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The
orlinirrci31
VOL. 127.
lirontries
SATURDAY,DECEMBER 8 1928.
NO.3311.
advantageous to subscribe for a double reason. In
the first place, the banks making the subscriptions
PUBLISHED WEEKLY
are allowed to carry the proceeds of their subscripTerms of Subscription—Payable in Advance
tions as Government deposits, against which no reIncluding Postage—
12 Mos. 8 Mos. serves are required. In the
second place, the certifiWithin Continental United States except Alaska
$10.00
$8.00
In Dominion of Canada
11.50
8.75
can be used as security against loans from
Other foreign countries, U. S. Possessions and territories
13.50
7.75 cates
The following publications are also issued. For the Bank and Quotation Record the subscription price Is $8.00 per year; for all the others is the Federal Reserve banks and we need hardly say
$5.00 Per year. For any three combined the subscription price is $12 per that borrowing at the Reserve
institutions just now
year, and for the whole five combined it is $20 per year.
COMPENDIUMS—
MONTHLY PUBLICATIONS—
is decidedly the fashion—and also very lucrative.
PUBLIC UTILITY—(semi-annually)
BANK AND QUOTATION RECORD
RAILWAY & INDUSTRIAL—(four a year)
MONTHLY EARNINGS RECORD
4% rate, though lower than the rate
The present 41/
EITATS AND M waucireb--(senal-annually)
paid by the Government two and three months ago,is
Terms of Advertising
Transient display matter per agate line
45 cents yet very much higher than that at which the GovernContract and Card rates
On request
Cameo° OFFICE-1n charge of Fred. H. Gray, Western Representative ment was able to float its obligations only a short
208 South La Salle Street. Telephone State 0613.
LONDON Orrick—Edwards & Smith. 1 Drapers' Gardens, London. E.0. while back. Last March the Government placed a
WILLIAM B. DANA COMPANY, Publishers,
nine months' issue of certificates bearing only 31/
4%
Front, Pine and Depeyster Streets, New York
and an issue running for a year bearing 3%7
0, while
Published every Saturday morning by WILLIAM B. DANA COMPANY. in November 1927 the Secretary offered $400,000,President and Editor. Jacob Seibert; Business Manager. William D. Riggs;
Treas., William Dana Seibert; See.. Herbert D.Seibert. Addresses of all. Office of Co. 000 of seven months' certificates at 31
/8%. It follows, therefore, that even with the rate reduced,
8% more for its borrowThe Financial Situation.
the Government is paying 11/
year
ago.
than
The
a
ing
matter
is of importance
call
money on the Stock Exchange commandWith
ing 12%, the Secretary of the Treasury in his scheme because it is one of the immediate consequences of
of December financing announces a $500,000,000 is- the easy money policy inaugurated by the Federal
sue of Treasury Certificates of Indebtedness bear- Reserve banks during the summer and autumn of
1
470—$200,000,000 of the certificates run- last year which Secretary Mellon expounds and deing only 4/
ning 9 months and $300,000,000 running for a full fends in his annual report. It will be well to ex4% interest. amine the policy in the light of what Mr. Mellon has
year from Dec. 15, but both carrying 41/
It may be recalled that in September the Secretary to say. Here are his remarks on the subject:
"It was the policy of the Federal Reserve System
offered 41/
2% on a nine months' issue of certificates,
in
the summer and early fall of 1927 to favor easier
this having then been the highest rate contained in
any offering of Treasury Certificates since March money conditions. The principal reasons were:
First, the European exchanges were weak, and un1923, and in October raised the rate to 43
/
4% on an less money rates were eased in
the United States
offering of certificates running for 11 months for there might be a movement of funds into this coun$300,000,000 "or thereabouts." No certificates bear- try and a consequent necessity of raising rates
ing so high a rate as 43
/
4% had been put out by the abroad, to the disadvantage of world trade and particularly to the disadvantage of American agriculGovernment since 1921.
4% on the present December offer- ture; and, second, business in the United States
The rate of 41/
ing of certificates marks, therefore, lowering of the was in a period of decline and it was possible to forerate at a time when call money on the Stock Ex- see at that time that industrial unemployment might
occur in the winter months.
change is the highest in a period of over eight years,
"It was believed that easier money would amelior since July 1920. To some this will seem an au- orate such conditions. Thereupon the Federal Redacious move. But Secretary Mellon is a shrewd serve banks purchased securities in the open marjudge of conditions and there is no reason to believe ket. Money rates reached a low point in August.
that the offering will not be an entire success. It Gold exports began in the following month and the
should be borne in mind that in the case of Govern- Federal Reserve banks continued to purchase sement obligations of this kind, the banks are not con- curities to offset the unfavorable effects of such exfronted with the simple proposition of buying a Gov- ports upon our money market.
"As it became apparent, first, that the objects of
4% interest at
ernment obligation bearing only 41/
the policy originally adopted were being accompa time when gilt-edged investments can be purchased lished, and, second, that speculation was growing,
to yield a considerably higher rate, and when the the policy was reversed. From the middle of Demoney can be invested in Stock Exchange collateral cember onward the Reserve banks stopped offsetting
loans to yield almost three times what the Govern- gold exports by the purchase of securities, and alment is offering. These Government obligations lowed gold exports to work their usual effects on
situation. In January the system went
possess a highly desirable attribute aside from the the credit
further. More than $100,000,000 of securities were
bear.
rate of interest they
sold.
Subscriptions, as in the past, will come largely
"Between the latter part of the month and March
from the banks and these institutions will find it 1 the discount rates of all of the Federal Reserve
financial Throuicit
r
financial
3134
FINANCIAL CHRONICLE
banks were raised from 3% to 4%. The loss of gold
by export and the sale of securities forced the banks
to increase their borrowings. However, the action
taken early in the year unquestionably was not effective with reference to speculation, partly due to
the activities of powerful groups of speculators,
be_
and partly to the fact that the public in general
would
s
securitie
lieved and acted as if the price of
indefinitely advance.
"When it became apparent in March that repeated
increases in credit were again taking place for speculative purposes, the Federal Reserve System resumed its sale of securities and discount rates were
still further increased in April, May, June, July
and August."
It will be observed that the Secretary admits that
the present wild speculation on the Stock Exchange
grew out of this easy money policy of last year and
that the efforts of the Reserve authorities to check
the speculation which still continues and is assuming each day a more dangerous phase, have proved
ineffective. He expressly admits that the policy
had as its main object the facilitating of gold exports from the United States, which in turn facilitated the re-establishment of the gold standard in
a number of countries in Europe. He seems to think
that a sufficient justification for the adoption of
that policy. Governor Young, of the Federal Reserve Board, in an address delivered Nov. 24 before the Academy of Political Science, made the
same admission but went a step further. He said
that the Federal Reserve authorities had distinctly
in mind the possibility of excessive speculation as a
result of pronouncedly easy money and balanced the
advantages to Europe with attendant benefits to the
United States against the probable ill effects from
speculation in this country and deliberately chose
the latter.
Waiving altogether the question of the right of the
Federal Reserve authorities to institute a policy designed primarily to aid Europe, with merely incidental benefits to the United States, which we most
emphatically deny, the time has certainly arrived
for calculating the cost of the benevolent action
referred to. As part of the process, the Reserve
Banks in the autumn accumulated several hundred
million dollars of Government securities. Then in
the early months of 1928 it threw these same Government bonds on the market in order to undo the
mischief which its easy money policy had done in
starting and fostering a speculation which has been
steadily growing ever since and which apparently
is to remain beyond control until the inevitable
crash comes. The effect of the disposing of the vast
mass of the previously accumulated Government obligations was to completely demoralize the market
for Government securities. Worst of all, the object
which the Reserve authorities had in mind in selling these Government securities, namely, the with.
drawing of funds from the market, and the curbing
of speculation thereby, completely failed of attainment.
The banks were willing enough to buy the Government securities which the Reserve institutions of
fered for sale, but immediately took them back to
the Reserve banks and borrowed upon them. Accordingly, the same amount of Reserve credit remained outstanding as before. Meanwhile, stock
speculation grew larger and still larger. Interest
rates moved higher and this, with the demoralization of the market for Government securities, com-
[VoL. 127.
pletely unsettled bond values generally, causing an
immense depreciation in high grade bond issues of
every description. Then the cost of Government borrowings began to rise with great celerity and in
the autumn the country witnessed the spectacle of
the U. S. Government retiring Liberty Loan bonds
4% interest with new Treasury obbearing only 41/
4%. Then
/
ligations carrying a rate as high as 43
increased
greatly
pay
to
had
rs
borrowe
ial
commerc
rates for the money they needed in their business—
not as high as the stock speculators, but very much
higher than 12 months before when the Federal
Reserve authorities started their easy money policy.
Now these higher charges for bank credit have ex
tended to the farming community, which everyone
professes to want to serve.
Thus everyone has contributed to the cost of the
carrying out of the unfortunate policy on which the
Federal Reserve, we are now informed,so deliberately
embarked. Has not the cost been excessive? Has it
not, measured in its widest embrace, been perfectly
frightful? And who in this country has benefited
enough to offset this grievous cost. Has it been anyone but the most daring and reckless class of speculators? And have we seen the end of this great toll
of cost? Will not the toll rise still higher when the
speculator himself comes to grief?
If anyone still needs evidence of the way bank
credit is being swallowed up in the stock specula.
tion which has been running a perfect riot, he should
find it in the two statements of brokers' loans which
have come to hand the present week—one the Stock
Exchange's own monthly compilation, bringing the
figures down to Friday of last week, Nov. 30, and
the other the much less complete statement of the
Federal Reserve, covering the week ending Wednesday night and therefore being five days later than
the Stock Exchange compilation. It is difficult to
say, which of the two is the more startling in showing how the speculative tentacles are spreading.
Nothing comparable to the monthly statement of the
Stock Exchange, for magnitude of increase, has ever
been witnessed. The further addition for the month
of November is shown to have been in excess of over
half a billion dollars, the exact amount of increase
during November having been $511,923,202, and this
followed $366,081,377 increase in October, $462,202,.
280 increase in September, and $214,089,826 increase
in August making an expansion for the four months
2 billion dollars—in examt amount, $1,.
of over 11/
The further addition during Novembet
685.
554,296,
raised the grand total of these loans away above
six billion dollars, the grand aggregate for Nov. 30
being reported at $6,391,644,264.
But gigantic though the expansion during the four
months to the end of November has been, the Federal Reserve weekly return,with figures coming down'
to the close of business Wednesday night, furnishes
testimony to show that the expansion is still in progress. The Federal Reserve figures, as already explained, are not as comprehensive as those of the
Stock Exchange's, and yet are of tremendous proportions. And they reveal that there was a further
addition during the week in amount of $104,690,000,
following $132,768,000 increase the previous week,
$176,315,000 increase the week preceding, and, in
fact, following uninterrupted increases since Aug.
22, this being the 15th successive week of such increases. In other words, these brokers' loans have
DEC. 8 1928.]
FINANCIAL CHRONICLE
been expanding week by week without any break in
the upward movement during 15 consecutive weeks.
The grand total of these brokers' loans according
to the Federal Reserve return is not yet up to the
figure recorded in the Stock Exchange's own compilation, but nevertheless is of startling magnitude,
being (Dec. 5) up to $5,394,590,000, at which figure
comparison is with $4,201,131,000 on Aug. 22, showing an expansion in this short interval of $1,193,459,000. A year ago on Dec. 7 the total of these loans
to brokers and dealers was still only $3,562,805,000,
and for this period of 12 months, therefore, the expansion reaches no less than $1,831,785,000—an expansion so large as to be positively appalling. In
the past week's further increase of $104,690,000, the
loans "for account of others" for once did not share,
the amount of such loans by the 44 reporting member banks in New York City the present week being $2,285,280,000, against $2,287,004,000 last week.
On the other hand, the amount of loans made by
these reporting banks for account of out-of-town
banks has run up from $1,768,236,000 to $1,837,905,000 and the loans made by the reporting banks for
their own account increased from $1,234,660,000 to
$1,271,405,000.
The most significant feature, connected with the
present week's further growth in brokers' loans, is
that it has been attended by further borrowing on
the part of the member banks at the Federal Reserve institutions. And the total of such borrowing
is again in excess of a billion dollars, the exact
amount the present week being $1,012,182,000
against $990,240,000 on Wednesday of last week
(Nov. 28) and only $799,946,000 on Nov. 21. A year
ago on Dec. 7 1927 the borrowings of the member
banks aggregated only $443,907,000. During the
week the 12 Reserve banks reduced somewhat their
holdings of acceptances purchased in the open market, the total this week being $477,770,000 against
$482,343,000, and they also lowered somewhat their
holdings of U. S. Government securities, these being reported the present week at $226,782,000,
against $229,282,000 last week. Nevertheless, as a
result of the new borrowing on the part of the member banks, the total of bills and securities combined
is now up to $1,721,124,000 against $1,706,255,000 a
week ago and comparing with $1,429,021,000 on Dec.
7 a year ago. The reader should note well the fact
4 billion dollars of Reserve credit is
that almost 13
now in active use—and brokers'loans on the security
of stock and bond collateral are the highest ever
reached and keep steadily mounting week by week.
The amount of Federal Reserve notes in circulation
increased during the week from $1,765,585,000 to $1,789,845,000, but gold holdings also increased, rising from $2,600,471,000 to $2,617,600,000.
The stock market this week has been reactionary
all through, and the latter part of the week experienced a veritable slump which carried prices down
all around in violent fashion. The ostensible depressing influence has been the tension in the money
market with the extremely high rates recorded for
call loans on the Stock Exchange. The real reason
has been that the stock market had become topheavy after its long-continued advance and especially the prodigious further advances established since
the Election and accordingly had become so vulnerable that a break was certain to come either as a
result of bear pressure or adverse news or develop-
3135
ments of any kind. In this respect, the high money
rates have been really significant of the conditions
prevailing. They are the direct outgrowth of the
unbridled speculation which has been carried on for
so long and which has absorbed bank credit in allconsuming fashion. In other words,speculation carried on entirely on borrowed money has been devouring bank credit at a rate and pace never witnessed before, raising the demand for money and
credit to such proportions that ever growing difficulty is being experienced to find the necessary supplies of funds even though the Federal Reserve institutions appear to have inexhaustible reservoirs
to draw upon.
The two statements of brokers' loans issued during the week played their part in revealing the situation existing, and must have been a weakening influence fully as damaging to the speculation as the
stringency in the money market. The monthly statement of the Stock Exchange was given out after
the close of business on Monday and showed a further rise in the total of these loans, as already
narrated above, of over half a billion dollars, or to
be precise, of $511,923,202. The Federal Reserve
statement for the week ending Wednesday night,
issued after close of business on Thursday, indicated that the expansion was still proceeding in very
disturbing manner, a fresh increase of $104,690,000.
being shown. On Monday the renewal charge for
call loans was 6%, but with an advance to 10% before close of the day, and the record for Tuesday
was precisely the same, while on Wednesday the renewal rate was 9% or the highest figure charged
for renewals in over eight years, or since July 1920.
On Thursday the renewal rate was again 9%, while
in the closing hour the charge for call loans ran up
to 12%. On Friday the renewal rate was marked
up to 10%, but somewhat easier conditiohs developed later in the day, when the rate reacted to 9%.
Under the influence of the conditions outlined
above, the general trend of prices was downward,
though with violent movements both up and down,
on Monday, Tuesday, and Wednesday, on each of
which three days sharp rallies occurred, but on
Thursday the break was general and reached large
proportions all around. The break uncovered stop
loss orders in large number, accelerating the downward movement. The slump continued during the
first hour on Friday, after which marked recovery
ensued, but in the last hour renewed weakness occurred and in most instances the lowest prices of the
week were recorded. A few new high records for
the year were made, mostly the early part of the
week, the chief of these being included in the list
which follows:
STOCKS MAKING NEW HIGH FOR YEAR.
Railroads—
Blumenthal & Co., Pref.
Burroughs Add. Machine.
Baltimore & Ohio.
Bush Terminal.
Boston & Maine.
Byers & Co.
Chesapeake & Ohio.
Certo Corp.
Missouri-Kansas & Texas.
Childs
Pennsylvania.
Columbian Carbon.
Rutland Railroad, Pref.
Congress Cigar.
Industrial and Miscellaneous-Consolidated Cigar.
Adams Express.
Consolidated Textile.
Detroit Edison.
Air Reduction.
Allis-Chalmers.
Eisenloh r & Bros.
American Express.
Electric Auto Lite.
American Linseed.
Electric Power & Light.
American Railways Express.
Federal Light & Traction.
Federal Min. & Smelting.
American Snuff.
First National Stores.
American Tobacco.
Associated Dry Goods.
Foundation Co.
Gold Dust.
Atlas Powder.
Great Western Sugar.
Barker Bros.
Beacon Oil.
Hershey Chocolate.
Beech-Nut Packing.
Mathieson Alkali Works.
3136
Mexican Seaboard Oil.
Mohawk Carpet Mills.
Motion Picture.
National Acme Stamped.
National Dairy Products.
National Supply.
National Tea.
Pacific Telephone & Telegraph.
Packard Motor Car.
Paramount-Famous-Lasky
Porto Rican-Amer. Tobacco Cl. A.
Radio Corp. of America.
FINANCIAL CHRONICLE
Reis (Robert) & Co.
St. Joseph Lead.
Spang Chalfant & Co.
Stand. Gas. & Elec.
Stand. Milling.
Stand. Oil of N. Y.
Stromberg Carburator.
Tennessee Copper & Chemical.
The Fair.
Tide Water Oil.
White Sewing Machine.
Willys-Overland.
Dealings were rather moderate (for these times)
the early part of the week, but greatly increased on
Thursday and Friday when the market dipped so
sharply downward. At the half-day session last Saturday, the sales on the New York Stock Exchange
reached 2,654,340 shares; on Monday they were
4,487,330 shares; on Tuesday 4,919,900; on Wednesday 4,379,250 shares; on Thursday 5,407,590 shares,
and on Friday 6,185,000 shares. On the Curb Exchange the sales last Saturday were1,069,500shares;
on Monday 1,604,200 shares; on Tuesday 1,312,100
shares; on Wednesday 1,327,400 shares; on Thursday 1,669,100 shares, and on Friday 1,535,700 shares.
The high-priced stocks of course suffered most in
the general decline, just as they were most conspicuous in the long-continued previous advance. Radio
Corporation of America closed yesterday at 368
against 382/
1
2 the close on Friday of last week;
Montgomery Ward & Co. closed at 364 against
4341/
2; Wright Aeronautic closed at 241 against 263;
/
4 against 7534;
American & Foreign Power at 621
Brooklyn Union Gas at 171 agianst 197; Consoli4 against 109%; Codated Gas of New York at 983
lumbia Gas at 125 against 135%; Public Service
8; Sears
Corporation of New Jersey at 71 against 791/
Roebuck & Co. at 169 against 194%; International
Nickel at 2071/
2 against 210/
1
2; American Can at
983
against
Victor
Talking Machine at
4
108%;
1151/
4 against 1451/
2; Allied Chemical & Dye at 221
against 2413%;Timken Roller Bearing at 138 against
150; American Express at 278 against 309; Warner
Bros. Pictures at 115 against 128; Commercial Solvents at 223 against 23834; American Tel. & Tel. at
187 against 195/
1
2; General Electric at 176% against
8; Yellow
2001/
4; Mack Truck at 98 against 1041/
Dairy
National
Truck & Coach at 36% against 501/
8;
at 118 against 1261%; Western Union Tel. at 180
against 188; Westinghouse Electric & Mfg. at 119
against 1361/
8; Johns-Manville at 169 against 188%;
National Bellas Hess at 145 against 1671/
4; American Radiator at 173 against 1851%; Associated Dry
Goods at 65/
1
2 against 627
/
8; Commonwealth Power
at 92 against 99%; Lambert at 121 against 132;
Texas Gulf Sulphur at 70% against 76%; and Kolster Radio at 74 against 92.
The copper stocks dropped with the rest of the
market. Kennecott Copper closed yesterday at
4 the previous Friday; Calumet
133% against 1453
& Hecla at 371/s against 44%; Greene Cananea Cop4
per at .1411% against 161; Anaconda Copper at 973
8; Andes Copper at 411/
against 1141/
2 against 51; Inspiration at 40 against 461
/
2; Chile Copper at 62
/8; Calumet & Arizona at 110% against
against 737
1221/
8; Granby Copper at 763
% against 84; American Smelting & Rfg. at 260 against 2811/
4, and U. S.
Smelting, Rfg. & Min. at 60% against 68. In the
1
2
motor group, Packard closed yesterday at 139/
against 1447
/8 the previous Friday; General Motors
1
2 against 2111
/
2; Chrysler at 1221/
4 against
at 192/
1291/
8; Studebaker at 73/
1
2 against 76%; Nash at
9878 against 110; Hudson at 827
/8 against 86%;
Chandler-Cleveland pref. at 33 against 51/2 ;2 Hupp
[voL. 127
at 73 against 84. Among the rubber stocks, U. S.
Rubber closed at 39 against 413
4 and the pref. at
68/
1
2 against 71; Goodyear Tire & Rubber closed at
90% against 101 and B. F. Goodrich at 80 against 86.
The steel stocks proved no exception to the rule
and most of them show big declines for the week.
U. S. Steel closed yesterday at 1521/
8 against 167%
the previous Friday; Bethlehem Steel at 73 against
801/
8; Republic Iron & Steel at 77 against 841%; Inland Steel at 70% against 73%, and Ludlum Steel
at 78 against 88/
1
2
. In the oil group, Phillips Petroleum closed at 45 against 507
/8; Texas Corporation at 63/
1
2against 68%; Richfield Oil at 46 against
511/
4; Atlantic Refining (new) at 52 against 507
/8;
Marland Oil at 411
/
4 against 4678; Standard Oil of
New Jersey at 50% against 59%; Standard Oil of
New York at 37/
1
2 against 41 and Pure Oil at 26
against 287
/
8.
The railroad list suffered with the rest. New
York Central closed yesterday at 181 against 194%
the previous Friday; New Haven at 72/
1
2 against
771%; Union Pacific at 207 against 2157
/8; Canadian
Pacific at 223 against 244; Baltimore & Ohio at
1167
/8 against 1191
/
4; New York Chicago & St. Louis
at 130 against 137%; Delaware & Hudson at 180
against 191; Atchison at 1921/
4 against 2011/
8; Southern Pacific at 123 against 127; Texas & Pacific at
171 against 180; Missouri Pacific at 61 against 723%;
Kansas City Southern at 85/
1
2 against 93; St. Louis
1
2against 120%; St. Louis-San
Southwestern at 102/
/
8; Missouri-KansasFrancisco at 1133
% against 1185
Texas at 51 against 561/
8;Rock Island at 126 against
1367
/
8; Great Northern at 107 against 111/
1
2; Northern Pacific at 110% against 111/
1
2, and Milwaukee
& St. Paul preferred at 511
/
8 against 571/
4.
Reference was recently made in these columns to
the fact that the value of merchandise exports for
October had beensin excess of any peace-time monthly report. The unusual total of $555,000,000 was
recorded as the value of exports in that month.
These figures show an increase of $66,300,000 over
October 1927. Some additional data issued this
week by the Department of Commerce indicate
where the increase occurred. There are five chief
classifications into which the exports are separated,
and four of the five show larger exports for that
month. Finished manufactures constitute 37% of
the total of all exports; the value for October was
$203,649,000, an increase of 29.6% over October
1927. Included in this division are automobile products, these being nearly one-fourth of the total of
all finished manufactures, and representing a value
of $50,737,000 in October. This is a record export
movement for a single month, exceeding October
1927 by 72.4%. There was a large increase in exports of both passenger cars and trucks, and shipments were heavy to Argentina, Brazil, Australia
and South Africa.
Second to finished manufacturers are crude materials, which constituted 32% of total exports in
October. Raw cotton is the largest single item and
in value was nearly three-fourths of the total; cotton exports in October were $130,465,000, an increase of $4,813,000 over October of last year or
3.8%. Measured in bales, cotton exports in October exceeded those of a year ago by nearly 10%.
Exports of crude materials other than cotton in October were valued at $45,894,000, this amount being
in excess of last year by *11,264,000 or 32.5%.
DEC. 8 1928.]
FINANCIAL CHRONICLE
The other three classifications are crude foodstuffs, manufactured foodstuffs, and semi-manufactures, together amounting to 30% of the total. The
values for each of these three divisions closely approach each other. Crude foodstuffs, which includes
wheat and other cereals, is the only classification of
the five divisions showing a loss. For October the
decline was 16.1%. The two remaining divisions
were respectively thirteen and nine per cent. larger
than in the preceding year.
Mercantile insolvencies in November were somewhat less numerous than in the preceding month
and there was also a slight reduction from the
number reported a year ago, but the liabilities were
quite heavy last month owing to the number of large
failures that occurred. Ordinarily, at this time of
year, mercantile failures show some increase in number from month to month and the increase last year
from October to November was 43%. Over a period
of years the average increase covering these two
months has been 11.5%, whereas this year the reduction in number from October to November was 9.1%.
The records of R. G. Dun & Co. show 1,838 commercial defaults in the United States in November this
year with $40,601,435 of indebtedness; iii October
the number was 2,023 failures for $34,990,474, while
in November of last year there were 1,864 insolvencies involving $36,146,573. In the manufacturing
division 519 defaults occurred in November this
year for $15,595,845 of indebtedness; also, 1,202 of
trading concerns for $17,223,965 and 117 in the class
embracing agents and brokers owing $7,931,625 of
liabilities. In November 1927, 478 failures occurred
in manufacturing lines involving $12,785,562 of liabilities; 1,276 trading concerns owing $16,949,262,
and 110 in the third division of agents and brokers
for $6,411,749.
The decrease in the number of failures last month
was wholly in the trading division, while all three
classes into which the record is separated show somewhat larger liabilities in November this year than
last. Failures were again more numerous in the
manufacturing division last month, the increase affecting mainly the classes embracing machinery and
tools, the lumber division, manufacturers of clothing, of hats and furs, and leather lines, the latter
including producers of shoes. There was quite a
notable decrease in the iron division and also among
bakers. As to liabilities two sections reported a
heavy indebtedness, the lumber class, and that embracing manufacturers of clothing—the other classes
reported only nominal amounts. In trading lines
some decrease was shown last month in the number
of defaults reported by the clothing division; also
dry goods, furniture dealers, drugs and hotels and
restaurants. For the grocery class the number of
failures was still quite large, but the figures were
practically the same last month as they were a year
ago. There was an increase last month in insolvencies of general stores, dealers in shoes; also, in hardware. The changes as to the liabilities show little
variation in the trading division between the two
years under review. Slightly more than one-half of
the indebtedness reported for the trading classes
was contributed in the month for both years by five
leading divisions, which included grocers, clothing,
dry goods, general stores and hotels and restaurants.
For the eleven months of 1928 mercantile failures
have been slightly more numerous than last year, but
3137
the liabilities this year to date are somewhat lower
than in 1927. Thus, 21,899 defaults reported this
year to date compare with 20,984, for the corresponding period in 1927, while the indebtedness shown
for this year of $449,785,464 compares with $469,042,015 last year. Insolvencies for the full year
of 1927, of 23,146 were only slightly under the number reported for 1922, which was 23,676 and was
the high record for every year up to 1928. Should
the figures for the current year reach a total in excess of 24,000 which now seem probable, the ratio of
that number to the firms in business will not be
higher than 1.10%. Last year it was 1.07%, and
in 1922, 1.19%. In 1915, the first year of the war
in Europe, the corresponding figures were 1.32%,
while the high point for more than fifty years was
1.55% in 1878.
Reference has been made to the increase in the
number of the larger default last month. The number was 71 and the total of liabilities for these failures $20,732,936. These figures include all failures
where the amount involved is $100,000 or more. In
October there were 45 similar defaults for $12,983,630, and in November 1927, 52 owing $15,664,525. Only in two years, 1921 and 1923, of the past
ten years, have the larger defaults in November exceeded the number and amount reported for November this year.
Stock markets in London and on the Continent
have been irregular the past week, with trading
generally restricted and the movements of prices
determined largely by local influences. The international shares at all centers continued to be dominated by the wide fluctuations at New York, but
with prices here declining, European investors and
speculators appear to be paying less attention than
for some time to the American trend. The London
Stock Exchange opened the week in a depressed
state owing to the serious turn of the King's illness.
With better bulletins along in the afternoon of Monday, prices steadied, but not before a quite general
decline had taken place. The fall in values affected
gilt-edged securities also, although these had been
firm for almost all of November. London continued
to feel the debacle in Canadian Marconi shares, the
entire speculative movement meeting with a decided
check on this account. The market opened with a
steadier tone, Tuesday, British funds staging allaround recoveries. Price movements otherwise were
narrow, however, and business remained slack. Somewhat greater improvement occurred Wednesday,
with home rails joining gilt-edged shares in a moderate rise. With more cheerful reports, Thursday,
as to the condition of Bing George, the recovery extended in several directions, oil shares and a number
of industrials joining in the improvement. Thursday's precipitate decline at New York was reflected
at London yesterday by pronounced weakness in international speculative favorites and this gave the
entire market an irregular appearance. Gilt-edged
shares and home rails remained firm.
The Paris Bourse followed its usual custom of
opening with a heavy tone Monday morning, and the
downward movement continued throughout the day,
although Bank of France, Rio Tinto and Suez shares
ran counter to the general trend. The tension eased
Tuesday and activity increased. Disclosures were
made in Paris Tuesday of a widespread swindle in
the "Gazette du Franc," of which the securities were
3138
FINANCIAL CJIRONICLE
(*Vor.. 127.
signature, he pointed out, forty-four of the invited
powers have formally communicated their adherence
or their intention to adhere. With the fifteen original signatories, this mgkes a total of fifty-nine
,out of the sixty-four independent nations of the
world entitled to participate. In the remaining
five States—Argentina, Brazil, Chile, Colombia and
Ecuador,—the proposal is receiving consideration,
Mr. Coolidge said.
The Kellogg treaty was again discussed before a
distinguished company in London, Wednesday, by
Sir Austen Chamberlain, Foreign Secretary in the
Conservative Cabinet. In reply to remarks by Ambassador Alanson B. Houghton, he said: "I am
conscious that the existence of that pact depends on
the decision of the Senate of the United States. All
I should say in regard to it is that if it should approve itself to the authorities of the United States,
no Government will more readily and more eagerly
give its ratification to this instrument which proceeds from American initiative than the Government
I have the honor to represent. From the first moment we received the proposal from the United
States Government we recognized it as important
and our earnest effort was to help it to its conclusion. We recognize to the full its implications in
the conduct of our own foreign policy and the obligation which it imposes upon us to seek a settleNaval disarmament and the Kellogg treaty re- ment of disputes by peaceful means. So much is
nouncing war as an instrument of national policy obvious on the face of the document. If you consider
were subjects of much thought and comment the past what is implied in that solemn declaration, being
week, both in England and the United States. The parties to this document in which others as well
discussions indicated with great force how deep- as ourselves renounce the right to pursue their inseated is the desire on both sides to avoid even the dividual policies by war, it behooves us with a care,
semblance of a genuine clash on naval ideas, not- an exactitude and a scrupulousness which have
withstanding the failure of the Geneva tri-partite never been exercised to the same degree before, not
conference last year and the uncertainty aroused by to give others cause of offense."
The unofficial and irregular steps taken in Washthe Anglo-French agreement of last summer. These
August
ington
last
last week by Representative Fred A. Britten
Paris
in
signing
the
and
developments
27 of the Kellogg anti-war treaty caused attention of Illinois, to further a parliamentary naval parley
throughout the world to be directed in an uncom- between Britain and the United States, met with
mon degree to international affairs. To the discus- no encouragement in diplomatic circles. Mr. Britsion that developed, President Coolidge's Armistice ten cabled Prime Minister Stanley Baldwin suggestDay speech last month on American foreign relations ing such a conference, and Mr. Baldwin let it be
was a notable contribution. The speech aroused known that he was taking cognizance of the action.
much resentment in Europe, however, and of late Sir Esme Howard, the British Ambassador to Washthere has been a tendency to lay great weight upon ington, was understood to have communicated with
the State Department on the matter, but Mr. Baldthe Kellogg Treaty.
In his annual message to Congress, Tuesday, win's reply was not transmitted to Mr. Britten by
President Coolidge referred to the Kellogg treaty the State Department. The Prime Minister sent his
as "one of the most important ever laid before the reply direct to Mr. Britten Monday, expressing in it
Senate of the United States." The treaty, he added„ an appreciation of Mr. Britten's friendly sentiments.
"is the most solemn declaration against war, the It was learned in London Monday that Commander
most positive adherence to peace, that is possible Kenworthy, a Member of Parliament, had sent
for sovereign nations to make. It does not super- a message to Mr. Britten saying that many members
sede our inalienable sovereign right and duty of na- of the House of Commons warmly welcomed his
tional defense or undertake to commit us before the proposal. Secretary of State Kellogg intimated
event to any mode of action which Congress might in Washington, Thursday,in reply to questions from
decide to be wise if ever the treaty should be broken. press correspondents, that the United States GovBut it is a new standard in the world around which ernment would view favorably any official steps
can rally the informed and enlightened opinion of which Great Britain might take in the direction of
nations to prevent their Governments from being further naval armament limitation by international
forced into) hostile action by any temporary outbreak agreement.
of international animosities. The observance of this
Progress was clearly made in Europe this week
covenant, so simple and straightforward, promises
more for the peace of the world than any other toward the formation of an experts' committee to
agreement ever negotiated among the nations." Mr. fix the total amount and number of annuities of
Coolidge submitted the treaty to the Senate on the German reparations payments, and to consider mobsame day and asked for action by the Senate before ilization of part of the reparations debt. The plan
the expiration of his term of office. Since the date of for final settlement of German reparations and evac-
listed on the Paris Curb. This affair involves thousands of French investors in the losses of approximately $9,000,000, and it threatened for a time to
complicate matters for the Poincare Government.
Premier Poin care called a meting of French brokers
Wednesday and ordered that in future no securities
shall be introduced on the Paris Curb market without
full particulars first being submitted to the police and
to a group of members of the Bourse. Notwithstanding this development on the Curb, prices were steady
on the Bourse. The Gazette du Franc affair was
much discussed, but appeared to have little effect
on the market. Although the volume of trading
showed improvement Thursday, weakness developed
on the Paris market. The Berlin Boerse was stimulated Monday by the settlement of the Ruhr labor
difficulties which have kept 250,000 metal workers
out of employment since Nov. 1. A provisional arrangement for resumption of work was arrived at
Sunday, and the men began to go back promptly on
Monday morning. Share values reflected the relief felt all over Germany, a general advance taking
place. This was followed by a moderate reaction
Tuesday, while on Wednesday the Berlin market advanced once more. Rumors of political difficulties
caused unsettlement on subsequent days, prices declining in restricted trading.
DEC. 81928.1
FINANCIAL CHRONICLE
uation of the Rhineland was envisaged when the
Locarno Treaties were signed more than two years
ago, and it was definitely established as an immediate program at Geneva Sept. 16, in the conversations
between German plenipotentiaries and representatives of five Allied Governments. It was indicated
in a Paris dispatch of last Sunday to the New York
"Times" that Premier Poincare of France desired
the responsibility for calling the conference and naming the experts to rest with the Reparations Commission. This decision of the French Premier, it
was explained, was due partly to the internal French
political situation and partly to his feeling that it
would be better that the Governments themselves
should not be directly involved if it should happen
that the experts fail to arrive at an acceptable solution. The British and German Governments consented to this arrangement, although both made it
clear that they would nominate their own representatives. S. Parker Gilbert, the Agent General for
Reparations Payments, again busied himself in connection with the negotiations, journeying to London
over the week-end for a conversation with Winston
Churchill, Chancellor of the British Exchequer, and
then proceeding to Paris for a talk with Premier
Poincare. Mr. Gilbert gave assurances, dispatches
said, that American experts would participate in
the new experts' commission.
Parliamentary declarations in regard to reparations and Rhineland evacuation were made this week
by the Foreign Ministers of both Great Britain and
France. Sir Austen Chamberlain stated in the
House of Commons, Monday, that Germany has no
technical right to ask evacuation of the Rhineland
until she has executed, not merely her current reparations obligations, but the whole of them. The
policy of the British Government is decided by different considerations, Sir Austen added. "I repeat," he said, "that his Majesty's Government
would welcome early evacuation of the Rhineland,
by the French, British and Belgian forces, irrespective of the legal rights of the ex-Allied Governments
to continue occupation until expiration of the period fixed by the treaty." In an exposition of French
foreign policy before the Chamber of Deputies, Tuesday, Foreign Minister Aristide Briand repeated the
French argument that it is for Germany to satisfy
the legal aspect of Rhineland occupation so as to
make evacuation politically possible. If France
were to abandon her position without having received from Germany firm assurances that she would
be paid in such measure as to meet her own huge
charges, M. Briand contended, he would not consider it either justice to his country or even
the best method for securing a really sound basis
for peace. Referring to the experts' commission, M.
Briand declared that there are already indications
that out of their deliberations a general liquidation
of the war may result. "If the Germans wish that
and peace, that result is possible," he said. "It is
that end which we are seeking tenaciously. We will
reach it by establishing an economic accord, for
which purpose we have already made a commercial
treaty. But first of all there must be a complete
and definite settlement of reparations. There we
seem to be on the right road and we will persist
in it."
3139
Herbert Hoover in South America during the past
week, as he proceeded on his Latin-American tour
of friendship and good-will. Mr. Hoover and his
party arrived at Guayaquil, Ecuador, late last Saturday, more than 50,000 people lining the waterfront and the principal streets as he passed through
the city accompanied by President Ayora of Ecuador. At a public function arranged in his honor, Mr.
Hoover thanked his hosts for their cordial reception
and expressed sympathy with the economic difficulties which have devastated Ecuador since the great
war. "The world as a whole," he said, "is now recovering rapidly from the destruction of the war,
and the great tide of prosperity which I believe now
lies before us cannot fail to bear its blessings to this
Republic. The good-will toward all our sister Republics which I know lies in the hearts of the people
of the United States democracy is more than a form
of political organization. It is a human faith. True
democracy is not and cannot be imperialistic. The
brotherhood of this faith is the guarantee of goodwill. It is the guarantee of respect which comes
only from equals in a common struggle to upbuild
human welfare. I trust that our relations of so
friendly a character over all these years since the
birth of our republics may continue to strengthen
mutual esteem."
Proceeding southward on the battleship Maryland,
Mr. Hoover reached Lima, Peru, via the port of
Callao, Wednesday. More than 100,000 persons
jammed the streets of the Peruvian capital, shouting
"Viva," as he traveled over the main thoroughfares
of the city with President Leguia. The principal
function was a state dinner at which President Leguia and Mr. Hoover spoke. The Peruvian President declared that all his countrymen ardently desire an indissoluble, helpful friendship between the
two nations. Mr. Hoover thanked the assemblage
for their generous hospitality and commented at
length on "the amazing development of practical
commercial aviation" in the several South American countries. "This new tool in world progress
is significant of our times," he said. "It, with many
others, brings to us new problems in government,
but the great purpose of government in free peoples remains the same. That is, to maintain that
justice, that ordered liberty, which gives security to
life, security to the home and security to individual
accomplishments. From these foundatoins government may foster and stimulate the beneficent processes of commerce and industry, may upbuild the
cultural, the moral and the spiritual fiber of our
people that are the forces which make for human
happiness. It is not by the mere assertion of idealists that the world grows better and that it makes
progress. I know of no better proof than the steady
and majestic progress of South America in the past
century in political stability, in freedom and in
liberty, in peace, in increasing material wealth, increasing human comfort and happiness."
All England has been profoundly stirred in the
last two weeks by the serious illness of King George
V, who is suffering from inflammation of the lung
and pleura. Early this week grave doubts were
entertained as to the recovery of the King, but his
chances appeared more favorable as the week progressed. The eminent doctors in attendance at BuckGreat popular demonstrations as well as official ingham Palace have been giving out bulletins as to
(;overnment welcomes have greeted President-elect the King's condition several times a day in order to
3140
FINANCIAL CHRONICLE
relieve the anxious vigil kept by the entire nation.
The Prince of Wales and the Duke of Gloucester,
who were both in Africa when King George became
ill, began a hurried return journey to London. In
order to carry on the affairs of the realm during
the illness, a "Council of State" was named Tuesday. This consists of Queen Mary, the Prince of
Wales, the Duke of York, the Archbishop of Canterbury, the Lord Chancellor, and the Prime Minister.
The Councilors of State are empowered to summon
the Privy Council, approve and sign any document
requiring signature and generally to act in the interests of the Realm. In the British business world
apprehension was expressed on all sides regarding
the possible death of the British monarch and its
effect at this time when merchandising houses are
fully stocked with holiday goods. Orders fell off,
markedly in some lines during the past week, it is
reported in dispatches, and the rush of applications
for insurance against possible loss was so great that
the insurance companies declined Tuesday to accept more business.
Parliamentary balloting in Austria, Wednesday,
resulted in the election of Wilhelm Miklos as second President of the Austrian Republic, to succeed
Dr. Michael Hainisch, who held the office since
1920, and whose term expires to-morrow. The election was a curious one, dispatches said, since election day dawned with no strong candidates of any
party. In the three ballots that were taken, Herr
Miklas gradually gained strength and was finally
elected by a shift of one of the more powerful parties. He represents in a measure the present coalition Government of the Christian Socialist and PanGerman parties. The only international phase of
Herr Miklas's election is said in a Vienna special
to the New York "Times" to be the belief that he is
an opponent of "Anschluss," or union of Austria
with Germany. Herr Miklas held no office in the
former Empire, but has been President of the National Assembly since 1923. Before entering political life he was a director of one of the intermediate
schools of Austria. The new President is a member of the Clerical Party, which is led by Chancellor
Seipel.
Peaceful transfer of the Mexican Presidential office was again accomplished on Nov.30 when Emilio
Portes Gil took the oath of office as Provisional
President in Mexico City's great stadium before an
enthusiastic audience of 25,000 people. No untoward incident marked the ceremonies, which included an extraordinary session of the Mexican Congress
at the stadium. Plutarco Elias Canes, the retiring
President, escorted Senor Gil and assisted in the
ceremonies, which recalled to observers the similar
occasion four years previously, when President Calles was himself escorted by his predecessor, the recently assassinated General Alvaro Obregon. Massed
military bands played the national anthem in greeting to the incoming Executive, and this was followed
by a twenty-four gun salute. The Mexican Congress
was asked to confirm the appointment and then
Senor Gil, without loss of time, took the Presidential
oath. He said:"I swear to guard and have guarded
the political constitution of the United States of
Mexico and all laws emanating therefrom, and loyally and patriotically to fulfill the office of President of the Republic, which the nation has conferred
[Viz.ilL
upon me, always seeking the good and prosperity of
the Union. Should I fail, then may the nation call
me to account." Provisional President Gil will serve
until February, 1930, when a new President will be
inaugurated, who will have been elected by popular
suffrage in the meantime. Senor Gil was formerly
Governor of the State of Tamaulipas and later Secretary of the Interior in President Calles's Cabinet.
He was chosen for his present office by the Mexican
Congress after the assassination of President-elect
Alvaro Obregon on July 17 last.
Immediately after taking the oath, Senor Gil
delivered an address outlining the policy he expects
to follow during his provisional term. "My first
definite declaration," he said, "is that during my
fourteen months' term of office the most important
problem will not be the next elections, for I hope
to see the establishment of political parties with
solid roots, programs and opinions, which will result in the State being eliminated forever as the electoral body for Mexico's rulers." Moderation was requested of all parties in the coming electoral struggle, and candidates were urged to strive for the popular vote in an atmosphere of ideas and principles,
"for this will be the new aspect of our electoral practices." Senor Gil assured his countrymen that he
would carry on not only the revolutionary policies
and land reform programs of his predecessors, Generals Obregon and Canes, but also the severe regime of national economy recently introduced and
the extensive programs for good roads and irrigation projects. As regards foreign relations, President Gil said he would continue to encourage foreign elements whether in the form of immigrants, or
in the form of capital to develop Mexican production. "In our foreign policy the United States, for
geographical reasons and because of the numerous
economic relations which unite us, deserves special
attention," he continued. "Fortunately, the friend
F.hip and patriotism with which President Calles and
Ambassador Morrow have served their countries
have been the means of noticeably eliminating suspicions and has resulted in the two nations reaching that desirable understanding which exists today and which, I hope with all my heart, may continue." His Government will be against war or any
warlike attitude, President Gil said finally, and the
United States, if they will respect Mexican sovereignty, "will have no reason to complain against
their southern neighbor."
These declarations were received by the throng
with much applause, 'and congratulations were exchanged. President Coolidge sent a message of felicitation which read: "Upon the occasion of your
inauguration as Provisional President of Mexico,
I wish to express my sincere good wishes for the
success of your administration and for the prosperity and happiness of the people of Mexico." In
the afternoon President Gil received the foreign correspondents and intimated that he will, during his
term of office, always be available for interviews.
At the same time he handed out the names of his
Cabinet Ministers, as follows:
Minister of the interior—PASCUAL ORTIZ RUBIO, an engineer, former
Minister of Communications and one-time Minister to Germany.
War and Marine—MAJ. GEN. JOAQUIN AMARO (retained from Cafes
Cabinet).
Foreign Affairs—GENARO ESTRADA, Under-Secretary under Calles, remains as subsecretary.
Indu.stry, Commerce and Labor—DR. JOSE MANUEL PUIG CASAURANC
(retained).
Agriculture—MA1tTE0 GOMEZ, head of the majority bloc in the Chamber
of Deputies.
DEC. 81928.]
FINANCIAL CHRONICLE
Communications—JATIER SANCHEZ MEJORADA, one of Mexico's foremost irrigation engineers.
Finance—LUIS MONTES DE OCA (retained).
Education—EZEQUIEL PADILLA, former Attorney-General of Mexico.
Attornep-General—ENRIQUE MEDINA, an Obregonista Deputy.
Official announcement was made by the retiring
Calles Administration on Nov. 30 that it would hand
over the Government to Senor Gil with about $540,438 in the Treasury after salaries had been paid
to Federal employees up to Dec. 1 and to the army
for the first week in December. Retention of Secretaries Amaro, Puig Casauranc and Months de Oca
in the Cabinet elicited demonstrations of public approval, dispatches said, while throughout the country the peaceful inauguration was greeted with parades and other manifestations. The Mexican City
diplomatic corps was received by the Provisional
President Dec. 1, but the customary social entertainment was omitted. Senor Gil announced thereafter that he will live as a private citizen during his
term, and not at the Presidential castle at Chapultepee. Former President Calles, following out the
announced intentions of Mexican leaders, promptly
placed himself at the head, the next day, of the organizing committee of the new "Revolutionary Party" of Mexico, and issued a manifesto calling upon
all "Revolutionary elements" to join in the formation of a great national political party. The organizers, the manifesto asserts, are seeking "the formation of parties representing opposite schools of political thought, such parties to be founded on strong
principles in order to establish true democracy within the institutional life of the country." In a Mexico City dispatch of Dec.2 to the New York "Times,"
it was again stated that Minister of Finance Months
de Oca "will leave soon for New York for a last
series of conferences, at wllich it is hoped that Mexico's financial stability will be established on such
a basis as hitherto has not proved practical."
Treaties have been negotiated by the Nanking Nationalist Government of China with Belgium and
with Italy providing for the abolition on Jan. 1 1930
of the privileges of extraterritoriality now enjoyed
by the nationals of both European powers. The
compact with Belgium was signed Nov. 22 and made
public in China Nov. 29, while that with Italy was
signed Nov. 27 and published Nov. 30. They were
negotiated by Dr. C. T. Wang, the Nanking Foreign
Minister, with Baron Guillame, the Belgian Charge
d'Affaires, and Daniel E. Vare, Minister for Italy.
The treaties provide, according to a Shanghai dispatch of Nov. 29 to the New York "Herald Tribune,"
that "the nationals of the high contracting parties
shall be, in the territory of the other party, subject
to the laws and jurisdiction of that party." Annexed
to the compacts are letters saying that the relinquishment of extraterritoriality shall remain unenforced until Jan. 1 1930. It is stipulated moreover that detailed arrangements must be made by
the Chinese Government for the assumption of jurisdiction over the subjects of the two European Governments. Failing such arrangements, extraterritoriality shall be lost by Belgians and Italians only
when "the majority of powers now having extraterritorial privileges in China shall have -agreed to relinquish them."
Customs autonomy was also granted China in
these two treaties, this provision being worded much
the same as in the tariff treaty signed with the
United States in July. As in the case of the SinoAmerican treaty, most favored nation treatment
3141
was accorded both Belgium and Italy. Signing of
the two treaties was hailed with enthusiasm by the
Chinese press as a victory along lines proposed by
Dr. Sun Yat-sen, whose teachings were based on
revision of all unequal treaties. It was pointed out
in a dispatch of Nov. 30 to the New York "Times"
that four nations are now definitely aligned on
the abolition of extraterritoriality, Germany and
Russia not having had these privileges for some
time. The American treaty covering extraterritoriality expires in 1933 and is among the last to do
so. It is believed doubtful in Shanghai, the report
said, that Washington would act immediately on
this problem. Reports are current, it was added,
"that the French Minister is on the way to Nanking, presumably to negotiate a new treaty, and it
is believed that the Spanish will act soon."
Decision to place a new Chinese tariff schedule
in effect Feb. 1 1929 was announced in Shanghai
Nov. 27 by Dr. T. V. Soong, the Nationalist Minister of Finance. He added that the schedule would
be published Dec. 1 and that it would be applied regardless of Japan's attitude or the Tokio Government's stand on revision of the present Sino-Japanese commercial treaty, which has held up a clear
understanding of the new duties on imports and exports into and from China for the past six months.
"Our imperative need of funds is one of the factors
forcing us to proceed in bringing about autonomy,"
Dr. Soong said. "We do not desire to force the hand
of Japan, but believe they must agree to the new
principle as far as trade is concerned. Other powers
are signing autonomy compacts daily, but Japan
continues to question this and other points whenever the settlement of our difficulties comes up for
discussion. We are now forced to act. We intend to
announce the new schedule Dec. 1 and are prepared
to enforce the duties not later than Feb. 1 next
year. We hope this causes no breach of relations,
but believe it is warranted."
Notwithstanding this pronouncement by the Chinese Minister of Finance, publication of the new tariff schedules did not take place Dec. 1, and considerable speculation was aroused in Shanghai as to
the reasons for the failure. "Members of the Government are reticent about the reasons for the delay, but admit that the schedule probably will be
held up for some time," a dispatch of Dec. 1 to the
New York "Herald Tribune" said. "It is generally
believed that the delay was caused by the reported
concord of Great Britain and Japan on the Chinese
question, and the Chinese Government's desire to
learn definitely the attitude of the British Government before announcing the new tariff rates. For
some time the Chinese Government has been expected to conclude a new commercial treaty with Great
Britain similar to the recent Chinese-American treaty, but for some obscure reason the British Minister, Sir Miles Lampson, has not proceeded with the
negotiations." Sir Miles is now ready to discuss
a new tariff and treaty, it was added, and "therefore the Chinese Government has decided to await
the outcome of these conferences."
The attitude of the British Government toward
China was made the subject of an interpellation
in the House of Commons in London, Nov. 27, Labor
members expressing concern as to whether the
United States has been informed of the results of
the consultation between Britain and Japan. To
these questions, Foreign Secretary Sir Austen Cham-
3142
[Vol.. 127.
FINANCIAL CHRONICLE
berlain replied that the United States must be quite
aware of all communications that passed between
England and China on the subject. Although there
had been no direct communication between London
and Washington, the British Minister at Peking was
in constant consultation with the representative of
the United States there, he said. The negotiations
between Tokio and Nanking for a settlement of the
problem of treaty renewal and of the Tsinan incident were again broken off last week, and assurances
once again followed, as they have so frequently in
the last six months, that the parley will be renewed. In Tientsin, meantime, the International
Famine Relief Commission has adopted a formal
resolution declaring that 12,000,000 Chinese in nine
provinces are living to-day under famine conditions,
and that this number is certain to increase to 20,000,000 before next Spring. Appeals for $12,000,000
were addressed by the Commission to public bodies
in the United States, England, France and other
countries. An additional appeal for a further sum
equivalent to $8,000,000 was forwarded to the Nanking Nationalist Government. Only if the total of
$20,000,000 is raised can serious loss of life be
avoided, the Commis ion decided.
tact. Relief measures were quickly organized by
public and private agencies, President Ibanez taking a leading part in this work. Reports from Talca
indicated that the commercial quarter of the city
suffered the greatest damage, observers expressing
the opinion that weeks or even months will elapse
before normal conditions can be restored. Several
bank buildings were destroyed. Damage in Talca
was estimated at about $12,000,000, while destruction in .Curico and Port Constitucion brought the
total to more than $19,000,000. Five thousand workers and several Army Engineering Corps were put
to work clearing up the debris and starting on reconstruction.
There have been no changes this week in discount
rates by any of the central banks of Europe. Rates
continue at 7% in Germany; 63/2% in Austria;5%
in Italy and Norway; 5% in Denmark and Madrid;
43
/
2% in London, Holland and Sweden; 4% in
Belgium, and 3
in France and Switzerland.
London open market discounts are 4 5-16%@4%%
for short bills, against 41
/
1@4 5-16% on Friday of
Last week, and also 4 5-16@4/
8% for three months
bills, the same as the previous Friday. Money on
call in London was 3/% early in the week but back
Cordial radio greetings were exchanged between to 23
4% yesterday. At Paris open market discounts
President Coolidge and President Gerardo Machado continue at 43'% but in Switzerland, at 3 5-16%.
of Cuba on Tuesday afternoon, when a new Radio
Corporation of America circuit between New York
Another heavy loss in gold and a sharp decline in
and Havana was officially opened. Other officials the reserve ratio are features of this week's Bank of
of the two Governments also exchanged felicitations England statement, which is the second since the
over the new circuit, which consists of a directional Bank took over the currency note issue. The loss
transmitting and receiving apparatus. The Cuban in gold amounted to £1,301,220 while there was an
Executive, in his message to Mr. Coolidge, said: expansion in note circulation of £4,455,000, making
"Upon the inauguration of the direct radio-tele- a net loss to the reserve of gold and notes in the
graphic service by the Cuban Transatlantic Radio banking department of £5,756,000. The ratio of
Corporation I have the honor of sending to you and reserve to liabilities slid down from 43.67% to 38.09%,
to the people of the United States the cordial salu- the first time the ratio has been below the 40% mark
tation of the people of Cuba. The establishing of since the first week in May. The lowest ratio rethis new and rapid channel of communication, which ported this year was 21.95% on Jan. 4 and the
will help to develop still more our friendly and busi- highest, that of Sept. 13 when it stood at 55.13%.
ness relations gives me cause for great satisfac- At this time a year ago, the ratio was 27.85%.
tion." President Coolidge in his message of ac- Public deposits declined £12,762,000 and "other"
knowledgement said: "I am grateful to you for the deposits rose £15,368,000. Loans on Government
friendly message with which you were this day securities increased £11,690,000 while loans on other
pleased to open the direct radio-telegraphic service securities decreased £3,297,000. The Bank's gold
between Havana and New York by the Cuba Trans- holdings now total £158,544,766 in comparison with
atlantic Radio Corporation and the Radio Corpora- £149,709,760 last year and £153,233,705 in 1926.
tion of America. It is very gratifying to me that Notes in circulation aggregate £371,455,000 against
citizens of this country have had a part in the con- £136,805,220 in the corresponding period last year,
summation of this important enterprise, which I before the taking over of the currency issues. There
view with great satisfaction as offering an addi- has been no change in the discount rate which retional means of promoting a more intimate acquain- mains at 43/2%. Below we furnish comparisons of
tance, good understanding and intercourse between the various items of the Bank of England return for
the two peoples and advancing their mutual inter- five years.
ests."
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
Wide-spread destruction and the death of more
than 300 people were caused by a severe earthquake
in Southern Chile early last Saturday. The tremor
was felt shortly after midnight in all parts of the
country but it was particularly severe in Talca, a
city of 50,000, and in the neighboring towns of Chillan, Curico and San Fernando. Port Constitucion,
near Talca, also was hard hit. Houses collapsed by
the hundreds in these centers, while important public works suffered extensive damage. Communications were disrupted, but airplanes were promptly
called into service to establish the necessary con-
1928.
Dec. 0.
Circulation
b371,455,000
Public deposits
8,690,000
Other deposits
114.933,000
Governm't securities 63,870,000
Other securities
60,504,000
Reserve notes & coin 47,087,000
Coin and bullion__ a158,544,766
Proportion of reserve'
to liabilities
38.09%
Bank rate
434%
1927.
Dec. 0.
1926.
Dec. 0.
1925.
Dec. 0.
1924.
Dec. 0.
136,805,220
7,433,678
109,827,922
47,386,600
55.069,422
32,654,540
149,709,760
139,634,485
8,805,503
111,585,201
36,152,539
68,725,121
33,349,220
153,233.705
143,319,315
8.780,798
120.225.541
54.367,526
71.081,114
21,438,555
145,007,870
124,445,175
10,039,431
125,696,953
57,042,363
72,740,166
23,808,851
128,504,026
27.85%
434%
27.70%
5%
10%%
1754%
4%
5%
a Includes, beginning with April 29 1925. £27.000.000 gold eoln_and_bullion
PrevlEudy
,
heldras security for currency notes Issued and which was trapsferred to the
Bank of .
gold..standard.
England on the British Government's decision to return .1o,
b Beginning with the statement for April 215-1925, includes £27,000,000 of Bank
Of England potes issued In return for the same amount of gold coin and bullion
held up to that time In redemption account of currency note issue.
DEC. 8 1928.]
FINANCIAL CHRONICLE
The Bank of France, in its statement for the week
ending Dec. 1, reports an increase in note circulation
of 1,661,000,000 francs, raising the total to 62,659,066,435 francs. On the other hand creditor current
accounts dropped 1,372,000,000Francs and current
accounts and deposits 798,000,000 francs. Due to
an increase of 386,167,542 francs during the week,
gold holdings now amount to 31,599,991,312 francs,
but credit balances abroad decreased 222,703,269
francs. Bills bought abroad rose 14,000,000 francs
and advances against securities increased 161,000,000
francs while French commercial bills discounted
dropped 1,549,000,000 francs. Below we furnish a
comparison of the various items of the bank's return
for the past 3 weeks.
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as of
Changes
for Week.
Dec.1 1928. Nov. 24 1928. Nor. 17 1928.
Francs.
Francs.
Francs.
Francs.
Gold holdings_ _ _Inc. 386,167,542 31,599,991,312 31,213,823.770 30,851,839,852
Credit bale. abed_Dee.222,703,269 13,385,896.801 13,608,600,070 13.889,677.644
French commercial
bills discounted_Dec.1549000,000 1,238,292,173 2,787.292,173 3,794,292,173
Bills bought abr'd _Inc. 14,000,000 18,816,143,621 18.802,143,621 18,770,143,621
Adv.agst.securs_Inc. 161,000,000 2,233,901,773 2,122,901,773 2,202,901.773
Note circulathm_ _Inc 1661,000.000 62,659,066,435 60.998,066,435 61,410,066,435
Cred. cure. aects_Dec.1372000,000 18,695,855,169 20,069,855,169 18,788,855,169
Cutr. accts..8. dep.Dec.708,000,000 5,774,450,628 6.752,450,628 5,346,450,628
In its statement for the last week of November, the
Bank of Germany reports an increase in note circulation of 680,759,000 marks expanding the total to
4,724,024,000 marks. Total circulation last year
aggregated 4,181,252,000 marks and for the year
before 3,374,470,000 marks. Other daily maturing
obligations dropped 115,325,000 marks while other
liabilities rose 5,058,000 marks. On the asset side
of the account gold and bullion rose 50,014,000
marks, bills of exchange and checks 509,737,000
marks, advances 76,575,000 marks and investments
19,000 marks while reserve in foreign currency decreased 18,403,000 marks, silver and other coin
16,664,000 marks, notes on other German banks
20,462,000 marks and other assets 11,324,000 marks.
Deposits abroad remained unchanged. Below we
furnish a comparison of the various items of the banks
return for the past 3 years.
REICIIBBANK'S COMPARATIVE STATEMENT.
Changes for
Week.
Nov. 30 1928. Nog. 30 1927. Moe. 30 1926.
Assets—
Retchsmarks. Reichsmarks. Reichsmarks. Reichsmark,.
Inc. 50,014,000 2,623,494,000 1,856,990,000 1,754,959,000
Gold and bullion
Unchanged
01 which depos.abed_
85,626,000
73,044,000 176,627,000
Ree've In torn curr_ Dec. 18,403,000 172,054,000 282,440.000 418,406,000
Bills of exch.dr checks.Inc. 509,737,000 2,268,790,000 2,482,821,000 1,286,298,000
Silver and other coin_ _Dec. 16,664,000
89,737,000
54,666,000 130,219,000
Notes on oth.Ger. bks.Dec. 20,462,000
8.621,000
7,687,000
11.410,000
Inc. 76,575,000 113,133,000
Advances
86,301,000 321,314,000
Investments
Inc.
19,000
92,330,000
920.80,000
91,108,000
Dec. 11,324,000 513,454,000 512,216,000 581,447,000
Other assets
Notes in circulaticn_Inc. 680,759,000 4,724,024,000 4,181,252,000 3,374,470,000
0th. daily mat. oblig_Dec. 115,325,000 434,061,000 484.618,000 528,301,000
Inc. 5,058,000 268,206.000 343.150.000 332.517,000
Other liabilities
Money rates on the New York market moved
sharply upward throughout the past week, reflecting
continued borrowing on1Stock Exchange account as
well as the heavy demands for funds that the yearend holiday season always occasions. The latter
requirements for moneh this year are super-imposed
upon a credit market that has verged on stringency
for the past six months because of the tremendous
absorption of credit from all available sources in the
unprecedented stock market speculation. Call loans
renewed Monday on an 8% basis, but withdrawals
by the banks of $40,000,000 cut into the scanty supply
and caused an advance to 10%. Tuesday's market
paralleled that of Monday, further withdrawals of
$40,000,000 causing a similar advance from an opening rate of 8% to a lose at 10%. Wednesday's
3143
market was a narrow one, with demand and supply
small at the rate of 9% which prevailed all that day.
After opening unchanged Thursday, the demand
loan rate advanced sharply to 12%, a figure that
has not been equalled since July 1 1920. Withdrawals totaled $20,000,000. In yesterday's final
money market session of the week, renewals were
fixed at 10%, but demand declined markedly with
the drastic drop in securities, and a rate of 9% prevailed later in the day. Fixed day loans also advanced sharply during the week, some loans being
reported yesterday at 732%, against the prevailing
rate of 7% on Monday. A Treasury offering of
$500,000,000 short-term certificates announced
Thursday was construed as further evidence of the
tight conditions in the money market, even though
this rate represented a decline of /
1 2% from the
previous offering. The rate on the present offering
contrasts with 31A% on an offering made a year ago.
As stated above, two compilations of brokers' loans
against stock and bond collateral were made public
this week, and both indicated the huge amounts of
credit that have been absorbed by securities speculation in recent weeks. The monthly compilation
of the New York Stock Exchange showed an increase in such loans during November of $511,923202. The weekly tabulation by the Federal Reserve
Bank of New York, based on i•eturns from 44 member
banks; registered an advance of $104,690,000 for the
week ended Wednesday night. The totals in both
cases established new high records.
Dealing in detail with the call loan rates on the
Stock Exchange from day to day, the renewal rate
on Monday was 8%, but the rate for* new loans
advanced to 10%. On Tuesday the renewal rate
was again 8% and the charge for new loans again
10%. On Wednesday all loans were at 9% including
renewals. Thursday with renewals again at 9%, the
rate for new loans rose to 12%. On Friday the
renewal rate was marked up to 10%, the highest
figure charged for renewals since July 1920, but in
the afternoon the rate on new loans declined to 9%.
The rate for time loans was advanced on Wednesday
3 %, which was
from 7% for all maturities to 7@,74
followed by a still further advance on Thursday
afternoon to 73'% for all maturities, with some bids
of 73'% on high grade collateral for periods up to
90 days. This latter quotation also prevailed on
Friday, but there was little or no demand because
of the high rate and the general stiffness of the
money market. The commercial paper market has
been extremely quiet the present week, with very
little borrowing being done because of the high call
money rate and the tension of the money situation.
The rate for names of choice character maturing in
four to six months has remained at 54
1 @53/2%, with
an equal amount of business being transacted at
both figures. For names less well known the quotation continues at 5%@6%. New England mill
paper still commands 53'@5%%.
The posted rates of the American Acceptance
Council for prime bankers' acceptances eligible for
purchase by the Federal Reserve banks have again
remained unchanged at 45A% bid and 43
/
2% asked
for bills running 30 days and also for bills running
5
60 and 90 days, 4%% bid and 4/%
asked for 120
%
bid
4
/
7
3
and
days, and
4%% asked for 150 and
180 days. The posted rate of the Acceptance Council for call loans against acceptances contained at
3144
FINANCIAL CHRONICLE
[voL. 127
Thie week the:. Bank" of England shows a loss in
6% throughout the week. Open market rates for
acceptances have remained thichanged and continue gold7 hOldingS of £1,301,220. On !Saturday last the
bank sold £201,513 in gold bars, while sovereigns
as follows:
SPOT DELIVERY.
released
abroad totaled £250,000. On Monday the
-180 Days- -150 Days- -120 Days
Asked.
Asked.
Bid.
Bid.
Asked.
Bid.
Bank of England sold £243,318 in gold bars and
4%
4%
4%
41(
4%
4%
Prime eligible bills
On Tuesday the
- received £87,000 from abroad.
-90 Days- -80 Days- -30 Days
Asked.
Bid.
Asked.
Bid.
Bid.
Asked.
bank sold £320,387 in gold bars, and on Wednesday
4%
4%
4%
4%
4%
4%
Prime eligible bills
£559,755 in gold bars. On Thursday the bank sold
FOR DELIVERY WITHIN THIRTY DAYS.
4% bid £39,496 in gold
Eligible member banks
bars and released £8,000 for export
4% bid
Eligible non-member banks
abroad. On Friday the bank sold £419,309 in gold
There have been no changes this week in Federal bars and £5,000 in sovereigns. At the Port of New
Reserve Bank rates. The following is the schedule York the gold movement for the week NOv.29of rates now in effect for the various classes of paper Dec. 5, as reported by the Federal Reserve Bank
of New York, consisted of imports of $5,270,000,
at the different Reserve banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES of which $5,000,000 came from Canada and $270,000
AND MATURITIES OF ELIGIBLE PAPER.
from Latin America. Exports were $301,000, of
Previous
Rate in
Date
which $201,000 went to Java and $100,000 to
Established.
Rate.
Federal Reserve Bank.
Effect on
Dec. 7.
Venezuela. There was no change in the Federal
4%
July 19 1928
Boston
5
Reserve Bank's earmarked stock. Canadian ex4%
July 13 1928
New York
5
4%
July 28 1928
Philadelphia
5
change was at a discount throughout the week,
4%
Aug. 1 1928
5
Cleveland
4%
July 13 1928
Richmond
5
4%
ranging from 1-32 to 11-64 of 1%. The sharp decline
5
July 14 1928
Atlanta
4%
July 11 1928
Chicago
5
4%
July 19 1928
in
5
Canadian exchange is attributed largely to the
St. Louis
4
Apr. 25 1928
4%
Minneapolis
4
June 7 1928
434
Kansas City
fact
that Canadian banks are lending considerable
4
May 7 1928
4%
Dallas
4
June 2 1928
434
San Francisco
amounts in the New York collateral loan market.
At 9-64 of 1% discount, Canadian dollars are only
Sterling exchange has been dull during the week, slightly above the point at which gold moves from
ruling on average slightly lower than last week, but Montreal to New York, which is estimated to be
nevertheless continuing to participate, although from 1-32 to 13-64 of 1% discount. It is believed
in a lesser degree, in the relative firmness begun on that if money in New York continues at nearly
Nov. 15. The range this week has been from 4.84 9-16 present levels, the $22,000,000 gold sent to Montreal
% for bankers' sight, compared with 4.84% the past few weeks will return before the end orthe
to 4.843
to 4.84 15-16 last week. The range for cable trans- year. Year-end payments between Canada and the
fers has been from 4.85 to 4.85 5-32, compared with United States are predominantly in the direction-of
4.85 to 4.85 5-16 the previous week. Bankers both New York.
here and in London seem quite convinced that the
Referring to day-to-day rates sterling on Saturday
Bank of England will maintain its rediscount rate at •last was slightly under pressure. Bankers' sight was
where it has been since April 21 1927. That 4.84 11-16@4.84 13-16, cable transfers 4.85 3-32@
sterling exchange should not have weakened to a 4.85 5-32. On Monday the pressure continued. The
greater extent this week is the more surprising since range was 4.84 21-32@4.843% for bankers' sight,
call money in New York ranged from 9% to 12% and 4.85 1-32@4.853/ for cable transfers. On
and time money against Stock Exchange collateral Tuesday the market was steady. The range was
4%. The 4.84%@4.843% for bankers' sight and 4.85 1-32®
was hardly to be had at from 73.% to 73
present slight weakness gives less concern than might 4.85 3-32 for cable transfers. On Wednesday the
be expected, as at current quotations London feels market was easier. Bankers' sight was 4.84%@
certain that no gold can be profitably taken for export 4.84 11-16, cable transfers, 4.85@4.85 1-16. On
to New York. While there is nothing to make Thursday sterling was again steady. Bankers'
prophecy safe, bankers in New York feel that despite sight was 4.84 9-16@4.84%, cable transfers 4.85®
the high call money rates of the past few days, the 4.85 1-16. On Friday the range was 4.84%@ 4.843
%
rate will go lower and possibly not exceed on average for bankers' sight and 4.85 1-32@4.85 3-32 for
732% for renewals for the whole month of December. cable transfers. Closing quotations on Friday were
Should this degree of softness develop in money here, 4.84 23-32 for demand, and 4.85 3-32 for cable
bankers feel that the resistance shown by sterling in transfers. Commercial sight bills finished at 4.84 9-16;
the past few days means that the sterling rate will 60-day bills at 4.803
%; 90-day bills at 4.79; docuadvance above present quotations. Possibly one ments for payment (60 days) at 4.803%, and sevenreason why the high money rates in New York have day grain bills at 4.83 15-16. Cotton and grain for
not further weakened sterling exchange is that in payment closed at 4.84 9-16.
December, due to large seasonal requirements for
The Continental exchanges have on the whole been
interest and dividend disbursements and year-end
commercial settlements, money is in strong demand in very steady in face of the firmer money rates in New
all commercial centres, especially in London. Lon- York. German marks, however, have been ruling
don's gold supply is less seriously threatened now lower. As noted above, Germany has been taking
since marks have weakened, but the Bank of England considerable gold from London. This protracted
and the London market are steadily losing gold to flow of gold from England to Germany leads bankers
other centres. Germany seems to have taken more to believe that money rates in Berlin will soon soften
than its share this week. During recent months the and that there is some probability of a reduction in
Bank of Poland received £500,000 gold from the Bank the Reichsbank's rate of rediscount, which has been
of England, the Austrian National Bank £1,000,000, at 7% since Oct. 4 1927. Such a step would be welthe Hungarian National Bank £1,000,000, the Na- come in many foreign markets. It would probably
tional Bank of Belgium £400,000, and the Czecho- end the gold drain from London and would lessen
the spread between German money rates and those
slovak National Bank £250,000.
DEC. 8 1928.]
FINANCIAL CIIIIONICLE
in several neighboring countries. This week the
Reichsbank shows an increase in gold reserves of
50,000,000 marks, bringing the total to 2,623,400,000 marks, compared with 1,856,900,000 marks this
time a year ago. French exchange, while ruling
fractionally lower than a week ago, may be disregarded as an index of exchange movement, as the
Bank of France simply lifts or lowers the peg price
with a view to maintaining its gold holdings, especially with reference to Germany. Since the mark
• has been averaging slightly lower this week, it is
only natural to find an easing in the Franch franc.
Bankers here believe that France will ultimately
draw from New York between 0,000,000 and $60,000,000 in gold. This week the Bank of France
shows an increase in its gold reserve of 386,000,000
francs. Money continues easy in Paris and although
money is in year-end demand there, as everywhere
else, French funds continue to go to Germany and
also to London and New York. Italian lire have
been steady, showing practically no change from a
week ago. The Rumanian lei moved down to as low
as 0.58 in Wednesday's trading. It is believed that
the selling reflected operations in Europe, as the currency takes a minor place in the New York market.
The selling was doubtless speculative, in an attempt
to take advantage of Rumania's present unsettled
position. The changing Governments interrupted
the negotiations for a stabilization loan abroad,
which had been almost completed. Consequently,
negotiations have been begun all over and may last
several months. In the meantime, Rumania is
pressed for capital and the London papers report that
foreign exchange is difficult to obtain in Bucharest.
These factors are all encouraging to bear raiders.
The Rumanian National Bank recently announced
that it would satisfy any legitimate demands for
foreign exchange at about the present levels, or around
0.60.
The London check rate on Paris closed at 124.17
on Friday of this week, again
-st -124.10 on Friday of
last week. In New York sight bills on the
centre finished at 3.903
/, against 3.90 11-16 a week
ago; cable transfers at 3.90/, against 3.90 15-16,
and commercial sight bills at 3.90%
8, against 3.90 7-16.
Antwerp belgas finished at 13.893
4for checks and at
13.903/2 for cable transfers, as against 13.89 and
13.90 on Friday of last week. Final quotations for
Berlin marks were 23.823/ for checks and 23.833/
for cable transfers, in comparison with 23.833/i and
23.843/ a week earlier. Italian lire closed at 5.233/
for bankers' sight bills and at 5.23% for cable transfers, as against 5.233
4 and 5.24. Austrian schillings
have not changed from 141
/. Exchange on Czechoslovakia finished at 2.9615, against 2.9615; on
Bucharest at 0.60, against 0.603.i; on Poland at
11.19, against 11.19, and on Finland at 2.52, against
2.52. Greek exchange closed at 1.29 for checks and
at 1.293/ for cable transfers, against 1.29 and 1.293/
2.
The exchanges on the countries neutral during
the war have been dull. The only unit showing
fluctuation of importance is the Holland guilder,
which has been ruling generally lower than a week
ago. The weakness in guilder is partly seasonal,
but at this time is due more to the flow of money
from Amsterdam to Germany and other centers
where high interest rates are operative. Spanish
pesetas have been steady, with fluctuations at the
minimum, showing that the Madrid committee
3145
has the peseta well in hand. The Spanish Government contemplates a return to the gold standard
soon. Recently the Government sent questionnaires
among business men, associations, and others to
ascertain sentiment as to the rate of stabilization.
No announcement of the results was made. The
Government was also considering the postponement
until 1930 of advances in customs duties scheduled
for January, 1929. Importers have been depressing
the exchange by placing large orders abroad to avoid
payment of the higher duties.
Bankers' sight on Amsterdam finished on Friday
at 40.14, against 40.153.1 on Friday of last week;
cable transfers at 40.16, against 40.173, and commercial sight bills at 40.103', against 40.12. Swiss
francs closed at 19.253 for bankers' sight bills and
at 19.263/ for cable transfers, in comparison with
19.253
4 and 19.263
4 a week earlier. Copenhagen
checks finished at 26.66 and cable transfers at 26.67,
against 26.66 and 26.673/2. Checks on Sweden closed
at 26.73, and cable transfers at 26.74
against
26.713 and 26.73, while checks on Norway finished
at 26.653 and cable transfers at 26.67, against
26.653' and 26.67. Spanish pesetas closed at 16.15
for checks and at 16.16 for cable transfers, which
compares with 16.17 and 16.18 a week earlier.
FOREIGN EXCHANGE RATFS3 CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
DEC. 1 1928 TO DEC. 7 1928. INCLUSIVE.
Country and Monetary
Unit.
Noon Buying Rate for Cable Transfers to New York.
Value in United States Money.
Dec. 1.
EUROPE$
.140525
Austria,schilling
.139003
Belgium. belga
.007188
Bulgaria, ley
Czechoslovakia, kron .029623
.266618
Denmark, krone
England, pound star
4.851008
ing
.025175
Finland, markka
.039085
France, franc
Germany, reichsmark. .238383
.012920
Greece, drachma
.401644
Holland, guilder
.174184
Hungary, pengo
.052387
Italy, lira
.266609
Norway. krone
.111995
Poland. zloty
.044385
Portugal, escudo
.006029
Rumania,leu
.161488
Spain, peseta
.267263
Sweden. krona
.192652
Switzerland, franc
Yugoslavia. dinar
.017585
ASIAChina.654475
Chefoo tadl
.651458
Hankow taxi
.639017
Shanghai tadl
.674375
Tientsin tael
Hong Kong dollar
.499196
Mexican dollar-- -- .464000
Tientsin or Feb'
.463333
dollar
460000
Yuan dollar
.364482
India, rupee
Japan. yen
.457625
Singapore(S.S.)dollar_ .563750
NORTH AMER
.999549
Canada. dollar
.999406
Cuba, peso
Mexico. peso
.479000
Newfoundland. dollar .996906
SOUTH AMER.Argentina. peso (gold) .958322
Brazil, milreis
.119359
Chile, peso
.120610
1.025368
Uruguay. Peso
Colombia. peso
.970900
Dec. 3.
Dec. 4. I Dec. 5.
Dec.6.
Dec. 7.
.140598
.138991
.007187
.029626
.266611
.140611
.139005
.007187
.029624
.266619
.140595
.139003
.007197
.029625
.266620
.140542
.138997
.007197
.029622
.266635
.140548
.139005
.007165
.029624
.266661
4.850502
.025170
.039077
.238327
.012922
.401638
.174273
.052360
.266591
.112020
.044525
.006016
.161440
.267263
.192634
.017581
4.850421
.025172
.039072
.238280
.012925
.401536
.174204
.042352
.266590
.111975
.044525
.005970
.161409
.267247
.192659
.017585
4.850176
025165
.039064
.238297
.012922
.401495
.174258
.052365
.266610
.112009
.044480
.005909
.161513
.267245
.192653
.017588
.850271
.025170
.039060
.238305
.012918
.401550
.174195
.052366
.266611
.111970
.044460
.005900
.161527
.267271
.192656
.017578
4.850312
.025172
.039058
.238309
.012920
.401567
.174201
.052360
.266615
.111970
.044305
.004951
.161515
.267278
.192643
.017578
.653541 .652083 .652291 .651666
.651458 .652083 .652291 .651250
.638339 .637332 .637167 .636089
.673541 .672291 .672291 .672083
.498821 .497892 .498067 .497732
.463000 .462000 .462500 .461250
.651666
.649791
.635678
.671041
.497214
.460750
.462500
459166
.364571
.458150
.664166
.461250
457916
.384506
.459543
.563750
461666
.458333
.364450
.459653
.563333
460833 460416
.457500 .457083
.364435 .364435
.459925 .459556
.562916 .563333
.998697
.999281
.479166
.996406
.998489
.999237
.478666
.996187
.998585
.999268
.479125
.996500
.998389
.999206
.478833
.996062
.998146
.999237
.479166
.995037
.958234 .958234 .958102 .957825 .957898
.119367 .119254 .119150 .119080 .118861
.120648 .120657 .120655 .120656 .120646
1.025368 1.025493 1.026688 1.024188 1.026888
.970900 .970900 .970900 .970900 .970900
The South American exchanges have been exceptionally steady, although dull. Though the Argentine rate is firmer than it was a few weeks ago, it
would still be reasonable to expect some gold to come
from Buenos Aires to New York, but Argentine banking interests would oppose as far as possible any large
gold movement. The conversion office holds approximately $503,671,571 gold. This, together with
the conversion fund of $30,000,000 gold, makes a
total of $533,671,571 in guarantee of the paper money
circulation of $1,437,726,348 as of the end of September. This makes the metallic guarantee of the whole
circulation approximately 84.36%. Some Argentine
bankers, however, consider that the gold stock is
superabundant and that a certain withdrawal of
3146
FINANCIAL CHRONICLE
gold would be desirable, more especially since an important quantity of this gold has not become incorporated in the money regimen of the country. Buenos
Aires dispatches state that nothing of importance
liable to affect the exchange situation has occurred
recently, except perhaps the fact that money in New
York has b3come dear. Argentine paper pesos
closed on Friday at 42.16 for checks, as compared with
42 8, and at 42.22 for cable transfers, against 42 3-16.
Brazilian milreis finished at 11.87 for checks and at
11.90 for cable transfers, against 11.92 and 11.95.
Chilean exchange closed at 12 1-16 for checks and at
123/i for cable transfers, against 12 1-16 and 12%,
and Peru at 4.01 for checks and at 4.02 for cable
transfers, against 4.01 and 4.02.
I Vol._ 127
4;
Singapore at 56 11-16@563A, against 56%@567
36%,
at
Calcutta
and
Bombay at 36%, against 36%,
against 36%.
Owing to a marked disinclination on the, part of
two or three leading institutions among the New
York Clearing House banks to keep up compiling
the figures for us, we find ourselves obliged to discontinue the publication of the table we have been
giving for so many years showing the shipments and
receipts of currency to and from the interior.
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec.6 1920, it is also no longer
possible to show the effect of Government operations in the Clearing House institutions. The Federal Reserve Bank of New York was creditor at the
In the Far Eastern exchanges the feature of inter- Clearing House each day as follows:
OF NEW YORK FEDERAL RESERVE BANK
est this week is the rally which took place in Japanese DAILY CREDIT BALANCES
AT CLEARING HOUSE.
yen in Monday's trading. In commenting on this
Aggregate
Saturday, Monday, Tuesday, Wednesd'y. Thursday. Friday,
splurge on that day,the "Wall Street Journal" said:
for Week.
Dec. 5.
Dec. 7.
Dec. 4.
Dec. 6.
Dec. 1.
Dec. 3.
"Yen are quoted $.4587, up $0.0006 on the day.
$
3
Japanese exchange has lost all the ground gained in 171.000.000 144.000,000 161.000,000 156,000,000 137,00,000 127,00.00 Cr. 896,000,000
foregoing heavy credits reflect the huge mass of checks which come
the sudden rise which took place in October. Up to toNote.—The
the New York Reserve bank from all parts of the country in the operation of
Reserve System's par collection scheme. These large credit balances,
the middle of October yen had held between $.4575 the Federal
however, reflect only a part of the Reserve Bank's operations with the Clearing
York City are represented in
and $.46 for about six weeks, but beginning Oct. 17 House institutions, as only the items payable in New
the
balances. The large volume of checks OD institutions located outside of
the rate rose from $.4588 to as high as$.4762in a week. Newdaily
York are not accounted for in arriving at these balances, as such cheeks do
not pass through the Clearing House but are deposited with the Federal Reserve
At the time of the rise opinion here was about Bank
for collection for the account of the local Clearing House banks.
evenly divided as to whether it was speculative and
designed to force the closing of large short commitThe following table indicates the amount of bulments in China and elsewhere, or whether it was reEuropean banks:
flecting an intention on part of Japanese finance offi- lion in the principal
cials to remove the gold export embargo around the
Dec. 7 1927.
Dec. 5 1928.
end of the year. The subsequent decline has pretty Banks of— Gold.
Total.
I Silver. I
Gold.
Total.
Myer.
I
well proved that the rise originated in speculative
£
I
£
I
.£
£
149,709,760
188,844,766149,709,760,
operations.
England —1158.544,766
252,799,390 148,220,324; 13,718,183189,938.507
d
__
France
a252799930
At that time rumors were ri:e that removal of the Germany b 126,893,400 c994,600 127,888,000 89,202,200, 994,600 90,196.1300
___ 102,357,000 27,934,000130,291,000104,132.000 27,381,000 131,513,000
gold embargo and return to a gold standard were Spain
I 54,530,000
• 54,530,000 46,945,000 3,736,000 50,681,000
Italy
38,231,000 1,832,000 38,063,000 32,510,000' 2,300,000 34,810.000
being considered seriously in Japan. Negotiations Nethlands
Nat.13e1g. 23,663,000 1.266,000 24,929,000 19 971.0013 1,213,000 21,184,000
Switzerl'd. 18,764,000 1,918,000 20,682,000 18,037,000, 2,609.000 20,646,000
for an Oriental Development Co. loan, subsequently Sweden.__
I 12,818,000
13,163,000 12,818,000,
13,153,000
661,000 10,777,000
519,000 10,121,000 10,116,000,
9,602,000
floated here, were also an incentive to speculation. Denmark 8,162,000
I 8,180,000
8,180,000,
8,162,000
Norway
The exchange had been well liquidated and was in
Total week 804,700,096 34,463,600 839,163,696 637,841,2841 52,612,783690,454,067
favorable technical position for a rise.
Prey. week 800,507,276 34.266,600 834,733,876638,045,389 52,374.303600,419,692
The recent decline is taken here as fairly conclu
a These are the gold holdings of the Bank of France as reported in the new form
statement. b Gold holdings of the Bank of Germany are exclusive of gold held
sive evidence that Japan has no intention of remov- of
abroad, the amount of which the present year is £4,281.300. c As of Oct. 7 1924.
d
is now reported at only a trifling sum.
Silver
ing the export embargo in the near future. Considerable demand for such a step has arisen among JapaPresident Coolidge's Annual Message.
nese business circles, but apparently governmental
officials are content to postpone it. Japan's foreign
President Coolidge's last annual message offers to
trade is showing a larger import balance this year Congress and the country a good deal of material for
than last, business of all kinds is slack, and Bank of reflection. Compared with his previous messages,
Japan's foreign balances are depleted. Deflationary
what Mr. Coolidge had to say on Tuesday is matmeasures necessary for a return to gold at parity of
of fact almost to the point of drynes.s, and there
ter
$.4985 would place business in a still more unsatisnone of the pithy phrases with which he has ocare
position."
factory
It is known that the new national government in casionally enlivened and enforced his discussions of
China has formed plans for organizing a new institu- national affairs. At only one point, moreover, does
tion to be known as the Central Bank of China. The he discuss at any considerable length the matters
institution is to be completely under Government which he pas.ses in review. The exception is agriculcontrol. The capital shares will be $20,000,000 silver ture, where the familiar arguments in favor of Feddollars, contributed by the Treasury, and if and when eral aid to the farmers are again elaborated and the
the capital is increased through the issue of shares to limitations that should be attached to such aid are
the public, the Government's interest cannot be re- pointed out. For the rest, the message surveys some
duced below 51%. The Government appoints the thirty-five subjects which either seem to call for a
nine members of the Court of Directors, which name, report of conditions or progress-, or in regard to
it appears has been adopted in imitation of the Bank which the attention of Congress is specially invited.
of England. Professor Kemmerer is expected to There are several questions, however, concerning
arrive in China soon and it is believed that he will which Mr. Coolidge's observations are as weighty as
advise the Government to modify the plans for the they are well considered.
It is natural that Mr. Coolidge, in performing for
.
bank in some respects.
the
last time his Constitutional duty to "give to
Closing quotations for yen checks yesterday were
the
information of the state of the Union,"
Congress
of
/on Friday last
45.95@463' against 45 11-16@461
should
dwell
upon the benefits which have followed
against
1-16,
week. Hong Kong closed at 49.85@50
policy of economy in Federal expendifrom
a
rigorous
against
63
15-16,
6394(ii
at
Shanghai
50@50 3-16;
of economy in the use of pub.
ture.
The
enforcement
49k;
against
49k,
at
Manila
3-16;
63 15-16@64
DEC. 81928.]
FINANCIAL CHRONICLE
lie money has been Mr. Coolidge's most distins:i ive
policy, and the record of achievement in this respect is one from which even his political opponents should not withhold hearty commendation.
With economy have gone substantial reductions in
taxes and increasing profits to the community at
large. "We have substituted for the vicious circle
of increasing expenditures, increasing tax rates and
diminishing profits the charmed circle of diminishing expenditures, diminishing tax rates and increasing profits. Four times we have made a drastic
revision of our internal revenue system, abolishing
many taxes and substantially reducing almost all
others. Each time the resulting stimulation to business has so increased taxable incomes and profits
that a surplus has been produced. One-third of the
national debt has been paid, while much of the other
two-thirds has been refunded at lower rates, and
these savings of interest and constant economies
have enabled us to repeat the satisfying process of
more tax reductions."
This is a gratifying record upon which Mr. Coolidge is justified in felicitating the country. As far
as the surplus is concerned, however, the end of tax
reduction, for the immediate future at least, appears
to have been reached. It is true that, thanks to a
"combination of economy and good times," an estimated deficit last June of $94,00%000 for the current fiscal year has been turned into an indicated surplus of about $37,000,000, but this surplus represents
"a margin of less than 1% on our expenditures, and
margin of less than 1% on our expenditures, and
makes it obvious that the Treasury is in no condition to undertake increases in expenditures to be
made before June 30." "It is necessary, therefore,"
Mr. Coolidge continues, "during the present session
to refrain from new appropriations for immediate
outlay, or.if such are absolutely required to provide
for them by new revenue; otherwise we shall reach
the end of the year with the unthinkable result of
an unbalanced budget. For the first time during
my term of office we face that contingency. I am
certain that the Congress would not pass, and I
should not feel warranted in approving, legislation
which would involve us in that financial disgrace."
This is a clear warning and plain speaking. Unless
the appropriations voted by Congress during the
present short session are kept within the budget estimates, or additional revenue provided for increased
expenditures that cannot be avoided, Mr. Coolidge
has made it clear that he will interpose his veto.
A similar situation apparently exists for the fiscal
year 1929-30, the budget estimates of expenditures
for that year exceeding those for 1928-29 by $35,290,860.58, or nearly the amount of the indicated
surplus for the present year. With the prospect of
subs tantially increased demands for expenditures
in a number of directions, notably for flood control, farm relief, the care of war veterans and naval
construction, it would seem that Congress, in the
absence of further large economies, must soon address itself to the serious problem of providing additional revenue. The Democrats as well as the
Republicans are now committed to a policy of protection, and a general upward revision of the tariff
is obviously impending. The Ways and Means Committee of the House.has already announced a pro.
gram of tariff hearings, to begin on Jan. 7 and
6
extending to Feb. 25, at which the fifteen different
tariff schedules, together with the administrative
3147
and miscellaneous provisions, will be reviewed. This
means, of course, that there is not likely to be any
general tariff change at the present session, but it
clearly foreshadows an attempt at general tariff
revision in the next Congress.
The most immediate bearing of Mr. Coolidge's
call to economy is to be found in the field of farm
relief. In spite of the fact that "the past year has
been marked by notable, though not uniform improvement in agriculture," that "the general purchasing power of farm products and the volume of
production have advanced," and that "present indications are that the gross farm income will be somewhat larger than in the crop year 1927-28," Mr.
Coolidge still finds need of Federal aid in dealing
with the crop surplus. He repeats the declaration
of his previous annual message that ."the Government should assume no responsibility in normal
times for crop surplus clearly due to overextended
acreage," and urges that "putting the Government
directly into business, subsidies and price-fixing,
and the alluring promises of political action as a
substitute for private initiative" should be avoided,
but he insists that the Government "should aid
in promoting orderly marketing and in handling
surpluses clearly due to weather and seasonal conditions." The program which he endorses is the
familiar one of a Federal farm board in conjunction with farmers' co-operative associations, backed
by a revolving loan fund to enable the marketing
of crops to be financed until the financing can be
done "through regularly constituted credit institutions." Any bill providing for farm relief along
these lines, however, "should carry authority for
raising the money, by loans or otherwise, necessary
to meet the expense, as the Treasury has no surplus."
Farm relief, in other words, like other new ventures
or expansions, must wait until Congress shall have
provided the revenue needed to pay for it, for there
is no longer a large and tempting surplus upon
which to draw.
Beyond these warnings and recommendations, the
message passes rapidly in review a large number of
questions of domestic or foreign interest, some of
them essentially matters of routine, others already
well loaded with material for controversy. The Kellogg pact is commended as a covenant which "promises more for the peace of the world than any
other agreement ever negotiated among the nations,"
American intervention in Nicaragua is described
with a surprising accent of satisfaction, and the
work of Ambassador Morrow in Mexico is warmly
praiF ed. There is no wavering in the insistence upon
the need of adequate national defense, and the passage of the Senate bill for naval construction, "with
the elimination of the time clause," is urged. The
elimination of the time clause means, of course, that
the additional cruisers called for by the Senate bill,
and in part appropriated for, would exist only on
paper until such time as the President ordered them
to be built. "For the benefit of the timid and the
suspicious" President Coolidge repeats that "this
country is neither militaristic nor imperialistic."
"Many people at home and abroad who constantly
make this charge," he adds, "are the same ones who
are even more solicitous to have us extend assistance
to foreign countries," but "when such assistance is
granted the inevitable result is that we have foreign
interests," and "for us to refuse the customary support and protection of such interests would be in
3148
FINANCIAL CHRONICLE
derogation of the sovereignty of this nation." He
doubts if anyone would suppose that, because we
are "constantly solicitous" for our interests in
Great Britain, France and Italy, where they are
largest, "those countries feel we harbor toward
them any militaristic or imperialistic design," while
"as for smaller countries, we certainly do not want
any of them. We are more anxious than they are
to have their sovereignty respected."
On the important subject of railway consolidation
Mr. Coolidge goes no' further than to express the
hope that the bill reported at the last session, amending the Act of 1920 with the approval "in principle" of the Interstate Commerce Commission, may
"be enacted at an early date." The maintenance of
"necessary strategic lines" of merchant shipping
with Government aid "until they can be transferred
to private capital" is approved, /together with the
establishment of joint rates between waterways and
railways, "preferably by agreement, but otherwise
as a result of Congressional action." No further
river and harbor legislation should be passed, however, until "we can see our way out" of the expense
involved in th- $243,000,000 of work already ordered
by Congress but not yet completed, "besides the
hundreds of millions to be spent on the Mississippi
flood way." The building of a dam somewhere on
the Colorado River for flood control, irrigation and
domestic water purposes is regarded by Mr. Coolidge
as a proper Government function, but since private
enterprise can "very well" handle the distribution
of such electrical power as may be generated, "there
is no need for the Government to go into it." The
Muscle Shoals property, again, Mr. Coolidge points
out, will probably become less valuable than formerly with the development of other methods of producing nitrates, but in the absence of Congressional
interest in a division of the property into the two
component parts of nitrate production and power
production, Mr. Coolidge would "gladly approve a
bill granting authority to lease the entire property
for the production of nitrates." The property should
not, however; be made "a vehicle for putting the
United States Government indiscriminately into the
private and retail field of power distribution and
nitrate sales."
Taken as a whole, the message carries a marked
element of consistency as well as of practicality. Mr.
Coolidge is for national progress all along the line,
and he recognizes that progress in a developing nation means increasing expenditure of public money.
He is as thoroughly convinced as ever, on the other
hand, that the Federal budget should balance, that
new enterprises should not be entered upon until
the money to pay for them has been provided, and
that Government competition with private business
should be kept at the lowest possible terms. The
policy is sound, and its restatement by Mr. Coolidge
as his presidential service draws to its close should
again commend it to Congress and to the country.
A New Gauge for Wages.
Secretary of Labor Davis is quoted as saying to
the American Federation of Labor, in convention
assembled at New Orleans on Nov. 23, that:"The old
notion that prosperity is produced only by the buying of a wealthy class has been exploded. The man
who still thinks in this mistaken vein is wrong in
the very fundamentals of his economics. Prosperity
is not the product of the classes, it is the masses....
•
[VoL. 127.
To-day our well-paid workers share in the wealth
now being produced and help create prosperity because they have acquired all that multiplicity of
wants that once distinguished only the well-to-do."
(Italics ours.) "Prosperity is only created and enlarged by a liberal wage and for the simplest reason. The millions of workers are the greatest buyers in our markets and a liberal wage equips them
with the simple means of creating a bigger market."
Mr. Davis is quoted as expressing the wish to live
long enough to see every workingman and woman
in the United States own at least one automobile.
This is a kindly wish. And if present tendencies
continue, it will not be long until it is realized. Of
course, it is not necessary for every worker, man
and woman, to own an automobile. But since this
desire seems to be paramount at the present time in
the human heart, we may all join in this exemplary
wish. Taken, however, in an analysis of a proper
standard of living, and of wage's scales in economics, there are some other things to be considered. If mere want is to be the measure of wages,
why not two cars for every worker, since the wellto-do often have them? Why not ten-room brick
houses on acre lots and all other things in proportion?
Ih.1,41.414
Now without wishing harm to anyone, and all
good things to all men and women, as a matter of
pure economics we find some grave faults in this
reasoning. Take the statement "our well paid workers share in the wealth now being produced because they have acquired all that multiplicity of
wants" &c. First, prosperity. If there is one thing
true about all this "prosperity," above another, it
is that prosperity is not equally distributed. Salaried men, clerks, common laborers, do not get the
share represented by earners of high wages, which
were first obtained by the unions during the necessities of war supplies. And even if mass production does enable employers to continue these high
wage scales in time of peace, through the increased
used of machinery and its enlarged output, thus
creating.a greater buying power for protected and
organized labor, those who work and who do not
receive a share of this buying power pay the increased price which many of the articles embodied
in the present "standard of living" bring—and without compensation. It is no longer even questionable that "prosperity" pertains to corporations that
deal in luxuries—the automobile for the most part,
the radio, the many musical instruments, the new
style of house furnishings, the movie attractions,
the increased cost of higher education, in a word,
the countless dollars that are literally thrown at
the birds by the well-to-do who now ape the rich.
True, the automobile and its accessories furnish
employment to tens of thousands in new and novel
ways never before experienced, but do the other luxuries, "multiplicity of wants," do so in anything like
the same proportion, to obviate the displacement of
the machine and mass production? By no means.
And the final result is to disorder, by these highwage favorites in industry, the normal distribution
under an honest "prosperity."
The truth of the whole matter is that "prosperity"
is largely confined to the makers of these new appliances and to protected and organized labor, and
to almost no others. Are the railroads earning their
admitted quota of returns? Oh, yes! Our national
income is "ninety billions of dollars!" Who, pray,
DEC. S 1928.]
FINANCIAL CHRONICLE
is getting it? Not the corporations in the middle
and lower brackets. Not, confessedly, the farmers.
Not the small merchants. Not the street railways,
ever crying for increased fares. Partly, but not
altogether, by the public utilities compelled to
change their machinery constantly and in the toils
of Commissions. A nation earning an enormous income and spending it all is not as well off in the
end as one earning a moderate income part of which
it can save. Making progress? Yes. But covering
ground like a runaway horse! Change is not necessarily progress. In fact, we are destroying more
good and serviceable stuff than we gain by the new
we produce. Look at the serviceable buildings we
destroy to make room for skyscrapers; the old machines (autos in particular) we scrap to make way
for the new patterns, swifter, more handsome, comfortable; the radios that go in the junkheap before
they are paid for on the instalment plan; the paved
roadways we build by bonds for the next generation to pay for; the talking movies in their ornate
palaces before the "shadows on the screen" are
brought up to the plane of high art; the electrical
inventions for the home, before they are paid for;
the travel trips that make vacations so costly and
so pleasant, before we are educated to the point of
intellectual appreciation; the national games we
play and root for, unknown twenty-five years ago;
and others "too numerous to mention"!
It is a preposterous proposition. More wants,
more wages; more wages, more buying power; more
buying power, more prosperity; more prosperity,
more wants; and the vicious circle continues, unconscious of the enormous debts contracted, the enormous waste involved, the enormous disparity in the
distribution of the national income. One thing may
be said of organized labor. It knows which side
of its bread is buttered. Fewer strikes in the past
eight years! What is there to strike for when the
cream of everything goes to those who receive high
wages? "High wages" which arrogates to itself the
buying power that sustains prosperity; and we are
told this is good "economics"! If organized labor
under present wage scales is creating and distributing "prosperity," why is the farmer in distress?
Why doesn't the patron of prosperity do something
for him? And for the salaried man, the clerk, the
common laborer, all the huge numbers of the unorganized? If prosperity belongs to the masses because of this buying power, why are not all the
masses prosperous?
Close the parts to cheap products and cheap labor, and make the welkin ring with shouts of "prosperity"! A famous formula. Talk of closer communion with the peoples of the world—but buy as
little and sell as much as possible. "Prosperity" at
home—spotted as a leopard—but love for humanity,
that must trade to live! It is high time we produced a new theory of economics that has some
logic and truth in it. To claim that "high wages,"
disproportionately high, of organized labor is the
cause of "prosperity" is the last straw. It is hard
enough to pay war wages after ten years of peace.
It is hard enough to be compelled to join those who
cultivate a "multiplicity of wants" for needless
things, and pay the high prices that do not come
dawn appreciably for plain things, for indispensable
commodities, though these are compelled to reduce
because of the drain of luxuries on the whole economic body,—pay the continuing high prices for
3149
rents and sustenance and education, religion, and
culture. But let us have a common sense analysis
of this whole question, and no longer be lured by
false appearances and befuddled by the claim of
organized labor as the father and patron of prosperity.
Pure Science and Industry.
On November 15, at a New York State.Chamber
of Commerce dinner at the Waldorf-Astoria in this
city, Dr. Robert A. Millikan of the California Institute of Technology, delivered an address on Science and Industry, in which he credited many of our
modern inventions, basically, to the developments in
science in the last two hundred years. We quote the
following excerpts from his address: "Look for a
moment at the historic background out of which
these modern marvels, as you call them, the airplane
and the radio, have sprung. Neither of them would
have been at all possible without 200 years of work
in pure science before any bread-and-butter applications were dreamed of—work beginning in the sixteenth century with Copernicus and Kepler and Galileo, whose discoveries for the first time began to
cause mankind to glimpse a nature, or a God, whichever you prefer, not of caprice and whim as had
been all the gods of the ancient world, but, instead,
of God who rules through law, a nature which can
be counted upon and hence is worth knowing and
worth carefully studying. This discovery which began to be made about 1580, I call the supreme discovery of all the ages, for before any application
was ever dreamed of, it began to change the whole
philosophical and religious outlook of the race, to
effect a spiritual and an intellectual, not a material
revolution. . . . Do you practical men fully realize that the airplane was only made possible by
the development of the internal combustion engine,
that this in its turn was only made possible by the
development of the laws governing all heat engines,
the laws of thermo-dynamics, through the use for
the hundred preceding years of the steam engine,
that this was only made possible by the discovery of
the laws of force and motion by Galileo. That states
the relationship of pure science to industry. The one
is the child of the other. You may apply any blood
test you wish and you will at once establish the relationship. Pure science begot modern industry."
Further: "The whole structure of the radio art
has been built since 1910, definitely and unquestionably upon researches carried on in the pure science laboratory for twenty years before anyone
dreamed that there were immediate commercial applications of electronomic discharges in high vacuum. It is precisely the same story everywhere in all
branches of human progress." And, therefore, Dr.
Millikan thinks that if the industries represented
in the Chamber fully realize their great social responsibility to progress they "will join in the great
nation-wide movement to keep alive the spirit of
science all over this land of ours through the keeping
pure science going strong in universities, its logical
home, and applied science going strong in the private industrial laboratories where it thrives best."
We presume from the tenor of this address (we
cannot quote more fully for want of space) that the
intention is to keep pure science "going strong" in
our endowed universities and not in our State institutions paternistically kept going by taxation. And,
seeing that the people according to late estimates
4
3150
FINANCIAL CHRONICLE
FOL. 127.
are spending annually two billions on our public cific is bound to develop the general. Pure science
school system as a whole, this seems well enough. will not die while man aspires. And applied sciBut is the lineage of our modern inventions so surely ence is sometimes the pathfinder for pure science.
traceable to the general laws discovered by pure sci- It matters little either way, perhaps, but at least
ence? There is a certain dogmatism about so-called pure science is ineffective as a social force until it
pure science in its claim to be the author of our ad- is applied. We cannot go back to the Renaissance
vance which seems to contradict itself. By a mean- and say that science gives meaning to the moral
ingless coincidence Mr. Kipling on this same night law. We cannotsay that it establishes the one God,
was talking to the Royal Society of Medicine in for Socrates heard His voice and the Hebrew prophEngland on "healing." After telling the story of ets realized His existence long before Copernicus
healing by consulting the stars, as astrologers were and Immanuel Kant established a faith, independent
wont to do in the Middle Ages, now regarded as of reason. Science, to-day, claims too much. It
charlantry, he asks: "Isn't it likely that the multi- clarifies, amends, reveals, as Agassiz believed, but
tude and significance of the revelations heaped upon until its facts are shown to be unalterable truth, and
us within the past few years have made men, in self- its theories of life, matter and force, are proven to
defense, specialize more and more narrowly? be unchangeable, it cannot supplant the philosophy
Haven't we been driven headlong to abandon our of religion or the integrity of the moral law that
conceptions of life, motion and matter? And isn't originates in mind. The social responsibility of init human that, in that upheaval, men may have car- dustry does not rest upon science, pure or applied.
The origins of the wheel, the pulley, the lever, are
ried off each his own cherished profession, and
lost
in the mists of antiquity, but we use them conearthafter
an
do
camped beside it—just as refugees
quake. . . . Is it then arguable that we may stantly with never a thought of the science, mathestill mistake secondary causes for primary ones and matical or other, involved. All knowledge, all law,
attribute to instant, visible agents of disease, un- all invention, is at the command of all men. This
conditional activities which, in truth, depend on new prophecy of cracking the atom and the utilizasome breath drawn from the motion of the universe tion of its concealed force is as fantastic an idea
—of the entire universe revolving as one body (or as the philosopher's stone of old that was to transdynamo if you choose) through infinite but occupied form dull metals into gold. In fact, the transformaspace? . . . The idea is wildly absurd? Quite tion of gases is already in the possession of man
true. But what does that matter if any fraction of to a small degree. And Mr. Milliken himself is rean idea helps toward mastering even one combina- nowned as a student of the new physics, the new
tion in the great time-locks of life and death?" As- matter; which seems to be really force—and the
trology followed by astronomy, and alchemy fol- placement of electrons in the atom is in a way suslowed by chemistry! But what will follow these in ceptible of mapping disclosing the varied solidity of
turn? Verily there is "nothing new under the sun." substances. Pure science has gone far in its earnest
It is impossible, we think, to trace our specific mod- and heroic effort to disclose the hidden laws of life
ern inventions by a direct descent from the general and death, of energy and matter (so-called), but its
laws of nature or God, to the realities of to-day. And journey yet to be made stops short only of infinity,
if it is the purpose to keep "pure science" going in and its progress is so small now as to be negligible.
endowed universities with any such end in view, it is And this is why to-morrow may discount all the soa dream if not a superfluous experiment. Knowl- called facts of to-day as to-day has done for yesteredge does not die utterly once it is revealed to .the day. But we are within a physical environment.
consciousness of man. The mind will always ex- We touch and know certain manifestations of law
plore the unknown, and philosophy will always seek and truth that we can and do utilize.
Baffling 'theories such as "relativity" are beside
for truth.
It is one thing to discover leading laws of the uni- the mark as dependencies in the practical utilizaverse, still another to apply them. And often mind tion of phenomena all around us. Heat, light and
finds the general in the particular. Newton and power, a trilogy of wonders, do not wait, in modern
Watts, whatever their scientific attainments, what- laboratory work, upon pure science; nor is it clear
ever the state of pure science in their time, though that pure science, in the sense now used, first gave
they leaped from the particular to the general, did them to us. And so when we come to look upon pracnot begin by gathering related or unrelated facts. tical industry and to fix its social responsibility,
Sitting in a garden and seeing an apple fall, or in a we step out of science and .into philosophy. There
kitchen watching the lifting of the lid of a kettle, is a cause of all causes, all laws and all phenomena.
does not disclose a long historic study of so-called And to a normal mind seeking eternal truth, and
pure science. And it must be news to the Wright thereby to establish the moral law, it is futile to
Brothers that they discovered or builded a flying try to assemble facts sufficient for proof. There
machine because of an internal combustion engine. must be a realm not discovered through sensation,
They conceived the idea in a bicycle shop and perception, conception and reason, not the result of
launched their first glider on the Carolina sand electric discharge in brain cell as the result of outdunes. The desire to fly is as old as Icarus whose side stimuli, or we are lost in a wilderness of doubt.
wings of wax melted in the sun, and much older. Therefore, true or false, putting all this aside, we
And it is this desire which assimilates all knowledge, can sooner find our social responsibility in a study
of the ethics enfolded in a machine age than in tryuses it, applies it, and expresses it in invention.
There is no serious objection to agencies for the ing to make a shibboleth of salvation out of pure
study of so-called pure science, general laws of the science.
The road to the spiritual is through man himself.
universe, but this unwearied search will go on
whether millions are trusteed for that purpose or He dies, and disappears, but his thought remains.
not. And because the want is father of the effort, All industry and invention, though they are the capthe work of applied science by a discovery of the spe- tivity of eternal law in a small way, are the tools
Dm.8 1928.]
FINANCIAL CHRONICLE
3151
of the man-the man who thinks, and aspires and Review, discusses further the subject of business profits as
loves. The preservation of the highest form of liv- follows.
These tabulations frequently exaggerate the increase in corporation
ing transcends these gropings after God in pure profits,
due to the fact that statements that are issued early tend to include
proportion of reports which make favorable showings. However,
a
large
science. We have enough already to establish new
it is noteworthy that third quarter earnings of these companies showed an
relations of kindliness, hope and trust without an- increase over second quarter earnings, whereas in recent years, earnings
usually shown a declining tendency in the third quarter.
other single machine. What we have, as Dr. Milli- have
The largest percentage increases over last year were reported by the
kan announces when he speaks of the aeroplane and motor accessories companies, which tripled their profits, and the oil and
copper companies, the profits of which were more than double those of a
the radio as "perhaps one-tenth as useful as some year ago. Other groups showing substantially
larger profits were the
steel,
and machine manufacturing, automobile, mining and
of the discoveries in pure science," is sufficient for smeltingmachine
(other than coal), and miscellaneous companies. All other
a marvellous industrial future. If health is the groups also reported at least small increases with the exception of the railequipment, coal, and amusement companies.
most important end of pure science, why talk to road
Net profits of these 210 companies for the first nine months of this year
industrialists engaged in the wholesome, necessary have been 18% larger than in the corresponding period of 1927, and about
11% larger than in 1926. Telephone and other public utility companies
and uplifting bread-and-butter battle about the de- continued to report net earnings around 10% larger than a year ago, both
for the third quarter and for the completed nine months. Net operating
pendence of plain business upon pure science? What income of the principal railroads increased in the third quarter to
a larger
the world needs, what science, pure and applied, figure than a year ago, but remained somewhat smaller than in 1926. The
accompanying diagram compares the course of industrial, public utility,
needs is spiritual interpretation of what we have. and railroad earnings during the past throe years.
An ounce of pure philosophy may equal a pound of
(Net Profits in Millions of Dollars.)
77nra quarter.
MU Months.
pure science. Meanwhile, the machine should minCorporation Groups.
Number.
ister not to riches and power but to comfort and
1927. 1928. 1926. 1927. 1928.
happiness.
Motors
81
11
101
218
248
Public Utility Earnings for the Month
of October.
Motor accessories
oil
Steel
Railroad equipment
Food and food products
Tobacco
Machine and machine mfg
Chemicals
Building supplies
Amusement
Coal
Coroner
Other mining and smelting
Miscellaneous
15
24
14
5
25
5
16
9
13
7
7
5
12
42
4
21
33
4
36
3
7
15
7
6
2
6
5
52
11
43
49
3
38
3
10
17
9
6
2
14
8
66
25
129
143
16
98
6
27
33
21
14
6
19
20
130
300
28
77
130
9
109
7
27
43
21
17
4
33
22
179
18
61
119
13
103
8
23
39
20
15
7
19
18
141
Gross earnings of public utility enterprises in October,
exclusive of telephone and telegraph companies, as reported
to the Department of Commerce by 95 companies or systems
operating gas, electric light, heat, power, traction, and
water services and comprising practically all of the imTotal (15 grows)
210
282
380
905
852 1,006
portant organizations in the United States, were $186,000,000 Telephone
87
55
*61
155
173 *189
utilities
public
Other
95
170
188
515
561
618
compared
with $178,346,441 in September and $177,as
182
225 *249
734,493 in October 1927. Gross earnings consist, in general, Total public utilities
670
734 *807
Class 1 railroads
185
337
358
891
810
820
of gross operating revenues, while net earnings in general
•Partly estimated.
represent the gross loss operating expenses and taxes, or
the nearest comparable figures. In some cases the figures
Monthly Indexes of Federal Reserve Board.
for earlier years do not cover exactly the same subsidiaries,
monthly indexes of production, employment and
The
owing to acquisitions, consolidations, &c., but these differences are not believed to be great in the aggregate. This trade of the Federal Reserve Board were issued as follows
summary presents gross and net public utility earnings by on Dec. 1; the terms "adjusted" and "unadjusted" used
months from January 1925 the figures for the latest months below refer to adjustments for seasonal variations.
(Monthly average 1923-25=100.)
being subject to revision.
1928 1928 j1927
Oct. Sept. Oct.
PUBLIC UTILITY EARNINGS.
Gross EarningsJanuary
February
Mar01'April
May
June
July
August
September
October
1925.
t
163,500.133
151,639,283
151,583,666
147,841,101
145,571,954
142,448,670
141,063.557
142,422,405
146,666.696
158,770.250
1926.
t
177,473,781
165,658,704
167,642,439
166,927,022
159,135.618
157.744,715
153,245,315
153,188,101
159,519,246
170.733.069
1927.
$
191,702.022
177,612.648
179,564,670
176,467,300
171,255.699
167.975,072
161.838,462
162.647,420
169,413.885
177,734,493
1928.
$
196.573,107
187,383,731
187,726,994
181,143,683
180,255,407
*178.696.556
*173.645,919
*173,704,643
*178,346,441
186.000,000
Total (10 months).-1,491,507,715 1,631,268,010 1,728,011,671 1,823,476,481
163,128,279 176,000,649 182,077,497
172,488,624 188,146,705 194,985,134
November
December
Total(year)
Net EarningsJanuary
February
March
April
May
June
July
August
September
Ociober
1.827.124.618 1,995,415.364 2.113,074,302
58,671,777
54,102,576
52,475,643
51,016,359
48,972.398
47.777,644
44,309,630
44.770,778
49,139,669
55.057,277
66,974,941
61,555.164
60,696,920
59,471,359
54.993,907
55,699,751
49,238,806
49,844,522
56,930.481
60.878,181
73,746,891
66,907.757
65.412.739
64,907,729
61,194,779
59.167.096
53,980,280
53,551,164
61,897,207
65,259,727
79,013,279
74.296,576
72,811,146
68.971,324
67,732,911
67,632.705
*62.259,933
*60.531,407
*67.967,383
72,000.000
Total (10 months)....- $506,293,751 $576,284,032 8626,025,369 5693.216.654
60,511,807
November
65,844.729
70,214,468
65.414,632
December
73,023,848
78,937.417
Total(year)
632,220.190
715,152,609
Industrial Produclion. adjustedTotal
Manufactures
Minerals
Manufactures, adjuttedIron and steel
Textiles
Food products
Paper and printing-Lumber
Automobiles
Leather and shoesCement, brick, glass
Non-ferrous metals-Petroleum refining-Rubber tires
Tobaccomanufactures
Minerals, adjusted
Bituminous coal
Anthracite
Petroleum
Iron ore
Copper
Zinc
Lead
Silver
Freight-car loadings,
adjustedTotal
Grain
Livestock
Coal
Forest products
Merchandise I. C. I.,
and miscellaneous_
114
116
108
103
102
105
125 127
112 108
100
97
___ •118
81 *82
120 139
105 *111
119 126
120 118
160 162
166 .165
127 129
94
113
94
112
94
70
108
108
106
142
116
121
99
94
119
95
128 125
115 109
128 121
110 114
108 *115
79
81
90
106
124
95
102
110
105
91
106
106
92
102
92
106
109
93
102
91
101
106
94
94
03
Ill
111
106
Building contractsAdjusted
Unadjusted
Wholesale distribulion, adjustedTotal
Groceries
Meats_
Dry goods'
Men's clothing
Women's clothing_ _ Shoes
Hardware
Drugs
Furmture
Wholesale Distribulion, unadjusted
Total
Groceries
Meats
Dry goods
Men's clothing
Women's clothing-Shoes
Hardware
Drugs
Furniture
Dept.store salesAdjusted
Unadjusted
Dept. store stocksAdjusted
Unadjusted
Mail order house
salesAdjusted
Unadjusted
145
145
136
143
137
137
95
94
95
92
111 122
85
84
99
89
62
62
87
90
97
92
116 112
110 *112
91
90
109
86
81
64
91
94
111
99
111 109
107 100
124 130
99 105
123 137
100
88
108 110
108 100
134 119
131 *126
106
102
122
99
101
87
114
105
128
118
105
123
120
106
106
113
100
110
98
101
103
113
140
183
154
143
117
147
•Revised.
EMPLOYMENT AND PAYROLLS.
Unadjusted (1919=100).
775,177,254
*Revised.
Business Profits in Third Quarter of 1928-Large
Percentage of Increase over Last Year According
to survey of New York Federal Reserve Bank.
Third quarter net earnings of 210 industrial and mercantile
concerns showed an increase of 36M% over the corresponding quarter of last year, which, however, was a period in
which corporation earnings had shown some decline from
those of the previous year. In stating this, the Federal
Reserve Bank of New York, in its December 1 Monthly
114
114
114
1928 1928 1027
Oct. Sept. Oct.
Employment.
Total.
Iron and steel
Textiles-group
Fabrics
Products
Lumber
Railroad vehicles
Automobiles
Paper and printing
Foods,Sec
Leather, ,kc
Stone, clay, glass
Tobacco, dtc
Chemicals. are
Payrolls.
1928.
Oct.
1928.
Sept.
1927.
Oct.
1928.
Oct.
1928.
Sept.
1927.
Ott•
92.0
88.2
89.4
90.8
87.6
89.5
70.6
152.1
108.1
88.7
81.8
112.1
82.6
• 78.4
91.2
87.2
86.8
87.0
86.6
89.6
71.2
154.2
106.7
86.8
83.1
114.7
80.6
77.0
91.7
84.0
94.5
97.0
91.4
92.5
/5.5
109.9
108.6
89.2
88.5
116.2
85.3
77 8
109.3
98.7
100.5
100.5
100.6
105.5
80.2
193.3
149.6
105.6
84.0
140.8
87.6
112 3
105.0
93.5
94.4
93.3
95.7
102 6
75.7
185.8
146.8
103.4
87.2
139.6
85.4
105.7
105.1
88.2
108.9
108.9
104.3
109.0
83.6
133.6
151.0
104.8
88.5
145.0
91.3
lln n
3152
[VOL. 127.
FINANCIAL CHRONICLE
Base Further
Message of President Coolidge to Congress—No Surplus on Which to
Increase
Would
Tax Reduction—Congress Warned Against Legislation Which
aws for
Federal Expenditures—Aid for Farmer—Cruiser Replacements—L
Railroad Consolidation Urged.
President Coolidge, in his last annual message to Congress, read in the House and Senate on Dec. 4, following
the convening of Congress on the previous day, contained
little in the way of legislative recommendations. Almost
at the outset of the message the President warned against
the enactment of legislation involving increased appropriations, the Chief Executive in emphasizing the need of economy, saying:
The combination of economy and good times now indicates a surplus
of about $37,000,000. This is a margin of less than 1% on our expenditures and makes it obvious that the Treasury is in no condition to undertake increases in expenditures to be made before June 30. It is necessary, therefore, during the present session to refrain from new appropriations for immediate outlay, or if such are absolutely required to provide for them •by new revenue; otherwise, we shall reach the end of
the year with the unthinkable result of an unbalanced budget. For
the first time during my term of office we face that contingency. I
am certain that the Congress would not pass and I should not feel
warranted in approving legislation which would involve us in that
financial disgrace.
Incidentally the President noted that "there is no surplus on which to base further tax revision at this time."
And in behalf of the farmer was one of the subjects with
which the message dealt, the President stating that "the
present status of agriculture, although greatly improved
over that of a few years ago, bespeaks the need of further
improvement, which calls for determined effort of farmers
themselves, encouraged and assisted by wise public policy.
The Government has been, and must continue to be," he
said, "alive to the needs of agriculture." In presenting
his suggestions in the interest of the farmer, he said:
The Government should aid in promoting orderly marketing and in
handling surpluses clearly due to weather and seasonal conditions. As
a beginning there should be created a Federal Farm Board consisting
of able and experienced men empowered to advise producers' associations in establishing central agencies or stabilization corporations
to handle surpluses, to seek more economical means of merchandising and
to aid the producer in securing returns according to the quality of
his product.
A revolving loan fund should be provided for the necessary financing until these agencies shall have developed means of financing their
operations through regularly constituted credit institutions. Such a
bill should carry authority for raising the money, by loans or otherwise, necessary to meet the expense, as the Treasury has no surplus.
As to legislation toward furthering railroad consolidation
the President referred to the fact that in previous annual
messages he had suggested the enactment of laws to promote railroad consolidation, and said:
While consolidations can'and should be made under the present law until
it is. changed, yet the provisions of the act of 1920 have not been
found fully adequate to meet the needs of other methods of consolidation.
Amendments designed to remedy these defects have been considered
at length by the respective committees of Congress and a bill was reported out late in the last session which I understand has the approval
in principle of the Interstate Commerce Commission. It is to he
hoped that this legislation may be enacted at an early date.
Approval by Congress of the Kellogg peace treaty was
also urged by the President, who described it as "the most
solemn declaration against war, the most positive adherence
to peace that it is possible for sovereign nations to make."
The President in pointing out the needs of the navy and
recommending the enactment of the pending bill calling
for the construction of 15 cruisers and one aircraft carrier, said:
Our navy, according to generally accepted standards, is deficient in
cruisers. We have ten comparatively new vessels, twenty-two that are
old, and eight to be built It is evident that renewals and replacements must be provided. This matter was thoroughly canvassed at
the last session of the Congress and does not need restatement. The
bill before the Senate with the elimination of the time clause should
be passed. We have no intention of competing with any other country. This building program is for necessary replacements and to meet
our needs for defense.
•
•
•
I wish to repeat again for the benefit of the timid and the auspicious
that this country is neither militaristic nor imperialistic.
The President again voiced his opposition to putting the
Government into the power or nitrate business in connection
with legislation for the erection of a dam on the Colorado
river or the development of the power and nitrate plants
at Muscle Shoals. As to the Colorado River he said a
summary of the report of a board appointed to study that
project showed it preferred the Black Canyon site.
Ile added:
...So. far as I.can judge, from the summary, their conclusions appear
sufficiently favorable, so that I feel warranted in recommending a
measure which will protect the rights of the States, discharge the
necessary Government functions and leave the electrical field to private enterprise.
He suggested the lease of Muscle Shoals for the production of nitrates and declared himself against making this
property " a vehicle for putting the United States indiscriminately into the private and retail field of power distribution and nitrate sales."
The President declared that "the policy of restrictive immigration should be maintained. The relations between the
United States and Nicaragua, Chile, Peru, Mexico and
China were among the matters discussed in the report.
Stating in his opening comments that "the county can
regard the present with satisfaction and anticipate the
future with optimism," the President toward the end of
his message said:
The country is in the midst of an era of prosperity more extensive
and of peace more permanent than it has ever before experienced. But,
having reached this position, we should not fail to comprehend that it
can easily be lost. It needs more effort for its support than the less
exalted places of the world. We shall not be permitted to take our
ease, but shall continue to be required to spend our days in unremitting toil. The actions of the Government must command the confidence
of the country. Without this, our prosperity would be lost. We must
extend to other countries the largest measure of generosity, moderaticia
and patience. In addition to dealing justly, we can well afford to
walk humbly.
The President's communication was transmitted by special messenger to the two houses of Congress. In the
Senate it was read by John C. Crockett, Clerk of the Senate, while in the House it was read by William Tyler Page,
Clerk of the House. The message in full follows:
MESSAGE
To the Congress of the United States:
No Congress of the United States ever assembled, on surveying the
state of the Union, has met with a more pleasing prospect than that
which appears at the present time. In the domestic field there is tranquility and contentment, harmonious relations between management and
wage earner, freedom from industrial strife, and the highest record of
years of prosperity. In the foreign field there is peace, the good will
which comes from mutual understanding, and the knowledge that the
problems which a short time ago appeared so ominous are yielding to
the touch of manifest friendship. The great wealth created by our
enterprise and industry, and saved by our economy, has had the widest
distribution among our own people, and has gone out in a steady stream
to serve the charity and the business of the world. The requirements
of existence have passed beyond the standard of necessity into the region
of luxury. Enlarging production is consumed by an increasing demand
at home and an expanding commerce abroad. The country can regard
the present with satisfaction and anticipate the future with optimism.
The main souree of these unexampled blessings lies in the integrity
and character of the American people. They have had great faith, which
they have supplemented with mighty works. They have been able to
put trust in each other and trust in their Government. Their candor
in dealing with foreign governments has commanded respect and confidence. Yet these remarkable powers would have been exerted almost in
vain without the constant cooperation and careful administration of the
Federal Government.
We have been coming into a period which may be fairly characterized
as a conservation of our national resources. Wastefulness in public business and private enterprise hag been displaced by constructive economy. This has been accomplished by bringing our domestic and foreign
relations more and more under a reign of law. A rule of force has
been giving way to a rule of reason. We have substituted for the vicious
circle of increasing expenditures, increasing tax rates, and diminishing
profits the charmed circle of diminishing expenditures, diminishing
tax rates, and increasing profits.
Four times we have made a drastic revision of our internal revenue
system, abolishing many taxes and substantially reducing almost all
others. Each time the resulting stimulation to business has so increased
taxable incomes and profits that a surplus has been produced. Onethird of the national debt has been paid, while much of the other twothirds has been refunded at lower rates, and these savings of interest
and constant economies have enabled us to repeat the satisfying process
of more tax reductions. Under this sound and healthful encouragement
the national income has increased nearly 50%, until it is estimated to
stand well over $90,000,000,000. It haa been a method which has
performed the seeming miracle of leaving a much greater percentage
of earnings in the hands of the taxpayers with scarcely any diminu.
tion of the Government revenue. That is constructive economy in the
highest degree. It is the corner stone of prosperity. It should not
fail to be continued.
This action began by the applicaton of economy to public expenditure. If it is to be permanent, it must be made so by the repeated
application of economy. There is no surplus on which to base further
tax revision at this time. Last June the estimates showed a threatened
deficit for the current fiscal year of $94,000,000. Under my direction
the departments began saving all they could out of their present appropriations. The last tax reduction brought an encouraging improvement in business, beginning early in October, which will also increase
our revenue. The combination of economy and good times now indicates
a surplus of about $37,000,000. This is a margin of less than 1% on
our expenditures and makes it obvious that the Treasury is in no condition to undertake increases in expenditures to be made before June 80.
DEC. 8
1928.]
FINANCIAL CHRONICLE
3153
It is necessary therefore during the present session to refrain from Covenant, so simple and so straightforward, promises more for the peace
new appropriations for immediate outlay, or if such are absolutely re- of the world than any other agreement ever negotiated among the nations.
quired to provide for them by new revenue; otherwise, we shall reach
National Defense
the end of the year with the unthinkable result of an unbalanced budget.
For the first time during my term of office we face that contingency.
The first duty of our Government to its own citizens and foreigners
I am certain that the Congress would not pass and I should not feel war- within its borders is the preservation of order. Unless and until that
ranted in approving legislation which would involve us in that financial duty is met a government is not even eligible for recognition among
disgrace.
the family of nations. The advancement of world civilization likewise
' On the whole the finances of the Government are most satisfactory. is dependent upon that order among the people of different countries
Last year the national debt was reduced about $906,000,000. The re- which we term peace. To insure our citizens against the infringefunding and retirement of the second and third Liberty loans have just ment of their legal rights at home and abroad, to preserve order, liberty,
been brought to a successful conclusion, which will save about $75,- and peace by making the law supreme, we have an Army and a Navy.
000,000 a year in interest. The unpaid balance has been arranged in
Both of these are organized for defensive purposes. Our Army could
maturities convenient for carrying out our permanent debt-paying pro- not be much reduced, but does not need to be increased. Such
new
gram.
housing and repairs as are necessary are under way and the 5-year proThe enormous savings made have not been at the expense of any gram in aviation is being put into effect in both branches of our
service.
legitimate public need. The Government plant has been kept up and many
Our Navy, according to generally accepted standards, is deficient In
improvements are under way, while its service is fully manned and the cruisers. We have 10 comparatively new vessels, 22 that
are old, and 8 to
general efficiency of operation has increased. We have been enabled be built. It is evident that renewals and replacements must
be proto undertake many new enterprises. Among these are the adjusted com. vided. This matter was thoroughly canvassed at the last session of
pensation of the veterans of the World War, which is costing us $112,- the Congress and does not need restatement. The bill
before the Sen000,000 a year; amortizing our liability to the civil-service retirement ate with the elimination of the time clause should be
passed. We have
funds, $20,000,000; increase of expenditure for • rivers and harbors in- no intention of competing with any other country. This
building procluding flood control, $43,000,000; public buildings, $47,00,000. In gram is for necessary replacements and to meet our needs
for defense.
1928 we spent $50,000,000 in the adjustment of war claims and alien
The cost of national refense is stupendous. It has increased $118,property. These are examples of a large list of items.
000,000 in the past four years. The estimated expenditure for 1930
is $668,000,000. While this is made up of many items its, after all,
Foreign Relations
When we turn from our domestic affairs to our foreign relations, we mostly dependent upon numbers. Our defensive needs do not call for
increase in the number of men in the Army or the Navy. We
any
likewise perceive peace and progress. The Sixth International Conference
of American States was held at Habana last winter. It contributed to a have reached the limit of what we ought to expend for that purpose.
I wish to repeat again for the benefit of the timid and the suspicious
better understanding and cooperation among the nations. Eleven important conventions were signed and 71 resolutions passed. Pursuant to the that this country is neither militaristic or imperialistic. Many people
plan then adopted, this Government has invited the other 20 nations of at home and abroad, who constantly make this charge, are the same
this hemisphere to a conference on conciliation and arbitration, which ones who are even more solicitous to have us extend assistance to formeets in Washington on Dec. 10. All the nations have accepted and eign countries. When such assistance is granted, the inevitable result
the expectation is justified that important progress will be made in is that we have foreign interests. For us to refuse the customary supmethods for resolving international differences by means of arbitration. port and protection of such interests would be in derogation of the sovDuring the year we have signed 11 new arbitration treaties, and 22 ereignty of this nation. Our largest foreign interests are in the British
Empire, France and Italy. Because we are constantly solicteus for those
more are under negotiation.
Interests, I doubt if anyone would suppose that those countries feel we
Nicaragua
harbor toward them any militaristic or imperialistic design.
As for
When a destructive and bloody revolution lately broke out in Nica- smaller countries, we certainy do not want any
of them. We are
ragua, at the earnest and repeated entreaties of its Government I dis- more anxious than they are to have their sovereignty
respected.
Our
patched our Marine forces there to protect the lives and interests of our entire influence is in behalf of their
independence. Cuba stands as a
citizens. To compose the contending parties, I sent there Col. Henry witness to our adherence to this
principle.
L. Stimson, former Secretary of War and now Governor General of
The position of this Government relative to the limitation of armathe Philippine Islands, who secured an agreement that warfare should ments, the results already secured, and the
developments up to the prescease, a national election should be held and peace should be restored. ent time are so well known to the Congress
that they de not require
Both parties conscientiously carried out this agreement, with the ex- any restatement.
ception of a few bandits who later mostly surrendered or left the counVeterans
try. President Diaz appointed Brig. Gen. Frank R. McCoy, United States
The magnitude of our present system of veterans' relief is without
Army, president of the election board, which included also one member
precedent, and the results have been far-reaching. For years a service
of each political party.
A free and fair election has been held and has worked out so success- pension has been granted to the Grand Army and lately to the survivors
fully that both parties have joined in requesting like cooperation from of the Spanish-American War. At the time we entered the World War,
this country at the election four years hence, to which I have refrained however, Congress departed from the usual pension system followed by
from making any commitments, although our country must be gratified our Government. Eleven years have elapsed since our laws were first
at such an exhibition of success and appreciation. Nicaragua is re- enacted, initiating a system of compensation, rehabilitation, hospitalgaining its prosperity and has taken a long step in the direction of ization, and insurance for the disabled of the World War and their depeaceful self-government.
pendents. The administration of all the laws concerning relief has been
a difficult task, but it can safely be stated that these measures have
Tacna-Arica
omitted
nothing in their desire to deal generously and humanely. We
The long-standing differences between Chile and Peru have been sufficiently composed so that diplomatic relations have been resumed by the should continue to foster this system and provide all the facilities necessary for adequate care. It is the conception of our Government that
exchange of ambassadors. Negotiations are hopefully proceeding as
this
is written for the final adjustment of the differences over their dis- the pension roll is an honor roll. It should include all those who are
entitled to its benefits, but exclude all others.
justly
puted territory.
Annual expenditures for all forms of veterans' relief now approximate
Mexico
$765,000,000, and are- increasing from year to year. It is doubtful if
Our relations with Mexico are on a more satisfactory basis than the peak of expenditures will
be reached even under present legislaat any time since their revolution. Many misunderstandings have been tion for some time yet to come.
Further amendments to the existing
resolved and the most frank and friendly negotiations promise a
law
suggested
will
be
by the American Legion, the Veterans of Foreign
final
adjustment of all unsettled questions. It is exceedingly gratifying
that Wars of the United States, the Disabled American Veterans of the World
Ambassador Morrow has been able to bring our two neighboring
coun- War, and other like organizations, and it may be necessary for admintries, which have so many interests in common, to a position of con- istrative purposes, or in order to
remove some existing inequalities in
fidence in each other and of respect for mutual sovereign rights.
the present law, to make further changes. I am sure that such recommendations
as may be submitted to the Congress will receive your careful
China
The situation in China which a few months ago was so threatening consideration. But because of the vast expenditure now being made
each
year,
with every assurance that it will increase, and because of
the
dispatch of a large additional force has been much
as to call for
the great liberality of the existing law, the proposal of any
composed. The Nationalist Government has established itself over
additional
the legislation dealing with this subject
should receive most searching scrucountry and promulgated a new organic law announcing a program
intended to promote the political and economic welfare of the people. tiny from the Congress.
You are familiar with the suggestion that the various public agencies
We have recognized this Government, encouraged its progress, and
negotiated a treaty restoring to China complete tariff autonomy have now dealing with matters of veterans' relief be consolidated in one Govand ernment department. Some advantages to
guaranteeing our citizens against discriminations. Our trade
this plan seem apparent, esin that pecially in the simplification
of administration and in the opportunity
quarter is increasing and our forces are being reduced.
of bringing about a greater uniformity in the application of
veterans'
Greek and Austrian Debts
relief. I recommend that a survey be made by the proper committees
Pending before the Congress is a recommendation for the
Congress
of
dealing
with
this
subject,
in order to determine whether
settlement of the Greek debt and the Austrian debt. Both of these are
legislation to secure this consolidation is desirable.
comparatively small and our country can afford to be generous.
The reAgriculture
habilitation of these countries awaits their settlement. There
would
also be advantages to our trade. We could scarcely afford to be
The past year has been marked by notable though not uniform Imthe
only nation that refuses the relief which Austria seeks. The
Congress provement in agriculture. The general purchasing power of farm prodhas already granted Austria a long-time moratorium, which it is
under- ucts and the volume of production have advanced. This means not only
stood will be waived and immediate payments begun on her
debt on further progress in overcoming the price disparity into which agriculture
which
we
basis
have
same
the
extended to other countries.
was plunged in 1920-21, but also increased efficiency on the part
of
farmers and a well-grounded confidence in the future of agriculture.
Peace Treaty
The livestock industry has attained the best balance for many years
One of the most important treaties ever laid before the Senate
of and is prospering conspicuously. Dairymen, beef producers, and poultrymen
the United States will be that which the 15 nations recently
signed are receiving substantially larger returns than last year. Cotton,
alat Paris, and to which 44 other nations have declared their intention
though lower in price than at this time last year, was produced in
to adhere, renouncing war as a national policy and agreeing to
resort greater volume, and the prospect for cotton incomes is favorable.
means
for
peaceful
the
adjustment
But
of international differences.
only to
progress is never uniform in a vast and highly diversified agriculture
It is the most solemn declaration against war, the most positive adher- or industry.
Cash grains, hay, tobacco, and potatoes will bring
someence to Peace, that it is possible for sovereign nations to make. It
what smaller returns this year than last. Present indications are,
howdoes not supersede our inalienable sovereign right and duty of national
ever, that the gross farm income will be somewhat larger than
in the
defense or undertake to commit us before the event to any mode of
the
1927-28,
when
crop
year
total
was
$12,253,000,000.
Congress
might
The
decide
to be wise if ever the treaty
action which the
corresponding figure for 1926-27 was $12,127,000,000, and in
125-26,
should be broken. But it is a new standard in the world around which
670,000,000. Still better results would have been secured this 612,can rally the informed and enlightened opinion of nations to prevent
year
had there not been an undue increase in the production of
certain crops.
their governments from being forced into hostile action by the temThis
is
particularly
true
of
potatoes,
which
have
sold at an unremnporary outbreak of international animosities. The observance of this
nerative price, or at a loss, as a direct result of overexpansion
of acreage.
3154
FINANCIAL CHRONICLE
The present status of agriculture, although greatly improved over that
which
of a few years ago, bespeaks the need of further improvement,
calls for determined effort of farmers themselves, encouraged and assisted
to
continue
by wise public policy. The Government has been, and must
be, alive to the needs of agriculture.
In the past eight years more constructive legislation of direct benefit
Deto agriculture has been adopted than during any other period. The
partment of Agriculture has been broadened and reorganized to insure
ecothe
greater efficiency. The department is laying greater stress on
nomic and business phases of agriculture. It is lending every possible
reassistance to cooperative marketing associations. Regulatory and
search work have been segregated in order that each field may be served
more effectively.
I can not too strongly commend, in the field of fact finding, the research work of the Department of Agriculture and the State experiment
stations. The department now receives annually $4,000,000 more for
for
research than in 1921. In addition, the funds paid to the States
experimentation purposes under the Purnell Act constitute an annual inof
stations
crease in Federal payments to State agricultural experiment
$2,400,000 over the amount appropriated in 1921. The program of
support for research may wisely be continued and expanded. Since 1921
we have appropriated nearly an additional $2,000,000 for extension work,
and this sum is to be increased next year under authorization by the
Capper-Ketcham Act.
The Surplus Problem
While these developments in fundamental research, regulation, and
dissemination of agricultural information are of distinct help to agriatculture, additional effort is needed. The surplus problem demands
tention. As emphasized in my last message, the Government should assume
overto
due
clearly
no responsibility in normal times for crop surplus
inextended acreage. The Government should, however, provide reliable
fundaformation as a guide to private effort; and in this connection
promental research on prospective supply and demand, as a guide to
public
duction and marketing, should be encouraged. Expenditure of
so
scrutiny,
searching
funds to bring in more new land should have most
livestock
long as our farmers face unsatisfactory prices for crops and
produced on.land already under cultivation.
for which
Every proper effort should be made to put land to uses
producit is adapted. The reforestation of land best suited for timber
the forest
end
this
to
and
tion is progressing and should be encouraged,
public
taxation inquiry was instituted to afford a practical guide for
forest
policy. Improvement has been made in grazing regulation in the
soil from
reserves, not only to protect the ranges, but to preserve the
lands
public
erosion. Similar action is urgently needed to protect other
which are now overgrazed and rapidly eroding.
deTemporary expedients, thought sometimes capable of appeasing the
mands of the moment, can not permanently solve the surplus problem
and might seriously aggragate it. Hence putting the Government directly
into business, subsidies, and price fixing, and the alluring promises of
political action as a substitute for private initiative, should be avoided.
