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financial-
The
INCLUDING
Railway& Industrial Compendium
State & Municipal Compendium
VOL. 123.
tomtit
,
Public Utility Compendium
Railway Earnings Section
SATURDAY, NOVEMBER 13 1926
Bank and Quotation Section
Bankers' Convention Section
NO. 3203.
those of Mr. Coolidge, there would be every reason
for wishing the President speed in his task. But,
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complications and much involved work for the Department in anything in tke nature of a plain refund
The Administration's Plan for Income
of taxes. He suggests, instead, that the cut be made
Tax Reductions.
The plans of the Washington Administration for to apply as a credit against the quarterly installincome tax reductions have been rapidly unfolding ment of the 1927 taxes payable in March and June.
the past week. The conclusions of the President Like the President, he would make the reduction
seem to have been reached independently and, as is apply only for this single occasion and not become
usually the case with him, they go unerringly to the a permanent part of the tax structure, the result, of
mark. Government revenues are running far in ex- course, being that the relief afforded would be only
cess of expectations and this leaves a large surplus temporary, and not enduring, which last must alwhich he feels should be immediately returned to the ways be the chief desideratum. Mr. Mellon believes
tax paying public, inasmuch as it represents taxes that the income yield of the 1926 Revenue Act should
collected in excess of current requirements. As the be further tested before relying too implicitly upon
burden of taxation at present rests most heavily its revenue producing capacity, and, above all, he
upon income taxpayers he has proposed a flat cut of deems it important to keep ever in mind the possi10(g15% in the income taxes payable during 1926 bility of a big drop in the income tax yield should
and based, of course, upon the incomes of 1925, the the country unfortunately have to contend with a
cut to apply to the tax on corporations and indi- period of business prostration.
viduals alike. Only the last installment of the 1926
All these are prudent considerations which must
taxes remains to be paid, namely that due on Dec. 15, be given due weight, all the more so as they come
and accordingly Mr. Coolidge would let the refund from the man at the Treasury helm, and they cerapply as a credit on the taxes to be paid at that time, tainly should not be lightly dismissed. It is proper
and if the amount exceeded the taxes then still due, to add that the Secretary in his statement furnishes
have the Treasury remit the difference.
a very candid exposition of Treasury policy, in
A very simple enactment would suffice for the which he emphasizes the importance of letting amorpurpose—merely a very short bill giving effect to tization of the debt go hand in hand with tax reducthe slice in taxes contemplated, and this, the Presi- tion and never letting tax reduction, however dedent opines, could be promptly passed on the re- sirable in itself, be attained at the expense of debt
assembling of Congress, making the reductions avail- retirement and cancellation. In this last particular
able in time to apply on the Dec. 15 installment of the Secretary presents the arguments in favor of the
the taxes. This is a very simple arrangement, and continuance of the existing Treasury policy with
if there were not other considerations involved, and such convincing force and incontrovertible logic.
the views and desires of Congress coincided with that what he says will always rank with the ablest
The Thronicle.
2432
THE CHRONICLE
proL. 128.
of the papers that have emanated from the Treasury of the previous year, being $693,702,427, against
$691,701,061. The miscellaneous internal revenue
Department.
With all due respect, however, to both President receipts were only $161,118,571, against $267,372,Coolidge and Mr. Mellon—the one possessed of an 008, the abolition of the capital stock tax constitutinestimable fund of clear grit and hard common ing the biggest item in the falling off. But the insense, attributes of inestimable value, and the other come tax collections for the period from July 1 to
pre-eminent as a banker and financier as well as a Sept. 30 in 1926 increased no less than $108,254,803
high administrative official—we find ourselves un- over those for the corresponding three months of the
able to agree fully with the position and attitude previous year, notwithstanding the lower tax rates
either of the President or that of the Treasury head. in force, the 1926 income tax collections having been
In the first place we cannot persuade ourselves that $532,583,856, as against $424,329,053 in 1925. Corthe reduction which may be made should be limited poration tax receipts, we were told, alone accounted.
