annum. and
Mass. State income tax up to 6% of int. per annum refunded.
Security.
-Secured by a direct, closed, first mortgage on land owned in
fee, located in the center of the high grade East side residential district of
New York City, together with the buildings erected or to be erected thereon
as follows:
The land is situated on the south side of East 50th St., 75 ft. east of
Madison Ave., having a frontage of 50 ft. on East 50th St., running south
200 ft. 10 in. to the north side of East 49th St.. and having a frontage
of 40 ft. on East 49th St.. adjoining the present New Weston Hotel.
The building on the 50th St. frontage will be a 21-story. steel frame,
brick and stone hotel which is now under construction and is expected to
be completed about Feb. 1927. On the first floor will be a large main
dining room in addition to the entrance on 50th St. and the usual hotel
offices. The upper floors will contain 202 apartments in units of one and
two rooms with bath. This building, although h separate and distinct
hotel unit, will be connected on the first floor with the present New Weston
Hotel, located on the northeast corner of Madison Ave. and 49th St.. and
both properties will be operated as one by the borrowing corporation on
this Issue.
The two buildings on the 49th St. frontage known as numbers 35 and 37
East 49th St. are 5
-story brick and stone structures. 35 East 49th St. has
a store on the first floor, office space on the second floor, and apartments
Above. 37 East 49th St. is to be altered for uses similar to 35 East 49th St.
These buildings being only 5 stories in height, protect the light, air and
southern exposure of the New Weston Hotel Annex.
Valuation.
-Appraisers have valued land and completed building as
Yellows: Land, $675,000: total value completed property, 81.852.000.
The borrower has submitted an appalsal made by Douglas L. Elliman &
to., Inc., which values the completed property at $1,800,000I. On the
basis of this appraisal there is an equity of $450,000 above the amount of
this first mortgage.
Earnings.
-Net annual earnings of the New Weston Hotel Annex including the two 5
-story buildings at 49th St., are estimated at $180,420
per annum after deducting taxes, operating costs, including insurance, and
with a liberal allowance for vacancies. This is more than twice the greatest
annual interest charge on this bond issue, and more than $60.000 in excess
of the greatest combined principal and interest requirements.
New York Dock Co.
-Directors Resign.
-
John J. Rudolf, Edwin Thorne and Edward F. McManus have resigned
as directors.
-V. 123, p. 2272.
North American Cement Corp.
-Plant EnlargementsEarnings.
The corporation announces that it has just completed the work of improving and enlarging its Acme plant near Catskill, N. Y. and the Helderberg Plant at Howes Cave, N. Y. at a cost of $2,000,000. The company's
capacity has been increased from 2.700,000 to 4.500.000 barrels. Lower
cost of production with a larger margin of profits per barrel have resulted.
To date this year. the company reports it has shipped more cement than
it has produced; and in October production was greater than in any other
month of the year.
For the 10 months ended Oct. 31 last, net income before depreciation
-equivalent to 15 cents per barrel of cement
and depletion totaled $419,518
shipped during this period. Net income available for interest, amortization. Federal taxes and dividends, was $1,086,374, equivalent to 2.64 times
bond interest requirements for the period, and after all deductions, to
$10 46 a share earned on the preferred stock in 10 months' time. After
preferred dividends, net income for the 10 months was equivalent to $1 56
-V. 123, p. 2530.
a share on the Common stock.
North American Investment Corp. (of Calif.).
-To
Create a Bonded Indebtedness of 35,000,000.
-
Orpheum Circuit, Inc.
-Bond Guarantee.
-
See Omaha Orpheum Co. above.
-V. 123, p. 1390.
Oswego Falls Corp.
-Bonds Called.
The corporation has called for redemption as of Dec. 31 next $142 000
of 1st mtge. 6% s. f. gold bonds and interim certificates dated July1
1926 at 105 and i
mt. Payment will be made at the Equitable Trust Co.,
37 Wall St., N. Y. City.
-V. 123, p. 335.
Paige-Detroit Motor Car Co.
-Omits Common Dividend.
Tne directors on Dec. 3 voted to omit the quanterly dividend of 45c.
a share due at tnis time on the common stock. From Jan, 2 1926 to Oct. 1
1926. incl. dividends at this rate had been paid.
The regular quarterly dividend of
% on the preferred stock, was
declared. payaule Jan. 3 to holders of record Dec. 15.
President, Harry M. Jewett is quoted in substance: "We did not declare
any dividend on the common stock in an effort to conserve cash. The
common stock has earned $1 20 a share this year so far. October snowed
very good sales and production and November will probably be second
largest November the company has known. All our models are going in
good shape and I anticipate good production and sales for the first quarter
of I927."
-V. 123. p. 2788.
(David) Pender Grocery Co.
-Sales-Earnings.
-
9 Months Ended Sept. 301926.
1925.
Netsales
$7,626,769 $5,878,495
Net income. before Federal taxes
121,358
182.182
Although the company added 61 stores to its chain during the 9 months
of this year, President, L. H. Windholz states that the increased earnings
of the coMpany are not entirely due to the enlarged business transacted but
points out that earnings of the first 150 stores during the first 9 months of
1926 amounted to $4,230.410 combared with sales of 83.964.355 for the
same stores in the first 9 months of 1925, an increase of $266.055.
During October the company reported sales in excess of $1.000.000 which
is the first time in its history that earnings for a single month have reached
that level.
Balance Sheet Sept. 30 1926.
Liabilities
AssetsLand, bidgs., equip., &c_- $542,090 Class A and B stock_ ___ x$1y169 600
,366000
:
114,407 8% preferred stock
Cash
83.347 Accounts payable
259,279
Notes and accts.receivable
5,500 Res. for Fed. & State taxInv. in other cos
50,503
1,169,034 Reserve for dividends A__
Inventories
8,750
177,620 Res. for 8% pref. stock
Div. and retirement fund_
13,636
div. and prom
Suspense account
11.854
50,766 Surlus
Deferred charges
290,417
$2,156,404
Total
Total
$2,156,404
x Represented by 30.000 shares of class A no par preferred stock and
shares class 13 no par common stock. y Shall be called for payment
60,000
Jan. 1 1927.-V. 123, p. 2402.
Penick 8c Ford, Ltd., Inc.
-Initial Common Dividend.
-
The directors on Dec. 2 declared an initial quarterly dividend of 25 cents
per share on the outstanding 424.965 shares of common stock, no par
value, payable Jan. 1 to holders of record Dec. 15.-V. 123. p. 2273.
(J. C.) Penney Co., Inc.-Pref. Stock Called.
All of the outstanding 1st pref. stock has been called for payment Jan. 30
next at 105 and diva, at the Chemical National Bank, transfer agent,
270 Broadway, N.Y. City.
Arrangements are being made with the transfer agent so that if any one
desires to receive the moneys for his stock prior to Jan. 30 1927. he may do
go upon surrendering his certificate properly endorsed he will receive 105
.
and divs. up to the date of delivery of certificate except that certificates
received for redemption during ex-dividend time, Dec. 20 to Dec. 31 1926,
will be held until Dec. 31 1926, for redemption and dividends paid
incl..that date.
until
Sales for Month and 11 Months Ended Nov. 30.
1926.
1925.
Increase.
$13.333,637 $9.853,478 33.480.159
Month of November
99,697.262 78.451.109 21.246.153
11 Months ended Nov. 30
-V. 123, p. 2402. 1886.
Pepperell Mfg. Co.
-Stock Increased-Acquisition of
The stockholders will vote Jan. 27 on creating a bonded indebtedness of Massachusetts Cotton Mills Approved.
The stockholders on Nov. 30 approved an issue of 33,320 additional
$5,000.000.
An operation of this kind will enable shares of capital stock, par $100, and authorized the disposal of 31,250 of
President S. Waldo Coleman says:
the corporation to raise funds, from time to time, through the sale of bonds these shares to the Massachusetts Cotton Mills in exchange for the capital
to be invested in a diversified list of sound and seasoned securities and under stock of a new corporation which shall have acquired the property and busithe same rigid restrictions controlling the investment of funds received ness of Massachusetts Cotton Mills. In effect this is an exchange of 8
shares of Massachusetts Cotton Mills stock for 5 shares of Pepperell Mfg.
-V. 122. p. 894.
from the sale_of its stock."
Co. stock. See also V. 123, p. 2665.
-Pays Installment
I North Saskatchewan Land Co., Ltd.
on Bonds.
A fourth installment of 334% (making 38%% to date) of the par value
of the 6% 30
-year sterling bonds (as stated in Canadian currency at the
stipulated fixed rate of $4 86 2-3 per pound), amounting to $17 03 per
3100 bond, was payable Dec. 1 in Canadian currency (Toronto funds)
by the receivers, National Trust Co., Ltd. Toronto, Can., or at Canadian
Bank of Commerce, 2 Lombard St., London, E. C. 3, upon presentation
-V. 116, p. 186. Aim NOW
04
of the heeds.
-Notes Called.
North Western Lumber Co.
A11 of the outstanding 6X% coll, trust gold notes, dated June 1 1924
(Nos. 1 to 525 incl.) have been called for payment Dec. 1 1926 at 101
and int, at the office of the Lumbermen's Trust co., trustee. Broadway
-V. 119, p. 82.
and Oak St.. Portland, Ore.
Pittsburgh Terminal Coal Corp.
-New Chairman.
-
Horace F. Baker has been elected Chairman of the board. President and
a director of the corporation, to succeed C. E. Tuttle.
-V. 123, p. 2531.
Poole Engineering & Machine Co.
-Annual Report.
-
Income Statement-Year Ended June 30 1926.
Gross sales.$2,312,162; cost of sales, $1.990,103; operating Income3322,059
Other income
7.176
Total income
Bond interest and depreciatoin
$329.235
207.550
Net income
$121.685
Profit and loss surplus stood at 31.167.962 on June 30 1926 and total
assets at $5,437,819.-V. 123, 9. 591.
THE CHRONICLE
DEC. 4 1926.]
Port Alfred Pulp & Paper Corp.
-Rights,
The stockholders will vote Dec. 14 on increasing the authorized common
stock from 60,000 shares, no par value. to 120,000 shares, no par value.
If this increase is approved, the common stockholders of record Dec. 18
will be given the right to subscribe on or before Dec. 28 for the new common
stock at $25 per share on the basis of one new share for each share held.
The new stock will be payable as follows: $10 per share Dec. 28 1926.
$7 50 per share June 1 1927 (not June 28 as previously reported), and
$7 50 per share Dec. 28 1927.-V. 123, p. 2788.
Provincial Paper Mills Co., Ltd.
-Extra Dividend.
-
The directors have declared an extra dividend of 1% on the common
stock and the regular quarterly dividends of 1%% on the common and of
% on the preferred stock, all payable Jan. 4 to holders of record Dec. 15.
An extra distribution of 1% was also paid on the common stock on Jan. 2
-V. 122,p. 1182.
of this year.
Real Silk Hosiery Mills, Inc.-Meetino Adjourned.
-
The annual meeting of the corporation was adjourned Nov. 30 until
Dec. 30. Announcement was made that the annual statement of the
company would be issued about Dec.. 15. The directors on Nov. 19 declared the regular quarterly dividend of $1 per share on the common and
$1 75 on the preferred. According to President J. A. Goodman, the new
plant at Indianapolis, Ind., will be in full operation by the start of 1927.V. 123, p. 2788.
Rheinelbe Union Germany.
-Bonds Called.-
Three hundred and thirteen ($313.000) 20
-year 7% sinking fund mtge.
gold bonds, dated Jan. 1 1926, have been called for payment Jan. 1 at par
and int. at the option of the respective holders thereof, either at the office
of Dillon, Read & Co.,28 Nassau St., N.Y.City, or at the office of J. Henry
Schroder Banking Corp., 27 Pine St., N. Y. City, fiscal agents. The princi
pal thereof and int, thereon may likewise be collected either in London,
England, at the office of J. Henry Schroder & Co., in pounds sterling, or in
Amsterdam. Holland, at the office of Mendeissohn & Co., Amsterdam,
Nederlandsche Hatidel-Maatschappij and Pierson & Co.. in Dutch guilders,
at the buying rate, in London or Amsterdam. respectively, for sight exchange on New York City on the day of presentation for collection.
The holder of any of the bonds designated for redemption, to which
shall be attached at the time of redemption a valid unexercised non-detachable purchase warrant for common stock of Deutsch-Luxemburgische Bergwerks-under Hutten-Aktiengesellschaft.shall be entitled to receive, upon
surrender of such bond and warrant to one of the fiscal agents, in addition
to the redemption price for such bond, a detached warrant in lieu of the
non-detachable warrant.
-V. 123, p. 2274.
Robbins & Myers Co.
-Earnings.
-
The company for the 9 months ended Sept. 30 1926 shows profit of
$59,763 after charges, but before depreciation. Deficit after charging
(depreciation of $179,659 amounted to $119,896. Current assets were
$2,862.569 and current liabilities $1,160,617.-V. 122, p. 2055.
St. Maurice Valley Corp.
-To Increase Common StockPlans to Acquire Canada Paper Co.
-
The stockholders will vote Dec. 14 on increasing the authorized common
stock (no par value) from 150.000 shares to 500.000 shares.
The directors of the Canada Paper Co. on Nov. 18 approved of an
arrangement by which the shareholders of that company would receive one
share of St. Maurice Valley Corp. common stock for every two shares of
Canada common stock. The Montreal Trust Co. has made a formal
offer of the new exchange proposal to the Canada Paper Co. shareholders.
In the event Canada shareholders are entitled to receive a half share of
St. Maurice common stock, there will be mailed $30 in Canadian currency
In lieu thereof as no certificates for fractional shares will be issued. The
Canada stockholders must deposit their common shares within 60 days
from Nov. 24 last in order to accept the offer.
The present capitalization of the latter company is as follows: Bonds,
$2.000,000: preferred stock. $1,250,000; and 20,000 shares of no par value
common stock. Besides the mill at 'Windsor Mills, the company controls
Kilgour Brothers, who have a paper bag plant at Toronto, and a paper
warehouse.
-V. 123. p. 854.
(B. F.) Schlesinger & Sons, Inc.
-Sales.
-
Period End. Nov. 30- 1926
-Month-1925,
1926-11 Mos.-1925.
Sales
$1,742,000 $1,632,000 $14,170,000 $12,879,000
-V. 123, p. 2532. 1391.
Schulte Retail Stores Corp.
-May Pay Divs. in Cash.
-
According to a statement attributed to Vice-Pres. U. M. Reinach, the
company, beginning with the dividend to be declared early in January for
payment around March 1, will inaugurate cash payment on its common
stock. Since March 1 1926 the rate has been 2% quarterly in common
stock. Prior to that it was 2% quarterly in preferred stock.
Mr. Reinach also denied rumors that the company is negotiating to
obtain control of the P. Lorillard Co. "The Schulte and the Lorillard
Interests have always been on very friendly terms." Mr. Reinach said.
"and, as far as I know, there are no negotiations on our part to buy or
obtain control of the other company."
-V. 123, I3• 2790.
(Joseph E.) Seagram & Sons, Ltd.
-Stock Offered.-
Doherty-Eas.son Co., Ltd. Toronto, are offering 200,000 shares (no par
value) capital stock at $15 per share.
Transfer agents, National Trust Co.. Ltd.,Toronto. Registrars, Toronto
General Trusts Corp., Toronto, and Montreal Trust Co., Montreal.
Capitalization.-Authorized,300,000 shares;issued,200,000 (no par value).
Company -Manufactures and distills spirituous liquors and industrial
alcohol. This business was started in 1857 and, with the exception of the
years affected by the war, shows a record of uninterrupted success and expansion. According to appraisal made by the Canadian Appraisal Co.
under date Nov. .5 1926, the present value of real estate, plant, &c., is
$752.309.
Earnings.
--The average net annual earnings over the last 7 years, before
allowing for depreciation and directors' fees, were $446,872.
Sears, Roebuck & Co., Chicago.
-Sales.
-
Sales forMonth of November
First 11 months of year
__Ar. 123. p. 2403, 1772.
.926.
1924.
1925.
$27,990,651 $25,823,970 $22.487,607
242,715,912 227,820,578 196,003,784
2913
5% debentures. There are no allotments on cash subscriptions, all the bonds going to holders of preferred stock.
The basis is figured on the number of shares of preferred
surrendered. Holders surrendering 1 to 17 preferred shares
receive $1,000 debenture; holders of 50 shares receive $5,000
debentures; of approximately 100 shares, $7,000 debentures;
while holders surrendering 1,000 shares or more receive $67,-V. 123, p. 2790, 2667.
000 debentures.
Standard Oil Co. (New York).
-Dillon,
-Bonds Sold.
Read & Co., Guaranty Co. of New York and the Union
Trust Co. of Pittsburgh have sold at 973 and int., tcr
4
yield over 4.65%, 25
-year 4%% debentures. A portion
of this issue has been withdrawn for offering in Holland by
Messrs. Mendelssohn & Co., Amsterdam, and associates.
Dated Dec. 15 1926, due Dec. 15 .951. Denom. $1,000 and $.500 c5
.
Int. payable J. & D. Principal and int. payable at principal office of
Dillon, Plead & Co., N. Y. City. Red. all or part by lot at any time prior
to maturity upon 60 days' notice at 101 and int. on or before Dec. 15 .,936.
and thereafter at 100 and int. Bankers Trust Co.. trustee.
Listing.-Application will be made in due course to list these debentures
on the New York Stock Exchange.
Data From Letter of Herbert L. Pratt,President of the Company.
Company.
-Is directly engaged in refining petroleum and its productswhich it markets under the trade name "Socony" throughout New York
and the New England States. Through its wholly owned subsidiaries.
Magnolia Petroleum Co. and General Petroleum Corp. of California. it
controls extensive producing and undeveloped acreage and pipe lines in
Texas, Oglahoma, Kansas, Louisiana and Arkansas and in California with
refineries and marketing facilities for these ana adjacent States. The
company also has a large marketing business in petroleum products in
foreign countries, especially in the Far East and the Levant, where it has
extensive storage and marketing facilities. In addition the company owns
a large fleet of tankers and other vessels for transportation of its products.
Earnings.
-Consolidated earnings of the company and its subsidiaries
during the last five fiscal years (fiscal years ended Dec. 31 for Standard
Oil Co. of New York and subsidiaries and for Magnolia Petroleum Co.
being consolidated with the fiscal year ended the previous June 30 for
General Petroleum Corp.) have been as follows:
Earns. After
Net Earnings
After All Chges.
All Chges. ExExcept Federal Tax.
cept Fed. tax.,
Avail.for Int.
Depreciation
Depr. ee Dept.
on Funded
& Interest on
and
Debt.
Depletion.
Funded Debt.
1921
$23,807.145
$25,694,632
$49,501,777
1022
31,191,959
24.681,526
55,873.485
l23
29,682,470
20.041,040
55.723,510
1924
42.109,986
27.320,306
69.430,292
1925
56.656,262
29,935.238
86,591,500
The above earnings include results of operations of Magnolia Petroleum
Co. and General Petroleum Corp. for the entire period on the basis of the
present 100% ownership of the properties of those companies by Standard
Oil Co. of New York or subsidiaries.
Net earnings available for interest, as shown above, averaged $36,659,564
per annum,or more than 6 times annual interest requirements of 85,b72,930
on total funded debt to be outstanding upon completion of the present
financing. For the fiscal years ended in 1925 such earnings were U6.656.262, or nearly 10 times such interest requirements.
Assets.
-A consolidated statement, based on the company's balance sheet
as of Dec. 31 1925. which included all subsidiaries then owned, and on the
balance sheet of General Petroleum Corp. as of Juno 30 1925. and
without giving effect to the issue of these debentures, would show net assets
of $577,1564.343. after deducting all liabilities except funded debt, and
net current assets of $193,012,326.
-Company and its subsidiaries had outstanding on Oct. 31
Funded Debt.
1926 $20,000,000 6 % debentures, due 1933 (non-callable prior to 1928:
$13,500,000 Magnolia Petroleum Co. serial 4 % debentures, due 19271935; $19.196.000 General Petroleum Corp. 1st mtge. 5% bonds, due
1940 (under the mortgage securing this issue bonds are reserved for retirement of the 5
-year 6% notes hereafter mentioned and $6,543,500 additional
bonds may be issued): and $9,260,500 General Petroleum Corp. 5
-year 6%
notes, due 1928.
Security.
-These debentures will be the direct obligation of the company
and will be issued under an indenture which will provide that, except for
existing mortgages on property now owned and for purchase money or
existing mortgages on property which may be acquired hereafter, and
replacements of any thereof and except for pledges in the usual course of
business to secure loans for not exceeding one year, neither the company,
'
nor any of its subsidiaries, will mortgage or pledge any of its property
without securing these debentures ratably with the obligations to be secured
thereby.
Equity.
-The company had outstanding on Oct. 31 1926 16,760,931
shares of capital stock, which, at present market quotations, represents
an equity, junior to the funded debt, of more than $530,000.000.
Purpose of Issue.
-Proceeds from the sale of these debentures will be
used for expansion of producing properties, manufacturing plants, marketing
facilities and marine equipment, and to reimburse the treasury of the
company for capital expenditures already made for such purposes.
-V.123.
Ia. 1392, 725.
Sterling Products, Inc.
-Extra Dividend.
-
An extra dividend of $1 per share has been declared on the Capital stock.
no par value, payable Dec. 23 to holders of record Dec. 13 and the regular
quarterly dividend of $1 25 per share payable Feb. 1 to holders of record
Jan. 14. An extra dividend of $1 per share was paid in Dec. 1923. 1924
and 1925.-V. 123. p. 1887.
(Hugo) Stinnes Corp.(Md.).-Securities Barred in Mich.
A dispatch to the New York 'Times"from Lansing, Mich., Nov. 29 says:
Underwriters for the 825,000.000 issue of notes and debentures by the
Stinnes interests of Germany were forbidden by the State Public Utilities
Servel Corp. (Del.).
-Receives Large Order.
Sales of gas fired refrigerators by the corporation have been augmented Commission Nov. 29 to sell the securities in Michigan. H.N. Duff, Securiby a large order for its Electrolux machine from the United Appliance Co., ties Commissioner, said the proposal calls for the issuance of $12.500,000
the merchandising subsidiary of the Consumers Power Co. of Michigan. against the Hugo Stinnes Industries and a like amount against the Hugo
This order is in addition to the substantial business placed by the Consoli- Stinnes Corp. He said the plan, as outlined by E. B. Clafall, representing
the underwriters, called for a bonus or commission of 500,000 shares for the
dated Gas Co. of New York with the Servel Corp.
-V. 123, p. 2666.
underwriters, which they proposed to sell at $20 a share plus certain other
South Penn Oil Co.
-Larger Dividend.
-The directors concessions, and this payment to the agents would be excessive.
Mr. Clafall admitted, the Commissioner said, that Edward
have declared a quarterly dividend of 500. per share on the encumbered the Stinnes estate by venturing into the automobileStinnes had
and motion
capital stock, par $25, payable Dec. 31 to holders of record picture industries and German banks had furnished money with Stinnes
holdings as security.
plan to
$25.000,000
Dec. 14. In the two previous quarters dividends of 373'e. In the United States The Commissioner said the transfer raiseloans to this
the
appeared to be a scheme to
-V. 123, p. 855.
per share were paid.
country. The underwriters were listed as Halsey Stuart & Co., the A. G.
Becker Co. and Neuman, Saunders & Co. of Chicago and New York.
Standard Oil Co. (New Jersey).
-Debentures Over- (See V. 123.9. 2403. 2533.)
subscribed.
-J. P. Morgan & Co. announce that the $120,000,000 20-year 5% gold debentures have been sold at 100%
and int. The opening of the subscription books Nov. 29
was only a formality, as the books were closed immediately
with a heavy oversubscription. The entire issue it is understood, was absorbed by the preferred stockholders. Wall
Street estimates placed the total of subscriptions as high as
$500,000,000.
Preference in the allotment of the debentures was given
to the holders of the $200,000,000 of 7% pref. stock which is
being retired, and especially to the holders who agreed to
exchange their stock now for the debentures. Further details regarding the issue may be found in V. 123, p.2790,2667.
It was announced yesterday that bond. houses are in
receipt of notices of allotments on the issue of $120,000.000
Union & United Tobacco Corp.
-Rights.
The stockholders of record Dec. 6 nave been given the right to subscribe
at $65, a share, to additional common stock to the extent of 0% of their
holdings.
The company has issued the foliowing statement: "In accordance Yd..'
one of the purposes for wnich it was organized, tne company has obtained
and now holds an interest in various concerns profitably engaged in one
phase or anotner of the tobacco business. The company is now presented
with an opportunity to increase its interest in certain of these concerns,
and to expand and diversify its holdings by purcnasing securities of other
successful tobacco companies. Toe directors of your company are of tie
opinion that this opportunity should be availed of, and that the money for
this purpose should be raised tnrough the sale of capital stock."
-V. 123.
P• 1888.
-Special Dividend.
United Equities Corp., N. Y. City.
-
The directors have declared a special dividend of $1 per share on the
capital stock, payable Jan. 1 to holders of record Dec. 15. A special
-V. 121, p. 3017.
dividend of like amount was paid a year ago.
For other Investment News, see page 2916.
2911
THE CHRONICLE
[Vol.. 123.
cipports and Potmalts.
PUMASIND AS APVIRTISANIXTS
GUANTANAMO SUGAR COMPANY
TWENTY FIRST ANNUAL REPORT
-FOR THE FISCAL YEAR ENDING SEPTEMBER 30 1926.
DIRECTORS
ERNEST BROOKS
THOMAS A. HOWELL
GEORGE H. BUNKER
GEORGE CAMP KEISER
GEORGE R. BUNKER
GEORGE E. KEISER
ARTHUR COPPELL
C. LEWIS
JAMES H. POST
OFFICERS
President
JAMES H. POST
Vice-President
GEORGE E. KEISER
Vice-President and General Manager - GEORGE H. BUNKER
Secretary and Treasurer JOHN WOLLPERT
New York, Nov. 26 1926.
To the Stockholders of the Guantanamo Sugar Company:
Your Board of Directors submit herewith the Annual
Report for the Fiscal Year ended September 30 1926. The
Balance Sheet and the Profit and Loss Account of the Sugar
Company, as of the above date, and the Balance Sheet of
the Guantanamo Railway as of June 30 1926, have been
audited by Messrs. Price, Waterhouse & Company.
The amount of cane ground was 566,317 short tons, from
which were produced 408,218 sacks of 320 pounds of sugar.
While this production exceeds our former record of 358,397
sacks made in 1919, it does not represent the production
which 'would have been obtained under ordinary conditions.
Full production, for which the Company had available cane
and mill capacity, was prevented by the limitation which
was placed upon the crop by the action of the Cuban Government.
The price of sugar has been extremely low during the last
two years, and has at times been below the cost of production of the majority of Cuban mills. The situation last year
became so bad that many interests petitioned the Cuban
Government to take such action as might lead to better
prices. The result of this movement was the passage of
legislation which set limits for the production of each mill.
While the ultimate effect of the restrictive measure is difficult to determine, it undoubtedly Was the main cause of the
gradually rising prices which have followed its enactment.
Recent Annual Reports to Stockholders have advised of
the carrying out of an extensive replanting program. As
our sugar production was limited last year, the satisfactory
results of this policy can best be shown by the record of our
cane supply for the last three years, which is given below:
1923-24
1924-25
1925-26
28o,000 Short Tons
580,000
750,000
Last year's cane supply was sufficient for the production
of 535,000 bags, and it is believed that this production might
have been made except for the restrictions. It is early to
make any exact estimate of the available cane for the coming crop, but it is evident that the supply will very considerably exceed that of last year. A part of this increase is
due to the extensive areas which were left uncut, and which,
due to excellent weather, will give an increased tonnage for
this season. The general increase in our cane supply is due
to the good rainfall which has occurred the last year, as well
as to the replantings which have been made and the excellent cultivation work which has been carried on.
Improvement was made in the rate of harvesting our
cane, in transporting it, and in grinding it at the mills.
Production was close to 400,000 sacks by May 1, and the
mills ceased operations a few days after this. In an ordinary season, grinding can be continued at least to June 15
at Soledad and Ysabel, and into August at Los Canos. The
large production was obtained despite the fact that Los
Canos was prevented from grinding for some twenty-two
days. During the evening of December 29, a fire broke out,
which completely destroyed the boiler house and the bagasse
conveyors. The other factory buildings were saved through
most excellent fire fighting. The loss was entirely recovered through insurance. A complete new bagasse conveyor
was constructed at the mill, and grinding was resumed
January 22.
Production costs were again lowered, and considering the
very low prices which existed, the financial results of the
year must be considered satisfactory
During the year your Directors authorized the purchase
of the lands and factory of the former Santa Maria Sugar
Company. Some 85 caballerias, about 2,800 acres, have thus
been added to the land holdings. Some 2,600 acres of this
property is in one block, bounded on the east by our San
Carlos and San Vicente estates. It is traversed by the Guantanamo Railroad. The other parcels of land lie west of the
Soledad estate. A part of the factory equipment has already
been moved to Ysabel and Los Canes, and the cane cars
acquired are being repaired for use this year.
During the year also some 35 caballerias, about 1,150
acres, of land, on which mortgages had matured, were turned
over to us under agreements satisfactory to the old owners
and to the Company.
The purchases of Preferred Stock made during the year
for account of the Sinking Fund amount to 296 shares.
These purchases more than cover requirements for the year
1923, and sufficient funds have been segregated to cover the
provisions for 1924 and 1925.
The past year has been a difficult one for our Colonos,
for the price of sugar during the grinding season was even
lower than the year before. The restriction of the crop
also limited them to the harvesting of only about 75% of
their cane. Due to these factors, the average Colono was
unable to fully meet his interest charges. It has therefore
been considered wise to set up out of surplus a further reserve of $300,000 against these accounts.
A special reserve against accumulated interest has also
been set up amounting to $27,000, which latter amount
has been charged against this year's profits.
The fields are in good condition, with a heavy tonnage of
cane in prospect. Any rise in the price of sugar will materially improve the financial condition of the Colono, provided that tile crop is not too greatly restricted.
The Guantanamo Railroad, which is controlled by your
Company, was operated at a small profit during its fiscal
year, which closed June 30 1926, and a further reduction has
been made on its account with the Sugar Company.
Your Company is in excellent condition, and the progress
which has been made in recent years now begins to be reflected in results.
Most excellent work has been done during the last year
by the Officers and Employees, and It is desired to express
appreciation of their services.
By order of the Board of Directors.
JAMES H. POST, President.
GUANTANAMO SUGAR COMPANY.
BALANCE SHEET, SEPTEMBER 30 1926.
ASSETS.
Real Estate,Cane Lands,Buildings,Equipment and other Permanent Investments_36,742,205 94
ADD-Machinery and apparatus purchased
to be installed
35.078 75
86,777,284 69
Less
-Reserves for depreciation, replanting
and extraordinary repairs
1,696,371 24
Advances for Purchases of Additional Sugar Lands__
Investment in Guantanamo Railroad Co.:
$1,086,956 53
Ivotes
26,103 63
Advances
1 00
Stock-8,096 shares
Stock of Guantanamo Sugar Company purchased for
-2,500 shares of common stock at $10
sale to employees
per scare
Current and Working Assets:
Growing crop carried over to 1926-1927 sea$215,634 96
son
Inventories (as certified by responaible
$5,080,913 45
635,795 20
1,113,061 16
26,000 00
$250,173 76
Raw sugar on hand
177,447 46
Molasses
Stores and supplies in stock
and in transit
2e5,338 44
Materials and spare parts. _ _
110,812 52
Prepaid insurance, interest. &c
Advances to Colonos 09261927 crop ana prior years)_ _$1,873,420 15
Loans to Colonos secured by
mortgages
463,890 14
823.532 18
38,066 74
$2,337,310 29
-Reserve for doubtful acLess
counts
667,783 11
Miscllaneous accounts receivable, less reserves
Cash in banks and on hand (isew York and
Cuba)
1,669,527 18
244 584 28
20o.794 58
3,197.13092
,051,109 73
LIABILITIES.
Capital Stock
Preferred 8% cumulative:
(Authorized-20,250 shares of $100 each)
Isaled and outstanding-19,100 shares
of $100 each
$1,J19,000 00
Loss-148 shs. purchased
for sinking fund
14,800 00
31.904,21)000
-Arrears of sinking fund for the re(Note
tirement of preferred amount to $95.315 52. A further provisioa of $101,250
falls due on Oct. 11926.)
Common:
Authorized-405,000shares of no par value.
Issued and outstanding:
397,4d0 shares of no par
value
$3,974,900 00
1,50 shares of unconverted $50 par value
stock (cud issue)
75,100 00
,080.000 110
Current Liabilities:
Notes payable (secured) '
Other notes and loans payable
Accounts payable
Taxes and contingencies
$1,350,000 00
525,000 00
170,000 39
135.652 25
$5,95.20000
2.180.652 64
DEC. 4 1926.]
THE CHRONICLE
GUANTANAMO SUGAR COMPANY.
LIABILITIES—(Concluded).
&ought forward
Unexpended Funds:
For repairs and maintenance following 1926
crop
For maintaining soil fecundity
884340352,64
875,000 00
119,462 93
Surplus:
Balance at September 30 1925
$1,944,185 19
Add:
Profit on operations for the year $290.388 47
Discount on preferred
stock purchased foe sinking fund
3,790 50
294,178 97
194,462 93
52,238,364 16
Deauct:
Anditional provisions for advances to Colones
$300,000 00
Additional reserve for contingencies
62,250 00
Dividends on preferred stock 153,520 00
515.77000
Wheeling Steel Corp.—Pays Back Dividends.—
$10,051,909 73
PROFIT AND LOSS ACCOUNT, YEAR ENDING SEPT. 30 1926.
Gross sugar sales, less sea freight, commission,
&c
$2,958,070 34
Molasses sales
162,311 02
83,120.381 36
Other income—interest and miscellaneous (net) 178,828 67
Profit and other income before proviaing for
depreciation and income taxes
Deduct:
Provision for nepreciation and replanting_ $257,733 75
Provision for income taxes
45,000 00
$3,299,210 03
2,706,087 81
$593,122 22
302.733 75
Profit for year
$290.38847
Union Tank Car Co.
-25% Stock Dividend.—The directors on Dec. 2 declared a 25% stock dividend on the outstanding $24,587,200 common stock, par $100, payable
Dec. 28 to holders of record Dec. 13. No fractional shares
will be issued. In lieu of fractions stockholders will be paid
by check the value of any fraction of a share to which they
would otherwise be entitled at a price to be fixed by the
treasurer of the company determined upon the average closing
bid price on an ex-dividend basis for Union Tank Car shares
on the New York Stock Exchange from Dec. 3 to Dec. 13,
incl. On Dec. 28 1922, the company paid a 50% stock
dividend and on Dec. 10 1925 a 33 1-3% stock dividend.
See also V. 123, p. 2791.
Utah Copper Co.—Increases Dividend Rate from $5 to
$6 per Annum.—The directors on Dec. 2 declared a quarterly
dividend of $1 50 per share on the outstanding $16,244,900
capital stock, par $10, payable Dec. 31 to holders of record
Dec. 15. Frcm Dec. 31 1925 to Sept. 30 1926, incl., quarterly dividends of $1 25 per share were paid, while from
March 31 1923 to Sept. 30 1925, incl., divs. of $1 per share
were paid quarterly.—V. 123, p. 2668.
West Virginia Southern Coal Co.—Bonds Offered.—
John Nickerson & Co., New York; A. L. Chambers & Co.,
Inc., Schoellkopf, Hutton & Pomeroy, Inc. Manufacturers
& Traders Trust Co. Buffalo; the Equitable Trust Co.,
(Baltimore), and J. A. W. Iglehart & Co., Baltimore, are
'
offering at 99 and int. to yield about 7.10% $1,350,000 1st
mtge. and leasehold gold bonds, 7% series due 1947 (with
detachable stock purchase warrants).
Dated Jan. 1 1927. due Jan. 1 1947. Denom. $1.000 and $500 c*.
Interest payable (J. at' J.) at New York Trust Co., New York: Equitable
Trust Co.. Baltimore, trustee, or Manufacturers & Traders Trust Co.,
Buffalo, without deduction for normal Federal income tax not in excess
of 2%. Company agrees to refund certain State taxes all as mentioned
and provided in the mortgage. Red. all or part on any interest date on
30 days' notice at 107 and interest up to and including July 1 1928 with
the premium decreasing Yi% thereafter for each ensuing 2
-year period.
Stock Purchase Warrants.—These bonds will carry detachable stock purchase warrants entitling the holders thereof to purchase common stock
(no par value) of the company at $20 per share at any time on or before
Jan. 1 1947 except as otherwise provided in the mortgage, at the rate of
'
20 shares of stock for each $1.000 principal amount of bonds.
Capitalization—
Issued.
Authorized.
xlst Mtge. & leasehold gold bonds 7% series due
1947 (this issue)
$1,500.000 81.350,000
Vendors trust certificates. 5%, 1951
1,533.000
1,533,000
Common stock (no par value)
130,000 shs. y100.000 shs.
x Total authorized amount 85,000.000, issuable in seri,s under the conservative restrictions of the mortgage. y In accordance with the balance
sheet the common stock (100,000 shares, no par value) represents a stated
equity in excess of 82.500.000.
Data from Letter of Pres. Everett Drennan, Dated Nov. 26.
Business and Properties.—Company is being organized in West Virginia
to acquire the assets of 9 coal mining and selling properties operating under
lease 13,632 acres of well located coal lands in Kanawha, Logan. Boone
and Raleigh Counties, W. Va., with an output in 1925 of 778,992 tons.
Recoverable coal reserves are estimated at 72.000.000 tons, or sufficient to
continue operations at present rate of production for 72 years. Nonunion labor is employed and working conditions are excellent.
The major part of coal production is from the Dorothy seam, one of the
highest grades of bituminous coal mined which in hardness equal anthracite
while much superior to the latter in heating values. The larvr sizes are
sold through retail dealers for domestic use, the smaller sizes being taken
under contract by well-known public utility and industrial companies.
Security—These bonds will be secured by a direct first mortgage on all
the fixed assets of the company owned at the date of this issue or thereafter
acquired and by a first lien on leasehold interests in the coal lands above
referred to.