The Government should aid in promoting orderly marketing and in
handling surpluses clearly due to weather and seasonal conditions. As
a beginning there should be created a Federal Farm Board consisting
of able and experienced men empowered to advise producers' associations
In establishing central agencies or stabilization corporations to handle
surpluses, to seek more economical means of merchandising, and to aid the
producer in securing returns according to the quality of the product. A
revolving loan fund should be provided for the necessary financing until
these agencies shall have developed means of financing their operations
through regularly constituted credit institutions. Such a bill should carry
authority for raising the money, by loans or otherwise, necessary to meet
the expense, as the Treasury has no surplus.
Agriculture has lagged behind industry in achieving that unity of effort
which
which modern economic life demands. The cooperative movement,
public
is gradually building the needed organization, is in harmony with
interest and therefore merits public encouragement
The Responsibility of :he Stelei
Important phases of public policy related to agriculture lie within
taxes
the sphere of the States. While successive reductions in Federal
Government,
have relieved most farmers of direct taxes to the National
needs
State and local levies have become a serious burden. This problem
immediate and thorough study with a view to correction at the earliest
possible moment. It will have to be made largely by the States themselves.
Commerce
toward
It is desirable that the Government continue its helpful attitude
have
American business. The activities of the Department of Commerce
interour
in
position
contributed largely to the present satisfactory
There
national trade, which has reached about $9,000,000,000 annually.
imporshould be no slackening of effort in that direction. It is also
contant that the department's assistance to domestic commerce be
aid
tinued. There is probably no way in which the Government can
our
with
cooperating
sound economic progress more effectively than by
business men to reduce wastes in distribution.
Commercial Aeronautics
for
Continued progress in civil aviation is most gratifying. Demands
and
airplanes and motors have taxed both the industry and the licensing
capacity.
Inspection service of the Department of Commerce to their
act apply
While the compulsory licensing provisions of the air commerce
and foreign comonly to equipment and personnel engaged in interstate
the
merce, a Federal license may be procured by anyone possessing
and
necessary qualifications. State legislation, local airport regulations,
insurance requirements make such a license practically indispensable.
safety in operaThis results in uniformity of regulation and increased
17,000
tion, which are essential to aeronautical development. Over
air-pilot's licenses
young men and women have now applied for Federal
the past year.
or permits. More than 80% of them applied during
in length and has
Our national airway system exceeds 14,000 miles
has been made for
Provision
7,500 miles lighted for night operations.
equipping
lighting 4,000 miles more during the current fiscal year and
Three-qui-riffs of our people are
an equal mileage with radio facilities.
the rapid growth of air mail, express,
now served by these routes. With
transportation medium is daily becoming
and passenger service, this new
It is notweorthy that this dea more important factor in commerce.
governmental subsidies. Commercial
velopment has taken place without
schedule have reached 13,000
passenger passenger flights operating on
miles per day.
will entertain the nations of the
During the next fortnight this Nation
twenty-fifth anniversary of the first suc-world in a celebration of the
•
[vol..
127.
cessful airplane flight The credit for this epoch-making achievement
belongs to a citizen of our own country, Orville Wright.
Cuban Parcel Post
I desire to repeat my recommendation of an earlier message, that
Congress enact the legislation necessary to make permanent the Parcel
Post Convention with Cuba, both as a facility to American commerce
and as a measure of equity to Cuba in the on class of goods which that
trade.
country can send here by parcel poet without detriment to our own
"Maine" Battleship Memorial
PresiWhen I attended the Pan American Conference at Habana, the
dent of Cuba showed me a marble statue made from the original memorial that was overturned by a storm after it was erected on the Cuban
shore to the memory of the men who perished in the destruction of the
of
battleship Maine. As a testimony of friendship and appreciation
the Cuban Government and people he most generously offered to present
this to the United States, and I assured him of my pleasure in accepting it. There is no location in the White House for placing so large
and heavy a structure, and I therefore urge the Congress to provide
by law for some locality where it can be set up.
Railroads
In previous annual messages I have suggested the enactment of laws
efficito promote railroad consolidation with the view of increasing the
While conency of transportation and lessening its cost to the public.
it is
until
law
solidations can and should be made under the present
found
changed, yet the provisions of the act of 1920 have not been
fully adequate to meet the needs of other methods of consolidation.
considered at
Amendments designed to remedy these defects have been
reported
length by the respective committees of Congress and a bill was
approval of
the
out late in the last session which I understand has
legisthe Interstate Commerce Commission. It is to be hoped that this
lation may be enacted at an early date.
defiExperience has shown that the interstate commerce law requires
have
nition and clarification in several other respects, some of which
annual
its
in
been pointed out by the Interstate Commerce Commission
to have
reports to the Congress. It will promote the public interest
made.
the Congress give early consideration to the recommendations there
Merchant Marine
The cost of maintaining the United States Government merchant fleet
has been steadily reduced. We have established American flag lines
in foreign trade where they had never before existed as a means of
promoting commerce and as a naval auxiliary. There have been sold
to private American capital for operation within the past few years 14
of these lines, which, under the encouragement of the recent legislation
passed by the Congress, give promise of continued successful operation.
Additional legislation from time to time may be necessary to promote
future advancement under private control.
Through the cooperation of the Post Office Department and the Shipping Board long-term contracts are being made with American steamship lines for carrying mail, which already promise the construction of
15 to 20 new vessels and the gradual reestablishment of the American
merchant marine as a private enterprise. No action of the National
Government has been so beneficial to our shipping. The cost is being
absorbed to a considerable extent by the disposal of unprofitable lines
operated by the Shipping Board, for which the new law has made a
market Meanwhile it should be our policy to maintain necessary strategic lines nnder the Government operation until they can be transferred
to private capital.
Inter-American Highway.
In my message last year I expressed the view that we should lend our
encouragement for more good roads to all the principal points on this
hemisphere south of the Rio Grande. My view has not changed. The Pan
American Union has recently indorsed it. In some of the countries
to the south a great deal of progress is being made in road building.
In others, engineering features are often exacting and financing difficult.
As those countries enter upon programs for road building we should be
ready to contribute from our abundant experience to make their task
easier of accomplishment. I prefer not to go into civil life to accomplish this end. We already furnish military and naval advisors, and
following this precedent we could draw competent men from these same
sources and from the Department of Agriculture.
We should provide our southern neighbors, if they request it, with
such engineer advisors for the construction of roads and bridges. Private interests should look with favor upon all reasonable loans sought
by these countries to open main lines of travel. Such assistance should
be given especially to any project for a highway designed to connect
all countries on this hemisphere and thus facilitate intercourse and
closer relations among them.
Air Mail Service
The friendly relations and the extensive commercial intercourse with
the Western Hemisphere to the south of us are being further cemented
by the establishment and extension of air-mail routes. We shall soon
have one from Key West, Fla., over Cuba, Haiti, and Santo Domingo
to San Juan, P. R., where it will connect with another route to Trinidad. There will be another route from Key West to the Canal Zone,
where connection will be made with a route across the northern coast
of South America to Paramaribo. This will give us a circle around
the Caribbean under our own control. Additional connections will be
made at Colon with a route running down the west coast of South
America as far as Concepcion, Chile, and with the French air mail
at Paramaribo running down the eastern coast of South America. The
air service already spans our continent, with laterals running to Mexico
and Canada, and covering a daily flight of over 28,000 miles, with an
average cargo of 15,000 pounds.
Waterways
Our river and harbor improvements are proceeding with vigor. In
the past few years we have increased the appropriation for this regular
work $28,000,000, besides what is to be expended on flood control. The
total appropriation for this year was over $91,000,000. The Ohio River
Is almost ready for opening; work on the Missouri and other rivers is
under way. In accordance with the Mississippi flood law Army engineers
are making investigations and surveys on other streams throughout the
country with a view to flood control, navigation, waterpower, and Irrigation. Our barge lines are being operated under generous appropriations, and negotiations are developing relative to the St Lawrence
.vaterway. To secure the largest benefits from all these waterways joint
rates must be established with the railroads, preferably by agreement,
but otherwise as a result of congressional action.
DEC.8 1928.]
FINANCIAL CHRONICLE
We have recently passed several river and harbor bills. The work
ordered by the Congress, not yet completed, will cost about $243,000,000,
besides the hundreds of millions to be spent on the Mississippi flood
way. Uuntil we can see our way out of this expense no further river
and harbor legislation should be passed, as expenditures to put it into
effect would be four or five years away.
Irrigation of Arid Lands
For many years the Federal Government has been committed to the
wise policy of reclamation and irrigation. While it has met with some
failures due to unwise selection of projects and lack of thorough soil
surveys, so that they could not be placed on a sound business basis,
on the whole the service has been of such incalculable benefit in so
many States that no one would advocate its abandonment. The program
to which we are already committed, providing for the construction of
new projects authorized by Congress and the completion of old projects,
will tax the resources of the reclamation fund over a period of years.
The high cost of improving and equipping farms adds to the difficulty
of securing settlers for vacant farms on Federal projects.
Readjustments authorized by the reclamation relief act of May 25 1926,
have given more favorable terms of repayment to settlers. These new
financial arrangements and the general prosperity on irrigation projects have resulted in increased collections by the Department of the
Interior of charges due the reclamation fund. Nevertheless, the demand for still smaller yearly payments on some projects continues. These
conditions should have consideration in connection with any proposed
new projects.
Colorado River
For several years the Congress has considered the erection of a dam
on the Colorado River for flood-control, irrigation, and domestic water
purposes, all of which may properly be considered as Government functions. There would be an incidental creation of water power which could
be used for generating electricity. As private enterprise can very well
fill this field, there is no need for the Government to go into it. It
Is unfortunate that the States interested in this water have been unable
to agree among themselves. Nevertheless, any legislation should give
every possible safeguard to the present and prospective rights of each
of them.
The Congress will have before it the detailed report of a special
board appointed to consider the engineering and economic feasibility
of this project. From the short summary which I have seen of it,
I judge they consider the engineering problems can be met at somewhat increased cost over previous estimates. They prefer the Black
Canyon site. On the economic features they are not so clear and
appear to base their conclusions on many conditions which can not be
established with certainty. So far as I can judge, however, from the
summary, their conclusions appear sufficiently favorable, so that I
feel warranted in recommending a measure which will protect the rights
of the States, discharge the necessary Government functions, and leave
the electrical field to private enterprise.
Muscle Shoals
The development of other methods of producing nitrates will probably
render this plant less important for that purpose than formerly. But
we have it, and I am told it still provides a practical method of making
nitrates for national defense and farm fertilizers. By dividing the property into its two component parts of power and nitrate plants it would
be possible to dispose of the power, reserving the right of any concern
that wished to make nitrates to use any power that might be needed
for that purpose. Such a disposition of the power plant can be made
that will return in rental about $2,000,000 per year. If the Congress
would grant the Secretary of War authority to lease the nitrate plant
on such terms as would insure the largest production of nitrates, the
entire property could begin to function. Such a division, I am aware,
has never seemed to appeal to the Congress. I should also gladly approve a bill granting authority to lease the entire property for the
production of nitrates.
I wish to avoid building another dam at public expense. Future operators should provide for that themselves. But if they were to be required
to repay the cost of such dam with the prevailing commercial rates for
Interest, this difficulty will be considerably lessened. Nor do I think
this property should be made a vehicle for putting the United States
Government indiscriminately into the private and retail field of power
distribution and nitrate sales.
Conservation
The practical application of economy to the resources of the country
calls for conservation. This does not mean that every resource should not
be developed to its full degree, but it means that none of them should
be wasted. We have a conservation board working on our oil problem.
This is of the utmost importance to the future well-being of our people
In this age of oil-burning engines and the general application of gasoline to transportation. The Secretary of the Interior should not be
compelled to lease oil lands of the Osage Indians when the market is
depressed and the future supply is in jeopardy.
While the area of lands remaining in public ownership is small, compared with the vast area in private ownership, the natural resources of
those in public ownership are of immense present and future value. This
is particularly true as to minerals and water power. The proper bureaus
have been classifying these resources to the end that they may be conserved. Appropriate estimates are being submitted, in the Budget,
for the further prosecution of this important work.
Immigration
The policy of restrictive immigration should be maintained. Authority
should be granted the Secretary of Labor to give immediate preference
the learned professions and experts essential to new industries. The reuniting of families should be expedited. Our immigration and naturalization laws might well be codified.
Wage Earner
In its economic life our country has rejected the long accepted law
of a limitation of the wage fund, which led to pessimism and despair
because it was the doctrine of perpetpal poverty, and has substituted
for it the American conception that the only limit to profits and wages
is production, which is the doctrine of optimism and hope because it leads
to prosperity. Here and there the councils of labor are still darkened
by the theory that only by limiting individual production can there
be any assurance of permanent employment for increasing numbers, but
in general, management and wage earner alike have become emancipated
from this doom and have entered a new era in industrial thought which
has unleashed the productive capacity of the individual workers with
an increasing scale of wages and profits, the end of which is not yet.
3155
The application of this theory accounts for our widening distribution
of wealth. No discovery ever did more to increase the happiness and
prosperity of the people.
Since 1922 increasing production has increased wages in general 12.9%,
while in certain selected trades they have run as high as 34.9% and 38%.
Even in the boot and shoe shops the increase is over 5% and in woolen
mills 8.4%, although these industries have not prospered like others.
As the rise in living costs in this period is negligible, these figures represent real wage increases.
The cause of constructive economy requires that the Government should
cooperate with private interests to eliminate the waste arising from
industrial accidents. This item, with all that has been done to reduce
it, still reaches enormous proportions with great suffering to the workman and great loss to the country.
Women avid Children
The Federal Government should continue its solicitous care for the
8,500,000 women wage earners and its efforts in behalf of public health,
which is reducing infant mortality and improving the bodily and mental
condition of our citizens.
Civil Service
The most marked change made in the civil service of the Government
in the past eight years relates to the increase in salaries. The Board
of Actuaries on the retirement act shows by its report that July 1 1921,
the average salary of the 330,047 employees subject to the act was $1,307,
while on June 30 1927, the average salary of the corresponding 405,263
was $1,969. This was an increase in six years of nearly 53%. On top of this
was the generous increase made at the last session of the Congress generally applicable to Federal employees and another bill increasing the
pay in certain branches of the Postal Service beyond the large increase
which was made three years ago. This raised the average level from
$1,969 to $2,092, making an increase in seven years of over 63%.
While it is well known that in the upper brackets the pay in the Federal
service is much smaller than in private employment, in the lower brackets,
ranging well up over $3,000+ it is much higher. It is higher not
only in actual money paid, but in privileges granted, a vacation of 30
actual working days, or 5 weeks each year, with additional time running
in some departments as high as 30 days for sick leave and the generous
provision of the retirement act. No other body of public servants ever
occupied such a fortunate position.
Education
Through the Bureau of Education of the Department of the Interior
the Federal Government, acting in an informative and advisory capacity,
has rendered valuable service. While this province belongs peculiarly to
the States, yet the promotion of education and efficiency in educational
methods is a general responsibility of the Federal Government A survey
of negro colleges and universities in the United States has just been completed by the Bureau of Education through funds provided by the Institutions themselves and through private sources. The present status of
negro higher education was determined and recommendations were made
for its advancement. This was one of the numerous cooperative undertakings of the bureau. Following the Invitation of the Association of
Land Grant Colleges and Universities, the Bureau of Education now has
under way the survey of agricultural colleges, authorized by Congress.
The purpose of the survey is to ascertain the acoomplishmehts, the status,
and the future objectives of this type of educational training. It is now
proposed to undertake a survey of secondary schools, which educators
insist is timely and essential.
Public Buildings
We have laid out a public building program for the District of Columbia and the country at large running into hundreds of millions of
dollars. Three important structures and one annex are already under way
and one addition has been completed in the City of Washington. In the
country sites have been acquired, many buildings are in the course of
construction, and some are already completed. Plans for all this work are
being prepared in order that it may be carried forward as rapidly as
possible. This is the greatest building program ever assumed by this
Nation. It contemplates structures of utility and of beauty. When it
reaches completion the people will be well served and the Federal city
will be supplied with the most beautiful end stately public buildings
which adorn any capital in the world.
The American Indian
The administration of Indian affairs has been receiving intensive study
for several years. The Department of the Interior has been able to
provide better supervision of health, education, and industrial advancement of this native race through additional funds provided by the Congress. The present cooperative arrangement existing between the Bureau
of Indian Affairs and the Public Health Service should be extended. The
Government's responsibility to the American Indian has been acknowledged
by annual increases in appropriations to fulfill its obligations to them
and to hasten the time when Federal supervision of their affairs may
be properly and safely terminated. The movement in Congress and in
some of the State legislatures for extending responsibility in Indian
affairs to States should be encouraged. A complete participation by
the Indian in our economic life is the end to be desired.
The Negro
For 65 years now our negro population has been under the peculiar
care and solicitude of the National Government The prograss which
they have made in education and the professions, in wealth and in the
arts of civilization, affords one of the most remarkable incidents in this
period of world history. They have demonstrated their ability to partake
of the advantages of our institutions and to benefit by a free and more
and more independent existence. Whatever doubt there may have been
of their capacity to assume the status granted to them by the Constitution
of this Union is being rapidly dissipated. Their cooperation in the life
of the Nation is constantly enlarging.
Exploiting the negro problem for political ends is being abandoned and their protection is being increased by those States in which
their percentage of population is largest. Every' encouragement should
be extended for the development of the race. The colored people have
been the victims of the crime of lynching, which has in late years Romewhat decreased. Some parts of the South already have wholesome laws
for its restraint and punishment. Their example might well be followed
by other States, and by such immediate remedial legislation as the Federal Government can extend under the Constitution.
Philippine Islands
Under the guidance of Governor General Stimson the economic and
political conditions of the Philippine Islands have been raised to a stand.
3156
[VOL. 127.
FINANCIAL CHRONICLE
ard never before surpassed. The cooperation between his administration
and the people of the islands is complete and harmonious. It would be
an advantage if relief from double taxation could be granted by the
Congress to our citizens doing business in the islands.
Porto Rico
Due to the terrific storm that swept Porto Rico last September, the
people of that island suffered large losses. The Red Cross and the War
Department went to their rescue. The property loss is being retrieved.
Sugar, tobacco, citrus fruit, and coffee, all suffered damage. The first
three can largely look after themselves. The coffee growers will need
some assistance, which should be extended strictly on a business basis,
and only after most careful investigation. The people of Porto Rico are
not asking for charity.
Department of Justice
It is desirable that all the legal activities of the Government be
consolidated under the supervision of the Attorney General. In 1870 it
was felt necessary to create the Department of Justice for this purpose.
During the intervening period, either through legislation creating law
officers or departmental action, additional legal positions not under the
supervision of the Attorney General have been provided until there are
now over 900. Such a condition is as harmful to the interest of the
Government now as it was in 1870, and should be corrected by appropriate legislation.
Special Government Counsel
In order to prosecute the oil cases, I suggested and the Congress enacted
a law providing for the appointment of two special counsel. They have
pursued their work with signal ability, recovering all the leased lands
besides nearly $30,000,000 in money, and nearly $17,000,000 in other
property. They find themselves hampered by a statute, which the Attorney General construes as applying to them, prohibiting their appearing for private clients before any department. For this reason, one has
been compelled to resign. No good result is secured by the application
of this rule to these counsel, and as Mr. Roberts has consented to take
reappointment if the rule is abrogated I recommend the passage of
an amendment to the law creating their office exempting them from the
general rule against taking other cases involving the Government.
Prohibition
The country has duly adopted the eighteenth amendment. Those who
object to it have the right to advocate its modification or repeal. Meantime, it is binding upon the National and State Governments and all our
Inhabitants. The Federal enforcement bureau is making every effort to
prevent violations, especially through smuggling, manufacture, and transportation, and to prosecute generally all violations for which it can
secure evidence. It Is bound to continue this policy. Under the terms
of the Constitution, however, the obligation is equally on the States to
exercise the power which they have • through the executive, legislative,
judicial, and police branches of their governments in behalf of enforcement. The Federal Government Is doing and will continue to do all it
can in this direction and is entitled to the active cooperation of the States.
of receipts over expenditures in 1929 is small, "it is most
gratifying, as on July 1, last, the best estimate that could be
made indicated a deficit of about $94,000,000." The
difference between the present estimate, and that of a
year ago, is primarily reflected he says in the expenditure
figures, which have increased $238,000,000. He adds:
The postal deficit accounts for $68,000.000 of this estimated increase
In expenditures. Included in that amount Is approximately $9,000,000
for overtime pay of postal personnel, $9,000,000 for carrying ocean and air
mail, $14,000,000 for increase in rail transportation rates and $36,000,000
reduction( n postal revenues. Expenditures for flood control account for
for $18,000.000. Public buildings under the Treasury department and
roads under the Department of Agriculture account for $28,000.000.
Increases in the amount of pensions account for $11,000,000 and increases
in pay of Federal personnel for $21,000,000. Tax refunds show an estimated increase of $18,000,000 and interest $5,000,000, while the navy
and Shipping Board expenditures account for $28,000,000. These are
the major Items which enter into the increase.
The President in his budget message refers to the fact
that on August 1 1929 bonds of the French Government
aggregating $400,000,000 will mature, these obligations
covering purchases of war supplies by the French Government. These obligations, he notes "were merged with the
total obligations of France and included in the debt settlement agreement between the United States and France
dated April 29,1926, which funded the French indebtedness
to the United States and under which the payments from
France are spread over a sixty-two-year period, with a
material reduction in the interest rate. If, therefore," he
says "the debt agreement is ratified by the French government and by the Congress of the United States prior to
August 1 1929, these obligations will not mature but will
have become merged in the general indebtedness funded
under the debt settlement." Flood Control, the public
building program, provision for National defense and the
development of the Air Service of the Government are
discussed in the budget message by the President, who in
conclusion says:
Congressional action has amounted to practical ratification of the Budget
estimates. It is also a matter for congratulation that congressional revision has resulted in reduction of estimates. The first seven Budgets
(fiscal years 1923 to 1929) carried estimates totaling $27,000,475,970.
which supplemental estimates increased to $29,800,233,790.
Conclusion
On these estimates Congress appropriated $29,478,282,294, a reduction
The country is in the midst of an era of prosperity more extensive and below Budget requests of $321,951.495. Of this reduction $135,488,732
But,
ever
experienced.
has
it
before
than
permanent
of peace more
pertains to the Budget for 1923, a reduction made possible by the Naval
having reached this position, we should not fail to comprehend that it Disarmament Conference and the resulting curtailment of naval building
can easily be lost. It needs more effort for its support than the less projects as well as modifications in the Veterans' Bureau and Shipping
exalted places of the world. We shall not be permitted to take our ease, Board programs.
The total reduction in the six Budgets following 1923 is $55,971,830, a
but shall continued to be required to spend our days in unremitting
toil. The actions of the Government must command the confidence of percentage of difference of only one-filth of 1%. To the Chief Executive
the Country. Without this, our prosperity would be lost. We must ex- nothing could be more gratifying than the hearty co-operation of the
tend to other countries the largest measure of generosity, moderation, and Congress with the President on Budget matters evidenced by these figures.
patience. In addition to dealing justly, we can well afford to walk
The budget message follows:
humbly.
The end of government is to keep open the opportunity for a more To the Congress of the United States:
Herewith is transmitted the budget of the United States for the fiscal
abundant life. Peace and prosperity are not finalities; they are only
The receipts and expenditures shown in
methods. It is too easy under their influence for a nation to become year ending June 30 1930.
detail in the budget are summarized in the following statement:
selfish and degenerate. This test has come to the United States. Our
country has been provided with the resources with which it can en- Summary (exclusive of postal revenues and postal expenditures paid from
postal revenues).
large its intellectual, moral, and spiritual life. The issue is in the
Estimated 1930. Estimated 1929. Actual 1928.
hands of the people. Our faith in man and God is the justification for Receipts—
Customs
$582,000,000 $582,000,000 $568,986,188
the belief in our continuing success.
2,175,000.000 2,165,000,000 2,173,952,557
Income tax
CALVIN COOLIDGE.
821,018,885
577,500,000
Mts.internal revenue -----'159.000,000
678,390.745
507,235,661
525,295.829
Miscellaneous receipts
The White House,
December 4 1928.
Total receipts
$3,841,295,829 $3,831,735.661 84,042.348,158
'rotal exp. (incl.reduc. of the
public debt req. by law to
be made from ordinary
3,780.719,647 3,794.745.469 3,843,519,875
receipts).
Budget Message of President Coolidge—No Immediate
Prospect of Tax Reduction—This Year's Surplus
$36,990,192—Statement on Maturing Obligations
of France on Account of War Supply Purchases.
As in his annual message to Congress on Dec. 4, President
Coolidge, in his budget message, transmitted to Congress
on Dec. 5, indicated that there is no surplus on which to
base tax revision at this time. In his budget the President
makes the statement that "we are committed irrevocably to
a balanced budget and that carries the assurance that the
only revision of our tax laws which will be considered is a
revision downward. We have no immediate prospect of
any further reduction in tax rates; but we have no thought
of curtailing in any way the benefits which have gone to the
people by the four reductions already made in taxes." He
states that ."for the coming fiscal year, 1930, the estimate
is that the receipts will amount to $3,841,295,829 and the
expenditures $3,780,719,647, indicating a surplus of $60,576,182. The surplus margin for both this year, 1929, and
next year, 1930, is small. It is, however, satisfactory, as
it points to a balanced budget. It is clear that we can
not assume any great additional expenditures without
jeopardizing this favorable outlook." The estimated surplus for 1929 is $36,990,192, this surplus being based on
receipts amounting to $3,831,735,661 and expenditures of
$3,794,745,469. The President says that while the margin
Excess of receipts
$60,576,182
538,990.192
$398,828,281
The estimated receipts for the fiscal year 1928, as given in the 1929
budget, were $4,075,598,091 and the expenditures $3,621.314,285. The
year closed with actual receipts of $4,042,348,158.19, and expenditures
$3,843,519,875.13. We were thus given an actual surplus of $389,828,281.06 that year, which is $55,000,000 less than the estimate. Taking
into consideration that subsequent to the transmission of the 1929 budget
we spent $50.000,000 for carrying out the provisions of the settlement of
war claims act of 1928, approved March 10, 1928, the real difference
between the estimated and actual surplus for 1928 is but $5,000,000.
This current year, 1929, the outlook is not so bright. In the budget
for 1929, transmitted to the Congress in December 1927, our receipts
were estimated at $3,809,497,314 and expenditures $3,556,957,031. This
Indicated a surplus of $252,540,283. This forecast has been materially
changed. With actual operations for four months of the current fiscal
Year of record and a clearer conception of what we face, the estimate is
now that our surplus this year will be $36,990,192. While this margin
of receipts over expenditures is small, it is most gratifying, as on July 1 last
the best estimate that could be made indicated a deficit ofabout $94,000,000.
The surplus now estimated is based on receipts amounting to $3.831.735,661 and expenditures of $3,794,745,469. The difference between the
estimate of a year ago and this estimate is primarily reflected in the expenditure figures which have increased $238,000,000. The postal deficit accounts
for $68,000,000 of this estimated increase in expenditures. Included in
that amount is approximately $9,000,000 for overtime pay of postal personnel, $9,000,000 for carrying ocean and air mail. $14,000,000 for increase in
rail transportation rates and $36.000.000 reduction in postal revenues.
Expenditures for flood control account for $16,000.000. Public buildings under the Treasury Department and roads under the Department of
Agriculture account for $26,000,000. Increases in the amount of pensions
account for $11,000,000 and increases in pay of Federal personnel for
$21,000,000. Tax refunds show an estimated increase of $18.000,000 and
Interest $5,000.000, while the navy and Shipping Board expenditures
FINANCIAL CHRONICLE
Dnc.8 1928.]
account for $20,000,000. These are the major items which enter into the
increase.
For the coming fiscal year, 1930, the estimate in that the receipts will
amount to $3,841,295,829 and the expenditures $3,780,719.647, indicating
a surplus of $30,576,182. The surplus margin for both this year 1929,
and next year, 1930, is small. It is, however, satisfactory, as it points
to a balanced budget. It is clear that we canot assume any great additional expenditures without jeopardizing this favorable outlook. We are
committed irrevocably to a balanced budget, and that carries the assurance
that the only revision of our tax laws which will be considered is a revision
downward. We have no immediate prospect of any further reduction
in tax rates; but we have no thought of curtailing in any way the benefits
which have gone to the people by the four reductions already made in
taxes.
Comparison With 1929 Sums.
In the following table a comparison is made with the estimates of appropriations for 1930 contained in this budget and the appropriations
for 1929:
Estimates of
Appropriations, Appropriations,
1929.*
1930.
$17,913,873
818.919.731
Legislative establishment
Executive office
independent establishments—
Alaska relieffunds
American Battle Monuments Commission
Arlington Memorial Bridge Commission.
Board of Mediation
Board of Tax Appeals
Bureau of Efficiency
Civil Service Commission
Commission of Fine Arts
Employees' Compensation Commission-Federal Board for Vocational Education _
Federal Power Commission
Federal Radio Commission
Federal Reserve Board
Federal Trade Commission
General accounting office
Housing Corporation
Interstate Commerce Commission
National Advisory Committee for
Aeronautics
Public Buildings and Public Parks
Smithsonian Institution
Tariff Commission
United States Geographic Board
U. S. Shipping Board and Merchant
Fleet Corp
United States Veterans' Bureau
Miscellaneous
Total, exec. office and independent
establishments
$437,180
15,000
600,000
2,000,000
348,270
725,863
228,130
1,251 562
9.080
4 077,326
8.176 120
179 500
164.440
2 605.741
1,289,760
4,132,000
397,950
8.213,825
15,000
700,000
2,300,000
347,902
720.740
210.350
1,130,352
7,300
3.755,010
8.220,000
120.890
364.027
2.700,000
1,048,000
3,820,000
475,750
7,654,745
1,300,000
2,888,061
1,107.573
815.000
9.200
600,000
2,652,980
1.004,162
754,000
4,300
9,994,000
597,375,000
13,688,750
560.060,000
214.374
$648,361,521-- $631.005,812
Department of Agriculture
Department of Commerce
Department of the Interior
Department of Justice
Department of Labor
Navy Department
Postoffice Dept , postal deficiency Payable
from Treasury
'State Department
Treasury Department
War Department, including Panama Canal
District of Columbia
Total ordinary
$458,120
$164,232,131
58,459,749
310,957,046
28,103,570
10.719,430
349,125,482
$154.723,794
38,375.530
300,632,539
26,808,063
11.078,340
364,233,362
71,209.325
14,744.831
329,698,616
444,835,222
39,935.622
83.495,830
14,466,236
345,940,278
408,605,352
40.357.308
$2.479,302,276 82.419636,317
Reduction in principal of the public debt—
Sinking fund
Other redemptions of the debt
Principal of the public debt
Interest on the public debt
$379,524,129
173,543,500
$370,153,408
172.289,300
$553,067,629
640.000,000
$542,442,708
675,000.000
Total payable from the Treasury _ - _ $3,672,369,905 $3,637,079,624
Postal Service payable from postal revenues
745,000,000
690.949,212
Total, including P. 0. Dept. and
Postal Service
$4,417,369.905 $4,328,028,236
*Exclusive of additional amounts required to meet the provisions of the
act approved May 28 1928. amending the classification act of 1923, approximately 820.000,000.
The French Debt.
On August 1 1929, bonds of the French Government aggregating
8400.000,000 will mature. At the conclusion of hostilities the American
Expeditionary Forces in France had accumulated in that country vast
stores of supplies, materials and equipment. Under the authority granted
by the act of July 9 1918, it was decided to dispose of these supplies in
France. The President, therefore, created under the War Department
the United States Liquidation Commission, whose main duty was to
settle claims and dispose of this surplus property stored in France. The
commission appraised the value of the materials for the purpose of the
bulk sale to France at 8562.230,800. After offsetting certain claims and
counterclaims and taking into consideration the contention of the French
Government that some of the supplies carried into France were subject
to customs duties estimated at $150,000,000. It was agreed to transfer
these supplies to the French Government, the latter to give in payment
Its ten-year 5 per cent bonds, dated Aug. 1 1919, in the amount of $400,000,000, interest thereon to be payable semi-annually from and after
Aug. 1 1920. Under the terms of this contract the French Government
delivered to the United States 400 of its ten-year gold bonds in the face
amount of $1,000,000 each. These are the bonds that are due and payable
Aug. 1 1929. Semi-annual interest on them obligations has been paid
punctually.
In addition to the foregoing, France purchased other supplies from the
War Department stocks in the United States for which it gave obligations
aggregating $7,341,145.01, of which 86.566,762.42 mature on MayO ion,
and $774,382.59 on July 5 1930.
All of the above-mentioned obligations were merged with the total
obligations of France and included in the debt settlement agreement between the United States and France dated April 29 1926. which funded
the French indebtedness to the United States and under which the payments from France are spread over a sixty-two-year period with a material
reduction in the interest rate. If therefore, the debt agreement is ratified
by the French Government and by the Congress of the United States
prior to Aug. 1 1929, these obligations will not mature, but will have
become merged in the general indebtedness funded under the debt settleLliadQa
ment.
*The $406,566,762.42 due in the fiscal year 1930 has not beentincluded
it
that
reason
the
for
is
receipts
expected the
hal the estimates of
agreement of April 26 1926 may be ratified prior to the maturity of these
bonds. If, in accordance with the terms of thislagreement, it islratified
3157
In France, it is recommended that it receive the prompt ratification of
the Congress of the United States.
If the agreement is not ratified, it is believed that the $406,566.762.42
should be applied to the retirement of our war debt rather than treated
as current receipts available for current expenditures.
Flood Control.
For the purposes of flood control, the estimates contained in this budget
carry 831.000.000. That is the additional amount which the War Department states will be required to meet expenditures in 1930. If It should
develop that more funds are required by the War Department for this
purpose to meet the needs for that fiscal year, a further estimate will be
presented to the Congress.
Building.
We are engaged upon one of the most ambitious and extensive building
programs of peace-time history. When war was declared there bad been
appropriated by the Congress approximately $60,000,000 for projects
widely scattered throughout the country, of which $30,000,000 remained
unexpended. Building sites, some 150 in number, had been bought and
construction thereon of needed public buildings was soon to begin. Imperative war demands postponed all activities of the sort, and when war
ended we faced serious lack of suitable office and housing space to meet
the demands of materially enlarged governmental activities, not only
enlarged but rapidly increasing. Post-war reconstruction demands, an
extraordinary debt and crushing taxes further deferred remedial action
in the matter of governmental building requirements. Reduction in expenditures and resulting reduction in taxes warranted in the year 1926
enactment of a national public building act which launched a building
program of $50,000,000 in the District of Columbia. where need of new
and suitable accommodations was most urgent, and construction programs
for the rest of the country totaling $115,000,000. In 1928 the Congress
amended this act by increasing the total by $100,000,000. making a grand
total of $265,000,000 for public buildings for the civil purposes of the
government.
In 1928 a subsequent act authorized an expenditure of $25,000,000 for
the procurement of additional land within the so-called triangle in the
District of Columbia, needed for building purposes, thereby increasing
the total provision for these general building purposes to $290,000,000.
There has already been appropriated under these acts 868.617,083.56,
and $28.040,000 is carried in the estimates for 1930. Contracts have
been let for seventy-one projects totaling $19,881,152, of which thirty-five
have been completed and thirty-six are under construction, to cost $14,635,952. The foregoing figures are exclusive of $8,000,000 for the appraisers'
stores building in New York City, the full amount of which has been
appropriated.
The army has well under way a building program, exclusive of air service
hangers and like structures, of $118,000,000. There has already been
appropriated for this purpose $20,751,409 and 815,041.950 is carried in
the estimates for 1930 with $3,000,000 additional authorized for obligation by contract. The estimates for 1930 also carry for technical and other
buildings for the air services of the army and navy a total in round numbers
of $4.500.000.
Additional hospital facilities for the Veterans' Bureau to the extent of
815.000.000 have also been authorized by Congress, of which $7,000,000
has been appropriated. The budget estimates for 1930 provide $6,000,000
and in addition an authorization for obligation by contract of $2,000,000.
The act of May 7, 1926, authorized an expenditure of $10,000,000 for
houses and offices for our foreign representatives. The program is a fiveyear project, appropriations being limited to $2,000,000 a year. There
has been appropriated for these purposes $2,435,000. while the estimates
for 1930 call for $2.000,000 additional.
These figures show a program, exclusive of technical buildings for air
activities, which involves for its completion some $433,000.000.
National Defense.
Ample provision is made in these estimates for national defense, the
estimates for 1930 calling for $648,511,300 for the army and navy. This
amount is reached after excluding from army and navy estimates all nonmilitary items, so that the figure given is the amount provided for purely
military purposes. The actual expenditure for 1927 was $558,004.447:
for 1928 it was $596,500,896; the estimated expenditure for 1929 is $672,844,288, while the estimated expenditure, as distinguished from appropriation estimates, is 8668,277,712 for 1930. In submitting the annual
budget for 1926 the Chief Executive stated that the amount carried in that
budget for national defense was $549,000,000 and that in his opinion we
could have adequate national defense with a more modest outlay of the
taxpayers' money. Nevertheless, our defense estimates have steadily
climbed until the cash requirements have advanced for 1930 by approximately 5100.000.000 more than was estimated for 1926. This increase.
however, is more apparent than real, for in these prior years the defense
establishments have had the use of surplus supplies left over from the war.
As these reserves have become depleted it has become necessary to increase
the cash provision to take their place.
Air Service.
The air interests of the government are developing in a most satisfactory
manner. The demand of this service, while large, have been adequately
met. The five-year program for the army and navy is approaching completion. Provision is made in these estimates for the third-year increment
of the army and the fourth-year increment of the navy, and it is a fair
assumption that at the end of 1931 the navy will have a well-balanced
fleet of 1,000 airplanes, while at the end of 1932 the army will be in possession
of 1,800 planes in proper proportion as to types. The necessary housing
and other construction for the army and navy air forces are also provided
for. The expansion of air activities, however, is by no means confined to
the army and navy. The Department of Commerce, the Coast Guard
and the Department of Agriculture are playing their parts in the developing
air program as is the National Advisory Committee for Aernoauties. While
the Post-office Department definitely retired from the business of carrying
mails in 1928, there is provided for 1930 for contract air mail service in
the United States the sum of $14,300,000 and $4,000,000 additional for
foreign air mail. While this is not government-operated service it is government supported and can properly be cited as contributing materially to
our service development.
These estimates carry $6.427,60 for the Department of Commerce to
carry on its improtant task in connection with commercial aviation. This
estimate contemplates, among other items, the construction of 4,000
additional miles of lighted airways. There is provision in these estimates
of $582,500 for the Department of Agriculture for obtaining weather
predictions,fighting the boll weevil and for forest patrol. The total contemplated for all these purposes, direct and indirect, in 1930 is $10,631.824.
The rapid and legitimate expansion of our air service, military and COMmerles], is an achievement in which we can all take pride. Without artificial stimulation this extraordinary new factor in national defense and
commerce has grown from modest and discouraging beginnings into a
3158
strong, healthy, promising national activity. To-day we have more airplane manufactories than we have automobile factories. To-day air mail
lines cross the heavens in a rapidly increasing network ofspeedy communication. Freight and passenger carrying airplanes are increasing and a growing
demand is seen for airplanes for private use. The generous contribution
made by the United States Government to this great and growing activity
has been justifed by the progress made and the results achieved.
The history of these great and necessary projects emphasized the fact
that there has been no niggardly provision for pressing government needs.
While constructive economy has been demanded from Federal administrators, these economies have not deprived essential activities of funds,
but have conserved and made available means for important necessary
purposes. Our splendid Treasury is not a bottomless, automatically
replenishing fountain of fiscal supply, and its outflow must be eternally
watched and carefully and wisely directed into proper channels.
In submitting this the eighth budget of the United States the Chief
Executive wishes to express his appreciation of the courteous,friendly,
and businesslike consideration accorded his estimates by the Congress.
It is a matter for congratulation that after the careful and painstaking
consideration given budget estimates by the Congressional committees
there should be so little difference in results. Congressional action has
amounted to practical ratification of the budget estimates.
It is also a matter for congratulation that Congressional revision has
resulted in reduction of estimates. The first seven budgets (fiscal years
1923 to 1929) carried estimates totaling 827,000,475,970, which supplemental estimates increased to $29,800,233,790. On these estimates Congress appropriated $29,478,282.294, a reduction below budget requests
of $321,951,495. Of this reduction 8135,468,732 pertains to the budget
for 1923, a reduction made possible by the Naval Disarmament Conference
and the resulting curtailment of naval building projects as well as modifications in the Veterans' Bureau and Shipping Board programs. The total
reduction in the six budgets following 1923 is $55,971,630, a percentage
of difference of only one-fifth of 1%. To the Chief Executive nothing
could be more gratifying than the hearty co-operation of the Congress with
the President on budget matters evidenced by these figures
The White House. Dec. 5 1928.
CALVIN COOLIDGE.
Annual Report of Secretary of Treasury—Gold Movement and Operations and Policy of Federal Reserve
System Among Important Financial Developments
—Exemption of Federal Bonds From Surtax Urged
—Recommendations Regarding Refunding of Austrian and Greek Debts.
The recommendations of Secretary of the Treasury Mellon,
in his annual report to Congress on December 5 include a
proposal that Congress consider an amendment of the
Second Liberty Loan Act, as amended, authorizing the
Secretary of the Treasury to exempt further issues of Government securities from the surtax as well as the normal tax.
The Secretary also renews the recommendation contained
in previous annual reports that there be authorized higher
standards for financial requirements of surety companies
writing bonds in favor of the United States. The enactment by Congress of the bills introduced in the last session
of Congrsss authorizing the conclusion of debt agreements
with the Austrian and Greek Governments is likewise recommended by Secretary Mellon.
In reviewing in his report financial conditions, Secretary
Mellon says "the important financial developments of this
year are those pertaining to the gold movement, the operations and policy of the Federal Reserve System, the change
in the general banking or credit situation, and the financing
of new construction and enterprise by security issues." As
to these developments he says:
Financial Conditions,
The important financial developments of this year are those pertaining
to the gold movement, the operations and policy of the Federal Reserve
system, the change in the general banking or credit situation, and the
financing of new construction and enterprise by security issues.
Gold Movement.—The monetary gold stock of the United States was
near its highest point of over $4,600,000,0b0 at the beginning of this fiscal
year, but declined during the fiscal year nearly $500,080,000, or more
than one-tenth of our total stock. Since the close of the year the changes
have been small. This gold movement has had far-reaching effects. It
has contributed to the restoration and fortification of the gold basis for
the currencies of the various countries. It has influenced our credit situation
and the policy of the Federal Reserve Board.
The gold standard for currencies is firmly established to-day. During
the year Argentina, Ecuador, Estonia, France, Greece, Italy, Norway,
and Poland returned to a gold basis, and England and other countries
strengthened their gold positions. The return of France to gold payments
in June practically completed the monetary restoration of Europe. Such a
favorable currency situation abroad contributes to the recovery of economic
activity and stimulates general world trade. In this improvement the
United States has had a vital interest both as an exporting and as an
importing country.
Federal Reserve Banking.—Between June 30, 1927, and June 30 1928,
there was an increase of more than $500,000,000 in the total amount of
credit the Federal reserve banks were called upon to provide, due largely
to the unprecedented gold exports. The increase in Federal Reserve credit
took the form of an increase in borrowing by member banks. Owing to the
traditional reluctance of American banks to remain in debt and the policy
of the Federal Reserve banks to discourage continuous indebtedness, the
banks found themselves at the close of the year in a position to lend much
less freely than a year previous. This was reflected in increased money
rates.
It was the policy of the Federal Reserve system in the summer and early
fall of 1927 to favor easier money conditions. The principal reasons were:
First, the European exchanges were weak, and unless money rates were
eased in the United States there might be a movement of funds into this
country and a consequent necessity of raising rates abroad, to the disadvantage of world trade and particularly to the disadvantage of American
agriculture; and, second, business In the United States was in a period of
[vol.. 127.
FINANCIAL CHRONICLE
decline and it was possible to forsee at that time industrial unemployment
might occur in the winter months. It was believed that easier money would
ameliorate such conditions. Thereupon the Federal Reserve banks purchased securities in the open market. Money rates reached a low point
in August. Gold exports began in the following month and the Federal
Reserve banks continued to purchase securities to offset the unfavorable
effects of such exports upon our money market.
As it became apparent, first, that the objects of the policy originally
adopted were being accomplished, and, second, that speculation was
growing, the policy was reversed. From the middle of December onward
the Reserve banks stopped offsetting gold exports by the purchase of
securities, and allowed gold exports to work their usual effects on the credit
situation. In January the system went further. More than $100,000,000.
of securities were sold. Between the latter part of the month and March
1 the discount rates of all of the Federal Reserve banks were raised from
334 to 4%. The loss of gold by export and the sale of securities forced
the banks to increase their borrowings. However, the action taken early
in the year unquestionably was not effective with reference to speculation.
Partly due to the activities of powerful groups of speculators, and partly
due to the fact that the public in general believed and acted as if the price
of securities would indefinitely advance.
When it became apparent in March that repeated increases in credit
were again taking place for speculative purposes, the Federal Reserve
system resumed its sale of securities and discount rates were still further
increased in April, May, June, July, and August. The discount rate at
all Federal Reserve banks was 4% on June 30 1927. One year later the
rate at all Federal Reserve banks was 436%. There were increases to 5%,
becoming effective from July 11 to August 1 1928 in all Federal Reserve
banks except those in Kansas City, Minneapolis, Dallas and San Francisco.
The general banking situation.—Total loans and investments of all banks
in the United States increased during the fiscal year nearly $3,500,000,000,
or about 636%, the largest percentage of annual growth since that of the
year ended June 1925. As to the types of credit showing the greatest
increase, the most detailed data now available relate to reporting member
banks in the leading cities which between June 29 1927 and June 27 1928
increased their commercial loans 3 per cent, their loans secured by United
States bonds and other bonds and stocks 12.5%, and their holdings of
investments 10 per cent. There has been no dearth of funds at reasonable
rates for regular banking customers. While the prevailing rates for call
money used in the security market near the end of June,1928, had advanced
234%, the average of customers' rates on commercial loans in New York
City moved upward only about three-eighths of 1%,and prime commercial
paper was quoted at small increases varying from one-half to three-fourths
of 1%.
New security issues.—The new security issues (excluding refundings) of
domestic borrowers totaled $5,969,198,000 in the fiscal year or 8% above
the preceding year, and those of foreign borrowers totaled $1,498,464,000,
or 12% above the previous year. These domestic and foreign security
issues combined were $605,000,000 greater in the fiscal year 1928 than in
the prior year. The distribution of such an increased volume of securities
has been facilitated by rising bond prices as well as by increased bank
loans based on securities as collateral, and by increased bank investment
in securities.
Surveying business conditions during the fiscal year 1928
Secretary Mellon points out in the report that "the increasing dependence of Federal Revenues upon income taxation
and the close correspondence during recent years between
changes in revenues receipts and changes in business conditions have made it more necessary than ever before for the
Treasury to have at its command all available information
pertaining to general business conditions for the purpose of
preparing estimates of revenues. The intimate connection
between public debt operations and current money market
conditions also requires that the treasury have accurate
knowledge of financial conditions." Regarding business
conditions the report says:
TREASURY DEPARTMENT
Washington, November 20 1928.
Sir: I have the honor to make the following report:
The increasing dependence of Federal revenues upon income taxation and the close correspondence during recent
years between changes in revenue receipts and changes in
business conditions have made it more necessary than ever
before for the Treasury to have at its command all available
information pertaining to general business conditions for the
purpose of preparing estimates of revenues. The intimate
connection between public debt operations and current money
market conditions also requires that the Treasury have accurate knowledge of financial conditions.
BUSINESS AND FINANCIAL CONDITIONS DURING THE FISCAL
YEAR 1928
Business Conditions.
The salient business changes of the yelar are revealed by an analysis of
the volume of production and trade, pubished reports of profits of manufacturing and mining companies, trends in commodity prices, and agricultural conditions.
Volume of business.—According to recognized indexes the physical volume
of industrial production at the beginning of the fiscal year was nearly on a
par with a year earlier, but soon fell off, reaching a low point in November
and December 1927. Recovery took place in January, and the monthly
volume thereafter was sustained about equal to the same months of the
preceding year. The total for the year was 3% below the prior year.
Measured by carloadings of freight there was a 5% decline, but nearly fourfifths of the loss was in the combined loadings of coal and ore.
Automobile production experienced a major turn for the better during the
Year. Monthly figures after adjustment for seasonal tendencies indicate
that the general decline which began in November 1925, reached its lowest
point in November and December 1927. The year ended with June-July
production nearly 35% above June-July 1927, although the total for the
12 months was 12% below the prior year. Steel bigots production followed
much the same course as automobile production, but the total for the year
was only 5% below the preceding year.
Mile. 8 1928.]
FINANCIAL CHRONICLE
3159
Building contracts awarded totaled 2.4% more in value than during the ment with the Greek Government. The proposed settlement will assure
prior year, increases being shown for the contracts classified as residential, to the United States the repayment in full over a period of 62 years of the
public works and utilities, and educational. New high records for specific $18,125,000 to be funded. It will discharge what may fairly be considered
months were established for October, February, April, May and June. a moral obligation, resulting from the 1918 agreement, by advancing a sum
Since the months showing the greatest gains fell largely in the last quarter of money to be wholly devoted to constructive work of great humanitarian
of the fiscal year the resulting stimulus to business activity was to some as well as economic value, which loan will bear an adequate rate of interest
and be amply secured by pledged revenue.
extent postponed to the following year.
Business profits.—The decline of business during the fiscal year is reTax Exemption of Federal Bonds.
flected in the earnings of manufacturing and mining companies, the net
income shown in the published reports of 150 identical corporations (exI recommend that the Congress consider an amendment of the second
clusive of General Motors and United States Steel) declining about 7% as Liberty loan act, as amended, authorizing the Secretary of the Treasury to
compared with the prior year. There were substantial differences in the exempt further issues of securities from the surtax as well as the normal tax.
trend of earnings of the various companies included in the tabulation. The
The enactment of such an amendment would not interfere with the subreduction in earnings of manufacturing and mining companies was due sequent adoption of a constitutional amendment permitting the Federal
primer' y to the production and price situation in two important industries, and the State Governments to tax so-called tax-exempt securities, should
steel and oil. Profits of the steel companies declined about one-fourth, the the Congress and the States deem such an amendment desirable. But
decline for the United States Steel Corporation being similar to that for the pending the adoption of such an amendment, there is no reason why the
other steel companies, while profits for the oil companies were reduced by Treasury Department IA marketing securities should be at a disadvantage as
nearly one-half. Companies in other industrial groups had in the aggregate compared with States and their subdivisions, or why there should be disan increase of 4% over the preceding year. For this group of companies crimination against individual investors who desire to acquire United
each quarter, except the opening quarter of the year, showed some gain States Government securities.
over the corresponding period in the preceding year. The groups of comIf States and ther political subdivisions continue to issue securities which
panies showing increases for the year were those engaged in manufacturing are wholly tax-exempt at the rate of a billion dollars a year. the Federal
of automobiles and accessories, food and food products, tobacco products, Government should not be limited to the issuance of securities exempt only
chemicals, and miscellaneous other products. A decline was shown by the from the normal income tax. Although United States securities held by
group of companies producing railway equipment, various types of ma- corporations are tax-exempt because corporations are subject only to the
chinery, and miscellaneous metal products.
normal tax,such securities in the hands of individuals are subject to surtaxes.
Commodity prices.—Prices at wholesale for all commodities were over 4% The yield on United States securities for individual investors, therefore,
higher at the end of the fiscal year than at the beginning, according to the does not Compare favorably with the yield on State and municipal securities
index numbers of the Bureau of Labor Statistics, which in terms of 1926 which are issued free from all taxation.
as a base rose from an average of 93.9 in June and July 1927, to 97.9 in
The Treausry Department is sometimes criticized because its securities
June and July 1928. In May 1928. this index number reached the highest are not more widely distributed. The present conditions, however, dispoint since 1926, due largely to the substantial advance from March to courage ownership by individuals. United States securities are sufficiently
May in the prices of agricultural commodities and their products.
attractive to corporations so that they wish to take the entire block of new
Although prices rose over 4% between the beginning and the end of the issues offered. For this reason the price which corporations are willing to
year and the physical volume of industrial production declined 3% for the pay inevitably fixes the price at which securities are marketed. Since the
whole year. the money value of business transacted as measured by the income of corporations from such securities is wholly tax-exempt, whereas
volume of check payments outside New York City was 8.9% greater in the individual income therefrom is subject to surtax rates, the corporations
June and July 1928, than in June and July 1927, and 7.7% greater for can pay a price which makes the securities unattractive to the individual
the whole year. This contrast is accounted for by a greater velocity of investor. Such a situation is undesirable. During the war Government
deposits, and an expansion of transactions purely financial in nature.
securities were very widely distributed. At that time it was held, and
Trade.—Domestic trade statistics during the fiscal year revealed no rightly held, desirable that if Government securities were to be issued in
evidence of a general decline in consumers' buying power, but a trend large blocks, they should be held by as many separate holders as possible
toward more direct marketing. The average monthly sales of wholesale rather than by a few large holders. Under the present circumstances,
firms were slightly smaller in 1928 than in 1927, and those of department however, when the war loans are gradually being refunded into securities
stores experienced slight change. Sales of mail-order houses rapidly in- bearing a lower rate of interest, the number of holders of United States
creased, the sales reported with seasonal adjustment being greater in all securities tends constantly to become more limited.
but one month in 1928, as compared with the same months in 1927. and
reaching a record total in June 1928. Among the chain stores even greater
Surety Bonds.
advances were generally reported; the 5-and-10-cent stores, the grocery
I renew the recommendation contained in previous annual reports that
stores, the drug stores, and the candy stores showing (with the exception
of one month in one type of store) larger sales every month than a year ago, there be authorized higher standards for financial requirements of surety
companies writing bonds in favor of the United States, adequate and
and each month making a new high record.
Export trade had an aggregate value in the year 1927-28 of$4,877,000,000. satisfactory control of records pertaining to claims against such companies
and
to the number and character of obligations which they assume in favor
which was 1.8% less than in the preceding year but was larger than in any
other year since 1920-21. Imports reached a total value of $4,146,000,000, of the United States, a limitation upon the acceptance of bonds from
a decrease of 2.5% as compared with 1926-27. Foreign trade developments individuals as sureties, and uniform procedure with respect to the forms of
during the past fiscal year corresponded rather closely to the changes in bonds taken by the various departments and establishments of the Governdomestic business. Exports of merchandise showed less than the usual ment. It is urged that such revisions of the existing law as will meet these
seasonal increase in the first half of the year, and enlarged foreign demand requirements as they exist to-day shall have the careful consideration of
for the products of our factories aided the recovery of domestic business in the Congress.
the last half of the year. Decreases in the value of crude materials and
RECEIPTS
foodstuffs exported were largely offset by the continued expansion of our
exports of manufactured articles. The value of imports was somewhat
The total ordinary receipts of the Federal Government during the fiscal
smaller than in either of the two preceding fiscal years as a result of de- year 1928 were $4,042.348.156. a decline of over $87,000.000 from the
creases in the prices of many of the leading import materials such as crude fiscal year 1927.
rubber, raw silk, unmanufactured tobacco, and semi-manufactured tin.
Decreases totaling $110.956,914 in receipts from taxation as compared
Agriculture.—Agriculture as a whole made substantial gains. There with the preceding year were slightly offset by increases in miscellaneous
was an increase both in prices and in total cash returns for the crops and receipts. The amounts of increase and decrease in the major sources, as
products of the year 1927-28 as compared with those of the year 1926-27, compared with the fiscal year 1927, are shown in the following table:
this increase representing the net result of gains in some products and
(On basis of daily Treasury statements (unrevised)(.
losses in others. The average prices received by farmers during the fiscal
year increased about 7% while there was a slight decrease in the prices paid
Increase(+)or
by farmers for their purchases, according to the price data compiled by the
Receipts.
1927.
Decrease (—).
1928.
United States Department of Agriculture. The advantage of this increase in average prices per unit produced was partly offset by a decrease Customs
$605,500,000 $569,000,000 —$36,500,000
2,225,000,000 2,173,900,000 —51,100,000
In volume. As the net effect of these two forces, the estimated gross cash Income taxes
644,400,000
621,000,000 —23,400,000
income from farm products increased in the fiscal or crop year 1927-28 Miscellaneous internal revenue
206,100,000
Foreign Government obligations
+2,800,000
208,900,000
by $279,000,000, or 2.9%, as compared with the preceding crop year. All other securities
153,200,000
173,600,000 +20.400.000
During the year inventory values of livestock and farm equipment also Trust fund receipts (reaPProPriated
for investment)
48,500,000
increased but land values declined slightly, so that the net inventory in63,400,000 +14,900,000
246,700.000
232.600,000 —14,200,000
crease was estimated at $132,000,000. A survey of all the products indi- All other
cates that the improvement was confined primarily to cotton and grain,
ri.....,,, 1.....1
CA 190 AM MA !A Mfg QM MA --C11, Inn AM
particularly corn. While the gross income from these crops increased, the
total gross income from meat products (primarily pork), dairy and poultry
Receipts from taxation, strictly speaking, represent that portion of
products, and fruits and vegetables decreased. Since the close of the fiscal the Government revenue which Is derived from authorized levies upon
year, however, the position of producers of animal products has been more the people to secure funds for the conduct of governmental activities.
favorable, owing to the abundance of cheap feed crops and advancing prices Nontax receipts are composed of amounts received by the Government
for animal products.
Incidental to the performance of its various functions. Among these are
Transactions under the Pittman Act, the revision in receipts of interest and principal payments from Government-owned
receipts from Panama Canal tolls, receipts from sales of surplus
December a year ago of the circulation statement of the obligations;
which represent the liquidation of property purchased by the
United States so as to include "earmarked" gold bullion, property,
Government in preceding years; and receipts from trust funds, which are
the payments by foreign governments on account of their invested as specified for the particular trust. The decline in tax receipts
indebtedness to the United States are among the matters of about $111,000,000 therefore represents a reduction in the amount
covered in the report from which the following extracts are taken directly from the people for the running of the Government. About
$53,000,000 of the decreased tax receipts, however, were due to smaller
taken.
collections of back taxes, that is, taxes due in prior years, leaving a decrease
RECOMMENDATIONS FOR LEGISLATION.
of about $58,000.000 in the current tax collections. This reduction in
Austrian Debt.
tax collections was due largely to the changes in productivity of specific
I recommend that the Congress enact the bill introduced in the last sources of taxes considered in detail in the following paragraphs, and
session authorizing the Secretary of the Treasury, in his discretion, to sub- should not be confused with the tax reduction in the revenue act of 1928.
ordinate, for a period not exceeding 30 years from January 1 1929, the lien enacted May 29 1928 and not effective, in the main, until after the close
of the United States on Austria's assets and revenues to the extent necessary of the fiscal year 1928.
Receipts from customs, which had reached new high levels during the
to permit the flotation of the new loan proposed,subject, of course, to satisfactory notification that the other governments and the Reparations Corn-' fiscal years 1926 and 1927, amounting in the latter year to $605,000,000,
mission agree to take similar action; and authorizing the Secretary of the declined to $569.000,000 in 1928, or by about $36,000.000. This reduction
Treasury, with the approval of the President, to conclude an agreement resulted primarily from smaller imports of a few important commodities,
for the settlement of the indebtedness of Austria to the United States upon chiefly cane sugar and unmanufactured tobacco. Duties collected on sugar
terms and conditions no less favorable than the terms and conditions usually produce about one-fourth of the customs receipts. Imports of
sugar declined from 8.841,000,000 to 8,089,000,000 pounds, or 8.5%.
granted by Austria to any of the other relief creditor governments.
Imports of unmanufactured tobacco, which also ranks among the six leoding
Greek Debt.
customs producers, declined sharply, the quantity of imports being 12.8%
ri I recommend that the Congress enact the bill introduced in the last and the value 23.3% less than in the preceding fiscal year. For this desession authorizing the Secretary of the Treasury to conclude a debt agree- crease, a falling off in imports of tobacco leaf for cigarettes was largely
3160
FINANCIAL CHRONICLE
responsible. Other customs-producing commodities showing declines were
combing wool, woolen fabrics,flaxseed, fruit and nuts, olive oil, diamonds,
and manganese ore.
Income tax receipts were also below those of the preceding fiscal year.
yielding $2,174,000,000 as compared with $2,225,000,000 in 1927, or
$51.000,000 less. The decrease in collections from taxes due in prior
years, or back taxes, already mentioned, decreased from $331,000,000 in
1927 to $278,000,000 in 1928, or about $53,000,000, which sum is approximately equal to the decline shown by the total of Income taxes.
Smaller collections from back taxes had been anticipated by the Treasury
In October 1927 due to the reduced volume of unaudited returns of the
war years, which were a major source of back taxes in preceding years.
The current income tax collections remained practically unchanged.
There are two causes for the fact that the current income tax collections
were approximately the same in the two fiscal years: First, the collections
in any one fiscal year are based on the incomes of two calendar years, which
tends to decrease variations in collections from one fiscal year to the next;
and, second, the reduction in yield from corporation taxes for 1927 was
approximately offset by an increase in the yield' of individual taxes.
The volume of income tax collections for the fiscal years 1927 and 1928
depended on the income of corporations and individuals returned for the
calendar years 1925, 1926, and 1927. Collections for the fiscal year 1927
were composed of collections during the last half of the calendar year 1926
on 1925 incomes and during the first half of the calendar year 1927 on 1926
incomes, while collections for the fisca; year 1928 were composed of collections during the last half of the calendar year 1927 on 1926 incomes
and during the first half of the calendar year 1928 on 1927 incomes. Thus,
the high incomes received in the calendar year 1926, a peak year in business,
were reflected in tax collections in both the fiscal years 1927 and 1928.
Regarding the second contributing factor, the offsetting changes in
corporation and individual income taxes for the calendar year 1927, it
should be noted that the income of corporations is affected somewhat
differently by changes in business conditions than is the income of individuals. For instance, corporation profits might fall off in any single
even
Year. but dividends paid that year might remain undiminished or
Increase owing to the high profits of previous years. Moreover, in so far
as gains from the sale of capital assets are concerned, these form a larger
part of income returned by individuals than by corporations; and these
likewise are more directly affected by the values acquired over a series of
years rather than by the current business conditions of a single year.
During 1927, corporation incomes declined considerably as a result of the
recession in business. On the other hand, individual incomes in the important taxpaying groups increased because of the increased income from
dividends and from profits from sales of real estate, stocks, and bonds.
due to the high level of prosperity which has prevailed in recent years.
The net result was that the combined taxes collected from corporations
and individuals during the first half of the calendar year 1928 were approximately equal to the collections during the same period of the preceding
year, the decline in corporation taxes being offset by the increase in individual taxes.
Receipts from miscellaneous internal taxes declined from $644,000,000
to $621.000,000, or $23,000,000. Increased collections from tobacco
products and from documentary stamps were more than offset by decreases
from estates and automobiles. Collections from the estate tax declined from
$100000000 to $60,000.000, because of the reduced rates and increased
credits provided in the revenue act approved February 26 1926. The
provisions of this act were made effective on estates of decedents dying
after the date of enactment, the payment of tax being due one year after
death,subject to extension in cases of undue hardship. Thus few collections
under the 1926 act were made prior to the end of the fiscal year 1927, and
the fiscal year 1928 was the first to show the full effects of the new rates.
As additional States may increase inheritance tax lates, the effect of the
credit granted by the act of 1926 for State taxes up to 80 per cent of the
Federal tax will be to depress further collections from this source. Collections from passenger automobiles declined about $15,000,000. reflecting
both the reduced level of automobile production during the fiscal year
and the repeal of the tax in the revenue act of 1928 toward the end of the
year. Tobacco taxes, on the other hand, continued to follow the steady
upward trend of recent years, due largely to collections on cigarettes.
Collections from all tobacco taxes increased from $376,000,000 in 1927 to
$396.000,000 in 1928. Documentary stamps, including playing cards.
produced $49,000,000, or about 512,000.000 more than in the preceding
year, due to the extraordinary volume of new financing during the year,
stamps being required on all new issues of stocks and bonds, and to the
unprecedented activity of the stock market, the stamp tax on capital
stock transfers alone yielding $24,000,000 as compared with 517,000.000
the preceding year.
The most noteworthy feature of the miscellaneous internal revenue
taxes is the steadily mounting volume of collections on tobacco, which
in recent years have been increasing at a rate varying from about 5 to 7%
each year. These collections yielded 64% of the miscellaneous internal
revenues in the fiscal year 1928. The tobacco taxes constitute not only
the major source of internal revenue other than income taxes, but also
the source which has been least affected by changing business conditions.
Miscellaneous receipts from nontax items increased from $654,500,000
in 1927 to 5678.400.000 in 1928, or about $23,900,000. Considerably
more than halt of these receipts are derived from Government assets which
are in the process of liquidation, such as interest and principal payments
on Government-owned securities, and sales of suplus property. Small
amounts are derived from a wide variety of minor sources. The more important changes during 1928 were in the receipts from Government-owned
securities. Proceeds from Government-owned securities, other than
in the
foreign obligations, were $173,600,000, or $20,000,000 larger than
preceding year. Receipts from railroad securities increased considerably
while those from Federal farm loan securities and other securities declined.
The total ofrailroad obligations owned on June 30 1928, was about $75,000.later years
000,showing that the volume ofreceipts to be derived in 1929 and
those for
will be much smaller than in 1928. Other receipts, exclusive of
trust funds, declined about $14,000,000.
1928 with the
A comparison of the ordinary receipts for the fiscal year
indicates
estimates ofsuch receipts submitted to Congress in December 1927.
of ordinary
total
the
to
as
both
accurate
that the estimates were unusually
sources.
receipts and as to the receipts from the major
EXPENDITURES
receipts during the fiscal
Total expenditures chargeable against ordinary
more than In the preceding
year 1928 were $3,643,519,875, or $149,935,356
e., excluding the public debt retireYoar. Total ordinary expenditures
or $129.ments chargeable against ordinary receipts) were $3,103,264,854,
Public debt retirements
235,180 more than in the preceding fiscal year.
or $20,700.176
chargeable against ordinary receipts totaled $540,255,020,
more than in the preceding year.
in the accounts.
Of the major groups to which expenditures are allocated
of general
some exhibited increases and some decreases. The increases
Interest were as follows:
[VoL. 127.
$44,088,608
Treasury Department
32,410,285
Refunds of receipts
29,732,027
War Department
23,252,741
War Finance Corporation (decrease In credits)
15,870,318
Shipping Board
14,385,598
Investment of Government life insurance trust funds
12.428,395
Navy Department
9,854,420
United States Veterans' Bureau
4,817,011
Postal deficiency
3,827,392
Department of Agriculture
3,443,418
Department of Commerce
2,781,197
Department of Justice
2,143,534
Panama Canal
1,833,102
District of Columbia
The increase shown for the Treasury Department is accounted for, in the
main, by $50,000,000. appropriated under the settlement of war claims act
of 1928. all of which was charged to this department this year.
The increase in refunds of receipts was largely due to the fact that certain
internal revenue refunds for 1927 were postponed until 1928 because of a
change in the revenue law. Of the increase shown for the War Department
about 512,500,000 was due to river and harbor work, about $3,000,000
each to the Air Service and the Militia Bureau, and about $5,000,000 on
account of construction, improvement, and repair of buildings, hospitals,
and Army camps. The decrease in credits to expenditures of the War
Finance Corporation which shows as an Increase in expenditures was due
to the heavy and almost final liquidation in the prior fiscal year. Increased
expenditures for the Navy Department are accounted for by increases of
about $7,000,000 for the Bureau of Aeronautics, about $4,500,000 for
general expenditures of the Marine Corps, and about $2,000,000 for the
Bureau of Construction and Repair.
The more important decreases were as follows:
$55,255,102
Interest on the public debt
4,890.597
State Department
3,707.211
Interior Department
3.401,513
Adjusted service certificate fund
3,276,277
Legislative establishment
The decrease shown for the State Department is accounted for primarily
by the fact that the last annual payment of $5,000.000 was made in September 1926, under the Colombian treaty. The legislative establishment
decrease is due to the expenditure of over $3,000,000 during the fiscal year
1927 for land for the enlargement of the Capitol grounds.
This year for the first time it is possible to make a comparison of expenditures with the preceding year on the basis of checks issued. Figures
on this basis give a more complete statement of expenditures actually made.
but the totals do not vary greatly from those based on the daily Treasury
statement, unrevised. On the basis of checks issued, total expenditures
chargeable against ordinary receipts were $3.647,255,787 during the fiscal
year 1928, as compared with $3,493,837,765 during the preceding year.
This indicates an increase of 5153.418,022, or 4.4%. Total ordinary
expenditures (I. e., excluding the public debt retirements chargeable
against ordinary receipts) increased $132,735,846, or 4.5%, and, exclusive
of interest on the public debt and refunds ofreceipts,increased $155,285,263.
or 7.6%.
THE SURPLUS.
Ordinary receipts during the fiscal year 1928, on the basis of daily
Treasury statements, exceeded expenditures chargeable against those
receipts by $398,828,281. Most of this surplus, or 5367,358,710. had
already been expended by the close of the fiscal year for retirement of the
public debt, in addition to retirements during the year of $540,255,020
chargeable against ordinary receipts. The remainder of the surplus was in
the Treasury on June 30 1928, as a part of the net balance in the general
fund and was applied to public debt retirement in July 1928.
The surplus for the fiscal year 1928 was 5237,000.000 less than in the
preceding year, as a result of reductions in ordinary receipts and increases
in expenditures chargeable against those receipts. The principal items
of change are shown in the following table:
PRINCIPAL CHANGES IN ORDINARY RECEIPTS AND EXPENDITURES
CHARGEABLE AGAINST ORDINARY RECEIPTS, FISCAL YEAR
1928 AS COMPARED WITH 1927.
[On basis of daily Treasury statements eunrevisedil.
Ordinary Receipts.
Increase.
Decrease.
$36,500.000
51,100,000
23.400,000
Customs
Income taxes
Miscellaneous internal revenue
Railroad securities
All other securities except foreign
All other receipts
$74,700,000
Total
Net change
878,200,000 8185,300,000
87,100,000
Expenditures Chargeable Against Ordinary Receipts.
54,300,000
3,500,000
Increase.
Decrease.
$95,800,000
General expenditures
$55,300,000
Interest on public debt
32,400,000
Refund of receipts
4,800,000
Postal deficiency
37,800,000
Operations in special accounts
14,400,000
Government life insurance fund
Public debt retirements chargeable against ordinary
20.700,000
receipts
300.000
All other
$205,500,000 $55,800,000
Total
149,900,000
Net change
The nature and significance of the surpluses of recent years have not been
generally understood by those interested in Federal finances. There are
three possible outcomes for the Federal Budget of any year. The Budget
may balance exactly, show a surplus of ordinary receipts over expenditures
chargeable against those receipts, or show a deficit of ordinary receipts
under expenditures chargeable against those receipts. The Federal Government is committed to the principle of a balanced Budget—that Is, of providing sufficient revenues each year for the financing of the expenditures
of that year. In the process of returning to normal conditions following the
war period, some excess of revenue was to be expected because of the character of some of the sources and the difficulty in ascertaining when they
would become available. To provide insufficient revenues is fiscally unsound, since deficits must be met by borrowing, and continuous borrowing
weakens public credit. A balanced Budget has been especially important
when, as In recent years, there is a large debt outstanding. To increase
such a debt through deficits in meeting the Budget expenditures from year
to year would be contrary to the principles and traditions of the Federal
Government. On the other hand,if this debt be reduced by such incidental
surpluses as occur, then the condition of the finances of the Federal Government are to that extent strengthened.
It frequently happens that all receipts and all expenditures for a future
fiscal year can not be precisely foreseen. The volume of certain receipts,
such as those from liquidating surplus supplies or those representing special
and irregular repayment of loans advanced by the Government, can not
DEC. 8 1928.]
FINANCIAL CHRONICLE
be accurately estimated. Likewise, the exact volume of expenditures for
any one year can not be determined, since the expenditures resulting from
new legislation can not be foreseen by the administration. Consequently,
If a precise balance in the Budget were forecast on the basis of estimable
receipts and estimable expenditures it would frequently be turned into a
deficit.
The budgetary experience since the war is an illustration of uncertain surpluses resulting from the process of adjusting high war taxation and extensive war-time expenditures to a peace-time basis of governmental activities.
Each fiscal year since 1919 has resulted in a surplus, which has been applied
to debt reduction, varying in amounts from $86,723,771 in 1921 to $635,
809,922 in 1927, as shown in the following table:
ORDINARY RECEIPTS, EXPENDITURES CHARGEABLE AGAINST
ORDINARY RECEIPTS, AND SURPLUS, 1920 TO 1928.
ton basis of daily Treasury statements (unrevised)).
3161
result of the accuracy of the estimated receipts and expenditures for 1928.
the surplus for the year was more accurately estimated than in the preceding four years.
Of the estimated receipts, those from income taxes and from miscellaneous
sources were particularly accurate. Income-tax receipts were estimated at
$2.165,000,000 and the actual receipts were $2,173,900,000, a difference of
only 58.900,000, or 0.4 of 1%, as compared with differences varying from
0.4 to 5.7% in the four preceding fiscal years. For receipts from miscellaneous sources, the estimates of $670,100,000 were within $8,300,000
or 1.2% of the results, as compared with variations from 6.3 to 19.4% for
the fiscal years 1924 to 1927. Estimates for customs and for miscellaneous
internal revenue were less accurate. Customs were estimated to yield
$602,000,000. which was 5.8% above the results for the year, the largest
discrepancy since 1924. Miscellaneous internal revenue estimates of
$638,500,000 were within 2.8% of the final results, as compared with
variations since 1924 from 0.3 of 1% to 3.8%.
On the whole, the accuracy of the estimated receipts for the fiscal year
Expenditures
Total Ordinary
Chargeable
1928 showed signs of substantial progress by the Treasury In estimating
Fiscal Year.
Receipts.
Against Ordinary
Surplus.
receipts and indicated more favorable conditions for making such estimates.
Receipts.
Estimated total receipts of over $4,000.000,000, within 0.8 of 1% of the
1920
$6.694,565,388
$6,482,090,101
$212,475,197 actual results, are as accurate as can be reasonably expected when indi1921
5,624,932,960
5,538.209,189
items such as customs, corporation income taxes. individual income
vidual
86,723,771
1922
4,109,104,150
3,795,302,499
313,801,651 taxes, back taxes on incomes, estate taxes, taxes on documentary stamps.
1923
4,007,135,480
3,697,478,020
309,657,460
1924
4,012,044,701
3,506,677,715
505.366,986 and miscellaneous receipts from diverse administrative functions are subject
1925
3,780,148,684
3,529,643,446
250,505,238 to a wide variety of conditions, each of which may be affected by some
1926
3,962,755,690
3,584,987,873
377,767,817
unusual circumstance.
1927
4,129,394,441
3,493,584,519
635,809,922
1928
4.042.348.156
3.643.519.875
308.528.281 Estimates for the fiscal years 1929 and 1930 compared with actual amounts
for the fiscal year 1928.
The chief explanation for these surpluses is in the receipts side of
the
Budget. Receipts have not declined as much as expenditures. ExpendiThe following table summarizes cash receipts and expenditures during
tures chargeable against ordinary receipts declined sharply during
the
fiscal year 1928 and the estimated receipts and expenditures for the
the
fiscal years 1920 to 1923 from $6,482,000,000 to $3,697.000,000. and have fiscal years 1929 and 1930 on the basis of the latest information received
since remained below the latter figure, reaching their lowest point, $3.494,- from the Bureau of the Budget:
000,000, during the fiscal year 1927. Receipts, on the other hand, declined SUMMARY OF RECEIPTS AND EXPENDITURES
FOR THE FISCAL
from $6,695,000,000 In 1920 to $3,780,000,000 in 1925, except for a slight
YEAR 1928, ON THE BASIS OF DAILY TREASURY STATEMENTS
increase in 1924, increased in 1926 and 1927, and remained above $4,000,(UNREVISED), AND ESTIMATED RECEIPTS AND EXPENDI000,000 in 1928.
TURES FOR THE FISCAL YEARS 1929 AND 1930,
Contrary to the general belief, the surpluses have not been due primarily
to the taxes collected during the various years, but to unusual receipts
1928.
1929.
1930.
accompanied by annual savings due to the observance of strict economy
in
making expenditres under the appropriations. During the fiscal
Net balance in the general fund at the
years
beginning
of
year
fiscal
$234,057,410
$265,526,981
1923-1928 amounts varying from $216,000,000 to $398,000,000 were
$234,057,410
de- Receipts:
rived from sources of a temporary nature. As much as
Ordinary
4,042,348,156 3,831,735,661 3,841,295,829
$331,000,000 was
secured in a single recent year from back taxes on incomes, the major
Public
debt
*2,691,322,593
2,207,668,887 1,028,856.218
source
of which has been the retarded audit of returns of war years.
The chief
Total
$6,967,728,159 $6,304,931,529 $5,104,209,457
characteristic of these unusual sources of receipts is that they will
yield little Expenditures:
or no revenue in future years. The back tax collections during
Ordinary
3,103,264.855 3,252,274,119 3,227,652,047
the fiscal
years 1923 to 1927 depended largely on the retarded audit of
Public debt chargeable against .
the income
ordinary receipts
540,255,020
tax returns of the war years. Such returns under high tax
542,471,350
553,067,600
rates have
Other public debt
*3,058,681,303 2,276,128,650 1,089,432,400
yielded unusually large hack tax collections as compared with
the returns Net balance in the general fund at
of more recent years. Although there are still a small number
close of fiscal year
•
265,526,981
234,057.410
of these
234,057,410
early returns pending settlement, most of such collections have
now been
Total
56.967,728,159 $6,304,931,529 $5,104,209,457
made. Consequently it is expected that the volume of back tax
collections
Postal Service—
will decline. Of the railroad and Federal farm loan securities owned
by the Postal receipts
693,633,921
707,000,000
735,000,000
Government, sales of which have yielded appreciable amounts
725,714,123
790,495,830
in recent Postal expenditures
806,209,325
years. only $74,608,948 of railroad and 8555,700 of farm loan securities
renalelanev
In
nnstnI
reenIntn
a__
522.050.202
2R2_425 R20
571 200 325
mained on hand June 30 1928. The disposal of war supplies
has already
ceased to yield more than small amounts of revenue.
• Other public debt expenditures and public debt receipts, as shown in this
statement, are exclusive of $4,164,017,000 Treasury certificates issued and retired
The experience of the Treasury has demonstrated that the
surpluses have within the same fiscal year.
been moderate when considered on the basis of the more permanent
a The postal deficiency for 1928 and the estimated postal deficiencies for 1929
sources
of revenue, and that the policy of the Government has been
sound in pro- and 1930 are included in the ordinary expenditures shown above and in the general
classification of ordinary expenditures and estimated ordinary expenditures on p. 19
viding for a balanced budget on the basis of the reasonably assured
;
receipts
and the reasonably assured expenditures, and in applying
Ordinary receipts include all receipts other than those arising from public
such surpluses
as occured to the reduction of the huge war debt. This
is all the more debt transactions. Ordinary expenditures exclude all expenditures for the
true since the proceeds from the relization of capital assets
acquired largely retirement of the public debt. Expenditures chargeable against ordinary
through war loans have been very properly applied to
the retirement of receipts include ordinary expenditures and the retirements of the public
war debt rather than to current expenditures.
debt from the sinking fund and from special earmarked receipts, such as
repayments of the indebtedness of foreign governments. Expenditures
ESTIMATES OF RECEIPTS AND EXPENDITURES.
chargeable against ordinary receipts do not include retirements of the public
Estimates of Previous Years.
debt from the surplus and from a reduction in the general fund balance
Diagram 4 shows the estimated and actual receipts,
expenditures and and other public debt expenditures arising from public debt transactions.
surpluses during the past five years,thus indicating the relation of
differences The estimates in the table are on the basis of the latest information received
between estimated and actual receipts and expenditures to the
difference from the Bureau of the Budget.
between the estimated and actual surpluses. The estimates
shown are
CONDITION OF THE TREASURY.
those submitted to Congress seven months before the end of
the particular
fiscal year with the exception of 1926, for which year estimates
On June 30 1928, the gross public debt of the United States Governare those
prepared just after the passage of the revenue act of 1926. Percentages
amounted
to $17,604,290,563, and the net balance (cash) in the
of ment
difference inserted over the bars for each year provide a comparison
of the general fund of the Treasury on the basis of daily Treasury statements
accuracy of the estimates.
(revised) was 5260.190,331. These figures represent a decrease of $905.Three estimates are now prepared and published for each fiscal
year. 883,703 in the public debt, and an increase in the net balance (cash) of the
The first is in the budget for the particular fiscal year presented to
Congress Treasury of $27,592,210 in the fiscal year 1928.
in the December preceding the beginning of the fiscal year.
Bullion and coin amounting to $2,142,800,228 on June 30 1928, held in
The second
appears in the report of the Director of the Bureau of the Budget
about trust by the Treasury against United States currency out-standing showed
eight months later, or just after the opening of the fiscal year.
The third a decrease of$108,825.946 during the fiscal year. Bullion and coin,amountis presented to Congress in December of the particular fiscal
year. Special ing to 81,387,650,413 on June 30, 1928, held in trust by the Treasury for
estimates are prepared at other times for use in recommending tax
reductions. the Federal Reserve Board,showed a decrease of $324,352,523 during the
Estimated tax receipts and certain estimated miscellaneous receipts
are pre- fiscal year.
pared for the Bureau of the Budget by the Treasury. The
Operations with reference to these items during the fiscal year are disestimated tax
receipts represent the results of three independent estimates:
(1) by the cussed in more detail immediately following.
administrative bureaus for making collections, i. e., the Bureau
of Customs
THE PUBLIC DEBT.
and the Bureau of Internal Revenue:(2) by the Government
Actuary and
(3) by the Section of Financial and Economic Research. These
General review of operations.
independent
estimates are coordinated and reconciled under the direct
personal superDuring the fiscal year 1928 the gross debt of the United States was
vision of the Undersecretary of the Treasury. The
estimated receipts from reduced from $18,510,174,266.10 to 517.604,290.562.93. The
reduction
miscellaneous sources are prepared for the Bureau of the
Budget by the accordingly was 3905,883.703.17, and of this amount $540,246,020.30 was
respective departments having jurisdiction over the various
activities. discharged from ordinary receipts in accordance with the established debt
The estimated expenditures are furnished by the Bureau
of the
are based on a careful survey of the needs of departments and Budget and payment program, and 5365,637,682.87 was discharged from the surplus
bureaus and of receipts over expenditures chargeable against those receipts.
with complete knowledge of the appropriations to be
recommended by the
The gross public debt is comprised of (a) interest-bearing debt, (b)
President to Congress for the year in question. These
estimates, however, matured debt upon which interest has ceased, and (c) debt
bearing no
do not include expenditures which may result from new legislation.
With respect to interest-bearing debt, exclusive of 1-day special
Interest.
An analysis of the diagram shows that the estimates for the
fiscal year certificates of indebtedness, $3,348,715,208.70 was issued and
$4,281,1928 were remarkably accurate. Estimated total ordinary receipts
were 964,078.20 was retired during the year. Of the latter amount, $893,511.$4,075,600,000, compared with $4,042,300.000 actual
receipts. The 594.50 was discharged. $3,348.715,208.70 was replaced with other interest
difference of $33,300,000 is extremely small compared with the total
figure. bearing debt, and 539,737,275 was transferred to matured debt upon which
The discrepancy amounts to only 0.8 of 1% as compared with
ceased.
percentages
With
interest
respect
has
to
matured
debt
upon
which interest
ranging from 2.5 to 5.4 for the fiscal years 1924 to 1927.
Estimated has ceased. $9,112,850 was discharged during the year, resulting;
expenditures chargeable against ordinary receipts were
$3,621,300,000, with the transfer above stated, in a net increase of 530,624,425 in this
compared with actual expenditures of $3,643,500,000. The
difference of type of debt. The debt bearing no interest was decreased by
822,200,000 is only 0.6 of 1% of the expenditures. The estimate
$3,259,258
is better during the year. On the basis of the interest-bearing debt
outstanding at
than in each of the preceding four years except 1925. More accurate
estibeginning
the
at
end
and
the
of
year
the
the
annual
interest
charge was
mates for expenditures must obviously be expected than for
receipts, reduced from 8722,675,000 to $671,353,000, or some $51,000,000.
because the financial requirements of the Government's activities
can be
During the fiscal year, for the regular quarterly financing, six
-more definitely canvassed than can the numerous and diverse
issues of
conditions Treasury tax certificates of indebtedness were effered to the public
Influencing receipts from the various taxes and from other sources.
for cash
As a subscriptions on the quarterly tax-payment dates.
In addition, in con-
3162
FINANCIAL CHRONICLE
[VOL. 127.
presented in payment. Cash subscriptions were closed on July 7, 1928.
when subscriptions aggregating 3743.367,700 had been received, of which
on July
$251,521,400 were accepted. Exchange subscriptions were closed
of which
31, 1928,the aggregate amount tendered being $107,521,550, all
were accepted. Accordingly, the total of the issue was $359,042,950.
On July 1, 1928, the appropriation for the cumulative sinking fund for
for the
the fiscal year 1929 became available, and thereafter was utilized
purchase of third Liberty loan bonds for retirement before maturity. Under
market,
authority given the Federal Reserve banks to purchase at the
offer made on
360,553,650 face amount were retired prior to the public
loan
Liberty
August 1 1928, to purchase, at the option of holders, third
with
bonds at 100 1-32 to Aug. 15 1928, and thereafter at par, together
which
accrued interest to date of the optional purchase. Under this offer,
expired at the close of business Sept. 14 1928, 366,378.050 face amount
was purchased at 100 1-32 and 335.419.100 face amount was Purchased
of
at par. The total retirements of third Liberty loan bonds for account
the 1929 sinking fund account, prior to the maturity of the bonds on Sept.
available
15 1928, were accordingly $162,350,800. The balance of the
sinking fund appropriation was applied to the redemption of third Liberty
loan bonds at or after maturity.
The various steps taken since Jan. 1 1928, had reduced the amount of
third Liberty loan bonds outstanding to approximately $955,000,000 due
of
for payment on Sept. 15 1928. In addition to the remaining proceeds
tax
the cash sale of 331% bonds of 1940-1943, and the expected quarterly
receipts on Sept. 15 1928, it was estimated that some $525,000,000 should
be made available for the Treasury on September 15 to meet the third
expenLiberty loan maturity and at the same time provide for other public
Accordditures including those for the sinking fund on and after that date.
-month
ingly, on Sept. 7 1928, announcement was made of an offering of 9
and
435% Treasury certificates of indebtedness, Series TJ-1929, dated
The
bearing interest from Sept. 15, 1928. and maturing June 15, 1929.
The
thereabouts.
amount of the offering was placed at 3525,000.000 or
in payoffer provided that third Liberty loan bonds would be accepted
full.
ment,and that for such subscriptions allotments would be made in
Cash
The subscription books for this issue closed on Sept. 11. 1928.
s aggresubscriptions aggregating $446,452,000, and exchange subscription
was
gating $102,858,700 were accepted. The total of the issue accordingly
Refunding of second Liberty loan completed
been taken $549,310,700.
It wlli be recalled that in March 1927, the first step had
war
bonds,
Experience has demonstrated that in the case of the long-term
In the refunding or retirement of over 531 billion dollars of Liberty
bonds are not all preinterest
maturing
bearing
all
distributed,
were
widely
which
Issues,
loans,
Liberty
and
third
second
the
of
involving those
second sented on the maturity date, but a large number are presented for reat 431% except a small remainder of the original issue of bonds of the
case of
4%. In my
demption over a considerable period of time. This was true in the
Liberty loan, in amount 120,848.350. which bore interest at
of the the Third Liberty Loan, for, while $955,000,000 of this loan was out
report for the fiscal year 1927 the steps taken for the refunding
October 31, standing on Sept. 14, 1928, only $475,000,000 was presented on Sept. 15.
second Liberty loan were set forth, the report being carried to
of this loan 1928, and up to and including Sept. 25, 1928, only 3733,000.000 had been
1927, when there remained outstanding $757,545,500 bonds
their call presented. Accordingly, in order to avoid borrowing in excess of actual
which were due for payment on November 15, 1927, pursuant to
above to the needs and to save unnecessary interest charges, the Treasury on Sep. 15.
for redemption. In the same connection reference was made
certificates of
Issue of 3%%. Treasury certificates of indebtedness on Nov. 15 1927. This 11128, in connection with the aforementioned offering of
the indebtedness, made provisions for the redemption of such third Liberty
issue of 3%% certificates, in the amount of $422.051.200, completed
for payissue,
presented
its
of
be
be
would
anticipated
loan bonds as might reasonably
refunding of the second Liberty loan on the tenth anniversary
for in- ment prior to October 15, 1928.
and provided for the payment of the balance outstanding except
The final step in the program of financing occasioned by the maturity
considerable amounts not presented for which special provision was unnecesof the third Liberty loan was announced on Oct.81928,when cash subscripsary.
00.
$33,807,865,0
tions, at par and accrued interest, were invited for an offering of 11-month
The original issue of this loan on Nov. 15 1917, was for
dated and bearThe amount outstanding had been reduced to $3,104,520,050 on Feb. 28 431% Treasury certificates ofIndebtedness, Series TS-1929,
balance, ing interest from October 15 1928, and maturing Sep. 15 1929. The amount
1927, when the refunding of the issue was decided upon. Of this
of of the offering was placed at $300,000,000 or thereatouts. On the date of
$1,976,990,200 was exchanged directly for other issues at lower rates
sinking this offering there were still outstanding about $150,000,000 of third Liberty
interest, $580.149.750 was redeemed for account of the cumulative
s loan bonds. In addition, there were about $150,000,000 in interest payfund or from surplus money, $524,450 was redeemed from miscellanem
the call, and ments on the public debt becoming payable on Oct. 15 1928. This issue.
sources. 1527.170,500 was paid on presentation pursuant to
31 therefore, together with cash on hand, was intended to provide not only
$19,685,150 payable on presentation remained outstanding on Oct.
for outstanding thirds but also for the Treasury's requirements up to Dec.
1928.
15, 1928.
Refunding the third Liberty loan.
The subscription books for this Issue closed on October 9 1928. Subbonds having
The refunding of the second Liberty loan 4% and 43' %
Liberty
scriptions
aggregating $838,700,000 were received, of which 3308,806.000
third
outstanding
the
given
next
been completed, consideration was
on Sept. 15 were accepted.
loan 431% bonds which, by their terms, wer due for payment
issue the refunding of the third Liberty loan was completed in
With
this
the
9 1918, in
1928. The third Liberty loan bonds were Issued on May
there remained so far as special provision for the retirement of the loan was necessary.
aggregate amount of 34,175.650,050, and on Dec.311927,
an amount to The operations since Dec. 31, 1927, may be summarized as follows:
outstanding 12,147,653.150. This was obviously too great
amount
SUMMARY OF TRANSACTIONS-REFUNDING THE THIRD LIBERTY
let run to maturity date, and the disposition of a considerable
desirable.
LOAN.
before that date, through refunding or payment, was wholly
made
was
nt
82,147,653,150
Balance outstanding Dec. 31 1927
The first step was taken on Jan. 9 1928, when announceme
3
-year
issue
of
5
an
of
other
issues:
for
bonds
Exchanged
of an offer to holders of third Liberty loan
Before maturity:
331% Treasury notes, Series 0-1930-1932. The new notes were similar
8607,399,650
334% Treasury notes, series 0-1930-32
prior year to
107,521,550
to those of Series A and Series B 1930-1932 offered during the
34% Treasury bonds of 1940-43
Jan
16
dated
At maturity:
holders of second Liberty loan bonds. The new notes were
102.858,700
series
TJ-1929
15
of
Dec.
Indebtedness,
after
certificates
414%
and
on
callable
1928, with maturity on Dec. 15 1932, but
817,779,900
loan bonds.
365,325,800
fund.
1930. and were issued only in exchange for third Liberty
sinking
cumulative
for
Retired
owners of
that
order
In
par.
at
314,993,300
to
1928,
prior
16
of
as
Jan.
maturity
made
money
surplus
were
from
Retired
Exchanges
680,319,100
at which
third Liberty loan bonds might be compensated for the premium
prepaid in full Balance redeemed or redeemable at or after maturity from proceeds
a649,554,150
the third Liberty loan bonds were then selling, interest was
receipts
tax
available
from
or
of other issues,
exchange.
to March 15 1928, on third Liberty loan bonds presented for
termin82,147,653,150
Total
without deduction on account of the earlierredemption. The offer
third
to
of
•Includes 8202,975,000 of the balance of appropriation for 1929 applied on
ated on Jan. 23 1928, and a total of $607.399,650 par amount
payable
balance
outstanding
Includes
Treasury
a
maturity.
after
payments at and
Liberty loan 431% bonds was exchanged for the new 331%
Presentation.
notes.
The third Liberty loan refunding operations carried out since Dec. 31.
Meanwhile, from time to time as funds were available, purchases of
the fiscal 1927, indicate an important reduction in interest charges. On the basis
third Liberty loan bonds were made from surplus money during
through
of the above statement and computing the saving only on actual exchanges
Year 1928. Such purchases ordinarily were made at the market
aggregate face for other issues and on retirements for the cumulative sinking fund and from
the agency of the Federal Reserve banks,and 1160,062.000
occasions. surplus money, an annual reduction in interest charges of $34,152,819.44
amount was so purchased. This procedure was varied on two
option of is indicated.
On May 11, 1928, a public offer was made to purchase, at the
interest.
Resume of refunding operations.
holders, up to $50,000,000 face amount at 100 8-32 and accrued
face
$51,291,450
Under this offer, which terminated on May 15, 1928,
The refunding or retirement of the second and third Liberty loans was
similar
a
1928,
11,
June
on
amount was tendered and purchased. Again,
1927. There remained outstanding on
amount with definately undertaken in March,
public offer was made to purchase up to $125,000,000 face
Liberty
expired on Feb. 28, 1927, 15,264,526.950 aggregate amount of second and third
price fixed at 100 2-32 and accrued interest. This offer first
bearing
on July 5, loan bonds, all bearing interest at 431 percent. except $20,848,350
June 19, but was then extended, and was finally terminated
1927.
amount
March,
since
this
outstanding,
tendered interest at 4 per cent. Of
1928, at which time $103,639.850 face amount of bonds had been
issues
for
$2,794.other
exchanges
direct
through
refunded
there has been
amount
face
0
$3314,993,30
the
aggregate
in
and purchased. Accordingly,
account of the
of receipts 732,700; there has been redeemed from ordinary receipts for
third Liberty loan 43.4% bonds were purchased from surplus
cumulative sinking fund, $700.067,100, and for miscellaneous accounts,
during the fiscal year 1928.
$567,401,750.
A, 13, and 0 $5,900,000,and there has been redeemed from surplus money,
The three issues of 3-5-year 331% Treasury notes, Series
For the discharge of the balance of $1,196,425,400 the proceeds of other
the
of
s
requirement
the
meet
to
1930-1932, provided adequate maturities
the small amount outstanding
of the third issues for cash have been utilized except for
permanent debt reduction program between the maturity
outstanding payable on presentation, for which no special provision is necessary.
Liberty loan bonds and the earliest redemption date of other
On the basis of the actual exchanges for other issues a reduction in interest
arose,
Liberty bonds, Therefore, it seemed desirable, if an opportune time
of $20,373,676 annually is shown. On the basis of the retirements
charges
the
in
maturing
bonds
other
to replace a part of the maturing thirds with
for account of the cumulative sinking fund, miscellaneous, and surplus
Accordingly,
loan.
Liberty
fourth
the
of
date
is shown.
period after the final maturity
was offered money, a reduction in interest charges of $54,115,726 annually
on July 5, 1928,a new issue of 12-15-year 3%% Treasury bonds
annually
the amount Accordingly, a total reduction in interest charges of $74,489,402
to the public. Cash subscriptions were invited at par, with
and third
second
the
of
to
the retirement
attributable
directly
as
appears
exchange
and
thereabouts,
of the issue for cash fired at $250,000,000 or
might Liberty loans.
subscriptions, in payment of which only third Liberty loan bonds
In addition to effecting the refunding or retirement of these two loans
be tendered, were also invited at par but with the provision that Interest
and the important reduction in interest charges, another primary purpose
bonds
loan
would be prepaid in full to Sept. 15 1928, on any third Liberty
addinectlon with the refunding of the second and third Liberty loans, an
cash
tional issue of Treasury certificates was offered in November, 1927, for
offered.
were
notes
Treasury
and exchange subscriptions, and two Issues of
one for cash and exchange in September 1927, and the other for exchange
follows.
subscription only in January 1928. A brief account of these issues
p In order to meet the maturities of two series of certificates of indebtedsecond
the
of
payment
ness and to provide, in part, for the refunding or
and
liberty loan called for redemption on Nov. 15 1927, two offerings
Treasury
allotments were made for Sept. 15 1927: (1) An Issue of 3%
amount
tax certificates of indebtedness, with six months' maturity, in
amount
$250,577,500, and (2) an issue of 334% 3 to 5 year Treasury notes in
exchange
$619,495,700. The latter was offered for cash subscription and for
0
subscription payable in second 43es. Cash subscriptions of $250,522,60
place
and exchange subscriptions of $368,973,100 were accepted. To
loan
Liberty
second
additional funds in the Treasury for the payment of
seven
bonds, an issue of 331% Treasury certificates of indebtedness, with
amount
months' maturity, was offered and allotted for Nov. 15 1927-the
Liberty
being $422,051,200, all for cash except $2.304,200, for which second
loan bonds were tendered in payment. On Dec. 15 1927-about $335,000,000
434% Treasury notes became due. To meet its requirements the Treasury
offered and allotted for this date an issue of 334 % Treasury tax certificates
of indebtedness maturing in one year-3261.761,000 in amount.
As a further step in the refunding program, an issue of 331% Treasury
loan
notes was offered for Jan. 16 1928, only in exchange for third Liberty
bonds. By this means $607.399,650 third Liberty loan bonds were refunded
Into 334% 3 to 5 year Treasury notes.
of
For regular quarterly financing required in March 1928, two series
March
Treasury certificates of indebtedness were offered and allotted, for
Series
15, 1928-Series TD2, at 331%, matuzing In nine months, and
of the
TM-1929. at 331%, maturing in one year of which $201,544,500
fourth
the
meet
To
former and $360,947.000 of the latter were issued.
certificates of
quarter's requirements, two further series of Treasury
indebtedness were offered and allotted for June 15 1928-Series TD3-1928,
TM2-1929, for
for six months at 4%,in amount $216,371,500, and Series
nine months at 331%, in amount $211,784,000.
DEC. 8 1928.]
•
FINANCIAL CHRONICLE
of the operation has been accomplished, for maturities have largely been
rearranged to meet the requirements of the established debt-payment
program.
Cumulative Sinking Fund.
For the fiscal year 1928 an appropriation of $355,081,401.18 was available
for debt retirement through the cumulative sinking fund. This appropriation, in accordance with the provisions of section 6 of the Victory Liberty
loan act approved March 3. 1919, as amended, was derived as follows:
Unexpended balance from 1927
$83.80
Appropriation for 1928—
Initial credit
253,404,874.87
% of the aggregate amount of Liberty bonds and Victory notes
outstanding on July 1 1920, less an amount equal to the par
amount of any obligations of foreign Goverments held by the
United States on July 1 1920.
Secondary credit
101,676,452.51
The interest which would have been payable during the fiscal year
for which the appropriation is made on the bonds and notes
purchased, redeemed, or paid out of the sinking fund during
such year or in previous years.
Total
$355,081,401.18
Debt aggregating $354,741,300 face amount was retired during the year
at a total principal cost of $355,080,563.11, as follows.
Par Amount.
451% Treasury notes, series A-1927
Second 48
Second 434e
$20,000,000
654,900
334,086,400
Appropriation
Available..
$256,230,010.68
274,516,965.89
284,156,439.19
294,927,023.26
306,666,759,52
321,184,577.22
336,890,916.27
355,081,401.18
1921
1922
1923
1924
1925
1926
1927
1928
Expended
(Principal Cost).
5254,844,576,50
274,481,902.18
284,149,754.16
294,927,019.57
306,666,738.01
321,184,468.20
338,890,832.47
355,080,563.11
$20,087,500.00
655,186.27
334,337,876.84
Debt Retired
(Par Amount).
$261,250,250
275,896,000
284,018,800
295,987,350
306,308,400
317,091,750
333,528,400
354,741,300
Total
$2,428,226,690.25
82,428,225,652.18
$2,428,822,250
• Unexpended balance Included in appropriation available for each year, but
excluded from total. Unexpended balance $838.07 at end 1928.
The particular issues retired during this period follow:
Title.
Liberty bonds—
First 3%8
First 45
First 4Ks
Second 45
Second 434e
Third 4)45
Fourth 4)4e
Victory notes3he
4%s
Treasury notes5)4% series 13-1924
4h% series A-1925
44% series B-1925
% sereLs C-1925
4K% series A-1926
4%% series B-1926
434% series A-1927
% series B-l927
Total
Par Amount.
France
The agreement with France providing for the funding of its indebtedness
to the United States, concluded April 29 1926, has not been ratified by
either the French Government or the United States. The French Government has continued to make payments amounting to over $20,000,000 Per
annum on account of interest on its obligations given for surplus war
materials; and,in accordance with an exchange of ietters between the French
Treasury and the United States Treasury, copies of which are shown in
last year's annual report, France has made payments on June 15 1927, and
on June 15 1928, of amounts sufficient to equal practically the annuities
provided for these years under the funding agreement. The payments on
June 15 1927, amounting to $10,000,000, and on June 15 1928, amounting
to $11,250,000, were applied on account of principal of the demand obligations given for cash advances. It is understood that the total of these payments, including the interest payments on account of the obligations given
for surplus war material, will be applied toward the first annuities due under
the funding agreement when it has been ratified.
The following statement shows the amount of payments received front
France since June 15 1925, which will be applied toward the annuities due
under the funding agreement on ratification, and the amounts payable
under that agreement:
Principal Cost.
Total
$354,741,300
$355,080,563.11
An unexpended balance of $838.07 has been carried over to the fiscal year
1929.
The cumulative sinking fund was established on July 1 1920. The
following shows the operations by fiscal years to the end of 1928:
Fiscal Year.
3163
Principal Cost.
$11,000
1,000
24,850
670,900
374,735,400
896,550,200
13,943,650
$11,000.00
1,000.63
24,855.00
671,196.27
374,988,867.88
903,239,575.91
13,8E17,063.25
106,186,900
610,584.150
104,542,256.28
804,789,347.07
103,000,000
101,000,000
11,315,900
113,199,900
1,018,300
9,564,200
26,798,000
60,217,900
103,028,635.82
101,004,123.53
11,279,715.38
113.198,011.61
1,018,300.00
9,485,492.59
26,880,711.16
60,217,900.00
$2,428,822,250
$2,428,225,852.18
Fiscal Year.
1926
1927
1928
Payments
Received.
520,368.057.25
30,368,940.06
31,644,482.17
Total
482,381,479.48
Note—Additional $10,183,528.63 received since June 30 1928.
Annuities DIM
Under Funding
Agreement.
$30,000,000.00
30,000,000.00
32,500,000.00
$92.500,000.03
Operations of Federal land banks.
During the fiscal year 1928 the Federal land banks closed 31,703 loans.
amounting in the aggregate to $117,234,200. The net amount of mortgage
loans outstanding as of Juno 30, 1928. was $1,184,655,783.80, and the
amount of farm loan bonds issued by Federal land banks and outstanding
on the same data, including $204,746,25 of bonds matured or called for
redemption, was $1,160,954,146.25. These amounts represent increases
of 4.8 and 5.3 per cent, respectively, over the loans and bonds outstanding
on June 30, 1927.
During the year two banks decreased their loan rate from 53 to 5)4%
and two other decreased their rate from 5% to 5%. Only two banks are
now making loans at 5% %. All other Federal land banks are making loans
on a 5 % basis.
National farm loan associations increased in number during the fiscal
year from 4,667 to 4,672.
The combined capital stock of all Federal land banks on June 30,1928.
amounted to $63,886,000, of which $62,591,380 was owned by national
farm loan associations: $738,805, by borrowers through agents; $115, by
individual subscribers; and $555,700, by the Federal Government. The
latter figure was decreased from $842,008 during the year through retirement in the usual manner. The 12 banks reported legal reserves totaling
$11,492,689.90, other reserves of $672,704.23, and undivided profits or
$3,754,620.02.
Operations of Joint Stock Land Banks.
During the fiscal year two joint stock land banks were placed in the
hands sf receivers and two were merged with other banks, reducing the
number of operating banks from 54 to 50,including one in process of voluntary liquidation.
Loans numbering 8,682 and amounting to $48,094,126.33 were made by
joint stock land banks during the year.
The combined capital stock of all operating Joint stock land hal:1kb on,
June 30, 1928, as shown by reports submitted by them to the Farm Loan
Board, was $41,590,960.24; legal reserves were $5,036,811.21; and surplus
paid in, surplus earned, undivided profits, and other capital accounts were
$5,952,718.16. The net amount of mortgage loans outstanding as of June
30, 1928. was $609.580.339.72, and the amount of farm loan bonds issued
by joint stock land banks and outstanding on June 30 1928, was 5591.801.100, including $65,500 bonds matured or called for reemption. In addition,
the three banks in receivership had $48,856,612,26 of mortgage loans and
$61.518.600 of bonds outstanding.
OBLIGATIONS OF FOREIGN GOVERNMENTS
The Treasury received during the fiscal year 1928, on account of the
indebtedness of foreign governments to the United States, the sum of
$208,925,942.69, of which $47,841,166.70 represented principal and
$161,084.775.99 represented interest. Since the close of the fiscal year and up
to November 15, 1928, additional payments have been received, amounting to $10,183,528.63, all of which was for interest on account of the obligaReceiverships.
tions given by France for surplus war materials purchased on credit.
As stated in my last annual report, three joint stock land basks have
All of the funding agreements concluded contain a provision allowing the
respective governments to pay their interest or principal due under the been placed in the hands of receivers in order to conserve their assets and
terms thereof in any obligations of the United States issued since April 6 to protect the interests of all concerned. These banks and the dates when
1917, such obligations to be taken at par and accrued interest to date of the receivers were appointed are:
payment. The Government of Great Britain has consistently taken Kansas City Joint Stock Land Bank of Kansas City, Mo
May 4 1927
Bankers Joint Stock Land Bank of Milwaukee, Wis
advantage of this provision. Belgium, Finland, and Italy have each on
July 1 1927
one Ohio Joint Stock Land Bank of Cincinnati, Ohio
Sept. 1 1927'
occasion made payment in obligations of the United States.
The respective receivers have continued to make every effort to ascertain
The statement below shows the total payments received up to the end
of
condition
the
banks
true
of
which
the
they
have
charge in order to make
of the fiscal year on account of the principal of the funded indebtedness:
full information available to the security holders. A statement regarding
each receivership is published in the quarterly report Issued by the bureau.
In United Sta es Obligations.
The case of the Kansas City bank has been especially difficult because of
Total
Accrued Interest
the chaotic conditions of its affairs. Its relations with subsidiary or affilPrincipal
Country.
Cash.
Face
to Date of
Payments.
concerns have complicated the situation greatly, and much litigation
iated
Amount.
Payment.
regarding various phases of the receivership operations is pending in the
Belgium
$4,200,040.44 $2,428,700.00
$21,259.56 56,850,000.00 courts. No assessments have been levied upon the shareholders of the bank
Czechoslovakia. 9,000,000.00
9,000,000.00 and no formal call has yet been issued for the filing of proofs of claims.
Finland
191,000.00
44,850.00
150.00
236,000.00
Great Britain_._
35,723.62 119,742,700.00
221,578.38 120,000,00.00 Protective committees have been formed by both the stockholders and bondIlungary
40,355.50
40,355.50 holders and have been giving consideration to the possibility of reorganizItaly
10,000,000.00
5,000,000.00
15,000,000.00 ing the bank, but no reorganization plan in detailed, definitive form has been
Lithuania
125,692.50
125,692.50
submitted to the Farm Loan Board for formal action. The receiver issued
Rumania
900,000.00
900,000.00
preliminary report concerning the affairs of the bank as of Oct. 19 1927.
Yugoslavia
600,000.00
600,000.00 a
lie also made a supplemental report dated Jan.4 1928. in the form of a letter
Total
525,092,812.06 5127.216.250.00
8242.965 045159 550nAo AA to the bondholders' protective committee, in which additional information
The following statement shows the total payments received up to the
end was given. W. R. Compton, of St. Louis, served as receiver from May 4.
of the fiscal year on account of interest due on the funded indebtedness: 1927. to Feb. 15, 1928. when he resigned: and H. M. Lang-worthy. of
Kansas City, who had been the receiver's counsel, was appointed as his
In United States Obligations. Total Interest SUCCCSSOT.
In Bonds
Payments,
The bondholders and stockholders of the Bankers Joint Stock Land Bank
of Debtor
Cash.
Country.
Accrued Int. Including
also have formed protective committees. and plans of reorganization have
GovernFace
to Date of
Funded
meats.
discussed, but no detailed, definitive plan has been submitted to the
Amount.
been
Payment.
Interest.
Farm Loan Board for consideration. The valuation of the assets of that
$
$
$
$
$
by the receiver, Howard Greene, of Mulwaukee, showed a deficit
4,865,000.00 1,115,250.00
Belgium
9,750.00 5,990,000.00 bank
of the amount of its capital stock; and, in accordance with the
350,000.00
Estonia
350,000.00 in excess
1,312,419.28
Finland
154,750.00
550.72 1,467,720.00 recommendation of the receiver, the Farm Loan Board, on Jan. 11 1928,
49,761,377.17
Britain
697,896,500.00
Great
2,522,122.83 750.180,000.00 levied an assessment upon the shareholders of the bank to the extent of
220,400.11
Hungary.... 43,555.50
263,955.61 $1,200,000, or 100% of its capital stock, to be paid by them ratably
170,000.00
Latvia
on or
170,000.00 before the first day of March 1928. The
418,439.24
Lithuania__ _ 313,800.00
board authorised the receiver to
732,299.24
5,750,000.00
Poland
extension
of
time
without
an
grant
interest
to any shareholder who paid
5,750,000.00
25% of his assessment on or before that date and who tendered a written
obligation, satisfactorily guaranteed, to pay the balance In three install.
FINANCIAL CHRONICLE
3164
ments of 25 per cent each on or before April 1, May 1, and June 1, 1928.
The payments made to Sept. 1 1928. upon this assessment aggregated
$451,575. Formal call was issued for the filing of proofs of claims, the
expiration date on which was August 31, 1928. Up to that date claims had
been filed covering bonds deposited to the extent of $15,077,500. Two
reports regarding the condition of this bank have been published by the
receiver, one as of Dec. 31, 1927, and the other as of March 31 1928,and
during the summer a detailed appraisal of the assets of the bank was begun.
Valuation of the assets of tne Ohio Joint Stock Land Bank by the receiver,
J. S. Horton. also showed a deficit in excess of its capital stock. On April
6, 1928. in accordance with the receiver's recommendation. the Farm Loan
Board levied an assessment upon the shareholders to the extent of $250.000.
or 100 per cent of the capital stock of the bank. As in the case of the Milwaukee bank, an extension of time without interest was granted to any
shareholder who paid 25% of his assessment on or before May 16 1928, and
gave a written otligation, satisfactorily guaranteed, to pay the balance in
three installments of 25% each on or before June 16, July 16 and August 16.
Up to Sept. 1. 1928, the total amount paid in on account of these assessments aggregated $37,500. Formal call has been issued for the filing of
proofs of claims, the expiration date on which was Sept. 17. 1928. Up to
that date, claims; had been filed covering bonds in the amount of $1,210,.309. A report regarding the condition of the bank was issued by the receiver
as of March 31, 1928.
Operations of Federal Intermediate Credit Banks.
During the fiscal year these banks made original loans to cooperative
marketing associations of $33,963,057.23 and granted renewals of $17,305,493.01. These amounts brought the total original advances to cooperative marketing associations from organization to June 30. 1928. to
$234,975,015.09, and the total renewals to $149,736,383.90. The amount
outstanding on that date was $13,489,734.79.
Original rediscounts in the amount of $59,275,936.35 and renewals
the
aggregating $28,118,982.64 also were made by these banks during
fiscal year. These rediscounts brought the totals from organization to June
30 1928, to $207,297.975.48 for original rediscounts and $92,615,225.15
for renewals. The amount in force at the end of the fiscal year was $55.488,509.99.
Under the law, 50% of the net earnings of the Federal intermediate
tax.
credit banks each year must be paid into the Treasury as a franchise
The amount of net earnings for the calendar year 1927, after deducting
franchise
of
amount
the
and
reserves of $428,777.89. was $737,551.75,
tax paid into the Treasury was $368,775.88. This compares with earnings
of $827,226.13, after deducting reserves of $377,734.49, in 1926 and a
franchise tax payment of $413,613.07 in that year.
On June 30, 1928, the surplus, reserves, and undivided profits accounts
of the 12 banks aggregated $2,745,860.58. This represents an increase over
1116 amount on June 30, 1927, of 20.4%.
eight banks,
At the close of the year the rediscount rate was 43. % for
rate on
5% for two banks, and 531% for the remaining two banks. The
5Y.1% for
direct loans was 455% for eight banks, 5% for three banks, and
it has
one bank. in recent months,on account of general money conditions,
and
been necessary for the,banks to pay higher rates on their debentures,
interest
the
to
advance
therefore,
compelled,
several of them have been
rates on their loans and rediscounts since June 30. 1928.
Indictments for violations of law.
Joint stock
During the year two trials of former officers and directors of
connection with the operations
land banks, charged with violations oflaw in
Minn., and the other at Kansas
of the banks, were held, one at Mankato,
and directors of the
City, Mo. The trial at Mankato of former officers
, Minn.
'Southern Minnesota Joint Stock Land Bank, of Minneapolis
conviction of two of
(formerly of Redwood Falls. Minn.), resulted in the
to nine years' imprisonment
the defendants, one of whom was sentenced
fined $11,000 and the other
in the Federal penitentiary at Leavenworth and
of former officers and
was fined 81,000. The trial at Kansas City, Mo.,
Bank, of Kansas City, Mo.,
directors of the Kansas City Joint Stock Land
two defendants, one of
now in receivership, resulted in the conviction of
Federal penitentiary
whom was sentenced to six years' imprisonment in the
sentenced to one year
was
at Leavenworth and fined $25,000 and the other
charging violations
and one day imprisonment. Trials on other indictments
are pending in the Federal
of the Federal farm loan act and the postal laws
courts.
losses were sustained by
As stated in my last annual report, substantial
largely as the result
the Federal Intermediate Credit Bank of Columbia,
credit corporation for
of improper conduct on the part of officers of a
farmers' notes. Inwhich the bank had rediscounted a large volume of
were presented to
dictments against former officers of that corporation
the making of false
the United States court at Columbia, S. C., alleging
Federal Interstatements for the purpose of obtaining advances from the
211 (b) of the
mediate Credit Bank of Columbia in violation of section
in violation
Federal farm loan act, and a conspiracy in the same connection defendants
trial of the
of section 37 of the United States criminal code. The
January 9 1928, to
on the charge of conspiracy was held at Columbia from
of the defendants,
February 14 1928, and resulted in the conviction of three
Federal penitentiary
two of whom were sentened to serve two years in the
in the county
months
six
at Atlanta. Ga., while a third was sentenced to
(b) of the Federal
jail. Trials on the indictments for violation of section 211
farm loan act have not yet been held.
STABILIZATION IN
GOLD EXPORTS TO AND MONETARY
FOREIGN COUNTRIES IN 1928.
there was an almost
From the autumn of 1920 through August 1927,
for five
continuous flow of gold to the United States from abroad, except
1927, a substantial
months at the turn of 1924 and 1925. In September,
a year. The
outward movement began and has continued for nearly earmarked or
monthly net exports or imports of gold, the net amounts
upon our
two
these
of
effect
released from earmark, and the combined
October 1928, were as
monetary gold stock from July 1 1927, through
follows:
Increase(+) or Corrected Net
Excess of
Decrease(-)in Imports(+)or
Imports(+) or
Earmarked Gold. Exports
Exports
July 1927
August 1927
September 1927
October 1927
November 1927
December 1927
January 1928
February 1928
March 1928
April 1928
May 1928
June 1928
July 1928
August 1928
1928
September
--._,.....__ ......
+5184
-2,501
-9,000
-25,001
-40,000
-8,500
+5,500
+2,868
+35,800
+45,740
-26,539
+30,053
+60,947
+5,916
-1,200
Si 9n0
t +1,L41111111 ++
41mwogA'wo,VMA
(-).
(-).
+58,935
+8,353
-11,465
-8,642
-53,184
-67,418
-13,766
-11,120
-94,853
-91,150
-81,721
-79.932
-63,859
+747
+463
.1.13 290
[VOL. 127.
•
D,spite this loss of gold through exports and earmarking amounting to
about 8500.000,000 during the fiscal year, our present total gold stock is
greater than at any time previous to September 1923 represents more than
40% of the central gold holdings of the world, and is nearly four times
as large as that held in any other country. The gold reserve held by the
Federal reserve banks is about $1,000,000.000 in excess of legal requirements.
although the reserve ratio of these banks fell from 74.3% to 63.4% during
the fiscal year. It was 67.2% on October 31.
The gold export movement from this country during the year has contributed to the increase-1n the gold stock of a number of foreign countries.
Changes in the gold holdings of the central banks and governments of the
principal countries of the world and in the operating reserve ratios of the
central banks of these countries during the last fiscal year were as follows:
[End of June figures.]
Central Gold Holdings.
Country.
1927.
1928.
Inc. or Dec.
Reserve Position of Central Banks Ratio of
Reserve Material to
Notes and Deposits.
1927.
1928.
$
63.4
74.3
United States_ 4,202,000,000 *3732000,000 *-470,000,000
a77.7
66.2
875,000,000 a1136000,000+261,000,000
France
33.4
30.0
840,000,000 838,000,000 +98,000,000
Great Britain_ _
37.1
20.0
452,000,000 616,000,000 +164,000,000
Argentina
47.7
47.9
544,000,000 542,000,000 -2,000,000
Japan
58.9
57.0
501,000,000 503,000,000 +2,000,000
Spain
40.4
34.0
+67,000,000
Germany
429,000,000 496,000,000
52.3
39.7
Italy
225,000,000 257.000,000 +32,000,000
72.2
62.8
+13,000,000
175,000,000
162,000,000
Netherlands
Other countries_ 1,287,000,000 1,437,000.000 +150,000,000
9,417,000,000 9,732,000,000 +315,000,000
Total
*Treasury and Federal Reserve banks. a Partly estimated.
The increase in central gold holdings in foreign countries and the rise in
the
the reserve ratios offoreign central banks have not resulted entirely from
transfer of gold from the United States to those countries. Their gold
holdings have been augmented by new gold production available for monetary use, which has amounted to about $200,000,000 of the $400,000,000
production for the year, gold obtained from hoards, especially in France,
and gold released from pledge, particularly that held by the Bank of England. A contributing factor has been the decrease in India's demand for
gold as compared with years previous to the establishment there of the gold
exchange standard.
The gold exports from the United States have been important in promoting the return of the currencies of various countries to a gold basis. The
major part of these exports went to the following countries:
$257,000,000
France
131,000,000
Argentina
.55,000,000
Brazil
41,000,000
United Kingdom
27,000.000
Germany
20,000.000
Italy
11,000,000
Uruguay
8,000,000
Poland
States.
United
The exports to France, the chief recipient of gold from the
to Argentina, second in the list, and to Italy and Poland were definitely
Brazil
connected with their return to the gold standard, while exports to
and Uruguay were a part of the preparations for such reform. Gold purReichsthe
of
chases by Germany have strengthened the reserve position
bank, and the exports to England occurred during the legislative consideration of the amalgamation of the currency issues of the bank and the treasury,
the last etep in England's monetary reconstruction.
Steady progress has been made, particularly in the last three years, toward
the return to gold or gold exchange standards in foreign countries. Salvador, Lithuania, Latvia, Colombia. Sweden, and Austria were put on a gold
basis between January 1920, and June 1924. Germany followed in October
1924, and the currencies of England, Australia, New Zealand, South Africa,
Netherlands, Dutch East Indies, Hungary, and Danzig were stabilized in
April and May 1925. Chile, Finland, Canada, Belgium, Denmark,
Czechoslovakia, Guatemala, and India followed at various times between
July 1925,and July 1927. During the fiscal year 1928, Ecuador, Argentina,
Poland. Italy, Estonia, Norway. Greece, and France were added in the
months of August, October, and December 1927, January, May, and June,
1928.
The French stabilization is an important step in the return of the world
for
currencies to stability in terms of gold, and is particularly significant
markets
world finance and trade because in recent months world money
conin
funds
have been considerably affected by the large movement of
of the
nection with French financial reconstruction. Legal stabilization
The
French currency on a gold basis became effective on June 25 1928.
The
value of the franc was fixed at 653,5 milligrams of gold, 9-10ths fine.
cents
3.9179
gold parity between the franc and the dollar is thereby fixed at
that
to
equal
ly
per franc or 25.5239 francs to the dollar, a rate approximate
the preunder the de facto stabilization of the French currency during
bullion standceding year and a half. At present France has a form of gold
further legislaard which can become the traditional gold standard without
notes either
tion. The Bank of France is given the option of paying its
now fixed by
quantity,
minimum
certain
a
of
in gold coin or in gold bullion
France
the bank at 215,000 francs. The fixed limit on the issue of Bank of
a mininotes has been removed and the bank is required by law to maintain
It
liabilities.
mum gold reserve of 35% of its notes and other demand
loan
is noteworthy that the French Government did not require a foreign
such as
and that the Bank of France did not obtain a central bank credit,
was secured by central banks of several other countries in connection with
their stabilization programs.
Annual Report of Secretary of Agriculture. Increased
Farm Income Forecast For Present Crop yearLegislation Urged For Control of Surplus Farm
Products.
Indications are that the gross income of American agriculture for the crop year 1928-29 will be larger than that
of the preceding crop year, says Secretary of Agriculture
William M. Jardine, in his annual report to the President,
crop
made available Dec. 1. The report states that in the
year 1927-28 the gross income of American agriculture
from all products amounted to $12,253,000,000, compared
with $12,127,000,000 in the crop year 1926-27 and $12,670,the total
000,000 in the crop year 1925-26, in which year
as the
that
added
Is
It
1919-20.
was the highest since
DEC. 8 1928.]
FINANCIAL CHRONICLE
present marketing season still has some months to run, it
Is not yet possible to estimate its probable financial results
In detail.
The expectation of an increased gross income, the report
indicates, is based chiefly on the fact that the livestock industries have prospered conspicuously. Substantially larger returns than those of the preceding year will be earned
by dairymen, beef producers, and poultrymen. Hog raisers
likewise have grounds for optimism. In the early part of
1928 hog prices were unsatisfactory, but the later months
brought great improvement. Returns from cash grains,
hay, tobacco, and potatoes will be smaller than in the preceding crop year.
In general, says Secretary Jardine, the situation is less
uneven than in any year since 1920. There are fewer distress areas. Many branches of the agricultural industry
record new gains in the efficiency of production, and likewise in the adjustment of supply to demand. In all probability the improvement in gross income will be reflected in
a proportionate increase in net income, because the evidence available indicates that production costs in 1928 were
not larger than in 1927 and may have been smaller.
In discussing in the report the subject of agricultural
relief, Secretary Jardine advocates the enactment of legislation "for the control of recurring surpluses of farm products so as to minimize price fluctuations." We quote herewith what he has to say on the subject:
3165 '
ords at many stations. These adverse conditions, however, were largely
offset by generally favorable harvesting weather in the more important
agricultural States, and the upward trend recorded in farm production
in the last few years continued.
"Acreage of crops harvested was the largest on record, exceeding that
of 1927 by 8,000,000 acres, or 2.4%, the increase being larger than that
of any year since 1918. It should be recalled, of course, that the area
harvested last year was diminished by the Mississippi floods. Expansion of acreage is not always desirable, and the expansion this year in the
case of certain crops—notably potatoes—was definitely undesirable. Expansion of acreage, hcwever, is at least a mark of confidence in the future of agriculture. The increase was pretty well distributed throughout
the country and was divided among cotton, spring wheat, potatoes, and
other leading crops. A decline representing a shift to more intensive
crops took place in the acreage previously devoted to hay.
Cotton Acreage Increased
"Cotton was planted on about 46,700,000 acres, an increase of 11.4%
over the acreage planted last year. As a result, the area in cotton was
only 4% below the record acreage of 1926. Losses from the holl weevil,
however, were the heaviest since the first few years after that pest spread
through the Cotton Belt. Weather conditions were unfavorable for
cotton. In consequence the cotton crop in October was estimated at
less than 14,000,000 bales, compared with 17,977,000 bales in 1926. Last
year's small crop of 12,955,000 bales was held down by acreage reduction,
boll-weevil damage, and the Mississippi floods. Although cotton prices
now are lower than those prevailing in October 1927 the market has showed
strength recently. Since the production is greater than last year, the
outlook for cotton incomes is encouraging.
"Our wheat production exceeded 900,000,000 bushels for the first
time since 1919. The increase was mostly in hard winter and in durum
wheat. Indications are that the world's supply of wheat for the 1928-29
marketing season will be about 5% greater than that of the 1927-28
season. Canada, our most important competitor in wheat, has a record
crop, although a part has been reduced in quality by frosts. Europe,
outside of Russia, has a crop somewhat larger and of better quality than
that of last year. But the increase in the world's supply will be considerably offset by an increase in the demand. In Europe the consumption of wheat will probably be stimulated by its relatively low price, and
by the fact that the corn crop in southern Europe is short. Moreover,
Russia's rye crop is short, and that country will probably import more
wheat than it did in 1927-28. Turkey and northern China have short wheat
crops. The prospect is for consumption of this season's large wheat production to an extent that should leave only a comparatively small increase in the carry-over.
The betterment of agriculture necessitates a combination of individual
efficiency, co-operative enterprise and wise public policy. Many of
the
fundamental principles that make for success in industry and
trade can
be applied to agriculture.
"It is necessary to reduce wastes in production and distribution, to
expand markets, to find new uses for agricultural products, to
organize
producers for greater bargaining power, and to invoke
Government aid
in research and in the maintenance or creation of favorable
market con.
ditions. Legislation should be enacted for the control of
recurring surpluses of farm products so as to minimize price fluctuations.
Improvement in Livestock Industry.
"On this subject I presented my views in detail last year. On this
occa''General improvement in the livestock industry, in which all its
sion it will suffice to outline them briefly.
branches shared, was the most outstanding development in the 1928
"The surplus problem is of vital importance not only to
agriculture agricultural situation. Cattle prices
continued the advance which started
but to the Nation as a whole. It is therefore proper to make the
solution late in 1926, and by last midsummer
reached the highest average level
of it in some measure a governmental responsibility. This need
not in- ever recorded in peace time. Hog prices
volve going further than the Government has gone in aid of
early in the year touched the
other eco- bottom of a long decline which
had started 18 months previously and
nomic interests, although legislation dealing with the agricultural
surare
in
upward
now
the
swing
of
a
necessarily
plus
new price cycle. Lamb prices were
must be sufficiently different from other
legislation to well maintained notwithstanding
increased production. Wool prices were
meet the peculiarities of the problem. No law dealing with this
question higher. Range conditions generally
were fair to good throughout the
would be entirely adequate at first.
year; all sections were free from serious droughts. Abundant supplies
"Changes in a surplus.control program probbaly would be
necessary in of corn, hay, and other feedstuffs
were harvested.
the light of experience. As an initial step it should suffice
to create a
'In short, the livestock industry is now in the best-balanced condition
Federal farm board with adequate authority to finance the
handling of it has held for many years.
surpluses through central stabilization corporations, for
Production of cattle, hogs, and sheep has
which purpose been adjusted more
nearly in line with consumer demand for meats at
a revolving fund should be provided. Advisory councils
responsible to prices assuring reasonable profits
to the livestock producers. Total prothe farmers should be created to assist the board. In this way
the
surmeats
duction
of
from inspected slaughter for the calendar year 1928
plus problem would, I am convinced, be brought nearer to
a solution.
will probably be slightly larger than in either 1927 or 1926. Total
"Much can be done for agriculture through indirect
government assist- gross income from livestock
sales will be larger than last year, and will
ance. Farmers and business men interested in agriculture
maye co-operate be almost equal to
that of 1926, which was the highest in recent years
in promoting standardization on the basis of grades and
inspection facili- as a result of that years'
high level of bog prices. This year the proties made available through administrative services.
portion of the gross income distributed to cattlemen will more nearly
Advantage can be taken of the extensive economic data
regularly pub- equal that going
lished by the Department of Agriculture. This information
to hog producers. Sheepmen also will receive a larger
is indispen- share.
sable to a satisfactory adjustment of production to
market require"Prosperity was brought to the livestock industry through readjustments. Its interpretation and practical application
necessitate action ments in production,
whereby producers reduced their breeding herds
by the farmers themselves, individually and through their
organizations.
and disposed of burdensome surpluses. This readjustment was completed
The indirect assistance given by the Government to agriculture
through
sheep
the
in
first
industry
efforts
to
reflect
about 1922. It was not until 1927 that
its
premiums for quality goods in prices at the
farm market supplies of cattle were reduced
can scarcely be overestimated. I have already given details
sufficiently to cause a material
work done to encourage the production of high-protein wheat concerning rise in the general level of cattle prices. The production cycle of hogs
and
better
is of much shorter duration than that of cattle and sheep. Hence the
staple cotton. In the long run help of permanent value to
agriculture swine industry within the last six
will result from just such activities as these, whereby
years has experienced two periods
facilities
are
encouraging
a surplus production and low prices, and one period of small supplies
created for
quality production by cash rewards.
and high prices. It has now entered its second period of reduced proFarmers' /Aare of Consumers' Dollar.
duction. An upward swing of prices is in progress, which assures hog
producers a favorable outlook for the coming year.
Vigorous efforts should be made to reduce costs
and risks in mar"Generally favorable conditions prevailed this year for the dairy
keting. The prices paid by consumers for farm commodities
are
in
many
industry.
Prices were good and the returns to producers relatively
cases adequate to insure satisfactory returns to the farmer
distribution costs can be reduced. In other words, the provided high better than those of some other leading farm enterprises. Supplies of
task
is
to in- roughage and hay were large, and this fact,
crease the farmer's share of the consumer's dollar. On this
despite high prices for
scattered' information is available from which I might problem much concentrated feeds, gave dairymen a margin of returns over feed costs
cite
numerous
as wide as or wider than that of several recent years. Although total
striking examples. I refrain, however, because the whole
problem has milk production was about the same as
not been adequately studied, and a jtist estimate of it
in 1927, output of cheese, dry
without much more comprehensive information than we cannot be made milk, and ice cream increased, while that of condensed and evaporated
at
sess. Accordingly, I repeat my previous indorsement of present pos- milk and butter decreased. A steady upward trend in the consumption
census of distribution, which should go a long way toward the proposed of market milk and cream was recorded, but data are not yet available to
disclosing the show whether this increase sufficed to offset
weak links in our distribution system and indicating
the indicated decrease in
opportunity for spe- the consumption of butter
and condensed and evaporated milk."
cific improvements. Wide spreads between farm prices and
consumers'
usually
the
result not of excessive charges by
prices are
middle men and
In addition to reviewing the general position of agriothers, but of execssive service costs. The remedy is not
necessarily to culture, and agricultural relief problems, the
eliminate the middlemen, but rather to discover means of
report disspeeding up and
cheapening the distribution prows.
cusses farm land values, farm taxation, the tariff and agri-
Reviewing the season's production, the report
says:
"The season was one of heavy production despite hampering
weather
conditions in some areas. Yields per acre were about
3% above the
average for the last 10 years and about 1.7% above those
of last year.
Good yields were harvested except in the eastern and central
parts
Cotton Belt, in parts of the eastern Corn Belt, and in an area of the
by drought, comprising most of South Dakota, western Nebraska, affected
eastern
Colorado, New Mexico, and southern Texas. Sharp changes
in
ture in the spring destroyed the winter wheat seeded on fully tempera10,000,000
acres and thinned the stand on a large additional acreage.
complicated by a cold and wet June. In the late summerReseeding was
and fall the
South Atlantic States had torrential rains that set new
precipitation rec.
culture, farm credit facilities, agricultural co-operation, and
other important agricultural problems. Considerable space
is devoted to recounting research and regulatory work done
by the various bureaus of the department. Federal-aid road
construction is chronicled, and numerous discoveries made
by department scientists in chemistry, plant and animal biology, and entomology are recorded. The report also discusses departmental problems, including the financing of
research. Particular attention is devoted by the Secretary
to certain economic services maintained by the department
,
3166
[VOL. 127.
FINANCIAL CHRONICLE
Including crop reporting, market news, efforts to obtain better recognition of quality at country markets for cotton and
wheat, and price analysis.
Annual Report of Secretary of Labor-Condition of
Bituminous Coal Industry-Miners Wage Agreements in Various States.
In reviewing the industrial condition of the bituminous
coal industry for the Congress, Secretary of Labor James
J. Davis, in his annual report, says:
At the close of the fiscal year ended June 30 1927 the dispute over
the wage scale in the bituminous coal fields was in effect, particularly
In western Pennsylvania, northern West Virginia, Ohio, Indiana, Illinois,
Iowa and the Southwest districts.
The suspension started some months previously, and grew out of a dispute regarding the Jacksonville wage agreement which had been effective
from April 1 1924 th March 31 1927. The coal operators contended that
they could not continue to pay the Jacksonville scale and compete in the
markets. The union miners insisted that there could be no reduction in
wages.
In the early part of October, 1927, a temporary agreement on the
Jacksonville wage basis extending same to April 1 1928 was reached in
Illinois, Indiana, Iowa, and the Southwest districts.
The strike in northern West Virginia, Ohio, western Pennsylvania, and
central Pennsylvania grew to serious proportions, and, at the request of
the miners' officials for a conference, the Secretary of Labor invited the
coal operators and the miners' representatives to meet him in his office
December 13 1927. The invitation stated that the meeting would be for
frank discussion of all problems and issues affecting the mining industry,
with the object of bringing about, if possible, a satisfactory and peaceful
situation in the coal fields affected by the suspension.
Many of the coal companies invited did not accept the invitation and
were not represented in the conference. Several of the companies in
declining the invitation to attend stated that they were operating on the
Jacksonville wage scale and had no desire to enter into negotiations with
the miners' representatives. However, the operators were represented from
each of the fields when the conference convened in the office of the Secretary of Labor on Dec. 13 1927. The international and district officials
of the miners all accepted the invitation to the conference. The lack of
a larger and more representative attendance on the part of the operators
prevented any constructive action looking to the development of any plan
of settlement of the dispute, or the adoption of any proposal that might
be used as a basis to begin joint negotiations to discuss and consider all
the ills of the industry. The joint conference was adjourned on the afternoon of the first day's session, but a committee of operators and miners
was requested to remain and with the Secretary endeavor to reach an
understanding. In view of the comparatively small annual tonnage represented at these conferences, it was evident that no real progress could
be made; and finally, after two days spent in frank discussion, the committee adjourned subject to call.
The temporary agreement in Illinois, Indiana, Iowa, and the Southwestern districts expired on March 81 1928. However, some individual
agreements were entered into.
In July 1928, International President John L. Lewis, of the United
Mine Workers of America, called a meeting of the international policy committee to convene at Indianapolis, Ind., on July 11. This meeting continued in session until July 18, during which time careful consideration
was given to the situation existing in the bituminous coal fields. It was
finally agreed that the respective districts' committees could work out
their own agreements subject to ratification by the miners. Since that
meeting some of the Ohio miners and operators, and a majority of the
mines in the Southwest, the latter comprising Kansas, Oklahoma, Arkansas,
and Missouri, have reached agreements on a new wage scale. Illinois
signed an agreement with a $6.10 a day wage scale and a 17 cents per
ton mining reduction. Iowa agreed upon a rate of $5.80 and a proportionate tonnage reduction. Wyoming settled upon a day-rate basis of
$6.72 and a pick mining rate of 85 'cents per ton. Negotiations in some
of the remaining fields are being conducted.
On Oct. 18 1928, the Indiana operators and miners entered into a
State-wide agreement on a reported scale of $6.10 per day and 91 cents
per ton mining rate.
Miners' Officials report several additional agreements have been reached
with individual companies in many districts throughout the country.
Annual Report of Secretary of Labor-Wage Rates in
Various Trades-Wage Index Number 1840 to 1926United States Employment Service.
Secretary of Labor James J. Davis, in his annual report
of the activities of his department for the past year, stated
that for a number of years the Department of Labor,
through the Bureau of Labor Statistics, made an annual
survey of union scales of wages and hours of labor for
trades paid on a time basis. Data for 66 representative
cities are collected as of May 15 each year by personal
visits of special agents of the bureau in the case of 50
cities and by co-operation of the State bwreaus of Massachusetts, Pennsylvania and Ohio for the other 16 cities
located within those States.
The report for 1927 covered bakers, building trades, chauffeurs and teamsters and drivers, granite and stone cutters,
laundry workers, linemen, longshoremen, book and job and
newspaper printing trades, street-railway motormen and
conductors, bus drivers, and barbers. Trades in the above.
groups are shown separately for each of the 66 cities and include a total of 862,308 trade-union members for whom minimum wages and maximum hours under agreements are
shown.
The average hourly wage rate for 1927 of all time trades
covered was $1.19 as compared with $1.15 in 1926, or an,
average increase of 4 cents per hour. This upward movement, it is stated, was very general among the various organizations, but the amount of increase was by no means
uniform and some trades suffered slight losses. Thus, of
the 74 time-work trades covered by the survey, 63 obtained
increased wages in 1927 as compared with 1926, while the
remaining 11 showed slightly lower average rates in 1927
than in 1926. The showing by principal trade groups is as•
follows:
AVERAGE HOURLY WAGE RATES IN SPECIFIED TRADES IN 1926 AND•
1927 AND INCREASE, 1927 OVER 1926,
1926.
1927.
Increase
1927
Over
1926.
50.925
1.278
0.863
1.330
0.441
0.993
0.835
0.997
1.165
0.662
50.957
1.323
0.704
1.321
0.432
0.991
0.817
1.021
1.190
0.682
50.032
0.045
0.041
*0.009
*0.009
*0.002
*0.018
0.024
0.035
0.020
Average Hourly
Wage Rate.
Trade Groups.
Bakers
Building-trade workers
Chauffeurs, teamsters, and drivers
Granite and stone cutters
Laundry workers
Linemen
Longshoremen
Printing and publishing-Book and lob
Newspaper
Motormen and conductors
51.148
51.190
50.042
Average for all trades_a
•Decrease. a Not including piece-workers or street railway motormen and
conductors.
Under the direction of the Secretary of Labor Davis, the
Bureau of Labor Statistics has brought up to the close
of 1926 a series of index numbers of general wage rates
(other than agricultural) beginning with the year 1840.
The compilation is not, and can not be, all inclusive, but
it is based on such a volume of data as to make it at least
fairly indicative of the trend of wage rates.
The compilation referred to is reproduced below and
serves a valuable purpose in giving a broad picture of
wage movements during a period of almost 90 years.
CURRENCY BASIS DURING CIVIL WAR PERIOD. 1913=100.
Secretary of Labor on Industrial Disputes in the
United States.