to a single year, and in the second place we cannot for more than $85,000,000 of the increased income tax
get ourselves to believe that the best way to achieve collections, this following in no small part from the
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the end sought will be to make a flat reduction of a raising of the Corporation income tax from 12 %
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be so to 131 2%. In the remaining three quarters of the
given percentage. No tax reduction should
heavy as to invite the possibility of a Treasury defi- current fiscal year the increase in the income tax
cit. 'At the same time, in judging of the possibility collections, which we have seen for the September
of a deficit judgment should be guided not by simple quarter amounted to $108,254,803, will not be offset
fear and apprehension, but by the actual. facts of by the loss of the capital stoek tax, and therefore
the situation, as far as these can be determined from will count for their full amount, giving an increase
available information, and by looking into the future for the three quarters combined of, roughly, $300,with reasonable calm and not too many misgivings. 000,000—provided, of course, that taxes are not reDoing this, ample warrant appears to exist for mak- duced, as now proposed. Thus the Treasury's posiing the reduction permanent, rather than merely tion is absolutely assured for the fiscal year ending
transient. We discussed the subject quite at length June 30 1927, be the immediate future of trade and
in the leading article in our issue of two weeks ago business what it may, good or bad.
But the Treasury position is also assured for the
(Oct. 30), and it will be helpful on this occasion to
succeeding fiscal year, the year ending June 30 1928,
cite again some of the figures given in that article.
All accounts agree in saying that under the Revenue and that is the point which both Mr. Coolidge and
Act put upon the statute book last February tax Mr. Mellon appear to have failed to take into acreductions were made in the aggregate sum of $387,- count. The tax payments during the calendar year
000,000. Some of the tax reductions did not become 1927 will be based on theincomes of 1926 and will not
effective until July 1. But taking fully into account be dependent upon what may happen later. The
those that would be operative during the fiscal year year 1926 is now so near its close that no adverse
ending June 30 1926 (including, of course, the lower development of sufficient importance to impair the
normal and surtaxes on the income tax installments prosperous results which have marked its course
payable March 15 and June 15 1926) it was esti- from the beginning can occur. From a business
mated that Government surplus for the fiscal year of standpoint this calendar year 1926 has been not only
1925-26 would amount to $130,541,756. Actually the fully as good as the calendar year 1925, upon which
surplus reached nearly a quarter of a billion dollars tax payments are now being made with such happy
more than this preliminary estimate, amounting in results, but a great deal better. It follows that the
1927 income tax collections being based on a larger
exact figures to $377,767,816.
income, will themselves be larger if the existing tax
It is this surplus of $247,226,060 in excess of estimates that furnishes the basis for the refund which rates and tax schedules are continued. Besides this,
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the President now proposes. But in the current or the corporation income tax will be 13 % instead of
22%
13%, only 1/ out of the extra 1% having counted
new fiscal year the surplus has been piling up even
required during 1926. Accordingly,
more rapidly. The figures for the September quar- in the payments
prospect that Treasury income tax colter, as made public in the daily papers on Sunday there is the
lections (unless tax rates are lowered) for March
morning, Oct. 24, threw a flood of light on the situa1927, September 1927 and December 1927
tion in that particular. As stated in our previous 1927, June
two quarters forming the first half of
article, all the reduced tax rates were in effect in (these last
the fiscal year 1927-28) will be even heavier than
this first quarter of the new fiscal year and the taxes
collections, and these latter, we have
eliminated by repeal also disappeared in that quar- present tax
are running at the rate of $100,000,000 a quarter and more particularly the repeal of the capital seen,
than those of the preceding year. As to
stock tax which always counted for its full amount ter better
nothing
in the September quarter, settlement of this tax in the March 1928 and June 1928 payments,
can be said at this time, since they are defull having always been required in a single pay- positive
year 1927,
ment. Nevertheless, total internal revenue receipts pendent upon the business of the calendar
determined. But
in this September quarter of 1926 were actually the condition of which has yet to be
installment
somewhat larger than in the corresponding quarter even if some falling off in the income tax
Nov. 13 1926.]