Coal Service Corp. of Huntington, W. Va. (mining engineers), has appraised the properties, plants and leaseholds at $4,657,074. Of this amount
the E. V. d'Invilliers Engineering Corp. of Philadelphia, has approved the
value of fee land, plants and equipment at $2,189,574, exclusive of leaseholds and developments. From earnings data furnished by the auditors
and from reports of the engineers and not including any earnings Prior
to 1921. Howard N. Eavenson & Associates estimate the total value of
$4,600,000. including leaseholds and trade developments to be a fair one,
on which, with good management, reasonable earnings can be shown over
a period of years. Total assets mortgaged, exclusive of current assets of
8608.000 made available by this financing, aggregate approximately
$4,627.500, or in excess of $3.400 per $1,000
-bond.
Sinking Fund.—The mortgage will provide for a sinking fund for bonds
of this series to operate semi-annually beginning Jan. 1 1929, at the rate
of 5 cents per ton of coal mined and shipped. Minimum payments on
this series are to be $34.000 per annum, to be increased to equal any cash
dividends paid or declared on the common stock in event such cash dividends exceed the mi/1112111111 sinking fund requirements. Minimum payments are calculated to retire approximately 50% of this series by maturity.
Purpose.—Proceeds from the sale of bonds of this series together with a
substantial cash investment in the common stock will be used in part for
purchasing the properties and assets of the predecessor companies, and in
part for working capital and other corporate purposes.
Earnings.—For the 9 years ended Ded.31 1925. earnings of the properties.
exclusive of non-recurring charges to be eliminated by consolidation of
ownership and operation, before interest, depreciation and amortization
of leases and Federal taxes, as certified by Messrs. Arthur Young & Co.,
auditors, were as follows:
$875,55411920
1917
$1,196,49011923
$275,750
521,781 1921
1918
510.914 1924
204,727
498,130 1922
1919
377,335 1925
280.423
Aver, per ann.(allowing for varying periods of oper n of proplies_ $629,986
1,722,594 16
Deduct—Producing and manufacturing costs
and shipping and general expenses
2915
The directors have declared the regular quarterly dividends of $2 on the
preferred A stock with an additional 60c. per share on account of accumulations, and the regular quarterly dividend of $2 50 on the preferred B stock,
with 75c. per share on account of accumulations, all payable Jan. I. Like
amounts were paid on Oct. 1 last.—V. 123. p. 2277
CURRENT NOTICES.
—The largest investment wire circuit in the country, tying in with apProximately 85 banking and investment institutions in 40 cities and extending from coast to coast, has been placed in operation the present week by
Hemphill, Noyes & Co., who announce that they have acquired the wire
servico operated until now by W. A. Harriman & Co., Inc. This new addition to the already large system built up by Hemphill, Noyes & Co. will make
the Hemphill, Noyes investment wire system, it is stated, the largest of its
kind in America. The two systems have been consolidated and the Eastern
terminus is in the office of Hemphill, Noyes & Co., 37 Wall Street, New
York. By effecting this wire consolidation, Hemphill, Nojres & Co. have
set up machinery of the first magnitude for the exacting and rapid-fire work
Involved in bond trading and in underwriting and financing operations.
Practically every investment centre of importance in America is represented.
-The investment banking firm of Watt, Hillman & Co. has been dissolved. C. K. Garrison, James K. Watt and J. J. Davidson Jr. announce
the formation of a partnership for the purpose of transacting a general
investment and brokerage business under the name of Garrison, Watt
& Co., members Philadelphia Stock Exchange, with offices in the Widener
Bldg., Philadelphia.
—E. S. J. McVickar and W. W. Baese of the dissolved firm of Sharp &
McVicker, and Noel McVickar, announce the formation of a partnership
under the firm name of McVickar & Co., members New York Stock Exchange, for the transaction of a general brokerage business in stocks and
bonds, with offices at 25 Broad St.. New York.
—Frederick W. Lindemann and Henry Gully announce the dissolution of
their partnership under the firm name of Lindemann & Gully. The above
individuals will carry on their respective investment businesses under the
names of Lindemann & Co., 42 Broadway, New York, and Henry Gully
& Co.. 111 Broadway, New York.
—Arthur Atkins and J. Edward Atkins have formed the firm of Arthur
Atkins & Co., to transact a general investment business at 27 William
St., New York City. They will specialize in insurance company stocks and
the securities of the Financial Investing Co. of New York and its affiliated
corporations.
—Leon H. Reid, formerly member of tne New York Cotton Exchange
and C. L. Clevenberg, formerly with Lowenstein & Co., have formed the
partnership of L. H. Reid & Co.. 60 Beaver St., New York. to transact a
general conunission business in cotton, all other commodities, and stocks
and bonds.
--Clifford F. Barton, Robert Remick and Victor N. Barton announce
the formation of a co-partnership under the firm name of Barton. Remick
& Barton. with offices at 30 Broad St., New York, and 60 State St., Boston,
to specialize in railroad and public utility bonds.
—Parker, McElroy di Co., members New York Stock Exchange, 120
Broadway, New York, announce the opening of a branch office at 260
Fair St., Kingston, N. Y., under the management of George G. Brooks.
—L. F. Rothschild & Co., members of the New York Stock Exchange,
announce the opening of a Montreal office at 83 Notre Dame Street West,
under the joint management of Lennox G. Black and Bertram G. Winans.
—Erving M. Shear, Clifford F. Barton and John H. Titcomb announce
the dissolution of the firm of Shear, Barton & Co., and Victor N. Barton
and Robert M. Remick announce the dissolution of Barton & Remick.
--Bankers Trust Co. has been appointed co-agent with the Illinois
Merchants Trust Co., Chicago, Ill., for the payment of coupons of Public
Service Co. of Northern Illinois 5% debentures, series of 1926, bonds.
—Wallace Campbell has joined the sales department of G. L. Ohrstrom
& Co., Inc., and will represent them in San Francisco and northern California, with offices at 1106 Kohl Building. San Francisco.
—Bryan, Kemp & Co.. Richmond, Va., members of New York Stock
Exchange, have prepared for distribution a circular on Chesapeake & Ohio,
showing its earning power and strong financial position.
—Kidder,Peabody & Co. announce the opening of an office at 5 Clinton
Street, Newark, N. J., which will be in charge of 0. H. Lounsbury, who
has been associated with them for many years.
Parker, McElroy & Co., members of the New York Stock Exchange,
have opened a branch office at 260 Fair Street, Kingston, N. Y., under
the management of George G. Brooks.
—Frazier Jelke & Co.. Chicago. announce that Albert B.Potter.formerly
of the Guaranty Company. has become associated with tnem as sales manager of their investment department.
—Hartshorne, Fates & Co., members New York Stock Exchange, 71
Broadway, New York, have issued a circular on "The Oil Trend," copies
of which may be had upon request.
—Lilley, Blizzard & Co. members Philadelphia Stock Exchange. Philadelphia, announce that J. Fred Hillmann, formerly of Watt, Hillmann &
'
Co., is now associated with them.
—Irving Bank & Trust Co. has been appointed trustee of an authorized
issue of $280,000 par value equipment trust 5% Series D certificates of the
Shippers' Car Line Corporation.
—Francis D. Ward Jr. and Bertram Seligman have formed a partnership
to be known as Ward & Co., with offices at 120 Broadway, New York, to
deal in unlisted stocks and bonds.
—John B. Hillyer has become associated with the trading department
of Wrenn Bros. & Co., members of the New York Stock Exchange, 25
Broadway, New York.
—The Empire Trust Co. has been appointed transfer agent of the capital
stock of the Mestern Mines, Consolidated. Inc.
2916
THE CHRONICLE
(Vou 123.
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE
-GRAIN-PROVISIONS
PETROLEUM-RUBBER-HIDES--METALS-DRY GOODS
-WOOL
-ETC.
COMMERCIAL EPITOME
SUGAR.
-Cuban raws were quiet but firm at 334c. with
bids at one time generally under this. Refined was quiet
at 6.20 to 6.25c. Futures on the 29th inst. were 5 to7 points
higher with sales of about 48,000 tons. 160 December
notices were issued and promptly stopped. Most of the
Friday Night, Dec. 3 1926.
business was in March. Shorts covered in December and
COFFEE on the spot was quiet with Rio 7s 16c. and there
was a fair amount of trading in January and July.
Santos 48 203/2 to 20%c. The arrivals of other than Brazilian Europe held aloof.
Business was done at 5.02c. Sales of
coffee in the United States from Nov. 22 to Nov. 29 were 13,800 bags prompt
Cuba c.&f. and 21,000 bags, loading
68,200 bags against deliveries of 53,255 bags for the same Dec. 3 were reported
at 334c. c.&f. A cargo of Cubas for
time. Since Nov. 1st arrivals were 263,378 bags and January shipment also
sold at 3Yo. Canada it was said took
deliveries 217,041 bags. Stock in United States on Nov. 9th a cargo for January
shipment to Halifax on the basis of 33o.
was 427,140 bags against 416,699 Nov. 22nd and 147,220 c.&f. New York.
Receipts at Cuban ports for the week
last year. On Nov. 30th cost and freight offers were many were 40,490 tons, against 34,933 in
the previous week;
and some were 15 to 25 points lower. For prompt shipment 27,270 in same week last year and
4,869 two years ago;
Santos Bourbon, 2-3s, 20.90 to 213/20.; 3s at 20 to 21.050.; exports, 83,473 tons, against 95,850 in previous
week, 62,940
3-4s at 20.10 to 20.80c.; 3-5s at 19.60 to 19.900.; 4-5s at last year and 30,231 two years ago; stock,
225,592, against
18.60 to 19%c.; 5s at 19c.; 5-65 at 183/2 to 18.850.; Bourbon 268,575 in previous week, 292,119 last
year and 41,460 tw&
separations 7-8s at 153/2c.; Part Bourbon or flat bean, 2-3s years ago. Havana
cabled "Weather favorable." It may
at 203/20. to 21.40c.; 3s at 21.20c.; 3-4s at 19.35 to 20.55c.; be recalled that H. A.
Homely's report in Havana on Nov.20
3-5s at 19 to 19.90c.; 4-5s at 18.55 to 193ic. Santos pea- says there is a possibility of there being
sufficient cane in
berries 4-5s at 19.30c.; Rio 7s colory at 16.35c.; 3-5s green Cuba to make a crop
of 6,000,000 tons of sugar provided it
fruity at 16.10 to 16.20c.; 7s at 15.30e. to 15.70c.; Victoria
could all be harvested and ground. It is declared that rarely
7-8s at 15.10c.; 8s plus 20 at 14.85c. Future shipment
is an entire crop taken off as completely as this but there is
-Jan. Bourbon 4s at 19 to 193,4c.; part Bourbon
Santos Dec.
plainly enough cane in Cuba to make a very large crop of
3-5s at 19 to 193c.; 4-5s at 18.80c.; Jan.-June 3-4s at 19c.;
sugar. This year it has been exceptionally good. Even the
4s part Burbon at 183/2c.; March-June 3-5s at 18.650.;
hurricane damage seems to have been largely overcome: Of
-Feb. at 15.400.
Rio Jan.
course, having a heavy reserve supply of sugar in the fields
Firm offers were irregular on the 2d inst. Santos Bourbon
is not, as a market factor, quite the same as having it in the
2-3s at 203/2c.; 3s at 193/2 to 210.; 3-4s at 19.40 to 203.4c.;
warehouse. But other countries may shortly, it is argued,
3-5s at 183 to 203c.;4-5s at 18.70c.; 5-6s at 183j to 183 c.;
%
4
consider increasing their crops for next year because of the
6-7s at 17.8.5 to 17.95c.; part Bourbon or flat bean 2-3s at
higher prices.
20 to 203/20.; 3s at 203/20:; 3-4s at 193.4, to 19.45c.; 3-5s at
London advices said that available stocks on Nov. 1
% to 20c.; 4-.5s at 193c.; 5-6s at 18 to 183c.; Santos pea8
18
showed a diminution in home refined from the September
berry 4-5s at 183/2c.; Rio 7s at 15.20 to 15.60c.; Victoria
figure and a smaller figure compared with October of last
5-6s at 15.450.; 7s at 15c., both Rio style; 7-8s at 14.90c.; year.
Foreign refined representing in the main the load
Santos December-January 4s at 19c.; Bourbon 3-5s at 183/2c.;
of sugar in London, has undergone a gradual reduction from
January-March Bourbon 4s at 189/2 to 183/2e. Spot coffee
the quantities available a month and two months ago,but
later in the week was in fair demand with Santos 4s still 203/2
are still about five times as large as the figure inserted for
to 20%c. and Rio 7s 1530.; fair to good Cucuta, 223/2 to
%
October 1925. There is a substantial increase in the quanti233/20.; Laguayra washed Caracas good, 27 to 273/2c.; Porto
ties of raws held, mostly by refiners, both compared with
Cabello natural, 223/2 to 23c.; washed, 26 to 27c.; Colombian September and August of this
year and with October of
Ocana, 233/2 to 24c.; Bucaramanga, natural, 263/2 to 28c.;
last year. This is attributable to the temporary closing
washed, 273/2 to 28c.; Honda, 27 to 273/2c.; Medellin, 29 to
down of some of the United Kingdom refineries and the
293/20. To-day cost.:and-freight offers were very irregular
working of others on part time. Futures dropped a few
differences ranging up to lc. Bourbon 2-3s prompt shippoints on Nov. 30. Later the reports that F. 0. Licht
ment Santos, 203 to 203/20.; Bourbon 3s, 20 to 20.35c.;
had reduced his crop estimate caused a sharp rally. He
Bourbon 4s, 18% to 193/2c.; peaberry 4-5s, 18.50e.
cuts his estimate of the European beet sugar crops to 6,983,Futures fell 20 to 29 points on the 29th inst. with sales
000 metric tons, compared with his previous estimate of
of 33,000 bags. Lower prices for coffee at Santos and
7,217,000 tons and last year's out-turn of 7,471,000 metric
Rio and also for exchange explained the decline. It was
tons. Licht's estimate of all Europe on Oct.29 was 7,342,000
announced that daily receipts at Santos were to be raised
tons, but since then his estimate of the German crop has
to 42,00 bags beginning Dec. 1, an increase of 6,000 bags.
been revised. Czechoslovakia is placed at 1,050,000, against
One comment was that of course the permission to increase
the previous estimate of 1,200,000; Austria at 78,000, against
receipts 6,000 bags daily, making a total of about 150,000 80,000; France 690,000,
against 700,000; Belgium 240,000,
bags more a month, means just so much more coffee avail- against 285,000; Poland
575,000, against 600,000, and Spain
able. It may affect nearby months. They may be sold 290,000, against 300,000.
British refiners have advanced
more freely than the distant months when receipts may their prices 3d. for
February-March delivery. London
figure. The ordinary dulness in spot coffee opened on the 30th 3 to
fall to a small
63 d. higher. Private cables from
4
during December may, it is suggested by some, cause a Europe said the market was
higher on sentiment but with
decline. There was some covering in March on the 30th. trade dull. Cubas were
offered at 15s. 7)4(1. for prompt
The market was irregular with little change in prices which shipment'and 15s. 43/2d. for
February-March. There were
are influenced by orders either way. To-day futures closed 50 notices issued in New
York.
1 to 7 points lower with sales of 35,250 bags. Some feel
It is pointed out that for the first time in five years producthat there is a prospectvie scarcity of deliverable coffee tion shows a decrease from the
previous crop, while consumpowing to the rapidity with which the Rio and Victoria tion is rising at a rapid pace all
over the world. Owing to
this should be kept
crops are being marketed, and that
small stocks in Cuba, the total supplies are 392,273 tons, or
in mind on any setback. Final prices of futures show a smaller than at the same time a year
ago. The situation in
decline for the week of 5 to 53 points, the latter on December. this country, it is argued, may
become tense. Total stocks
It was said here to-day that the milreis price is to be fixed in this country have been
estimated at 240,052 tons, which is
at about 133/2e. President Luis sent a bill to the Brazilian not regarded as unduly
large in the light of the fact that the
monetary reform new Cuban crop
Chamber to-day, it is stated, embodying
will not move into consumption before the
plans to this effect.
middle of January. December's strength is an indicator.
Spot unofficial
13.75a
_
I July
March
14.75a _
15'4 March
December_ _ I5.05a
IMay
I4.25a ____[September -13.25a13.28 Refined has been quiet so far as new business is concerned.
(The introductory remarks formerly appearing here will now be
found in an earlier part of the paper immediately following the
editorial matter, in a department headed "INDICATIONS OF
aliSINESS
DEC. 4 1926.]
THE CHRONICLE
The withdrawals have continued to be good. Quotations
have been 6.05 to 6.25c., generally 6.25c. There were 50
December notices issued this morning. London opened
y higher to 13'2cl. lower.
id.
To-day futures here closed 1 to 5 points higher with sales
of 51,150 tons. The latest estimate for 1926-27 on the
world cane crop is 15,382,000 tons by Willett & Gray,
against 16,106,455 last season. The total world beet
crop is put at 7,987,000 tons, against 8,272,448 in 1925-26.
Total cane and beet 23,179,000, against 24,378,903 last
year, a decrease this year of 1,199,903 tons. November
shipment Philippines sold, it is understood, at 33c. c. & f.
Cuban basis, or 5.02c. c.i.f. It is intimated that sales
are being made here which are not divulged. Sales are
reported at 15s. 6d. c.i.f. United Kingdom., February
shipment,for Cubas. Refiners here are said to have bought
January shipment at nic. c. & f. and a certain amount
of December shipment at the same price. The tone was
stronger. Activity increased. Commission houses bought
January and March. Some look for higher prices when
the restrictive measure in Cuba is finally signed. The
buying side in futures is the most popular. Futures show
a rise for the week of 7 to 8 points with prompt raws unchanged as compared with last Friday.
2917
Lard, prime,143'c.; extra strained winter, New York,12%c.
Cod, domestic, 62c.; Newfoundland, 64c. Turpentine
873 to 92%c. Rosin, $12 60 to $17 50. Cottonseed oil
sales to-day, including switches, 14,100 bbls. P. Crude
S. E., 63.c. bid. Prices closed as follows:
Spot
8.00a8.50 February
December_ -7.9848.00 March
April
January
8.03a
8.00a8.06 May
8.12a
June
8.15a8:24 July
8.26a _-8.38a8.42a8.43
-A good export inquiry for gasoline
PETROLEUM.
was reported. The Guld market was firmer. U. S. motor
was offered at 103j to 10%c. and 64-66 gravity, 375 end/
point, at 11% to 12c. Locally U.S. motor was 111 2c. in
tank cars at refineries and 12%c. in tank cars delivered to
trade. California gasoline was 113.4c. f.o.b. New York
harbor in cargo lots. Kerosene consumption is steadily
increasing. Water white, 10c. at refineries and 11c, delivered to trade in tank cars; prime white, lie. under water
white. In the Gulf water white was 93 to 9%c. and
prime white 8c. in bulk. Bunker oil in good demand and
firm at $1 75 for grade C at local refineries and $1 81%
f.a.s. New York harbor. Diesel oil, $2 50 refinery. In
the Gulf grade C bunker oil was $1 60 for bunkering purposes and $1 45 in cargo lots. Gas oil quiet at 63.4c. for
36-40 and 53 c. for 28-34. New York refined export prices:
4
Gasoline, cases, cargo lots, U. S. motor specifications,
4
deodorized, 27.15c.; bulk, refinery, 113 c. Kerosene,
cases cargo lots, 19.15c.; water white, 150 deg., 20.65c.;
Petroleum, refined, tanks, wagon to store, 18c. Kerosene,
bulk, 45-46-150 water white, delivered, N. Y. tank cars,
Spot unofficial
3(1March
3.14a
July
3.28a
_
10%c. Motor gasoline, garages (steel barrels), 21c.; upMay
December _ _3.21a
3.21a ___ September _-..3.35a
3.21a _ _ _
January
State, 21c.; single tank cars, delivered, New York, 12%c.
LARD on the spot declined early in the week. Prime Naphtha, V.M.P., deodorized, in steel barrels, 21e.
Elk Basin
$2.00
Western c.i.f., 12.85 to 12.95c.; refined continent, 13%c.; Oklahoma. Kansas and Texas28-28.9
$1.50 Big Muddy
1.85
2.00
1.70 Lance Creek
32-32.9
South America, 14%c.; Brazil, 153jc. To-day spot prices
2.70 Homer 35-35.9
52 and above
1.85
Caddo
for prime Western, 13.55c.; refined Continent, 143(0.; South Louisiana and Arkansas1.40
32,32.9
1.70 Below 28 deg
America, 15 Xc.; Brazil, 163(c. Futures declined 5 to 8
35-35.9
1.70
1.8o 32,32.9
38 and above
2.00
2.00 38-38.9
points on the 29th inst. with corn lower though hogs were Pennsylvania
$3.00
$2.80 Eureka
$3.15 Buckeye
3.15 Illinois
2 10
2.15 Bradford
up 10 to 15e. Liverpool was unchanged to 6d. lower. Corning
Cabell
2.10 Lima
9.21 Crichton 40-40.9_ _ 2.10
In Chicago deliveries were 50,000 lbs. Hog receipts at all Wooster
1.63
2.25 Indiana
1.98 Plymouth
Rock Creek
1.85 Princeton
2.10 Haynesville,33deg. 1.75
points were 141,700 against 133,300 on the same day last Smackover.27deg. 1.50 Canadian
2.80 Gulf Coastal "A - 1.40
Corsicana heavy
1.15 De Soto 44-44.9-- 2.30
week and 172,800 last year. Ribs fell 8 points. On the 27th
RUBBER has latterly advanced on the formation of a
inst. week-end selling and liquidation followed the delivery
of 350,000 lbs. on November contracts. Hog receipts for $40,000,000 combination in the United States to stabilize
3
Monday were estimated at 48,000 and 215,000 for the week. prices. But they declined 4c. in New York on the 29th
m response to a decline in London of /d. to %d., due to
3
Chicago hog packing for the season from Oct. 29 to Nov. 26 rather large month-end selling there. This in spite of the
was 442,000,000 against 448,000,000 last year. Exports fact that there was a decrease in the London stock for the
of lard during the month of October 1925, as reported by the seek of nearly 700 tons. Here the sales on the 29th were
Department of Commerce, from United States ports total 582 tons, against 1,425 on Nov. 26. At the Exchange here
44,745,000 lbs. against 46,987,000 for the same month this the ending on the 29th was as follows: December new,
year. The average weight of hogs was 233 lbs. the same 26.80c.; old, 37.10c.; January, 37c.; February, 37.50c.
March,
Ribbed smoked sheets,
as the previous week and 6 points less than last year. On the spot, 3737.800. Outside prices: /
3
to 37%c. November, 3738c.; December, 37 to
29th trading was small and prices 5 to 8 points lower. A 37%c.• January-March,
37% to
4
stronger hog market held prices at first but when buying to 383 c.; first latex crepe, 373.c.;373c.; April-June, 383
clean, thin, brown crepe,
lessened, weakness in cottonseed oil and the dullness of the 35c.• light, clean crepe, 35%c.; specky, brown crepe, 324c.
cash trade told. Large export clearances of land last week No.2 amber, 36c.; No.3 amber, 3530.; No.4 amber,
/
34Yi;
were said to have been mostly on consignment. Many roll'
brown,32s.
were looking for a small decrease in lard stocks for the first 18%d.• January In London on Nov. 29 spot and December,
-March, 18%cl. to 19%d.; April-June, 19%
half of November. Western hog receipts were 141,700
A
against 172,300 last year. On the 1st inst. there was a to 195 d. Deliveries last week were 3,221 tons and imports
sharp advance when shorts covered on a better cash demand, 2,527 tons. The stock in London was 43,859 tons, against
44,553 tons a week previous, 42,141 a month ago and 3,797
light hog receipts and a decrease of 8,754,000 pounds in last
year. Singapore on Nov. 29 prices were unchanged toe
the Chicago lard stocks in November. Cash interests
bought. The Chicago lard stocks on Nov. 30 were 13,111,- %d. off. Spot, 17%d.; December, 18d.; January-March,
000 lbs. against 21,865,000 on Oct. 31 and 4,158,000 on 18%d.
New York on the 1st inst. fell 40 to 70 points with sales of
Nov. 30 1925. On the 2d inst prices advanced 8 to 23
points. Ribs were in better demand for January and May. 990 tons on Government figures showing heavy shipments
January advanced 65 points. Liverpool was unchanged to last week. Bulls became discouraged. The total was 10,568
id. higher on lard. To-day futures were 7 to 20 points tons shipped out of ports in Malaya, Ceylon, Java, and from
'lower. There was little demand except from shorts. Cot- London and Liverpool during the week ended Nov. 27 to
tonseed oil fell 21 to 29 points. The cotton crop is estimated America, against an average of about 7,500 tons to United
at over 19,000,000 bales. Hogs were 10c. lower, with the States ports over the past few months. November's total
top $12 05. Western hog receipts were 91,000 against shipments to America may reach some 37,000 tons, in con96,000 last year. Chicago expects 7,000 on Saturday. Final trast with an estimated consumption for November of 28,000
prices on lard show a rise for the week of 8 to 60 points, the tons. Forty-eight transferable notices were issued on the
Exchange. December new ended on the 1st inst. at 36.60c.;
latter on December.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO. old at 37c.; January at 36.80c.; February, 37.10c.; March,
Sat.
37.40c.; April, 37.80c. Outside prices: Spot, 37c.; DecemMon.
Tues.
Wed.
Thurs. Fri.
December delivery _cts_12.05
11.97
12.32
12.55
12.77
12.70
ber, 363/i to 37c.; January-March, 373'c.; April-June, 383'c.;
January delivery
12.15
12.07
12.45
12.60
12.75
12.57
first latex crepe, 37c.; clean thin brown crepe, 34%c.; light
12.25
12.20
May delivery
12.55
12.57
12.65
12.45
PORK steady; mess, $36; family, IRO to $42; fat back clean crepe,354c.;specky brown crepe, 323c.; No.2 amber,
4
pork, $30 to $32. Ribs quiet; cash, 14c., basis 40 to 60 lbs. 353 c.; No. 3 amber, 35%c.; No. 4 amber, 34c.; roll brown,
4
average. Beef firm; mess, $18 to $20; packet, $18 to $20; 313 c. Paras, Caucho Ball-Upper, 22% to 23c.; up-river
family, $20 to $21 extra India mess, $33 to $34; No. 1 fine spot, 323/i to 33c.; coarse, 22 to 223/2c.; Island fine,
canned corned beef, $3; No. 2, $8 25; 6 lbs., $18 50. Cut 24 to 24%c. London on Dec. 1 declined %d. to Yid. in
meats firmer, pickled hams, 10 to 20 lbs., 233i to 243c.; response to the decline in New York. Spot and December
18%d.
pickled bellies 6 to 12 lbs. 20% to 21%c. Butter, lower June, to 183/2d.; January-March, 18% to 19%cl.; April193 to
July-September, 197 to 203d.
%
%
grade to high scoring 39 to 55c. Cheese, flats 23 to 27c. Singapore spot, 19%d.; January-March, 18d.; April-June,
173/d.;
8
Eggs, medium to extras, 34 to 65c.
18%d.
-Linseed has been rather quiet but steady at lie.
OILS.
On the 2nd inst. New York was very irregular, falling 60
raw oil in carlots, cooperage basis. Very little buy- to 90 points early but recovering this and advancing 20 to
for spot
ahead was reported. Linoleum manufacturers were the 50 points net on the confirmation of a report that the rubber
ing
chief purchasers. Cocoanut, Ceylon coast tanks, 8%c.; and automobile industries had finally taken action against
Manila, coast tanks, 13ic.; spot tanks, 83'c. Chinawood, the crude rubber monoply of the British government by the
New York spot bbls., 153'c.; coast tanks, October-Novem- organization of a buying pool. The aim is to stabilize the
ber, 12%c. Corn, crude, tanks, plant, high acid, nic. price. This woke up New York with a start. London had
Olive, Den. $1 50 to $1 60. Soya bean, coast tanks, 103/2e. closed before the news came out. Dec. new was 35.70 to
2918
THE CHRONICLE
36.50c., closing at 36.50; Dec. old 35.50, closing at 35.70c.;
Jan. at 36.20 to 37c., closing at 37c.; Feb. 36 to 37.30,
closing at 37.20c. Outside prices: Ribbed sheets spot and
Dec. 3734 to 3730.; Jan.
/
-March 38 to 38%c.;April-June
3834 to 2934c.; First latex crepe 37%c.; clean, thin, brown
crepe 3430.; Paras, Caucho, Ball-Upper 2134 to 2234c.;
/
Up-river fine spot 32 to 330.; coarse 2134 to 2234c.; Island,
fine 2434 to 25c. The pool involving $40,000,000 has been
formed by the large American manufacturers for the purpos
of stabilizing the price. On the New York Stock Exchange,
rubber shares rose sharply. The following were named as
interested in the project: U.S. Rubber, Goodyear, Goodrich,
Firestone, Fisk, Kelly-Springfield, Ajax with others; also a
group of automobile manufacturers which includes General
Motors, Willys-Overland, Dodge Bros., Packard, Studebaker and some others. New York advanced to-day. It
was the aftermath of the big combination plan. It was
supposed to be for the purpose if anything of cheapening
rubber or at any rate of stabilizing it. It has had the effect
thus far of advancing the price sharply. Jan. to-day was 38
to 38.50c., closing at 38.10c. against 370. yesterday;Feb.
was 38.30 to 38.90c. to-day, closing at 38.30c. against
37.20c. yesterday; March was 38.30 to 39.10c., closing at
38.40c. an advance of 60 points; spot 38c.; sales 703 lots.
HIDES.
-River Plate frigorifico were at one time in
better demand and firmer; Russian and American buyers
took hold. Sales included 23,000 Argentine frigorifico
steers at $38 25, or 173c. Stocks are now called only
20,000 hides. Some ask 1734c. The supply of Uruguay
steers is said to be small. Some 25,000 Smithfield cows
sold to Europe at 15 11-16c. c. &. f. City packer were
quiet but firm with Chicago stronger. Native steers
nominally 15c.; butts, 14c.; Colorado, 13c.; bulls, 9c.;
common dry, Orinoco, 2034c.; Savanilla, 21c. New York
City calfsluns, 7-9s, $1 80. The asking price for 5-7s
was $1 60; 9-12s quoted at $2 60. Later 3,000 La Blanea
frigorifico extremes sold at 1734c. c. & f. Spready native
steers were reported dull and weak.
OCEAN FREIGHTS.-Grain business increased but coal
chartering fell off. Tanker rates were reported firm. Grain
rates are expected to decline for late December loading.
Later rates still tended downward.
CHARTERS included grain 22,000 qrs. from Atlantic range to Rotterdam, 25c. Dec. 1-10 cancelling; 30.000 qrs. Atlantic range to Antwerp or
Rotterdam, 24c. Dec. 5-26 canceling; Atlantic range to Mediterranean,
290. one port, 30c. two ports. 31c. three ports, Dec. 10-27 canceling;
Atlantic range to Hamburg, Bremen, Emden, 25c. option full cargo barley,
lc. extra option United Kingdom, 5s. Dec. 25 canceling; Atlantic range
to Mediterranean, 29c. December: Atlantic range to Bordeaux-Hamburg
range, 26c. Dec. 1-20 canceling; Atlantic range to Antwerp or Rotterdam,
25He. December; Atlantic range to Antwerp or Rotterdam, 25%c. second
half December, Atlantic range to Piraeus. 33c. Dec. 4-12 canceling; St.
John to West Italy, 31c. one, 32c. two, 33c. three ports second half December: Atlantic range to Mediterranean, 28c. January; Vancouver to United
Kingdom-Continent, 45s., Columbia River or Puget Sound loading. 46s. 3d.
Dec. 20 canceling; Boston to West Italy.33c. November; Atlantic range to
Piraeus, 32c. December; Atlantic range to Lisbon, 5s. 1036d. December;
,
36,000 qrs. Gulf to French Atlantic. 32c. December; Atlantic range to
Antwerp or Rotterdam, 253ic. Dec. 24 canceling; Montreal to Umted
. Kingdom. 7s. 1 lid. November; coal from Hampton Roads to Rio de
Janeiro, $7 50 Dec. 1-15 canceling; same. $7 25 second half December;
Hampton Roads to West Italy, $5 50 prompt. Time charter: 1.631 net
tons, long period, West Indies trade, $1 45 January; 1,118 net tons, 12
months West Indies trade. $1 80 continuation; 2.351 net tons, 6 months
Pacific trade, 1.70 yen; delivery Japan December; same, 1.65 yen; 3,397
net tons, same; 3,406 net tons, same, 1.40 yen prompt; 3,432 net tons,
6 months Pacific trade. 1.70 yen prompt 2.767 net tons, 3 months Pacific
trade, 1.65 yen prompt; 3,776 net tons, 4 months Pacific trade, 1.45 yen
continuation; 3.420 net tons. 6 months Pacific trade, 1.80 yen prompt;
lumber from Columbia River to Shanghai, $11 75 prompt; nitrate from
Chile to Gulf,$6 75 if Jan. 10,$6 50 if Jan. 25 canceling; Chile to GalvestonBoston range. $6 basis February.
TOBACCO.
-There is a steady demand and business
is said to be better than it was a year ago. Sumatra is
in smaller supply than recently, as sales are steady. New
Florida wrapper is in fair demand. New Florida shade
will be offered in about a month. Havana 1st Remedios,
85c.; 2d, 70c. Pennsylvania broadleaf f ler, 10c.; broadleaf
binder, 15 to 20c.; Porto Rico, 75c. to $1 10; Connecticut
top leaf, 18c.; No. 1 second, 75c.; seed fillers, 15c.; medium
wrappers, 950.; dark wrappers, 35 to 45c.; light wrappers,
90c. to $1 40. Lexington, Ky., wired Nov. 30 that the
Burley Tobacco Growers' Co-operative Association sold
on the 29th nearly 12,000,000 lbs. of tobacco of the 1923,
1924 and 1925 tobacco to the International Planters Corporation, which bought 8,500,000 lbs.; the American Toba,cco Co., which took 2,250,000 lbs., or 30,500,000 within
a month; the Universal Leaf Tobacco Co., which took
800,000 lbs., and the Kentucky Redrying Co., which bought
400,000 lbs. At Huntington, W. Va., on Dec. 1 the
market opened with sales of 58,000 lbs. at an average of
$14 90, or much lower than last year, although grade prices
were fairly good, ranging from 2c. to 30c. No rejections.
The crop is said to be largely of very poor grade, but was
the largest for some years. The highest price since 1919
is being paid this year for bright leaf tobacco, says the
New York National Bank of Commerce.
COAL has declined and has latterly been in rather better
demand. The call has come largely from Boston and,other
parts of New • England. Low volatile coal, grew firmer.
Coastal tonnage makes a larger item in the daily loadings at
Hampton Roads. The coldi wave at the West stimulated
business in soft domestic coal at Chicago? and .
Cincinnati,
especially in egg and broken sizes. Retail buying at New
York of late has also been increased by the cold weather.
Pennsylvania volatiles have sold more freely.thap West
Virginia. The smokeless coal fields of West Virginia have
increased their output for 10 months to a total of 6,205,764
tons larger than that of a year ago. It has been handled
•
[VOL. 123.
much more readily, however, than might have been expected.
The Lake movement, it is believed, will prove to have been
2,000,000 tons larger than last year. It will be,it is thought,
rather over than under 30,000,000 tons.
COPPER early in the week was quiet and lower. For
delivery to the Connecticut Valley 135 c. was quoted.
%
Electrolytic in London on the 30th fell 15s. and standard
copper there was also off. There was a sharp decline in
export prices, i.e., 1734 points to 13.95c. c.i.f. Hamburg
and Havre and 14c. London. Standard in London on the
30th fell 7s. 6d. to £56 10s. for spot and £57 5s. for futures;
electrolytic, £64 spot and £64 10s. futures. Later on a
better inquiry was reported due to the decline in prices.
While the official price on the 1st inst. was regarded as
13.6234c. delivered to the Valley, 13.5734c. in some cases
was heard. Standard in London on the 1st inst was 2s. 6d.
higher; spot, £56 12s. 6d.; futures, £57 7s. 6d.; sales, 300
tons spot and 1,200 tons of futures; electrolytic unchanged at
£64 for spot and £64 10s. for futures. Later prices continued
to decline, though London was steady. Consumers in the
United States hold off awaiting a more stabilized market.
Producers declare that the culmination of the decline is not
far off. Here 133/2c. delivered to the Connecticut Valley
was said to be close to the market, or actually the fact.
Open quotations were 13.55 to 13.5734c. The Western
Union Telegraph Co. bought 3,500,000 lbs. of both copper
wire and refined copper metal in the neighborhood it is supposed of 1334c. Copper Exporters, Inc. quote 13.95c.
Hamburg and Havre and 13.9734c. London foreign business
increased at the recent drop of 1734 points. London on the
2d inst. was unchanged with standard spot, £56 12s. 6d.
and futures, £57 Is. 6d.; electrolytic was £64 spot and £64
10s. futures.
TIN early in the week was quiet and lower. Prices in
London fell £2 10s. to £3 10s. on the 30th and here the decline amounted to % to %c. American tin deliveries in
November were 6,140 tons, of which 140 tons were from
Pacific ports. Stocks on Nov. 30 were 519 tons and the
amount landing was 1,785. Arrivals during November were
6,890 tons. On the 1st inst. prices dropped %c. here and
in London £1 10s. to £2 10s. Spot standard in London on
the 1st inst. was £314 10s. and futures £299 5s.; spot Straits,
£324. Eastern c. i. f. London dropped £3 5s. to £307 15s.
on sales of 510 tons. Spot Straits here sold at 71%c. in
5
-ton lots and 71.20c. in 10-ton lots. December nominal
at 703jc.; January, 68 to 683 c.; February, 66.85 to 67c.;
%
March, 663 c. An auction sale of 10 tons was held on the
%
New York Exchange on the 1st inst., which sold at 17.20c.
(spot Straits). Later speculation was brisk at the decline
of /0. Consumers held aloof. Sales of Straits included
3
prompt at 7030., December at 6934 to 6930., January at
/
/
673c., February at 6634 to 66%c., March nominally
%
6634c. London weakened. The world's visible supply of
tin increased 416 tons in November. The total supply on
Nov. 30 was 15,257 tons, against 18,199 tons a year ago.