A statement issued Nov. 26 by the office of the Secretary
of Labor at Washington said:
In preparing material for his next annual report to Congress, the Secretary of Labor, James J. Davis, finds that during the past fiscal year
Commissioners of Conciliation were assigned to 478 industrial disputes;
of this number 307 were settled directly by the commissioners, 53 cases
were pending at the end of the fiscal year, 57 cases were recorded as
"unable to adjust" and 61 cases are carried as "unclassified." The latter
designation implies that settlement was immediately effected by the parties
directly interested; the Commissioner arrived after agreement was reached;
or the case referred for conciliation did not warrant services of representative. In some cases plants were permanently closed, or the workers
had gone elsewhere, &c., &c. In addition to the cases arising during the
time covered by this report, 13 cases coming over from previous years
were also adjusted.
CASES REPORTED FROM VARIOUS STATES DURING THE FISCAL
YEAR 1928.
26
6 Oblo
1 Maryland
Arizona
9
48 Oregon
11 Massachusetts
California
Pennsylvania
3
93
Michigan
3
Colorado
9
6 Rhode Island
12 Minnesota
Connecticut
7
10 Tennessee
District of Columbia__ 3 Missouri
2
Texas
1
Montana
29
Illinois
7
4 Washington
31 New Hampshire
Indiana
2
36 West Virginia
15 New Jersey
Iowa
3
91 Wisconsin
4 New York
Kentucky
2
4 North Carolina
Maine
478
Total
The number of workers directly affected in these disputes was 146,877,
and workers indirectly affected, 205,151.
Year.
1840
1841
1842
1843
1844
1845
1846
1847
1848
1849
1850
1851
1852
1953
1854
1855
1856
1857
1858
1859
1860
1861
Index.
33
34
33
33
32
33
34
34
35
36
35
34
35
35
37
38
39
40
39
39
39
40
Year.
1862
1863
1864
1865
1866
1867
1868
1869
1870
1871
1872
1873
1874
1875
1876
1877
1878
1879
1880
1881
1882
1883
Index.
41
44
50
58
61
63
65
66
67
68
69
69
67
67
64
61
60
59
60
62
63
ft4
Year.
Index
64
1884
64
1885
_64
1886
1887-------67
67
1888
68
1889
69
1890
1891
69
69
1892
1893
69
1894
67
1895
68
1896
69
69
1897
1898
69
70
1899
1900
73
1901
74
1902
77
80
1903
1904
80
R2
MI5
Year.
1906
1907
1908
1909
1910
1911
1912
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
Index,
85
89
89
90
93
95
97
100
102
103
111
128
162
184
234
218
208
217
223
226
229
In presenting the above the Department says:
The early part of 1920 was a period of great industrial activity, and in
this period employment and hourly earnings reached their highest point.
A sharp downward trend of emplyoment occurred in the latter part of the
year. There was a great reduction in employment in the depressed year,
1921, accompanied, as might be expected, by a reduction in wage rates.
The slump continued in 1922. As business conditions improved in 1923
there was a gain in wage rates, which has been augmented each succeeding
year.
According to Secretary of Labor Davis the United States
Employment Service is very helpful to the wage earners
DEC.8 1928.]
FINANCIAL CHRONICLE
of the country. During the last fiscal year, in co-operation with the several States, it placed 1,412,645 men and
women in employment. The number of registrations was
Z259,005, opportunities offered 1,607,344, and the actual
placements 1,412,645. Of those who were registered and
were not placed by the public employment service, most of
them received employment through other opportunities. The
3167
major portion of the expense of maintaining the public employment service is borne by the several States and municipalities. The Federal Government, however, makes a small
financial contribution to assist the several States, as well
as provides forms to conduct its work, and renders other
valuable assistance. The United States Employment Service acts as a medium for the clearance of labor.
Indications of Business Activity
I
THE STATE OF TRADE—COMMERCIAL EPITOME. been quiet and lower with no export trade. The movement
Friday Night, Dec. 7 1928.
of wheat, corn, oats, rye and barley from the farm has at
The retail trade has been stimulated by more seasonable times looked pretty large. The significant thing is, it has
weather. In fact at the West the temperatures have been had so little effect on prices. Provisions have not shown
at times well below Zero. Rains and snows in some portions much change.
of the Western section have not militated against holiday
At Tampa, cigar manufacturing in November was contrade. That indeed has been quite brisk under the stimulus considerably larger than in the same month last year.
of falling temperatures. Industry is operating on a larger Tampa is selling cement to be used on the Panama Canal.
scale than a year ago. That is plain. The trade in heavy New England reports a better business in sole leather. As
clothing as a matter of course has been increased by the cold to the reports of employment they not unnaturally show
weather. Another thing is noticeable. Holiday buying is larger totals than a year ago for trade is better. Detroit
earlier than usual as well as on a larger scale. Wholesale employment in spite of a decrease for the week of 2,300 still
and jobbing trade compares favorably with the best weeks reaches a total of 272,000 as against 198,650 a year ago and
of the early Fall. In some lines industry has shown the 192,700 in 1926. That is to say the gain this year is 73,450
usual dropping off incident to the closing month of the year, over last year and nearly 80,000 over 1926. It is true that
bur for all that the comparison with Dec. 1927 is gratifying, there has been a decrease from the peak in the third week of
There is less activity in iron and steel than in October and September when the total was 300,759, of about 28,600.
prices though nominally steady seemed to yield at times In other words employment at Detroit keeps up remarkably
under increased competition, especially when worth while well.
tonnages are involved. A decided break in the stock market
Coffee has declined, partly owing to European selling
coincident with the rise in money to 12% has had no effect coincident with declining prices in Europe and a lack of
on sentiment in general trade for the reason that according to support by the Defense Committee of Brazil. It is noticed
the law of markets a reaction was overdue.
that unless the committee gives constant support the price
Not only is heavy clothing selling better, but there is a falls, for the trade demand is not large enough of itself to
larger trade in shoes, knitwear, furs and fur trimmed cloth- sustain prices. There have been some reports of falling
ing. Moreover, there has been an excellent demand for berries in the plantations of Brazil, but they have no real
radio apparatus, silks, rayon fabrics, furniture, hardware, effect here. The spot trade is poor; that goes to the quick.
rugs, and so forth, or, in other words articles which are apt Raw sugar has been firm, but with no great amount of
to be in greater demand than usual at the holiday season, business either in raw or refined. The withdrawals of
New England's textile trades are in better shape. The refined have been rather large, but new business has lagged.
Christmas holiday maybe shortened there and at the South on Rubber has advanced partly in response to higher prices in
that account. Some wholesalers and jobbers are selling goods London where there has of late been a good demand, while
more freely on the eve of inventory sales in western centers. American manufacturers have been buying more freely in
With lower temperatures it is not surprising to notice that Singapore and some are inclined to reduce the estimates of
the demand for coal has increased and that prices in some the Malayan exports for December rather sharply as cornparts of the country are a little firmer. There is no tend- pared with the total of 68,000-tons for November. Whether
ency, however, toward a marked advance in coal; supplies the decline in rubber has culminated or not remains to be
are not deficient by any means. Soft coal output in Ohio seen, but certainly the tone here has been better.
and Illinois has in fact increased; supplies of coal in Lake and
Cotton has declined moderately on liquidation on the eve
nearby markets have correspondingly expanded. Automo- of the government report on the 8th inst. The general idea
bile manufacturing shows something of a lull on the eve of of the crop is now 14,100,000 to 14,200,000. The Governnew model work but at Detroit trade continues to be brisk ment report will appear at 11 a. m. on Saturday, Dec. 8.
in one case at the peak output of the year. The building Meanwhile the spot demand runs well ahead of that of a
and agricultural implement industries are sufficiently active year ago, exports are remarkable, now being over half
to use rather heavy tonnages of steel. Purchases of steel million bales more for the season than at this time last year,
rails are said to be on a rather better scale. Chicago reports and spinners takings making a very good showing as well.
a better inquiry for cars and locomotives. Of iron ore the It is true that the quantity brought into sight still reaches a
Lake shipments for the season are 6% larger than in 1927. large total weekly, that is in the neighborhood of 700,000
Some falling off in the demand for soft wood and lumber is bales, but it is believed that this large movement simply
noticed and the west coast production is stated at 178,086,007 registers the shipment of cotton to the ports for export.
feet as against an average weekly operating capacity for three Europe shows more anxiety to buy. The trade keeps
years past of close to 244,000,000 feet.
"calling" cotton here and this fact tends to prevent any
Wheat has fluctuated within narrow limits. December marked sagging of prices, even though talk of crop below
advancing, but other months being inclined to sag with 14,000,000 bales is received with less credence than recently.
export business in general small though it improved someThe Stock Market has been weak. On the 6th inst.
what to-day. Wheat supplies are enormous, but it is stocks fell 5 to 20 points on huge liquidation with call money
noticeable that the declines meet buying in sufficient volume up to 12% for the first time since 1920. At the same time a
to prevent any really marked break from about the present Stock Exchange seat sold at $595,000 a new high mark.
level whatever interpretation may be put upon this resist- To-day Stocks dropped 3 to 27 points in a tumultuous specuance. To some it would suggest that possibly the decline lation with the trading approximating 6,200,000 shares and
has culminated. Corn prices on the whole have been call money 9%. Some of the specialties like Radio, Victor
comparatively steady or generally with only fractional
&c. were noticeably weak. Time money was higher at
declines reports of European cancellations being offset in a
4%. The decline was partly due to a bear raid
73
, to 73
measure by smallness of receipts at the western centers and but largely to an over-bought condition. The drop in
statements that England, Holland and Germany have money of 3% to the quotation of 9% was due to the increase
inquiring on this side for corn at something under current in foreign offerings of funds. Convertible bonds declined
prices. The fear is that corn receipts, however, will increase in response to the fall in stocks.
materially in the near future, although at the moment the
New Bedford, Muss. mills reported greater activity in
country shows no disposition to press this grain on the cloth and yarn markets there as well as in other New England
market. Oats have advanced with a good statistical centers. Manchester, N. H. advices said that a number of
position and a steady cash demand. Rye moreover has mills in that section of New England, especially the cotton
3168
[vol. 127.
FINANCIAL CHRONICLE
plants, are to-day enjoying better business than they have
Unfilled Orders.
The general index of unfilled orders was slightly lower than for the preexperienced since 1922. Many departments in various
vious month and October of last year. Compared with September, unplants are reported working nights and some departments filled
orders for textiles and transportation equipment were larger but
are behind on orders. As a result of textile help moving to forward business on the books of lumber mills declined. As compared
other sections and going into other lines of manufacture, with a year ago, iron and steel and lumber showed larger unfilled orders,
while textiles declined.
the mills are having more or less trouble in obtaining the
The index numbers of the Department of Commerce are given below,
right kind of help. In the Blackstone Valley of Rhode together with the industrial production index of the Federal Reserve Board.
Island textile operators went to work on the 3rd inst. with
1928.
1927.
a new wage scale in effect. It was generally understood to
Index Numbers, 1923-1925=100.
Sept.
Oct.
Oct.
be a 5% reduction from the former rates, in line with the
reductions made recently in New Bedford and Fall River
Production—
materials:
mills. No sign of protest was said to be visible as the opera, Raw
Animal products
92
95
102
Crops
219
178
251
tives went to the various mills. The corporations which
Forestry
78
84
1)96
114
last week announced the reduction, believed to be 5% in- Industrial (compiled by Federal Reserve Board):
114
103
Minerals
108
114
105
cluded Manville-Jenckes Co. which has mills in Woonsocket, Total manufactures (adjusted)
116
114
102
Iron and steel
127
125
94
Pawtucket, Manville and Georgaville; Lonsdale Co. which
Textiles
111
113
108
Food products
97
99
94
has mills in Ashton, Berkely and Lonsdale in the Blackstone
Paper and printing
111
118
Lumber
Valley and also mills in the Pawtucket Valley; Valley Falls
82
81
94
139
Automobiles
120
70
Co. with a mill at Valley Falls and J. & P. Coats (R. I.)
Leather and shoes
111
106
108
Cement, brick and glass
126
119
108
Inc., employing several thousand workers in the manuNonferrous metals
116
118
106
Petroleum refining
162
142
facture of threads at Pawtucket. Other mills had preRubber tires
165
168
116
viously announced wage reductions. Pawtucket, R. I. reTobacco manufactures
129
127
121
ported that 12,000 Rhode Island operatives returned to work
Commodity Slacks—
Total
131
132
115
on Dec. 3.
Raw materials
149
120
149
110
108
109
In the Greensboro, N. C. district the Cone mills are run- Manufactured goods
ning well up to capacity and in some departments are workUnfilled Orders;
73
68
75
ing nights. Spartanburgh, S. C., reported that cotton mill Total
84
74
Textiles
69
66
Iron and steel
75
75
men in that section of the Southeast are inclined to favor
62
63
Transportation equipment...
60
62
74
Lumber
84
the proposal which would put the stocks of local mills and
others in that section on the New York Cotton Exchange
Greenville, S. C. reported textile plants of Greater Green- New York Federal Reserve Bank's Indexes of Business
ville, will for the most part shut down Monday and Tuesday,
Activity.
Dec. 24 and 25. Owing to the improved tone of the textile
Presenting its indexes of business activity in its Dec. 1
industry it is possible,it is said, that some of the plants may Mouthy Review, the Federal Reserve Bank of New York
shut down only on Christmas day.
says:
In Manchester, England, more looms and spindles are at
Domestic retail trade increased lass than usual in October following the
large
volume of September, but foreign trade increased more than usual.
work than for some time past and the sales of yarns equal
Average daily car loadings of merchandise and miscellaneous freight deproduction. S. H. Kresge & Co. sales for November clined slightly;
loadings of bulk freight showed about the usual seasonal
showed an increase of 7.4% over the same month last year. Increase.
An
extremely
large
volume offinancial activity is reflected in the establishF. W. Woolworth & Co.'s stores in the last 11 months
ment of a new high record for sales of stocks on the New York Stock Exincreased to $241,873,941 compared with $228,850,284 for change,and a new
high record for October for bank debits in New York City.
The velocity of bank deposits also was very high.
the same period in 1927.
This
bank's
indexes
of business activity,in which allowance has been made
It remained mild here in the forepart of the week and on for
year-to-year growth,for the usual seasonal variations, and where necesthe 4th inst. it was 38 to 53 degrees in New York. But in sary for price changes, are
shown below.
Montana on the same day it was 32 degrees below zero. (Computed trend of past year100 per cent: adjusted for seasonal variations)
Unofficially it was reported to be 46 below in that State.
Oct.
Oct.
Aug.
Sept.
The whole West shivered. Wyoming had a temperature of
1928.
1928.
1928.
1927.
20 to 28 below. Montana was blanketed with snow. Snow
Primary Distribution—
followed a drop in temperature in Kansas on the 4th inst. Car loadings, merchandise and miscellaneous 103
103
102
104
Car loadings, other
93
97
92
97
and extended into Western Missouri. In Boston the tem- Exports
97
100
94
105P
Imports
110
114
102
109P
peratures were 42 to 48, Chicago 30 to 32, Kansas City and Panama
Canal traffic
101
89
85
_-trade
93
101
95
—
Milwaukee 28 to 38, St. Paul 10 to 12. On the 3rd inst. it Wholesale
•Distribution to Consumer—
was 41 to 48 degrees here with a little rain; in Boston over Department store sales,2nd district
94r
93r
106r
94
Chain grocery sales
105
103
104
101
the 2nd inst. it was 42 to 48, in Chicago 36 to 48, in Cin- Other chain store sales
97
108
109
101
Mail order sales
102
132
137
115P
cinnati 42 to 54, in Cleveland 38 to 50, in Detroit 36 to 42, Life
insurance paid for
101?
101r
94r
98
100
97
96
95
in Kansas City 30 to 48, in Helena 4 degrees below zero to Advertising
General Business Aaiotty—
22 above, in Milwaukee 32 to 44; in Philadelphia 38 to 50, Bank debits, outside of N.Y.City
104
111
106
106
debits, New York City
149
136
164
165
Portland, Me. 36 to 41, San Francisco 50, Seattle 32 to 42, Bank
Velocity of bank dep.outside of N.Y.City._
113
120
110
117
Velocity
of
bank
deposits,
New
York
City
144
190
166
188
St. Louis 36 to 54 and St. Paul 26 to 36. To-day in the Sharessold on N.Y.Stock Exchange
204
293
398
389
receipts
84
90
90
88
Northwest and Canada it was zero to 24 degrees above. Postal
Electric power
104
109r
107
Here the temperatures were 28 to 36. At Chicago yesterday Employment in the United States
98
98
-eil'
99
failures
102
115
104
115
it was 26 to 30 degrees; at St. Paul 12 to 24; at Kansas City Business
Building contracts, 36 States
139
110
142
138
New
corporations
formed
in
N.Y.
State_
__.
112
126
108
100
28 to 42. The forecast here is for probably light snow to- General price level
173
176
178
177
Composite index of wages
222
223
224
224
night and fair weather to-morrow.
Cost of living
169
172
173
172
p Preliminary. r Revised.
Department of Commerce Monthly Indexes of Production, Stocks and Unfilled Orders—Production in
Further Decrease in Detroit Employment.
October Unchanged From Previous Month.
The Detroit Employers' Association reports employment
On Dec. 1, the Department of Commerce made public as figures for the week ended Dec. 4 as 272,102, a decrease of
follows its monthly indexes of production, stocks and un- 2,294 under the previous week, but an increase oi 73,451
as compared with the corresponding period of last year.
filled orders:
Production.
Industrial production during October. according to the weighted index of
the Federal Reserve Board, after adjustments for seasonal variations, remained unchanged from the previous month, each being higher than at any
other time on record. The principal gains over a year ago occurred in the
output of automobiles, rubber tires, iron and steel, and cement, brick and
glass, while a decline from last year was registered In the output of textiles,
lumber and leather. Mineral production, after adjustment for seasonal conditions,showed gains over both the previous month and October of last year,
the principal increase over last year occurring in copper.
Commodity Stocks.
Stocks of commodities held at the end of October were higher than at the
end of the previous month, but showed a decline from a year ago, due to a
decrease in stocks of manufactured geods. Contrasted with the preceding
month, stocks of manufactured goods were smaller, while raw materials
were larger.
Monthly Index of Real Estate Activity.
Real estate activity for October is indicated by the index
figure 95, according to the compilation made monthly by the
National Association of Real Estate Boards from official
reports made to it from 63 cities. The Association's advices, under date of Nov. 27, continue:
The index figure for October is the second monthly index to be issued
by the Association in its new series. The index for September new series
was 83.8.
The new series is based upon the number of deeds recorded each month
in the cities reporting. It uses the year 1926 as a base year upon which
to compare activity reported from month to month.
DEC. 81928.]
The index figures in the new series are not comparable to the preceding
Index figures issued by the Association, it is pointed out, since preceding
figures were based, not on deeds only, but on all transfers and conveyances
recorded in the cities reporting, and was compiled from reports from only
forty-one cities.
The revised monthly index from January 1924 to date is as follows:
1924. 1925. *1926. 1927. 1928.
100
97.7
97.9
91.3
89.6
January
95.7
94.6
90.5
100
92.7
February
98.0
88.6
91.7
100
85.2
March
99.8 102.4
100
90.6
82.6
April
100.9 107.9
100
90.2
91.2
May
97.4
88.2
87.8
100
84.2
June
94.4 106.8
100
84.3
94.1
July
96.3 107.0
100
August
100
91:2
September
103.0 112.6
94.7
100
95.0
October
92.5 105.7
96.9
100
November
99.9 109.6
95.7
100
_
December
* Activity for each month or 1926 Is taken as the normal of activity for that month.
211
Production of Electric Power in United States in
October Increased Approximately 14% Over Same
Month Last Year.
The total production of electric power by public utility
power plants in the United States in the month of October
amounted to about 7,900,899,000 k.w.h., an increase of
approximately 14% over the corresponding period in 1927,
when output totaled about 6,932,000,000 k.w.h., according
to the Division of Power Resources, Geological Survey. Of
the total for October of this year, 5,024,583,000 k.w.h.
were produced by fuels and 2,876,316,000 k.w.h. by water
power. The "Survey" further shows:
PRODUCTION OF ELECTRIC POWER BY PUBLIC UTILITY POWER
PLANTS IN THE UNITED STATES (IN KILOWATT HOURS).
Change in Output
Totals by Fuels and Water Power.
from Previous Year.
August.
September.
September.
484,516,000 484,619,000 561,047.000
New England
Middle Atlantic_ _ _ _ 1,831,392,000 1,829,262,000 2,025,861,000
East No. Central_ _ _ 1,754,477,000 1,736,290,000 1,913,256,000
West No. Central__ _ 456,177,000
. .
930,495,000 869.770,000 949.368.000
South Atlantic
East go. Central_ __ _ 258,706,000 253,080,000 291,172,000
372.692,000 363,742,000 392,334,000
West So. Central_
366,073,000 346,699,000 323,320,000
Mountain
1,055,220,000 971,573,000 995,660,000
Pacific
Sept.
Oct.
+8%
+7%
+14%
+I%
+24%
-19%
+22%
+17%
+8%
+17%
+8%
+18%
+3%
+33%
-7%
+29%
+15%
+10%
7.509,748,0007,281,244,000 7.900.899,000 +10% +14%
More electricity was produced in the month of October than ever before
In any one month. The output for the month was 7,901.000.000 k.w.h.,
which exceeds the previous record established In August of 7,510.000,000
k.w.h. by 5%. The total production of electricity by public utility power
plants for the entire year in 1905 was less than the output for the month
of October for this year.
The average production of electricity in October was 255,000.000 k.w.h.
per day or, In round numbers, one-fourth of a billion kilowatt-hours each
day.
The output for 10 months of this year indicates that the total annual
production of electricity in 1928 will be about 88.000,000,000 k.w.h., an
Increase of 10% over the output for 1927. The total output of electricity
in 1921 was 40,975.000.000 k.w.h. The annual production of electricity
has therefore more than doubled in the seven years since 1921.
Total in U.S
TOTAL MONTHLY PRODUCTION OF ELECTRICITY BY PUBLIC UTILITY
POWER PLANTS IN 1927 AND 1928.
1927.
January
February
March
April
May
June
July
August
September
October
November
December
3169
FINANCIAL CHRONICLE
6,830,000,000
6.166,000,000
6,840,000,000
6.482,000,000
6,600,000,000
6.493,000,000
6,477,000,000
6.693,000,000
6,605,000,000
6,932,000,000
6,876,000,000
7,211,000,000
1928.
Increase
1928
Over
1927.
6%
7,265,000,000
6,871,000.000 al 1%
6%
7,246,000,000
6.853,000.000
6%
8%
7,130,000,000
8%
7.010,000,000
7.143,000.000 10%
7,510,000,000 12%
7,281.000.000 10%
7,901,000,000 14%
Produced by
Water Power.
1927.
1928.
36%
37%
39%
40%
41%
39%
37%
36%
33%
34%
33%
33%,
39%
43%
45%
44%
43%
41%
38%
40%
38%
---80.205.000.000
37W.
Total
a Part of increase is due to February 1928 being one day longer than Feb. 1927.
The quantities given in the tables are based on the operation of all power
plants producing 10.000 k.w.h. or more per month, engaged In generating
electricity for public use, including central stations and electric railway
plants. Reports are received from plants representing over 95% of the total
capacity. The output of those plants which do not submit reports is estimated; therefore the figures of output and fuel consumption as reported
are on a 100% basis.
The Coal Division, Bureau of Mines, Department of 'Commerce. co-operates in the preparation of these reports.I
Loading of Railroad Revenue Freight Continues above
1,000,000 Cars a Week.
Loading of revenue frieght for the week ended Nov. 24,
totaled 1,028,690 cars, the Car Service Division of the
American Railway Association announced on Dec. 5. Due
to the seasonal decline in traffic, this was a decrease of 31,011
cars under the preceding week this year, reductions being reported in the total loading of all commodities except grain and
grain products, coal, and forest products, which commodities
reported increases.
The total for the week of Nov.24 was an increase of 188,048
cars above the same week in 1927, and an increase of 90,846
cars above the corresponding week two years ago, both
which included Thanksgiving Day holiday, while the week
this year did not. The customary details are given, as
follows:
Miscellaneous freight loading for the week totaled 387.238 cars, an increase of 72,210 cars above the corresponding week last year and 61.071 cars
above the same week in 1926.
Coal loading totaled 200.892 cars, an increase of 48.098 cars above the
same week in 1927 but 26,985 cars below the same period two years ago.
Grain and grain products loading amounted to 54,739 cars, an increase of
11.984 cars above the same week last year and 15,828 cars above the same
week in 1926. In the western districts alone, grain and grain products loading totaled 35.717 cars, an increase of 7,718 cars over the same week in 1927.
Live stock loading amounted to 32,894 cars, an increase of 4,753 cars
above the same week last year and 3,527 cars above the same week in 1926.
In the western districts alone, live stock loading totaled 25,326 cars, an increase of 3,778 cars compared with the same week in 1927.
Loading of merchandise less than carload lot freight totaled 259,715 cars,
an increase of 34,086 cars over the same week in 1927 and 30.613 cars above
the corresponding week two years ago.
Forest products loading amounted to 64,901 cars, 8,896 cars above the
same week last year and 5,695 cars above the same week in 1926.
Ore loading totaled 17,752 cars, 6,722 cars above the same week in 1927
and 3,258 cars above the corresponding week in 1926.
Coke loading amounted to 10,559 cars, 1,299 cars above the same week in
1927 but 2,161 cars below the corresponding week in 1926.
All districts reported increases in the total loading of all commodities
compared with the same week last year. All districts, except the Pocahontas,
also reported increases compared with the same period two years ago.
Loading of revenue frieght in 1928 compared with the two previous Years
follows:
1926
1928
1927
3.686.696
3,756.660
3,477.723
Four weeks in January
3.677,332
3,801.918
3,589,694
Four weeks in February
4,805,700
4.982,547
4,752,031
Five weeks in March
3.862,703
3,875,589
3.738,295
Four weeks in April
4,145.820
4.108,472
4,006,058
Four weeks in May
5,154,981
4,995.854
4,923,304
Five weeks in June
4,148.118
3,913,761
3,942,931
Four weeks in July
4,388,118
4,249,846
4,230,809
Four weeks in August
5.703.161
5,488,107
5,586.284
Five weeks in September
4.787,527
4,464,872
4,700,796
Four weeks in October
4,248,272
3,822,903
4,245,028
November
Four weeks in
Total
47.162.953
47,460,529
48.608,428
High Interest Rates Unfavorable Factor in Otherwise
Satisfactory Condition Says Bank of America
N. A.
Interest rates, still relatively high in spite of recent slight
declines, remain the one unfavorable factor in an otherwise
satisfactory situation, according to the monthly review
of business conditions prepared by The Bank of America
N. A. In this direction, it is observed, no relief is likely
to be forthcoming in the way of a fundamental reduction
in commercial rates while the securities markets continue
to offer such strong competition for the available supply of
credit. On the subject of business generally, the review
says:
Gold movements continued in our favor through the first three weeks
of November. The heavy outward movement of gold was checked last
August, but the net import was Inconsiderable in size until October. when
it gained sharply, reaching a total of about $14,320,000. Imports of gold
through the Port of New York from November 1 to 24 inclusive, are
reported as $20.195,000 and exports $6,224,000, making a net gain of
$13,971,000. Thus, the net import since August 1 has been only about
$30,000,000. This figure, moreover, takes no account of an additional
amount of $13,015,000 gold earmarked recently by the Federal Reserve
Bank of New York for account of some foreign purchaser. Consequently,
incoming gold shipments in the last few months, while they have at least
indicated that the tide has turned in our favor for the time, are insignificant
as compared with our net loss of approximately half a billion dollars of
gold in the past year.
The review finds that "commercial and industrial
operations in November were at a rate which seemed to
give substantial weight to predictions that 1928 will prove
to have set a new high record of activity" and that"abundant
harvest and a high level of employment have contributed
in causing an improvement in collections and in bringing
about a very general condition of prosperity."
On the subject of retail trade, the review says:
Unusually warm weather in the earlier part of the month served to
some extent to check sales of heavy wearing apparel and furs. Department
stores in most parts of the country, however, report a very fair volume of
business, increasing toward the latter part of the month as the temperature
sought a more nearly normal level. In the New York district holiday
buying appears to have started earlier than usual. Trade as a whole is
reported heavier than at this time last year.
The Chain Store in the Grocery Field-Survey by
National Bank of Commerce in New York.
The chain store has raised problems both within and
without its own immediate field which profoundly affect
the whole organization of modern distribution, says A. M.
Michener in the December issue of Commerce Monthly, published by the National Bank of Commerce in New York.
The article says:
"From a reported total of some 27,000 chain grocery stores in 1920
the number had grown by the end of 1927 to something like 68,000, representing one-sixth of the retail grocery outlets in the country. Multiplication of stores in the most favorable centers has ushered in the second stage
of chain-grocery development, that of inter-chain competition. This new
3170
FINANCIAL CHRONICLE
stage bids fair to provide a more severe test of chain merchandising than
did the earlier one of conquest of the oft-times inefficient independent retailer, the tools of the new competition will of necessity be different.
"Cut prices, the great bulwark of the chain in contending with the small
retailer, cease to be readily effective when used against competitors with
practically the same facilities for meeting them. In part, also, the shift
away from emphasis on low prices is undoubtedly due to the different
clientele being sought by chain stores. As they have multiplied to take
care of a larger and larger proportion of the grocery trade, they have
outgrown the part of consumer demand to which price is the most potent
appeal and which responds to the cash-and-carry method of economy, and
have been forced to seek different bases upon which to bid for patronage.
"One of the first recourses was to the extension of service-telephone
orders, delivery, and even credit at the discretion of service-telephone
striking developments in recent chain-stores practice. Another development growing directly out of such competition and one of especial significance to manufacturers and to intermediate agencies is the more general
reliance by chain stores upon standard, nationally advertised products that
are already largely sold to the consumer. It is reported, that in a survey
of chains in the New York district those with the greatest profits were
found to be the ones carrying over 80% advertised brands. A complete
store turn-over at least fourteen times a year is said to be the average
for the most successful chains and it has reached as high as twenty to
twenty-five, compared with twelve for groceries in general. The handling
of a large proportion of well-known goods is a factor in this difference.
"Quick turn-over and limited stock go hand in hand. The average
number of items carried by successful chain stores is reported as 900 to
1,000, although the, chain does well with 1,300. Narrowing the stock
as much as possible to only quick-moving items holds down capital investment needed for a given volume of business and of course reduces
the margin of profit on each turn. This policy too is of great significance to manufacturers. Unless their products can be counted among the
limited number which promise the chain a rapid turnover, their chances
of selling to it are ,small.
"These changes in what may be called internal method and policy of
grocery chains, arising out of the second stage of their development have
contributed to significant alterations, in in the relationship between chains
and manufacturers and in the position of wholesalers and jobbers. From
the point of view of the manufacturer, his bold upon consumer demand,
especially in a range of products, is becoming more and more essential in
his relation to the chain store. Mass production of standardized, nationally
advertised products is being matched by standardized mass distribution.
Direct contact between the two offers hope of a relatively limited field
for the services of intermediate agencies except as they find a place in
distribution of specialties.
"There can be little doubt that aggregations of buying power in the
hands of chain store organizations have been a potent factor in encouraging large-scale consolidations among food-product manufacturers, who
thereby seek to fortify themselves with a bargaining power commensurate
with that of the larger chains. Reciprocally, the growing size of mannfactuiers' organizations has undoubtedly served as one stimulus to chain
consolidation. In this contest for position, the consumer is recognized
as ultimate arbiter,' and both bid for his favor, the chain by emphasizing
its service as a selective agency fitted to choose from among all manufacturers' offerings the products best suited to its clientele, the manufacturers by so advertising his products that the consumer will know and
choose them without the selective service of the retailer."
[Vol.. 1.27.
this period was due largely to an increase in market receipts. Receipts
of hogs at seven principal markets during the 4-week period ended Nov. 17
were approximately 12% higher than for a similar period ended Oct. 20.
From Oct. 15 to Nov. 15, the corn-hog ratio remained at 11.3 for the
United States and advanced from 12.2 to 12.6 for Iowa.
The continued decline in the farm price of beef cattle amounted to approximately 4% from Oct. 15 to Nov. 15. The decline in the farm price
was accompanied by the marketing of proportionately large supplies of
good and choice fed steers for this season of the year.
The farm price of corn continued to decline from Oct. 15 to Nov. 15,
amounting to 13% in the North Central States, 12% in the North Atlantic
States, 9% in the South Atlantic States,6% in the South Central Division,
and 5% in the Far West. These farm price declines were accompanied
by a marked increase in market receipts, due to the marketing of the new
crop. Receipts at 14 primary markets during the 2-week period ended
Nov. 17 were more than twice as large as in a corresponding period ended
Oct. 20.
The farm price of wheat declined approximately 2% from Oct. 15 to Nov.
15. With the exception of a 2% price increase in the South Atlantic States
and no appreciable change in North Atlantic States, the decline in the farm
prices of wheat was fairly general for the country as a whole. Declines
in the farm price of wheat this season have been accompanied by the
accumulation of a large visible wheat supply and small exports.
The farm price of potatoes declined approximately 2% from Oct. 15
to Nov. 15 for the country OA a whole. At 57 cents per bushel the farm
price on Nov. 15 compares with 95 cents on Nov. 15 1927, and 61 cents.
the Nov. 15 average from 1910 to 1914. While the farm prices of potatoes
advanced 9% in the Far West and 5% in the South Central States during
the month prior to Nov. 15, farm prices declines amounted to 7% in the
North Atlantic States, 5% in the North Central States and 2% in the
South Atlantic States. The decline in the farm price of potatoes for the
entire country was accompanied by indications that the total 1928 production of both early and late potatoes will be nearly 2,000,000 bushels larger
than estimated on Oct. 1.
The farm price of eggs advanced about 13% from Oct. 15 to Nov. 15
due largely to a seasonal decline in receipts. However, the farm price
on Nov. 15 was still about 5% below that of Nov. 15 1927, because of
unusually large storage holdings and heavy fall production.
Dun's Price Index Higher.
Monthly comparisons of Dun's index numbers of wholesale commodity prices, based on the estimated per capita
consumption of each of the many articles included in the
compilation, follow
Bre,adstuffs
Meat
Dairy and garden
Other foods
Mottling
Metals
Miscellaneous
Total
Dec. 1
1928.
Nov. 1
1928.
Dec. 1
1927.
Dee. 1
1926.
Dec. 1
1925.
532.040
25.087
23.138
19.577
35.635
21.398
36.668
831.934
25.570
22.847
19.533
35.425
21.272
38.364
532.758
24.220
22.467
19.406
35.055
22.096
37.340
828.521
20.127
24.998
20.183
32.318
23.884
37.715
532.820
21.790
28.555
19.729
37.419
23.320
35.014
8193.543
5192.945
5193.342
$187-.746
8198.456
Wholesale Price Index of National Bank of Commerce Business Review of Fletcher-American National Bank
in New York.
of Indianapolis Finds Indexes of Trade and ProThe wholesale price index of the National Bank of Comduction for Indiana,Better than Year Ago.
merce in New York follows:
The current issue of the Indiana Business Review states
"Measured by the index of the National Bank of Commerce in New York that national business indicators fail to show any nitthe level of wholesale commodity prices in mid-November was one point
mediate signs of slackening. The Business Review is pubbelow the 'peak attained last month. On Nov. 15 the Bank's Index stood
at 87.7 compared with 88.7 a month ago and 84.1 in November 1927. At lished monthly by the Fletcher-American National Bank,
the fall peak, prices generally were but 1.5% above the midsummer low of Indianapolis, and prepared by the Indian University
And only 4.5% above the low point for the year reached last February. Bureau of Business Research. "Opinion in many quarters
There is very little'evidence in this of any inflationary movement of cominto next
Modity, prices that in reaction might prove harmful to the business out- is that activity will continue at a high rate well
spring," says the Review. "Probably the first reversal will
look.
"Of 23 commodities included in the index 12 declined, 7 advanced, be felt in new construction, present high interest rates being
and' 4 remained Unchanged. Widespread declines occurred in the markets
for the future. The national
for agricultural commodities, live animals, grains and textile fibers, which interpreted as unfavorable
are apt to give • ground under weight of the crop movement in the late election seems to have stimulated general activity, and
fall. Further advances were made effective in finished steel products especially the investment markets."
but declines in scrap prices served notice that the pressure recently obThe Review shows that most indexes of trade and protaining in the steel market had been relieved. Moderate weakness developed in crude rubber in expectation of heavy shipments after the re- duction for Indiana show that conditions are materially
moval of restriction regulations on Nov. 1. Copper led the advances for better than a year ago. Some seasonal slackening took
the period with a gain of 5% in response to lately domestic buying."
place during October in the building, automobile, accessory
and petroleum industries but they remained above normal
Farm Price Index Declines During Month to Nov. 15. for this time of year. Iron and steel industry is well ahead
The index of the general level of farm prices declined of last year and rapidly overtaking its former records. Coal
3 points during the period from Oct. 15 to Nov. 15, reports production is picking up, with labor conditions finally
the Bureau of Agricultural Economics, United States De- settled, outlook is more encouraging. Limestone output
partment of Agriculture. At 134% of the pre.war level, was slightly below normal. The furniture industry seems
the index is 3 points below November a year ago. The to be getting back on its feet. General employment indexes
present level of prices received by farmers at 134% of pre- continue to show gains. Crop yields were above average
war prices compares with 157, thelevel of prices paid by in quantity and quality, and financial position of farmers
farmers, indicating a relative purchasing power of 86 for is improving in many sections.
November, compared with 88 in October and 91 a year ago.
"Retail and wholesale trade indexes, backed up by data
Declines in cotton, corn, barley, wheat, rye, potatoes, on money turnover in the larger cities, show that the public
meat animals, horses, mules, and chickens more than offset is beginning to buy more freely again," say I. U.economists
advances in oats, hay, apples, cottonseed, dairy and poultry who prepared the report. They add:
products. The Department, under date of Dec. 3, goes
Both wholesale and retail prices are gradually rising and freight car
loadings show an increase. Automobiles continue to sell in large numbers
on to Say:
The index of the farm prices of meat animals declined 10 points from
Oct. 15 to Nov. 15, while grains declined 6 points; fruits and vegetables,
5 points; and cotton and cottonseed 1 point. These declines more than
offset seasonal advances of 17 points in the index for poultry products and
period.
1. point in the index for dairy products during the same
,Nhe farm price of, hogs, which began to decline in October, showed
another sharp decline from Oct. 15 to Nov. 15. The 11% decline during
for this time of year.
The Indiana general business curve is a combined index of automobile,
coal, stone, electric power, and pig iron production, building contract
awards, bank debits, and livestock receipts. Seasonal irregularities and
the long-time trend of business have been eliminated. The revised point
for September is 1% above the estimated normal for that month. The
Preliminary figure for October is 2% above.
FINANCIAL CHRONICLE
DEC.8 1928.]
3171
Despite the relatively unfavorable position of the textile industry,
Dun's Report of Failures in November.
general business conditions in this district during the first 10 months of 1928
Reversing the trend witnessed in many other years, the were less than one-half of 1% below the cumulative activity of the first
months of 1927. New England conditions, as indicated by the index
number of commercial failures in the United States declined ten
of New England business activity, in September this year were about 3%
the
usually
that
increase
of
during November. Instead
below those of the corresponding month a year ago, whereas in October.
about 3% higher than it was during October last year.
develops at this season, defaults last month fell off a little 1928, activity was
In October the conditions in the textile industry of New England were more
upturn
in
As
sharp
a
October.
following
9%,
than
more
favorable than at any time during recent months. The daily average conreported to R. G. Dun & Co., the November insolvencies sumption of raw cotton in October by New England mills, although conless than during the corresponding month a year ago, was in the
totaled 1,838, compared witb 2,023 in the earlier month, siderably
greatest volume since last March. The consumption of raw wool, on the
1927.
November
The
below
decrease
and were slightly
other hand, although less than during September, was greater than that of
from the 1,864 failures of a year ago approximated 1.4%, October a year ago. Substantial increases have occurred in the quantity
of electric power produced during recent months in New England. Activity
while at that time there was a rise of 4.3% over the October in
the boot and shoe industry during 1928, nearly every month, has been
decade,
demore
all
last
the
of
years
figures. In nearly
greater month by month than in the corresponding periods a year ago. In
faults occurred in November than in October, and an analysis October the number of shoes produced was 5% larger than in September,
but when adjustment is made for the larger number of working days In
of the returns for an even longer period discloses a similar October,
there was a decline of 6% in the daily average.
tendency. For 11 months of the present calendar year
It is evident that this District will produce this year a greater percentage
mercantile insolvencies numbering 21,899 have been 4.4% of the total United States production of shoes than has been the case in
years. The total volume of building contracts awarded in New
above the 20,984 failures for the corresponding months of recent
England in October was larger than in the corresponding month a year ago.
1927, but the increase seems the more moderate when the but declined from the September amount.
Residential building for 10 months this year was about 13% greater than
steadily enlarging total of firms and individuals in business
In the same 10 months last year. In October the number of commercial
is considered.
failures in New England increased 17.3% over the number during October
Liabilities last month, however, were somewhat higher 1927, and the total liabilities during this period increased 35.2%. Industhis district improved in October. In Identical factories
than in both preceding months this year and exceeded those trial employment in
in Massachusetts in October there was an increase of 4.2% from September
of November 1927. Thus, at $40,601,435, the November in the number of employed, and a rise of 3.9% in amount of payrolls.
indebtedness was about 16% more than that of October. Department store sales in New England increased in October, and were
than were reported in October 1927. but the cumulative sales
Comparing with the $58,201,830 of August-the high 2.9% larger
during the period January-October 1928. inclusive, were 1.8% less than
point for this year-the decline for November exceeds 31%. those of the first 10 months of 1927.
Last month's liabilities are larger than the amount reported
for November of a year ago which were $36,146,573„ by Business Activity in Cleveland Federal Reserve Dis10%, but the indebtedness for 11 months of the current
trict in November Not Up to October Level-Cut
calendar year, despite the increased number of insolvencies,
in Tire Prices.
has been 4.3% below that for the same period of 1927.
The Cleveland Federal Reserve Bank reports that general
Monthly and quarterly failures, showing number and liaactivity in the Fourth Cleveland District conbusiness
contrasted
below
for the periods mentioned:
bilities, are
tinued high in November,though not quite.up to the October
level. In its Business Review Dec. 1 tho. Bank adds:
Liabilities.
Number.
Reports from various parts of the District indicate that this high activity
is well distributed. In the Cleveland \areti...eritiployment at the beginning
was slightly lower than a month earlier but was 10% greater
1,838 1,864 1,830 $40,601,435 636,146,573 $32,693,993 of the month
November
2,023 1,787 1,763 34,990,474 36,235,872 33,230,720 than a year ago. The automobile accessory, metal products, and paint
October
1,635 1,573 1.437 33,956,686 32,786,125 29,989,817 industries in this area are still doing a very heavy volume of business.
September
1,852 1,708 1,593 58,201.830 39,195,953 28,129,660 Pittsburgh and Youngstown report a seasonal slackening in iron and
August
1,723 1.756 1,605 29,586,633 43,149,974 29,680,009
July
steel operations. General activity has increased somewhat in the Wheeling
5,210 5,037 4,635 $121,745,149 8115,132,052 $87„799,486 and Steubenville districts, and demand for commercial loans is heavier.
Third quarter
Conditions are reported "good' around Cincinnati and in Central Ohio.
1,947 1,833 1,708 $29,827,073 834,465,165 $29,407,523
June
is heavy in Springfield. Toledo manufacturers are optimistic
2,008 1,852 1,730 36,116,990 37,784,773 33,543,318 Building
May
1,818 1,968 1,957 37,985,145 53,155,727 38,487,321 with regard to business in that locality. In the Akron territory, excepApril
tionally large tire production has meant high employment and increased
5 773 5,653 5,395 $103,929,208 $125,405,665 $101,438,162 earnings for the past two months. Reports from the steehnaking section
Second quarter
Lorain state that factories are very busy and advance
2,236 2,143 1,984 $54,814,145 $57,890.905 $30,622,547 around Elyria and
March
2,176 2,035 1.491 45,070,642 46,940,716 34,176,348 orders are good.
February
51,290,232
47,634,411
2,465
according to the Ohio State University Bureau
2.643
Ohio.
2,296
43,661,444
January
Employment in
of Business Research, was one per cent greater in October than in September
7,055 6,6436,081 $147,519,198 $156,121,853 $108,460,339
First quarter
and was nine per cent greater than a year ago.
FAILURES BY BRANCHES OF BUSINESS-NOVEMBER 1928.
From all sections comes the complaint of poor retail biminess, the merchants expressing considerable disappointment with October and November
Liabilities.
results. This is very largely a matter of unseasonably warm weather;
Number.
however, and the outlook for the holiday trade is reported to be promising.
1928. 1927. 1926.
1927.
1928.
1926.
This is confirmed by heavy orders received by manufacturers supplying
holiday goods.
Afanufacturers15
7
$817,400
nails.-5
and
2332,300
The supply of credit in the District continues to be ample, although
$989,912
Iron. foundries
39
577,035
19
23
751,267 3,118,909 occasional reports of a tightening-up here and there are received. Interest
Machinery and tools
4
__
2
23,000
116,134
Woolens,carpets & knit g'ds
not changed much from a month ago and are not unduly high
3
2
2
105,000
158,745
21.600 rates have
Cottons, lace and hosiery
66 6,794,798 2,501,564 3,032,166 for commercial purposes.
72
Lumber,carpenters & coop's 105
55
39
42
1,240,300
664,089
799,503
Clothing and millinerY
Third quarter earnings in both this District and the United States made
26
315,200
14
22
374,000
345,616 a remarkably good showing as compared with last year. In the Fourth
Hats, gloves and furs
5
44,207
4
8
437.300
65,516
Chemicals and drugs
industrial corporations report increases.
1
1
113,100
4,700 District, 19 out of 31 leading
Paints and oils
19
19
9
74.900
132,481
577,738 six report no change, and six show decreases. Some of the gains were
Printing and engraving
29
359,200
34
37
406,376
bakers
303,514 very great, one concern reporting 95%, another 70% and another 67%.
Milling and
13
18
10
249,500
823,799
396,224 In the United States, third quarter earnings of 170 industrials set up a
Leather, shoes and harness
10
9
12
87,352
273,113
145,081
Tobacco, Arc
7
10
7
191,042
206,566
606.115 new high record for any quarter.
Glass, earthenware & brick.
202 205 206 4,653,811 5,923,962 5,574,736
All other
Regarding the rubber and tire industry the Bank says:
On October 31 tire prices were cut by the leading manufacturers, the
Total manufacturing_ _ _. 619 478 440 815,445,845 812,785.562 $16,097,444
reduction ranging from 23i to 5% on first grade tires and from 17M to 20%
Traders89
100
97 $1,653,818 81,012,221 81,545,686 on second grade tires. Following these cuts the spring-dating season got
General stores
Groceries, meat and fish- 312 313 317 2,547,537 2,972,119 2,519,858
although by mid-November it was still too soon for the
97 66 1,594,708 1,632,759
77
405,952 under way, and
Hotels and restaurants
28
10
23
169,762
81,801
295,643 development of advance orders in heavy volume, reports indicate that up
Tobacco, &c
Clothing and furnishings.-- 140 160 157 2,399,065 2.156,843 1,428,444 to that time such orders were coming in somewhat better than a year ago.
47
75 1,287,868 1,347,324 1.063,734
88
Dry goods and carpets
Production declined seasonally in October and November, although still
41
50
51
435,732
477,382
481,195
Shoes, rubbers and trunks
months. Preliminary production figures for
431,334
53
43
30
634,800
882,900 unusually heavy for those
Furniture and crokerY
619,940
37
39
42
tools_
793,188
694,800 October indicate very substantial gains over each of the preceding four
Hardware,stoves and
54
428,016
63
63
693,114
734,139 Octobers, ranging from 62% as compared with that month in 1925 to 41%
Chemicals and drugs
140,744
7
8
8
45,200
74,100
Paints and oils
with October of 1924.
878.900
27
38
464,703
38
237,174 as compared
Jewelry and clocks
12
11
14
106,800
82,400
On November 1 the Stevenson Restriction Act expired. This Act,
100,824
Books and papers
240,400
7
13
9
393,000
137,000 passed by the British Government in 1922, provided for the restriction of
Hata, furs and gloves
257 263 289 4,289,341 4,162,428 3,556,167 crude rubber exports from British-owned plantations (in Malaya and
All other
to time. It
1,202 1.276 1.285 $17,223,965 516,949,262 814,157.616 Ceylon), the allowable export quotas being varied from time
Total trading
117 110 105 7.931,625 6.411.749 2.438.933 was put into operation with the idea of improving the extremely depresied
Other commercial
depression.
1920-1921
the
from
resulted
price situation which
1,838 1.864 1,830 $40,601,435 838,146,573 832,693,993
Total
The results of restriction, however, were on the whole unsatisfactory to
both British producers and American manufacturers. Crude rubber
prices, after advancing moderately in 1923 and 1924. behaved in an exand 1926, rising from about 35 cents to over
Improvement in New England Industrial Conditions tremely erratic manner in 1925
a dollar a pound in 1925 and falling just as rapidly the following year.
Federal
Reserve
Boston
Bank.
by
Reported
During most of 1927. prices declined in spite of successive reductions in
Act, and in 1928 a sharp drop occurred
According to the December 1 Monthly Review of the export quotas under the Stevenson
40 cents a pound to the present level of about 18 cents a pound.
Federal Reserve Bank of Boston "a distinct improvement from
hampered the inventory policies o f
seriously
fluctuations
These price
in New England industrial conditions between September American tire manufacturers, and meanwhile British plantation owners
feeling the effect of a heavy increase in Dutch-owned production:
and October raised the general level of activity in the latter were
which was not restricted. The latter development and the failure of the
month to the highest point of the current year." The Stevenson Act to prevent price declines in 1927 were important factors ha
the decision of the British to abandon the Act.
situation is further indicated in the Review as follows:
1928. 1927. 1926.
1928.
1927.
1926.
.3172
FINANCIAL CHRONICLE
(VOL. 127.
Conditions in the clothing trade are described as follows: figure of 8,288,000.
Clothing manufacturers in this District are still complaining of unseasonably warm weather. During the first part of November the temperature
continued to register well above normal, as was the case in October. This
of course further retarded winter buying at retail, and advance orders to
manufacturers were adversely affected when retailers found themselves
heavily stocked up. Consequently,fourth quarter business up to November
15 was fair to poor. In the week ending November 24, however, the
weather was much colder, and delayed buying by the public made its
appearance.
Retail sales of clothing during October were irregular. Gains over
last year were shown by women's dresses, 1%; misses' dresses, 10.1; Rills'
wear, 4.4; sports wear, b.3; and aprons and house dresses, 6.4%. Decreases occurred in men's clothing. 16.7%; men's furnishings, 3.0; hats and
caps.6.1; boys' wear,6.1;furs,9.8; misses'coats and suits,6.3;and women's
coats. 3.1%.
A better showing was made by 13 reporting wholesale houses, whose
October sales were 8.3% larger than a year ago.
Slight Decline in Lumber Demand.
Slight decline in lumber demand, as compared with the
previous week was indicated by reports from 843 mills for
the week ended Dec. 1, to the NATIONAL LUMBER MANUFACTURERS' ASSOCIATION. This was partly due to
holiday shutdowns over Thanksgiving. Softwood demand,
as measured by orders received, showed a decline of approximately 14%, with 6 fewer mills reporting; the reported hardwood orders increased 12% over the preceding
week. Production and shipments of hardwood lumber continued about the same as the preceding week, but there was
a slight decrease in softwood shipments and a marked
decline in softwood production. The West Coast Lumbermen's Association reported for 238 identical mills production as 178,086,087 feet, as compared with an average
weekly operating capacity for three years of 243,913,595
feet. The Southern Pine Association reported production
for 147 mills as 65,294,261 feet, which was 15,605,107 feet
under the three-year average. The National Lumber Manufacturers Association also states:
Unfilled Orders.
Thirteen mills the preceding week reported
production as 7,376,000 feet. Shipments were about the same last
week, with a notable decrease in new business.
The North Carolina Pine Association of Norfolk, V., reports production from 75 mills as 100,806,000 feet, against a normal production for the week of 15,660,000. Fifty-nine mills the previous week
reported production as 6,421,000 feet. There were marked increases
in shipments and new business, due to the larger number of reporting
mills last week.
The Northern Pine Manufacturers Association of Minneapolis, Minn.
reports production from 9 mills as 2,532,000 feet, as compared with a
normal figure for the week of 4,965,000, and for the week earlier
2,859,000. There was a heavy decrease in shipments last week, and
a slight decrease in new business.
The Northern Hemlock & Hardwood Manufacturers Association of
Oshkosh, Wis. (in its softwood production) reports production from
46 mills as 5,196,000 feet, as compared with a normal production for
the week of 19,986,000. Forty-five mills the preceding week reported
production as 3,922,000 feet. There was no noteworthy change in
shipments and new business last week.
Hardwood Reports.
The Northern Hemlock & Hardwood Manufacturers Association of
Oshkosh, Wis. reports production from 70 units as 7,883,000 feet,
as compared with a normal figure for the week of 14,747,000. Sixtysix units the week earlier reported production as 7,079,000 feet.
Shipments were slightly larger last week, with a fair gain in new
business.
The Hardwood Manufacturers Institute of Memphis, Tenn., reports
production from 309 units as 46,611,000 feet, as against a normal
production for the week of 55,683,000, and for the previous week
47,207,000. Shipments were about the same last week, with a noticeable
increase in new business.
Detailed softwood and hardwood statistics for reporting mills of
the comparably reporting regional associations follow:
LUMBER MOVEMENT FOR 48 WEEKS,FOR WEEK ENDED DEC. 1 1928.
Assocaittons.
Southern Pine, total 48 weeks
Week ended Dec. 1, 147 mills
W.Coast Lumbermen's total 48 weeks
Week ended Dee. 1, 190 mills
Western Pine Mfrs., total 48 weeks__ Week ended Dec. 1, 33 mills
Calif. White Sc Sug.Pine,tot.48 weeks
Week ended Dec. 1,20 mills
California Redwood, total 48 weeks
Week ended Dec. 1, 14 mills
North Carolina Pine, total 48 weeks
Week ended Dec. 1,75 mills
Northern Pine Mfrs., total 48 weeks
Week ended Dec. 1, 9 mills
Nor. Hemlock dr Hardwoods (softwoods),total 48 weeks
Week ended Dec. 1,46 mills
Production Shipments. Orders.
3.319.335
65,294
6,396,269
157,462
1,383,812
28,885
1,282,581
19,061
376.870
7,044
416,689
10,806
433,883
2,532
3,620,679
74,462
6,492,508
147,033
1,497,279
25,366
1,302,467
20,255
361,255
6,438
435,596
12,172
432,732
8,535
3,606,278
62,146
6,5;9,974
138,769
1,518,524
31,034
1,260,235
18,408
367,074
4,777
417,006
9.537
405,659
5,118
Normal
Production
for Week.
80,899
208,425
22,688
20,325
The unfilled orders of 337 Southern Pine and West Coast mills
8,288
at the end of last week amounted to 854,414,637 feet, as against
868,297,594 feet for 337 mills the previous week. The 147 identical
15,660
Southern Pine mills in the group showed unfilled orders of 241,008,747
4,965
feet last week, as against 253,324,594 feet for the week before. For
the 190 West Coast mills the unfilled orders were 613,405,890 feet,
242,258 215,291
197,111
as against 614,973,000 feet for 190 mills a week earlier.
5,196
4,099
3,022
19,986
Altogether the 534 reporting softwood mills had shipments 101%,
13,851,697 14,357,807 14,351,371
total 48 weeks
and orders 92%, of actual production. For the Southern Pine mills Softwoods
Week ended Dec. 1, 534 mills
296,280 298.360 272,811
these percentages were respectively 114 and 95; and for the West Nor. Hemlock & Hardwood (Hard408,493 389,173 380,025 •
wood), total 48 weeks
Coast mills 93 and 88.
Week ended Dec. 1, 70 units
7,883
10.081
10,553
14.747
Of the reporting mills, the 488 with an established normal production Hardwood
Mfrs.Inst., total 48 weeks_ 2,023,459 2,184,086 2,241,760
for% the week of 366,250,000 feet, gave actual production 79%, shipWeek ended Dec. 1, 309 units
46,611
66,683
47.010
50,558
ments 80% and orders 74% thereof.
2,431,952 2,573,259 2,621,785
total,48 weeks
The following table compares the lumber movement, as reflected Hardwood
Waalr sanflarl Ti.,' 1 570 ,,nits
R4 404
C71101
RI 111
by the reporting mills of eight softwood, and two hardwood regional
associations, for the two weeks indicated:
Past Week.
Preceding Week 1928.
(Revised).
Softwood. Hardwood
Softwood. Hardwood.
540
375
534
379
Mills (or units*)
296,280,000 54,494,000 334,304.000 54,286,000
Production
298,360,000 57,091,000 308,761,000 58,095,000
Shipments
272,811,000 61,111,000 317,646,000 54.174,000
Orders (new business)
.%
1 unit is 36.000 feet of daily production capacity.
West Coast Lumbermen's Association Weekly Report.
According to the West Coast Lumbermen's Association,
reports from 194 mills show that for the week ended Nov.
24, orders were 16.35% under production, while shipments
show a decrease of 18.78%. The Association's statement
follows:
WEEKLY REPORT OF PRODUCTION, ORDERS, AND SHIPMENTS
West Coast Movement
194 mills repert for week ended Nov. 24 1928
(All mills reporting producticn, orders and shipments.)
The West Coast Lumbermen's Association wires from Seattle that
Orders.
Proauction.
Shipments.
new business for the 190 mills reporting for the week ended Dec. 1, 180,907,940
feet
151,337,805 feet
146,942,152 feet
totaled 138,768,833 feet, of which 41,189,349 feet was for domestic cargo
16.35% under production
100%
18.78% under production
delivery, and 32,193,241 feet export. New business by rail amounted
COMPARISON OF ACTUAL PRODUCTION AND WEEKLY OPERATING
to 52,506,562 feet. Shipments totaled 147,033,126 feet, of which
CAPACITY (235 IDENTICAL MILLS).
(All mills reporting production for 1927 and 1928 to date.)
48,408,655 feet moved coastwise and intercoastal and 35,240,020 feet
Production
Average Weekly
Actual
Average Weekly
export. Rail shipments totaled 50,504,770 feet, and local deliveries
:Weekly
Week Ended
Production 47 Weeks
Production
Operating
12,879,681 feet. Unshipped orders totaled 613,405,890 feet, of which
Ended Nov.24 1928.
Nov. 24 1928.
During 1927.
Capacity.
domestic cargo orders totaled 197,526,542 feet, foreign 278,666,719 feet
194,645,145 feet
202,705,914 feet
194,219,672 feet
242,650,027 feet
and rail trade 137,212,629 feet.
x Weekly operating capacity is based cn average hourly production reported for
the years 1925, 1926, 1927 and 4 months of 1928, and the normal number of operSouthern Pine Reports.
ating hours per week.
The 'Southern Pine Association reports from New Orleans that
WEEKLY COMPARiSON FOR 190 IDENTICAL MILLS-1928
for 147 mills reporting, shipments were 14.04% above production
orders and shipments are complete for the
and orders were 4.82% below production and 16.54% below shipments. (All mills whose reports of production,
last 4 weeks.)
New business taken during the week amounted to 62,145,722 feet,
Week EndedNov. 24.
Nov. 17.
Nov. 10.
Nov. 3.
(previous week 82,958,874); shipments 74,461,569 (previous week Prr duction (feet)
178,869,879 168,691,040 173,337,301 181,810,360
149,851,973 125,363,059 154,768,596 171,373,454
75,930,239); and production 65,294,261 feet, (previous week 71,174,765). Orders (feet)
Rail (feet)
58,581,115 49,541,849 52.134,703 62,558,229
The normal production (three-year average) of these mills is 80,899,Domestic cargo (feet)
52,789,800 34,404,418 47,410,464 47,694,856
368 feet.
Export (feet)
28,056,854 32,102.167 37,321,428 46,912,942
Local (feet)
10,424,204
9,314,625 17,902,001 14,207,427
The Western Pine Manufacturers Association of Portland, Ore, reports
Shipments (feet)
145,339,200 130,350.090 149,027,059 172,587,455
production from 33 mills as 28,885,000 feet, as compared with a
Rail (feet)
56,603,479 52,508,218 57,557,432 63,835,882
mills
the
normal production for the week of 27,688,000. Twenty-two
Domestic cargo (feet)
42,351,985 38,893,158 51,321,940 60.467.419
Export (feet)
35,959,532 29,634,089 22,245,686 34,076,727
previous weeic reported production as 18,353,000 feet. There was
Local (feet)
10,424,204
9,314,625 17,902,001 14,207,427
nearly 50% increase in shipments last week, and more than 60% Unfilled
orders(feet)
618,923,087 626.106,252 626,146,088 630,832,624
increase in new business.
Rail (feet)
137,394,981 140,768,519 140,190,318 149,706,852
Domestic cargo (feet)
187,833,455 193,282,040 195,740,317 200,932,589
The California White & Sugar Pine Manufacturers Association of
Expert (feet)
293,694,651 292,055,693 290,215,453 280,193,183
San Francisco, reports production from 20 mills as 19,061,000 feet
(57% of the total cut of the California pine region) as compared
100 IDENTICAL MILLS.
with a normal figure for the week of 20,325,000. Twenty-two mills (All mills whose reports of production, orders and shipments are complete for 1927
and 1928 to date.)
tfie week before reported production as 23,351,000 feet. Shipments
Average 47
Average 47
and new business were somewhat below those reported for the week
Weeks Ended
Week Ended Weeks Ended
Nov. 26'27.
Nov. 24 '28.
earlier.
Nov. 24'28.
102,574,732
99,086,872
102,296,133
The California 'Redwood Association of San Francisco, reports pro- Production (feet)
Orders (feet)
105,768,556
101,363,501
84,996,552
duction from 14 mills as 7,044,000 feet, compared with a normal Shipments
82,605.933
97,543,541
106.277.566
(feet)
FINANCIAL CHRONICLE
DEC.8 1928.]
3173
skeins are drawn from a five-bale lot and subjected to tests for
original
November Silk Imports Show Slight Decrease-Stocks evenness, cleanness, neatness, degree of size deviation, average size variation, tenacity, elongation by serigraph, conditioned weight.
Higher.
Commencing Nov. 19 the National Raw Silk Exchange offers the services
imInc.,
America,
According to the Silk Association of
of its Inspection Bureau to the silk trade for short tests of Japan raw silk
short test,
ports of raw silk during November amounted to 48,134 to determine the winding and seriplane characteristics. This
which determines the evenness, clearness and neatness of silk, is in no
bales, a decrease of 723 bales as compared with the pre- sense
tenderable
silk
make
to
as
such
required
is
certification
part of a
ceding month, but is an increase of 11,484 bales over the against exchange contracts. Only Japan raw silk will be tested, and all
be drawn as designated
total for the month of November 1927. Approximate de- tests will be made on twenty skeins which may
the applicant. The sampling may be done "officially" on intact bales
liveries to American mills in November 1928 amounted to by
or "unofficially" by the
Company
Testing
States
United
the
presented to
47,709 bales, a decrease of 2,231 bales as compared with applicants or his agents.
the previous month, but was 762 bales more than delivered
in November 1927. Stocks of raw silk on Dec. 1 totaled American Woolen Co. Advances Broadcloths Five Cents
49,806 bales as against 49,381 bales on Nov. 1 last and
Per Yard.
52,069 bales on Dee. 1 1927. The following statistics have
The American Woolen Co. on Dec. 6 announced an inbeen released by the Silk Association:
crease of 5 cents per yard in its broadcloth line for women's
RAW SILK IN STORAGE DEC. 1 1928.
As reported by the principal warehouses in New York City and Hoboken. (Figures
n bales.)
Total.
Japan. AU Other.
European.
5,500
49,381
43,341
540
Stocks Nov. 1 1928
5,062
48,134
42,501
571
Imports month of November 1928_1
Total amount available during November- 1,111
752
Stocks Dec. 1 1928_z
85,842
41,945
10,562
7,109
97,515
49,806
Approximate deliveries to American mills
359
during November-y
SUMMARY.
43,897
3,453
47,709
Imports During the Motuh.x
January
February
March
April
May
June
July
August
September
October
November
December
Total
Average monthly
1927.
1926.
1928.
1927.
46,408
44,828
50,520
36,555
52,972
45,090
38,670
62,930
47,286
48.857
48,134
48,456
33,981
38,600
46,486
49,264
42,809
47,856
59,819
52,475
51,207
36,650
44,828
43,650
38,568
31,930
31,450
35,120
35,612
37,842
46,421
50,415
48,403
59,670
45,119
47,528
41,677
40,186
35,483
,42,088
41,127
38,866
50,975
50,464
49.381
49,806
52,627
43,753
33,116
31,749
35,527
37,024
43,841
56,618
58,986
62,366
52,069
53,540
47,326
43,418
35,948
30,122
31,143
29,111
27,528
28.006
34,459
35,094
47,130
52,478
522,250
47,477
552,441
46,037
504,200
42,017
44:iii
46,768
36.814
Approximate Deliveries
to American
January
February
March
April
May
June
July
August
September
October
November
December
Storage at End of Month.z
1928.
1926.
Approximate Amount in Transit
Between Japan clk New York,
End of Month.
1928.
1927.
1926.
1928.
1927.
52,420
50,679
52,011
41,258
46,367
46,051
40,931
50,821
47,797
49,940
47,709
48.307
42,860
49,242
47,853
45,486
41,312
41,039
47,042
50,107
47,827
46,947
43,357
46,148
42,476
39,400
37,276
34,099
37.644
39,425
45,943
43.962
47,768
47.634
39,771,
25,000
23,500
19,200
28,500
24,000
17,600
32,300
27,500
25,600
31,200
22,800
17,700
19,000
21,700
25,000
22,900
26,600
29,000
28,400
21,500
18,500
26,900
33,500
1926.
14,800
14,400
18,400
18,700
18,000
18,300
23,000
24,000
23,900
32,400
19,700
26,500
525,984 551,379 501,546
Total
24,225
25-,200
21,008
41,796
45.948
47,817
Average monthly
x Imports at New York during current month and at Pacific ports previous to the
227
manifests
to
by
time allowed in transit across the Continent (covered
256)•
y Includes re-exports. z Includes 1,579 bales held at railroad terminals at end of
month. Stocks in warehouses include National Raw Silk Exchange certified stocks.
1,110 bales.
Volume of Trading on National Raw Silk ExchangeIncreased Facilities at Its Inspection Bureau.
Raw silk for future delivery to the value of approximately
$19,835,000 was traded in on the National Raw Silk Exchange from September 11, the opening date, to November
30. During this period contracts calling for the delivery
of 30,560-bales, or about 3,972,800 pounds of raw silk,
changed hands on the floor of the exchange. The largest
volume of trading was in the January position in which
•contracts representing 6,300 bales were traded in and
December was next with 5,990 bales. Of the other four
positions which have been tradeable continuously since the
-exchange opened, April, with a total of 2,375 bales was
lowest in volume. The Exchange, under date of Dec.5,
also says:
coatings, according to the "Journal of Commerce," which
says:
The broadcloths are being sold for delivery in February and March.
Style number and new prices follow: AA09788, $1.65; AA09800,
$1.8254; AA99787, $1.87%; A0868, $1.8734; A0798, $2.124; A0855,
$2.25; A0775, $2.30; A0837, $2.0254; AA09739, $2.05; A0815, $2.544.
Workers in Rhode Island Textile Mills Accept Wage Cut.
Pawtucket (It I.) Associated Press Advices Dec. 3 said:
Textile mills in the Blackstone valley district, with their approximately
12,000 employes, functioned without interruption today with a new
and lower wage scale in effect. Although the amount of the decrease
in the wage rate will not be known definitely until the workers receive
their pay envelopes at the end of the week, it is understood generally
to approximate a 5 per cent. cut.
Members of the United Textile Workers of America, meeting in
Ashton yesterday, voted to continue at work but under protest against
the wage conditions imposed by the employers. There was no sign
of protest in the attitude of the workers today, however. The customary
number of workers reported this Monday as on previous Mondays.
There was no change in the situation when workers gathered during
the noon intermission nor when they filed out of the mills at the end
of the day.
A workers' conference committee had announced previously that
additional conferences with mill owners would be held during the
week but, as far as could be determined, no such conferences were in
immediate prospect tonight.
The proposed wage cut was referred to in these columns
Dec. 1, page 3024.
Bahia Will Support Falling Cocoa Price.-Governor of
the Brazilian State Blames Bear Speculators,
Saying Market Conditions Are Good.
According to a wireless message Nov.26 from Sao Paulo,
Brazil, to the New York "Times," the Bahia State Government has decided to support cocoa prices, which have
fluctuated considerably, falling two months ago and with a
downward movement accelerated in the past weeks. Producers have made strong representations to the State Government, saying they were losing 40 milreis, or about $5, a
sack. The account also contains the following advices:
Vital Soares. Governor of the State, who is an experienced banker, Indicates that the drop was not caused by the law of supply and demand, as
the crop is smaller than last year's and market stocks are low. Therefore
he believes the price drop is explainable only by the operations of the speculators.
The Governor, acting in accordance with the State's Constitution. has
resolved to authorize the State Treasury to make an agreement with one
or several responsible Bahia firms handling cocoa for the defense of cocoa,
counteracting the bear movements. The agreement would be in force
until the present crop is disposed of. Contracts will be submitted for the
approval of the government and legislature, which is assured.
Cocoa is a big Brazilian export item and Bahia's leading export. Bahia's
revenues weeny depend on the cocoa crop and prices on account of the
export tax levied on the -value. The price fall has had a serious effect on
the State Treasury. The United States is the principal buyer of Bahia
cocoa, which is produced in the humid coastal section of the southern part
ofthe State.
In publishing the above the "Times" of Nov. 27 said:
Recent dispatches from London stated that cocoa importers there at-'
tributed the slump in cocoa imports and prices to the substitution by multitudes of women of cigarettes for candy. The London dealers even went
There was an extreme fluctuation of 43 cents during this period. On so far as to give this as the cause for the breaking up of the great British
-sold
May
at
and
February
positions-January,
$5.27
three
22,
October
cocoa pool which dominated the market for some years.
(per pound) and on September 14 the September position sold down to
In New York Ernest L. Cleverly, reviewing the cocoa situation. ex$4.84. The maximum fluctuation in any one position, however, was pressed the belief that the advertising campaign of a certain brand of
42 cents in February, which sold at the highest level and within one cent cigarettes that advertise their use by women instead of sweets that fatten
of the lowest level. Of the positions continuously traded in May showed had had an appreciable effect on the cocoa market.
the least fluctuation which was 24 cents.
Last month contracts for 11,740 bales were traded in on the exchange.
This compares with 11,950 bales in October and 6,870 bales from September Petroleum and Its Products-Crude Oil Market Holds
11, the first day of trading, to September 30.
Firm.
The National Raw Silk Exchange, in order to meet the demands of the
Notwithstanding continued increases in production, notsilk trade, has increased the facilities of its Inspection Bureau at Hoboken,
Gerll.
From
September
it was announced on Nov. 23 by President Paollno
ably in California and Oklahoma, crude petroleum markets
11, when the exchange opened, to November 20 the Inspection Bureau,
are in steady position this week. Advices from the Midraw
of
bales
certified
2,095
Schmutz,
J.
Frederick
of
charge
in
which is
silk valued at upwards of $1,500,000. During this period 2,350 bales continent indicate that the oft-rumored advance in posted
were offered for inspection, of which 355, or over 15%, failed to meet prices for high gravity oil is being withheld pending a further
the strict requirements for silk tenderable against exchange contracts.
clarification of the outlook with respect to new production.
Before the advent of the National Raw Silk Exchange, it is pointed out
silk in New York, the The outlook for an increase is regarded as favorable, in
that there was no such thing as certification of raw
view
silk being merely tested. To-day, however, after raw silk passes through of the fact that much of the current new production of
high
the Inspection Bureau of the exchange it is possible to definitely state the
.exact character of the silk. When silk is offered for certification, twenty gravity oil is controlled by the large integrated companies
3174
FINANCIAL CHRONICLE
which are not at present sellers of crude in the open market.
Thus, notwithstanding the higher production of sweet crude,
small refiners buying in the open market are still being forced
to pay premiums to secure needed supplies.
Seasonal decline in runs to stills of crude was reported from
principal refining areas this week. With gasoline demand
falling off, and the price trend for motor fuel toward lower
levels, refiners are making efforts to curtail their output to
avoid the accumulation of burdensome surplus holdings
which might further react against the price basis later on in
the season.
The conservation program received further stimulus this
week as leading American oil company executives met at
Chicago on the occasion of the annual convention of the
American Petroleum Institute. It is believed that as a
result of the deliberations of this body, the program for curtailment and conservation of oil resources in the ground will
go forward in 1929, and that cooperation on the part of
operations in Venezuelan and other South American fields
may possibly be secured in a world wide program of conservation. Leading European companies, notably Royal
Dutch-Shell, Anglo-Persian, and Burmah Oil have already
indicated their willingness to cooperate in such a program,
and are already pro-rating production of crude in some
of'their flush producing pools.
Prices are:Pennsylvania
$3.60 Bradford
$1.55
Corning
1.80
Cabell
1.45
Wortham, 40 deg_ 1.56
Rock Creek
1.33
Smackover.24 deg. .90
Buckeye
3.25
Lima
?:88 Wy
$.
jnotn,37 deg- 1.41
Indiana
1.37 Plymouth1.28
Princeton
1.55 Wooster
1.77
Canadian
2.00 Gulf Coastal "A"- 1.20
Corsicana. heavy_ 1.00 Panhandle,44 deg- 1.36
Eureka
3.40
Oklahoma, Kansas and Texas32-32.9
S1.16 Big Muddy
$1.33
40-40.9
Lance Creek
1.48
44 and above
1.76 Bellevue
1.25
Louisiana and ArkansasMarkham
1.00
32-32.9
1.16 Somerset
1.75
35-35.9
1.31 CaliforniaSpindletop, 35 deg. and up _ _ 1.35
14-14.9
.85
Elk Basin
1.48 42-42.9
1.95
REFINERY PRODUCTS-GASOLINE LOWER-FUEL OIL
MARKET IMPROVES.
[Volk 127.
December 4.-Pennsylvania refiners advanced cylinder stocks lubricating
oils Mc. per gallon.
December 6.-U. S. Motor gasoline easier at Chicago at 834c. to 90. per
December 7.-U. S. Motor gasoline at Chicago Mc. lower at 834c.
to
9c. per gallon.
New York
Chelsea
Tiverton
Boston (delivered).Carteret
Baltimore
11
12
.1144
.12%
11
11
Gasoline(U. S. Motor)
Portsmouth
11
Jacksonville
.11
*Oklahoma
08
Providence (deity.). .12H
Chicago
.0834
Marcus Hook
.11
Philadelphia
Norfolk
Tampa
New Orleans
Houston
California
*North Texas
11
.11
11
.1034
1034
08M.
08
Note,-Th° above prices are f.o.b. refineries, tank car iota, unless otherwise noted.
Delivered Prices are generally lc. a gallon above the ref nery quotation.
*A number of the large refiners were still quoting .09.
Gasoline (Service Station).
New York
.20
Richmond
.251 Charlotte
.24
Boston
.18
San Francisco
.21
Charleston
24
Baltimore
24
Wheeling
24
Chicago
17
Norfolk
.25
Parkersburg
21
New Orleans
1734
Note.-The above prices are retail prices at service stations and include
State
taxes in States where a tax Is imposed.
Kerosene.
New York
.091 Chicago
.05%1Philadelphia (delly.) .10
New York (dellv.)._ .101 Philadelphia
Oklahoma
09
.05%
Note.-The above prices are f.o.b. refineries, tank car lots, unless otherwise noted..
Delivered prices are generally it. a gallon above the refinery Quotation.
Bunker Fuel Oil.
1.05 1 Norfolk
1.051 New Orleans
95
1.05 1 Charleston
.901 California
.85
Note.-The above prices are f.o.b. refineries; a charge of Sc. a barrel is made for
New York
Baltimore
barging alongside.
Gas and Diesel Oil.
Gas oil, New York
0534'Diesel oil, New York
Note.-The above prices are f.o.b. refineries.
.00
Export Quotations.
Gasoline, Nary, New York cases_ .26401Kerosene.s. w., New York,cases._ .1766
Bulk
10%1 W. W., New York, cases
1890
Tank Wagon Prices.
Gasoline, New York
18 'Kerosene. w. w., New York
15
Natural Gasoline Output Higher-Stock Decrease.
During the month of October production of natural
gasoline totaled 155,200,000 gallons,an increase of 10,200,000
gallons over the preceding month, according to the Bureau
of Mines,Department of Commerce. Total stocks decreased
Gasoline prices have again shown a downward trend this from 18,323,000 gallons at Sept. 30 to 16,888,000 gallons
week. The market at North Texas and Oklahoma refineries at Oct. 31. The Bureau further shows:
shows a wide variance, with quotations on United States OUTPUT OF NATURAL GASOLINE (IN THOUSANDS
OF GALLONS)
Motor gasoline ranging all the way from 8c. to 95ic. per
Production.
Stocks End of
gallon. The markets in the East are weak, but no declines
Month.
in the refinery basis materialized, although service station
Oct.
Sept. Jan. Oct. Oct.
Sept.
Oct.
prices were reduced lc. per gallon in Pennsylvania and
1928. 1928.
1928.
1927. 1928. 1928.
Delaware on Monday. Refiners in principal producing Appalachian
7,900 6,800
79,900 7,400 1,922 2,083
Illinois, Kentucky, acc
1,200 1,000
11.500 1,400
292
284
areas are adding gasoline to stocks, due to current curtailed Oklahoma
52,600 48,400 491,800 50,000 7,140 7,507
buying. Export demand is dull this week, the market at Kansas
3,000 2,900
29,200 3,000
618
648
Texas
30,400 28.100 269,800 27,600 4,181 4,599
Gulf ports being 3.4c. lower at 93ic. for U. S. Navy in bulk, Louisiana
4.800 4,700
46,900 4,000
745
859
Arkansas
2.700 2.700
26,900 2,900
248
292
10%c. for 60-62 degrees naphtha, and 113(c. for 64-66 Rocky
Mountain
4,200 4,200
38,200 3,800
552
748
California
48,400
46,200
447,800 43,500 1,190 1,303
degrees naphtha.
United States total
Vuel oil is showing a better tone, due in some measure to
155.200 145,000 1,441,000 143,600 16,888 18,323
Daily average
5,010 4,830
4.720 4,630
the material decrease in Atlantic Coast refinery holdings disclosed by the Bureau of Mines report covering October
operations. Heavy consumption of furnace oil continues Crude Oil Output in United States Again Advances.
an important factor in the market. Gas oil is steady and in
The American Petroleum Institute estimates that the daily
good demand.
average gross crude oil production in the United States for
Sales of kerosene are running heavier this week, and the week ended Dec. 1 1928 was 2,506,150 barrels as commarkets are steady in principal producing and marketing pared with 2,505,000 barrels for the preceding week, an insections. Export demand has fallen off, but prices on export crease of 1,150 barrels. Compared with the output for the
grades show no changes. Tankwagon markets for kerosene week ended Dec. 3 1927, of 2,480,750 barrels per day, the
are well maintained.
current figure shows an increase of 25,400 barrels daily.
Two developments of outstanding importance to the mar- The daily average production east of California for the week
keting branch of the industry are reported from Chicago this ended Dec. 1 1928 *as 1,829,350 barrels, as compared with
week, where the American Petroleum Institute has been 1,839,200 barrels the preceding week, a decrease of 9,850
holding its annual meeting. The first of these was an- barrels. The following are estimates of daily average gross
nouncement that organization of the petroleum export production (in barrels) by districts for the periods shown
company under the terms of the Webb-Pomerene Act below:
would go forward in the near future. The other, of equal
DAILY AVERAGE PRODUCTION.
Weeks EndedDec. 1 '28. Nov.24'28. Nov.17'28. Dec. 3'27.
importance to the domestic marketing divisions, was the Oklahoma
708.600
712,950
715,100
766,000
action of the Institute in adopting a code of ethics to govern Kansas
97,250
96,300
96.000
106,300
Panhandle Texas
61,600
64,200
66,750
85,550
refiners in their marketing operations. Adoption of this North Texas
89.110
89,400
88,950
78,450
West Central Texas
54,850
54,850
64,750
58,500
code, it is thought, will go far toward bringing about stabil- West Texas
327,850
329,600
231,150
330,200
East
Central
Texas
21,250
21,150
ized conditions in gasoline marketing circles, and sounds the Southwest Texas
27,550
21,450
28.250
27,750
26,100
26,600
death knell of the "price wars" among competing refiners North Louisiana
38,200
38,200
38,750
48,000
Arkansas
82,100
83,050
83,400
96,650
which have done so much to depress refiners' earnings in Coastal Texas
109,750
113,400
113.400
121,700
Coastal Louisiana
22,400
15,100
21,100
21,150
recent years.
Eastern
110.000
107,500
109.000
113,750
A chronological summary of the week's price changes Wyoming
56,800
59,550
58,100
57,450
Montana
11,550
12,200
11,550
13,050
follows:
Colorado
7.050
6,450
7,100
7.700
December 1.-U. S. Motor gasoline Ho. per gallon lower at Chicago
at 834c. to 93jc. per gallon.
December 1.-Pennsylvania refiners advanced bright stock lubricating
offs Mc. per gallon.
December 3.-Atlantic Refining Company reduced service station gasoline prices lc. per gallon in Pennsylvania and Delaware.
December 4.-U. S. Motor gasoline at Chicago Yin. lower at S.Sic. to
9)1C. per gallon.
New Mexico
California
natal
2,700
676,800
2.950
665,800
2,450
643,500
2,600
626,400
2.506,150 2,505,000 2,490,850 2,480,750
The estimated daily average gross production of the Mid-Continent field
Including Oklahoma, Kansas, Panhandle, North, West Central. West, East
Central and Southwest Texas. North Louisiana and Arkansas, for the week
ended Dec. 1 1928, was 1,509.100 barrels, as compared with 1,517,450
barrels for the preceding week, a decrease of 8,350 barrels. The Mid-
DEC.8 1928.]
FINANCIAL CHRONICLE
Continent production, excluding Smackover. Arkansas heavy oil, was
1,455,450 barrels, as compared with 1,463,700 barrels, a decrease of 8,250
barrels.
the
The production figures of certain pools in the various districts for
current week, compared with the previous week follow (figures in barrels
or 42 gallons):
-Week Ended-Week EndedDec. 1. Nov.24.
Dec. 1. Nov.24. North LouisianaOklahoma5,800 5,800
Haynesville
11,800
11,750
Tonkawa
6,050 6,200
25,300 25,650 Urania
Burbank
20,200 20,200
Bristow Slick
Arkansas
8,450
8.150
Cromwell
7,150 7.150
40,900 41,750 Smackover. light
Seminole
53,650 53,750
48,900 50,650 Smackover, heavy
Bowlegs
12,250
13,050
10,150 10,250 Champagnolle
&Aright
100,650 105,450
Little River
Coastal
Texas
75,850
75,300
Earlsboro
8,000 8,500
132,150 130,050 West Columbia
St. Louis
10,650 9,750
24,900 24,100 Pierce Junction
Allen Dome
10,750
11,000
Hull
Panhandle Texas35,500 37,500
_ _ 28,100 28,900 Spindletop
Hutchinson County_ .
6,100
6,100
County
Carson
Coastal Louisiana23,900 25,500
Gray County
4,200 4,200
800 Vinton
800
Wheeler County
5,250 5.400
Hackberry
East
North Texas1,350 1,500
32,650 32,800 Sweet Lake
WIlbarger
4,000 2,000
19,250 19,400 Sulphur Dome
Archer County
Wyoming
West Central Texas, 50
35,400 353
Shackelford County_ _ _ _ 10,550 10,450 Salt Creek
Montana10,150 10,300
Brown County
7,950 7,950
Sunburst
West TexasCalifornia17.200 17,200
Reagan County
70,500 66,000
33,000 31,050 Santa Fe Springs
Howard County
192,000 192,500
70,400 67,900 Long Beach
Peers County
51,000 51,500
Beach
Huntington
53,900
54,000
Counties
Upton
&
Crane
16,000 16,000
141,200 149,150 Torrance
Winkler County
10,000 10.000
Dominguez
East Central Tetras-6.500 5,500
Rosecrans
9,600
10,000
Corsicana Powell
27,800 28,000
700 Inglewood
700
Nigger Creek
75,000 75,000
Midway-Sunset
Southwest Texas52,000 52,000
13,500 13,450 Ventura Ave
Luling
28,500 26,000
8,950 8,850 Seal Beach
Laredo District
3175
will rest in a glass case in the lounge of the Exchange as a
permanent souvenir of the opening.
A luncheon at India House,at which the Board of Directors
of the Exchange were hosts, was another feature of the opening ceremonies. President Vogelsang presided at the
luncheon which was attended by bankers,Presidents of neighboring exchanges and prominent metal men. Leonor F.
Loree, President of the Chamber of Commerce of the State of
New York, and Charles S. Trench, President of the British
Chamber of Commerce who is also President of the National
Metal Clearing Association, made brief addresses at the
luncheon. Mr. Loree predicted a bright future for the new
Exchange in a field where there was a real need for it. "One
of the dangers attendant upon the rapid development of
American industries," he said, "is that often we do not
furnish ourselves with sufficient tools and equipment to
fortify these industries against unnecessary loss of waste. I
believe that the National Metal Exchange can fill such a gap
by helping to protect those in the metal industry against need:
less losses in the conduct of their business."
"The British Empire Chamber of Cothmerce is intensely
interested in the opening of the National Metal Exchange,"
said Mr. Trench. "The Exchange is trading in an article of
which the British Empire produces from 60 to 75% of the
world's and the United States consumes over 50%." He
added:
blow to British
Opening of National Metal Exchange.
The National Metal Exchange at 27 William Street began
functioning on Dec. 3 as the premier metal exchange of the
country, superseding the New York Metal Exchange which
for nearly half a century served as the gathering place for
representatives of metal trades in and around New York.
The old exchange terminated its existence at the close of business on Nov. 30. With a limited membership, the Exchange
came into being with trading restricted to the current month
and the succeeding five months as against the ninety day
limit prevailing on the London Metal Exchange.
Tin futures representing a value of more than $500,000
changed hands during the first hour of trading at the opening
of the new Exchange on Dec. 3. The trading floor was
crowded with brokers when the gong sounded at 10.15 a. m.
and Assistant Secretary James J. Murphy announced the
opening call and trading got under way. Just before the
opening, President Erwin Vogelsang spoke briefly on the reasons for the organization of the exchange and its importance
to the metal industry of America, saying:
"I have heard it said that this Exchange is going to be a
supremacy in making the price of tin. If that be the case, then I will say
win.
that the British Empire believes in competition and may the best man
The British Empire has always stood for honest competition in any line of
Industry and there is no reason to believe that she will make an exception to
her•time-honored rule in this particular case. On behalf of the British
best
Empire Chamber of Commerce I pledge full co-operation and very
wishes for the success of the new exchange."
Regarding the trading on the Exchange on Dec. 3, the
"Times" of Dec.4 said:
session yesterday
The total turnover during the interrupted trading
a value of more than
amounted to 129 contracts, or 645 tons, representing
6765,000. The January and February delivery positions were in best demand, while April was entirely neglected. Prices showed no pronounced
trends or variations in the course of the day, though the general price level
was somewhat higher than last week.
Price ranges for tin futures yesterday were:
Close.
Low.
High.
52.95-53.00
53.20
53.50
December
52.80-52.90
52.85
53.25
January
52.70-52.80
52.75
53.00
February
52.70-52.80
52.80
52.85
March
52.65-52.75
April
52.60-52.70
52.70
52.80
May
Launching of the new National Metal Exchange in New
York aroused keen interest in London metal circles, according to cable dispatches received in the metal trade. While
market opinion has been divided as to the significance of the
part which the new exchange will play in influencing world
prices, the general consensus of opinion has now veered
around, to the view that it will create a great broadening in
market for tin which will exercise a beneficial effect. Discussing the establishment of the new Metal Exchange, John
Howeson, Chairman of the Anglo-Oriental Mining Corp.,
who represents the viewpoint of leading British producers,
said:
the tin in"The new institution cannot fail to have a beneficial effect on
to make their purdustry throughout the world. By enabling consumers
an element into tin
chases six months ahead, the new Exchange introduces
Hitherto the trend of tin
"There has been a growing feeling for some years past that the United
States needed a market on which hedging in metals could be effected
without delay in accordance with up-to-date commodity exchange practice
and that it should not be necessary to go to London, which has had the
only market providing facilities for dealing in metal futures but which
have been attended by considerable risk, owing to the difference in time.
"From now on not only will any such risk be eliminated, as our Exchange
will be in continuous operation from 10.15 a. m.to 3 p. m.on weekdays and
from 10.15 a. m.until noon on Saturdays, but it will make possible arbitrage
trading with London.
"During the year 1927 the total shipments of tin from all sources ofsupply
amounted to about 118,000 tons valued at approximately 6170,000,000.
During this same period there were delivered in the United States slightly
trading which makes for safety and stability.
over 72,000 tons valued at approximately $100,000,000. During the
neither conprices has been remarkable for fluctuations. In consequence
present year supplies have increased about 15% with a somewhat smaller
and hand-tosumer nor producer has ever really known where he stood
increase in world consumption.
necessary corrollary.
mouth purchasing of tin, with all its evils, has been a
"With a free and open market conducted under the most modern rules of
we wel"For the great producing interests of this country, I can say that
exchange practice, the United States which consumes over 50% of the
act
will
as a safety valve
It
Exchange.
establishment of the new
the
come
workrs production of tin, and produces virtually none, will now be in a
any unthe machinery of tin marketing and will certainly counter-balance
position to play an important part in determining what is a fair price for this in
maal in which
due tendencies to upset economic prices for the semi-precious
commodity."
we deal."
There was keen rivalry among the brokers around the ring
for the honor of making the first transaction of the new Exchange. This fell to Jerome Lewine, of H. Hentz & Co., and
J. C. Cuppia, of E. A. Pierce & Co. The latter offered two
lots of December at 53.50 (533 cents) which Mr. Lewine
bought. All of the six months traded in were active at the
opening. At 10.30 a. m. trading was suspended for fifteen
minutes for the auctioning for charity of a pig of tin donated
by Hendricks Brothers, Inc. F. R. Henderson, President of
the Rubber Exchange of New York, who helped to organize
the new Exchange, was the auctioneer. Bidding started at
$500 and the pig was knocked down to K. C. Li, of the Wah
Chang Trading Co., a charter member of the Exchange, for
$1,500. Mr. Li redonated the tin back to the Exchange and
this time it was bought in by President Vogelsang, representing a committee of the American Tin Trade Association, for
$1,000. It was again reauctioned and redonated back to the
Exchange, other successful bidders being Julius Loeb, VicePresident of the American Metal Co, and W. H. Trotter, of
N. Trotter & Co. In all, something over $4,000 was realized
which will go to the United Hospital Fund. The pig of tin
The price of tin during recent weeks has risen steadily,
reaching record levels for the year, and according to the Lon"Financial Times" the mark of 250 pounds per ton prophesied
a month ago will shortly be attained. The probability that
consumption of tin plate in the United States will establish
a new high record this year has affected the immediate outlook, although it is anticipated that November will show a
decrease of 20% in the automobile output as compared with
October figures,it is expected that the total will be so high for
November and December that any decrease will not be of
serious moment.
The tin market is in control of strong bull interests, which
are producing tin, buying tin and selling tin shares at the
same time, H. Hentz & Co. stated in a review of the market
on Dec. 1, incidental to the opening of the National Metal
Exchange on Dec. 3. The review said:
so
has been successful, of
far
"There has been a determined effort, which
of the market. They have acthe leading bull interests to secure control
market about 3.500
London
the
from
lifting
by
complished their purpose
tons,resulting in a backtons of warrants out of a total supply of about 5,500
ranging from £3 to LS.
wardation (premium of spot over futures) in London
they have come to the rescue of
In order to maintain this backwardation,
3176
FINANCIAL CHRONICLE
[VOL. 127.
the market by buying spot tin, wherever the market seems a trifle unsettled. the operating rate for the 197 furnaces active on '
Nov. 1. Last month
"This determined effort to advance prices and secure control has been car- three furnaces were blown in and six were shut down. Several large furried on in the face of an increasing visible supply of tin. The New York naces were operated at a high rate in November, which accounts in part
Metal Exchange figures show a visible supply of 20,907 tons as of Oct. 31 for the high operating rate of the 194 furnaces on Dec. 1 as compared with
1928, against 14,684 tons as of Oct. 31 1927, an increase of 6,223 tons.
the 197 on Nov. I.
"Comsumption has not kept up to production as figures recently published
Of the three furnaces blown in during November,one was a Steel Corporashowed an excess of production over consumption of about 12,000 tons.
tion stack, one belonged to an independent steel company and one was a
"Notwithstanding the increases in production over consumption and the merchant stack. The six furnaces shut down included three Steel Corporavisible supply, the "bull group" have succeeded in raising the market from tion stacks, two independent steel company furnaces and one merchant
around 453c. per pound to the present levels of about 52c. per pound.
unit. The net loss of three furnaces for the month was in steel making
"Not only is the 'group' buying tin but they are producing tin, for it is stacks.
understood they control about 12% of the world's production. Their
Steel and Merchant Iron.
interest in tin does not stop here, for recent advices indicate that they have
There was a gain in steel-making iron last month of 423 tons per daylately floated a stock issue of over £1,500,000 for the promotion of new the November daily rate was 88,474 tons, as
compared with 88,051 tons per
mines. It is an interesting intermingling of buying tin, producing tin and day in October. Merchant iron output made a larger
gain last month, or
selling tin shares. How much higher they will put the market is only a ques- 829 tons per day. The
November rate was 21,610 tons per day and that in
tion of the purchasing power.
October was 20,781 tons per day.
"Conditions in this country are also unsettled. The consumer, seeing
Furnaces Blown In and Out.
stocks pile up in large quantities, has refused to buy future requirements,
During November the following furnaces were blown in: One Cambria
depending upon his spot stocks to carry him along. With the near depletion
of his spot stock, the consumer has only recently begun to buy spot and furnace of the Bethlehem Steel Co. in western Pennsylvania; one Toledo
futures at advancing prices. The market at the present time is a little off stack of Pickands, Mather & Co. in northern Ohio; and one Bessemer
from the top of the present upward move, with prices for December 523/sc., furnace of the Tennessee Coal, Iron & RR. Co. in Alabama.
per pound. January 52%c. per pound, February 52%c., beyond 5234c."
The following furnaces were blown out or banked last month: One stack
The proposed opening of the Exchange was referred to in of the Donner Steel Co.. Inc. in the Buffalo district; the Sheridan stack
of the Lavino Furnace Co. in the Lebanon Valley; one Carrie and one
our issue of Dec. 1, page 3026.
Duquesne stack of the Carnegie Steel Co. and one Eliza furnace of the
Jones & Laughlin Steel Corp. in the Pittsburgh district, and one Lorain
furnace of the National Tube Co. in northern Ohio.
Large November Production of Steel Ingots.
The American Iron & Steel Institute in its usual monthly
report for November, released yesterday (Dec. 7), placed
the make of steel ingots at 4,032,781 tons by companies
which produced 94.68% of the total output in 1927. Of
the amount mentioned above, 3,441,985 tons were openhearth and 590,796 tons Bessemer. The calculated production of all companies for November with 26 working
days, was 4,259,380 tons, as against 4,647,891 tons the
previous month, with 27 workings days, and only 3,127,015
tons output in November 1927, with 26 working days. In
the tabulations shown below we give the figures of production since January 1927:
MONTHLY PRODUCTION OF STEEL INGOTS, JANUARY 1927 TO
NOVEMBER 1928-GROSS TONS.
Reported for 1927 and 1928 by companies which made 94.68% of the open-hearth
and Bessemer steel ingot production in 1927.
545,596
565,226
590,709
565,440
557.785
486,053
436,883
505,596
471,548
495,845
481,599
3.587,729
3,608,718
4,293,369
3,907.190
3.831,378
3,309,160
3,033,232
3.311,943
3.094,525
3,139,407
2,960,226
3,789,874
3,812,046
4.535,272
4,127,335
4,047.251
3,495,609
3,204,135
3,498.549
3,268,881
3,316,292
3,127,015
26
24
27
26
26
26
25
27
26
26
26
11 mos.... 32,374,597 5,702,280 38,076,877 40,222.259 285
December _
2,557,955
448,154 3,006,109 3,175,484 26
Total_._
1928.
January_
February
March _ _
April
May
June
July
August._ _
September_
DctoberNovember_
34,932,552 6,150.434 41,082,986 43,397.743 311
3,280,247
3,308.728
3.700,411
3.509,637
3.397.631
3.016,487
3,075,247
3,386,750
3,381.917
3,802,396
3,441,985
498,746
521,366
567,309
564.039
581,949
527,351
533,550
569,436
545,015
598,227
590,796
3,778,993
3,830,094
4.267,720
4,073,676
3.979,580
3,543,838
3,608,797
3,956,186
3,926,932
4,400,623
4,032,781
3,991.332
4,045,304
4,507,520
4.302,573
4,203,190
3,742,964
3,811,673
4,178,481
4,147,583
4,647,891
4,259,380
26
25
27
25
27
26
25
27
25
27
26
000,
10.40000.4
.0WOCOW.4.a...0,1*
3,042,133
3,043,492
3,702,660
3,341,750
3,273,593
2,823,107
2.596,349
2,806,347
2,622,977
2,643,562
2,478,627
000000WIPW0t.
Monthly
Approx. Per
Calculated
Output
Monthly No.of Daily
Cent.
Bessemer. Companies. Output, all Wkg. Output. OperReporting. Companies. Days. all Cos. ation.x
!WcW-11,.1-414
January_ _ _
February__
March _ _ _ April
May
June
July
August _ _September_
October__ _
November_
Openhearth.
,0-4CACW4hOW..JWOI
Months
1927.
141.131 76.69
122,134 66.37
139,543 75.83
153,513
161,812
166,945
172,103
155,674
143,960
152,463
154,759
165,903
172,144
163,822
81.43
85.84
88.56
91.29
82.58
76.37
80.88
82.09
88.01
91.32
86.90
11 mos
37.301.436 6.097.784 43.399.220 45.837.791 286 160.272 85.02
x The figures of "per cent of operation" are based on the annual capacity as of
Dec. 31 1927 of 58,627.910 gross tons for Bessemer and open-hearth steel Ingots.
November Pig Iron Output at a High Rate.
Pig iron production in November, according to actual
returns received by the "Iron Age" from all companies,
showed an increase of a little over 1% over October. It
was also the largest for this year and exceeded all records
for that month since November 1918. Total November pig
iron output was 3,302,523 gross tons, or 110,084 tons per
day for the 30 days, as against 3,373,506 tons, or 108,832
tons per day,for the 31 days in October. This is an increase
for November of 1251 tons per day, or 1.15%. In October
the increase over September was 6,755 tons per day, or
6.6%. The November rate was the largest this year and
compares with 88,279 tons per day in November last year.
It was also the largest in 19 months, or since April 1927,
when the daily rate was 114,074 tons. The rate last month
was also the largest for November since 1918, when the daily
rate was 111,802 tons. There have been but two November daily rates exceeding that of this year-in 1918 and in
1916. In 1916 the rate was 110,394 tons per day, adds the
"Age" of Dec. 6, which further reports:
Operating Rate Active on Dec. 1
There were 194 furnaces active on Dec. 1, having an estimated operating
rate of 108,575 tons per day. This compares with 108,800 tons per day as
DAILY AVERAGE PRODUCTION OF COKE PIG IRON IN THE UNITED.
STATES BY MONTHS SINCE JAN. 1 1924-GROSS TONS.
January
February
March
April
May
June
First 6 months
July
August
September
October
November
December
12 month's average
1924.
1925.
1926.
1927.
1928.
97,384
106,026
111,809
107.781
84,358
67,541
95,794
57,577
60,875
68,442
79.907
83.656
95,539
55075
108,720
114,791
114,975
108.632
94,542
89,115
105,039
85.936
87.241
90,873
97,528
100,767
104,853
AQ 7RS
106,974
104,408
111,032
115,004
112,304
107.844
109,660
103,978
103,241
104,543
107.553
107,890
99,712
107043
100,123
105,024
112,366
114.074
109,385
102,988
107,351
95,199
95.073
92,498
89,810
88,279
86.960
99 266
92,573
100,004
103,215
106,183
105.931
102,733
101.783
99,091
101,180
102.077
108,832
110,084
DAILY RATE OF PIG IRON PRODUCTION BY MONTHS-OR. TONS.
Steel Works. *Merchant.
1927-November
December
1928-January
February
March
April
May
June
July
August
September
October
November
64.600
64,118
69.520
78,444
83,489
85,183
85,576
81,630
79.513
82,642
82,590
88,051
55.474
•
23,679
22,742
23,053
21,560
19 726
21.000
20,355
21,103
19,578
18,038
19,487
20,781
21 111(i
• Includes pig Iron made for the market by steel companies.
TOTAL PRODUCTION OF COKE PIG IRON IN UNITED
BEGINNING JAN. 1 1926-GROSS TONS.
1928.
1926.
1927.
1926.
1927.
Jan_ __ 3,316,201 3,103,820 2,869,761 July_ _ 3,223.338 2,951,160
Feb___ 2,923,415 2,940,679 2,900,126 Aug _. 3,200,479 2,947,276
Mar_ _ 3,441.986 3,483.362 3,199.674 Sept_ _ 3,136,293 2,774,949
Apr___ 3,450,122 3.422,226 3,185,504 Oct.... 3,334,132 2,784,112
May_ 3.481,428 3,390,940 3,283,856 Nov_ _ 3,236,707 2,648,376
June__ 3,235,309 3,089,651 3,082,000 Dec. 3.091,060 2,695,755
Total.
88.279
86,960
92,573
100.004
103,215
106.183
105,931
102,733
99,091
101,180
102.077
108,832
110.084
STATES
1028.
3.071,824
3,136,570
3.062.314
3,373.806
3,302,523
14 yr_19,848,461 19,430.678 18,520.921 Year•_39.070,470 36,232,306
• These totals do not Include charcoal pig Iron. The 1927 production of this Iron
Was 164.569 tons.
PRODUCTION OF STEEL COMPANIES FOR OWN USE-GROSS TONS
Total Pig IronSpiegel and Ferromanganese.
January
February
March
April
May
June
Half year
July
August
September
October
November
December
Year
xFerromanganese.
1926
1927.
1928.
1926.
1927.
1928.
2.599,876
2,272,150
2,661,092
2,677.094
2,687,138
2,465,583
2,343,881
2,256,651
2,675,417
2,637,919
2,619,078
2,343,409
2.155,133
2.274.880
2,588,158
2,555,500
2,652,872
2,448,905
29,129
22,309
24,064
24.134
23.159
25,378
31,844
24,560
27,834
24,735
28,734
29,232
22.298
19,320.
27.912
18.405
29.940.
32,088
15,362.933 14.876,355
2,461,161 2,163.101
2,424.687 2,213,815
2,436,733 2,090,200
2,578.830 2.076,722
2,484,620 1,938,043
2,322,180 1,987,652
14,675,448
2,464,896
2.561,904
2.477.695
2.729.589
2,654,211
148,173
26,877
23,557
25,218
28,473
31,903
31,627
166,939
20,394
21,279
20,675
17,710
17,851
20,992
32,909
24.58322.278
23.93929,773
315.828
291,840
30,071.144 27.345,888
x Includes output of merchant furnaces.
Steel Operations Steady-Production of Pig Iron at
High Level-Prices Unchanged.
Pig iron production last month, at 110,084 tons per day,
was the highest since April, 1927, and was the largest November output since 1918, according to the "Iron Age" of
Dec. 6. With December estimated, the total for the year
will be close to 38,000,000 tons, which has been exceeded
only in two years since the war, 1923 and 1926, continues.
the "Age," adding:
Steel production bolds to a range of 80 to 83%, notwithstanding some
falling off in specifications from consumers who desire to keep their
stocks at a minimum over the inventory period. The automobile industry, although demanding less steel for December shipment, owing
to changes in models and to stock reduction over the year end, has
arranged for large shipments early in the new year.
Except for the automobile industry, most of the major consuming
lines are taking practically as much steel as at any time in months,.
Dna. 8 1928.]
FINANCIAL CHRONICLE
3177
It is increasingly apparent that the position of the lighter steel prodand in a few lines, notably railroads and shipbuilding, the outlook is
ucts is stronger than that of the heavier lines. Sheet producers have not
promising for an upward swing.
of automotive pressure but from other users are
Rail orders of 42,000 tons placed at Chicago included 28,000 tons for yet run the gamut
business at the recent $2 per ton advance. In hot
the Chicago & North Western and 10,000 tons for the Wabash, while booking forward
strip the price situation shows little deviation from
four roads will take a total of 25,000 tons of track accessories, with and cold rolled
quarter but, as with sheets, specifications continue broad,
20,000 tons about to be closed. The Santa Fe inquired for 3,400 freight the current
dip may be mild and producers forecast a tight delivery
care, in addition to 1,075 mentioned a week ago, and is also in the the year-end quarter.
market for 56 passenger cars, requiring in all 70,000 tons of steel. situation next
The extension of the current range of 1.90c to 2.00c Pittsburgh, on
American shipbuilding, long quiescent, is being stimulated by the
steel leaves no advantage in pressing for specifications against
heavy
Pa.,
shipbuilder
Chester,
A
Act.
Marine
Merchant
the
loan provisions of
by Dec. 10 or 15, and the mills will be less rigorous
has ordered 8,600 tons of plates and shapes for an ocean liner, and a current contracts
in dealing with the carryover. On wire products
Camden, N. J., yard is seeking protection on 60,000 tons of plates and than was expectedwhether a $2 rise will be announced shortly or present
15,000 tons of shapes for six ships on which it is bidding. Bids have opinion is divided
On bolts, nuts and rivets contracts probably will be
been taken on two large lake cargo vessels. A Wilmington, Del., ship- levels continued.
renewed.
yachts.
three
for
plates
of
yard bought 1,600 tons
Independent steelmakers continue to operate slightly higher than Steel
The construction field continues to bold attention because of the volume
subsidiaries, which this week are averaging 84%, compared
of pending tonnage, which was augmented in the week by 27,400 tons, corporation
week. An additional open-hearth furnace has been lighted
of which 10,000 tons is for a Chicago office building. Awards were with 82% last
the Mahoning Valley, making 41 out of 51 active,
42,400 tons. A sheet steel piling contract of unusual size was for 4,000 by independents in
while two mills have been brought in there by independent sheetanakeXS,
tons for a railroad warehouse in Jersey City.
127 on the active list. Tin plate operations are
Specifications from the agricultural machinery industry in November putting 113 out of
point of the season and are gradually increasing. Producwere the largest on record, and the volume of shipments is undiminished. past the low
has been stepped up slightly, with 32 out of 37 openSuch loss as may occur this month in the production of some lines tion at Buffalo
lighted. The Chicago and Pittsburgh districts hold at
of finished steel will be partly offset by increasing operations of rail hearth furnaces
mills, which are about to begin rolling of recent orders, and of tin about 80%.
Chicago makers have booked 30,000 tons each of rails and track
plate mills, which are up to 85% of capacity operations against a
accessories in the past week. The Baltimore & Ohio and Erie railroads
recent dip to about 75%.
1929 accessory requirements. The Rock Island will
Although first-quarter steel contracting has not yet gathered mo- have bought their
on 3,300 cars.
mentum, the situation as to prices of plates, shapes and bars has been act Dec. 15
When pig iron production in November rose to 110,123 tons it atclarified by the announcements of most of the producers that no adtained a height unsurpassed since 1918 and exceeded only once before
vance will be made from the range of 1.90c to 2c, Pittsburgh, prevailthat. It increased froin 108,824 tons in October, whereas a year ago
ing on contracts and spot orders in this quarter. Chicago mills have
it receded from 90,710 tons in October to 88,728 tons in November. The
withheld decision on forward prices for these products, but outside comNovember total of 3,303,680 tone fell below the 3,878,539 tons of
petitors have sold at the current quotations. With no price advance
October only because of the shorter month, but exceeded the 2,661,868
to stimulate specifications, the mid-December deadline for completing
November by a wide margin. The one blot on the picture
fourth-quarter contracts may not be as effective in driving in tonnage as tons of last
is that two fewer blast furnaces, or 194, were active as of Nov. 30, indicating
September.
in
was
It
decline in December production. Pig iron selling generally has subSome users of sheets, desiring to delay current quarter shipments until a
sided following the recent heavy coverage and prices are unchanged except
after January 1, have been told that tonnages not released for movement
the advance of 50 cents by one Birmingham maker and 75-cent advance
this month will be invoiced at the $2 advance which is in effect on firstin Virginia iron.
quarter contracts.
An assurance of ample iron ore supply for the coming winter is conA reduction of $5 a ton has been made on cold-drawn alloy steel bars
final figure of 53,980,874 as the tonnage of Lake Superior
through a change from lc to %c per lb. in the extra over the price tained in the
ore shipped by vessel to lower lake ports this season. This is an increase
of hot-rolled alloy bars.
over 1927, but 4,556,981 tons under 1926. Normal winNovember pig iron production was 3,302,523 tons, only 70,983 tons of 2,873,738 tons
are planned for the ore ranges and as stocks at lower
below the total for October, which had one more day. On Dec. 1, 194 ter operations
lake docks and furnaces are only average, a good market seems in prosfurnaces were in blast, making iron at a daily rate of 108,575 tons,
1929.
against 197 on Nov. 1, operating at a daily rate of 108,800 tons. Three pect for
A rise in Virginia pig iron recoups some of the loss sustained by the
Steel Corp., two independent steel company and one merchant (stacks)
"Iron Trade Review" composite of 14 leading iron and steel products
went out of blast during the month, and one Steel Corp., one independent
last week. This index this week stands at $36.16, against 288.13. one
and one merchant (furnaces) went in, a net loss of three.
week ago and the peak of $36.19 two weeks ago.
Pig iron sales have declined in some sections, but prices are steady.
Another increase occurred in the production of steel ingots
The 50c a ton advance made a week ago by one Alabama producer may
be followed by others. Eastern Pennsylvania basic and Virginia foundry the past week, states the "Wall Street Jburnal" of Dec. 6.
iron have been marked up 50c.
is usually downward
Water shipments of 63,980,874 gross tons of Lake Superior ore in the This is contrary to the trend, which
season just closed were 3,000,000 tons more than in 1927 and were at this season of the year.
exceeded in only four of the past 10 years.
The largest increase, about 2%, was shown by the U. S. Steel Corp.,,
The Ruhr lockout has ended with recourse again to governmental arbi- which is running at between 83%% and 84% of capacity, compared
tration, and European steel sellers are now actively seeking orders.
with under 82% a week ago and between 79% and 80% two weeks ago.
A sale of 5,000 tans of steel ties has been made in England to a
Independent steel companies put up their rate about 1% and are at
British railroad, the first contract of the kind.
against 83% in the previous week and 81% two weeks ago.
The "Iron Age" composite prices are unchanged at $18.59 for pig iron, weeks ago.
its high of the year, and at 2.362c per lb. for finished steel. A year
For the entire industry the average is placed at approximately 84%%,
ago pig iron was $17.59 and finished steel 2.307c, as the following table against 83% in the previous week and 81% two weeks ago.
shows:
At this time last year the Steel Corp. was running at around 66%,
Pia Iron.
Finished Steel.
with the independents at 63%, and the average was slightly better than
Dec. 4 1928, 818.50 a gross ton.
Dec. 4 1928. 2.362o. a pound.
64%.
2.362c. One week ago
One week ago
$18.59
2.369e. One month ago
One month ago
18.34
The "American Metal Market" of Dec. 5 says:
2.307o. One year ago
One year ago
17.59
Steel buying has been light on the whole reflecting approach of the
1.689c. 10-year pre-war average
10-year pre-war average
15.72
Based on steel bars, beams,tank plates, Based on average of basic iron at Valley annual inventory Jan. 1. While buyers have been carrying no stocks to
wire, rails, black pipe and black sheets, furnace and foundry irons at Chicago, speak of, except in lines in which price advance a couple months ago inthese products constituting 87% of the Philadelphia, Buffalo, Valley and Birduced some stocking up, there is always opportunity to pare stocks, while
United States output of finished steel. mingham.
High.
Low.
High.
various manufacturers have light operations at inventory time.
1928_2.369e. Oct. 30 2.314o. Jan 3 1928-318.59 Nov.27 $17.04 July 24
1927-2.453c. Jan. 4 2.293o. Oct. 25 1927-- 19.71 Jan. 4 17.54 Nov. 1
1926_2.453c. Jan. 5 2.4030 May 18 1926._ 21.54 Jan. 5 19.46 July 13
1925_2.560o. Jan. 6 2.3960 Aug. 18 1925._ 22.50 Jan. 13 18.96 July 7 Bituminous Coal and Anthracite Production Higher
1924-2.7890. Jan. 15 2.460o Oct. 14 1924.__ 22.88 Feb. 26 19.21 Nov. 3
Coke Output Shows Decrease.
1923-2.824o. Apr. 24 2.446a Jan. 2 1923._ 30.86 Mar.20 20.77 Nov.20
Heavy steel requirements for shipbuilding, refineries,
pipe lines, carbuilding and winter construction programs
are tempering the seasonal decline in demand for iron and
steel, says the "Iron Trade Review" of Dec. 6 in its weekly
summary of steel and iron conditions. The "Review" further says:
According to the United States Bureau of Mines, the production of bituminous coal during the week ended Nov. 24
amounted to 10,975,000 net tons, an increase of 51,000 tons
over the preceding week and 2,145,000 tons more than were
produced during the week ended Nov. 26 1927. Output of
anthracite during the week ended Nov. 24 1928, totaled
1,920,000 net tons, as against 1,286,000 tons in the same
period last year and 1,723,000 tons in the week ended
Nov. 17 1928. Production of beehive coke in the United
States during the week ended Nov. 24 1928, totaled about
92,600 tons, a decrease of 6,200 tons as compared with the
preceding week, but 7,000 tons more than were produced
during the week ended Nov. 26 1927. The Bureau of Mines
report is as follows:
Ship projects which eastern yards expect to close shortly call for
85,000 to 90,000 tons, chiefly plates. Recent western pipe awards involve over 200,000 tams of plates, while a line for Albany, N. Y., specifies
15,000 tons and the long-pending 40,000-ton line in New Jersey mature,
Dec. 20.
Refinery projects in Texas, taking 36,000 tons of plates, are before
Chicago district mills. For November freight car awards 60,000 tons
of heavy steel will be specified, and pending car inquiry will match
that tonnage. Structural steel awards, at approximately 55,000 tons
this week, continue abnormally heavy for the season and are topped
this week by an 18,000-ton exposition hall at St. Louis, New York subway work, requiring 34,000 tons of shapes, will be up late this month.
ANTHRACITE.
But these peaks in demand fall short of neutralizing the general downproduction of anthracite during the week ended Nov. 24 is
total
The
the
by
metalworking
consumption
industry as a whole,
ward tendency in
estimated at 1.920.000 net tons. This is an increase of 197,000 tons, or
and the country's steel requirements have subsided moderately in the 11.4%. over the output in the preceding week, In which working time
past week. Compared with a month ago the markets are much less active, was curtailed by the Armistice Day holiday.
but contrasted with a year ago the industry is on a much higher planeEktintated United States Produatou ar Antnractie (Net Tan).
possibly the highest December plane since the war.
1927
,
1928--.--Beneath a more placid exterior, competition for business, especially
Cal. Year
Cal. Year
to Dates
Week.
to Date.
Week.
in the heavy finished steel lines, is intensified. More aggressive selling
Went Ended1,533,000
65,530,000
1,785.000
70,285.000
the
by
furthered
been
has
10
multiplicity
of
Nov.
producers
basing
by some
1,951,000
67,253,000
1,723,000
72,236,000
17_b
points, and advantage is being taken of plant locations. Some important Nov.
69.173,000
i'.286,000
1,920,000
73,522,000
Nov. 24.c
realignments between producers and tonnage buyers are in process. The
Minus one day's production first week in January to equalise number of days
a
situation is contributing nothing to the stability of prices.
in the two years. b Revised. c Subject to revision.
3178
(VOL. 127.
FINANCIAL CHRONICLE
BEEHIVE COAL.
The total production of beehive coke for the country as a whole during
the week ended Nov. 24 is estimated at 92,600 net tons, as against 98.800
tons in the preceding week. The decrease, 6,200 tons, or 6.3%. was
largely in the Pennsylvania-Ohio group. The total prod ction of beehive
coke during 1928 to Nov. 24 amounts to 3,909,600 net tons, in comparison
with 6,556.600 tons during the corresponding period In 1927.
Estimated Production of Beehive Coke (Net Tons).
Week Ended
1927
Nov. 24
1928
Nov. 17
Nov. 26
to Date.a
to Date.
1928.b
1928.c
1927.
Pennsylvania and Ohio__ -- 72,400
79,200
58,200 2.818,100 4,974,400
728,100
520,600
West Virginia
7,400
7,100
14,800
231.900
135,200
Ala., Ky., Tenn. & Ga_ _
1,500
1,700
2,600
292,200
Virginia
225,800
4,900
4,400
4,400
330,000
209,900
Cob.,Utah & Washington_ 6,400
6,400
5.600
United States total
92,600
98,800
85,600 3,909,600 8,556,600
Daily average
23.333
13,913
15,433
14,267
16,467
a Minus one day's production first week In January to equalize number of days
In the two years. b Subject to revision. c Revised.
BITUMINOUS COAL.
The total production of soft coal during the week ended Nov. 24 1928,
Including lignite and coal coked at the mines, is estimated at 10,975.000
net tons. This is an increase of 51,000 tons, or 0.5% over the output in
the preceding week, when working time was curtailed by the Armistice
holiday. The average production per working day in the week of Nov. 24
was lower than In the week of Nov. 17.
Estimated United Stales Production ofBituminous Coal(Net Tons),Including Coal Coked
1927
1908
Cal. Year
Cal. Year
Week.
to Date.a
Week.
to Date.
452,492,000
Nov. 10
419,053,000
9,454,000
10,456,000
1,659,000
Daily average
1,574,000
1,699,000
1,953,000
9,998,000
462,490,000
Nov. 17_ b
10,924,000
429,977,000
Daily average
1,581,000
1,666,000
1,698,000
1,917,000
8,830,000
Nov. 24_c
471,320,000
10,975,000
440,952,000
1.587,000
1,731,000
1,698.000
Daily average
1,829 000
equalize
number
of days
a Minus one day's production first week in January to
In the two years. b Revised. ArmLstIce Day weighted as approximately seven
tenths of a working day. c Subject to revision.
Ths total production of bituminous coal during the present calendar year
to Nov. 24 (approximately 278 workingidays) amounts to 440,952.000 net
tons. Figures for corresponding period in other recent years are given
below:
429,129,000 net tons
1927
1924
471,320,000 net tons
515,388,000 net tons
1926
507,032,000 net tons
1923
367.549,000 net tons
1925
459,088,000 net tons
1922
As already Indicated by the revised figures above, the total production
of soft coal for the country as a whole during the week ended Nov. 17 1928
Is estimated at 10,924,000 net tons, an increase of 37b,000 tons, or 3.6%
over the output in the preceding week. Output in the week of Nov. 17 was
curtailed slightly by the observance of Armistice Day in certain sections
of the country.
Estimated Weekly Production of Coal Si) States (Net Tons).
Nov.1923
Week Ended
StatesNov.17'28. Nov. 10'28. Nov. 19'27. Nov.20'26. Average.a
409,000
492,000
Alabama
332,000
331,000
337,000
28,000
46,000
Arkansas
32,000
41,000
47,000
236,000
290,000
Colorado
225,000
227,000
134,000
Illinois
1,128,000 1,196,000 1,476,000 2,066,000 1,571,000
538,000
690,000
Indiana
311,000
398,000
325,000
128,000
129,000
Iowa
63,000
55,000
67,000
102,000
125,000
80,000
Kansas
50,000
47,000
724,000
983.000
934,000
829,000
Kentucky-Eastern- 1,082,000
218,000
399.000
310,000
344,000
Western
308,000
35,000
74,000
51,000
Maryland
60,000
62,000
20,000
23,000
20,000
1.000
1,000
Michigan
73,000
87,000
95,000
77,000
Missouri
64,000
83,000
82,000
88,000
81,000
Montana
87,000
82,000
68.000
59,000
65,000
New Mexico
56,000
35,000
43,000
59,000
80,000
North Dakota
70,000
764,000
780,000
150,000
425,000
Ohio
391,000
72,000
74,000
106,000
80,000
Oklahoma
71,000
Pennsylvania (bit.)..... 2,722,000 2,795,000 2,387,000 3,727,000 2,993.000
117,000
131,000
90,000
115,000
107,000
Tennessee
29,000
30,000
Texas
17,000
18,000
24,000
112,000
102,000
Utah
111,000
110,000
122.000
217,000
316,000
Virginia
294,000
272,000
222,000
72,000
67,000
Washington
47,000
70,000
48,000
W. Va.-Southern b_ 2,281,000 1,890,000 1,794,000 2,179,000 1,304,000
743,000
981,000
Northern c
795,000
735,000
852,000
184,000
179,000
Wyoming
187,000
136,000
171.000
5,000
5.000
Other States
1,000
1,000
7,000
Total bituminous__10,924,000 10,546.000
Pennsylvania antbra. 1,723,000 1,785,000
9,959,000 14,168,000 10,878,000
1,951,000 1,748,000 1,898,000
Total all coal
12,647,000 12,331,000 11,910,000 15,918,000 12,774.000
a Average rate maintained during the entire month. b Includes operations on the
N. & W.; C. & O.; Virginian; K. & M., and Charleston division of the B. & 0.
c Rest of State, including Panhandle.
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on Dec. 5, made public by the Federal
Reserve Board, and which deals with the results for the 12
Reserve banks combined, shows an increase of $21,900,000
In holdings of discounted bills and decreases of $4,600,000
In bills bought in open market and of $2,500,000 in Government securities. Member bank reserve deposits increased
$21,400,000, Federal Reserve note circulation $24,300,000
and cash reserves $14,700,000. Total bills and securities
were $14,900,000 above the amount held on Nov. 28.
After noting these facts, the Federal Reserve Board prooeeds as follows:
The principal changes in holdings of discounted bills for the week were
Increases of $44,200,000 at the Federal Reserve Bank of Chicago and
$13,200,000 at New York, and decreases of $9,900.000 at Boston, $8.300.000 at Richmond. $5,900,000 at Cleveland. $5,400,000 at Minneapolis
and $3,000.000 at Kansas City. The System's holdings of bills bought
In open market declined $4,600,000 and of Treasury certificates $4,700,000
while holdings of Treasury notes increased $2,200,000.
All Federal Reserve banks except New York show Increases in Federal
Reserve note circulation for the week, the principal changes by Federal
Reserve banks being increases of $7,200.000 at Boston, $6,300,000 at
Chicago, $3,800,000 at Atlanta, and $3.300,000 at San Francisco. and a
decrease of $4,000.000 at New York.
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 3208 and 3209. A
summary of changes in the principal assets and liabilities of
the Reserve banks during the week and the year ended
Dec. 5 is as follows:
Increase (+) or Decrease (-)
During
Year.
Week.
+814,700,000 -$216,100,000
209,100,000
+ 17,100,000
Total reserves
Gold reserves
Total bills and securities.,
Bills discounted, total
Secured by U.S. Cove.Obligations
Other bills discounted
+14,900,000
+21,900,000
7,700,000
+29,600,000
+292,100,000
+568,300,000
+371,300,000
+197,000,000
as well as those in the Chicago Reserve District, on Thurs
days, simultaneously with the figures for the Reserve banks
themselves, and for the same week, instead of waiting until
the following Monday, before which time the statistics covering the entire body of reporting member banks-now 630cannot be got ready.
The following is the statement for the New York member
banks and that for the Chicago member banks thus issued
in advance of the full statement of the member banks, which
latter will not be available until the coming Monday. The
New York statement, of course, also includes the brokers'
loans of reporting member banks, which this week show an
increase of $104,690,000, establishing a new high weekly
total in all time, the grand aggregate of these loans on
Dec. 5 being $5,394,590,000. At this figure the loans are
just $1,831,785,000 above the total for the corresponding
week last year.
CONDITION OF WEEKLY REPORTING MEMBER BANKS INICENTRAL
RESERVE CITIES.
New York-44 Banks.
Dec. 5 1928. Nov. 28 1928. Dec. 7 1927.
Loans and investments, total
7,535,630,000 7,467,385,000 7,062,585,000
Loans and discounts, total
5,614,645,000 5,549,905,000 5,165,424,000
52,104,000
40,074,000
Secured by U. S. Govt. obligations-- 38,020,000
2,781,890,000 2.744.448,000 2,465,404,000
Secured by stocks and bonds
2,794,735,000 2,765,343,000 2,647,916,000
All other loans and discounts
Investments, total
1,920,994,000 1,917,480,000 1,897,161,000
1086,514.000 1,082,531,000
U.S. Government securities
Other bonds,stocks and securities-- 834,480,000 834,949,000
Reserve with F. R. Bank
Cash in vault
725,618,000
55,698.000
744,829,00
63,586,00
982,243,000
914.918,000
758,480.000
63,052,000
Net demand deposits
Time deposits
Government deposits
5,395,135,000 5.354,812,000 5,562,639,000
1,197,244,000 1,204,817,000 1,027,419,000
5,572,000
16,530,000
1,352,000
Due from banks
Due to banks
102,787,000 105,668.000
96,532,000
1,185,060,000 1,183,288,000 1,288,603,000
Bills bought in open market
-4.600,000
+97,800,000
Borrowings from F. R. Banks, total-. 243.938,000
223,785,000
84,649,000
U.S. Government securitieS, total
Bonds
Treasury notes
• Certificates of indebtedness
-2,500,000
+100,000
+2.200,000
--4,700,000
--377,400,000
212,700,000
+61,900,000
--226,500,000
Secured by U. S. Govt. obligations__ 204,880,000
39,258,000
All other
197,540,000
26,245,000
53,775,000
30,874,000
+24,300,000
+40.100,000
+24,600,000
+21,400,000
+1,700,000
+8.400,000
-14,700,000
+24,100,000
Federal Reserve not
in circulation
Total deposits
Members' reserve deposits
Government deposits
Returns of Member Banks for New York and Chicago
Federal'Reserve Districts-Brokers' Loans.
Beginning with the returns for June 29 1927, the Federal
Reserve Board also began to give out the figures of the
members banks in the New York Federal Reserve District,
Loans to brokers and dealers (secured by
stocks and bonds:
1,271,405,000 1,234,660,000 1,220,398,000
For own account
For account of out-of-town banks...1,837,905,000 1,768,236.000 1,366,278,000
2,285,280,000 2,287,004,000 978,129.000
For account of others
Total
On demand
On time
Loans and Investments, total
Loans and discounts, total
5,394,590,000 5,289,900,000 3,562,805,000
4,803,868,000 4,685,192,000 2,735,343,000
590,924,000 804,708,000 827,482,000
Chicago-43 Banks.
2,100,944,000 2,071,664,000 1,988,231,000
1,638,014,000 1,806,479,000 1,509,811,000
Secured by U. S. Govt. obligations-- 14,822,000
Secured by stocks and bonds
827,263,000
All other loans and discounts
794,129,000
15,242,000
809,852,000
781,385,000
14,120,000
808,419,000
687,272,000
3179
FINANCIAL CHRONICLE
DEC. 8 1928.]
Week.
Noe. 28 1928.
1
1
13,460,362,000 +*21,754.000
6,921,214.000 —2,730,000
54,333.000 —18.483,000
Year.
3
—540,192,000 •
+390,582.000
+43,200,000
1,157,481,000 —43,294,000
3,198,460,000 —42,626,000
—111,853,000
—566,835,000
Borrowingsfrom F.It. banks,total.-
761,996,000 +177,430,000
+431,471,000
Secured by U.S. Govt. obligations
All other
• Nov. 21 figures revised.
549,904,000 +184,552,000
212,092,000 —7,122,000
+284,403,000
+147,068.000
Dec.5 1928. Nov. 28 1928. Del. 7 1927.
Investments, total
U.S. Government securities
Other bonds,stocks and securities
Reserve with F.R.Bank
Cash in vault
464,930,000
465,175,000
478,420,000
203.570.000
261,360,000
204,400,000
260,775,000
214,564,000
263,856,000
183,434,000
18,894,000
184,124,000
17,857,000
182,904,000
21,857,000
1,266,845,000 1,263,828,000 1,324,253,000
673,590,000 677,179,000 621,828,000
474,000
3,218.000
1,079,000
Net demand deposits
'Dims deposits
Government deposits
Due from banks
Due to banks
157,978,000
347,942,000
150,587,000
314,131.000
140,378,000
374,721,000
Borrowings from F. R.Bank,total
101,939.000
67,035,000
13.482,000
64,806,000
37,133,000
48,544,000
18,491,000
12,779,000
703,000
Secured by U.S. Govt. obligations_
All other
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Summary of Conditions in World's Markets According
to Cablegrams and Other Reports to the Department of Commerce.
We repeat below the return for the reporting member
The Department of Commerce at Washington releases for
banks in the Chicago Reserve District for the previous publication Dec. 8, the following summary of market conweek, as through a blunder in our office the comparative ditions abroad, based on advices by cable and radio:
figures were not correctly reported in our issue of last
ARGENTINA.
Saturday.
The weather has continued to be favorable for the crops, and the optimistic outlook has been maintained. Imports are still heavy,and the dock
--Corrected Figum-- facilities are taxed. The unusually hot weather has caused a record conNov. 28 1928. Nov. 21 1928. Nov. 30 1927. sumption of water in the city of Buenos Aires.
Chicago-43 Banks.
Loans and investments—total
2,071,654,000 2,078,323,000 1.987,452.000
Loans and discounts—total
Secured by U. S. Govt. obligations
Secured by stocks and bonds
All other loans and discounts
1,606,479,000 1,601,473.000 1,514,816,000
Investments—total
U.S. Government securities
Other bonds, stocks and securities_
Reserve with F. R. Bank
Cash in vault
Net demand deposits
Time deposits
Government deposits
15,242,000
809,852,000
781,385,000
14,183,000
802,793,000
784,497,000
14,172,000
811,698,000
688,746,000
465,175.000
476,850,000
472,836,000
204,400.000
260,775,000
202,886,000
273,964,000
214,051,000
258,785,000
184,124,000
17,857,000
184,929,000
17,540,000
188.880,000
21,908,000
1,263,828.000 1,271,634,000 1,330,385,000
677,179.000 671,874,000 823,132,000
4,293,000
3,218,000
949,000
Due from banks
Due to banks
Borrowings from F. R.Bank—total__
Secured by U. S. Govt. obligations__..
All other
150,587,000
314,131,000
157,550.000
328,036,000
157,866,000
367.762,000
67,035,000
70,080,000
16,197,000
48,544,000
18,491,000
38,964,000
31,116,000
12,615.000
3,582,000
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above, the statements for the New York and
Chicago member banks are now given out on Thursdays,
simultaneously with the figures for the Reserve banks themselves, and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks now
numbering 630, cannot be got ready.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business Nov. 28:
The Federal Reserve Board's condition statement of 630 reporting member banks in leading cities as of Nov. 2b shows increases for the week of
8127,000,00 in loans and discounts, of $20,00 .000 in investments, of
$177,000.000 in borrowings from Federal Reserve banks,and of $22,000,000
in net demand deposit .
Loans on stocks and bonds, including United States Government obligations, were $152.020.000 above the Nov. 21 total at all reporting banks,
an increase of $108,000,000 being reported by member banks in the New
York district, of $12,000,000 each by member banks in the Cleveland and
San Fr noise° districts, and of $10.000,(00 in the Philadelphia district.
"All other" loans and discounts declined $13,000,000 in the Chicago district, 810,000.000 in the Cleveland district and $26,000,000 at all reporting
banks.
Holdings of United States Government securities increased 86.000,000
during the week, while holdings of other bonds, stocks and securities increased $15,000,000 at all reporting banks and $25,000,000 in the New York
district, and declined $11,000,000 in the Ch'cago district.
Net demand deposits, which at all reporting banks were $22,000.000
above the Nov. 21 total, increased $69.000,000 at reporting banks in the
New York district, $10.000,000 in the San Francisco district and $9.000.000
in the St. Louis district, and declined 331,000,000 each in the Boston and
Chicago districts, 89.000,000 in the Cleveland district, and $6,000,000 in
the Philadelphia district. Time deposits declined $3,C00,000 and Government deposits $18,000,000.
The principal changes in borrowings from Federal Reserve banks for
the week were increases of $143,000,000 at the Federal Reserve Bank of
New York,$14,000,000 at Cleveland,$8,000,000 at Boston,and $6,000,000
each at Chicago and San Francisco.
A summary of the principal assets and liabilities of 630 reporting member
banks, together with changes during the week and fitte year ending Nov.28
1928, follows:
Increase (+) or Decrease (—)
During
Nos. 28 1928.
Week.
Year.
8
8
$
22,635,232,000 +146,466,000 +964.024,000
Loans and investments, total
16,260,441,000 +126,777,000 +964,015.000
Loans and discounts, total
Secured by U.S. Govt. obligations 115,192,000 —6,293,000
7,029,188,000 +158.580.000
Secured by stocks and bonds
9,116,061,000 —25,510,000
All other loans and discounts
Investments, total
8,374,791.000 +19,689,000
2.981,689.000 +5,006,000
.U.S. Government securities
Other bonds,stocks and securities. 3.393,102,000 +14.683.000
Reserve with F. R. banks
Cash in vault
1,733,542,000
4-9,648.000
289,474,000 +15,613,000
AUSTRALIA.
Early Christmas buying in Australia continues satisfactory, and country
orders have improved somewhat during the last week. Wool sales have been
slightly more irregular, but super types have been firm. Shipment of new
wheat has commenced, with good inquiry from India. The appointment of a
new Labor Minister in Victoria has improved business confidence because of
his conservative financial views. An industrial conference will be held at
Melbourne, beginning Dec. 6. Application has been made for an increase in
the duty on vegetable oils.
BRITISH MALAYA.
A spirit of optimism pervades local business. Holiday stocks are moving
well and importers anticipate normal retail buying before the New Year.
Low lumber prices, prevailing locally, are causing increased building activity, wlch is resulting in better demand for imported building supplies.
CANADA.
Canadian wholesale and retail trade is very busy with a heavy movement
of winter goods and a record sale of holiday lines. Colder weather and recent
snow falls have called forth a heavier demand for footwear, especially rubbers and overshoes, and winter sportwear including skates, boots and
sweaters. Radio equipment is being sold in greater volume than ever before
and United States toys, particularly the mechanical and higher priced lines
are being featured in many hardware and department stores. The drygoods business is reported as fair. Grocery wholesalers are busy and a good
sale of fancy lines is anticipated for the holiday season. On Nov. 1,employment in Canada was at a higher level than has ever before been recorded for '
that date. Contrary to the usual seasonal trend a slight increase was registered over Oct. 1 figures, resulting from greater activity in mining, logging,
transportation,trade and textiles. Construction recorded the usual seasonal
decline which has been postponed until later than usual on account of the
open weather. With the end of the season of Great Lakes navigation approaching, every effort Is being made to move the wheat crop to the sea- '
board. A thin layer of ice has been reported from points along the St.
Lawrence River. Stocks of wheat at the head of the Lak.s on Nov. 23, reported to be 38,353,000 bushels, were somewhat lower than the previous
week but were approximately twice the total for tht date in 1927. The newsprint situation continues to depress several allied branches of trade. Rag
and fine paper mills are rushed with Christmas orders and paper board mills
are very active.
CHINA.
No change in general business conditions in North China is noticeable.
General conditions in Mukden continue good, with considerable activity
noticeable in railway construction and in buildings. Building permits to
the number of 7,882 are recorded since Jan. 1, an increase of 1,000 over the
corresponding period in 1927. The bulk of this year's permits cover
residences and stores. Crops in Manchuria were not equal to the for3t,
or
but yields are above average. The Kirin-Tunhua Railway was open
traffic on Oct. 10, thus providing through traffic from Changchun to Tunhua. Declared exports from Mukden to the United States totaled $52,500
during October, compared with $24,300 in the corresponding month last
Year. Bristles to the value of $33,000 formed the principal export item
In the 1928 period. Exports to the United States for the first ten months
of the year aggregated $2,618,000, against 81.395,000 in that period last
year. Imports of Dairen during August show an increase in receipts of
cigarettes and soft timber and a decrease in receipts of electrical material,
machinery, railway plant, and petroleum products, compared with imports
during August of last year. Imports during August of this year were heavy.
and trade in American goods was good.
CZECHOSLOVAKIA.
Czechoslovak industrial conditions remain unchanged from their favorable
status of recent months, and the money market has relaxed after a three
weeks' tension whichwas due to the belated sugar campaign and the continued building activity. The stock market is firm, with Government
bonds slightly lower. Employment in the cotton industry has improved
by 15% above the summer months, but sales of textiles are adversely
affected by mild weather. The farmers are suffering losses from the low
crop prices. The Parliament recently passed two tax reform bills; one
provides for the refund of turnover,luxury and transport taxes to export industries within the discretion of the Finance Minister; the other extends
duty rebates to the end of 1929 on the importation of special machinery
not manufactured domestically.
DENMARK.
There were no outstanding changes in the economic situation of D
during November. Financial and commercial conditions are fairly
factory. The reconstruction of the Danish Privatbank caused a marked
reduction of bank deposits and loans during October. Other changes
—6,983,000 in the money market were normal. Quietness prevailed on the bourse
+648,483,000 although quotations show a rising tendency. Industries are affected by
+322.515,000 seasonal dullness but in general show improvement over last year. Shipping
freight rates prevail. There was no idle tonnage
+9,000 remains active while low
reported at the close of November. Unemployment at the end of the month
+179,150.1)00 was estimated at about 47,000. This Is an increase of about 9,000 com— 179.141,000
pared with October but 16,000 below the figures for Nobetnber, 1927.
—26,689,000 The export price index, which has been noticeably increasing since August.
—7,773,000 is now only a few points below,the import price index This favorable
3180
FINANCIAL CHRONICLE
relation, principally due to improved prices in agricultural exports, has
greatly improved the outlook for the Danish farmer. The official wholesale
index for October was 150, a decrease of 1 point during the month.
FRANCE.
It is reported locally that the entente between French producers of
Phosphorous pig iron, expiring on Dec. 31, will be renewed for two years
under the present terms and that the France-Belgian-Luxembourg phosphorus pig iron entente will probably be renewed for a similar period.
The city of Paris will issue 350,000,000 francs of 5% amortizable 50 year
bonds at 95, the proceeds to be used for housing construction and subway
extension. The reported purchase of gold in New York by the Bank of
France is confirmed by an increase of 362,000,000 francs in gold reserves
shown in the bank's statement for November 23. This is interpreted as
proof that no increase in the discount rate is under consideration.
[VOL. 127.
estimated value of vecant lands in the Republic. A bill has been introduced
in the National Assembly to enlarge and modernize the public market, including the installation of a large refrigerating room, in the city ofPanama.
The Junta Central has made plans to widen the Sabanas road 15 feet from
the exposition grounds to Bellavista at a cost of $52,000, and the Canal Zone
authorities are to repair the road between Pedro Miguel and Paja. The six
o'clock cooling hour for business houses is being debated in the National
Assembly.
PERU.