The United States visible supply was 8,584 tons, against 7,801
tons on Oct. 31. The leading tin plate maker is working at
97%. Spot standard fell £1 in London on the 2d inst. to
£313 10s.; futures off 10s. to £298 15s. Sales, 100 tons of
spot and 750 tons of futures. Spot Straits declined £1 to
£323. Eastern c. i. f. London was up 10s. to £308 5s.
LEAD has been in good demand at one time and steady.
Leading producers quote 8c. New York and 7.80c. East
St. Louis. Cable makers, battery manufacturers and
makers of pigments . were good buyers. Lead ore was
$100 per ton in the Tri-State district with very little offered.
Spot in London on the 30th declined 7s. 6d. to £29 and
futures fell 6s. 3d. to £29 5s. on sales of 850 tons of futures.
On the 1st inst. spot there dropped 5s. to £28 15s. and
futures declined 3s. 9d. to £29 is. 3d. on sales of 350 tons
of spot and 550 tops of futures. Of late sales have been
small at lower .
prices here; ci.f., 7.90c. The American
Smelting dr Heflin! g Co.,itis true, still quotes 8c. New York.
Central West is still 7.80c. East St. Louis. Most of the
buying is for December shipment. Building slackens as
usual at this time. Spot declined 2s. 6d. at London on
the 2d inst. to £28 12s. 6d.; futures off Is. 3d. to £29.
ZINC has been quiet and lower. On the 1st inst. new low
prices for the movement were recorded when Dec. and Jan.
were reported available at 7.10c. East St. Louis. Zino ore
was $47 in the tn-State district. Reserve stocks of con.
centrates are said to be very small. In London on the 30th
zinc dropped 3s. 9d. to £33 12s. 6d. for spot and £33 11s.
3d. for futures; on the 1st inst. spot declined 8s. 9d. to E33
3s. 9d. and futures fell 7s. 6d. to £33 3s. 9d. on sales of 100
tons of spot and 550 tons of futures. Trade was olow -later
in the week at 7.10c. for prime western East St. Louis.
.
Perhaps 234 points lower might be accepted. Brass special
zinc, however, has sold at a premium of 10 points over prime
Western. Mel grade zinc is still 9 to 934c. Eastern points.
Spot declined Is. 3d. at London on Dec. 2nd to £33 2s.
6d. and futures fell 2s. 6d. to £33 is. 3d.
STEEL has been quiet with output as a rule at the rate of
not over 68 to 70%; it may, it is suggested, drop 10% more.
That is in sharp contrast with 85 to 90% earlier in the year
when things looked bright. The U. S. Steel Corporation
is said to be running at 76%. In October the ingot production was 87%. Possibly the present output is being underestimated; it seems to have been at one time in October.
DEC. 4 1926.]
THE CHRONICLE
But as to a decrease in the operations of the mills, there is
no room for doubt. To all appearance it is marked. In
Pittsburgh and Youngstown the talk, however, is cheerful.
Pittsburgh thinks the worst has been seen. Pittsburgh
thinks automotive concerns are beginning to be rather more
active. But it is admitted that as a rule consumers, as usual
at this time of the year, are not disposed to increase their
stocks materially on the eve of year-end inventories. But
Pittsburgh reports some business in sheets and cold rolled
strip for prompt shipment. Youngstown says sheet bars
remain firm at $36 and merchant steel is still 2c. in large,
tonnage and 2.10c. otherwise. But sheets there have sold
down, it is stated, $2 per ton on some of the common sorts.
Railroads are buying gondolas, 40 ton automobile cars, and
tank cars though not on a large scale. The plain truth is
that the steel market is in a period of transition. Some
are predicting better things for early 1927 as a sequel to
a prosperous 1926. Chicago seems especially cheerful.
PIG IRON has been slow of sale and somewhat lower.
Certainly some Eastern Pennsylvania concerns quote $22 50
after adhering tenaciously for a considerable period to
$23. The quoted range is now $22 50 to $23, with $23
obtainable, it is understood, only on small lots where the
difference to the buyer matters less. New York State
quotations are reported to be irregular owing to Buffalo
competition. Bufaloquotes nominally $19 to $19 50;
whether it is modifying these prices on occasion is the
question. Pittsburgh has reported a slight increase in
business within the last few days, but it is to all appearances
no more than slight, as usual at this time of year. Habit
tells. The output in November was 3,236,940 tons or
107,898 per day, against 107,555 tons per day in October.
New York is dull. Birmingham's trade has fallen off very
noticeably. That of course is seasonal. With inventories
near at hand it is nothing new to notice a year-end slackening
of business.
WOOL has been quiet and rather weak,though London was
steadier after opemng lower at the new series of sales. The
rail and water shipments from Boston from Jan. 1 to Nov.24,
inclusive, were 184,168,000 lbs., against 160,355,300 lbs.
for the same period last year. The receipts from Jan. 1 to
Nov. 24 were 314,224,867 lbs., against 289,354,300 for the
same period last year. Ohio and Pennsylvania fleeces in
Boston:
2919
greasy mer nos, 1314 to 266. Tasmania. 71 bales: greasy merinos, 24 to
30d. New Zealand greasy crossbreds, 14% to 2239d. New Zealand slipes,
-brads, 588., 19d. to 2239d.; 56-58s., crossbreds.
13d. to 23d.: greasy half
1639d. to 19304 46-48s., 143cl. to 1539d.
In London on Dec. 3 offerings, 10,688 bales; sales,9,000.
Selection good; demand brisk from Britsh and Continental
sources. Greasy crossbreds in good demand and firm; inferior wools dull. At Christchurch on Nov. 30 14,500 bales
offered; sales, 13,800. Selection average of crossbreds but
poor of merinos. Demand good. Compared with the
Auckland sales on Nov. 26 merino prices were unchanged;
crossbreds higher. On memos prices averaged 16%d. to
18%d.; on crossbreds the average on 56-58s was 15Md. to
17d.; 50-56s, 14d. to 16d.; 48-50s, 123' to 13Md.; 46-48s,
4
11 to 12Md. 44-46s, 103 to 1134d. 40-44s, 10 to 10Nd.
At Sydney on Dec. 1 sales closed with prices compared with
the opening in November as follows: Fine merinos,5to 10%
higher; other merinos,5 to 7)4% lower; comeback and crossbreds, unchanged. Germany and France took fine merinos
freely. Yorkshire and Japan bought others. The next
series begins Dec. 13 to 16, when the offerings will be 44,000
bales. Liverpool cabled the next East India low-end wool
auctions there will be Dec. 6 to 10, with offerings of 24,500
bales,
COTTON.
Friday Night, Dec. 3 1926.
THE MOVEMENT OF THE CROP, as indicated by
our telegrams from the South to-night, is given below. For
the week ending this evening the total receipts have reached •
482,959 bales, against 470,442 bales last week and 517,711
bales the previous week,making the total receipts since the
1st of August 1926 7,042,112 bales, against 5,399,035 bales
for the same period of 1925, showing an increase since Aug. 1
1926 of 1,643,077 bales.
Mon.
Sat.
Receipts al-
Tues.
Wed.
Thurs.
Total.
Fri.
Galveston
17,514 17,678 36.195 20,655 16,780 7.470 116,292
Texas City
11.724 11.724
Houston *
27,554 36,733 30,760 18.211 21,464 21.271 155,993
New Orleans_
26,576 14,974 38,163 4,128 11,389 7,468 102,698
Mobile
3,236 1,856 3,863 1,107 2,669 2,585 15,316
Savannah
4,918 7,473 5.592 4,859 9,171 2,873 29,886
Charleston
5,699 2,235 3,281 2,391 1,640 1,720 16,966
Wianington
968 1.127 1.068 5,432
827
271 1.173
Norfolk
5.982 1,574 3.294 2,711 2,026 5.380 20.967
N'port News.&c.
95
95
New York
4,019
139
591
50 1.744 1.495
Boston
39
312
21
50
422
Delaine unwashed, 45 to 46c.• 39 blood combing, 43 to 44c.: Wisconsin, Baltimore
2.335
618 2.953
Missouri and average New England 19 blood, 40 to 42c.; 19 blood. 43 to Philadelphia
98
98
196
44c.: scoured, Texas fine 12 months (selected), $1 10; fine 8 months, 90
California Northern,$1 03 to $1 08; Middle County. 95c to $1 00:. Totals this week_ 92.464 63.1511 124.212 RR Rem fil .952 62294 462.4150
to 92c.
Southern, 80 to 85c. Oregon, Northern, $1 05 to Si 08; fine and fine
* Houston statistics are no longer compi ed on an interior basis, but only
medium clothing, 90 to 95c.; Valley No. 1, 90 to 95c. Montana and
similar, fine staple, choice, $.1 10 to Si 12: % blood combing. 98c. to $1 02: on a port basis. We are changing accord ugly.
% blood combing, 88 to 92c.; pulled, delaine, $1 07 to Si 10; AA. $1 05
The following table'shows the week's total receipts, the
to 51 08; fine A supers, 98c. to $1 02; mohairs best combing, 75 to 77c.,
total since Aug. 1 1926 and stocks to-night, compared with
best carding, 60 to 62c.
In London on Nov. 26th offerings 11,378 bales. Merino last year:
selection chiefly medium quality. Germany and Switzerland
active. France did more. Most of cross-breds taken by
Receipts to
Dec. 3
Yorkshire. Opening prices on merinos and crossbreds
sustained. Tone firmer. Frequent withdrawals of slipe
Galveston
crossbreds on firm limits. Details:
Texas City
Sydney, 1,118 bales; greasy merinos, 1534 to 2639d. Queensland, 1,068
bales: greasy merinos, 19% to 24d.; scoured, 32 to 3639d. Victoria. 1.142
bales: greasy merinos, no sales; scoured, 33 to 44d.; greasy crossbreds. 18%
to 25d. Adelaide, 1,575 bales: greasy merinos, 17% to 22d.; scoured 33 to
39,19d. West Australia, 619 bales: greasy merinos. 17 to 24d. Cape.
852 bales: greasy merinos. 17 to 24d. New Zealand. 4,923 bales: greasy
crossbreds. II% to 2239d.; scoured, 22 to 3639d slip°, 12 to
greasy.
half
-bred, 58s.. 20 to 2230.; greasy crossbred. 56s. 18% to 24d.•. 50s..
1939d.:
163 to 188.; 46-48s., 13% to 1539d.
• In London on Nov. 29 offerings 10,850 bales. Best
merinos active. The Continent except France bought
them. Poorer grades irregular with the British trade the
best buyer. Of crossbreds, slipe qualities much was withdrawn on firm limits; also 170 bales of Cape wool. Late
prices steady; Falklands grreasy crossbreds the same as in
October. Details:
Sydney, 2,472 bales: greasy merinos, 16% to 266.: scoured. 33 to 403.
Queensland, 678 bales: greasy merinos, 16 to 21d.; scoured, 34% to 4519d.
Victoria. 1,240 bales: greasy merinos, 21 to 26d.: scoured. 33 to 40d.:
scoured crossbreds, 22 to 34d. West Australia, 1,295 bales: greasy merinos,
151 to 2319d.•, scoured, 3414 to 3819d. Falklands, 485 bales: greasy
crossbreds. 11 to 16d. New Zealand, 4,310 bales: greasy crossbreds, 12
to 21d.; scoured, 15 to 29d.
In London on Dec. 1st the Continent was the largest
buyer at late prices. Offerings 9,000 bales. New Zealand
greasy crossbreds, mostly 48-50s sold v ell to the Yorkshire trade at prices ranging from 1430. to 15M. Tone
firmer. Slipe crossbreds withdrawals rather large on high
limits. Details:
Sydney. 1,738 bales: greasy merinos, 17 to 2639d.; scoured, 28 to 3939d.
Queensland, 1,405 bales: greasy merinos, 15 to 288.; scoured, 40 to 488.
Victoria. 652 bales: greasy merinos, 24 to 27d.; scoured crossbreds, 1614 to
27d. Adelaide, 371 bales: greasy merinos, 16 to 22d.: scoured. 23 to 3739d.:
scoured crossbreds, 23 to 31d. West Australia, 1,408 bales: greasy merines,
16 to 23d. Tasmania, 273 bales: greasy merinos. 26 to 27d. Cape. 203
bales: greasy merinos. 19 to 2039d. New Zealand. 2,977 bales: greasy
crossbreds, 1214 to 1639d.; scoured, 19 to 3439d.
1926.
1925.
Stock.
This Since Aug This Since Aug
Week. 1 1926. Week. 11925.
Houston.
Port Arthur, &c
New Orleans
Gulfport
Mobile
Pensacola
Jacksonville
Savannah
Brunswick
Charleston
Georgetown
Wilmington
Norfolk
N'port News, &c_
New York
Boston
Baltimore
Philadelphia
1926.
1925.
116,292 1,786,111 145,236 1,835,170
11,724
84,034
155,993 2,390,715 91,731 974,245
638,172
50,882
901,862
625,625
102,698 1,202,155 90,345 1,249,654
618.073
412,765
67,725
29,952
15,316
29.886
243,458 9,771
10,762 1,291
566
653.775 14,853
16.966
328,243
5,432
20,967
95
4,019
422
2,953
196
63,693 4,516
231,8 9 23,400
95
9,817 2,223
7,225 1,127
28,599 2,068
975
375
9,339
147.166
11,212
15.148
584,880
400
174.127
801
135.236
492
104,350
103.712
44,634
77,584
299,337
24,448
113,803
37.135
149.070
5.708
6,449
15,770
2,185
102,410
1.185
2,030
9,886
40,463
1.034
822
5,338
Totals
452.959 7.042.112 396.275 5.399.035 2.770.225 1.451.680
* Houston statistics are no longer compiled on an interior basis. but only
on a port basis. We are changing accordingly.
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at-
1926.
1925.
1924.
1923.
Galveston_ _ _ _
Houston, &c*
New Orleans_
Mobile
Savannah_ __ _
Brunswick _
Charleston_
Wilmington
Norfolk
N'port N.,&c_
All others_ _ _ _
116,292
155,993
102,698
15,316
29,886
145,236
91,731
90.345
9,771
14,853
153,631
48,741
108,911
5,631
14,090
108,810
34,075
58,423
4.861
14,574
63,567
12.795
52,974
1,517
5,229
16,966
5,432
20,967
95
19,314
9,339
4,516
23,400
7,251
7,829
19,605
11,608
6,380
23,302
3.005
2,204
11,073
7.084
5,063
3,476
6,437
5,489
Tot. this week
482,959
396,275
370.752
265,509
158,801
116,086
1922.
1921.
56,224
466
25.239
2.626
13,045
250
943
1,954
9.850
Since Aug. L_ 7,042,112 5,399,035 4,955,512 4,001.486 3,574.027 3.067,408
are no longer
In London on Dec. 2 offerings 9,434 bales. Best merinos on* Houston s atisticsare changing compiled on an interior basis, but only
a port basis. We
accordingly.
plentiful and steady. The Continent was a good buyer.
The exports for the week ending this evening reach a
Inferor wool irregular; much withdrawn. Greasy cross- total of 498,067
bales, of which 150,565 were to Great
breds sold mostly to Yorkshire at practically par with
October price levels. Slipes firmer. Some Cape bids were Britain, 56,989 to France, 110,231 to Germany, 37,008 to
Italy,
to Russia, 74,901 to Japan and China, and
rejected. Details:
68,373 to other destinations. In the corresponding week
No greasy or scoured crossbreds offered from most sources. Sydney, last year total exports were
376,697 bales. For the season
563 balet: greasy merinos, 18 to 2839d.; scoured. 33 to 38d. Queensland.
1.111 bales: scoured merinos, 3814 to 4219d. Victoria, 2,014 bales: greasy to date aggregate exports have been 4,251,931 bales, against
merinos, 22 to 27d.; scoured, 33 to 3819d. Adelaide, 1,982 bales: greasy 3,757,032 bales in the same period of the previous
season.
merinos, 17 to 22d.; scoured, 3739 to 4239d. Cape, 220 bales: greasy
merinos, 17 to 19d.; scoured, 2614 to 3239d. West Australia, 907 bales: Below are the exports for the week and for the season:
TUE CHRONICLE
2920
Exported to
Week Ended
GerGreat
Dec. 3 1926.
- Britain. France. many.
Exports from
Japan&
Italy. Russia. China. Other.
47,956 21,697 34,056 12.001
Galveston
44,012 25,290 7,034 11,517
Houston
2,000
Texas City
New Orleans._ _ _ 22,654 7,072 27,294 7,560
7,239
Mobile
16.547
18,383
Savannah
1,655
Charleston
7.100
Wilmington
1.575
10,907 5,450
Norfolk
480
586 1,905
New York
2
Philadelphia
5,666 1,025 5,175
Los Angeles__ _
525
San Diego
150
280
San Francisco _
Seattle
Total.
36.857 32.941 185,508
2,250 19,598 109,701
2,000
11,045 7,248 82,873
14,638
7,399
7,200 1.763 43,893
1,655
7,100
500 25,482
7.050
6.195 9,166
30
28
100 11,966
525
3.330
2,900
200
200
Total
150,565 56,989 110,231 37,008
74.901 68,373 498,067
Total 1925
Total 1924
116,853 72,735 76,729 20,243
131.582 31,715 75,875 43.029
38.791 51,346 376,697
35.817 31,997 350.015
From
olug.1 192610
GerDec. 3 1926. Great
Nxportsfrom- Britain. France. many.
Japan,*
Italy. Russia. China. Other.
Total.
321,697 200,126 259,473 98,510 37,417 127,423 169,829 1,214,475
323,548 204,723 231,989 112,033 62,950 98,709 83,872 1,117,824
15,718
15,718
154,224 56,031 117,027 67,228 17,506 172.113 53,861 637,690
94,491
9,899 1,503
500
37,732 2,030 42,827
104
104
7,762
300
3,313
4,149
39,000 18,108 471,242
270,109 4,300
100
139,625
16,388 5,199 208,850
331 152,592
34,340
31.400
17.600 8.800
5,000
7.050 1,867 121,511
61,583 8,650
42,361
422 75,743 175,814
30,502 19,995 32.720 16,432
2,090
1,594
100
396
2,123
400
142
1,581
1,260
1,990
2
728
36,021
400
3,350
3,475 10,975
17,821
525
525
53,394
13
52.301
75
855
150
58,907
200
58.707
Galveston___
Houston_ _ _ _
Texas City_ _
New Orleans.
Mobile
Jacksonville
Pensacola_ _ _
Savannah _ _ _
Charleston_ _
Wilmington _
Norfolk
New York_ _
Boston
Baltimore_ _
Philadelphia.
Los Angeles_
San Diego_ _
SanFrancisco
Seattle
Total
Exported to
1128,516 488,467 1201411 316,853 117,873 585,362 413,449 4,251,931
Total 1925.. 1.109,313 436,370 1013587 253.984 96.323 460.946 386,509 3,757,032
Total 1924._ 1,149.591 435.645 795.619 265.974 53,295 350.046 341.450 3.391.828
-It has never been our practice to include in the
-Exports to Canada.
NOTE.
above tables reports of cotton to Canada, the reason being that virtua ly all the
destined to the Dominion comes overland and It Is Impossible to get returns
cotton
concerning the same from week to week, while reports from the customs districts
on the Canadian border are always very slow In coming to hand. In view, however,
of the numerous Inquiries we are receiving regarding the matter, we will say that
for the month of October the exports to the Dominion the present season have
been 30,605 bales. In the corresponding month of the preceding season the exports
were 27,326 bales For the three months ended Oct. 31 1926 there were 50,946
bales exported as against 47,804 bales for the corresponding three months of 1925.
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
On Shipboard, Not Cleared for
CoastOther
GerGreat
- Britain. France. many. Foreign wise.
Dec. 3 at
Galveston
New Orleans
Savannah
Charleston
Mobile
Norfolk
Other ports*
7.200 4.700 20,000 30.800
3,463 12,800 9,691 25,467
5,000
_
7,866
-0
6,20
2,000
1,000
2.000
5,000
Total.
Leaving
Stock.
5E7.972
566,094
129,236
102 113
52.552
113,803
10.000 1,083,504
7.500 70,200
558 51,979
1,000 6,000
1,599
1.599
373 15,173
__-_
Total 1926_ 18,863 19.600 36.691 68.767 11,030 154,951 2,615,274
Total 1925._ 29.919 13,247 17,550 52,050 7.345 120,117 1,331,563
41,974 25.039 19.564 59.022 12.601 158,200 1.3.-9,916
Total 1924
•Estimated.
[VOL. 123.
further liquidation and a continuation of the decline until
the next Government report on the 8th inst. is out of the
way, much to the relief of everybody. There is some fear
that it will raise its crop estimate or that the ginning will
be notably large.
On the other hand, with pretty much everybody against
the market it stands to reason that there is a tendency to
increase the short interest. Some think it has increased
materially during the present week. Meanwhile, if the
basis on the lower grades has been weakening, that on the
higher grade has not, especially in Texas. And if there has
been some falling off in the spot business at the South it is
still noticeably larger than at this time last year. There
are still believed to be a good many scale-down buying orders under the market both for mills and investors, especially
for the mills. This kind of buying arrested the decline on
the 2d inst. It was noticeable in January, March, May and
July. It was noticed, too, that if some large interest sold
out their January they adhered to the conviction that things
would look better later on. They simply switched this big
Interest to May. And exports' have been large. In two
days they were over 250,000 bales. The excess for the season to date over the total a year ago by our tables on another page is 494,899 bales. Some consider the crop as a
dead issue. Everybody knows that it is enormous. It is
called an old story. A more vital matter, it is contended, is
the consumption. That is expected to be big. The exports,
too, are running away ahead of those of all other recent
seasons. As regards cotton goods, there has been no severe
break in prices. In some fabrics there has been a fair business. Fall River is running at 82% on print cloths, the
highest in three years and also at 82% on fine goods. New
Bedford is improving. It is said to be operating at 75%.
That is much better than some months ago. Some of. the
North Carolina mills are said to be working at near capacity. General trade is such that the sales of the mall order
houses in November were in some cases some 6 to8% larger
than in the same month last year, while for 11 months they
showed a gain of 6% to 9%%. And some think a rally is
due in cotton, after a steady if slow decline in the last three
weeks. Latterly prices have got below the level of the last
week in October. Spinners' takings in recent weeks have
made a good showing. Some think this will be a comparatively low grade crop. A very considerable proportion of it
is said to be well below middling.
To-day pr.ces declined 30 to 35 points on a private crop
estimate (by K. M. Giles) of 19,115,000 bales, which took
everybody unawares. Longs threw over blocks of cotton.
What is termed "stale" long liquidation was a conspicuous
feature. Hedge selling from the South increased. Spot
markets were lower. The basis was weaker. The English
and Egyptian cables were far from encouraging. Goods
were quiet and lower. Manchester, it is true, will work on
longer time in the American yarn division. Mills bought
here to some extent on the decline, but for the most part
they were supposed to lia.ve canceled orders or to have
reduced their buying limits. Most of the buying was for
trade and short account. Investors were apparently daunted
by the continuous decline in recent 'weeks, amounting to
some 100 points. And there was a fear that tile Government
report next Wednesday may practically concur with to-day's
estimate of over 19,000,000 bales. The market has fewer
friends than ever. Everybody is bearish. Naturally, the
short interest is increasing. But shorts find it easy to buy.
The ending to-day was steady for the first time in some
days, but it was at about the lowest prices of the day. Final
prices show a decline for the week of 60 to 75 points, the
latter on December, which ended at 23 points over January.
Spot cotton closed at 12.15c. for middling, a decline for the
week of 90 points.
The following averages of the differences between grades,
as figured from the Dec. 2 quotations of the ten markets
designated by the Secretary of Agriculture, are the differences from middling established for deliveries in the New
York market on Dee. 9:
Speculation in cotton for future delivery has been more
active at the expense of prices. There has been a pressure
to sell. This was traceable to increased hedge selling, a
lower basis on the inferior grades at the South, a decline
in spot markets and some reports to the effect that mills
were canceling their scaled-down orders to buy. It appears
that this may have been the case in some instances. In
some others the limits were reduced. It came to pretty
much the same thing. Liquidation set in. Stop orders were
caught. On the 2d inst., according to common report, large
Wall Street long interests transferred some 30,000 to 35,000
bales of January to May. The weather of late has been
1.33 on *Middling "yellow" stained
good for picking and ginning. Some think the ginning total Middling fair
3.48 off
1.09 on *Good middling "blue" stained__2.18 off
In the next report will reflect this fact perhaps rather Strict good middling
.85 on Strict middlirg "blue" stained.....2.85 Yff
Good middling
markedly. There has been some tendency to raise the crop Striet middling
60 on *Middling "blue" stained
3 73 off
Muffs Good middling spotted
• 20 off
estimates. One concern put the yield at 18,700,000 bales; Middling middling
.96 off Strict middling spotted
.09 off
18,632,000, though another said 18,280,000. Lat- Strict low
another at
2.23 off Middling spotted
98 off
Low middling
3
off *Strict low middling spotted....2.25 off
been some falling off in the spot demand in *Strict good ordinary
terly there has
468 oft
off
ordinary
has been the case, in fact,,for sonic time 'Godgood mid."yellow" tinged.0 11 off *Low middling spotted.. _ _....3.60 off
this country. This
Good mid. light yellow stained __1.38
SM.,
'yellow" tinged._ .72
past. But in Liverpool the tone has been weak. Day after Good middling "yellow" tinged .1.18 off *Strict mid, light yellow satined _ _1.88 off
Strict middling
off *Middling light yellow stained.. 2.95 off
day its prices were lower than due. Naturally, that fact 'Middling "yellow" tinged
2 38 off Good middling "gray"...-.....
off
"
I 18 off
had more or less effect on this side of the water. Manches- *Strict low mid. -yellow" tinged 3 63 off sStriet middling 'p.n.
off
1 93 off
.
Low
the main quiet. Seemingly it has not ' middling "yellow" tinged 1 5 10 on sMiddline "grav"_.
ter reported trade in
Good middling "Yellow" 14211r1P, ' 18
.rgmed
2 70 oft
• tint deliverable .01 fwure vontracti
yet felt the beneficial effects of a cessation of the British •qtrIrt mid '
districts. The troubles in China
coal strike in all but two
The official quotation for middling upland cotton in the
or less against British trade in New York market each day for the past week has been:
naturally militate more
that quarter of the globe. Not all of the reports from Japan ' Nov. 28 to Dec. 3Sat. Mon. Tues. Wed. Thurs. Fri.
12.95 12.85 12.80 12.t0 12.45 12.15
are favorable as to the condition of trade. In this country, Middling upland
generally quiet and prices
NEW YORK QUOTATIONS FOR 32 YEARS.
business in cotton goods has been
The quotations for middling upland at New York on
have declined somewhat.
not regarded at the Dec. 3 for each of the past 32 years have been as follows:
As for speculation, the outlook is
8.50c.
12.15c. 1918
15.05e. 1902
28.15c. 1.910
moment as encouraging for any immediate participation on 1926
8.31c.
20.85c. 1917
14.75c. 1901
30.55c. 1909
a large scale on the part of the outside public. It is still 1925
10.19c.
23.40c. 1916
9.35c. 1900
20.10c. 1908
than to cotton. 1924
7.75c.
36.75c. 1915
11.70c. 1899
12.45c. 1907
attracted more to stocks, grain and sugar
1923
5.620.
21250. 1914
11.00c. 1898
7.50c. 1906
Tired bulls in some cases have been getting out; in others 1922
5.81c.
11.650. 1897
17.80c. 1913
13.50c. 1905
1921
months as untenable 1920
7.69c.
they have seemingly regarded the near
8.60c. 1896
16.15c. 1912
12.850. 1904
8.50c.
12.450. 1895
9.30c. 1903
39.75c. 1911
and have transferred their interest to May. Some look for 1919
2921
THE CHRONICLE
DEC. 4 1926.]
-that is,
AT THE INTERIOR TOWNS the movement
FUTURES.
-The highest, lowest and closing prices at
the receipts for the week and since Aug. 1, the shipments for
New York for the past week have been as follows:
the week and the stocks to-night, and the same items for the
corresponding periods of the previous year, is set out in detail
Saturday, Monday, Tuesday, Wednesday. Thursday, Friday,
Dec.2.
Dec. 3.
Dec.l.
Nov. 27. Nov. 29. Nov. 30.
below:
'to,.
Range._
Closing_
Dec.
Range__ 12:55-12.66 12.52-12.62 12.47-12.58 12.35-12.45 12.20-12.33 11.90-12.17
12.56-12.57 12.46-12.50 12.3512.20-12.22 11.90-11.93
Closing_ 12.58Jan.
Range_ _ 12.39-12.51 12.36-12.41 12.26-12.35 12.14-12.23 11.98-12.10 11.67-11.90
Closing_ 12.39-12.42 12.37-12.38 12.26-12.28 12.14-12.15 11.99-12.00 11.67-11.69
Feb.
11.95-12.02
Range..
11.79Closing_ 12.5112.48- 12.38
12.2612.11 March
Range.. 12.64-12.70 12.59-12.64 12.50-12.59 12.38-12.47 12.23-12.34 11.91-12.17
12.38-12.40 12.24-12.25 11.92-11.95
Closing_ 12.65-12.67 12.60-12.6112.50April
Range._
Closing_ 12.7612.7112.6112.4912.35 ---- 12.02May
Range__ 12.85-12.92 12.82-12.87 12.72-12.82 12.61-12.70 12.46-12.57 12.12-12.41
Closing_ 12.87-12.88 12.8312.72-12.73 12.61 12.4712.13-13.14
June
Range._
Closing_ 12.9512.9212.8112.7012.5612.24July
Range.. 13.03-13.14 13.00-13.05 12.91-13.01 12.80-12.90 12.65-12.79 12.35-12.60
Closing.. 13.03-13.04 13.00-13.01 12.91-12.92 12.80-12.81 12.65-12.67 12.35-12.36
August
Range_ _
Closing_ 13.0913.07- - 12.8712.98
12.7712.47Sept.
Range_ _
13.07113.07 12.90-13.05 12.70-12.70
Closing_ 13.1513.15- - 13.0513.05
12.8912.60October
Range__ 13.15-13.28 13.13-13.18 13.05-13.15 12.98-13.05 12.81-12.98 12.52-12.7E
Closing_ 13.15-13.16 13.15-13.16 13.05-13.06 13.00-13.01 12.8312.52-12.52
Nov. 1927_
Range..
13.05-13.05
-Closing_
Movement to Dec. 3 1926.
Towns.
Movement to Dec. 4 1925.
Ship- Stocks
merits. Dec.
Week. Season. Week.
3.
Ship- 'Stocks
Receipts.
trients. Dec.
Week. Season. Week.
4.
Receipts.
Ala.,Birming'm
Eufalua
Montgomery
Selma
Ark., Helena
Little Rock
Pine Bluff.-Ga., Albany.-Athens
Atlanta
Augusta
Columbus...
Macon
Rome
La., Shrevepo
4,000 58,568 4,000 12,350 3,079 89,632 3,2471 13.577
985 19,975
594 10,943 1,1 Is 20,711 1,800 7,200
1,863 29,652
4,152 97,737 2,755 30,593 2,80
85,26
3,838 72,565 2,540 39,930 2,071 77.451 3,668 29,412
4,249 62,435 4,289 41,539 3,903 62,311 3,522 30,784
8,959 153,760 9,261 77,513 11,7
155,530 7,8011 58,879
5,959 121,216 5,372 70,769 9,252 111,237 6,439 58,182
151 2,397
40
8,167
98 4,029
7,652
250; 12.490
2,812 26,943 2,575 11,755
272 18,902
12,006 160,425 11,310 87,137 12,31 132,348 9,126 60,024
9,042 219,523 5,142114.927 11,611 231,737 9,190105,885
2,386 30,165 2.689 6,121 3,23
51,268 4,395 14,340
1,630 25,107
2,564 69,235 2,489 15,658 1,376 50,82
1,981 34,646 1,200 24,406 3.682 34,822 1.9061 16.091
6,184 119,272 3,964 56,756 5,606 137.448 4.4801 38,436
11,085
___ 30,283 S.... 11,076
32,48
Clarksdale___ 7.185 120,394 8,734 93,914 8,695 139,806 7,602 63.237
Miss.,ColumbusGreenwood-. 5,989 123,950 8,461 98,454 11,737 135,611 6,2721 54.121
Meridian__ 2,000 41,158 2,000 15,643 1,730 49,408 2.3891 16,288
Natchez
43,736 2.167j 14.247
604 13,210 1,16
1,622 29,379
1,586 18,460
Vicksburg- 1,000 24,793 1,500 18,991 3,082 42.32
Yazoo City
4,587 31,383 1,306 26,424 2,520 43,699 2,545 21,441
Mo., St. Louis_ 26,876 240,135 26,801 8,640 35,632 318,972 34,478 12,211
464 14,173 1,329 27,545 1,729 10.574
N.C.,Greensb' .
855 18,260
500
432
387
9,099
Raleigh
1,000 13,086 1,000 10,251
Okla., Altus_ 14,512 89,098 11,175 29,248 10,752 74,326 9,433 16,891
Chickasha_ 7,327 80.531 7.703 16,095 13,322 98,820 13,356 13.713
Oklahoma
9,836 82,104 7,624 30,895 11.896 89,501 10,148 24,038
S.C.,Greenv111. 17,783 128,697 11,070 53,294 12,444 117,121 11,422 41,759
4,309
4,912
264 2,718
5,086
Greenwood
628
837.96. 85,710223,820
Tenn.,Memph 83,374 969,028 80.343340.773 108,2
21
371
2.052
719
198
Nashville....
3.884
383
66,398 6,000 1,324
Tex., Abilene.. 2,842 54,256 2,621 4.741 6,
210 4,368
Range of future prices at New York for week ending
24,
3,839
Brenham_ _ __ 1,043 19,574 1,003 7,130
321 4,405
981
9,060 1,157 1,566
Austin
913 27.687
Dec. 3, 1926 and since trading began on each option:
Dallas
9,470 116,194 5.519 57,522 7,889 104,057 5,111 25,024
212,7693,220,977210,494733,893
•
•
Houston_ _ -- •
Range for Week.
Paris
2,902 38,559 2,758 5,097 4,358 91.136 3,789 6,795
Range Since Beginning of Option.
Op loss for
377 2,851
485 21,543
San Antonio_ 1,265 52,817 1,095 3,744
56,118 6,530 11,251
Fort Worth.. 10,047 71,143 6,512 18,578 7,9
12.10 Oct. 26 1926 18.20 Feb. 5 1926
Nov. 1926
Dec. 1926._ 11.90 Dec. 3 12.66 Nov. 27 11.90 Dec. 3 1926 18.50 Jan. 4 1926 ...-• •..........................., ..• .,.•••• 00 A Ann.et. roe ann 1 00,aon . am,ltaRAS29
1M
Jan. 1927._ 11.67 Dec. 3 12.51 Nov.27 11.67 Dec. 3 1926 18.28 Sept. 8 1926
Feb. 1927__ 11.95 Dec. 3 12.02 Dec. 3 11.95 Dec. 3 1926 18.10 Sept. 1 1926
The above total shows that the interior stocks have inMar. 1927__ 11.91 Dec. 3 12.70 Nov.27 11.91 Dec. 3 1926 18.50 Sept. 8 1926
Apr. 1927
12.60 Oct. 22 1926 16.10 July 6 1926 creased during the week 33,780 bales and are to-night
May 1927.. 12.12 Dec. 3 12.92 Nov.27 12.12 Dos. 3 1926 18.65 Sept. 8 1926
12.92 Oct. 27 1926 16.00 Sept.23 1926 346,364 bales less than at the same time last year. The
June 1927_
July 1927._ 12.35 Dos. 3 13.14 Nov.27 12.35 Dee. 3 1926 18.51 Sept. 2 1926 receipts at all towns have been 253,077 bales less than the
13.22 Nov. 10 1926 14.25 Oct. 14 1926
Aug. 1927_
Sept. 1927.. 12.70 Dec. 3 13.07 Dos. 1 12.70 Dec. 3 1926 14.50 Oct. 15 1926 same week last year.
Oct. 1927._ 12.52 Dec. 3 13.28 Nov.27 12.52 Dec. 3 1926 13.75 Nov. 1 1926
MARKET AND SALES AT NEW YORK.
Nov.1927_ 13.05 Dec. 2 13.05 Dec. 2 13.05 Dec. 2 1926 13.05 Dec. 2 1926
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks, as
well as afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
Dec. 3Stock at Liverpool
Stock at London
Stock at Manchester
1926.
bales_ 1.024.000
.1925.
679,000
112.000
61,000
1,136,000
740,000
276,000
180.000
7.000
48,000
53.000
286,000
145,000
3,000
77,000
32.000
Total Great Britain
Stock at Hamburg
Stock at Bremon
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Ghent
Stock at Antwerp
1924.
477,000
1,000
42.000
1923.
416.100
5.000
49.000
520,000
1,000
156,000
124,000
14,000
49,000
888
3R:
470,000
8.000
61,000
110.000
8,000
93,000
48,000
2,000
1,000
2.000
Total Continental stocks
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader, we also add columns
which show at a glance how the market for spot and futures
closed on same days.
Spot Market
Closed.
Futures
Market
Closed.
SALES.
Spot. Corded Total.
Saturday_
Quiet, 10 pts. dec. Steady
Monday -__ Quiet, 5 pts. dec.. Steady
Tuesday ___ Quiet, 10 pts. dec.. Barely steady
Wednesday_ Quiet, 20 pts. dec.. Barely steady
Thursday.. Quiet, 15 pts. dec.. Barely steady
Quiet, 30 pts. dec.. Barely steady__
Friday
Total_
Since Aug. 1
700
___-
700
____
____
____
-___ 81.700 81.700
600
---_
600
2...0
---_
250
1,550 81,700 83,250
202.e77 154, 00 397.177
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.
-We give below a statement showing the
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Aug.1 in the last two years are as follows:
-Ism-1925
564,000 543,000 390,000 331,000
Total European stocks
1,700,000 1,283,000 910,000 801,000
India cotton afloat for Europe... 18,000
45,000 130,000
46,000
American cotton afloat for Europe1,071,000 917,000 857,000 562.000
Dec. 3Since
Since
Egypt,Brazil,&c.,afloat for Europe 109,000 128,000 138,000 136,000
Week. Aug. 1.
Week. Aug. 1.
Stock in Alexandria, Egypt_ _ _ _
365,000 251.000 255,000 272,000 ShippedVia St. Louis,.
26.801 244,172
34,478 307,684
Stock in Bombay, India
185,000 444,000 252,000 256,000
Via Mounds, &c
13,920 145,325
8,530 134,410
Stock in U. S. ports
2770,225 1,451,680 1,488,116 1,004,134
Via Rock Island
14,234
1,734
6,330
2,167
Stock in U. S. interior towns_ _ _ _1,490,161 1,836.525 1,583,955 1.225,801
Via Louisville
25,414
2,338
21,043
2,854
565
4,356
U. S. exports to-day
300
7.050
Via Virginia points
7,240 103,592
6,645
83,411
Via other routes, &c
22,021 208,754
9,489 206,169
Total visible supply
7,715,436 6,357,505 5,533.427 4,387,560
Of the above, totals of American and other descriptions are as follows:
Total gross overland
74,054 729,216
64,163 771,322
American
Deduct Shipments
Liverpool stock
bales- 658,000 373,000 343,000 229,000
Overland to N. Y., Boston, &c
31,292
46.619
7,590
5,793
Manchester stock
34,000
27,000
99,000
47.000
Between interior towns
8,961
9.186
768
743
Continental stock
526,000 512,000 358,000 272,000
Inland, &c., from South
25,412 273,051
29,556 175.390
American afloat for Europei.---1,071,000 917,000 857,000 562,000
port stocks
U. S.
2,770,225 1,451,680 1,488,116 1,004.134
Total to be deducted
36,092 215,868
33,770 328,631
U. S. Interior stocks
.490,161 1,836,525 1.583,955 1,225,801
U. S. exports to-day
4,356
565 Leaving total net
300
7,050
overland *
40,284 400,585
28,071 555,454
•Including movement by rail to Canada.
Total American
6,621,436 5,137.505 4,660,427 3,327,500
The foregoing shows the week's net overland movement
East Indian, Brazil. &c.
Liverpool stock
366,000 306,000 135,000 187,000 this year has been 40,284 bales, against 28,071 bales for
London stock
1,000
5,000
Manchester stock
15,000
15,000 the week last year, and that for the season to date the
13,000
14.000
Continental stock
32,000
38,000
59,000 aggregate net overland exhibits a &crease from a year ago
31,000
Indian afloat for Europe
45,000 130,000
18,000
46,000
Egypt, Brazil, Sic., afloat
109.000 128.000 138.000 136,000 of 154,869 bales.
1926
- -1925
Stock in Alexandria, Egypt
365.000 251.000 255,000 272,000
Since
Since
In Sight and Spinners'
Stock in Bombay, India
185.000 444,000 252,000 256,000
Week.
Avg. 1.
Week.
Aug. 1.
Takings.
482.959 7.042,112 396,275 5,399,035
Total East India, &c
1,094.000 1.220,000 873.000 1,060,000 Receipts at ports to Dec. 3
555,454
400,585 28,071
40.284
Total American
6,621,436 5,137,505 4,660.427 3427,500 Net overland to Dec. 3
Southern consumption to Dec.3--112.000 1,824,000 70,000 1,470,000
Total visible supply
7,715,436 6.357.505 5,533,427 4,387,500
635,243 9,266.697 494,346 7,424.489
Total marketed
Middling uplands, Liverpool_ _ _
6.42d. 10.42d. 12.98d. 19.42,1. Interior stocks in excess
922,680 52,180 1,671.757
33,780
Middling uplands, New York... 12.15c.
23.30c. 35.75c.
20.75c.
of Southern mill takings
Egypt, good Sakel, Liverpool.... 15.25d. 20.15d. 28.05d. 24.85,1. Excess consumption to Nov. 1
205.347
448,837
over
Peruvian, rough good. Liverpool_ 12.58d. 23.00d. 20.75d. 23.00-I.
Broach, fine, Liverpool
5.90d.
9.60d. 12.55d. 17.75d.
.669.023
546,526
Came into sight during week..
Tinnevelly, good, Liverpool
6.45d. 10.00d. 13.10d. 18.90,1.
____ 10.394,724
9,545,083
Total in sight Dec. 3
-
Continental imports for past week have been 134,000 bales.
The above figures for 1926 show an ir crease over last
week of 258,591 bales, a gain of 1,357,931 over 1925, an
increase of 2,182,009 bales over 1924, and an increase of
3,327,936 bales over 1923.
North. spinners' takings to Dec.3 71.944
868.656
84,588
871,204
Movement into sight in previous years:
Week1924
-Dec. 5
1923-Dec. 7
Bales.
Since Aug. 1575.39711924
352,75511923
Bales.
8.316,549
6.927,529
2922
THE CHRONICLE
QUOTATIONS FOR
MIDDLING
COTTON
AT
OTHER MARKETS.
-Below are the closing quotations
for middling cotton at Southern and other principal cotton
markets for each day of the week:
Week Ended
Dec. 3.
Galveston
New Orleans_ _ _
Mobile
Savannah
Norfolk
Baltimore
Augusta
Memphis
Houston
Little Rock_ _ _ _
Dallas
Fort Worth.. _ _ _
Closing Quotations for Middling Cotton on
Saturday. Monday. Tuesday. Werrday. Thursd'y. Friday.
12.55
12.49
12.10
12.06
12.25
12.19
12.50
12.40
12.30
11.50
12.45
12.49
12.00
12.02
12.25
12.70
12.00
12.50
12.40
12.20
11.45
11.50
12.35
12.28
11.90
11.77
12.00
12.60
11.88
12.50
12.30
12.20
11.35
11.35
12.25
12.18
11.75
11.90
11-88
12.55
11.75
12.50
12.15
11.95
11.25
11.20
12.10
12.00
11.50
11.60
11.75
12.55
11.56
12.25
12.00
11.65
11.10
11.10
11.80
11.68
11.20
11.28
11.44
12.25
11.19
12.00
11.70
11.35
10.S0
10.80
NEW ORLEANS CONTRACT MARKET.
-The closing
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
Saturday,
Nov. 27.
Monday,
Nov. 29.
Tuesday. Wednesday, Thursday,
Nov. 30.
Dec. 1.
Dec.2.
Friday,
Dec.3.
November
December.. 12.47-12.49 12.4512.28 12.18 12.0011.67-11.68
January__ 12.47-12.49 12.4712.30-12.31 12.19-12.20 12.04
11.70-11.71
February _
March.... 12.59-12.60 12.57-12.58 12.43-12.44 12.34-12.35 12.17-12.18 11.85-11.88
April
May
12.73
12.70-12.71 12.56-12.57 12.47-12.48 12.3111.98June
July
12.86-12.87 12.8312.72-12.73 12.60-12.62 12.4712.18-12.19
August --September
October 12.95-12.96 12.92-12.93 12.82 ---- 12.77 ---- 12.62 ---- 12.35 ---Nov. 1927
Dec. 1927
Tone
Spot
Steady
Steady
Steady
Steady Barely st'y Steady
[VOL. 123.
Receipts at Ports.
M
I
1925.
1924.
Stocks at Interior Towns.
1926.
1926.
Receiptsfrom Plantations
1924.
1926. 1925. 1924.
Sept.
3.... 187,891 250,017 185.180
367,322 224,720179.901 336.359202.954
10-- 208,801 211,619222,121
525,502 306,499 211.014 379.797 304,900
17_ 330,427 358.650 276,460
643,994 415,060373.57 473.097 384.981
24..410.234325,890 291,228
872,105 544,092 508,164 654.001 420.260
Oct.
1-- 7.704494.293386.406 744,323 957.762 603,535680,612580,1301425,849
8 622.656 367.670 320,698 869,793 .137.618796,030 748,126 547.516 513,193
15_ _ 18.810 423,813 441,485 975,402 1,267,365 898.351724,41'553,560543,800
22.. 87.297 383,026 339.292 1,076,12 1,385,045 1,057,209688,0 I 500,706498,150
29..535,376 376.061388,465 1.166,683 1.516,099 1,196,181 625,934 507.115527,437
Nov.
__ 508,763437,549383.258 1.264,450 1.568,003 1.307.376606.530489,453494,453
12._ 488,446 343,371373.602 1,349,950 1.646,178 1,411,260573,946 421,546477.486
19._ 516,711 377.983432.208 1.415,095 1.677,442 1,486.392583.29 409,247487,588
26..470,442 311,384370,024 1,456.38111,784,345 1,545,601 11,728418,287429,233
Dec.
15
3_ -482,959 396,275370,752 1,490,1611 1,1;36,5251,583,955 5'16,739448,455409.106
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1926 are 7,766,243 bales:
in 1925 were 7,056,221 bales, and in 1924 were 6,357,221
bales. (2) That although the receipts at the outports the
past week were 4‘
,2,959 bales, the actual movement from
plantations was 516,739 bales, stocks at interior towns
having n- creased 33,780 bales during the week. Last year
receipts from the plantations for the week were 448,455
bales and for 1924 they were 409,106 bales.
WORLD SUPPLY AND TAKINGS OF COTTON.
Cotton Takings.
Week and Season.
1926.
Week.
Season.
1925.
Week.
Season.
Visible supply Nov. 26
7.456.845
6,048,438
Visible supply Aug. 1
3,646,413
2,342,887
American Insight to Dec.3..
669,023 10,394.724 546,526 9,545,083
Bombay receipts to Dec.2
47.000
252.000
94,000
442.000
Other India shipments to Dec.2
nwOinna
110.000
Rt.mulv
Rtnadv
fitandv
6.000
RtParly
Stmdv
159.000
Stmulv
Alexandria receipts to Dec. 1-- 78,000
690,400
56.000
733,200
Other supply to Dec. 1_*_b_ _
15,000
339.000
10,000
379.000
FINAL TEXAS COTTON REPORT.
-Commissioner of
Total supply
Agriculture Geo. B. Terrell at Austin, Tex., gave out on
8,265.868 15.432.537 6,760,964 13,601,170
Deduct
Nov. 1 his final crop report for the present season. Cotton Visible supply Dec. 3
7,715,436 7,715,436 6,357,505 6,357,505
production is placed at 4,980,000bales. Mr. Terrell says:
550,432 7,717,101 403,459 7,243,665
our final estimate of the Texas cottoncrop based upon reports Total takings to Dec. 3_a
This is
Of which American
415,432 6.011,701 312,459 5,520,465
from our correspondents. It will require the final ginnings to show the
Of which other
135,000 1,705.400
91.000 1.723,200
number of bales actually ginned and the ginnings will not be completed
until February or March.
* Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
ka The U. S. Government estimates the Texas crop at 5,400,000 bales
a This total embraces since .Aug. 1 the total estimated consumption by
and the United States crop at 17,454,000 bales. If this much cotton has Southern mills, 1.824,000 bales in 1926 and 1,470,000 bales in 1925
-takings
been made, it will not all be gathered, and we should finally count only not being available-and the aggregate amounts taken by Northern
and
what has been picked and ginned.
foreign spinners, 5,893,101 bales in 1926 and 5,773.665
Our estimate for the Texas crop is 4,980.000 bales, and it is not believed which 4,187,701 bales and 4,050,465 bales American. bales in 1925, of
b Estimated.
that more than this amount will be gathered in Texas.
Ginnings in Texas up to Oct. 18 amount to 2.844.000 bales. From reINDIA COTTON MOVEMENT FROM ALL PORTS.
ports received from our correspondents this. indicates about 62% of the The receipts
of India cotton at Bombay and the shipments
crop gathered.
The reports show that 70% of the farmers favor a reduction of cotton from all India ports for the week and for the season from
acreage. The average reduction of cotton acreage, favored by individual Aug. 1, as cabled, for three
years, have been as follows:
correspondents, is 36%.
Hold Cotton and Reduce Acreage.
1926.
1926.
1924.
The present price of cotton is below the cost of production and any
Dec. 2.
legitimate means should be used to advance the price. The writer has
Receipts at
Since
Rinse
Since
been criticized for suggesting that cotton be left in the fields or that low grade
Week. Asp. 1. Week. Aug. 1. Week. Aug. 1.
cotton be burned. Such means as these would immediately raise the price
and make the remainder of the crop bring much more money than all the Bombay
47.000 252,000 94,000 442,000 64,000 233.000
cotton will bring, if none of it is destroyed. I have not suggested that any
one refuse to gather his crop to pay his debts, for I believed that every 'JerFor the Week.
Since August I.
son should pay his debts, and I have not suggested that any one burn
Exports
cotton that does not belong to him. If the total value of the crop can be
fromGreat I Conti- Japan&
Great
Conti- Japan cti
increased by these legitimate measures, it is nobody's business but the
Britain.I sent. China. Total. Britain. neut.
China.
Total.
owners of the cotton.
I believe that as much cotton as possible should be held off the market
and the acreage should be reduced at least 25% next year. This is a Bombay
21,000 21,000
1926
1,000 82.000 180,0001 263,000
time when every man should do his duty.
10,000 22,000 32,000 11,000 125,000 175,000 311,000
1925
I believe that every man should buy as much cotton as he can and plant
1924
1,605 15,000 53,000 69.000 16,000 63,000 260,000 339,000
less cotton next year, as he can buy it cheaper than he can raise it. Acreage
saved by cotton reduction should be planted to crops for soil improvement Other Indl
7,000 103,000
1926
and home necessity. It would be better to let it rest altogother than be
110,000
6.000 32,000 127,000
1,000 5,000'
1925
planted to cotton.
159,000
_
1,000 11,000
12,000
1924
The State Department of Agriculture is willing to co-operate with every
6,000 51,000
57,000
gehoi ycotton siinfs ht,tiarkst and reduce theacreage next year.
olld means f tr o a
l
Total all
the
21,000 21,0001
1926
8,000 185,000 180,000 373,000
WEATHER REPORT BY TELEGRAPH.
1,000 15,000 22,000 38,000 43,000 252,000 175,000 470.000
1925
-Reports to
2,000 26,000 .53,000 81.000 22,000 114,000 260,000 396,000
1924
us by telegraph this evening denote that as a rule the weather
during the week has been generally favorable for cotton
According to the foregoing, Bombay appears to show a
picking and ginning and this work made satisfactory progress. decrease compared with last year in the week's receipts of
In parts of Oklahoma and Texas considerable cotton was 47,000 bales. Exports from all India ports record a &crease
blown out by high winds. Much cotton, it appears, still of 17,000 bales during the week, and since Aug. 1 show a
remains in the fields in central and western Oklahoma.
decrease of 97,000 bales.
Rain. Rainfall.
Thermometer
ALEXANDRIA RECEIPTS AND SHIPMENTS.
Galveston. Texas
-We
1 day 0.06 in. high 78 low 52 mean 65
high 76 low 40 mean 58 now receive weekly a cable of the movements of cotton at
Abilene
dry
dry
high 84 low 56 mean 70 Alexandria, Egypt.
Brownsville
The following are the receipts and
dry
high 80 low 56 mean 68
Corpus Christi
high 80 low 44 mean 62 shipments for the past week and for the corresponding week
dry
Dallas
high __ low 48 mean _ _ of the previous two years.
dry
Delrio
high 76 low 46 mean 61
dry
Palestine
dry
high 82 low 48 mean 65
San Antonio
•
Taylorhigh __ low 44 mean _ _
Alexandria. Egypt.
1926.
1025.
1924.
low __ mean 63
1 day cir6.02 in. high _
New Orleans, La
December 1.
1 day 0.30 in. high 73 low 43 mean 58
Shreveport
0.03 in. high 81 low 42 mean 61 Rec ipts (cantars)1 day
Mobile, Ala
,
I day 0.20 in. nigh 74 low 43 mean 58
Savannah, Ga
Thls week
390,000
280,000
370,000
days 0.14 in. high 72 low 41 mean 57
Charleston, S.0
Since Aug. 1
3.442.836
3.671,910
4,281,056
T days 0.74 in. high 63 low 31 mean 49
Charlotte, N.0
mar
The following statement we have also received by telegraph, showing the height of rivers at the points named at
8 a. m. of the dates given:
Dec.4 1925.
Dec. 3 1926.
Feet.
Feet.
9.1
9.2
Above zero of gaugeNew Orleans
18.1
25.8
Memphis
Above zero of gauge14.1
24.9
Above zero of gaugeNashville
10.0
10.4
Above zero of gauge_
Shreveport
30.3
32.4
Above zero of gaugeVicksburg
RECEIPTS FROM THE PLANTATIONS. The following table indicates the actual movement each week from
the plantations. The figures do not inducte overlandreceipts nor Southern consumption; they are simply a statement of the weekly movement from the plantations of that
part of the crop which finally reaches the market through
the outports.
This Since
Week. Aug. 1.
TM., Since
This Since
Week. Aug. 1. Week. Aug. 1.
To Liverpool
73,522 8,000 77,884 5,750 87,330
To Manchester, &c
55,046
___- 59,860 --_- 90,228
To Continent and India- 7,000 115,763 6,750 120,465 12,250 136,355
To America
37,233 1,500 40,842 1,750 38,244
Total Rxnorts
7.0nn 281 564 1695119001151 on 7AA 2q9 167
Note.
-A cantar is 99 lbs. Egyptian ba es weigh about 750 lbs.
This statement shows that the receipts for the week ended Dec. 1 were
390,000 canters and the foreign shipments 7,000 bales.
MANCHESTER MARKET.
-Our report received by
cable to-night from Manchester states that the market in
both cloths and yarns is quiet. Demand for India is good
but China is poor.. We give prices to-day below and
leave those for previous weeks of this and last year for
comparison.
Exports (bales)-
1924.
821 Cep
1925.
83( Lbs. Shirt- Cotton
int*. Common Mtddrg
SO'UM.
UPTS8
32i Cep
Totst.
8)4 Lb,. Shirt- Cotton
Ws, Common Middrg
' to Finest.
d.
10.07
10.16
9.52
8.43
d.
d. i.6.
15K017 18 4
l5(@17 18 4
017 13 4
15'
15 @le% 13 3
d.
12.51
13.01
13.57
12.91
d.
6. •.d.
193(@203( 15 5
20 021 15 4
2034 @22 15 6
20;4022 15 6
14,4@l54( 12 6
13%014% 12 0
13%014% 12 2
13 @143.4 12 0
124(014.4. 12 0
(4)13 2
012 4
012 6
@l2 3
012 3
7.79
7.09
7.35
6.70
6.85
193.4021 15 5
18% @20% 15 2
18 @1934 14 6
18 1019)4 14 6
173(019 14 2
016 1
015 6
015 2
015 2
@l4 6
12.72
11.53
11 54
11.27
10.35
12 0
12 0
12 0
12 0
@12 2
012 2
012 2
012 2
6.88
6.95
7.03
6.92
17 01834 14
173(018% 14
17;401894 14
17 01834 14
@l4 5
@l4
@14 6
@l4 6
10.49
10.55
10 60
10.74
6.42 1634681814 14 2 014 6
10.42
Nov.
12%014%
1234 014
12% 014
12S4013,4
Dec.
12
2923
THE CHRONICLE
Dsc..4 1926.]
0133.4 120 68122
1
2
2
2
-Bessemer City. 909... _Nov. 30- Bales.
MOBILE
-To Japan-Nov.24
7.391
Steel Ranger, 6.499
7.239
-Nov. 29
-City of Alton, 7,239
To Liverpool
-Notre Dame de Fourviere,
-Nov. 22
SAN PEDRO-To Havre
1.025
1.025
100
-Cardiganshire. 100
To Rotterdam-Nov. 30
1,151
-Nov. 27
-London Importer, 1.151
To Manchester
-Nov.30
-Cardiganshire. 3,416; Knoxville City,
To Liverpool
4,515
1.099
5.175
To Bremen-Nov.30
-Erfurt, 5.175
-To Bremen-Nov. 27
7,100
WILMINGTON
-Woodfield, 7.100
-Nov. 27-Cardiganshire. 150..
150
SAN FRANCISCO-To Liverpool
-Nov. 26
-Erfurt, 280
280
To Bremen
To Japan-Nov.26-Tenyo Maru. 650: President Lincoln, 575 1.225
-Nov. 26-Tenyo Maru, 350; President Lincoln,
To China
1,675
1.325
2
PHILADELPHIA
-To Hamburg
-Nov. 13
-West Campgaw, 2
-Nov. 17-Burgerdijk, 28
28
To Rotterdam
-Nov.27
-To Liverpool
525
-Knoxville City. 525
SAN DIEGO
-City of Spokane. 200_
200
PORT TOWNSEND-To Japan-Nov.22
-Nov.27
-Ventura de Larrinaga.538
538
TEXAS CITY-To Liverpool
-Ventura de Larrinaga. 1,462
-Nov.27
1,462
To Manchester
Total
498.067
-Current rates for cotton from
COTTON FREIGHT.
SHIPPING NEWS.
-As shown on a previous page, the New York, as furnished by Lambert & Burrows, Inc., are
exports of cotton from the United States the past week have as follows, quotations being in cents per pound:
High Stan
High StandHigh Stand
reached 498,067 bales. The shipments in detail, as made
Density. ant
Density. ard.
Density. ard.
Oslo
.50e. .60e.
Shanghai .65c. .80c.
Liverpool .60e. .75e.
up from mail and telegraphic returns, are as follows:
Stockholm .60e.
.75e. Bombay .The. .90c.
Manchester.50e. .65e.
Bales.
Trieste
.60e. .75e.
Bremen
.500. .650.
-To Bordeaux-Nov. 27-Sarcoxie, 100
100 Antwerp .500•
-65e•
NEW YORK
.65e. .80e.
Hamburg Mc. .800.
Ghent
.57340. .723.40. Flume
-Nov. 24
-City of Lahore, 2,231-Nov. 29
To Bombay
Lisbon
.40c.
.553.
Piraeus
.75c. .90o.
.50c. .650.
Steel Mariner, 2,028
4,259 Havre
.60c.
Oporto
.75.3.
Saioniea .75c. .900.
To Rotterdam-Nov.26-Noordam, 167
167 Rotterdam .600. .75e.
.45^.
Barcelona
Venice
.6.1c. .75c.
.50e. .65e.
Genoa
-Nov.26-Livenza,280_ __Nov.30; Skaneland, 100;
To Genoa
Japan
.6234c. .77340.
Sangamon, 100
480
-Nov.26
To Liverpool
-Samaria. 461---Nov.30-(7), 125
586
-By cable from Liverpool we have the folLIVERPOOL.
-Nov. 30-Skaneland, 1,769
To Barcelona
1,769
-De Grasse, 1,805
-Dec. 1
To Havre
1,805 lowing statement of the week's sales, stocks,&a., at that port:
Nov. 12. Nov. 19. Nov. 26.
Dec. 3.
-To Liverpool
-Nov. 24
-Duquesne, 4,688...
NEW ORLEANS
46.000
37,000
40,000
Nov. 27-Meltonian, 8,852 -Nov. 30
-West Harshaw,
31,000
Sales of the week
24.000
23,000
23,000
17,000
479
19,017
5,
Of which American
3,000
2,000
2,000
-Nov.24
To Manchester
-Duquesne, 2,717._ _Nov. 27-Mel1.000
Actual exports
62,000
49,000
58,000
tonian. 920
3,637 Forwarded
63,000
899,000 948,000 947,000 1,024,000
To Havre-Nev. 24-Gand,4,772
4,772 Total stocks
537,000 574,000 582,000 658.000
To Dunkirk-Nov.24--Gand, 2,300
2,300
Of which American
66.000
167,000
To Antwerp-Nov. 24--Gand, 950
134,000 123.000
950 Total imports
84,000
56,000
147,000
To Oporto-Nov.25
-West Chetac, 1.678
111.000
1,678
Of which American
.Nov.27-RereTo Porto Colombia
-Nov.24-Atenas, 400.
366,000 402,000 416,000 40e,000
Amount afloat
279.000 326,000 334,000 338,0(1
dia, 100
500
Of which American
To Bremen-Nov. 27-Raimund, 5,890; Western Light, 1,000
The tone of the Liverpool market for spots and futures
-Davenport, 5,558
(additional); Oakwood, 9,723_ _ _Nov. 30
_ _ _Dec. 1-Aegina,4,592
26,763 each day of the past week and the daily closing prices of
To Warburg
-Nov.27-Raimund, 200
-200
-Nov. 27-Raimund, 100; Oakwood, 231
To Hamburg
331 spot cotton have been as follows:
To Barcelona
-Nov.27-Latcomo, 1,410
1,410
Friday.
To Japan-Nov. 27-Hotukuku Maru, 3,110-_ -Nov. 30Spot.
Saturday. Monday. Tuesday. Wednesday. Thursday.
Skramstad, 7,935
11.045
To Venice
-Nov. 27
-Generale Petitti, 6,010
6,010 Market.Moderate
To Trieste
-Nov. 27
-Generale Petitte, 1,550
demand.
Quiet.
Quiet
Quiet.
1,550
Quiet.
12:15 I
Quiet.
To Rotterdam-Nov. 30
-Davenport, 1,073.._ -Dec. 1P. M.
Spaarndam, 1.637
2,710
-Nov. 24-Middleham Castle, 6006.42
H OUSTON-To Havre
8.59
6.85
6.75
6.87
Mtd.Uprds
6.96
Nov. 26-West Moreland, 8,985-Nov.27-Connes Peak,
2,550-Nov. 30-Skipton Castle, 5,301; Brush, 7,854
6,000
7,000
6,000
5.000
25.290 Sales
3,000
6,000
To Ghent
-Nov. 24-Middleham Castle, 50-- -Nov. 26
West Moreland, 364---Nov. 27-Connes Peak, 200_
Quiet
Steady
Steady Quiet but
Quiet
Futures.
Steady
Nov.30-Skipton Castle. 2,040; Brush, 621
3,275 Market f 2 pts. adv.5 to 8 pts. 1 to 2 pts. 1 to 6 pt.& 2 to 5 pts. steady 4 to
To Rotterdam-Nov. 24-0aasterdijk, 2,800___Nov. 26decline,
decline. 7 pts dec.
decline.
opened 1 to2pts.dec. decline,
• West Moreland, 950_ __Nov. 29
-City of Fairbury, 2,073...
-Brush, 162
Easy
Nov. 30
Quiet
Barely st'y 'Quiet
Quiet
5,985 Market, 1 Q't but st'y
To Genoa-Nov. 26
-Ida Zo, 1,569__-Nov. 29-Quistconck,
1 to 2 pts.6 to 10 pta. 2 to 4 pts.6 to 12 pts.4 to 11 pts. 11 to 16
4
decline,
decline, decline. nta. decline
decline,
4,467
6.036
advance,
P. M.
To Liverpool
-Nov. 27
-Ventura de Larrinaga, 2,383_ __Nov.
-Westward Ho,' 18,729-Nov. 30-Darian, 12,774
Prices of futures at Liverpool for each day are given below:
29
Dec. 2
42,574
-Narcissus, 8,688
To Manchester
-Nov. 27
-Ventura de Larrinaga, 637- _Nov.
Fri.
Mon.
Tues. 1 Wed. 1 Thurs. 1
Sat.
-Westward Ho,690-- -Nov. 30-Darian, 100_ _ _Dec. 2
29
Nov. 27
1,438
Narcissus, 11
to
1234 1234 12341 4:00 1254 4:00 1234 4:00 12;41 4:00 1234 4:00
-Nov. 26
To Barcelona
-Cadiz, 1,775--_Nov. 27-0gontz,
p. m.p. m.p. m.p. m.p.m.'p. m.p. m.p. m.p. m.p. m.p. m.p. m.
Dec. 3.
1
.
1
3,610
53 0
'2 5
0
8
To Oslo
-Nov. 27
-Topeka, 200
d.
d.
d. 1 d.
d.
d.d. d.
d.
d.
d.
d.
300
To Voile-Nov.27
-Topeka,300
I_
INovember--------6.75 6.67 6.65 6.6 6.62
To Copenhagen-Nov.27-Topeka, 1,600; Arkansas. 400._ 2,000
i
i_iE5 i
__ __ 6.7 6.65 6.64 6.70 6.68 _ii . ii_3.55 3 7 _iDecmbr
200
To Aalborg-Nov. 27
-Topeka, 200
__ __ 6.7. 6.72 6.71 6.71 6.69 6.61 6.56 6.52 6.49 6.37 6.34
300 January
To Warburg
-Nov. 27-Topeka, 300
February
__ __ 6.80 6.74 6.72 6.77 6.75 6.62 6.57 6.54 6.51 6.11 6.37
28
To Malmo
-Nov.27
-Topeka, 28
6.85 6.79 6.78 6.80 6.78 6.69 6.64 6.60 6.58 6.4 6.43
50 March
To Gothenburg-Nov.27
-Topeka.50
April
-- -- 6.88 6.82 6.81 6.87 6.85 6.72 6.67 6.63 6.61 6.506.48
To Antwerp
-Nov. 26
-West Moreland, 100__ -Nov. 30May
6.94 6.89 6.88 6.90 6.88 6.70 6.75 6.71 6.69. 6.58 6.55
450
Sidpton Castle, 250.. Nov. 30
-Brush, 100
__ __ 6.97 6.92 6.91 6.95 6.93 6.82 6.78 8.74 6.72 6.61 6.58
To Bremen-Nov.27-Emergency Aid, 6,554
6.554 June
__ .._ 7.03 6.97 6.96 6.98 6.96 6.88 6.84 6.81 6.79, 6.68 6.65
July
To Japan-Nov. 27
2,250
-Bessemer City, 2,250
7.06 7.00 6.99 7.00 6.98 6.91 6.87 6.84 6.821 6.71 6.68
To Hamburg-Nov. 30
180 August
-Brush, 180
To 0 orto-Dec. 1-West Chectac, 1,725
1,725 September_ _ _ _ __ __ 7 08 7.02 7.01 7.02 7.00 6.93 6.90 6.87 6.85 6.74 6.72
7.10 7.04 7.03 7.00 6.98 6.96 6.93 6.90 6.881 6.77 6.75
October
To enice-Dec. 2-Clavarack,5,281
5,281
__ __ 7.09 7.03 7.02 7.00 6.98 6.95 6.92 6.89 6.871 6.77 6.75
To Trieste
-Dec. 2-Clavarac1. 200
200 Nov. 1927_
Dec. 1927_ __ __ __ __ __ -- -- _- _- __ . 6.94 6.91 6.8 6.871 8.78 6.76
GALVESTON-To Liverpool
-Nov. 24-Dorelian, 8,717- _ -Nov.
29
-Norwegian, 12,316; Narcissus, 1,583; Ophis, 12.355;
Ventura de Larrinaga. 4,476
39,447
To Manchester
-Nov. 24-Dorelian, 301_ _ _Nov. 29
-Norwegian. 1,459: Narcissus, 204; Ophis, 1,814; Ventura de
Friday Night, Dec. 3 1926.
Larrinaga,4,731
8,509
To Barcelona-Nov. ,
i-Mar _______ --5- ; .00liz, 7
,W7
a
9 - 5'7
,
Flour has been rather quiet here, in sharp contrast with
Nov. 29-0gontz.4,171
21.615
the recent big business reported in the Southwest. Kansas
To Bremen-Nov. 24-Edgemorit:_ - 0,6i.0
__v": _it. -West
1- - - -=
Durfee, 11,087- _ -Nov. 29-Sagoland, 12,i59
33,856 City sold last week 300,000 barrels. In the Northwest Pour
To Japan-Nov, 23-Fernbank, 2.600.__Nov. 26
-Liberator,
sales increased to a good volume on the recent decline in
3,867.. Nov. 29
-Wales Maru, 17,600; Calcutta Maru,
8,450_ _-Nov. 30
-Bessemer City, 4,350
36,507 wheat and the mills there are said to have been operating
To China
-Nov. 26
-Liberator, 350
350
at 90%. Thttt was a distinct gain 'is compared with pre-Nov, 29
To Havre
-Maryland, 9,559; Connes Peak, 7.067;
Middleham Castle, 5,071
21,697 vious weeks. Some lots of 5,000 barrels and even of 10,000
To Antwerp
-Nov.29-Connes Pea,
Castle,
; iddieham
Northwest. Sonic foreign
4,
4,661 barrels were, it seems, sold at the
-Nov. 2iiviccllr
To Ghent
business was done there, though it does not appear to have
aiiii,_i, :)nneseai,
855
1,305 been large; quite the contrary. South America took some
To Genoa-Nov.- 29feiso. 1:25_ -- ;
0
------ Ida 7;:;.
_____
36228,072 patents and also the Continent, though ocean freights were
To itotteiolim-Nov. J§=61.a61E37. of Eair
sierciiiii.
interfere with export business. The 'Cabury,524
5,360 still so high as to
To Hamburg=dsfov. 29-Ia:ic;lan- - tiO
d,
200 nadian Weekly Trade Review" says that along IN ith the
To Venice
-Nov, 29-Clavarack, 3.419
3,419 general decline in the outward movement of tal grains from
-Nov. 29-ciavarack. 510
To Trieste
510
NORFOLK
-To Rotterdam-Nov. 27
-West Arrow, 500
500 Canada flour also showed a loss, with the exports for the
To Genoa
-Nov. 29
-Sangamon, 5,450
5,450 three months estimated at 2,034,403 barrels, against 2,368,To Manchester
-Nov.30
-Cold Harbor,500; Conehatta, 1.075 1,575
214 last year. Later prices here were stronger with those
To Bremen-Nov. 30
-West Harcuvar, 7,142-Dec. 2Muria, 3,765 _____
10.907 for wheat.
To Japan-Dec. 3-Deucalion, 7,W
7,050
Wheat advanced early in the week and then reacted,
SAVANNAH-To Liverpool
-Nov. 27
-Median, 3,852; Liberty
Olo, 8,621
12,473 partly owing to surprising increase in the United States
Manchester
-Nov. V7 Mealan,Liberty Glo, 707
To
-4,074
visible supply last week of 386,000 bushels. A decrease had
To Bremen-Nov. 26-Taifun, 1,900___Nov. 27
-Woodfield,
10.443; Eastern Victor, 3,967
16,310 been expected. A year ago the increase was 461,000 bushels.
To Hamburg
-Nov.26-Talfun,711_ _ -Nov. 27
-Eastern Vicwas only 44,771,000 bushels; now it is 72,tor. 1,362
2,073 But then the total
To Rotterdam-Nov. 27
-Eastern Victor, 1,284
1,284 944,000 bushels. Also, Russia was offering wheat freely.
-Nov. 27
To Antwerp
-Eastern Victor, 100
100
weather in Argentina was good. That had its influenee.
-Nov. 27
-Eastern Victor, 379
To Ghent
379 The
To Japan-Dec. 2-Silverbeech, 4,000
4.000 Canada was offering heavily in Liverpool. Winnipeg was
To China-Dec. 2-Silverbeech 3.200
Liverpool fell 1 to 1%d. on the 29th and Buenos
CHARLESTON-To Liverpool
-Nov. 26
-Liberty Glo, 1,225-- 1.225 lower.
-Nov. 26
To Manchester
-Liberty Glo, 430
430 Aires % to 1c. Export business was small. Estimates ef
B RE ADSTUFFS
2924
THE CHRONICLE
[Vol.. 123.
the Argentine erop ranged from 208,000,000 to 2:29,000,000 ing. For all that, however, final prices show a rise for the
bushels, with an exportable surplus of 150,000,000 bushels, week of 2 to 2%c.
according to one estimate. Argentina is said to be underDAILY CLOSING PRICES OF CORN IN NEW YORK.
selling Canada. That hit the price on the 80th. And the
Sat. Mon. Tues. Wed. Thurs. Fri.
No.2 yellow (new)
cts 88
8731 87
9031 9131 9031
export business was still small. Rains in northern Ai genDAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
tina were considered bad, but elsewhere the crop snemed to
Sat. Mon. Tues. Wea. Thurs. Fri.
be doing very well. Russian wheat for January shipment December delivery in elevator_cts- 7131 7031 701 73
74% 733i
May delivery in elevator
80
sPomed to be offering in Europe at about the same price as July deliverifin elevator
79
79
72
8231 82
83
82
82
84% 8531 8431
No. 2 Northern. Some 500,000 bushels of American Jurum
Oats declined with other grain and developed no features
sold for export. New York was selling in Chicago on a
scale that attracted attention. Not a few now take a bear- of special interest. That would be something new indeed in
ish view of world's statistics. Harvesting is about to begin oats. The United States visible supply decreased last week
In Argentina. Russian and Argentine wheat is offering in 26,000 bushels, against 120,000, making the total 48,365,000
Europe at prices much below American, even with freight bushels, against 64,282,000 a year ago. December liquidation had a noticeable effect. On the 1st inst. oats were firm
rates generally lower, especially for distant shipments.
The "Canadian Weekly Trade Review" estimates that with corn and some buying on the prospects of a better cash
for the three months ending with October total exports of demand. Deliveries at the West on December contracts
wheat from Canada were 50,689,335 bushels, against 73,107,- were liberal, but were promptly taken. Prices advanced on
/
2
936 bushels for the same period a year ago. Argentine the 2d inst. 11 to 'The., with a better demand and an upward
December wheat has been quoted recently at 10c. a bushel impetus from the rise in corn.
To-day prices were independently strong. The ending
under Chicago December. Many trade interests believe that
1c.
2
this will tend to make foreigners hesitate to buy North was at a net rise of % to / The demand- was distinctly
American. Leading operators for a time were inclined to better. Commission houses had more buying orders. Professionals took hold. Receipts were moderate. It was said
hold off. There is more December short covering to be
done and it may hold the market for the moment. On the that 600,000 to 800,000 bushels of Chicago oats would be
2d inst. shorts took the alarm on finding offerings'smaller, shipped East by cash houses. At Minneapolis there has been
an oversold situation, firmness in Minneapolis, predictions a big cash business within 48 hours. A bull point which is
of rain in Argentina, a reduction of 9,000,000 bushels in the being discussed more than heretofore is that the crop is
crop estimates there and heavy covering in Chicago. In two smaller than that of last year in most countries. The visible
days prices there advanced 3% to 4%c. Lower prices in supply is under that of last year. It is asserted, too, that
Liverpool and sluggishness in Buenos Aires were outweighed over 50% of the American supply is of high grade. Final
by the technical and other considerations. At Minneapolis prices show a rise for the week of 12 to 2%c., the latter
/
1
on December.
the cash demand was good.