The merchandise turnover is responding satisfactorily following the greater
activity of cotton exports in the past two months but, unfortunately, sugar
grinding is low in volume as growers are finding that the prevailing sugar
prices are too unprofitable to justify the exportation of sugar. Although
business in 1928 has not been as active as was anticipated, importing, building and financial circles agree that the year is ending in a gratifying atmosphere of general prosperity.
GREECE.
The recent heavy rains, which did considerable damage in the port of
SOUTH AFRICA.
Patras and several adjoining villages, as well as to railway communications,
Drought, which had reached alarning proportions in the past month, has
did not severely affect the crops. The question of reducing the interest
agricultural
rate on the Refugee Idemnification Bonds has been settled by the cabinet been relieved by general heavy rains during the past week and
business.
lowering the rate from 8 to 6% only on the unissued portion of the bond prospects are brighter, with a consequently improved tone in local
and there is a
issue. This reduction is expected to result in an annual saving of 35.000,000 Buyers who had been holding off are now indenting freely,
supplies. The
drachmas (drachma equals $0.013), while a general reduction of the in- noticeably more buoyant tone in agricultural implements and
wholesale trade,
terest rate on the entire issue would have represented a saving of 90.000,000 retail trade has been stimulated by Christmas buying, and
a satisfactory
on
the
enjoying
is
are
whole,
Local
factories
satisfactory.
drachmas. The telephone concession awarded under the Pangalos regime
in bank clearhas been declared null and void. The Government now plans to invite volume of business, and with the exception of a slight recession
ings, all economic indices show distinct increases over the average for last
new bids both for construction and operation of the system.
year.
SPAIN.
HUNGARY.
wheat
increased
A high level in construction work, large bank turnovers and heavy stock
with
Hungarian business improved slightly in November,
exports and continued improvement in the iron and steel industry, but exchange transactions feature the Spanish mid-autumn situation. The reconditions in the milling and textile industries remain dull. The money organization of the cabinet has attracted attention an also considerable conmarket is tight, with long term credits scarce; private discount rates range cern has been expressed over the unfavorable trade balance and the extended
from 8.25 to 9.5%. The stock exchange is showing a slight improvement. decline of the peseta. October bank clearings throughout the kingdom
Savings deposits in the Postal Savings Bank and in the 13 leading commer- reached a high level and exceeding those of September by 23.3%, although
cial banks in Budapest increased from $81,400,000 on Oct. 23 to 881,700,000 they represent a decrease of 20.2% from the figures established during
on Nov. 23, with the steady accumulation continuing. Figures published October 1927. Bourse transactions are 24,5% greater during October than
by the National Bank show gold cover on Nov. 23 amounting to 44.1% those recorded during the previous month and exceed those of October
1927 also. Some shading of quotations in industrial stocks was noted during
of the aggregate note circulation.
the month's trading but the list as a whole showed only minor changes. The
ITALY.
exchange situation has been somewhat disconcerting in view of the steady
Reliable observers in practically every part of Italy report that there is decline in peseta value.
a slight but definite improvement in industry and commerce which exceeds
SWEDEN.
the expected seasonal movement. Shipping and shipbuilding lines are the
The general economic situation during October and early part of Novemonly important industries not benefitted. This improvement Is evidence ber indicates no basic changes with production remaining at a high level in
of the readjustment of business to the stabilized lira value which, as prey- most branches of industry and unemployment diminishing. The only exiusly expected has required about one year. With this adjustment has ceptions to this unusually high activity are found in the shoe, leather, and
come great confidence and business is not able to plan well into the future some branches of textile industries. The demand for credit at the Bank of
Low inventories are being replenished and industrialists are buying. Manu- Sweden was very limited during October. Commercial Banks are keeping a
facturing has assumed an improved aspect in view of real and expected considerably larger checking account balance at this bank than they did last
orders. Parliamentary approval of the new grand council of labor and the year. This development is closely connected with the increased supply of
election laws indicate the consolidation of the Government's position. net foreign credits which increased 38,000.000 crowns during October and at
FiVorable public reception of the Governments broad land improvement the end of the month amounted to 156,000,000 crowns including foreign
project and the inauguration of operations encourage hopes for the solution government bonds valued at 70,000,000 crowns. Quietness has characterof the agricultural and labor problems now confronting the country. The ized the bourse since early October and quotations have fluctuated within
*ore spots in the Italian situation at the present moment are heavy taxes narrow limits. The slight downward tendency in industrial shares has been
and the comparatively low remuneration of labor as a result of the high cost due largely to the uncertainty regarding the result of the wage negotiations
ofliving;thelong-expected readjustment ofthissituation is not yet apparent. now progressing on the important machine shop industries. Sales oflumber,
There are at present no hopes of reducing existing rates of taxation except pulp and paper reveal marked increases although prices show a downward
through the More rigid collections which are now being attempted.
tendency.
UNITED KINGDOM
JAPAN.
toward
evident
is
Generally speaking, British business conditions continued unsatisfactory
trend
strong
a
and
The automotive trade is less active
the use of closed cars. The Japan Cotton Spinners' Association reports an and no marked change appears to be In sight. The relatively high import
increase of 280,000 spindles since July 1. Leading Japanese flour mills have and export levels, as shown by the October trade returns, afforded satisfacagreed to eliminate sales competitions in the domestic market. Import tion in that they tended to redress the low levels reported for September.
Unemployment shows a further increase with the total of work-people listed
restriction on rice is expected to be extended to December, 1929.
for employment on Nov. 19 being 1,364.000 for Great Britian and 44,500 for
NEWFOUNDLAND.
Northern Ireland, as compared with 1.344.000 and 45,000, respectively, on
The general economic situation remains satisfactory but the announce- Oct. 22. The latest returns show a slight improvement in the number of perment ofimmediate reductions in the local tariff on butter and butterine,fish- sons employed in the steel and textile industries and some increase has taken
ing lines and twine), tobacco and ready made clothing, has been disturbing place in the output of coal and in iron production, but decreased employment
to the trade. The codfish market continues firm and some deep water fish- is reported in shipbuilding, engineering, and the building trades. Lower
ing is stlll being carried on. The herring fishery is in full swing and a satis- railway receipts and lower provincial bank clearings are further indications of
factory season is anticipated. The mines and paper mills are operating at the decline in industrial activities.
full capacity and there is little unemployment.
summary also includes the following
NEW ZEALAND.
Christmas buying in New Zealand has begun and increased activity is
shown in all lines of trade. Offerings at opening wool sales were lower than
had been anticipated. Prices realized, however, were higher than had been
expected, and competition on crossbred wool was especialy keen. At the
Wellington sale 7,823 bales were offered, with England the principal buyer.
American competition was light but showed considerable improvement at
Napier and Auckland sales. Buying for German accounts has been limited.
According to the trade this year's wool clip will probably exceed that of last
season (1927-28) by 10.000 bales, but revenue from it will probably fall short
by £1,000,000. Recent sheep estimates put the number at 1,500,000 in excess of 1927. The New Zealand dairy outlook is the most promising in the
history of the Dominion. A large increase in production is expected, and
high prices for both butter and cheese. There is some controversy as to
whether New Zealand should continue to ship its butter to London on consignment, but it is not probable that any change will be made. An exceptionally good season is anticipated in frozen beef and lamb, especially in trade
with the United States.
NORWAY.
Norwegian industry and commerce during November show the usual dullis the
ness accompanying the approach of the winter. The fishing industry
whaling inonly noteworthy exception with unusually high activity in the
dustry and a large catch of fat herring In the region of Tromsofjord. The
banking
money market remains steady. Quotations on industrial and
canned fish are larger
shares show a slight downward tendency. Exports of
small
than in 1927 but many canneries have recently been idle because of
with
catches of brisling and "small slid". Shipping remains fairly active
unsatisfactory.
continue
rates
Freight
only a slight amount of idle tonnage.
at
33,000
at
the
estimated
was
Unemployment
The labor market is quiet.
an inend of October which is less than during the same month of 1927 but
crease of 4,000 as compared with the previous month.
PANAMA.
The early tourist trade has stimulated business in the Republic ofPanama.
It has been estimated that the next biennial budget for the Republic will
customs revenues acamount to $15,600.000. Of this amount estimates of
taxes on
count for $5,400,000;stamps and stamped paper nearly $2,000,000;
approximately
slaughter
retail liquor sales $1,200,000; and taxes on cattle
Mom It has been proposed to establish a tax of $7.50 per $1,000 on the
The Department's
with regard to the Island possessions of the United States:
PHILIPPINE ISLANDS.
Estimates of damage to crops by the typhoon which recently swept over
the central islands and provinces of the Philippines are as yet indefinite because of impared telegraph communication. It is believed, however, that
sugar cane was only slightly affected and that early statements concerning
conditions in coconut and abaca regions were greatly exaggerated, except
with respect to the Island of Samar (Southeast of Luzon), where the damage
was apparently very serious. Samar is one of the most important abaca districts. Loss of life and property in general was more severe in the provinces
of Samar, Sorsogon, Albay, Masbate, Romblon, and Mindoro, with less
damage in Leyte, Cebu, Negros, and Panay. The abaca market is at a
standstill, with sellers awaiting definite information rgarding the typhoon
and both London and New York markets are slow. Receipts during the past
week continued heavy, but uneasiness was felt regarding filling offuture contracts. The following price quotations are nominal: grade F. 25.50 pesos
per picul of 139 pounds; I, 23.50; JUS, 19; JUK, 16; and L, 14. (1 peso
equals $0.50)•
Apparently the copra market has.not been affected by the typoon situation, except that arrivals have slackened because of temporaryshipping congestion. Supplies of copra during the coming year will be lessened in proportion to the extent of damage to young nuts and flowers in affected areas. For
the next two months it is probable that copra stocks will increase because of a
supply of fallen nuts, but the oil content may be poor. At present all oil
mills continue in operation. Current f.o.b. prices are Manila, 12.75 to
12.875 pesos per picul; Cebu, 12.50; and Hondagua, 12.125 to 12.25 Pesos.
PORTO RICO.
The continued demand for foodstuffs and construction materials and the
beginning of the-holiday trade are maintaining business at a satisfactory
level. Notwithstanding large November arrivals of lumber, the purchases
of the sugar mills and the relief society have depleted stocks, and a shortage
exists of the various dimensions in greatest demand. However, large shipments are due to arrive in the immediate future, which will remedy the shortage. The demand for other construction materials has subsided somewhat.
As a result of the shortage of native food crops, potatoes and corn meal are
enjoying an especialy strong demand. Rice and beans are also moving well
at present, despite the high prices asked. Brokers anticipate a good demand
DEC. 8 1928.]
FINANCIAL CHRONICLE
for flour in December and January for future delivery. The depletion of the
funds available for road repairs has thrown ten thousand laborers out of employment, but it is hoped that this slack may be taken up with the start of
the sugar grinding campaign. Banks report a slowing up of collections as
compared with a month ago, and San Juan wholesalers complain that their
collections in the interior districts are more difficult. November bank
clearings in San Juan amounted to $18,319,000 which is considerably less
than the total of $21,553.000 in November, 1927. New automobile registrations in November were 226, of which 113 were low priced units. In the
same month last year total registrations were 200, of which low priced cars
made up 30%, or 61 units.
$4,455,660,400 European and South American Loans
Outstanding in American Market—Germany Leads
with 87 Issues Aggregating $1,152,731,400 According to International Acceptance Bank, Inc.
European and South American loans now outstanding in
the American investment markets approximate $4,455,660,400, according to records compiled by The International
Acceptance Bank, Inc. A statement regarding the compilation says:
This total includes all loans outstanding as of November 18, 1928, but
does not represent the total amount of American capital loaned to Europe
and South America since the war as some of the original loans have been
retired or reduced through sinking fund operations within the past few
years. The amount loaned to European countries, represented by dollar
bonds aggregates $3,149,799,400, while South American loans aggregate
$1,305,861,000.
The detailed figures covering the borrowings of European countries,
including Government, State, Municipal and corporate borrowings, show
that Germany, with 87 separate issues, leads the list with a total of $1,152,731,400, France is second with a total of $400.545,000 and Italy is third
with a total of $274,308,000.
The borrowings of European countries follow:
$ 109,966,000
Austria
226,887,000
Belgium
4,500,000
Bulgaria
32,124,000
Czechoslovakia
67,955,000
Denmark
4,000,000
Esthonia
75,918,000
Finland
400,545,000
France
1,152,731,400
Germany
172,727,000
Great Britain
30,970,000
Greece
45,900,000
Holland
64,178,000
Hungary
274,308,000
Italy
9,747,000
Luxemburg
193.796,000
Norway
122.375,000
Poland
55,000,000
Sweden
49,000,000
Switzerland
57,172,000
Yugo-Slavia
$3,149,799,400
Total
In compiling the data on European and South American loans, The
International Acceptance Bank has classified all outstanding loans geographically, all of which are listed on a series of three maps, the first of which
gives all of the European loans, exclusive of Germany, the second of which
lists German loans exclusively, and the third lists all South American loans.
These maps, which are unique in bond circles, in addition to classifying
the loans as to their character, also show the yield of the respective issue,
thus giving investors and traders interested in foreign bonds immediate
Information as to how the yield on one bond issue compares with another
of the same character.
J. J. Levin of A. G. Becker & Co. Reports Encouraging
Conditions in France and Germany.
"Below the surface, indications of a political strife to
the left, France is on a most even keel with money cheap
and wealth increasing at a remarkable rate" said Joseph
J. Levin of the investment banking firm of A. G. Becker
& Co. on his return from abroad. Mr. Levin has been in
Europe for several months inspecting properties for which
his firm has secured financing in the American money
market. The success of the last French internal loan, he
says, is substantial evidence of France's fundamental
political stability and of the recuperative power of the
country.
Mr. Levin found that "higher money rates in Germany
were not apparently slowing up industrial progress and
that the labor troubles in the Ruhr have created no real
uneasiness in informed quarters. Two of the features of
Germany's present economic renaissance are the growing
electrification of the country and the effort to put agriculture
on a basis capable of making Germany a self sustaining
state," said Mr. Levin. "Berlin made a gain of 27% in
electrical consumption in 1927 over the previous year and
progress continues. The bulk of American money invested
in German enterprises has gone into concerns not directly
competitive with American firms in the world markets.
The investment of money in basic enterprises which contribute primarily to increasing power or food consumed
within Germany has the effect of increasing Germany's
capacity to pay," said Mr. Levin.
No Truth in Alarmist Reports of Revolutionary Uprising
in Bulgaria.
Alarmist reports of an uprising in Bulgaria, which were
circulated toward the end of November in Western Europe
and America, have drawn emphatic denials from the Bul-
3181
garian Ministers of Finance and Foreign Affairs, and from
accredited representatives of the Bulgarian Government
in the United States. These authorities point out that the
reports emanated chiefly from Vienna, whence unreliable
reports concerning the Balkans frequently are disseminated.
It is held that the sensational dispatches were part of a
plan to injure the prospects of the Bulgarian stabilization
loan, authorized by the League of Nations, and offered for
investment Nov. 21. Of this loan $13,000,000 was underwritten by Speyer & Co., and the J. Henry Schroder Banking Corporation, and $9,000,000 was offered in New York.
The dispatches alleged that Macedonian elements in Bulgaria, led by Ivan Michailoff, were committing terroristic
acts in their efforts to establish autonomous Government
in their Province. The difficulties were represented as
aggravated by lack of unanimity in the Bulgarian Cabinet,
and it was, stated, finally, that Britain and France had
intervened and jointly demanded cessation of the strife.
Speyer & Co. interrogated the Sofia Government as to
the truth of the stories and received an answer Nov. 21
from the Ministers of Finance and Foreign Affairs, as
follows:
"Greatly surprised by news published in American press representing
situation Bulgaria critical: viz., Macedonians reported threatening
march on Sofia where martial law pretended proclaimed and population panic stricken, clubs Agrarian Party as attacked, Bulgarian
Macedonia as in throes civil war stop. Besides fantastic declarations
on reparation problem and impending Bolshevik danger attributed to
Minister Buroff. We declare in categorical terms all these reports
and similar devoid of truth stop. To us clear they are spread with sole
object compromise success Bulgarian loan.
(Signed)
"BUROFF, Foreign Minister.
"MOLOFF, Finance Minister."
The Bulgarian Minister at Washington, Simeon Radeff,
issued this statement:
"The alarmist news concerning the interior situation in Bulgaria
published by certain papers today is void of all foundation. It is
put forth by certain European centres with the aim of propaganda
injurious to the success of the Bulgarian loan offered just now under
the auspices of the League of Nations."
On Saturday, Nov. 24, M. Radeff added:
'The following telegram just received by the Bulgarian Legation. A.
Buroff, Minister of Foreign Affairs, makes an absolute denial to the
alarming news which has been spread the last few days concerning
the internal condition of Bulgaria. He also declares that he never
made, either in a pretended interview or in the Parliament, the
pessimistic statement about the position of Bulgaria which has been
attributed to him.
The telegram states that there is not the slightest menace against
the public order in the country. The army is more than ever devoted
to its duties and all reports concerning a split in its ranks are utterly
devoid of any basis in fact. Besides, the splendid success of the
Bulgarian loan in London, the best informed capital about Balkan
affairs, is the most convincing proof of the perfect inanity of all
rumors representing Bulgaria at the verge of a civil war.
'I may add that I am absolutely sure that none of the alarming
telegrams dated from Sofia have been actually sent from Sofia. The
origin of all those rumors is Vienna, the centre of the intrigues against
Bulgaria."
Argentine President Cuts Payrolls in Government
Departments-5,000 May Lose Posts.
A special cablegram from Buenos Aires Dec. 1 to the New
York "Times" said:
The official broom has been sweeping through the Argentine Government
Departments in the past month's campaign to reduce administrative
economies, and the subsiding dust reveals the probability that 5,000 employes will be swept from office and their positions suppressed. The consternation caused by such action in political circles is easily imaginable,
since the President recently assumed office and his party supporters have
been awaiting the creation of new posts to satisfy thousands seeking political
appointments as a reward for the six years of campaigning to return Senor
Irigoyen to the Presidency. Cabinet Ministers are vesieged with messages
of protest and visits of employes who have been affected, but since President
Irigoyen sponsors the departmental reorganizations, employes' protests are
apparently futile. Reorganization is principally concentrated in the departments of Public Works. Agriculture, Finance and the Postoffice. From
the latter alone it is expected that 1,700 will be, rejected. While employes
are loudly and frantically protesting, business interests have calmly approved the Government's initiative which will effect a saving of $5,000.000
in the 1929 budget that provides $23,000.000 of increased expenditures.
The broom appears as bigorous as ever as the President approaches other departments whose padded staffs have met his disapproving eye.
G. E. Roberts of National City Bank to Make Economic
Survey of Panama.
The Associated Press reported the following advices from
Panama Dec. 6:
The Panama government has engaged the services of George E.
Roberts, a vice-president of the National City Bank of New York, to
make an economic survey of the republic.
An agreement for Mr. Roberts's services was concluded between
Secretary of Finance DuQue and J. H. Drum, general manager of the
National City Bank's branch here.
Mr. Roberts will receive a salary equivalent to that paid by the
National City Bank plus traveling and ether expenses.
3182
FINANCIAL CHRONICLE
[vat. 127.
as Depositaries until, in each of the first four months of every six
months' period, % of the semi-annual service charges have been so
deposited. After said 54 has been so collected and deposited by the
$3,000,000.
Caja in any one month, the City may freely use the balance of pledged
Lima, the capital and chief city of the Republic of Peru, revenues
collected in that month.
-has negotiated an American loan of $3,000,000 which is
If for any reason the revenues actually collected by the Caja in
being marketed at 93 and accrued interest, to yield over any four months period are insufficient to permit the deposit of a full
7.05%, by E. H. Rollins & Sons, Brown Brothers & Co., six months' service payment, the City covenants to make up the
difference from other sources.
City of Lima (Peru) Negotiates American Loan of
the Grace National Bank of New York and Banco Italiano
-of Lima, Peru. The issue is in the form of External,
• Thirty-year, 6 2% Secured Sinking Fund Gold Bonds with
.a cumulative semi-annual sinking fund calculated to re-deem the entire issue by maturity through semi-annual
drawings at par and accrued interest. In lieu of Sinking
Fund payments applicable to payment of principal, the
Municipality may deliver at par, outstanding bonds of
this issue. The proceeds of the loan will be used In part
for the payment of all the City's floating and internal debt
which amounts to approximately $950,836. The balance
will be used fro productive public works and other proper
Municipal purposes. The bonds are part of an authorized
issue of $7,500,000. They will be dated September 1, 1928,
and will become due September 1, 1958. They will be in
coupon form in denomination of $1,000, and will be Registerable as to principal only. Principal and interest (March
1 and September 1) will be payable in gold coin of the
United States of or equal to the standard of weight and
fineness existing September 1, 1928 without deduction or
diminution for any taxes of any nature, now or hereafter
levied by the City of Lima, or by the Republic of Peru,
or by any taxing authority thereof or therein, at the principal office of E. H. Rollins & Sons, Paying Agent, in the
Cities of Boston, New York or Chicago. Redeemable otherwise than through the Sinking Fund) at the option of
,the Municipality, as a whole, but not in part, at any time
.on 60 days' published notice, at 102% and accrued interest,
,if redeemed on or prior to September 1, 1938 and thereafter
'at par and accrued interest. Grace National Bank of New
York, Trustee. A. F. Dasso, Esq., Mayor of Lima, says
In part:
Finances
On completion of this financing, the City represents that this issue will
constitute the only funded debt of the Municipality, except a sterling
loan- of £526,300 now outstanding in London, known as the City
of Lima 5% Sterling Loan of 1911, interest and sinking fund of
which was assumed by the Republic of Peru in 1919.
The City represents that it is not in default in the payment of any
of its obligations.
Revenues and Expenditures.
Total
Expenditures
Year
Total Revenues
$ 997,740
$1,037,806
1923
1,324,427
1,203,124
1924
1,178,811
1,237,542
1925
1,375,826
1,447,906
1926
1,512,931
1,467,089
1927
1,693,708
1,693,708
1928 Estimated
During the above five-year period, only two years, 1924 and 1927
show a deficit. Total revenues exceeded total expenditures during this
period in spite of the fact that substantial expenditures were made for
productive public works.
Security.
These bonds constitute the direct unconditional and valid obligation
of the City of Lima, which pledges its full faith and credit for the
due and punctual payment of the principal and interest thereof. The
issue has been approved by the Government of Peru.
This loan is to be, in the opinion of counsel, specifically secured
• according to the terms of the Loan Agreement by:
• 1. A direct first lien and charge on municipal revenues pledged under
this loan, estimated 'at £P145,050 or $580,200 for 1928 which the
City represents will be free and clear of all liens.
2. A direct first mortgage on the properties to be constructed and,
or acquired with the proceeds of this loan.
3. A direct first lien and charge upon the income derived from the
use and occupation of such properties.
The City covenants in the Loan Agreement that the net pledged
revenues shall at all times be maintained at an amount equal to at
least 2TA times the semi-annual interest and sinking fund charges
on the outstanding bonds, which charges on the present isue will
amount to $229,824 per annum.
If the pledged revenues should at any time fail to produce the
required amount of 2% times the semi-annual interest and sinking
fund charges on the outstanding bonds, the City covenants to pledge
additional revenues.
Collection of Pledged Revenues
The revenues of the Municipality pledged as security for this loan
are to he collected through the Caja de Depositos y Consignaciones,
which 'acts as collecting agent for revenues of the Republic of Peru.
The Caja de Depositos y Consignaciones is a Peruvian corporation
formed:in 1905 'as a depositary for government administrative and
judicial funds. , All of its stock is owned by local banks in Peru and
its directorate is composed .of representatives of such banks, with the
exception of a representative of the Republic and one for the Fiscal
gents -of the. $50,000,000 Peruvian National Loan.
The Municipality will enter into san agreement with the Caja whereby
aid income. pledged to secure this loan shall -be collected
by *the Caja and shalt be immediately .deposited in a special account
with Banco International del Peru, Lima, and Banco Italiano, Lima,
Additional Bonds.
No additional bonds of this authorized issue shall be issued unless the
pledged revenues, pledged hereunder, have equalled during each of
the two previous fiscal years at least 21/a times the total service
charges for interest and sinking fund on the bonds outstanding and
then to be issued.
No bonds, in addition to those authorized and presently outstanding
of this issue, or of any other issue of the Municipality may be issued
and secured on the pledged revenues on which this issue has a prior
lien, except subject to said lien and unless the average net pledged
revenues during a period of three years immediately preceding the
date of the proposed new issue shall have been at least equal to
standing, plus 3 times the annual interest and sinking fund charges on
all other bonds outstanding and on the additional bonds then proposed
to be issued.
Offering of $3,000,000 Bonds of Dortmund Municipal
Utilities.
A banking group, comprising Field, Glore & Co., Harris,
Forbes & Co.and International Acceptance Bank,Inc., offered Dec. 4 at 91 and interest to yield over 7.30% $3,000,000 Dortmund Municipal Utilities 20-year sinking fund 63%
mortgage gold bonds, due Oct. 1 1948. Proceeds from the
sale of the bonds will be used for further construction and improvement of existing properties, for retirement of short-term
indebtedness, for acquisition of addition properties and for
other corporate purposes. Dortmund Municipal Utilities
comprises three companies, viz.: Dortmund Water Works
Co., Dortmund Gas Co. and Dortmund Street Railways, engaged without competition in furnishing water and gas service
.
and street railway and bus transportation in the City of
Dortmund, and surrounding territory including the rich in
dustrial area in the center of the eastern portion of the Ruhr
district. The plants and works of the three companies constitute the fourth largest water distribution system in Germany,valuable real estate,200 miles of gas mains, power substations, passenger motor tramcars, motorbuses and 109
miles of standard gauge track.
The bonds will be secured by a first joint and several mortgage expressed in the gold mark equivalent of the principal
amount of the bonds on all the presently mortgageable properties of each of the Dortmund Municipal Utilities companies,
subject only to the lien for Dawes Plan payments and minor
easements. Based on figures for the three-year period ended
Dec. 31, last, average annual earnings available for interest,
depreciation and income taxes amounted to $713,346, or over
3.6 times the annual interest charges on this loan. Such
earnings for the year ended Dec. 31,last, amounted to $869,932, or over 4.4 times such interest charges. The companies
report that for the first half of the current year earnings were
$492,531, equivalent to an annual rate of more than 5 times
the annual interest charges on the loan. Further data in connection with the offering will be found in our "Investment
News Department" on a subsequent page.
$4,600,000 Loan Offered for Ruhr Housing Corporation.
A $4,600,000 loan for the Ruhr Housing Corp., in the
form of 30-year first mtge. 63
,% sinking fund bonds, was
offered Dec. 6 by Dillon, Read & Co., Ladenburg, Thalmann & Co. and Blyth, Witter & Co. The bonds were
priced at 92 and interest to yield 7.15% to maturity, and
an average of 7.31% based on retirement through the sinking
fund. Proceeds will be used to finance the construction
program of the corporation, designed to relieve the housing
shortage in the Ruhr District, which has the backing of some
of Germany's leading industrial corporations. An unusual
co-operative plan has been devised whereby the United
Steel Works Corp., Hoesch Iron & Steel Corp., Kloeekner
Works Corp., Gelsenkirchen Mining Corp. and Fried.
Krupp Corp. will lease apartments which are to ho constructed by the corporation and will in turn sublease them
to their employees. The five companies together have entered
into lease agreements,for 3,000 apartments. The real
estate owned by the corporation, together with the apartment dwellings to be erected, will provide security for the
first mortgage. A cumulative sinking fund, sufficient to
retire the entire issue by maturity, will operate by semiannual call by lot at 100 and interest, beginning May 1 1930.
Further data'regarding the offering is given in our "Investment News Department" on a subsequent'page.--
Dine. 8 1928.]
FINitiNCIAL CHRONICLE
Statement Regarding Agreement on Service of Interest
and Amortization of City of Sofia Loan.
An agreement on service of interest and amortization of
City of Sofia 432% loan of 1910 has been reached between
a delegate of the municipality and representatives of holders
of the loan at a meeting in Antwerp, according to advices
received by Bertron, Griscom & Co., who furnish the
following translation of the advices received in the matter:
ASSOCIATION BELGE POUR LA DEFENSE DES DETENTEURS
DE FONDS PUBLICS.
Antwerp Nov. 10 1928.
No. 334.
City of Sofia Loan, 4%%, 1910.
An agreement having been reached between the delegate of the municipality and the representatives of the holders of the loan under caption,
we beg to call to the attention of the interested persons that the service
on interest and amortization of these bonds will, in the future, be made
on a gold basis, at the following rates:
35% for coupons due between May 1 1928 and May 1 1931
40% for coupons due between May 1 1931 and May 1 1934
45.37 for coupons due between May 1 1934 and May 1 1937
50 for coupons due between May 1 1937 adn May 1 1940
55 Q for coupons due between May 1 1940 and May 1 1943
609 for coupons due between May 1 1943 and May 1 1946
65°7 for coupons due between May 1 1946 and May 1 1949
° for coupons due between May 1 1949 and May 1 1952
70%
80% for coupons due between May 1 1952 and May 1 1955
90°7 for coupons due between May 1 1955 and May 1 1958
1004 for subsequent maturity.
Beginning with May 1 1958, holders will recover the integral amount
contracted rights.
their
of
Payments will be made in Belgium, at the counter-value of Swiss francs,
at banks designated for the purpose.
Bonds drawn by lot prior to Sept. 14 1928, as well as coupons due prior
to this date and which have not been collected, are payable as heretofore.
This agreement applies to holders of bonds bearing coupons which have
not been crossed, and holders of bonds which have not been re-couponed
or coupons which have been crossed, may obtain new coupon sheets, if
they can prove that they acquired their bonds prior to July 8 1922. This
regulation must be complied with before July 1 1929.
For the Committee,
F. VAN ROY, Secretary.
Offering by Goldman, Sachs & Co. of Capital Stock of
Goldman Sachs Trading Corporation.
Goldman, Sachs & Co. on Friday, Dec. 7, offered to the
public the capital stock of a corporation to be known as
The Goldman Sachs Trading Corporation, this corporation to buy, sell, trade in and hold stock and securities
of any kind, and to participate in syndicates and underwritings. This corporation will commence business with
a capital of $50,000,000 in cash and a surplus of $50,000,000 in cash, making a total of $100,000,000 of capital and surplus. The corporation will be managed by the firm of
Goldman Sachs & Co., all the directors being partners of
Goldman Sachs & Co. Goldman Sachs & Co. have purchased for their own account at $100 per share, 100,000
shares making a total investment for their own account in
the corporation of $10,000,000. The remaining 900,000
shares are offered to the public at $104 per share. The stock
has no par value. The corporation, which will have but one
class of stock, of which 2,500,000 shares have been authorized
and 1,000,000 will be presently outstanding, has been
chartered under the laws of Delaware. The corporation has
entered into a management contract with Goldman, Sachs &
Co. whereby the firm will receive no compensation unless the
corporation earns annually 8% on its capital and surplus as of
the beginning of the year, plus appropriate adjustments for
capital added during the year. In any year in which the net
profits realized exceed 8%,the firm will be entitled to receive
an amount equal to 20% of the net profits but only to the
extent that the payment will not reduce the net profits below
the 8% level. The requirement for the annual earning of net
profits of 8% shall be cumulative. Under the certificate of
incorporation, all stock now authorized or issued is of one
class and all shares have identical rights in the matter of voting, dividends and otherwise. Stockholders by a majority
vote, may terminate the management contract at any time
and upon such termination the corporation shall agree to
change its name so as to eliminate any reference to Goldman,
Sachs & Co.
Among the corporations for which the firm of Goldman,
Sachs & Co. act as bankers are: Sears, Roebuck & Co., F.
W. Woolworth Co.; Studebaker Corporation, Continental
Can Co., Endicott Johnson Corporation, B. F. Goodrich Co.,
General Cigar Co., Gimbel Brothers, National Bellas Hess
Co , National Dairy Products Corporation, The Lambert Co.,
Pillsbury Flour Mills, Inc., Postum Co., Inc., Brunswick
Balke-Collender Co., May Department Stores Co., McKesson
& Robbins, Conde Nast Publications, Archer-Daniels-Midland Co., Lehn & Fink Products Co., Cluett, Peabody &
Co., United Biscuit Company of America, and Eitington
Schild Co. It is stated that the new .Qorporation will not
3183
take over any securities now owned by Goldman, Sachs
& Co.
Committee Named to Report on Advisability of Increasing Membership of NewYork Stock Exchange—Seeks
Members Views on Seat "Rights."
Warren B. Nash, Chairman of the Committee of the New
York Stock Exchange named in October to report on the
advisability of increasing the membership has addressed a
letter to members in which he seeks their views on the disposition of rights to nominate a candidate for either a fourth,
a half or a full membership, depending upon the number by
which the membership is increased. The letter says:
"The special committee on increase in memberships has been considering,
among other plans, a plan by which the membership of the exchange would
be increased by 275 or 550 or 1,100 new memberships and the existing
members of the exchange would be given the right to nominate candidates
for either a fourth, a half or a full membership, depending upon the number
by which the membership of the exchange is increased.
"Before recommending any increase under this type of plan,the committee
feels that it should have some knowledge about the probable disposition
which the members would make of such rights to nominate. Will you.
therefore, answer on the inclosed ballot the following questions which are
asked purely for the information of the committee. No answer to these
questions will in any way commit a member of the exchange to vote for or
approve the proposed plan, nor will the expression of his probable intention
prevent a member from subsequently making some other disposition of the
rights which he may receive.
"(1) If the plan is approved, would you endeavor to dispose of your right
to nominate within three months?
"(2) If the plan is approved, would-you endeavor to dispose of your right
to nominate within one year?
"(3) If the plan is approved, would you retain your right to nominate for
more than one year, and if so how long?
In order that any increase in membership may become effective within a
reasonable time, the plan may require all members to exercise their rights
to nominate within three years,in the case of a 25% increase in membership.
and within five years, in the case of a 50 or 100% increase in membership.
"(4) If the plan is approved. would you endeavor to purchase additional
rights to nominate so as to be able to nominate a candidate for a full membership?
"The committee realizes that the income tax liability of members, disposing of rights to nominate under this plan, may influence their decision.
It has therefore secured from Carter, Ledyard & Milburn and Dunnington,
Walker & Gregg an opinion as to the probable tax Liability of members of
the exchange disposing of rights to nominate receive under this plan."
According to the "Herald Tribune" of Dec. 4 Hartwig N.
Baruch, an exchange member and a partner in the firm of
Hentz & Co., in a letter to the special committee opposes an
increase in membership until several alternative plans are
tried out. The paper quoted also says:
"If a member were permitted to employ a broker's clerk." declared Mr.
Baruch, "approved by the exchange, and this clerk was privileged to go
upon the floor, carry messages, etc., the efficiency of the present membership would be increased by not less than 30% and contribute largely toward
restoration of service to the required standard."
The membership of the exchange has not been enlarged since 1879, when
it was increased to 1,100. The heavy volume of business this year. however.
resulted about two months ago in appointment of a special committee to
weight the advisability of a membership increase and to recommend the
manner In which this increase should be effected.
References to the appointment of the Committee to report
on increasing the membership appeared in these columns
Oct. 20 page 2167; Oct. 27, page 2305 and Nov. 3, page
2451.
Brokers Loans on New York Stock Exchange Reach
Record Volume of Over Six Billion Dollars.
Continued expansion in the amount of brokers, loans on
the New York Stock Exchange has brought the figures up
to the huge record total of $6,391,644,264 on November 30.
This amount exceeds by $511,923,202 the total of the
previous month (Oct. 31), which, at $5,879,721,062, had
represented the highest figure prior to the total announced
this week. The November 30 figures, given out by the
Stock Exchange on December 3, after the close of the
Market, consist of demand loans of $5,614,388,360 and
time loans of $777,255,904. The "Journal of Commerce"
in its comments (Dec. 4) regarding the figures said:
Yesterday's report verifies the opinion that had been expressed during
the month that foreign funds are entering the New York money market
on a large scale. Loans from "private bankers, brokers, foreign bank
agencies or others in New York City" totaled $843,073,869 in demand
loans, showing an increase over the previous month of $97,172,875. The
same agencies increased their time loans since the previous month by
$6,266,176. Neither of these increases was reflected in the weekly Reserve
bank statement.
Time loans, which have been steadily diminishing since May 31,showed
a slight advance for November. The increase was $13,262,376. These
loans, it is believed, are largely funds which have been offered to investment bankers. The Reserve Bank reports indicate a decline in this type
of loan, so that it is considered probable that time money is being offered
chiefly by institutions outside the Federal Reserve system.
The following is the statement issued by the Stock Exchange
relative to the figures of brokers' loans as of Nov. 30:
Total net loans by New York Stock Exchange members on collateral,
contracted for and carried in New'stork as of the close of business November
30 1928 aggregated $6,391,644,264.
FINANCIAL CHRONICLE
3184
The detailed tabulation follows:
Demand Loans.
(1) Net borrowings on collateral from New York
$4,771,314,491
banks or trust companies
(2) Net borrowings on collateral from private bankers,
brokers, foreign bank agencies or others in the City
843,073,869
OX New York
Time Loans.
3841,108,093
136,147.811
$777,255,904
$6,391,644,264
Combined total oftime and demand loans
The scope of the above compilation is exactly the same as in the loan
report issued by the Exchange a month ago.
$5,614,388,360
[Vol,. 127.
Trust Company and its London office are no longer accepting for deposit any ordinary registered shares which are registered in the name
of a British subject, as defined in the articles of association of Marconi
Wireless Telegraph Company, Ltd.
"However, the Guaranty Trust Company has stated that it will continue to accept for deposit ordinary bearer shares and ordinary registered
shares which are not registered in the names of British subjects, in view
of the fact that such certificates are already considered as held by foreigners."
Noting that the shares of the Canadian Marconi Company were under pressure again on the Curb, on Monday,
The compilations of the Stock Exchange since the issu- Dec. 3, the "Times" added that the market was more
ance of the monthly figures by it, beginning in January 1926, orderly than it had been at any previous time since the
violent break of Nov. 30. The stock closed at 8%, showing
follow:
Total Loans.
Time Loans
Demand Loans.
1926—
The "Times" added:
$3,513,174,154 a net loss of 1% points.
Jan. 30
Feb. 27
Mar. 31
April 30
May 28
June 30
July 31
Aug. 31
Sept.30
Oct. 81
Nov.80
Deo. 31
1927—
Jan. 81
Feb. 28
Mar.31
April 30
May 31
June 30
July 30
Aug. 31
Sept.30
Oct. 31
Nov.30
Dec. 31
1928Jan., 31
Feb. 29
Mar. 31
April 30
May 81
June 30
July 31
Aug.31
Sept.30
Oct. 31
Nov.30
$2,516,960,599
2,494,846.264
2,033,483,760
1,969,869.852
1,987.316,403
2.225.453.833
2,282,976,720
2,363,861.382
2.419,206,724
2,289,430,450
2,329,538,550
2.541,682,885
$966,213,555
1,040,744.057
966.612,407
865.848.657
780,084,111
700,844,512
714,782.807
778,286,686
799,730.286
821.746.475
799.625,125
751.178,370
3,535,590.321
3,000,096.167
2.835.718.509
2.767.400.514
2,926.298.345
2.996,759,527
3.142.148.068
3,218,937,010
3,111,176,926
3,129,161.675
3.292,860,255
2,328.340,338
2,475.498,129
2,504.687,674
2,541.305.897
2.873,993.079
2,758,968,593
2,764,511,040
2.745,570.788
8.107,674.325
3.023,238,874
3,134,027.003
3.480.779.821
810,446,000
780,961.250
785,093,500
799,903,950
783,875.950
811,998.250
877,184,250
928,320.545
896.953.245
922.898,500
957,809.300
952,127.500
3,138,786.338
3,256,459,379
3,289,781,174
3.341.209.847
3.457,869,029
3,568,966.843
3,641.695.290
3.673.891,333
3.914.627.570
3,946,137.374
4,091.836.303
4.432.907,321
3.392.873.281
3,294.878.654
3,580,425,172
3,738,937,599
4.070.359.031
3.741.632,505
3,787,694,495
4,093,889,293
4,689,551,974
5.115.727.534
5,614,388,360
1,027,479,260
1,028,200,260
1,059,749.000
1,188.845,000
1,203.687,250
1.156,718,982
1.069,653,084
957,548,112
824,087,711
763,993,528
777,255,904
4,420.352.541
4.322,578.914
4.640.174.172
4,907,782,599
5,274,046,281
4,898.351.487
4,837,347,579
5.051.437,405
5.513,639,685
5.879.721.062
6,391,644,264
Trading in Canadian Marconi Resumed on New York
Curb Market—Move in Great Britain to Retain Control
of Marconi International Marine Communication Co.
Following the temporary suspension on Nov. 30 by the
New York Curb Market of trading in Canadian Marconi,
resumption of trading in the stock on the Curb occurred
on Dec. 1; the stock on that day, as on the previous day,
underwent a decline, the "Post" of Dec. 1 stating:
Trading in shares of the Canadian Marconi Company was resumed
today on the New York Curb Market. The stock opened at 11%, off
4% points. The opening sale was a block of 60,000 shares.
Canadian Marconi opened on the Philadelphia Exchange at 17, ran
up to 1794 and then dropped to log.
The New York Curb Market issued a notice that "due to an emergency now existing in the stock of Canadian Marconi, all members are
urged to cooperate with specialists in running a sheet on odd-lot transacfions."
The notice said that beginnig today month orders in the stock will
not be accepted by specialists if presented after 9:30 A. M. All orders
after that time will be construed to be day orders.
As on Friday and Saturday, the opening (on Dec. 3) was delayed by
the avalanche of odd-lot selling orders which overwhelmed the specialists.
The market in Canadian Marconi did not open yesterday until 11:10
A. M., when 42,600 shares were bunched and the price was fixed at sq.
The stock moved up t oa high of 93, fell to a low of ne, and then recovered to the closing price of sq. Stock was not pressed on the market
in the same volume as on Saturday and Friday, but there was little buying interest until the price reached what was considered an attractive
level.
On Dec. 3 the Curb issued the following ruling:
The Committee of Arrangements rules that beginning today, Dec. 3,
1928, and until further notice no give-up will be accepted after the consummation of a trade in the stock of CANADIAN MARCONI COMPANY.
On Dec. 4 a moderate recovery in Canadian Marconi
helped the entire list to reach firmer ground on the Curb
Exchange, said the "Times", although, it observed, breaks
occurred here and there in several groups. Yesterday
(Dec. 7) the number of shares of Canadian Marconi sold
on the curb totaled 36,900; yesterday's price for the stock
was 7%; the high, 8%, the closing figure being 7%.
In London Dec. 5 advices regarding the Marconi International Marine Communication Company the New York
"Times" stated:
The directors of the Marconi International Marine Communication
Company are taking measures to prevent control of the company falling
into foreign hands. Since its shares have been among those which have
attracted of late considerable American interest, it is presumed that the
measures are aimed particularly against American speculators.
In a statement issued to the shareholders today the directors say they
have every reason to believe that a substantial proportion of the buying
in the company's shares has been on foreign account.
Say Danger Must Be Removed.
The statement continues:
"While there is no evidence in possession of the directors that this
foreign buying has for its object the placing of the control of your company in foreign hands, they cannot ignore such a possibility.
"Your company is responsible for the wireless equipment of over 90%
of British shipping coming under the compulsory wireless law and at
least 25% of the world's shipping. Your directors regard it as a matter
of national importance that any danger of your company passing under
foreign control should be at once removed. To achieve this object it is
necessary to alter the company's articles of association."
The principal changes proposed are the introduction of provisions to
secure that not more than 25% of the shares outstanding shall at any
time be under foreign control and that the directors shall be born British
subjects.
The directors have decided to issue share warrants for one month from
Dec. 6 and the transfer book will be closed from Dec. 6 to 16, inclusive.
The action of the Curb in temporarily suspending trading
in the shares was noted in our issue of Dec. 1, page 3034,
Stock and Bond Transactions Settled Through Stock
our,item also referring to the statement of Sir Joseph FlaClearing Corporation.
a
$3
velle to the effect that the stock was overvalued at
and Bond Transactions settled through
Stock
of
value
The
share. From the New York "Times" of Dec. 2 we quote
for the month of November,
Corporation
Clearing
Stock
the
the
on
stock
the following regarding the movement of the
amounted to $10,834,236,435.
1928,
Curb on Dec. 1:
Canadian Marconi caused the same confusion on the Curb yesterday
David Friday Holds That Brokers' Loans Constitute
as it had done on the preceding day. Five specialists were operating
it was
in the stock yesterday as compared with four on Friday, but
No Menace to Credit Situation.
the
before
opening,
11:20 o'clock, or one hour and 20 minutes after the
in the December number of The Bankers
article
In an
books could be adjusted and trading resumed.
The first transaction to appear on the ticker involved 60,000 shares, MFazine, Dr. David Friday discusses "The Significance
showing
representing bunched orders, and the opening price was 11%,
Trading had of the Rise and Fall of Brokers' Loans" in which he cona loss of 54 from the final quotation of the day before. specialists
to tends that these loans "Constitute no menace to the credit
been suspended shortly after noon Friday to allow the
straighten out their books.
givation." We give herewith what he has to say:
104,800 Shares Traded In.
In the forty minutes during which the stock was traded in yesterday a total of 104,800 shares changed hands. The price fluctuated nervnet
ously after its weak opening and finally closed at ioq, showing a
loss of 674 points.
The accumulation of selling orders at the opening was greater than
chairman
on the day before, when a bearish statement credited to the
dumped
of the board of the company caused thousands of shares to be apparreflection
on the market for what they would bring. Overnight
ently had not improved the market position of the stock. The stock
has been bought over a period of months by persons of small means,
caused
most of them odd-lot speculators. It was these odd lots that
that
the clogging of the specialists' books to such an extent on Friday temtrading
they had to appeal to the Curb authorities to suspend
porarily.
close
The Curb Exchange issued the following statement after the whose
yesterday regarding Marconi Wireless Telegraph Company, Ltd.,
Canadian
in
shares have been depressed to some extent by the break
Marconi.
members'
"The special committee on foreign securities desires to call York has
attention to the fact that the Guaranty Trust Company of New
the for.
that
cabled
has
its
office
that
London
notified the Exchange
Ltd., has been
eign register of Marconi Wireless Telegraph Company,
Guaranty
the
notice,
closed. Therefore, in accordance with previous
When Senator La Folloette introduced a resolution into Congress thundering against brokers' loans in January of this year they had reached the sum
of $3,819,000,000, a figure then unprecedented in the reports of the banking
system. As this article is written (November 4), they stand at $4,978,000.000. This increase Is so large that It should have brought upon us all the
dire consequences which were predicted at that time if the rise in brokers'
loans continued.
Yet none of the predictions has been realized. Industry has not been
hampered for want of credit. Employment and the volume of production,
as well as profits, have been at a high level. Not even contracts for construction have fallen. There is at present every prospect that the present
Year will close with business at a high level and that prosperity will extend
well into the new year.
The Chief Basis of Criticism.
Evidently rising brokers' loans, even when that rise starts from a high
level, do not necessarily hamper productive activity by with drawing credit
from industry. The fact that they were expected to do so was the chief
criticism leveled against such loans. "The inevitable result of the utilization of the funds of the Federal Reserve System for speculative purposes Is
to restrict the amount of credit available for legitimate commercial purThe resolution calls upon the Federal Reserve to "immediately take steps
to restrict the further expansion of loans by member banks for speculative
DEC. 8 1928.]
FINANCIAL CHRONICLE
3185
purposes and ..require the contraction ofsuch loans to the lowest possible of posting was responsible for the substitution being disamount." Something has been accomplished in the reduction of loans by
We quote as follows the "Times" further account:
banks as the figures are reported. They stood at $2,823.000,000 when the covered.
It is known that the Clearing House figures are used by gamblers to
resolution was introduced. In March they averaged $2,514,000,000, a
reduction of three hundred millions. But by May they had risen again to decide the winning number of policy games that are conducted all over
32,967,000,000. On November 4 1928, they stood at $2,790,000,000. the country. Millions of dollars, it is said, are wagered on the numbers
While these loans by banks have shrunk slightly, the loans by all others and had the substitution not been discovered so promptly it Is probable
that those involved would have cleaned up large sums, as the bookmakers
have more than doubled, rising from $993,000,000 to $2,188.000,000.
The negligible effect which this increase in loans has had upon our in- who clandestinely sell the policy slips pay 600 to 1 on the winning number.
The figures are posted promptly each morning at 11.30 by Arthur Harman
dustrial process raises the suspicion that the significance of a rise in brokers'
of the Clearing House staff. Yesterday at 11:28 a well dressed young
loans was inadequately understood.
man walked quietly up to the board and posted a set of figures purporting
Causes and Effects of Rise
to represent the previous day's exchanges, balances and Federal Reserve
Just what are the causes and the effects of a rise in brokers' loans such credit balance.
A minute later he stepped down and walked out the door. Newspaper
as has occurred in this country during the last two years. For in November
of 1926 they still stood not far from the low figure which they reached after men and press associations were about to send out the figures when Mr.
the stock market break of March 1926. They had fallen from $3,141,000.- Harman came in with the correct figures.
The fake figures posted were: Exchanges, $1,909.000,000; balances,
000 in January to $2,409,000.000 in May. By November they had risen to
32,609,000,000. Thereafter they rose gradually and rather slowly until $163,000.000; Federal Reserve credit balance, $156.000.000.
September when they reached $3,200.000,000. Then with industrial
The correct figures posted by Mr. Harman were: Exchanges, $1,906,recession already upon us they began their upward march toward the 000,000; balances, $161,000,000; Federal Reserve credit balance. $156,$5.000,000,000 mark.
000,000.
As to effects, it seems clear that such an expansion does not withdraw
Clearing House officials noted the similarity of these figures.
credit from industry in any important degree, nor is it a demand upon
The combination of the fake figures would have resulted in the winning
credit in addition to that made by industry. The great mass of the addi- number of the policy game being 093, whereas the real winning number
tional bank credit created through brokers' loans by banks stands as a was 061.
It is believed that those responsible for the attempt wagered heavily on
deposit to some corporation to-day. It is not withdrawn from industry
093 in the hope that they could collect their money before the substitution
but is only one of the channels by which credit flows into industry.
was discovered.
Why Brokers Borrow
Brokers do not borrow money because they wish to build up their bank
balances or because they need currency for pay rolls. They borrow it be- John L. Proctor Appointed Deputy Comptroller of
cause their customers have purchased securities from someone. If they
Currency Succeeding E. W. Stearns Who Has Behave purchased them from corporations which Issued rights to subscribe
come Chief National Bank Examiner.
for new stock, then clearly the proceeds of the brokers' loans are paid to
the corporation giving the rights and the credit created by the loan stands
The Comptroller of the Currency announced on Dec. 1 the
as a deposit to the credit of that company. During the last two years
many corporations have issued such rights and,since considerable amounts appointment by Secretary Mellon of John L. Proctor as
of these stocks were carried by the customers of brokerage houses, those Deputy Comptroller of the Currency to fill the vacancy
rights were taken up for the most part with money obtained through brokers'
created by the appointment of Deputy Comptroller E.
loans.
These loans by New York banks for their own account and for the account Willey Stearns to the office of Chief National Bank Examiner
of out-of-town banks have increased by $1,120,000,000 since November of the United States, which office was formerly held by the
1926. During these two years more than ten billions of new corporate
securities have been issued even when refunding operations are excluded. present Comptroller—J. W. Pole.
Mr. Proctor, who is a native of Minnesota, received his
Of these securities, three and one-half billions were stocks and the remainder
consisted of long and short-term bonds and notes.
banking training in Minneapolis and Seattle, Wash.
early
It is clear that this issue of new securities by corporations has been one of
the methods by which the corporations have provided themselves with He served four years as Receiver of failed national banks,five
bank credit. But that credit was borrowed by the stockholders and the years as National Bank Examiner,and five years as Assistant
bondholders rather than by the corporation directly. However, it flowed Chief National Bank Examiner in the
Comptroller's office in
Into industry nevertheless.
Growth of Loans on Securities.
r This is the reason why all other loans and discounts have risen only
$380,000,000 during the last two years, while those on securities have gone
up $1,4000,000,000. Percentage-wise the disparity is even more startling,
for the other loans had stood at $8,800.000,000 while those on securities
were only $5,510,000,000.
The fact that the new listings and the speculative interest has centered
largely in industrial corporations has accentuated this growth of loans on
securities as against commercial loans. More and more the stocks traded
in on the exchanges in large volume are manufacturing and merchandising
companies when once they were mostly railroads, public utilities and mining
concerns. These manufacturing and merchandising companies are the
industries which formerly borrowed on commercial paper and made commercial loans at the banks. Now the stockholders do the borrowing instead
of the corporation; but the credit created by the loans stands as a deposit
to industry.
Loans by "All Others."
But the outstanding increase in borkers' loans has not occurred in those
made by banks. The loans by "all others" have gone forward at a rapid
rate while those by banks have gone down since January.
The significance of this increase is twofold. Insofar as these loans represent a withdrawal of deposits from banks in order to loan to brokers, they
lead to a decline in brokers' loans by banks. Insofar as they represent procoeds of stock sales by investors or institutions to customers of brokerage
houses, they are merely a loaning of credit which was manufactured in the
process of transferring securities from investors to speculators. Such loans
have no effect upon the banking situation. They are merely a result of a
transaction which arose because of a difference of opinion between investors
who were holding stocks outright or who were carrying them with loans
which they made privately at a bank, and speculators who thought stocks
were going higher.
No Menace to Credit Situation
These loans are an important indication of the extent to which this difference of opinion has developed, but they constitute no menace to the
credit situation. The credit thus created and loaned is normally destined
for investment in securities and when investors think it is time to buy stocks
these loans will fall no matter whether stocks are high or low because the
brokers'loans will be called and the proceeds will be absorbed by purchases
of securities. The principal significance of the rise and fall of brokers'
loans is the indication which they give of the mental attitude of these investors or "strongholders" of stocks.
It should be noted especially that these sales and purchases must take
place between owners, one of whom is not a customer of a broker while the
other is. Mere buying and selling between persons who are already customers of brokers and who leave their funds with the brokers after selling as
balances, will never increase or decrease brokers' loans one cent no matter
how much stocks have risen or fallen. The sums which the purchaser
borrows and pays will be used by the seller's broker to liquidate a corresponding amount of loans. But when people who have no loans against
eecurities at the brokers sell them, the loans are correspondingly increased.
Gamblers Post Fake Clearing House Figures; Attempted
Lottery Coup Fails by a Minute.
According to an account in the "Times" Dec. 6 an unsuccessful attempt was made on Dec. 5 to substitute fake
figures for the regular Clearing House figures, posted each
morning on the bulletin board of the Clearing House in
Cedar Street, but a difference of one minute in the time
Washington.
The Comptroller also announced the promotion of Second
Deputy Comptroller F. G. Await to First Deputy Corntroller, and Third Deputy Comptroller E. H. Gough to
Second Deputy Comptroller.
New Federal Reserve Policy Seen as Leading to Discount Rate Rise—Halt in Acceptance Buying
Bringing Mark Up in Market Quotation.
According to the New York "Journal of Commerce" of
Dec. 4 the belief is growing in banking circles here that the
Federal Reserve system has adopted a new policy which
may lead within a relatively short time.to a rise in the level
of rediscount rates and a further tightening of the general
money market. The paper quoted points to the fact that
prime bankers' acceptances with maturities ranging up to
90 days are now quoted at 4%%,and this is the buying rate
at which the Federal Reserve Bank has been absorbing
these bills. It goes on to say:
,( Since early in August the twelve Reserve banks have increased their holdings by approximately $320,000,000, which is far more than the usual
seasonal increase.
Buying Rate to Go Up.
During the last week of November. however,the Reserve Bank completely
halted its buying activity, and, instead, disposed of a small volume of
bankers' bills. Yesterday acceptance dealers indicated that the market
was getting an excessive supply of these bills and that an advance in the
buying rate was to be expected before the end of the week. They also
expect the Reserve Bank to follow suit shortly and raise its buying rate.
At the same time a halt in the increase of acceptance holdings is expected
to bring about a further sharp increase in rediscounts during the next few
weeks. The peak in rediscounts for recent years was reached on July 3 of
this year, when they amounted to $1,191,010,000. Since then the highest
weekly figure was reached on September 19, when the loans aggregated
$1.093,833,000. The total amount of Reserve credit outstanding on July
3 was, in fact, smaller than on December 1. Combined rediscounts and
acceptance holdings amounted to $1,400,674,000 on July 3 and $1,472,583.000 on December 1. Thus, through the purchase of acceptances, the total
of outstanding Reserve credit is now at approximately the high point of the
year, and should the Reserve banks permit their acceptance holdings to
decline even moderately there is no reason why total rediscounts should
not reach a new high record by the and of the year.
Past experience shows that a decline in acceptance holdings, a rise In
the acceptance buying rate and a jump in the volume of rediscounts are
phenomena frequently followed by a rise in the rediscount rate. This has
been the case especially during a period of general credit expansion like the
present.
According to Wall Street opinion, an important element in the situation,
is the expected investigation of the brokers' loan situation by a Senatorial,
and possibly a House committee in the present session of Congress. The
recent visit of Senator Carter Glass to New York city has provoked special
interest in this connection in view of his important position on the Senate
Committee on Banking and Currency. It is felt that action by the Reserve
authorities toward tightening up the market would go a long way toward
preventing any hasty legislation being proposed in Congress.
3186
FINANCIAL CHRONICLE
[voL. 127.
Information for voting member banks in Group 1: Because the voting
Gold and Circulation Factors.
which
was by secret ballot it is impossible to tell who cast those ballots
rethe
in
rise
a
when
time
the
hasten
Another factor which may help
be counted, on account of their being inThe ear- which under the law could not
gold.
of
export
infurther
were
the
is
which
inevitable
ballots
2
appears
discount rate
were, however, only
during the last correctly marked. There
marking of $25,000,000 of gold for the account of France
on account of being improperly executed and were, therefore,
validated
already
have
Canada
half of November and unexpectedly large exports to
half of the not counted.
abruptly reversed the moderate import movement of the first
month.
effect on Treasury December Financing—Offering of Two Short
Finally, the large demands for currency will have an important
rate under
the reserve situation leading to the marking up of the rediscount
Term Issues of 43(%Treasury Certificates Aggregatmore
present circumstances. It is expected that at least $100,000,000 peak
$500,000,000.
the
ing
finance
to
.
$150.000,000
and
possibly
needed,
be
in currency will
the first place,
requirements of the holiday season. This will involve, in
The December financing of the Treasury announced Dec.
if
place,
second
the
an approximately equal expansion of rediscounts. In
of Treasury
an increase in 6, takes the form of two short term Issues
last week's experience is a criterion, it may take the form of
reserve Certificates of Indebtedness, both put out at 414%—one
the
sharply
depressing
thus
further
circulation,
in
gold certificates
ratio.
(Series TS2-1929) to the amount of $200,000,000 or there-
abouts, maturing in nine months, and the other (Series
Federal
of
Purposes
TD-1929) amounting to $300,000,000 or thereabouts, runCredit Concentration Defeats
ent of the
Reserve Act According to Walter K. Hardt in ning for one year. Secretary Mellon's announcem
CertifiCredit
Treasury
of
of
on
00
Associati
$570,000,0
hia
"about
that
offer
Philadelp
states
Address Before
cates of indebtedness become payable the present month
Men.
0 interest payments
The primary purpose of the Federal Reserve Act to (December), and that about $95,000,00
December 15. The
payable
conthe
become
on the public debt also
decentralize credit has been defeated in part by
hand, will provide
on
Hardt,
cash
K.
with
he
says,
Walter
present
offering,
York,
New
in
capital
centration of
15, 1929. The
March
to
ia
up
of
nts
Philadelph
requireme
Treasury's
Company
for
the
President of the Integrity Trust
4%)'on the two issues of certificates
1
told members of the Philadelphia Association of Credit rate of interest (4/
27. now offered is below that borne by the Treasury CertifiMen at a luncheon in the Bellevue-Stratford on Nov.
advised
are
we
cates put out in September and October. The offering the
A summary of Mr. Hardt's talk, which
ia
Philadelph
the
in
month of $300,000,000 certificates was at the unusuallatter
appeared
talk,
informal
was simply an
sumthis
that
Hardt
Mr.
ly high rate of 4%%. The September offering consisted
"Ledger," and as we are told by
2%. Sub1
4/
marizes what he had to say "rather satisfactorily" we of $525,000,000 Treasury Certificates bearing
week
present
the
offered
s
the
certificate
to
books
scription
follows:
quote therefrom as
funds were opened on December 7. The Treasury will accept in
Depositors of banks and corporations have been withdrawing
quantities of capital in
Treasury Certifito lend brokers, with the effect of massing huge
of the act. The payment for the new certificates, at par,
Wall Street, he said, which is contrary to the intention
TD2-1928; and
make
and
TD-1928;
credit
Series
of
ss
cates of indebtedne
purpose of the Federal Reserve System is to decentralize
industry is located.
Dec. 15. Subscriptions for which
maturing
all
It obtainable in the district in which any particular
TD3-1928,
throughout
Induced by high money rates in New York. bank depositors
indebtedness
the banks to become payment is to be tendered in certificates of
the country in drawing out their funds have forced
prohibiting maturing Dec. 15 1928, will be allotted in full up to the,
restrictions
borrowers of the system to most withdrawals. The
borrowing from the
Stock Exchange collateral to be used for a basis of
The certificates are
on the com- amount of the respective offerings.
Federal Reserve Banks has placed a higher interest burden
Banks.
offered through the Federal Reserve Banks at par and acmercial borrower, despite the efforts of the Federal Reserve
Mr. Hardt
Although expressing no alarm over the present situation,
crued interest.
pointed out that money should be more equitably distributed throughout
Bearer certificates will be issued In denominations of $500,
The
center.
one
in
heavily
too
concentrated
not
and
States
the United
go on in- $1,000, $5,000, $10,000 and $100,000. The certificates of
present condition of the money market, he predicted, cannot
definitely, but an orderly readjustment can be expected on liquidation.
have two interest coupons attached,
by series TS2-1929 will
Methods of expanding the banking business were also discussed
be left payable March 15 1929 and Sept. 15 1929, and the certifishould
explained,
he
business,
new
of
solicitation
The
Hardt.
Mr.
familiar with cates of series TD-1929 two interest coupons attached, payto those near the top of the banking organization who are
the administration and its policies. The plan of having customers come able June 15 1929 and Dec. 15 1929. Secretary Mellon's
is one of the
to a bank to discuss financial problems freely, he believes,
announcement Dec. 6 of the offering follows.
greatest factors in building a business.
the extension of credit
Among other phases of finance discussed were
of speculation
and the risk taken on the sale of merchandise. The element
from becoming
business
prevented
has
said,
or risk in trading, Mr. Hardt
an exact science.
The Treasury is today announcing its regular December financing which
takes the form of an offering of Treasury certificates of indebtedness in
two series, both dated and bearing interest from Dec. 15 1928, at the rate
of 414%, one series being for 9 months, maturing Sept. 15 1929, and the
other series being for 12 months and maturing Dec. 15 1929. The
amount of nine months' offering is $200,000,000 or thereabouts, and
the amount of twelve months' offering is $300,000,000 or thereabouts.
The Treasury will accept in payment for the new certificates, at par,
Treasury certificates of indebtedness of Series TD-1928, TD2-1928, and
TD3-1928, all maturing Dec. 15 1928. Subscriptions for which payment
is to be tendered in certificates of indebtedness maturing Dec. 16 1928,
will be allotted in full up to the amount of the respective offerings.
About $570,000,000 of Treasury certificates of indebtedness become payable in December, 1928. Also, about $95,000,000 interest payments on
the public debt become payable on Dec. 15th.
This offering, together with cash on hand, will provide for the Treasury's requirements up to March 15 1929.
Bronze Bust of Late Governor Strong Presented to
New York Federal Reserve Bank in Behalf of
National Bank of Belgium.
A bronze bust of the late Benjamin Strong, Governor of
to
the Federal Reserve Bank of New York was presented
of
Bank
National
the
of
behalf
in
26
Nov.
the Bank on
Belgium.
The bust was presented by Prince de Ligne, the Belgian
Ambassador to the United States, and was accepted in
The Treasury Department's official circular offering the
behalf of the Bank by Gates W.McGarrah, Chairman of the new certificates follows:
Board of the Federal Reserve Bank. All of the senior officers
UNITED STATES OF AMERICA TREASURY CERTIFICATES
and most of the directors of the bank were in attendance at
OF INDEBTEDNESS
the presentation ceremonies, as were the two sons of GovDec. 15 1928
ernor Strong.
The presentation was made in appreciation of the work
of Governor Strong in helping to bring about the stabilization
credit
of the Belgian currency through the extension of a
of $10,000,000 by the Federal Reserve Banks.
Charles E. Mitchell Elected Director of New York
Federal Reserve Bank—William H. Woodin ReElected.
On Dec. 1 the Federal Reserve Bank of New York issued
election
the following notice to member banks regarding the
of directors:
Class A director,
The election of directors to succeed Jackson E. Reynolds,
terms expire Dec.31 1928,
and William H. Woodin, Class B director, whose
s of Section 4 of the
has been duly held in accordance with the requirement
No. 880 dated Oct.
Federal Reserve Act and the provisions of my circular
follows:
18 1928. The results of the election are as
of New York,
Bank
Charles E. Mitchell, President of The National City
director of this bank,
.was elected by member banks in Group 1 ass Class A
H. Woodin, President of
to succeed Jackson E. Reynolds, and William
re-elected by member
the American Car & Foundry Co. of New York, was
Each was chosen for
banks in Group 1 as a Class 13 director of this bank.
a term of three years beginning Jan. 1 1929.
Respectfully, Gates W. McGarrah,
Chairman of the Board.
Dated and Bearing interest from
Series TS2-1929, 414%, due Sept. 15 1929
Series TD-1929 414%, due Dec. 15 1929
The Secretary of the Treasury, under the authority of the act approved Sept. 24 1917, as amended, offers for subscription, at par and
accrued interest, through the Federal Reserve Banks, treasury certificates of indebtedness, in two series, both dated and bearing interest
from Dec. 15 1928, the certificates of Series T82-1929 being payable on
Sept. 15 1929, with interest at the rate of 414% per annum, payable on
a semi-annual basis, and the certificates of Series TD-1929 being payable
on Dec. 15 1929, with interest at the rate of 414% per annum, payable
semi-annually.
Applications will be received at the Federal Reserve Banks.
Bearer certificates will be issued in denominations of $500, $1,000,
$5,000, $10,000, and $100,000. The certificates of Series TS2-1929 will have
two interest coupons attached, payable March 15 1929 and Sept. 15 1929,
and the certificates of Series TD-1929 two interest coupons attached, payable June 15 1929 and Dec. 15 1929.
The certificates of said series shall be exempt, both as to principal and
interest, from all taxation now or hereafter imposed by the United States,
any State, or any of the possessions of the United States, or by any local
taxing authority, except (a) estate or inheritance taxes, and (b) graduated
additional income taxes, commonly known as surtaxes, and excess-profits
and war-profits taxes, now or hereafter imposed by the United States,
upon the income or profits of individuals, partnerships, associations, or
corporations. The interest on an amount of bonds and certificates authorized by said act approved Sept. 24 1917, and amendments thereto, the
principal of which does not exceed in the aggregate $5,000, owned by
any individual, partnership, association, or corporation, shall be exempt
DEC. 8 1928.]
FINANCIAL CHRONICLE
from the taxes provided for in clause (b) above. The certificates of
these series will be accepted at par during such time and under such
rules and regulations as shall be prescribed or approved by the Secretary
of the Treasury, in payment of income and profits taxes payable at the
maturity of the certificates. The certificates of these series will be acceptable to secure deposits of public moneys, but will not bear the circulation privilege.
The right is reserved to reject any subscription and to allot less than
the amount of certificates of either or both series applied for and to close
the subscriptions as to either or both series at any time without notice.
The Secretary of Treasury also reserves the right to make allotment in
full upon applications for smaller amounts, and to make reduced allotments
upon, or to reject, applications for larger amounts, and to make classified
allotments and allotments upon a graduated scale; and his action in these
respects will he final. Allotment notices will be sent out promptly upon
allotments, and the basis of the allotments will be publicly announced.
Payment at par and accrued interest for certificates alloted must be
made on or before Dec. 15 1928, or on later allotment. After allotment and upon payment Federal Reserve Banks may issue interim receipts
pending delivery of the definitive certificates. Any qualified depositary
will be permitted to make payment by credit for certificates allotted to
it for itself and its customers up to any amount for which it shall be
qualified in excess of existing deposits, when so notified by the Federal
Reserve Bank of its district. Treasury certificates of indebtedness of
Series TD-1928, TD2-1928, and TM-1928, all maturing Dec. 15 1928,
will be accepted at par in payment for any certificates of the series now
offered which shall be subscribed for and allotted, with an adjustment of
the interest accrued, if any, on the certificates of the series so paid for.
As fiscal agents of the United States, Federal Reserve Banks are authorized and requested to receive subscriptions and to make allotments on the
basis and up to the amounts indicated by the Secretary of the Treasury
• to the Federal Reserve Banks of the respective districts.
A. W. hisir.r.mx,
Secretary of the Treasury.
3187
themselves together on the committee appointed by Vice-President
Dawes to inform the President that Congress was in session.
The two members of each party who left their respective standards to
support the presidential nominee of the opposition were present—
Senators Norris of Nebraska and Blaine of Wisconsin, Republicans, and
Simmons of North Carolina and Heflin of Alabama, Democrats.
Senators Simmons and Heflin were smiling and if any hard feelings
are held against them by their colleagues they were not displayed. The
veteran Simmons went about the chamber on both sides of the aisle
shaking hands. He stopped to speak a few words to Senator. Robinson,
the running mate of Governor Smith whom Simmons fought so hard.
They shook hands warmly.
Senator Heflin, his broad shoulders protruding above his colleagues
and his booming voice and chuckle resounding, was the center of a
group of Senators, Republicans as well as Democrats.
Reaching the chamber just ahead of the opening hour Senator Norris,
who supported Governor Smith, seated himself as customarily beside
Senator Borah who campaigned for Herbert Hoover. They spoke to
each other. It was only a year ago that the Idahoan was advocating
Norris for the Republican presidential nomination.
Vare's Seat is Still Vacant
It was noted in the "Times" account from Washington,
Dec. 3, that two Senators-elect remain to be sworn in at
the Congressional session begun today.
The "Times" added they are Representative Burton of Ohio, who
will qualify on Dec. 15 to fill the vacancy caused by the death of
Senator Willis, and 0. A. Larrazola of New Mexico, who was elected
to the vacancy caused by the death of Senator Jones, Democrat. Burton
and Larrazola are Republicans.
One Senate seat remains vacant. It is that to which William S.
Vare of Pennsylvania was elected in November, 1926. When the
Senate declined to seat him, Vare refused to resign. Nominally he
still is a Senator.
Mr. Vare is ill from a paralytic stroke. A Senate committee is
still engaged in investigating charges that his election was honeycombed with fraud, and an effort is to be made to have action on
its report deferred until the new Congress, when, according to what
was said today, the proposal to let him take his seat will be renewed.
The term for which he was elected has until March, 1933, to run.
A. F. Myers Named Chairman of Federal Trade
Commission.
Commissioner Abram F. Myers was named Chairman of
the Federal Trade Commission at a meeting of the Commission on Nov. 30. He agumed office Dec. 1 and succeeds
Regarding the bills introduced on Dec. 3 the Associated
Commissioner William E. Humphrey. who has served as
Chairman one year. Mr. Myers was elected in accordance Press said:
. Bills Introduced
with the Commission rule providing that the five members
The flow of bills into the hoppers of Congress was of rivulet size
rotation
as
serve in
Chairman for one year.
today compared with the torrent which gushed forth a year ago,
when more than 6,000 pieces of legislation were presented to the
House and Senate.
The measures today were all from the House side and were of
sectional rather than national concern with the exception of several
dealing with the tariff and farm problem. All the bills were referred
to committees. The Senate ledger failed to show a bill introduced.
The total deposited in the House bill basket was estimated by ceIrks
at about 500. But many were old proposals dressed up in new
legislative raiment.
Opening of Second and Final Session of Seventieth Congress—Bills Presented.
The seventieth Congress began its second and final session on Monday, Dec. 3, the opening ceremonies in both
the Senate and House being brief. The Senate session
opened by Vice-President Dawes, lasted but fifteen minFrom the Washington advices of Dec. 3 to the "Journal
utes, while the House session, opened by Speaker Nicholas
Longworth, lasted an hour, because of the time required of Commerce" we take the following:
Would Revise Shipping Laws.
for a roll call of its 435 members. According to the AssoA resolution proposing the creation of a joint Congressional comciated Press accounts from Washington, in the House 374
of the shipping laws of the United States was
members answered the House roll call, while the Senate mission for thetherevision
House by Representative La Guardia (R.), New York.
introduced in
call showed only ten absentees. The following is from the The resolution asks for an appropriation of $50,000.
Although the resolution made no mention of the recent Vestris
same account:
Senators elected to fill unexpired terms were present and sworn in.
They were John Thomas of Idaho, Arthur Vanderberg of Michigan
and Otis F. Glenn of Illinois. On motion of Senator Curtis of
Kansas, the Republican leader, a committee was named to notify the
President that Congress was in session and then adjourment was taken
out of respect to Senator Gooding who died during the recess.
In the House the appointment of Representative Box of Texas, to
succeed the late Representative Oldfield, of Arkansas, a Democratic
whip, was announced. Adjournment then was taken out of respect to
the several members who have died since the last session.
Tariff Revision
Hardly had the House finished its hour's meeting before the Republican members of its Ways and Means Committee conferred on the
question of tariff revision and set January 7 as the date to start
hearings.
Farm Bill
At the Senate end of the Capitol leaders were wondering whether to
attempt to get the farm relief problem started now under President
Coolidge or await the extra session promised by Mr. Hoover after he
takes office in March with a reinforced Republican Congress. Mean
while a farm bill declared acceptable to Mr. Coolidge was ready for
introduction by Chairman McNary of the Senate Agriculture Committee.
The Senate will get down to work Wednesday on the Swing.
Johnson bill to construct an irrigation-flood control power dam on
the Colorado River—a job that gives promise of requiring weeks to
complete. The House will open fire before the end of the week on the
first of the bills appropriating the billions necessary to run the government during the approaching fiscal year.
Kellogg-Briand Treaty.
The week will see the Kellogg-Briand treaty started on its course
through the Senate. Ratification by this body is necessary to bind
the United States to the pacts signed by most of the nations of
the world, pledging them to renounce war as an instrument of national
policy. Chairman Borah of the Senate Foreign Relations Committee
called a committee meeting for Wednesday to consider the treaty.
The day served to bring under one roof again old friends who Went
forth in the recent national campaign under different colors. But
if serious wounds from the election strife were left, they were not
revealed in the warm handshakes of the day.
Senator Curtis and Senator Robinson of Arkansas, who fought for
the vice-presidential post, were among the first to greet each other in
the Senate. As leaders there of their respective parties, they found
disaster, the New York member previously had made it known that
such a plan for (Ark.), former Democratis whip of the House.
Representative John V. Box of Texas was today selected by his
colleagues as Democratic whip of the House.
Efforts will be made during the session to bring about the enactment of reapportionment legislation. The Fenn bill, recommitted to
the Census Committee at the last session of Congress, may be reintroduced sufficiently amended to give it the status of a new measure.
In such event, Chairman Snell of the House Committee on Rules
stated today, a rule giving it privileged standing in the House would
be provided. He anticipates its early passage thereafter.
The same paper in its account of the measures brought
forward Dec. 5 stated in part:
Treasury-Post Office Bill.
Without delay the Treasury-Post office supply bill was favorably
reported to the House by the Appropriations Committee. It will be
considered tomorrow.
The bill carries $1,522,802,000 for the Treasury, including $303,459,000 regular annual appropriation and permanent and indefinite appropriations of $1,219,342,000. There was an increase of $36,230,000 as
compared to the Budget Bureau's estimate and a reduction of $40,575,000 from the 1929 fiscal year.
Boulder Dam Again Up.
Meanwhile, the Boulder Canyon Dam project, threatened with a
filibuster similar to that which snuffed out its chances of favorable
adoption at the last session, made its reappearance in the Senate.
At the outset, Senator Johnson (Rep.) of California, stalwart
advocate of the measure, got unanimous consent for substitution of
the Senate and House bills which eliminated one of the biggest
parliamentary obstacles to the enactment.
Senator Johnson first obtained agreement to substitute his own bill
for the measure enacted by the House last session. Then he received
permission again to substitute the provisions of the Senate bill for
those of the House bill.
Under the double substitution all differences can be ironed out
in conference if the Senate enacts it, while had not the substitution
been made the House and Senate each would have acted on a separate
bill, leading to a parliamentary tangle that might have required
re-enactment.
Much to the surprise of close observers of the legislation's history,
Senators from Arizona and Utah, opposed to the measure, agrttd
to the substitution.
3188
FINANCIAL CHRONICLE
Aside from Senator Johnson's accomplishment of the substitutions,
the remainder of the session was given over to debate, with Senators
Hayden and Ashurst, both of Arizona, and King of Utah, taking their
stand in opposition to the project. Senator Johnson remained on the
floor throughout the session, from time to time answering inquiries
put by the opposing Senators.
Resignation of Senator du Pont.
Senator Coleman du Pont of Delaware today submitted his resignation to the Vice President.
Federal Land Bank of Columbia, S. C.
Secretary of the Treasury Mellon would be called upon to furnish
the Senate with a statement of conditions existing with respect to
the Federal Land Bank at Columbia, S. C., under the terms of a
resolution presented in the Senate today by Senator Blease (Dem.) of
South Carolina. Senator Blease has for many months been endeavoring
to secure a Federal investigation of this bank's affairs and he declared
that had the Senate taken appropriate action last spring large sums
of money would have been saved from loss.
Cotton Legislation.
Senator Smith (Dem.) of South Carolina upon his return to
Washington today predicted the adoption of important cotton legislation
in the near future to bring about a better and more satisfactory work.
plan of Southern deliveries, unless the cotton exchanges themselves do
this. At the same time he said he was opposed to the Government
through Congress having to take this drastic step, and hoped it would
not be necessary to do this.
Opposes Regulations.
"The recent regulations of the New York Cotton Exchange," Senator
Smith said, "in providing for Southern delivery of cotton are not at
all satisfactory. In present trading buyers have no notion as to
where their cotton shall be delivered—the exchanges delivering at any
of the five ports now so used. I mean that when a buyer is called
upon to take up his deliveries be might have to do so at Charleston,
New Orleans, or any of the other cities designated as ports of deliveries.
I think the buyer should have a right in the contract to say at which
port such deliveries shall be made and that it should not be left
for the exchange to have the entire disposition of such deliveries."
Senator Smith also said that he would insist upon a "showdown"
as to whether there is a monopoly in restraint of trade existing in
the cotton trading world and either initiate such new legislation as
may be necessary or should the situation demand it have the special
committee that sat at the last session of Congress assemble again and
probe the Railroad Consolidation matter further.
Amendments to the railroad consolidation legislation pending before
the Senate were considered today at a conference between Senator Fess
of Ohio, and Senator Smith of South Carolina. These two, with Senator
Sackett (Rep.), of Kentucky, constitute the subcommittee appointed by
the Senate Interstate Commerce Commission to look into the subject
of railroad consolidation and to report back to the committee.
It is understood that the two Senators who conferred today are in
accord with respect to the amendments and the next step will be
to secure conourrence by the third member, who was unavoidably
absent from the meeting today.
Senator Fess indicated that a
favorable report would be made to the committee at an early meeting,
but would not predict as to the prospects for the passage of the bill
at this session of Congress.
Members of Congress interested in the subject matter of this legislation are very dubious as to the ability of its sponsors to nut it through
in the brief time which is available to the end of the session.
Representative Garner (Dem.), of Uvalde, Tex., ranking
minority member of the House Ways and Means Committee, in a letter made public Dec. 3, outlined a minority
program of co-operation in constructive legislation regarding farm relief and tariff revision. The "United States
Daily" of Dec. 4 in reporting this added:
He stated orally that his understanding is that he will be elected
minority leader of the House in the next Congress, when Representative
Garrett (Dem.), of Dresden, Tenn., retires, and that at the same
time will remain as member of the Ways and Means Committee
and of the Committee on Committees, which selects the minority
membership on House Committees.
The full text of his letter, which is dated December 2 and addressed
to Dean Chenoweth, Editor of the Standard, San Angelo, Tex., follows:
Minority House Program
President-elect Hoover advocated agricultural relief in three substantial ways:
1. The creation of a cooperative commission or bureau, with ample
funds, to help in marketing the entire crop as well as to take care
of the surplus crops.
2. By increasing the tariff on agricultural products to prevent certain
ruinous competition existing muler present rates, and to balance those
rates upward toward equalizing them with manufacturing and other
industries.
3. To facilitate and materially increase the improvement as far as
is economically possible, the inland waterways and to otherwise give the
farmer relief by reducing the cost of transportation of his products.
Speaking for myself, and I think a goodly portion of the Democrats
in Congress, we are ,in hearty sympathy with enacting this proposed
legislation at the earliest possible moment; in fact as far as the House
is concerned, if the majority is disposed to act, we could put this
entire program through within a week or 10 days.
The Democratic position, I am sure, will be a helpful one. When
we criticize we hope to offer some constructive remedy. Only where
the majority may offer legislation violating the principles on which
our government is founded will we offer opposition without remedy. In
other words, as a party we hope to serve the country in a constructive
way and thereby better serve the interest of the party organization.
items
Of course the entire tariff schedule should be readjusted. Some
need to be increased, especially agricultural products, and a number of
items in the present rates are entirely too high.
So far as I recall there was no material criticism of the Democratic
platform adopted at Houston. I expect to, and I hope my Democratic
colleagues will all join in attempting to carry into force an effect
the pledges contained in that document. We expect to offer a
[voL. 127.
program based upon that idea, always hoping that the majority will
offer a program themselves that will be of service to the country
in which we, as a party, will join as far as possible.
As to whether there should be a special session as suggested by
Mr. Tilson, will depend upon the action of the Congress during the
next three months. My guess would be that while the House can,
and might, put through a program, the Senate will not have the
time, and I might add the disposition, to co-operate, and therefore a
special session will be necessary.
The annual message and budget message addressed to
Congress by President Coolidge will be found elsewhere in
this issue of our paper.
October Return of Railroads on Property Investments.
The net railway operating income of the Class I railroads
in October amounted to $166,311,162, which,for that month,
was at the annual rate of return of 5.88% on their property
investment, according to reports just filed by the carriers
with the Bureau of Railway Economics and made public on
Dec. 7. In October, 1927, their net railway operating income
was $134,040,214 or 4.85% on their property investment.
Property investment is the value of road and equipment as
shown by the books of the railways, including materials, supplies and cash. The net railway operating income is what is
left after the payment of operating expenses, taxes and equipment rentals but before interest and other fixed charges are
paid. This compilation as to earnings in October is based on
reports from 185 Class I railroads representing a total mileage
of 240,306 miles. The figures are particularized as follows:
Gross operating revenues for the month of October amounted to $617.of
782,406 compared with $581,006,228 in October 1927. or an increase
6.3%. Operating expenses in October totaled $401,159.687 compared with
one
of
three-tenths
of
$399,841,398 in the same month in 1927 or an increase
per cent.
Class 1 railroads in October paid $39,082,169 in taxes, an increase of 7.4%
over the same month in 1927. This brought the total tax bill of the Class 1
railroads for the first ten months in 1928 to $324,653,800, an increase of
$777,047, or two-tenths of 1% above the corresponding period in 1927.
Nine Class 1 railroads operated at a loss in October of which six were In
the Eastern, one in the Southern and two in the Western District.
Class 1 railroads for the first ten months in 1928 had a net railway operating income amounting to $986,144,837 which was at the annual rate of return
of 4.73% on their property investment. During the corresponding period of
the preceding year, their net railway operating income amounted to $944.017.103 or 4.64% on their property investment.
to
Gross operating revenues for the first ten months In 1928 amounted
corresponding
$5,151,980,026 compared with $5,239,430,243 during the
ten
first
period in 1927 or a decrease of 1.7%. Operating expenses for the
months period of 1928 totaled $3,742,250.935 compared with $3,874,960,125
during the corresponding period the year before or a decrease of 3.4% •
Net railway operating Income by districts for the first ton months with the
basis
percentage of return based on property investment on an annual
follows:
4.64%
636,020,568
New England Region
4.85%
173,105,564
Great Lakes Region
4.95%
216,423,630
Central Eastern Region
7.32%
63,992,757
Pocahontas Region
Total Eastern District
Total Southern District
Northwestern Region
Central Western Region
Southwestern Region
5489,542,519
108,592,106
122,403,347
178,713,692
86.893,173
5.10%
4.19%
4.35%
4.50%
4.66%
Total Western District
8388,010,212
4.48%
United States
5986.144,837
4.73%
Eastern District.
The not railway operating income of the Class 1 railroads in the Eastern
District for the first ten months in 1928 totaled $489,542,519 which was at
the annual rate of return of 5.10% on their property investment. For the
same period In 1927, their net railway opesating income was $482,954,207 or
5.15% on their property investment. Gross operating revenues of the Class
1 railroads in the Eastern District for the first ten months in 1928 totaled
$2,526,609,633, a decrease of 3.4% under the corresponding period the year
before while operating expenses totaled $1,838,976,759, a decrease of 5%
under the same period in 1927.
Class 1 railroads In the Eastern District for the month of October had a
net railway operating income of 574,511.773 compared with 554.935,532 in
October 1927.
Southern District.
Class 1 railroads in the Southern District for the first ten months in 1928
had a net railway operating income of $108,592,106 which was at the annual
rate of return of 4.19% on their property investment. For the same period
in 1927. their net railway operating income amounted to 5118,675,353
which was at the annual rate of return of 4.71%. Gross operating revenues
of the Class 1 railroads in the Southern District for the first ten months in
1928 amounted to $644,097,236, a decrease of 6.3% under the same period
last year while operating expenses totaled $488,551,326, a decrease of 5.9%.
The net railway operating income of the Class 1 railroads in the Southern
District in October totaled $16,342,738 while in the same month in 1927 it
was $13,956,946.
Western District.
Class 1 railroads in the Western District for the first ten months in 1928
had a net railway operating income of $388,010,212 which was at the annual
rate of return of 4.48% on their property investment. For the first ten
months in 1927, the railroads in that district had a net railway operating income of $342,387,543 which was at the annual rate of return of 4.05% on
their property investment. Gross operating revenues of the Class 1 railroads
In the Western District for the first ten months this year amounted to
$1.981,273,157, an increase of 2.2% above the same period last year while
operating expenses totaled $1,414,722,850, a decrease of four-tenths of 1%
compared with the first ten months the year before.
For the month of October. the net railway operating income of the Class 1
railroads in the Western District amounted to $75,456,651. The net railway operating income of the sameroads in October 1927 totaled 665,147,736.
DEC. 8 1928.]
FINANCIAL CHRONICLE
CLASS 1 RAILROADS—UNITED STATES.
Month of October.
10 Months Ended Oct. 31.
1928.
1927.
1928.
1927.
Total operating revenues 1917,782,406 5581,006,228 $5,151.980,026 55,239,430.243
Total operating expenses 401,159,687 399,841,398 3,742.250,935 3,874,960,125
Taxes
39,082,169 36,398.735 324,653,800 323,876,753
Net railway operating
Income
166,311,162 134,040,214 986,144,837 944,017.103
Operating ratio
64.94%
68.82%
72.64%
73.96%
Rate of return on property investment
5.88%
4.85%
4.73%
4.64%
Proposed Consolidation of the Bancitaly Corporation and
National Bancitaly Company Announced in San Francisco.
Plans for merging the Bancitaly Corporation and the
National Bancitaly Company (both subsidiary companies
of the Bank of Italy National Trust & Savings Association)
into a new $418,000,000 concern to be known as the Bancitaly Company of America, were announced in San Francisco Thursday night of this week (Dec. 6), according to
advices by the Associated Press from San Francisco on that
night, appearing in the New York daily papers yesterday.
We quote the dispatch as follows:
A. P. Giannini, president of the Bancitaly Corporation, was said to be
on his way to New York, where a stockholders' meeting will be held
Dec. 19 to discuss the project.
Announcements here said that the new company, if formed, would
be a holding of Trans-America Corporation, another Giannini institution
recently organized.
Officials pointed out that the Bancitaly Corporation is a stockholding corporation, with almost $300,000,000 in assets, while the
National Bankitaly Company is a stock-selling concern, with assets
of about $100,000,000.
3189
Regarding the status of the new stock of the National
City Bank of New York (referred to in these columns Dec.
1, page 3041), the following explanation has been prepared
by the institution:
"The rights in National City Bank stock now being dealt in over the
counter are the rights attached to each share of the existing $100 par Value
stock of the bank. They entitle the holder thereof to acquire on Feb.
15 1929, upon payment of $100, one share of the new $20 par value stock
of the bank for each one and four-fifths rights, or in other words, the
rights now pertaining to nine shares of the existimr $100 par value stock
entitle the holder of such rights to acqquire for $500, five shares of the
new $20 par value stock.
"Subject to the action of hirelwlder of the bznk and the comple•
tion of any other necessary arrangements, warrants evidencing these right*
will be issued to stockholders of record of the bank as of Jan.
12 1929,
and should be deliverable on, or shortly after, Jan. 14 1929. These
warrants will be of two kinds—whole share warrants, expressing
the right
of the holder to subscribe for a given number of whole share of
$20 tar
value, and fractional warrants expressed in ninths of a share which
may
be aggregated to subscribe for a whole $20 par value share.
"It is expected that the new stock certificates of $20 par value per share
will be ready for delivery to the holders of the existing $100
par value
stock on or shortly after Jan. 14 1929, on the basis of five shares
for one.
These new $20 par value certificates will carry dividends from
Jan. 1
1929.
"Subscriptions for the proposed increased capital of $10,000,000
upon
exercise of the rights are payable Feb. 15 1929. Stock
certificates will
be deliverable shortly after Feb. 15 1929, and the stock so
subscribed for
will carry dividends from Feb. 15 1929.
"Trading in National City Bank securities is now possible
on four
bases:
"First, in the existing $100 par value stock of the bank with
rights
attached.
"Second, in the rights, warrants for which should be deliverable
about
Jan. 15 1929 to stockholders of record Jan. 12 1929.
"Third, in the new $20 par value stock of the bank, certificates
for
which should be deliverable in exchange for the existing $100 par
value
stock about Jan. 15 1929, carrying dividends from Jan. 1 1929.
"Fourth, in new $20 par value stock representing the increased
capital
deliverable shortly after Feb. 15 1929, and carrying dividends
from that
date."
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
Arrangements are reported made this week for the sale of a
New York Stock Exchangemembership for $5000.'t'This
Continuing its policy of expansion, the National Park
is the highest on record and an in-crease of $10,000 over
the Bank of New York opened its fourth uptown office, the Madlast preceding sale.
ison Square Branch, in the
The parties to membership transactions-in the past week
were as follows: -Charles E. Tian to J. Chester Cuppia,
$575,000; William M.Savin to William S. Hernon,$580,000;
tin
--gton Norton to John W.
$585769-0.
New York Life Insurance Building, at Madison Avenue and 26th Street, on Monday,
Dec. 3.
L. H. Ohlrogge, Assistant Vice-President, and Arthur
R.
Brown, Assistant Cashier, are the officers in charge.
In
addition to its regular commercial banking activities
, the
new branch is equipped with safe deposit facilities.
The
services of the Bond, Trust and Foreign Departme
nts are
also available to patrons of the Madison Square Branch.
Other branches of the National Park Bank are located
at
Park Avenue and 46th Street, Seventh Avenue
and 32nd
Street, and Broadway at 74th Street. The Main
Office is
at 214 Broadway.
A New York Coffee_& Sugar Exchange membership sold
at $20,750, an advance of $1,750 over the last previous
sale,
establishing anew high-iecord. A petition*of the affee &
Sugar Exchange asks the Board of Managers tofwithdraw
from sale the 10 memberships now available. Another
asks the Board of Managersto investigate the possibilities
of trading in sugar securities is being freely signed=
The new Plaza Trust Company of this city, opened
—4-for
N. Y. Produce Exchange regular memberships sold this business on Dec. 5 in its new building at Fifth Avenue
and 52nd Street. At 9 A. M. M. H. Cahill, president
week as $32,750, $32,500 and $32,250.
, opened
•
the doors of the institution. Throughout the day
the officers
and directors acted as a reception committee to greet
Chicago, Board of Trade membership sold this week for
the numerous visitors who came to inspect the
$40,500 a decline of $2,500
bank.
from the last preceding sale...a,0
At
a cost of $250,000, the banking rooms have been decorated
Arrangements have been reported made for the transfer in a style in keeping with the Fifth Avenue trend. The
of two Philadelphia Stock Exchange memberships for furnishings and lighting fixtures, the absence of cages and
$40,000 each, a new high record, and an increase of $10,000 grill-work, give the main banking room more the appearance of one of the smart shops than a bank,
over the last preceding sale.
and the use
Two memberships on the B- altimore Stock Exchange sold
for $7,000 and $6,250 respectively.
A membership on the San Francisco Curb Exchange was
sold this week for $80,000, a new high record. The last
preceding sale was for $70,000.
—4--
A St. Louis Stock Exchange membership was reported
sold this week for $8,500, an increase of $3,500 over the last
preceding sale and a new high record.
Arrangements are reported
- to have been made for the
transfer of five Pittsburgh Stock Exchange memberships
at prices ranging from $12,500 to $14,500.
Memberships on the new National Metal Exchange
which opened for business on Monday of this week were sold
as follows: for foreign account for $3,600; that of Albert
Manowitch to Harold L. Bache of J. S. Bache & Co. for
another for $4,250 that of Kenneth Brown Osborn to Harold
S. Bache for another for $4,500; that of Abraham Levy to
Edward Twarger of Hendrickson & Co., for another, for
$4,900. When the Exchange was organized recently memberships sold at $2,500.
of the double-counter system has eliminated the
cold formality of the usual bank interior.
Mr. Cahill, the president, stated that eighteen
months
were required to organize the Plaza Trust Company. When
the capital stock was formally offered to the public
it
stated that it was over-subscribed more than four times,
and the committee in charge were offered the opportunity
of selecting for stockholders only those who could be expected to maintain substantial balances and to contribute
materially to the general success of the institution. The
institution was organized with a capital of $2,000,000 and
a surplus of $1,000,000 and will do a general banking
business, catering especially to the business houses in the
shopping district as well as to the feminine clientele which
makes this section of the city their shopping mecca. The
building was the site of the old Vanderbilt home, and later
of the Langham Hotel. More recently the Knabe Piano
Company was located there. In addition to being president
of the Plaza Trust Company, Mr. Cahill is President of
the New York State Bankers Association. Prior to being
elected President of the Plaza Trust Company he was President of the Utica National Bank and Trust Company, Utica,
N. Y. He came into prominence some years ago as Counsel
to the Banking and Currency Committee during the Money
Trust investigation, and as Chairman of the
Legislative
3190
FINANCIAL CHRONICLE
Committee of the State Bankers' Association, he was largely
responsible for the adoption of the Robinson N. Y. State
Tax Bill. The Directors are:
H.
Herbert . Aldrich, capitalist; Frederick Brown, real estate; M.
N. Y. State
Cahill, President Plaza Trust Company and President Carpenter
Coal
DexterPresident
Bankers Association; W. H. Carpenter,
Vice-President
Co.; Thomas R. Cowell, oil and gas; J. Linfield Damon,partner
Moore,
United Hotels ompany of America; 0. G. Drake,
s National
Leonard & Lynch; W. C. Feathers, President Manufacturer
Black,
t
Viee-Presiden
Bank & Trust Co., Troy, N. Y.; Aaresi V. Frost,
Starr & Frost; W. J. Green, capitalist; William H. Johns, President,
attorney;
Batten, Barton, Durstine & Osborn, Inc.; Frederick T. Kelsey,
Inc.; E. H.
George W. Kavanaugh, President George W. Kavanaugh,
President
LaBarre,
Krom, President G. R. Kinney Co.; Richard E.
Publishing
LaBarre Realty Corp.; Lee W. Maxwell, President Crowell Joel
Rath.
Co.; Edward Plant, President Lehn & Fink Products Co.;M. Stewart,
bone, Vice-Chairman National Surety Co.; Alexander
Central
President
Chairman James Stewart & Co., Inc.; Frank J. Stoltz,
New York Utilities Corp.; Herbert Turrell, capitalist; Lazarus White,
Vice.
President Spendler, White & Prentis, Inc.; Francis L. Wurzburg,
President Conde Nast Publications, and Howard L. Wynegar, President
Commercial Credit Corp.
References to the company appeared in these columns
Oct. 27, page 2321 and Nov. 24, page 2910.
[vol.. 127.
In recent years he had rendered invaluable service as a
member and later as Secretary of a Rules Committee coraposed of officers and representatives of a large group of
New York banks, which committee has devised and brought
to completion much constructive work in connection with
the handling of foreign and other business.
John F. Frederiehs, Chairman of the Board of the Continental Bank of this city, died on Dec. 2 at his home in
Staten Island. Mr. Frederichs was 76 years of age. He
served with the Continental Bank and its predecessor, the
German American Bank, uninterruptedly for 57 years.
Last month three new Morris Plan companies commenced
operations, and two Morris Plan Institutions were consolidated. The Morris Plan Bank of Virginia absorbed the
Morris Plan Bank of Norfolk, the oldest bank operating under the Morris Plan. It was organized by Arthur J. Morris, the founder of the plan, in 1910. Through the merger, the Virginia bank increased its capitalization from
$400,000 to $500,000, and now has total resources of $8,000,000, making it the fifth largest Morris Plan institution in the country. Branches are operated in Richmond,
where the main office is located, and in Petersburg, Roa-,
noke, Newport News, and Norfolk.
The Morris Plan Company of Rochester (N. Y.), the Morris Plan Company of Shreveport (La.), and the Morris Plan
Company of Baton Rouge (La.), were organized, bringing
the number of cities which now have Morris Plan facilities to 129. Morris Plan institutions throughout the country report a total capital and surplus of $27,000,000.
The newly organized Bryn Mawr-Nepperhan National
Bank of Yonkers, N. Y., opened for business on Nov. 24.
The institution has a capital of $100,000 and a surplus of
$60,000. An item regarding the bank appeared in these
columns Oct. 13, page 2046. The bank is under the management of Dr. Romeo Roberto, President; Walter S. McClure, Vice-President, and Louts*D. Rossire, Cashier.
John F. Sawyer, heretofore Executive Vice-President of
the Union National Bank of Lowell, Mass., has been elected
President of the institution, succeeding Arthur G. Pollard,
who had headed the Union National since its inception in
1902, according to a dispatch from Lowell on Nov. 27 to
the Boston "Transcript." Mr. Pollard, who will attain his
86th•birthday in January will continue with the institution
as Chairman of the Board of Directors. Prior to 1902 he
was President of the Merchants National Bank, which with
the Railroad National Bank and the First National Bank
consolidated to form the present Union National Bank. Mr.
Sawyer, the new President, was Cashier of the First National Bank when it entered the Union combination and
has been active in the direction of the Union National for
a quarter of a century.
Schuyler Merritt, 2d, assistant sales manager of Dillon,
Read & Co., has resigned to become Vice-President of the
New York State National Bank of Albany. He assumed his
new duties on Dec. 1. Mr. Merritt, who was graduated from
Princeton in 1922 is not yet thirty years old. He was manager of the Albany office of Dillon, Read & Co. for five
years and for the past year and a half has been attached
to the New York office.
The merger of the First National Bank of Jersey City
and the • Lincoln Trust Company, ratified recently by the
First National stockholders, was confirmed on Dec. 3 by
the stockholders of the Lincoln Trust Company. An injunction obtained by A. M. Henry, President of the Jackson
Trust Company, was dismissed on Dec. 3 by Vice-Chancellor
Fallon and immediate action endorsing the merger was
taken by the Lincoln Trust Company stockholders. The
Directors of both institutions had previously approved
the terms of the consolidation. The combined banks have
assets of more than $30,000,000 and six offices at focal points
in Jersey City. Items regarding the proposed merger appeared in these columns Sept. 29, page 1758 and Oct. 13,
page 2046.
A special meeting of the stockholders of the Bank of the
Manhattan Company of this city has been called for Dec.
27 to vote on a proposal to increase the capital of the institution from $15,000,000 to $16,000,000, to provide for the absorption of the First Bank of Brooklyn (formerly the First
National Bank) and the Bronx Borough Bank. The merger will become efective through an exchange of stock on
a basis of four of the Bank of Manhattan Company shares
for five of the First Bank of Brooklyn, and four shares
On Dec. 5 the respective directors of the Corn Exchange
of the Bank of the Manhattan Company stock for every six
shares of stock of the Bronx Borough Bank. An item re- Bank & Trust Co. of Philadelphia, and its subsidiary,, the
garding the proposed merger appeared in these columns Nov. Corn Exchange Corporation, recommended that the stock17, page 2771. The merger will go into effect after Dec. 27. holders at the annual meetings .on Jan. 8, next, authorize
an increase in the bank's authorized capital from $3,033,Craig B. Hazlewood, Vice-President of the Union Trust 333.33 to $4,550,000; the reduction of the par value of the
Co., Chicago, and President of the American Bankers Asso- bank's stock from $100 to $20, and the issue of five shares
ciation, was the guest of honor and principal speaker at of the $20 par value stock for each share now held, together
the Fifteenth Annual Dinner of the Bankers Forum, New with an offering of the additional stock to present shareYork Chapter, Inc., American Institute of Banking, at the holders, according to the Philadelphia "Ledger" of Dec. 6,
Hotel Pennsylvania on Thursday evening, Dec. 6. In addi- from which we take the following:
The directors recommend that the authorized common stock of the
tion to MT. Hazlewood, addresses were made by R. E. M.
Corporation, the bank's affiliated company, be increased
Cowie, President of the American Railway Express Com- Corn Exchange
from 30,333 1-3 shares to 237,500 shares without par value and to issue
State
York
New
the
of
President
H.
Cahill,
M.
pany, and
five shares for each share now outstanding. This will require the issuto
Bankers Association who was recently elected President ance of 151,666 2-3 shares. The plan provides for the corporationfor
remaining 78,833 1-3 new shares of its stock
the
bank
the
sell
to
Company.
Trust
Plaza
of the
$20 per share.
In regard to the stock offering, the plan gives the bank stockholders
Announcement has been made of the appointment of the right
to subscribe for 2% shares of the bank stock (par $20), and
executhe
by
Cashier
as
Assistant
Frederick C. Windisch
21% shares of the corporation stock (without par value), for each share
of the present $100-par bank stock now held, at $100 per share, of
tive committee of The National City Bank of New York.
which $20 would be added to the capital of the bank, $60 to the surplus
of one share of the Corn ExWilliam P. Murdy was appointed an Assistant Secretary of the bank, and $20 for the purchase
change Corporation.
80.
Nov.
on
city
this
of
Company
Trust
of the
American
of the
Summarized, the plan provides that each holder of one share
five shares of bank stock ($20 par value), five
receive
will
stock
present
John Kalmbacher, Assistant Vice-President of the Guar- shares of corporation stock (no par value) and the right to subscribe
shares and 2% no par corporation
anty Trust Company of New York and President of the for 2% shares of $20 par bank
and certificate of incorporation.
by-laws
corporation
the
Under
shares.
28
on
Nov.
New York City Bank Organization Club, died
stock sold must be transferred with a share
corporation
each
of
share
at the Presbyterian Hospital, New York, where he had of bank stock.
transIf the plan is approved by shareholders of the two companies,
been under treatment for a week for a tumor of the brain.
January 16,
ferable warrants will be issued to stockholders of record
practically
spent
had
old
and
years
38
March
was
to
r
prior
Kalmbache
made
Mr.
1929. Subscriptions for the new stock must be
time, subject
his entire business career with the Guaranty Trust Com- 1, 1929, and must be paid in full May 1, 1929, at which
of the Currency, the new stook will
pany where be commenced as a clerk almost 25 years ago. to the approval of the Comptroller
DEC.8 1928.]
FINANCIAL CHRONICLE
be issued. Payment may be made in the following installments: Onefifth on March 1, two-fifths on April 1 and two-fifths May 1.
Under the new capitalization plan, as of May 1, 1929, the bank will
have a capital of $4,550,000 and surplus of $12,550,000, and the corporation will have a capital of $2,016,666.67.
On Nov. 1 a consolidation of the Oxford Bank & Trust
Co. of Philadelphia with the Corn Exchange National Bank
& Trust Co. became effective, giving the enlarged bank total
resources of approximately $95,000,000, as indicated in our
issue of Nov. 3, page 2458.
William L. Holmes, President of Archibald Holmes &
Son, Inc., was on Dec. 5 elected a director of the Ninth
Bank & Trust Co. of Philadelphia.
The Unted States Trust Co. of Maryland—a new bank
In course of organization in Baltimore—proposes to open
for business about Mar. 5, 1929. The location chosen for
the new trust company, which will have every facility and
convenience of the large metropolitan banking institution,
Is the corner of Calvert and Lexington Avenues, on Court
Square, opposite the new Federal Reserve Bank. Active
banking departments of the new company will include:
Commercial Banking, Personal Checking Accounts, Savings
Department, Credit and Collection Department, Foreign
Department, Letters of Credit, Travelers' Checks and
Travel Club Accounts. The officers and directors and their
associates are investing a very substantial sum in the
company's stock, subscribing for approximately 5,000 shares
of the authorized capital of 10,000 shares (par value $100
a share). A limited amount of the stock is being publicly
offered at the price of $150 a share ($100 for capital and
$50 for surplus). The combined capital and surplus of
the institution will be $1,500,000. Officers elect are as
follows: William F. Kelly (formerly President, Queensboro
National Bank, New York City), Chairman of the Board
of Directors; Robert S. Mooney, President; John Werner,
Treasurer, and Robert S. Mooney, Jr., Secretary. In addition to Mr. Kelly and President Mooney, the directors
include: Wm. A. Gillespie, Arthur S. Dulaney, L. E. Jones,
John Werner, Hon. Edward A. Staylor, Wm. Edgar Byrd,
Howard M. Taylor, D. S. Neill, C. Braddock Jones and Wm.
A. Riordan, all of Baltimore; John Stuart Hunt and MajorGeneral George Barnett, both of Washington, D. C.; Clyde
A. Simons, Cleveland, Ohio; John W. Masury, Brooklyn,
N. Y., and F. H. Hoffmann, New York City. Items concerning the new bank appeared in the "Chronicle" of Apr. 7
and May 12, pages 2098 and 2916, respectively.
3191
a director of the Lehigh Coal & Navigation Co. and of the
Westmoreland Coal Co. and is associated with the Wentz
coal Interests.
On Dec. 1 Levi L. Rue, Chairman of the Board of the
Philadelphia National Bank, Philadelphia (an organization
with resources of $270,000,000), rounded out fifty years
of banking, and with the same institution. He began as a
lad of 18. No great celebration marked Mr. Rue's fiftieth
anniversary as a banker—we quote from the Philadelphia
"Ledger" of Dec. 2—but he did take pleasure in recalling
the day that he took his position with the Philadelphia National Bank at a salary of $300 a year. The story of his
rise to his present high position in the financial world was
one of attention to duty coupled with hard work, loyalty,
perseverance and confidence.
We are living in a day of
marvelous development in industry and finance, also in
wealth of the American people," he said. "We should not
become too much elated because of our success but keep our
feet on the ground. We must take a common-sense, conservative view of the times and conditions."
Mr. Rue is President of the Philadelphia Clearing House
Association and a member of the Federal Advisory Council. He is a director of the Fidelity-Philadelphia Trust Co.,
Provident Trust Co., Provident Mutual Life Insurance Co.,
the Pennsylvania Railroad, and also a member of the
board of several other large institutions.
Depositors of the defunct Brotherhood Savings & Trust
Co. of Pittsburgh, Pa. (a labor bank which was taken over
by the State Banking Department in October 1926), received
a second dividend of 15% on Nov. 20, making with the first
dividend of 70% paid several months previously, 95%, according to the Pittsburgh "Post Gazette" of Nov. 21. Frank
W. Jackson, special Deputy Secretary of Banking, was reported as saying on Nov. 20 that all depositors will probably be paid in full. There were 2,500 depositors who had
$400,000 in the bank when it closed its doors, it was said.
The paper mentioned furthermore stated that the officers
of the bank were recently tried and acquitted of embezzlement. The closing of this bank was referred to in the
"Chronicle" of Oct. 30 1926, page 2220.
Philip C. Swing—"Phil" Swing, as he was familiarly
called—a member of the banking firm of W. E. Hutton &
Co. and widely known in commercial and financial circles
of Cincinnati, died on Nov. 24 after a long illness. Mr.
Swing was born near Batavia, Ohio, in 1874, the son of the
late Judge Peter F. Swing. He received his early education in Batavia and choosing to follow in the footsteps
of his father and grandfather before him, studied for his
degree at the Cincinnati Law School, as a member of the
Class of 1894. After association with the late Drausin
Wulsin, one of the leading corporation lawyers of Cincinnati, he turned to business fields and in 1902 organized the
Cincinnati & Columbus Traction Co. After operating as
General Manager of the "Swing Short Line," as the railway was known, Mr. Swing incorporated the Swing Motor
Co. and headed its affairs until turning his attention to
farming at New Haven, Ohio. In 1914 Mr. Swing entered
the banking house of W. E. Hutton & Co. Three years
later he was admitted to partnership and continued his
association with the firm until his death. In 1926 Mr.
Swing was elected a Trustee of the Cincinnati Stock Exchange and 12 months thereafter became President of the
Exchange. At the conclusion of his term last May, he was
re-elected a Trustee.
In its Dec. 7 issue the Philadelphia "Ledger" stated that
according to a letter signed by Albert A. Jackson, President
of the Girard Trust Co. of that city, the directors have
approved an increase in the company's capital from $3,000,000 to $4,000,000, and a special meeting of the shareholders
has been called for Feb. 5, 1929, to act on the proposal. If
the suggested increase is approved by the shareholders,
10,000 shares of new stock of the par value of $100 a share
will be issued. It is proposed to distribute 5,000 of these
shares as a stock dividend to shareholders of record Feb.
15, 1929, and to offer the remaining 5,000 to the stockholders
at $1,000 a share. As the present capitalization of the bank
Is represented by 30,000 shares of stock, each holder at six
shares, it is said, will receive a dividend of one share and
will be entitled to subscribe to an additional share of the
new stock. Fractional rights, it is said, will be issued to
holders of shares in amounts other than six. Of the $1,000
subscription price for the new shares offered, $100 will be
credited to capital account and $900 to surplus. As of
Oct. 12, the date of its last statement, the Girard Trust Co.
had a capital of $3,000,000, surplus of $10,000,000, and undivided profits of $2.684,644. Following the capital increase,
It will have a capital of $4,000,000 and a surplus of $14,On Nov. 17 the directors of the Midland Bank of Cleve000,000 in addition to undivided profits.
land,Ohio,approved sale of the institution's assets(subject to
ratification by the stockholders at a special meeting on Dec.
At their annual meeting on Jan. 8 stockholders of the
15,and the approval of the Ohio State Banking Department)
First National Bank of Philadelphia will be asked to vote
to a new organization of the same name headed by Charles L.
on a proposed increase in the bank's capital from $1,950,000
Bradley, President of the Union Terminals Co. of Cleveland
to $2,500,000, said increase to consist of 5,500 shares of the
and a group of as yet unannounced associates, according to
$100
a share; to authorize the issuance of
par value of
the Cleveland "Plain Dealer" of Nov. 18. The Midland's
4,875 of said shares at $350 a share to stockholders of reeassets are to be acquired as of Oct.31,it was stated. The new
ord at the close of business Dec. 24 in the proportion of one
organization will be separated into two divisions—a new
share of new stock for each four shares held on that date,
Midland Bank and the Midland Corporation. The former
and furthermore to authorize the offering of the right to
will conduct the banking business and the latter will handle a
shares
625
of the said increased capital stock
subscribe to
general securities business, performing in the main the funcat $350 a share to the employees of the bank.
tions of a bond and investment company. The capital and
surplus
of the new organization will be $9,000,000. The
Edward B. Leisenring on Nov. 27 was elected a director
capital of the bank will be $4,000,000 and its surplus $2,000of the Girard Trust Co. of Philadelphia. Mr. Leisenring is
000, while the capital and surplus of the corporation will be
3192
FINANCIAL CHRONICLE
$2,000,000 and $1,000,000, respectively. It was announced
on Nov. 17, the Cleveland paper said, that shares of the new
Midland Bank and the Midland Corp. will be joined by
trust agreement and will be sold in units of one share of each.
These stock units will have a book value of $225 and stockholders of the old Midland will receive two-thirds of one unit
for each share of stock now held. This is equivalent to $150
a share, which is the current selling price of the bank's stock.
Mr. Bradley on behalf of his associates, has agreed, 30 days
after actual transfer of the assets, to pay at the rate of $275
for each share of the old stock offered. Mr. Bradley and his
associates also have proposed to subscribe in cash $6,000,000
of the capitalization of the new organization with shareholders of the old Midland having the privilege, on a pro rata
basis, to subscribe the remaining $3,000,000.
Mr. Bradley before he became President of the Union
Terminals Co. was a Vice-President and Executive Manager
of the Union Trust Co.of Cleveland. The Midland Bank was
founded in 1921. It has resources of $29,000,000. Its surplus and undivided profits on Dec. 31 1927 amounted to
$3,354,188, and deposits on the same date were in excess of
$27,000,000. D. D. Kimmel is President.
Consolidation of the Bank of Milroy, Milroy, Rush County, Ind., with the First National Bank of that place, was
announced on Nov. 23, according to the Indianapolis "News"
of the same date, which furthermore said:
Depositors in both banks are to be paid in full, according to Thomas D.
Barr, Deputy State Bank Commissioner. The merger, he said, was in line
with the department's policy of reducing the number of banking institutions in the less populous localities. The new institution is to be known
as the First National Bank of Milroy.
Advices from Crawfordsville, Ind., on Nov. 21 to the
Indianapolis "News" stated that the Citizens' Bank of New
Ross, Ind., an institution established 26 years ago, has decided to go into voluntary liquidation. The dispatch went
on to say:
The Citizens Bank had nine stockholders, all of whom were elderly persons. This condition, together with the fact that there is another bank at
New Ross, influenced the board of directors to decide it was good business to liquidate. The bank recently was examined by the State Bank
Examiners and was found to be in sound condition.
The Elston Bank and Trust Company, of Crawfordsville, was named the
liquidating agent for the bank and has guaranteed all deposits, the Citizens
Bank having turned over to the Elston Bank gilt-edged assets to cover the
deposits.
A charter was issued to the Peoples National Bunk of
Souderton, Pa., by the Comptroller of the Currency on
Nov. 6. The institution will have a capital of $100,000
and surplus of $30,000. The stock is in shares of $50, and
Is being placed at $65 per share.
Completion of the reorganization of the Guarantee Title
& Trust Co. of Columbus, Ohio, with the election e directors
and officers, was announced on Nov. 30 by L. Neal Blacker,
the new head of the institution, according to the "Ohio State
Journal" of Dec. 1. It appears Mr. Blacker and associates took over the control of the bank a few months ago,
at which time the authorized capital was increased to $1,500,000. Under the new regime, Joseph H. Frantz, Fred
Lazarus, Jr., and Fred Vercoe have become members of the
Board, and they with Mr. Blacker, Francis H. Game, Colt
L. Blacker and Ralph M. Lucas, constitute the Directorate.
The officers are now as follows: L. Neal Blacker, President; Colt L. Blacker (and General Counsel), Francis H.
Game and Ralph M. Lucas, Vice-Presidents, and M. A. Goggins, Secretary and Treasurer.
Amalgamation of the First National Bank of Chicago
(including its affiliated institution the First Trust & Savings Bank) and the Union Trust Co. of that city, to form
a new organization with deposits of more than $491,000,000,
resources in excess of $584,000,000, and capital resources
of over $69,000,000, was announced on Tuesday of this
week, Dec. 4. The new bank will be the second largest
bank in Chicago and the ninth largest in the United States.
Growth of the industry and trade of the Central and Mississippi Valley States and its rapid integration into larger
units of control and operation has brought a demand for
financial services on an ever larger scale, and this is assigned as the main reason for the merger, but in addition
It is designed to ffect economies and to open up possibilities
of enhanced financial efficiency. The general plan is announced by the senior officers of the two banks as follows:
values of the
"In order to more nearly equalize the respective book
First National
First National Bank and the Union Trust Company, the
Bank will, prior to the consolidation, increase its stock by the issuance
of a 33 1/3% stock dividend to its present stockholders, thus increasing
[voL. 127.
the capital of the First National Bank from $15,000,000 to $20,000,000.
Thereupon the commercial banking business of the Union Trust Company will be consolidated with that of the First National Bank of
Chicago, which bank will issue $4,000,000 of stock in exchange for the
total outstanding capital of the Union Trust Company, of like amount.
After the Union Trust Company stockholders have become the holders
of $4,000,000 of stock in the First National Bank, the latter will issue
to all its then stockholders $1,000,000 of new stock to be sold at $600
a share pro-rata according to their holdings. The premium on the
$1,000,000 of stock thus sold, amounting to $5,000,000, will be used to
increase the capital of the First Chicago Corporation, which has full
legal power to buy, sell and hold securities of all kinds.
It is contemplated that the name of the First Trust and Savings Bank
will be changed to the First Union Trust and Savings Bank, or a name
similar thereto. It will, under State charter, continue the trust, sayings, bond and real estate loan business now conducted by the Union
Trust Company and the First Trust and Savings Bank and be the legal
successor to both these banks. The stock of the First Union Trust and
Savings Bank together with the stock of the First Chicago Corporation
will continue to be held for the benefit of the stockholders of the First
National Bank, including of course those stockholders of the Union
Trust Company who become stockholders of the First National Bank
as a result of the consolidation. The commercial banking business of
all three banks will be conducted by the enlarged First National Bank
of Chicago operating under a Federal Charter.
After the proposed consolidation is effected, senior officers will recommend that the initial dividend on the increased stock of the First
National Bank be at the rate of $18.00 per share a year, including therein
any dividends distributed in respect to the stock of the First Union
Trust and Savings Bank or the First Chicago Corporation.
All the Directors of the present Union Trust Company will be elected
Directors of the First National Bank of Chicago.
F. 0. Wetmore and F. H. Rawson will be Co-Chairmen of the consolidated bank. This double chairmanship is believed to be unique in
banking history, although it is a type of executive leadership well known
in affairs of state and in other corporate institutions. H. A. Wheeler
will be Vice-Chairman; M. A. Traylor, President. C. B. HazIewood,
President of the American Bankers Association and Vice-President of
the Union Trust Company and B. G. McCloud, Vice-President, will be
elected Vice-Presidents of the First National Bank. These officers
together with Edward E. Brown and John P. Olesen, Vice-Presidents
of the First National, will complete the general staff. C. R. Holden,
Vice-President and General Counsel of the Union Trust Company, will
become Vice-President of both the First National and the First Union
Trust and Savings Bank. All other Union Trust Company officers will
be placed in similar positions in the consolidated bank to those they
now hold with proper titles.
This consolidation, resulting in a larger capitalization, will enable
the consolidated bank to benefit greatly all its customers and clients
through not only the increased loaning power, but the increased facilities in every other way. They will continue to do their business with
the same officers they have heretofore come in contact with, and in
addition will be brought into touch with many other officers of the consolidated bank so that each and every customer will not only maintain
his old contacts but will have other valuable ones added thereto.
The Union Trust Company will give up its present banking office
which will be disposed of at the earliest favorable opportunity."
Combination of the last published statements of all three of the institutions affected by the present merger gives an indication of the business and resources with which the new bank begins its work.
As of October 3, 1928, the total deposits were $491,027,141.36, an
aggregate exceeded by only two American banks outside of New York
City and by six in New York. Total assets as of October 3 were
$584,935,808.19. The combined loans and discounts of the institutions
amounted to $396,161,432. They held $30,314,294 of U. S. securities
and $42,497,790 of other bonds and securities. Cash and money due
from banks aggregated $100,043,531. The buildings, leaseholds and
vaults were carried at $9,552,359. Customer's liability on letters of
credit and acceptance amounted to $5,488,324, other assets $878,075.
In the liabilities of $584,935,808 were included capital, surplus and
undivided profits of $69,498,729.
Both the First National Bank and the Union Trust Company have
histories rooted far back in the life of Chicago as a city and a financial
center.
The First National Bank of Chicago was organized immediately after
the passage of the National Bank Act and opened for business July I,
1863, having received charter number eight from the Comptroller of
the Currency. The initial capital of the bank was fixed at $250,000
and its first statement, published September 30, 1863, showed deposits
of $273,089.
The bank was originally located at the southwest corner of Clark
and Lake Street, but the success and rapid growth which attended its
early history necessitated securing larger quarters; and in 1868 it
occupied a new building at the southwest corner of State and Washington Streets. This building was erected as fire-proof, but could not
withstand the great fire of 1871, though the vaults and their contents
were unharmed. The building was restored after the fire and for many
years was spoken of as a rare architectural work.
Despite the fire and the depression of 1873 the bank continued to
grow, its balance sheet on Nov. 1 of that year, showing loans in excess
of three million, capital of one million and deposits of nearly $3,500,000.
In 1882 the bank occupied its then new building at the northwest
corner of Dearborn and Monroe Street, which has been its location
continuously since. This year extensive alterations and additions were
completed, giving the bank an office building with entrances from Clark
Street, on which it has an extended frontage. The capital of the bank
was increased in 1882 to three million and in 1900 to five million. Two
years later it was made eight million; in 1910 ten million; 1920 twelve
and one-half million and in 1926 to fifteen million dollars.
Prior to present consolidation there have been two banks merged with
the First National Bank; the Union National in 1900 and the Metropolitan in 1902. In 1903 the First Trust and Savings Banks was organized under the direction of First National interests. The growth
of the First National Bank has been reflected in the First Trust and
Savings Bank, the latter's capital having been increased from the original
one million dollars to $7,500,000. The stock of both banks is owned by
the same stockholders, and both are governed by the same Board of
Directors.
In 1905 there was put into effect an official organization, then unique
in banking. The Divisional Organization classified customers according
to the line of business in which they were engaged. Each Division is
under the direction of two vice-presidents who are specialists in the
conditions, trends and credits of business allocated to them. There
DEC.8 1928.]
FINANCIAL CHRONICLE
are seven divisions and one major department, the Foreign Banking.
The First Trust and Savings Bank has four principal departments: The
Banking, which includes savings, the Bond, the Trust, and the Real
Estate Loan.
During its entire history of sixty-five years the First National has had
but six presidents. The first, Edmund Aiken, who had been a private
banker prior to the passage of the National Bank Act, served until his
death in 1867. He was succeeded by Samuel M. Nickerson, who was
chief executive from 1867 to 1891, and again from 1897 to 1900. The
period intervening marked the administration of Lyman J. Gage, who
resigned to become Secretary of the Treasury. James B. Forgan was
elected President in 1900 and served until 1946, assuming the position
of Chairman of the Board, which he occupied until his death. Frank
0. Wetmore succeeded Mr. Forgan both as president and chairman,
assuming the latter in 1925, when Melvin A. Traylor was elected president of both banks, which positions he occupies.
Men prominently identified with the building of Chicago have always
been numbered among the directors of the bank Among them, Samuel
W. Allerton, who was a member of the First Board and served for more
than fifty years.
The Union Trust Company was chartered in 1857 by special act of
the Illinois Legislature. In 1869 the bank began a phase of uninterrupted
progress when Stephen W. Rawson acquired control. Mr. Rawson, on
acquiring the Union Trust Company charter, organized a bank with
$125,000 of capital. His active career continued until 1898 and he
retained the title of President until the end of 1904.
At the time of the Chicago fire the Union Trust Company had acquired $350,000 in deposits and was in a flourishing condition. The
bank was then located on the present site of the Boston Store. Two
safes of the bank went through the great fire and the books, though
charred, were easily legible. A peculiar violet ink purchased by Mr.
Rawson from a peddler, patronized for sentimental reasons and a desire
to help the man along, stood out so clearly on the charred pages that
not a line of the bank's record was lost.
In December, 1871, the bank was moved to 37 West Madison Street
and later to its new building at the northwest corner of Madison and
Clark, four stories in height and with an imposing stone front. In
1878 the bank removed to its original site on the northeast corner of
Madison and Dearborn.
In 1902 it moved across the street to its present location. In 1901
Frederick H. Rawson became Vice-President, in 1905 President, and
in 1924 Chairman of the Board of Directors.
Harry A. Wheeler was elected President in 1924. In 1869 the Union
Trust Company began the business of making real estate mortgage loans
on Chicago property. The first customer for these mortgages was James
Longley, well known Boston capitalist, who invested ultimately $20,000,000 in Chicago property, and was undoubtedly influential in the
direction of a great flow of Eastern capital to Chicago in its earlier
periods of development, before capital accumulation had become well
established in the West.
James B.
R. Leaven Dec. 4 was elected the Executive VicePresident of the Continental National Co., the investment
organization affiliated with the Continental National Bank
& Trust Co. of Chicago. He is a Vice-President of the
bank and will retain that position. Mr. Leave11 went to
Chicago in 1920, as Vice-President of the Continental. Prior
to that time he had been Vice-President of the First National Bank in St. Louis and Assistant Cashier of the
Mechanics American National Bank, also of St. Louis.
In commenting on Mr. Leave11's appointment, the Chicago
"Journal of Commerce" of Dec. 5 said in part concerning
the new Continental Co.:
3193
J. H. Edmondson, head of the Wolff Packing Co., has
been elected President of the Citizens' State Bank of Topeka, Kan., succeeding E. S. Gresser who has disposed of
his holdings in the institution and resigned, according to
'the Topeka "Capital" of Dec. 1. Mr. Gresser was elected
President last summer upon the death of M. F. Southwick,
who had headed the institution for many years. Under the
new regime, the personnel of the bank in addition to Mr.
Edmondson, is as follows: J. F. Close and D. M. Dibble,
Vice-Presidents; H. P. Betber, Cashier, and H. C. McKinley and Nell Purdum, Assistant Cashiers. Mr. Close (who
was formerly Cashier) will be the active Vice-President, giving his entire time to the management of the bank, it was
said. Mr. Edmondson, the new President, is President of
the Topeka Chamber of Commerce, and has taken an active
part in civic and commercial activities since he went to
Topeka as head of the Wolff Packing Co. The Citizens'
State Bank was organized in 1870 and has been in continuous operation longer than any other bank in Topeka,
it is stated.
RobertT.("BOBBY")Jones of golfing fame has become an
officer and Director of the Atlanta Agency of the New York
Title and Mortgage Company. The agency, as the Georgia
Title and Guaranty Company, has opened quarters in the
Atlanta Trust Company building Besides Robert T.Jones,
Jr., 0. M. Fuller, Samuel Nesbit Evins, E. C. Powers and
R.P.Jones will be officers and directors of the organization,
the purpose of which is to furnish title insurance in Atlanta,
where they will issue the policies of the New York Title and
Mortgage Company.
Edwin Wales Robertson, Chairman of the Board of the
National Loan & Exchange Bank of Columbia, S. C., a
director in the Equitable Life Assurance Society of the
United States, and otherwise prominent in financial circles,
died suddenly of heart failure on Nov. 20 at the Hotel La
Salle this city. Mr. Robertson had come to New York the
previous week to attend a meeting of the Equitable Board.
The deceased banker was born in Columbia Sept. 3 1863.
Upon graduation from Yale, he continued at the University of
South Carolina, where he completed a law course. After
practicing his profession for several years in Columbia he
entered the banking field. For years Mr. Robertson headed
the National Loan & Exchange Bank, but early last year relinquished the Presidency to his son, Thomas J. Robertson,
and became Chairman of the Board of Directors. During
the World War Mr. Robertson was State Chairman for
South Carolina in all four Liberty loan drives and Chairman
of the Fifth Federal Reserve district for the Victory loan.
He was a member of the United States Chamber of Commerce, Southern Settlement and Development organization,
South Carolina Bar Association, American Bankers' Association, Yale Alumni Association, Phi Upsilon and Pi Sigma
Tau. Mr. Robertson also belonged to the following clubs:
Palmetto and Ridgewood of Columbia, University, Yale and
Bankers, New York, and Congressional, Country, Army,
Navy and Marine Corps country of Washington, D. C.
Appointment of James R. Leave!l to the newly created post of
Executive Vice-President of the Continental National Company was
hailed in banking circles yesterday as tantamount to naming the head
of the Continental Illinois Company. This is turn marks a definite step
in the formulation of this new Chicago investment firm which will rival
in size the largest existing units in the field. A new era in Chicago's
history as a center of security underwriting is to be ushered in with
the completion of this organization, in the view of the banking community. The selection of Mr. Leave11 as its chief executive was pronounced opportune and desirable on all hands.
Equipped with a capital fund alone of $20,000,000, the new investment
Stockholders of the Fourth & First National Bank of
firm will be in position to handle independently any financial transaction
likely to appear except those of such dimensions that the participation Nashville, Tenn., met Nov. 27 and ratified a proposed inof other houses would be desirable from a distributing standpoint. In crease in the bank's capital from $2,500,000 to $2,625,000
the matter of distribution, it will have immediately thirteen branch offices
advantageously placed over the middle west, southwest and south, in ad- through the declaration of a 5% stock dividend, according
to the Nashville "Banner" of that date. At the same meetdition to the Chicago home office and a New York department.
The Continental Illinois Bank and Trust Company, with which the ing the sum of $125,000 was transferred to surplus, makinvestment company is to be affiliated, will include in its accounts more
bank depositors than any other bank in the world. This alone is a ing the account $2,635,000, or equal to the capital. On the
sufficient indication of the institutional bond customers available to the same day (Nov. 27) the stockholders of the Nashville Trust
company. On the other hand the combined banks will has': a loaning Co., the bank's affiliated institution and
controlled by the
capacity which will attend to the requirements of the largest corporations of the country, meaning that the largest organizations can depend same interests, also met and ratified a proposed increase
upon the city exclusively for banking facilities. This should logically in the company's capital from $750,000 to $800,000. These
lead into a similar dependence for the security financing of these
increases, the "Banner" went on to say, give the combined
corporations.
Advices from Mason City, Iowa, on Nov. 28 to the Des
Moines "Register" reported that the Mason City Loan &
Trust Co., an institution organized about 20 years ago,
has ben taken over by W. L. Patton & Sons, according to
an announcement made in Mason City that day. The dispatch went on to say:
A charter for the new organization, which will hereafter be known
as the Mason City Loan and Investment Co., was received this noon
Loom the Secretary of State. The headquarters of the new company
will be in the present offices of the Patton concern in the M. B. A.
Building.
The following officers are listed in the charter: W. L. Patton, President; John A. Senneff, Vice-President; Willis Patton, Vice-President;
Rober Patton, Secretary-Treasurer, and Esther Cobb, Assistant SecretaryTreasurer.
institutions a capital of $3,425,000 and surplus of $2,975,000.
In the combined statements of the two institutions, published on Oct. 3 1928, assets totaled $76,486,663.06, with deposits of $38,016,085.63.
On Nov. 28 J. W. Neal, formerly Senior Vice-President of
the Cheek-Neal Coffee Co., was elected Chairman of the
Board of the Second National Bank of Houston, Tex., a position which has been unfilled since the death of the bank's
founder, S. E. Carter, in March last. The directors at the
same meeting elected Mr. Neal's son, J. Robert Neal, a
Vice-President of the bank. Both father and son will be
active in the management of the institution. Formal announcement was made late on the same day by Guy M.
Bryan, President of the Second National, of the purchase
3194
FINANCIAL CHRONICLE
of stock in the institution by the Neals from the S. F.
Carter estate. Mrs. S. F. Carter, Mr. Bryan said, has retained an interest in the bank. In making the announcement
President Bryan was reported in the Houston "Chronicle"
of Nov. 29 as saying in part:
We are all very pleased over this arrangement. The standing of the
Neals, both father and son, is such as to lend much strength to any
institution, and their experience in the field of commerce and industry
will be of great assistance in meeting the banking problems of an increasingly industrial city.
The Houston "Post" of Nov. 29 in reporting the matter,
speaking of the Neals said:
Mr. J. W. Neal until the recent sale of his company to the Postum
company was Senior Vice-President of the Cheek-Neal Coffee Co., and
with J. 0. Cheek organized the business over 30 years ago in Nashville,
Tenn. Thirteen years ago, upon his graduation from Washington and
Lee University, and after taking a post-graduate course in the University of Pennsylvania, Robert Neal entered the employ of the coffee company as Junior Vice-President. He was later placed in charge of the
Houston plant, and under his management its business grew beyond
all expectations. He has also been a director of the San Jacinto Trust
Co. since its organization. The proof of the business sagacity and ability
of these men was clearly demonstrated when the Postum company paid
in :mind figures $45,000,000 for its holdings in August of this year.
The personal popularity of Mr. and Mrs. Neal, Sr., and the great
appreciation of them on the part of representative Houstonians was
evidenced at a dinner given recently in their honor by the Knife and
Fork Club. Friends on that occasion were unbounded in their expressions
of love and appreciation.
[vol.. 127.
late yesterday afternoon, the business of the bank will be rapidly
expanded and plans were under way whereby the capital would be immediately increased and a suitable name selected for the institution.
D. E. Crayne, a director of the Brotherhood Bank, is President of the
Hellenic-American Company, and J. H. Stapp, also a director of the
bank, is vice-president of the investment concern. Both these men, together with several leading members of the Greek colony in California,
will become associated with the Calitalo Investment Corporation.
The Anglo & London Paris National Bank of San Francisco has called a meeting of its stockholders for Jan. 8
to authorize an increase in the bank's capital from $7,500,000 to $10,000,000, according to advices from San Francisco on Dec. 4 to the "Wall Street Journal." The bank
at the same time has announced formation of the Anglo
National Corporation, as a holding and investing auxiliary.
Stockholders of record Dec. 21, it is said, will be asked to
waive rights to the increased capital which will be sold to
the new corporation, and in return they will receive rights
to subscribe to Class A $2 preferential dividend stock of
the new corporation at $50 a share in the ratio of two
shares to each share of bank stock held. Amount of subscription will be payable Jan. 15, or, at option of subscriber,
on a partial payment plan. The dispatch furthermore said:
A syndicate is also making a public offering of Class A stock of the
corporation at $52.
New corporation will have authorized capital of 600,000 Class A and
Officers and Staff of the Citizens National Trust & Savings 60,000 Class B shares and will have issued presently 250,000 Class A
all of Class B stock.
Bank of Los Angeles expressed deep regret at the death of andCorporation,
in addition to acquiring a quarter interest in the bank
Sam S. Parsons in an automobile accident on Nov. 13. Mr. and in the Anglo London Paris Co. will also acquire control of 10 Pacific
Parsons was for 36 years with the bank, a large part of the Coast banks and stock in 10 others. Total value of these assets is set
time as Auditor and later as Assistant Vice-President. He at $10,612,174.
retired from active business last April. When he joined the
Formal announcement of the resignation of Edward C.
bank in 1892 it was as the only employee, while at the time of
as a Vice-President of the United States National
Sammons
his retirement the staff numbered niore than 800.
Bank of Portland, Ore., to become Executive Vice-PresiThe following changes in the personnel of the Los Angeles- dent of the Iron Fireman Manufacturing Co., was made
First National Trust & Savings Bank were announced on on Nov. 24 by J. C. Ainsworth, President of the bank, according to the Portland "Oregonian" of the following day.
Nov. 20:
A. J. Hay, Assistant Manager, Pasadena Branch, as a Pasadena Vice. A New Packard sedan was presented to Mr. Sammons by
President.
President Ainsworth on behalf of the officers and employees
V. K. Tuggle, Assistant Manager, Hollywood Branch, as branch Vice-Presas a token of their love and esteem. It was also announced
ident.
W. H. Steinike, Assistant Vice-President, Head Office, as Assistant Man- that Mr. Sammons would be elected to the Board of Direcager, Hollywood Branch.
tors of the bank to fill the vacancy created by the death of
F. H. Ward, Assistant Manager, Eighth & Olive Branch, as chief clerk,
George E. Chamberlain. Mr. Sammons, who has acquired
Hollywood Branch.
R. B. Forbes, Assistant Manager, Pico & Grand Branch, as manager, suc- a substantial block of stock in the Iron Fireman Manufacceeding A. F. Kerr, who has become Vice-President of the First National turing Co., will assume his new duties about Jan. 1 and
Bank of Bakersfield.
spend a few weeks in California.
Authorized to sign—R. Zens, Eighth & Olive Branch, for Manager and previous to that time will
W. E. Lamson, Exchange Teller, at Head Office and Sixth & Spring Office. He began his banking career in 1911 when he resigned
from the reportorial staff of the "Oregonian" to go with
According to the Los Angeles "Times" of Nov. 25, offi- the Lumbermen's National Bank of Portland. Mr. Sammons
C.
0.
that
day
previous
the
cial announcement was made
was Assistant Cashier of the bank when he enlisted as a
Williams, formerly First Vice-President and a director of private in the infantry when the United States entered
the Seaboard National Bank of Los Angeles, has been the World War. The Lumbermen's bank was absorbed in
elected a member of the Board of Management of the Bank September 1917 by the United States National Bank and
of Italy National Trust & Savings Association for the Los upon his return from France with the rank of LieutenantAngeles division. Mr. Williams took over his new duties Colonel, he was made an Assistant Cashier of the enlarged
on Nov. 26, it is understood. He had been with the Sea- bank and in 1923 a Vice-President, the position he has now
board National since its organization in 1924.
resigned.
That control of the Brotherhood National Bank of San
The annual report of the Bank of Montreal, presented
Francisco has been purchased by two San Francisco invest- to the shareholders at their 111th annual general meeting
ment companies, the Calitalo Investment Corporation and on Monday of this week, Dec. 3, affords striking evidence
the Hellenic-American Co., was reported in the San Fran- of the marked business expansion which has taken place
cisco "Chronicle" of Nov. 20. The sale involves marked throughout the Dominion of Canada. The report, which
changes in the policy and personnel of the bank. Accord- covers the 12 months ended Oct. 31, 1928, shows total asing to an announcement by John Spigno, Vice-President and sets of $873,782,523, an increase of $42,233,556 over the
General Manager of the Calitalo Investment Corporation, total assets of $831,548,967 at the end of the 1927 fiscal
the two investment companies, representing combined cap- year. Of this total, liquid assets amount to $473,898,282,
ital of $12,500,000, have arranged to consolidate for the equal to 59.55% of liabilities to the public. Included in
purpose of taking over control of the bank. The following liquid assets are total cash holdings of $118,987,065 or
is taken from the San Francisco paper:
14.95% of all liabilities to the public. Total deposits at
Details of consolidation, exchange of securities and acquisition of as$721,465,011 are higher by $21,000,000 than a year ago.
sets were not made public. All financial arrangements in connection with
Call and short loans in Canada now stand at $39,147,086,
the merger are being handled by Frederic Vincent & Co., which house recently completed the successful financing of Italo Petroleum Corporation of up from $29,719,404, while call loans in Great Britain and
CorPetroleum
concern,
predecessor
the
Italo-American
its
America and
the United States are down to $138,965,168 from $151,381,poration.
Hellenic-American Company was primarily formed for the purpose of not 604. The bank's profit and loss statement shows profits
only acquiring control of the Brotherhood Bank but to engage in the for the year, after deducting charges of management and
general mortgage and investment business, and operating generally among making full provision for all bad and doubtful debts of
the citizens of the State of Greek nationality, which business it will
capital, reserve
continue after the bank is taken over. It has a capitalization of $10,- $5,847,327, equal to 9;i% on the combined
000,000, consisting of 100,009 shares of $100 par value preferred, and and undivided profits, as compared with $5,299,887 at the
200,000 common shares of no par value..
end of the previous year. After dividends, bonus, Dominion
The Calitalo Investment Corporation is capitalized for 2,500,000 shares,
and
investment
Government tax provisions, reservation for bank premises,
all common, $1 par, and has been engaged in the general
and adding the amount carried forward, a balance to the
insurance business throughout the State for some time past.
Brotherhood National Bank, established in San Francisco in December, credit of profit and loss.of $713,788 is left, as compared
1926, was formed by the Brotherhood of Locomotive Engineers and con- with
$154,799 at the same time in 1927.
stituted one of a chain of banks operated by that labor organization in
Shareholders at the meeting voted to increase the bank's
various cities of the country. It is capitalized at $500,000 and has a
The
according to Vincent & Co., authorized capital from $31,175,000 to $50,000,000.
surplus last reported at $100,000, but
DEC.8 1928.]
FINANCIAL CHRONICLE
outstanding capital at present is $29,916,700 and its rest
account $30916700. Since the last annual meeting twenty
offices of the bank have been opened throughout the Dominion and one in Newfoundland, while offices at three
points in Canada have been closed during the year. Sir
Vincent Meredith is Chairman of the Board of the Bank
of Montreal; Sir Chareles B. Gordon, President, and Sir
Frederick Williams-Taylor, General Manager.
The ninth annual report of the British Overseas Bank,
Ltd. (head office London), covering the fiscal year ended
Oct. 31 1928, was presented to the shareholders at their
general annual meeting on Dec. 4. The statement shows
net profits for the period, after allowing for rebate of interest and providing for all bad and doubtful debts, and
income tax for the year, of £150,615, which when added to
£57,587, representing balance available from last account
made £208,202. From this sum £30,000 was deducted to
pay an interim dividend on the "A" ordinary shares at
the rate of 6% per annum (less income tax), for the half
year ended April 30 1928, and income tax thereon, leaving
a balance of 1178,202, which was digtributed as follows:
£30,000 to pay a dividend on the "A" ordinary shares at
the rate of 6% per annum (less income tax) for the six
months ended Oct. 31 1928 with income tax thereon; £60,000 to take care of a dividend on the "B" ordinary shares
at the rate of 6% per annum (less income tax) for the
year ended Oct. 31 1928, together with income tax thereon;
£25,000 transferred to reserve fund, and £5,000 applied to reduction of premises account, leaving a net balance of £58,202 to be carried forward to the current year's profit and
loss account. Total resources are shown in the report as
£10,936,355. The institution's paid-up capital is £2,000,000
and its reserve fund £200,000. The Right Hon. Viscount
Churchill, G. C. V. 0., is Chairman of the Board of Directors, and Arthur C. D. Gairdner, Dep. Chairman and Managing Director.
Standard Bank of South Africa, Limited, through its
local
agent, announces that directors of the bank have resolved
to pay to shareholders an interim dividend for the half
year ended September 30 last, at the annual rate of 14%,
subject to income tax. Directors also announced from
the
head office in London, their decision to issue the balance
of unissued shares of which 44,583 are to be offered at ten
pounds sterling each to holders of record Nov. 28 last,
in the
ratio of one new share for ten old shares subject to
acceptance and payment in full by Jan. 3 1929. The
balance
of unissued shares, totaling 9,584, will be offered to
the
staff of the bank at the same price subject to certain
conditions. Letters of allotment and fractional
certificates
will be posted on Dec. 5. The new shares will
rank for
dividend as from Oct. 1 1928. Dividend warrants
will be
posted on Jan. 25 next.
The New York Agency of the Banque Beige pour
l'Etranger has received a cable from its head office in Brussels
advising that at the annual general meeting a dividend
of 10%
exempt of taxes was declared for the year ended
June 30
1928. Net profit was frs. 28,760,947.90 and the
reserve fund
has been increased by frs. 10,000,000, and now stands
at
frs. 110,000,000.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
The stock market met with a severe setback this week,
and, though certain groups of stocks have, at times, manifested brief periods of strength, weakness has been the dominant characteristic. Trading has been on a more
moderate
scale, the daily sales ranging from 4,379,000 shares to 6,185,000 shares per day. The report of the Federal Reserve
Bank made public after the close of the market on Thursday
shows a further increase of $104,690,000 in brokers' loans,
raising the total to a new high record at $5,394,590,0
03.
Call money reached its highest peak in many years when
it
touched 12% on Thursday.
Prices were generally lower during the greater part of
the
two-hour session on Saturday. The selling pressure
was
particularly noticeable in the motor stocks and copper
issues,
but with the exception of a few of the so-called specialties
and railroad shares the recessions were fairly uniform throughout the list. Pennsylvania RR. was the star of the rails
and reached its highest since 1909 when it crossed 74. General
Motors slipped below 211. Hupp was down below 80 and
Packard dropped five points. Hudson moved against the trend
and sold up to 87%, as compared with its previous close at
86%. Kroger Grocery advanced six points to above.130.
3195
International Nickel closed with a net gain of 33, points
on the day. Stocks like Wright Aero, Curtiss, Sears-Roebuck and Radio Corporation were lower by from three to
five points. Copper stocks all slipped down to lower levels.
An avalanche of selling flowed into the market on Monday
during the forenoon and carried prices downward with a
rush. The market partially recovered later in the day and
much of the early losses were made up, though the list as a
whole ruled lower. One of the strongest stocks of the day
on the recovery was Baltimore & Ohio which was up more
than five points when it crossed 125. New York, Ontario
& Western also attracted considerable speculative attention
and closed at 31% with a net gain of 33' points. Atlantic
Refining was the outstanding strong feature of the oil stocks
as it bounded forward three points and closed above 57.
Copper stocks continued unsettled, Greene-Cananea opening
with an overnight loss of 13 points.
On Tuesday the market swung upward under the leadership of the motor stocks. Chrysler scored a gain of more
than five points to 131. General Motors gained 14 points,
but some of the independents slipped down from their early
highs. Radio Corporation was one of the sensational performers as it moved into new high ground above 410 and
closed at 407% with a net gain of 33 points for the day.
Gold Dust attracted a lot of speculative attention and,
after bounding forward to a new high above 142, eased off
to 1398
%,closing with a gain of 5% points for the day. In
the oil stocks Standard Oil of New York reached a new top
for the year when it crossed 42. Atlantic Refining, Marland,
Mexican Seaboard and National Supply were also strong, the
latter jumping to a new high for 1928. Railroad stocks
were sluggish and Baltimore & Ohio receded about four
2. Prices were somewhat erratic on Wednespoints to 1213/
day, due in a measure to the high rate for call money which
advanced to 10%. Radio Corporation started at 413 with
an advance of 5% points above the preceding close. As
the day advanced it moved ahead to a new high in all time at
420, after which it dropped back to 410 and closed with a net
points. United States Steel common sold up to
gain of
164% at its high for the day, but receded to 163% in the
final hour and closed with a fractional loss. Railroad
stocks were lower, particularly Balt. & Ohio which was off
about six points from the high touched earlier in the week.
Gold Dust was subjected to heavy selling and lost most of
its gain and there were sharp losses in many of the so-called
speculative favorites like Columbia Gramaphone, Wright
Aeroplane, Curtiss, General Electric, most of the copper
stocks, Kolster Radio and Union Carbide & Carbon. Several
popular favorites closed at higher prices as a result of the
brisk rally toward the end of the session, the list including
among others Allis-Chalmers, American Linseed, Stromberg
Carbura.tor, Sears-Roebuck, A. M. Byers, Foundation
Co., Mathieson Alkali, American Snuff and Certainteed
Products. General Motors failed to improve, but substantial advances were enjoyed by Chrysler, Packard and
Mack Truck.
Stocks suffered a severe break on Thursday as call money
soared to 12%, the highest rate in recent years. The early
trading was more or less irregular, some stocks advancing
to new peaks while other issues moved sharply downward.
Losses ranging from two to 17 points were numerous throughout the list, especially among the high priced specialties.
Copper stocks were weak all day, Greene-Cananea dipping
about six points, followed by Anaconda which was down
three points and American Smelting & Refining which
dropped about the same amount. Motor stocks were strong
in the early trading and Packard lifted its top to 158%, as
compared with its previous close at 150. Chryslermade
substantial gains in the early trading but both it and Packard
moved down in the afternoon recessions. Montgomery
Ward sustained one of the largest declines and slipped back
to 390 with a loss of over 22 points. Wright Aero dropped
10 points to 251; Radio lost 15 points to 395, and numerous
other market leaders registered similar losses. The market
closed lower on Friday in spite of a good sized rally in the
middle of the day. Overnight orders were generally on the
selling side and in many instances initial sales were at lower
prices than Thursday's close. Radio Corporation, for instance, started in on a 5,000-share block at 381, an overnight loss of 14 points, and finally closed at 376. General
Motors was down to 201 and at a new low for the present
reaction. United States Steel common was down to 155 and
Westinghouse Electric was below the preceding close,
while
many other active stocks were down from two to three or
more points. The final tone was weak.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE.
DAILY WEEKLY AND YEARLY.
United
States
Bond,.
Stocks,
Number of
Shares.
Railroad,
&c.,
Bonds.
State,
Municipal &
Foreign Bonds.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
2,654,340
4,487,330
4,919,900
4,379.250
5,407,590
6,185,000
$2,901,000
6,465,000
6,307,000
5,368,000
7,421,000
6,140,000
$1,543,000
2,696.000
2,451.000
2,694,000
3,194,000
1,477,000
$285,000
300,500
441,000
717,500
392,000
506,000
Total
28,033,410
$34,602,000
$14,055,000
$2,642,000
Week Ended Dec. 7.
Jan. Ito Dec. 7.
Week Ended Dec. 7.
Sales at
New York Stock
Exchange.
1927.
1928.
1927.
1928.
Stocks-No. of shares_
Bonds.
Government bonds
State and foreign bonds
Railroad es misc. bonds
Total bonds
[VOL. 127.
FINANCIAL CHRONICLE
3196
28,033,410
14,002,405
831,992.919
534,259,872
$2,642,000
14,055,000
34,602,000
25,926,750
15,548,000
42,215,000
2172,597,750
709,844,135
2,118,944.176
$272,432,250
790,779,700
2,021,510,600
$51,299,000
263,689,750 $3,001,386,061 23,034,722,550
Fox Theatres, class A,after early loss.from 29 to 27 advanced
to 333i and closed to-day at 33. Grigsby-Gunow Co. com.
was off from 1443/i to 1129/i the final figure to-day being 116.
Int. Harvestor new stock broke from 94% to 86. Lehigh
Coal & Nav, fell from 164% to 15034 and finished to-day
at 1513/
8. Montgomery Ward & Co. new coin, slumped
from 159% to 13534 and closed to-day at 139. NilesBement-Pond corn. sold down from 154% to 130 8, with
the final transaction to-day at 131%. Utilities suffered
along with the rest of the market although not to the same
extent as the industrials. Marconi Wireless of Canada was
% to 73i, the close to-day
heavily traded in down from 125
being at 7%. In oils, Humble Oil & Rfg.dropped from 1083
to 953 and closed to-day at 97. Prairie Oil & Gas declined
from 6634 to 523 and recovered finally to 57.
A complete record of Curb Market transactions for the
week will be found on age 00.
DAILY TRANSACTIONS AT THE.NEW YORK CURB MARKET.
IA AND
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPH
BALTIMORE EXCHANGES.
Boston.
Week Ended
Dec.7 1928.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Pray week revised
Philadelphia.
Shares. Bond Sales. Shares. Bond Saks. Shares. Bond Sales.
$19,000
53,955
$8,000
526,000 a103,512
*63,300
66,100
54,572
27,000
100,000 a136,348
*106,281
46.000
55,504
66,700
38.400 a104,923
*83,681
22,300
54,057
20,000
a80,439
48,500
*77,355
29,000
55,562
13,000
15,000 0127,431
*103,390
28,000
6,689
8,000 a57,420
65.875
30,339 $210,400
499,782 5235,900 610,073 $134,700
414.282
5135.000
832.961
1200.800
37,095
3186,300
830; Tuesday. 150:
•In addition, sales of rights were: Saturday, 278; Monday,
Wednesday, 275: Thursday, 226.
Monday, 8,500; Tuesday.
a In addition, sales of rights were: Saturday, 14,600;
1,400.
12,700; Wednesday, 6,280; Thursday. 13,260; Friday,
Monday, 70; Tuesday, 28,
S In addition, sales of warrants were: Saturday, 5;
Wednesday. 60; Thursday, 5655•
BONDS (Par Value).
*STOCKS(No. Shares).
Week Ended
Dec. 7.
Baltimore.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Indus. &
Miscall.
789,575
1.180,200
970,700
1,010,200
1,300,960
1,174,650
Oils.
153,225
237.900
187,500
173,400
214,300
211,300
6,426,2251,777,625
Mining.
Total.*
Foreign
Domestic. Government.
189,000
126.700 1,069,600 $1,149,000
621,000
186,100 1,604,200 2,272,000
334,000
153,900 1,312,100 1,726,000
143,800 1.327,400 2.208,000
523,000
153,900 1,669.100 2,273,00:'
443,000
149,750 1,535,700 2,478.000
436,000
$2,546,000
106,000
8,518,0001512,
914.150
• In addition, r ghts were sold as follows: Saturday. 22.200; Monday, 53,800:
Tuesday. 31,500; Wednesday, 28,300; Thursday, 28.200; Friday. 31,400.
New York City Realty and Surety Companies.
(Ail prices dollars per share.)
Bid
75
295
430
310
18
Alliance R'Ity
Amer Surety.
Bond & M G.
Lawyers Mtge
Rights -___
Lawyers Title
& Guarantee 375
Ask
85 Mtge Bond__
315 N Y Title &
Mortgage__
445
318 US Casualty_
19
Bta
132
535
380
Ask
140 Realty Assoc',
(Bklyn)cona
1st pref.__
542
2d pre(_ ___
400
Westchester
Title & Tr.
Bid
Ask
445
96
93
455
99
95
THE CURB MARKET.
450 __ -382
There was a slump in Curb Market securities this week in
sympathy with the reaction in prices on the Stock Exchange, Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
the decline extending to practically all classes of securities.
Ins.
Int.
Rate. Bid.
Maturity.
Md. Asked.
Rate.
Mantrity.
The volume of business was not particularly large. Amer.
and
89%
to
96%
from
dropped
Sept. lb 1930-82 34% 97nre 97,Ies
Smelt & Refg. new stock
Dec. 15 1928.... 894% 99.0s1 100
Mar.15 1930-32 394% 971,11 97urs
99:08, 100
15 1928_ 4
closed to-day at 90. Boeing Airplane & Transport com. 050.
Doe. 15 1930-32 34% 97firr 97"ss
99"n
Mar. 15 1929.-- 354% 99"0
99"se Sept. 15 1929
99"0
&
44% 100list 100Isis
to
Deere
76.
finally
1929___
Mar.
15
down
and
334%
80
to
65%
sold up from
June 15 1929___ 44% 10011, 100'as
Co. com. rose from 510,to 548 and reacted finally to 530.
Course of Bank Clearings.
Bank clearings the present week will show a substantial
increase compared with a year ago. Preliminary figures
compiled by us, based upon telegraphic advices from the
chief cities of the country, indicate that for the wek ended
to-day (Saturday, Dec. 8) bank exchanges for all the cities
weekly
of the United States from which it is possible to obtain
returns will be 33.4% larger than for the corresponding week
against
last year. The total stands at $14,530,322,660,
$10,888,912,049 for the same week in 1927. At this center
there is a gain for the five days ending Friday of 52.6%.
Out comparative summary for the week follows:
Clearings-Returns by Telegraph.
Week Ended December 8.
Per
Cent.
1928.
1927.
$8,275,000,000
680.641.360
586,000.000
461,000,000
124,597.294
131,800,000
211,496,000
199,186,000
165,860,516
196,000,000
122,622,508
96,459,133
72.435,946
$5,423,000,000
557,218,049
487,000,000
412,000,000
109,979,915
115,300,000
199,117,000
162,733,000
135,299,636
128,832,647
101,527,428
90,869,378
67,008.295
+52.6
+22.2
+20.3
+11.9
+3.2
+14.1
+6.2
+22.4
+22.6
+52 0
+20.8
+6.2
+8.1
Thirteen cities. tire &We
Other cities, five days
811,323.098,757
1,118,836,807
87.989,885,348
1,243,372,135
+41.7
-10.1
Total all cities,five days
All cities, one day
•Tnred sill elfI.fnr week
$12.441,935,550
2,088,387,110
$9,233,257,483
1,655,654,566
+34.8
+26.1
114.530.322.660 110.888.912.049
+33.4
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
clearings for the whole country being $12,790,019,153,
against $12,287,366,727 in the same week of 1927. Outside
of this city there is a decrease of 10.9%. Tile bank exchanges
at this center record a gain of 13.3%.
We group the cities now according to the Federal Reserve
districts in which they are located, and from this it appears
that in the New York Reserve District (including this city)
the improvement reaches 12.7% but the Boston Reserve
District shows a loss of 8.1% and the Philadelphia Reserve
District of 13.7%. In the Cleveland Reserve District
clearings fall behind 11.1%, in the Richmond Reserve District 16.1% and in the Atlanta Reserve District 19.0%. The
Chicago Reserve District registers a gain of 0.3% while the
St. Louis Reserve District has a loss of 12.7% and the
Minneapolis Reserve District of 16.7%. In the Kansas
City Reserve District clearings show a contraction of 14.8%,
in the Dallas Reserve District of 3.5% and in the San Francisco Reserves District of 8.5%.
SUMMARY OF BANK CLEARINGS.
Week End. Dec 1 1928.
1928.
1927.
Inc.or
Dec.
1926.
1925.
8
8
$
$
%
Federal Reserve Dists.
688,414,183
581,781,814
819,758,603 -8.1
589,558,861
let Boston._ _ _12 cities
3
8,132,583.741
6,523,405,00
+12.7
7,753.931,558
8,740,740,020
2nd New York_11 "
642,161,994
643,330,699
664,288,182 -13.7
573,035,169
3rd Philadelphial0 "
433,956,174
437,692.004
-11.1
438,982,304
338,341.146
4th Cleveland__ 8 "
284,007,517
222,990,357
218,998,575 -16.1
161,769,867
5th Richmond _ 6 "
288,385,869
199,138,781
221,178,733 -19.0
179,174,594
6th Atlanta____13 "
986.990,438
1,023,764,845
+0.3
7th Chicago. _ _20 "
1,024,151,656 1,020,876,357
249,297.336
228,514,432
248,041,416 -12.7
218,635,453
8th St. Louis.- 8 "
166,542,906
128,343,933
150,121,521 -18.7
9th Minneapolis 7 "
125,088,450
253,473,506
253,562,487
239,499,819 -14.8
204.064,803
10th Kansas City12 "
103,534,128
95,648,672
-3.5
88,086.132
11th Dallas
85,026,967
"
b
597,923.950
578,499,339
625,645,537 -8.5
572,434,187
12th San Fran..17 "
11,098,097,973
Total
129 cities 12.790,019,153 12,287,366,727 +4.1 10,508,782,414 4,714,827,379
4,172,887,467 4,682,338,361 -10.9 4,520,435,727
Ontside N. Y. City
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
last day
until noon to-day. Accordingly, in the above the
r
estimated.
be
to
had
cases
all
in
of the week has
we
which
however,
statement,
We also furnish to-day a summary by Federal Reserve
In the elaborate detailed
and
final
give
complete
to
able
of the clearings for the month of November. For
are
districts
we
below,
present further
1.
For
Dec.
ended
that
there is an increase for the whole country of
week
month
results for the week previous-the
1928 aggregate of 17.5%, the 1928 aggregate of the clearings being $56,656,that week there is an increase of 4.1%, the
DEC. 8 1928.]
FINANCIAL CHRONICLE
3197
588,005, and the 1927 aggregate $48,237,284,200. Although
November
Jan. 1 to Nov.
1928. 1927. 1926. 1925. 1928. 1927. 1926.30-.this year's total for the month of November of $56,656,588,- (000,0000
1925.
omitted.)
$
$
$
$
$
5
$
005 does not establish a new high monthly total, it is the Indianapolis
106
101
99
74
1,109
1,104
1,089
804
Denver
178
174
159
150
1,695
1.581
1,539
1,512
highest total ever reached in the month of November in any Richmond
214
236
224
259 2,106
2,299
2,377
2,573
Memphis
142
133
115
128
1,043
1,077
1.095
1,102
year. New York City is responsible for the greater part of Seattle
206
200
193
192
2,324
2.155
2,158
2,001
Hartford
71
68
59
67
the increase, its gain being 27.2%. Outside of this city the Salt
826
751
732
691
Lake City._
83
84
81
90
860
822
833
800
increase is only 3.9%. In the New York Reserve District
Total
52.626 44,286 37,271 38,638 530,747 460,635 433,026 421,123
(including this city) the totals for the month are larger by Other cities
4,031 3,958 3.821 4,161 42,303 41,663 43,445 42.887
26.8% and in the Philadelphia Reserve District by 7.9%
Total all
56,657 48,244 41,092 42,799 573,050 502,298 476,471 464,010
but in the Boston Reserve District there is a decline of 10.2%. Outside N.Y.City 20,941 20,159 18,840 19,322 220,540 212.974 212,831 207.350
The Cleveland Reserve District shows a gain of 8.9%, but
Our usual monthly detailed statement of transactions7on
the Richmond Reserve District suffers a loss of 7.9% and the
the New York Stock Exchange is appended. The results for
Atlanta Reserve District of 2.5%. The Chicago Reserve
November and the eleven months of 1928 and 1927 are given
District records 11.9% increase and the St. Louis Reserve
District 1.0%, but in the Minneapolis Reserve District below:
clearings have decreased 2.9%.) The Kansas City Reserve
Month of November.
Eleven Months.
District also has a trifling decrease (0.5%) while the Dallas
Description.
1928.
1927.
1928.
1927.
Reserve District shows 4.0% increase and the San Francisco
Stock, number of shares_ 115,360,075 51,016,335
826,824,475
Reserve District 9.1%.
454,265.104
Railroad and misc. bonds $153,822,500 $164,316,200 $1,834,812,
November
1928.
Federal Reserve Dist.
1st Boston _ _._13 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 "
12 "
11th Dallas
12th San Fran_ _28 "
$
2,510,979,379
36.456,354.969
2,756,901,711
1,907.738,916
819,259,612
922,975,419
4,830,992,353
1,058,212,918
667,252,354
1,263,075,419
627,560,634
2,835,284.321
State, foreign, &c.. bonds
U.S. Government bonds_
November Inca?
1927.
Dec.
$
2,795,249,931
28,761,331,831
2,566,709,067
1,752,132,878
889,057,132
946,250,942
4,318,544,212
1,047,558,340
687,283,181
1,270,044,707
603,341.606
2,599,750,373
%
-10.2
+26.8
+7.4
+8.9
-7.9
-2.5
+11.9
+1.0
-2.9
-0.5
+4.0
+9.1
November
1926.
November
1925.
2
2,344,255.737
22,887,705,869
2,507,373,200
1,760.919,978
865,691.530
842,152,481
4,864,998,768
956,266,240
626,708,169
1,277,085,737
623,630,708
2,335,719,709
$
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
Total bonds
1927.
Federal Reserve Diets.
let Boston __ _ _14 cities 26,535,272,845 26,754,631,974
2nd New York _14 " 360,370,278,641 246,782,754,742
2rd Philadelphial4 " 28,212,306,363 27,792,856,679
4th Cleveland__15 " 20,717,188,018 20,105,995,718
5th Richmond _10 "
8,929,666,914 9,436,281,199
6th Atlanta____18 "
9,600,645,504 10,121,675,768
7th Chicago - _
51,434,813,208 48,142,464,208
8th St. Louis_ _10 " 10,837,015,679 10,706,094,680
9th Minneapolis "
6,530,980,980 6,212,778,275
10th Kansas City16 " 14,005,851,633 13,558,723,390
11th Dallas
12 "
6,005,132,430 5,970,860,108
12th San Fran_ _28 " 29,820,515,291 26,712,963,178
Inc.or
Dec.
600
1928.
Month of January
February
March
First quarter
80,474,835
82,398,724
63,886,110
-0.6 25,659,994,419 23,137,593,905
+21.4 270,866,403,539 263,435,702,297
+1.5 28,645,576,889 28,830,807,320
+3.0 19,668,886,621 18,948,127,632
-5.4 9,943,945,373 9,961,336,692
-5.2 11,414,871,555 12,128,214,478
+6.8 47,262,956,732 46,744,625,275
+1.2 10,750,515,665 10,754,937,039
+5.1 6,176,648,657 6,486,312,240
+3.3 13,543,573,822 13,148,037,277
+0.6 6,172,687,276 5,923,222,057
+11.6 26,365,135,002 24,510,608,932
Second quarter
34,275,410
44,162,496
49,211.663
38.987,885
35,725,989
52.271.691
41.570,543
32.794,453
38,294.393
30,326,714
23.341,144
38,254,575
24,844,207
36,647,760
30,750.768
226,759,669 144,157,585
91,922,433
92,242,735
415,662,003 271.807,154 218,907,998 204,902.127
39,197.238
67,191,023
90,578,701
38,575,576
51,205.812
51,576,590
36,691,187
44,491,314
37,030,166
32,812.918
33.047.242
37.109.231
Third quarter
196.986,962 141,357,978 118.212.667 102,969,397
98,831,435 50,289,449 40,437,374 54.091.724
115.360.075 51.016.335 31.313.410 49
175 070
* Largest single day's transactions in the history of the
Exchange took place on
Friday, Nov. 23, when 6,954.020 shares were traded in.
Month of October
Month of November
The following compilation covers the clearings by months
since Jan. 1 in 1928 and 1927:
MONTHLY CLEARINGS.
Clearings, Total AU.
Clearings Outside New York.
onth.
1928.
1927.
%
1928.
1927.
%
$
$
2
$
n..51,537.529.645 45,198,288,595 +14.0 20.494,049.716 19,636,375,1
25
+4.3
b... 44.605,291.181 40,397,006.347 +10.4 17,781,165.115 17.337,789,024
+2.6
ar __ 55,568,771.916 48,940,295,438 +13.4 20,114,936,827 20,212,540,589
-0.9
t qu_ 151 711 592742 134535 590380 +12.8 58.390.151,658 57,186.704,738
+2.1
The course of bank clearings at leading cities of the
for the month of November and since Jan. 1 in eachcountry
last four years is shown in the subjoined statement: of the
BANK CLEARINGS AT LEADING CITIES.
November
Jan. 1 to Nov. 30-1928. 1927. 1926. 1925. 1928.
1927.
1926.
1925.
$
a
a
$
$
a
a
$
35,716 28,085 22,252 23,477 352,509 289.324
263,640
256,660
3,211 2,949 2,715 2,743 34,530 32,852
2,233 2,523 2,093 2,023 23,557 23,906 31,912
2,587 2,390 2,331 2,372 26,212 25,789 22,868 20,376
26,660 26,382
644
627
589
629 6,906
6,746
6,850
6,929
810
721
752
726
8,603 8,505 8,361
8,035
978
936
762
827 10,480
9,126
8,956
8,570
303
329
441
498
3,570
3,537
5,470
5,294
416
466
721
304
4,822
5,136
3,547
3,382
578
590
621
587 6,657
6,653 6,626
6,385
594
512
504
481
6,285 5,889
5,643
5,474
258
265
255
284
2,652
2,769
2,813
2,864
408
416
381
404
4,024
3,798
3,771
4,042
152
165
138
135
1,754
1,712
1,629
1,575
950
715
697
724
9,458
8,012
8,089
7,680
179
187
183
167
1,988
2,059
2,014
1,884
958
790
711
666
9,840
8,533 8,108
7,192
69
67
61
63
742
660
653
652
181
178
173
180
2,133
1,928
1,834
1,999
255
228
220
245
2,586
2,499
2,287
2,534
146
151
141
143
1,476
1,413
1,472
1,480
1925.
49,781,211
46,597,830
47.778,544
Month of July
August
September
1925.
1926.
188,902,334 127,649,569 126,985,565 112,659.392
Six months
1926.
1927.
No. Shares. No. Shares, No. Shares.
56,919,395
47,009,070
84,973,869
Month of April
May
June
Total
193 cities 573,049,667,511 502,298,079,919 +14.1 476,471,092,550
464,009,522,14
Outside N. Y. City
220,540,323,020 212,973,883,909 +3.6 212,831,490,928 207,349,563,3844
Canada
29 cities 22,340,108,495 18,186,187,424 +22.8 15,910,208,807
14,843,236,379
(000,0000
omitted.)
New York
Chicago
Boston
Philadelphia
St. Louis
Pittsburgh
San Francisco
Cincinnati
Baltimore
Kansas City
Cleveland
New Orleans
Minneapolis
Louisville
Detroit
Milwaukee
Los Angeles
Providence
Omaha
Buffalo
St. Paul
$219,269,000 5261.512,900 $2,699,978,325 82,997,047,
No. Shares.
We append another table showing the clearings by
Reserve districts for the eleven months back to 1925:Federal
Eleven Months,
650 81.961,216.600
695,209,925
770.588.700
169,955,750
265.242,300
76,571.000
20,625,700
The volume
transactions in share properties on the
New York Stock Exchange each month since Jan. 1 for
years 1925 to 1928 is indicated in the following:
193 cities 55,656,588,035 48,237,284,200 +17.5 41,092,508,126
Total
42,794,439,175
Outside N. Y. City
20,940,648,818 23,152,044,911 +3.9 18,840,929,340 19,322,261,092
1928.
54,360,000
11,086,500
7r1J. - 51,757,139,127 45,713.507,044 +13.2 19.717.278,654 19,248,046.3
ay__ 57.933.847,751 43,971,807,058 +31.7 21,228,860.884 19,228,886.693 +2.4
Lite__ 55.276,581.886 47,689,198,950 +15.9 20.537,839,874 19.813.451.629 +10.4
14 +3.7
I qu. 164 987568 764 137 374513052 +20.1 61,483.979,412 58,290.184,
636 +5.5
mos. 316679 161 506 271 910 103432 +16.5 119874 131 070 115
476 889 374
ily _.46,965,124,411 44,236,942,534 +6.2 19.209,666.913
18,790,711.846
L1g_ 45,648,850,820 43.952,370,655 +3.9 18,669,800,913 18.572,783,
43_ 49,412.141,653 45,831.797.890 +7.8 19.309.813,293 19,232,406,2775
01
+3.8
+2.2
+0.5
+0.4
I qu. 142026 116 884 134021 111 079 +6.057.189.281.11966.595.901,822
+1.0
mos. 458 705278 390 405931 214 511 +13.0 177063412 189 172
072 791 196 +2.9
t... 57,687,801,116 48,129,581,208 +19.9 22.536,062,013
20,749,052.802 +13.7
ov .... 56.656.588.00548.237,284.200 +17.5 20.940.848.818 20.152.044.9
11 +3.9
We now add our detailed statement showing the:figures
for each city separately for November and since Jan. lifor
two years and for the week ending Dec. 1 for four years:
CLEARINGS FOR NOVEMBER,SINCE
JANUARY 1, AND FOR WEEK ENDING DEC. 1.
Month of November.
11 Months Ended November.
Clearings al1928.
1927.
$
First Federal Rose rye District-BostonMe.-Bangor
2.407,071
3,456,585
Portland
16,870,335
16,382,099
2,233,317,431 2,522,939,840
Mass.-Boston
7,619,174
Fall River
11,290,839
3,178,395
Holyoke
4,266,759
5,468,469
Lowell
5,577,056
5,846,188
New Bedford
7,134,356
Springfield
28,270,641
23,066,709
16,493,446
Worcester
14,719.573
71,446,707
Conn.-Hartford.- 67,970,994
37,417,016
New Haven
35,172,743
10,471,500
Waterbury
12,160,093
68,813,900
R. 0.-Providence. _ _
66,964,700
N. 55.-Manchester..
3,269.106
4,147,585
Total (14 cities)-
Inc. or
Dec.
1928.
1927.
3
$
-27.8
33,016,904
39,340,307
+3.0
183,467,646
181,709.037
-11.5 23,557,067,876
23,905,705,395
-32.5
78,660,698
96,611,372
-25.5
32.341,048
42,468,823
-0.2
56,955,440
57,638.782
-18.1
62,348,398
59,661.906
+22.6
270,665,780
257,328,007
+12.1
171,027,021
169.817,030
+5.1
825,710,503
751,046,091
+6.4
417,483,753
375,207,957
-13.9
121,088,200
122,200,093
+2.8
741,816,500
659,626,000
-21.2
33,623,078
36,271,174
- 2,510.979,379 2,795,249,931 -10.2 26.585.272.845 26.754.631,9
74
Inc. or
Dec.
-16.1
+1.0
-1.5
-18.6
-23.8
-1.2
+4.5
+5.2
+0.7
+9.9
+ 11.3
-0.9
+12.5
-7.3
Week Ended Dec. 1.
1928.
509,525
4,142,980
515,000,000
1,169,998
1927.
Inc. or
Dec.
819,720 --37.8
4,519,053 -8.3
554,000,000 --7.0
2,145,692 --45.5
1926.
1925.
831,646
4,213,641
502,000,000
2,032,243
781,278
4,236,004
526,000,000
2,469,392
1,036,495
1,038,665
5,444,722
3,037,143
16,553,149
7,289,748
1,281.868
1,244,337
6,163,234
3,634.293
18,588,850
9,037,423
--I9.2
--I6.7
--11.7
--16.4
--10.9
--18.3
1,165,283
1,584,829
6,528,276
3,862,998
16,399,486
7,426.825
1,100,417
1,862,214
6,579,706
3,805.709
15,750,545
7,954,689
13,560,900
777,536
16.602,100 -18.4
1,750,033 -55.6
14,091,300
1,625,287
15,956,700
1,917,509
561.761.814
568.414.163
569.558,861
619.786.603
-8.1
[VOL. 127.
FINANCIAL CHRONICLE
3198
CLEARINGS-(Continued.)
1928.
1927.
Week Ended Dec. 1.
11 Months Ended November.
Month of November.
Clearings at-
Inc. or
Dec.
1928.
1927.
Inc. or
Dec.
1928.
1927.
Inc. or
Dec.
1920.
1925.
$
$
%
a
a
. $
%
$
6,913,685
5,891.644
296,486,336 +4.7
310,530,994
+32.8
1,123,700
1,107,510
60,241,864 +8.8
65,524,412
+12.0
02,014,944
49,799,287
+11.6 2.586.133,167 2,498,686,358 +3.5
997,247
1,026,349
+8.1
49,155,035
53,131,367
+14.9
1,258.645
986,770
66.748,956 -4.0
64.004,690
-4.0
366
7,605,028.
696
+21.8
.
1.010
8,617,151,
289,324,19
4.491
352,509,34
+27.2
59,051,202 +28.7
76.003.418
+2.8
15,721.419
+6.2
13,251,572
664,456,481
705,665,411
+13.6
7.645.256
5,242,041
308,987,892 +3.3
319,231,351
+10.0
3.065,280
4.326.757
185,262,512 +7.0
198,258,736
-13.3
1.331,688
847,750
+1.5
41,634,809
42,239,324
+0.1
165
+11.6
+14.4 1,373,603,027 1,230,715,
48,831,328
41,108,644
+1.9 1,987,567.668 1,924.255,425 +3.3
72,881,697 +8.3
78,944,585
+22.7
4,742 +21.4 8.740.740,020 7.753.931,558
8,641
296,786,75
360.370,27
Total(14 cities).- - 36,456,354,969 28,761,331.831 +26.8
8
$
Second Federal ,e serve District -New York24,264,686
32,223.657
N. Y.-Albany
5.522,700
6,183,093
Binghamton
228.117,600
254,689,879
Buffalo
4,221,497
4,848,928
Elmira
6,015,739
5,776,085
Jamestown
- 35,715,739,187 28,085,239,289
New York
6,706,257
6.958,508
.Niagara Falls
59,172,553
67,233,142
Rochester
28,342,192
31,179,209
Syracuse
19,143,209
16,594,134
Conn.-Stamford._ .3,625,509
3,629,946
N. J.-Montclair.. _
2
109.000.11
7
._
124,789,70
Newark
175,713,137
179,027,569
Northern N.S... _
6,097,291
7,481,925
._
Oranges
%
Third Federal R n; erve District- -Philadelphia--8.9
79,738.320
73,931,784
7.302,279
6,648.795
Pa.-Altoona_ _ _ _J..212.354,982
228.989,809
18,592,248 +2.2
19,007,996
Bethlehem
67,791,322
62,134,312
-7.0
5,852,542
5,441,375
Cheater
225,481,724
223,104,870
19.713,195 +5.0
20,695.767
Harrisburg
107,176,166
3
103,858.36
-24.1
10.109,504
7.669,565
Lancaster
30,916,367
30,082,349
2,705,295 -10.0
2,433,502
Lebanon
44,294,859
47,927,317
4.023,223 +3.8
4,177,636
Norristown
25,789,000,000
,000
26.212,000
+8.2
000
2,390,000,
2,587,000,000
Philadelphia
201,877,403
203,081,471
18,183,304 +3.4
18,797,010
Reading
303,717.288
300,331,492
25,633,241 -1.5
25.241,765
Scranton
193,293,130
6
111.385,18
+13.3
15,921,935
18,038,119
Wilkes-Barre
87.802,532
97,234.144
8,251,705 +3.8
8.563,366
York
129,865,473
8
120,042,82
+0.1
11,036,824
11.057,732
_
N.J.-Camden
3
319,747.11
8
318,202,43
29,383,372 -24.7
22,129,083
Trenton
.679
,363
27.792,856
28,212,306
+7.4
067
Total(14 cities)- --- 2,756,901,711 2,566,709,
nd
Fourth Federal Re serve District -Clevela
308,245,000
335,521,000
26,165,000 +11.7
29,225,000
43h10-Akron
196.258.810
204,606,972
16,731.104 +5.6
17.673.123
Canton
863 3,537,403.866
3,570,454,
-7.8
9
328,753,86
4
303,240,41
Cincinnati
803
312
5,889,381,
6,284,790,
+16.0
2
512,363,83
594.016,130
Cleveland
840,618,000
818.242,600
74,858.400 -5.2
70,965,200
Columbus
43,830,928
54,932,525
+39.0
3,244,179
4,510,207
Hamilton
21,152,771
20,648,196
1,752,994 +11.4
1,952,800
_
Lorain
93,915,311
93,976,006
6,902,768 +13.7
7,845,219
Mansfield
2
260,628,22
9
280.539,85
+17.8
21,452,750
25,279,301
_
Youngstown
34,490,056
34,328,319
3,073.097 -8.7
2.805.190
Pa.-Beaver Co_ - _ _ 14,631,410
12,550,047
-24.7
1,167,833
879,280
Franklin
68,403.175
77,385.408
5,266,152 +28.6
6,668.617
_
Greensburg
721,171,648 +12.4 8.602,558,394 8,505,421,751
810,268,674
Pittsburgh
88,155,510
93,178,152
-15.3
8,760,277
7.422.188
_
Ky.-Lexington _
203,459,105
233,477,365
20.468,975 +22.1
24,989.573
W. Va.-Wheeling .
+8.9 20,717,188,018 ,20,105,995,718
Total (15 cltieS) -- _ 1,907,738,916 1,752,132.878
nd
Fifth federal Res erve District -Richmo
62,425,580
58,896,280
5,665,634 -7.8
5,225.403
W. Va.-11unt'g'n_ _ 279,497.861
244.665,033
-15.6
26,633,309
22.469,791
Va.-Norfolk
684
149
2,298,794,
2,105,844,
-9.3
7
236,410.61
214,381,000
Richmond
127,445.719
119,801,386
13.240,902 -6.0
12.447,378
N. C.-Raleigh - - _ _
1
111,114,496
108,077,83
-7.3
11,172,902
10,353,211
S. C.-Charleston .._ 96.603,678
102,981,090
10,067,579 +2.0
10,273,031
Columbia
465.916,702 -10.7 4,822,119.292 5.135,566,737
415,971,353
Md.-Baltimore....._ 23,580,933
22,527,899
-3.8
2.064,430
1,985,782
Frederick
38,935,339
39,209.768
3,620,923 -4.8
3,446,418
Hagerstown
1,305,744,191 1.262,316,172
+7.4
4
114,264,13
5
_
122,706,24
D. C.-Washington.
889,057,132 -7.9 8.929.666.919 9,436,281.199
819,259,612
Total (10 cities) -- Sixth Federal Res erve District- -Atlanta
388,912,767
404,514,645
36,942,828 +2.9
37,996,948
Tenn.-Chattanooga
156,147,780
156,407,256
13,971,142 -9.7
12,753,900
Knoxville
421
1,093,150.
192
1,074.120,
106,871,877 -7.3
99,034,066
Nashville
424 2,445,380,129
2,412,855,
+1.7
1
242,942,00
1
247,099,83
.Oa.-Atlanta
3
103,474,51
93,371,891
+9.1
9,066,716
9,894,580
Augusta
51,150.474
53.718.397
4,619,243 +18.6
5,478,020
.
Columbus
5
0
104,204,17
111,213,78
+33.3
9,529,799
*12,700,000
Macon
922,305,893
762,273.895
71,036,245 -11.6
62.799,878
Fla.-Jacksonville_ _.
243,426,884
132,388,000
-38.7
15,028,000
9,211,000
Miami
217,481,431
168,309.721
16,889,392 -17.3
13,141,853
.
Tampa
118.834.015 -4.8 1,169,421,204 1,214,654,966
113,132.759
Ala -Birmingham._.
92,628.970
85,777.066
+31.6
7,438.493
9,791,612
Mobile
79,881,039
79,644,080
7,984,920 +0.8
8,052,447
.
Montgomery
85,397,151
82,824,000
+4.2
7,014,100
7,310,000
.
Miss.-Hattiesburg 87,377.704
99,858,613
+24.5
8,378,000
10,419,653
Jackson
47.200,075
41,901,391
4,172,990 -5.8
3,929,037
Meridian
20.049,955
20,272,842
+7.7
1,920.016
2,067,018
Vicksburg
431
2,768,761,
307
2.851,773.
264,619,365 -2.4
258,163,017
La.-New Orleans .
,768
504
10,121,675
9,600,645,
-2.5
2
948.250,94
922,975,419
Total(18 cities)-.
-Seventh Federal L eserve Distric t-Chicago
1,153,047
1.091,051
Mich.-Adrian
3,857.141
4,072,398
Arbor
Ann
714,655,836
949.738,009
Detroit
14,555,949
17.590,137
Flint
32.921,617
37,785,945
_
.
Grand Rapids...
7,539,196
9,004,102
•
Jackson
12.690,211
13,555,977
•
Lansing
14,394,201
15.134,188
Ind.-Ft. Wayne_ _ _ .
26,233,962
25,225,966
•
Gary
100,802,000
105,964,762
Indianapolis
13,612,689
14.052,794
South Bend
24,010,703
22,068.541
•
Terre Haute
15,303.137
14,243,711
•
Wis.-Madison
187,112.442
179.122,550
•
Milwaukee
4,446,818
4,607,263
Oshkosh
11,483,455
11,967,490
Iowa-Cedar Rapids.
47,879,464
51,884,917
Davenport
41,721,697
39,221,473
Des Moines
2,213,736
2,247,113
Iowa City
24,116,201
25,755,728
Sioux City
5,431,265
8,262,038
Wategloo
5,998,710
5,746,644
111.-Aurora
7,312,780
7,666,742
Bloomington
3,211.133,383 2,948,630,682
Chicago
5,673.929
6,178,688
Decatur
20,373,037
23,172,438
Peoria
14,628,828
15,137,388
Rockford
9.993.475
11,560,917
Springfield
-7.3
+7.8
-8.3
-1.1
-3.1
-2.7
+8.2
+1.6
+0.6
-1.1
-1.0
+11.0
-7.6
-0.5
7,686,360
7,950,270
-14.8
1,096,700
1,105,600
-1.4
59,524.806
57,264.610
-19.7
1,059,189
1,052,807
+2.9
1,379.919
1,079,191
-21.6
+13.3 5,988,346,687 .383,270.594
-15.7
-32.4
+41.2
-36.3
16,557,024
7,447,958
3,050,706
1,419,507
15,978,571
6,334,435
3.246,586
1,788,600
-16.0
_
47,265,381
42,039,443
+12.7 6,132.563,741 6,523,405,003
1,482,484
4,779.070
1,039,442
1,605,439 -7.7
4,758,160 +0.4
1,293,481 -19.8
1,765,655
4,160,695
1,626,597
1,755.474
4,075,287
1,482,049
1,541,387
1,947,354
--2-6.8
1,863,474
2,517,622
630,000,000 -13.5
4,782,700 -13.6
6,722,415 +8.7
4,000,350 -6.1
1,985,474 -13.5
614,000,000
5,109.463
6.639,474
4,612,809
1.868.036
608,000,000
4,869,381
6.179,130
4,111.146
1,886,719
545,000,000
4,132,526
5,197,949
3,675,512
1,717,277
7,192,809
4,469,522
-8-7:6
6,684,496
6,685,206
642,161,994
+1.5
573,035,169
664,288,182 -13.7
648.330,699
+8.8
+4.3
+0.9
+8.7
-2.7
+25.3
-2.4
+0.1
+7.6
-0.5
-14.2
+13.1
+1.1
+5.7
+14.8
6,814.000
3,393,643
63,214,894
120,409,930
14,776,100
6,250,000 +9.0
3,603,417 -5.8
82,104,843 -23.0
133,587,963 -9.9
18,802,800 -21.4
6,230,000
3,645,697
80.856,311
129,914,613
19,145,800
5,958,000
3,894,214
77,693,855
122,263,131
16,815,800
1,421,188
5,169,981
1,659,562 -14.4
5,822,531 -12.2
2,242,171
5,271,199
1,941,461
4,883,335
173,141.410
185.131.388
-6.6
190,380,213
200,506,378
+3.0
388,341,146
436,962,304 -11.1
437,692,004
433,956,174
-6.0
-12.5
-8.4
-6.0
-2.7
+8.6
-6.1
-4.5
+0.7
+3.4
1,115,195
5,091,593
44,730,000
1,596,915 -30.2
8,393,404 -39.3
58,200,000 -23.1
2,069,361
10,958,462
55,650,000
1,882.533
13,250,540
65,527,000
24,535,114
27.974,633 -12.2
31,494,146
31,752,107
-5.4
161.789,867
218,998,575 -16.1
222.990,357
264,007,517
+4.0
+(LI
-1.7
-2.3
-9.8
+5.0
+6.6
-17.4
-45.8
-22.6
-3.7
-7.4
-0.3
-3.0
+14.3
-11.2
+1.1
-4.2
7,066,424
2,414,375
19,478,412
50,457,837
1,913,209
7,449,571 -5.1
3,330.792 -27.5
23,296,064 -18.4
60,495,237 -16.6
1.974,759 -3.1
7,724,678
3,000,000
22,665,987
53,652,274
2,289,996
7,327,000
3.362.134
23,550,318
82,031,162
2,217,140
v2.800,000
12,855,270
1,900,000
2,223,287 +25.9
16,950,084 -24.2
3,808,000 -50.0
2,159.121
23,709,505
9,005,395
2,067.659
37,296,956
23,928,960
21,318.048
2,398,140
28.408.318 -24.2
1,033,250 +46.8
27,076,121
2,285,244
29,340,287
2,699,357
-8.7
1.707,000
2,100,000
516,436
54,544,443
385.964 +33.8
69,584,397 -21.6
473,816
43,387,654
508.525
71,958,371
-5.2
179,174,594
221,178,723 -19.0
199,136.761
288,385.869
+6.0
-9.7
-9.7
+14.9
+8.1
+14.7
+16.2
+17.9
-4.0
+0.1
+1.5
-8.5
-1.3
-3.5
+2.8
+3.7
+16.6
+1.0
-1.1
+11.3
+9.9
-15.3
+15.5
+5.1
-3.8
+12.0
+4.6
+4.4
170,013
991.604
205,134,566
238,353 -26.1
1,130,316 -12.2
168.551,566 +21.7
264.657
1,392,007
162,892,008
255,059
1,330,108
174,117,883
11,897.750
12.610.712
-5.4
50.894,714
45,939,221
+5.6
+32.9 9,457,990,882 8,011,899,556
163,227,370
187,617,005
+20.8
377,918,921
408,390,809
+14.8
87,081,997
99.861,412
+19.4
131,189.836
152,466,538
+6.8
142.883,881
158,400,513
+5.1
284.938,654
273,627.585
-3.8
+5.3 1,109,271,235 1,104,312,914
146,459,029
148,706,344
+3.2
276,772,375
253,348,828
-8.1
173,747,037
171,387,013
-6.9
-4.3 1,987,753,390 2,059,383,181
47,694,874
49,042,910
+3.6
135.025,995
140,031.801
+4.2
0
2
487,647,03
568.508,82
+7.9
473,248,890
478,100,236
-6.0
23,820,979
23,560,917
+1.5
298,393,059
332,026,737
+6.8
61,839,870
67,277,013
+15.3
75,883,913
64,239.423
-4.2
76,936,028
88,845,667
+4.8
+8.9 34.529,955,943 32,852,419,887
65,486,589
62,974,358
+8.9
232,281,927
260,063,568
+13.7
164,508.641
172.075,862
+3.5
125,269,531
130.738,484
+15.7
2,067,929
2,219,892
-6.9
2,251,894
2,862,318
84,230.036
120,613,931
---30:2
120.266,494
148,733.019
1,514,000
1.659.000
7,906,199
8,169,094
-3.2
8,336,225
8,947,697
2,710.052
3,123,649
2,481,982 +9.2
3,835,346 -18.5
2,531.066
3,116,333
2,563.736
2,715,999
19,675.000
2,538,100
4,467,076
23,118,000 -14.9
2,823.900 -10.8
5,187,793 -13.9
21,064,000
3,124,014
5,162,404
20,849,000
3,632,900
4,907,543
35,803,791
45,312,513 -20.0
0,000,000
42,269.177
2,387,810
2,980.290 -19.9
3,799,844
2,790,899
7,469,242
10,611,234 -29.7
13,135,108
12,259.497
4,995,993
1.195.169
5,821,534 -14.2
1,245,592 -4.0
6,155,336
1.343,385
7,113,865
1,306,233
1,579,509
712,288,816
1,370,639
4.673.170
3.383.682
2,281,576
1,680,163 -6.0
724,750,044 -1.7
+7.5
1,254,048
5,171,437 -9.4
3,943.091 -14.2
2.520,061 -9.5
1,890.510
736,968,698
1,250,704
5,107,154
3,317,634
2,860,483
1,734,311
687,257.065
1,295,928
5,765,355
3,290,701
2,487,686
+0.3 1,023,764,845
986,990,438
+6.8 1,024,151,656 1,020,826,357
212 +11.9 51.434,813,208 48,142,464,208
Total (29 cities) --- 4,830,992,353 4,318,544,
5,993,682
4,792.935
Eighth Federal R serve District -St. Louis
279,501,540 -15.9
235,083.375
24.595,843 -2.1
24.082,060
_
8,961,338 -8.1
Ind.-Evansville
8.223,110
717.388 +15.7
830,094
0 152,500,000
130.400.00
+2.4
280
131
New Albany
6,745,815,
6,905,782,
626,594,292 +2.8
39,139,736
643,938,941
30,316,165
+2.5
Mo.-St. Louis
185,122,889 -7.8 1.754,373,086 1,711,954,476 +3.8
152,203.203
318,301
395,783
Ky.-Louisville
17,548,458
18.207,801
1.474,362 +2.7
1,514,604
+2.2
0
3
Owensboro
106,452,69
108,841,56
+3.0
9,061,531
9,361,679
32,805,464
30.906,623
430 1.079,813,602 -3.2
Paducah
1.042,617.
+6.2
6
133,328,90
141,539.115
16,502,310
17,250,929
Tenn.-Memphis_ _ _
668,255,689 +1.0
674,985,216
78,864,385 -1.8
77.446,928
358,495
299.738
Ark.-Little Rock_
18,359,182 -9.0
16.710,373
1,479.665 -5.2
1.403,107
1.496,168
1,198,540
-0.3
.-Jacksonville_ _ _ _
72,211,594
72,432,425
-6.7
6.319,279
5,893,187
Quincy
,679 10.706.094.680 +1.2 218.635.453 248.041.418
1.05g 212 Olg 1.1147.MR.340 +1.0 10,837.015
Total(10 cities)-
-20.0
4,992,429
5,144,523
-14.5
-22.5
-19.6
145,500,000
31,199,865
394,251
164,100,000
38,080,530
527,738
+6.1
-4.3
-16.4
-19.9
25,603.117
16,801.026
372,509
1,651,235
21,800,133
17.522,059
487,539
1,654,594
-12.7
226.514.432
249.297.326
PlITAXCIAL CARON-TOLE
Bite: 8 1928.1
3199
CLEARINGS.-(Concluded.)
Clearings at
1928.
1927.
Inc. or
Dec.
1928.
1927.
8
$
Inc. or
Dec.
1928.
%
$
$
$
%
Ninth Federal Res erve District- -Minneapolis59,360,991 -19.2
47,982,213
Minn.-Duluth
-2.0
416,482,097
408,026,991
Minneapolis
2,700,964
2,678,068 +0.9
Rochester
151,161,381 -3.7
145,514,729
St. Paul
9,421,391
9,293,835 +1.4
No.Dak.-Fargo
6,981,000 -4.7
6,653,000
Grand Forks
2,444,434
1,363,614 +3.4
Minot
6,578,195 -2.1
6,437,919
B. D.-Aberdeen-5,865,486 +19.7
7.020,446
Sioux Falls
3,710,310 +10.6
4,102,549
Mont.-BMW,
6,285,187 +23.2
7.741,882
Great Falls
16,403,266 +10.8
18,174,991
Helena
1,119,751 -7.9
1,030,845
Lewistown
401,146,213
4,023,724,427
30,066,917
1,476.094,746
94,487,210
66,028,000
20,582,313
66,386,097
78.690.448
35,218,323
82,813,150
166,975,683
8,767,453
424,298,547
3,798,078.539
29,395,250
1,413,222,848
89,763,208
66,122,000
15,985,149
61,005,597
76,515.310
31,474,672
50,279,926
148,367,976
8,269,253
-5.5
+5.9
+2.3
+4.4
+5.3
-0.1
+28.8
+8.8
+2.8
+11.9
+24.9
+12.5
+6.0
-2.9
8,530,980,980
6,212,778,275
19,177,424
26,298,989
228,285,211
2,133,417,895
99,866,679
177,474,270
440,665,204
63,917,202
6,657,482,929
335,998,906
Total(13 cities) _ ---
667,252,354
687,283,181
Eleventh Federal Reserve Distr ict-Dallas7,832,075
7,836,665
Texas-Austin
8,321,000
8,490,000
Beaumont
259,541,248
268,579,277
Dallas
24,602,349
28,548,692
El Paso
67.617.760
70,398,000
Fort W0rth
36,231,000
31,780,000
Galveston
156,631,541
169,883,839
Houston
2,853,228
2,449,133
Port Arthur
2,959,413
3,751,778
Texarkana
10,800,000
12,015,000
Wichita Falls
25,835,615
24,144,327
La.-Shreveport
8
35,128,903 -17.1
2,097,792 -15.4
32,597,498
2,011,241
36,270,074,
2,190.616.
1,237,376
1,438,402 -14.0
1,485,371
1.640,202,
717,337
817,997 -12.3
785,585
801,886.
3,500,000
3,898,000 -10.2
3,456,074
4,001,242:
+5.1
125.088.450
150.121,521 -16.7
128.343,933
168,542,005,
18,936,634
22,367,540
232,010,919
1,928,071,141
110,843,394
155,027,277
387.328,587
74.727,295
6,653,116,847
308,603,025
666,406
1,416.618.763
547,100,288
58,783,793
1,580,996,175
63,525,386
+1.2
+17.6
-1.6
+10.6
-9.9
+14.5
+13.8
+14.5
+0.1
+8.9
283,090
416,881
3,804,895
34,127,242
352,963
506,069
5.282,489
41,423,321
-25.5
-17.6
-28.0
-17.8
372,757
468,007
4,891,322
40.710,876
2,809,866
7,594,302
2.881,465
8,036.071
-2.5
-5.5
3,016,029
8,235,588
232,212;
708,707
5,547,482'
47,430,381
_
3,620,588
8,479,288
115,070,449
5,159,733
140,721,109 -18.2
6,710,951 -23.1
158,653,374
6,801,345
146,015,543,
7.732.006.
+0.4
+4.4
+9.8
+7.2
+10.8
32,617,946
26,513,272 +23.0
30,211,160
31,230,111
+8.1
a
+6.3
840,174
a
1,363,851
1,193,074
a
1,291,134
-0.5 14,005.851.833 13,558,723,390
+3.3
204,064,803
239,499,819 -14.8
253,562,487
253,473,508
1,422,664,206
570,938,854
64,526.176
1,694,758,881
70,383,757
788,104
a
1,412,295
5,970.860,108
+0.6
Twelfth Federal It eserve Distric t-San Franc isco39,324,000
3,717.000 -7.6
3,433,000
Wash.-Belling'm _
199,994,696 +2.9 2,324,045,095
205,809,836
Seattle
640,224,000
57,987,000
59,270.000 -2.2
Spokane
74,584,193
9,004,286 -3.2
8,733,702
Yakima
61,106,373
-4.6
6,515,42
6,215,309
Idaho-Boise
23,154,856
2,000,000 +15.5
2,309,000
Ore.-Eugene
181,420,556 +2.1 1,816,507,280
185,266.683
Portland
85,216,295
9,876,023 -3.1
9,564,984
thah.-Ogden
860,466,827
83.521.802 -0,2
83,380.649
Salt Lake City
34,667,656
2,902,159 +22.9
3,566,464
Nev.-Reno
176,481,000
15,179,000 +33.0
20,181,000
Aris.-Phoenix
62,603,249
6,082,438 +18.7
7,221,911
Calif.-Bakersfield241,581,617
23.836,109 -9.2
21,63,491
Berkeley
184,191.773
27,873,654 -22.2
21,195,410
Fresno
387,990,180
35,930,331
Long Beach
30,457,348 +18.0
957,764,000
789,656.000 +21.3 9,839,590,000
Los Angeles
45,797,161
4,069,613 +13.1
4,603;942
Modesto
+9.9
76,863,39
84,485,770
945,947,009
Oakland
28,304,573 +4.6
327,498,239
29,618,552
Pasadena
49,343,128
3,933,836 -7.0
3,660,351
Riverside
352,345,639
32.060,933 -5.3
30,355,264
Sacramento
271,248,672
23,234,424 +11.3
25,869.482
San Diego
977,764,818
935,535,780 +4.5 10,481,340,159
San Francisco
14,415,002 +23.9
17.854,014
159,608,126
San Jose
83,421,746
7,506,033 +13.3
8,503,866
Santa Barbara
8,492.222
8,858,150 -1.9
104,612,460
Santa Monica
2,367,712 -2.5
2,307,780
24,683,378
Santa Rosa
11.494,400 -3.6
11,076.700
123,935,200
Stockton
43,063,000
2,155,040,739
600,413,000
68,873,774
56,853,004
23,859,750
1,812,282,125
77,157,385
822,122,859
32,364,974
137,041,900
60,248,691
238,310,110
205,847,687
335,239,900
8,533,045,000
41,617.840
877,248,185
319,841,675
53,010,528
363,721.702
287,593,847
9,126,181,675
134,136,320
70.714,770
104,110,893
23,837,064
129,245,600
-8.7
+7.8
+6.6
+8.3
+3.8
-3.0
+0.2
+10.4
+4.7
+7.3
+28.8
+3.9
+1.4
-10.5
+15.7
+15.3
+10.0
+7.8
+2.4
-6.9
-3.1
+1.4
+14.8
+19.0
+18.0
+0.5
+3.6
-4.1
+9.1 29,820,515,291 26,712,963.178 +11.6
742,782
a
1,328,326
1,594,262 +16.9
1,649,211
2,061,217
58,608,585
-3.3
57,398,345
62,419,387
14,065,112
7,122,973
15,270,529
7,362,000
-7.9
-3.4
18,159,131
12,918,001
18.410,159
14,740,000
5,290,010
5,250,756
+7.0
5,521,866
5,903.365
85,026.967
88,086,132
-34
95.646.572
103,534.128
45,426,398
12,117,000
1,794,170
49,790,929 -8.8
14,504,000 -18.5
2,104,208 -14.3
47,202,744
12,841,000
1,758,827
47,765,558
14,070.000
2,170,523
38.634,539
42,272.688 -18.6
45,585,077
42,301,692
19,397,211
24,864,674 -22.0
22,826,783
26,677,191
4,132.255
8,056,158
195,665,000
6.246,653 -33,8
7,645,948 +5.4
190,172,000 +2,9
6,141,191
7,414,007
180.053.000
6.649.966
8.037.026
174,239,000
18.899,864
6,081,259
5,287,559
5.057,426
203,148,000
3,303,903
1,761,921
1,751,904
19,023,435
6.576.250
-0.7
-7.5
6,633,404 -20.3
5.450,508 -7-.2
240,313,000 -15.5
3,968,668 -16.7
1,781,833 -1.1
2,172.339-19.4
20,447,008 ' 25,488,252
6,624,410
6,709,011
9,803.609
6,546,706
202,018,000
3.157,575
1,489,995
2,419,407
10,737,158
6,331,710
215,600,000
3,235,000
1,885,450
2,115,715
1,921,600
2,127,000
-9.7
2,392.200
2.910,700
572.434,167
625,645.537
-8.5
578,499.339
597,923,950
Grand total(193 cities) 58.656,588,005 48,237,284,200 + 17.5 573,049,667,511 502,298,079,919 +14.1 12790019,153 12287366.727
+3.9 220,540,323,020 212,973,888,909
-
56.685,808
1,863,064
6,005.132,430
Outside New York_ - - 20,940,848,818 20,152,044,911
•
29,137,587
1,774,252
+4.0
Total(28 cities) _ _ _ _ 2,835.284,321 2,599,750,373
$
12,739,397;
108,899,688.
77,292,305 +12.1
94,019,000 -0.4
2,410,583,425 +4.7
230,036,364 +15.8
594,434,107 +1.1
409,872,000 -32.3
3.1
1.701,870,514
10.0
29,615,396
31,573,393 -3.6
134,944,274 -9.8
256,819,330 +6.2
603,341,606
1925.
%
6.202,232
81,825,934
86,646,013
93,614,000
2,524,040,578
265,985,093
657,109,147
277,355,000
1,648,811,129
28,639,385
30,447,827
121,724.013
272,754,965
627,580,634
1926.
$
10,534,133 -10.3
96,206,294 -17.6
+0.1
+2.0
+3.5
+16.0
+4.1
-12.3
+8.5
-7.7
-21.1
-10.1
+7.0
Total(12 cities).-
1927.
Inc. or
Dec.
9,457.717
79,262,181
Tenth Federal Res erve District- -Kansas City1,578,551 -5.6
1,490,196
Neb.-Fremont
1,721.038 +30.2
2,240,496
Hastings
20,133,942 -12.9
17,535,117
Lincoln
177,598,050 +1.9
181,058,237
Omaha
9,618,201 -7.6
8,891,844
Kan.-Kansas City- 13,229,640 +11.3
14,723,605
Topeka
33,337,050 +9.6
36,525,701
Wichita
6,368,198 -9.6
5,755,389
Mo.-Joplin
589,501,696 -2.0
577,595.499
Kansas City
26,440,635 +4.0
27,501,958
St. Joseph
Okla.-McAlester_
154,004,705 -8.5
140,953,914
Oklahoma City50,191,656 +14.7
57,570,977
Tulsa
5,603,472
5,817.611 -3.7
Colo.-Colo. Springs_
178,493,214
174.132.733 +2.5
Deaver
6,371,000 +12.0
7,135,800
Pueblo
Total(16 citie6)---- 1,263,075,419 1,270,044,707
FF•
Week Ended Dec. 1.
11 Months Ended November.
2fonth of November.
+41 10508782,414 11098097.973
+3.6 4,172,867,457 4,682.338.361 -10.9 4,520,435,727 4,714,827,379
CANADIAN CLEARINGS FOR NOVEMBER, SINCE JANUARY 1, AND FOR 'WEEK ENDING NOV. 29.
i
Month of November.
Clearings at1928.
S
789,430.280
751,937,803
405.227,118
99.999,439
45,907,943
36,266,488
16,886,258
30.711,472
65.169,034
13,865.634
11,582,707
16,118,327
32,800,516
37,890.582
4,725,351
3,834,557
14,748,039
8.013,318
5.909.331
6,236,971
4,029.557
3,153,507
4,447,988
4,591,356
6,017,088
26,986,548
2,632,695
4,561,118
4,180,302
4,733,734
3,842,998
1927.
11 Months Ended November.
Int. or
Dec.
1928.
1927.
Week Ended Nov. 29.
Inc. or
Dec.
1928.
9127.
$
7.340,512,962
7,006,465,746
3,133,476.252
1,010,750,152
391,886,765
327,304,518
169.044,586
309,286,454
599,797,371
136,934,949
122,361,141
164,912,989
317,490,491
281,895,598
35.045.682
37,236.147
125,477,744
66,191,881
86,327,956
53,938,562
40,884,133
24,033,424
44,524,841
46,176,238
60,098.800
245,217,070
22,772,621
44,370,486
42,327,319
39,187,008
34,198,629
$
5,646,252,806
5,760,015,639
2,443,693,785
834,835,289
333,193,927
311,554,087
146,992,703
268,923,227
382,083,246
120,905,808
106,497,677
151,603,725
266,086,155
222,143,265
28,532,846
28,358,556
96,976,176
62,185,081
56,835,969
58,604.660
38,602,541
15,642.485
40,988,635
43,344,248
54,890,735
220,217.108
18,474,702
41,278.875
38,616,304
37,816,094
32,919,507
%
+23.4
+21.6
+28.2
+21.1
+17.6
+5.1
+15.0
+15.0
+57.0
+13.3
+14.9
+8.8
+24.5
+26.9
+22.8
+31.3
+29.4
+6.4
+16.6
+15.7
+5.9
+53.6
+8.6
+6.4
+9.5
+11.4
+23.3
+7.5
+9.6
+3.6
+3.9
5
$
185,371.286 213,287,499
175,811,076 167,778.587
96,214,335
95,497,879
21,744,654
21,055,651
9,162,415
8,553,062
8.880,215
7,803,723
3,762,792
2,950,229
7,575,064
5,931,348
14,670,558
13,340,432
3,031,499
2,739,419
2,409,022
2,038,338
3,338,221
4,480,526
6,795,792
6,926,823
6,347,504
6,924,785
850,131
774,208
707,812
870,656
3.086,043
3,153,550
1,573,241
1,826,429
1,290,990
1,504,339
1,105,082
1,366,027
912,345
797.240
373,377
488,554
878,239
897.118
951.926
929,732
1,456,046
1,299,705
5,034,381
6,487.780
542,393558,049
968,265
971,282
809.433
994,518
1,154.501
656,954
814.612
613,980
m,...1 ell Mtbaal
2.466.218.057 2.233.12R.004 -1- lo• 22.340.108.495
a Manager refuses to report weekly clearings. •Estimated,
1R_IRA ISM 49,1
-1-99 0
568.739.016
• CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
•
Moose Jaw
Brantford
Fort William
New Westminster_ Medicine Hat
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert
Moncton
Kingston
Chatham
Sarnia
$
713,005,433
666,534,339
391,420,008
87,011,433
36.186,236
33,192,553
17,018.440
26,821,651
59,388,788
11,640.435
9,127,312
18,438,602
31,224.763
33,131,980
3,783,502
4,269,606
12,025,123
8,384.827
5,632,192
5,312,804
3,417,828
2,453,476
4,174,407
4,044,411
8,047,349
22,455,831
2,193,800
4,258,454
4,300,030
4,581,827
3,872,544
%
+10.7
+12.8
+3.5
+14.9
+17.2
+9.3
-2.0
+14.5
+9.8
+19.1
+27.0
-12.6
+5.0
+14.4
+24.9
-10.2
+22.6
-4.4
+4.9
+17.4
+17.9
+28.5
+6.8
+13.5
-0.5
+20.7
+20.0
+7.1
-3.2
+3.3
-0.8
583.098.636
Inc. or
Dec.
1926.
1925.
$
%
$
-13.1 137,910,201 215,452,848
+4.7 112,130,441 172,533,265
+0.8
82,210,138 101,542,696
+3.3
18,021,703
19,338.975
6,813,761
+7.1
7,323,671
-12.1
7,752,713
10,695,644
+27.5
3,903,649
2.798,961
+27.7
5,580,089
6,384,284
+10.0
10,207,428
10,861,397
+10.7
2,418,487
2,626,117
+18.2
2,066,983
2,023,225
-25.5
3,002,692
2,932,986
-1.9
4,633,795
5,892,496
-8.3
6,042,572
6,395.031
+9.8
742,329
837.205
-18.7
673,875
741.273
-2.1
2.312,290
3,024,251
-13.8
1,677,138
1,841.904
-14.2
1,221,615
1,104,627
-19.1
1,508,134
1,197,892
+14.4
768.916
835,354
-23.3
302,418
377,590.
+2.4
913,078
828,841
-17.6
870,034
811,326
+12.0
970,685
1,039,686
+28.9
4,163,552
3,373,147-2.8
476,385
476.386
-0.3
923,476
1,050,306
-18.8
749,427
820,410
+75.6
700,158
+32.7
574,902
-2.5
424.591.816
582 Sit
sta
[vol.. 127.
FINANCIAL CHRONICLE
3200
THE ENGLISH GOLD AND SILVER MARKETS.
ntuvercial a ad Wti5Cetlaueo u 'Aviv's
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Breadstuffs figures brought from page 3273.-All the
Nov. 21 1928:
statements below regarding the movement :of grainGOLD.
receipts, exports, visible supply, &c. are prepared by us
The Bank of England gold reserve against notes amounted to £161,435,700
' Produce Exchange.
the New York
on the 14th inst. (as compared with £163.744,585 on the previous Wednes- from figures collected by
day), and represents an increase of £7,529,475 since April 29 1925-when First we give the receipts at Western lake and river ports
resumed.
was
an effective gold standard
for the week ending last Saturday and since Aug. 1 for
About £720,000 bar gold (670,000 from South Africa and £50,000 from
West Africa) was available in the open market this week. £455,000 was each of the last three years.
secured for a destination not disclosed, £168,000 for Germany, £79,000
for the Home and Continental Trade and £20,000 for India.
0",The following movements of gold to and from the Bank of England
have been announced, showing an efflux of £385,000 during the week
under review:
Nov. 15. Nov. 16. Nov. 17. Nov.19. Nov. 20. Nov.21.
Nil
Nil
Nil
Nil
Nil
Nil
Received
1‘,11
Nil £19,000 £43,000
£304,000 £19,000
Withdrawn
Of the £375,000 bar gold withdrawn about £330.000 was for Germany,
and the £10,000 in sovereigns for Holland.
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 12th instant to mid-day on the 19th inst.:
Exports-
Imports-
Irish -Free State
British South Africa
Other countries
£404,604
58,329
22,752
42,800
12.521
300,305
10,250
1,767,600
56,006
20,832
£183,064 Poland
153,470 Germany
1,025 France
Switzerland
Netherlands
Belgium
Austria
U. S. A
British India
Other countries
£2,695,999
£337,559
The following was the composition of the Indian Gold Standard Reserve
on Oct. 31 1928:
Nil
In India
In England:
£4,884
Cash at the Bank of England
2,152,334
Gold
5.890,66
British Treasury Bills--value as on Oct. 31 1928
Other British & Dominion Government Securities-value as
31,952,113
on Oct. 31 1928
£40,000,000
Following are the balance of trade figures for India, in lam of rupees,
for October last:
2,164
Imports of merchandise on private account
2,951
Exports, incl. re-exports, of merchandise on private account
128
Net imports of gold
97
Net imports of silver
Net imports of currency notes
568
Total visible balance of trade-in favor of India
619
Net balance on remittance of funds-against India
On the 15th inst. the Imperial Bank of India raised its rate of discount
from 5 to 6%.
SILVER.
The silver market has been lacking in interest and business has mostly
consisted of the prolongation of contracts falling due.
A few buying orders have been received from China and the Indian
Bazaars, but the small demand has been easily satisfied. American operators have been content to meet enquiry without pressing supplies upon a
somewhat unwilling market.
Movements in the quotations have been insignificant, the variation
during the past week being only Hd.
Prompt silver was yesterday quoted at lid. discount as compared with
that for two months delivery, but to-day the difference of 1-16d. was
re-established.
It is reported on good authority from Bombay that preparations are
being made for the establishment at the Bombay Mint of a modern refinery
for the treatment of silver on a large scale. Meanwhile, by order of the
Government of India, all coinage operations are being transferred to the
Mint at Calcutta.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 12th inst. to mid-day on the 19th inst.:
Imports-
France
IL S. A
Irish Free State
Other countries
Exports-
£38,800
21.950
48.880
204,600
71,550
16,445
£68,816 Germany
29,062
20,000 Egypt
13,763 China
British India
Other countries
£402,225
£131,641
INDIAN CURRENCY RETURNS.
Nov. 15. Nov.7. Oct. 31.
(In lacs of rupees)18466
18402
18365
Notes in circulation
10683
10608
10571
Silver coin and bullion in India
Silver coin and bullion out of India
Nio.
297
2976
India
in
bullion
Gold coin and
Gold coin and bullion out of India
..
TI§S
423
4233
Securities (Indian Government)
574
585
585
Securities (British Government)
The stock in Shanghai on the 17th inst. consisted of about 60,600,000
ounces in sycee, 86,200,000 dollars and 5,120 silver bars, as compared
with about 60,600.000 ounces in sycee, 84,600,000 dollars and 6,980 silver
bars on the 10th inst.
Quotations during the week:
-Bar Silver, per Oz. Std.Cash.2 Mos.
Quotations-
2634d.
Nov. 15
2634d.
Nov. 16
26 13-16d.
Nov. 17
26Hd.
Nov. 19
26 11-16d.
Nov. 20
26 11-164.
Nov. 21
26.739d.
Average
to-day
for cash and
quotations
silver
The
same as those fixed a week ago.
Bar Gold
per Oz. Fine.
848. 1134d.
26 13-16d.
848. 11 d.
26 13-16d.
848. 11d.
263'8d.
84s 1134d.
26 13-164.
845. 1134d.
26 13-164.
84s. 11 H d.
2634d.
845. 11.5d.
26.812d.
two months' delivery are the
ENGLISH FINANCIAL MARKETS-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Fit,
Thurs.,
Wed.,
Mon.,
Tues.,
Sat.,
Dec. 7.
Dec.6.
Dec.5.
Dee. 3.
Dec.4.
Dec. 1.
265-16
2631
269-16
9-16
2654
2634
Silver. per oz.d. 26
Gold, p.fine oz.848.1150. 84s.1134ti• 84z.1155d. 845.1130. 84s.11 Ad. 84s.11 Md.
56
x56
56
5634
- - -Consols,234% - --- --102
102
102
101%
British 5%-- -- -_
- -- 9834
9834
9834
9834
British 4 A%- - - - -
French Rents
an Paris) _if_
French War L'n
fin Paris) _fr_ _ _ - -
65.50
65.50
65.30
65.30
65
92.40
92.55
92.50
92.35
92.85
The price of silver in New York on the same days has been:
Silver In N.Y., per oz.(as.);
5734
5734
Foreign
z Ex-dividend.
5734
573
5734
5734
Receipts at-
Wheat.
Flour. I
Oats.
Corn,
1
1 Barley. I
Rye.
bbls.196Ibs. bush.60 lbs.lbush. 56 lbs. bush. 32 l6s.lbush.481bs.'bush.561bs.
116,000
215,900
520,000
245,000 2,888.000
Chicago
240,000
146,000
443,000 659,000
M Inneapolls_
773,000
3,073.000
217,000
479,000
93,000
66,000
Duluth
3,493,00
9,000
186,000
93,000
513,000
14,000
62,000
Milwaukee_ -2,000
65,000
45,000
Toledo
427,000
13.000
2,000
8,000
14,000
35,000
Detroit
64,000
527,000
32,000
Indianapolis_
66,000
614,000
St. Louis_
794,000 1,167,000
140.000
18.00
176,000
783,000
Peoria
34,000
59,000
84,000
810,000
1,550,000
Kansas City
174.000
364,000
635,000
Omaha
3,000
10,000
217,000
St. Joseph_
322,000
6,000
74,000
508,000
Wichita
92,000
592,000
Sioux City.
30.000
Tctal wk.1928
Same wk.1927
Same wk.1926
501,000 11.192,000
459.000 8,897,000
504,000 5.442,000
2,442.000 1.628,00
2,661,000 1,840,000
1,701,000 940,000
8,833.000
4.216,000
2,743,000
503,000
911,000
291.000
Since Aug.11928
9,454,000295,692.000 84,592,000 68,231,00063,796,000 16,611,000
8.900.000274.266,000 75,908,000 67,840,000 7,125.00025.744,000
1927
8.742,000190.307 000 80.360.000 e5.213.000 5.003.00018.310.000
1926
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, Dec. 1 follow:
Receipts at-
Wheat.
Flour.
Oats.
Corn.
I
1 Barley.
Rye.
Bushels. Bushels.
Bushels.
Bushels.
Bushels.
Barrels.
50,000
198,000 1,025,000
New York_ __
252,000
440,000 3.515,000
18,000
9,000
69,000
699,000
36,001
Philadelphia__
180,000
22,000
153,000
14,000 1,103,000
Baltimore..._
137,000
1,000
Norfolk
33.00J
144,000
114,000
New Orleans•
57,000
99,000
121,000
Galveston_
121,000
10.000
189,000
47,001
Boston
50,000
272,000 1,344.000
846,000
Total wk.1928
595,000 5,749,000
Since Jan.1'2823,047,000255,380,000 75.942.000j 32.579.00052.162,000 17,930,000
688,000 1,846,000 822,000
237,000
Week 1927_ _ _
543,000 8,669,000
22,476.00023,281,000 15,563.000
Since Jan.1'27 21,112,000276.619.000 9,383,
• Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
The exports from the several seaboard ports for the week
end. Sat., Dec. 1 1928, are shown in the annexed statement:
Corn.
Wheat.
Exportsfrom-
Rye.
Oats.
Flour.
Barley.
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels.
639,255
77,131
71,762 166,366
1,632.651
2,000
48,000
18,000
95,000
216,000
20,000
55,000
69,000
18,000
442,000
1.000
137,000
466,000
4,000
27,000
30,000
162,000
2,000
134.000 333.000 185,000 1,704.000
6,625,000
12,000
43,000
New York
Boston
Philadelphia
Baltimore
Norfolk
New Orleans
Galveston
Montreal
Ilouston
Total week 1928.. 9,168.651
Same week 1927_ _ _ _ 9.817.585
408,131
122.479
523,366
87.000
267,762
324.964
185,000 2,882,255
892.634 2.785.261
The destination of these exports for the week and since
July 1 1928 is as below:
:WSW.
Exports for 'Week
Week
and Since
Dec. 1
July 1 to1928.
Since
July 1
1928.
trneas.
Week
Dec. 1.
1928.
Since
July 1
1928.
Week
Dec. 1.
1928.
Since
July 1
1928.
Bushels. Bushels.
Bushels.
Bushels.
Barrels Barrels.
United Kingdom_ 127,175 1.618,615 2,951,350 43.380,428 275,131 1,027,258
185,000
95.217 2,727,615 5,964,301 118,505.373 103,000
Continent
129,000
119,000
179,800
So. Az Cent. Amer_ 2,000
491,000
30,000
29,000
2,000
200,000
7,000
West Indies
20,000
1,000
Col.
Am.
Brit. Nc.
2,260
251,000 2,024,604
449.161
Other countries_ .. 36,370
Total 1928
Total 1927
267,762 5.175,391 9,168,651 164,078,405
324,964 6 392.801 9.817,585 144.451.799
408.131 1,834,508
808,264
122,479
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, Dec. 1, were as follows:
GRAIN STOCKS.
United StatesNew York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Fort Worth
Buffalo
afloat
"
Toledo
Detroit
Chicago
afloat
Milwaukee
Duluth
Minneapolis
Sioux CRY
St. Louis
Kansas City
Wichita
St. Joseph, Mo
Peoria
Indianapolis
Omaha
On Lakes
On canal and river
3,000
6,000
4,000
Bono,
bush.
985,000
166,000
292.000
352,000
140,000
37,000
5,000
7,000
199,000
376,000
1,604,000
608.000
6,000
243,000
12,000
45,000
2,966,000 2,211,000
496,000
418.000
42.000
1.143.000
280,000
28,000
120,000
1,124,000
581,000
75,000
2,437.000
283,000
303.000
30,000
2,000
585,000
581,000
832,000
1.369,000
807,000 2,142,000
37,000
179.000
4,000
83,000
28,000
Wheat,
bust.
Corn,
bush.
Oats,
bush.
Rye,
bush.
422,000
90,000
115,000
17,000
70,000
70,000
582.000
307,000
2,372,000
34,000
4,000
528,000
789,000
33,000
1,799,000
191.000
3,888,000
250,000
6,563,000
250,000
9,098,000
45,000
2,508.000
49,000
.83,000
13,190.000 2,103,000
68,000
219,000
570,000
20,596,000
116,000
29,692,000
254,000
598,000
482,000
4,454,000
129,000
19,533,000
2,000
5,706,000
17,000
2,371.000
36,000
13,000
408.000
837,000
210,000
9,055,000
476,000
1,773,000
85,000
119,000
115,000
613,000
1,563,000
736,000
442,000
49,000
127,000
70,000
Total Dec. 1 1928...136,781,000 6,367,000 13,236,000 5,575,000 9,501.000
Total Nov.24 1928 _ _ 134,613,000 4,964,000 14,463,000 5,561,000 9,357,000
91,036,000 19,217,000 23,252,000 3,013,000 4,297,000
Total Dec. 3 1927_
Note.-Bonded grain not Included above: Oats-New Ycrk. 85,000 bushels:
9,000; Baltimore. 5.000; Buffalo, 574,000; Duluth,
Philadelphia.
Boston, 30,000;
DEC.8 1928.]
FINANCIAL CHRONICLE
8,000; total, 711,000 bushels, against 892,000 bushels in 1927. Barley-New York,
538,000 bushels; Boston, 404,000; Philadelphia, 133,000; Baltimore, 451,000; Buflaic, 1,941,000; Duluth, 66,000; on Lakes, 437,000; total, 3,970,000 bushels, against
2,453.000 bushels in 1927. Wheat-New York, 3,204,000 bushels; Boston, 1,409,000; Philadelphia, 2,680,000; Baltimore, 5,006,000: Buffalo, 10,449,000: Buffalo
afloat, 6,963,000; Duluth, 316,000; on Lakes, 1,435,000; Canal. 262,000; total.
21,664.000 bushels, against 32,154,000 bushels in 1927.
Canadian923,000
347,000
451,000
6,877,000
Montreal
3,193,000 1,294,000 4,365,000
Ft. William & Pt. Arthur 24,759,000
611,000 2,662,000
1,820,000
10,825,000
Other Canadian
5,936,000
Total Dec. 1 1928-- 42,460,000
5,492,000
Total Nov.24 1928_ _ - 52.116,000
2,549,000
Total Dec. 3 1927... 30,458,000
Summary6,367,000
13,238,000
136,781,000
American
5,936,000
42,460,000
Canadian
2,252,000 7,478,000
3,236,000 10,410,000
1,799,000 2,662,000
5,575,000 9,501,000
2,252,000 7.478,000
Total Dee. 1 1928-179,241,000 6,367,000 19,172,000 7,827,000 16,979,000
Total Nov.24 1928-.186,729.000 4,964,000 19,955,000 8,797,000 19,767,000
Total Dec. 3 1927_121,494,000 19,217,000 25,801,000 4,812,000 6,959,000
The world's shipments of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange,for the week
ending Friday, Nov. 30 and since July 1 1928 and 1927,
are shown in the following:
Corn,
Wheal.
1928.
Exports.
Week
Nov.30.
Since
July 1.
1927.
&nee
July 1.
1928.
Week
Nov. 30.
Since
July 1.
I
1927.
Since
July 1.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
North Amer. 15,190,000264,636,00 232,712,000 810,000 4,274,000 1,708,000
1,689,000 8,424,000
1,717,000 8,701,000
Black Sen.__
Argentina__ 3,975,0001 48,423,00 31,221,000 3,685.000 143,162,000 160,760,000
4,064.000
Australia _ 1,168.0001 21,368,00
1,064,00
8,208,000
India
21.156,00
468.000 17,841,000 12,124.000
14,184,000
1.600,000j
countr
0th.
Total ... 21,933.0001358.335.00 315.813.000 4,963,000 166,994,000 183,293.000
-
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATION TO ORGANIZE RECEIVED, WITH TITLE
REQUESTED.
Capital.
-The Pecan Gap National Bank,Pecan Gap,Texas
Succeeds the Pecan Gap State Bank,Pecan Gap,Texas.
Correspondent, D. D. Dunn,Pecan Gap, Texas.
APPLICATION TO ORGANIZE APPROVED.
-The First National Bank of Lyman, Nob
Correspondent, C. W. Tidd, Lyman, Neb.
CHARTERS ISSUED.
-The West Toledo National Bank of Toledo, Ohio
President, Joseph A. Yager; Cashier, J. D. St. John.
-The First National Bank in Mount Pleasant, Texas.-President, I. N. Williams; Cashier, A. J. Copellar.
_ Immo
-The Security National Bank of Downers Grove,
President, G. H. Bunge; Cashier, W. A. Grotefeld.
-The Planters National Bank of Detroit, Texas
President, J. L. Van Dyke; Cashier, T. P. Guest.
-The Lefcourt Normandie National Bank of New
York.
N.
President, George P. Kennedy; Cashier, F.E.J. Bower.
National
Bank
in
-First
Poultney, Vt
100,000
President, Henry Spallholz; Cashier, J. E. Holmes.
Nov.28
$25,000
Nov.28
$25,000
Nov.27
Nov.28
Nov.28
Nov.28
Nov.30
$200,000
75,000
25,000
Y
2,000,000
Nov.30
Auction Sales.-Among other securities, the following,
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston, Philadelphia and Buffalo on Wednesday of this week:
By R. L. Day & Co., Boston.
8 per sh.
Shares. Stocks.
490
25 First Nat. Bk., Boston
45.5
10 Nat. Rockland Bank
482-48334
27 Old Colony Trust Co
382
26 Worcester Bk.& Tr.Co
25 Conn. Mills, corn. A, v. t. c.
400.
par $10
2034
25 Conn. Mills, let pref
pro
Mills,
60
Cotton
57 Hoosac
600.
115 Ipswich Mills, corn
72 Nat.Fabric .1c Finishing Co.,corn 22
Mills
1
30 Tremont & Suffolk
834
5Great Falls Mfg.Co,, 1st
Corp.,
pfd.;
Worsted
10 U. S.
50 U. S. Worsted Corp.. corn.;
$1634 U. S. Worsted Corp., 1st
pfd. scrip; $1634 U. S. Worsted
$934 lot
Corp., coin. scrip
pref____ 410.
30 U.S. Worsted Corp. 1st
10c
100 U.S. Worsted Cori),corn
10934
5Pepperell Mfg.Co
14134
Co
Mfg.
9 West Point
90
12 Cabot Mtg. Co
834
54 Richard Borden Mfg. Co
1 Troy Cotton & Woolen Mfg. Co- 5
534
34 Great Falls Mfg. Co
10
5 Appleton Co., common
pfd.;
8 U. S. Worsted Corp., 1st corn.;
20 U. S. Worsted Corp.,
18-100 U.S. Worsted Corp., 1st.
634 lot
pref. scrip
634
34 Great Falls Mfg. Co
2534
220 Boston Mfg. Co., pref
Associates
Mfg.
19434
Ludlow
30
40
90 Arlington Mills
$10 lot
100 Hamilton Mfg. Co
South.
Moines
&
Des
Dodge,
10 Ft.
334
RR Co
24 Internat. Products Co.,corn.. _ 12
_ _ 82
24 Internat. Products Co., pref..
100 Heywood Wakefield Co.,corn.. 26
150 Heywood Wakefield Co., pref.- 67
3634
85 Amer. Glue Co., corn
15,000 Auburn Gold M.& M. Co.,
151ot
Par $1
450 Bay State Gas Co., par $50.--55 lot
150 Higham El. Lt. Co., par $50.._36 lot
26 Fall River El. Lt. Co.. (undeil.) 6034
Par $25
2,700 Louisiana 011 Ref. Corp.com. 17
3,300 New Engl. Oil Ref. Co., pfd. 1
4,300 New Engl. Oil Ref. Co., corn. 20c.
trust certificates
10534
10 Cent. Pow.& Lt. Co., pre
10 Dennison Mfg. Co., pref_107 H & dim.
9934
5 New Engl. Pow. Assn., pref
123Saco Lowell Shops, 1st pref_2834-29x
3201
By Adrian H. Muller & Sons, New York:
$ per M.
Shares. Stocks.
$ per sh. Shares. Stocks.
A separate interest to the extent of
55,000 Colombian 011 Concessions,
$10,375.34 in a credit of $31,126
$600 lot
Inc., no par
under agreement between Fred2,000 N. Y.-Chicago Holding Corp.
eric F. Carey and Island Park
class A. no par; 19,000 N. Y.Associates,
dated Nov. 9
Chicago Holding Ccrp. class B,
Inc.,
to future purchases
$300 lot
1928, relating
no par
of lots at Atlantic Beach, Long
100 Bono Mfg. Co., Ltd., cum.
Beach. Nassau County, N. Y-6100 lot
prof., no par;250 Bono Mfg.Inc.,
$55 lot 20,000 Insurgent Gold Mining Co.;
class A pref., no par
500 Acme Consul. Silver Lead
22,633 Bowman-Biltmore Hotels
Mining Co.; 10,000 Fitzhugh Lee
$34,500lot
Corp.common
Mining & Smelting Co.; 1.000
$40,000 unsecured note of the NewEclipse Consol. Min. & Smelt.
mar Corp. (Fla.), dated July 6
Co.; 1,000 Park Copper dc Gold
1925, due 1 year; hot. 8%; both
Minim Co.;2,500 London Mines,
prin.and int. unpaid and past dueS5 lot
Ltd.; 1,500 Carl Frederick minUnsecured notes of the Newmar
ing Co.; 10 Adams Evans & Co.,
Corp., all int. 8% and prin. and
pref.; 10 Adams Evans& Co.;20,int, unpaid and past due, as fol000 Anglo-Porcupine Gold Mines,
lows:
Ltd.; 1,000 Toledo Gold Mining
$40,000 dated July 6 1925, due
55101
Co
I year
$13 lot
vot. tr. Ws. for 25 abs. corn. lc 25
$2,500 dated Aug. 3 1927, due
$2 lot
abs. pref.stock of Franklin Porceon demand
lain Co
$8,000 dated Dec. 20 1927, due
$1 lot
$4 lot 800 C. H. Miles Adams Ave. Corp.
on demand
pref., par $10
$25.000 dated July 20 1925, due
$1 lot
$51ot
4 units Producers Development Co..
1 year
Huntington, W. Va.; units No.
$12,000 dated Aug. 27 1925, due
$3lot
27 & 39, block 26, sec. A; units
1 year
Nos.96 & 97, block 24, sec. B
25 the Mortgage Bond Co. of New
51 lot
145% 60 Telfair Pecan Co., Corn.; 13 AtYork
lantic Paper & Pulp Corp. corn.,
Receipt of Frazier ,St Co. for 2.000
no par; 100 Andrew
Robinson
abs. Colombian Oil Concessions,
$2,000 lot
Co. pref.; 100 Nat. Thrift Bond
Corp. corn.; 200 Kinsgbury Elec$9 lot
10 Northwest Co.class A
troflush Co., Inc., corn., par $10;
20 Overseas Products Corp.of N.Y.,
$3 lot
400 Kingsbury Electroflush Co..
DO par
Inc., pref.; 75 Parrett Tractor
50 Community Hotel Corp. of Long
Co.; 75 Parrett Tractor Co. pref.:
Branch, pref.;25 Community Ho$300 principal amount Telfair
tel Corp. of Long Branch, com$11ot
Pecan Co. 6s, 1924, 3400 with
mon,no par
coupon due May I 1919 and $400
30 Standard Combustion Corp., no
$1 lot
with coupon due Nov.1 1919.and
par
all subsequent coupons
66 lot
20,000 Secret Pass Mining & Milling
$1 lot 20 Nova Scotia Steel & Coal Co.,
par $1
Ltd.,8% cum. prof
$300 lot
1,000 North Texas Oil Co., Inc.,
$1 lot
Par $5
BondsPer Cent.
5,000 Two in One Gold Mines, Ltd.,
31401ot $80,000 Florida Clewiston Drainage
par $1
Dist.6% bonds, due Feb. 1 1937
5 Amer. Woman's Realty Corp.,
to Feb. 1 1949; $20,000 carrying
$44101
Preferred
Feb. 1 1928 and subs, coup. and
500 Vernal Oil, par $1; 100 Havana
$60,000 carrying Feb. 1 1929
Planters Co., Ltd.. pref., par $1;
coupons
$4,500 lot
200 Coml.Green Mt. St. Louis
$22,000 Counties of Glades & HenMines, Ltd.(non-persona, liabildry Sugarland Drain. Dist., Fla.,
ity), par $1 each; 1,812 El Paso
6% bonds, due May 1 1949, May
$2 lot
Oil Co., par $1
1 1929 coupons attached_ _51,500 lot
80 Wills Sainte Claire Inc.2d prof. 31 lot
$100,000 Titusville Northern RR.
100 C. H. Wills & Co.. corn., no
tr. mtge. 55, Apr. 1 1929; April
$1 lot
Par
1910 and sub, coup. attached_ -31 lot
100 Service Appliance Co., Inc.,
$3 lot $10,000 Bronx E ;position Inc. 1st
common, no par
7s, due Sept. I 1923: Sept. 1 1921
Claim in bankruptcy against Hearn
and sub,coupons attached
Inc.on promissory notes312,500 $75 lot
$1 lot
$5,000 Saint Mary Parish, La.,
30 Frederick F. Watson Film LaborSub-Drain. Dlst. No. 1, Avoca
$5 lot
atories, Inc., pref
Drain. Dist., 5% bonds, dated
153 Universal Gypsum Co., corn.,
$51 lot
Aug. 15 1911, and Aug. 15 1914,
no par
ctf. of dep. of Spencer Trask &
$17 lot
495 "Fracy, Inc."
Co
$5 lot
$300 lot
35 Biograph Co
$4,000 Valencia Corp. 1st 8s, July 1
A separate interest to the extent of
1932
$10,375.33 in a credit of $31,126.00
$1,000 lot
85.000
between
FredSuperior Colliery Co. let 20under agreement
yr. 55, Oct. I 1932; Oct. 1928 and
eric F.Carey and Island Park Assub,coupons attached
$250 lot
sociates, Inc., dated Nov.9 1928,
3011.000 General Mines Corp. of Borelating to future Purchases of lots
livia coll. tr. 78, due Jan. I 1934;
at Atlantic Beach, Long Beach,
lot
carrying
$100
coupons as follows: 558,Nassau County. N.Y
000, Nos. I to 24; $2,000, Nos. 2
A separate interest to the extent of
to 24; 33,000, Nos.3 to 24:33,000
$10,375.33 in a credit of $31,126
Nos.4 to 24;53,000, Nos.5 to 24:
under agreement between Fred53,000, Nos.6 to 24:$3,000, Nos.
eric F. Carey and Island Park
9 to 24: 312,000, Nos. 10 to 24;
Associates, Inc., dated Nov. 9
$2,000, Nos. 11 to 24;$1,000, Nos.
1928, relating to future purchases
13 to 24; 3,083 General mines
of lots at Atlantic Beach, Long
Corp. of Bolivia; 25 Porter Cord
Beach, Nassau County, N.Y_.$100 lot
Tube Co. common, no par_ _ _5300 lot
1.000 Keora Mines, Ltd., corn__ _56 lot
Shares. Stocks.
$ per sh.
1,000 Louisiana Oil Ref. Corp. corn. 16
9 New Engl. Power. Assn. pref.__ 9834
100 Eastern Utilities Asso., corn__ 3934
Lofland, Philadelphia:
BY
- Barnes &
50 Lynn G.& E. Co., par 325
170
$ per sh.
Shares. Stocks,
i per oh.
Shares. Stocks.
5 units First Peoples Trust
50
500 Bex Chemical Co. of Del., corn.
10 Chelsea Safe Dep. & Tr. Co.,
20 Za-Rex Co., Inc., pref., par $25;
class A, no Dar
$150 lot
Atlantic City; 180 Chelsea Title
20 Za-Rex Co., Inc., com_ ___315 lot
272 Rocklin' Coal & Iron Co,Pref••
& Guaranty Co., Atlantic City;
121 Boston Woven Hose & Rubber
Par $50
560 lot
Co., corn
10 Atlantic Guaranty & Title Ins.
85
72 G. Woolford Wood Tank Mfg.
5 Springfield Fire & Marine Ins.,
CO., Atlantic City; 12 1-3 Eastern
Co
Fire ins. Co., Atlantic City; 11
65
Par $25
227
20
Atlantic
Phila.
Warehousing & Cold
Pacific Ave. Nat'l Bank,
250 Arcade Malleable Iron Co.,
Storage Co
coca. A (Worcester)
City: 10 Boardwalk Securities
48
250.
28 John B. Stetson Co., Corn., no
2,735 Arcade Smelt Arcade Smelt.
Corp., Atlantic City; 10 Seaboard
par
& Ref. Co. (Springfield)
Fire Ins. Co., Atlantic City; 20
101
$25 lot
150 Metallic Condense Co., par 31_31 lot
1 Mutual Finance Corp., pref. par
Seaboard Bond & Mtge. Co.,
4 Phila. Bourse, corn. par $50_ _ - _ 32
$50
Atlantic City; 1 Atlantic City
2834
4 Phila. Bourse, corn., Dar $50_ _ _ 31
8 units First Peoples Trust
(N.J.) Elec. Co., pref.;2 Atlantic
50
32 Phila. Bourse, corn.. par $50
66 Old Colony Trust Associates_ - _ 63
30
City & Shore Co.: $300 Benevo6 Phila. Bourse, pref., par 45- _ 26
50 Stollwerck Chocolate Co., 1st pfd 8
lent Protective Order of Elks,
$5,000 lot 25 Hale & Kilburn Corp., com_ _ -- I%
50 Monarch Soot Remover Co.,Inc.
Atlantic City
781
20
Hale
Co
&
Kilburn Corp., corn.--- 1
COM
$2 lot 3 Germantown Trust
777
55 Hale de Kilburn Corp., corn._ _
corn.;65 Shoe Tread Corp
34
$2 lot 5 Germantown Trust
171
10 West Jersey & Seashore RR...... 5134
150 Heywood Wakefield, Co.corn
4 Erie National Bank
25
800
100 Plantations Co
100 Draper Corp
34 lot
5 Phila. National Bank
ex-div. 65
10 Mitten Bank Securities Corp.,
10 First Nat. Stores, 1st pfd..106 34 & div. 9 Bank of No. Amer. & Tr. Co__ _466
Preferred, par $25
50 Lewis A. Crossett Co., pre!
25
3 Springfield Nat'l Bank, Delaware
5
150
2
Mitten Bank Securities Corp.,
100 Amer. Glue Co., com
County.
Pa
3934
common. par 325
2534
30 Security Title ,k Trust Co., par
70
12 Mitten M. de M. Bank & Trust
Bonds,
Per Cent.
50
Co. unstamped
129
$6,000 Penn. Midland RR. Co., fei
20 Northeastern Title & Trust Co.,
135
100
U.
July 1924
S. Stores, 7% pref
55 lot
par $50
56 lot
310 U.S. Stores, cl. A, corn
$4,000 Wickwire Spencer Steel Co.,
$5 lot
4 North Phila. Trust Co., par $50_ _511
25 U. S. Stores, cl. 13, corn.
7s, Feb. 25 1930, cl. A ctf dep_50 flat 2 Fern Rock Trust Co., par 350- --150
$5 lot
1 Integrity Trust Co
$30,000 note of Estabrook Prop.Inc.
684
65 Marine Trust Co., Atlantic City,
775
50 Rockhill Coal & Iron
dated Oct. 1 1924., int, paid to
$20 lot
N. J
4 Tradesmens Nat'l Bank & Trust
Nov. 1 1925 with endorsement on
8 Darby Bank & Trust Co., par 350.150
Co
account of prin. Nov. 3 1925 for
551
2 Haverford Township Title & Tr.
59
357 Silver Sheen Foxes, Ltd., Si
31,894.12, bal. due, $28,105.88;
Co., Delaware County
proport. hot. in notes of the Estapreferred
$25 lot
20 Haverford Land dr Imp. Co.,
74
5 Amer. National Bank of Camden_155
brook Gold Dredging Co.totaling
par $50
.,•,
$32,500, which are in the hands of
4 U. S. Acceptance Corp., lst pref. 81
BondsLouis J. Hunter and Geo. A.
Per cenS.
2 U.S. Acceptance Corp.. 2nd prof. 26
310,000 Scranton. Montrose &
Macomber as trustees, $5,416.67 $5 lot 19 U. S. Acceptance Corp., corn_ 4
Binghampton RR., 1st 68, Oct. 1
Notes given by Lincoln Hill Poultry
10 Pennsylvania Academy of the
25
1949. (Oct. 1 1921, and all
Farm,Inc.to order of J.L.StackFine Arta
subsequent coupons attached).330 lot
$1 lot
Pole as follows:
6 Vulcan Motor Devices Co
$1,500 Keystone Copper Smelting
$500 order dated Nov. 8 1027..310 lot 200 Laurentian Mining Co., Ltd.,
Co.. 6%, due 1908 (certificate of
SI lot
$2,000 order dated Dec.6 1927-$40 lot
par SI
Indebtedness
$3 lot
$1,500 order dated Feb. 18 1928-330 lot 100 Eastern Consul. Oil Co.. par $1.81 lot
$50 lot $2,000 Rockhill Coal & Iron,6s. due
$1,500 order dated Jan. 141928.330 lot 160 Jordan Motor Sales Co.,
1940
$1,350 order dated Mar. 191028 $27 lot 25 Haddonstock Co.,corn., no par_310 lot
$170 lot
$1,000 Illinois Coal Corp., 7s_ _ _535 lot
$2,000 order dated Apr. 16 1928_$40 lot 155 New Brunswick Natatorium
$50 lot $LOW Illinois Coal Corp, 75
$1,500 order dated May 5 1928-330 lot
335 lot
Corp., common
Rights$1,500 order dated June 251928.330 lot 10 Nardi Pencil Co.. prof. Par
$ per right
5500 order dated Aug. 30 1928-310 lot
5
$50(with 100 shs,corn., no par)$200lot 25 Bankers Securities Corp
3202
By Wise, Hobbs & Arnold, Boston:
$ per Sh.
Shares. Stocks.
486-490
60 First National Bank
24
50 Ipswich Mills, pref
110 B. B.& R. Knight Corp., pref.. 101.
135 Old Colony Silk Co., New Bed40
ford
500
350 Ipswich Mills, common
10
10 Queen City Cotton Co
14
200 Sharp Mfg. Co.. pref
134
220 Hamilton Mfg. Co
8 J. R. Montgomery Cc., common:
7 New England Southern Mine
$4 lot
(temporary receipts)
4 International Cotton Mills, com_lX lot
1734
3 Lancaster Mills, pref
199
25 Royal Weaving Co
13(
10 New Eng. Sou. Mills, pref
2 New Eng 8ou. M.,com.(undep.)- 10a
61e
200 Ipswich Mills, common
9 J R. Montgomery Co., corn.
6 New England Southern Mills,
39 lot
common (temporary certifs.)
3International Cotton Mills,emu_ _51 lot
334
36 Roxbury Carpet Co., corn
25 Medway & Deham St. Ry.com310 lot
131 Lowell Elec. Light Corp.
5334-54
(undeposited) par 825
71 Fall River Gas Works, par $25... 5534
6934
10 Plymouth Cordage Co
35 West Boston Gas Co., (undo30
posited) par $25
10 Johnson Educator Biscuit Co..
17
Class A
15 FirestOne Footwear Co., pref.-. 8934
25 Lockwood Greene Ss Co., Inc.,
pl lot
7% pref
$25 lot
50 Boston Dwelling House
50
Trust
Peoples
16 units First
62
40 Old Colony Trust Associates
6534 ex-div
20 Draper Corp
24 Eastern Utilities Assoc., com-- - 394
$4 lot
30 Farmers Fund of Illinois
56
6 units First Peoples Trust
100 Baush Machine Tool Co., corn_ 2
5 Stollwerck Chocolate Co., class A
80c
211 pref
734
506 Saco Lowell Shops,corn
Power
Co..
8%
England
10 New
1124 & dim
preferred
145 Rockland Lt. & Pr. Co., cony.
90
pref. v.t. 0.. Par $50
16834
32 Collateral Loan Co
pref.
Trust,
Square
Copley
10
874 flat
v. t C
15 Employers' Group Assoc.. w.1-- 4334
5034
10 units First People's Trust
6434 ex-div
25 Draper Corp
1 North Lake Mining Co., par $25:
110 Bost. Met. Petr. Trustees,
$434 lot
ordinary share
$ per Sh.
Shares. Stacks.
5 Waltham Nat. Bank, par $75_ __200
303
10 Atlantic National Bank
90
6 W.L. Douglas Shoe Co., Pref
134
1,000 Pollock Pen Co., corn
125 Employers' Group Assoc., w. l 434
20 Baush Machine Tool Co., corn.;
$60 lot
25 Sharp Mfg. Co.. pref
30
8 State Street Exchange
15 Rollstone Paper Co., 1st pref.;
$3 lot
6 common
100
34 Hingham Water Co
54 Old Colony Trust Associates... 63
6 United Marble Co.,corn.:30 pref.:
4 pref. div. scrip ctfs. of $52.50
$1 lot
each
4334
13 Employers' Group Assoc., w.
3 Maas. Bonding & Insurance Co_ _ 585
5
2 Salem Hotel Corp., pref
13
20 Graton az Knight Co., com
74
8 Gmton & Knight Co.. pref
250 Lockwood-Greene az Co., Inc.,
$5 lot
class B
1,000 Lockwood-Greene& Co.,Inc.,
$IO .ot
pref
434
40 J. R. Whipple Corp., corn
6434 ex-div
100 Draper Corp
120 Converse Rubter Shoe Co.,
$50 lot
corn.: 175 pre
15 Eastern Utilities Assoc., com _ 391.4
19434
50 Ludlow Mfg. Associates
Demand notes aggregating $85.516.57, drawn by D. M. McElwain to the order of H. W.
McElwain as follows: 52.000
dated Feb.3 1920,1nt. 6%;$3,000
dated Feb.3 1920, int. 6%;$35,000 dated Apr. 9 1920, int. 6%;
$5,000 dated June 21 1920, int.
6%;$4,509.50 dated Jan. 11922.
int. 6%; $2,970.57 dated Jan. 1
1923,int.6%;53,000 dated Oct. 1
1923, Int. 6%;51,073 dated Nov.
6 1919, no int.; 31,073 dated
Sept. 15 1921, no int.; $1,073
dated Oct. 1 1920,no int.;$925.50
dated Sept. 25 1922, no int.;
5892 dated Oct. 23 1923, no int.'
$5,000 dated Feb. 1 1928,no int _$25 lot
Per Cent.
Bonds.
$60,000 Rand-Shepard Co. notes
dated July 1 1926, int. 7%.5100 lot
$10,000 Detroit Ry. & Harbor
1 flat
Ter. 75, May 1935
510,000 Lockwood-Greene & Co..
25 flat
Inc. 75, March 1933
$1,000 B. P. O. E. No. 10 Order
50
of Elks 2d 65, April 1940
$5,000 Cuban Cane Sugar 88, Jan.
80
1930
By A. J. Wright & Co., Buffalo:
$ per oh.
Shares. Stocks.
8 Buff. Niag. & East. Pow. pref.,
26
par 525
1.30
500 Kirkland Lake, par $1
$ per oh.
Shares. Stocks.
75e. lot
10 Assets Realization Co
1.000 Baldwin Gold Mines, par SI_ 1 Mc.
5 Keiter Qualitol, Inc., par $20._50c. lot
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table, in
which we show the dividends previously announced, but
which have not yet been paid.
The dividends announced this week are:
Name of Company.
When
Per
Cent. Payable
Books Closed
Days Inclusive.
Railroads (Steam).
'234 Feb. 1 *Holders of rec. Dec. 28
Atch. Topeka & Santa Fe. pref
50c• Jan. 2 Holders of rec. Dec. 14a
Beeck Creek (guar.)
(qu.)
14 Dec. 15 Holders of rec. Dec. 100
pf.
Gloversv.,
Fonda Johnstown &
•134 Jan. 7 *lir Iders oi rec. Dec. 27
Joliet & Chicago (quar.)
874c Jan. 2 *Holders of rec. Dec. 15
Lehigh Valley, corn. (guar.)
$1.25 Jan. 2 Holders of rec. Dec. 15
Preferred (guar.)
'
11-f Dec. 31 *Holders of rec. Dec. 15
Missouri Pacific, pref
Dec. 31 *Holders of rec. Dec. 15
'134
accumulated
dive.)
(acct.
Prof.
$1.25 Jan. 2 Holders of rec. Dec. 14
New York & Harlem, corn. & pref
Jan. 15 *Holders of rec. Dec. 31
*02
Northern Central
'134 Jan. 2 *Holders of roe. Dec. 12
Old Colony RR.(guar.)
rec. Dec. 14
Pitts. McKeesp. & Youghiogheny (qu.). $1.50 Jan. 2 Holders of
1.34 Dec. 31 Holders of rec. Dec. 12
St. Louis Southwestern, pref. (quar.) _
rec. Dec. 15
of
*Holders
2
Jan.
"l134
Texas & Pacific, corn. (guar.)
Public Utilities.
51.75 Jan. 2 Holders of rec. Dec. 13
Amer.& Foreign Power,$7 pref.(qu.)
51.50 Jan. 2 Holders of rec. Dec. 13
$6 preferred (quar.)
25c. Jan, 2 Holders of rec. Dee. 12
Amer. Gas. & Elec., corn. (guar.)
corn.
share
stock)..
(1) Jan. 2 Holders of rec. Dec. 12
-fiftieth
(one
Corn.
of rec. Dec. 12
Corn.(extra one-half sh, corn. stock.)_ (f) Jan. 2 Holders of rec. Jan. 10
51.50 Feb. 1 Holders
Preferred (guar.)
of rec. Dec. 13
Holders
2
Jan.
$1.50
$6
(quar.)
Light,
pref.
&
Amer. Power
624e Jan. 2 Holders of rec. Dec. 13
55 Preferred (guar.)
(I) Feb. 1 Holders of rec. Jan. 10
Associated Gas & Elec., class A (quar.)
Jan. 15 Holders of rec. Dec. 22
2
Bell Telephone of Canada (quar.)
of rec. Dec. 15
Calgary Power Co., Ltd., corn.(quar.).. 134 Jan. 2 Holders of rec. Dec. 10
1 Holders
Jan.
25c.
(quar.)
COM.
Elec.
States
Corp,
Central
of rec. Dec. 10
Holders
1
Jan.
/24
Corn. (payable in com. stock)
134 Jan. 1 Holders of rec. Dec. 10
7% preferred (quar.)
of rec. Dec. 10
Holders
1
Jan.
1.4
(guar.)
6% Preferred
(I) Jan. 1 Holders of rec. Dec. 10
Convertible preferred (guar.)
of rec. Dec. 15
*Holders
1
Jan.
14
Milw.,
pf.
Shore&
(qu.)
North
Chic.,
lll134 Jan. 1 *Holders of me. Dec. 15
Prior lien stock (guar.)
of rec. Dec. 18
Chic. Rapid Transit pr. pf.A (Mthly.). •6fc. Jan. I *Holdersof rec. Jan.. 15
*650. Feb. 1 Holders
prior preferred (Monthly.)
rec. Dec. 11
of
Holders
1.6234 Jan. 2
Preferred (guar.)
*65c. Mar. 1 *Holders of rec. Feb. 19
Prior preferred A (Monthly)
me. Dec. 18
of
*Holders
1
Jan.
*60c.
Prior preferred "B"(Monthly)
*60c. Feb. 1 *Holders of tee. Jan. 15
Prior preferred B(Monthly)
Feb. 19
rec.
of
*Holders
1
(Monthly)
Mar.
•600.
B
Prior Preferred
_ 41,
(c, Dec. 15 Holders of rec. Dec. 1
Cities Ser.Pow.& Lt.,$5 pf.(Maly.).
50c. Jan. 2 Holders of rec. Dec. 100
Columbus Elec.&Power,corn.(qu.)____
(f) Jan. 2 Holders of rec. Dee. 10a
Corn.(1-40th share corn stock)
134 Jan. 2 Holders of rec. Dec. 10a
Preferred series B (guar.)
134 Jan. 2 Holders of rec. Dec. 100
(guar.)
C
series
Preferred
134 Jan. 2 Holders of rec. Dec. 100
Second preferred (guar.)
Holders or rec. Dec. 12a
Continental Gas az Elec., corn.(guar.)._ 51.10 Jan. 2 Holders of rec. Dec. 12a
Jan. 2
17
Common (extra)
of rec. Dec. 12a
Holders
$1.75 Jan. 2
Prior preference (guar.)
Holders of rec. Doe. 15
Denver Tramway Corp.. prof. (guar.)._ *75o. Jan. 2
of rec. Dec. 14
*Holders
2
Jan.
(quar.).
1
Duluth-Superior Tree., prof.
*134 Jan. 15 Holders of rec. Dec. 31
(guar.)
Duquesne Light, 1st ref.p
of rec. Dec. 14
Holders
2
(quar.)...
Jan.
134
Pref.
Co..
Eastern Texas Elec.
[VOL. /27.
FINANCIAL CHRONICLE
Name of Company.
When
Per
Cent. Payable
Books Closed
Days Indust's.
Public Utilities. (Concluded).
Electric Power & Light,alit, elf.40% pd.
70c. Jan. 2 Holders of rec. Dec. 13a,
$1.75 Jan. 2 Holders of rec. Dec. 130
Allotment Mts,full paid
Empire Gas & Fuel,6% pfd. (Mthly.)-- *50o. Jan. 2 *Holders otter, Dec. 15
*5410 Jan. 2 *Holders of rec. Dec. 15
634% Preferred (Monthly)
*581Ic Jan. 2 *Holders of rec. Dec. 15
7% Preferred (Monthly)
8% preferred (Monthly)
*661sc Jan. 2 *Holders of rec. Dec. 15
Federal Water Service, $7 pref. (qu.)_.
$1.75 Jan. 1 Holders of rec. Dec. 14a
3 1.6234 Jan. 1 Holders or rec. Dec. 14ra
$634 preferred (guar.)
Fort Worth Power & Light, pfd.(guar.)_
134 Feb. I Holders of rec. Jan. 15
to Jan. 1
Frankford & Southwark Ry.(quer.)- - - $4.50 Jan. 1 Dec. 2
General Gas& Elec. Corp. corn. A (gu.)_ 374c. Jan. 1 Holders of rec. Dec. 12
Common A (extra)
50c. Jan. 1 Holders of rec. Dec. 12
Common"B"(quer.)
$1.50 an. 1 Holders of rec. Dec. 12
Common B (extra)
50e. Jan. 1 Holders of rec. Dec. 12
58 preferred class A (guar.)
$2 Jan. 1 Holders of rec. Dec. 12
$1.75 Jan, 1 Holders of rec. Dec. 12
$7 Preferred class A (guar.)
Preferred class B (guar.)
$1.75 Jan. I Holders of rec. Dec. 12
Dividend participations
50c. Jan. 1 Holders of rec. Dec. 12
Illinois Power & Light6% pref.(m.)_ _ 14 Jan. 2 Holders of rec. Dec. 10
Indianapolis Pow.& Light, pfd.(qu.)--$ 1.624 Jan. 1 Holders of rec. Dec. 5Internal. Power Securities, Pref. A._ 53 Dec. 15 Holders of rec. Dec. 1
Internat. Power Co., Ltd., 1st pfd.(qu.) 134 an. 2 Holders of rec. Dec..15.
Kansas Gas & Elec. Co., pref.(quar.). _
134 Jan. 2 Holders of rec. Dec. 14
Kentucky Securities, corn.(quar.)
*51.25 Jan. 2 *Holders of roe. Dec. 21
Preferred (guar.)
*51.50 Jan. 15 *Holders of rec. Dec. 21
Laurentide Power ((Mar.)
14 Dec. 29 Holders of rec. Dec. 23
Lexingten Utilities, pref.(quar.)
$ 1.624 Dec. 15 *Holaers of rec. Nov.30
Long Island Lighting, pref.B (qu.)
134 Jan. 1 Holders of rec. Dec. 15
Manhattan Ry., guar. stock (quar.)
4 Jan.
*13,
Nassau & Suffolk Ltg., pref.(quar.)
134 Jan. 1 Holders of rec. Dec. 15
New York Central Elec. Corp.. pf. (au.) 134 Jan. 1 Holders of rec. Dec. 15
New York Telephone,634% pref.(guar.) 134 Jan. 15 Holders of rec. Dec. 20.
North Amer. Lt. az Pow., 56 pref. (qu.)- $1.50 Jan. 2 Holders of rec. Dec. 20
Northeastern Power Corp., corn. (guar.) 250. Jan. 1 Holders of rec. Dec. 10
Class A (guar.)
$1.50 Jan. 1 Holders of rec. Dec. 10
Northern Mex.Pr. & Devel.. corn.(qu.) *51
Jan. 2 *Holders of rec. Dec. 14
Preferred (quar.)
4.144 Jan. 2 *Holders of rec. Dec. 14
Northport Water Works, prel.(gum .) _ _
14 Jan. 1 Holders of rec. Dec. 15
Northwestern Telegraph
*$1.50 Jan. 2 *Holders of rec. Dec. 17
Peoples Gas Light & Coke (guar.)
Jan. 17'Holders of rec. Jan. 3
Jan. 31 Holders of rec. Jan. 2
Philadelphia Co., corn. (guar.)
.$1
Common (extra)
*750. Jan. 31 'Holders of rec. Jan. 2
Philadelphia Elec. Power, pref. (guar.).
50e. Jan. 1 Holders of rec. Dec. 10a,
Porto Rico Rys., prof. (altar,)
13-4 Jan. 2 Holders of rec. Dec. 15
Public Service Co. of Okla., corn.(guar.) 2
Jan. 2 Dec. 25 to Jan. 2
7% prior lien stock (guar.)
134 Jan, 2 Dec. 25 to Jan. 2
6% prior lien stock (guar.)
14 Jan. 2 Dee. 25 to Jan. 2
Public Sem.Elec.& Gas.,7% pref.(qu.) 134 Dec. 31 Holders of rec. Dec. 7(r
14 Dec. 31 Holders of rec. Dec. 7a
5% Preferred (guar.)
Quebec Power (guar.)
50c. Jan, 15 Holders of rec. Dec. 31
Second & 3rd St. Pass. Ry.(Phila.)(qu.) 53
to Jan. 1
Jan. 1 Dec. 2
Southern Calif. Edison, orig. pref.(qu.).
50c. Jan. 15 Holders of rec. Dee. 20
•134 Jan. 2 Holders of rec. Dee. 15
Southwestern Gas & Elec., pref. (qu.)
Southwestern Light & Pow., pt.(guar.). *51.50 Jan. 2 Holders of rec. Dee. 15
Springfield Gas & Mee., pref. A (guar.). 134 Jan. 2 Holders of rec. Dec. 15
Southwest Bell Telep., pref.(quar.)
134 Jan. 2 Holders of tee. Dec. 20
Twin City Rap. Tr., Millman., Pf,(qu.) 134 Jan. 2 Holders of roe. Dec. 13
United Gas & Elec. Corp., pref.(rm.).- 134 Jan. 1 Holders of rec. Deo. 15
Un.Lt.& Pr., new com. A az B (quar.)..
12e, Feb. 1 Holders of rec. Jan. 15(1‘
Old common A & B (quar.)
60c. Feb. 1 Holders of rec. Jan. 150*
51.62 Jan. 2 Holders of rec. Dee. 154
Preferred A (quar.)
§I
Jan. 2 Holders of rec. Dec. lfec
Preferred B (quar.)
Utilities Power & Light, el. A (guar.)... §50c. Jan. 2 Holders of rec. Dec. 10
Class B (quar.)
(I) Jan. 2 Holders of rec. Doc. 10
134 Jan. 2 Holders of rec. Dec. 10
7% Preferred (guar.)
Utah Power az Light, $7 prof. (guar.).- $1.75 Jan. 2 Holders of rec. Dec. 5
51.50 Jan. 2 Holders of rec. Dee. 5
$6 Preferred (guar.)
West Penn Elec. Co., class A (guar.)... $1.75 Dec. 31 Holders of rec. Dec. 17
West Penn Power Co., 7% pref. (guar.) 13.4 Feb. 1 Holders of rec. Jan. 5
14 Feb. 1 Holders of rec. Jan. 5
ll% Preferred (guar.)
Banks.
Jan,
America (Bank of) Nat. Assn.(guar.)._ 51
124c Jan.
Bankameric Corp.(guar.)
34 Jan.
Chase National (guar.)
Jan.
Chase Securities Corp.(guar.)
$1
Jan.
Chatham & Phenix Nat. Bk.& Tr.(qu) *4
4
Jan.
Manhattan Co.(Bank of the)
Jan.
*2
Mechanics (Brooklyn) (quar.)
Jan,
4
Public Nat. Bk. & Trust (guar.)
4
Jan.
Seaboard National (guar.)
14 Jan.
Seventh National (quar.)
2
2
2
2
2
2
2
2
2
2
Holders of tee. Dec. 8
Holders of rec. Dec. 8
Holders of rec. Dee. 13ff
Holders of rec. Dee. 13a
Holders of tee. Dec. 14
Holders of rec. Dec. 18a
Holders of roe. Dee. 14
Holders of rec. Dee. 20
Holders of rec. Dec. 31
Holders ot rec. Dec. 13
Trust Companies.
Dance Commerciale Itallana Tr.(qu.)
Bankers (guar-)
Bank of Europe Trust Co.(QUM%)
Extra
Guaranty (quar.)
Manufacturers (quar.)
*24 Jan. 2 Holders of rec. Dee. 15
734 Jan. 2 Holders of rec. Dec. 14
24 Jan. 2 Holders of rec. Dec. 20
4
Jan. 2 Holders of rec. Dee. 2(1
4
Dec. 31 Holders of rec. Dec. 14
•$1.25 Jan. 2 *Holders of rec. Dec. 15
Fire Insurance.
Rossla (guar.)
Extra
*51.50 Jan. 2 *Holders of rec. Dec. 14
•50c. Jan. 2 *Holders of rec. Dec. 14
Miscellaneous.
50o. Dec. 31 Holders of rec. Dec. 14
Aetna Rubber, corn. (quar.)
134 Dec. 31 Holders of roe. Dec. 14
Preferred (guar.)
American Capital Corp., pref.(quar.)... *75c Jan. 2 *Holders cf me. Dec. 15
$1.50 Jan. 1 Holders of rec. Dec. 14
Amer. Car & Fdy., corn.(quar.)
134 Jan. 1 Holders of rec. Dee. 14
Preferred (quar.)
134 Jan. 2 Holders of rec. Dec. 15
American Cigar, pref. (quar.)
•20c. Dec. 30 *Holders of rec. Dec. 14
Amer Druggist Snyclicate
*$1.50 Jan. 2 *Holders of rec. Dec. 14
American Express (quar.)
American Furniture Mart Bldg. Corp.
134 Jan. 2 Holders of rec. Dec. 20
Preferred(quar.)
•75c. Jan. 1 *Holders of tee. Dec. 20
American beating (quit.)
Jan, 2 Holders of reo. Dee. 140
3
American Snuff, corn.(guar.)
2
Jan. 2 Holders of rec. Dee. 144
Common (extra)
14 Jan. 2 Holders of rec. Dec. 140
Preferred (guar.)
-_ *75c. Jan. 15 *Holders of rec. Jan. 2
Amer.Steel Foundries,corn.(quer.)
1.134 Dec. 31 *Holders of rec. Dec. 15
Preferred (guar.)
30c. Jan. 2 Holders of rec. Dee. 14
Amer. Cyanamid,corn. A & B (quar.)...
10e. Jan. 2 Holders of tee. Dec. 14
Common A & B (extra)
134 Jan. 2 Holders of rec. Dee. 14
Preferred (quar.)
*5
Dec. 20 *Holders of rec. Dec. 10
Andrews Securities Co.,Inc.(extra)_ _ _
.1,374c Jan. 2 *Holders of rec. Dec. 15
Armstrong Cork (quar.)
*124c
Jan.
2 *Holders of reo. Dec. 15
Extra
*50e. Feb. 5 *Holders of rec. Jan. 2
Hamadan Corp.coin.(quar.)
•75e. Jun. 2 'Holders of rec. Dec. 15
Bohn Aluminum & Brass (guar.)
*50e. Jan. 2 *Holders of rec .Dec. 15
Extra
$3 Dec. 31 Holders of reo. Dec. 1
Boston WharfCo
pref.
*4
partic.
Jan. I Hclders of rec. Dec. 20
Colleran,
&
Cryan
Brady,
*2
Jan. 1 Holders of rec. Dec. 20
Participating preferred (extra)
134 Jan. 1 Holders of rec. Dee. 20
Brunswick -Balke-Collender, pf.(qu.) _
134 Jan. 2 Holders of rec. Dee. 1311
Burns Bros., pref.(guar.)
*50c Dec. 31 *Holders of roc. Dee, 14
Butte & Superior Mining (quar.)
(guar.)
*134
Jan. 1 *Holders of rec. Dee. 15
prof.
inc.,
Clark,
Buzza
50c Dec. 20 Holders of rec. Dec. 5
By-Products Coke Corp.corn.(guar.) California Consumers Co., $7 pref.(qu.) 81.75 Jan. 2 Holders of rec. Dec. 15
*134 Jan. 2 *Holders of rec. Dee. 15
Canada Bread, pref. A & B (qu.)
41.75 Mar, 31 Holders of tee. Feb. 20
Canfield 011, corn. & pref.(guar.)
stock)
corn.
Jan. 5 *Holders of rec. Dec. 20
120
in
(payable
Com.
51.75 June 30 Holders of rec. May 20
Common & preferred (guar.)
*31.75 Sept.30 Holders of tee. Aug. 20
Common ,k preferred(guar.)
*$1.75 Doe. 31 Holders of rec. Nov. 20
Common & preferred (quar.)
14 Dee. 15 Holders of rec. Dee. 10
Carter (William) Cc., prof. (guar.)_ _
pref.
Corp..
(qu.)...
134 Jan. 1 Holders of rec. Dec. 18
Prods.
Certain-teed
Common-dividend passed.
DEC. 8 1928.]
Name of Company.
320$
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Name of Company.
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Concluded).
Miscellaneous (Continued).
$3.50 Jan. 1 Hclders cf rec. Dec. 31
Pelz-Greenstein Cc., Inc., pref
44c. Jan. 1 Holders of rec. Dec. 20
Ce Co. Manufacturing,corn.(guar.)- *25e. Jan. 1 *Holders of roe. Dec. 15
rec.
21
of
31
Dec.
Ponder
Dec.
Holders
(D) Grocery, class B (qu.)
41.10
(guar.)
Chicago Pneumatic Tool
.3
*2543 Jan. 1 *Holders of rec. Dec. 15
Dee. 31 *Holders of rec. Dec. 6
Class B (extra)
City Housing Corp
37%0 Jan. 1 Holders of rec. Dec. 11
Pet Milk Co. corn. (quar.)
500. Dec. 20 Holders of rec. Dee. 10
Cleveland Builders Supply (quar.)
Jan. I Holders of rec. Dee. 11
rec.
21
2
of
(quar.)
Dec.
Jan.
Holders
Preferred
-.
134
Cluett-Peabody & Co., pref.(quar.)
*1% Jan. 1 *Holders of rec. Dec. 15
Pick (Albert) & Co.. pref.(quar.)
Jan. 1 *Holders of rec. Dec. 18
$1
Coleman Lamp & Stove (quar.)
A
cl.
Jan. 10 Holders of rec. Dec. 20
*51.75
Tobacco,
Dec.
rec.
15
of
31
Amer.
Porto
Dec.
*Holders
Rican
.500.
Coca Cola Bottling Co.(guar.)
Jan. 15 Holders of rec. Jan. 5
3
Jan. 2 Holders of rec. Dec. 12
Realty Associates, 1st pref
$3
Coca Cola Internat. Corp. (guar.)
334 Jan. 2 Holders of rec. Dee. 15
Reece Buttonhole Mach.(quar.)
Conde Nast Publications,Inc.corn.(qu.) *50c. Jan. 2 Holders of rec. Dec. 17
Jan. 2 Holders of rec. Dec. 15
(quar.)
15
Mach.
Dec.
Dec.
34
rec.
8
of
8734c.
Reece
Holders
Folding
(qu.)
pt.
Mereband.
Consol. Automatic
62%c. Jan. 2 Holders of rec. Dec. 14
*50e. Jan. 2 *Holders of rec. Dec. 14
Reliance Mfg. (guar.)
Colnsol. Dairy Products,cam.(au.)
Reynolds Tobacco corn. & corn. B (qu.)_ *51.25 Jan. 2 *Holders cf rec. Dec. 18
Consolidated Theatres (Canada)(No. 1) *81 Dec. 15 *Holders of rec. Dec. )8
$1.50 Jan. 2 *Holders cf rec. Dec. 18
Jan. 1 *Holders of rec. Dec. 17
*52
Common & common B (extra)
Continental Baking, pref. (quar.)
*S2
Dee. 15 *Holders(I rec. Dec. 10
$1.50 Dec. 31 Holders of rec. Dec. 15
Rich Torl class B(special)
Cuban Tobacco, corn
• 43340. Feb. 1 *Holders of roe. Jan. 5
234 Dec. 31 Holders of roe. Dec. 15
Richfield 011, pref. (quar.)
Preferred
Dec. 31 Holders of roe. Dec. 15a
(qu.)
corn.
Co.,
St. L. Rocky Mt.& Pac.
Dictograph Products (quar.) (No. 1)_ _ *250.
1
Elec. 31 Holders of rec. Dec. 154
*25c.
Preferred (quar.)
Extra
2 *Holders of rec. Dec. 15
*20c
Jan.
(guar.)
1
roe.
011
15
of
_
_
Dec.
Salt
Jan.
Holders
(qu.)
191
prof.
Consol
Creek
Co.,
Douglas(W. L.) Shoe
*S2
Jan. 1 *Holders of rec. Dec. 25
Sandusky Cement, corn. 'guar.)
Dunham (James H.) & Co., corn.(qu.)_ '131 Jan. 1 *Holders of rec. Dee. 18
*50c. Jan. 1 *Holders of rec. Dec. 10
*1% Jan. 1 *Holders of rec. Dec. 18
Sangamo Elec. Co., corn. (guar.)
First preferred (guar.)
Jan. 1 *Holders of rec. Dec. 10
*1M Jan. 1 *Holders of rec. Dec. 18
Preferred (quar.)
Second preferred (quar.)
37%c. Jan. 1 Holders of rec. Dec. 15
Securities Management, Cl. A (quar.)- 1% Jan. 15 Holders of rec. Jan. 2
Eastern Rolling Mill (quar.)
25e.
Jan. 15 Holders of rec. Jan. 2
1
Jan.
Holders
rec.
15
of
e5
(guar.)
C
Dec.
&
B
Class
dividend
Stock
75e Dec. 20 Holders of rec. Dec. 15
Class B.& C.(extra)
Eastern Steamship LiOes, pf. (quar.)--* 8734c. Jan. 2 *Holders of rec. Dec. 22
131. Jan. 1 Holders of rec .Dec. 17
'191 Jan. 2 *Holders of rec. Dec. 22
Sellers(G. L)& Sons Co., pref.(quar.)First preferred (quar.)
50c Jan. 2 Holders of rec. Dec. 21
Jan. 1 *Holders of rec. Dec. 15
*SI
Sheffield Steel (quar.)
Electric Auto-lite Co., corn. (quar.)Jan. 2 Holders of roe. Dec. 21
el
*50e. Jan. 1 *Holders of rec. Dee. 15
Stock dividend
Common (extra)
*75c. Dec. 31 *Holders of rec. Dee. 21
'191 Jan. 1 *Holders of rec. Dec. 15
Shredded Wheat (quer.)
Preferred quar.)
Jan. 2 *Holders of rec. Dec. 18
*75e.
rec.
2
of
Jan.
Holders
20
51.25
(quar.)
(quar.)
Dec.
Co.
Summons
Electric Controller & Mfg.
134 Dec. 20 Holders of rec. Dec. 104
51.25 Jan. 1 Holders of rec. Dec. 19
Sloss-Sheffield Steel & I., corn.(goat.).. •15.‘
Endicott Johnson Corp., corn.(quar.)
Jan. 2 *Holders of rec. Dec. 20
19
134
1
Dec.
Jan.
Holders
rec.
of
(guar.)
Preferred
(quid.)
Preferred
6295c. Dec. 16 Holders of rec. Dec. 5
Dec. 1 Holders of rec. Nov.28
SI
Smallwood Stone (quar.)
Erskine-Danforth Corp., corn. (quar.)
*25o.
25e. Dec. 1 Holders of rec. Nov.28
Sonatron Tube(No.1)
Common (extra)
*12350
1% Jan. 1 Holders of rec. Dec. 20
Extra
Emerson Electric Mfg., pref. (quar.)_
Southern Ice Co., pref.,set.A (guar.)._ _ $1.75 Jan. 2 Holders of rec. Dec. 104
Fanny Farmer Candy Shore, Prof. (qu.) *60e. Dec. 31 *Holders of rec. Dec. 15
1% Jan. 1 Holders of rec. Dec. 204
50e. Jan. 2 Holders of rec. Dee. 14
Spans, Chalfant d, Co., Inc., pref.(qu.)_
Faultless Rubber (quar.)
25e Jan. 2 Holders of rec. Dec. 21
191 Dec, 15 Holders of rec. Dec. 1
Standard CommercialTobacco,com.(qu)
Firstbrook Boxes, Ltd., pref.(quar.)
3% Jan. 2 Holders of me. Dec. 21
*250. Jan. 1 *Holders of rec. Dec. 20
Preferred
Foote-Burt Co., class A (quar.)
Jan. 10 *Holders of rec. Dec. 18
*750.
(quar.)
of
22
Dec.
Dee.
rec.
*Holders
15
*52.50
Carburetor
Stromberg
(special)
Class A
•87340 Jan. 10 *Holders of rec. Dec. 18
*1% Jan.
*Holders of rec. Dec. 20
Stock dividend
Preferred (quar.)
Jan. 1 Dee. 11 to Jan. 10
2
25c. Jan. 2 Holders of rec. Dec. 15
Swift & Co. (quar.)
Fraser Companies,Ltd.(quar.)
37%e.Jan. 2 Holders of rec. Dec. 15
Jan. 1 Holders of rec. Dec. 10
Traveller Shoe (quar.)
Gen'l Amer. Tank Car, corn. (quar.)_ 51
1234o. Jan. 1 Holders of rec. Dec. 15
•154 Jan. 1 To be red. Jan. 1 1929
Traymore Limited common (quar.)
Preferred (guar.)
1% Jan. 1 Holders of rec. Dec. 15
$1.50 Jan. 2 Holders of rec. Dec. 15
Preferred (guar.)
General Baking Corp., pref. (quar.)
*6234o Jan. 2 *Holders of rec. Dec. 13
Dec. 31 Holders of rec. Dec. 154 Trim Products (quar.)
$2
General Baking Co., pref.(quar.)
Jan. 15 *Holders of roe. Dec. 26
*3
Jan. 25 *Holders of rec. Dec. 19
411
Truseon Steel Corp
General Electric, corn. (guar.)
Jan. 31 *Holders of rec. Jan. 16
e'lli
Jan. 25 *Holders of rec. Dec. 19
*El
Stock dividend
Common (extra)
Jan. 31 *Holders of rec. Jan. 15
04
*15c Jan. 25 *Holders of rec. Dec. 19
Stock dividend (extra)
Special stock (quar.)
$1.75 Jan. 2 Holders of rec. Dec. 14
$ 1.50 Jan. 2 Holders of rec. Dec. 14a Union Togaceo Co.class A (guar.)
General Mills,Inc.. pref.(quar.)
Jan. 1 Holders of rec. Dec. 15
53.50
rec.
*Holders
10
of
20
Dec.
Dec.
*$2.50
United Cocoon, pref
Glen Alden Coal (quar.)
75e. Jan. 2 Holders of rec. Dee. 17
1% Jan. 2 Holders of rec. Dec. 174 U. S. Tobacco Co., corn,(guar.)
Glidden Company, prior pref. (quar.)
1% Jan. 2 Holders of rec. Dec. 17
Jan. 1 Holders of rec. Dec. 15
Preferred (guar.)
Gleaner Combine Harvester, com.(No.1) Si
Dec. 31 Holders of rec. Dec. 14
$3
'134 Dec. 31 *Holders of rec. Dec. 18
Utah Copper Co.(quar.)
Granite City Steel, pref. (guar.)
37340. Jan. 2 Holders of rec. Dec. 20
*250. Jan. 2 *Holders of rec. Dec. 12
Waldorf System, common (quar.)
Grant(W.T.)& Co., com.(quar.)
2 Holders of rec. Dec. 20
Jan.
20e.
2
of
Jan.
rec.
*Holders
20
*75e.
Dec.
1).
(war.)
(No.
(40.)
Preferred
Grigsby-Grunow Co. new
Jan. 1 Holders of rec. Dec. 17
•25c. Jan. 2 *Holders of rec. Dec. 20
Ward Baking, corn. class A (guar.)._ $2
Newstock (extra)
Jan. 1 Holders of rec. Dec. 17
Preferred (guar.)
Hayes Body Corp., (guar.) (No. 1) _ _ *75c. Jan. 1 *Holders of rec. Dec. 24
Jan. 2 *Holders of rec. Dec. 17
*134 Dec. 31 *Holders of rec. Dec. 29
*51
Warren Bros., common (quar.)
Heath(D.C.)& Co., pref.(quar.)
Jan. 2 *Holders of rec. Dec. 17
*El
'Sc. Dec. 31 *Holders of rec. Dec. 12
Common (extra)
Hollinger Consol. Gold Mines (Mthly.)_
Jan. 2 *Holders of rec. Dec. 17
*75o.
Dec.
rec.
of
Holders
20
26
Dec.
(monthly)
50c.
Mining
(guar.)
preferred
First
Homestake
Jan. 2 *Holders of rec. Dec. 17
*8734e
*30e. Jan. 1 *Holders of rec. Dee. 12
Second preferred (guar.)
Humble Oil& Refg.,(quar.)
•51.50 Jan. 5 *Holders of rec. Dec. 20
*20c. Jan. 1 *Holders of roe. Dec. 12
West Coast Oil, pref.(guar.)
Extra
Dec. 29 *Holders of rec. Dec. 20
*53
Holders
rec.
20
1
of
Dee.
Jan.
1%
pref.