To-day prices closed lower by Y to lc. at New York, %
2
DAILY CLOSING PRICES OF OATS IN NEW YORK.
to lc. at Chicago, % to %c. at Minneapolis and % to 1%c. at
Sal. Mon. Tues. Wed. Thurs. Fri.
No. 2 white
cts 52
5131 5131 5231 5331 55
Winnipeg. Liverpool cables were disappointing. Argentine
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
prices were lower. The weather was better there. Export
Sar. Mon. Tues. Wed. Thurs. Fri.
demand in this country was nothing great. Total sales December delivery in elevator_cts_ 4031 4034 4031 4231 4331 5376
May delivery in elevator
45,6 4534 4554 46,-4 4734 4831
were stated at 400,000 to 500,000, including 200,000 bushels July delivery in elevator
4534 4531 4531 4631 47
473-4
of No. 2 Northern at 414c. difference at Buffalo. Decem- DAILY CLOSING
/
PRICES OF OATS FUTURES IN WINNIPEG.
ber here closed at 31
4c. under May. On rallies there was
Sat. Mon. Tues. Wed. Thurs. Fri.
November
considerable profit taking. It is true that deliveries were December delivery in elevator_cts- 5734 54
5331 -----delivery in elevator
5531 543-4 5331 5431 554 gm
small. December was relatively firm for a time. Reports May delivery in elevator
57
5631 56
57
57%
that vessels had been chartered to take wheat out of ChiRye declined early in file week in response to lower
cago had a momentary effect. But the East sold there. prices for
The decline in Winnipeg discouraged Chicago. The Cana- creased lastwheat. The United States visible supply deweek 595,000 bushels and that of barley fell off
dian Railway dispute is said to have been settled. Freight 205,000
bushels. Of rye the total was 12,889,000 bushels; of
rates were easier. Gulf premiums were nearly lc. lower. barley it is
4,882,000
North American exports for the week were stated at 11,681,- On the 2d inst. prices bushels, against 6,673,000 last year.
rose % to 1%c. in response to a higher
000. World shipments from present appearances will ap- market for wheat,
though no export business was reported.
proximate 13,600,000 bushels. Canadian marketings were
To-day prices were irregular, closing / lower to %c.
1c.
2
rather small. Stocks at Argentine ports are said to be small. higher. The irregular tone
was traceable to the fluctuations
The exportable surplus of old Argentine wheat is stated at in wheat. Some small
export sales were reported of rye,
a little under 40,000,000 bushels. Chicago closing prices that is to say, about 40,000
bushels.
show a rise for the week of % to 12 on May and De- one or two cargoes would be shipped Chicago reported that
/
1e.
out of that port. That
cember, with July down %c.
steadied December. Final prices were at a decline of %
CLOSING PRICES OF DOMESTIC WHEAT AT NEW YORK.
to 1%c.
Sat. Mon. Tues. Wed. Thurs. Fri.
December delivery
cts_13931 139
13731 139q 141% 141%
May delivery
143% 143% 142
143
145% 14431
July delivery
136% 137% 136
1377 138% 137
CLOSING PRICES AT NEW YORK FOR WHEAT IN
BOND.
Sat. Mon. Tues. Wed. Thurs. Fri.
December delivery
cts_140% 14031 139
14031 1414 14131
May delivery
14031 14031 149
14031 14131 14031
DAILY CLOSING PRICES OF WHEAT IN NEW
YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 red
cts_1493 14931 14831 15031 15231 15231
4
DAILY CLOSING PRICES OF WHEAT FUTURES IN
CHICAGO.
Sat. Mon.
Wed.
December delivery in elevator_cts_135% 1351/ Tues. 1361 Thurs. Fri.
134
13831 13831
May delivery in elevator
139
13831 137
139
14131 1404
July del very in elevator
13231 132
131
1327 13331 13231
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
November delivery in elevator_cts_135
13531 132
____________
December delivery in elevator
13131 13031 12931 1301 131
130
May delivery in elevator
135
13531 133
1347 136
135
July dellvery in elevator
134
13435 133
134
1364 13531
DAILY CLOSING OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
December delivery hi elevator_cts_ 9031 8831 87
8834 893-4 90
May delivery in elevator
9734 9631 9534 96
9731 97
July delivery in elevator
9631 96
9534 9631 9731 96
Closing quotations were as follows:
GRAIN
Wheat, New York—
jOate, New York—
No. 2 red f o.b. new
I 5231
No. 2 white
55
No. 1 Northern
1 6131
No.3 white
5334
No. 2 hard winter, f.o.b.-1 5631 Rye, New York—
Corn. New York—
No. 2 f.o.b
10631
No. 2 yellow (new) N. Y..__ 9031 Barley, New York—
No.3 yellow (new)
88
Malting as to quality..,.__80@82
FLOUR.
Spring patents
$7 35@$7 70 Rye flour patents
$6 00@$6 35
Clears,first spring
6 75@ 725 Semolina No.2.1b
Soft winter straights___ 6 40@ 6 75 Oats goods
2 85 2 90
Hard winter straights__ 7 25
7 60 Corn flour
2 30@ 236
Hard winter patents___ 7 60 8 00 Barley goods—
Hard winter clears
6 15
6 90
Coarse
3 75
Fancy Minn. patents__ 8 85
9 70
Fancy pearl Nos. 2.3
City mills
9 00 9 70
and 4
7 00
For other tables usually given here. see page 2E59.
Indian corn dropped % to lc. on the 29th under the effect
of liquidation in December. It fell to 9 c. under May, the
/
1
2
widest difference this season. The visible supply statement
WEATHER BULLETIN FOR THE WEEK ENDED
surprised and disappointed the bulls. It decreased only NOV. 30.—The general summary of the weather
bulletin
138,000 bushels, though it is true that in the same week last issued by the Department of Agriculture, indicating the
year there was an actual increase of 944,000 bushels. But influence of the weather for the week ended Nov.30,follows:
About the beginning of the week there was a general warming
the total was 29,965,000 bushels, or close to 30,000,000 bushup over
the central and eastern portions of the
els, as against only 2,456,000 bushels a year ago. Besides, tures were above normal everywhere, country, and by the 24th temperaexcept in the far Northwest, where
the weather was fine. And there was more or less liquida- lower readings prevailed attending tne development of a high pressure
tion of December. The market did not impress people fa- area over that section. Storms were active. The most severe one of the
week moved from eastern Colorado on
the 25th to
vorably. On the 30th the tone was firmer without showing lower St. Lawrence Valley on the 27th. the morning of disturbance the
Attending this
any marked advance. The Central West offered corn to the or snow was general over the eastern half of the country, except in rain
the
more southern sections, and severe
California market at prices too high for business. Buyers South-Central States, principally in local storms were experienced in some
Arkansas and Missouri.
Following this storm, fair and much colder weather prevailed
ere using barley and Argentine corn to much better price the
east of
Rocky Mountains, but temperatures were
advantage.
of freezing did not extend as far south asnot unusually low, as the line
during some recent weeks.
The
To-day prices ended % to lc. lower, partly in sympathy the second general storm of the week passed over Northern States from
far Northwest to
the
with a decline in wheat. More than that, the weather was by precipitation much the Lake region on the 27-28th, but was attended
less general than in
other case,
good. Short selling increased. Cash markets were rather time higher temperatures were the rule east of the Rocky and at the same
Mountains.
Low pressure persisted off the Pacific coast, in the
central and northern
unsteady. The cash demand was only moderate. Receipts, portions tnroughout the week, and precipitation
was of
ocit is true, were not heavy. Country offerings did not appear currence in the far Western States, except that it was lessnearly daily the
frequent in
to be large on the decline. And the Iowa crop is said to have extreme South. General and heavy rains occurred in California about
the middle of the week, and heavy
reported
farther north
been over-estimated fully 50,000,000 bushels by the Govern- the latter part. Persistently warm falls wereprevailed from of the Rocky
weather
west
Mountains where the
ment. The quality there is declared to be.lower than for normal for nearly two temperatures nave been almost continuously above
months.
some time past. Nevertheless, the tone was weaker. The
In general, the week was warm for the season over much the greater
portion of the
technical position was not so strong. There as less cover- peratures were country, as indicated by Chart I. The weekly mean temsubnormal over a comparatively small area from the west_
DEC. 4 1926.]
THE CHRONICLE
ern Lake region westward to the Rocky Mountains where the temperatures
ranged from 4 deg. to as much as 15 deg. below the seasonal average.
Elsewhere it was generally warm, although from the Onio Valley eastward
and from North Carolina northward the plus departures from normal
temperatures were mostly small. In the Southwest and west of the Rocky
Mountains abnormally warm weather prevailed, with the excess in temperature ranging from 9 deg. to as much as 14 deg. The minima for the
week were moderate, as freezing extended southward only to southern
North Carolina, northern Tennessee, and northwestern Arkansas. and
the lowest reported for the week was only slightly below zero at a few
scattered points in the extreme North. In the Gulf coast sections the
lowest reached was about 50 deg.
Chart II shows that the weekly precipitation was moderate to light in
nearly all districts east of the Rocky Mountains, although a few localities,
principally in the western Lake region, Tennessee. Kentucky, and the
Middle Atlantic area, had fairly heavy falls. West of the Rocky Mountains precipitation was widespread and mostly heavy, with generous to
substantial amounts in the neretofore dry Plateau districts and heavy to
excassive falls in the central coast area. Some California stations reported about 8 inches for the week, and the Great Valley received amounts
ranging from 2.5 to nearly 5 inches.
Except in central-northern districts, the Lake region, and the northern
Ohio Valley States, where either cold weather or frequent precipitation
interfered with outside work, weather conditions during the week were
much more favorable than recently. In the interior valleys there was
less precipitation, and the warmer weather made better conditions for
seasonal operations, while in the more northern States grain and grass
were fairly well protected by snow.
In the south Atlantic area the warm, dry and sunny weather, following the recent copious rainfall, made ideal conditions for winter trumc
crops and cereals, and there was very little interruption to field work.
The mostly light rainfall and generally warm weather were favorable in
the Gulf States, conditions being especially improved in the northwestern
cotton belt. In the central Plains, field work and grains were favored,
but in the northern Plains States the week was generally cold, disagreeable and unfavorable.
In parts of the central Rocky Mountain States and the west-central
Great Plains, unfavorable drought continued, but droughty conditions
were relieved by generous to heavy precipitation in nearly all sections
west of the Rocky Mountains. The rain or snow in this area was of great
benefit in general, though there was some damage by flooding and washing in parts of the Pacific area. More rain is needed for desert pastures
n parts of the far Southwest.
• SMALL GRAINS.—In the eastern winter wheat belt the crop is making
slow growth, but is generally doing well and appears to be establishing a
good root system. In the western belt conditions continued favorable.
except where it remains too dry in the west-central Great Plains, including the western third of Kansas and some adjoining sections to the westward and southward. In the central and eastern portions of Kansas,
In Oklahoma and Nebraska the condition of the crop is very good. West
of the Rocky Mountains precipitation was favorable for the wheat crop,
and the warm weather, following the increased soil moisture supply in
the south Atlantic area, favored germination and growth and facilitated
further seeding. Oat seeding progressed slowly in central Gulf States,
but the crop is fair to good in the more southeastern districts. In the
North-Central States winter grains are fairly well protected by snow.
CORN.—The warmer weather and some additional rainfall made fields
soft and muddy in the eastern half of the corn belt, and husking made
rather slow progress, with some sections reporting deterioration in quality. It was rather unfavorable for gathering corn in eastern Iowa. but
good progress was made in most other sections of that State, though much
moldy corn is reported. In western Missouri and the Great Plains, conditions were generally favorable and the gathering of the crop made satisfactory progress, which was also the case in the Southern States. There
was some interruption by rain to husking in the middle Atlantic area and
the Northeast.
COTTON.—The generally warm weather and cessation of rains in thenorthwestern portion of the cotton belt made better conditions for picking and ginning and this work advanced favorably. In Arkansas most
of the crop has been gathered, except in the eastern and northeastern
portions, but much is still in the fields in central and western Oklahoma.
Considerable cotton was blown out by high winds in Oklahoma and northern Texas, and there was some loss by local storms in the northeastern
part of the belt. Picsing in the latter area made generally good advanca,
with favorable weather prevailing.
2925
THE DRY GOODS TRADE
Friday Night, Dec. 3 1926.
Markets for textiles developed irregularity during the
past week. While such items as rayons, silks and linoleums in the floor covering division were lower, cottons
and linens continued relatively firm and active. Woolens
and worsteds were likewise firm, but business was seasonably quiet. In regard to rayons, several of the largest producers reduced prices from 5 to 30 cents per pound to the
lowest level in the history of the industry. This was the
second reduction since July 1 and the result of excess production, accumulated stocks and keen competition among
both domestic manufacturers and importers. Also, the deflation of cotton and silk prices were factors. However,
with the reduction, it is hoped that consumption will be increased proportionately. As to silks, prices for the raw
product have dropped below the $6 level for the better
grades, despite efforts on the part of the Japanese Government to maintain values. The tendency of prices to sag
has continued for so long a time that it appears as though
only a substantial quickening in demand for the finished
fabrics can successfully stabilize the market. Buyers for
the latter have been delaying the placing of forward business, but now that wholesalers' inventories are finished, it
is hoped that more activity will develop. Meanwhile, business has been most irregular, with some items in fairly
good demand, while others have been lethargic. In the
floor covering division, new lists which were named on the
leading lines of linoleums showed reductions on the plain
and felt base goods. Lower prices on jute foundations and
other components used in production were given as the
cause of the revision.
DOMESTIC COTTON GOODS.—Business in the markets
for domestic cotton goods continued fairly active. Prices
were firm and new lists issued by the leading manufacturers furnished assurances that they would continue at.present levels through March at least. During the week it was
announced that prevailing prices on print cloths would be
held for December-March deliveries. A number of manufacturers are scheduled to name new prices within the near
future on various lines of merchandise. When the new
lists are issued it is expected that they will be on a basis to
encourage a good volume of business. Both buyers and sellers are becoming convinced that the price levels now being
established will probably be the lowest witnessed for some
time. This has encouraged operators to cover their needs
on many of the special items. They have been likewise operating on print cloths, taking cognizance of the sold-up conditions of the largest manufacturers and the light inventories carried by first and second hands. Although production of the latter has continued high, it is evident that conThe Weather Bureau also furnishes the following resume sumers have been paying for, and have found satisfaction
In the goods offered. Besides this, a good business is reof the conditions in the different States:
Virginia.—Richmond: Temperatures about normal, rainfall moderate to ported in denims, tickings, ginghams, khakis and other colcopious. Favorable for winter grains, pastures, and replenishing water ored materials. Orders for many of the foregoing run into
courses. Farm work well in hand. Severe local windstorms in south
the first half of next year. Bleached cottons, including
and southeast on Friday.
North Carolina.—Raleigh: Mild; favorable for seeding and germina- sheets and pillow cases, have been also moving well and
tion ofsmall grains planted recently; wheat coming to good stand. lbettuce.
to sell more freely for spring concabbage, and other hardy truck doing well. Good progress in husking wash goods are beginning
corn, but rather slow in picking cotton; much yet remaining in fields and sumption. Many inquiries for various light weight construcsome beaten out on ground by wind, rain, and scattered hail.
substitute for burlap coverings
South Carolina.—Columbia: Generally mild weather favorable for winter tions for bag purposes as a
cereal germination and growth of wheat, oats, rye and hardy winter truck. are becoming more positive. It is now believed that the
Plowing continues and considerable winter grain yet to be planted. Cot- small trial orders will broaden within the near future.
ton picking proceeding slowly in northwestern counties and isolated sections
elsewhere. Severe thunderstorms with much hall in northern tier of Print cloths, 28-inch, 64 x 64's construction, are quoted at
counties on 26th.
64 x 60's, at 4%c. Gray goods in the 39Georgta.—Atlanta: Warmer weather, with frequent but very light rains, 5%c., and 27-inch,
favorable for agricultural interests. Cereals all growing nicely; seeding inch, 68 x 72's construction, are quoted at 7%c., and 39-inch,
continues, but nearing completion in many counties. Grinding cane and 80 x 80's, at 9%c.
making sirup progressing favorably. Hardy truck in south doing fairly well.
WOOLEN GOODS.—With the exception of a rather heavy
Florida.—Jacksonville: Dry, sunshiny weather; favorable for farm work.
and plowing advanced. Citrus fruits. including satsumas in west, ma- call for blue overcoatings and suitings for spot delivery,
tured nicely; lame shipments continue. Cabbage, celery and lettuce improved; bean shipments active. Strawberries doing well. Oats fair to markets for woolens and worsteds remained seasonably
good progress; sowing resumed. Stubble cane improved and truck planting quiet. Prospects are for a continuation of these conditions
advanced in south where land drying. Moderate showers needed over
until manufacturers have a clear idea of probable retail
much of peninsula.
Alabama.—Montgomery: Temperatures averaged considerably above needs. In the men's wear division it was noticed that many
normal; scattered, light showers first half and showers, mostly light, general
at close. Cotton season practically ended. Harvesting corn and digging of the fancy lines have not been selling in retail channels
- as well as expected. Reports indicate that consumers have
sweet potatoes nearly finished. Sowing oats progressing slowly; early
planted doing fairly well. Truck and winter vegetables doing well in
south. Pastures mostly poor. Grinding sugar cane continues. Satusma Invariably turned to the more conservative designs and
oranges ripening slowly.
fabrics. New heavy weight lines are expected to be opened
Missismppi.—Vicksburg: General, moderate precipitation in north and
central on Thursday and Friday, with light rain in south and moderate to about Feb. 1 with prices but little changed. During the
heavy elsewhere on Monday. Progress in picking and ginning cotton and week new prices were named on part wool blankets by some
housing corn mostly fair in north and central and generally finished elseof the leading producers at levels low enough to insure a
where,. except scattered cotton abandoned. Progress of pastures poor.
Louzsiana.—New Orleans: Warm, with little rain, favorable for out- wide distribution for the coming year. Concessions rangdoor work, but unfavorable for cane, especially where windrowed. Cane ing
from 10 to 20% have accentuated the reductions as a reharvest making good progress, but results continue mostly poor. Some
corn, hay. potatoes, and remnants of cotton housed. Considerable plowing sult of the large cotton crop, Prices for the all-wool lines,
Pastures and winter crops generally in good condition.
in progress.
Texas.—Houston: Week warm and dry; favorable for field work and however, were in many instances unchanged, owing to the
cotton picking made good advance; considerable open cotton blown out strength of raw wool.
by high winds on 25th. Plowing progressed good and oat seeding conFOREIGN DRY GOODS.—Business in the linen markets
tinued. Condition of wheat, oats, truck, and pastures good; growth
slow in drier sections and general rain needed for growing vegetation. continued of satisfactory proportions and prospects were
Citrus maturing favorably and shipments largo.
bright. Novelty fabrics received most of the
Oklahoma.—Oklahoma City: Moderate temperatures and no precipitation considered
favorable for farm activities. Fairly good progress in picking and ginning attention owing to the proximity of the Chr4tmas holidays.
cotton, but largo per cent of crop still in fields in central and west portions: Such items as fancy towels and luncheon sets, suitable for
considerable open cotton blown out by high winds. Harvesting corn and
keit' well advanced. Wheat generally in good condition, but late-planted gift purposes, were reported to have been in ,constant reneeds rain in west portion. Pastures fair to good.
quest. As to the dress linen division, conditions were conArkansas.—Little Rock: Favorable for picking; nearly all picked, except
promising owing to the fact that stocks
in eastern and northeastern portions where considerable still in fields. sidered much more
Favorable for other farm work; crops nearly gathered in most portions. have been greatly reduced, thus making it necessary for
and meadows good.
Wheat, oats, rye,
Tennessee.—Nashville: Prevailing warm weather, with frequent precipita- buyers to order many of the wanted fabrics ahead. Handtion, excellent for growth of all grains, but prevented complete seeding kerchiefs have likewise been selling in larger quanties, as
of last of intended wheat acreage, and delayed farm work. Early-seeded have certain grades of damasks. Burlaps have continued
wheat in fine condition and rye, barley, and clover doing well.
Kentucku.—Louisville: Temperatures variable; generally moderate and quiet, owing to uncertainty as to the extent cotton will be
favorable. Grains making some growth and doing well. Fair progress substituted in the manufacture of bagging. Light weights
in corn gathering, but some delay by showers and soft fields. Considerable
are quoted at 6.85c. and heavies at 8.70c.
tock still on pasture.
2926
THE CHRONICLE
**tate an Tity pepartuunt
[Vol,. 123.
NEWS ITEMS
Alabama (State of).—Governor Calls Special Session of the
Legislature.—Governor Brandon has issued a proclamation
MUNICIPAL BOND SALES IN NOVEMBER.
Long-term State and municipal borrowing continued small calling a special session of the Legislature toconvene at 12m.
Dec. 28. The Governor designated the following subjects
in November, the grand aggregate of bonds awarded being and matters as matters for the consideration of the Legislano more than $63,559,902. In October the bonds placed ture:
1. To submit to a veto of the electorate of Alabama a constitutional
totaled $98,714,835. The amount put out in November
amendment authorizing the issuance and sale
of Alabama of
a year ago was $66,926,289. Issues of $1,000,000 or over bonds not to exceed in value $25.000,000, for by the State of constructing
the purpose
and maintaining roads, highways and bridges in the State,said bonds to be
disposed of during November were:
in addition to those heretofore authorized for such purposes.
$5,000.000 5% Los Angeles County Flood Control District, Calif.,
bonds sold to a syndicate headed by R. H. Moulton & Co. of Los Angeles
at 102.635, a basis of about 4.74%.
$2,800.000 434% Akron, Ohio, bonds, awarded to a syndicate headed by
Lehman Bros. of New York at 100.03, a basis of about 4.49%.
$2,400,000 5% San Francisco, Calif., Het,ch Hetchy water bonds, sold to
a syndicate headed by the Guaranty Co. of New York at 107.559, a basis
ofabout 4.43%.
Two issues of 5% Los Angeles City School Districts, Calif., bonds,
aggregating $2,000,000. The high school district bonds in the amount
of $1,000,000 were awarded to a syndicate headed by the Harris Trust
& Savings Bank of Chicago at 104.352, a basis of about 4.63%. The
grammar school district bonds in the amount of $1.000,000 were sold Co
the same syndicate at 104.454, a basis of about 4.62%.
$1.985.000 434% Newark, N. J., bonds, taken by Roosevelt & Son of
New York and associates at 100.80, a basis of about 4.19% •
$1,882,000 Trenton, N.J., bonds,sold to a syndicate headed by Graham,
Parsons & Co.of New York as 43s at 100.91, a basis of about 4.17% •
Seven issues of 5% Beaumont, Texas, bonds, aggregating $1,250.000,
awarded to a syndicate headed by Geo. H. Burr & Co. of New York at
101.639, a basis of about 4.83%•
Two issues of Passaic, N. J., bonds, aggregating $1,146,000, were sold
as follows: To a syndicate headed by Phelps, Fenn & Co. of New York,
$1,083,000 bonds as 4345 at 101.57, a basis of about 4.32%. and a $63,000
issue to the City Trust Co. of Passaic as 4345 at 101.66, a basis of about
4.35%.
$1,000,000 State of Alabama harbor improvement bonds awarded to a
syndicate headed by the First National Bank of New York as 43 at 100.03,
,
1's
a basis ofabout 4.24%.
$1.000,000 43.4 % Orleans Parish School District. La., bonds sold to a
syndicate headed by Geo. H. Burr & Co. of New York at 100.799, a basis of
about 4.58%.
$1,000.000 St. Paul, Mimi., bonds taken by the city's sinking fund as
430 at par.
In addition to the above there were also sold during the
month of November $329,500 4%% bonds by the Government of Philippine Islands. The bonds were taken by the
Mercantile, Trust Co. of St. Louis at 100.51, a basis of
about 4.47%.
Securities of a temporary nature were negotiated during
November in the amount of $12,262,000. This includes
$7,315,000 issued by New York City. New York City
also issued during November $9,200,000 3% general fund
bonds for taking up snip'us revenues of the sinking fund.
Due to the borrowings on the part of the City of Toronto,
Ont., and the Province of Saskatchewan, Canadian bond
disposals during November reached a total of $14,828,499.
Toronto's issue, bearing 4%% interest, made up of twelve
issues, amounts to $7,722,000. The issue disposed of by
the Province of Saskatchewan also bears 4%% interest and
totals $2,500,000.
Below we furnish a comiiarison of all various forms of
obligations put out in November during the last five years:
1926.
1925.
1924.
1923.
Total
100,231,901 112,344,101 132,369,329 156,382,894 92,554,602
* Includes temporary securities issued by New York City, $7,315,000 In 1926,
$28.600,000 in 1925, $24,999,500 in 1924, $23,794,000 In 1923 and $31,675,000 in
1922.
The number of municipalities emitting bonds and the
number of separate issues made during November 1926
were 294 and 403,respectively. This contrasts with 380 and
546 for October 1926 and with 281 and 392 for November
1925.
For comparative purposes, we add the following table
showing the aggregate of permanent loans for November and
the eleven months for a series of years:
1926
1925
1924
1923
1922
1921
1920
1919
1918
1917
1916
1915
1914
1913
1912
1911
1910
1909
For the
11 Months.
51,171,476,991
1,241,650,345
1,305,270,172
949,473,914
1,034,567,913
988,081,613
627,711,624
629,435,991
273.572,370
418,719,565
421,361,571
463,644,631
444,862,916
358,611,490
358.993.919
360,830,804
283,414,600
307,673,842
1908
1907
1906
1905
1904
1903
1902
1901
1900
1899
1898
1897
1896
1895
1894
1893
1892
Month of
November.
$28,427,304
4,408,381
12,511,550
25,888.207
32,597,509
14,846,375
13,728,493
6,989,144
9,956,685
8,790,489
7,721,284
6,868,775
34,913,894
6,524,901
4,549,580
7,300.770
5,176,012
For the
11 Months.
$285,747,250
213,924,703
180,483,172
174,825,430
240,819,161
138,789,253
136,895,772
116,092,342
123,572,311
113,131,780
95.778,450
120,128,531
95,831,773
105,475,839
103,689,851
60,114,709
80,526,266
Owing to the crowded condition of our columns, we are
obliged to omit this week the customary table showing the
month's bond sales in detail.jkIt will be given later.
Arlington County (P. 0. Alexandria), Va.—$750,000
Water System Bonds Held Valid by State Supreme Court of
Appeals.—The validity of the $750,000 4% water bonds,
part of which were sold on Sept. 28 (V. 123, p. 1784), has
been upheld by a decision handed down on Nov.26 by the
Virginia Supreme Court of Appeals. We quote the follow
ing with regard to the case from the Washington "Post" of
Nov. 27:
The validity of a $750.000 bond issue for a modern water system In
Arlington County was upheld by a decision handed down yesterday by the
Virginia Supreme Court of Appeals in the case of E. L. Kirkpatrick and
others against the Board of Supervisors. The suit was instituted by certain
citizens to test the validity of the bond issue authorized by a vote of the
taxpayers. They sought an injunction to restrain the respondents from
issuing the bonds, but it was denied by the lower court.
According to State Senator Frank L. Ball, this is a record for a decision
from the Supreme Court of the State. The case, which was brought by
Kirkpatrick and others against the Board of Supervisors, was flied in the
Circuit Court of Arlington County, Oct. 26, with a decision the same day.
Oct. 28 an appeal was noted by Attorneys Ball and Cloth. Nov.9the Case
was heard Wore the State Supreme Court.
Dominican Government.—Proposals tiv= on $5,000,000 Loan.—The Secretary of State of Finance and Commerce
in Santo Domingo City will receive sealed bids until 4 p. m.
Dec. 16 for $5,000,000 bonds of a total loan of $10,000,000
authorized by Act of Dominican Congress No. 516 of Oct. 9
1926. The bonds will run for a period of fourteen years,
will bear interest at the rate of not more than 5M% annually,
be redeemable at 101 and their redemption will begin Oct. 1
1930 at a rate of not less than $1,010,000 a year. The
Dominican Government will have the privilege to call for
redemption at any date after 1930 the bonds of this issue in
whole or in part. The bids are to be made free of any extra
charge at not less than 92, it being understood that the
Dominican Government will not pay any commission for
the sale, ttc. Pending the preparation and delivery of the
definitive bonds already signed, a temporary bond will be
granted to the best bidder which will be signed by the Mimster Plenipotentiary of the Republic in Washington in accordance with Act of the Dominican Congress No. 516. Bonds
will be exempt from all taxes, present or future.
North Carolina (State of).—$2,000,000 World War
Veterans' Loan Bonds Voted.—On Nov. 2 the $2,000,000
"State of North Carolina World War Veterans' Loan Bonds"
voted upon on that date (V. 123, p. 2291) were carried.
The vote cast was 65,951 'for" to 26,084 "against." The
bonds will bear interest at a rate of not exceeding 5% per
annum, payable semi-annually; will be coupon or registered
bonds of the denomination of $100 or some multiple thereof,
and will be payable 20 years from date of issue.
1922.
perm'tioluis (11.8.)- 63,559,902 66,926,289 74,765.203 98,521,514
*Temp. Ins (U.S.)_ 12,262,000 37,251,596 38,036,426 38,506,626 44,379,484
38,501,291
Canadian—
Placed In U. S. _
4,000,000 5,034,328
2,110,000 9,000,000
None
Placed lu Canada. 10.810,499
2,381,888 15.957.700
1,954,754
1M73,827
General fund bonds
(New York City) _ 9,200,000
None
None 8.400,000
8000,
MOO
Bds.of u.s. poss'iss_
329,500
750,000
1,500,000
None
None
Month of
November.
$63,559,902
66,926,289
74,765,203
98,521,514
44,379,484
119,688,617
57.6022,117
47,564,840
27,783,332
15,890.626
18,813,239
28,815,595
21,691,126
30,708,685
13,021,999
19,738,613
24,458,351
18,906,555
2. To enact a law levying a tax of 2 cents per gallon on gasoline or other
substances or substitutes for the same as the motive power of self-propelled
vehicles of all kinds, said tax to be in addition to that already levied upon
such substances.
BOND PROPOSALS AND
this week have been as follows:
NEGOTIATIONS
AKRON, Erie County, N. Y.—BOND OFFERING.—Walter J. Kelley.
Village Clerk, will receive sealed bids until 2 p. m. Dec. 17 for $179.000
5% coupon or registered sewer bonds. Date Jan, 1 1927. Denom.
$1,000 and $950. Due $8,950 Jan. 1 1932 to 1951, inclusive. Principal
and interest (J. & )payable at the Manufacturers & Traders Trust Co..
Buffalo, in New York exchange. Legality approved by Clay & Dillon.
New York City. A certified check for $3,000 is required.
ALBIA INDEPENDENT SCHOOL DISTRICT, Monroe County,
Iowa.—BOND SALE—The White-Phillips Co. of Davenport has purchased an issue of $60,000 434% school bonds at a premium of $760, equal
to 101.26. Due serially, in 1 to 10 Years.
AMHERST, Lorain County, Ohio.—BOND OFFERING.—F. L.
Moeblus, Village Clerk, will receive sealed bids until 12 m. Dec. 5 for
$1,550 5% storm sewer construction bonds. Denom. $175 and one for
$150. Due Oct. 1 as follows: $175. 1929 to 1934 incl., and $150, 1935.
A certified check for 10% of the amount of bonds bid for, payable to the
Village Treasurer, Is required.
ANDERSON COUNTY RURAL HIGH SCHOOL DISTRICT (P.'0..
Garrett), Kan.—BOND SALE.—The Weida State Bank, of Weida, has
purchased an issue of $35,000 4;4% school bonds. Int. payable M.&,N.
ANSONIA, Darke County, Ohio.—BOND OFFERING.—RalphlIM:
Garrison, Village Clerk, will receive sealed bids until 12 m. Dec. 13 to .
.
$13,000 6% water works bonds. Date Dec. 11926. Denom. $500. Due
$500 each six months from Dec. 1 1927 to June 1 1940, inclusive. A
certified check for 5% bid is required.
ARCADIA PARISH ROAD DISTRICT NO,4(P. 0. Crowley), La.—
BOND OFFERING.—J. D. Medienka, President Police Jury will receive
sealed bids until 10 a. m. Dec. 21 for $150,000 not exceeding 6% road
bonds. Date Jan. 11927. A certified check for 5% of the bid required
ASTORIA, Clatsop County, Ore.—BOND SALE.—A syndicate composed of Seipp, Princell & Co. of Chicago, Caldwell & Co. of Nashville,
Seasongood & Mayer of Cincinnati, George H. Burr & Co. of Chicago. and
the Freeman. Smith & Camp Co. of Portland, purchased the following two
issues of 534% bonds, aggregating $783,000;
i
$720,000 runding impt. bonds. Date Dec. 1 1926. Denom. $1,000.
Due $24,000 Dec. 1 1927 to 1956, incl. Int. payable J. &CD.
63.000 refunding impt. bonds. Date Jan, 1 1927. Due $2,100 Jan. 1
1928 to 1957. incl. Int. payable J. & J.
IMP
Prin. and int, payable at the National City Bank, New York City.
Legality approved by Storey, Thorncilke, Palmer & Dodge, of Boston.
The above snpercedes the report given in V. 123. p. 2679.
DEC. 4 1926.]
THE CHRONICLE
2927
Financial Statement.
Actual value of taxable property, estimated
$21,529.568
Assessed valuation, 1926
10.764.784
Total bonded debt, including this issue
4,195,612
Less: Water works bonds
$664.250
Sinking fund
57.265
Bonds payable primarily from special assessments_1,964,862
Financial Statement.
Assessed valuation
Total bonded debt
Population, estimated, 1,000.
BARBERTON, Summit County, Ohio.
-BOND SALE.
-The following two issues of 5% Center Street improvement bonds offered on Sept. 18
=V. 123, p. 1405
-were awarded to A. E. Aub & Co. of Cincinnati.
$26.500 (special assessment) bonds. Due Oct. 1 as follows: $3,000, 1927
to 1934, incl., and 2,500, 1935.
2,300 (city's portion) bonds. Due Oct. 1 as follows: $300, 1927 and
and 500, 1928 to 1931, incl.
Date Oct. 1 1926.
BURLINGTON COUNTY (P. 0. Mt. Holly), N. J.
-BOND SALE.
The issue of 5% coupon or registered bonds offered on Nov. 26-V. 123.
-was awarded to F. B. Beech & Co. and Curtis & Sanger, both of
p. 2549
New York, taking $119,000 ($120,000 offered), paying $120,368 38, equal
to 101.14. a basis of about 4.39%. Date Dec. 30 1926. Due Dec. 30 as
follows: $40,000, 1927 and 1928, and $39,000 in 1929. •
BERNARDS TOWNSHIP SCHOOL DISTRICT P. 0. Bernardsville), Somerset County, N. J.
-BOND OFFERING.
-William Van
Houten, District Clerk, will receive sealed bids until 8:15 p. m. Dec. 21
for an issue of 4%% coupon or registered school bonds not to exceed
$275,000. no more bonds to be awarded than will produce a premium of
$1,000 over $275,000. Date Jan. 1 1927. Denom. $1,000. Due Jan. 1
as follows: $6,000. 1929 to 1932, incl.,• $7.000, 1933 to 1936, incl.; $8,000,
1937 and 1938 and $9,000, 1939 to 1961, incl. Prin. and int. (J. & J.)
payable at the Irving Bank & Trust Co., New York. Legality to be
approved by Reed, Dougherty, Hoyt & Washburn, New York. A certified
heck for 2% of the face value of the bonds bid for. Payable to the Custodian
of School Moneys, is required.
-BOND SALE.
-The Southern
CLEARWATER,Pinellas County,Fla.
Trust Co. of Atlanta recently purchased an issue of $100,000 6 Inapt.
bonds. Date Dec. 1 1925. Due $10,000 Dec. 1 1926 to 1935, Incl.
$2,655,031
35,000
BRUNSWICK TOWNSHIP RURAL SCHOOL DISTRICT (P. 0.
Brunswick), Medina County, Ohio.
-BOND OFFERING.-Aay Ferri
man, Clerk of Board of Education, will receive sealed bids until 12 in.
Net bonded debt
1,509.235 Dec. 15 for $70,000 5% school addition and equipment bonds. Date
Population (present official estimate), 15,000.
Oct. 1 1926. Denom. $1.000. $500 and $400. Due semi-annually as
follows: $1,400, April 1, and $1,500. Oct. 1 1927 to 1931. incl.: $1,500.
ASTORIA', Clatsop County, Ore.
-BOND OFFERING.
-C. A. Kratz, April 1 and Oct. 11932; $1.400. April 1, and 61.500. Oct. 1 1933 to 1937.
City Manager will receive sealed bids until 10 a. m. Dec. 18 for 550,900 incl.; $1,500. April 1 and Oct. 1 1938: $1,400. April 1. and $1,500 Oct. 1
not exceeding 6% assessment collection bonds. Date Jan. 1 1927. Due 1939 to 1943, incl.; $1,500. April 1 and Oct. 1 1944; $1.400. April 1, and
Due $2,500, 1928 to 1947, incl. Bonds to be furnished by the purchaser tg00, Oct. 1 1945 to 1949, incl.. and $1,500. April 1 and Oct. 1 1950.
and must be in such denominations that will not interfere with the maturity
. and int. (A. & 0.) payable at the District Treasurer's office. A
stated. A certified check for $2,000 required. Legality approved by certified check for 3% of the amount of bid, payable to Clerk of Board of
'
Storey. Thorndike, Palmer & Dodge, Boston.
Education. is required.
ATCHISON, Atchison County, Kan.
-BOND SALE.
-The City
-BOND SALE.
BRYAN, Williams County, Ohio.
-The $31,000 5%
Sinking Fund purchased an issue of $47,500 434% sewer bonds in June.
refunding bonds offered on July 26 (V. 123, p. 230) were awarded to SeaATWOOD TOWNSHIP (P. 0. Atwood), Rawlins County, Kan.
- songood & Mayer of Cincinnati. Date Sept. 1 1926. Due Sept. 1 as folBOND SALE.
-An issue of $20,000 lake and bathing beach bonds has lows: 2.000, 1927 to 1939 incl.. and 62,500. 1940 and 1941.
recently been sold.
BURGAW SPECIAL TAX SCHOOL DISTRICT (P. 0. Burgaw),
-BOND SALE.