(quar.)- Preferred (extra)
Hydraulic Press Brick,
25c. Jan. 2 Holders of rec. Dec. 10
Williams(R.C.)& Co.,Inc.(No.1)'qu.) .350. Feb. 1 *Holders of rec. Jan. 15
Hygrade Lamp, corn.(No. 1)
*194 Dec. 31 *Holders of rec. Dec. 17
$1 62M Jan. 2 Holders of rec. Dec. 10
Wilson & Co., pref.(War.)
Preferred (quar.) (No. 1)
50o. Jan. 2 Holders of rec. Dec. 14
•1% Jan. 2 *Holders of rec. Dec. 21
Wood Chemical class A (quar.)
Indian Motorcycle. prof. (quar.)
*370. Jan. 15 *Holders of rec. Jan. 2
Feb. 15 Holders of rec. Jan. 25
51
Woodworth. Inc.(guar.)
Indiana Pipe Line (quar.)
Dec. 3 Holders of rec. Dec. 14
$1.25
Jan.
(qu.)
Holders
rec.
25
of
15
cam.
Feb.
Tube,
&
$1
Sheet
Extra
Youngstown
3% Jan. 2 Holders of rec. Dec 8
Insurance Securities Co.(quar.)
51.50 Dec. 31 Holders of rec. Dec. 20
Interlake Steamship (quar.)
Below we give the dividends announced in previous weeks
e28 Dec. 20 Holders of rec. Dec. 5
Stock dividend
$2 Dec. 31 Holdres of rec. Dec. 20
not yet paid. This list does not include dividends anand
Extra
Jan. 2 Holders of rec. Dec. 15
Internat.Buttonhole Sewing Mach.(go.) 2
this week, these being given in the preceding table.
nounced
13
Dee.
rec.
75c. Dec. 31 Holders of
International Nickel,corn.(guar.)
Internat.Paper & Power,8% pf.(quar.) *I% Jan. 15 *Holders of rec. Dee. 26
Boats Closed
PSI
fivl
*131 Jan. 15 *Holders of rec. Doe. 28
7% Preferred(guar.)
Days Mc(wise.
Cool. Payahle.
Name of Company.
Jan. 15 Holders of rec. Jan. 29a
3
Internat. Products Corp., pref.
62%e. Jan. 2 Holders of rec. Dec. 15
Internat.Shoe,corn.(quar.)
Railroads (Steam).
500. Jan. 2 Holders of tee. Dec. 15
Preferred (monthly)
Dec. 28 Holders of tee. Nov.28
52
Alabama Great Southern. ordinary
52 Jan. 2 Holders of rec. Dec. 14
IntertyPe Corporation,1st pref.(qu.) _ _
51.50 Dec. 28 Holders of rec. Nov.28
Ordinary
(extra)
Dec,
Holders
rec.
14
2
of
Jan.
$3
Second preferred
Feb. 13 Holders of roe. Jan. 11
$2
Preferred
50c. Dec. 15 Holders of rec. Dec. 5
Isle Royale Copper Co.(quer.)
$1.50 Feb. 13 Holders of rec. Jan. 11
Preferred (extra)
*30e. Dec. 8 *Holders of rec. Dec. 15
Jackson Motor Shalt (quar.)
3% Jan. 10 Holders of rec. Dec. 12a
corn
RR.,
Line
Coast
Atlantic
of
rec.
*Holders
15
Dec.
8
*30c. Dec.
Extra
1% Jan. 10 Holders of rec. Dec. 124
Common (extra)
75e. Jan. 16 Holders of rec. Jan. 2
Johns-Manville CorP.,COm.(qu.)
870. Jan. 1 Holders of roe. Nov. Ms
Bangor & Aroostook, corn. (quar.)
1% Jan. 2 Holders of rec. Dec. 19
Preferred (quar.)
Jan, 1 Holders of recs. Nov.30a
(guar.)
Prelerred
38e. Jan. 28 Holders of rec. Jan. 10
Kaufmann Dept.Stores, eon).(qu.) _ _ _ _
Dec. 31 Holders of rec. Nov. 30
231
(guar.)
Albany
Boston dr
.1.131 Jan. 2 *Holders of rec. Dec. 19
Keith-Albee-Orpheum Corp., pf.(qu.)
2% Jan. 1 Holders of rec. Dec. 20
(guar.)
Providence
&
Boston
rec.
of
Dec.
*Holders
2
Jan.
20
*510
King Philip Mills(extra)
Dee. 31 Holders of rec. Dec. 15a
2
pref
Susquehanna,
&
Buffalo
Dec. 31 Holders of rec. Dec. 10
2
King Royalty Co.,pref.(quar.)
234 Dee. 31 Holders of rec. Nov. 300
Canadian Pacific, common (guar.)
Dec. 13 Holders of rec. Dee. 8
7
Laclede Steel
750. Jan. 1 Holders of rec. Dec. 84
(guar.)
Corp.
Chesapeake
51.25 Jan. 2 Holders of rec. Dec. 17
Lambert Co.(guar.)
234 Jan. I Holders of rec. Dec. 86
Chesapeake & Ohio common (guar.) _
50c. Jan. 2 Holders of rec. Dec. 17
Extra
334 Jan. 1 Holders of rec. Dec. 8a
Preferred series A
*10c. Dec. 3 *Holders of rec. Dec. 10
Lessings, Inc.(War.)
Dec. 31 Holders of roe. Dec. 34
common_.
Western.
North
&
Chicago
4.5c. Dec. 31 *Holders of rec. Dec. 10
Extra
500. Dee. 31 Holders of rec. Dec. 3a
Common (extra)
40o. Jan. 2 Holders of rec. Dec. 140
Life Savers, Inc.(quar.)
Dee. 31 Holders of tee. Dec. 34
334
Preferred
rec.
31
of
10
.0
Dec.
Jan.
*Holders
134
Lindsay Light, pref.(quar.)
134 Dec. 31 Holders of rec. Dec. 76
Chic. R. I. & Pacific common (quar.)_ _
•15c.
Locomotive Firebox Co.(extra)
Doe. 31 Holders of rec. Dec. 7a
6% preferred
Loose-Wiles Biscuit, 1st pref. (quar.)___ '131 Jan. 1 *Holders of rec. Dec. 18
Dec. 31 Holders of rec. Dee. 7.
7% Preferred
131 Jan. 2 Holders of rec. Dec. 15
Lorillard (P.) Co.. prof.(War.)
Doe. 26 *Holders of rec. Dee. 7
*4
common__
One. N.O.& Texas Pacific
$1.50 Dec. 31 Holders of rec. Dec. 15
Mack Trucks, corn. (quar.)
.3
Dee. 26 *Holders of rec. Dec. 7
(extra)
Common
rec.
2
of
Jan.
Holders
191
pt.
Dec.
inc.,
(au).
20
Co..
Mallinson(H.It.) &
2 Holders of rec. Dec. 10a
Jan.
prof.
_
_
(qu.)
134
of
RRs.
Cuba.
Consolidated
'1% Jan. 2 *Holders of rec. Dec. 17
Manhattan Shirt, pref.(quar.)
$4.40 Dec. 28 Holders of rec. Dec. 286
Cuba Northern.common
50e. Jan. 10 Holders of rec. Dec. 20
margay Oil Corp. (guar.)
Holders of me.Jan 15'29
Febl'29
3
preferred
RR.,
Cubs
1
*3734c
Jan.
*Holders of rec. Dec. 15
Maytag Co., corn. (quar.)
234 Dee. 20 Holders of rec. Nov.27
Delaware & Hudson Co.(guar.)
*50c. Jan. 1 *Holders of rec. Dec. 15
Common (extra)
*52.50 Dec. 15 *Holders of rec. Dee. 1
Lackawanna & West.(qu.)
Delaware
25c,
15
Jan.
Holders
of
(interim)
rec.
31
011
Dec.
MeColl-Frontenac
87%c Dec. 10 Holders of rec. Nov. 304
Erie & Pittsburgh (guar.)
*50c.
McKinnon Industries, corn.(No. 1).
Gulf, Mobile & North., pref. (quar.)- - - 1% Jan. 2 Holders of rec. Dee. 15a
Merchants & Miners Transportation(qu) *132310 Dec. 31 *Holders of rec. Dec. 15
(quar.)
2% Dec. 31 Holders of rec. Dec. 84
common
Valley,
Hocking
3o.
Merchants Petroleum (extra)
Jan.
to
Jan, 2 Dec. 11
2
Illinois Central leased lines
*50c.
Merrimac Hat Corp. (quar.)
Dec. 15 Holden of rec. Nov.30
& Gulf, pref. A
Oklahoma
Kansas
*50e.
Extra
of tee. Dec. 154
Holders
2
Jan.
1
com.
(guar.)
Central.
Maine
•6234.e Dec. 31 *Holders of rec. Dec. 10
Mohawk Carpet Mills (quar.)
Dec. 31 Holders of rec. Doe. 15a
20c. Dec. 31 Holders of rec. Dec. 14a Missouri-Kansas-Texas, pref. A(quar.).
Mother Lode Coalition mines
Jan. 2 Dec. 2 to Jan. 1
2
Mobile & Birmingham, pref
Montgomery Ward & Co., el. A (quar.). 41.75 Jan. 1 *Holders of rec. Dec. 21
Jan. 2 Holders of roe. Doe. 86
52.12%
Essex
$1.25 Jan. 2 Holders of roe. Dec. 20a Morris &
Morgan Lithograph, corn.(quar.)
& St. L.. corn & pf.(go.). 1% Jan. 2 Holders of rec. Nov. 154
Chicago
Y.
N.
2
Jan.
650.
of
Holders
rec.
(quar.)
Corp.
Dec.
154
Producers
Mountain
Jan. 2 Holders of rec. Dec. 7a
1
(quar.)..,
Corn.
Hartford,
&
H.
N.
N.Y.
1
Jan.
Holders of rec. Dec. 12a
4331c
National Candy, corn. (quar.)
1% Jan. 2 Holders of rec. Dec. 7a
Preferred (gust.)
131 Jan. 1 Holders of rec. Dec. 124
First and second preferred (quar.)---Jan. 2 Holders of rec. Dec.r1144
(guar.)
134
Western
&
Lack.
N.Y.
Jan.
*Holders
1
of
*2
rec.
(quar.)
pros.
Dec.
15
National Grocers8%
Jan. 3 Holders of rec. Dec. 20
.141 Jan. 1 *Holders of rec. Dec. 15
Norfolk & Southern
Second preferred (quar.)
1' Jan. 3'Holders of rec. Dec. 20
Extra
Dec.
roe.
of
31
*Holders
*SI
(qu.)
con).
Dec.
18
Stmpg.
&
Enameling
Nat.
Dec. IA Holders of rec. Nov. 30a
2
(guar.)
corn.
Western,
&
Norfolk
Feb.
of
$1.25
15
Holders
rec. Feb. 5
National Supply, corn. (quar.)
Dec. 19 Holders of rec. Nov. 304
2
Common (extra)
Dec. 24 Holders of rec. Dec. 14
$3
Common (extra)
(gust)
Si Jan. 2 Holders of rec. Dec. 7a
corn.
Marquette,
31
Pere
Dec.
of
Holders
134
rec.
Dec.
21
Preferred (extra)
Feb. 1 Holders of rec. Jan. 4a
preference
(guar.).
194
prior
cent
per
Five
$1
Jan. 1 Holders of rec. Dec. 14
National Tea, Coro. kluar.)
134 Feb. I Holders of roe. Jan. 44
Five per cent preferred (guar.)
6231c Jan. 2 Holders of rec. Dec. 204
Nebel (Oscar) CO., Inc., corn
Jan. 2 Holders of rec. Dec. 104
(quar.)
corn.
Chic.,
134
&
Wayne
Ft.
Pitt.sh.
60e
31
Dec.
Holders
of
Dec.
rec.
14
Nevada Consol. Copper (guar.)
131 Jan. fi Holders of rec. Dec. 10a
Preferred (gnarl
25e. Jan. 2 Holders of rec. Dec. 12
North Amer. Investors corn.(quar.)___ _
50e Dec. 13 Holders of rec. Nov. 224
Reading Co. let pref. (guar.)
6234e. Jan. 2 Holders of rec. Dec. 12
Preferred (quar.)
50e Jan. 10 Holders of rec. Dee. 204
(guar.)
preferred
Second
Oakee Products Corp., class A (guar.)._ *6234e Jan. 2 *Holders of rec. Dec. 20
1
Dec. 15 Holders of rec. Nov.304
Rutland RR., preferred
*30c. Jan. 2 *Holders of rec. Dec. 20
Class B (quar.)
1% Jan. 2 Holders of roe. Dee. 34
(guar.)._
corn.
Francisco,
Louis-San
of
•100.
18
St
Dec.
*Holders
rec.
Dec. 8
Oceanic 011 (extra)
Jan. 2 Holders of rec. Dec. 3a
250
Common (extra)
6234c. Dec. 15 Holders of rec. Dec. 7
Ohio Confection, el. A (quar.)
1% Feb 1'29 Hold of me. Jan. 7 '250
Preferred (guar.)
Jan. 2 *Holders of rec. Dee. 19
*2
Orphelum Circuit, pref.(quar.)
May 1 Holders of rec. Apr. 134
2
of
Preferred
rec. Dec. 15
*Holders
400. Jan.
(guar.)
Ovington's, partie. pref
1% Aug. 1 Holders of rec. July la
Preferred (guar.)
Jan. 1 *Holders of rec. Dec. 16
n1
Owens Bottle, corn. (quer.)
1% Nov. 1 Holders of rec. Oct. la
(guar.)
of
Jan.
rec.
*Holders
1
115
Preferred
Dec.
16
Corn.(payable in corn.stock)
194 Jan. 2 Holders of rec. Nov. 284
Southern Pacific Ce.(guar.)
200. Jan. 2 Holders of rec. Dec. 11
Park Utah Consol. Mines (quar.)
234 Jan. 2 Holders of tee. Dec. la
Union Pacific, COM. (guar.)
Falba° Minca & Enterprises Consol.(mt.)
Dec. 31 *Holders of rec. Dee.
'87
common
(annual)
fly.,
Virginian
Dec.
Holders
of
21
Dec.
me.
11
Interim dim.(4 shillings per share).-
131
134
134
134
3204
Name of Company.
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Name of Company.
[VoL. 127.
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Public Utilities.
Public Utilities (Concluded).
American Gas Co.(guar.)
2
Dec. 28 Holders of rec. Dec. 20a Southern Calif. Edison,8% Pref. (qu.).... 3714e Dec. 15 Holders of rec. Nov. 20
Amer.Public Utilities7% pref. (guar.)
431(c Dec. 15 Holders of me. Nov. 20
Prior pref. and partic., pf.(111.)
Southern Canada Power, see note (v)._
31.75 Jan. 2 Holders of rec. Dec. 15
Amer. Superpower, corn. A & BSouthern Canada Power, pref (guar.) _ _
114 Jan. 15 Holders of rec. Dec. 20
(1-25th share common A stock)
(f) Dec. 31 Holders of rec. Nov.30
Southern Cob. Power, pref.(guar.).- 13 Dec. 15 Holders of rec. Nov. 30
First preferred (Oust.)
So'west Gas'JUL. pref. (qu.)
$1.50 Jan. 2 Holders of rec. Dec. 15
$ 1.62X FebV29 Hold,of rec. Jan.20'29
$6 preference (guar.)
$1.50 Jan. 2 Holders of rec. Dec. 15
Preferred (guar.)
$ 1.6214 M'yl'29 Hold.of rec. Apr.20'29
Amer. Teter,.& Teieg.(
2)5 Tan. 15 Holders of rec. Dec. 200 Standard Gas & Elec., $4 pref.(qu.)____
31 Dec. 15 Holders of ree. Nov. 300
(Man)
Amer. Water Wks.& Elec.. lot pf.(qu.) 3140 Jan. 2 Holders of rec. Dec. 12a
Tennessee Elec. Power. 5% lot pfd (qu.) 1)5 Jan. 2 Holders of rec. Dec. 15
AssociatedGasdrElec.35Pf.(Qu.)(No. 1) _ I $1.25 Dec. 15 Holders of rec. Nov. 15
Six per cent first preferred (quar.)___
I% Jan. 2 Holders of rec. Dec. 15
Original preferred (guar.)
Seven per cent first pref.(quar.)
87%c Jan. 2 Holders of rec. Nov. 30
15 Jan. 2 Holders of rec. Dee. 15
$7 preferred (guar.)
7.2% first preferred (guar.)
1 $1.75 ,Jan. 2 Holders of rec. Nov. 30
31.86 Jan. 2 Holders of rec. Dec. 16
Associated Telep. Utilities. $7 pref.(qu.) $1.75 Dec. 15 Holders of rec. Nov. 30
Six per cent first preferred (monthly).
500 Jan 2'29 Holders of rec. Dec. 15
$6 preferred (guar.)
7.2% first preferred (monthly)
$1.50 Dec. 15 Holders of rec. Nov. 30
60e. Jan 2'29 Holders of rec. Dec. 15
Bangor Hydro-Elec. Co.7%,pf.(all.) .._
Union Pass. By.(Phila.)
1% Jan. 1 Holders of rec. Dec. 10
$4 Jan. 1 Holders of rec. Dec. 150
Six per cent preferred (guar.)
United Gas Improvement(guar.)
13. Jan. 1 Holders of rec. Dec. 10
$1 Dec. 31 Holders of rec. Nov. 300
Bell Telephone of Pa.615% pf.(qu.).... 1)4 Jan. 15 Holders of rec. Dec. 20a
Extra
50c. Dec. 31 Holders of rec. Nov. 30a
Boston Elevated By., corn. (Ouar.)
Va. Elec.& Power,7% pref.(quar.)_- - - 14 Dec. 20 Holders of rec. Nov. 300
1% Jan. 2 Holders of rec. Dec. 10
First preferred
Jan
2 Holders of rec. Dec. 10
6% preferred(guar.)
4
1% Dec. 20 Holders of rec. Nov. 300
Preferred
314 Jan. 2 Holders fo rec. Dec. 10
Western Power Corp., 7% Pref. (guar.). 1% Jan. 15 Holders of rec. Dec. 310
Brazilian Tr. L. dr Pow., pref.(qu.)
West Penn Rys., 8% pref. (guar.)
"1% Jan. 1 *Holders of rec. Dec. 15
114 Dec. 15 Holders of rec. Nov. 24
Brooklyn City RR.(Guar.)
10c. Dec. 15 Holders of rec. Dec. la West Phila. Pass. By
$4.25 Jan. 1 Iiolders of rec. Dec. 150
Brooklyn Union Gas(guar.)
2 Holders of rec. Dec. 70 Winnipeg Elec. Co., pref.(guar.)
$1.25 Jan
13j Jan. 1 Holders of rec. Dec. 6
Bklyn-Manbattan Tr., pref. A (quar.)_. $1.50 Jan15'29 Holders of rec. Dec. 31a
Wisconsin Power & Light, pref.(guar.).- "1% Dee. 15 *Holders of rec. Nov.30
Preferred series A (guar.)
$1.50 Ap1529 Holders of rec. Apr. 1 '29a
Wisconsin Pub.Serv. Corp.,7% pf.(au.) 1% Dec. 20 Holders of rec. Nov. 30
Buff. Niagara & East. Pow.. torn.(qu.)- "30e. Dec. 31 *Holders of rec. Dec. 15
614% preferred (guar.)
1% Dec. 20 Holders of rec. Nov.30
Class A (guar.)
*300. Dec 31 *Holders of rec. Dee. 15
6% preferred (guar.)
114 Dec. 20 Holders of rec. Nov.30
Preferred (guar.)
•40e. Dec. 31 *Holders of rec. Dec. 15
$5 preferred (guar.)
•31.25 Jan. 31 'Holders of rec. Jan. 15
Banks.
California-Oregon Power. 7% pf. (qu.). 135 Jan. 15 Holders of rec. Dec. 31
Chelsea Exchange(guar.)
2
Jan. 2 Holders of rec. Dec. 210
Six per cent preferred (guar.)
114 Jan. 15 Holders of rec. Dec. 31
Commerce, Nat. Bank of (guar.)
414 Jan. 2 Holders of rec. Dec. 14a
Central III. Pub. Serv., pref. (quar.).... *81.50 Jan. 15 *Holders of rec. Dec. 31
Extra
2
Jan. 2 Holders of rec. Dec. 140
Central Public Service, class A (qu.)
•4344c Dec. 15 *Holders of rec. Nov. 24
Cleveland By., corn. (guar.)
Trust Companies.
*134 Dec. 31 'Holders of rec. Dec. 10
Consol. Gas El. L.& Pow., Balto.Bronxville
*5 Dec. 15 *Holders of rec. Dec. 7
Common (guar.)
*75c. Jan. 2 *Holders of rec. Dec. 15
Equitable (guar.)
3 Dec. 31 Holders of rec. Dec. 154
Preferred series A (guar.)
"114 Jan. 2 *Holders of rec. Dec. 15
Preferred series D (guar.)
*I% Jan. 2 'Holders of rec. Dec. 15
Fire Insurance.
'Holders
Preferred series E (guar.)
of rec. Dec. 15
*1.38 Jan. 2
Commonwealth (stock dividend)
*8100
Consolidated Gas(N. Y.). corn. (guar.).
750. Dec. 15 Holders of rec. Nov. 8a
Globe & Rutgers Fire (in stock)
•e100 Subject to stkhldrs meet'g Nov. 12
Preferred (guar.)
$1.25 Feb. 1 Holders of rec. Dec. 280 North River (guar.)
.6
Dec. 1. .Holders of rea. Dec. 9
Consumers Power Co.. $5 pref.(guar.)._ $1.25 Jan. 2 Holders of rec. Dec. 15
134 Jan. 2 Holders of rec. Dec. 15
Miscellaneous.
6% Preferred (guar.)
8.6% preferred (guar.)
Holders
of
rec.
Dec.
15
2
Jan.
Acetol Products,Inc. cl. A (quar.)
$1.65
*60c Dec. 14 'Holders of rec. Dec. 2
7% preferred (guar.)
Adams Express,common(guar.)
134 Jan. 2 Holders of rec. Dec. 15
134 Dec. 3, Holders of rec. Dec. 150
6% preferred (monthly)
500 Jan. 2 Holders of rec. Dec. 15
Preferred (guar.)
I% Dec. 3. Holders of rec. Dec. 154
8.8% preferred (monthly)
550. Jan. 2 Holders of rec. Dec. 15
Alliance Investment Corp.(guar.)
20c Jan. 1 Holders of rec. Dec. 14
Continental Pass. Ry.(Philadelphia)... $2.50 Dec. 30 Holders of rec. Nov. 300 Allied Chemical & Dye Corp. pf.(qu.) _. 114 Jan. 1 Holders of rec. Dec. lla
Detroit Edison Co.(guar.)
Jan. 15 Holders of rec. Dec. 200 Allied Refrigeration Industries2
Diamond State Telep., pref.(guar.)
'15-4 Jan. 15 *Holders of rec. Dec. 20
$6 prior pref. (guar.)
$1.50 Jazz. 1 Holders of rec. Dec. la
Duke Power,tom.(guar.)
1
Jan. 2 Holders of rec. Dec. 15
Aluminum Manufactures, corn. (Ouar.).
500 Dec. 3 Holders of rec. Dec. 15
Common (extra)
1
Jan. 2 Holders of rec. Dec. 15
Preferred (guar.)
134 Dec. 3 Holders of reo. Dec. 15a
Preferred (guar.)
IX Jan. 2 Holders of rec. Dec. 15
Amer. Art Works,corn.& pref.(guar.).13-4 Jan. 11 Holders of rec. Dec. 31
East Kootenay Pow., pref. (guar.)
1% Dec. 15 Holders of rec. Nov. 30
Amer.Bank Note,corn.(guar.)
50c Jan. 1 Holders of rec. Dec. 70
Elec.Power dr Light, pref.(guar.)
$1.75 Jan. 2 Holders of rec. Dec. 130
Common (extra)
$1 Dec. 21 Holders of rec. Dec. 70
Electric Public Service $7 Pr.(quar.)__._ $1.75 Jan. 1 Holders of rec. Dec. 12
Preferred (guar.)
75c. Jan. 1 Holders of rec. Dec. 70
Electric Public Utilities $7 pt.(quar.)_.. $1.75 Jan. 1 Holders of rec. Dec. 12
Amer. Can.,corn.(guar.)
750 Feb. 11 Holders of rec. Jan. 31a
Engineers Public Serv.. com.(qu.)(No1) 25e. Jan. 2 Holders of rec. Nov. 290
Common (extra)
$1
Jan. 1 Holders of rec. Dec. 140
$5 preferred(guar.)
$1.25 Jan. / Holders of rec. Nov. 29a
Preferred (guar.)
134 Jan. 1 Holders of rec. Dec. 14a
$5.50 pref. 'guar.)
$ 1.3714 Jan. 2 Holders of rec. Nov. 28
Amer. Chain. Inc., pref. (guar.)
135
Dec. 31 Holders of reo. Dec. 2Ia
English Elec. Co.. Canada A
"31.50 Jan. 15 'Holders of rec. Dec. 31
Amer.Chatillon Corp.. PL(qu.)
*31.75 Feb l'21 'Holders of rec. Jan. 20
Federal Light Sr Traction,com.(quar.)- 20c. Jan. 2 Holders of rec. Dec. 130
Preferred (guar.)
•31.75 May1'21 'Holders of rec. Apr. 20
Common (payable In common stock).- 115c Jan. 2 Holders of rec. Dec. 13a
American Chicle, new corn. (en.)(No.1)
50c. Jan. 1 Holders of rec. Dec. 120
General Public ServicePrior pref.(Oust.)
1 34 Jan. 1 Holders of rec. Dec. 12
Common (3-100 share of com.stock).- (f) Dec. 31 Holden; of rec. Dec. 10
American Coal(extra)
$1 Dec. 22 Dec. 4 to Dec. 23
Corn. (special) (5-100 Share corn. stk.) (1) Dec. 31 Holders of ree. Dec. 10
American Colortype, corn.(guar.)
•50c. Dec. 31 "Holden of rec. Dec. 12
116 preferred (Quarterly)
$1.50 Feb. 1 Holders of rec. Jan. 10
Preferred (guar.)
•134 Dec. 31 'Holders of rec. Dec. 12
35.50 preferred (guar.)
3 1.37% Feb. I Holders of rec. Jan. 10
Amer. Encaustic Tiling (guar.)
31 Dec. 21 Holders of rec. Dec. 30
Convertible preferred (guar.)
$1.75 Feb. 1 Holders of rec. Jan. 10
American Hardware Corp.
Gulf States Utilities, 86 pref.(guar.).- - - $1.50 Dec. 15 Holders of rec. Dec. 5a
Quarterly
$1
Jan1'29 Holders of rec. Dec. 154
35.50 preferred (guar.)
$ 1.3734 Dec. 15 Holders of rec. Dec. 5a
Amer. Home Products (monthly)
25c. Jan. 2 Holders of rec. Dec. 140
Illinois Bell Telep.(guar.)
"2
Dec. 31 'Holders of rec. Dec. 29
Amer Linseed, pref.(guar.)
1% Jan2'29 Holders of rec. Deo. 21a
Illinois Power Co.,6% pref.(quar.)._.. 134 Jan. 2 Holders of rec. Dec. 15
Amer. Locomotive, corn.(guar.)
$2 Dec. 31 Holders of rec. Dec. 130
7% preferred (guar.)
155 Jan. 2 Ifolders of rec. Dec. 15
134 Dec. 31 Holders of rec. Dec. 13a
Preferred (ouar.)
Indianapolis Water, pref. A (guar.).- 135 Jan. 1 Holders of rec. Dec. 12s
American Manufacturing. corn.(quan). 1
Dec. 31 Holders of reo. Dec. 154
International Power Securities (No. 1)- •31
Dec. 15 *Holders of rec. Dec. 1
Preferred (guar.)
13.5 Dec. 31 Holders of rec. Dec. 154
Internat. Utilities. $7 pref.(mar.)
81.75 Feb. 1 Holders of rec. Jan. 17
American Radiator, common (guar.)... $1.25 Dec. 31 Holders of rec. Dec. lla
Class A (guar.)
8714c Jan. 15 Holders of rec. Dec. 270 American Railway Express (guar.)
$1.50 Dec. 31 Holders of reo. Dec. 150
Kansas City Power & Light. pf. B (qu.). $1.50 Jan. 1 Holders of rec. Dec dl4a Amer. Rolling Mill, corn.(guar.)
•50c. Jan. 15 'Holders of rec. Dec. 31
Laclede Gas Light.corn.(guar.)
234 Dec. 15 Holders of rec. Dec. la Amer.Safety Razor (quar.)
SI Jan. 2 Holders of rec. Dec. 100
Preferred
234 Dec. 15 Holders of rec. Dec. la
Extra
25c. Jan, 2 Holders of rec. Dec. 10a
Louisville Gas& Elec.corn. A & B (qu.). 4354 Dec. 24 Holders of rec. Nov.30a Amer.Shipbuilding, corn.(guar.)
2 Feb. I 'folders of rec. Jan. 150
Memphis Power & Light, $7 Pref.(qui - 81.75 Jan. 2 Holders of rec. Dec. 15
Preferred (guar.)
115 Feb. 1 Holders of rec. Jan. 15
51.50 Jan. 1 Holders 01 rec. Dec. 15
$6 preferred (guar.)
American Solvents & Chemical, pref....
75e. Jan. 2 Holders of rec. Dec. 13
Middle West Util., prior lien stk.(gu.)
Dec. lb Holders of reo. Nov. 10
32
American Stores Co.(guar.)
50e. Jan. 1 Dec. 16 to Jan. 1
$6 prior lien (guar.)
$1.50 Dec. 15 Holders of rec. Nov. 10
144 Jan, 2 Holders of ree. Dec. 50
Amer. Sugar Refg., pref. (guar.)
Monongahela W.Pa.Pub.Ser. pr.(Om). 4314 Jan. 2 Holders of rec. Dec. 15
American Thread preferred
12 14c. Jan. 1 Holders of rec. Nov. 30a
Montana Power,corn.(guar.)
114 Jan. 2 Holders of rec. Dec. 14a American Tobacco, pref. (guar.)
134 Jan. 2 Holders of rec. Dec. 10a
Nat. Elec. Power Co..6% pref. (guar.). •114 Jan. 1 "Holders of rec. Dec. 20
Amer. Vitrified Products, corn.(W.).50c. Jan. 15 Holders of rec. Jan. 5
Seven per cent preferred (guar.)
•114 .Tan. 1 *Holders of rec. Dec. 20
'134 Feb. 1 'Holders of rec. Jan. 19
Preferred (guar.)
National Power & Light $7 pf.(qu.)-- 31.75 Jan. 2 Holders of rec. Dec. 15
American Wholesale Corp.. pref. (guar.) I% Jan 229 Called for red. Jan. 2'29
New England Pub.Serv., corn.(guar.).- *450. Dec. 31 *Holders of rec. Dec. 15
Anchor Post Fence.common (guar.).--- *75e. Dec. 15 'Holders of rec. Dec. 1
86 preferred (guar.)
Anchor Post Fence (stock dividend).- - - '85
*31.50 Jan. 15 *Holders of rec. Dec. 31
Dec. 15 *Holders of rec. Dec. 1
$7 preferred (guar.)
Andes Copper Mining (special)
$1.75 Jan. 15 Holders of rec. Dec. 31
75e. Dec. 17 Holders of rec. Nov. 154
Prior lien pref.(guar.)
Apollo Magneto, new pref.(No. 1)
$1.75 Dec. 15 Holders of rec. Nov. 30
*31.75 Dec. 20 *Holders of rec. Dec. 10
Adjustment series, pref.(guar.)
"31.75 Jan. 15 Holders of rec. Dec. 31
Armour & Co.of Del. pref.(guar.)
134 Jan. 2 Holders of rec. Dec. 100
New England Teter). & Teleg.(guar.).- 2
Dec. 31 Holders of rec. Dec. 10
Armour & Co. (Ills.), pref. (guar.)
134 Jan. 2 Holders of rec. Dec. 10a
New York Steam Corp.,$8 pref.(qu.)
$1.50 Jan. 2 Holders of rec. Dec. 15a
Artloom Corp.. corn. (guar.)
75e. Jan1'29 Holders of rec. Dec. 21a
$7 preferred (guar.)
31.75 Jan, 2 Holders of rec. Dec. 150 A8800. Apparel Indus., corn.(mthly.)..' 33 1-3c Jan 229 *Holders of rec. Dec. 21
N.Y. Water Service Corp.. pref.(guar.) $1.50 Dec. 15 Holders of rec. Dec. 5
Associated Dry Goode Corp., tom.(qu.) 63c. Feb. 1 Holders of rec. Jan. 120
North American Co., common (guar.).- f234 Jan. 2 Holders of rec. Dec. 5a
First preferred (quar.)
114 Mar. 1 Holders of rec. Feb. 9a
Preferred (guar.)
Second preferred (guar.)
750. Jan, 2 Holders of rec. Dec. 5a
134 Mar. 1 Holders of rec. Feb. 9a
North Amer. Utility Secure., 1st pf.(MO $1.50 Dec. 15 Holders of rec. Nov. 30
Associated Oil :guar.)
500. Dec. 31 Holders of rec. Dec. 10a
First pref. allotment ctfs. (guar.).- $1.50 Dec. 15 Holders of rec. Nev. 30
Associates Investment Co.(guar.)
•750. Dec. 31 'Holders of rec. Dec. 21
Northern Ohio Pow.& Lt.,6% pf. (qu.) I% Jan. 2 Holders of rec. Dec. 15
Extra
•250. Dec. 31 *Holders of rec. Dec. 21
Seven per cent preferred (guar.)
Atl. Gulf de W.I. 13.8. Linea pref. (go.)
15-4 Jan. 2 Holders of rec. Dec. 15
75e. Dec. 31 Holders of rec. Des. lla
NorthWeet Utilities priorlien,Pf.(o1O.) -. $1.75 Jan. 2 Holders of reo. Dec. 15
Atlantic, Macaroni
•114 Dec. 15
Oelahoma Gas & Elec.. Pref. (guar.).- 134 Dec. 15 Holders of rec. Nov. 30
Atlantic Refining, new common
250. Dec. 15 Holders Of rec. Nov. 21a
Pacific Telep & Teleg, COM. ((Mar.)--- 144 Dec. 31 Holders of rec. Dec. 20a Atlantic Terra Cotta, prior pref
(1) Dec. 15 Holders of rec. Dec. 5
Preferred (ouar.)
Preferred (ouar.)
1
134 Jan. 15 Holders of rec. Dec. 31a
Dec. 15 Holders of rec. Dec. .5
Penn Central Light.4 Power,55 pf.(gu.)- 81.25 Jan. 1 Holders of rec. Dec. 15a Atlas Powder, common (guar.)
SI
Dee. 10 Holders of reo. Nov.304
Pennsylvania-Ohio Pow.& Lt.36 pL(qu) $1.50 Feb. 1 Holders of rec. Jan. lb
Auto Car Co., pref. (guar.)
52 Dec. 15 Holders of rec. Dec. 5
7% preferred (Oust.)
Auto Strop Safety Razor. corn. A (au.)._
135 Feb. 1 Holders of rec. Jan. 19
75c. Jan. 2 Holders of rec. Dec. 100
7.2% pref. (monthly)
604. Jan. 2 Holders of rec. Dec. 20
Babcock & Wilcox Co.(Ouar.)
I% Jan1'29 Holders of fee. Dee. 200
7.2% pref.(monthly)
600. Feb. 1 Holders of rec. Jan. 19
Quarterly
135 Aprl'29 Hold, of rec. Mar. 20'294
6.6% pref.(monthly)
55e. Jan. 2 Holders of rec. Dec. 20
Sackstay Welt Co.(qu.)(No. 1)
*50c
6.6% pref.(monthly)
55c. Feb. 1 Holders of rec. Jan. 19
Balaban & Katz, corn.(monthly)
II Sc.Jan. 1 'Holders of rec. Dec. 20
Water
&
Penna.
Power (guar.)
6214c Jan. 2 Holders of rec. Dec. 14
Preferred (guar.)
•I Si Jan 1'29 'Holders of ree. Dec. 20
Peoples Gaa Co., pref
8
Jan. 1 Holders of ree Dec. 120 Baldwin Locomotive Wks.,com.& pfd
334 Jan. 1 Holders of rec. Dec. la
Peoples Light & Pow.,corn. A.(guar.).604. Jan. 1 Holders of rec. Dec. 8
Bancitaly Corp.(guar.)
"31
Jan. 2 "Holders of rec. Dec. 15
Philadelphia Electric (guar.)
50c. Dec. 15 Holders of rec. Nov. 30s
Stock dividend
OA
Ian. 1 'Holders of rec. Nov. 1
Phila. Suburban Water. pref.(guar.).- 134 Mar. 1 Hold, of rec. Feb. 9'29a Bancroft(Joseph) &Sens CO.. corn.(:111.) 6214e
Dec. 31 Holders of rec. Dee.d15
Portland Electric Power,6% 1st p1.(qu.) 114 Jan. 1 Holders of rec. Dec. 15
Bankers Capital Corp., corn
$4
Jan.
16 Holders of rec. Dec. 11
Prior preferred (guar.)
134 Jan. 1 Holders of rec. Dec. 15
ereferred (guar.)
$2
Jan15'29 Holders of rec Dec. 31
Power Corp.of Can., corn.(No. I)(qu.). 31
Dec. 20 Holders of rec. Nov. 30
Common & preferred (extra)
817
Holders of reo. Dec. 31
Jan.
15
Participating preferred (guar.)
75c. Jan. 15 Holders of rec. Dec. 31
Bankers Invest. Trust of Amer., corn_ •25e. Dec. 31 *Holders of rec. Dec. 10
Public Service Corp.of N.J., corn
50c. Dec. 31 Holders of rec. Dec. 70
Debenture shares (guar.)
•15c. Dec. 31 *Holders of rec. Dec. 20
Common (extra)
40c. Dec. 31 Holders of rec. Dec. 7a Barker Bros. Corp.. corn. (guar.)
60e. Jan. 1 Holders of rec. Dec. 150
8% preferred (guar.)
2
Dec. 31 Holders of rec. Dec. 7a
Cony. 614% Pref. (guar.)
134 Jan. 1 Holders of tee. Dec. 15a
7% preferred (guar.)
134 Dee. 31 Holders of rec. Dec. 7a Beech-Nut Packing, corn. (extra)
60c. Dec. 10 Holders of rec. Nov. 24a
$5 preferred (guar.)
$1.25 Dec. 31 Holders of rec. Dec. 7a Beech-Nut Packing, coin. (guar.)
750. Jan. 10 Holders of rec. Dec. 24
50c. Dec. 31 Holders of rec. Dec. 7a Belding-CortIcelli, Ltd.. pref.(guar.)... 154 Dec. 15 Holders of rec. Nov. 30
6% preferred (mthly)
Pub. Util. Consol.Corp.,com.A(mtbly.). 162-3 Dec. 10 Holders of rec. Nov. 30
Belgo-Canadian Paper, pref.(guar.).- 154 Jan. 2 Holders of tee. Nov. 30
Seven percent, pref.(monthly)
581-3 Dec. 10 Holders of rec. Nov. 30
Bondi,/ Corp., new stock (guar.)
"500. Ian. 1 *Holders of rec. Dec. 15
Radio Corp of Am., pref. A (guar.).- -I% Jan. 1 Holders of rec. Dec. la Beat & Co., common (guar.)
750. Dec. 15 Holders of nre. Nov. 230
San Joaquin Light & Pow, pf"A"(qu.)- •134 Dec. 15 Holders of rec. Nov. 30
Bethlehem Steel. pref. (quar.)
135 Jan. 2 Holders of reo. Dec. la
*114 Dec. 15 Holders of rec. Nov. 30
Preferred"B"(guar.)
Bloch Brothers Tobacco. pref. (guar.)._
134 Dec. 31 Dee. 26 to Dec. 80
Savannah El.,Ir pow., Ist pf.ser A (qu.)- 2
Holders
of
rec.
Dec. 10a Blumenthal(Sidney) & Co., pref. (qu.). 135 Jan. 2 Holders of rec. Dec. I5a
Jan. 2
First preferred series B (guar.)
134 Jan, 2 Holders of rec. Dec. 100 Bohm Chica 011 Corp. corn. A (guar.)... 2
Dec. 15 Dec. 1 to Dec. 10
DEC. 8 1928.]
Name of Comport,•
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Contlnued).
Jan. 1 *Holders of roe. Dec. 15
*3
Boardwalk Securities Corp.(qual.)
Dec. 15 *IL'dent of rec. Dec. 1
*2
Christmas dividend
*El
Borg-Warner Corp., common (guar.)stock).
Common (payable in common
Boston Woven Hose & Rubber,com.(qu) $1.50 Dec. 15 Holders of rec. Dec. 1
31
Dec. 15 Holders of rec. Dec. 1
Common (extra)
Dee. 15 Holders of rec. Dec. 1
3
Preferred
50c. Jan. 2 Holders of rec. Dec. 15a
Brillo Mfg.,class A (guar.)
Dec. 31 Holders of rec. Dec. 21
$1
(guar.)
Bristol-Myers Co.
Brockway Motor Truck, pref. (gual%).- 13( Jan. 2 Holders of rec. Dec. 10a
Dee. 15 Holders of rec. Nov. 16
Si
Buckeye Pipe Line (guar.)
25c. Jan 219 Holoers of rec. Dec. 8o
Bucyrus-Erie Co., common (guar.)
62%c Jan 219 fielders of rec. Dec. So
Convertible preferred (guar.)
14( Jan. 2 Holders of rec. Dec. 8o
7% pref.(guar.)
75e. Dec. 10 Holders of rec. Nov. 28a
Burrough Adding Machine (guar.)
*50e. Feb. j *Holders of rec. Jan. 4
Bush Terminal Co., corn. (guar.)
Feb. 1 *Holders of rec. Jan. 4
*11%
_
_
_
stock)
com.
in
(payable
Common
*14f Jan. 15 *Holders of rec. Dec. 28
Debenture stock (guar.)
Bush Terminal Bldgs.. pref.(guar.)-- *114 Jan. 2 "Holders of rec. Dec. 14
75c. Dec. 20 Holders of rec. Dec. 56
By-Products Coke,corn.(extra)
• 37340. Jan. 2 *Holders of rec. Dec. 20
California Ink, class A (guar.)
• 1214c. Jan. 2 *Holders of rec. Dec. 20
Class A (extra)
Dec. 15 Holders of reo. Nov. 30a
$1
California Packing Corp.(guar.)
250. Jan. 1 Holders of rec. Nov.23a
California Petroleum (guar.)
Dec. 17 Holders of rec. Dec. la
(guar.)
$1.50
Mining
Arizona
Calumet &
Dec. 17 Holders of rec. Dec. la
31
Extra
Dec. 15 Holders of rev. Nov. 30a
Calumet dr Heels Cons. Copper Co.(qu.) 51
1% Dec. 31 Holders of rec. Nov. 30
Canada Cement, pref. (guar.)
3734c. Dec. 15 Holders of rec. Nov. 30
Canada Malting. Ltd
Canadian Fairbanks-Morse, Ltd..pf.(qu) Al% Dec. 15 Holders of rec. Nov.30
8714c. Jan 2 Holders of rec. Dec. 15
Canadian General Elec., prof.(qu.)
2
Dec. 31 Holders of reo. Dec. 20
.
Canfield Oil, common (guar)
1)4 Dec. 81 Holders of rec. Dec. 20
Preferred (guar.)
(r)
Holders of rec. Nov dl7a
Carib Syndicate (stock dividend)
Case (J. I.) Threshing Mach.,com.(qu.) 114 Jan. 1 Holders of rec. Dec.d17a
154 Jan. 1 Holders of rec. Dec. 17a
Preferred (guar.)
*50c. Dec. 15 *Holders of rec. Dec. 1
Cast Iron Pipe Co., new (qu.)(No. 1)
Catelli Macaroni Prod., Pref. A (gU.)-- *500. Dec. 16 *Holders of rec. Nov.30
Celanese Corp. of Amer., prior pf.(gu.). 134 Jan. 1 Holders of rec. Dec. 14
334 Dec. 31 Holders of rec. Dec. 14
First participating preferred
•75c Jan 2 *Holders of rec. Dec. 15
Celotex Co.. corn. (guar.)
*1% Jan 2 *Holders of rec. Dec. 15
Preferred (guar.)
50c Jan. 10 Holders of rec. Dec 4226
Central Alloy Steel, common (guar.)._
134 Jan. 1 Holders of rec. Dec. 136
Preferred (quar.)
Central Investors Corp., al. A (guar.)... '3734. Jan219 *Holders of rec. May Is
750. Jan. 1 Holders of rec. Dee. la
Certo Corporation (guar.)
25c. Jan
1 Holders of rec. Dec. la
Extra
'3134c Jan. 15 *Holders of reo. Dec. 24
Chapman Ice Cream (guar.)(No. 1)
250 Fb15'29 Hold, of rec. Feb. 1 '241
Chelsea Exch. Corp., A & B (qu.)
25c My15'29 Hold. 31 rec. May I '29
Class A & it (guar.)
Dec. 28 Heide$1
rec. Dec. 10a
Cbesebrough Mfg. Consol. (guar.)
$1.50 Dec. 28 Holders of rec. Dec. 100
Extra
250 Jan, 2 Holders of rec. Dec. 20a
Chicago Yellow Cao Co.(monthly).- - 250. Feb. 1 Holders of rec. Jan. 210
Monthly
250. Mar. 1 Holders of rec. Feb. 190
Monthly
750 Jan 1'29 Holders of reo. Dec. be
Chickasha Cotton 011(guar.)
75o Aprl'29 Holders of reo.Mar 9'29a
Quarterly
750. Jul 1'29 Holdereof rec.June10'29a
Quarterly
60e. Dec. 10 Holders of rec. Nov. 23a
Childs Co., common (guar.)
1% Deo, 10 Holders of rec. Nov. 23a
Preferred (guar.)
75e. Dec. 29 Holders of reo. Dec. 56
Chile Copper Co.(guar.)
Jan 2'29 Holders of roe. Dec. 170
2
Chrysler Corp.. prof. (guar.)
750. Jan. 2 Holders of rec. Dec. 3a
Chrysler Conoration (guar.)
14 Jan 2 Holders of rec. Dee. 15
Cities service, common (monthly)
Common (payable in common stock)._ 1i4 Jan. 2 Holders of rec. Deo. 15
14 Jan 2 Holders of rec. Dec. 16
Prof. ana f ref. BB (monthly)
50. Jan. 2 Holders of rec. Dec. 15
Preferred B (monthly)
180. Jan. 1 Holders of reo. Dec. 29
Claremont Investing, corn. (guar.)
320. Jan. 1 Holders of rec. Dec. 29
Preferred (guar.)
*50c. Mar. 1 *Holders of rec. Feb. 15
Cleveland Stone, common (guar.)
*50e. June 1 *Holders of rec. May 15
Common (guar.)
•500. Sept. 1 *Holders of rec. Aug 15
Common (guar.)
$1.50 Jan. 2 Holders of rec. Dec. 12a
Coca Cola Co., corn. (guar.)
62340. Ja. 2'29 Holders of rec. Dec. 15
Cohn-Hall-Marx,com.(quar.)
62140. Ap.129 Holders of rec. Mar. 150
Common (guar.)
131114e. Jul 1'29 Holders of reo. June 15
Common (quar.)
25e. Dec. 31 Holders of rec. Dec. lla
Commercial Credit Co., corn. (quar.).....
134 Dec. 31 Holders of rec. Dec. 110
634% 181 preferred (guar.)
a% 1st preferred (guar.)
4314c Dec. 31 Holders of rec. Dec. Ila
8% preferred B (guar.)
50c. Dec. 31 Holders of rec. Dee.dlla
Jan. 1 Holders of rec. Dec. 5a
Commercial Invest. Trust, com. (qu.).... 51
Jan. 1 Holders of rec. Dec. 5a
fl
Comm on (payable in common stock)
1% Jan. 1 Holders of reo. Dec. 5a
634% pref.(guar.)
1)4 Jan. 1 Holders of roe. Dec. do
7% first preferred (guar.)
Jan. 1 Holders of rec. Dec. 20a
22
Commercial Solvents Corp.(guar.)
Congress Cigar (guar.)
'$1.25 Dec. 31 *Holders of rec. Dec. 14
250. Jan, 2 Holders of rec. Dec. 20
Consolidated Retail Stores, corn.(qu.)..
Jan. 2 Holders of rec. Dec. 20
2
Preferred (guar.)
300. Jan. I Holders of rec. Dec. 106
Container Corp., class A (guar.)
15c. Jan. 1 Holden of rec. Dec. 100
Class B (quar.)
1 *Holders of reo. Dec. 10
*1% Jan
Preferred (guar.)
1 Holders of rec. Dec. 200
134 Jan
Continental Can, Profaned (guar.)
20o. Jan, 30 Holders of rec. Jan. 15a
Continental Motors (guar.)
1
Dec. 18 Holders of rec. Nov.30
Cooksville Co., pref. (guar.)
50e. Dec. 21 Holders of rec. Dec. 17a
Coty, Inc.. new stock (guar.)
37340. Dec. 16 Holders of rec. Dec. I
Crane Co., common (guar.)
134 Dec. 15 Holders of rec. Dec. 1
Preferred (guar.)
e4
Dec. 31
CrOsley Radio (stock dividend)
25e. Jan 1'29 Holden of reo. Doe. 20a
Crosley Radio Corp.(guar.)
Crown Willamette Paper, let pref.(qu.). *$1.75 Jan. 1 *Holders of rec. Dec. 13
*31.50 Jan. 1 *Holders of rec. Dec. 13
Second preferred (guar.)
Crown Zellerbach Corp., com.(guar.).. •25e. Jan. 15 *Holders of rec. Dec. 31
114 Dec. 31 Holders of reo. Dec. 156
Crucible Steel, pref. (guar.)
25c. Jan, 2 Holders of rec. Dee. 4a
Cuban-American Sugar. coin.(guar.)_ _ _
114 Jan 2 Holders of rec. Dec. 4a
Preferred (guar.)
"al
Dec. 15 *Holders of rec. Nov.30
Oumberland Pipe Line
Cuneo Press. Inc., 634% pref. (quar.)_. •IN Dec. 15 *Holders of rec. Dec. 1
Vs 100 (z)
*Holders of rec. Jan. 21
Quits Publishing com.In com.stk
•500. Dec. 10 *Holders of rec. Nov. 20
Common (extra)
*50c. Jan. 2 *Holders of rec. Dec. 20
Curtis Publishing, corn. (monthly)
*50c. Jan. 2 *Holders of rec. Dec. 20
Common (extra)
880. Dec. 15 Holders of rec. Dec. 96
Cutler Hammer Mfg.(guar.)
$1.75 Jan. 2 Holders of rec. Dec. 15
Dahlberg dr Co.. Inc.(guar.)
David & Frere, Ltd.. common A (guar.). 56c. Dec. 15 Holders of rec. Nov. 30
'8134c Jan119 *Holders of reo Dee. 20
Davis Industries, clan A (guar.)
08114e Jan119 *Holders of reo. Dec. 20
Class B (guar.)
I
Dec. 22 Holders of rec. Dec. 8
Davis Mills(guar.)
Decker (Alfred) & Cohn,Inc., com.(gu.) •50e. Dec. 15 *Holders of rec. Dec. 5
Jan. 2 Holders of rec. Dec. 15
$1.50
corn.
Co.,
Deere &
(guar.)
Delaware, Lack. & West. Coal(quar.).. *$2.50 Dec. 15 *Holders of rec. Dec. 1
2
Dec. 15 Holders of rec. Dec. 1
Derk Manufacturing. pref.(guar.)
20c. Jan. 2 Holders of rec. Dec. 15
Detroit & Cleveland Na,.(guar.)
20c. Jan. 2 Holders of rec. Dec. 15
Extra
Dec. 15 Holders of rec. Nov. 30a
2
Diamond Match (guar.)
(k) Dee. 10 Holders of rec. Nov. 26a
Special
65c. Feb. 15 Holders of rec. Jan. 29
Dominion Bridge, Ltd. (guar.)
Dominion Glass, Ltd., corn. & pf.(qua. 134 Jan. 2 Holders of rec. Dec. 15
Dominion Textlle, Ltd., corn.(guar.)._ $1.25 Jan. 2 Holders of rec. Dec. 15
134 Jan. 15 Holders of rec. Dec. 31
Preferred (quar.)
Jan. 1 Holders of rec. Dec. 1
1
Draper Corp.(guar.)
/aniline Holders of rec. Dec. 310
$1
Dunhill International (guar.)
Ap15'29 Holders of reo. Apr. 1'29a
$1
Quarterly
Du Pont(E I.) de Nem. dr Co., com__. $2.50 Dec. 15 Holders of rec. Dee. la
Jan, 5 Holders of rec. Dec. la
54.75
Common (special)
134 Jan, 25 Holders of rec. Jan. 10a
Debenture stock (guar.)
$1.25 Jan. 2 Holders of reo. Nov. 30a
Eastman Kodak,common (guar.)
750. Jan. 2 Holders of rec. Nov. 306
Common (extra)
114 Jan. 2 Holders of ree. Nov. 30a
Preferred (guar.)
Jan. 2 Holders of rec. Nov. 30
$1.25
pf.(qu.)
Pr.
$5
Invest.Corp.
Eastern Util.
81.50 Feb. 1 Holders of rec. Dec. 31
Participating preference (guar.)
1)4 Jan. 1 Holders of rec. Dec. 20a
Ethenlehr (Otto) az Bros., Pref.
3205
FINANCIAL CHRONICLE
Name of Company.
When
Per
Cent. Payable.
Books Closed
Days Ineitistoe.
Miscellaneous (Continued).
134 Dec. 15 Holders of rec. Dec. la
Eltingon Schild Co., pref. (guar.)
Electric Stor. Battery, corn.& pf.(qu.)_. $1.25 Jan. 2 Holders of rec. Dec. 8a
Jan. 2 Holders of rec. Dec. 86
Corn. & pref. (pay. in corn. stock)._ /10
50c. Dec. 24 Holders of rec. Dec. la
Emporium Capwell Corp.(guar.)
30e. Dec. 15 Holders of rec. Dec. 1
Equitable Financial Corp., Cl. A (qu.)
50e.Jan. 2 Holders of rec. Dec. 16a
Equitable Office Bldg.,new com.
laf Jan. 2 Holders of rec. Dec. 15a
Preferred (guar.)
Jan. 2 Holders of rec. Dec. 26
Erskine-Danforth Corp.. pref.(guar.)._ 2
75e. Dec. 31 Holders of rec. Dec. 126
Fairbanks Morse & Co., corn.(guar.)
20e. Jan, 2 Holders of rec. Dec. 21a
Fair (The), common (monthly)
20o. Feb119 Hold. ol rec. Jan.21'29a
Common (monthly)
134 Feb119 Hold.of rec. Jan.21'294
Preferred ((Mar.)
Fanny Farmer Candy Shops. corn. (qu.) 25c. Jan 1'29
Federal Mining &Smelting, prof.(qu.).. 1% Dec. 15 Holders of rec. Nov. 236
•200. Jan. 2 *Holders of rec. Dec. 20
FederalMotor Truck (guar.)
Federated Business Publications6234c. Jan. 2 Holders of rec. Dec. 20
First preferred (guar.)
Feltman & Curme Shoe Stores, pt.(gu.) 134 Jan. 2 Holders of rec. Dec. 1
111.50 Fb1519 *Holders of ree.Jan 31'29
Fidelity Industrial Bank (quar.)
"50e. Fb 15'29 *Holders of rec.Jan.31'29
Extra
Filene's (William) Sons Co.. prof. (111.)- '134 Jan. 1 *Holders of rec. Dec. 20
Fifth Avenue Bus Securities (guar.).- •160. Dee. 29 *Holders of rec. Dec. 24
First Maine Invest. Corp., cl. B (No. 1) •10c.
Jan. 2 Holders of rec. Dec. 130
First Nat. Pictures. lot ref.(quar.).... 2
d$1.75 Jan. 2 Holders of rec. Jan. 2a
Second preferred A (guar.)
75c. Jan. 2 Holders of ree. Dec. 13a
Fleischman Co. (guar.)
50c. Jan. 2 Holders of rec. Dec. 13a
Extra
$1.50 Dec. 31 Holders of rec. Dec. 140
Florsheim Shoe, pref.(guar.)
50c. Dec. 15 Holders of rec. Dec. la
Follansbee Brothers, corn.(guar.)
250. Dec. lb Holders of rec. Dec. la
Common (extra)
Dec. 15 Holders of rec. Dec. 1
114
Preferred (guar.)
Foote Bros. Gear & Mach'y, cont. (qu.) *30c. Jan. 1 *Holders of rec. Dee. 20
•114 Jan. 1 *Holders of rec. Dec. 20
Preferred (guar.)
*25c. Jan. 2'Holders of rec. Dec. 7
Forhan Co., com.(guar.)
*40c. Jan. 2'Holders of rec. Dec. 7
Class A (guar.)
25c. Jan 1'29 Holders of rec. Dec. 15a
Formica Insulation (guar.)
101. lan1'29 Holders of rec. Dec. 156
Extra
French (Fred F.) Investing Co., pref.__ 3% Dec. 15 Dec. 2 to Dec. 16
3% Dec. 15 Dec. 2 to Dec. 16
French (Fred F.) Security Co.. pref
Fuller (George A.) Co.
$1.50 Jan. 1 Holders of rec. Dec. 10
Panic, prior pref. (guar.)
$1.50 Jan. 1 Holders of tee. Dee. 106
Participating preference (guar.)
$1.25 Dec. 15 Holders of reo. Dec. 5
Gamewell Co., common (quar.)
750. Jan. 1 Holders of rec. Nov. 17a
(gu.)cont.
Corp..
General Ice Cream
Jan. 1 Holders of rec. Nov. 176
El
Common (extra)
21.25 Dec. 12 Holders of ree. Nov. 170
General Motors, corn. (guar.)
Jan. 4 Holders of roe. Nov. 17
$2.50
Common (extra)
114 Feb. 1 Holders of reo. Jan. 76
6% preferred (guar.)
Feb. 1 Holders of rec. Jan. 76
114
(guar.)
Preferred
7%
114 Feb. 1 Holders of rec. Jan. 76
6% debenture stock (guar.)
$1.25 Jan. 1 Holders of ree. Dee. 100
General Railway Signal, com.(guar.)_
114 Jan. 1 Holders of reo. Dee. 106
Preferred (guar.)
$1.75 Dec. 15 Holders of rec. Dec. aa
Giant Portland Cement. pref
3714c Jan. 2 Holders of rec. Dec. 17a
Glidden Co.. common (quar.)
1234c Jan. 2 Holders of rec. Dec. 176
Common (extra)
Goldberg (S.M.)Stores,Inc.,$7 pt.(0.) $1.75 Dec. 15 Holders of rec. Dec. I
•4c Dec. 10 *Holders of rec. Nov.30
Golden Cycle Mining & Reduction
134 Jan. 2 Holders of rec. Dec. 10a
Goodrich(B.F.) Co.. prof.(guar.)
Goodyear Tire & Rubber, 1st pref.(qu.) 11‘ Jan. 1 Holders of rec. Dec. la
1% Jan. 1 Holders of rec. Dec. 1
Preferred (guar.)
("toward (H. W.) Co., corn. (monthly).. 33 I-3c Jan1'29 Holders of rec. Dec. 20
6234c Dec. 31 Holders of rec. Dec. 126
Gotham Silk Hosiery, corn.(guar.)
Dec. 28 Holders of rec. Dec. SO
$2
Great Northern Iron Ore Prop
*70c. Jan. 2'Holders of rec. Dec. 15
Great Western Sugar. com.(guar.)
*114 Jan. 2 *Holders of rec. Dec. 15
Preferred (guar.)
$1.50 Jan. 7 Holders of reo. Dec. 186
Greene Cananea (guar.)
Greenfield Tap & Die CorP..8% PT.41u.) 134 Jan. 2 Holders of rec. Dec. 15
Jan. 2 Holders of rec. Dee. 15
2
8% pref. (guar.)
*75e Feb. 15 *Holders of rec. Feb. I
Greenway Corp.5% pref. (guar.)
May 15 *Holders of rec. May 1
*750
(guar.)
5% preferred
*750 Aug. 15 *Holders of rec. Aug. 1
5% preferred (guar.)
*750 Nov. 15 *Holders of rec. Nov. 1
5% preferred (guar.)
50c Marne Holders of rec Feb.1919a
GFuen Watch,common (guar.)
154 Feb119 Hold,of rec. Jan. 19'29a
Preferred (quar.)
Jan. 2 Holders of rec. Get. 15a
2
Guantanamo Sugar, pref.(guar.)
Jan. 2 Holders of rec. Dec. 156
$1
Gulf States Steel, corn.(guar.)
14( Jan. 2 Holders of rec. Dec. 156
First preferred (guar.)
Jan. 2 Holders of roe. Dec. 15
(quar.)
400
common
Gurd (Charles) Co.,
154 Jan. 2 Holders of rec. Dec. 15
Preferred (guar.)
Dec. 24 *Holders of rec. Dec. 15
*31
Hale dr Kilburn, Prof.(No. 1)
*250 Dec. 15 *Holders of rec. Dec. I
Hall (C. M.) Lamp (quar.)
*25c Dec. 15 *Holders of rec. Dec. 1
Extra
314 Dec. 31 Holders of rec. Nov.30
Hamilton United Theatres. lust'
Hanes(P.H.) Knitting Pref.(guar.).- 134 Jan. 1 Holders of ree. Dec. 20
Harbison-Walker Refo actories134 Jan. 21 Holders of no. Jan. 10a
Preferred (guar.)
Hawaiian Agricultural Co., preferred- •60c
Dec. 14 *Holders of ree. Nov.16
*15c
Heela Mining (guar.)
Heinle (George W.) Co., com.(guar.)._ $1.2: Ian. 2 Holders of rec. Dec. 115
$2 Ian. 2 Holders of reo. Dec. lie
Common (extra)
134 fan. 2 Holders of rec. Dec. lla
Preferred (guar.)
Dec. 24 Holders of rec. Dec. 13
2
Hercules Powder. common (guar.)
Dec. 24 Yielders of rec. Dec. 13
6
Common (extra)
HIbbaxd, Spencer Bartlett dr Co.(mtbly) 35e Dec. 25 Holders of rec. Dec. 21
Hillerest Collieries. Ltd.. cam.(qua?.).. 114 Jan. 15 Holders of rec. Dec. 31
1% Jan. 16 Holders of rec. Dec. 31
Preferred (guar.)
o62 Nc Jan. 1 Holders of rec. Dec. 15
Holland Furnace,common (guar.)
25c Jan. 1 Holders of rec. Dee. 15.
Common (extra)
3% Jan. 1 Holders of rec. Dec. 15a
Preferred
*50c Dee. 15 *Holders of rec. Dec. 5
Honolulu Consul. Oil (guar.)
*50c Dec. 15 *Hodlers of rec. Dec. 5
Extra
•31.50 Dec. 10 *Holders of rec. Nov. 30
Honolulu Plantation (extra)
250 Dec. 15 Holden of rec. Nov.30
Horn(Signal Mfg
50c Jan. 2 Holders of rec. Dee. 154
Household Products,extra
$1.25 Jan. 2 Holders of rec. Dec. Ila
Hudson Motor Car (guar.)
Jan. 15 "Holders of rec. Jan. 3
*60c
Illinois Brick (quar.)
*606 Apr. 15 *Holders of rec. Apr. 3
Quarterly
*600 July 15 "Holders of rec. July 3
Quarterly
*60. Oct. 15 *Holders of reo. Oct. 3
Quarterly
'210 Dee. 15'Holders of roe. Nov. 12
Illinois Pipe Line
2 c Deo. 28 Holders of rec. Dee. 7
)
(final
ord.
Canada,
of
Tobacco
Imperial
114 Dec. 28 Holders of reo. Dec. 7
Ordinary (interim)
Income Producing CornDec. 16
J
Corn.(1 sh.7% pf. for each 15com.)..
*50e Jan. 31 'Holders of rec. Jan. 15
Independent Oil& Gas(guar.)
Ingersoll-Rand Co., common (extra)--. SI Dec. 31 Holders of rec. Dec. 100
Jan. 2 Holders of rec. Dea. 106
3
Preferred
Inspiration Consol. Copper Co. (guar.). 75c Jan. 7 Holders of rec. Dec. 200
Jan. 10 Holders of rec. Dec. 280
$1.26
(quar.)...
Internat. Business Machines
Dec. 28 Holders of rec. Dec. 200
e5
Stock dividend
Dec. 28 Holders of rec. Dec. lba
$1
(guar.)._
corn.
Cement,
International
Internat. Combustion Eng., pref.(qu.). 1% Jan. 2 Holders of rec. Dec. 211a
•25e Jan 119
Int. Cont. Invest. Corp.com.(qu.)
•25c Aprl'29
Common :guar.,
•25c Jly 1'29
Common (guar.)
Internat. Equities Corp,class A (gu.)--- 87)4c Jan. 2 Holders of rec. Dec. 206
Intemat. Petroleum, Ltd.
Preferred (No.1 for month of Deo.).-• 5410 Jan. 1 *Holders of rec. Dec. 20
Internat. Printing Ink, com.(qua?).... 6234cFeb. 1 Holders of rec. Jan. 140
134 Feb. 1 Holders of rec. Jan. 140
Preferred (guar.)
1% Jan. 1 Holders of rec. Dec. 12a
Internat.Silver, pref.(quar.)
J'n15'29 Holders of rec. Jan.519a
31
Interstate Iron & Steel. com (guar.).Jan. 16 Holders of rec. Jan. 2a
$1
Jewel Tea, common (Var.)
Dec. 15 Holders of rec. Nov. 300
$1
(extra)
Common
14( Jan. 1 Holders of rec. Dec. 13e
Preferred (guar.)
Jones & Laughlin Steel, pref.(guar.)-- •144 Jan. 2 *Holders of reo. Dee. 13
Kaufmann Dept. Stores, pref.(gu.)_. I% Jan. 2 Holders of rec. Dec. 10
'12340 Jan 1'29 *Holders of reo. Dec. 20
Kaynee Co. (extra)
*12340 Aprl'29 *Holders of reo. Mar.20
Common (extra)
•1234e Julyi'29 *Holders of reo. June 20
Common (extra)
50c. Jan. 2 Holders of rec. Dec. 20.
Keisey-Hayes Wheel. common (guar.)._
3206
Name of Company.
FINANCIAL CHRONICLE
Per
When
Cent, Payable.
Books Closet,
Days Inclusive.
Name of Company.
VOL. 127.
Per
When
Cent. Payable
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Miscellaneous (Continued).
Kennecott Copper Corp.(quar.)
Jan. 2 Holders of rec. Nov.30. Reo Motor Car (quar.)
$2
Holders of rec. Dec. 100
20c. Jan.
Kimberly-Clark Corp., corn.(quar.)
6233c Jan. 1 Holders of rec. Dec. 15
Extra
20c, Jan. 2 Holders of rec. Dec. 100
Common (payable in corn.stock)
f2
Jan. 1 Holders of rec. Dec. 15
Republic Investing, Pref.(quar.)
35e Jan. ri Holders of rec. Dec. 15
Preferred (quar.)
133 Jan. 1 Holders of rec. Dec.115
Republic Iron & Steel, pref.(quar.)
154 Jan. 2 Holders of rec. Doe. 14a
Kirby Lumber. common (quar.)
Rich Tool, class B
Dec. 10 Holders of reo. Nov.30
1
412 Dec. 15 *Holders of rec. Dec. 10
Kraft-PhenixCheeseCorp.,new com.(qu) 3733c Jan. 1 Holders of rec. Dee.d10a Rime Steel Corp
(n) Holders of dividend warrants
Kresge (S.S.) Co.,corn.(quar.)
30e. Dec. 31 Holders of roe. Dee, 1M Ritter Dental Mfg.,corn.(qu.)(No. 1)-- *62330 Apr. 1
Preferred (guar.)
13( Dec. 31 Holders of rec. Dec. ha Humidor Corp.,corn.(qu.)(No.1)
6233c Jan. 15 Holders of rec. Dee. 15
KupPenheimer (B.) & Co., corn
$1
Jan. 1 Holders of rec. Dec. 24a Safeway Stores, new corn.(qu.)(No.1)_ •750. Jan. 1 *Holders of roe. Dec. 20
Leath & Co., pref. (quar.)
87)3c. Jan. 1 *Holders of rec. Dec. 15
•1M Jan. 1 *Holders of rec. Dec. 20
pref.(guar.)
%
7
Laboratory Prod. Co.(extra) in stk.5e3 Jan. 15 *Holders of rec. Dec. 20
•133 Jan. 1 *Holders of rec. Dec. 20
6% prof.(quar.)
Lake Shore Mines(quay.)
St. Joseph Lead (qua:.)
200. Dec. 15 Holders of rec. Dec. 1
50e. Dec. 20 Doe. 9 to Dec. 20
Bonus
Extra
20c. Dec. 15 Holders of rec. Dec. 1
25e. Dee. 20 Dec. 9 to Doe. 29
Landers. Frary & Clark (guar.)
The. Dec. 31 Holders of rec. Dee. 220 St. Louis Screw & Bolt(qum.)
4.250. Mar. 1 *Holders of rec. Feb. 25
Lehigh Portland Cement,corn.(quar.)-- 62 Mc Feb. 1 Holders of rec. Jan. 14a
Quarterly
•250. June 1 *Holders of rec. May 25
Preferred (quar.)
133 Jan. 1 Holders of rec. Dec. 14a St. Maurice Valley Corp.,Prof.(qu.) -- 13rf Jan. 2 Holders of rec. Dec. 14
Lehigh Valley Coal Sales(quar.)
St. Regis Paper, common (quar.)
90c. Jan. 2 Holders of rec. Dec. 13
•75e. Jan. 1 *Holders of ree. Dec. 10
Llbbey, McNeil dr Libby. prof
Preferred (quar.)
*53 50 Jan. 1 *Dee. 22 to Jan. 10
*134 Jan. 1 *Holder4 of roe. Dec. 10
Liggett & Myers Tob pref.(quar.)
133 Jan, 1 Holders of rec. Dec. 100 Savage Arms,new corn. 1st prof.(qu.)
Jan. 2 *Holders of rec. Dec. 15
4134 Feb. 15 *Holders of rec. Feb. 1
Liquid Carbonic Corp.(stk.div.)
Second preferred (quay.)
5e20 Feb. I *Holders of rec. Jan. 6
Loew's Incorporated, corn.(quay.)
50e. Doe. 31 Holders of rec. Dee. 130 Schiff Company,cony. pref.(qu.)
*133 Dec. 15 *Holders of rec. Nov.30
Common (extra)
$1 Dec. 31 Holders of rec. Dec. 130 Schulte Retail StoresLord & Taylor,corn.(mar.)
Common (payable in corn. stock)
234 Jan. 2 Holders of rec. Dec. 17.
u34 Mar '29
Common (extra)
Dec. 10 Holders of rec. Nov. 17a Scott Paper,corn.(quar.)
250. Dee. 21 Holders of rec. Dee. 7
5
McKesson & Robbins.Inc.Scoville Manufacturing (qu.)
*75e. Jan. 1 *Holders of rec. Dee. 20
Preference series A (guar.)
16
Sears.
Holders
of
roe.
Dec.
Dec. 15
Roebuck dr CoMacy(R.H.)dr Co.,corn.(quar.)
Quarterly (payable in stock)
50e. Feb. 15 Holders of rec. Jan. 25
el Febl'29 Hold, of rec. Jan.15'29a
Common (payablein corn.stock)
Quarterly (payable in stock)
15 Feb. 15 Holders of roe. Jan. 25
el Myl'29 Hold. of reo. Apr.13'290
Macy (R. H.) & Co.(quar.)
50e. Feb. 15 Holders of rec. Jan. 25a Seeman Brothers, Inc., corn.(extra)____
50c. 3-15-29 Hold. of rec. Mar. 1 '293
Stock dividend
Feb. 15 Holders of ree. Jan. 250 Segal Lock dr Hardware, corn. (qu.)---250, Dec. 15 Holders of rec. Nov.30
fb
Mallinson (H. R.) & Co., Inc., pt. (.211.) 13( Jan 229 Holders of rec. Dec. 20. SeiberlIng Rubber,corn.(quay.)
$1 Dec. 15 Holders of reo. Nov. 26
Mathieson Alkali Works, corn. (qu.)$1.50 Jan. 2 Holders of rec. Dee. 17a Selby Shoe, pref.(quar.)
133 Feb 1'29 *Holders of rec. Jan. 15'29
Preferred (quar.)
Preferred (quar.)
154 Jan. 2 Holders of rec. Dec. 17a
*133M ay 1 '29 *Holders of rec. Apr. 15'29
Mapes Consolidated Mfg. (quar.)
Separate Units,Inc.(quar.)
50c. Jan. 1 Holders of rec. Dec. 15
Jan. 2 Holders of rec. Dec. 1
$1
May Drug Stores(quay.)
Extra
*25e. Jan. 2 *Holders of rec. Dec. 10
25c Jan. 2 Holders of reo. Dec. 1
Merck Corp.. preferred(quar.)
Shawmut Association (quar.)(No. 1)
$1 Jan 2'29 Holders of rec. Dee. 17
*20c
Mergenthaler Linotype(guar.)
$1.25 Doe. 31 Holders of rec. Dee. 56 Sheffield Steel, common (in com.stock). tn.
A13.1'29 *Hold. of roe. Mar.21'29
Extra
Common (payable in common stock) *fl
50e. Dec. 31 Holders of rec. Dee. 5a
July1'29 *Hold,of rec. June 20'29
Metal& Therm it Corp
Common (payable in common stock) sf1
*$4 Jan. 2 *Holders of rec. Dec. 20
Oct 1'29 *Hold,of rec. Sept. 2029
Metro-Golcjwyn Pictures, pref.(quar.)- 4733c Dec. 15 Holders of rec. Nov. 300 Shell Transport dr TradingAmerican shares(interim)
Metropolitan Paving Brick, corn.(extra) $1
Dec. 22 Holders of rec. Dee. 7
•970. Jan. 5
Shell Union 011 (quar.)
133 Jan. 1 Holders of rec. Dee. 15
350. Dec. 31 Holders of rec. Dec. 5a
Preferred (quar.)
Shepard Stores, Inc., Cl. A ((Mar.)
Midvale Co.(quay.)
750. Febl 29 Hold,of rec. Jan.20 29
75e. Jan. 1 Holders of rec. Dec. 15
Class A (qua:.)
Miller (1.) at Sons. corn.(quay.)
75o. Mayl 29 Hold,of roe. Apr.20 29
50o. Jan. 2 Holders of rec. Dec. 15a
Sherw-Williams Co., Canada, corn.(qu.) $1.50 Dec. 31 Holders of me. Dec. 15
'Mining Corp. of Canada
12340 Dec. 20 Holders or rec. Dec. 6
Prefer'ed (quar.)
Mohawk Rubber, corn. (in corn. stock)_ /300 Dec. 15 Holders of rec. Dec. 10
133 Dee. 31 Holders of reo. Doe. 15
Montreal Cotton, Ltd., corn. (quer.).-- 134 Dec. 15 Holders of rec. Nov.30
Shreveport-El Dorado Pipe Line(qu.)
50e. Jan. 2 Holders of rec. Dee. 200
Shubert Theatre Corp.(qua:.)
$1 25 Dec. 15 Holders of roe. Dec. 1
Preferred (guar.)
133 Dec. 15 Holders of rec. Nov.30
Morris (Philip) & Co.. Ltd.. Inc.(CPO -- 25e.Ja n. 16'29 Hold, of reo. Jan. 2 '29a Signal Oil& Gas,Cl.A dr B (special) -- *500. Jan. 10 *Holders of rec. Dec. 20
Motor Wheel Corp., corn. (quar.)
40c. Dee. 15 Holders of roe. Nov.306
50e. Dec. 20 Holders of rec. Dec. 5a Simms Petroleum
Skelly 011 (quar.)
Municipal Finance Corp. A (qu.)
50c. Dec. 15 Holders of rec. Nov. lea
68410 Jan. 2 Holders of me. Dec. 20
45
Solar Refining
Myers(F.E.)& Bros., corn.(guar.).Dee, 20 *Holders of rec. Nov.30
50e. Dec. 31 Holders of rec. Dec. 15
South Penn 011 (quay.)
Preferred (quar.)
50c. Doe. 31 Holders of rec. Dec. 15
$1.50 Dee. 31 Holders of rec. Dee414
Extra
National Bancservice(No. 1)
250. Dee, 31 Holders of rec. Dee. 15
•$1.25 Jan. 2 *Holders of rec. Dee414
Stock dividend
National Bankftaly Co.(extra.)
*e50 Subject stockholder week Jan. 15
•50e. Jan 1'29 *Holders of roe.Sept. 15
National Biscuit, corn.(guar.)- -- ---- $1.50 Jan. 15 Holders of roe. Dee. 31a South Porto Rico Sugar, corn. (au.).50c. Jan, 2 Holders of rec. Doe. 100
Common (extra)
Nat. Dairy Products, corn.(Qum.)
25e. Jan. 2 Holders of rec. Doe. 100
The. Jan. 2 Holders of rec. Dec. 5a
Corn.(payable In corn.stk.)
Jan. 2 Holders of roe. Dee. 10
2
Preferred (quar.)
Jan. 2 Holders of rec. Dec. Be
fl
41% Jan. 2 *Holders of ree. Dee. 5
Spalding(A. G.)& Bros.corn..(quar.)
Preferred A dr B (quar.)
$1.50 Jan. 15 Holders of rec. Jan. 5
Nat. Dairy Products, corn.(In corn.stk.) 11
Sparks-Withington Co.,corn.(qu.)
•75e. Dee. 31 Holders of rec. Dec. 14
Apr. 1 Holders of rec. Mar. 40
Preferred (quay.)
Common (payable in common stk.)_ _ 11
134 Dec. 15 Holders of rec. Dec. 5
July 1 Holders of rec. June 36
Spencer-Kellogg dr Sons, Inc.(qu.)
Common (paya'.1e in common stock). /1
•40e. Jan. 1 Holders of rec. Dec. 15
Oct. 1 Holders of rec. Sept. 30
National Lead, common (quay.)
$1.25 Dec. 31 Holders of rec. Dee. 14a Standard Milling,corn.(quar.)
134 Dec. 31 Holders of rec. Dec. 180
Class A, pref. (quar.)
Preferred (quar.)
1A Dec. 31 Holders of rec. Dec. 18a
154 Des, 15 Holders of rec. Nov. 30a
Class B preferred (quar.)
134 Feb. 1 Holders of rec. Jan. 18a Standard Nat. Corp., new corn.(quar.). •35c. Jan, 2 Holders of rec. Dee. 24
National Standard (quar.)
Standard Oil (Calif.) (quar.)
6233c Dec. 15 Holders of reo. Nov. 150
315e. Jan. 2 *Holders of rec. Dec. 20
National Sugar Refining (quar.)
Extra
133 Jan. 2 Holders of roe. Dec. 8
50c. Dee, 15 Holders of rec. Nov. 15a
Extra
•62340 Dec. 15 Holders of rec. Nov. 18
Standard Oil (Indiana)(quay.)
1
Jan. 2 Holders of reo. Dec. 8
Nat.Surety,new $50. Pref.stk.(guar.) d 6233c Jan. 2 Holders of rec. Dee. 19a
Extra
*25e. Dec. 15 Holders of rec. Nov. 16
National Transit(quar.)
Standard 011(Kentucky)(quay.)
411 Deo, 21 Holders of roe. Doe, 15
•25c Dec. 15 *Holders of rec. Nov. 30
Nanheim Pharmacies, Inc., pref.(qu.)-- 6233c Feb. 1 Holders of rec. Jan. 17
Extra
*50c. Deo, 21 Holders of reo. Dee. 15
Newberry (J..1.) Co.. corn.(quay.)
Standard Oil (Nebraska)(quar.)
62o. Dec. 20 Nov.27 to Dec. 20
•30o. Jan. 1 *Holders of reo. Dec. 17
New Jersey Zino (extra)
Extra
50o. Dee. 20 Nov.27 to Dec. 20
2
Dec. 10 Holders of rec. Nov.20
N.Y. Auction Co., Inc.(quar.)
Standard 011(N.J.) $100 DU stk. Mu.). $1
Dee. 15 Holders of reo. Nov.260
3734c. Dec. 15 *Holders of rec. Dee. 1
New York Transportation (quay.)
50e. Deo, 15 Holders of reo. Nov.260
$100 par stock (extra)
•50e. Dec. 28 *Holders of reo. Dec. 13
25e. Dec. 15 Holders of reo. Nov.260
$25 par value stock (quar.)
Nichols Copper. common
50c. Dec. 15 Holders of roe. May 24
1233e. Deo, 15 Holders of rec. Nov.26a
Class A
$25 par value stock (extra)
*43Me Jan. 2 *Holders of rec. Dec. 20
40e. Dec. 15 Holders of roe. Nov. lea
Standard 011of N.Y.(qua:.)
Niles-Bement-Pond Co. prof. (qu.)-- •1% Dec. 31 *Holders of rec. Dec. 21
Standard Oil(Ohio),corn.,(quar.)
North American Provision, pt.(qu.)_ _ _ _ 41% Jan. 2 *Holders of rec. Dec. 10
6254c Jan. 2 Holders of rec. Dee. 7
Stanford's, Limited. corn.(quar.)
25e. Dec. 15 Holders of rec. Nov. 30
North Central Texas Oil, pref.(quar.)
1.6254 Jan. 2 Holders of rm. Dec. 11
Sterling Securities Corp., prof. allot. ctf
Northern Pipe Line, new stk.(No. 1)
$2 Jan. 2 Holders of reo. Dec. 7
Additional non-cum. div
33 Jan. 15 Holders of roe. Dec. 31
Extra
Si Jan. 2 Holders of me. Dee. 7
Stroock (S.) .3: Co.(quar.)
•750. Dec. 22 *Holders of rec. Dec. 10
Ohio Oil (quar.)
•500. Dec. 15 *Holders of reo. Nov. 17
25e. Dee. 15 Holders of reo. Nov. 260
011 Shares. Inc., corn.(No. 1)
3733c. Dec. 20 Holders of rec. Dee. 100 Sun 011 Co., corn.(quar.)
(m) Dec. 15 Holders of reo. Nov. 264
Common (stock dividend)
Omnibus Corp.. Prof. (quay.)
2
Jan. 2 Holders of rec. Dec. 14a
Swedish-Amer.Investment Coro.
Oneida Community, corn. (quar.)........* 4333c. Dec. 15 *Holders of rec. Nov. 30
1.6234 Jan. 2 Holders of rec. Dee. 15
Partic. pref.(called for red. Jan.2)-Participating preferred (quar.)
• 4333c. Dec. 15 Holders of rec. Nov. 30
2
Jan. 1 Dec. 11 to Jan. 10
Otis Elevator, corn. (extra)
Dec. 18 Holders of rec. Nov. 30a Swift & Co.(quay.)
St
154 Jan. 10 Holders of rec. Dec. 31
16Dom• (Payable in corn. stock)
fl5 Feb. 15 Holders of reo. Jan. 18a Telantograph Corp. pref.(guar.)
250. Dec. 15 Holders of roe. Nov.300
•144 Jan. 1 Holders of rec. Dec. 19
Tennessee Cornier & Chem.(quar.)Otis Steel. pref.(quar,)
750. Jan. 1 Holders of reo. Nov. 230
Texas Corporation (quay.)
Pacific Finance Corp., corn.(quar.)
•750. Jan. 2 Holders of rec. Doe. 20
$1
Dec. 15 Holders of roe. Dec. la
Packard Motor Car Co.(monthly)
50o. Dec. 31 Holders of rec. Dee. 120 Texas Gulf Sulphur (quay.)
Extra
250, Deo, 31 Holders of reo. Dec. 12a Tidal Osage Oil, vot.& non-vot.(quar.) •50o. Dec. 15 *Holders of rec. Doe. 1
133
Jan.
2 Holders of rec. Dec. 100
Tide
Water
Asse.
011,
pref.
(qu.)
Monthly
Jan.
120
rec.
Jan.
31
Holders
of
25e.
20e. Dec. 31 Holders of rec. Dec. 100
Monthly
25c. Feb. 28 Holders of rec. Feb. 120 Tide Watm 011,corn.(quar.)
Jan. 15 Holders of roe. Doe. 17
Tobacco Products Corp., corn.(quar.)- $2
Paraffine Cos.(quar.)
31 Dec. 27 Holders of rec. Dee. 17
4
Jan. 2 Holders of rec. Dee. 20
Ulen & Co.,8% pret
Extra
250. Dec. 27 Holders of rec. Doe. 19
933% preferred
333 Ian. 2 Holders of rec. Dec. 20
Paragon Refining, class A (quar.)
75e. Jan. 2 Dec. 15 to Jan. 1
Doe. 31 Holders of reo. Doe. 120
Paramount FamousLasky,new oom.(qu.) 75o. Dee. 29 Holders of reo. Dec. 7a Underwood Elliott Fisher Co..corn.(qu.) $1
154 Doe. 31 Holders of rec. Doe. 120
Preferred and pref. series B (quar.)_
Park & Tllford (quay.)
75e. Ja 1429 Holders of roe. Dee. 29a
31.50 Jan. 1 Holders of ree. Dee. 7a
Stock dividend (guar.)
el
Ja 14'29 Holders of reo. Dee. 290 Union Carbide dr Carbon (quar.)
$1.50 Jan 2'29 Holders of rec. Dec. 15
Quarterly
75e. Ap14'29 Hold,of reo. Mar.29'290 Union Guarantee Mtge.. corn. (quarj
Si Jan2'29 Holders of rec. Dee. 15
Corn. (extra)
Stock dividend (guar.)
el A p14'29 Hold, of rec.Mar. 29'290
$2 Jan2'29 Holders of reo. Dee. 15
Penick & Ford. Ltd., pref.(quar.)
154 Jan. 1 Holders of reo. Dee. 140 Union Mortgage,corn.(quay.)
2
Jan 2'29 Holders of ree. Dec. 15
Common (extra)
Pennsylvania-Dixie Cement, Pf. (Qu.).- $1 75 Dec. 15 Holders of reo. Nov. 30a
'13-4 Jan2'29 Holders of reo. Dec. 15
6% preferred(quar.)
Penn-Mex. Fuel
•75e. Dee. 15 *Holders of rec. Doe. 1
*334
pref
Jan. 1 *Holders of rec. Dec. 15
United
Carbon,
Peoples Drug Stores,Inc., cow.(qu.)_ _ _
Dec.
rec.
8
Jan.
2
of
25e.
Holders
The. Jan. 2 Holders of rec. Dee. 70
United Cigar Stores of Am.,corn.(quar.)
Cony.preferred (quay.)
134 Dec. 15 Holders of rec. Doe. 1
Perfection Stove (monthly)
3733e. Dee. 31 Holders of rec. Dee. 20. United Dyewood Corp., pref.(quar.) - 1M Jan. 2 Holders of roe. Dec. 130
Si Jan. 2 Holders of roe. Dec. ita
United Fruit (anar.)
Phelps.Dodge Corp.(quar.)
*$2.50 Jan. 2 *Holders of rec. Dee. 18
$1.50 Jan6'29 Hold, of rec. Jan. 2 '29a
Phillips Petroleum (quay.)
3734c Jan. 2 Holders of rec. Dec. 140 United Paperboard. pref.(quar.)
$1.50
Aping Hold, of rec. Apr. 1 '20.
Preferred
(qua:.)
146
Extra
Dec.
rec.
Jan.
2
Holders
of
50e
United Piece Dye Works.6 A % pf.(qu.). 143 Jan2'29 Holders of reo. Dec. 20a
Pittsburgh Plate Glass60e. Tan. 15 Holders of rec. Dec. 150
United Profit-Sharing,corn
New stock (quay.)(No. 1)
*500 Dec. 31 *Holders of roe. Dee. 13
0.8. Cast Iron Pipe dr Fdy.,corn.(qu.). 234 Dee. 15 Holders of rec. Dm. 1.
Poor & Co.,corn.(quay.)
*3734c Mar 1 *Holders of rec. Feb. 15
133 Dee. 15 Holders of ree. Dee. la
Preferred (Quay.)
Common(extra)
*50c Mar. 1 *Holders of rec. Feb. 15
U S. Distributing Corp., old and new pi_ $3.50 Jan
1 Holders of rec Dec 1M
Port Alfred Pulp & Pacer,Pt.(qu.).
133 Dec. 15 Holders of rec. Dee. 1
U.S. Freight (Guar.)
•750. Dec. 10 *Holders of rec. Nov. 19
Powdrell dr Alexander, prof. (quay.)..
133 Jan. 1 Holders cf rec. Dec. 17
•2 Doe, 31 *Holders of rec. Dec. 15
Pratt & Lambert,corn.(guar.)
U. S. Gypsum, corn.(war.)
*750. Jan. 2 *Holders of roe. Dec. 15
•134 Dee. 31 *Holders of rec. Dec. 15
Preferred (quar.)
Common(extra)
Jan. 2 *Holders of roe. Doe. 15
*52
134 Jan. 2 Holders of roe. Dec. 100
Pressed Steel Car, pref. (quay.)
1,4 Dec. 31 Holders of rec. Dec. la U.S.Leather, pi!or Prof.(quay.)
•10. Dec. 10
Procter dr Gamble Co.,6% pfd.(quar.)_
134 Dec. 15 Holders of rec. Nov. 24a U.S. Petroleum (quar.)
'$1
Jan. 1 *Holders of reo. Dec. 21
U.S. Playing Card, corn.(qua:.)
Pro-phy-lac-tic Brush, pref. (guar.)._
134 Dec. 15 Holders of rec. Nov. 30
*$1
Jan. 1 *Holders of reo. Dec 21
Common (extra)
Prudence Co., Inc., pref.(guar.)
154 .1 an 15'29 Holders of rec. Dee. 310
core.
(quar.)
Printing
dr
Litho.,
*31.50
Jan. 1 *Holders of reo. Dec. 21
U.
8
Chem.,
pref
.(qu.)(No.1) *50e.
Pruett-Schaffer
134 an1'29 Doe. 22 to Dec. 31
Second pref. (quar.)
Pure Oil, 8% pref. (quar.)
2
Jan. 1 Holders of rec. Doe. 10a
$1
U.S. Realty & Impt.(quar.)
Dee. 15 Holders of reo. Nov.260
6% preferred (quar.)
133 Jan. 1 Holders of rec. Dec. 10
134 Deo, 29 Holders of rec. Nov.300
U. S. Steel Corp., corn. (quar.)
133 Jan. 1 Holders of rec. Dec. 10
5M % preferred (quar.)
2
Universal Pictures Inc. 1st pfd.(qu.) _
Jan 2 Dec. 20 to Jan. 2
Q.R.S. Co.. corn.(guar.)
*50e. Jan. 15 *Holders of rec. Jan. 2
Vacuum Oil (guar.)
75c. Doe. 20 Holders of rec. Nov.30
Extra
*500. Dec. 15 *Holders of rec. Dec. 1
$1
Special
Dec. 20 Holders of roe. Nov.30
Quaker Oats,corn.(guar.)
*$1 Jan. 15 *Holders of rec. Dee. 31
133 Dec. 17 Holders of reo. Dec. 14
Valvoline 011, corn. (quar.)
*133 Feb. 28 *Holders of reo. Feb. 1
Preferred (guar.)
$1
Vanadium Corp. of Amer (extra)
Dec. 15 Holders of rec. Dec. la
013 Jan. 15 *Holders of rec. Jan. 5
Realty Associates, let pref.
153 Dec. 10 Holders of rec. Dec. la
Remington-Rand Co., 1st pref.(quar.)
133 Jan. 1 Holders of reo. Dec. 8a Vapor Car Heating, pref.(guar.)
133 Jan. 19 Holders of rec. Jan. ila
2
Second preferred (quar.)
Jan, 1 Holders of rec. Dec. 80 Vulcan Detinning, pref. (quar.
Pref. account accum.dividend)
Jan, 19 Holders of rec. Jan. 90
.. hl
Remington Typewriter. corn.((Mar.).- $1 25 Jan. 1 Holders of reo. Dec. 8a
131 Jan. 19 Holders of rec. Jan. 90
Preferred A (quar.)
Common (extra)
$5 Dec. 15 Holders of rec. Dee. 8a
30o. Jan. 2 Holders of ree. Dec. 15
First preferred (quay.)
1)4 Jan. 1 Holders of rec. Dee. 8a Waitt dr Bond,class B (quar.)
•800 Dec. 15 *Holders of reo. Dec. 5
2
Jan. 1 Holders of rec. Dee. 8a Walalua Agricultural Co.(extra)
Second preferred (guar.)
Per
When
Cent. Payable.
Name of Company.
4
3207
FINANCIAL CHRONICLE
DEC.8 1928.]
Books Closed
Days Inclusive.
Miscellaneous (Concluded).
Walker(Hiram)-Gooderham
The. Dec. 15 Holders of rec. Nov.30
& Worts. Ltd.,registered stk.(q.). _
75e. Dec. 15 Hc•Mere of coupon No.5.
Bearer shares (guar.)
30e. Dec. 15 Holders of rec. Dec. 3a
Walworth Co.,corn.(guar.)
•75c. Dec. 31 *Holders of rec. Dec. 20
Preferred(guar.)
50c. Jan. 2 Holders of rec. Dec. 12a
Warner-Quinlan Co.,corn.(guar.)
$1 Dec. 31 Holders of rec. Dec. 12a
Weber & liellbroner,corn.(guar.)
1% Feb. 1 Holders of rec. Jan. ha
Preferred (guar.)
Jan. 1 Holders of rec. Dec. 150
$1
Wesson 011 dr Snowdrift.corn. (guar.)
Western Canada Flour Mills,corn.(qu.) •350. Dec. 15 *Holders of rec. Nov. 30
Dec. 15 *Holders of rec. Nov. 30
634% pref.(guar.)
Westinghouse Elec. Mfg., coin.(qu.) _ $1 Jan. 31 Holders of rec. Dec. 31a
$1 Jan. 15 Holders of rec. Dec. 31a
Preferred (guar.)
Jan. 2 Holders of rec. Dec. 15
Weston Elec. Instrument Corp.,el. A._ _
White Motor (guar.)
25c Dee. 31 Holders of rec. Dec. 12
White Motor Securities. pref. (guar.)._
Dec. 31 Holders of rec. Dec. 12
White Rock Mineral Springs. common .._ $1.50 Jan. 2 Holders of rec. Dec. 140
First preferred (guar.)
1,' Jan. 2 Holders of rec. Dec. 14
Second preferred
735 Jan. 2 Holders of rec. Dec. 14
Willys-Overland Co rem. tqu.)
30e Feb. 1 Holders of rec. Jan.d10a
Common (extra) (in corn, stock)
$1.2 Feb. 1 Holders of rec. Jan. 180
Preferred (guar.)
1% Jan. 2 Holders of rec. Dee. 20a
Wire Wheel Corp., common (No. 1)
*SI Dec. 1 *Holders of rec. Dec. 1
Class A (participating dividend)
Dec. 1 *Holders of rec. Dec. 1
Preferred (guar.)
$1.7 Jan 1'2 Holders of rec. Dec. 20
Wisconsin Parts, con/. (au.)(No. 1)- *40e.
Common (extra)
*10o.
Wrigley(Wm.) Jr. Co.,corn.(mthly.).
*25c. Jan. 2 *Holders of rec. Dec. 200
Extra
*75e. Jan. 2 *Holders of rec. Dec. 20a
Monthly
*250. Feb.
*Holders of rec. Jan. 19a
Monthly
*25e. Mar. *Holders of rec. Feb. 200
Monthly
*25e. Apr. 1 *Holders of rec. Mar. 200
Yale dr Towne Manufacturing (qu.)_ _ _ _
31 Jan. 2 Holders of rec. Dec. 100
Young (L. A.) Spring dz wire (guar.)- 500. Jan. 2 Holders of rec. Dec. 15a
Extra
250. Jan. 2 Holders of rec. Dec. 15a
Yukon-Alaska Trust, Mts.of int
$2 Dec. 10 Holders of rec. Dec. 7
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which are
members of the New York Clearing House. The following are the figures for the week ending Nov. 30:
INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING OF BUSINESS
FOR WEEK ENDED FRIDAY, NOV. 30 1928.
NATIONAL AND STATE BANKS-Average Figures.
Loans.
0th. Cash, Res.,Dep., Dep.Other
Gram
Including N. Y. and Banksand
Gold. Bk.Notes. Elsewhere. TrutiCos. Deposits.
Manhattans
S
S
s
$
$
150,779,700 25.3002.159,500 18,830,900 1,305,300 151,708.400
Bank of U.S
Bronx Borough-. 20,184,000 7,400 855.000
340,000 20,625,000
2.049,800
147,900
Bryant Park Bank 2,028.600 73,500 143.000
_ 1,654,000 1,105,000
22,515,000
Chelsea Exch. Bk_ 22,643,000
87,660 1,430,312 1,491,950 15,059,409
Grace National__ 16,916,037 5,345
Harriman Nat'l__ 31,649.000 20,000 811,000 4.321,000 928,000 39,216,000
3,991.400
4,251,700 47,200 133,300
221,000
Port Mcrill:
Public National_ 116,432,000 25,000 1,957,000 7,249,000 3,751,100 111.088.000
Brooklyn19,260,000 32,800 1,779,300
17,816,000
988,500
First National_
55,502,000 290,000 1,568,000 11,306.000
55,928 400
Mechanics
Nassau National_ 21,641,000 85.000 333,000 1,877,000 320,000 21,382,000
615,000
56.000 8,575,000
Peoples National. 8,691,000 5,000 150,000
rr....,...... 7,...1,....1
9 R90 you
FR Rnn
34R000
47 um 2 451400
TRUST COMPANIES-Average Figures.
Reeve Dep., DePos.Other
N. F. and Banks and
Gross
•From unofficial sources. t The New York Stock Exchange has ruled that stock
Loans.
Cash.
Eettewhere. Trust Cos. Deposits.
will not be quoted ex-dividend on this date and not until further notice. I The
New York Curb Market Association has ruled that stock will not be quoted ex$
$
$
$
$
Manhattandividend on this date and not until further notice.
21,900 53,719.500
50,176,200
788,700 11,543,300
American
16,460,453
140,280
832,408
a Transfer books not closed for this dividend. d Correction. e Payable in stock. Bank of Europe& Tr. 17,200,427
1,684,166
630,931
22,562,498
22,743,313
Bronx County
f Payable In common stock. p Payable in scrip. h On account of accumulated
256,517,000 *32,385,000 4,781,000 2,798,000 263,907,000
dividends. I Payable in preferred stock.
Central Union
3,607,500
*4,836,400
71,398,500
3,585,300
74,460,400
Empire
k Payable in the no par value shares of the North Amer. Match Corp. at rate
219,626 18,230.553
217,798 1.330,208
18,220,076
Federation
of three-tenths of one share for each share of Diamond Match stock.
328,000
15,895.000 *2,086.000
15,637,000
1 Associated Gas dr Electric dividends payable in cash or in class A stock as Fulton
279,467,000 2.636,000 43,165,000 1,246,000 274,360,000
follows: On class A stock at rate of 2SA% of one share of class A stock for each Manufacturers
78,848,208 3,800,000 7,983,674
62,622,559
States
United
share held; on original pref. 1.90-100th share class A stock: on $7 prof. 3.80-100ths
Brooklynshare class A stock; on 5.5 pref. 2.72-100ths share class A stock.
60,654,600 1,557,600 11.871,500
66,950.300
Brooklyn
m Sun Oil stock dividend is six shares for each one hundred held
26,276,959
27,543,905 1,824,930 3,053,150
Kings County
53.259,400 1,461,200 3,810,000
60,300 48,545,600
n Dividend is at rate of six pengoes per share of fifty pengoes par and at the rate Municipal
of one pengo twenty holler per one-fifth share.
Bayonne. N..I....
•0 910 rila
970 715
705 901
907 guy a 9011 AAA
0 Holland Furnace regular dividend is payable either 2% in stock or 6234e. In S A'............
eaah.
•Includes amount with Federal Reserve Bank as follows: Central Union, $317
p Payable in cash on one-fiftieth of a share of class A stock.
492,000; Empire. $3,203,200; Fulton, $1,960,000.
O At rate of 6% per annum from Nov.23 to Dec. 15 1928.
r Dividend is one share of Colon Oil common for each share of Carib Syndicate stk.
*Erroneously reported in last week's issue as Cosmopolitan Bank.
Boston Clearing House Weekly Returns.-In the
t Payable in cash at rate of $1.50 for each share or on common stock at rate of
one-sixty fourth share.
following we furnish a summary of all the items in the
o Schulte Retail Stores declared 2% in stock, payable H% quarterly.
weekly statement for a series of weeks
o Southern Canada Power dividend reported in previous issues an error-intended Boston Clearing House
for Southern Colorado Power Co.
CLEARING
BOSTON
HOUSE MEMBERS.
w Less deduction for expenses of depositary.
z Payable also to holders of coupon No. 4.
y Dividend is one share Bank of America stock for each forty shares Bancitaly
Dec. 5
Changesfrom
NOO. 28
Noo.21
Corp. stock.
1928,
Previous Week
1928. .
1928.
s Curtis Publishing stock dividend subject to stockholders' meeting Jan. 4.
8
$
$
$
1} Utilities Power & Light. class A dividend payable either in cash or class A stock
84,600,000 Unchanged
84,600,000
84,600,000
at rate of one-fortieth share class A stock for each share held. Class B dividend is Capita!
110,650,000 Unchanged
110,650.000 110.650.000
Surplus and profits
17-200ths of a share of class B stock.
1,104.624,000
-4,887,000
investla
1,109,511,000 1,109.744,000
Loans,(MeV; Or
aRepresents proporition of quarterly dividend period having been changed from Individual deposits
689,994,000
+3,503,000 686,491,000 712,895,000
Jan. 25.
154,787,000
+8.003.000 146,784,000 153,675,000
Due to banks
II Dividends of 500. each reported in previous week's issue as payable on Balaban Time deposits
281,362,000
-116,000 281,478.000 276,833,000
& Katz stock en Dec. 1 1928 and Jan. 1 1929 was an error;should have been 25c.each. United States deposits.3,348,000 -2,532,000
5,880,300
6,266,000
40.308,000 +7,779,000
32,529,000
39,444,000
Exchanges for CM. House
96,963,000 +12,956,000
84.207,000
97,485,000
Due from other banks-54,000
84,035,000
84.089,000
85,817,000
Res've in legal depositles
Weekly Return of New York City Clearing House.- Cash
10,217,000
+310,000
9,842,000
9,907,000
in bank
1.105.000
-39.000
1.144.000
911.000
Beginning with Mar. 31, the New York City Clearing House 1264eva P.PARA in F.R.Bk_
Association discontinued giving out all statements previously
issued and now makes only the barest kind of a report. The
Philadelphia Banks.-The Philadelphia Clearing House
new return shows nothing but the deposits, along with return for the week ending Dec. 1, with comparative figures
the capital and surplus. We give it below in full:
for the two weeks preceding, is given below. Reserve
STATEMENT OF THE MEMBERS OF THE NEW YORK CLEARING HOUSE requirements for members
of the Federal Reserve System
ASSOCIATION FOR THE WEEK ENDING SATURDAY, DEC. 1 1928.
are 10% on demand deposits and 3% on time deposits, all
'Surplus et NM Demand
to be kept with the Federal Reserve Bank. "Cash in vaults"
Time
*Capital. Undivided
Clearing House
Deposits
Deposits
is
not a part of legal reserve. For trust companies not
Members.
Profits.
Average.
Aterage.
members of the Federal Reserve System the reserve required
$
$
$
$
Bank of N.Y.& Trust Co_ 6,000,000 13,207.600
59.987,000
10,038.000 is 10% on demand deposits and includes "Reserve with
Bank of the Manhattan Co__ 15,000,000 26,909,800 149,601,000
38.215.000
Elank of America Nat. Assn__ 25,000.000 37,173,100 142,207,000
50,287,000 legal depositaries" and "Cash in vaults."
National City Bank
90,000.000 74,502,900 a859,970.000 162,184,000
Chemical National Bank _ ..
6,000,000 20,399,100 137,008,000
Beginning with the return for the week ending May 14; the
10,284.000
National Bank of Commerce_ 25,000,000 47,428,200 307,705,000
43,315,000
Chat.Phenix Nat.Bk.dar.Co 13,500,000 15,109,000 136,542,000
Philadelphia Clearing House Association discontinued showing
45,392.000
Hanover National Bank
5,000,000 26,904,000 126.827,000
2,925,000 the reserves and whether reserves held are above or below requireCorn Exchange Bank
11,000,000 17,959,200 181,687,000
32,956,000
National Park Bank
10,000,000 25,310,900 128,974,000
11,728,000 ments. This will account for the queries at the end of the
10,000,000 88.893.100 271,604,000
First National Bank
17,815,000
Amer.Exehange Irving Tr.Co 40,000,000 52,705,900 370,360.000
42.998.000 table.
Continental Bank
1,000,000 1,492,000
Chase National Bank
Fifth Avenue Bank
Garfield National Bank
Seaboard National Bank
State Bank & Trust Co
Bankers Trust Co
U. S. Mortgage dr Trust Co
Title Guarantee & Trust Co
Guaranty Trust Co
Fidelity Trust Co
Lawyers Trust Co
New York Trust Co
Farmers Loan de Trust Co
Equitable Trust Co
Colonial Bank
60,000,000
500,000
1,000,000
9,000.000
5,000,000
25,000,000
5,000,000
10,000,000
40,000,000
4,000,000
3,000,000
10,000,000
10.000.000
30,000,000
1,400,000
78,803,900
3.308,200
1,920,300
12,734,200
6,828,900
75,541,800
6,385,300
22,922,800
60,479,400
3,681,800
3,935.200
25,180,100
22,416,300
27,116,400
3,915,300
7,982,000
6550,665,000
24,141,000
15,473,000
128,577,000
40,494,000
e365,180,000
57.782,000
36,709.000
d492,405,000
41,774,000
20,400,000
144,879,000
el16,371,000
f330,424,000
28,770,000
600,000
72,432,000
711,000
428,000
8.349,000
59.146,000
57,209,000
5,865.000
2,978,000
86,815,000
5,578,000
2,146,000
23,905,000
24,663,000
44,294,000
7,564,000
500,000
783,200
3,242,000
5,702,000
Clearin a Non-Member.
Mechanics Tr. Co., Bayonne_
'0,0,1.
471.900.000 803.947.900 8.393 740 nnn
•As per official rePorta: National, Oct. 3 1928; 5 States. Sept. 28 1928; 13 trust
oelnPanies. Sept. 28 1928.
Includes deposits In foreign branches: a 5276,054,0001 b $13,903,000; c
525,000; d $103,886,000; e $6,903,000; f $116,467,000.
Week Ended Dec. 1 1928.
Two Ciphers (00)
omitted.
Members of
Trust
P.R.System Companies.
$
57,558,0
Capital
Surplus and profits.... 176,202.0
Loans, diacta. &Invest. 1,030,825,0
50,612,0
Exch. for Clear. House
97,240,0
Due from banks
135,506,0
Bank deposits
Individual deposits.- 622,263,0
219,881,0
Time deposits
977,650,0
Total deposits
Res, with legal dePos69,602,0
Res. with F. R. Bank_
11,782,0
Cash in vault•
81,384,0
Total res. & cash held_
?
Reserve required
Excess reser,e and cash
In vaffit
2
1928
Total.
Nov. 21
1928.
Nor. 17
1928.
S
$
S
$
9,500,0
67,058,0
67,058.0
67.058,0
18,441,0 194,643,0 194,643.0 194,643,0
103,099,0 1,133,924,0 1,132,138,0 1,141,277,0
999,0
51,611,0
51,192,0
49,185,0
531,0
97,771,0
98,421,0 107.758,0
3,186.0 138,692,0 133.965,0 137,647,0
49,140,0 671,403,0 675.178,0 677,838,0
27,615,0 247,496,0 246.255.0 244,552.0
79,942,0 1,057,592,0 1,055,420,0 1,060,037,0
9,502,0
9,502,0
9,496.0
10,044,0
69,602,0
63.367,0
69,063,0
2,693,0
14,475,0
13 944,0
12,580,0
12,195,0
93,579,0
86.907.0
92 667 0
?
7
7
i '
2
2
7
• Cash In vault not counted as reserve for Federal Reserve members
9
3208
[VOL. 127.
FINANCIAL CHRONICLE
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Friday afternoon, Nov. 29 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 3178, being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS DEC.5 1928.
Dec. 5 1928. Nov. 28 1928. Nov. 211928. Nov. 14 1928. Nov.7 1928. Oct. 31 1928. Oct. 24 1028 Oct. 17 1928. Dec. 7 1927.
$
$
8
$
$
$
5
RESOURCES.
s
$
1,150.080,000 1,148,031,000 1,125,095.000 1.172,075,000 1,134.989,000 1.182,041,000 1,180,352.000 1,207,448,000 1,530,667,000
Cold with Federal Reserve agents
46,190,000
72,282,000
68.558,000
80,193,000
75,335,000
83,444,000
73.150,000
Treas_
89,083,000
71.833.000
Gold redemption fund with U.S.
Gold held exclusively agst. F. R.notes 1,223,230,000 1,223.386,000 1.208.539,000 1,252,288,000 1,204,072,000 1,253,877,000 1,248,910,000 1,279,730.000 1,576,857,000
Gold settlement fund with F.R.Board_ 768,422,000 781,011,000 796,380,000 721.680,000 763,380,000 709,223,000 706,947,000 677.753.000 586,044,000
GOld and gold certificates held by banks_ 625,948,000 596,094,000 662,648,000 685.184,000 675,315,000 677,996.000 690,373,000 678,829,000 663,834,000
Total gold reserves
Reserves other than gold
2,617,600,000 2,600,471,000 2,667,467,000 2,859,132,000 2,642,787,000 2,641,096,000 2.646.230,000 2,636.112,000 2,826,735,000
119,532.000 121,943,000 132.622,000 128,968.000 125,600,000 131,900,000 132,064,000 133,275,000 126,540,000
Total reserves
Non-reserve cash
Bills discounted:
Secured by U. S. Govt. obligations
Other bills discounted
2,737,132,000 2,722,414,000 2.800,089,000 2,788,100,000 2,768,367,000 2,772,996,000 2,778,294,000 2,769,387,000 2,953,275,000
53,728,000
56,192,000
64,051,000
60,478,000
53,028,000
50,366,000
57,487,000
56,874,000
61,494,000
665,864,000
346,318,000
673,540,000
316,700,000
470,127,000
329,819,000
524,931,000
332,608,000
684,154,000 562,096,000
373,238,000 370,175,000
553,393,000
358,534,000
669,984,000
385,826,000
294,613,000
149,294,000
Total bills discounted
BIM bought in open market
U. S. Government securities:
Bonds
Treasury notes
Certificates of indebtedness
1,012,182,000
477,770,000
990,240,000
482,343,000
799,946,000
484,164,000
857,539,000
474,400,000
957,390.000
446.645,000
932,271,000
440,376,000
911,927,000
401,478,000
935,810,000
379,409,000
443,907,000
379,998,000
53,499,000
117.958,000
55,325,000
83,442,000 , 54,068,000
118.798.000 113.166.000
58.821.000
60,042.000
54,377,000
108,981,000
59,001,000
54.359,000
114,295,000
64,028,000
63,359,000
121,582,000
62,158,000
53,412,000
125,667,000
51,968,000
53,071,000
124,339.000
53.955.000
266,243,000
56,105,000
281,853,000
226,782,000
4,390,000
229.282.000 226.088,000
4,390,000
4,390,000
222,339,000
3,855,000
222,682,000
3,730.000
227,099,000
3,730.000
231,047,000
3.730,000
231,365,000
5,280.000
604,201,000
915,000
Total U. S. Government securities
Other securities (see note)
Total bills and securities (see note)
Gold held abroad
Due from foreign banks (see note)
Unoollected items
Bank premises
All other resources
1,721,124,000 1,706.255,000 1,514,555.000 1,558,133,000 1,632.447.0001,603.476,000 1,548,182,000 1,551,864,000 1,429,021,000
Total resources
LIABILITIES.
P. R. notes in actual circulation
Deposits:
Member banks—reserve account
Government
Foreign banks Bee note)
Other deposits
5,330,566,000 5,258,192,000 5,249,675,000 5,444,737,000 5,180.222,000 5,198,038,000 5,187,892,000 5.424,164,000 5,158,349,000
2,382,329,000 2,360,973.000 2,348,141,000 2,304,508,000 2,329,820.000 2,370,988.000 2,321,838,000 2,358.874.000 2,397,062,000
1,771,000
6.210.000
15,385.000
7.090.000
25,240,000
24,199.000
25,876,000
20,498,000
24,671.000
5,410,000
6.945,000
6,488,000
6,314.000
8,686,000
6,099,000
6,925,000
6,023,000
6,594.000
23,010,000
23.085,000
18,248,000
21 444,000
20.709,000
21,437,000
19,513.000
19,609,000
23.624,000
Total deposits
teeferred availability items
Capital paid in
Surplus
All other liabilities
2,435,672,000 2,411,076,000 2.377,985.000 2,405,720,000 2,384,709,000 2,419,022,000 2,374,473,000 2,395.114,000 2,427,253,000
685,683,000 663,280,000 737,873,000 890,829,000 637,784,000 855,508,000 689,914,000 900,479,000 602,517,000
146,801,000 146,436.000 146,502.000 146,415,000 146.308.000 145.878,000 145,926,000 145.677,000 131,738,000
233,319,000 233,319.000 233,319,000 233,319.000 233.319,000 233,319.000 233.319,000 233,319,000 228,775,000
18,271,000
32,525.000
37.381.000
33,851,000
34,495,000
39,268,000
36,403,000
38,496,000
35,713.000
726,000
747.256,000
60.601,000
10,699,000
725,000
707,919,000
80,595,000
9,918,000
728,000
800,760,000
60,590,000
8,902,000
729,000
968,055.000
80,574.000
8.688.000
728.000
668,155,000
60,551,000
8,480,000
732,000
694,479,000
60,548,000
8,933,000
732,000
734,235.000
80,513.000
8,449,000
574,000
975,181,000
60.493,000
10,473,000
566,000
647.516,000
60,067,000
14,176,000
1.789,845,000 1,765,585,000 1.716,635,000 1,732.051.000 1,742,409,000 1,709,816.000 1,710,409,000 1.717,050,000 1,749,795,000
5,330.566,000 8.288,192,099 5,249,075,000 5,444,737.000 5,180,222,000 5.198,038,000 5,187,892,000 5.424,164,000 5,158,349,000
Total liabilities
Ratio of gold reserves to deposits and
67.7%
65.2%
84.1%
84.3%
64.0%
84.8%
81.9%
63.6%
F. R.note liabilitiee combined
62.3%
Ratio of total reserves to deposits and
70.7%
68.4%
67.3%
67.4%
67.2%
68.0%
64.8%
F. R. note liabilities combined
65.2%
67.1%
Contingent liability on bills purchased
279.488,000 268,794,000 263,844,000 256,953,000 253,117,000 250.911,000 262.421,000 258.979,000 187,587,000
for foreign correspondents
—
—
—
$
$
$
$
8
2
$
8
Distribution by Maturities—
$
1-15 days bills bought in open market _ 149,250,000 139,415,000 140,932,000 130,489.000 119,823,000 131,511,000 119,115,000 132,637.000 155,324,000
868,112,000 855,540,000 655.062,000 703.343.000 793,490,000 770,441.000 770,689,000 800,659.000 386,039.000
1-15 days bills discounted
59,932,000
4.126,000
4,481.000
8.250,000
4.830,000
9,580,000
9,905,000
8,910,000
1-15 days U. S. certif. of indebtednese.
13.548,000
1-15 days municipal warrants
77,774,000
37.781,000
39,703,000
52,332,000
94,682,000
88,944.000
68.415,000
91,570,000
98.639,000
16-30 days bills bought In open market _
17,465,000
38,516,000
37,457,000
42,312,000
42.048.000
54.815,000
47,813,000
38,200,000
40,413,000
16-30 days bills discounted
14,463.000
14,314,000
16-30 days U. S. certif. of indebtedness_
155,000
155,000
125,000
16-30 days municipal warrants
96,808,000 115,489,000
31-80 days bills bought in open market_ 151,971,000 154,218,000 159,346,000 159,494.000 155,817.000 139,843,000 123,392,000
21,386,000
58,490,000
66,656,000
57,780,000
52,693,000
54,982,000
65.999,000
47,981,000
54,820,000
31-60 days bills discounted
11.058,000
11,229,000
11,598,000
13,953.000
11,051,000
31-60 days U.S. certif. of Indebtedness_
190.000
155,000
65,000
35,000
31-60 days municipal warrants
29,346,000
85.804,000
93,505,000 100,987,000 111,296.000 114,293.000 105,813,000
93,194,000
73,340,000
61-90 days bills bought in open market _
27,942,000
11,440,000
29,261,000
35.014.000
24,880.000
29.975.000
31,566,000
29,979,000
81-90 days bills discounted
30,928,000
26,000
61-90 days U. S. certif. of indebtedness.
30,000
30,000
30,000
30.000
61-90 days municipal warrants
6.370,000
2,065.000
4.975,000
5.934,000
3,803,000
3,400,000
3.988,000
3,946,000
Over 90 days bilis bought in open market
4,570,000
13,262,000
7.577,000
15,691.000
17.948,000
18.522.000
20,168,000
19,539,000
20,540,000
Over 90 days bills discounted
19,909,000
38,745,000 221,921,000
35.911,000
36.099,000
38,108,000
35,468,000
33,072.000
36,818,000
Over 90 days certif. of indebtedness
41,779,000
Over 90 days municipal warrants
2,654,000
—
F. R. notes received from Comptroller.. 2.965.449,000 2,929,419,000 2,918,730,000 2.913,201,0002.905.369.000 2,911,308,000 2,912.632,000 2,883,012,000 2,975,476,000
784,130,000 801,850,000 812,200.000 813,105,000 812,405.000 813.920.000 798,150,000 769,460.000 800,190,000
F. R. notes held by F. R. Agent
—
Issued to Federal Reserve Banks
2,181,319,000 2,127,589,000 2,106,530,000 2,100,098,000 2,092,964,000 2,097,388,000 2,114,482,000 2,113,652,000 2,175,286,000
How Secured—
By gold and gold certificates
Gold redemption fund
Gold fund—Federal Reserve Board
By eligible Paper
—_._.
341,208,000 341,207,000 346,557,000 346,557.000 348,657.000 346.687.000 346,567,000 346,568.000 405,467,000
92,380,000 100,783,000
92,470,000
98,105,000 100.858,000 102,688,000
87,774,000
96,199.000
104.047,000
704,825.000 710,625.000 690.784,000 727,413,000 687,774.000 732,791.000 741,315,000 768,520,000 1,024,417,000
1,444,684,000 1,417,062,000 1,250,537,000 1.277,031,000 1,356,704,000 1,318,387,000 1,257,740,000 1,244,281.000 790,318,000
.__. __ . ___ - .— --- --- ..,.. 444 non 0 AAn Ina non o noi oaq ono 9 nnn All nnn 9 iqa nn9 nnn 9 tic"' 790 nnn 7 vin ORR nn.
NOTE.—Beginning with the statement of Oct. 7 1925, two new items were added in order to show separately the amount of balances he d 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 caption "Total earning assets" to "Total bills and securities." The latter term was adopted as a more accurate description of the total of the
stated, are the only items included therein.
discount acceptances and securities acquired under the provisions of Sections 13 and 14 of the Federal Reserve Act, which,it was
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOS'? OF BUSINESS DEC. 5 19205
Two ciphers (00) omitted.
Federal Reserve Bank of—
Total.
Boston,
New York.
Phila.
8
$
Cleveland. Richmond Atlanta. Chicago. St. Louis. MinneaF. Kan.City. Dallas. San Fran.
$
s
$
a
$
$
$
$
$
RESOURCES.
2
2
Gold with Federal Reserve Agents 1,150,080,0 121,268,0
73.150,0 4,239,0
Gold red'n fund with U.S. Treas.
169,462,0 101,556.0 119,050,0 47,815,0 78,011.0 213,590,0 30,771,0 49,724,0 37,751,0 23,752,0 157,330,0
20,120,0 7,358,0 7,393,0 2,660,0 4,583,0 8,920,0 6,010,0 1,517,0 4,242,0 2,026,0 4,082,0
Gold held excl. asst. F.R.notes 1,223,230,0 125,507,0
Gold settle't fund with F.R.Board 768,422,0 43,863,0
Gold and gold etfs.held by banks 625,948,0 38,850,0
189,582,0 108,914,0 126,443,0 50,475,0 82,594,0 222,510,0 36,781,0 51,241,0 41,993,0 25,778,0 161.412,0
226.648,0 61,737,0 72,240,0 29,575,0 17,620,0 140,245,0 29.924,0 25,689,0 46,080,0 28,927,0 45,874,0
390,109,0 26,993,0 46,467,0 10,643,0 5,398,0 51,384,0 9,129,0 5,112.0 5,985,0 7,127,0 28,751,0
2,617.600,0 208,220,0
119,532,0 16,329,0
806,339,0 197,644,0 245,150,0 90,693,0 105,612,0 414,139.0 75,834,0 82.042,0 94,058,0 61,832.0 236,037,0
19,412.0 4,271,0 11,084,0 6,180,0 11,159,0 11,377,0 15,138,0 2,034.0 5,471,0 5,452,0 11,625,0
Total reserves
2,737,132,0 224,549,0
Non-reserve cash
53,028,0 8,059,0
Bills discounted:
Sec. by U. S. Govt. obligations 665,864,0 25,762,0
Other bills discounted
346,318,0 26,544,0
825,751,0 201,915,0 256,234,0 96,873,0 116,771,0 425,516.0 90,972,0 84,076,0 99,529,0 67,284,0 247,662,0
860,0 3,990,0 4,173,0 3,052,0 5,964,0 2,972,0 1,019,0 1,689,0 2,129,0 3,303,0
15,818,0
1,012,182,0 52,306,0
477,770,0 46,465,0
329,891,0 76,273,0 88,576,0 33,567,0 59,778,0 191,016,0 36,268,0 8,633,0 44,046,0 19,935,0 71,893,0
146,274,0 17,816,0 53,886,0 27,010,0 29,645,0 42,615,0 10,214,0 20,788.0 7,634,0 24,806.0 50,617.0
Total gold reserves
Reserve other than gold
Total bills discounted
Bills bought in open market
U. S. Government securities:
Bonds
Treasury notes
Certificates of indebtedness
'total U. 8. Gov't securities
271,733,0 52,740,0 61,619,0 12,026,0 17,979,0 126,585,0 20,199,0
58,158.0 23,533,0 26,957,0 21,541,0 41,799,0 64.431,0 16,069.0
6,001,0 18,835,0 12,227.0 40,158,0
2,632,0 25,211,0 7,708,0 31,735,0
53,449,0
117,958,0
55,325,0
689,0
2,892,0
3,295,0
585,0
548,0
1,384.0
32,155,0 10,135,0 28,338,0
16,753,0 10,352,0 4,400,0
—
1,152,0
1,063,0
1,209,0
357,0 19,927,0 7,125,0
3,502,0 5.925,0 11,441,0
1,213,0 7,048,0 2,210,0
4,519,0
4,527,0
1,660,0
7,755,0
902,0
1,075,0
9,413,0
45,0
4,185,0 12,893,0
2,410,0 3,700,0
........
.,
cn 007 0 01 0790 22 92R 0
5,595
n
c 079 0 22 01111 0 2077t n
in 705 0
0 7520
16.008.0 18.638.0
n•ra n
DEC. 8 1928.]
FINANCIAL CHRONICLE
RESOURCES (Coneluded)Two Ciphers (00) =We&
Boston.
Taal.
Other securities
Total bills and securities
Due from foreign banks
Uncollected items
Bank premises
All other
New York.
$
200,0
$
8
4.390,0
1,721,124,0 105,647,0
37,0
726,0
747,256,0 74,441,0
60,601,0 3,824,0
10,699,0
162,0
3209
Phila, Cleveland. Richmond Atlanta. Chicago. St. Louis. Minato:Y. Kan.City. Dallas. Son /Fran.
$
155,0
8
$
$
$
$
$
535,0
8
3,500.0
$
8
526,657,0 115,316.0 175,748,0 64,001,0 94,495,0 266,531,0 67,258,0 40,662,0 61,412,0 64,249,0 139,148,0
375,0
46,0
68,0
21,0
20,0
51,0
17,0
13,0
25.0
35,0
18,0
206,826,0 64,233,0 64,126.0 58,570.0 27.362,0 83,079,0 35,596,0 15,960,0 43,177.0 30.723,0 43,163,0
16,675,0 1,752,0 6,806,0 3,703,0 2,867,0 8,720,0 3,954,0 2.202,0 4,308.0 1.962,0 3,828,0
1,225,0
189,0 1.407,0 1,518,0 2,543,0
505,0
842,0
655,0
423,0
513,0
717,0
5.330,566,0 416,719,0 1,593,327,0 384,311,0 508,362,0 228,863,0 247,110,0 790,720,0 201,286,0 144,649,0 210,556,0 166,869,0 437,794,0
Total resources
LIABILITIES.
F. R. notes in actual circulation. 1,789,845,0 161,510,0 339,816,0 146,025,0 212,756.0 83,048,0 135,103,0 302,727,0 61,723,0 64,317,0 66,700,0 48,396,0 167,724,0
Deposits:
Member bank-reserve awl-- 2,382,329,0 150,110.0 932.318,0 138,019,0 187,869,0 69,930,0 66.039,0 349,584,0 83,026,0 53,748,0 91,284,0 71,365,0 189,037,0
25.876,0 2.883,0
Government
3,046,0 3,538.0 2,158,0 1,841.0 2,981,0 2,798,0 1,088,0 1,056,0
511,0 2,317,0 1,679,0
6,023,0
Foreign bank
416,0
2,039,0
527,0
771,0
239,0
233,0
577,0
283,0
194.0
150,0
394,0
200,0
21,444.0
Other deposits
118,0
9.530,0
156.0
960,0
209,0 1,842,0
130,0
758,0
282,0
44,0 7,090.0
325,0
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
2,435,672,0 153,527,0
885,663,0 71,351,0
146,801,0 10,152,0
233,319,0 17,893,0
39,266,0 2,286,0
946,933,0 142,293,0 192,446,0 72,184,0 69,409,0 354,113.0 85,091,0 55,236,0 92,320,0 73,920,0 198,200,0
180,799,0 57,053,0 60,875,0 53.368,0 24,949,0 76,550,0 36,901,0 13.648,0 37,033,0 30,757,0 42,379.0
50.078,0 14,522,0 14,421,0 6,103,0 5,231,0 18,473,0 5,404,0 3.009,0 4,217,0 4,321,0 10,870,0
63.007,0 21,662,0 24,021,0 12,324,0 9,996,0 32,778,0 10,397.0 7,039,0 9,046.0 8,527,0 16,629,0
12,694,0 2.756,0 3,843,0 1,836,0 2,422,0 6.079.0 1,770,0 1,400,0 1,240,0
948,0 1,992,0
Total liabilities
5,330,566,0 416,719,0 1,593,327,0 384,311,0 508,362,0 228,863,0 247,110,0 790.720,0 201,286,0 144.049,0210.556,0 166,869,0 437,794,0
Memoranda.
Reserve ratio (per cent)
64.8
71.3
64.2
70.0
64.8
62.0
57.1
63.2
70.3
62.4
62.6
55.0
67.7
Contingent liability on bills purchased for foreign correspOnd'ta 279,488,0 19,758,0
90,337,0 25,027,0 27,398,0 13,436,0 11,065,0 36,618,0 11,328,0 7,113,0 9,484,0 9,220,0 18,704,0
F. R. notes on hand (notes reed
from F. R. Agent less notes in
391.474.0 36 355 0 107.155.0 25.031.0 34 .157 n 17 155 0 31455.0 44_349.0 11.422.0 9.624.0 9.255.0 5.055.0 56_190.0
circulation)
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS DECEMBER 4 1928.
Federal Reserve Agent at-
Total.
Boston.
New York.
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis, Minneap. Kan.City, Dallas. San Fran.
$
$
Two Ciphers (00) omittedF.11. notes rec'd from Comptroller 2,965,449,0 242,115,0
F.R.notes held by F. R. Agent__ 784,130,0 44,250,0
$
$
$
$
$
$
$
8
8
il
$
741,794,0 225,356,0 280,843,0 123,793,0 222,031,0 454,646,0 90,715,0 85,830.0 106,348,0 70,864,0 321,114,0
294,820,0 53,400,0 33,630,0 23,579,0 55,460.0 107,570,0 17.570,0 11,889,0 30,360,0 14,402,0 97,200.0
F.R.notes Issued to F. It. Bank- 2,181,319,0 197,865,0
Collateral held as security for
F. R. notes issued to F. R. Bk.
Gold and gold certificates__ 341,208,0 35,300,0
104,047,0 17,968,0
Gold redemption fund
Gold fund-F.R. Board
704,825,0 68,000.0
Eligible paper
1,444,684.0 98,750,0
446,974,0 171,956.0 247,213,0 100,214,0 166,571,0 347,076,0 73,145,0 73,941,0 75,988,0 56.462.0223,914,0
Total collateral
148,408,0
7.600,0 14,167.0
50,000,0 6,690,0 26,750.0
17.293,0 35,000.0
16,054,0 8,579,0 14,050,0 7,125,0 8,261.0 2,590,0 1.171,0 3,557,0 2,391.0 4,459,0 17,842.0
5,000,0 92,977,0 55,000,0 34,000,0 43.000,0 211,000,0 22,000,0 32,000,0 35,360,0 2.000,0 104,488,0
451,308,0 83,241,0 140,898,0 56,166,0 89,382,0 233.425,0 46,469,0 27,180,0 51,231,0 44,692,0 121,942,0
2.594.764.0 220.015.0
620.770.0 154.797.0 250 OAR n 1112 OR' n 167 301 0 447.018.0 77.240.0 76.904.0 85.952.0 68.444.0 279.272.0
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the 630 member banks from which weekly returns are obtained. These figures are always a week behind
those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement
of Dec. 12 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon the figures
for the latest week appears in our department of "Current Events and Discussions," on page 3179 immediately following which
we also give the figures of New York and Chicago reporting member banks for a week later.
PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS NOV. 28 1928 (In thousands of dollars).
Federal Reserve District--
Total.
Boston. New York
Phila. Cleveland Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.City. Dallas, LkusPita.
Loans and Investments-total
$
$
$
$
8
22.635,232 1,532,583 8,681,322 1,229,966 2,201,145
Loans and discounts-total
16,260,441 1,106.386 6,342,844
Secured by U.S. Gov't obliges._
115.192
Secured by stocks and bonds-- 7,029,188
All other loans and discounts-- 9,116,061
8
678,352
3
$
637,702 3,332,165
$
716,518
$
400,498
$
683,798
$
$
485,621 2,055,564
524,170
_
2,902
186.831
334,437
506,896 2,463.791
509,420
265,818
440,282
366.090 1.401,449
12,309
666.168
807,324
21.056
3,367
135.306 1.087.160
368,223 1,355,575
3,992
214,844
290.584
2,435
81,446
181,937
3.035
110,474
326,773
2,319
90,864
272.907
4,282
414,654
982,513
847,494 1,485,801
12,246
42,155
436.323 3.150,264
657,817 3,150,425
5,094
454.854
387,546
6,374,791
426,197 2,338,478
382,472
715,344
154,182
130,806
868,374
207.096
134,680
243,516
119.531
654.115
U. S. Government securities- --- 2,981,689
Other bonds, stocks and securities 3,393,102
160,599 1,174,392
265.598 1,164,086
108,394
274,078
333,433
381,911
69,541
84,641
55,793
75,013
367,482
500,892
75,173
131,923
75,830
.58,850
120,640
122,876
81,531
38.000
358,881
295.234
77,862
18.122
124,590
31,419
41,413
13,070
40.391
11,415
L61,631
41,714
47,376
8.521
26.485
6,412
55,418
11,492
36,541
8,921
117.484
22,443
723,368 1,031,641
297,265 957,958
4.231
4,701
366,146
241.092
2,014
325,632 1,868.750
235.099 1.270,490
4,952
4,569
399,371
238.199
1,498
237.021
137,195
313
500,058
180.073
1,251
316.666 882.564
132,143 1,013,388
3,984
5,025
60,579
170,970
94,838
213,932
54.845
110,098
80,692
115,702
226.394
440,071
54,699
133,821
52,834
90,922
131.573
207,387
66,876
128,814
145,571
206.994
Investments-total
Reserve with F. R. Bank
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
1.733,542
269,474
97,317
17,658
807,034
78.287
13,460,362 909,208 5,919,937
6,921,214 474,850 1,743,464
17,470
54,333
4,325
1,157,481
3,198,460
44,792 143,788
137,311 1.242,440
Borrowings from F. R. Bank-total
761,996
41,316
271,528
45,515
80,157
25.114
34.624
119,224
23,792
10.122
28,012
15.602
66,990
Secured by U.S. Gov't obliga'ns.
All other
549,904
212,092
12,820
28,496
242,304
29,224
34,255
11,260
56,921
23,236
12,880
12,234
12,030
22,594
84,542
34,682
12,654
11,138
7,695
2,427
17,858
10,154
10,838
4.764
45,107
21,883
Inn
qc
75
An
,
WIL
"I
00
00
OA
at
it
KR
1711rnhar nt rannrtina banks
AA
Condition of the Federal Reserve Bank of New York.
The following shows the condition of the Federal Reserve Bank of New York at the close of business Dec.5 1928,
In comparison with the previous week and the corresponding date last year:
Resource,Gold with Federal Reserve agent
Geld redemp.fund with U.S.Treasurer-
Dec. 5 1928. Nov. 28 1928. Dec. 7 1927.
8
8
.
169 462,000 169,462,000 300,068,000
20,120,000
21,136,000
12,354,000
Gold held exclusively asst. F.R. notes_
Gold settlement fund with FR. Board-Gold and gold etre. held by bank
189,582,000
226.648,000
390,109,000
190,598,000
283,466,000
360,903,000
312,422,000
191,978,000
431,088,000
Total gold reserves
Reserves other than gold
806,339,000
19,412,000
834,967,000
20,875,000
935.488.000
23,658,000
Total reserves
Non-reserve cash
Bills discounted:
Sec. by U. S. Govt. obligations
Other bills discounted
825,751.000
15,818,000
855,842,000
14,493,000
959.146,000
16,586,000
271,733,000
58,158,000
272,212,000
44,494,000
89,769,000
42,740,000
Total bills discounted
Bills bought In open market
U. S. Government securities:
Bonds
Treasury notes
Certificates of indebtedness
329,891,000
146.274,000
316,706,000
143,086,000
132,509,000
119,651,000
1,384,000
32,155,000
16,753,000
1,384,000
22,655,000
20,493,000
48,682,000
8.551,000
114,917,000
50,292,000
200,000
44,532,000
200,000
172,150,000
526,657,000
504,524,000
424,310,000
Total U.S. Government securities_ _.
Other securities (see note)
Total bills and securities (see note)._
Dec. 5 1928. Nov. 28 1928. Dec. 7 1937
Gold held abroad
Due from foreign banks (see note)
Uncollected items
Bank premises
All other resources
Total resources
375.000
206.831.000
16,675,000
1,225,000
368,000
199.827,000
16,675,000
1,491,000
$213,0011
160,311,000
16,284,000
5,315,000
1 593.332,000 1,593,220,000 1,582,165,000
Ltablittles339,816,000
F. R.notes in actual circulation
Deposits-Member bank, reserve sect.. 932,318,000
Government
3,046,000
Foreign bank (see note)
2,039,000
9,530,000
Other deposits
343.818,000
932,608,000
1,367,000
1,916,000
9,169,000
366,496,080
955,064,000
90,000
1,911,000
11,151,000
Total deposits
Deferred availablity Items
Capital paid In
Surplus
All other liabilities
945,060.000
178,992,000
49,724.000
63,007,000
12,619,000
968,216,000
141,371,000
40,168,000
61,614,000
4,300,000
Total liabilities
Ratio of total reserves to deposit and
F. R. note liabilities combined
Contingent liability on bills purchased
for foreign correspondents- .
946,933,000
180,799,000
50,078,000
63,007,000
12,699,000
1,593,332,000 1,593,220,000 1.582,165.000
64.2%
66.4%
71.9%
90,337,000
80,224,000
52,972,000
NOTE.-Beginniug 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 "Othew
securities." and the caption. -Total earning assets" to "Total bills and securities." The latter term was adopted as a more accurate description of the total of the discounts, acceptances and securities acquired under the provision of SeCti0119 13 and 14 of the Federal Reserve Act. which. It was stated, are the only Items included therein.
3210
FINANCIAL CHRONICLE
Vaulters'
azette.
STOCKS.
Week Ended Dec. 7.
Wall Street, Friday Night, Dec. 7 1928.
Railroad and Miscellaneous Stocks.-See page 3195.
Following are sales at Stock Exchange this week of shares
not represented in our detailed list on pages which follow:
STOCKS.
Week Ended Dec. 7.
Sales
for
Week.,
Range for Week.
Lowest.
I
Highest.
Range Since Jan. 1.
Lowest.
Highest.
RailroadsPar. Shares $ per share. 1$ per share. $ per share.$ per share.