-The $50,000 53 % school
AUBURNDALE, Polk County, Fla.
-BOND SALE.
-The $130,000 Pender County, No. Caro.
-were awarded to A. C. Allyn
6% street improvement acsessment bonds offered on Nov. 15-V. 123, bonds offered on Nov. 22-V. 123, p. 2549
p. 2162
-were awarded to E. P. McMakin & Co. of Chicago at 95, a basis & Co. of Chicago at a premium of $1.820, equal to 103.64, a basis of about
of about 7.17%. Date Dec. 1 1926. Due $13,000 Dec. 1 1927 to 1936. 4.92%. Date Nov. 15 1926. Due Nov. 15 as follows: $1,000 1927 to
inclusive.
1936, incl., and $2,000 1937 to 1956, incl.
BURLINGTON TOWNSHIP SCHOOL DISTRICT (P. 0. Bur-The State Board
lington), Burlington County, N. -BOND SALE.
BARNSTABLE, Barnstable County, Mass.
of Education has purchased an issue of$90,0004%% school bonds at par.
-BOND SALE.
-The
Cape Cod Trust Co. of Harwich has purchased an issue of $75,000 4% town
-BOND SALE.
CALBERSON COUNTY (P. 0. Van Horn), Tex.
office loan bonds at 100.16. Date Dec. 1 1926. Due serially 1927 to 1931,
inclusive.
The Brown-Crummer Co. of Wichita has purchased an issue of $20,000 4%
courthouse and jail bonds. Due 1952.
BAYARD, Morrill County, Neb.-BOND SALE.
-An issue of $13,000
-BOND SALE.
-The $13.refunding sewer bonds was recently disposed of.
CAMBRIDGE, Guernsey County, Ohio.
878 44 534% sewer bonds offered on July 14(V. 122, p. 3632) were awarded
BAY VILLAGE, Cuyahoga County, Ohio.
-BOND OFFERING.
- to Blanchet, Bowman & Wood of Toledo. Date May 1 1926. Due May 1
Jesse L. Saddler, Village Clerk, will receive sealed bids until 12 m. Dec. 21 as follows: $378 44. 1928;$500, 1929 to 1947 incl., and $1,000, 1948 to 1951
for $7,516 5% special assassment street impt. bonds. Date Dec. 1 1926. Inclusive.
Denom. $500 and one for $516. Due Dec. 1 as follows: $500. 1928;
-BOND OFFERING.
CAMERON COUNTY (P. 0. Brownsville), Tex.
$1,000, 1929; $500, 1930; 61.000, 1931: $500. 1932: $1,000, 1933; $500,
1934; $1,000. 1935; 5500. 1936. and $1,016 in 1937. Prin. and int. J. & D., -Oscar C. Dancy, County Judge, will receive sealed bids until Jan. 10 for
payable at the Guardian Savings & Trust Co., Rocky River. A certified
100,000 4%% road bonds.
check for 5% of the amount of the bid, payable to the Village Treasurer,
-We are now informed by Oscar C. Dancy, County
BOND ELECTION.
is required.
Judge, that the election to vote on the question of issuing $6,000,000 road
previously reported
held on
bonds will
BEDFORD SCHOOL DISTRICT (P.O. Bedford) Cuyahoga County, in V. 123, be 2424. Dec. 31 instead of in January as
p.
Ohio.
-BOND OFFERING.
-12. P. Orchard, Clerk Board of Education.
will receive sealed bids until 8 p. m. Dec. 10 for $30,000 5%% school bonds.
CANAAN TOWNSHIP SCHOOL DISTRICT (P. 0. Athens R. D.
Date Dec. 1 1926. Denom. $1,000. Due $3,000 April and Oct. 1 1928 to No. II), Athens County, Ohio.
-Lucy H. Sutton,
-BOND OFFERING.
1932. incl. A certified check for 2% of amount bid, payable to the Board Clerk of Board of Education, will receive sealed bids until 12 in. Dee. 10
of Education, is required.
for $2,600 6% school bonds. Date Aug. 28 1926. Denom. $500 and one
1 as follows: $500. 1927 to 1930. incl., and $600 in
BENTONVILLE INDEPENDENT SCHOOL DISTRICT, Jim Wells for $600. Due Oct. A. & 0.
County, Tex.
-BOND SALE.
-The State of Texas purchased an issue 1931. Int. payable
of 20,000 5% school bonds.
-BOND SALE.
-On Nov. 20
CATAWISSA, Columbia County, Pa.
an issue of $3,500 43 % fire equipment bonds was sold at par as follows:
,
4
BERGEN COUNTY (P. 0. Hackensack), N. J.
-BOND SALE.
to
The issue of road, bridge and hospital bonds offered on Dec. 1-V. 123. $1,000 to the Catawissa National Bank.
the First National Bank of Catawissa.
1,000
D. 2804
-was awarded to a syndicate composed of the First National
1,000 to Wm. Heimbach of Catawissa.
Rank; Lehman Bros.; Kissel, Kinnicut & Co.; Redmond &
and Kean,
500 to Edward Rhodes of Catawissa.
Taylor & Co., all of New York, as 43.1s, taking $1, 87,000 ($1, 89.000
Co.,
offered). paying $1, 89,401 89, equal to 100.15, a basis of about 4.23%.
-BOND AND
CHEROKEE COUNTY (P. 0. Gaffney), So. Caro.
Date Dec. 1 1926. Coupon bonds, registerable as to prin. only or as to NOTE SALE.
-The following two issues of bonds and notes aggregating
both prin. and int. Due Dec. 1 as follows: $62.000, 1927 to 1933 incl.: 5135,000, offered on April 6-V. 122, p. 1949
-were awarded as follows:
$75.000. 1934 to 1940 incl.; $90,000, 1941 to 1946 incl., and $88,000, 1947.
To Kaufman. Smith & Co. of St. Louis:
6100.000 434% highway and bridge bonds at 98.54. a basis of about 4.74%.
BERLIN HEIGHTS,Erie County,Ohio.
-BOND SALE.
-The $2.733 27
Date April 1 1926. Due April 1 as follows: $40,000 1930
534% special assessment impt. bonds offered on Oct. 7-V. 123, p. 161.9
and $5,000 1931 to 1942 ,inclusive.
were awarded to the Berlin Heights Banking Co. Date Sept. 1 1926.
To R. S. Dickson & Co. of Gastonia:
Due Oct. 1 as follows: $283 27, 1928 and $350, 1929 to 1935 incl.
$35,000 5% notes at 99.57, a basis of about 5.45%. Due April 1 1927.
-BOND
COLUMBIANA COUNTY (P. 0. East Liverpool), Ohio.
OFFERING.
-Sealed bids will be received until 10 a. m. Dec. 13 for $35,000
5% road bonds. Date Jan. 1 1927. Doom. $1,000 and $500. Due
$3,500, Oct. 1 1928 to 1937, incl. Prin. Oki int. A. & 0. payable at the
County Treasurer's office. A certified check for 5% of the bonds bid for
payable to the Board of County Commissioners is required.
COLUMBUS, Franklin County, Ohio.
-NOTE OFFERING.
-Harry
H, Turner, City Clerk, will receive sealed bids until 7 p. M. (Eastern
BETHLEHEM TOWNSHIP (P.O. Logansport), Cass County, Ind.
- standard time) Dec. 6 for $57,000 promissory notes. Date Jan. 1 1927.
BOND SALE.
-The Twelve Mile State Bank purchased on Nov. 17 an Denom. $5,000 and one for $2,000. Due July 1 1928. Prin. and int.
WW1 of $3,500 school bonds at a premium of $27 50. equal to 100.78.
(J. & J.) payable at the fiscal agency of the city in N. Y. City. Bidders to
state rate of interest. A certified check for 1% of amount of notes bid for
BRADENTON, Manatee County, Fla.
-The $453,000 is required.
-BOND SALE.
6% special assessment paving bonds offered on Nov.30-V. 123. p. 2292
-BOND SALE.
were awarded to a syndicate composen of V. A. Harriman & Co. of N. Y.
CONWAY, Horny County, So. Caro.
-The $30,000
-were
City. I. B. Tigrett & Co. of Jackson, and .he Barnett National Bank of 534% coupon water works bonds offered on Oct. 5-V. 123, p. 1660
Jacksonville. at 98.55-a basis of about 6.32,
%. Date Nov. 1 1920. De- awarded to the South Carolina National Bank, of Charleston, at 102.88,
nomination $1,000. Due Nov. 1 as follows: $45,000, 1927 to 1935, inclus- a basis of about 5.25%. Date Oct. 1 1926. Due $1,000 Oct. 1 1931 to
ive, and $ 8,000, 1936.
1960, inclusive.
Financial Statement.
COOS COUNTY SCHOOL DISTRICT NO.66(P.O. Lakeside), Ore.
Estimated actual value of property
$70,000,000 -BOND SALE.
-The $5.000 6% coupon school bonds offered on Nov. 13
Assessed value of real estate, 1926 book
$30,500.000
(V. 123, p. 2549) were awarded to Geo. H. Burr. Conrad & Broom, Inc.,
Assessed value of personal property, 1926 book__ _ 2,000.000
of Portland, at a premium of 142, equal to 102.84, a basis of about 5.34%.
32,500,000 Dated Nov. 1 1926. Due $1,000 Nov. 1 1929 to 1933 inclusive.
Total bond debt, including this issue
62,797,000
-Dwight Chapin
-BOND SALE.
COPELAND, Gray County, Kan.
Charter limitation, 15% of assessed valuation.
Jr. recently purchased an issue of $12,000 5% electric light bonds at par.
Special assessment bonds excluded by. law from
Dated May 1 1926. Denom. $500. Due 1946. Int. payable M. & N.
charter limitation
6679.000
Water works bonds included in total
616.000
-BOND SALE.COTTONWOOD FALLS, Chase County, Kan.
Gas plant bonds included in total
200,000
The Brown-Crummer Co. of Wichita purchased during June the following
Sinking funds available for retiring above
bonds
two Issues of 4%% bonds, aggregating $12,000. at Par:
$169,000
$4,000 refunding bonds.
Portion sinking fund for water bonds
38,000 refunding bonds.
24,000
Due serially.
145,000
1.640,000
-BOND SALE.
-The Cresco Union
CRESCO, Howard County, Iowa,
Net debt
$1,157,000 Savings Bank has purchased an issue of $46,000 434% building bonds at
Population, 1910 census, 1,800; 1920 census, 3,900.
par. Due serially in 10 years.
-BOND OFFERING.
BRIGHTON (P. 0. Rochester), Monroe County, N. Y.
DAYTON, Colombia County, Wash.
-Sealed
-BOND
-Sage, Wolcott & Steele of Rochester were awarded on Nov. 17 bids will be received by the City Clerk until Dec. 21 for $60,000 water
SALE.
an issue of $12,000 5% water system bonds at 104.039, a basis of about system bonds.
4.51%. Date Nov. 1 1926. Denom. $1.000. Due $1,060 Nov. 1 1931
t 1942 incl. Legality approved by Clay & Dillon of N.Y. City.
o
DECATUR COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Oberlin),
-The Central Trust Co. of Topeka purchased during
Man.
-BOND SALE.
BROWARD COUNTY (P. 0. Fort Lauderdale), Fla.
-BOND SALE. June an Issue of $83,000 434% school bonds at par.
-An issue of $300,000 5%% highway bonds was purchased by Frank M.
-BOND OFFERING.
-J. W. Erwin,
Brown at 95. Interest payable J. & J.
DENTON, Denton County, Tex.
City Secretary, will receive sealed bids until 12:30 p. m. Dec. 15 for the
BROWN COUNTY RURAL HIGH SCHOOL DISTRICT NO. 6 following two issues of 5% bonds, aggregating $125,000:
-BOND SALE.
Hiawatha), Kan.
-Stern Bros. & Co. of Kansas 6100.000 City Hall bonds.
City, Mo., purchased during July an issue of $35,000 4%% school bonds.
25,000 bridge construction bonds.
Date July 1 1926. Denom. $1,000, $500 and $250. Due $1.760. 1927
Dated Jan. 1 1927. Denom. $1,000. Due serially Jan. 1 1932 to 1967
to 1946 incl. Prin. and int. (J. & J.) payable at the State Treasurer's incl. Prin. and int. (J. & J.) payable at the Hanover National Bank
office...Legality approved by Bowersock, Fizzell & Rhodes of Kansas N. Y. City. A certified check for $3,750, payable to B. W.
McKenzie'
City, Mo.
Mayor, is required. Legality to be approved by the Attorney-General.
cp. 0.
2928
THE CHRONICLE
[VOL. 123.
GARDINER- P. 0.11(ingston), Ulster County, N. Y.
(
-BOND SALE.
$7.829,510 -On Sept. 9 the Ulster County Savings Institution of Kingston was
786,047 awarded an issue of $4,000 4%% highway bonds at a premium of $20 58,
47,593 equal to 100.51, a basis of about 4.63%. Date Aug. 1 1926,Denom.
62,028 $1,000. Due $1,000 March 1 1930 to 1933 incl.
$19.00
"'GARDNER, Worcester County, Mass.
-BOND SALE.
-The $180,000
DUBLIN, Erath County, Tex.
-BONDS REGISTERED.
-The State 4% coupon school bonds offered on Nov. 30-V. 123, p. 2805
-were
Comptroller of Texas registered an issue of $38,000
% street improve- awarded to E. H. Rollins & Sons of Boston at 100.58, a basis of about 3.91%.
Date Dec. 1 1926. Due $12,000, Dec. 1 1927 to 1941. incl.
ment bonds on Nov.23. Due serially.
Financial Statement.
Assessed valuation (1926)
Total debt Oncluding this issue)
Floating debt (additional)
Sinking fund
State and city tax (per 31,000) 1926
EAST BATON ROUGE PARISH SUB ROAD DISTRICT NO. 1
GARIBALDI SCHOOL DISTRICT, Tillamook County, Ore.
-BOND DESCRIPTION.
(P. 0. Baton Rouge), La.
-The $22,000 6% BOND SALE.-Hattrem, Nelson & Co. of Portland have purchased an
coupon road bonds awarded to K. H. Knox of Baton Rouge at par (V. 123, issue of $40,000 5%% school bonds at 102.15. Due In 20 years.
p. 2680) are described as follows: Dated June 1 1926. Denom. $1,000.
Due serially, 1927 to 1946 incl. Interest payable Dec. 1 1926 and June and
GOLD HILL, Jackson County, Ore.
-BOND OFFERING.
-John
Dec. 1 thereafter.
Hammersly, City Recorder will receive sealed bids until 10 a. m. Dec. 18
for $10,000 6% refunding bonds. Denoms. $1,000 and„$500. Due in
EDGMONT TOWNSHIP SCHOOL DISTRICT (P. 0. Edgmout), 10 years. A certified check for 10% of bid required&A
Delaware County, Pa.
-BOND OFFERING.
-Harvey R. Baldwin, President Board of School Directors, will receive sealed bids until 7 p. m. Dec.
GRAND JUNCTION, Mesa County,
-BOND SALP ==.
,
16 for $14,000 4%% coupon school bonds. Date Dec. 1 1926. Denom. Vallery & Co. of Denver have purchased anColo. of
$23.500 4%% District
$500. Due Dec. 1 1956. Legality approved by Townsend, Elliott & No. 17 paving bonds. Date Oct. 1 1926.issue
Denom. $500. Due Oct. 1
Munson of Philadelphia. A certified check for 2% of bid, payable to the 1938; optional Oct. 1 as follows: $3,000,
1929; 32,500. 1930 to 1934 ind.,
District Treasurer, is required.
and $2,000, 1935 to 1938 incl. Prin. and hit (A. & 0.) payable at the
City Treasurer's office or at Kountze Bros., N. Y.City. Legality approved
EMERSON, Mills County, Iowa.
-BOND SALE.
-The White-Phillips by Pershing, Nye, Tallmaclge & Bosworth of Denver.
Co. of Davenport has purchased an issue of 323.000 414% water works
bonds at par.
GREENSBURG, Westmoreland County, Pa.
-BOND SALE.
The $100,000 4j % coupon impt. bonds offered on Aug.
EMPORIA, Lyon County, Kan.
-BOND SALE.
-The City Sinking were awarded to R. M. Snyder & Co. of Philadelphia2-V. 123, p.356
at 101.39, a basis
Fund purchased during April an issue of $22,000 4K% park bonds. Dated of about 4.14%. Date May 1 1926.
Feb. 1 1926. Denom. $1,000. Due serially in 10 years. Int. payable 1931, 1936 and 1941: 320.000. 1946 and Due May 1 as follows: $10,000,
1951, and $30,000, 1956.
F. & A.
HACKERS CREEK ROAD DISTRICT (P. 0. Weston), Lewis
ERIE COUNTY (P. 0. Sandusky), Ohio.
-BOND OFFERING.
- County, W. Va.-BOND SALE.
-The $222.000 refunding road bonds
Lester E. Curtis, Secretary Board of County Commissioners, will receive offered on Nov. 23-V. 123, p. 2680
-were
sealed bids until 1 p. m. Dec. 13 for 322,0005% I. C. H. No.3, Section Li, Co. of Davenport as 5118 at a premium of awarded to the White-Phillips
$1,330,
widening bonds. Date April 26 1926. Denom. $1,000. Due April 26 of about 5.14%. Date Dec. 1 1926. Due Dec. equal to 100.60. a basis
1 as follows: $18,000,
as follows: $3,000. 1928 to 1931 inc* and $2,000. 1932 to 1936 incl. A 1927; 320.000, 1928 to 1935 incl.; 319.000,
1937; $20,000, 1938, and
certified check for 5% of the amount Of the bid is required.
$5,000, 1939.
The above supersedes the report given in V. 123, p. 2805.
EUGENE, Lane County, Ore.
-BOND OFFERING.
-George A. Gilmore, City Recorder, will receive sealed bids until Dec. 13 for $90,000
HADDON SCHOOL DISTRICT (P.O. Westmont), Camden County,
sewer bonds. These bonds are part of en authorized issue of $165,000.
N. J.
-BOND SALE.
-The $129,000 4%% coupon or registered school
bonds (total issue offered) were awarded on Oct. 26 to M. Freeman & Co.
EXETER SCHOOL DISTRICT (P. 0. Wilkes Barre), Lu=erne of Philadelphia. Date Oct. 11926. Due Oct. 1 as follows: $6,000,
County, Pa.
-BOND SALE.
-The $95,000 5%, school building bonds to 1936, incl.; $5,000, 1937 to 1941, incl.; $4,000, 1942 to 1944, incl.,1927
and
offered on Nov. 17 (V. 123, p. 2550) were awarded to the First National $2,000, 1945 to 1960, incl.
Bank of Nanticoke at a premium of $200, equal to 100.21. a basis of about
4.97%. Date Oct. 1 1926. Due Oct. 1 as follows: 35,000, 1927 to 1935
HAMILTON COUNTY (P. 0. Cincinnati), Ohlo.-BOND SALE.
Incl.. and 310,000, 1936 to 1940 incl.
The 3184,911 11 4% %_impt. bonds offered on Nov. 30-V. 123. p. 2805
were awarded to the William R. Compton Co. of Chicago at a premium
FAIRVIEW, Major County, Okla.
-BOND SALE.
-The Hanson, of $679 89, equal to 100.37. a basis of about 4.43%. Date Nov. 11926.
Pearce Construction Co. of Oklahoma City has purchased an issue of Due Nov. 1 as follows: $18.911 11, 1928; $19,000. 1929 to
1932 Ind.,
$30,992 74 6% street impt. bonds at par. Int. payable A. & 0.
and 318,000. 1933 to 1937 incl.
FERGUS FALLS, Otter Tail County, Minn.
-WARRANT SALE.
HARRISON, Westchester County, N. Y.
-BOND SALE.
-The
The 32,220 warrants offered en Nov. 15-V. 123, p. 2424
-were awarded following six issues of coupon or registered bonds, aggregating $372,107 64,
as 48. Date Oct. 27 1926. Due $275, 1928 to 1935, incl.
offered on Nov. 29-V. 123. p. 2805
-were awarded to Pulleyn & Co.
of New York as 4%s at 100.26, a basis of about 4.22%:
FLINT SCHOOL DISTRICT (P. 0. Flint), Genesee County, $240,000 00 sewer,
series A,bonds. Due $6,000, Dec. 1 1931 to 1970 incl.
Mich.
-BOND OFFERING.
-J. W. McCue. Secretary Board of Trustees,
43,118 38 sewer, series B. bonds. Due Dec. 1 as follows: $3,118 38 In
will receive sealed bids until 11 a. m. (Eastern standard time) Dec. 7 for
1927 and $4,000. 1928 to 1937 incl.
$650,000
% coupon school bonds. Denom. $1,000. Due March 1 as
35,000 00 sewer, series 0, bonds. Due Dec. 1 as follows: $1,000 in
follows: $100.000, 1928 and 1929; 350.000, 1930 to 1935. inclusive, and
1927 and $2,000, 1928 to 1944 incl.
$75,000, 1936 and 1937. Principal and interest (M. & S.) payable at the
26,000 00 highway bonds. Due 32,000. Dec. 1 1927 to 1939 incl.
District Treasurer's office. Legality to be approved by Wood & Oakley
22,989 26 sidewalk bonds. Due Dec. 1 as follows: $3,989 26 in 1927;
of Chicago. A certified check for $5,000 is required.
84.000. 1928. and $5,000, 1929 to 1931 Incl.
5.000 00 fire apparatus bonds. Due $1,000, Dec. 1 1927 to 1931
Financial Statement.
Date Dec. 11926.
Bonded debt (Including tnis issue)
$7,844,400
Assessed valuation, 1926
164,169,950
HARTFORD, Hartford County, Conn.
-BOND OFFERING.
-Chas.
School tax rate (per $1,000) 1926
$1442 H. Slocum, City Treasurer, will receive sealed bids until 1 p. m. Dec. 20
These are the bonds originally scheduled to be sold on Nov. 24 (V. 123, for $437,0004% coupon or registered high school bonds. Date Jan. 1 1927.
p.2550). but the interest rate has been changed from 4I% to
Due Jan. 1 as follows: $15,000. 1928 to 1955 incl., and 617000, 1956.
%•
Int. payable J. & J. A certified check for 2% of the amount bid, payable
FOREST HILLS (P. 0. Wilkinsburg), Allegheny County, Pa.
- to the City Treasurer, is required. Legality to be approved by Storey.
BOND OFFERING.
-E. S. Smull, Borough Secretary, will receive sealed Thorndike, Palmer & Dodge of Boston. These are the bonds mentioned hi
bids until 7 p. m.(to be opened 8 p. m.) Dec.8 for $80,000 4;1% borough V.123, p.2805.
Financial Statement.
bonds. Date Dec. 1 1926. Denom. $1,000. A certified check for $1,600
Total debt Dec. 1 1926
is required.
313,178,481
Water debt (included)
4,915,000
1,616,645
FORT LAUDERDALE, Broward County, Fla.
-BOND OFFERING. City sinking fund
6,646,836
-B. J. Horne. City Manager, will receive sealed bids until Dec. 21 for Net city debt
Sinking fund (water)
536,479
$300.000 assessment bonds.
Valuation of taxable property, 1925:
-Real
Grand list
285,629,468
FORT PIERCE,St. Lucie County, Fla.
-BOND OFFERING.
-Elwyn
Personal
31,199,945
N. Moses, City Clerk, will re ye sealed bids until 7.30 p. m. Dec. 15 for
342.000 6% local improvemedi sewer bonds. Coupon,registerable as to
principal. Date Dec. 15 1926. Denom. $1,000. Due Dec. 15 as follows:
$316,829,413
-Corporation stock-Taxable value
Personal
,000. 1928 to 1930. incl., and $5,000, 1931 to 1936, incl. Prin. and int.
265,447,955
J. dr D.) payable at the United States Mtge. & Trust Co.. New York City.
Total lists for assessment of taxes
A certified check drawn upon a bank or trust company doing business
$582,277,368
Population, 1920 Census, 138.036.
under the laws of Florida,payable to the City.for3% of the bonds offered,
required.
HAWAII (Territory of).
-BOND OFFERING.
-Henry C. IIapai, TerriFinancial Statement.
torial Treasurer, will receive sealed bids until 9 A. M. Jan. 17 for $385,000
Assessed value 1926 tax assessment roll,
$19,048,223 00
% series A public improvement bonds. Date Jan. 15 1927. Coupon
Total bonded debt, incl. issues being offered--$2,867.300 00
bonds registerable as to principal. Denom. $1.000. Due
Indebtedness existing in other forms
94,437 17
optional Jan. 15 1947. Bids will also be received until Jan. 15 1957.
2 P. m• the
same day at toe Bankers Trust Co., New York City. Prin. and int.
Total indebtedness of every character
2,961.737 17 (J. & J. 15) payable in Honolulu or New Ydrk City. The bonds will be
Public utility bonds, included.in total debt
$483,000 00
prepared under the supervision of the United States Mtge. dr Trust Co.,
Special assessment bonds included in total debt 1,535,300 00
New York City. which will certify as to toe genuineness of the signatures
General indebtedness of city
943,437 17
of the officials and toe seal impressed thereon. A certified check payable
to the above-mentioned official for 2% of toe bonds required. Legality
Cash value of sinldng funds held for debt & int. redemption_ _
119,74806 approved by Thomson, Wood & Hoffman of New York City.
Net general debt of city
823,68800
Int.& sinking funds included in 1926-7 budget,to Sept.30'27
163,85900
HEMPSTEAD SCHOOL DISTRICT, Waller County, Tex.
-BOND
DESCRIPTION.-The 815.0008% coupon school bonds purchased by 11.0.
-BOND SALE.
FRANKLIN COUNTY (P. 0. Broolcville), Ind.
- Burt & Co. of Austin (V. 123. p. 2550) at 102.50, a basis of about 5.68%.
-were are described as follows: Dated July 1 1926. Denom. $1,000. Due
The $9,989
% road bonds offered on Nov. 6-V. 123, p. 2293
awarded to the Franklin County National Bank of Brookville at a premium July 1 1966. optional July 1 1936. Int. payable July 1 each year.
of $151 50, equal to 101.51. Due semi-annually in 1 to 10 years.
HENRY COUNTY (P. 0. New Castle), Ind.
-BOND SALE.
-The
FREDERICKTOWN, Knox County, Ohio.
-BOND SALE.
-The $42,000 44% road bonds offered on Dec. 1 (V. 123, p. 2806) were awarded
$17,596 14 5% coupon special assessment bonds offered on Nov. 20- to the Fletcher Savings & Trust Co. of Indianapolis at a premium of
-were awarded to the Well. Roth & Irving Co. of Cin- $1,053 51, equal to 102.50. Due semi-annually in 1 to 10 years.
V. 123, p. 2425
cinnati at a premium of $246, equal to 101.39, a basis of about 4.75%.
HICKOX CONSOLIDATED SCHOOL DISTRICT (P. 0. Hickox),
Due $880 April 1 and Oct. 1 1928 to 1936, incl., $880 April 1 1937 and Brantley
County, Ga.-BOND OFFERING.
-J, A. Murray, District
$876 14 Oct. 1 1937.
Attorney, will receive sealed bids until 10 a. m. Dec. 14 for $20.000
6%
school bonds. Date Nov.
FREMONT COUNTY SCHOOL DISTRICT (P. 0. Riverton), Wyo. 3500. 1933 to 1938 incl., and 1 1926. Denom. $500. Due as follows:
31,000, 1939 to 1955 incl.
-BOND SALE.
-The $2,000 6% school bonds offered on Nov. 10-V. 123,
-were awarded to Peck, Brown & Co. of Denver at par. Date
P. 2425
HOBOKEN, Hudson County, N. J.
-BOND SALE.
-The issue of
Oct. 1 1926. Due 1951. optional after 1931.
coupon or registered street impt. bonds offered on Nov. 30-Ik. 123. P.
268I-was awarded to the Guaranty Co. of New York and Ames, Emerich
-BOND SALE.
County, Fla.
-The follow- & Co. of New York. jointly. as 4%s, taking $645.000
GAINESVILLE, Alachua
($647,000 offered)
ing four issues of 55i% series B coupon 'rapt. bonds offered on Nov. 8- Paying $647.622 83. equal to 100.406, a basis of about 4.44%. Date
V. 123, p. 2023
-were awarded to John Nuveen & Co.of Chicago at par: Dec. 15 1926. Due Dec. 15 as follows: $40.000, 1928 to 1933 incl.;
550.000. 1934 to 1940 incl., and 655.000, 1941.
$50,000 city building construction.
50,000 fire department.
HOPE, Steele County, No. Dak.-BOND SALE.
70,000 street paving.
-The 310.000 light
plant bonds offered on May 18-V. 122. p. 2846
-were awarded to Paine.
200,000 water and light plant improvement.
Webber & Co. of Minneapolis. Date May 1 1926. Due serially, May 1
Date July 1 1926. Due $10,000 in 1936 and 1937, 320.000. 1938 and 1931
to 1940,Incl. (Rate not given.)
1940: 320.000, 1942 to 1944, incl.; $25,000 in 1945; 320,000, 1946: $10,000,
1948 to 1965, incl.; $20,000. 1966 to 1974, incl., and $25,000 in 1975.
HOPEWELL TOWNSHIP SCHOOL' DISTRICT (P. 0. New Sheffield) Beaver County, Pa.
SALE.
-The $5,000 4%% coupon
GALT JOINT UNION HIGH SCHOOL DISTRICT (P. 0. Sacra- school bonds offered on Feb.-BOND
24-V.
-were awarded to Glover
-The $100.000 5% & MacGregor of Pittsburgh at par. 122, p. 779 1 1923.
mento), Sacramento County, Calif.
-BOND SALE.
Date Juno
school bonds offered on Nov. 29-V. 123, p. 2805-were awarded to the
Central National Bank of Oakland at a premium of $3,468, equal to 101.46,
HOPPER COUNTY (P. 0. Anthony), Kan.
-The
-BOND SALE.
a basis of about 4.56%. Due serially, 1931 to 1950,incl.
Citizens National Bank of Anthony purchased an issue of $31,144 96
DEC. 41926.]
THE CHRONICLE
414% permanent road bonds in July. Date July 1 1926. Denom. 4500.
Due serially. Interest payable J. & J.
-The
-BOND DESCRIPTION.
HORTON, Brown County, Kan.
$145,561 27 coupon paving bonds purchased by the Fidelity National
-at par, bear
Bank & Trust Co. of Kansas City. Mo.-V. 123, p. 2806
°
int. at the rate of 57 and are described as follows: Date Nov. 1 1925.
Denom. $1,000 and $500, and one for $561 27. Due serially in 1 to 10
years. Interest payable F. & A.
2929
-BOND OFFERING.
LAKE COUNTY (P. 0. Painesville), Ohio.
L. J. Spaulding, Clerk Board of County Commissioners, will receive sealed
bids until 10 a. m. (Eastern standard time) Dec. 23 for the following 5%
bonds,aggrgeating 8000.000.:
$125,921 60 I. C. H. No. 466, Section D, bonds. Denom. 41,000, excel).
one for $921 60. Du Oct. 1 as follows: $14,000 1928 to 1935
incl., and $13,921 60 in 1936.
07 sewerage bonds. Denom. $1,000 and one for $206 07. Due
120.206
Oct. 1 as follows: $6,000 1928 to 1945, incl., and $20607
in 1946.
20,199 57 water supply bonds. Denom. $1,000 and one for $500 and
$699 57. Due Oct. 1 as follows: $1,000 1928 to 1944. incl.;
$1,500 1945 and $1,699 57 1946.
24,774 20 Painesville-Euclid road bonds. Denom. $1,000 and one for
$774 20. Due Oct. 1 as follows: $3,000 1928 to 19,34, incl.,
and $3.774 20 1935.
Date Jan. 1 1927. Principal and interest (A. & 0.), payable at the
County Treasurer's office. A certified check for $3,500 is required.
-0. F.
HOUSTON, Harris County, Tex.
-BOND OFFERING.
Holcombe. Mayor, will receive sealed bids until 10 a. m. Dec. 6 for the
following 13 issues of 5% bonds aggregating $3,112,000:
$935,000 water works bonds. Date June 15 1926. Due June 15 as
follows: $55.000 1928. $60,000 1929 to 1942, incl., and $40,000
1943. Interest payable J. & D.
308,000 street improvement bonds. Date July 15 1926. Due $14,000
July 15 1930 to 1941. incl. Interest payable J. & J.
652.000 roadways to turning basin bonds. Date Dec. 1 1926. Due
-BOND SALE.
Dec. 1 as follows: $24.000 1929 to 1951, incl., and $20,000 1952
LEXINGTON COUNTY(P.O. Lexington), So. Caro.
to 1956, incl. Interest payable J. & D.
-The $300,000 road bonds offered on Nov. 20-V. 123, p. 2681-were
Date Dec. 1 1926. Due Dec. 1 awarded to the William R. Compton Co. of St. Louis and the Peoples
234,000 street improvement
as follows: $8.000 1929 to 1951, incl.. and $10,000 1952 to 1956, National Bank of Rock Hill, jointly, as 4s at a premium of $350, equal
bonds.
incl. Interest payable J. & D.
to 100.116. a basis of about 4.70%. Due $75,000 Jan.20 1928 to 1931,Incl.
230.000 roadways to turning basin bonds. Date July 15 1926. Due
-The Central Trust
-BOND SALE.
410.000 July 15 1929 to 1951. incl. Interest payable J. & J.
LOGAN, Phillips County, Kan.
140,000 park improvement bonds. Date Dec. 1
Due $5,000 Co. of Topeka purchased during July an issue of $10,000 4% refunding
J. St
'Dec. 1 1929 to 1956. incl. Interest payable 1926. D.
bonds.
140,000 gravel pavement bonds. Date Dec 1 1926. Due 45,000 Dec. 1
1929 to 1956, incl. Interest payable J. & D.
LOS ANGELES, Los Angeles County Calif.-BOND OFFERING.bonds. Date Dec. 1 1926. Due $6,000 Dec. 1 1929 to Robert Dominguez, City Clerk, will receive sealed bids until 10 a. m.
138,000 subway
1951, incl. Interest payable J. & D.
Dec. 14 for tne following seven issues of not exceeding 4 % bonds, aggre138,000 drainage sewer bonds. Date July 15 1926. Due $6,000 July 15 gating $15,700.000:
1929 to 1951, incl. Interest payable J. & D.
$6.000.000 water bonds. Date Nov. 1 1926. Due 4150.000. Nov. 1 1927
92,000 macadam paving bonds. Date July 15 1926. Due $4,000 July 15
to 1966, incl. Prin. and int. (M. & N.) payable at the City
Treasurer's office or at Kountze Bros., New York City.
1929 to 1951. incl. Interest payable J. & J.
46.000 sanitarysewer bonds. Date Dec. 1 1926. Due 42.000 Dec. 1
4.000,000 city hall bonds. Date Aug. 1 1926. Due 8100.000. Aug. 1
1929 to 1951. incl. Interest payable J. & D.
1927 to 1966. incl. Prin. and int. (A & 0.) payable at the
44,000 sanitary sewer bonds. Date July 15 1926. Due $2,000 July 15
City Treasurer's office or at the Guaranty Trust Co., New
York City.
1930 to 1951, incl. Interest payable J. & J.
850.000
Oct. 1 1926.
15,000 general improvement bonds. Date July 1 1926. Due July 1
2,000,000 power bonds (1924 issue). Date and int. (A. &Due payable
0.)
as follows: $3.000 1948 and $4,000 1949 to 1951, incl.
Oct. 1 1927 to 1966. incl. Prin.
City.
Denom. $1.000. Principal and interest payable at the Chase National
at the City Treasurer's office or at Kountze Bros., N I 450.000
Due
Bank, New York City. Bids submitted must be for total amount of bonds
2,000,000 power bonds (1926 issue). Date Nov. 1 1926. N.) payable at
Prin. and int.(M.&
offered. A certified check for 3% of the bid required. Legality approved
Nov. 1 1927 to 1966. incl.
City.
by Thomson, Wood & Hoffman, or Caldwell & Raymond. both of New
the City Treasurer's office or at Kountze Bros., N.I.$25.000
Due
York City. These are the bonds mentioned in V. 123, p. 2425.
950,000 bridge and viaduct bonds. Date June 1 1926. J.) payable at
June 1 1927 to 1964, incl. Prin. and Int. (J. &
HOWARD COUNTY (P. 0. Cresco), lowa.-BOND SALE.
-The
the City Treasureryfice or at Kountze Bros., New York City.
Aug. 1 as follows:
Cresco Union Savings Bank of Cresco has purchased an issue of $46,000
500,000 playground bonds. Date Aug. 11926. Due to 1964, incl.
% county home bonds. Due in 10 years.
414,000, 1927 to 19 2, incl.. and $13,000. 1933 Due Nov. 1 as
hospital bonds. Date Nov 1 1926.
250,000 receiving
HUMPHREYS COUNTY SUPERVISORS DISTRICT NO. 2 (P. 0.
follows: $8,000, 1927 to 1956. incl., and 410.000. 1957. Prin.
Belzoni), Miss.
at
-A. R. Hutchens, Chancery Clerk,
-BOND OFFERING.
and int.(M.& N.) payable at the City Treasurer's office or
will receive sealed bids until Jan. 3 for $40,000 road bonds.
Kountze Bros., New York City.
bonds
Denom. $1,000. Bids submitted must be for the total amount of of the
IRONTON, Lawrence County, Ohio.
-BOND SALE.
-The $50,000
Treasurer, for 2%
514% refunding water works bonds offered on Ndv. 19 (V. 123, p. 2293) offered. A certified cneck, payable to the City Thomson. Wood az Hoffwere awarded to Seasongood & Mayer of Cincinnati at a premium of 42.802, bonds offered required. Legality approved by
man,New York City. These are the bonds mentioned in V.123.p.2681.
equal to 105.60, a basis of about 4.73%. Date Sept. 15 1926. Due Sept.
15 as follows: $3,000. 1928 to 1933 incl., and $4,000. 1934 to 1941 incl.
LOS ANGELES CITY HIGH SCHOOL DISTRICT (P. 0. Los
-The 81,000.000
-BOND SALE.
Calif.
-BOND SALE.
JACKSON, Jackson County, Ohio.