Atch Top & 5 Fe rights- 21,300 234 Dec 6 234 Dec 1 234 Dec 334 Nov
Buff Roth & Pitts-100
10 100
Oct
Feb 101
Dec 5 60
Dec 6100
Preferred100 180 100
Mar 102
Nov
Dec 310034 Dec 1 94
Buff & Susquehanna_100
100 55
Dec 7 55
Dec 7 3231 July 6434 Nov
100
Preferred
70 5431 Dec 4 57
Sept63
Nov
Dec 6 38
Canada Southern
1
Apr
100 5834 Dec 7 5834 Dec 7 5834 Sept 69
Central RR of NJ
100 200330
May
Dec 4 297% Feb375
Dec 4330
Chic Ind & Lou pfd_1(10
290 7534 Dec 37534 Dec 3 7334 Oct 8134 May
C C C & St L
100
Apr
1010434 Dec 410434 Dec 4 10331 Oct120
Clev & Pitts
100
20 78
Dec 4 7434 Nov 8434 Feb
Dec 4 78
Special
50 1,000 45
Nov 4935 June
Dec 4 45
Dec 4 44
Cuba RR pref
100
50 81
Dec 4, 82% Dec 6 80
Oct 94 June
Havana Elee RY
Aug 17% June
• 700 8
Dec 7i 934 Dec 3 7
Preferred
100
Dec 7834 Sept
30 61
Dec 7 64
Dec 1 61
Hocking Valley
July 473
100 210427K Dec 7453
Nov
Dec 5 340
Illinois Cent RRi
I
Aft secured stk ctf..100
290 80
July 8234 June
Dec 4 8034 Dec 1 75
Iowa Central
100
Mar 5% Mar
20 3
Dec 7 2
Dec 7 3
Market St Ry pref
Nov 2934 May
100
100 18% Dec 6 1831 Dec 6 16
Nash Chat & St L_-.100 410185
Dec 7189K Dec 5 17134 Aug204% May
Nat Rys of Mex let p1100
20 734 Dec 4 731 Dec 4 334 Feb 8% Apr
New Orl Tex & Mex_100
Apr 14854 May
30141
Dec 5142
Dec 6 125
N Y State Rys pfd 100 700 2334 Dec 5 2534 Dec 6 23% Dec 43
July
Northern Central_-_50 100 8634 Dec 4 8634 Dec 4 81% Aug 9034 June
Pitts C C& St L
Oct125 June
100
Dec 4 105
10 105 Dec 4105
Pitts Ft W & Chic pf_100
Apr
Oct 167
10 15434 Dec 315434 Dec 3 153
Jan
Pacific Coast 1st pf_100
Aug 70
40, 42
Dec 3 40
Dec 3 43
2d preferred
May
100
Dec 3 2034 Aug 39
470, 24
Dec 6 26
Phlla Rap Tran pref__50
Mar 5134 Oct
Dec 7 50
10, 50
Dec 7 50
VIcks Shrev & Pac
100
113: 9934 Dec 5 9934 Dec 5 99 Aug 111 Jan
100
Preferred
101 9931 Dec 5 9931 Dec 5 9911 Nov 10834 Mar
Indus. & Miscell.-I
Adams Express pref _100 2,6001 94
Jan' 9934 Mar
Dec 6 9634 Dec 6 93
Am For & Pow pf (6)--•
170 100
Dec 3 93% Sept 100 June
Dec 3100
Am Nat Gas pref
Novi 9931 Nov
*
320 97
Dec 6 99
Dec 3 97
Am Pr & Lt pf A stpd • 1,400 83
Dec 7 8434 Dec 1 8214 Nov, 8631 Nov
Nov
Andes Copper
*185400 3834 Dec 7 51
Dec 1 3615 Nov 56
Art Metal Constr
10 2,000 2934 Dec 4 3034 Dec 9 2534 Jan 34% Apr
Assoc Dry Gds 1st pf_100
600 10234 Dec 6103% Dec 3 9914 Aug 113% Apr
100
2d preferred
Dec 7 10534 Dec 119% Jan
60010534 Dec 4 107
Barker Bros pref.-100 500 95
Nov 10134 June
Dec 7 97
Dec 3 92
Brown Shoe pref
100'
Jan
Nov 120
7011634 Dee 511634 Dec 5 115
Bucyrus Erie pref(7)_100
Apr
140113
Dec 411434 Dec 6 11034 Mar 117
Central Alloy St pfd-100
Jan 111% May
2011134 Dec 611134 Dec 6 107
100
City Investing
30 150
Mar 152 June
Dec 3150
Dec 3 140
Columbia Graphophone_ 542900 65
Dec 84% Nov
Dec 7 8434 Dec 1 65
Comm Inv Trust rights_ 26,100 734 Dec 6 934 Dec 1 734 Nov 9% Dec
Cons Cigar Orel
100
100102 ' Dec 7 102
Jan 10831 June
Dec 7 98
Crex Carpet
100
300 2534 Dec 4 26
Nov
Dec 3 1234 Sept 27
Crown Willmett let pf-41
Oct
30 9934 Dec 7 9934 Dec 4 9634 Jan 105
Crown Zellerbach
• 4,000 24
Dec 26% Nov
Dec 3 2634 Dec 1 24
Cushmans Sons Pref-• 190 110
Sept11634 Mar
Dec 311034 Dec 1 110
Detroit Edison rights-- 6,600 1834 Dec 3 1934 Dec 4 1434 Oct 19% Dec
Durham Hosiery pref 100
40 36
Dec 4 36
Dec 4 34% Oct 4634 Jan
Eaton Axle & Spr rights- 1,400 134 Dec 1 134 Deo 1 1
Nov 2% Nov
Eisenlobr Bros pref_100
20 8834 Dec 1 90
Nov 10034 Feb
87
Doc
Elec Auto Lite pref__100
170110% Dec 311234 Dec 710834 Sept 11234 Dec
Elk Horn Coal pref__ _50
Feb
220 14
Dec 5 15
Dec 3 1215 Sept 19
Emerson Bmnt class B-• 400 5% Dec 6 634 Dec 6 234 Apr Oh May
Fairbanks Co
* 200 7
Dec 5 9% Dec 6 214 Feb 9% Dec
25
Preferred
Nov
60 19
63. Oct
Dec 4 25
Dec
Follansbee Bros
*12,300 60
Dec 7 8534 Dec 1 60
Dec "65%
Franklin Simon pref-100 88010734 Dec 310734 Dec 1073: Nov 113
Feb
100
Gen Cable pref
Oct
300105
Oct 107
Dec 7 1053/ Dec 7 102
General Gas& ElPrefA(7) 800116
Dec 811834 Dec 6 108% Jan 11834 Dec
Class B
• 200 75
v
N
Doec
80i
0
D
Jaeo
n 8
Dec 7 76
Dec ' 37
Gen Mills
*17,200 7934 Dec 7 8634 Dec 11 7934
100
Dec
Preferred
Dec 5 9834 Dec 100
2001 9834 Dec 4100
Gen Motors new
1032S,5O 7934 Dec 7 8834 Dec 1 ' 9934 Dec 9031 Nov
Gobel (Adolph)
*39,600 50
Dec 7 5534 Dec 1 50
Dec' 6234 Nov
Jan
Gold & Stock Tel's:._100
120 120
Ded128
Dec 3121
Dec 1 120
Gmnd Union rights
,4 Nov
31,400
34 Dec 5
% Dec
34 Dec 1
HackerisackWater pf A25
20 2734 Dec 5 2734 Dec
2534 Jan 29 June
Hamilton Watch pref 100
3010134 Dec 6102
Aug 104
Am
Dec 6 99
Harbison Walker Refr_•
10 55
Dec 1 55
Dec 1 5434 Nov 5734 Oct
Hawaiian Pineapple-20 1,100 63
Nov
Dec 68
Dec 7 6734 Dec 1 63
Holland Furnace
* 2,200 43
Dec 5034 Nov
Dec 7 47
Dec 1 43
Independent 011 & G rts.'35,600
34 Dec 6 134 Dec 1
34 Dec 1% Dec
Industrial Rayon
Oct
• 6,900 128% Dec 7135
Dec 5 12834 Dec 46
Internet Nickel ctts
31,20020434 Dec 722234 Dec 8 194% Nov 2531 Nov
Int Paper & Pr class A_• 17,900 22
Dec 3434 Nov
Dec 3, 2634 Dec 1 22
Class B
Nov
*12.000 15
Nov 19
Dec 3, 1634 Dec 4 15
Class C
*11,500 11
Dec 3,' 12
Dec 1 10% Nov 1334 Nov
Preferred new
100 4,600 88
en
e
u
89
1 34 D
cc
4 13
D
oe
Dec li 8934 Dec 4 88
Internet Silver pref_ -100
30119
Dec 4 119
Dec 4 119
Interstate Dept Stores-* 18,700 7234 Dec 6 90
Dec
Dec 3 6134 Nov 90
Preferred
100 2,000 125% Dee 7139
Dec
Dec 3 12434 Nov 139
100
Jewel Tea pref
320 12534 Dec 312534 Dec
Nov 125% Nov
Apr
Johns-Manville pref-100
1 1 15
334
" Oct 122
27012034 Dec 112034 Dec 3
Jordan Motor Car rights 2,200
e4
oec
% D
15 Dec 7
% Dec 7
34 Dec
Kaufmann Dept St 51215 9,400 2934 Dec 3 3334 Dec 6
34,4
ec 40
34 De
29
4%
1 3
Kreugers dr Toll
Oct
65,300 3434 Dec 7 3634 Dec
Kuppenheimer & Co---5
Apr
60 4634 Dec 4 4634 Dec 4 4434 Oct 59
Kraft Phenix Ch new...*
Nov
200 36
Dec, 42
Dec 7 3734 Dec 636
Kroger Oroo & Bak rts 10,100 134 Dec 7 1% Dec 7 1% Dec' 134 Dec
Laclede Gas L St L pf 100
180 9934 Dec 110134 Dec 6 96% Dec 12434 Jan
McKesson & Robbins--• 5,100 47
Dec 6 4934 Dec 1 4534 Novi 4934 Nov
50 5,600 5634 Dec 7 5934 Dec 1 54
Preferred
Novi 63% Nov
MacAnd & Forbes pt 100
Nov
20 110
Oct 110
Dec 3 110
Dec 3156
41
100
Jan
Manati Sugar
Nov
200 27
Dec 4 27
Dec 421
100
1
Preferred
v 88
700 52
Doea
Dec 5 53
Dec 3
1 40m N
Manhattan El Sup rights26,000
34 Nov
34 Dec 6 134 Dec
Sept
Melville Shoe
• 3,000 64 Dec 7 6734 Dec 4 6034 Nov 70
Mid Cont Petrol pf_ _100
200 115
Dec 3115
Dec 310334 Feb115% May
Murray Corp rights-- 2,300 5034 Dec 7 5634 Dec 6 46% Nov 5734 Nov
National Lead pf A.._100
Jan 1473/ May
310 140
Dec 7 141
Dec 7 139
Jan
Ju1y136
Preferred B
100
100 118
Dec 5118
Dec 5 115
100
Jan
Nat Supply pref
Sept 119
10 116
Dec 7116
Dec 7 114
Nov
Dec150
Nat Surety new
50 1,200143
Dec 5147
Dec 5 143
Nov 6934 Nov
Nor Germ Lloyd w I-- 6,400 69
Deo 1 69
Dec 1 69
Sept
Norwalk Tire& R pf_100
10 4034 Dec 3 4034 Dec 3 mu Jan 48
100 680 3134 Dec 5 34
Pacific Mills
Oct 3534 Nov
Dec 3 25
Pat Tel & Tel pref_._100
Oct 12535 May
20 12134 Dec 412134 Dee 4 114
Aug 1434 Jan
Penna Coal & Coke _50 1,200 12
Dec 1 8
Dec 1 12
Pub Sec El & Gas p1_100
Aug 1103e Apr
30010734 Dec 3109% Dec 3 107
Purity Bakeries rights-- 16,217 334 Dec 4 334 Dec 3 334 Dec 334 Dec
Dec 5134 Nov
Radio-Keith-Orph el A.* 70200 38
Dec 7 4934 Dec 1 36
Reis(R)d. Co 1st pf 100 2,300 78
Dec 1 8934 Dec 3 6134 Feb 8954 Dec
July 1.14% Aug
Rem TYPewr 1st pi 100
Dec 6112
Dec s106
10112
Oct 57% Dec
Rhine Westphalia L&P_ 6,800 5431 Dec 4 5734 Dec 7 50
Royal Dutch rights
7,700 634 Dec 4 734 Dec 1 6% Nov 7% Nov
Dec 534 Dec
Shell Union Oil rights
41,000 5
Dec 7 534 Dec 5 5
Oct14434 Aug
Bo Porto Rico Bug pf_100
34013234 Dec 1 315, Dec 4 131
Jan 10934 Apr
Sun 011 pref
100
6010534 Dec 5105% Dec 4 100
Dec 4% Nov
Texas Corp rights
Dec 7 4% Dec 1 4
185800 4
Dee
23
Tobacco div ctfs C
Aug
4
19
Dec
Dec 4 19
200 19
Truscon Steel
10 4,900 5934 Deo 5 6334 Dec 6 5534 Nov 6334 Dec
II 13 Cast Iron Pipe &
Foundry 2d pref--• 4,000 19
Deo 3 1934 Dec 1 1834 Nov 1954 Nov
Sales
for
Week.
[VOL. 127.
Range for Week.
Lowest.
Highest.
Range Since Jan. 1.
Lowest.
Highest.
Par. Shares $ per share. $ per share. $ per share.$ Per Share.
Indus.& Misc.(Cone)
U (3 Express
100
23-4 Nov 6
Jan
460 3% Dee 3
US Ind Alcohol rights__ 8,300 5% Dec 3 7% Dec 1 434 Nov 734 Dec
U S Tobacco pref
100
180 136
Dec 4137
Dee 5 12734 Jan 139 June
Common
• 100 104
Oct
Dec 6104
Dec 6 86 June 120
United Dyewood pf__100
100 64% Dec 3 645-4 Dec 3 4531 Jan 7434 Aug
United Elec Coal
*55,600 70
Dec 7 8934 Dec 4 5834 Oct 8935 Dec
Rights
Dec 1034 Dec
10,600 10
Deo 7 10% Dec 6 10
Utah Copper
Nov
10
60250
Oct260
Dec 5 120
Dec 6260
Va Ir Coal & Coke pf-100
10 5234 Dec 7 52% Dec 7 47
Oct 6234 Jan
Vulcan Detin pref A_100
10 88
Sept 90
Dec 3 88
Sent
Dec 3 80
Walgreen Orel
100
Dec
50010531 Dec 1 107
Dec 6 10534 Dec 107
Wesson Oil& Snow D. 57,600 95
Nov110
Dec
Dee 7110
Dec 5 87
Preferred
*
100108
Dec 7108
Dec 7 105% Nov 10831 Nov
Wilcox Oil& Gas
• 1,300 2034 Deo 4 21
Dec 5 18% Oct 22% Nov
Willys-Overland rights_ 127100
34 Dec 6
Dec
% Dec 6
34 Dec
Yellow Trk & C ch pf 100
Dee 1 90
100 90
Nov 96
Deo 1 83
Apr
Young Spr & Wire
* 8,300 48% Dec 7 533i Dec 3 48% Dec 5634 Nov
Bank,Trust & Insurance Co. Stocks.
Bank of Commerce__100 260734
Dec
Dec 3785
Feb 785
Dec 5 550
Corn Etch Bank.....100
10766
Nov
Mar775
Dec .3766
Dec 3 BOO
* No par value.
New York City Realty and Surety Companies.-See
page 3196.
Quotations for U.S. Treas. Ctfs. of Indebtedness,8r.e.
-See page 3196.
New York City Banks and Trust Companies.
AU prices dollars per share.)
Banks-N.Y Bid
Ask Banks-N.Y. Mg
Ask Tr.Cos.-N.Y. Bid Alb
America.... 182 188 Port Morris- 670 725 Bronx Co Tr. 425 450
Amer Unions. 235 245 Public
214 218 Central Union 1810 1840
675 710
Bronx Bank* 550 650 Seaboard ...._ _ 825 840 County
460 470
Bryant Park* 275 325
Rights
97 102 Empire
Central
205 210 Seventh
275 285 Equitable Tr_ 460 470
Century
210 240 Seward
185 192 Farm L & Tr_ 835 845
Chase
690 700 State*
760 780 Fidelity Trust 380 400
Chath Phenh
580 620
Rights
112 116 Fulton
Nat Bk &Tr 620 630 Trade*
305 325 Guaranty.:„. 745 755
Chelsea Exeh* 355 365 Yorkville
250 290 Int'l Germanic 218 225
Chemical _ _ _. 990 1020 Yorktown'
240 255 Interstate.... 305 312
Colonial._ _ _.1200 1400
Brooklyn.
Lawyers Trust ____ -Commerce_ _. 7.30 740 First
600 650 Manufact
Continental*. 540 560 Globe Exch•_ 325 345
New 525par 250 255
Corn Exch.- 750 760 Mechanics'.. 385 395 Murray Hill_ 288 298
Rights
35
35 Municipal'_ _ 465 475 Mutual(W
Fifth Avenue. 2200 2300 Nassau
455 470
cheater)._ 350 400
First
4700 4800 People's
1000
____ N Y Trust__ 885 900
Prospect
Garfield
650
150 170 Times Square 186 192
Grace
500
____
Title Gu & Tr 890 910
Hanover
Trust Co..
1400 1476
II B Mtge& Tr 590 610
Harriman._ 1150 1250
New York.
United State 3400 3500
Liberty
1000 1100
275 285 Am Ex Iry Tr 460 468 Westcheerr
Manhattan*
735 755 Banca Com'le
National City 1250 1265
Italians Tr. 420 440
Brooklyn.
82 Bank of N 1
Brooklyn.... 1250 1350
Rights
79
Park
& Trust Co 765 780 King, Co.-2750
--760 775
Penn risms
178
180 Bankers This' 1020 1040 minwnnst____ 275 285
*State banks. t New stook s Ex-divi lend. o Ex-stook div. V Ex-rights.
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.Daily Record of U. S. Bond Prices. Dec. 1. Dec. 3. Dec. 4. Dec. 5. Dec. 6. Dec. 7.
High
First Liberty Loan
354'7 bonds of 1923-47- _ LowClose
(First 354)
Total sales in 51,000 units__
Converted 4% bonds of High
1932-47 (First 4s)
Total sales in $1,000 units__
Converted 431% bondrigh
of 1932-47 (First 4%s) LowClose
ell
Total sales in $1,000 units_ _ _
Second converted 431% High
bonds 01 1932-47 (First LowClosc
Second 4345)
Total sales in $1,000 units_
{High
Fourth Liberty Loan
431% bonds of 1933-38._ LowChM
(Fourth 4345)
Total sales in $1,000 miffs_ __
Treasury(High
Low_
434s, 1947-52
Close
Total sales in $1,000 units._
High
Low_
4s, 1944-1954
(Close
Total sales in $1,000 units__ •
High
Low_
334s, 1946-1956
Close
Total sales in $1,000 units__
{High
Low_
334s, 1943-1947
Close
Total sales in $1,000 units _ _
1 Hig h
Low_
*3358, 1940-1943
Clove
99"st
991,32
9911s:
41
9922n
99u,,
9914:
62
994433
9922n
992vn
84
9911ss
991432
99"st
98
992ln
99143:
9912sa
141
9951n
99113o
9912st
35
____
____
_ _ ___ _ _
____
____
100032 100"aa 100"a: 100"aa 100"n 100"st
1001432 1001432 1001232 100113 1002432 100431
100"n 1002212 100"n 100"n 100"as 1002st
48
2
6
92
10
11
-- __
--__
-- --_
--- -----.
lobii.,
1004132
100"St
173
1122a:
112422
1122at
a
---____
---____
____
____
____
__
9-9-43,
910at
992at
10
99432
90432
992a1
_
100-22n
1002433
100"St
179
1122st
1124n
1122n
2
1072st
1071s:
1072a:
10
1042n
104433
1042at
5
99",,
992n
9948:
6
994i2
99
992ss
_
100-2ist
1002133
100"31
239
11122sa
1112433
11122n
2
107ln
1061131
107
45
____
____
---9-iiiiis
;
992at
992n
31
991s:
99
99
_
100-2iss
1002033
100"3,
231
I1220n
112',,
1122st
29
1072n
107
1072,2
145
____
____
----
_
100-22st
1001433
1001 n
114
112
111"at
111",,
4
1072sa
10622n
106"st
32
---_----
66-7;;
992st
992n
75
991::
99
99laa
iiiii
99532
992n
37
991s:
98",,
992at
_
100-eiss
1001432
100"11
243
11122as
111"s3
111"n
60
10611si
10622st
106%
27
1042n
1034on
1041si
_
99--981181
99
Note.-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
5 1st 314s
991433to 9014301 4th 43131
10017,2 to 1004•33
Foreign Exchange.To-day's (Friday's) actual rates for sterling exchange were 4.843-I ®
4.8434 for checks and 4.85 I-32@4.85 3-32 for cables. Commercial on
banks, sight. 4.84 7-16(4 4.84 9-16; sixty days. 4.803-404.80X;ninety
days, 4.78 29-32(44.79: and documents for payment, 4.8034(184.8034
Cotton for payment. 4.83 15-16, and grain for payment, 4.83 15-16.
To-day's (Friday's) actual rates for Paris bankers' francs were 3.9054
3.90% for short. Amsterdam bankers'guilders were 41.1302-40.16 for short.
Exchange at Paris on London, 124.17 francs; week's range, 124.17 francs
high and 124.11 irancs low. The range for foreign exchange for the week
follows:
Sterling. ActualCables.
Checks.
High for the week
4.85 5-32
4.84%
Low for the week
4.85
4.84 9-16
Paris Bankers' Francs
High for the week
3.91
3.9034
Low for the week
3.9054
3.903-16
Amsterdam Bankers' Guilders
High tor the week
40.17
40.16
Low for the week
40.15
40.12
Germany Bankers' MarksHigh for the week
23.8454
23.84
for the week
23.83
23.81
Low
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Seven Pages-Page One
For sales during the week of stocks not recorded here. see preceding page
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday.
Dec. 1.
Monday,
Dec. 3.
Tuesday,
Dec. 4.
Wednesday, Thursday.
Dec. 5.
Dec. 6.
Friday.
Dec. 7.
Sales
for
the
Week.
PER SHARE
Range 803cs Jan. 1.
Os baste of 100-share SOU
Lowest
Melees
STOCKS
NEW YORK STOCK
EXCHANGE
Railroads.
$ per share $ per share $ per share
Par
per share $ per share
per share Shares
199% 20238 199 19934 1993 20078 19814 19912 19234 198% 19214 19512 18,400 Atoll Topeka & Santa Fe100
104 104
104 104
104 104 *104 104% 10414 1044 104 104
100
3,300 Preferred
170 170
170 17011 17034 171
16914 170
169% 169% 167 169
4,300 Atlantic Coast Line RR-100
12012 12554 121 12473 118% 122% 116 120% 11412 11812 334,400 Baltimore & Ohio
119 120
100
*7712 78
774 77/
1
4 7734 78
78
78
77% 78
100
78
78
2,300 Preferred
*6914 6912 *68
70
*6812 6973 69
7034 64
50
6914 64
6518 2,500 Bangor & Aroostook
•
1114 s____ 11114 *____ 1114
11114
110 *____ 11114
100
Preferred
90
8734 90
86
90 91
90 91
894 90
86
100
86
5,900 Boston dr Maine
6912 695
68 688 6818 6912 68% 69% 6812 72
67% 6938 25,500 Bklyn-klanh 'Fran v t c-No par
*8912 90.2 •89
91
91
*89
*89
9012 90
No par
90 *8912 9012
200 Preferred v to
1
4 4314 473
423* 4312 43 43/
454 4612 40 46% 38
41
46,700 Brunswick Term & Ry Sec_100
2401
/
4 2457 233 23912 236 23938 230 235% 22412 235% 22258 22712 60,400 Canadian Pacific
100
205 206 205 20634 20614 2103 204 20834 2004 20514 19112 200 21,100 Chesapeake & Ohio
100
1218 1234 1212 1278 12
12
12
12% 1118 12% 10% 10% 6,400 Chicago & Alton
100
183
19
19
1914 1814 194 18
1814 1712 18
1618 16% 4,700 Preferred
100
46
*42 46
1141
*42 45 *42 46 *40
*40
46
45
ChM & East Illinois RR....100
68114 6834 6814 6814 6734 6812 *66 68 *64
67
100
*62
65
700 Preferred
191
/
4 215* 185* 2038 19
1978 1734 1912 16
18% 1514 1714 61,600 Chicago Great Western-100
1
4 3612 4014 3612 37% 57,200 Preferred
394 40/
4058 4114 3912 4014 3958 407
100
34/
1
4 35
343* 3434 34% 3434 3312 3434 33
3438 351
3378 20,400 Chicago Mllw St Paul & Pao554 5612 5518 5638 544 56
5614 57
51% 5434 5118 5314 59,500 Preferred new
92 938 28812 8958 8812 904 89
8934 8612 88
85
8612 16,700 Chicago & North Western-100
*139 141 *137 138
137 137 *136 138 *136 138 15136 138.
100 Preferred
100
135 135 13378 13538 134 135 I 13014 13378 129 13118 x12534 1285* 15,100 Chicago Rock IA &Pacifie_100
110 110 *10934 11012 110 110 11018 11014 110 110 *10512 107
1,000 7% preferred
100
104 10412 10334 1035 *10334 10414 1035* 10412 *10012 101
104 104
100
900 6% preferred
116 117 I 115 115 *111.2 115 *11112 115 *11112 115
*115 118
100
300 Colorado & Southern
1377
78
78 *77
*77
78
77 77
76
76
75
100
76
20
First preferred
13139-3 783 *704 7834 *72
773 .72
7834 *72
100
784 *72
Second preferred
783
7438 74% 74 74
75 75
74
75
733 7412 73
2.900 Consol RR of Cuba pref.-100
74
19034 19214 190 191% 189 19212 1884 190
18534 18934 180 18534 7,100 Delaware & Hudson
100
•13134 134
131 1311
/
4 13112 13117 13014 132
128 129
3,000 Delaware Lack & Western_100
Gall 5014 *5102 594 58.2 5834 5814 5814 12914 130
5838 585* *55
56
800 Deny & Rio Or West prof._100
*334 44 *334 4 I *378 4
334 37
100
*334 6
334 334
700 Duluth So Shore & Atl
534 534
618 61s *6
612 *6
61* *512 6
*512 6
100
300 Preferred
68 6878 6658 69141 6818 6914 6678 685* 6014 675
100
, 6034 644 107.100 Erie
6012 6078 6012 6012 6018 60'l 60 60
584 597
100
58 .59
6,700 First preferred
58
58
*5712 5812 *5712 59
58
58 •____ 57
*53
100
57
300 Second preferred
11012 111
10712 11012 10812 110
108 10812 104 1083* 10312 1085* 23,200 Great Northern preferred_100
10912 10912 10714 109 i 10404 109
107 107
10312 107
100
103 1061
5,300 Prof certificates
3118 3128 30.2 314' 3118 3114 31
317 x27
29's 2512 27'2 50.200 Iron Ore Properties__No par
5512 56
54 *54
63
55
54
54
52 64
5014 61'j 2,300 Gulf Mobile & Northern---100
10334 10334 *103 104 1 111103 104
103 103 *102 104 *102 104
100
200 Preferred
5414 548 5334 544 53
537
548 5214 5314 .52
5138 628 11,900 Hudson de Manhattan
100
*82 84
82 82
*82
84 *82
84 *81
84 081
84
100
100 Preferred.
141 14212 *14012 14212 142 1427 14018 14214 1391* 140
139 139s 6,000 Illinois Central
100
4138 142 *137 142 *138 141
138 138 O138 142 *138 142
1001 Preferred
100
4618 477
46
47
463 4834 4634 4878 454 4878 45
4718 18,200 Interboro Rapid 'Fran v t 0_100
*50
51
60 60 *49
50 *49
50 *4812 49
4812 49
300 lot Rys of Cent America_100
8034 8034 Awls 8018 *8018 81
*8018 81 . 8013 81
80
8018
1701 Preferred
100
92 9358 89 91% 9134 9434 913* 94
8612 9312 8512 9012 67,800 Kansas City Southern
100
*72
73
7315 72
72
72 •72
7318 *72
72 .
69
71
500i Preferred
100
99 10073 9714 10073 100 10138 *97
99
9518 9934 94
953* 5,900 Lehigh Valley
50
145 145 *144 145 *144 145
14478 144% 141 141
14234 143
1,110 Louisville dr Nashville
100
*8612 89
8612 89
1187 89 *8712 89
86
8612 *8612 88
180 Manhattan Elevated guar_100
504 5118 5014 513
5114 53
5014 53% 5014 521
49
5033 7,700 Modified guaranty
100
412 *312 41
.312 41
/
4 41
•34 412 *31
0312 417
Market Street Railway--.100
ni2 41
*40
4034 41
41
41
41
41
40
401
3914 394
800
preferred
Prior
100
3
3
3
3
274 3
3
3
2% 3 *4234 43
5
4,100 Minneapolis dr St Louls
100
*42
454 453
46
45
4534 *43
46 *42
45
800 Minn St Paul &S B Marie-100
.
75 80 *72 80
7612 7612 7512 751 *73
76
75
75
500
Preferred
100
63
62 *61
O61
61
62 *61
62
6134 613 *61
62
160 Leased lines
100
5614 5734 5458 567
55% 58
55/
1
4 57% 51% 557
504 53
Mo-Kan-Tex RR
No par
10412 10434 10434 105
10434 10512 105 10538 105 1051 10434 1053* 160,000
4,700
Preferred
100
7238 7138 7312 6913 71% 65
72% 7334 71
691
60 661 62,000 Missouri Futile
100
124 125% 12314 1243 1235s 126% 1244 1251 12214 1243 11934 1227 55,800
100
Preferred
3%
4
3% 4
41
4
3% 4
312 31
334 3,
8,700 Nat Rya of Mexico 26 pref-100
190 19353 188 1903 188 191% 18614 1893 18112 1881 18018 184 117,800
New York Central
100
136/
1
4 137 1344 1361 13512 13534 134 136
13114 1347 129% 1301
6,300 N Y ado & St LOulii 00.-100
10814 10812 10878 1087 10812 108'2 10838 1084 1,200
107 10713 108 108
Preferred
100
340 340 33614 3361 325 348 342 400 375 409 357 399
2,000 N Y dr Harlem
50
7618 7734 7514 763
7634 7778 7714 77
73
76 x72
7414
59,100
NYNH
HartfOrd
100
&
114 1145* 11433 1143, 1143* 11413 11412 1151 11514 11514:1133* 114
11,600 Preferred
2812 315* 2918 3114 2834 3038 274 30l4 27
2818 29
2838 21,400 N Y Ontario kg Weetern100
101
*7
*634 1014 *634 71
9
*7
*634 7
*612 7
NY Railways prof
No par
*46
51
*45
50 *46
5018 51
50 *40
50
49
49
900 Norfolk Southern
100
188 19012 187 189
192 19314 187 190
187 1883 18114 18514 5,400 Norfolk & Western
100
88 88 *854 88
*8518 88 *8518 88 *85/
*85 89
1
4 88
100 Preferred
100
11053 11258 108 11114 109 111
10818 1097 105 10714 10518 11178 34,900
Northern Pacific
100
106 1063* 105 1057 10318 105
105 108
109 109
1015* 108
9,800 Certificates
100
*20
27
27
1020
27
*20
•26
*20
27
27
*20
27
Pacific Coast
100
733 7418 72 74
73
74
7212 73
7058 73
7018 714 176,200 Pennsylvania
50
32
1130
32
*30
82
*30
*30
32 *29
32 •30
32
Peoria & Eastern
100
1511: 1515* 152 15212 151 151
149 14934 146 148 x143 145
2,200 Pere Marquette
100
4812 *97
*9512 9712 9714 974 *47
4712 974 9714 97
97
100 Prior preferred
100
9712 9712 95 95 *94
*95 100
97 •94
97 *94
97
300 Preferred
100
151 151
149 150
*152 153
150 150
1455* 148
140 141
2:3
2300
000 I
llta
ts
dtegur h 0 West Va---1°°
10434 106
10458 10811 10814 11078 10712 10913 10334 10712 1034 106
/
1
4
50
4312 *42
43 *42
*42
43 *42
43 *42
43 •42 43
50
First preferred
1
4 4812 *4812 4912 4814 4814 48
49
484 4818 48/
*48
48
900
preferred
50
Second
*66 69 *66 69 *66
69
69
77 *70
73
70
70
1,700 Rutland RR pret
100
1185* 11938 x116 11614 11634 11734 1164 117
11514 116
1134 11412 8,700 St Louis-San Francisco-100
9614 96
9614 96% 9614 96% 96
9612 951e496
95
951
6.100 1st pre( paid
100
11758 120
120 12214 11818 121% 11234I118
11818 120
10118 111
27,100151 Louis Southwestern--100
94 *91
93 *91
*90 92 *91
93
9234 923 *91
92
100 Preferred
100
•
1712 17% 17% 18
*17
18
1734 18
1714 1734 1712 173 13,100
Seaboard Air Line
100
22 21
22 *20
2113 *20
*21
22
2114 213 *20
211
900 Preferred
100
12512 127
12614 12714 12514 12678 12512 128
123 1265* 1221
/
4 124
100
147% 147% 14618 147% 14514 146% 14512 146 14218 14638 143 1433* 19,800 Southern Pacific Co
9,100 Southern Railway
100
498/
1
4 99% *99 10018 *9912 100
100 10018 100 100
9834 983
500 Preferred
100
127 127
128 129
125 127
41126 129
125 127
12312 1231
230
100
certifs
Ohlo
Mobile
dr
*175
17934
17934
178
172
1783
172
4
*170
17134 175
171 171
800 Texas de Pacific
100
35
1•34
35 *33
3538 35% *34
3412 *33
3412 *33
341
100 Third Avenue
100
37
36
3614 *35
36
36% 36% 35
37
38
3534 353
2,
4
14
0
0
Tw
Rapid
pr
in
ef
C
er
i
t
r
y
e
d
Transit-10
0
98 98
98
99 9913 *98 9812 98
9712 9712 9812 981
100
21518 216% 21312 21578 2144 21612 212% 21412 20658 214
20618 2091
100
00
Union Pacific
8318 8318 834 831s 108318 8314 1118318 8314 8318 834 834 834 17,600
1.000 Preferred
1,000
100
794 8012 7812 8014 794 8014 7734 7914 75
79
71
75%
Wabash
100
92% 9278 *90
119213 95
94
93
*9212 94
93
923 93 y2
:
1,6
56
0
4
0
100
Preferred
A
94
*93
93
94
93 •90 93 .90
*93 94 *93
93
100
4414 4434 43% 453s 444 45% 4314 45% 4038 448 40 411
100
Maryland
4413 4412 4412 4412 *43
039 42 •39
46
*44 48
42
Second preferred
100
34% 33% 33% 3214 35
33
32
32
3212 32
32
33
4614101
WesternW
Western
1b0
57
513
584 5858 58% 58,44 60
5514 5514 55
57
581
7,200 Preferred
100
.enr.d,d.ii
•BEI and asked Vr10010 le Oahe 00 thliaalle s 88-81
,
100113
a ag-diviiena ana ex.ruksi, y aprignsc
PIE WAX.
Wingate Prerieem
Year 1927.
Lewes;
afghan
8 per share
$ per share a per share 8 per shin
182% Mar 2 204 Nov 16 16134 Jan 200 ALI
1024 Jan 5 10812 Apr 9
9938 Jan 1004 DOG
1571 Oct 5 19112May 7 17478 Apr 2054 Atui
10334June 19 12558 Doc 3 1084 Jan 125 Om
77 Nov 19 ab Apr 4
7314 Jan 83 June
61 June 12 844 Jan 11
64 Jan 10813 Mal
110 JUlY 7 111584May 31 10111 Jan 122 June
58 Feb 18 91 Dec 4
5338 Jan 17 7734Ma7 3 -58 - Aug
82 Jan 4 9538bfay 8
781s Oct 88 Jae
14/
1
4 Jan 5 4778 Sept 4
7/
1
4 Oct 1938 DO4
19512June 19 253 Nov 26
17512June 19 2103* Dec 4 1-81-34 -Jan 2181100
658 Jan 30 18%May 2
424 Jan 1058 June
77 Feb 20 2838May 2
711 Jan 1838 July
37 Feb 28 4814klay 10
8011 Jan 51 Ally
58 Aug 15 7658May 4
16 Jan 847 Oro
94 Feb 8 2218 Nov 30
813 Jar 2212 May
201: Feb 20 4134 Nov 30 ____ _ _ _. 4478 inns
2214 Mar 5 401
/
4 A.pr 211
9 Jan
1934 Dee
87 Mar 2 595* Nov 27 -- -- ---- 374 Dee
78 June 19 9414May 1
1
4Sept
783* Jar 97/
187 Sept 5 150 May 2 124/
1
4 Jan 160 Oct
106 Feb 18 13958 Nov 28
68/
1
4 Jan 116 J1I1
10614 Feb 9 11112May 31 10234 Jan 11134 Dee
100 Feb 24 105 May 31
954 Jan 104 Not
105 Aug 15 126 May 3
84 Jan 18734 My
87 July 3 85 Apr 10
70 Jan 78 Del
6912Nov 2 85 May 9 68 Jan 75 Oct
69 Apr 12 8758June 1
65 Aug 77 Ma7
16314 Feb 10 225 Apr 25 1711 Jan 230 Juat
127 Nov 1 150 Apr 9 18018 Oct 173 Mat
5018 Feb 20 6534 Alm 28
4118 Jan 671‘J OW
3 Aug 3
634 Jan 5
258 Apr
774 Dee
438June 19
912May 21
4 Mar 111
/
4 1380
4834June 19 7238 Nov 261 394 Jan 6934 Sept
50 June 18 6374 Jan 7
523* Jan 6614 AIN
4914June 20 62 Jan 6l 49 Jan 13412 A112
93/
1
4 Feb 6 11434 Nov 201 7054 Jan 1037 Sept
9118 Feb 7 111%Nov 20
8518 Ma 101 Sell
1914June 12 335* Oct 231 18 July 2834 Sept
43 Aug 8 6174May 10
8514 Jan 765s JulY
99 Aug 16 109 May 1 105 Jan 112/
1
4 Apr
51 Jan 3 734 Apr 241 034 Jan 6578 May
81 Oct 8 93/
1
4 Apr 261 78 Jan 901" May
13134 Jan 11 14834May 9 1911s Jan 189% Oct
13018 Jan 13 147 May 15 12073 Jan 140 Oct
29 Jan 5 62 May 3
30/
1
4 Aug 524 Yet
3612 Mar 16 5218 Nov 27
23 Apr 424 Oct
6974 Jan 3 82 May 2 62 Apr 7414 Oct
43 June 13 95 Nov 26
4114 Jan 701s duly
6612 Aug 10 77 Apr 20 644 Ain 7812 Bee
8418 Feb 20 116 Apr 26
8812 Oct 137/
1
4
13938 Nov 2 15912May 10 12838 Jan 1594 MS
Oil
76 Jan 9 96 May 4
7814 Dec 90 Feb
40 Jan 10 64 May 3 4124 Dec 5674 Feb
4 Oct 10
712May 15
4% Nov
678 June
39 Nov 23 5434May 4
al% Feb 5934 Aug
178May 23
612May 2
13* Jan
47a Feb
60 June 21 523* Jan 8 27 Jan 56/
1
4 Dec
75 Feb 7 8734May 16
60 Apr 88/
1
4 Dee
6012Nov 26 714 Jan 9 584 Mar 71 Not
3012June 13 58 Dec 4
31/
1
4 Jan 56/
1
4June
10112June 12 109 Feb 3
9534 Jae 10912 Dee
4174 Feb 7 7614Sept 17
8778 Jan 62 Ate
108 Yob 20 12678 Dec 4
9018 Jan 11858 Nov
2 Feb 17
513 Apr26
$14 Oct
14 Aug
186 Feb 113 196/
1
4Nov 30 13774 Jan 17116 ON
12114 Oct 10 146 May 11 0110 June NMI MaY
1044 Aug 24 110 Jan 4 102 Mar 110 D44
168 Jan 3 505 Apr 28 167 Dec 185 AP
5438Jtme 19 8014 Nov 27
413* Jan 6314 Del
112 Sept 17 117 May 8 110/
1
4 Oct 11484 Not
24 Feb 20 89 May 2
984 Jan 4144 SOS
514 Jan 24 18 May 3
618 Dec 1534 Jae
32 June 12 58 Nov 23
8718 Jan 6412.Inne
175 June 19 19812Nov 27 156 Jan 202 Not
7912 Apr 26 90 June 12
83 June 90 July •
9238 Feb 7 118 Nov 20
78 Jan 102% Dee
90% Feb 20 115 Nov 20
84 July 9974 Dee
1912May 14 3478May 25
154 Feb 813* Dee
6174June 19 7412 Dec 1
5634 Jan 68 Oct
25 Mar 12 37 May 1
20 Jan 66114 Jul;
12478 Feb 9 155 Nov 27 1141: Jan 14012May
96 Oct 31 101% Mar 28
98 Jan 9914 Dee
92 Nov 13 10034Mar 30
8934 Jan 9712 DOG
12114 Feb 20 163 Oct 9 12213 Jan 1711 May
9414 Feb 7 11938May 10
94 Jan 12334 June
4113 Nov 1 46 Apr 9
4013 Jan 4812 De4
64 Jan 26 5973May 1
4344 Jan 50 Feb
50 Feb 21 77 Dec 5
43 Jan 69 May
109 Feb 7 122 Mar 23 10034 Jan 11714 Jan
9458 Oct 10 101 May 21
674 Feb 8 12418 Nov 10
61 Jan 93 June
89 July 14 95 Jan 3 7678 Jan 9444 Dec
1158 Mar 8 8012 Jan 8
2814 Mar 6114 Feb
17 Aug 4 88 Jan 8
324 Apr 6511. July
11758 Feb 7 13114May 9 10614 Jan 12678 Dec
18913 Feb 8 165 May 7 119 Jan 149 Dec
9658Sept 25 10214 Jan 17
94 Mar 101% Dec
100 Jan 13 15913 Jan 20
80 July 115 Dec
994 Jan 3 1945* Oct 23
Ws Jan 11078 Nov
2818 Jan 10 4618May 3
28118 Aug 61 Feb
3214Sept 5 56 May 8
45 Nov 6514 Feb
9438 Oct 30 107 Feb 10
99 Apr 106 May
18612 Feb 6 22478 Nov 12 1591
. Jan 19714 Dec
824 Oct 3 87/
1
4 Jan 20
77 Mar 8534 Dec
51 Feb 18 9614May 11
4018 Jan 81 June
8812 Feb 7 102 May 18
76 Jan 101 June
87 Feb 4 9912May 18
65 Jan 98 June
3134 Feb 8 5434May 10
1334 Jan 6774 June
1184 Feb 8 5478May 10
23 Jan 67/
1
4 June
28/
1
4 Feb 7 374 Jan 13
254 Apr 471s June
5212 Aug 15 624 Jan 6
55 Apr 763* Feb
167; -ii:
Itt-divt 01141 She shared of Chesapeake °MD.innek.
3212
New York Stock Record-Continued-Page 2
For sales during the week of stocks not recorded here,see second page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Dec. 1.
Monday, , Tuesday,
Dec. 3. , Dec. 4.
Wednesday, Thursday,
Dec. 5.
Dec. 6.
Sales
for
the
Week.
Friday,
Dec. 7.
S per share $ per share 3 per share $ per share $ per share $ per share
STOCKS
NEW YORK STOCK
EXCHANGE
Shares
Industrial & Miscellaneous
PER SHARB
Range Since Joe. 1.
0.bests of 100-share lois
Lotoosi
Highest
g per Oars
g Per shars
PIIR dB Ail
&moo for Proof...
Yea? 1927
Loxert
H10Iasi
Per char 8 per abort
47
51
4914 4612 4812 4534 47,4 44
50
4612 4314 4412 10,500 Abitibi Pow & Pap
No Par 3614 Nov 2 85 Apr 62
8658 8614 86,2 85
86
86
8618 8714 88
803, 2,200 Preferred
8612 86
100 76 Nov 2 10258July 31
10812 10912 110 110 .10818 112
110 110
1,300 Abraham & Straus_ ___No par 90 June 19 11712 Nov 14 -6-111; Mar
100 102
10818 110
-.111 112 *111 112 *111 112 *111 112
30 Preferred
10934 111 .11012 111
100 109 Oct 27 11412June 18 109 Aug 11811 Fa:
393 400
395 39812 390 397
402 425
400 41412 372 389
5,500 Adams Express
100 195 Jan 4 425 Dec 5 124
Jan 210 Nov
51
49
515s 53
4978 51
48
4612 13,800 Advance RuznelY
48,2 4614 4812 44
100
1111 Feb 8 65 Sept 25
758 0,21
1534 Feb
.6034 62
60
5912 60 I 60
5633 60
50
56
.5518 2,700 Preferred
56
100 3414 Jan 17 69348ept 25
224 Oct 4534 Nov
37
414 41,
414 412' 37s 414
41,
312 334 84,800 Ahumada Lead
334 4
1
234 Jan 17
534 Mar 20
2/
1
4 June
64 8e03
8512 86
8434 86
8512 90
8718 9012 8418 8934 8318 8678 31,000 Air Reduction, Inc.
No par 69 June 19 9012 Dec 5
1014 1034
978 1058
912 934
812 938
914 9,2
812 878 29,100 Max Rubber. Inc
No par
712,Tune 12
2
June
1438 Jan 24
MaO
Y1iis:
813 934
878 934
288,600
912 1034
Alaska Juneau Gold Mln__ 10
9
818 912
8
978
834
1 Jan 5 10 Nov 10
1 June
214 Feb
2612 2612 2514 2614 *2512 2614 2434 2512 2434 2514
2434 2512 6,500 Albany Pert Wrap Pap_No par 23 Mar 15 311
/
4 Jan 28
18
Apr 32 Sept
239 244
23612 239
23734 24178 23514 2.1012 226 237
221 23112 29,700 Allied Chemical & Dye_No par 146 Feb 18 25234 Nov 27 131
Jan 16914 Sept
923 124 *123 12318 .123 124 I 12312 12313 •I23 124 .123 124
100 Preferred
100 12012June 28 12758May 4 120 Mar 124 Aul
146 14612 14512 147 1 14834 157
157 1617s 147 15534 9,100 Allis-Chalmers Mfg
157 165
100 11518 Feb 18 105 Dec 5
88 Jan 11834 Dee
1158 12
1012 1134 1158 1158 *1134 12
*11
1,800 Amalgamated Leather_No par
12
•11
12
94 Oct 8 1634 Apr 19
1138 Nov 24/8 Feb
•7812 80
•77
80 .77
80
300 Preferred
*75
78
79
75 .75
75
69 Mar 2 90 Apr 19
68 Dec 108 Feb
3912 4012 3818 40121 4012 4134 3912 4078 38
24,900'Amerada Corp
3612 40
41 14
No par 2718 Feb 20 4378 Nov 19
2714 Apr 3711 Feb
2238 23
2134 2234 22
2212 22
2212 21
13,400 Amer Agricultural Chess..100
2238 2018 21
1658 Feb 20 26 Nov 19
818 Apr 2111 Del
7434 7434 7213 74 I 7212 7314 7114 7312 69
6,4001 Preferred
7212 6714 70
100 55/
1
4 Feb 20 7978 Nov 19
2814 Apr 72/
1
4 Dee
12878 131
124 12612 .125 130 I 128 130
4,400 Amer Bank Note
12514 130 x120 125,
10 7434 Jan 17 159 May 9
41
Jan 98 No,
61
.61
61
81
62 I *6112 62
6112 61
62
61
5101 Preferred
•6I
50 60 Oct 19 65/
Jan 65 SeVI
1
4 Jan 3
5812
•171.3 18
1712 17121 1714 1712 1714 1712 1714 1712 17
1,400 American Beet Sugar_No par 1434July 13 2412 Aug 28
17
1518 Oct 23/
1
4 Mai
50,8 5018 543
2001 Preferred
55
50 1 .5012 51 I .50
55 I .50
55 .50
100 36 Feb 17 6158Sept 13
36 Dec 6018 Jan
4158 4214 3958 4158 4014 4158, 4134 4378 39
57,000,Amer Bosch Magneto._ o par 1538 Feb 18 4438 Nov 30
4338 3658 40
13 Jan 2634 Oet
45
45
46
4512! 441:2 4512 4412 45
4218 4412 42
4234 6,500Am Brake Shoe &F_._No par 3978 July 17 491
/
4 Jan 27
854 May 46 July
•12014 125 *12014 125 .12014 125 .12014 125 .121 125 .121 125
1 Preferred
100 12234 Oct 11 128 June 12 11714 Feb 128 Mal
15
1578 1558 1612 1558 1613 1514 16
1418 1512 1314 141: 20,200 Amer Brown Bever' El_No par
1058 Apr 27 2814May 21
514 Aug 3912 Jan
5012 5012 5018 52, 5234 53
51
*51
1 Preferred
5012 5058
5212 51
100 4014 Apr 27 657
,May21
613 Aug 98 Feb
10114 10912 10618 107581 10558 108
10518 107
98 10578 9834 10258 196.700 American Can
25 7012 Jan 18 11712 Nov 16
1
4 Dee
43/
1
4 Mar 77/
14112 14112 14113 1411..141,3 143
14112 14113 141 141 12 14112 141 12 1,400 Preferred
1
4 Jan 10 147 Apr 30 128
100 136/
1
4 Dee
Jan 141/
94
9334 9334 93
94
94
93121 9313 95
92
9234 93
3,800 American Car & Fdy_No par 8814July 31 11112 Jan 3
95 July 111 Dee
122 122 .121 12414 •121 123 ,•12012 122
121 121
12012 12012
300 Preferred
1
4 Aug 1 13712 Mar 31 124/
100 110/
1
4 June
1
4 061 134/
*8313 86
*83/3 86 I *8312 84181 .83.3 8413 .8334 8418 •8334 8412
American Chain pre(
100 81 Oct 20 105 June 4
984 Dec 103 8e00
4613 4778 45
4713 4878 4613 4814 4778 48
465s 18,300 American Chicle
4734 45
No par 45 Nov 21 4912Nov 30
•111 113 .111 112 *11114 112 .111 113 .111 113 .111 113
Prior preferred
No par 107 Jan 5 114 May 21 10;-Doe;
1314 12
1158 1178 1134 13141 13
1158 12
1318 1134 12,4
77,600 Amer Druggists Syndicate__10 11 Feb 18
1512 Apr 10
N•
11
/
4 Apr1
803881
8434 85
x7812 81
8258 8238 79
8478 10,900 Amer Encaustic Tillng_No par 53 Jan 4 86 Nov 30
8578 80
Aug 674 Nov
88
/
1
4
290 310 :282 297
*290 305
300 300 ,.290 300
278 289
3,500 American Express
100 169 Jan 10 310 Dec 5 127
Jan 183 Nov
7178' 7018 7238 6513 71
68
721s 76
61
6814 5912 651: 63,200 Amer & For'n Power__ No par 2238 Feb 28 78 Nov 30
18/
1
4 Feb 31 Des
108 108
107 107
10712 10712 1,200 Preferred
107 107 I 10612 108 .10612 108
No par 10434June25 110 May 24
1
4 Dee
884 Feb 109/
9614 9612 9614 9612 9618 9638 96
9612 96
4,200 26 preferred
9612 9534 96
par
No
81
Feb
24
100
Sept
7
.914 10
.914 10
•914 10
93s 933 3933 10
100 American Tilde & Leather_100
*934 1014
78 Apr -1111 -601
814 Oct 9 1538 Feb 1
36
3612 35
35
34 1 3414 36
35
34
37
3418 3418 2,600 Preferred
31 Nov 1 67/
1
4 Feb 1
68 Mar 66/
1
4 July
8012 7718 7814 9,600 Amer Home Products_ No 100 69
79
8078 8158 7912 8012 7934 8071: 7913 80
Dar
Feb 18 86 Nov 17
3038 Jan 71 Nov
4358 44
4314 44 I 4278 4334 4214 4314 42
4234 4134 4214 10,500 American Ice
No Par 28 Jan 10 4638 Aug 6
2534 Oot 32 Alit
92
9113 9134 .92
*9112 96 I 92
.9112 95
93
•92
93
300 Preferred
100 90 Jan 7 9912May 9
Jan 964 may
84
12712 13213 121 13112 115 12412 59,800 Amer Internal Corp__.No par 71 Jan 6
13212 13634 129 13212 13114 133
13914 Nov 28
87 Mar 72/
1
4 Dee
812 878
812 9
9
878 9 I
9
812 912
838 858 20,000 Amer La France & FoamIte_10
614 Jan 12 111
/
4 Oct 17
Jan
4
10
Juno
180 180
180 180 .170 198
192 192
182 182 .165 180
700 American Linaeed
100 5638 Jan 13 192 Dec 5
3018 Apr 7212 Nov
180 180 •180
•180 ___ 182 182 .180
_ .165
339 Preferred
100 8612 Jan 13 182 Dec 5
48/
1
4 Mar 9212 Noy
10013 10013 100 10033 9978 10012 9814 99
9914 9712 9912 5,100 American Locomotive_No par 87 June 21 115 Jan 31
98
9914 Oct 116 May
112 112
112 112 .110 113 .111 113
112 112
112 112
900 Preferred
100 10314 Oct 24 134 Mar 24 11912 Feb 127 July
•174 175 .172 175 .173 175
171 17434 170 17034 167 168
1,100 Amer Machine & Fdy_ _No par 12912June 19 180 Mar 26
7314 Jan 18812 Dee
557g 5878 56
5812 57
5338 5614 5712 5353 5612 5218 55
20,700 Amer Metal Co Ltd___No par 39 Mar 13 6334 Nov 27
3618 Nov 6938 Del
11612 11612 116 11618 *116 117 .116 11612 11513 116 .115 116
1,100 Preferred 0%1
100 109 Aug 8 11712May 14
1512 1512 .15
16 I •15
18
*15
16
.15
16
1312 13,3
300 American Piano
1204 July 19 25 Feb 7
Vo par
2011 Dec 4314 Jun*
4412 45
4412 4412 4313 4312 40
4212 41 18 4118 4012 4158
450 Preferred
100 40 I)ec 5 90 Jan 3
84 Nov 11014 Map
811z 8278 8012 817
8058 8412' 8214 8478 79
8218 7712 79
38,300 Am Power &Light__ __No par 6214 Jan 11 95 May 14
1
4 Oat
64 Jan 73/
10214 10214 102 10233 10214 102141 102 10214 10178 10178 10134 10218 2,800 Preferred
No par 10158 Nov 10 10714May 28
18434 185
180 184 I 18214 18412' 180 182
175 18134 173 176
9,700 American Radiator25 13018 Jan 18 19114 Nov 17 1-10-1-3 -Jan 1-4778 SeDI
13934 13914 139 139
139 139341 140 14313 138 14312 138 138
10,500 Amer Railway Ernie., ..._100 1104 Jan 4 143 Dec 5
8712 Apr 11614 Nov
7118 72
70
7178 6918 71
67
7014 6718 69,2 64
667s 10,000 American Republics .No par 5114 Feb 7 85 Apr 121 3518 Jan 8212 Dee
72
72
7258 7012 71
7014 7134 71
68
71
6712 69
8,900 American Safety Razor _No par 58 Jan 10 74/
1
4 Sept 20
42 July 647s No,
3814 3714 3714 3714 3733 37
38
3712. 3634 3714 3614 3634 4,000 Amer Seating v t e
No par 2758 Nov 1 45 May 14
38/
1
4 Oct 51 July
41, 412
458 453
438 412
412 413
412 472
414 414 1,300 Amer Ship & Comm
312 Aug 9
No Oar
812May
28
212 Oct
634 Jan
9014 901 1 9012 91
90
9012 92
92
90
92
91
170 American ShipbuildIng___ _100 80 Sept 28 119 Jan 6
91
Jan 12334 NOT
BO
27878 28114 27514 280
276 28214 275 277
26612 27658 260 26812 22,600 Am.Smelting & Refining-100 169 Feb 27 285 Nov 12 132/
1
4 Jan 1881
/
4 Dee
13714 13714 137 137
137 13714 13718 13718 .13718 138 •13718 138
1,100 Preferred
100 13118 Jan 9 142 Apr 20 11914 Mar 133 Dee
•191 193
190 190 *192 193
19234 200
205 208,4 20512 209
2,200 American Snuff
100 141 Jan 5 209 Dec 7 11938 Jan 148/
1
4 Nov
•108 114
108 108 .105 108 .11114 112 .105 11213 •10512 112
10 Preferred
100 100 Oct 30 120 June 5
9412 Jan 10612 Oat
65
63
61
6212 62
6314 6034 62
5818 6134 58
24,600 Amer Steel Foundries__ No Par 5018June 13 7038 Jan 11
60
6112 Apr 7234 Dee
11138 11112 .111 11112 11138 11113 111 11113 11114 1111:•11 1 11112
270 Preferred
100 109 June 19 120 Feb 29 11014 July 115 Jan
91
8818 9214 90
8814
93
82
9112 88
89
81
8512 55,300 Amer Sugar Refining
100 55 Feb 18 9312 Nov 28
6514
Nov 9534 Map
.10812 10878 .108,2 10878 10878 109 .10614 107 .10618 108
106 106
600 Preferred
100 100 Feb 17 11012May 31 104 Nov 1161,88.2
57
555s 57
57
57
5634 58
55
57
5614 53
5518 4,800 Am Sum Tob
No par 4738 Feb 27 7338Sept 7
414 Jan 68/
1
4 001
•19
*1812 21
21
•I8
20 .18
21
•17
20
900 Amer Telegraph & Cable.,..100 1714 Dec 7 32 Jan 17
1714 1714
26 Apr 8804 Aug
194 195
192 19378 19212 19412 19118 19238 18912 19212 18614 18918 29,30 Amer Telep & Teleg
100 172 July 24 211 May 17 14914 Jan 18512 001
182 18436 180 181
180 18438 17912 18212 1711 177
8,400 American Tobacco com____50 152 June 111 18438 Dec 1 120
17212 180
Jan 189 Nov
184 18434 17912 18334 18012 18358 179 18312 176 180
17512 18213 16,700 Common claw B
50 162 June 19 18478 Nov 30 119/
1
4 Jan 186 Nov
12018 12018 120 120 •120 121
120 120 .120 121
800 Preferred
120 120
100 11534Sept 18 126 Apr 20 11018 Jaa 120 Del
13912 141
138 139
13934 13934 138 139
136 13838 136 136
2,600 American Type Founders...100 109/
1
4 Aug 10 14214 Nov 16 119/
1
4 Nov 146 Feb
•10712 11158 11012 11012 111 11153 11234 11234 •11013 11212 11212 11212
110 Preferred
100 107 Nov 28 115 Mar 31 107/
1
4 Feb 116 OW
71
7378 6858 71,2 70
73
69.2 723e
2 70s 64
6634 43,600 Am Wat Wks dt El
No par 52 June 11 7612 Nov 30
AO Aug 7218 Begot
10014 10012 •100 10034 10034 10034 .100 10014 I ,,(I 100 .100 100,4
700 lot preferred
98 Oct 5 106 Apr 13
99/
1
4 Oct 1034 Dec
27
2758 2614 2738 2714 2938 2712 287
, 3518 2838 2538 2618 17,000 American Woolen
100 14 July 27 3238 Nov 21
Me JUDO 83/
1
4 Jan
5718 5812 5758 6012 59
6078 5838 6134' 5753 6018 5612 5812 10,400 Preferred
100 39 Aug 31 6534 Nov 20
1
4 June 884 Jar
46/
1338 1438 1514 1573 .13
•1334 1438
1434 .13
1,800 Am Writing Paper ctfs_No pa;
1514
1012June 20 194 Feb 9
1534 •13
9/
1
4 May 2414 001
4412 45
44.2 4634 46
48
4712 4858 44
6,300 Preferred certifteate___100
46
47
46
34 June 12 5334 Oct 18
25$4 Apr 57/
1
4 Aug
4412 4578 42
4434 4318 4338 4258 4338 3718 42
34
3812 15,400 Amer Zinc, Lead dr Smelt.....25
638 Jan 10 57 Oct 17
534 Sept 1014 Feb
9918 100
*99 102
101 101
'99 100
99
99 .97
500 Preferred
99
25 40 Jan 16 1171
/
4 Oct 18
85
Oct 5114 Feb
11118 11434 108 111
109 11212 108 110
102 109
98 104,2 528,500 Anaconda Cooper Mining,.50 54 Jan 18 11612 Nov 30
4114 June 604 Dee
102 10312 10112 104
10514 109
10578 110
102 1041,2 100 102
20,700 Archer, Dan'Is, MidI'd_No par 5514 Feb 20 112/
1
4 Nov 26
38 Mar 63 Dee
*11334
11334 11334 •11313 115
114 114
114 114
230 Preferred
114 114
100 112 Oct 27 11514 Mar 16 106
Jan 11312 Dee
9278 927:3 9278 93
9278 93
93
93
93
*93
93
9312 3,900 Armour & Co (Del) pref.... _100 86/
1
4 Jan 3 9712June 7
79
Oct 9614 Feb
1712 177s
17
1713 1612 17
1612 1634 1612 17
16
1612 50,200 Armour of Illinois class A...25
111
/
4 Jan 16 23128cpt 8
814 May 15/
1
4 Jan
91
878 918
9,4 91. 9
858 87.3
814 812 32,900 Class B
833 878
25
81
/
4 Jan 10 131
/
4May 11
6 Dec
94 Jaw
8538 .8434 85
85
85
85
8434 85
85
8518 8414 8514 3,000 Preferred
100 5718 Jan 12 9112June 6
80
Apr
Jan
86
/
1
4
4212
4112
4238 4212
4134 42
4118 4412 4114 4578 41
44
17,900 Arnold Constable Corp_No par 3514 July 23 5134 Apr 2
21
Apr 5512 Nov
32
3212 3212 32
3238 323:: 3214 3213 32
3212 •30
800 Artloom Corp
3212
No par 29 July 20 4438 Mar 30
40/
1
4 Deo 54/
1
4 Jay
103 103 •105 107
103 105
103 103 •_ _ _ _ 107
103 103
3601 Preferred
100 103 Dec 1 114 Mar 19 10912 Nov 11412 Nov
65311 6812 6878 7433 6414 7522 6512 72 231,5001 Assoc Dry Goods
6312 6438 6158 65
4014June 13 7512 Dec 6
No Par
3911 Feb 5358 Nov
4734 48
4734 4734 4778 48
48
48
48
48
48
48
780 Associated Oil
25 374 Feb 18 5338Sept 7
35
Oct 5014 Feb.
471a
48
47
*4734 49
48
453g 47
4558 457s 4158 4512 6,400 AtIG &W IBBLIne__No par 374 Feb 18 6978May 21
30
/
1
4 Mar 434 Nov
5918 5934 5834 5878 5812 5878 5634 58,8 2,600 Preferred
5912 5934 *5914 60
100 38 Feb 27 651
/
4 Oct 31
2934 Mar 411
/
4 Nov
5814 5714 5912 5558 583s 5212 5614 5034 5412 21,500 Atlantic Refining
54
55
51
25 50 Nov 30 6314 Oct 25
117 117
116 118
116 116
11614 11714 11614 11714 116 117,4
630 Preferred
100 11412Sept 10 11814 Jan 3 nil; Feb 119 Aug
93
0314 93 101
102 106
9812 103
102 10934 103 10612 22,700 All,, Powder
No par 63 Jan 3 10934 Dec 6
564 Mar 70 JUIN
104 104
•104 10412 104 104
104 10413 10412 10412 •104 10412
1301 Preferred
100 102 July 24 11012May 31
98 Jan 107 July
12
12
12
1214
12 .1218 1238 12
•12
12 . 1134 1134
800 Atlas Tack
No par
81
/
4 Jan 5 1738June 6
714 June 1218 Apt
634 614
7
7113
634 678
634 834
6
6
1,900 Austin,Nichols&Co__ No par
612 634
41
/
4 Jan 3
914May 14
414 Mar 1014 Jar
3412 .31
3412 31
3412 .31
.3312 35 .33
31
.31
100 Preferred non-voting __ _ _100 25 July 13 39 Jan 21
3412
2312
Dec 61
Jan
6212 61
.6012 6212 .61
6213 6018 6018 81
61
61
61
1,000 Austrian Credit Anstalt
58 Oct 29 75 May 9
7214 Dec 8034 Nov
2112 25
26
25
2618 2718 25
28
2318 2578 22
2378 8,900 Autosales Corp
No par
612 Jan 18 3434 Nov 27
418
Mar
11
Dee,
39
3712
3878 3812 3812 3712 37,2 3612 3612 2,500 Preferred
3918 3978 3814
50 25 Aug 31 41 Nov 27
28 May 4214 Dee
4512 46
45
4558 4558 4514 46
4613 .45
45
1,500 Autostr Saf Razor "A"_No par
4612 45
43 Oct 17 6212May 1
43 Isrov
An Nov
.237 260 .237 260 .237 260 .257 260 .237 260 .23334 260
Baldwin Locomotive Wks..100 235 June 11 285 Mar 31 14318 Jan 6634 Sept
118.2 11812 118 118
118 118 •118 120
118 118
11634 118
300 Preferred
100 115 Oct 24 12434 Apr 11 116
Jan 12514 July
108 10812 10834 15934 10834 10834 10814 109
10878 109
108 10834
510 Bamberger (L) & Co pref..100 10714 Nov 14 11178 Jan 5 10634 Mar 11078 Dec
35
3514 .34
34
35
34
3314 35
3434 35
3412 35
4,300 Barker Brothers
No par 28/
1
4 Aug 3 3514 Dec 1
2378 2378 2418 2434 2412 31
2412 2412 2353 24
28
27
5,000 Barnett Leather
No par 2312 Aug 20 5212 Feb 1
40 -.Ku; 597k Feb
4558 4618 4414 4578 4234 447:1 4318 4478 4114 455:: 4014 4238 166,800 13arnsdall Corp class A
25
30
June 12 53 Nov 12
2014 Oat 8512 Feb
.42
44
.44
•441 46
48
47
•45
41
4214 4214 .40
200 Clam B
20
5118
June
25
Nov
201, Oct8210 Pet
14
10
105 105 .10312 10713 108 11412 112 116
.102 10812 .102 109
5,300 Bayuk Cigars, Inc
494 Jan 109 Dee
No par 98 June 20 14012 Mar 1
10412 104'2 105 105
105 105 .10413 105
10412 105
105 10.5
390 First preferred
Jan 110 Aug
101
104
June
100
Mar
19
28
1103
8
2414 2112 2313 21
2112 2178 2114 23.3 2312 2412 23
2214 106,500 Beacon Oil
Oct18/
14
1214 Mar 16 2412 Dec 4
No par
1
4 June.
8818 9034 87
89
8434 85
8812 92
8312 87
84
*83
17,100 Beech Nut Packing
Apr .
5014
.7.
14 Nov
8July
3
20
Dec
13
70
3
92
135
8
133
4
13;3
1312 131, 1312 1314 13,4 3,400 Belding Hem'way Co__
14
14
1312 14
No par
154 July 2714 Jan
13 July 26 22 Jan 12
85 .8434 85
8478 85
8434 8434 8478 8518 85
8412 8412 1,600 Belgian Nat Rya part met__
8258 Sept 27 9212Mey 14
•Bid and asked prices: no ashes on Mfg day.. x Ex-dividend, •Ex-right/.
New York Stock Record--Continued-Page 3
3213
Pox este. during rhe-weeir of stocks not recorded hen,see third page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
- Sates
for
Tuesday, Wednesday. Thursday,
Monday,
She
Friday.
Dec. 5.
Dec. 4.
Dee. 3.
Dec. 7.
Dec. 8.
Week.
Saturday,
Dec. I.
STOCKS
NEW YORK STOCK
EXCHANGE
Lowest
per share $ per share Shares Indus. hc Mlscell.(Con.) Par
Pr share $ per shore $ per share $ per share
NO par
9058 953* 881 1 91
9618 9634 94 9614 9514 9612 9412 96
3,500 Best & Co
100
781g 7258 7578 173,800 Bethlehem Steel Corp
794 8034 7734 7978 7862 8014 7612 7914 72
12214 12278 12214 12212 1224 12234 12214 1224 122 1224 2,900 Beth Steel Corp pf (7%)-100
123 123
44
4312 434 4312 4438 43 43
4312 3,800 Bloomingdale Bros---No par
44
45
44
42
10912 10912 *10952 10934 •10912 10934
•10912 10934 10912 10912 *10712 110
100
70 Preferred
119 120
11812 11812 11834 119
*11812 119
122 122
100
11912 11912
940 Blumenthal & Co pelt
No par
79
784 79-2 7878 7872 79
7812 79
7812 7913 78
4,100 Bon Ami class A
79
1034 1012 101g 1012 1012 1072 1012 1012
No par
912 10
834 932 8,100 Booth Fisheries
I,C00 1st preferred
•60 85 *60 66 *60 66 *00
66
604 6034 5912 60
100
167 187
50
165 18614 168 17034 16912 17178 165 170
16312 166
17,200 Borden Co
*1534 1714 1534 16 •16
1714 1534 1534 *16
164 1534 1524
600 Botany Cons Mille class A_50
5238 5112 5312 5112 533s 47
5232 5314 51
Manufacturing
53
Briggs
453
s
4934
151,700
-No
Par
44 452
458 428 *412 434
438 458 "44 468
414 414 1,200 British Empire Steel
100
752 758 "61s 74 "612 738
*6
778
100
200 2d preferred
74 712 *534 8
70
70
684 6972 6712 89
7012 69
69
7212 6712 6912 20.000 Brockway Mot Tr
NO Pa
*137 147 *137 14214 *136 142 *136 140 •137 143 *136 142
100
Preferred 7%
*310 375 *315 375 "310 370 *300 370 •301 370 *302 370
100
Brooklyn Edison Inc
19412 19724 19112 192
190 193
188 189
183 187 x171 179
No par
5,000 Bklyn Union Gas
•4612 47
4824 48114 4634 4634 *4612 47
4612 4812 46
No par
464 1,600 Brown Shoe Inc
5334 5434 534 5514 5412 5572 5312 5533 51475378 5012 52
25,300 Brunsw-Balke-Collan'T_No par
3734 38.2 3818 3832 374 3812 3718 3772 3512 3738 x3418 3612 18,701 Bucyrus-Erie Co
10
48Is We 4834 4778 474 4912 47
4778 454 48 x4458 4528 14,500 Preferred
10
124 12412 123 124
122 122 *121 126 "12112'127 *121 12138
600 Burns Bros new clAcomNo par
3412 35
3514 36
*35 36
34
3434 341.0 3412 33
3318
900 New class B corn____No par
10512
*10413 105 10512 106 *10412 10612 10512 10513 •10412 106
10514
100
220 Preferred
190 196
190 198
190 195
192 199 1 194 201
19412 196
3,400 Burroughs Add Mach_ _No par
8014 8512 83 88
No par
80
8434 8014 83141 70 8114 6912 76
61,800 Bush Terminal
109 109
•109 10952 109 109
10934 10934 109 109
109 109
100
160 Debenture
•1164 11834 *11612 11834 11612 11612 11612 11612 *1164 11834 •11612 11834
20 Bush Term Bldg° pref.-100
1032 1034 1012 1034 1014 1072 1012 11
1052 11
1012 11334 6,900 Butte & Superior Mining_10
812
1052
1034 1112 10
912 1012
9
928
858 933
48,000 Butte Copper & Zinc
43 4414 43 4414 4514 4858 4812 49
4312 47
4214 4312 23,100 Butterick Co
100
18914 20334 18614 20624 173 19334 63,500 Byers & Co(A M)
178 18312 1734 19412 188 198
NO Pa
115 115
•112 1121± 11212 11212 11812 114
116 116 *11412 116
100
70 Preferred
10324 105 107 1074 $101 104
105 108
No pa
97 10014 9412 9934 5,300 By-Products Coke
2 764 78
7622 774 741 1 76
767g 77
74
No pa
7412 6,500 California Packing
*23 35
27
1223 27 *23 32
28 *23
32
*23
25
32
40,Callfornis Petroleum
313 324
313 354
34 334
313 313
1
3121 334
Zinc-Lead
,
314 332 17r,900Callahan
120 12234 1181s 1224 11812 12012 11614 119
1131 1r118
11018 11414 29,200 Calumet & Arizona Mlning..1
4234 4334 414 4252 40184 4232 3513 3972 87,800'Calumet & Heals
44 4438 4318 44
2
79
7818 79
78
794 7978 7814
7812 76 47872 7452 764 20,3001Canada Dry Ginger Ale-No pa
4724 46
47 4762 46
4614 4572 46
45 14 4578 45
4538 6,100 Cannon Mllis
No pa
475 475 3460 475 470 470 3460 475 453 r453 3440 450
100
500ICase Thresh Machine
127 127 3125 127
*124 128 *123 128
12418 125
123 123
100
5001 Preferred
42
4275 411 43
43 4314 4124 43
40 4278
381 41
37,000 Central Alloy Steel----No Par
20
20
2012 2158 1958 20
*1912 20
19
20
19114 1914 1,800 Century Ribbon MIlle__No pa
81
7954
*78
83 *78 83
79
*8024 83
79
78
10
78
150 Preferred
116 1173s 11112 11612 1124 114
10912 112
10212 11014 10012 106
72,900 Cerro de Pasco Copper_No pa
2914 2958 2812 294 2814 307s 2832 3014 2814 28/
294 293
1
4 21,400 Certain-Teed Products_No pa
81
81
*82
88 I *82
80 80
90 *82
90 '82
90
100
200 7% preferred
8133 8318 79
80 83
81341 79
7912 79
8014 7812 781
/
4 5,500 Certo Corp
No par
2072 213
194 23
214 213
2118 24
1814 2214 19
2012 68.100 Chandler Cleveland MotNopar
354 36318 3212 35
3372 3612 36
37
33
3878 3212 33 41.600 Preferred
No par
76
7652 781
784 7634 7834 7412 77 x7012 7238 37,200 Chesapeake Corp
774 77
No par
1494 1521 150 1321 151 1534 152 15214 15012 1543 147 15012 5,300 Chicago Pneumatic Tool_ _100
3334 333. *3334 34
*33.2 341
*33 34 *33
34
34
34
13670 Chicago Yellow Cab---NO Par
4978 60
49
4934 50
4972 49
491
4814 4978 4714 487s 5,001 Chickasha Cotton Oil
10
81
60 6338 5934 6112 6052 64
63
58
621
561s 59 66,901 Childs Co
No par
714 714 73 x6822 711
7014 743g 89
6038 69
6114 6532 109,00( Chile Copper
25
*82 120
*82 120 "82 120 *824 105 '82I 105
*754 110
Christie-Brown tem cUsNo par
12718 130 x1254 12724 12712 13214 1284 1351 12712 1373 12214 132 1214500 Chrysler Coro
No par
*5212 5334 *524 5324 •5213 5324 5212 5213 *5212 531
52
No par
5211
140 City Stores class A
10812 11224 1094 1133 107 1131 10512 10712 18,300 Class B
10614 10714 106 107
No par
70 7014 69 8978 6872 89
684 13918 68 • 69
6712 68
8,300 Cluett Peabody & Co No par
118 118
118 118 *118 11834 •118 1183 3118 11834
*116 118
100
110 Preferred
167 16834 16612 16612 166 167
16512 16678 165 16758 162 16338 5,100 Coca Cola Co
No par
5712 5934 574 5772 5712 5824 5514 577
5913 60
5014 5412 19,400 Collins & Alkman
No par
94
*91
94
391.2 94 *91
*91
94
9114 911 •91
94
100 Preferred non-voting..__100
7214 7375 73
7324 76
75
72
737
6714 721
6512 69
100
28,200 Colorado Fuel & Iron
103 10412 102 10414 10512 11113 108 112t 10318 1093 10112 10712 36,400 Columbian Carbon v t oNo par
1341s 13512 13012 13378 1314 13534 13038 1347 125 1311 125 128 45,900 Colum Gas & Elec
No par
107 10718 107 107
1074 107't 107 1071 •10634 107 •10634 107
100
800 Preferred
5934 6024 554 5974 564 5914 5814 581
50 57
4734 5313 70,000 Commercial Credit_ - __No par
•2512 26
*2512 26
26
28
26
26
28
26
*254 28
25
230 Preferred
*27
274 274 274 *27
274 27
2712 2714 2714 2712 274
25
620 Preferred B
10074 10078 10014 1014 10012 102
10112 103
10084 10134 100 10128 2,840 1st preferred (635 %)_ _ _100
13514 137
1324 137
13338 136 213072 134 126 129L 1224 126
22,400 Comm Invest Trust__ --NO pa
•____ 107
10134 10124 •____ 105 *104 105 3104 105 .104 105
100
230 7% preferred
*9432 9514 9512 9512 *9438 96
*934 9813 *9234 97 *9234 97
100
200 Preferred (630
30 •28
294 3072 29
2912 2012 .28
30
2914 *28
30
2,300
100
Warrants
235 24012 233 233 231 23534 230 235 22514 23612 22012 230
10.800 Commercial Solvents _No pa
954 98
97 994 9512 98
98 100
9212 9612 9012 95
Commonwealth Power _No par
27,000
7514 7514 7412 7514 7514 76
7524 81
7134 8024 7634 8014 5,300 Conde Nast Publics__ No pa
2718 2733 2612 2714 2652 2714 27 284 27
2912 2612 274 146,000 Congoleum-Nairn Inc__ No pa
8514 8634 86
8212 8432 8218 85
8714 804 8678 791s 8212 68,800 Congress Cigar
No par
14 112 1.11
11±
118 1l
114 114
114
114
113
14 1,200 Conley Tin Foll eipd
No Pa.
2312 0452 9334 9412 9312 95
9438 974 9512 100
954 9718 26,700 Consolidated Cigar_ __ No pa
98 1 *97 98
98 *96
97 98 .96
*96
9712 *97
98
300 Preferred (8)
100
2634 2712 2614 2678 2613 2678 2558 2672 2512 26
27 271
7,300 Consol Film Ind pref--NO Pa
101338 1091 1033s 1013 10518 10734 10318 1064 98 10578 97 1017p 463,100 Consolidated Gas(NY) No pa
9212 901
9914 9912 9938 9912 9932 9934 9912 997s 991g 9934 9,800 Preferred
No par
572 612
478 5
44 6
532 6
512 54
478 514 32,300 Consolidated Textile__ _No pa
2214 2172 2214 2212 25
221
22
2212 221z 22
223g 2333 9,000 Container Corp A vot_ _No pa
1058 1078 1012 1078 1034 1178 1034 1153 17,500
1012 107
1012 11
No pa
Class B voting
391
384 4032 40
4114 4032 44
38
3812 38
40
4114 34,500 Continental Baking cl ANo pa
74 8
8
832
714 81
71$ 713
7
71
74 71 86,400 Class B
pa
No
8812 89
8714 88
8953 90
88 88
89
88
904 88
5,000 Preferred
100
6918 6014 59
6012 6112 69513 6132
5978 55
59
54
5638 50,100 Continental Can Inc---NO Par
125 12512 *12424 126 *12534 126 *12434 126
125 125 •12.5 126
60 Preferred
100
89 8912 88 89
8712 88
8672 91
877g 92
8612 8758 15,400 Continents' Ine
1
184 1878 1814 187
1812 19
1824 19
1714 181
1658 1714 82,800 Co
con
t
y
t
in
th
e
o
n
tAl
MOtora----No
Far
921
9178 90
91
90
91
02
917
88
9114 87
89
Corn Products Rellning..._25
143 143 143 143
143 143 *143 145 *143 145 42,500
*143 144
80 Preferred
100
82 8428 794 8314 774 813
82 8478 83 861
7018 78
92,100,
NO par
204 8514 84 857
8412 8414 8358 84
8158 833
7914 817 10,400 Crucible Steel of America-100
*112 114 *112 114 *112 114 15112 114
11134 1113 •100 110
100 Preferred
100
24
25
2412 2514 24
2434 24 243 23
241
22
23
13,900 Cuba Co
No par
54 . 578
5/
1
4 57
534 6
521 573
513 57
514 532 3,900'Cuba
NO par
PreferredCane Sugar
19
19
19
19
19
1734 1734 174 18
19
17
1718 4,200
100
1813 31772 184 1734 1838 17
1814 1813 18
18
17
1714
-rr
Areaderican Sugar_ _ _ _10
99
98
*94
*9512 99
98 •9558 981 *9552 9778 5,400 Curbreenfe
100
778 774
7
718
7
7
7
734
64 67
*64 7
3.100 Cuban Dom'can Sus_ __Nopar
67
6778 67 6714 654 67
68 68
6514 66
6322 6614
50
148 15212 143-3 15314 1504 15478 14514 15014 140 1517 13314 14468 10,400 Cudahy Packing
85,200
Curtiss Aer & Mot Co_ _No par
*207
225
1.
0207
225
*208
225 225 2251 •210 238
*206 225
200 Cushman's Sons
No par
121 121 ,*121 135
*121 125 •121 125
121 121 •121 125
30 Preferred (7)
100
6418, 36312 13418 13314 8372 63 631 *6118 63
6412 6412 64
10
2.400 Cutler-Hemmer Mfg
58
5714 57141 58
57
57
58
57
57
57
*5614 513
900 Cuyarnel Fruit
No par
5914 6218 54
8452 8512 6158 64 I 6212 6375 6134 63
5778 29,200 Davison Chemical
No par
39
3934
3814
38
,
2
.
39
3834 3912 3812 3938 38
3812
3812 3.400 Debenham Securities
58
124 124
12312 12334 12312 1234 125 125
12312 1244 •12412 125
490
100
220 221
21612 21912 21512 21612 2,800 Deere & Co pref
216 216 215 219 1 22014 221
100
Detroit
Edison
5534
5612
5512 5632 54
56
56
5612 5428 5678 54
5434 5,80 Devoe & Reynolds A--No Par
*11212 11512 •11212 11512 *11212 11512 *11212 11512 •11213 11512 '11212 11512
100
1st preferred
16614 168
16934 16934 167-2 169141 167 169 . 167 168
165 167
890 Diamond Match
100
2514 2514 *254 284 2558 2558 2534 2778 2614 2718 26
26
4,104334 1074 010634 10824 •10634 10734 no5% 10734 *1013 10734 •1013 1074 2,000 Dodge Bros Class A_-No par
No par
Preferred
878 9
812 9
834 834
834 824
914 97g
9
914 17,090 D
No pa
Do
rug
meIM
neines, Ltd
11618 11712 11612 11712 1164 11712 112 11678 11258 11534 18,900
117 118
No par
9478 8914 921g 852g 8834 15,000
95 953s 93 9578 9414 9534 92
Dunhill International-NO Par
I
• nu, eno moire ur000.
ssi• ,o, sIllg day.
1 Es-dividend of 100% in corn Stock. S 111x-divtaend
PER SHARE
Range Since Jas.lt
Os basis of 100-shareloti
$ per share
5334 Jan 19
51LJune 19
1161/June 29
83/
1
4July 23
109/
1
4 Jan 11
87 June 27
6514 Jan 8
514 Jan
4114 Mar 14
152 June 19
8% Aug 23
2114 Feb 4
IL Jan 10
214 Jan 6
4512June 1
110 June 21
20624 Jan 10
139 June 13
451•June 11
27/
1
4 Feb 20
2415 Feb 18
3338 Feb 17
9312 Feb 17
15L Mar 8
978 Feb 21
139 Jan 14
50 June 20
10478 Aug 16
111 Aug 1
8L Aug 6
4/
1
4 Jan 19
40 July 13
9012 Jan 16
108/
1
4 Apr 13
65 Mar 1
66,,June 18
2514 Mar 16
134 Mar 8
89 Feb 18
201s Jan 10
5471 Jan 5
44 Nov 22
247 Jan 21
123 Oct 8
281s Mar 27
11 Aug 14
77 Aug 24
5812 Jan 3
2814 Dec 5
75 Nov 27
701/ Oct 28
51s Feb 29
14 Mar 13
62L July 13
111 Aug 15
297s Aug 1
4514June 12
87 Apr 19
372s Mar
79 June 20
5434 Jan 1
5114 Jan 19
62 Jan
6514 Nov 21
11458 Nov
127 Feb 20
50 June 25
90 Nov 22
5212June 25
79 June 1
8912 Mar 1
106 June 1
21 Feb 20
28 Feb 3
28 Feb 7
86 June 12
5534 Mar 1
99 Jan 27
923sJune 16
6L Aug 30
137LJune 19
62' Jan 11
68 Jan 14
22 June 12
67 Feb 18
Jan 10
79L Jan 20
9330 Oct 29
23 July 16
g74 Aug 28
9714 Aug 81
214 Aug 16
20 Nov 1
934 Oct 31
2612 Apr 10
3L Apr 10
73 Apr 10
54 Dec 7
123 Jan 5
75 Feb 15
10 Mar 13
6425 Jan 3
1881g Jan 16
701s Dec 7
6914July 3
1113 Dec 8
20 Oct 24
423July 31
1324 Oct 15
161g Aug 13
9512 Oct 11
5 Nov 17
54 Jan 3
5318 Feb 27
14424 Jan 13
114 Jan 11
52 June 20
49 July 27
34% Feb 18
38 Oct 19
11512 Feb 1
1661s Jan 11
40 Jan 3
108 Jan 9
13433 Jan 18
12 June 11
6812June 19
8 June 13
80 Mar 15
551s Jan 9
a lax-rlaboe.
Highest
PER SHARE
Roue for Purim
Year 1927
Lowest
H4051/1
11 per share $ per sharel$ per saw
1
4 Nov
AP% Aug 59/
102 Oct 29
433* Jan 8611 Sang
85-8 Nov 26
125 Apr 13 10414 Jan 120 Dee
36 June 5278 Not
4734 Sept 15
111LJuly 3 10912 Jan 114 Nov
44 Jan 95 Dee
122 Dec 6
5353 Jan 6924 Des
80 Nov 22
851 Apo
411 Sept
1212Nov 16
86 Sept 11714 Mar
7218 Nov 14
187 Jan 11 16712 Dec 169 Dee
18 May 307s Selo
23 Jan 4
1913 Sept 36/
6368 Oct 16
1
4 Fell
914May 25
2 Dee
If Apr
12 Feb 1
I Apr
7/
1
4 Dee
7512 Nov 9
149 Oct20
325 Nov 28 11117; Feb 225 -115e;
20334 Nov 30
8965 Apr 16711flee
5572 Apr 6
301 Feb 5014 Deo
6234 Sept20
is.
25% July
5074June 2
543sMay 14
127 Oct 29 WI;line file; 7i;
433sJune 4
1614 Mar 8434 UP
11024June 11
90 June 100 Jai
201 Dec 6 200 Mar 1115 Del
88 Dec 3
2924 Jan 69 Nov
115 May 21
9114 Jan 1117$ DM
11912June 15 10321 Feb 130 AU.
11334May 21
Ng Nov 11% Jan
1214 Nov 30
324 Ma
518 May
44 Oct 61% Feb
8712May 15
2664 Dec 6
62 Jan 10234 Dee
116 Dec 6 10524 May 112/1 Dee
11434 Nov 28
66 Jan 9212 Juno
8258 Sept 17
6014 AD
79 Dee
36 Sept 6
21, isa
15/
,1
4 Apr 30
11 Sept
133 Nov 20
OIL Jun 121312 Dec
4738 Nov 8
1453 July 2434 Dee
8612May 8
IA
Jan 601s Aug
50 Sept 14
_
515 Nov 23 132 Jan 381114 Oes
13512 Mar 30 111 Feb 129 Dee
4538 Nov 16
26 Apr 33 Apt
24 Oct 23
1011 Jan 1624 Aug
92 May 15
70 Jan 8844 Dee
119 Nov 30
58 Jun
7211 Doe
6428 Apr 28
62 Jan 85% May
100 May 21
8318 Dec 3 66 -fsec 18-74 Aug
41 Nov 14 Mal
24 Nov 23
3734 Nov 30
18 Jun
2814 May
8174 Jan 6
6434 Jun
8871065
15434 Nov 16 12011 Jan 13714 Ma:
43 Jan 14
88 July 67 Oen
5612 Oct 1
64 Dec 4 1141 Mar lie: -jut
7472 Nov 30
83L June 44% Des
131 Jan 23
3418 Jan 90L Del
14012 Oct 6
881s Jan 6311 Dee
5414June 11
4314 Mar 54 Dee
11478 Nov 15
4112 Apr 641 Dee
10954 Apr 5
51 June 8411 Gel
12424 Mar 19 11114 Jan 12514 Not
18011 Oct 15 49612 Apr 19914 API
11154 Jan 3
86 Aug 113% Dee
109 Jan 3 10211 Sept 113934 Dee
8411 Jan 31
42/
1
4 Jan 963s July
11212 Dec 5
661s Jan 10114 Nov
1387g Nov 28
82L Feb 98L May
11018 Jan 3
99L Jan 11011 Dee
71 Nov 23
14 June 24/
1
4 DM
27 May 8
17 June 2473 sem
2724May 11
1874 June 25 Des
107 Nov 22 89 July 89/
1
4 Dee
14073 Nov 1
614 May 62 Dee
109 May 14
9411 Sept 102 Dee
981, Aug 20
86% July 9814 Dee
30L Dec 1
25014 Nov 23
Nov146
203 171;161
10012 Nov 30
6811 MAP 7824 Oct
84 Oct 13
89 Aug 53 Dee
3112 Apr 17
1714 Jan 2924 Dee
67 Ma
8714 Dec 5
881s Dee
14 Feb
334May 14
65 Ian
100 Dec 6
7414 EN
86% J51y
104 Sept 13
2911Sept 10
17014May 7 ICMar ISO% Del
105 Mar 28
93 Mar 103 Dee
612 Dec 4
8% Mar
71/ Jane
36 Apr 30
1914 Apr 30
5311 Jan 13 Ills "Ail. 747a Ju
878 Oct 25
41, May 1014 Jaw
72 Apr 97% Not
9611 Jan 20
1281s Sept 4
66% Apr 86% Dee
128 Mar 26 120 Jan 126 June
947sMay 15
7412 Dec 93% Dee
2012 Nov 19
87s Nov 13% Jan
94 Nov 28
6737s Jan 68 Not
1463* Apr 10 138 Jan 162% Dee
897s Nov 23
761,"Oai 903* ill;
93 Feb 7
121 May 11 103 Jan 115 Elep1
2815May 8
1812 Aug 8414 Jan
712May 12
CB Oct 10% Jai
822s Jan 12
2838 Nov 6044 Jun
187s Nov 38% Jaa
2414May 25
108 Feb 1
9712 Nov 107 Aug
10/
1
4 Nov 18 Jan
12 flan 4
Aug
21
7814
43L Apr 55% Sept
19234May 16
6514 Nov 6914 Dee
230 Oct 16 103 Apr 152 001
141 Sept 20 107 Apr 125 Dee
6512 Nov 22
63 Oct It
30 Apr 5611 -Ziei
6834 Nov 26
3614 Apr 4811 Dee
4914 Apr 27
12834May l5 106', Jan fill; Nov
221 Dec 4 13312 Jan 170% Dee
(11 Apr 16
86% Aug 43% Dee
120 Mai 16 101 Jan 114% Dee
172 Nov 30 115 Feb 167% gape
403s Oct 11
134 Oct IT% J55
111 Sept 23 6412 Oct 85 Fe)
1812 Jan 6
7 June 14% Des
12013 Nov 18
99/
1
4 Nov 15
49 Aug WI; -eri
b 61-33arranss. •Sn II ngs
New York Stock Record-Continued-Page 4
3214
For sales during the week of stocks not recorded here, see fourth page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Dec. 1.
Monday,
Dec. 3.
Tuesday,
Dec. 4.
Wednesday, Thursday,
Dec. 5.
Do.. 6.
Friday,
Dec. 7.
Sates
for
the
Week.
''-STOCKS
NEW YORK STOCK
EXCHANGE
PER 8H4R3
Range Sines Jan. 1.
On baste of 100-8hare lots
Highest
Lowest
I
per share $ per share $ per share $ Per share Shares Indus.& Miscel.(Con.) Par $ per share I $ per share
$ per share $ per share
101 101
101 101 *10018 ---- 1,400 Duquesne Light 1st pref---100 9932 Oct 3 11612Mar 3
*101 _ _- *10072 101
*101
180 18214 8,700 Eastman Kodak Co_ __No par 163 Feb 20 194'g July 30
18378 18378 183 183 181 184
18132 184
185 186
100 12312 Aug 31 134 Apr 3
20 Preferred
12412 12412 12413 12412 *1244 130 *12412 130 *12412 130
*1244 130
6114
57
5718 5934 5512 5778 24,400 Eaton Axle & Spring_ _No par 28 Jan 11 6818 Nov 23
8338 8018 8234 80 82
62
2,300 El du Pont de Nem.._ __No par 310 Jan 10 503 Nov 23
49013 491 484 485 484 48712 48312 489 48234 48234 455 481
100 114 July 18 1211eMay 8
11814 11814 11812 11812 *11814 11934 1,400 67 non-vat deb
11814 11814 11814 11814 11814 120
25 1212 Jan 3 7834 Dec 8
6838 7312 7212 7558 7313 7634 7112 754 21,200 Eisenlohr 44 Bros
65 6812 67 69
17,800 Eitingon Schild
No par 3314 Aug 29 43 Nov 30
38
4012 3813 394 373,3 3918 3718 3812 37
4053 4138 38
10138 Aug 15 12178 Nov 30
2,100
Preferred
100
109
*108
11194
11212
111
11312
835%
118
110
111
11138
11678 117
No par 60 June 25 12178 Dec 5
118 11912 11513 11958 11713 12112 119 12178 11518 12112 11238 11712 121,500 Electric Autollte
834 Aug 15 1738June
N. par
1512 1312 1514 1318 1414 1214 1318 1134 1258 88,600 Electric Boat
1478 14
14
No par 2858 Jan 10 4614 Dec 4
3913 40 339,400 Electric Pow .18 Lt
4814 4334 4558 4114 45
4024 4454 4278 4412 44
1,600 Preferred
No par 10578 Oct 11 1104 Mar 8
107 107 10812 107
107 10712 10812 107
10818 107
107 107
9313 9618 944 98
954 9538 9414 954 9318 9.558 x8012 8334 18,900 Eleo Storage Battery__ _No par 69 Feb 20 9938 Nov 20
100 Elk Horn Coal Corp__ _No par
6 June 19
658 858
*858 7
*658 7
*858 878
*852 714 14358 7
514 Feb 21 1612June 4
9
934 7,300 Emerson-Brant Class A.No par
9
8
8
8
813
1178
*734 8
*734 8
2,100
E'ndlcott-Johnson
12 85 Ain* 17
Corp____50
7638
763
8
7514June
77
77
77
7712 7734 7838 774
77
77
77
800 Preferred
100 12114 Jan 27 127 May 18
_
127 127
127 127 *127
127 127 *125 127
127 127
4818 4514 47 22,400 Engineers Public Serv __No par 33 Feb 18 51 Nov 30
484 46
4934 5034 48 4958 4734 4834 48
2,700 Preferred
NO par 91 Nov 2 10212 Oct 1
9112 93
93
93 9478 93 9312 93 9453 92
9413 95
3178 5,400 Equitable Office Bldg_No yat 2958 Oct 23 3334July 3
3214 3178 3218 3218 3212 31
32104 3214 3218 32
32
5412 7,900 Eureka Vacuum Clean_No par 52 Dec 7 79 Jan 3
52
5578 58
56
551: 56
5673 *5634 57
5534 58
300 Exchange Buffet Corp_ _No par 1934July 17 2458 Oct 30
2318
244 23
2418 *23
2434 *24
2434 *23 2418, *23
*24
No par 3212 Jan 5 54 Apr 19
45 4514 45 4514 444 4438 4414 447s 4412 4478 4312 4412 5,600 Fairbanks Morse
40 Preferred
100 104 Jan 4. 11434May 14
*110 11014 *110 11012 *110 11013 110 110 *11014 11012 *11014 11012
Trite
8213
10,800
Federal
Light
&
15 42 Jan 10 8412 Dec 1
61
8312
63 63
81
62 64,2 6212 63,2 82 83
50 Preferred
98 Jan 6 109 Apr 19
*9934 104
*9934 104
*9934 104
9934 1024 *9934 104
*0054 104
Federal
800
Mining
&
230
Smelt
N
'
g
o
_l
p
0
a0
r 120 Apr 17 230 Dec 5
*210
210
*210
22213
223
230
230
211
211
240
*215
100 Preferred
100 9114 Jan 8 10212Sept 18
*9913 10112 *9912 10112 *9912 10112 *100 1014 *100 10112 10114 10114
2014 18,200 Federal Motor Truck_No par 165s Aug 1 2578May 11
2214 2258 2178 2212 2112 2238 2114 2178 204 2112 19
Fidel
mi P
AhveenBFire
us Ins N Y-__10 7514June 12 108 Nov 21
9812 10014 8,100 Fi
10314 104 100 10314 101 105 101 105
104 106
12
No par 1114 Jan 9 1514May 16
12
14
14 *12
*12
13 *12
14
13.2 *12
*12
94,500
First
Nat
I
Stores
No par 28 Apr' 4 7638 Dec 6
713
4
67
784
6912
87
6812
69
6912
747
8
66
,
2
4
683
87
871; Aug 13 1734 Jan 4
134 38,500 Fisk Rubber stamped.....
Nopgi
j
12
1312 1412 1338 14,2 1358 1438 1212 14
1412 15
300 1st preferred
5534 Oct 2 91h Jan 10
83
1
63
68
70 *65 69 *65 6812 *65 68 *59
*85
54
300
1st
Oct 2 9734 Jan 6
preferred
cony
100
86
*8014
68
67
*8014
*66
6812
*66
68
*88
89 89
No par 85 June 19 8938 Oct 16
8112 7728 7938 75,900 Fleischman Co
8314 8172 8338 8119 8214 79
8312 8434 82
3,400
FlOrsheim
4914
Nov
3 5612 Nov 19
Shoe
No
par
53
el
A
51
55
53
*5414
54
5518
543
2
55
*52
54
*5212
200 Preferred 6%
100 984 Oct 23 99348501 28
*99 100 *99 100 *99 100
99 99
*99 100
99 99
5214 24,400 Foundation Co
No par 3658 Oct 18 5712 Dec 5
5714 51
4412 4912 4914 5712 52
42
4434 41
44
96 129,400.Fox Film Class A
No par 72 June 12 11958 Sept 10
9678 9712 9718 9812 9734 10112 10138 10412 96 10258 90
No par 43 Oct 22 10914 Jan 11
4612 4738 4618 4714 4612 4734 4838 4778 4434 4713 444 4578 27.300 Freeport Texas Co
200,Fuller
Co
prior
pref.__ No par 10318 Mar 17 1097s Apr 23
*105 108 2 *105 10534 105 105 *105 10534 105 105 *105 108
7,500.Gabr1el Snubber A
No par 15 Mar 23 2812 Jan 5
22
21
2378 2318 2314 23 233g 2212 23
23
2312 24
714June 12 1634 Feb 2
No par
1314 1612 1418 1612 1314 15 75,400 Gardner Motor
1312 14
1314 14
1378 14
86 32,500 Gen Amer Tank Car__ _No par 8078 Feb 20 9434 Nov 28
8212 884 82
8712 90
883s 90
8634 90
88 91
300
10914June
23 11124May 15
Preferred
100
11012
11012
112
*11012
11012
•11012
11058
11012
11012
1104
*11012 112
100 88 June 12 9472 Apr 30
7112 7434 27,600 General Asphalt
7358 77
81 I 7914 8114 77 79
8172 8273 79
900 Preferred
100 1101sJune 12 1411 Apr 80
118 11812 115 11712 113 113
*115 125 *115 120 , 120 120
90 General Baking preL-No par 132 Oct 32 150 June 8
38
314
36
2 13
38
512 *13
36
3 13
0138 13812 13812 13812 *138 138 *138 138 13
6,300 General Cable
No par 21 Feb 4 4153 Nov 12
3578 3814 354 3513 3514 3578
37 37
7313 75
12,500 Class A
7614
7914
No par( 66 Feb 9 8834 Nov 12
7812
8012
8014
8114
7912
80
8212
8114
7ov 2 7538 Feb 2
39,500
General
No par 59181,
847
8
Cigar,
Inc
834
8618
8078 1317s 6134 8414 6312
6018 61
61
81
par 124 Feb 27 202 Nov 30
17812 186 131,800 General Electric
196 20012 189 19434 192123 19612 19034 19414 177 193
5,000
11
Sept
26 12 June 7
General
lO
1114
Electric
speclal__o
N
_
1118
1118
11
1114
1118
114
1118
1114
1118
1118 1114
1,800 General Gas & Elec A_No par 3514 Jan 18 74 Nov 18
714 7112
71
70
71
71 *70
71
1: 9
70
94 107001122 20,300 Gen Ice Cream Corp No par 74h July 11 10513 Oct 13
10
72
054 10
72
03
10314 101
101 104
1004 10213 101 105
General Motors Corp
25 130 Jan 10 22434 Nov 7
20918 21158 20712 21158 20912 21278 20714 21214 20212 21014 19212 205 398,600
100 12312 Jan 28 1274 Apr 12
12518 12558 125 125 12514 12512 125 12.514 125 12518 125 12518 3,900 7% preferred
1,100 Gen Outdoor Ado A __ _No par 49 Aug 15 5872 Jan 8
50
51
507s 507s 5018 5014 50
*5034 52 *5012 5112 51
5,200 Trust certliicates____No par 291e Aug 1 52h Jan 7
324 33
34
37.2 354 3,513 3412 3514 3413 344 33
37
No par 8414June 20 12352 Jan 3
10338 10578 1044 10878 104 10812 10314 10512 99 10438 9412 10012 28,300 Gen Ay Signal
31,000
General Refractories__ _No par 4512.1une 13 82 Jan 3
7812
7812
8012
74
78
7912
7814
777
3
77
8113
78
7734
11818 119.2 11718 119 11672 1177/3 11512 117 114 11878 11278 11478 21,500 Gillette Safety Razor_No par 9718June 19 12338 Oct 8
23,400 Gimbel Bros
No par 344 Mar 6 5978June 14
51
5334 494 51
52
5158 5112 5412 50
527s 51
52
800 Preferred
100 87 Mar 6 101 June 15
924 9238
93
9214 9214 92 92 I 924 9214 9212 9212 *92
48,900
Glidden
Co
No par 20es Jan 27 3878 Nov 30
3178
3012
3314
34
33
3334
32
3312
33 344
344 35
100 Prior preferred
100 96 Jan 4 105 Sept 12
•10412 105
10412 10413 *104.3 10434 10434 10454 10434 10434 10452 10452
13614 142 129 14134 128 13534 300,100 Gold Dust Corp v t o__ _No par 71 Jan 16 142 Dec 4
13212 13614 13014 1344 13478 142
No par 6812June 18 9932 Jan 4
8334 8534 8228 8412 8012 8334 80 8178 45,100 Goodrich Co(B F)
8518 8573 8212 85
500 Preferred
100 10912 Feb 17 11518May 1
112 113
*11153113 *11158113 112.2 11212 11214 11214 112 112
944 994 9518 99
9218 9713 9018 9534 91,400 Goodyear T & Rub_ ___No par 4512June 25 107 Nov 27
98 10034 93 99
No par 9212 Mu 16 10313 Ncv 27
10013 10112 2,800 1st preferred
10114 102
101% 10158 10118 10238 102 10214 102 102
Gotham Silk Hosiery-No par 75 June 13 9372 Apr 14
8758 8834 8814 8953 8814 8814 8512 874 8258 8834 80 8212 16,900
No par 7D2 Dec 7 93 Apr 14
8112 8112 8034 8034 7112 7934 3.200 New
8114 8112 8238 *7913 81
81
100 Preferred New
100 108 Dec 3 130 Apr 12
108 108 *108 110 *100 110 *105 110 .102 107
*108 110
140
Preferred
ex-warrants_
_100 101 Nov 27 112 May 7
101
101
1014
1014
101
101
*101
101
10113
*101
*101 10112
7 June 23 1252 Feb 2
No par
718 74 1,900 Gould Coupler A
7
714
714 714 *714 8
758 778
758 758
5214 4812 5134 454 5078 4418 4813 144,800 Graham-Paige Motors.No par 1834 Feb 18 6114 Se pt 28
vas 3412 5018 5212 50
2812June
19 58 Sept 28
1,900
Certificates
No
par
*38
413
4
41
45
41
46
45
45 45 *45
42 48
80 34,100 Granby Cons M Sm & Pr_100 394 Feb 18 8512 Nov 20
8118 75
8313 81
82
78
82
8218 83
83 84
9478 Oct 18
8514June
20
5,600
Grand
100
8
Stores
845
8312
8818
887
8
8514
87
87
8814
8812
8834 8918 804
No par 263* July 2 4178 Oct 17
3414 3214 3314 3238 3314 3018 3212 2912 3112 5,800 Grand Union Co
34
3358 34
No par 4812 Aug 14 8238 Oct 17
5678 5434 5834 - 5414 5534 5.400 Preferred
57 5778 5814 571s 56
5858 58
par 112 Oct 10 125128ept 13
2,900 Grant (W. T.)
118 11812 11734 1184 11834 11834 116 11834 11212 11514 114 11412
Grasselli Chem CO_ N
NO par 8134Sept 26 9878 Nov 20
_
____ ___ ____
100 Preferred 67
100 109 Sept 17 110 Sept 13
__
_
---- ---- _ *---- ----_ iiioi2 fo-91; Ho
375335
3358 -3-612 107,800 Great Western Sugar---NoPar 31 Jan 26 3812 Dec 4
377
37 -3-8-12 36
36 -3838
36
100 1124 Feb 20 120 Jan 3
240 Preferred_
118 11812 11734 11734
117 11812 *11812 119
117 117
911414 117
98,100 Greene Cananea Copper 100 8938June 19 173 Nov 20
158 .159/8 145 1534 153 15814 14814 15314 143 15378 141 14712 3,500 Guantanamo Sugar--_No Par
938 Jan 4
5 Oct 11
O'4
6
578
512
512
512 512
6
54 512
6
100 51 Jan 9 7378 Sept 12
Gulf States Steel
6858 Ms 6858 663,3 6512 6613 8518 6512 1,600
6834 87
.5 23 Jan 5 30 Jan 31
67 67
Water
280
Hackensack
28
2518
2.584
2.53
4
28
2514
*253
8
2513
2512
2514
254 2538
470 Hanna lit pref claw A__ 100 59 May 25 97 Nov 12
90
9113 9112 9014 9014 90
92 9218 9112 92
*9134 92
800 Hartman Corp claw A_No par 2313 Aug 2 2758 Feb 3
2812 2413 25
2612 *25
25
2518 2814 2814 *25
26
*25
Class B
No par 1638 Aug 6 2813 Dec 4
32,400
2712
241
8
25%
2534
2812
2858
284
2818
2418 2518 25 2838
25 10334June 13 120 Oct 29
100 Helme (0 W)
118
11518 11518 *115 118 *115 118 *115 118 *115
*115 118
39,900 Hershey Chocolate-No par 3034 Jan 81 7212 Dec 5
69'4
87
713
4
88
8814
70
8912
7212
8713
8713
6912
88
7014 Feb 8 89 Nov 27
Preferred
No
par
9,800
8558
84
8413
8714
8512
88
8834 88
85 8513 85 85
100 10014 Aug 17 105 Apr 14
400 Prior preferred
104 10414 10414 10414
104 104 *104 105 *104 105 104 104
par 1514Sept 25 3071 Jan 20
No
900
Hoe
(R)
&
Co
18
1878
1812
185
8
174
1873
194
1838
1858
•1612
*1734 1913
2112 3,760 Hollander & Son (A)_ _No par 20 Dec 4 3878 Apr 13
2112 *21
2278 20 2178 2034 214 *21
22
100 87 Jan 4 80 Nov 12
100 Homestake Mining
7512
754 7512 *73
80 *78
80
*7512 80 *7512 80 *76
9,400 Househ Prod.Inc
No par 844 Feb 21 84 Oct 17
74
75
75
78
77 7713 7818
78
77
7612 78
119 June 19 181 Apr 9
8,700
Houston
011
of
Tex
tam
ctfs100
774
14 127 128
*13112 13312 130 13113 130 1334 13014 13014 12712 1303
18,400 Howe Sound
No par 4058 Feb 18 7334 Nov 30
8812 8312 86
89
70
8778 8878 85
70
71
7178 89
75 Jan 18 9978 Mar 5
253,300
No
par
Hudson
Motor
Car__
8212
863
4
8912
8912 87 8934 8818 887.2 8358
8812 8934 88
7312 277,800 Hupp Motor Car Corp__ -10 29 Jan 16 84 Nov 30
73
7714 804 7414 81
784 81
795s 8334 7834 80
Feb 20 3838 Nov 19
214
38,800
par
Ciae_No
317
8
Independent
011
A
31
34
8
3358
3413
33
14
3358
317
3478 353s 3358 344
354 57,400 Indian Motocycle
NO Par 20 Oct 3 70 Apr 27
4178 33
4134 404 4278 35
37
33 3334 3434 37
20 Preferred
'93 Nov 3 115 Apr 12
98
100
*96
98
*98
97
97
98
96
97
*98
98
*96
9 Feb 18 3952July 9
10
3238 53,900 Indian Refining
3114 3438 30
3312 3478 344 3534 33 35
844 35
2912 20,000 Certificates
81s Jan 16 37h July 9
10
304 311z 3012 3173 3014 3112 2918 3112 2814 183
314 32
500 Preferred
100 160 Oct 22 185 Nov 26
183
165
170
165
170
170
170
170
170
190
*170
2,400
110
90
Feb 18 127 Nov 30
Ingersoll
No
par
Rand
•105
112
110
12012
11434
11912
120
121 127 *120 125
6,000 Inland Steel
No par 46 Mar 8 76 Nov 12
7234 704 71
724 7314 7213 7212 7178 7312 7212 7312 71
44,400 Inspiration Cons Copper-__20 18 Feb 25 4878 Nov 23
4214
3
4312
387
44
4278
3814
4313
4438
42
45
3
4
4552 46l2
1138 12,100 InterconVI Rubber
814July 2 2134 Jan 4
No Dar
1278 1178 1258 1114 1178 1114 1178 11
1215 1334 12
No Par 13 Fen 24 2078May 17
164 1718 1558 1634 1512 1534 7,800 Internet Agricul
164 1678 1814 1812 • 1658 17
1,000
Prior
4821
Mar 26 8434 Nov 21
8014
804
preferred
82
8214
82
81
8112
824
82 82
82 82
7,700 381 Business Machines_No 4
;i
W
'
'
. 114 Jan 18 18638 Nov 23
14714 15574 14734 150
15614 15812 156 1587s 158 156
*157 159
8138 27,600 International Cement__No par 50 Jan 3 8758 Nov 28
80
8112
8312
8434
8212
825
s
844
8212
84
844 Ws
7578 6412 7138 214,800 Inter Comb Eng Corp-No Par 4514 Feb 20 80 Nov 27
70
77
75
77
744 7618 7258 7478 74
200 Preferred
108 109
100 103 Mar 21 110 Sept 25
*10612 10913 *10612 10912 10914 10914 109 109 *108 109
1,000 International Harvester
*345 360
365
100 22434 Feb 18 39434 Nov 20
*355
36812
385
370
*372 379 365 365 370
1,300 Preferred
143 143
100 13614 Mar 1 147 May 1
143 143 143 143 14212 14212 14212 14212 14212 14212
93 24,000 International Match prof_35 85 Dec 7 12178May 14
85
8
953
93
96
9518
9614
9512
97
9514
96 9612
512 VS 8,100 lot Mercantlle Marine
738MaY 9
100
gra 54
558 534
324Mar 28
534 578
534 84
534 83s
3818 3714 14,300 Preferred
100 3418June 12 4458 Jan 17
3814 3554 3712 39
39
395,3 39
3952 4078 38
220
34,300
2054
22714
Nov 28
Feb
24
22212
7358
International
_25
Nickel
210
(The)
4
20512
2193
213
20814
214 224 207 217
*115 120
Preferred 6%
100 1104 Jan 5 125 Nov 1
*115 120 *112 120 *118 120 •118 120 *115 120
•BM and asked prices; no sales on Ibis day, •Ex-dtvldencl
0 me-rtgurs,
PER SHANE
RangePH Pr011ffik
Year 1927
Higbee.
Lowest
$ per share $ per share
11414 Mar 1172s Nov
12614 Jan 17614 Sent
11914 Jan 1314 Oet
2114 Oct 2924 June
168 Jan 8437s Ott
Huns Feb 118 DO
1024 Nov 1611 Pet
„-18'i Mar 22's Aug
1914 Jan 322e Dee
96 Jan 109 Nov
0814 May 794 Jar
7 Deo 152, May
3 Oct 18 APe
6424 Jan 8114 Dee
116te Jan 125 Sept
212
‘ Jan 392s Otte
--
16 Aug 777k Nov
1194 Jan 28 Des
3014 Nov 4311 May
107 Dee 119 Mar
3712 Jan 47 May
9119 Feb 100 Aug
60 Feb 187 June
7511 Jan 97 Mar
17 Dec 807s Jag
16- No,
1914 May
147* May
80 Feb
1424 Oot 20 Ape
81 Jan 100 Sept
941s July 102 Sept
461s Feb 714 Dee
85 NO; Ws;IR.
50 June 8512 Dec
8414 Jan 1064 Dec
22 -15e.;
64 Jae
46 Jan
10612 Mar
66 Aug
1074 Aug
11812 Apr
-err Ia
.
1612 Dee
6432 Dee
11212 Reps
9654 Mal
14472 May
140 Oot
-iFg 'Be; WA WO;
62 Jan 747s Dee
81 Jan 14162s Sent
11 June Ills Jan
84 Apr 474 Feb
Aug
11812 Mar
54es Apr
87 Jan
8218 Jan
88 Jan
9524 Nov
354 Dec
91 Nov
1612 May
86 Aug
62 Mar
AA Jan
95 Jan
681e Aug
9212 Nov
5721 Jan
58 Jan
104 Jan
1-411 -15ai
12524 Dee
597s Nov
5872 Nov
15314 Sept
SI Dee
1094 061
59 ant
10812 July
22 May
101 Jute
7834 DeC
9612 Dec
11111 Dee
Me Dee
987e Dec
855s Dee
8512 Dee
122 Beet
-o-oi
'11i; iiOi
811* Jan
II" May
Dec
lei Sept
123 sect
15112 Dee
1114 May
011 Feb
17 Jul!
724 Dee
2714 Mae
2921 Apr
126 Ott
4014 Deo
7511 Dec
108 Dee
4171 July
4014 Oct
75 Oct
702e Nov175 Oct
6810 Dee
9111 Aug
3104 Dee
3224 Feb
47 Dec
102114 Del
1213 Sept
12 Sept
11612 Feb
2914 Jan
7 Oct
410 Oct
22 Aug
56 Jan
2211
Iva Dec
7611 Jan
84711 Dec
704 Doe
9928 Dec
22 Jan
3114 June
60 Jan
4314 Jan
6018 Jan
3424 July
4814 Jan
16 Oot
175* May
18 Mar
92 Jan
712 May
714 June
-ere Nov
41 Feb
1212 June
11 Nov
611 Apr
33 Mar
531e Jan
6514 Jan
4012 Oct
Oct
101
13532 Jan
12834 Jan
62 Mar
ids;'Air
625* Dee
251s Jr..
25 Nov
164 Dee
661: May
11934 Deg
13521 May
64 Mai
10514 Dee
3551s Dec
139 Dec
9512 Dee
31s oos 824 May
3212 Oct 551s May
3814 Jan 8912 Dot
10353 Mar 110 Dee
New York Stock Record--Continued-Page 5
3215
For sales during the week of storks not recorded here. see fifth page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Dec. 1
Monday,
Dec. 3
Wednesday,, Thursday,
Tuesday,
Dec. 4 I Dec. 5 1 Dec. 6 I
Friday,
Dec. 7
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Sines Jas. 1
Os basis of 100-2101diell
Lowest
Highest
PAR MARA
Rosin Me Pei...-.
Fost 195t
Lot000i
Elioaesi
$ to, share 5 per share 5 per share 5 per share $ 72/7 share I $S per share
5534 5534 5478 5612 5512 57
5512 56
5.7
5614 5614 56
Shares Indus. & Miscel. (Con.) Par
5 per flare $ pee oisrivi per ame
per share
4,000 International Paper...No par 50 Oct 30 8818May 14 a39/2 May 8112 Not
No par 4912 Nov 13 7212July 23
Certificates
90 I .89 ---89 I 90
1,700 Preferred (7)
89
100 89 Dec 3 Iflis Jan 14 -911-2 Jan flit;
-89
89
89
92
*89
Preferred certificates-.100 87 Nov 27 103 July 13
5424 55
-5312 548 53 -53341 5134 524 5,500 Int Printing Ink Corp-Na Par 4784 Oct 8 5612 Nov 26
-531-8 -54-1-2
130 International Salt_ . ___ _100 494 Mar 28 6814 Jan 12
58
59 : 58
*58
58
59
59 .58
58
5712 5712 53
33 13091 75 -ne;
18614 l933*i 18258 18958 41,400 Internet Telef., & Teleg__ .100 13912 Fe 20 19738June 2 1224 Jan 15.874 Flew
19034 19312 18914 19178 19114 19434 19014 194
2518 2518 2511 25t,
2334 Sept 10 3812 Jan 29
SOO Intertype Corp
2612 2514 2514 2612 2612 *2612 27
No par
26
124 Jon
395*
5314
54
1 47 Oct 13 61 May 14
5312
5314 5338 2,900 Island Creek Coal
533 54
5312 55
53,2 5312 53
4312 Ma: 07 Sep
163.2 16312 16118 16312 159 162
1,800 Jewel Tea. Inc.
159 159
No par 7784 Mar 1 179 Nov 12
*165 166 *184 165
5312 Jan 53 Dall
180
184
175
177
17912
par
Johns-Manville
184
18414
16514 180
9614June 10 19434 Nov 20
86,000
No
18412 18854 1817s
240 Jones At Laugh Steel pref. _10 11918 July2 124145lay 7 1-1-7 Feb 123 Del
12112 12112 *12114 12112 12114 12138 121-2 12158 12112 12112 12112 12112
•33
41
40
4018 *33
*33
Jones Bros Tea. Inc_ _ _No par 2558 Mar 31 4112 Oct 17
41
.33
40
407g *33
.
33
RN Jan 8411 Dee
1
1234 1278 1238 1234 12 4 1234 5,400 Jordan Motor Car
125g 13
1278 1278 1234 13
818 Aug 10 1912 Oct 29
No par
1251 July' 2218 Jar
11212 11212 *11212 113
180 Eon City P&L 1st pf B No Par 108 Aug 2 114 Apr 26
112 112 ,*11212 113 *11212 113 *11212 113
30,800
Kayser
85781 80
.No
par
v
8634 8712 8473 8678 8514 8678 8514 86 I 82
t
....
__
(J)
Co
6258 Jan 5 92 Nov 28
8212
89
Apr 164 )54e;
4512 4318 441*, 3912 4412 3514 40't 76,500 Keith-Albee-Orpheum .No par
1312May 7 5112 Nov 30
4713 49 I 4314 4612 42
13112 135
126 133
132 136
12618 133 I 11212 1174 4,300 Preferred 7%
14378 149
100 73123tay 7 160 Nov 30
2212
2314
233
223
8
4
2212
22
124,600
2412
2012 22s 20
Kelly-Springfleld Tire_.No Par 1958 Nov 13 2512Nov 30
2238
2158
9' Jan 3214 WO;
9378 9418 90
93 I 8918 90
1,100 8% Preferred
100 5514 Feb 17 95 Nov 16
9412 *9212 94
9434 9434 *93
55 Feb 102 esp.
98 I *95
9712 9612 96122. 95
95
400 6% preferred
100 58 Feb 17 101 Nov 16
9712 9712 *96
974 .96
44
Jan 9T12 Sep/
4633 4678 4614 4678' 4253 4018. 42
437y 14.700 Kelsey Hayes Wheel_ .No Par 2212 Jan 10 56 Oct 15
4638 4634 4613 47
19
Oct 27 Job
•11012 111 *11012 111 *11012 111 I 11012 11012 .11012 111 1 11012 111
30 Preferred
100 108 Mar 8 111 Nov 23 103 July 110 De.
734 July 24 2218 Apr 13
1634 1712' 1612 1714 1534 1673 1453 17,3 18,400 Kelvinator Corp
18
17
1758 1838
No par
139 14312' 13634 14058' 13513 14012 133 138 192,600 Kennecott Copper
14212 14558 13953 143
No par 8014 Feb 20 15034 Nov 28
60 Feb
-15e;49
4912. 4912 4934 4912 5234' 50
50
50
50
4,200 Kinney Co...No par 3778 Aug 15 5634 Oct 11
51
50
415.4 June 45 Jaz
94 I 94
9434 9434 9434, 94
*9418 9473 9423 9412 94
170 Preferred
9434
100 874 Mar 22 100 Apr II
Pipe 93 Dee
66
9034 7814 8738 7034 7912 177.100 Kolster Radio Corp____No par 5114 Aug 15 9578 Nov 20
88
9118 8958 9134 87
9113 92
5633 58 I 5653 57 I 56
5618 58
57
55
25 5312 Mar 31
5618 571
78 May 17
5612 6,700 Kraft Cheese
40 June Ii7; Fet
8558 8634' 8534 8612 8333 857g 8038 8234 28,800 Kresge (88) Co
8614 8722 8554 87
10 80,58 Feb 24 9134 Nov 20
8671 Jan 774 Sept
112 112 1 21.111 11378 *9712 113.8'112 11612
.11012 112 *111 112
50 Preferred
100 11014June 14 118 Apr 27 11018 Feb 118 July
1934 1934, 19
21
20
2012 2338 21
.18
23
11,100 Kresge Dept Stores__ _No pat
20
20
134 Jan 18 2714 Feb 29
10 June 18 Dee
*71
71
99
99
*71 99 *71 99 *71 99 *71 99
100 5134 Feb 1 75 Aug 31
Preferred
4.5 Nov
80
Jar
260 Kress Co
.115 11612 .112 118 *114 118 1.115 118 I 114 117 .114 117
No par 87 Feb 20 12434 Nov 27
Jan 1054 SeP.
59
11418 12014 194,100 Kroger Grocery & Bkg_No par 7314 Mar 27 13214 Nov 7
125 130.2 12614 12934 12858 1281* 12518 12778 11513 126
34
,
2;
34
34 I 32
3118 32
32
3478 3478 3418 3418 3413
2,600 Lego Oil & Transport._No par 2738 Feb 20 394 Apr 17
-261-2 Jan 3784 Non
39,800 Lambert Co
13214 13334 130 13273 13018 132 I 12814 13112 123 1308 12038 126
No par 7912 Jan 10 13638 Nov 17
66 Jan 8812 0.21
2138' 21
2138 20
2078 19
20
10,000 Lee Rubber & Tire__ .No par
2012 2112 2012 22,2 21
171
. Jan 3 2614 Oct 10
7
Jan 184 Des
54121 5334 5412 5212 54
5211 53
53
5334 54
5,200 Lehigh Porltand Cement___50 4234June 25 584 Nov 21
5373 54
•108 1094 *105 10834 10834 10834' 10834 10834 10812 10812 10812 108'8
80 Preferred 7%
100 10758 Nov 15 11058May 28
5814
58
59
5912'
60
;
56
5818
5812
5414 57
61
60
8,100 Lebo & Fink
No par' 38 Jan 17 8478 Oct 1
822 "n- Oi 48 Non
3712 3612 37
3714 3714 3714 374' 37
37
3512 3614 2,400 Life Savers
37
No par 2812 Aug 15 4614 Nov 1
2014 Sept 8414 Dee
91
9114 9114' 91
9012 3,700 Liggett & Myers Tobacco._25 8318June 22 12212 Jan 3 .8712 Feb 128 Sept
9114 9114 9058 9134 91
9114 89
8658 89
111 14 9212 9012 9214 0058 9071 9014 91 t 8712 91
25 8014June 19 1234 Jan 3 •8852 Feb 128
12,800 Series B
On.
13512 135-2 *13512 137 '•13534 137 513512 137
•13513 140 *13512 137
100 Preferred
100 134 Aug 2 147 Apr 11 12434 Jan 140 De.
4634 4712 48
50
4712 4712 47
48
4718 4778 4014 48
3,200 1.111111 Loc Works
No par 38 July 27 6578May 14
4,9
Oct 763c ap.
12018
116
11814,
Ill
116
11513
12212
102
106
106
11912
11412
33,500 LIquid Carbonic
No par 8312 Fob 20 12412 Nov 23
45.14 Sept 7841 Ds*
6538 64
6614 6212 66
6238 6173 6212 62
61 18 6338 112,300 1,oes s incorporated. No par
62
4918June 19 77 May 9
4811 Jan Ore ler
10212 10212 10178 10178 2,400 Preferred
10158 10178 10112 10113 10212 10334 *1034 105
No par
9978 Mar 15 11058 Apr 30
914
934
912
10
958
10
10
10
8
9
9
9,2
24,400 Loh Incorporated
No par
534 Feb 0 1938 Aug 27
5 005
iCt
*30
31
30
.30
31
30
30 .30
*3178 32 I 30
31
600 Long Bell Lumber A
No par 28 Jan 3 854 Feb 3
2512 Der 48 Map
7334 71
7258 7034 7212 72
73
69
6874 24,700 Loose-Wiles Biscuit
72
7112 65
25 4414June 19 8834 Sept 12 8354 Jul, 3714 Dec
122 122 *120 12112 120 120 .____ 121 .____ 121
121 121
140 let preferred
100 11712 Aug 17 125 May 9 118
Jan 12:1 Nov
2712 2834, 2778 2834 2712 2814
2812 29
2858 29
2612 271 1 24,000 Lorillard
25 2334June 12 4874 Apr RI
2314 May
Me July
*96
98 I 97
9712 98
97
*92
96
96
.9712 100
9713
600 Preferred
100 9014 Oct 6 114 Mar 13 107 June 11812 Jul
1718 1712 1658 1712 1634 1714 1658 1738 1514 1658 1412 1538 40,500 Louisiana 011
938 Feb 21
No pa
194 Apr 30
10
Oct 12
Ana
9014 91 I 90
91
91
91
91
90
90
8934 90
.90
500 Preferred
100 78 July 24 98 Apr 30
8514 Dec 27 Fel
3912 4018 3912 4038 40
4074' 40
4084 39
4012 3712 384 23.200 Louisville G Ss El A...No pa
28 Feb 7 41 May 16
2354 Jan 3012 Dee
8012 8458 78
85.2 8878 8314 8612 8338 85 I 8434 85
80
16,600 Ludlum Steel
No pa
Jan II 8978 Nov 28
255
8
20
Oct 331. Ma.
5113 5
50
50
5014 5014 5914 5014 49
52
52
49
800 MacAndrews & Forbes.No par 44 Aug 28 5754 Apr 14
43 Nov
5814 De,
*125 132 •125 132 •125 132 •125 131 1.125 132 .125 131
Mackay Companies
100 10812 Mar 2 134 Mar 20 105 1une 136 Lt.,
87
*85
87 j *85
87 .85
87 , .85
*85
87
.85
87
100
Preferred
6814 Jan 13 86 Oct 25
67 Aug 76 All/
10414
102
102
102
10618
8
10414
1057
10114
10312
10618 98 104
71.100 Mack Trucks, Ire
No par 83 Apr 17 110 Nov 27
884 Jan 11832 '1411,
17512 177 I 17414 17712 17014 17512 167 16912 4,900 Macy Co
178Ig 17834 17634 178
NO par y134 Aug 28 382 Aug 27 124
Jan 21131,No.
20
2018 2012 2014 2074 2012 2034 2012 21 1 201g 2012 19
9,500 Madison So Chuden-No Par
19 Nov 19 34 May 7
3011 Aug
2Ste Oe.
6912 7112 66
6914 6714 6878 6634 6734 61
6634 6014 63
17,100 Magma Copper
Nips? 4334 Feb 27 75 Nov 20
294
Feb
5814 De.
3458 3312 3412 3154 3314 14,900 Mallinson (H II) & Co_No par
3412 3478 3358 3412 3378 3512 34
16 Jan 20 3812Nov 16
1112
Apr
2084 De.
*9512 107 .96 105
*58 104
*100.2 104
10012 10012 *96 105
10 Preferred
100 8714 Jan 30 110 Oct 9
5611
4
96
July
De.
3412
.33.2
*34
3412
3312
33-2 3312 35
.
3234 3412
3334 35
1,C00 Mandel Bros
No par 32 June 25 4012 Jan 24
39, Dec 493,4 Lai
3478 3314 3538 3322 3334 33
3512 3578 33
33
3138 3218 6,000 Manh Elec Supply.
13
Oe 132 Au.
No Par 2812Sept 13 6638June 6
35
3514 3514 35,2 3578 3512 3513 3513 36
3518 3434 3478 2,300 Manhattan Shirt
25 3134 Feb 18 43 May 14
2414 Jan
3534 De.
18.2 18)2 1812 1812 1734 183g
1858 1914
19
1958
1634 1738 2,900,Maracaibo 011 Expl....
..No Par 124 Feb 20 2512 Apr 28
12 00
2214
4514 46
46
4738 4518 4834 4212 4558 4013 4324 124,100 Marland Oil
463* 47
No par 33 Feb 17 4934 Nov 23
31 Jun
5811 ,ta.
7812
81/
82
8
7914
8014
78
7913
7534 7878 75
82
761
9,600'Marlin-Rock well
454 Mar 6 83 Nov 28
No Par
27
Jan 5513 Tiny
18
18
1712 1722 1718 1718
17
1812 19
1718 *1673 17
1,600 Martln-Parry Corp.__ _No par
1218 Mar 12 2558.1une 4
1512 Dec 2434 Feb
17814 18712 179 184
16934 1721
174 175
16812 16913 16934 190
7,900 Mathleson Alkali WorksNo par 117341une 19 190 Dec 3
82
Jar 13230 De,
*12312
125
*12313
125
125
*12313
125 *12312 125 *123,2 125
•12312
Preferred
100 115 Jan 12 130 Apr 27 103
Jan 120 Ot.
10213 10334 9814 10234 944 983 40,000 May Dept Stores
105 10712 102 1054 103 107
25 75 July 17 11312 Nov 20
6684 Jun
90•4 No.
2618 2634 2612 2858 27
2713 26
251: 26
2712 25
261 24,400 Maytag Co
1712 Aug 14 3012 Nov 13
No
par
_
4614 4718 4612 473
4518 4578 4538 4578 4512 46
4518 451
5,400 Preferred
No por 4018 Aug 14 52 May 24
90
8912 8912 90
9018 90
90 I *8912 90
*90
*8912 90
900, Prior preferred
par
4
101 May 24
8912 Dec
No
72
7312 7114 72
73
72
7213 71
72
6934 71
72
2,800 McCall Corp
No par 56 Feb 3 75 Sept 24
104 105 *10412 105
102 105
106 106 .105 106
100 101
860 McCrory Stores class A No par 77 Feb 1., 10978 Nov 12
65 ida2 -66
108 10812 .100 11212 109 109
10538 109
.10812 110
1011: 106
2,400' Class B
No par 8018 Mar 14 11934 Nov 10
5812 Mar 96s De.
_ *106 107 *106 107 *11012 ___ 11012
5105
____ •105
100
109
11812
Feb
Preferred
Nov
12
97 Mar 11612 Seto
22 , 21
21
2212 *2078 2134 .20
2012 2012' .21
.22
22
400 McIntyre Porcupine Mines_ _5
1924 Sept 11 2812 Mar 16
2412 Mat 2824 Oat
74
76
75
•
753
72
4
783
s
8
775
7314
7834.
7014 7514 95,700 kleKeff.port Tin Plate_No par 6212June 13 Me Nov 25
7512
3313 3358 3318 3354 3314 3312 3234 3314 3134 3258 31
3112 5,300 Mengel Co (The)
No par 2514July 17 41 Sept 18
_
2512 2478 2514 2518 2518, 2514 2514 2473 25
2512 *25
*25
1,200 Metro-Goldwyn PIctur:s pf _27 2454 Aug 30 2718May 29
2414 Jan 2014 Feb
69470
73 : 6778 7118' 6214 7073 57
66
6714 70
65 309,400 Mexican
011_.Na par
73 Dec 4
458 Jan 1
8 Aug
914 Het
31
31.2 3018 3078 30
3078 291g 302712 2934 2638 2718 31,500 Miami Seaboard
6 1784 Jan
32 Nov 20
Copper
ma June 2014 Dee
4173 43 I 4012 42 I 3812 41
4038 42
4014 42
3714 3878 98,800 Mid-Cont Petrol
No par 2518 Feb 20 4412 Nov 28
97
Apr 105 Fe/
612 634
624 634'
612 7
6
7
614 613
54 1338 121.100 Middle States 011 Corp....10
24 Jan
738May 10
Hi Jan
8114 Jun.
478 478
434 478
434 5
438 412 17,300 Certificates
438 434
412 5
112 Jan
10
512May 10
1 12 Jo
214 Jun.
262 266 i 254 254 I 240 257
261 27014 250 259
236 250
3,500 Midland Steel Prod pre__ _100 193 June 1 296 Nov 28 108
Apr
315
Or,
2312
2312
24
223
2334
4
2112
23
2134 2212 2112
2334 2414
1,600 Miller Rubber._ _.. __ _No par
1812 Aug 13 27 Jan 3
174 Nov
349124 At.'
58
6234 68,400 Mohawk Carpet Mills-No Par 394 Aug 14 64 Dec 6
5414 5434 5314 5618 54.8 56 I 0578 6014 0812 64
.150 168 .150 166 .150 166 ,*150 168 1.150 168 .150 163
Montana Power
100 1024 Jan 1
175 May 3 In; -.14C 1094 on,
415 423 1 40512 417 I 390 435
360 38934 34,000 Monte Ward & Co III Corp_10 117 Jar I
420 43812 41214 418
43978 Nov 30
503* Feb 12314 Des
612 634
64 658
658 64
6.2 634
634 678
64 634 12,900• Moon Motors
5sh Feb 8 1112May 11
No par
0 June
1212 Jan
31., 334
312 334
378 4 I
353 4 I
334 4
37.1 4
46,600'
Mother
23
Lode
8
Aug
10
41.Ma3'
Coalltion_No
114 Oct
Par
14
4•4 144
1413 1412 14181 *14
1413 1318 131s
*137
; 1414 1414 14.2 13
1,400 Motion Picture
No par
Mal 2
144 Dec 5
5.2 Sept 16112
1913 21
1918 1914 1813 1834 1873 2078 1918 2038. 1913 21
15,300 Moto Meter A . .. . _No par
13 Mar 22 2434 Sept 20
17
Nov
38
34 Apr
I
18512
166
170
.
172
173
170
41
173 178
16612 16712 1,600 Motor Products Corp No Par 94 July
183 183
21834 Oct 15
39
394 38s 3938 3812 3813 23734 381
3712 3911 3718 38
13,700
No par 2512 Jan 1
5114 Oct 15 1 3034 Jar. 27'7j PLe.t
82 i 7912 82
8134 8534 8114 8212 7812 8134 4.500 Motor Wheel
81
8112 82
No par 69,4JUDP 1
Mullins kihr Co
9514 Oct 10' 10
Jan 7914 Des
10014 10078 •10034 101 I 10034 10078 101 10111 100 101
*10014 1(2
430 Preferred
No pa 100 Not 3 10478 Nov 19
54
54
55 i 54
54
54
5312 5412 53
5534 56
53
1,300 Munsingwear Inc
.8o par
4684 Mar
6212May 18
63 We;
351
4
May
I
6)13
4
693
70
4
6612
6714
70
66
72
7314
6512 6913 87,700 Murray
70
No par 2112 Feb
12414 Oct 20
164 Oct 43 Fee
Body
108 10978 10514 10714 106 109 , 10418 10738 1004 1064 98 10178 156,100 Nash Motors
No par 8014 Feb 2 112 Nov 28
Co
604 Apt 10172 Dea
3114 31
3238 294 3138 2714 2914 113,000
2912 3018 2818 30 2 29
National Acme stamped....10
3238 Dec 5
714 Jan
5 Feb
712 Oen
157 164 I 158 161 I 154 160 1 14634 152
145 14813 8,500 Nat Belles Heal
16454 166
I7838Nov 20 I314 Sept 4612 De.
No par 41 Jan
111 111
.107 112 *108 112 ,•107 112 ,*107 112 *111 112
100
Jan
100
Preferred
11518
9014
Nov 16
854 Sent 97 AD.
186 18712 182 18434' 18412 19034 18314 18834 18024 18724 17514 18334 24,600 National Biscuit
35 15912July 1' 19514 Nov 27
941.4 Jan 187 De.
14312 14312 14312 14312 143 143 I 143 143
144 144
.143 147
600 Preferred
100 1374 Feb 2 150 Apr 11 1&) Jan 142 DO.
9712 9318 97
9534, 9414 9538 95
94
92
95
9414 96
63,700
Nat
10112 Nov 12
4714 Jan 1
851,1 JaP Ills 13.9/
126 13313 1301g 13118:127 12914 120 12712 118 12278 152,700 Nat Cash Register A WI No pa
127 129
Dairy Products...No par 8412 Jan
13312 Dec 3
89k4 May 6872 La,
2912 2912 3114 2934 3112 29
29
2918 2912 *2914 2913 29
6,300 Nat Department Stores NO Par 214 Jan
32,4 Oct 26
2014 June 2714 Ma,
95 I .93
95 I .93
93 1 *93
93
95
93
*93
95
93
200 1st preferred
100 91 Jan 1
102 May 2
July 9614 Jar
8918
42
433
428
8
8
383
41
4
413
4
363
4
39
3
34
37
4118 423
17,100 Nat Distill Prod ctfs_ __No par 2914June 1
5812 Jan 9
17 Feb 60
On.
63 1 62
65 2 63
65 I 64
6234 *62
85
6334 65
63
1,700 Preferred temp etre_.No par 5114June 1
7138 Jan 9
63 Mar 0984 June
52
,
2
533
53
8
1
5118
515
8
5214
53
5313
905
8
533
8
54
53
9,800 Nat Enam & Stamping....100 2314 Mar 26 5738 Nov 13
*,pr
1918
85.
11
e
Je3.
133
12912
1
1313
4
1313
129
4
125 12512 12334 12438 2,800
129
12834 129
100 115 July 11 136 Jan 31 805 May 20254 Ma,
4478 41
434 4514 42
4213 120,700 National Lead
4318 40
4418 4534 4313 45
National Pr & Lt
No par 2154 Jan 15 46 Nov 30
194 June 2684 Gan.
18
1912 18
1878 1734 18
1712 1734 17
17
1814 1878
3,300
14 July 25 038 Jan 9
par
_No
National
Radlator_
_
.
3634 Nov
3912 /501
47
*4312 47
*4312 45
.4312 47 : •44
40
46
431.
46
300
984 Jan 17
98 Nov 98 De.
No par 40 Nov
133 135
12534 12712 12858 136 I 135 138
127 13313 10,400 Preferred
128 127
8414June 12 138 Dec 5
National
50
76
May
971
2. Dec
Supply
295 295
10 National Surety
100 28712June 13 372 Nov 7 4218 July 373 Der
kW iii-i ili- 3-73 -: iiii- iii- iii- i66- 374 378
350 350
4,200 National Tea Co
No par 100 Jan 17 300 Dec 6 138
Apr 180 Dee
8
3518
367
387
4
3653
.
3253
38
3612
383
31
8
3512
334
3712
219.400 Nevada Consul Copper_No par 1734 Jan 18 39 Nov 30
1234 JuLe Me Th.
44 1 • *43
44
43
43
4158 42
4374 4412 4234 434 43
2.400 N Y Air Brake
No par 3978 Oct 22 5012 Nov 16
5914 025 50 Jun.
-ow
• Bid and Wed feteste: no sales on Ibis day. z
i.v.,
444
3216
New
York Stock Record-Continued-Page 6
OW sides (luring the week or stocks not recorded here. thee sixth page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NCT PER CENT.
Saturday,
Dec. 1
Monday,
Dec. 3.
Tuesday,
Dec. 4.
Wednesday, Thursday,
Dec. 5.
Dec. 6.