-The $12,140 Angeles), Los Angeles County,29-V. 123, p. 2681-were awarded to a
53 % Portsmouth and Church Streets improvement bonds offered on May 7 5% school bonds offered on Nov. Trust & Savings Bank of Chicago, the
(V. 122, p. 2247) were awarded to the First Citizens Corp. of Columbus syndicate composed of the Harris Moulton & Co. and the Anglo-California
Date May 1 1926. Due Oct. 1 as follows: $1,140, 1927; $1,500, 1928. Security Co. of Los Angeles, R. H.
and 1929; $1,000, 1930; $1,500. 1931 and 1932: 81.000. 1933, and $1,500. Security Co., both of San Francisco, at 104.352, a basis of about 4.63%•
Date Aug. 11924. Due Aug. 1 as follows: $25,000 1927. $26,000 1928 to
1934 and 1935.
1951, incl., and $27,000 1952 to 1964, incl
JEANNETTE, Westmoreland County?, Pa.
-BOND SALE.
-The
LOS ANGELES CITY SCHOOL DISTRICT (P. 0. Los Angeles)
8100,000 434% borough bonds offered on Nov. 24 (V. 123. p. 2551) were
-The 41,000,000 5%
-BOND SALE.
awarded to the Mellon National Bank of Pittsburgh. Date Nov. 1 1926. Los Angeles County, Calif.
-were awarded to a
Due Nov. 1 as follows: $5,000, 1929;$4,000, 1930;$5,000. 1932, 1934. 1936 school bonds offered on Nov. 29-V. 123, p. 2682
syndicate composed of the Harris Trust & Savings Bank of Chicago, the
and 1937; $4,000, 1938: $3,000, 1939; $5.000, 1940; $4,000. 1941 and 1942;
Angeles, and R. H. Moulton & Co. and the Anglo$5,000, 1943 to 1947 incl.; $6,000, 1948; $5,000, 1949; $8,000, 1950, and Security Co. of Los
California Security Co. both of San Francisco at 104.454, a basis of about
47,000, 1951.
°
4.627. Date Aug. 1 1924. Due Aug. 1 as follows: $28,000. 1928, and
JEFFERSON COUNTY (P., 0. Madison), Ind.
- $27.000. 1929 to 1964, incl.
-BOND SALE.
The Madison Trust Co. of Madison was awarded Nov. 24 two issues of
LOS ANGELES COUNTY FLOOD CONTROL DISTRICT (P. 0.
4S% bonds aggregating $12,720: as follows:
-The $5,000.000 5% flood control
-BOND SALE.
Los Angeles), Calif.
$8,740 road bonds.
$3,980 road bonds.
-were awarded to a syndicate
bonds offered on Nov.8-V. 123, p. 2294
- composed of R. H. Moulton & Co.and the Security Co. both of Los Angeles,
-BOND SALE.
JOHNSON CITY, Washington County, Tenn.
of New York
Little, Wooten & Co. of Jackson have purchased an issue of 443.000 5S% Eldredge & Co. and E. H. Rollins & Sons both basis of aboutand the
4.74%•
park and playground bonds. Date Dec. 1 1926. Denom. $1,000. Due Anglo-California of San Francisco at 102.635, a
Date July 2 1924. Due July 2 as follows: $757,500, 1927; 8210.500, 1928
Dec. 1 1946. Interest payable J. & D.
and 4112,000. 1929 to 1965.
Financial Statement.
$13,800,730 00
Assessed value taxable property
LOS ANGELES COUNTY SCHOOL DISTRICT (P.O. Los Angeles),
1,056.708 42
Net bonded indebtedness
-Of the two issues of bonds offered on Aug 2
-BOND SALE.
17,224 Calif.
Population 1920(U. S. Census), 12.442; 1924 (City Census)
-the 4150.000 5% Monrovia City
aggregating 4160,000-V. 123, p. 282
-The State Auditor of School District bonds were awarded to the Harris Trust & Savings Bank,
KANSAS (State of).
-BONDS REGISTERED.
Kansas registered the following seven issues of bonds, aggregating $19,250. Chicago at 106.87, a basis of about 4.54%. Date Aug. 1 1926. Due
Aug. 1 as follows: 82.000. 1929 to 1947, incl.; $4,000. 1948 to 1954. incl.,
during the month of August:
Int.Rate. and 47,000. 1955 to 1966, incl. The remaining issue of $10,000 El Segundo
Kind.
NameAmount.
Doniphan Count S. D. No.44
bonds
School District bonds offered on the same date have not been sold.
57
$4,000 00 School
EllIs County S. D. No.9
5
4,000 00 School bonds
McCLUSKY SCHOOL DISTRICT, Sheridan County, No. Dak.4 0
Jefferson County S. D. No.62
4. 7
3.000 00 School bonds
-The following three issues of certificates of
CERTIFICATE SALE.
Stafford County S. D. No. 80
5
3,000 00 School bonds
Greenwood County S. D. No.52
4% Indebtedness, aggregating $12,000, offered on Nov. 1-V. 123, p. 2426
2,250 00 School bonds
were awarded at par as follows:
Republic S. D. No. 103
School bonds
5%
2,000 00
Dr. F. Brown: $5,000 certificates of indebtedness.
To
Douglas County S. D. No. 30
4%
1.00000 School bonds
To the Sheridan County State Bank, McClusky: $4,000 certificates of
BONDS REGISTERED.
-The State Auditor also registered the following
five issues of bonds.aggregating $14,752 67,during the month of Se tember: Indebtedness.
To H. Billigmeier: $3,000 certificates of indebtedness.
NameInt.Rate.
Kind.
Amount.
Due Nov. 9 1927.
5%
Stafford County S. D. No. 78
$4,000 00 School bonds
Lawrence
3.779 42 Sewer bonds
435%
MC KINLEY COUNTY (P. 0. Gallup), N. Mex.-BOND SALE.
5%
Lyon County S. D. No,6
3.500 00 School bonds
Bosworth, Chanute & Co. of Denver have purchased an issue of 4200,000
Cedron Township
2,500,00 Refund. bonds 5%
5% coupon county highway and bridge bonds at par. Date Aug. 1 1926.
Independence
45,1% Denom. $1,000.
973 25 Paving bonds
Due Aug. 1 1956. Int. payable F. & A.
KANSAS CITY,Jackson County, Mo.-BOND SALE.
-R. H.
-The $855.400
-BOND OFFERING.
MADEIRA, Hamilton County, Ohio.
judgment bonds offered on Nov. 26-V. 123, p. 2806
-were awarded to the Searls, Village Clerk, will receive sealed bids until 12 m. Dec.20 for the folBirown-Crummer Co. of Wichita as 43is at a premium of $150. equal to lowing 6% coupon special assessment bonds, aggregating 425.854 29:
100.017. Due serially. 1928 to 1946, incl.
$5.592 31 Fowler Ave.improvement bonds. Denom.$695,one for $727 31.
Due Sept. 1 as follows:$727 31. 1928,and $695, 1929 to 1935 incl.
KENMORE, Summit County, Ohio.
-The $6.200
-BOND SALE.
4,669 48 Wallace Ave. impt. bonds. Denom. $580 and one for $609 48.
5% coupon school bonds offered on Nov. 26-V. 123. p. 2425
-were
Due Sept. 1 as foilows:$609 48, 1928, and 4580. 1929 to 1935 incl.
awarded to W. L. Slayton & Co. of Toledo at a premium of $60. equal to
4.994 60 Summit Ave. impt. bonds. Denom. $620 and one for $654 60.
100.96, a basis of about 4.76%. Date Dec. 1 1926. Due Dec. 1 as follows:
Due Sept. 1 as follows: $654 60. 1928.and $620. 1929 to 1935 incl.
$1.000. 1928 to 1932, incl., and $1,200. 1933.
3,077 70 Mayfield Ave. impt. bonds. Denom. $385 and one for $382 70.
Due Sept. 1 as follows:$382 70, 1928, and $385, 1929 to 1935 incl.
KINGSTON, Ulster County, N. Y.
-The.
SALE.
-BOND
150.000
bonds. Denom. $275, one for $295 33.
431% registered water works bonds offered on Dec. 1-V. 123. p. 2551
- 2,220 33 Laurel Ave. grading $295 33, 1928,and $275, 1929 to 1935 incl.
Due Sept. 1 as follows:
were awarded to Roosevelt & Son and Geo. B. Gibbons & Co. of New
1,408 16 Laurel Ave. sidewalk bonds. Denom.$280 and one for 8288 16.
York at 100.91, a basis of about 4.18%. Date Dec. 1 1926. Due Aug. 1
Due Sept. 1 as follows:$288 16. 1928.and 4280, 1929 to 1932 Incl.
as follows: '30,000 1941 and ,40,600 1942 to 1944, inclusive.
2.37085 Southside Ave. grading bonds. Denom. $295 and one for
4305 85. Due Sept. 1 as follows: $.305 85. 1928, and $295, 1929
LABETTE COUNTY SCHOOL DISTRICT NO. 51 P. 0. Oswego),
to 1935 incl.
-BOND • SALE.-Th State School Fund Commission purchased
Kan.
1.52086 Southside Ave. sidewalk bonds. Denom. $300 and one for
during June an issue of $15,000 5% school bonds at par. Date June 7
$320 86. Due Sept. 1 as follows: $320 86, 1928, and $300. 1929
1926. Denom. $500. Due $1,500 1927 to 1936, incl. Interest payable
to 1932 incl.
J. & J.
Date Dec. 15 1926. Prin. and int. payable at the Camargo Bank, MaLA FERIA, Cameron County, Tex.
-An election deira. A certified check for 5% of the bonds bid for Is required.
-BOND ELECTION.
will be held on Dec. 15 for the purpose of voting on the question of issuing
-The
-BOND SALE.
MADISON COUNTY (P. 0. Canton), Miss.
$50.000 paving bonds.
Merchants Bank & Trust Co. of Jackson has purchased an issue of $38,000
LAKE ALFRED, Polk County, Fla.
-The following 44% road bonds at a premium of $240. equal to 100.63. Due serially in
-BOND SALE.
-were awarded 1 to 20 years.
two issues of6% bonds offered on Sept. 27-V. 123. p. 1534
•
to the McDonald Mortgage & Realty Co. of Lakeland:
-BOND SALE.
$102,000 special assessment series B paving bonds. Date July 1 1926.
MAHASKA COUNTY (P. 0. Oskaloosa), Iowa.
Due July 1 as follows: $12,000, 1928 to 1930, incl., and 411,000, The 4150,000 4%% primary road bonds offered on Nov. 24-V. 123, p.
1931 to 1936, incl.
-were awarded to the Harris Trust & Savings Bank of Chicago and
2806
50,000 storm sewerage bonds. Date Oct. 1 1925. Due $55,000 Oct. 1 the Mahaska County State Bank of Oskaloosa, jointly, at a premium of
1937 to 1946, incl.
5730, equal to 100.48, a basis of about 4.44%. Dated'Nov. I 1926. Due
The remaining two issues of bonds. aggregating 540.000, offered on the May 1 as follows: 410,000, 1929 to 1936 incl.; 415,000, 1937 to 1940 incl.,
and 410,000. 1941.
ame date have not been sold.
2930
THE CHRONICLE
[VOL. 123.
MARIANNA SPECIAL SCHOOL DISTRICT, Lee County, Ark.
NEW YORK CITY.
-TEMPORARY LOANS ISSUED DURING
BOND SALE.
-The $27,500 6% school bonds offered on April 26-V. 122. NOVEMBER,
-The City of New York issued short-term securiti3s in
p. 2092
the aggregate of $7,315,000, consisting of corporate stoca notes during
-were awarded to M. W. Elkins St Co. of Little Rock.
November as follows:
• MARLAND, Graham County, Kan.
-The Fidelity
-BOND SALE.
Corporate Stock Notes of 1926.
National Bank of Kansas City, Mo., purchased during July an issue of
Various Municipal Purposes.
36,000 5% refunding bonds at par. Date May 22 1926. Denom. $1,000.
Amount.
Due $1,000, 1927 to 1938, incl. Int. payable M. & N.
Maturity.
Int. Rate. Issued.
$500,000
On or before Nov. 1 1927
Nov. 1
3X%
MASON TOWNSHIP SCHOOL DISTRICT (P. 0. Mason City), 1,000,000
Fen. 15 1927
3.95%
Nov.5
Iowa.
-BOND SALE.
-G. M. Bechtel & Co. of Davenport have purWater Supply.
chased an issue of $5,000 5% School bonds at a premium of $106, equal to
500,000
Feb. 15 1927
Nov.5
3.95%
102.12.
Rapid Transit.
815,000
On or before Nov. 1 1927
Nov. 1
MEDFORD IRRIGATION DISTRICT (P. 0. Medford) Jackson
3.95%
Feb. 15 1927
County, Ore.
Nov.5
-BOND OFFERING.
-E. N.- Wilson. Secretary Board of 2,500,000
3.95%
School Construction.
Directors, will receive sealed bids until 2p. in. Dec. 22 for 375,000 6%
1,000,000
On or before Nov. 1 1927
irrigation bonds. Denom. $1,000. Due Jan. 1 1960.
Nov. 1
3VI %
1,000,000
Feb. 15 1927
3.95%
Nov. 5
MERCHANTVILLE SCHOOL DISTRICT (P. 0. Merchantville),
GENERAL FUND BONDS.
-The city also issued on Nov. 1 38,700,000
Camden County, N. J.
-BOND OFFERING.
-R. G. Test, District 3% general fund bonds and on Nov. 22
3500,000 3% general fund bonds,
Clerk, will sell at public auction at 8 p. m.Dec. 14 an issue of 4
coupon
or registered school bonds not to exceed $225,000. no more bonds to be both issues maturing Nov. i 1930.
awarded than will produce a premium of $1,000 over $225,000. Date
NOBLE COUNTY (P. 0. Albion), Ind.
-The 518,800
-BOND SALE.
Jan. 1 1927. Denom. $1,000. Due Jan. 1 as follows: $6,000 1928 to 5% road bonds offered on Nov. 29-V. 123, p. 2807
-were awarded to
1942, incl.: 35,000 1943 to 1957. incl., and $6.000 1958 to 1967,incl. Prin. the Mier State Bank of Ligonier at a premium of 6725. equal to 103.32.
and int. & J.), payable at the First National Bank & Trust Co.,Merchant- Due semi-annually in 1 to 10 years.
(J.
vine. A certified check for 2% of the amount of bonds bid for is required.
NOBLE SCHOOL TOWNSHIP (P. 0. Wabash), Wabash County
MIAMI SHORES, Dade County, Fla.
-BOND OFFERING.
-W. G. Gardner. Township Trustee, will
-BOND OFFERING.
-E. C. Ind.
Dougherty, Town Clerk will receive sealed bids until 7:30 p. m. Dec. 20 receive sealed bids until 7 p. in. Dec. 27 for $15,000 4)6% school bonds.
for the following five issues of 6% general impt. bonds, aggregating Due June 1 as follows: $1,000. 1928 to 1940 and 32,000, 1941.
$175,000:
NORTH ARLINGTON (P. 0. Arlington), Hudson County, N. J.$94,000 municipal building.
BOND SALE.
-The 539.0005% coupon or registered water bonds offered on
35,000 street lights and equipment.
Nov. 29 (V. 123, p. 2682), were awarded to the First National Bank of
30,000 fire truck.
Lyndhurst. Date Dec. 1 1926. Due Dec. 1 as follows: 32,000. 1928 to
11,000 garbage disposal equipment.
1932 incl., and 51,000, 1933 to 1961 incl.
5,000 mosquito control equipment and drainage.
Date Jan. 11927. Denom.$1,000. Due Jan. 1 as follows: 35,000. 1929
NORTH BELLMORE FIRE DISTRICT (P. 0. North Bellmore),
and 310000, 1930 to 1946, incl. The bonds will be prepared under the Nassau County, N. Y.
-BOND SALE.
-The $30,000 coupon or registered
supervision of the United States Mtge. & Trust Co., New York City, fire equipment bonds offered on Oct. 20-V. 123, p. 2165
-were awarded
which will certify as to the genuineness of the signatures of the officials and to Geo. 13. Gibbons & Co., Inc., of New York as 53
a basis of
the seal impressed thereon. Prin. and int. (J. & J.) payable at the United about 5.39%. Date Oct. 1 1926. Due Oct. 1 as -is at 100.59,
follows: $1,000, 1928;
States Mtge. & Trust Co. A certified check for 2% of the bid, required. 32.000, 1929: 33,000, 1930 and 1931; $4,000, 1932 and 1933; 55,000, 1934,
Legality to be approved by Caldwell & Raymond of New York.
and 34,000, 1935 and 1936.
MICHIGAN (State of).
-The following two issues of
-BOND SALE.
NORTH BRADDOCK SCHOOL DISTRICT, Allegheny County,
road assessment bonds offered on Dec. 1-V. 123, p. 2807
-were awarded Pa.
-BOND SALE.
-The $500,000 434% school bonds offered on Nov. 26
as follows:
-V. 123, p. 2552
-were awarded to the Mellon National Bank of PittsTo the Detroit Trust Co. of Detroit:
burgh at a premium of $9.931 57, equal to 101.98, a basis of about 4.35%.
$261.000 Monroe and Wayne Counties Road Assesment District No. 418 Date Dec. 1 1926. Due Dec. 1 as follows: $17,000, 1932; $15,000, 1933
bonds as 4
about 4.66%. Due $29,000 to 1935 incl.* 318.000. 1936: 35.0. 1937 to 1944 incl.; $20,000, 1945
at 100.51, a basis
00
May 1 1929 to 1937 incl.
330,000, 1946 to 1950 incl., and 335.000. 1951 to 1956 incl.
'
To the Citizens Commercial Si Savings Bank of Flint:
NORTH CAROLINA (State of).
-BOND SALE.
-Of the $20,000,000
Macomb County Road Assessment District No. 1120 bonds
$267.000
as 43is at 100.43, a basis of about 4.87%. Due May 1 as follows: highway and school bonds offered on Dec. 1 (when all bids were rejected)
-V. 123, p. 2682
-the following two issues, aggregating $10,000000,
329.000, 1929 to 1931 incl., and $30.000. 1932 to 1937 incl.
were awarded on Dec. 2 to a syndicate headed by the
National
MIDLAND TOWNSHIP SCHOOL DISTRICT (P. 0. Rochelle Bank, Bankers Trust Co. and the National City Co., all ofFirst York, as
New
Park), Bergen County, N. J.
-BOND SALE.
-On Sept. 10 the City 4).is at par:
National Bank of Hackensack purchased an issue of $225,000 5% school $5,000,000 highway bonds. Due serially, 1930 to 1937 Inclusive.
bonds. Date June 1 1926. Denom. $1.000. -Due June 1 as follows:
5,000,000 public school building bonds. Due 3250,000 Jan. 1 1932 to
35.000 1928 to 1936,incl., and 36,000 1937 to 1966,incl. Legality approved
1951 inclusive.
by Caldwell & Raymond, New York. The above supersedes the report
Date Jan. 1 1927. Coupon bonds registerable as to prin. and as to both
given in V. 123, p. 1534.
prin. and hit. Denom. $1,000. Prin. and int. (J. & J.) payable at the
MILTON RURAL SCHOOL DISTRICT (P. 0. Diamond R. D.), State Treasurer's office or in N. Y. City. The remaining $10,000.000
Portage County, Ohio.
-BOND SALE
.-The $35,000 4, % school highway bonds were not sold. At the time of the origial offering, a
3
4
bonds offered on May 22-V. 123, p. 2693
-were awarded to the State syndicate headed by Lehman Bros. and the Chase Securities Corp subTeachers' Retirement System. Date May 1 1926. Due $1,000 April 1 mitted the highest bid, but later withdrew when the State decided to
accept new bids for 4kg % bonds.
and 31,500 Oef. 1 1927 to 1940 inclusive.
Financial Statement.
MINNEAPOLIS, Hennepin County, Minn.
-CERTIFICATE OFFER$2.700,151,436
ING.
-G.M.Link. Secretary Board of Estimate and Taxation, will receive Assessed valuation (real and personal), 1925
4,905,520
sealed bids until 2 p. m. Dec. 22 for $17,500 not exceeding 5% certificates Sinking fund as of Nov. 16 1926
Population, 1920 census, 2.559,123.
of indebtedness. Dated Dec. 15 1926. Denom. $1,000 or multiles
thereof at holders' option. Due March 15 1927. Prin. and int. (J. &'I).)
NORTON INDEPENDENT SCHOOL DISTRICT, Runnells County,
payable at the fiscal agency of Minneapolis in New York City or at the City Tex.
-BONDS REGISTERED-The State Comptroller of Texas registered
Treasurer's office. A certified check, payable to C. A. Bloomquist, City an issue of 327,000 5% school bonds on Nov. 27. Due serially in 10 to 40
Treasurer, for 2% of the bid required.
years.
MISSION, Hidalgo County,Texas.- WARRANT SALE.
NORWOOD, Carver County, Minn.
-The Brown-INTEREST RATE
-MACrummer Co. of Wichita has purchased an issue of $25,000 water warrants TURITY.
-The $20,000 sewer bonds purchased by the State at par on
at 95.50.
June 28-V. 123, p. 1662
-bear interest at the rate of 4).1% and mature
MISSISSIPPI COUNTY SPECIAL TAX SCHOOL DISTRICT NO. in 20 years.
-The State of Minnesota has purchased an issue of
BOND SALE.
2(P.0. Luxora), Ark.
-BOND SALE.
-The $22,000 school bonds offered
% water works bonds. Due in 10 years •
on May 26-V. 122, p. 2847
-were awarded to M. W. Elkins & Co. of $12,000
L'ttle Rock. (Rate not g ven.)
OAKFIELD, Genesee County, N. Y.
-BOND SALE.
-The $30,000
MONTGOMERY COUNTY (P. 0. Rockville), Md.-BOND SALE.
- coupon or registered sewer bonds offered on Dec. 1 (V. 123, p. 2682) were
The $48.000 5% road bonds offered on Nov. 23-V. 123, p. 2682
-were awarded to Hayes & Collins of Buffalo as 4)0 at a premium of $180, equal
awarded to Townsend, Scott & Sons and Stein Bros. & Boyce, both of to 100.60, a basis of about 4.45%. Date Dec. 1 1926. Due 31.000 Dec. 1
Baltimore, Jointly, at par.
1931 to 1960 inclusive.
MONTGOMERY COUNTY (P. 0. Dayton), Ohio.
-BOND SALE.
OAKLAND CITY SCHOOL DISTRICT, Alameda County, Calif.
The following two issues of 534% bonds, aggregating $11,200. offered on BOND SALE.
-The 3850,000 5% school bonds offered on Nov. 29 (V. 123.
Sept. 15(V. 123. P. 1409) were awarded to A.E. Aub & Co.of Cincinnati:
P. 2807) were awarded to the Bank of Italy, San Francisco, at a premium
$3,200 Speice Ave. bonds. Due $400 Oct. 1 1927 to 1934 incl.
of $86,451, equal to 110.17, a basis of about 4.39%. Dated Jan. 1 1925.
8.000 Rose Ave. bonds. Due $1,000 Oct. 1 1927 to 1934 incl.
Due Jan. 1 as follows: 312,000, 1952; 3128,000, 1953 to 1958 incl., and
Date Oct. 11926.
$70,000, 1959.
MORAVIA INDEPENDENT SCHOOL DISTRICT, Appanoose
OAKLAND HIGH SCHOOL DISTRICT, Alameda County, Calif.
County, lowa.-BOND SALE.
-The Brown-Crummer CO. of Wichita BOND SALE.
-The 51.270.000 5% school bonds offered on Nov. 29
has purchased an issue of 315.000 4%% school building bonds. Due ser- (V. 123, p. 2807) were awarded to R. H. Moulton & Co. of San Francisco
ially 1935 to 1939 inclusive.
at a premium of $104,978, equal to 108.26, a basis of about 4.40%. Dated
Due Jan. 1 as follows: 3119.000, 1943; $120,000, 1944 to
MORGAN COUNTY (P. 0. Martinsville), Ind.
-BOND SALE.
- Jan. 1 1925.
The $9,600 4)4 %, road bonds offered on Nov. 29-V. 123, p. 2682- 1951 incl.; 3117,000. 1952, and 374.000, 1953.
were awarded to Breed. Elliott & Harrison of Indianapolis at a premium
OAKWOOD (P. 0. Dayton) Montgomery County, Ohio.
-BOND
of $140 35, equal to 101.46. Due semi-annuaily in I to 10 years.
-A. C. Bergman, Village Clerk, will receive sealed bids until
OFFERING.
Dec. 18 for the following 5)6
MUSCATINE COUNTY (P. 0. Muscatine), Iowa.
-BOND SALE.
- 12 m. bonds, aggregating $62,277 % coupon special assessment improveyr:
The Muscatine State anit and the First National Bank. both of Muscatine, ment
$14,583 98 Beverly Place. Denom.$1,000,$500 and $83 98. Due June 1
Jointly, purchased an issue of 340,000 4 M % road bonds.
as follows: 31.500, 1928 to 1936,inclusive, and $1,083 98 in 1937.
MUSKINGUM COUNTY (P. 0. Zanesville), Ohio.
-BOND OFFER15,139 72 Dixon Ave. bonds. Denom. 31.000, $500 and $139 72. Due
-John P. Baker, Clerk Board of County Commissioners, will receive
ING.
June 1 as follows: $1.500, 1928 to 1936,inclusive, and 31.636 7
2
sealed bids until 4 p. m. Dec. 14 for $32,415 56 53i% I. C. H.No. 10 bonds.
in 1937.
Denom. $1,000 and one for 8415 56. Due Sept. 1 as follows: 33.000 1927
862 61 Alley improvement bonds. Denom. $100, $50 and one for
to 1933, incl.; 34.000 1934 and 1935. and $33.415 56 in 1936. A certified
$62 61. -Due June 1 as follows: $50. 1928 and 1929; $100,
1930 to 1936. inclusive, and $62 61, 1937.
check for 5% of the amount bid for is required.
5,746 47 Sanitary Sewer District No. 2 bonds. Denom. $500 and one
0. Auburn), Neb.-BOND SALE.
NEMAHA COUNTY (P.
-The
for $246 47. Due June 1 as follows: $500, 1928 to 1936, inclusCarson National Bank of Auburn purchased an issue of $12,500 5% highway
ive. and 31,246 47 in 1937.
oonds.
15,834 69 Farwer Ave. bonds. Denom. $1,000. $500 and one for $334 69.
Due June 1 as follows: $1,500; 1928 to 1936, hid., 32,334 69
-BOND OFFERING -Charles
NEWARK, Licking County, Ohio.
In 1937.
F. Martin, City Auditor, will receive sealed bids until 12 m. Dec. 22 for
7,25884 Wisteria Drive bonds. Denom. $800 and one for $58 84. Due
352,935 5% special assessment coupon street impt. bonds. Date Oct. 1
June 1 as follows: 3800. 1928 to 1936, incl., and $58 84 in 1937.
1926. Denom. $1.000 and one for $935. Due Oct. 1 as follows: $5,935,
2,850 86 Thurston Boulevard bonds. Denom. $300 and one for $150 86.
1928; $6,000. 1929 to 1935 incl., and 35,000, 1936. Prin. and int.(A. & 0.)
Due June 1 as follows: $300, 1928 to 1936. incl. and $150 86
payable at the City Treasurer's office. A certified check for 2% of the
in 1937.
amount bid for, payable to the City Treasurer. Is required.
Date June 1 1926. Legality approved by D. W. and A. S. Iddings,
NEWBURY TOWNSHIP (P.O. Novelty R. F. D.), Geauga County, Dayton, and Peck, Shaffer & Williams of Cincinnati and will be furnished
Ohlo.-BOND OFFERING.-Jay S. Gould, Clerk Board of Trustees, will to successful bidder at his cost. A certified check for 5% cif bid, payable
receive sealed bids until Dec. 17 for 32.912 10 53i% road improvement to the Village Treasurer Is reatdred.
bonds. Date Dec. 1 1926. [Due Oct. 1 as follows: $200. 1927 to 1932 incl.;
OCONTO FALLS, Oconto County, Wis.-BOND SALE.
-The
3400. 1933 to 1935 incl., and 3512 10 in 1936. Prin. and semi-ann, int. $22,4u0 5% bridge bonds offered on Nov. 23-V. 123, p. 2552-were
payable at the Township Treasurer's office. A certified check for 10% awarded to Hill. Joiner & Co. of Chicago at a premium of $708, equal to
Township Treasurer,is re- 103.14. Due serially in 1 to 15 years.
of the amount of bonds bid for, payable to the
quired.
OKFUSKEE COUNTY (P. 0. Okemah), Okla.
-BOND SALE.
-N. A. K. Bugbee. The Prescott, Wright, Snider Co. of Kansas
NEW JERSEY (State of).
-BOND OFFERING.
State Comptroller, will receive sealed bids until 11 a. m.Dec.14 for $3,000,- issue of $90,000 imps. bonds. Due 1943. City, Mo., has purchased an
000 4)j% coupon or registered Series G road bonds. Dated July 1 1926.
Due July 11941. Bids to be for all or none. Coupon bonds in denom. of
OLDHAM COUNTY (P. 0. La Grange), Ky.-BOND SALE.
$1.000. They may be registered as to principal and interest or may be Rogers Caldwell & Co. of New York have purchased the following two
converted into registered bonds at option, in denominations up to 350,000. issues of bonds, aggregating $245,000:
Prin. and int. (J. & J.) payable at the Mercer Trust Co.. Trenton. Legal 5145.000 43‘% bridge bonds. Due Nov. 1 as follows: 35,000, 1948;
opinion to be furnished lay the Attorney-General of the State. A certified
20,000, 1949 and 1950, and $25,000 1951 to 1954, incl.
check for 3% of the face value of the bonds bid for, payable to William T.
100,000 44% road bonds. Due Nov. 1 as follows: $5,000, 1941; $10.000,
Reade, State Treasurer, is required.
1942 to 1945, incl.; $20.000. 1946 and 1947. and 515.000, 1948.
e'
DEC. 4 1926.]
THE CHRONICLE
Date Nov. 1 1926. Prin. and int. (M. & N.) payable at the Chemical
National Bank, New York City. Legality approved by Chapman, Cutler
,St Parker of Chicago.
OPELIKA;Lee County, Ala.
-H. K. Dickinson,
-BOND OFFERING.
Mayor, will receive sealed bids until Dec. 6 for $40.000 city bonds.
OSAWATOMIE, Miami County, Kan.
-BOND SALE.
-The Fidelity
National Bank & Trust Co. of Kansas City. Mo.. purchased an issue of
$2087221 416% internal impt. bonds on May 24 at par. Date Feb. 15
1926. Denom. $500 and one for $372 21. Due serially, 1927 to 1936
incl. Interest payable F. & A.
OSWEGO, Labette County, Kan.
-BOND SALE.
-The First National Bank of Formosa purchased during July an issue of $10,300 414%
refunding bonds at par.
OTTAWA, La Salle County, 111.
-BOND SALE.
-The Duncan Construction Co. has purchased an issue of $20.000 street paving bonds at par.
PARKE COUNTY (P.O. Rockville), Ind.
-BOND SALE.
-The $8,600
414% road bonds offered on Nov. 29 (V. 123, p. 2808) were awarded to the
Fletcher American Co. of Indianapolis at a premium of $114 50, equal to
101.33. Due semi-annually in 1 to 10 years.
PAYNE COUNTY (P. 0. Stillwater), Okla.
-BOND OFFERING.
E. T. Thatcher, Chairman of Board of County Commissioners, will receive
sealed bids until 12 m. Dec. 7 for $1,000,000 or $350,000 road and bridge
bonds. Date Nov. 1 1926. Denom. $1,000. Prin. and int. (M. & N.)
payable at the fiscal agency in New York City. •
PENDLETON, Umatilla County, Ore.
-BOND SALE.
-Hugh B.
McGuire Si Co. of Portland purchased an issue of $7,482 83 6% improvement bonds at 103.50. Due in 10 years.
PENN TOWNSHIP SCHOOL DISTRICT (P. 0. Pittsburgh), Allegheny County, Pa.
-BOND SALE.
-J. H. Holmes & Co.of
was awarded Aug. 16 an issue of $80,000 4% school bonds. Pittsburgh
PERRY, Taylor County, Fla.
-BOND SALE.
-The
special impt. bonds offered on Nov. 20-V. 123, p. 2553 $134.000 6%
-were awarded
to the Higginson Construction Co. of Perry at 95, a basis of about 7.12%.
Date Dec. 1 1926. Due Dec. 1 as follows: $13.000, 1927 to 1932 incl.,
and $14.000. 1933 to 1936 incl. Int. payable J. & D.
PERSIA INDEPENDENT SCHOOL DISTRICT, Harrison County,
Iowa.
-BOND DESCRIPTION.
-The $26,000 414%_ coupon refunding
school bonds awarded to George M. Bechtel & Co. of Davenport
-V. 123,
p. 2683
-at 100.04, are described as follows: Date Jan. 1 1927. Denom.
$1,000. Due serially, 1928 to 1935, incl. Interest payable J. & J.
PERU, Miami County, Ind.
-BOND SALE.
-The $10,000 414% fire
station construction bonds offered on Nov. 24-V. 123, p. 2553
-were
awarded to the Wabash Valley Trust Co. of Peru at a premium of $128,
equal to 101.28. Due in 20 years.
PHILIPPINE ISLANDS (Government of).
-BOND SALE.
lowing two issues of registered bonds. aggregating $329,500. -The foloffered on
Nov. 30 (V. 123, p. 2683) were awarded to the Mercantile Trust Co. of St.
Louis as 4145 at 100.51, a basis of about 4.47%:
$274,000 llocos Norte improvement bonds. Dated June 1 1926. Due
June 11956.
55,500 Marinduque improvement bonds. Dated May 1 1926. Due
May 1 1956.
Other bidders were:
Price Bid
BidderMarinduque. llocos Norte.
Mercantile Trust Co
100.51
100.51
Barr Bros. & Co.. Inc. and toe Herrick Co..
98.8759
98.8759
Riggs National Bank
98.8493
98.8493
Chase Securities Corp.; Blair & Co., Inc.; Hallgarten & Co. and Hornblower & Weeks
98.6.57
98.657
Seasongood & Mayer and the Mayer-Kiser Bank
97.753
98,25
City National Bank,Ft. Smith
96
PORTER COUNTY (P. 0. Valparaiso), Ind.
-BOND SALE.
-The
following three issues of 44% bonds, aggregating $108,400. were awarded
on Nov. 30 to J. F. Wild & Co. of Indianapolis at a premium of
$1,498,
equal to 101.38.
$5,000 road bonds.
$58,400 road bonds..
45,000 road bonds.
PORTLAND WATER DISTRICT (P. 0. Portland), Cumberland
County, Me.
-BOND OFFERING.
-Sealed bids will be
4 p. m. Dec. 6 for $400,000 4% water bonds. Date Nov.received until
1 1926. Due
Nov. 11946.
POWELL, Park County, Wyo.-BOND SALE.
-Peck. Brown & Co.
of Denver have purchased an issue of $80,000 5% sewer bonds and
special district bonds at par. Legality approved by Pershing, 534%
Nye,
Tallmadge & Bosworth of Denver.
PROVIDENCE, Providence County, 12, I.
-BOND OFFERING.
Clarence E. Gray, City Treasurer, will receive sealed bids until 2:15 P• In.
Dec. 14 for $2,000,000 4% coupon or registered water supply bonds. Date
Jan. 3 1927. Denom. $1,000, $5,000. $10,000 and $20,000. Due $1,-000,000 Jan. 3 1942 and 1952. Prin. and int.(J. & J.)payable at the fiscal
agency in New York. A certified check for 2% of the par value of the
bonds bid for, payable to the above named official, is required.
PUEBLO COUNTY SCHOOL DISTRICT (P. 0. Pueblo), Colo.
BOND SALE.
-The following four issues of 4% bonds, aggregating $462,000 were recently disposed of:
$200,000 funding floating debts bonds. Due May 1 as follows:. $9,000.
1928 to 1935, incl., $8.000, 1936, $15,000, 1937 to 1942, incl.,
and $10,000. 1943 to 1945, incl.
100,000 school building bonds. Due Nov. 1 as follows: $7.000, 1928 to
1933, incl., $6,000. 1934 to 1936, incl.. $15,000. 1937 and $5.000,
1938 to 1942, incl.
140,000 school bonds. Due in 20 years. optional after 10 years.
22,000 school bonds. Due Nov. 1 as follows: $2,000, 1928 to 1932, incl.,
and $3,000, 1933 to 1936, incl.
RALEIGH TOWNSHIP (P. 0. Raleigh) Wake County, No. Cara-BOND SALE.
-The 8400,000 Rale gh township school bonds offered on
Nov. 29-V. 123. p. 2683
-were awarded to A. B. Leach & Co. of Chicago
as 4148 at a premium of $10,436, equal to 102.609. Date Dec. 1 1926.
Due serially. 1927 to 1956, incl.
RAMSEY COUNTY SCHOOL DISTRICT (P. O. New Canada),
Minn.
-BOND SALE.
-The $13,000 5% school bonds offered on Nov.8V. 123, p. 2427
-were awarded to San Peterson of St. Paul. Date Oct. 1
1926. Due $1,000 Oct. 1 1929 to 1941, incl.
RANDALL COUNTY (P. 0. Canyon), Texas.
-BOND ELECTION.
An election will be held on Dec. 18 for the purpose of voting on the question
of issuing $250,000 road bonds.
RHINEBECK SCHOOL DISTRICT NO. 15 (P. 0. Rhinebeck)
Dutchess County, N. Y.
-BOND OFFERING.
-Sealed bids will be
received until 7 p. m. Dec. 16 by H. S. Bulkeley, President of Rhinebeck
High School, for $90,000 not exceeding 5% school bonds.
RIPLEY COUNTY (P. 0. Versailles), Ind.
-BOND SALE.
-The
$19,000 414% coupon gravel road bonds offered on Nov. 29-V. 123, p.
-were awarded to the Fletcher American Co. of Indianapolis at a
280S
premium of$137 50, equal to 101.37. Date Nov. 15 1926. Int. payable
M.& N. Due serially 1927 to 1936, incl. Denom. $250.
RISING STAR SCHOOL DISTRICT, Eastland County, Tex.
-The $25,000 school bends purchased by Garrett
BOND DESCRIPTION.