Friday,
Dec. 7.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
8 per share 3 per share $ per share $ per share Shares Indus. & Miscel.(Con.) Per
100
50
5214 5134 5233 5014 527g 4814 4814 3,300 New York Dock
100
200 Preferred
8712 *86
86
86
*86
8712
8712 *86
Steam prof (6).___No par
NY240
102 102
102 10214 102 102
102.2 103
380 181 preferred (7)_....No pa
110 110
111 11212 11212 11212 110 110
10
8618 82,000 North American Co
94
9538 29012 9112 8618 9012 84
50
511 5153 1,500 Preferred
52
5312 537 25214 5212 52
10118 10114 10114 10114 10114 10178 *101 10112 1,900 No Amer Edison pref__No pa
20 Northwestern Telegraph..._50
4812 4812 *4812 50
*48/2 5112 *4812 50
514 534 4,800 Norwalk Tire & Rubber_
10
522 6
534 6
534 6
400 Nunnally Co (The)-___No pm
712 754
778 78 *734 812 *734 812
25
2953 303 2812 2918 10,400 011 Well Supply
3014 3114 303* 31
100
140 Preferred
10218 10214 102 10214
102 102
102 103
No par
853 88 5,200 Omnibus Corp
9
914
913 934
98 97
100
10
Preferred
A
90
*87
90
*8612
90
*87
90
*89
79
7914 783 8134 7812 3112 7512 7734 5,700 OP1>enheiru Collins & CoNo pa
1
Orpheum Circuit. Inc
65
*45
65
*44
65
*38
65
*40
9514 973
100
820 Preferred
98
98
9712 98
9612 99
50
1,000 Otis Elevator
243 245 *235 240
248 248
24512 247
100
10 Preferred
12212 12212 *122 126 *12212 126 *12212 126
No par
335* 3712 3218 3413 53,400 Otis Steel
3653 37% 3612 37
100
10112 101% 2,000 Prior preferred
101 102
10278 10278 *102 105
No par
Outlet Co
'
94
*90
*90
94
94
*90
94
*90
25
8612 8712 5,900 Owens Bottle
8614 883* 8614 8612 8714 90
25
10,000 Pacific Gas dr Elm,
52
53
513* 52,2 51
5312 54% 52
par
500 Pacific Ltg Corp
69
69
74
74
*73
•74
75
74
112 132 24,000 Pacific 011
134
1% 134
112 118
18
250 Pacific Telep & Teleg NNoo a0
160 161
164 164
16412 16412 166 169
10
1
4 657,400 Packard Motor Car
139 14212 13938 1511* 14314 15812 138 153/
497 52
4914 7,300 Pan-Amer Petr & Trans_....50
43
52
52% 5212 52
50
98,400 Class B
4718 50
54
5412 50
5312 54% 53
1712 1712 1712 1734 1,500 Pan-Am West Petrol B _No Par
*1712 18
*1753 18
2,600 Panhandle Prod & ref. No par
1414 1314 1418 1214 13
1414 1414 14
100
.500 Preferred
75
75
75
75
75
75
*75
85
5518 5633 523* 56 25038 53 209,700 Paramount ram Lasky _No par
5518 56
l.
No pal
878 8214 8434 22,000 Park & Tilford
8918 90
8338 891z 85
33,400 Park Utah CM
1112 1178 11
1134 1012 11
1114 12
No par
96,500 Pathe Exchange
10
1138 1018 1112
1114 1178 11
9
2412 2512 9,200 Class A
No par
2612 27
258 27
2612 271
341 3613 3414 3534 32,400 Patin° Mines dr Enterpr____20
3614 3714 3618 371
50
/
4 14,700 Peerless Motor Car
2034 1814 19
1853 191
2074 2138 19
par
8,000 Penick & Ford
34
3538 32
34
355* 3684 3532 36
9,300 Penn-Dixie Cement.--N
NoO
19% 21
2014 2012 1834 20
17,2 18
100
300 Preferred
90
*83
90
83 *83
*83 ___. 83
*83
84
84
84
People's 0 L & C (Chle)- -100
•208 215 '205 215 *205 215 *205 214 *202 214 *205 214
200 Philadelphia Co (Pittab)-__50
16512 16512 16434 16434 *160 164 *160 165 *155 160 *155 165
50
10 5% preferred
*47
47/
1
4
47
4712 47
4712 *47
4712 *47
4712 *47
*47
50
52/
1
4 52% 1,300 6% preferred
53
53
53
53 1 53
53
5212 521
*52% 53
22,400 Phi's & Read C & I__ _No par
3214 3014 31
323* 33 I 32
3234 31
3312 3214 338
33
1714 18,
4 13,000 Philip Morris .8 Co.. Ltd---10
19/
1
4 20% 1934* 2053 1914 2014 1838 1912 1814 191
No par
403 74,700 Phillips Petroleum
48/2 495* 4612 4914 45
5012 50% 4938 505* 493 501
5
900 Phoenix Hosiery
31
31
32
34 I 32
32
*31
34
*32
3414 3414 32
100
97
9612
95t2
9512
*9512
Preferred
*9512
97
*9512
70
9612
9612
97
*9512
2553 2314 24% 45,800 Pierce-Arrow Class A_-NO par
2212 2234 2412 2412 2638 24% 2618 24
22
100
3,100 Preferred
63
61
64
6434 64
6434 62
62
6134 6234 63
*51
25
17,400 Pierce 011 Corporation
3% 314
278 3
318
3
3/
1
4
3
314
3
313
3
100
1,800 Preferred
33
34
36
3418 35
*35
37
3612 3612 35
*3534 37
No par
513 5%
5% 5% 10,800 Pierce Petroi'm
534 57
534 57
574 6
578 6
55 I 5318 5458 .5014 5378 49% 50% 31,600 Pillsbury Flour Mills.. _No Par
5414 53
- - -5418 5434 53
100
12912 129,2 1,600 Preferred
131 131
1331 133% 132 13414 131 131
135 138
100
10,000 Pittsburgh Coal of Pa
59
5312 5734 54% 56
591
/
4 6012 5914 6018 58
6012 61
100
90
300 Preferred
*89
90
*89
90
90
90
90 1 *89
*90
9012 90
100
Pitts Terminal Coal
31
*28
325* *28
31
*28
32
*28
31
•28
33% *27
100
10 Preferred
80
*78
80
*78
80
*78
80
7818 7818 *78
*7818 80
4,000 Porto Rican-Am Tob Cl A 100
79
77
83
80
8134 79
82
83420
84% 85%
No par
10,500 Class B
30
33 I 3114 32
30/
1
4 32
303 28
29
32% 33% 30
PER SHARD
Range Sines Jas. 1.
Os harts of 100-sharoloto
Lowest
10334 10334 10312 10312 1035 10334 10312 10312 10334 103% 10312 10312 1,400 Posta Tel .8 Cable prig-100
No par
6514 67 86,400 Postum Co, Inc
69
681 695
6834 13934 6812 6912 67
6912 70
No par
2212 2114 2212 20
2134 24,100 Pressed Steel Car
2312 221* 2314 22
2314 2334 23
100
Preferred
300
76
76
*7612
78
78
82
*75
78
7812 7812 78
*79
2312 2313 6,400,Producers & Refiners Corp_50
24% 25
26
2618 2512 26
26
2714 2774 26
50
901 Preferred
4618 4612 4414 44%
*461
/
4 4712 *4612 47
*46/
1
4 47/
1
4. *4612 47
*5412 55
90,Pro-phy4actio Brush__No par
55
55
55
55
56
56
53
*52
53
53
74 126,800 Pub Her Corp of N J__ __No par
71% 76 270
7412 77
1
4 78
7532 7712 76/
7753 79
100
105/
1
4 1058 10512 10512 *105 10512 1,700 6% preferred
10512 106
10538 10512 106 106
100
300 7% preferred
120 121 *120 121 *11738 121
*119,2 12078 11912 1191 •11934 121
100
500 8% preferred
143 145 *145 14612 *143 148
1397 140 *14014 148
*136 140
No
par
Pullman
Inc
8414
44,000
81
8434 8334 8434 8314 8412 8014 84%
8514 8678 83
60
,
Punta Alegre Sugar
2014
2118 21% 20
2114 22
1
4 2078 22
2112 203* 21/
*21
25
011
(The)
4
60,400
Pure
263
26
2614
27%
2812
2914
2812
29
27
3
4
283
4
2912
29
100
440 8% preferred
1
4 113 11314 11314 1133* 11312 11312 113 11314
113 113 *113 113/
122% 12534 12414 125% 10,400 Purity Bakeries
1
4 12234 123
121 124/
130 131 x124 125
Preferred
*150 160 *150 170 *145 160 *145 160 *156 165 *145 160
356 403 235,100 Radio Corp of Amer--No Par
394 411
373 41012 408 420
376/
1
4 385 366 378
50
57
5712 1,500 Preferred
*561 58
57
57
36
56
56
58,
4 56
*55
10
24,200 Real Silk Hordery
49
52
5112 54
54
58
54
5434 5234 5434 53
53
100
Preferred
97
*95
*95
97
97
*9434 97
*95
*9434 97
*9434 97
No par
1414 1112 1234 31,700 Reis (Robt) & Co
15
1412 15
1413 1434 12
1334 1453 14
No par
2834 2918 2812 2912 2953 3118 3018 3134 28% 30% 27% 28% 136,500 Remington-Rand
100
91
28914 8914 1,200 First preferred
*88
89
88
90
9014 9053 91
89
89
100
100 Second preferred
98
94
*92
94
*92
94
*92
94
*93
94
94
*92
10
Motor
Car
66,900
Reo
s
287
3112 3014 31/
1
4 3018 3114 30
29
3034 2812 3012 2812
7912 33,100 Republic Iron & Steel-- _.100
765 8312 77
83
82,2 847
8312 8414 81
85
84
100
200 Preferred
•108 110 *108 110 *108 110 *10812 111 *10812 11034 108 10812
No par
1112 12
1112 1178 1118 1153 1012 1132 1018 1038 21,600!Reynold8 Spring
12
12
155 16114 159 16112 15812 161-2 156 1597 155 15612 37,3001Reynolds (11.2) Tob class B.25
16134 163
California
._25
011
of
Richfield
71,800;
48
4814
5012
455*
4912 51
• 5012 51
495* 5034
5053 52
25
11,70011tossia Insurance Co
261 265
262 268
250 26434 235 248
263 270
*271 273
5112 y5334 5414 5334 54
5314 5353 6,800 Royal Dutch Co IN Y shares)
5334 54
6112 6134 gl
10
Joseph
Lead
53,10061
5178 51
5314 2484 50
5413 51
5373 49
51% 5274 49
393k 14,000:Savage Arms Corp_-.No par
41
43
*42
42/
1
4 42/
1
4 44
4318 4374 42
438 39
par
Store2-.
No
Retail
61,3001Schulte
4712
5013
487
8
50
3
4
51
/
1
4
477
8
5012
52
51
51%
5014 5073
100
570 Preferred
117 117
1
4 120
117/
1
4 11712 117 117
117 117
118 118 •117/
No par
1512 9,100 Seagrave Corp
15
15
15
15/
1
4 1612 15
1512 15/
15
1
4 16
15
Nopar
&
CO
Roebuck
187,200
Sears,
178
16818
183
18734 18234 188
182 18732 1784 18612
187 194%
No par
55g 578
53* 9,100 Seneca Copper
5% 6
514
6
612
58 6
512 57
No par
12934 130
12714 129
12812 12812 125 13312 124 12734 7,300 Shattuck (F CU
131 133
r2
Trading.
&
Shell Transport
*5512 56
*55
_ __ *5532 56
*5512 56
*5512 56
*56% 59
No par
36
2812 2914 27
281
/
4 74,20C Shell Union 011
368 y2834 30
36% 37% 3612 37
pat
Na
Corp
20,800
Theatre
Shubert
70
80
83%
793
4
75
3
4
813
4
77
81
7812 7934 73
82
No par
884 88,500 Simmons Co
9214 9412 915* 9414 86
9212 82
9634 9214 95
95
10
24/
1
4 217 2212 20,400 Simms Petroleum
24
2453 24
2412 22
24% 25% 2378 247
g per Mato
47 Aug 14
8.5 Sept 21
11E03 Oct 5
102 Jan 30
6832 Jan 5
51 Sept 11
9934 Oct 2
48 Oct 30
212 Mar 15
732 Aug 31
20/
1
4June 13
97 June 14
8% Dec 7
847 Nov 13
6734 Aug 17
18 May 9
75 May 9
147/
1
4 Feb 20
11914 Jan 24
10/
1
4 Jan 18
82/
1
4 Jan 10
81 June 19
1
4 Jan 8
74/
4312 Feb 28
69 Dec 7
1 Sept 14
145 June 12
1
4 Feb 18
56/
3814 Feb 20
$734 Feb 20
1512Ju2y 23
1112 Feb 11
70 Feb 21
4714 Oct 9
34 Mar 10
9 Aug 15
2 Feb 8
812 Feb 9
23/
1
4 Jan 8
14/
1
4Sept 13
22% Jan 7
1414July 18
75 Sept 13
1513* Jan 6
146 Mar 24
451 Mar 15
6134 Oct 2
2732June 13
16 Mar 1
3514 Feb 20
21 Oct 23
9512 Dec 5
1812 Oct 30
5612 Oct 30
12 Max 3
1614 Feb 20
312 Feb 16
3241 Feb 18
108 Jan 5
3614June .2
81 May 1
26 Feb 10
63/
1
4 Oct 15
5334July a
2314 Aug 15
10058 Aug 28
613* July 17
18 June 13
70 Aug 29
16 Feb 17
41 Feb 20
42 Nov 30
4412 Ian 9
1031, Jan 6
217 Oct 19
136 Jan 7
7753 Oct 11
19 Oct 11
19 Feb 1
108 Mar 15
75 June 15
105 July 12
85/
1
4 Feb 20
5412 Jan 4
24% Jan 17
801 July 12
5/
1
4 Feb23
2812 Jan 20
88 Doe 4
8812 Oct 4
221
/
4 Jan 21
4918June 19
102 June 25
814 Feb 18
128 Apr 24
23/
1
4 Feb 17
1.45 June 13
4432 Jan 20
37 Mar 18
37 A UR 10
4712 Dec 5
I16p4Nov 9
10 Feb 18
82/
1
4 Jan 16
2 Jan 18
8012 Feb 17
3284 Jan 24
2314 Feb 8
5434June 19
5534June 19
1814 Feb 20
4434 4212 4434 4232 44
3938 4318 37121'40 651,700 Sinclair Cons 011 Corp_No par
4412 4512 43
100
10812 10812 10814 10814 *108 10812 10814 10812 *10338 10312 108 108,8 1,100 Preferred
26
3834
3912
3818
393
4
373
4
3812
1
35%
3812 3458 36
49,000 Skelly 011 Co
8
407
3978
300 Sloss-Sheffield Steel.8 Iron 100
*117 122 *115 120 1 11934 11934 *112 118 *110 118 *112 115
No par
1234 1234 1234 13
13
1332, 1234 1234 12,8 1212 1,900 Solder Packing
13
13
par
341 3434! 33
3234 3214 35
3438 3218 3218 1,400 Preferred
1
4 *32
*3112 32/
'
V par
No
4513 4212 4353 52,800 So Porto Rico Hug
4412 4578; 43
4534 441 4678 453* 47
45
5038 515* 18,100 Southern Calif Edison
25
527
5512 53
5414; 5318 537
525* 5354; 52
54
35
3514! 3513 3614 35% 35781 3538 3512 35
0 Soc
el A_-No Par
uthm
laernDatries
B
35,2 5 00
*3514 36
1414 148
No par
1334 1412 1334 1434
1414 1434 1434 1434 1414 15
20,Spaiding Bros lst pref._ _100
*115 11834 115 115 ;1'115 11712 115 115 *115 11712 *115 11712
5212 50
50
47
5278 5034 575* 5012 57
5512 107,800,Spang Chalfant&Co IncNo par
4712 48
No par
210'Spear & Co
1278 *1212 13 I 1112 1132 1112 1112 1112 1112 *1112 12
*12
78
78
*7712 78
1501 Preferred
77
100
*7714 78
7714 *7712 78
79
•78
3914 40
/
4 41
11,600 Spicer Mfg Co
4212 41
401
/
4 42
No par
42
4112 4238 4054 411
14,800 Spiegel-May-Stern Co__No par
85
85/
1
4 8314 8514 8014 82
8614 8712 854 86% 8614 87
3353 13,700 Stand Comm Tobaceo..No par
1
4 3414 3334 34
3414 3553 3334 3514 32
3412 3512 33/
79i2 7514 7814 7353 7512 44,300 Standard Gas & El Co_No par
1
4 79/
1
4 78
807a 78/
80% 8134 78
66
65
6534 66/
6512 3,7 01 Preferred
BO
1
4 6512 66
68% 66% 6534 6632 66
130 1361
IGO
/
4 51,800 Standard Miffing
• 123 12512 125 130 2I 12814 13512 13312 136% 132 139
1011
10712 10712
/
4 104
104 106
100
5401 Preferred
*10112 10212 10112 1011 *102 104
17ee Feb 20
10214 Jim
25 Fk.6 lb
102 June 23
1112 Nov 22
31 Nov 19
Ws Feb 18
4$/2 Jan 6
244 Jan 25
9 Jan 23
109 Jan 7
20 July 21
1014 Nov 2
7634 Nov 16
23,
4 Jan 12
65126,pt 24
24 Oct 25
57/
1
4 Jan 12
84 Jan 3,
100 Jao 51
97 Nov 2,
$ per share $ per share
/
4 51
523a 5238 501
86
8712 86
'
386
10212 103
10034 103
•11212 1121* 111 111
9412 9638 928 9518
*5234 54
52/
1
4 54
10138 10138 10114 10112
50
*4812 5112 50
6
614
534 6
812
812 *8
*8
311 317
3014 3118
10212 103%
*102 104
953 934
953 95*
*86
90
3812 8812
7912 79
793*
79
*41
65
*23
65
99
9812 99 I 98
*246 251 *246 249
,122 126 *12212 126
365 3873 3612 3712
____ 1023* 10234
•101
94
*90
8812 88
*88
883*
553* 5512 5318 55
79
*74
7534 *76
153
134
118
134
*16712 168 *162 166
138 14334 135 14134
5312 5334 5212 5312
5312 55/2
55
56
*1712 18
•1733 18
*1414 1434
35
15
80
80
85
*80
55
538 5412 54
9114 938 8918 92
12
123* 1131 1214
1138 1218 1114 123*
2618 2714 2612 28
3534 3712
3718 38
2232
2113 2238 21
36
36
35
36
1934 21
- 1953 21
6:350
•Rtd and sated Prlaw: DO sales on tble day. a 414-diru0e0u. a isx-rigute. 0 Rx-ellvIdend and avri.coge
Mohan
I per share
6414 Jan 4
95 Jan 6
10512May 16
115 Apr 19
97 Nov 28
5.532May i6
105% Feb 7
55 May 15
7128e01 4
13 May 14
41 Jan 11
11012 Jan 11
1514May 10
9938June 12
8812 Jan 7
70 Oct 25
104 Nov 30
252 Nov 26
12634Juiy 19
4012Nov 23
103 Nov 26
99/
1
4Sept 4
957 Apr 18
5618 Nov 30
8532June 29
214 Apr 27
169 Dec 5
15812 Dec 6
5513 Nov 21
588 Nov 7
2832 Apr 28
2134May 14
106/
1
4May 15
568 Dec 5
98 Nov 19
1412 Jan 5
15 Nov 23
34 Aug 8
42 Apr 30
257* Mar 18
4112 Oct 16
31 May 2
988* Apr 25
217 Nov 28
I7434May 4
49 Aug 18
57 Mar 29
39% Jan 3
2512May 28
5372 Nov 20
38 May 8
111314 Feb 14
2753Sept 17
71 Sept 21
514 Apr 27
30 Oct 5
65 Ain 27
573 Nov 20
14032 Nov 20
6584 Nov 22
9112Nov 21
36% Mar 20
82 Mar 13
8534 Dec 1
3512May 18
106 Sept 20
13612May 31
3012 Oct 5
9312 Oct 8
29% Nov 16
49%June 6
91 Feb 17
8034 Nov 36
115 May 4
12912May 31
150 May 4
94 May 13
3472 Jan 3
3114 Nov 21
119 June 6
13932 Oct 15
16614 Oct 15
420 Dec 5
60 May 16
57 Nov 28
97 Nov 1
15 Dec 3
3612May 31
98 June 2
100 Jan 24
351
/
4 Oct 3
9412 Nov 20
112 Feb 6
14/
1
4June 4
16512 Nov 28
1.8 Nov 13
278 Nov 30
64 Oct 20
5412 Dec 4
4102 Aug 3i
67/
1
4 Apr 14
129 Apt 11
1712Jwie 18
19712 Nov 14
712 Oct 24
14014 Oct 18
5712 Oct 23
3933 Nov 20
8514 Nov I
1015* Nov 26
2714 Nov 17
Pia MARIS
Moosfor Profits.
Yew 1927
Lowest
MOM
$ per obaro $ per Mots
Jan 6584 Nov
84
1
4 Na,
7213 Feb 93/
9314 Feb 1024 Oot
Jan 11614 001
106
455s Jan 644 Oet
50 Jan 55 Aut
96ts Jan 105 Oel
47% Jan 56 Sent
584 Fe)
158 June
11
/
44 Dec 13 Jigs
$114 Jan 3874 Del
10214 Mar 110 JOIN
11 Mar 174 Jung
Jan 9912 May
81
58/
1
4 Feb 82% Del
23/
1
4 Dec 35 Apt
10234 Nov 10812 Jana
s103 Feb 155% Oet
108 Feb 1241114 Are
714 Feb 124 June
6112 Feb 91 No*
523* Jan 94 Deo
73 Dee 8511 tel
ill
Feb 50 Dee
-1- May -1-7; 1*1
124 Mar 162 Da
88114 Apr 62 Dee
4014 Den; 557k Jan
40/
1
4 Dee 6das Jay
1844 Oot 8774 Jaa
8 Apr 1874 Jas
56 Sept 83 Nov
Id
Jan
Jan
6
3114 Dee
1812 Dee
1812 Aug
20 Apr
1912 Sept
2112 Dee
91 Sept
Jan
126
8514 Jan
Jan
40
60 Jan
3784 June
18 Sept
364 Oct
85/
1
4 Dec
103 Jan
ISle 009
1011 Dee
12 JIM
41314 Hine
2774 Fel
32 Jas
27/
1
4 MAY
398* Jab
100 Mar
16834 Not
15319 Des
51 Dec
53/
1
4 6,91
AN Mil
6112 Jac
604 Feb
527* At1I
1073* July
-4Mar -II; June
Ms Mar 24 Jung
512 Jung
2/
1
4 Mar
3074 Nov 871* An
104 Aug 129 Oa
8234 Mar 7414 June
7053Mar 98 Bern
3012 Apr 55 June
1
4 Dec
Apr 84/
74
85 Aug 31's Jab
18 Aug 527a Dee
Ws;lair
3612 Feb
76/
1
4 Feb
1634 Jan
387s Jan
55 Feb
Jan
82
9812 Feb
1084 Jail
125 Jan
7341 Aug
27
Oct
23 Oct
111% Jan
Oil; Del
7814 Dec
924 May
33711 May
50 Feb
71 Sept
6674 Sepi
105 Nov
1204 Nov
13514 NOV
8454 Dee
6672 Jan
3312 Mat'
11514 Dee
Ili; -Ail.
49 May
201s Nov
80 June
forNol
y
2012 lolv
87/
1
4 Nov
90
Oat
2512 Dec
63 002
12654 Jan
4 Feb
984 Feb
We Deo
76 Jan
4414 July
38 May
s
69
714Z
1024 44r
110
Al).
26.
7 De,
7674 Mat
108 May
18 Dec
162 Dec
284 Dee
194 0e1
JO* 1.8
4374 Mat
57
49
99
Apt
Mat
Dee
if Jan 57 Sept
11814 Jan 123 Aug
834 SeptWs Dee
51
Jan 9114 Dee
1 June
Pa Jai
5643 Jan 10114 001
4134 Oct 6774 Fel
2432 OM 813* Feb
55 Aug 7475N01
331s Jan 641.4 Dee
1414 July Ws Do
4884 Nov 14! 15 004 224e Jan
Jan 10411 Dee
110 Oct 29
97
42% Nov 21
24.14 Jane 37114 Pl
18414 Apt
Nov
Feb
6
11014
134
1153 June 1644 J19)
20 Mir 30
52/
1
4 MP
44 Nov
60 Jan 11
337 Aug 623* M113
4232May 24
5812Nov 30
3153 Jou
5, D
X
Lb Ma/ 44
6052MAy 21
Jaa
63* Oct 20
30 Apr 23
121) tor 8 103 Jan 11211 Nov
5718 Dec 5
t
ro e
11;- 83* May -8
20 Fen 22
73Feb
923* Feb 29
1
4 Ma/
204 Jan 38/
4534 Nov 20
91 Nov20
4014 Nov 8
54 lao 16:1;44
8134 Deo 1
Nov
1
4 Ja
57/
7112May 16
7014 Jan 104s Del
139 Doe 8
86 Jan 108 Dee
112 Apr 23
3217
New York Stock Record-Continued-Page 7
For sales during the week of stocks not recorded here,see seventh pooe preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Dec. 1.
Monday, 1 Tuesday, I Wednesday, Thursday,
Dec. 4.
Dec. 5.
DEC. 6.
Dec. 3.
Friday,
Dec. 7.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
$ Per share $ per share 6 per Share $ per share $ per share $ rer share Shares ,Ind us.& Miscel.(Con.) Par
7412 6834 7314 6733 6934 99,900 Standard Oilof Cal_ _ _No par
1
4 7578 72
7514 7673 73
7514; 73/
5514 56/
1
4 5214 557s 5038 53/
5514 56121 5614 58
5714 59
1
4 253,200 Standard 011 of New Jersey.25
4114 4134 4012 41141 4072 4214 4018 4118 38
381
/
4 449,400 Standard 011 of New York_ _25
4018 37
432 432
432 47s1 458 5
412 434
412 434
414 434 3,600 Stand Plate Glass Co_ _No par
1814 19
19
1912 1912 .1714 18
19
100
19
17
19
17
590 Preferred
461
/
4 468 4412 4634 4412 471. 4512 4875 441
/
4 4734 4312 4512 36,800 Stand San Mfg Co____No par
52
4214 4214 4414 4634 46
*43 45
4812 5412 47
48
11.000 Stanley Coot Amer_ ___No par
11614 1187s 114 11614 11534 11814 11514 11712 11014 11738 10912 11218 56,500 Stewart-Warn Sp Corp...5i° par
1
4 9212 9514 951
92 94/
/
4 99
9318 94
9112 98
86
9012 18,000 Sizoolbeia Carburetor_Na "or
76/
1
4 7712 7612 78/
7618 77
75
1
4 7 74/
1
4 7618 78
7818 73/
1
4 104,300 Studeb'reorp(Tbe)---- Na oar
12434 12434 .12434 125 *12434 125
*12434 125 *12434 125 *12434 125
100
10 Preferred
414
378 4
418 4/
4
1
4
41
4
3/
1
4 4
No per
1
4 7,700 Submarine Boat
3/
1
4 3/
75
757
73/
1
4 74
74
74
73
73
No par
68
7314 6778 69
5,900 Sun OIL _
1218 12/
1
4 1134 12131 117 1214 1118 12
10
No par
1178
834 1038 150,000 Superior 011
497s 46/
47
1
4 4912 47 , 47 •_ _ ;; 42
1
4 50
5134 5134 48/
100
3,600 Superior Steel
2112 1938 19/
1
4 221
/
4 20
21/
1
4 2214 2012 21.2 21/
2114 20
50
1
4 7,400 Sweets Co of America
5181, 5
*5
5
5
47
5
47
*47
No par
51
4/
1
4 44 2,100 Symington
1314 1314 *1234 14 I *1234 1418 *1234 14
*1234 14 7 12
No pa
1234 2,000 Class A
1
4 21
*2012 2112 *2012 2112 2034 209* 20/
1914.1 2012 1,300 Telautograpb Corp_
*2012 21
No pa
1734 18/
1
4 19181 1712 1918 17 r 18
1
4 1734 1838 1814 1912 18/
No par
86,400 Tenn Corp & C
6834 6734 6812 66/
1
4 6778, 6513 6712 6334 6513 102,000 Texas Corporation
1
4 68
6812 68/
25
75/
1
4 751
/
4 76 1 7418 75/
/
4 75
1
41 7112 7418 70/
7512 761
1
4 7218 117,900 Texas Gulf Sulphur__ _ No pa,
2212 2274 2112 2212 2114 2214 1812 21341 19
21
1818 1914 55,500 Texas Pacific Coal & Oil__ _10
1
4 23/
1
4 243g, 2312 23/
1
41 23
2334 2432 2312 23/
231
/
4 2218 23 51,800 Texas Pac Land Trust
1
27 I *26
2638 25/
2678 27
1
4 2634 25
.126
No par
25
23
24
900 Thatcher M tg
1
4 *49
50 1 4912 49121 48
4934 4934 4912 49/
48
50 .
50
No par
500 Preferred
4812: 4812 521
1
4 47
4634 4734 4718 49 I 47 48/
4712 5078 65,300 The Fair
No par
*10614 111 1 110 110 *10614 113 .•10614 11312 *10614 1131 *10614 11312
100
10 Preferred 7%
136412 6612 *65 6512 64 65 I 6534 6712 65
66
25
63
6312 2,500 Thompson (J A) Co
1
4
23 24 I 23/
1
4 24
23 23/
1
4 2112 231
21
2134 99,000 Tidewater Assoc 011_ _ _No par
91
1
4 9134 90
9012 9112 9014 941
9112 9112 91/
8934 90
4.500 Preferred
100
4012 38
4038 39
3934 34
40 4112 38
3578 23,700 Tide Water 011
100
371
/
4 35
9838 983a 2,600 Preferred
98 100 1 97,4 1001a 9712 9712 9712 98
9814 99
_100
1
4 14812. 14632 14672 13834 14634 13714 142
148 14934 14612 148 1 146/
17,300 Timken Roller Flearing.No par
103 1041
/
4 102 104
105 10538 104 10478 10414 10412 10314 105
11,300 Tobacco Products Corp._ _100
11312 11312 *113 1141 113 113 1 11134 11212 11134 11214 1111
/
4 11134 1,200 Class A.
100
22 *20
22
*20
22 1 1120
22
•20
*20
22 *20
22
Div certlfs A
*20
22
22
*20
22 *20
*20
*20
22
22
*20
22
Div certifs B
1
1234 11
1214 1234 1112 1212 1214 1214 12
12 4 1014 1114 155,300 Transet1 Oil tall, etf___No par
5312 5112 5312 .50
5012 5134 5112 5234 5212 5334 51
5012 6,500 Transue & Williams St'l No par
4318 4418 4314 44
4278 4312 4314 44
42
43/
1
4 41/8 42 28,100 TrAco Products Corp __No par
8212
8378
837
a 82 83
8312 84 I 8218
8012 8234 7814 8034 19,300 Under.Elliott Fisher Co.No par
was 3741 37
37 1 37
37 I 3612 3612 3512 3614 3412 35
5,200 Union Bag & Paper Corp_ _100
1
4 196 19834 198 203 19514 19878 18714 197/
199 200/
1
4 z18512 19212 86,400 Union Carbide & Carb_No par
1
4 55/
1
4 5334 54/
54/
1
4 55/
1
4 5414 5512 54/
1
4 .321
/
4 54
49/
1
4 52
25
19,900 Union 011 California
123 123 1 123 124 11122 123 1 122 123 .121 123
121 121
100
600 Union Tank Car
4938 49/
1
4 4938 50/
1
4 50
4934 497
5034 4918 49/
4878 7.300 United Biscuit
1
4 48
No per
*12012
130
I
*12014
12812
12812
•128 --12812'12014 ---.
12014 _ _
100
100 Preferred
2612 2638 2618 2618 2612 2512 2614 2418 2518 15,534 United Cigar Store,
I 2612 2618 26
10
. 104 10412 *104 104.2 104 10478 10478 10478 105 105 *105 10512 1.300 Preferred
100
143 143 214134 143 I 143 14734' 14314 145
142 14414 140 14112 7,6001UnIted Fruit
No par
1
4 1714 1712 18 1 18
1712 17% 17/
18
*1612 18
*1612 18
100
800 United Paperboard
78 80 I *7772 79
7834 7834 771
L -79-2 80
/
4 7714 7612 77
3.8001 Unlversal Leaf Tobaets) No par
95 95
9334 95
*9412 9512 .95
1 *9334 95
95
120 Universal Pictures tat pfd.100
9512 95
F 2214 2212 22 23 2178 2234 22 2212 2114 22/
1
4 2014 22
20.300 Untvereal Pipe &
par
100 100 111100 101 1*100 101 .100 101 *100 101
*100 101
100
100 Preferred
4412 4578 42
45 4634 *45 47
46
46
44
3912 42
4,600 US Cast Iron Pipe &
1812 1812 18 1822 18 18 18 1814 1833 1832 181
/
4 1838 13,400 1st Preferred
No pa.
18 1 1678 1734 1634 1678 16
1712 1878 17
1658 1512 16
8,600 US (Meath Corp
No par
*8012 82 1 *8012 82
85 *8012 81
1381
8012 8012 80 801
100
5001 Preferred
1
4 *4612 47 I 4618 4634 43
1
4 4638 4718 47 47/
47/
1
4 47/
4634 3,100 II S Hoff Mach Corp
No par
130 13238 1283g 13312 13312 136+2 13312 136 I 12812 13538 12612 1311 71,100 US Industrial Alcohol _ _ _100
•12638 12534 *12534 12534 1312538 12534 *12538 12534 12538 12534 *12538 12534
100
130; Preferred
3214 32181 3112 3134 3178 35 I 3418 3434 3312 35/
1
4 19,400111 El Leather
1
4 3234 34/
N'o par
1
4 55/
1
4 6014 6018 6278 5938 6414 59
5514 56 1 5512 55/
62
24,600 Class A
No par
*102 102121 10211 10212 10214 10214 *10212 103121.10212 103,2 *10212 1031
100
300 Prior preferred
83 8418 8312 8374 80/
84 85
1
4 8378 8034 83
80
811
9,400 US Realty .4 In3pt....--NO par
4112 40
4158 4018 411 40/
41
1
4 4112 39
4078 38/
1
4 391
/
4 25,100 United States Rubber
100
7012 6978 70
711s 69
71
70
70
6734 7034 67
69
6,500 1st preferred
4100
6812 6518 6634 66/
66
1
4 67
64 6714 61
66/
1
4 6018 63 25,900 US Smelting. Ref & Min ___50
5412 5412 5414 5414 54
5414 6412 5412 5412 541
5412 6412 1,000 Preferred
50
165 167
16332 16514 16312 1667s 16212 164% 15678 16334 1521
/
4 1583 438,400 United States Steel Corp
141-2 14112 14112 14134 1415, 14134 14114 1415* 14112 1415, 1411
/
4 1411
6,000 Preferred
100
43 4378 42
4312 4238 43 1 4172 43
4012 4238 39/
1
4 41
39,500 Utilities Pow & Lt A_-No Par
10114 10212 97 100
99 102/
1
4' 9614 100
9012 983
8712 93/
1
4 48,900 Vanadium Corp-------No Par
*30
36/
1
4 33 33
33 33 1 *32 35
1332
35 *32
35
200 Van Raalte
No par
*71
7212 *71
73
69
71
64 64
61
63
62/
1
4 83
330 1st preferred
100
77
78
75/
1
4 77
76
7612 76
77
7334 761
73
741 10,300 Vick Chemical
No par
13812 143 132 13614 13314 13912 13512 139
12714 138
11514 130 254,800 Victor Talk Machine__ _No par
*108 10914 *108 10914 108 1084 *10712 109 1110713 108
10712 1071
400 7% prior preferred
100
1878 19
1878 1938 1834 1914 18/
1
4 19'. 18
19
17
177 17,100 Virg-Caro Chem
No par
60/
1
4 60/
1
4 59/
1
4 6012 597s 60 I 59
591
5912 59
57
571
2,900 0% Preferred
100
97
9612
*96,2
9612 *9512 97
*96
97 *95
96 •95
96
300 7% preferred
100
1614 1614 18
189* 1712 189* 1834 1714 17
17
171
171 46,000 Vivaudou(V)
No per
93 100 *90 95 i *88
*87 91
92 *911
/
4 95
88
88
1,200 Preferred
100
63 64
58 6014' 51/
64 64
1
4 56
50
54
47
491
2,290 Vulcan Detinning
100
92
941 .
92 9412 *89
92
9412 *99
94
*90
89
941
130 Preferred
100
4312 4512 3912 4112 3712 371
4513 45 45
*45
35
35
730 Class A
100
2412 24 24/
1
4 2334 24
237 2414 24
2312 24
2313 24
9,400 Waldorf System
No par
2214 2278 2218 2234 2218 2318 2114 221s 2012 2178 1734 2012 10,800 Walworth Co
No Par
70
70 70 I *72
70
78
*71
78
73
75
76
76
1,740 Ward Baking Class ANo par
1
1
4 17
17/
1
4 1734 1712 1778 17 4 17/
1712 16/
1
4 17/
1
4 1613 17
18,200 Class B
No par
8014 8014 80 80 1 7812 79
81
81
7938 7918 7834 7834 1.400 Preferred (100)
No par
13114 13578 12712 131
129 138
128 129
11712 1284 113 12012 279,000 Warner Bros Pictures-No Par
Class A
10
4i14 42 4114 4178 4133 4178 41,2 Ws
555
8
165-8 24,400 Warner Quinlan
1114
No par
161 161 *164 159 *154 160,13151 159
15014 15014 .150 151
1,100 Warren Brea
No
par
33/
1
4 3112 3414' 3112 3278 281g 3112 2714 28/
3214 3514 31
1
4 19,700 Warren Fdry & Pipe__ _No par
/
4 7612 8014 7934 831
/
4 761
7734 7734 761
/
4 77
79
77
80/
1
4 14,100 Weber & Hellbr.
No par
190 100+2 038 10012 1398 10013 *98
9912 9818 9818 1198 10012
300 Preferred
100
185 18812 18412 18612 184 18612 183 19314 18312 13714 180 183
18,3001 Western Union Telegram...100
4814
8
40
453
4614
4634
46
46's 4712 45
467a 4412 45% 29,200 Wetnghse Air Brake_ _ _ _No per
135 13634 131 133 13114 13412 130 13338 12518 13078 11814 12638 111,7001
Westinghouse Elec & Mfg50
130 130 10128 130 ,*128 130 *116, 12014 •116 120
13125 135
200 let preferred
50
24
24
24 1 24
2312 24
23
2438 24
241
/
4 23
23/
1
4 4,700 Weston Elec Innruml_No par
*3312 34 *3312 3334 *33/
1
4 34 .3312 34
*3312 34
*3312 34
No par
Class A
•10418 10434 10312 10412 104 104 I 10434 10434 .104 10434 •104 10434
950 West Penn Elee el A _._ No par
10934 10934 10934 110
109/
1
4 110
*109 110
10914 10914 109 10934
460 Preferred
100
997 99/
1
4 99
997 997
100 100
9534 9934 9934 9934 100
390 Preferred (6)
100
116
116
1153
4
11512
11534
11534
*11534
115/
1
4 11534 11534 116 116
West Penn Power pref.-- 100
1
4 108/
10812 10812 108/
1
4 109 109
*10812 110
109 109
10812 110
180 6% preferred
100
5458 2472 55
55 55
55 55
55 55
55
5418 5434 1,200 West Dairy Prod cl A__No per
26%8 27
2672 27
2612 267s 2613 261
2634 27
/
4 26
2612 4,100 Class B
No
par
3638 3714 37
3614 37
3714 3514 37
363837
3414 3514 33,300 White Eagle OH & Refg-No per
38 39/
1
4 3812 40/
40s 3712 40
1
4 3814 4034 3712 39 34.200 White
39
Motor
No
par
4714
4712
4634 47.a 45
4812 4818 4712 4832
4638 44
4414 15,200 White Rock Min Sp ctf
'3)
5134 4934 5234 502g 5212 4934 519* 4312 4934 411
50
/
4 4334 55,800 White Sewing Machine_ No pa?
58
58
56
57
57
67
57/
57
1
4 5712 58
55
5518 2,800 Preferred
No
pa
29
30
29
2912 314 X2834 3112 2814 2912 559,200
28
2812 28
9718 9738 9732 9718 9812 9812 99 100 •98 10014 1,000 Willys-Overland (The).
98
98
100
Preferred
1
4 12/
1
4 1218 13
1
4 12/
1214 1314 121
/
4 1234 7.000 Wilson
1212 1234 1218 12/
No par
St Co Inc
2614 2412 2612 24/
1
4 27
26/
1
4 26/
1
4 2618 2638 25
2414 2534 9.500
NO par
7012 7112 70
72
73
71
72
7312 7214 7314 11,200 Class A
72
71
100
/
4 21612 21278 2161
/
4 20314 20578 32,200 Preferred
21734 220 21114 21712 2151
/
4 210 2141
25
(F W) Co
5014 49
4918 41
1
4 50,2 49
4978 44
51
4518 14,600 Woolworth
5312 47/
Worthington P & M
100
8834
883
4
90
80
80
80
82
90
77
90
77
90
1,500 Preferred A
100
72
7212 73
70
72
73
72
70
70
7434 75
70
3.800 Prererred B
100
/
4 251 27434 241 26112 77,400 Wright Aeronautical
255 263 247 275 267 27612 256 2671
._.No pa
77 7734 77
77
7334 7612 73
77
76
75
77
•76
1,800 Wrigley(Wm JO .No pa
1
4 6534 .6212 63
1
4 6212 63 63 *62/
61/
6212 6212 1,500 Yale & Towne
63 63
25
4012 4214 3712 4178 36/
/
4 44
4534 411
1
4 3912 207,000 Yellow Truck & Coach CI 11_10
46
4818 41
9814 991
9838 99
9914 97
/
4 98
9938 9812 99
08
9812 14,500 Youngstowu Sheet & T_No par
I
• 1.11(1 and asked prices: no sales on this day. a Ex-dIvIdend. s Ex-rights •• No Mr value. r Itz-rases.
L
PER 611ARB
haws Mace Jas. 1.
us baste of 100-ehareloW
Mabee'
Lowest
$ per share
53 Feb 20
37114 Feb 18
2834 Feb 17
214 Jan 8
10 Jan 18
34 June 11
364 Aug 21
7714 Feb 18
OA Jan 3
57 Jan 10
12112 Feb 26
3 Feb 14
314 Jan 9
212 Feb 17
18 Jan 18
11138 Feb 8
4 Aug 20
10 Aug 20
1614 Jan 28
1012 Jan 16
50 Feb 17
6218June 12
1218 Mar 1
20 June 13
22 Jan 5
45 Oct 16
34 Jan 3
10412 Jan 28
58%June 13
1434 Feb 20
8172 Mar 16
)938 Mar 7
8634 July 26
112/
1
4Mar 3
93 Aug 6
10978 Aug 7
19 Aug 2
19 Aug 2
034June 13
4512 Nov 28
3238June 1
63 June 13
3412 Dec 7
136, Feb18
42/
1
4 Feb 11
110 Oct 3
8412 Apr 30
11214 Mar 22
2278 Aug 4
104 Oct 19
13112June 12
17/
1
4 Aug 2
6038June 13
9114 Nov 15
1638June 12
8778 Sept 1
3912 Dec 7
18 Nov 14
13I2June 22
76 Oct 10
43 Dec 7
10218June 19
11838Sept 28
22 Jan 18
52 Jan 5
102 Nov 19
011
/
4 Feb 4
27 June 27
55 July 2
3912 Feb 20
51 Jan 26
12238June 25
13838 Jan 5
/
4 Feb 20
281
60 Jan 18
738 Jan 7
634 Jan 6
68 Jan 17
5232 Jan 3
10112 Jan 6
12 June 12
4438 Jan 18
8812 Jan 18
1Patine 26
78 June 22
2212June 13
74 June 21
1912June 29
1912 Jan
144 Ace
70 Dec
1512.mo, 2
7812 Dec
8078 Aug 2'
22 Jan
26 Feb 17
140 June20
13 June 12
5918June 12
984 Dec 6
13912July 11
4218June I
8818 Jan 5
9634 Jan 5
1212 Ian 6
3034 Jan 3
103 June 22
1033 June 13
9812Juty 21
11312 Oct 9
103 June 28
634 Jan 6
2033 Jan 6
204 Fob 21
304 Feu 21
341
/
4 Jan 19
33I4June 13
5134 Aug 21
174 Jan 16
9244 Jan a
11 Oct 10
22 Jan 8
6314 Oct 29
1764 Feb 20
28 Jan 5
484 Jan 19
41 Jan 4
69 Feb 27
68 July 26
611
/
4 Nov 22
271
/
4 Vets 28
31318.1tme 19
$ per share
80 Nov 26
5934 Nov 30
4214 Dec 4
778 Feb 23
40 Feb 23
51 Ncv 27
6934Sept 12
1197 Nov 27
99 Dec 5
8712 Oct 19
127 June 19
614 Mar 21
77 Nov 30
1414 Nov 26
5678 Nov 20
2312Sept 10
7 May 8
1938 Apr 27
2238May 17
1912 Dec 41
7434 Nov 16,
8212 Nov 19'
2638 Nov 8
1
4 Apr 27
30/
3912May 8
535,June 1
5213 Dec 6
11414 Oct 281
7134June 4
25 Sent 7
914 Dec 3
4112 Dec 1
10018 Dec 3
154 Nov 8
1184 Apr 16
128 Feb 14
2534 Jan 17
24 June 19
1412 Nov 20
6912 Feb 7
4478Sept 19
84 Nov 30
4934 Feb I
209 Nov 23
5712 Nov 26
12.8186fay 8
57 Oct 23
135 Oct 24
3438 Feb 10
11418 Apr 6
148 Nov 19
2778 Apr 19
87/
1
4 Nov 16
100 Feb 24
3578 Oct 6
10412 Oct 20
53 Nov 1
1912 Nov 2
20,4 Jan 4
9034 Jan 16
5838 Jan 23
138 Oct 25
12578 Nov 19
51 May 7
72 Apr 25
10912May 14
9338May 6
634 Jan 4'
109% Jan 13
7112 Nov 271
6514May 2
17212Nov 16
1474 Apr 26,
4534May 31'
inl2Nov 12
4078 Oct 22
78 Nov 2
7878 Aug 30
158/
1
4 Nov 23
1114 Mar 281
2034 Nov 19
64/
1
4 Nov 19
9912 Nov 12
253s Jan 4;
100 Jan 281
74 Nov 26
99 Sept 41
4834 Nov 27
27 Apr 9
2678 Sept 20
123 Feb 2
24138 Jan 18
9712 Jan 19
13914 Sept 11
13914 Sept 11
4478 Oct 18
19212 Apr 11
364 Oct 19,
814 Nov 17'
103 Jan 8
201 Oct 29
573e Jan 27.
144 Nov 16
139 Nov 16.
2,112June 7
4012May 22
112 Apr 9
11514 Apr 9
10412 Apr 10
118 June 27
113 Jan 5
78 Apr 11
49 Apr 12
38 Nov 27
4334.lone I
49/
1
4 Nov 23
5234 Dec 3
58 Dec 3
3112 Dec 5
10112May 25
16 Feb 14
85 May 15
7734 Feb 11
22534 Nov '40
55 Nov 30
93 Nov 28
80 Nov 30
289 Nov 23
84 Aug 31
8412 APT 25
5734 Nov 28
10614 Jao 26
PIA
a.h.t
hawse for Preston.
Year 1941
Lewes,
MON,
per atom
5038 Apr
854 Apr
2934 JUDO
2 Mar
10 Mar
per share
6034 Jai
4133 11e1
IShis 41111
4/4 JUD4
1157s Jam
5414 Mar
584 Jose
69 Jane
118 Feb
24 Feb
80 Mar
31s Dec
18 Oct
7 Apr
24 Sept
6 Oct
1112 Mar
818 June
45 Apr
69 Jan
12 Apr
1512 Jan
1611 Aug
48 Aug
7414 Jan
105 Aug
67 Jan
1533 Oot
85 Oct
19 July
83 Nov
78 Jan
924 Oct
108 Apr
871k No.
nes rioss•
6313 Sent
1264 No,
818 Um
5414 Jai
64 Feb
28 Mar
14 De,
6 Jet
154 No,
1714 No'
1814 Jan
68 Jim
81/
1
4 Sept
1872 June
40 June
234 Sept
6012 Nov
86 Lug
11114 Sept
8534 Dec
194 Jun,
9014 June
2918 Jar
90% SBA
14312 Aut
1177,8 Dm
12378 Dee
354 Apr
10 May
lOsi No,
60 Dee
46 Jan 70 17141;
3814 Jan 7314 Just
994 Jan l5412 Nov
394 June 561, Jan
94 Jan 12714 Des
894 Dec 6014 Dee
825 Dec NM July
104 July 109 June
1134 Jan 150 Sept
1612 Mar 2338 Sept
6018 Nov 74/
1
4 Dec
9634 Dee 103% Am
241e Sept 374 Mal
81g4 „TAO 98 Dec
14¼ May
81 May
46 Oct
69 Mar
1074 Apr
14 July
2784 June
89 July1
64 Apr
874 June
8584 June
8332 Jan
6538 Jan
11138 Jan
129 Jan
27 Jan
87 Jan
534 Sept
6214 Dec
19 Jan
82 July
9614 Oct
Vs May
2614 Apr
78 June
201.4 Deal
95 Dec
104 Jan
90 Jan
16 Jan
1814 Dec
17 Dec
8918 Apr
171k June
86 Apr
23$a July
9614 Beta
Ws May
1114 Dee
121 Des
2612 Not
5513 De.
10612 Nov
69's flee
6718 Pet
11138
, Apt
4878 Dec
54 Dec
INN Sept
16114 Dec
34 MAY
0718 Des
1438 Fet,
64 Yet
634 June
6438 Dec
10212 Dee
154 Sera
484 Dee
91 Noy
894 June
11811 June
80 A1111
125 Ana
594 Aug
26 Feb
344 Apr
11834 Oct
Ms Feb
10014 Nov
lit; Dec WC,"iii
24 June
65 Jan
18 Oct
6514 Dec
1014 Nov
1444 Jan
40 Oct
6732 Jan
82 Mar
/1 Sept
80 July
9771 an
102 Jan
101 Dec
111
Jan
10012 Jan
531k Dec
2414 Dec
20 Deo
30/
1
4 Nov
26
MO
3118 Mar
46 Feb
134 Oct
87 June
10 May
1614 May
58 Apr
11714 Jan
2014 Jan
44 Dec
37 Oct
244 Apr
5074 Jan
7014 Jan
25 Jan
11016 Oct
342, Dec
180 Nov
87 June
7514 Aug
1087,2 Aug
176 DM
5011 Sent
904 Dee
10378 De,
1814 Fet
304 Age
111 Aug
112 Sept
10134 1's.
118 MO
111 De
57 b14
• 2834 Nov
27/
1
4 Pet
fault Feb
11
5314 Aug
59 Jai.
3434 Mkt
93 Ant
174 Feb
827s Feb
44 Feb
19811 Dee
68 June
614 June
544 June
9434 D..e
7234 Dee
8414 Alm
40 Ate
1004 71,•_.3
ew York Stock Exchange-Bond Record, Friday, Weekly and Yearly
3218
a. I 1909.ne Indiana' ineinod of owning &omits coat clumped and prices are now "and interest"--eseeyt for income and defaulted Sasso
BONDS
1. Y. STOCK EXCHANGE
Week Ended Dec. 7.
I
-rue
Weer.
in
Dec. 7.
Range at
Last Sale
4
t
Huta o.
0./..
A..
U. S. Government.
Meet Liberty Loan
464
99142
991.
13:
991h:
Sale
844% of 1932-1947
J o
9916:2Nov'28
in
Cony 4% of 1932-47
• D 165i., gale 10041 100142 "iisi
Collv 44% of 1932-47
1009:1 Nov'28 ---2d cony 434% of 1932-47
ID
Fourth Liberty LoanAD 1001in Sale 10011:210014: 1169
44% of 1933-1938
1947-1952 A 0 11110:2 Sale 11120011214: 105
Treasury 444e
1944-1954 J
101351:: Sale 10613::1071:s 259
Treasury Cs
1940-1950
Treasury 33(5
MS 104h: Sale 1031001044: 81
1943-1947 J o 9810:: 994: 994: 9911st 159
Treasury 3548
94
Sale 98108: 9910
Treasury 342e June 15 1940_1943 ID 99
• *tat, and City Securities
01.TO 384% Corp st-_Nov 1954 MN
AIM% Corporate st__May 1954
N
43 registered
1936 MN
le registered
1956 MN
6% Corporate stock
1957 MN
434% Corporate stook-1957 MN
644% Corporate 3teek
1957 MN
1958 MN
4% Corporate stook
A% Corporate stock
1959 MN
• 444e Corporate Stock
_ _1960 M
444e Corporate Stock_ __ _1964 M
Me Cormerate stock
1966 AO
Xis Corporate stock
1972 A 0
1971 JO
£34s Corporate stock
1963 MS
434s Corporate stock
444e Corporate stock
1965 in
Me Corporate stock _July 1967 Ji
8814 Nov'28
86 Sept'28
9934 Mar'28
9912 June'28
"9812 -2178- 98 Nov'28
10438 Nov'28
i0458
10432 Nov'28
1044
9734 -- 9814 Nov'28
9812
-- 984
9734
9979
9978 Sale 997a
11034 ---- 10178 Oct'28
10138 1aov'28
101
101 10314 1014 Nov'28
10534 107 10812 June'28
155 1084 105 Nov'28
1054 1104 107 June'28
10518
10518 Sale 10518
sew York State Canal 4e1960
4s Highway
Mar 1962 MS
9912 Aug'28
10312 June'28
8912
8918 92
10
6
5
Fenian Govt. & Municipals.
1947 FA
Little Mtge Bank e f 88
Apr lb 1948 AO
'FM Os A
Akersbus (Dept) extl 5s_ _ __1908 MN
antioquia (Dept) Col 7e A__I945 J
Externaief7aserB
1945 .7
External a f 7a series C_......1945 J
External a f 75 aer D
1945.3,
External a f 78 let ser
1957 AO
Ext1 sec 817s 2d ser
1957 AO
Extl sec a f 75 3d ser
1957 J 0
Argentine Govt Pub Wks 611_1960 AO
Argentine Nation alert of)Sink fund (ie of June 1925_1959 ID
1959 AO
EMI 8 f 6s of Oct 1925
Sink fund 68 series A
1957 MS
External as series B.._Deo 1958 J O
Exti s f 65 of May 1920 _1960 MN
External s 65 (State Ry).1960 MS
Extl 68 Sanitary Works
1961 FA
Ext68 pub wke(May '27).1961 MN
Public Works extl 548 1962 FA
Argentine Treasury 58 £
1945 M
Australia 30-yr 58 __July 15 1955 .1
External 59 of 1927_ _Sept 1957 MS
Exti g 434s of 1928
1958 ▪ N
unerlan (Govt) a 1 78
1943 ID
9012 Sale 89
9014 Sale 8812
90 Sale 90
95 Sale 9412
9338 Sale 9358
9318 Sale 934
95 94
94
924 Sale 9212
9238 Sale 9212
9212 Sale 9212
10018 Sale 100
9212
9039
0014
9512
95
94 1
9514
9334
9312
9312
10034
5
21
24
17
32
15
14
32
3
7
29
1004 Sale 9912
100 Sale 9934
10038 Sale 10018
100 Sale 9934
100 Sale 994
100 Bale 100
100 10034 994
10018 Sale 100
9614 Sale 9614
9038 9134 9014
9612 Sale 96
9612 Sale 96
8712 Sale 874
10234 Sale 1024
100341
10034
10034,
10112
10034.
10012
10038
10034
97 1
9038
9634'
96'41
8838
103
70
37
64
110
43
118
55
60
93
12
142
138
155
51
Bavaria (Free State) 84s-1945 F A
Aeiglum 25-yr ext s f 734e g-1945 I D
20-yr e f 8s
1941P A
25-year external 634e__1949 M S
External s f 6e
J
1955
External 30-years I 7I
1955 I D
1956 M N
Stabilization loan 7s
Bergen (Norway)s f 8a
1945 MN
15-year sinking fund Os. _1949 A 0
Berlin (Germany) f 649_1950 A 0
1945 A 0
Bogota (City) esti a f_8s
Bolivia (Republic of) extl 8s.1947 MN
19541 J
art'l talc 7s
Bordeaux (city of) 15-yr 138-1934 M N
96 Sale
11518 Sale
110 Sale
10534 Sale
10034 Sale
10734 Bale
10578 Sale
112 113
1005s
97 Sale
105 Sale
105 Bale
97 Sale
100 Sale
Brazil(US of) external 8e
1941 J D
Externals f 6545 of 1926_1957 A 0
Exti f 63.45 of 1927
1957 A 0
D
1952
78 (Central Railway)
714s(coffee secur) £ (flat)_1952 A 0
ttremen (State of) extl 7s
1935 M
arlebane (City) a f 5e
1957M
Budapest(City) exti s I as__ _1962 1 D
Buenos Aires (City) 6443.-1955 J
Ext1
6a ser C-2
1960 A 0
Ext1
68 ser C-3
1960A 0
Buenos Aires (Prov) esti 69.1961 M
Bulgaria (Kliagdorn) a f 7s...1967 s .4
108
95
94
100
105
10134
92
84
1034
994
99
9139
00
„taidaa Dept of(Colombia)7i45'46 J
.-latunia (Dominion of) EA-1931'A 0
10-year 5558
1929 F A
59 • •
1952 M N
1936 F A
432)
J
.Jarlabad (City) s I 74/
1954
...1auca Val (Deittl colorn 74846 A 0
()antral Agric Bunk (Germany)
Farm Loans 1 78 Seat 15 1950 M
Farm Loan S I 6s_July 15 1960 J J
Farm Loan a f 6e_Oct 15 1960 A 0
Farm Loan Os ser A_Apr 15 '38 A 0
Chile (Republic of)20-year external s f Tu.__ _1942 M N
External sinking fund Os..1960 A 0
1961 F A
-External s f Os
1961 J
Ry ref exti s 16s
1961 51 S
'Extl f 68
Chile Mtge Bk 63.4e June 30 1957 J
51634s of 1026_ _June 30 1961 1 D
Apr 30 1961A 0
Guar f 6s
Chinese (Hukuang RY) 5e- _1951 J D
Christiania (Oslo) 30-Yr S I 6e '54 Mt
9934
99 Sale 99
10018 10038 10014 101
10038
100 Sale 100
10412
104 Sale 104
9912 Sale 9912 100
10512 106 105 Nov'28
101 Sale 10012 10112
9518 9912
114 116
10814 11134
1034 1094
9879 10178
10512 10918
10414 10814
112 11378
98% 102
97 100
1034 10873
10319 108
9334 984
99 10119
Sale 108
Sale 9434
Sale 944
Sale 100
108 106
Sale 10112
9131
93
Sale 831
10312 10218
9934 994
Sale 99
Sale 6234
91
90
48
109
9614 263
963s 129
10058 45
2
106
29
102
15
92
8412 SO
10238 15
9912
5
9934 38
9334 65
90
9
107 11334
92
9912
9412 9912
97 103
103 10859
10014 10312
9078 9579
8219 8979
9912 10238
9634 101
96
9214
9234 97
8919 933s
20
97
8814
8712
90
9812 28
8978 36
8812 112
131;
91
103 Sale 10214
9314 Sale 9314
934 Sale 93
9312 Sale 9314
9312 Sale 9312
98% Sale 9734
100 Sale 9912
9212 Sale 9214
3414 Sale 3414
10018 Bale 10018
10314 35
111
94
190
94
68
94
131
94
0838 62
93
100
9334 64
3814 22
10
101
98 Sale
8918 Sale
8714 Sale
0014 Sale
800 the basis of $5 to the £ sterling. d Cash sale.
E
Price
Friday.
Dec. 7.
West's
&WO w
Las. Sale
122
seti lls,
MO No.
Old
Bios
8912 9978 Nov'28 -- -Cundlnamarca (Dept-Col) 7a '46 J 0 89
8978 56
&it! s 6 ils
1959 MN 89 Sale 89
9800 101160
36
99 10100 Czechoslovakia(Rep of)88_1951 A 0 110 Sale .10678 110
1104 22
Sinking fund Ss ser B
100 10311:s
1952 A 0 109 Sale 1 109
11114 13
1004: 10217n Danish Conn M uniclp Ea A 1946 F A 11014 Sale 110
11114 10
Series 13 a 1 iis
1946 F A 11014 11012 110
Denmark 20-year exti 6s. _1942 J J 10438 Sale 10438 10518 55
I001A 104
60
98
9734 Sale 97
10913441161n Deutsche Bit Am part ctf 65_1932 M
5
9878
1511,199111149 Dominican Rep Oust Ad 554s '42 FA El 984 Sale 9814
let ser 5515 of 1926
1940 A 0 9814 99 9612 Nov'28 1611:: Math:
9812 964 Nov'28 ---2d series sink fund 54s_ _ _1940 A 0 96
98199 10300
10112 28
98 100"91 Dresden (City) external 7E1_1945 54 N 101 Sale 101
10338 Sale 10338 10414 51
Dutch East Indies exti 68_1947 J
13
40-year external 68
1962 M S 10312 Sale 10312 104
6
10234 Sale 10234 10234
30-year external 554s
1953 111
3
30-year external 54s
1953 M N 10314 ____ 10314 10314
8814 9312
11012 10
86
9318 El Salvador (Repub) Os....1948J J 110 11012 110
9712 20
9512 Sale 9512
994 10019) Finland (Republic) extl 68_1945 M
10018 12
External sink fund 7a
1950 FA El 100 Sale 99
9819 10014
99 Sale 984 10018 19
1956 M
External s 1 6595
9778 1014
19
91
10438 10834
Ent sink fund 5159
1958 F A 90 Sale 90
9734
10418 10879 Finnish Mun Loan 654s A 1954 A 0 9712 98 9712
9712 19
External 648 series B
1954 A 0 9712 Sale 9712
984 10134
91
9712 10134 French Republic ext 741c-1941 I D 11312 Sale 11312 114
10734 234
1949 3 D 10712 Sale 107
93134 1023
, External 78 01 1924
19038 10512 German Republic ext'l 7a__ _1949 A 0 10812 Sale 10612 10634 170
10212 10
1954 M N 102 Bale 10154
10138 105s Gras (Municipality) Els
Gt Brit & Irel(UK of) 548_1937 Ill A 10312 Sale 10338 10434 312
10012 105
10-year cony 545
1929 F A 11818 Sale 11818 11814 65
I. 819 10934
8812 14
c8638 87s cg(02
4% fund loan op 1960-1990 M
10434 10934
9912 24
5% War Loan £ opt. 1929.19471 D c9834 Sale c9839
107 10934
34
102 11018 Greater Prague(City)745_1952 M N 10534 Bale 10558 106
28
99
Greek Governments f see 78_1964 M N 98 Sale 98
29
86
Sinking fund sec 65_ .-1968 P A 8534 Sale 8512
9912 1054
10312 10312
10014 21
Haiti(Republic) a fas
1952 A 0 100 Sale 100
11
97
Hamburg (State)(is
1946 A 0 96 Sale 96
10434 15
Heidelberg(Germany)ext 734s50 3 J 104 1044 104
43
99
Hungarian Munic Loan 7511: 1945
1 98 Bale 974
9438 15
8102 ga
External f 7s____Sept 1 1946 J J 9328 Sale 9338
9912
8
8818 9114 Hungarian Land M Inst 74a '61 MN 9812 99 99
8834 9012 Hungary (Kingd of) a f 748_1944 F A 10114 Sale 10114 10112 52
88
97
9412 10038 Irish Free State extla. 51. 58_1960 MN 97 Sale 964
521
98
Italy (Kingdom of) ext'l 78_ _1951 J D 9712 Sale 97
9358 19
9434 17
954 94
9318 9834 Italian Cred Consortium 78 A1937 NI la 95
32
93
Exti sec a f 79 ser B
194700 El 9314 Sale 9278
96
94
9612 17
9212 9974 Italian Public Utility ext 7/1_1952 1J 9612 Sale 96
23
92
10118 102 904
9212 9812 Japanese Govt g loan 48-1931
30-year s f 6548
1954 F * 101 Sale 10034 1008 105
9212 964
1947 F A 100 Sale 9934 1003s 20
99 10078 Leipzig (Germany) e f 7s
98
Lower Austria (Prov) 748_1950
D 9714 98 98
10012 42,
99 10034 Lyons (City Of) 15-year 68_1934 M N 100 10014 100
99 10C34
10034 28
99 101.4 Marseilles(City of) 15 yr 69_1934 M N 100 Sale 100
2
29
29
27
30
987e 10112 Mexican Driest Asetng 448.1943
494 Jan'28
499 10034 Mexico(U E3) extl 5s of 1899 E'45.1
30
35
Assenting 5s of 1899
554 ill; 35
1945
9838 101
5
3412
344
Assenting 55 large
9834 10118
Assenting 4s 01 1904
2178 Sale 2112 22118 59
99 101
23
9413 9714
241z 24
Assenting 48 of 1910 large----2012 22
2112
224 57
Assenting 48 01 1910 small_ _
9014 9374
1
38
Treas 6301'13 assent(large)'33 1 -.1 38 Sale 38
9312 99
9812 99
344 Nov'28
Small
914 95
8644 9238 Milan (City. Italy) ext'l 6549 '52 A 0 90 Sale 90
17
102 10438 Montevideo (City of) 73_1952 J D 10134 Sale 10134 102
9612 28
1154 65
11012 22
42
106
106
101
128
108
86
106
5
113
1
10012
9814 26
10538 18
1054 38
9714 70
10014 56
34
6
68
64
7
BONDS
N. Y. STOCK EXCHANGE
Week Ended Dec. 7.
Lon
9518
115
110
10534
10014
10734
10534
113
10012
97
10412
105
9634
100
12
98
Cologne(City)Germany 6481950 M s 9734 Sale 9734
9034 40
0014 Sale 90
Colombia (Republic) 13a____1961 J
61
0
_1961
A
1928_
907a
9033
Sale
6301
9014
I
Externals
15
91
colombia lAitg Bank of 648.1947 A 0 88 Sale 86
9212 13
93
9134
Sinking fund 78 of 1926_ _1946 M N 92
46
97
92
Slaking fund 7s of 1927_-_1947 F A 9238 94
1952.3 D 9514 Sale 9434
967s 72
Copenhagen (City) 58
111
89
1953 M N 8858 Sale 884
25-yr g 4 4s
9512 13
Cordoba (City) exti a f 78__ _1957 F A 95 Sale 95
9
97
External e f 75 Nov 15 1937 M N 9612 9679 96
9912 100
994 100
7
Cordoba (Prov) Argentina 7.1942.3
43
96
,beta Rica (Repub) extl 71_1951 bd N 9534 Sale 95
3
S 10034 Sale 10034 10112
Cuba (Repub) 5/1 of 1904- _1944
External 5s 011914 ser A _ _1949 F A 1024 103 10218 Nov'28
2
9718
' External loan 414e ser C.1949 F A 974 9734 9718
10238 21
Sinking fund 5558-Jan 15 1953 J J 10214 Sale 102
Saws
Since
Jo. I
Netherlands /38(flat prices)__1972 311 S
30-year external Os
1954 A 0
New So Wales (State) ext 58 1957 F A
External a 1 5.5
Apr 1958 A 0
Norway 20-year extl 6e
1943 F A
20-year external 6/9
1944 F A
30-year external 68
1952 A 0
40-year a 1 54a
1965 J D
Externals 1 5s_ __Mar 15 1963 M S
Municipal Bank male f 58.1967 J D
Nuremberg (City) 820 619._ A952 F A
Oslo (City) 30-year s I 69._1955 IA N
1946 F A
Sinking fund 5545
1953 J D
Panama (Rep) extl 548
19011 D
Eat' sees f 61,48
Exti a 58 aet A ..May 15 1963 MN
Pernambuco (State of) ext. 75'47 M
Peru(Republic of)
Extl s f see 7548 (of 1926).1956 M
1959M 11
Extl 8 f sec 7s
19601 0
Nat Loan male f 61)
1961 A 0
S g 6s Interim rots
1940 A 0
Poland (Rep of) gold 68
Stabilization loan a I 78_1947 A 0
19501 J
Ext sink fund g 88
1961 J 0
Porto Alegre(City of)8s
Exti guar sink Id 734s....10601 J
Queensland (State) extl sf7,1941 A 0
1947 F A
25-year external 68
98 102
100 10212 Rio Grande do Sul exti a t Sa. 1946 A 0
1968 J D
Ext'l s f 6s temp
:10214
997
1966 Al N
Exti ef7o of 1926.
10338 109
98 10179 Rio de Janeiro 25-yr a 8s.. _1946 A 0
Ext1 s I 13358
1953 F A
105 10934
_ _1952 A 0
Rome (City) extl 648.
91314 103
Rotterdam (City) esti 68_1964 00 N
1953 1 J
97 1014 Saarbruecken (City) 68
86114 9334 Sao Paulo(City)s f 8s_ _Mar 1952 M N
1957 MN
Eat) f 64a of 1927
8613 9334
San Paulo (State) extl at 88_1936 J J
8834 96
1950 J J
External sec s 18s
External a 178 Water L'n_1956 M
10012 104
1968
J
Extl a 168 S int rots
9133 9734
Santa Fe(Prov. Arg.Rep.)75 1942 M S
911s 97
9238 97
Saxon State Mtg that 7s-1945 J D
Dec 1946 J D
8 F g 134a
9234 9412
9644 9944 Seine, Dept of (France)extl 7s'42 .1 J
Serbs, Croats &Slovenes 8s '62 M N
9644 101
1962 M N
91
95
Eat! sec 7s ser B
254 641
Solasons (City of) exti(0_1936 M N
Styria (Prov) extl 79
1946 F A
9934 102
Sweden 20-year 139
1939 J D
9514 91161 External loan 534,
1954 MN
J
8834 951.4 Swiss Conted'n 20-yr a I 8s_ 1940.3_
90
9512 Switzerland Govt ext 54E1_1946 A 0
86
9334 Tokyo City 59 loan 01 1912..1952 DA
ExtI f 648 guar
9134 98
1961 A 0
98
92
9434 101
Tolima (Dept of) eat) 7*. _ _ _1947 51 N
8754 8978 Trondhjem (City) 1st 548..1957 M N
Upper Austria (Prov) 75- -1945 J D
95 101
95 100
External s f 4/1__Junel5 1957 J D
97 10119 Uruguay (Republic) ext1 8e-1946 F A
196000 N
9413 9934
External e f 6s
994 105
Venetian Prey Mtg Bank 70_1952 A 0
1004 10314 Vienna (City of) extl Lf(Se._1952 M N
D
96 101
Yokohama(City) erg'
10112 10518
9
105 10534 105
10512
10014 Sale 10014 10034 36
56
9334 Sale 934
94
63
94
9312 Sale 9312
SI
103 Sale 10212 103
31
10212 Sale 10212 103
18
103 Sale 10214 103
10012 Sale 10038 10134 129
974 Sale 97
974 79
3
90
9114 9114
9114
9012 23
90 Sale I 89
10012 Sale 10012 10114 17
12
9934 Sale ' 9934 100
7
10238 Sale 10238 10238
102 1024 10218 Nov'28
9412 Sale 9412
9512 53
23
95 Sale 9434
96
10714
10212
9038
9014
8234
8814
9838
106
10114
Sale 10714
Sale 10212
Sale 90
Sale 90
8334' 83
Sale 8814
Sale 984
107 10612
Sale 10114
11039 11112 11058
10334 10412 104
10512 Sale 10512
9214 Sale 92
9812 Sale 984
1054 Sale 10512
9444 Sale £412
91 Sale 9038
103 Sale 10234
89 Sale 89
11512 Sale 115
98 Sale 96s
106 Sale 10534
106 Sale 106
101 Sale 9978
9234 Sale 924
9634 Sale 9634
99 Sale 99
9414
94
95
10514 Sale 10434
96 Sale 96
83 Sale 82
9834 Sale 984
9214 Sale 92
10212 Sale 10212
10412 Sale 104
11018 Sale 1094
10334 Sale 104
77
774 78
8812 Sale 8818
9212
9612
974
8712
108
9812
92
87
954
Sale
9714
99
911
Sale
Sale
Bale
Sale
Sale
Rano.
Macs
fan 1
•
Low
HI.
9312 100
89
924
108 119
108 1:2
110 11216
110 11111
103 1043
:
99
97
97 10074
95 1003,
9412 9911
9933 1024
103 1083e
10234 1054
10134 10414
10114 10411
10712 116
951e 10011
99 10213
9734 1111%
90
90
97 101
97 101
113 1197s
10511 111
10412 111
101 10614
1033s 106%
11232. 119
e8513 90144
4974 994
104% 10914
10014
844 92
98 102
9372 994
10104 1054
9412 102
9338 971,
971, 101
10014 10314
941, 9714
9014 1001,
94
997s
924 100
951a 10114
9072 944
1004 10514
99 10112
963s 109
99 1011,
99 1014
29
5734
4934 494
3338 4314
80
434
2112 8419
23
3279
2112 31
84
4672
8414 4612
90
9512
1004 105
1041, 109
100 10314
92 96
96
98
1014 10344
101 1041e
1014. 1034
9812 10212
98
94
9319
90
89
984
9934 103
9812 103
10114 10419
102 10414
97
93
937a 984
10738 62
31
103
9112 107
9114 326
8312 21
894 149
994 62
6
107
102
27
10318 107114
100 10:179
891, 94
9119
90
8012 87
8714 91%
7
97% 101,
1041, 109
1001, 10614
11112 11
7
104
18
107
9212 64
9834 41
10712 22
9512 73
181
91
18
103
3
89
9
11512
47
98
15
106
15
107
71
10114
9312 49
9812 53'
9912 12
3
95
130
106
55
98
8412 119
9834 84
9212 21
10234 35
10434 36
1104 36
10434 83
11
78
47
89
11019 11579
10398 iOUIj
1064 10814
92
9419
974 10019
10539 11014
9811 9714
4038 9014
10214 100
89
98
1124 180
9612 10014
105 10812
106 10972
994 10414
9214 99
9434 10014
98
991e
94
964
10314 10034
96 1011e
85
82
98 102
92
97
102 105
1024 10511
10912 11512
1014 1054
7612 84
874 95
9212
9312 11
9778 Nov'28
9712
0712 11
874
23
8812
60
108
109
9834 104
9734
8
93
92
8712 65
87
954
9634 69
9212
9434
9634
86
1074
9104
90
87
94
974
994
9914
904
1104
100
934
89
100
3219
New York Bond Record-Continued-Page 2
91
BONDS
Y. STOCK EXCHANGE.
Week Ended Dec. 7.
0
Price
Friday,
Dec. 7.
Week's
Range or
Lass Sale.
in
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Dec. 7.
a.
Selde
Pridaa.
Dec. 7.
Week's
Range or
Lan Sale.
Rasp
Mope
Jan. L
Hie
High No. Low
4
Ls.
1804
Hisb No. Low
Rid
Ask Low
MO Chic Milw & St P (Concluded)9278 98%
9734 197
fen 4%sseries E__ _ May 191193 ./ 9534 Sale 95%
Railroad
71
7374
eb'18
71%
19263 D
Debentures 45
D 10314__ 10434 10434
5 103,2 108%
&la Gt aou 1st cons A 5a----1943
92,
4 9812
96 sag
1975 F A 9414 Sale 94
92% 96
Chic Milw St P & Pac 58_
25
94
412 94
lat CODS 4a ser a
1943 3D 9312 -9.
79%
1137
61%
783
4
Jan
1
7614
2000
A
0
7614
Sale
84
Cony
ad.'
*
0
5s
9112
__.1048
8778 87 Nov'28
alb & Susq lst guar 3
7512 86
7
80%
89
9538 Chic & N'west gen g 3%5-1987 M N 7978 8078 79%
8918 Nov'28 -87
allele & West let g gu 4s___ _1998 AO 81
_
7474 845a
7712 Oct'28
92% 09
Registered
935 Nov'28 &Reg Val gen guar g 45
1942 161
9412 97
98
22
89
92
90
MN
90
Sale
1987
7518
General 48
8412
6
78
78
Ann Arbor 1st g 4s ...July 1995 Q J 7912 82
94
94
94 Apr'28
91% 99
Q F
Registered
ate)) Top & S Fe-Gen r 48.1995 AO 9234 Sale 9234
932 78
9614
89
9
9212
Stint 4s non-p Fed in tax '87 MN 991 9212 9212
90
963
.
*0
91
91
6
Registered
102
113
Oct'28
gm
945
2
10613 10618
Gen 4(o stpd Fed Inc tax_1987 MN
4diustment gold 4s- _July 1995 Nov 8818 Sale- 8734
8834
8
9 10434 117
10914
Gen 58 stpd Fed Inc tax__ _1987 MN -___ 109% 108
91
91%
Nov
Registered
9134 Jan'28 113 113
113 Mar'28
MN
87% 94
Registered
8918 15
atamped
July 1995 ▪ N 873 Sale 873g
100 102%
1879-1929 A0 16638 ____ 10082 Nov'28
Sinking fund 6s
8414 89
▪N
89
Oct'28
Registered
_ 10014 Oct'28
10014 10114
AO
88
94
Registered
1
Cony gold 48 of 1909
91
1955 3D 8834 _ _ 91
99 101%
1878-1929 AO 9912
9934 10
9978
Sinking fund be
88% de
9112 16
Cony 48 of 1905
1955 3D 91 Sale 91
100 1001;
100 May'28
AO
Registered
8812 90
Cony g 4s issue of 1910 _1960 3D 8812
91 Nov'28
9914 10314
9914
Nov'28
1933
N
Sinking
fund
deb
58
9014
Rocky Mtn Div lot 40._ 1965 J
Y414
9184 Sale 9134
9134
10012 1024
10012 Oct'28
MN
Registered
J 9114 95 9114 Nov'28
8614 96
_
Trans-Con Short L 1st 45.1958
20 102% 106%
1930 J D 10214 Sale 10274 103
10-year secured g 78
92 104%
Cal-Aria lot & ref 4148 A..1962 ▪ S 99 Sale 9878
9918 13
__ _1936 81 B 117 Sale 11012 11012 16 108% 11414
15-year secured g 6
Atl Knoxv & Nor let g 58 .1946 3D
___ 105 Sept'28 -- 105 107%
12 10418 11C
106
May 2037 J D 10518 111 106
let ref g 5s
9678 100%
.1 1039914 9912 99 Nov'28 itl & Charl A L 1st 4 %8 A _ _1944
9558 19611
9
9914
9774 9874
May 2037 I D _
1st &ref 4508
102 10714
J 103% 104 10418 Nov'28
let 30-year 58 series 13.....1944
88% 96
23
90
Chic R I & P Railway gen 4s 1988 J J 891s 9034 89%
87% 94
viantic City lot cons 45_ _ ..1951 • J 87
91
8718 Oct'28 - 921s
88
Oct'28
88
▪ 1
91
Al Coast Line lot 0008 46July'52 M
Registered
9834
37
93 Sale 9114
93
9314 96%
957s 172
1934 * 0 -iiL" dile" 9478
Refunding gold 48
93
MS
Registered
9738
93 Aug'28 93
9514
93 Sept'28
AG
Registered
96 104
General unified 434s
1964 3D 9712 Sale 9713
9712 33
-- 9274 94% 75 91 9734
1952 M S 9 4Sale
Secured 4%8 seriesA
8814 9134
I. & N coil gold 4s_ ___Oct 1952 MN 9038 913 92% Nov'28 ---87%
8774
Nov'28
92
34
•
D
88%
9112
Div
48.1951
0
Mem
ii
Ch
St
L
&
N
7414
85
oti & Day 1st g 48
75% Sale 7518
7674
9
1948
10518 10812
June 15 1961 • D 10518 - 10518 Nov'28
Gold 55
6514 76%
2d 4s
68
67
67
5
1948 3, 66
1051s 107
107 Apr'28
•D
Reglatered
8318 92S
at!& Yad lst g guar 4s
1949 *0 8618 Sale 8618
8874
6
8412 Jan'27
June 15 1951 ▪ D
Gold 3155
97 102%
tuntin & NW 1st gu g 58_ _1941• J 10014 10012 10278 Nov'28
143,
-- 100 Nov'28
Ch at LAP
cons g 58--__1932 A 0 10014
10178 10178
101% June'28
A0
Registered
91
Salt & Ohio lot g 4s_ _ _July 1948 A 0 927 Sale 9218
97
9312 45
98 10378
8918 2134 Chic St PM &()cons 68____1930 J D 10038 Sale 10012 10074 12
Registered
July 1948 Q
8912
8912
1
96% 98
9812 Nov'28
96% 101
Cons66 reduced to 3%s__ _1930 ▪ D 97
40-year cony 4%s
1933 M S 988 Sale 9814
9834 94
97% 10012
1930 IR 5 991.1-0018 99 Nov'28
IA
Debenture be
98 100%
Registered
98 June'28
98% 100
al 13 991
-- 99 Nov'28
Stamped
Refund & gen bs series A._1995 J D 10034 Sale 10034 10212 83 100 106
9678 103%
Chic T H & So East lot Ea__1980 J D 9912 11014 9912 10014 10
101 101
D
Registered
101 Sept'28
91
9870
92% 29
Dec 1 1960 MS 91 Sale 91
Inc gu 5s
let gold be
July 1948 A 0 Hi" fide 103
10458 66 103 110
SIN 1021*
Chic 1111 SUM 1st gu 4148 A-1963 I J 99 10018 99% 10014 22
1995 3 D 10918 Sale lO91e
Ref&gen600erteeO
10974 98 106% 112
J 1043s 105 10414 Nov'28 _ _ 108 107
1963
91
lot 58 series B
16
PLE&W Va Sys ref 401_1941 MN 94
9712
9534 9414
948
10134
4 101 1051944 .1 0 10118 Sale 101
Guaranteed g 53
17 101% 10718
Bouthw Div lot 5s_ _ -1950 J
10312 Sale 10338 1033
115
11 114 '1194
1983 3, 114 11512 115
Tol & Cln Div lot ref 45 A_1959 3 .1 8514 Sale 85
1st guar 6%s series C
82% 91%
9
86
_ 101% 105%
Sept'28
1024
an
8718
1932
Q
M
84;
Dec
gen
100
1051.
Ref&gensoserle.D
2000M S 101 Bale 101
Chic & West Ind
17
1021
8434 OP.
8812 98
877g Sale 8718
1952 J
Consol 50-year 40
99 104%
Bangor & Aroostook let 58..1943 J J 101
9914 104
____ 99
36 10218 105,2
1962 M S 10212 Bale 10212 105
Coors? 4s
4
19513 J 85% Sale 8518
let ref 5,558er A
8514
83% 9384
104%
107%
104%
1
8
8
____
1047
1047
N
Battle Crk & Stur lot gu 35_1989 1 D 62 ____ 6812 Feb'28
Choc Okla & Gulf cons Ss__ _1952 141
6812 79
95% 100
98
1
9612 96
98
1937.5
Beech Creek let gu g 4s
1936
J 95
9612 98
1 95 98 Cin H & D 2d gold 4%s
96
9612 98%
96%
4
94
Registered
J .1
95 Aug'28
C I St L & C 1st g 45..Aug 2 1936 Q F 9512 _ _ _ 9512
97
9714 97/4
_
9714 Oct'28
2d guar g 56
Aug 2 1936 Q F
97
19363 J
97 June'28
Registered
97
87
93%
9018 Nov'28
Beech Crk Ext
g 3;45._..1951 A 0 991 ____ 82 Aug'28
82
8218 CM Leb & Nor Ist con HU 45 1942 MN "56"
Belvidere Del cons gu 3%6_1943 J J 86
Big Sandy let 4s guar
Clearfield & Mah lot gu 5 19431 3 9912- 100 July'28 _ _ _ 100 100
9112 95
1944.5 D 91
9412 9314 Nov'28
8888 9711
GO
Bolivia Sty let 5s_
Cleve Cth Ch & St L gen 411-1
3 89% 1312
..1927 J J
199
33
11 0
97% 100.
1
90
0
6
3
99
Boston & Maine 1st 5a A C_1967 M S 9734 Bale 9734
9914 99% 10
20-year deb 4I45
9734 9912
99
64
112
2 los% 116
112
1993
D 112
80etOn & N Y Air Line 1st 4211955 F A 80
General 50 Series B
7978 88
12
81
81
81
10012 40 100 108
194
21
91
3 1
3 10018 Sale 10018
Bruns & West let gu g 45 1938 3 J 9312 96
94
Ref dr Inapt 62series A
9778
94
94
2
10314 10811
1041410434 10434 Nov'28 _
Buff Rocb & Pitts gen g 55-1937 M S 9918 10012 10012 10012
2 100 106%
98% 1051;
10434 17
19633 j 10234 10478 103
Conso14%s
19S7 MN 94 Sale 9312
9O12 9814
9412 26
95
96.
3
95 Nov'28
_
41
gold
8e
olrrC
Rorie R & Nor ist coil 58 1934 A 0 10014 10018 10014 Nov'28
C
ReRe
affirl
ivP16
18
5:
1 8e
4.1939 J
1001s 103%
oD
iimm
8518 9311
90
3
- 90
Cin W & M Div Mt g 45._1991 3 J 8718
8618 94%
90
5
Canada Sou cons gu 58 A
-- 90
1962 A 0 1087 10718 10874 10678 15 105 11078
St L Div 1st coll tr g g 46_ _1990 MN 91
96
9712
93 1818 9634 Mar'28
9612 10214
Canadian Nat 4(4u.Sept 15 1954 M S 9714 Sale 9612
Spr & Col Div 1st g 4s1940 M
9714 56
90
9612
Oct'28 _ _ _ _
5-year gold &K1-Feb 15 1930 F A 9938 Sale 9918
90
91%
W W Val Div 1st g 48___ _1940 J
97% 101
9934 94
96% 10078
9812
99
16
98
9614 10215
20-year gold 4%s
9712 195
Ref & lmpt 4%s ser E___ _1977 J J
19573 J 97 Sale 9614
19341
Canadian North deb f 7s_ _1940 1
ioi 10538 109 Nov'28 _ 106 109
000&Igenconsg8s
11178 Sale 111158
11238
5 11014 117
_ _ 10018 10474
25-year f deb 6%s_ _ .. _1946 .1 J 11718 118 11714
11712
9 11518 123
Clay Lor & W con 1st g 58-1933 A 0 10078 102 10014 Nov'28
100 10112
100
Oct'28
10-yr gold 4%.._ _Feb 15 1935 F A 9714 98 98
100
9678 10314 Cleve & Mahon Val g St..._1938 J
98
10
Canadian Pao Sty 4% deb stock__ J J 87 Sale 87
97% 9311
9714 Nov'28
1935 MN
85% 92
Cl & Mar let gu g 4%s
88
64
01
83
Col tr 4%s
548 Mar'28
1 10174 101%
942 1
96 10114 Clse
9915 _ _ - 10
A
1946 M S 97 Sale 9838
evr
sedieses
e& F E
i
naegu 4%5 ser B_ 194
9912 32
9512 9514
Garb & Shaw let gold 45_ __ _1932 al S 93
99% 100
100 Noy'27
100
9518 Nov'28
98
Caro Cent 1st cons g 4s
9014 91
C/p
er
t:2
1948 M N 9012 9
89
1% A
28 ::::
80
90%
80% Nov'28
19493 J 8078 82
Oar° Clinch &0lst 30-yr 56_1938 J D 10114 102 10114
89% 8978
1910 F
6 100 105%
89%10114
Series D 348
1st & con g 6s tier A_Dee 15 52 J D 109 Sale 108
99 106%
100
1
3 107 109% Cleve Shor Line 1st gu 4%6.1961 A 0 100 gide 100
109
Cart & Ad 1st frU g 4e
10314 11011
38
9075 95
9078 Nov'28
19813 D 85
Cleve Union Tema let 5%8_1972 A 0 10714 109
91
107 107
Cent Branch U P let g 4a_.1948.5 D 82
Oct'28
107
79
_
A 0
90
87
82 Nov'28
Registered
Central of Ga lot g 55_Nov 1945 F A 1041/ ____ 10612 10612
1977
3 A 0 10454 Sale 104% 10514 17 19074.10714
5 105 108,;
lat8151.ser B
Consol gold 58
99 100%
10014
3 100 10714
6
lot f guar 4%slier0
194558 N 10218 10312 10274 10274
9912 100% 100
Registered
10074 Aug'28
_ 10074 10414
MN
10-year secured St. june 1929 J D 10018 Sale 100
9
'
9
2%
8 _1
19451 D 9112 -- 99
222 Nov
_0
_3
_
10014 32
99% 10214 Coal River Ry 1st gu 4s
91% 19
001340
Ref & gen 5406 8eries B1959 A 0 10614 Sale 10578 10614 25 106 108% Colorado & South lst g 4s_.1929 F A 9974 Sale
Ref & gen 56 series C
9518 100
9712 14
Refunding & eaten 4%s_ _1935 MN 9714 Sale 9714
10212 105
1959 A 0 103 Sale 10314 Nov'28
Chatt Div pur money g 46_1951 J D 87
91% 9.3%
93
9134
1948 A 0 *91
93% 9512 Col & II V 1st ext g 46
9134
2
9374 9312 June'28 _ _
Mao & Nor Dly 1st g 58_ _1946 J
91
95%
9212 Nov'28 _
1955 F A 9112 94
_ 102 109
Oct'28
Col& Tol 1st ext 45
101 106 102
Mid Ga & Atl dly pur m fo 1947 J J
90
90
_ 103% 103% Conn & Passum Riv let 48_ _1943 A 0 88
SO May'28
93
__ *103 10318 Apr'28
Mobile Div let g 5s
95% 9618
1930 F A
105
1 103 10678 Consol Ry deb 48
18443 J 105___.105
- 951 Nov'28 ____
Cent New Eng let gu 48
__
75
1954 3 J 95747612
- - 764 Nov'28
Non-conv 48
8311 88%
85%
1
1961 .1 J 8312 8514 85%
Central Oblo reorg 1st 4%B....1930 M S 9814 9912 98%
_
72
2's 86
821
1
98 100%
2
Non-cony deb 45_-J&J 19551 1 76% 7712 7614 Nov'28
9814
Cent RR & 13kg of Ga coil bs 1937 II N --_ 100 10014 Nov'28
11
76
3
8
354
_
76 Nov'28
99% 10212
Non-cony deb 4s_ _A&O 1955 A 0 7574
Oentral of N J gen gold 55-1987 I J 11112 1121 113
_
11312
5 10814 119%
Non-cony debenture 4s. 19561 J 75 -83-3-4 7614 Nov'28
Registered
94
9814
19423 D 94% Sale 9414
10714 11818 Cuba Nor Ry lst 5%s
95% IS
1987 Q J 110 112 112 Nov'28
General 48
96% 10014
9778 20
9378 99 Cuba RR la 50-year M 2-- A952 J 3 9714 Sale 97
1987 J J 9334 9714 9434 Nov'28
Cent Pac lot ref gu g 48
89% 9612
1949F A 911 Sale 911
2 10512 110
19363 D 10634 10712 10674 1067o
92
56
let ref 710sser A
Registered
19363 D 9812 99 97% Oct'28
F A
96% 10114
88
88 Sept'28
94
1st lien & ref 6s ser 13
9914 99
99
2
Mtgegargoid3%a_.Aug1929J D 99
99
9914
Through Short L 1st gu 45_1954 A 0 9134 9438 9134 Nov'28
97% 10011
__
9734 9812 Nov'28
91% 9514 Day & Mich lot cons 4IM 1931 1 .1 97
Guaranteed g 5a
90% 9634
N 9312 Sale 94
1960 F A 10234 Sale 102% 10378 74 10012 105% Del & Hudson 1st & ref 4s__ _ 19
94
33
5 IA
A 0
9478 87
100 10334
101 10112 101 Nov'28
30-year cony 55
Olutrleeton & Swirl% let 70 1936 J J 11318 ___ 1193s Aug'28
1937 IA N 10434 Sale 10412 10434
15-year 5803
3 103 107
Ghee & Ohio fund & imp; 56_1929 J 1 992 997 9938 Nov'28
19303 D 103 Sale 103
"oil 1114 10-year secured 75
103
9 102% 107
let consol gold 5s
193981 N 10334 Sale 10334 104
3 102 107% D RR & Ridge lst gu g 45_1936 F A
96% 9814
9614 Aug'28
__
9438
Registered
1939 81 N
103 July'28
103 106
8714 M
Den & R G 1st cons g 48-1936 J
9114 Sale 911
9138 76
General gold 4%s_ _.
199281 13 9978 Sale 9834
9234 987.
97% 105
9934 35
Cool gold 4145
19361
9312 96
9312 Nov'28
Registered
81 B
87
9634 July'28 ____
97
9634 10214 Den & P.O West gen 5s_Aug 1965 MR
9412 Sale 94
9512 170
00-year cony 4%a
1930 F A 9912 Sale 9934 100
98% 101%
39
95
Ref & impt 50 ser B Apr 1978 MN
9312 938 94
sa 9114 95
Craig Valley lot 58.-May 1 '40
9974 102% Des M & Ft D Mt gu 48
J 9934 ___ 9934 Nov'28
2715 35
Oct'28
19351 J 27
35
28
Potts Creek Branch 101 40.19463
9034 Sept'28
26
32%
Temporary ars of deposit_ _
90
9312
2812 2714 27 Nov'28
R&ADlvletcong4s.,.__l9893 J -_-- 8912 9112 Nov'28
102/
1
4 10214
10214 Feb'28
87% 95% Dee PlaMes Val let gen 4%8_1947 /di
2d come!gold 43
19893 J
918 921s July'28
76
82
19953 D 7614 80
9112 9284 Det & mac 1st lien g 48
76 Nov'28 _ _
Warm Springy V 1s1 g 56_1941 IPA 8 19
19
09078 _2
_9
_5.
5 100 10212
00
958 SaleS e 19
09014
70
St,
1995.5 D
_ _ 7513 7514 July'28 __ _
Gold 49
(Rump Corp cony 58 May15 194781 N
97 103
7
9614 lOotis Detroit River Tunnel 4%9_1961 MN 971 10018 984
9918
Chic & Alton RR ref g 35_1949 A 0 7014 72
7012 Nov'28
10312 108%
64% 74
_ 10312 Aug'28
Dui Missabe & Nor gen 5s_ _1941 J J
CU dep stpd Cot 1928 int.....
70% Nov'28
7014 _
99% 10812
61/
7315 Dul & Iron Range 1st 55_ _ _1937 A 0 10034 11112 10112 Nov'28
_
kotlway first Hen 340___1950 .1- -.0 67
6978 66
66
1
5878 72%
10012 May'28
_ 10018 10272
Registered
A 0
Certificates of deposit
6412 74
66 Nov'28
59
8118 40
7112 Dul Sou Shore & Atl g 55_ _ _1937 J 1 - _
_
.8534 87 Nov'28
Chile Burl & Q-111 Div 3%5 1949 I J 8714 Sale 8734
8734
9
95
96
85% 9118 East Ry Minn Nor Div let 48'48 A 0 9012_
9578 July'28 ___
I J
Registered
_ 8512
8512
5
8518 9014 East T Va & Ga Div g bs____1930
99 10614
9958 1603
;100
100
2
Illinois Division 48
1949 .1
-15212 131-4 9234
93
2
92% 0874
1956 M N 10534 108 10534 10534
Cons 1st gold 5s
5 10314 110%
General 46
1958 IS
93 Bale 9334
9334
88
4
9912 106%
9874 Elgin Joliet & East Iota 56_1941 hl N 102 105 10312 10312
1
Registered
9314 Sept'28
fd
9314 9378 El Paso & W 1st 5s
104% 10974
1965 A
110 10478 Nov'28
let & ref 4%56er B
1977 F A 9712 Sale 9712
9938 22
96% 102%
Igt di ref 59 scrim/8
1971 F A 107 Sale 107
107
12 l0418 11014 Erie lot come! gold 78 ext_ 19
1;.1 j
tt 103 Sale 103
93
90
53
103% 21 1021g 106%
tailcoat)& Emu Ill let Se.._1934 A 0 ____ 105 10578 Nov'28
_ _ 1031s 10718
8314 91
8514 Sale 8412
86
23
let cons g 4s prior
86
O & E Ill Sty (new co) con 55.1951 MN 8412 Sale 84
75
1996 J J
86
88
86
Jan'
82
281-00
Registered
Register
8314 93
_
Chle et Erie let gold 58
1982 M N 10674 109 10674 Nov'28
3 .31 7914 Sale 80
10318 11214
771g 86%
let cool gen lien g 45_-1996 1
Chicago Great West lot 46-1959 M S 6712 Sale 67%
66
6914 87
76
8714
/
N
c
0
v
2
8
7212
-Registered
Chic Ind ar Loulsv-Ref 6t..1947.5 .1 11418 11714 114
Oct'28
114 11814
10018,104
Penn coil trust gold 4s_ _195I F A 1064 Ili" 170(7838
10218 10412 103 Nov'28
1947
Refunding gold 50
102 106
81.38 89%
8578 25
50-year cony 48 aerie.. A_ _1953 A 0 8512 Sale 8518
92 ____ 92
92
1
Refunding 4s aeries 0-A947 .1
1953 A 0 841a 8534 8412
8814 92
8018 891s
86
25
Series B
1986 1111 N 10112 105 102
102
6 100 107,4
lit& gen 588er A
1953 A 0
8212 8818
85% 84%
8412, 9
Gen cony 48 series D
10674 10874 10774 108
1958 1
4 10774 11113
1st & gen Be ser
93
9612 Sale 952
9974
9714 241
Re/ & hunt 58
_
Chle Ind & Sou Sit-year 48_ 1958 J 1 9214 9218 92% Nov'28
11074 11238 111
111 I
1 110% 110
90
9612
Erie & Jersey lots 167- -1996557 M3
9918 Oct'28
99 10212
Chic L S & East 1st 448_ _ _1969 J D 997
111
2 110 118
Geneesee River 1st f 56_1957 .1 I 111 11212 111
8674 8812 875
88%
9
Oh M & Bt 11 gen g 4s A_May1989 J
8818 ____ 102 Feb'28 _ _ _ _ 102 102
85% 9312 Erie .4 Pitts gu g 3505 ser R.19403
82% Nov'28
Registered
Q J
.1 8818 9018 91 June'28
1940
82% 91%
9004 . 94
aeries C 3,
gs
May 1989 .1 J 76
761y 7678
76%
5
1954 M N 10312 Sale 10314
(+en g 8%5 ser B
7612 81% Est RR esti 5 f 78
1031
49 t0(164 104
9814 10
95 10414
flea 4%.;wiles 0.....Msy 19893 J 96 10212 9712
_ 100 May'28
100 101112
Registered
I
I
3220
II
.
3
BONDS
Y. STOCK EXCHANGE.
Week Ended Dec. 7.
New York Bond Record-Continued- Page 3
"etc,
Friday.
Dec. 7.
Bangs
Sines
Jan I.
eet's
Range or
Lou Sala
Ask Lore
99
9914
100
95
9812 96
8014 Sale 80
3734 39
3712
94
9614 9934
1055s 10714 10558
10334 Sale 104
_ 9978 10034
ion
_ 9934
975s 18.14 98
87
8918
89
97
9912 99
745s 7814 78
9612
9634
11234 Sale 11238
10612 Sale 106
98
N
Y
BONDS
STOCK EXCHANGE
Week Ended Dec. 7.
14
,
17
Plday,
Dec. 7.
C
gangs or
1.011 SCat
;
$28'
44
Range
Since
Jan. 1.
High NO. Giza
High
Ask Tot,
High
Hurl Ho L(41
leel
99 10218 Louisville & Nashville 5e____1937 PS N 102 10312 10312 10312
Oct'28
1 10012 106
98 103%
Unified gold 48
100
1
9314 9914
19403 .1 9424 Sale 9458
95
33
1
96 10112
96
Collateral trust gold 58_1931 hf N 10014 10114 10014
10114
4 100 1021*
0158
8118 109
80
10-year eec 7a_May 15 193081 N 102 10414 102
10312 31 10134 10512
37% 52
let refund 5148 seriesA2003 A 0 10512 10614 10714 10714
3812
7
2 1048 11028
98.8 9934
Apr'28 let Ar ref 5s series B
104
2 10078 109
104 Sale 104
10412 108%
Nov'28
let & ref 4548 series C2
29
0,13
32
99
99
9812 99
1
973, 10414
103% 107%
N 0& M 1st gold .3a
Nov'28
1930 2 .1 10014 ____ 101
101
1 100 1038
9914 102%
2d gold 6s
Oct'28
1930 1 1 10014 ____ 10014 10014
2 100 10214
99 101,
Nov'28
Paducah ds Mem Div 40_1946 F A 10014 ____ 9312 Oct'28
925s 9812
97 10058
St Louis Div 2d gold 33._1980 FA 13 66
Nov'28
6614 71
70
6614
6614
2
86 1015
Mob & Montg lat g 4428_1945 M 3 96
Nov'28
,
100 1027
__ 100 Sept'28
9878 1004
6
South Ry joint Monon4s .1952.1 J 884 Sale 8811
99
8678 9414
89
12
74% 79
Atl Knoxy & Cin Div 4s_ _1955 M N 9218 93
Nov'28 -.9314
6
9011 MS
9212
95%
101
Nov'28 -Loulsy CIEI & Lox Div g 44E1'31 MN 9812 9914 99
99
1
98 10014
Mahon Coal RR lat 56
113
31 111 117
_
9914 1034
19343 1 10012 __ 9912 Sept'28
10612 12 105 109% Manila RR (South Linea)48_1939 MN 74 Sale 74
74
11
697* 7914
997
98
1st ext 4e
Oct'28
75 Nov'28
1239 151 h
_
75
80
75
8214
Manitoba S W Coloniza'n 6s 19343 D 100 Sale 9934 100
2
99% 1011,
Great No- gen 70 series A-1938
11214 158 111 116
11218 Sale 112
Registered
11412 Apr'28 -- 11412 11487 Man G B & N W lat 34a1941 1 .1 88
_
89
88
89 88 July'28
1st dr ref 434(s series A---1961
95% 102. Mich Cent Dot & Bay City 58231 M 8 2912 Sale 9934 Nov'28
9614
2
9612 9712 9614
9918 102%
General 54i aeries B
Registered
10914 Sale 10834 109% 14 10518 11614
1004 1917
1952
Q 11 98 101 10034 Apr'28 __
General 58 series C
4 103 209
Mich Air Line 4s
10512
9112 9918
105 106 105
9112 Nov'28
1973
19403 J 9314 96
9612 10114
General 4}ill 6ertes D
98
20
.F .1
9634 Sale 9684
Registered
92% 92%
921 July'28
1976 .1
95% 101%
General 434s series E
let gold 343
9824 34
9712 Sale 9712
1952 MN 8512
87 Nov'28
1977
771* 8914
85
Rflby
Green Bay Jr West deb ctte A___ Feb 84
20-year debenture 45
Oct'28
85
1929 A 0 9912 --__ 9912
9958 252
9811 100
2214 30
2813
Debentures ctfa B
Feb 27 18
3
A 0
Registered
99
2812
99
99
Oct'28 ____
953,, 961r Mid of N J ist ext 56
Greenbrier Ry 1st gu 4s
9578 Mar'28 -1940 MN 9338
9212 9914
9414 9634 9428 Nov'28
Gulf Mob & Nor let 54s
4
) 9912 Sale 9912
l
.
t(
1950 * 0 10438 106 10438 10434 23 10018 1071 Milw L S & West irn
3F2S j
98% 1005e
4455(
P458
1
9912
2
1st M 5a series C
99
104
Mil
5
102
& Nor let ext
D 9414 98
_ love 102
880 934
1950 AO
9612 9914
9612 Nov'28
Gulf & El I let ref & ter g 58.51952 .1 .1 joi
Cone ext 4.4s (1884)__ _1934 J D 94
10834 10834
6 10712 10814
9412 9912
9778 9412 Oct'28
Hocking Val let cons g 441_1991 .1
97% 107, Mil Spar & N W 1st gu 48.__1947151 8 92
3
100
99 10014 100
9212 974
9234 9212
9212 10
Registered
- 10212 1041: milw & State Line let 3189-1941 3 3
10212 May'28
90
90
1999.1,
-- 90 Apr'28
, Minn & St Louis let cons 58_1934 M N 48
9712 1015
Housatonic Ry cone g 5e
9814 Nov'28
42
61
53 4814 Nov'28 _-_-_
1937 MN
9814 10418
& T C 1st g 5s int guar
Temp etre of deposit-1934 M N 471* 4814 47%
10214 10212
5
57
40
1937.1, 10214
4728 10
102 103%
Waco dc NW div let 6a__ _1930 MN 9812 11/164 102 May'28
let & refunding gold 48_1949 FA 8 15
9
14
23%
1514
1528 1458
10014
_ 9812 Nov'28 -98 1025s
Houston Belt & Term let 58_1937 .1
Ref dr ext 50-yr 58 ger 4_1962 Q F 1314 16
131 Nov'28 __
11% 21
10014
Houston E & W Tex let g 55A933
N 10014 102 10014 Nov'28 -10078
Certificates of deposit---------_
9914 20318 Milt P
lat guar 5a red
80&
888
i21
88
8 M eon g 4a int gn'38
87
as
89 Sale 88%
1933 MN 9634 96% 10014 Oct'28 -8-9
9634 10312
Hod & Manbat let Is ser A 1957
'
A 9634 Bale 9634
71
98
1938.1 / 94
95
12
934 1001,
9778 95
8414 95, let cons 58 gu as to int_ _ _1938 J J 9634 99
Adjustment income Is Feb 1957 * 0 8512 Bale 8414
8612 83
9
9618 101
99
9618
10-year ooll trust 64a__ _ _1931 M S 9933 Sale 9958 1001s 16
9958 103%
tUlaols Central let gold 4e.. 1951
1st A. ref 68 series A
95 Nov'28
94%
9114 99%
19411 1 1 101 10212 101 Nov'28
100 10314
25-year 53-48
95
95
95 May'28
Registered
'.1
4
91
9912 96
92
91
92
8034 16,12
tat gold 1148
87% Oct'28
lat Chicago Term e f 4s _11949
9518 9614
1 SI
MN
EI 9312 ____ 951e July'28 ___
-1951 .1.1 85%
84
8514 M181111221PP Central 1st 5a_ __ _1940 -1 2
J J
84 Nov'28
Registered
Oct'28 ____
98 100
99
Extended lit got-. 341-1951 0
Ms 8812 Mo Kan & Tex let gold 48_ _ _1990 1 0 8714 Bale 8714
8711 861 June'28
925,
85
88
5
Let gold 3r, sterling
74
76
74 Sept'28
Mo-K-T RR pr lien 58 ser A _1962 1 2 10034 Bale 10084 102
1951 ▪ B 9112
37
99 1041*
9112
9218
5
Collateral trust gold 48_1952 * 0 9214
40-year 4. seder, B
8814 96,
4
9112
1962 1 J 852 8614 8614
85
87
23
87
87
N
0011 99',
87
Oct'28
Prior lien 44s ser D
Registered
9518 83
1978 1 J 9384 9412 95
bat refunding le
9018 9812
Cum adjust 5s ser A Ja-n 1967 A 0 10428 Sale 104
93% 20
105
1955 MN 8324 9012 9212
51 13018 1091e
82
9018 Mo Pao 1st & ref 5a ser A_1966 F A 9938 Bale 9928 10078 30
Purchased linos 34s
87 Nov'28
1952ii 8912 91
983, 10378
.)
81
85
81 Nov'28 _
Registered
General 4s
7712 Sale 771
7614 8814
79
92
88% 04
Collateral trust gold 4e..„1953 MN 8938 Sale 89%
1st & ref 5eser F
8912 19
1001a 213
9912 Bale 99
98 10211
Registered
MN
9014 9014 Mo Pao 34 7e ext at 4% July 1119
9014 May'28
9214
9312
993
777
8
5 MM
MN
88 9214 95
2
9154 Ms
Refunding 56
103 11018 Mob&Blr prior lien g 5s_ _ _ _1945 J 1
101 103 Aug'28 _ 103 103
1955 M h 10028 111 10714 Nov'28
109.14sale 10934 110%
15-year secured 84s g
.
Small
J J 98 100 18
9 108% 1141
00
858 N
Au
ov
1936 .1
g:2
28
40-year 4148
98 10214
let m gold 4e
Aug 1 1966 FA 9958 Sale 99% 100% 106
1
J945 j :
..
Cairo Bridge gold 4s
8618 97..
9712 io
Small
8712
1950 J O 8918 95 8818 July'28
8712 88
82 92%
Litchfield Div let gold 34_1951'.1 76% ____ 7818 June'28
7814 8212 Mobile & Ohio gen gold 48..1938 .
_
92% 98
1 1 8 9358 9712 9334 Nov'28
Loulay Div & Term g 3Tfa 1953
5
80
91
8478
84%
Montgomery Div 1st g 58_1947 F A 100 -- -- 10434 Nov'28 ____
8414
99% 195%
Omaha Div let gold 3s
goat
75%
P
A 76
78
77% Nov'28
Ref & tmpt 44e
96% 12
98 Sale 96
9211 99%
1951
9t Louis Div & Term g 38_1951 3, 7418 82
72
8914
Mob & Mar let an gold 4a
92
90
76% Oct'28
8914
108
88
199
77
1 M S 89
84849" 1199:2877:s:
001d 3548
8014 51984 Mont C Ist gu 6a
Oct'28
84% Nov'28
1951 .1 1 83% 91
1937 3 11 107% 110 106
.1.1
Registered
7853 7853
7834 Nov'28
1st guar gold 5.
1937.1 1 10114 1028s 102 Nov'28 ____ 102 1044
Springfield Div let g 348_1951 .1.1 83%
88
Oct'27
Morris & Ewes. lat gu 314e 2000.
8014
1
1 IF 8018 82 8014
7954 83
Western Lines let g 4a___1951 P A
8018 9414
me Ili" 90
Oct'28
Registered
F A
A
90
Nash Chatt & Ss L 4s Ser A.1978
02
92 Apr'28
0213 Bale 9212
9211
2 10
150
1 10
74
Ill Central & Chic St L & N 0
A 10118 ___ 101 Sept'28
NFlaA3letgugls
1937
Joint let ref Is series A___1963 J
1
103 Sale 103
1734 ___- 18 July'28 ____
1004 15 10158 10814 Nat By of Mex or lien 4.48_1957
18
13
1st & ref 414aserC
96 101
23
97
July 1914 coupon on
1734 ____ 1834 July'28
1963 J O 9612 Sale 9612
18% 1814
Assent cash war rot No 4 on
14
1312 Sale 1312
27
12
21
Hid Bloom & West let ext 4&1940 A 0 91
91
921s
Guar 79-year f 45
91 Nov'28
8712 Aug'27
1977 A 0
9434 9412 Nov'28
Ind IIi&Iowaletg4s
91
97
j414 "
1950.1 1 92
Assent cash war rct No 5 0.13
17%
1912 ____ 17%
1
2-2
•
Ind & Louisville 1st gu 44_1956 J J
Nat RR Mex pr 1 4148 Oct 1926
88
92
Oct'28
89
89
3812 July'27
Ind Union Ry gen Is ear 4_1966 J .1 103
16 100 105
Assent mall war rut No 4 on
2112 ____ 22
103
103
225a
10
57.
-1
3
81-8;
Ta Gen & ref .54, series B
1011,104%
let CORSO] 4a
103
_
103 Nov'28
1951
2112 ____ 22 Apr'27
1965.1
ins & Grt Nor let 6s ser
23 104 108%
J .1 106 Sale 10414
Assent cash war ret No 400
106
12
12
11 Sale 11
9%
Adjustment 6s ear A July 1952 --9914 Naugatuck RR let g 128
85
9012 Sale 9012
Oct'28
8378 _--- 86
8
1954 M N
9114 36
0
Stamped
7712 7712 New England RR Cons 58_1945 I J 97 105
7712 Feb'28
9818 Oct'28
98 10214
94% 20178
let Ea scrim B
4
9814 98
1945
Consol guar 4s
97
8734 8714
9812
8734
3
8734 93
1958.1
95% 102
NJ June RR guar let 4s
1st g 5a aeries C
9
88
_-_- 8818 Nov'28 __
1986 FA
98
88 100
1968.1 .1 98 Sale 9712
Int Rye Cent Amer let 58_1972 M N 8412 Sale 82
81178 9212 NO&NE let ref & imp 44eA'52'.1 81% 8412 29
97%
9814 10
95 102
let coil tr 6% notes
2
9414 9978 New Orleans Term let 45_1953 Si 9678 98 90%
1941 MN 9438 Sale 9414
9414
9058
1
8812 9511
NO Texas & Mex n-c the 58_1935 * 0 100 Salo 9914
lat lien & ref 64a
91 100
1947 F A 9678 Bale 9678
9724 26
100
15
9512 102
towa Central let gold 5s---1938 J D 37
AO
52
995
38
let 58 series B
39
5912 Nov'28
1954
10012 Sale
10058 28
98 101%
Certificates of deposit
2
37% 49
let Is series C
3478 39
1956 P A 10018 10012 10078 10078
39
8 100 105
Refunding gold 48
10
19
let 44s series 13
96
96
1956 FA 95
1012 41
96
4
93 10078
1951 M S 1018 Sale 10
James Frank AL Clear 1st 4s 1959
8812 2873
1954 * 0 10412 Sale 1035
lit 548 aeries A
92 8934 Oct'28
91
10414 24 102 106
KaA&GRlatgug 5a
N & C Bdge on guar 448_1945 J
103 May'27
9814 98 964 Oct'28 ____
9614 100
1938.1 .1 100
Kan & M let gu g 48
1990 A 0 8612 -8E- 87 Nov'28
Ws -jai; NYBAMR 1st con g 58_1935 80 9954 9978 99% Nov'28
981,109
NY Cent RR cony deb 66_1935 MN 10714 Bale 10714
72 1058s 109%
108
K C Ft S & NT Ry ref g 48_1936 AO 94 Bale 9314
MN
9218 97
_ 107 Apr'28 ____ 107 107
Registered
17
94
99% 103%
KC&MR&B
Conaol 48 weles A
gu 58_1929 * 0 977s
_ 100
1998 P A
Oct'28
9228 30
92 Sale 9114
8928 9712
Kansas City Sou let gold 88_1950 * 0 7512 76
7258 7924
Ref &!mot 4 Sla aeries A...2013 * 0 99% 10012 9912 10012 91
5
75
76
9812 1041,
Ref & impt 56
97 10314
Ref & Mut 56 series C__ _ _2013 AO 10614 Sale 1061
22
9958 Sale 99
Apr 1950 .1
100
1071% 86 10412 11014
Kansas City Term let 4i____1960 J
AO
8812 9514
89% Bale 8914
106 Nov'28 -.... 106 10614
9012 41
Registered
Kentucky Central gold 48__ _1987 J J 9034
91
9612
2
91
91
Kentucky & Ind Term 4345_1961'.1 _ _ _ _ 9334 90 Sept'28
90
9612 N Y Cent & Hud Ray M 34e'97 i 11 8134 Sale 79
817e 17
79
8751
Stamped
Registered
1997 .1 J 7812 79% 80 Nov'28
904 965$
773, 851
9212 Oct'28
1961'.1
Plain
Debenture gold 4s
97
98%
1934 M
N N
97
1961 J J 95
9612 Sale 96
Oct'28
9654 46
93% 9914
Lake Etle & West let66e-1937'.1 99% Sale 99%
99% 10514
1
Registrd
9712 Apr'28
_
9718 9818
9978
2d gold 38
99% 1047s
1942.1 2 94 Sale 94
30-year debenture 4e
9912 102 10028 Nov'28
1941 .1
9428 17
9154 99
Lake Shr & M1ch El g 3348 1997 J O 8114 Bale 8112
79% 8711
Lake Shore ooll gold 35411-1999 F A
79 Sale 79
8154
80
6
7714 8618
Registered ______
J D 8012 _
8112 86
8112 July'28
7618 8278
7714 79 78 Nov'28 ___
25-year gold 48
MiN
ch
eglA
CL
97 100
1931 MN 9918 98.1-2 98
ere
t co
d II gold 34s-1
19
998
5 F A 7912 91
9714 Nov'28 ____
9812 21
78
87
99849914
Registered
MN
9984 Apr'28
77
7714 - - 78 Nov'28 ____
8314
Leh Val Harbor Term gu 55.1954 P A 104% Bale 104% 104%
2 103 107% N Y Negi
ClainreralL let g 48_-_19
A O
A
93
95
7F
9512 9612 9512
9218 9814
9512 14
Leh Val N Y let gu g 454e__1940.1,
99% 10212
1937 N
A N
Registered
O
1
9978
99%
9612 Feb'28
9618 9611
Lehigh Val (Pa) cons g 4&_2003 MN -384 Sale 8858
25-year debenture 4a
8634 93%
1931
9738 9818 977
8914 88
983, 15
9512 100%
Registered
91
MN
89
2d 63 aeries A B C
89 June'28
102 Bale 1013, 10218 26 1001s 1031*
General cons 44s
102%
9
6
/
4
2003 MN 9828 99
Refunding 5iis series A-19
7
9814
A O 10558 Sale 10518 107
97
34
1 MN
98%
69 106 10771
Registered
MN
95 10012
99 Nov.26
Refunding 54e series B_1975 .1 .1 10614 Sale 1063, 107
49 104/4 10714
NY Connect let gu 434a A--1953 F A
9812 9734
9812
4
951k 10318
Lehigh Val RR gen 58 seriss_2003 M N
10418 11114
1st guar 5s series B
10478 1047s
100 104 10018 Nov'28
10018 10514
10014 10714 NY & Erie let ext gold 4s__ _1
Leh V Term Ry lrt gn g 55-1941 A 0
103% Nov'28
M N
A
47 F
1953
9114 ___- 917 Nov'28 ____
917 9211
A 0
Registered
10373 10373
3d ext gold 44e
10378 Feb'28
9912 100
9912 10018
9912 Nov'28 ___
Lab & N Y let guar gold 4s__1945 M S
87
92%
4th ext gold 5a
90 00.'28
99 100 99 Nov'28 _. 99 10014
Lex & East let 50-yr 5a gu_1965 A 0
105 115% NY & Greenw L gu g Se__1
109
109
36
3
9 MA
WI N
011 9528 99 96
119
9
94
94 100
064
2
Little Miami gen 41 Ber AI962 M N 92% _ 90 Nov'28
88
9612 N Y* Harlem gold 3)48
871,
2900 m N
83
83
83 Nov'28 .___
80
Long Dock consol g 88
1935 A 0 10412 los - 105 Nov'28
10413 10912
Registered
Al N 7832
8518 Apr'28
8512 We
100 10311 N Y Lack & W lat & ref gu 581973 MN 10012 ____ 80 Jtily'27
Long Isid 1st con gold 5sJuly 1931 (2 J mole 101 102% Oct'28
lit coma!gold 48_-July 1931 Q J 9612 9713 9612 Nov'28
11412 99%
First .Jr ref gu 4 48 con_ _ _1973 MN 100
1
.
09
.
Oct'28
_
100
1938.1 D 92
92
9612 NYLE&Wist7aext
General gold 411
2
93 92
92
1930M1
104 Feb'27 _ _
1932.1 D 9612
Gold 48
92 10012 N Y &Jersey ist 5s
96 Nov'28
8 100
1932 F A 10014 f66410014 loose se
1949 M S 87% 93% 88 Nov'28
Unified gold 45
87% 93% N Y & N E Bost Term 4s__ _1939 A 0
90 Nov'27
1934.1 D 98
3
9714 10014 N Y N II & It n-c deb 4s_ _ _1947 M S 8514 Sale 8514
Debenture gold 5s
99% 99
99
8514 10 -8212 90
1937 MI N 98% 9913 9912
2
97 10112
80-year p m deb 5/3
:
811
1:84
14
Non-cony debenture 348_1947 M 8 7353 81% 8154 Nov'28 _ .
9912
3
9
73
88 ,8
3
90
Guar SI)13 lit con gu 53 Oct'32 M S 90 Sale 90
90
9414
Non-cony debenture 3)48.1954 A 0 74 Sale 74
99 102
_ 9924 Nov'28
Nor 821 B let con gn 5e_Oct'32 Q 3 9914
7851 ash
Non-cony debenture 4a__ _1955 .1 1 84% Sale 8312
84% 15
Lae & Jeff Brige Co gd g 45.._1945 M 8 8918 1412 8978
5
8714 9412
8978
_10
79
01
804
,
Non-conv debenture 4a._ _1956 al N 8312 sale 331
-17 11154 119,,
Cony debenture 314e
16
6 Nov'28 _1
7528 7
19563 .1
16,72
Cony debenture 68
1948.1 .1 116 Sale 1
111 Nov'28
Registered
1 I
51 17
024
3 184
03
27/
Collateral trust es
1940 A 0 104i4 gale 10414 los
7612 71
Debenture 4,4
1957 M N 7612 Sale 751.4
610
9112 209
8T94
933
5
:
let & ref 4 4a tier of 1927_ _1967 .1 0 9058 Sale 8924
2
9012
garIPm RI- ^I. ellen let 4s 1054141 N 9012 Sale 9012
84.6
Fla Cent & Penn let ext g 58_1930 .1.1
let consol gold 58
1943 J J
Florida East Coast let 448_1959 ID
1st & ref 58 aeries A
1974 M
Fonda Johns & Glov let 44111952 MN
Fort St U D Co 1st g 44a-1941 J J
Ft WA Den C let g 548
1991 J O
Pram Elk & Mo Val let 8a
11133 * 0
MN
GH&SAM&P lirt
2d extens 56 guar
1931 ii
Gal, Hous & Rend let 5e1933*0
Ga* Ala Ry let cone 58 Oct 1945 .7 .1
Ga Caro & Nor let gu g 58.-1929.1,
Georgia Midland let 38
1946 * 0
Or R & I est
gu g 448-1941 Ii
Grand Trunk of Can deb 66_1940 * 0
15-yeare a f Bs
1936 MS
Grays Point Tern' let 5.9
1947 J O
8
_
b Due Feb. 1.
221.
New York Bond Record—Continued—Page 4
BONDS
K. Y.STOCK EXCUANGE
Week Ended Dec. 7.
4k°
Pries
Frsday,
Dec. 7.
Bid
NYO&W ref let g 4s_June 1992 MS 7534
Reg 35.000 only June 1992 MS
General 4,3
1955 3D 69
NIY Providence & Boston 4s 1942 *0 8878
AO
Registered
Y & Putnam let con gu 4s 1933 AO 8912
N Y Susq & West let ref 56_1937'a 8312
2d gold 431a
1937 PA
General gold 58
1940 FA 70
Terminal let gold bs
1943 MN 65
N Y W-ches& B let e'er T 434s '46 J
84
Nord Ry ext'l 61634s
1950 AO 103
Norfolk South let.4 ref A 56_1981 PA
90
Norfolk de South let gold 56_1941 MN 10012
Weere
Range or
Last Sale.
di)
Sale
_
Sale
----
Low
75%
7612
6812
87%
8934
9212 8912
89% 9012
8434 84%
Sale 70
7218 10112
Sale 8334
Sale 10212
9114 9114
100%
a1 40
Mos No, Low
High
72; 8(14
75% 10
_
7611 78
Apr'28
8714 80;
70
9
87; 95
Oct'28
8984 89;
Jan'28
88
965
Nov'28
8014 9212
Nov'28
77
Nov'28
8434
68
7278 14
80,99 102,
Nov'28
8312 92
86% 73
54 100 10:',14
103
4
90
9178
97
9812 103
2
10058
Norfolk & West gen gold 661931 MN
Improvement & ext 66__ _ _1934 PA
New River let gold Ss
1932 *0
N & W Ry let cons g 46 __ADM AO
Registered
1996 AO
Div'l let lien & gen g 48_ _1944 J
10-yr cony 68
1929 MS
Pocab C & C joint 43
1941 3D
North Cent gen & ref bs A_ _ .1974 M
Gen & ref 4348 ser A stpd _1975 MS
North Ohio let guar g bs
A0
North Pacific prior lien 411.._ _1997 Q J
• Registered
1997 Q
Gen lien ry &RI gt 36_Jan 2047 @ F
Registered
Jan 2047 Q F
Ref & lmpt 4345 series A _ _2047
Ref 5,impt 6$ series B___2047 J J
Ref & impt ba series C._.2047 J J
Ref& lmpt 5a series D.._ _ _2047 J J
Nor Pac Term Co let g 69.... _1933'3
Nor Ry of Calif guar g ba____1938 AO
101% 10518 10234 Oct'28
10438
10434 ---- 10438
10312
_ 10318 Nov'28
92 Sale 92
93
9118 Nov'28
9314
93 Sale 93
184 Nov'28
9212 94
9238
9234
107% _ _ _ 108 Aug'28
_ _ 10034 Oct'28
96
9412-9712 97
97
9058 Sale 90
9114
8834 Sale 88%
8834
67% Sale 6612
6734
6413 - _
6412
6412
95% 9978
- 100 Nov'28
11312
113% Sale 113
10518
105 10618 105%
105 107 106 Nov'28
1093
- - 10934 Nov'28
10214105T38 107 June'28
North Wisconsin let 66_._ _. 1930
3
Og & L Cham let gu g 45__ _ _1948 J
Ohio Connecting Ry lot 48_ _1943 MS
Ohio Riv4r RR Ist g ba
D
1936
General gold 58
1937 *0
Oregon RR & Nav con g 4a_ _1946
D
Ore Short Line let cons g 56_1946 3'
Guar atixi cons bs
J
1948
Guar refunding 4,s
1929 3D
Oregon-Wash let & ref 4s_ _1961'3
Pacific Coast Co let g 5s_ _ _ _1946 ID
Pao RR of Mo 1st eat g 46_1938 FA
2d extended gold ba
1938 3,
Paducah & Ills 1st s f 4348._ _1955 J
Parts-Lyons-Med RR extl 66_1958 FA
Sinking fund external 7,3_ _1958 MS
Paris-Orleans RR 61 79
1954 MS
External sinking fund 5ha 1968 MS
Paullata Ry let & ref at 7a
1942 M
99% 10014 99 Sept'28
8218 Nov'28
81
85
9538 Nov'27
104 Apr'28
99
_ _ _ 101
Oct'28
3
9212
99%9212 9314 9212
4
10612 Sale 10612 108
10612
10612 10612 122
115
9812 Sale 9812
99
42
8734 Sale 87%
89
70
7814 7814 Nov'28
2
9312
9312
9312 96
97% 100 100 Nov'28 - 100 10018 Oct'28
9934 92
9912 Sale 99%
10414 20
104 10414 10378
10314 105 10234 Oct'28
9514 25
94% Sale 9458
4
10312
103 Sale 103
Pennsylvania RR cons g 48..1943 MN
Consol gold 4s
1948 MN
4a steel stPd dollar_ May 1194)4 MN
Consolidated s f 434a
1960 FA
General 434s series A_. _ _1965 J
General ba series B
1968 3D
10-year secured 76
1930 A0
I5-year secured 6346
1938 PA
Registered
FA
40-year secured gold 56_1964 M
Pa Co gu 334seoll tr A reg._ _1937 MS
Guar 314s coil trust ser 13.1941 PA
Guar 3346 trust etta C._.A942 3D
Guar 3346 trust etre D._ _ _1944 3D
Guar 15-25-year gold 4s___1931 A0
Guar 4s ser E trust ans._ _1952 MN
Secured gold 404s
1963 MN
Pa Ohio & Det let & ref 4348A'77 *0
Peoria & Eastern 1st eons 48_1940 AI 0
Income 4s
April 1990 Apr
Peoria 5r Pekin Un let 5348., _1974 FA
Pere Marquette 1st ser A ba_1956 J
let 45series 13
1956 J
____
93
9318
10212
99
10634
10312
11012
Mile Bait & Wash let g 49_ _1943 MN
General 5s series B
1974 PA
Ry let 30-yr if 481937 .1
Pine Creek registered let 66_1932 ID
"CC,4StLgu434aA
1940 AO
Pollee B 34s guar
1942 *0
Series C 4146 guar
1942 M N
Series; D 46 guar
1945 MN
Series E 3348 guar gold _ _1949 VA
Series F 45 guar gold
1953 ID
Swift G 4s guar
1957 MN
Series H con guar 411_._ _19611 FA
Series I cons guar 4 he__ _1983 FA
N
Series .1 eons guar 434s_ _ _ _1964
Genera. M 56 series A------.170 in
3D
Registered
Gen rotas guar 56 series 8_1975 A0
*0
Registered
Oct'28
9414
94
10634
10712 10712
3814
3514 Sale 35
103 10514 104 June'28
10012 Nov'28
100
10018
100% Nov'28
99
9912 Oct'28
95
95
9714 Sept'28
97 Aug'28
95
Oct'28
9718 July'28
10012 10312 10012 101
101
9912 10012 101
108 10814 108
10834
11338 Jan'28
10814 10812 10814
10838
11312 Jan'28
pith McK & Y let gu 8s_ _ _1932 33
2d guar as
-1934 J J
P1118 80 ALE 1st g ba
1940 94 0
let consul gold bs
1943 J J
Pitts Va & Char let 4s_ _ _ 1943 MN
Pitts Y A Ash 1st 4s ser A_._1948 3D
let gen 59 *dee B
_1982 F 94
let gen 6s aeries; C
1974 3D
Providence Secur deb 45__ _ _1957 MN
Providence Term 15t 4a_ _ _ _1956
S
Reading Co Jersey Con coil 49 61 A0
*0
Registered
Gen & ref 4348 series A.
_ _1997 J J
Rich & Meek 1st g 4.13
1948 hi N
Richm Term By hat gu be _ _1952
J
Rio Grande Juno 1st
51
1939 J
Rio Grande Sou let gold 45_ _1940 .3 .1
Guar 48 (Jan 1922 coupon) 40 .1 J
J
Rio Grande West let gold 48_1939
let con & coll trust 4,A_ ._1949 *0
1934 MS
RI Ark de Louis let 434s
1949 3 1
Rut-Canada let gu g 48
Rutland 1st con g 4)45
1941 J
10314 -- 105
Oct'28
10014
103% July'28
10038 Nov'28
10038
10014 Aug'28
9018 Sept'28
9358 ____ 9334
93%
10318 Oct'28
10318
-
94%
9318
9414
Sale 10218
Sale 99
Sale 106%
Sale 10234
Sale 110
- - 112
10312 gale 103
8834 _ _ _ _ 88
8712 ____ 8712
89
8712
8712 -97% 9778
_- 9712
91% 9412 9114
99 Sale 99
9714 Sale 9714
87 Sale 87
4134
38
42
105
103% 105%
9214 Sale 9214
_
35
14
8
5
18
2
36
2
50
6
_-_
Nov'28
7
9418
Nov'28
10212 10
10012 100
10712 23
10312 107
110% 58
Apr'28
10414 39
Oct'28
Nov'28
Nov'28
Nov'28
9778 12
Nov'28
9918 780
9714
5
36
88
2
4134
Nov'28
Nov'28
17
93
7314 -- 7512 Nov'28
80 Nov'28
8358 92
94
9234 94
94
9434 June'28
98% Sale 9834
9934
____ 74% 7918 May'28
10078 102 10412 June'28
101% 100 Nov'28
5 May'28
712 Apr'28
"91434 Sale 9034 92
8414 Sale 8414
8618
96
9612 95%
96
7918 8314 82 Nov'28
91
91% 9134 Nov'28
J 8818 8834 8814
St Jos A Grand lel let g 4s 1947
1896 1 1 100 Sale 100
St Lawr Aril!' 1st g 58 _.
1996 40 10312 10614 10534
Id gold 65
1931 1 .1 9612 97
9634
St L & Cairo guar g 46
9t L Ir Mt & S gen con g 58_ _1931 *0 99% Sale 9934
1931 *0 99% 10018 10134
Stamped guar bs
1929 I 1 98% Sale 9878
Unified & ref gold 48
1933 MN 95 Sale 95
Riv & 0 Div 1st g 411
•1t L 181 Bridge Ter gU g 58 — 1930 0 100 10014 100
d Due May. e Due June. 18 Due August.
_
1
____
97
94
ltange
Since
loa 1
6
3
3
4
9
20
2
_
3
12
24
6
48
24
5
8814
100
1
Nov'28
_
Oct'28
100
31
Dec'27
9912 36
143
96
Nov'28
BONDS.
N. Y.STOCK EXCHANGE
Week Ended Dec. 7.
t
,-.
b
Friday,
Dec. 7.
High
Ma
ASS Loa
8912
St L-San Fran pr lien 4s A _ _1950 33 88% Sale 8712
1978 M
91
90 Sale 8934
Con M 44s series A
100% Sale 10014
1950 J
101%
Prior lien 55 series))
10218
10218 10212 10218
St Louis & San Fr Ry gen 66_1931 J
1931 I 1 10058 10214 100 Nov'28
General gold 59
St L Peor & N W lat 81158_1948 3'
_ 10234 Nov'28
1031 MS 102%0714 9758 Apr'28
St Louis Sou let gu g 49
88%
88%
St L S W 1st g 4s bond etfa _1989 MN 88.4 89
83 Nov'28
2,1 g 4s Inc bond ctfs_Nov 1989 33 8134 83
D 9614 97% 96
1932
9612
CODS01 gold 45
J
100 Sale 100
10034
let terminal & unifying 58_1952
9412
St Paul & K C Ms L lat 4318_1941 PA 94 Sale 94
1931 PA 9912 100 100
Oct'28
St Paul & Duluth let 50
1968 3D 9034
9312 Sept'28
1st consol gold 45
St Paul E Or Trunk let 4348_1947 33
9718 June'28
10134 10512
104% 107
103 10034
8978 982,
9012 901,
9212 961,,
175 1901
9114 875,
10734 108
98% 10158
95 103
89
97,
88
97
6212 72,
6314 694
97 105
111 11714
10314 1011,
4.1238 11193
.
107 1100,
105 107
St Paul Minn & Mau con Si .111333 1
193:3 J 1
let consol g 6a
J J
Registered
68 reduced to gold 4346 _1933 J J
.1 .1
Registered
1937 .11 D
Mont ext 1st gold 411
Pacific ext guar 48(sterling)'40 3 3
St Paul Un Dep let & ref 56_1972 J .1
1943 J J
SA & Ar Pass 1st gug 49
Santa Fe Pres & Phen 1st Ss _1942 M S
1934 A 0
Say Fla & west ist g 68
N
A O
34
9m
138
1st gold 5,1
Scioto v & N E let gu g 4s
Seaboard Air Line 1st g 4s....1950 A 0
1950 A 0
Gold 46stamped
AU ustment 56
Oct 1949 F A
1950 A 0
Refunding 45
lot & cons 6s series A _ — _1945 M S
81 S
Registered
Atl & 131rM 30-yr isle 46_51933 M 8
Seaboard All Fla 1st gu6s A - 1935 F A
i
F A
35
1j
8
93
Series B
99 1024
1
7818 88'. Seaboard & Roan lat be extd1
So Car &Ga let ext 534s_ ,. _1929 M N
1031g 104
S 54N Ala cons gu g 58
'
O
A S
96
39
39
Gen cons guar 50-yr 56_ _ 19
101 104,
9114 96
102 1109 So Pac coil 4s (Cent Pao 8011)8'49 J D
.1 D
Registered
10512 111,
June 1929 M S
20-year cony 45
98 100
cd44s
l7aoti4346(Oregon Lines) A.1977 M S
8018 9412
1934 .1 D
20-year cony 54,
7334 8131,
1968M 13
9154 955.
1950 A 0
San Fran Termi 1st 4s
100 1024
A 0
Registered
MO; 101*
96 10078 So Pac of Cal 1st con gu g 56_1937 MN
10118 10511 So Pac Coast 1st gu g 4.. _ _ _1937 3 J
1965 1 .1
101 10412 Flo Pac RR 1st ref 4a
J 3
Registered
93
9654
10114 10412 Southern Ry 1st cons g bs_ _ _1994 3 J
Jr J
Registered
94% 99.,
Devel & gen 46 series A __ _1956 A 0
A 0
93 100
Registered
1956 A 0
41214 913
Develop & gen 68
19.56 A 0
Develop & gen 6tit
100 107
19963 J
Mem Div 1st g 5s
97% 10474
1951 J 3
St Louis Div 1st g 43
10434 115
10212 1058.
East Tenn reorg lien g be _ _1938 M S
1938 M S
Mob de Ohio colltr 49
10878 113,
112 112
10134 1057, Spokane internal let g 59- -.19553 3
Staten Island Ry 1st 434s.._1943 J D
8778 93
Sunbury & Lewiston let 4s_ _1936 3 J
871g 92
81) 904 Superior Short Line 1st bs_ _21930 M 13
8712 903, Term Assn 01St L 1s1 g 4348_1939 A 0
3
j A
44
19
953 F
1st cons gold 5s
9634 100
Can refund s f g 45
90
951,
F
A
1950
514s
A
99
Ft
S
1st
9912 Texarkana &
Tex & N 0 corn gold 5s
1943 J J
9514 102
Texas & Pac lat gold 55
2000 J D
83; 92
2d inc5s(Mar.28cpon)Dec 2000 Mar
37; 5014
Gen & ref bs series B
1977 A 0
llr214 1081.
19313 J
La DIv B L 1st g be
1001i toil'
8/112 1)81- Tex Pac-Mo Pac Ter 54g _ _ _1964 MS
Tol & Ohio Cent 1st gu 5s __ _1935 1 1
1935 A 0
94 100
Western Div 1st g be
10414 116
1935 J D
General gold 58
35
4212 Toledo Peoria & West 1st 48_1917 3 1
Tol St LA W 50-yr 549
1950 A 0
104 106
9978 102
To1W9 J40gu41.28A
1931 3 J
let guar 4 Ns series B
1933 J J
99 10212
1st guar 48 series,C
9912 1021s
MD
S
Tor Barn & Buff 1st g 4e_ _ _ _1
21
1946
85
99
9717
97
97
Ulster & Del let cons a 58-1928 9 D
97
ittCreeritiilfdid
95
ca
idg
teagodfddeposit ______
9718
52
7j
a--81
19 3
97
&Idgt 4,3 .4
9718
100 10512 Union Pacific 1st RR
J J
98 105
Registered
let lien & ref 4s
10414 114%
June 2008 M S
Gold 434s
11338 113%
1967 J 3
let lien & ref 58
June 2008 M S
104% 11518
40-year g 41.
1968 J D
11312 113%
U N J RR & Can gen 4a
1944 tol 8
105 105
1933 J 1
Utah & Nor let ext 45
i0318 1.17
vandal's..ons g 4s series A _1955 F A
100% 10o
Cons s f 4s series B
1957 51 N
10014 1004 Vera Cruz & P assent4Hs ..1934
1931
9012 9018 virglnia alfd (miseries 17
General 58
9334 9714
10318 108% Va & Southw'n 1st gu ba
M N
J
100
936
3 .1
_2
1st Cans 50-year 52,
VIragi
A 0
N
is vg
bas
bg caries A.196
58
2M
71
nlh
anttR
ityle
lt
etgoidgg
1939 96 N
80
9114
r A
s
_1197359rd
9114 07
2d gold 5s
94114 9514
Ref & gen s f 5 34a ser A_ _ 9
98 10414
Debenture 1369 reglatered _1939 .1 1
lot lien 50-yr g term 4s.,.1954 J 3
794 8214
10414 10412
net & Chi ext lat g 68-- —1941 3 1
100 10112
Des Moines Div let g 4s_ _1939 .1 J
4% 5
Omaha Div 1st g 3345_ _ _ _1941 A 0
Tol & Chic Div g 48
5
7,,
A O
S
90
76
1 M
9512 Wabash By ref & gen 55 13. _ 194
8314 90%
Ref & gen 4128Ser C
91
9918
gu
8F A
arti
90
70
7018 8478 tW
re
10
(
neldat
t rteftgu
mg
d3
49349___ _2
00
1948 Q M
9658
1945 F A
wash Tenn 1st gu 348
1945 1 A
"6
92
1st 40-year guar 42
100 10054 W Min W & N W 1st gu 59 _1930 F A
3
j 0
105 108
West Maryland let g411A
96
1st & ref 5146 aeries A_ _1995772
9872
9814 i021, West N Y & Pa 18t g bs
8
A0
Can gold 48
98 101% Western Par ist ser A 5s_ _ __1
94936
37 j j
1194
M S
94
9734 w,..
barred
,, 1..45
Reg
t siste
9108 10134
2361 J 3
tot guar
2361 1 3
Registered
ii-iii
Range
Singe
Jan. 1
18 den,
Range Cr
IASI Sale.
Nn Low
High
8512 93
197
522
87% 97%
28
98% 104%
1 100 105
9914 10812
- 10112 111
97% ON
9214
79
49
82
871,
9418 99
26
9678 1034
43
9118 IS
31
99 100
90% 91114
971s
@FedFRASER