& Co. of Dallas
-V. 122, p. 3114-bear interest at the rate of 6% and are
follows: Date April 20 1926. Denom. $1,000• Principal
described as
and interest (A. & 0.) payable at the Hanover National Bank, New York
City. Legality approved by Chapman, Cutler & Parker, of Chicago.
RIVER ROUGE, Wayne County, Mich.
-INTEREST RATE .-The
$198,220 50 special assessment street paving bonds purchased by Matthew
Finn, of Detroit, at par-V. 123, p. 2808
-bear interest at the rate of 6%.
Date Nov. 1 1926. Due serially 1927 to 1931, inclusive.
RIVERSIDE COUNTY SCHOOL DISTRICTS (P. 0. Riverside),
-BOND OFFERING.
Calif.
-Sealed bids will be received by the County
Clerk, until 10 a.m. Dec. 6 for the following 434% coupon or registered
bonds, aggregating $1,050,000:
$850,000 City high school district bonds. Due $25,000 Aug. 1 1931 to
19d4 inclusive.
200,000 City Junior College District bonds. Due $10,000 Aug. 1 1936
to 1955, inclusive.
2931
Date Aug. 1 1926. Denom. $1,000. Prin. and int. (F. & A.) payable
at the County Treasurer's office. A certified check for 5% of the bid
required. Opinion as to legality to be furnished by purchaser. These are
the bonds sold on July 26 (V. 123, p. 612), the sale of which was not
completed-V. 123, p. 2166.
ROCHESTER, N. Y.
-NOTE OFFERING.
-Sealed bids will be received until 2:30 p. m. Dec. 7 by J. C. Wilson, City Comptroller, for
eignt issues of City of Richester notes, aggregating $2,015,000.
$150,000 school construction notes as per ordinance of the Common
Council May 12 1925. Duo Feb. 10 1927.
165,000 motor fire equipment notes as per ordinance of Common Council
March 9 1926. Due Feb. 10 1927.
300,000 local impt. notes as per ordinance of Common Council March 9
1926. Due Feb. 10 1927.
50,000 municipal hospital notes as per ordinance of Common Council
Nov. 23 1926. Due Feb. 10 1927.
175,000 subway railroad notes as per ordinance of Common Council
Aug. 24 1926. Due Feb. 10 1927.
75,000 water impt. notes as per ordinance of Common Council Nov. 9
and Nov. 23 1926. Due Feb. 10 1927.
750,000 school revenue notes as per ordinance of Common Council
Nov. 9 1926. Due June 10 1927.
350.000 general revenue notes as per ordinance of Common Council
Nov. 9 1926. Due June 10 1927.
Date Dec. 10 1926. Notes will be drawn with interest and will be
deliverable and payable at the Central Union Trust Co.New York.
Bidders to state rate of interest, designate denominations desired and to
whom (not bearer) notes shall be made payable.
ROOSEVELT SCHOOL DISTRICT (P. 0. Los Angeles), L011
Angeles County, Calif.
-BOND SALE.
-The $30,000 534% coupon
school bonds offered on Oct. 11-V. 123. p. 1790
-were awarded to Elmer
J. Kennedy of Los Angeles. Date Oct. 1 1926. Denom. $500. Due
Oct. 1 as follows: $500, 1927 and 1928, and $1,000, 1929 to 1957 incl.
Prin. and int.(A.& 0.) payable at the County Treasurer's office. Legality
approved by O'Melveny, Milliken, Tuller & Macneil of Los Angeles.
Financial Statement.
Actual valuation (estimated)
$1,750,000
Assessed valuation 1925
716,165
Bonded debt, including this Issue
35,000
Population, official estimated, 970.
ROYAL OAK, Oakland County, Mich.
-BOND SALE.
-The follow
log 3 issues of coupon bonds, aggregating $115,000. offered on Nov. 29
-v. 123, p. 2808
-were awarded to Morris Mather & Co. of Chicago as
4148 at a premium of $126, equal to 100.10:
$60.000 storm sewer bonds. Due serially 1927 to 1936, incl.
50,000 paving bonds. Due serially 1927 to 1936. incl.
5,000 sidewalk bonds. Due serially 1927 to 1931. incl.
Date Nov. 11926.
ST. LUCIE INLET DISERICT (P. 0. Stuart) St. Lucie and Martin
Counties, Fla.
-BOND ofivER7Nc.-C. Van Anglen, Secretary Board of
Commissioners, will receive sealed bids until 8 p. m. Dec. 8 for $1,000,000
514% impt. bonds. Date July 1 1926. Denom. $1,000. Due July 1 as
follows: $5,000, 1931 to 1933, ncl.. $6,000, 1934 to 1936. incl., $10.000.
1937 to 1939. ncl. $15.000. 1940 to 1942, incl., $18,000, 1943 to 1945.
incl.. $23,000, 1946 to 1948. incl.. $28,000, 1949 to 1951, Incl.. $35.000,
'
1952 to 1954, incl.. $45,000, 1955 to 1957. incl. $50,000. 1958 to 1960.
incl., and $59,000. 1961 to 1965, incl. Prin. and int. (J. & J.) payable at
'
the National Bank of Commerce, New York City or the Seminole Bank.
Stuart. A certified check payable to the Board of Commissioners for
$2,500, required.
SAINT PAUL'S CENTRALIZED SCHOOL DISTRICT NO. 23
(P. 0. Meggett) Charleston County, So. Caro.
-BOND SALE.
-The
$100,000 5% school bonds offered on June 15-V. 122, p. 3247
-were
awarded to Prudden & Co. of Toledo at 103.27-a basis of about 4.65%.
Date June 1 1926. Due $25,000. 1931, 1936. 1941 and 1946.
SAN ANTONIO, Boxer County, Tex.
-BOND OFFERING -Fred
Fries, City Clerk, will receive sealed bids until 12 m Dec 16 for the following eleven issues of 414% public impt. bonds, aggregating 83,600.000:
$900,000 street opening and widening bonds. Due as follows $22.000.
.
1928. 1930. 1932. 1934, 1936, 19313, 1940. 1942. 1944. 1946. 1948.
1950, 1952, 1954, 1956, 1958. 1960. 1962. 1964 and 1966. incl.;
823.000, 1929, 1931, 1933, 1935. 1937, 1939, 1941. 1943. 1945.
1947. 1949. 1951, 1953, 1955, 1957, 1959, 1961, 1963, 1965 and
1967. incl.
750.000 sewer bonds. Due as follows: $18,000, 1928, 1936, 1940, 1944.
1948. 1952. 1956. 1960, 1964. Incl.. and $19,000. 1929 to 1931.
Incl.; 1931 to 1933, Incl.* 1937 to 1939, incl.; 1941
1943, incl.;
1945 to 1947, incl.: 1949' to 1951, incl.: 1953 to 1955, incl.; 1957
to 1959, incl.; 1961 to 1963. incl., and 1965 to 1967. incl.
flood prevention bonds. Due $15,000, 1928 to 1967, incl.
600,000
300,000 street paving bonds. Due as follows: $7,000. 1928. 1930, 1932,
1934. 1936, 1938. 1940. 1942, 1944, 1946. 1948, 1950. 1952. 1954,
1956, 1958, 1960, 1962, 1964 and 1966. incl.. and $8,000. 1929,
1931, 1933, 1935. 1937, 1939, 1941. 1943. 1945, 1947. 1949, 1951.
1953, 1955, 1957, 1959, 1961. 1963, 1965 and 1967. incl.
250.000 bridge bonds. Due as follows: 86,000. 1928 to 1930, incl.: 1932
to 1934, 1ncl.; 1936 to 1938. Incl.; 1940 to 1942. incl.• 1944 to
1946, incl.* 1948 to 1950. incl.: 1952 to 1954, incl.* 1956 to 1958,
'
incl.; 1960 to 1962, incl., and 1964 to 1966, incf.: and 87.000,
'
1931, 1935, 1939, 1943, 1947, 1951, 1955, 1959, 1963 and 1967.
250,000 city hall bonds. Due as follows: $6,000. 1928 to 1930. Incl.:
1932 to 1934. incl.: 1936 to 1938, incl.: 1940 to 1942. incl.; 1944
to 1946. incl.; 1948 to 1950, incl.; 1952 to 1954. Incl.' 1956 to
1958,Incl.: 1960 to 1962,incl., and 1964 to 1966,incl., and $7 000.
1931, 1935, 1939, 1943, 1947. 1951, 1955, 1959. 1963 and 1967.
150,000 public park bonds. Due as follows: $3,000, 1928. 1932. 1936,
1940. 1944, 1948, 1952, 1956, 1960, and'1964, incl., and $4,000.
1929 to 1931, incl. 1933 to 1935, incl. 1927 to 1939, incl. 1941
to 1943, incl. 1945 to 1947. incl. 1949 to 1951. incl. 1953 to
1955, incl. 1957 to 1959, incl. 1961 to 1963, incl., and 1965 to
1967, incl.
150,000 incinerator bonds. Due as follows: $3,000, 1928 1932. 1936,
1940, 1944, 1948. 1952. 1956, 1960 and 1964. incl.. and $4,000.
1929 to 1931. incl. 1933 to 1935, incl., 1937 to 1939. incl.. 1941
to 1943. incl.: 1945 to 1947. incl.; 1949 to 1951. incl.; 1953 to
1955, incl.; 1957 to 1959, incl.: 1961 to 1963. Incl., and 1965 to
1967, incl.
125,000 fire and police dept. stations. Due as follows: $3.000. 1928 to
1934, incl.; 1936 to 1942. incl.; 1944 to 1950, incl.; 1952 to 1958,
incl., and 1960 to 1966, incl., and $4,000, 1935. 1951. 1959 and
1967, incl.
75,000 auditorium building bonds. Due as follows: $1,000. 1928, 1935.
1942, 1949 and 1956, incl., and $2,000. 1929 to 1934. incl.: 1936
to 1941, incl.; 1943 to 194S, incl.; 1950 to 1955, incl., and 1957
to 1967. incl.
50,000 city hospital bonds. Due as follows: SLOG°, 1928 to 1930.
incl.; 1932 to 1934,
1936 to 1938, incl.: 1940 to 1942. incl.
1944 to 1946. incl.: incl.•. to 1950. incl.•, 1952 to 1954. incl.: 1956
1948
to 1958. incl.; 1911111 to 1962, incl.. and 1964 to 1966, incl.. and
82.000, 1931, 1935. 1939, 1943. 1947, 1951. 1955. 1959. 1963
and 1967, incl.
Denom.$1,000. Prin. and int. payable in gold in San Antonio or at the
fiscal agency in New York City. Legality to be approved by Thomson
Wood & Hoffman, New York City. These are the bonds mentioned in
V. 123. p. 2808.
SAN JOAQUIN COUNTY WATER WORKS DISTRICT NO. 1
(P. 0. Stockton), Calif.
-BOND OFFERING.
-Eugene D. Graham.
County Clerk, will receive sealed bids until 11 a. m. Dec. 6 for 315.000
6% water works bonds. Date Nov. 1 1926. Denom. $500. Due 51,000.
May 1 1929 to 1933 incl. A certified check payable to the Chairman of
Board of Supervisors. for 10% of the amount of bonds offered, required.
Interest payable M. & N.
SARASOTA COUNTY (P. 0. Sarasota), Fla.
-BOND OFFERING.
J. R. Peacock. Clerk Board of County Commissioners, will receive sealed
bids until 2:30 p. in. Dec. 21 for $681,000 6% highway bonds. Coupon
reglsterable as to principal. Dated May 1 1926 Due May 1 as
bonds
follows: $13,000. 1931: 815,000, 1932 and 1933: $17,060, 1934; $18,000.
1935 $114,000, 1936 $12,000, 1937: 319,000, 1938 $20,000, 1939 $21,000.
1940 116,000. 1941 820.000, 1942: $26,000, 1943 829.000, 1944 $15.000,
3
1945 24,000. 1946 831,000, 1947; $33.000. 1948 $28.000. 1949 $36.000,
7,000. 1951 $44,000, 1052: 837,000, 1953 $42.000. 1954 348.000.
1950
1955 and 851.000. 1956. The U. S. Mtge. & Trust Co., N. Y. City, will
2932
•
THE CHRONICLE
certify as to'the genuineness of the bonds. Prin. and int. (M. & N.)
payable in gold in N.Y.City. Legality approved by Chester B. Masslich,
New York City.
-The folSAN FRANCISCO ,City and County of), Calif.
-BIDS.
lowing is a complete list of the bids received for the $2,400.000 5% Hetch
Hetchy coupon or registered water bonds awarded to a syndicate headed by
the Guaranty Co. of New York at 107.559, a basis of about 4.43% (V. 123.
p. 2808):
BiddersPremium.
Heller. Bruce & Co., for account Lehman Bros.. Kountze Bros.
and Ames,Smerich & Co.. New York, and Dean, Witter &
Co., Wells Fargo Bank & Union Trust Co., Wm. Cavalier &
Co., Freeman, Smith & Camp and Heller, Bruce & Co., San
161,040 00
Anglo London Paris Co.. Bank of Italy, Eldredge & Co., First
Francisco3
National Bank, New York; Kissel, Kinnicutt & Co., the Detroit Co. and Redmond & Co
180,720 00
Wm. R. Compton Co., Estabrook & Co., Drake, Riley &
Thomas. R. E. Campbell & Co., Los Angeles: W. A. Harriman & Co., New York; Guardian Trust Co., Detroit
The National City Co., Old Colony Corp., California Securities 159,336 00
Co., Bond & Goodwin & Tucker
170,246 40
E. R. Gundelfinger, Inc., A. B. Leach St Co., Inc., George H.
Burr & Co., Federal Securities Corp.Second Ward Securities Corp., /Wells-Dickey Co., Mississippi Valley Trust Co.,
Carstens & Earles, Inc
135,039 00
Blair & Co., Inc., E.H.Rollins & Sons
171,528 00
R. H. Moulton & Co., Harris Trust & Savings Bank, Bankers
Trust Co., Anglo-California Trust Co., Security Co
157,059 00
-WARRANT SALE.SARASOTA COUNTY (P. 0. Sarasota), Fla.
The $50.000 s% time warrants offered on June 25-V. 122. p. 3493
were awarded to the Florida Municipals, Inc., of Jacksonville. Date
May 14 1926. Due $5,000 May 14 1927 to 1936 incl. Legality approved
by Clay & Dillon of New York City.
SHAWNEE, Topeka County, Kan.
-At an election
-BONDS VOTED.
held on Nov. 24 the voters authorized the issuance of $586.500 water
works system bonds by a count of 1,312 for to 392 against.
SMITHFIELD, Johnson County, No. Caro.
-BOND OFFERING.
W. L. Fuller, Town Clerk, will receive sealed bids until 8 p. m. Dec. 9 for
$130.0005
improvement bonds. Date Nov. 11926. Denom. $1,000.
Due Nov. 1 as follows: $6,000, 1927 to 1944, incl.• $8,000, 1945, and
514,000. 1946. Prin. and int.(M.& N.) payable at th'e Hanover National
Bank, New York City. Bonds will be prepared under the supervision of
R. S. Dickerson & Co. of Gastonia. A certified check payable to the
above mentioned official for $2,000 required. Legality approved by Storey,
Thorndike, Palmer & Dodge of Boston.
SOLON RURAL SCHOOL DISTRICT (P. 0. Solon), Cuyahoga
County, Ohio.
-BOND SALE.
-The $50,00p 5% school bonds offered
on Nov.26-V. 123. p.2428
-were awarded taDtis & Co.of Cleveland at a
premium of $672, equal to 102.24. a basis of about 4.67%. Date Oct. 1
1926. Due Oct. 1 as follows: $2,000. Oct. 1 1928 to 1942, incl.
SOUTH ORANGE AND MAPLEWOOD SCHOOL DISTRICT
(P. 0. South Orange), Essex County, N. J.
-BOND OFFERING.Margaret M. Pryor, District Clerk, will receive sealed bids until 8 p. m.
Dec. 14 for an issue of 4%,4g or 44% coupon or registered school bonds
not to exceed $1,200.000, no more bonds to be awarded than will produce
a premium of $1,000 over 51,200,000. Date Jan. 1 1927. Denom.$1,000.
Due Jan. 1 as follows: 525,000. 1929 to 1936, incl.; $30,000, 1937 to 1946,
incl. and 535.000, 1947 to 1966, incl. Prin, and int. (J. & J.) payable
at the Guaranty Trust Co., New York. The bonds will be prepared under
the supervision of the United States Mortgage & Trust Co. New York,
which will certify as to the genuineness of the signatures of the officials
and the seal impressed thereon. Legality to be approved by Hawkins,
Delafield & Longfellow, New York. A certified check for 2% of the
amount of bonds bid for, payable to the Custodian of School Moneys,
is required.
•
STANLEY CONSOLIDATED SCHOOL DISTRICT, Buchanan
County, Iowa.
-BOND SALE.
-The $50,000 school bonds offered on
July 29-V. 123, p. 612
-were awarded to tne White-Pnillips Co. of Davenport as 4s at a premium of $700, equal to 101.40. Due sedally 1928
to 1946 inclusive.
STARKE COUNTY(P.O. Knox), Ind.
-BOND SALE.
-The two issues
of 5% coupon bonds, aggregating $11,400, offered on Nov. 25 (V. 123. p.
2684) were awarded to the Fletcher American Co. of Indianapolis at a
premium of $366 50,equal to 103.21:
15,200 road bonds.
6,200 road bonds.
Due semi-annually in 1 to 10 years.
SUMNER COUNTY (P.O. Wellington), Kan.
-BOND OFFERING.
A. E. Alexander, County Clerk, will receive sealed bids until 11 a.m.
Dec. 7 for $56.000 43 % road bonds. Date Jan. 1 1927. Denom. $1.000.
Due serially, 1928 to 1937, hid. Int. payable J. & J. A certified check
for 2% of the bid required.
•
Financial Statement.
Actual valuation
562.628,773
Bonded indebtedness (approximately)
1,013,000
SUWANNEE COUNTY (P. 0. Live Oak), Fla.
-BOND OFFERING.
J. W. Bryson, Clerk Board of County Commissioners, will receive sealed
bids until 10 a. m. Jan. 4 for $800,000 534% highway bonds. Dated
July 1 1926. Denom. $1,000. Due $160.000 July 1 1936, 1941, 1946,
1951 and 1956. Prin. and int. (J. & J.) payable at the Hanover National
Bank. N. Y. City. A certified check, payable to the above named official,
for $5,000 required. Legality to be approved by Caldwell & Raymond
of New York City.
•
SYNDER,Scurry County,Tex.
-BOND SALE.
-The Brown-Crummer
Co. of Wichita has purchased an issue of $15,0005% impt. bonds. Due
serially 1936 to 1950, incl.
-BOND ELECTION.
-An elecTAYLOR, Williamson County, Tex.
tion will be held on Dec. 20 for the purpose of voting on the question of
issuing $100.000 5% sewer bonds.
TEXARICANA SPECIAL SCHOOL DISTRICT, Muller County,
-The 545,000 6% school bonds offered on June 2
-BOND SALE.
Ark.
-were awarded to M. W. Elkins & Co. of Little Rock.
-V. 122, p. 2994
-C. C.
THOMASVILLE, Thomas County, Ga.-BOND OFFERING.
Pittman, City Clerk, will receive sealed bids until 4 p. m. Dec. 13for 590,000
% coupon street !rapt. bonds. Dated July 1 1926. Denom. $1,000.
Prin. and int. J. & J.) payable at the Chase National Bank, New York
City. A certified check for $3,000 required.
TITUS COUNTY COMMON SCHOOL DISTRICT NO. 25 P. 0.
-The State Comptroller
-BONDS REGISTERED.
Mount Pleasant), Tex.
of Texas registered an issue of $1,000 5% school bonds on Nov. 23. Due
in 20 years.
-An issue of
TRENTON Hitchcock County, Neb.-BOND SALE.
$11,000 artificial ice plant bonds have been disposed of.
-The issue of 4%%
-BOND SALE.
TRENTON, Mercer County, N. J.
coupon or registered general improvement bonds offered on Nov. 30V. 123. p. 2684
-was awarded to a syndicate composed of Graham, Parsons
& Co. and Roosevelt & Son, both of New York,and the Trenton Banking
Co.of Trenton,taking $1,882,000 41.899,000 offered),paying $1,899,126 20
equal to 100.91, a basis of about 4.17%. Date Dec. 1 1926. Due Dec. 1
as follows: 550,000, 1928 to 1943, incl.; $70,000, 1944 to 1957,incl., and
$53,000 in 1958.
-The 575.000 434%
-BOND SALE.
TYRONE, Blair County, Pa.
coupon or registered impt. bonds offered on Nov. 15-V. 123, p. 2296
were awarded to the Farmers & Merchants National Bank of Tyrone at
par. Date May 15 1926. Due May 15 1946, optional May 15 1936.
,
UNION CITY (P.O. Union City, Ind.), Montgomery County, Ohio.
-BOND OFFERING.
-Charles E. Maloon, Village Clerk will receive
sealed bids until 12 m. Dec.8 for $4,500 e% refunding bonds. Date Soy.
1 196. Denom. $500. Due $500, May 1 1929 to 1937, incl. A certified
check for 1% of the amount of bonds bid for payable to toe Village Treasurer
is required.
UPPER DARBY TOWNSHIP SCHOOL DISTRICT (P. 0. Media),
Delaware County, Pa.
-BOND SALE.
-The $400.000 coupon or registered school bonds offered on Aug. 4-V. 123, p. 745
-were awarded to
[VOL. 123.
the Girard Estate. Date Aug. 1 1926. Due Aug. 1 1956. (Rate not
stated.)
VANCOUVER, Clarke County, Wash.
-BOND SALE.
-The $35;000
funding bonds offered on Nov. 13-V. 123, p. 2428
-were awarded to the
3
Old National Bank & Union Trust Co. of Spokane as 4%s at a premium of
$47,equal to 100.13. a basis of about 4.77%. Due serially in equal amounts
including interest from 1928 to 1946 incl.
VENANGO, Perkins County, Neb.-BOND SALE.
-The $15,000 6%
electric transmission line bonds offered on Nov. 18-V. 123, p. 2684
were awarded to the United States Bond Co. of Denver. Due 1941.
VILLA RICA, Carroll County, Ga.-BOND SALE.
-Bell, Speas &
Co. of Atlanta, have purchased an issue of $38,000 6% water works bonds.
Date Oct. 11926. Denom. $1,000. Due Oct. 1, as follows: $1,000, 1931
to 1943, incl.: $2,000. 1944 to 1954, incl., and $3,000, 1955. Prin. and hit.
(A. & 0.) payable at the National Park Bank. New York City. Legality
approved by Storey, Thorndike, Palmer & Dodge, of Boston.
Financial Statement.
Actual valuation, estimated
$1,000,000
Assessed valuation, 1926
553,105
Total bonded debt (this issue)
38,000
Population, 1920 Census, 1,047; present, est., 1,200.
VIRGINIA State of).
-CERTIFICATE OFFERING.
-Sealed bids
will be received by the Board of Sinking Fund Commissioners until 12 m.
Dec. 15 for $2,500,000 434% coupon or registered State highway certificates
of indebtedness. Date July 1 1926. Due July 1 as follows: $500,000
1930 and 1931. and 5300.000 1932 to 1936. incl. A certified check, payable
to the State Treasurer, for 1% of the bid required. These certificates are
part of an authorized issue of $7,500,000.
WAPPINGER FALLS, Dutchess County, N. Y
.,-BOND SALE.
The $18,000 coupon or registered road bonds offered on Nov. 23-V. 123.
p. 2684
-were awarded to Sherwood & Merrifield of New York as 4.60s
at 100.19. a basis of about 4.56%. Date Nov. 1 1926. Due Nov. 1 as
follows: 52,000. 1927 to 1934, incl., and $1,000, 1935 and 1936.
WASHTENAW COUNTY (P. 0. Ann Arbor), Mich.
-BOND SALE.
-The $30,500 road assessment district No. 17A bonds offered on Nov.26V. 123, p. 2684
-were awarded to the Detroit Trust Co. of Detroit as
4%'s. Due serially in 1 to 5 years.
WELTON CONSOLIDATED SCHOOL DISTRICT, Clinton County,
Iowa.
-BOND SALE-George M. Bechtel & Co. of Davenport have
purchased an issue of $40,000 434% school bonds. Date Dec. 1 1925.
Due 1942.
WEST GREEN SCHOOL DISTRICT, Coffee County, Ga.-BOND
DESCRIPTION.
-The 513,000
% bonds purchased by toe H.0. Speer
& Sons Co. of Chicago at par
-V. 123, p. 2644
-are described as follows:
Dated June 1 1926. Coupon bonds registered as to principal. Denom.
$1,000. Due Jan. 11956. Prin. and int.(June 1) payable at the Hanover
National Bank, New York City. Legality approved by Chapman, Cutler
& Parker of Chicago.
Financial Statement.
Value of taxable propety, estimated
$350.000
Assessed valuation
189,274
Bonded debt,this issue only
13,000
Population, 1,200.
WEST SCHOOL DISTRICT (P. 0. Lexington), Holmes County,
Miss.
-BOND SALE.
-An issue of $15,000 school bonds was recently sold.
WHITLEY COUNTY (P. 0. Columbia City), Ind.
-BOND OFFER"
ING.-H.L. Ohrig,County Treasurer, will receive sealed bids until 10 a. m•
Dec. 6 for $10,800 434% road bonds. Due semi-annually in 1 to 10 years•
WICHITA, Sedgwick County, Kan.
-BOND SALE.
-The Fourth
National Bank of Wichita purchased on June 28 an issue of 597.092
%
park impt. bonds at a premium of 51,206, equal to 101.22, a basis of about
4.24%. Date June 1 1926. Denom. $1,000. Due $9,709 20, 1927 to
1936, incl. Int. payable J. & D.
WICHITA COUNTY SCHOOL DISTRICT NO. 49 (P. 0. Leoti).
Kan.
-BOND SALE.
-The $14,000 4%% school bonds offered on June 1V. 122. p. 3116
-were awarded to the Central Trust Co. of Topeka at par.
Date June 1 1926. Due serially Feb. 1 1927 to 1946, incl.
WILLOUGHBY, Lake County, Ohio.
-BOND SALE.
-The 12,210 25
5ti% fire department building improvement bonds offered on Nov. 22V. 123, p. 2297
-were awarded to A. E. Aub & Co. of Cincinnati at a
premium of $50 75, eql al to 102.29, a basis of about 442%. Date Oct. 18
1926. Due $210 25, Oct. 1 1928 and $200. Oct. 1 1929 to 1938, incl.
WILSON, Ellsworth County, Kan.
-BOND SALE.
-The $19,667 33
434 internal impt. bonds offered on Nov. 15-V. 123. p. 2555
-were
First Trust Co. of Wichita at par. Date Jan. 15 1927.
awarded to the Due serially, 1928 to 1937. incl.
-BOND SALE.
• WINTHROP,Suffolk County, Mass.
-F.S. Moseley
& Co. of Boston have purchased an issue of $60,000 4% street widening
bonds at 100.10, a basis of about 3.92%. Date Dec. 1 1926. DUe Dec. 1
as follows: $40,000, 1927 and $20,000. 1928.
WINTHROP, Suffolk County, Mass.
-TEMPORARY LOAN.
-The
H. C. Grafton Co. of Boston has purchased a $50,000 temporary loan on a
3.76% discount basis plus a premium of $1 50. Due Nov. 15 1927.
CANADA, its Provinces and
Municipalities.
BRANTFORD, Ont.-BOND SALE.
-The following 5% bonds, aggregating $65,000, have been sold locally at par:
560,000 improvement bonds. Due in 10 and 20 annual installments.
5,000 improvement bonds. Due in 20 annual installments.
EAST NISSOURI TOWNSHIP (P. 0. Thamesford), Ont.-BOND
-Sealed bids are invited for the purchase of $16.000 534%
OFFERING.
20
-instalment bonds. No definite date has been set to receive bids.
G. Oliver, Treasurer.
EDMONTON,Alta 4
-BOND SALE.
-The city has disposed of $748,000
consolidated debentures to the city's fiscal agents, Wood, Gundy & Co.;
Cochran, Hay & Co.; McLeod, Young, Weir & Co.; Macneill. Graham &
Co.; McDonagh, Somers & Co.; C. H. Burgess & Co.; and Gairdner & Co
EDMONTON, Alta.
-INTEREST RATE.
-The $500,000 consolidated
city bonds purchased by Wood, Gundy & Co. of Toronto and associates
(V. 123, p. 2809) bear interest at the rate of 534% and mature in 20 years.
JONQUIERE, Que.-BOND SALE.
-The 5190,000 5% school bonds
offered on Nov. 23(V. 123, p. 2685) were awarded to the Credit Municipal
Corp. of Montreal at 97.29, a basis of about 5.58%. Date Aug. 1 1926.
Due in 10 years.
KINGSTON, Ont.-BOND SALE.
-The following 5% bonds, aggregating $143,000, offered on Nov. 25 (V. 123, p. 2685) were awarded to
Wood, Gundy & Co. of Toronto at 100.10. a basis of about 4.99%:
$133,000 pavement bonds. Due Jan. 1 1936.
10.000 school bonds. Due July 11956.
Other bidders were:
BidderRate Bid.
McDonagh, Somers & Co
99.96
Macneil, Graham & Co
99.713
A. E. Ames & Co
99.71
H. R. Bain & Co
99.65
Royal Securities Corporation
99.64
Bank of Nova Scotia
99.59
R. A. Daly & Co
99.58
Stewart, Scully & Co
99.541
Dyment, Anderson & Co
99.49
McLeod, Young, Weir & Co
99.40
Dominion Securities Corporation
99.38
Gairdner & Co
99.372
National City Co
99.36
Hanson Bros
99.333
Matthews & Co
99.26
Fry, Mills, Spence & Co
99.07
W. A. McKenzie & Co
98.07
PORT HOPE,Ont.-BOND SALE.
-The 552.0005% high school bonds
offered on Nov. 25-V. 123. p. 2810
-were awarded to R. A. Daly & Co.
of Toronto at 99.54, a basis ofabout 5.06%. Due in 20 annual installments.
DEC. 4 1926.]
Principal and interest F. & A. payable at the Bank of Toronto, Port Hope.
Legality approved by E. G. Long, K.C. Other bidders were:
Rate Bid.
Bidder—
99.4
A. E. Ames & Co
99.33
& Co
C. H.Burgess
98.63
Fry, Mills, Spence & Co
98.67
H. R. Bain & Co., Ltd
98.082
Gairdner & Co
99.22
Matthews & Co
98.07
W.A. Maskenzie & Co
99.17
Hanson Bros
99.27
Macneil, Graham & Co
99.131
Stewart, Scully Co., Ltd
98.90
McLeod. Young. Weir & Co., Ltd
99.30
Wood, Gundy & Co., Ltd
98.65
Roberts, Cameron & Co., Ltd
99.147
Dyment, Anderson & Co
Port Hope, Ontario, Nov. 25 1926.
NSTER,Sask.—BONDS VOTED.—Theratepayers approved
r LLOYDM,
the $12,000 sewer bond by-law.
IP NEW WESTMINSTER, B. C.—BOND ELECTION.—The ratepayers
will be asked to vote on a debenture by-law for water works purposes, at
the municipal elections in January,
POINT GREY DISTRICT, B. C.—BOND SALE.—Wood, Gundy &
Co. and Pemberton & Son were awarded $744.000 5%, 10, 15, 20. 30 and
-year bonds at 98.45.
40
PORT ARTHUR, Ont.—BOND ELECTION.—At the municipal elections in January the ratepayers will be asked to vote on a by-law for the
issuing of debentures for water works purposes.
QUEBEC, Que.—BOND SALE.—A syndicate composed of Municipal
Debenture Corp., Ltd., and L. G. Beaubien & Co., Ltd.. of Montreal,
purchased at par $200,000 5% bonds of the city of Quebec. These bonds
form part of an issue of $500,000, which the city has been offering privately.
The bonds are dated Nov. 1 1926 and mature in ten years.
REGINA, Sask.—BOND ELECTION.—At the municipal elections the
ratepayers will be asked to vote on two by-laws totaling $230,000.
SANDWICH, Ont.—BOND SALE.—The following two issues of 5%
bonds, aggregating $133,610 89, offered on Nov. 22 (V. 123. p. 2810).
were awarded to Geo. Carruthers & Son of Toronto:
-year local improvement bonds at 97.83, a basis of about
$13,894 00 10
5.28%. Due in 10 years.
-year local improvement bonds at 97.35, a basis of about
119.716 89 15
5.26%. Due in 15 years.
TORONTO, Ont.—BOND SALE.—The following 12 issues of 4%
p. 2810—were
bonds, aggregating $7,722,000, offered on Nov. 30—V. 123, Corp. of New
awarded to a syndicate composed of the Chase Securities of Toronto, at
Gundy & Co. and A. E. Ames & Co., both
York, Wood,
96.17. a basis of about 4.93%, for bonds payable both as to principal and
interest in Toronto, or at the option of the holder, in London, England, at
the fixed rate of $4 86 2-3 to the pound sterling,or at the agency of the
Canadian Bank of Commerce, New York:
$294,000 local improvement bonds. Due in 10 years.
614,000 local improvement bonds. Due in 10 Years.
633,000 local improvement bonds. DM in 10 years.
1,945,000 hydro-electric bonds. Due in 18 years.
552,000 local improvement bonds. Due in 20 years.
445,000 Glen Road bridge bonds. Due in 20 years.
1,000010 highway bonds. Due in 30 Years.
319,000 park bonds. Due in 30 years.
217.000 scnool bonds. Due in 30 years.
325.000 water works bonds. Due in 30 years.
1,000,000 highway bonds. Due in 30 years.
378,000 school bonds. Due in 30 years.
FINANCIAL
NEW LuANS
S437.000.00
CITY OF HARTFORD, CONNECTICUT
HIGH SCHOOL BONDS
2933
THE CHRONICLE
CHARTERED 1853
United States Trust Company of New York
45-47 WALL STREET
Sealed proposals will be received by
Capital, . . . . . . . $2,000,000.00
the City Treasurer, at his office in the
City of Hartford, until DECEMBER
Surplus and Undivided Profits, . $19,200,723.66
20, 1926, AT ONE O'CLOCK P. M.,
This Company acts as Executor, Administrator, Trustee, Guardian, Corn
for the purchase of the whole or any
part of the above named bonds amount mittee, Court Depositary, and in all ()the.; recognized trust capacities.
mg to Four Hundred Thirty-seven
It receives deposits subject to check and allows interest on daily balances.
Thousand Dollars ($437,000.00) with
It holds and manages securities and other property, real and personal, for
interest at four per cent (4%) per estates, corporations and individuals, and acts as Trustee under corporate mortannum, to be dated January 1, 1927, gages, and as Registrar and Transfer Agent for corporate bonds and stocks.
and maturing Fifteen Thousand Dollars
EDWARD W. SHELDON,President
($15,000.00) annually, January 1, 1928
WILLIAMSON FELL, Vice-President
Vice•Pres.
to 1955, inclusive, and also Seventeen WILLIAM M.KINGSLEY,1stSecretary
FREDERIC W. ROBBERT, Comptroller
WILFRED J. WORCESTER,
Do lars ($17,000.00) ma- CHARLES A. EDWARDS, Asst. Secretary .
Thousand
ROBERT S. OSBORNE, Asst. Secretary
THOMAS H. WILSON, Asst. Seerotarp
turing January 1, 1956. Principal and WILLIAM C. LEE, Assistant Secretary
ALTON S. KEELER, Asst. Socrotary
interest in gold coin of the United States WILLIAM G. GREEN. Assistant Secretary
TRUSTERS
of America of the present standard of
JOHN A. STEWART, Chairman of the Board
weight and fineness.
WILLIAM VINCENT ASTOB
CHAUNCEY KEEP i
a cer- PRANK LYMAN
Bids must be accompanied by
JOHN SLOANE
ARTHUR CURTISS JAMES
JOHN J. PHELPS
the LEWIS CASS LEDYARD
FRANK L. POLK
tified check payable to the order of
WILLIAM M KINGSLEY
LY MAN J. GAGE
THATCHER M. BROWN
OGDEN MILLS
Treasurer of the City of Hartford for PAYNE WHITNEY
WILLIAMEIGN PELL
CORNELIUS N. BLISS
two per cent of the par value of the ADWARD W. SHELDON
amount bid for as a guarantee of good
faith. The right is reserved to reject
any or all bids.
The successful bidder or bidders shall
take and pay for their bonds by certiWe Specialize in
fied checks on January 3, 1927, at the
office of the City Treasurer in HartCity of Philadelphia
ford.
For further information, address
38
CHAS. H. SLOCUM,
4
3%
$500,000
CITY TREASURER.
4$
Exempt
/s
414
From Federal Income Taxes
Service
the kind you have
always wanted,
but seldom received. Promises
that are faithfully
fulfilled.
4
1
/
4 4
58
4
5Ys
2
1
/
5 8
Biddle & Henry
1522 Locust Street
Philadelphia
Private Wire to New York
Call Canal 8437
2
1
/
5 %
Municipal Trust
Ownership Certificates
Secured by
Tax Liens on Improved Property
St. Louis, Mo.
Oklahoma City, Okla.
To Yield 5.50%
HERBERT C.HELLER &CO.
INCONFORAVICD
Sixty Wall Street
New York
Tel. Hanover 11267
4.
TELEPHONE VAN BUREN 8000
Jerome B. Sullivan
CENTRAL
FOREIGN
jP. 1'., MUNICIPAL &
GOVERNMENT OK'AS. R. R. BONDS
BANKNOTE COMPANY
42 BROADWAY — NEW YORK
FRED R.ESTY,PRESIDENT
Members New York Curb Market
BONDSANDSTOCKCERTIFICATES
Direct Private Wires to
Boston. Buffalo, Chicago, Cleveland, Detroit,
Montreal, Rochester, Syracuse and Toronto
ENGRAVED OR PRINTED
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CH ICAGO,ILLINOIS
Orders executed in all markets
N. margin accounts accepted
REBHANN & OSBORNE
27 William St., New York
All General Market
Municipal Bonds
Handled on a Brokerage Basis
Act as New York Correspondents for
Dealers in Other Cities
ASK US ABOUT OUR SERVICE
2934
THE CHRONICLE
ffinanciai
[Vol.. 123.
itnancial
financial
CHICAGO
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g
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