4 THE CHRONICLE
2433
payable in March 1928 and September 1928 should those who have already obtained too much
will oboccur there will still remain the indisputably large tain still more, while full justice will fail
to be done
tax collections of September and December 1927 (on to those who were treated unfairly in the first
inthe basis of present tax rates) and the general result stance.
for the fiscal year complete could be but slightly afThe income tax rates should be changed so as to
fected. Thus we have the assurance of a large sur- remove the inequities and inequalities of the
existing
plus under existing rates for three successive years, law, and this can be as quickly and as readily
done
namely 1925-26, 1926-27 and 1927-28, constituting as by pushing through a measure for
a flat reduction
a valid and a perfect argument in favor of a perma- applicable to all incomes alike—provided,
of course,
nent cut in taxes, rather than merely a temporary the revision is confined to the income
taxes and to
one. Beyond 1928 the Treasury Department cannot the income taxes alone. A general
revision of the
reasonably be expected to look at this time.
Revenue Act of 1926 is out of the question at the
Summed up, the situation is this: The Govern- short session of Congress which
we are now apment collected far too much from the taxpayers in proaching, and moreover is not
called for. Some are
the fiscal year which ended on June 30 1926. This urging abolition of the admission tax
to places of
appears clearly from the statements of both Mr. amusement and of the
automobile sales tax. No
Coolidge and Mr. Mellon and furnishes the reason propositions of that kind should
be entertained for
why they now propose to return to the taxpayers the a single moment. There is no tax
now on admisexcess by means of a refund or credit. The tax col- sions where the admission charge
is 75 cents or less,
lections for the September 1926 quarter make it the exemption having
been raised under the Act of
no less plain that if the present tax rates are con- 1926 to that figure from 50
cents.
tinued, there will be an equally large, if not still
No hardship is imposed by The amusement tax
larger excess of revenue for the fiscal year ending where tickets sell at
high figures. Up on Broadway,
June 30 1927. Furthermore, as the tax payments where they have the
nude shows, the custom at some
during the calendar year 1927 will be based on the theatres is to charge
as much as $50 a seat for a first
incomes of the calendar year 1926, and as it is known night performa
nce. Is there any sense in relieving
that business and Corporation incomes in that year those people of the
further charge of $5 through the
were even better than for the calendar year 1925, all payment of the 10%
tax? Even in the case of the
the indications support the conclusion that unless ordinary charge of $5, where
the 10% tax amounts to
tax rates are reduced, the fiscal year ending June 30 50 cents additional, is
it not reasonable to assume
1928 will likewise yield a very considerable excess of that those who can afford
to pay that price for a seat
revenues.
can afford to pay the 50 cents additional. And the
There remains, therefore, nothing to consider, as same remark applies where the
charge is $2 50 a seat
far as the income taxes are concerned, except the and the amusement tax involves
an additional payextent to which the collection of back taxes may be ment of 25 cents, or even where the
charge is simply
reduced, which, as Secretary Mellon shows, is nec- $1 and the tax adds 10 cents to the price.
The amuseessarily a diminishing item. But this can easily be ment tax is simply a luxury
tax, and, as it now
allowed fgt., and unquestionably should not be ig- stands, with the low-priced
admissions exempt,
nored. A permanent cut in tax rates would doubt- should be allowed to continue
so long as any of the
less have to be somewhat smaller than the temporary burdensome income
taxes, which are plainly an obcut which the Administration has in mind—in order struction to business,
remain.
to err on the safe side—and any possible deficiency
Similar comment appertains to the automobi
le
should by all means be avoided. But the certainty sales tax.
Does this tax interfere with the sale of the
of permanently lower taxes would outweigh any low-priced cars
made by Mr. Ford? The answer is
advantage that any mere transient reduction would furnishe
d by theenormous numbers of these cars disgive, no matter how considerable in amount.
posed of every year and which meet the eye wherever
We cannot persuade ourselves, either, that a flat one goes. Or
does the automobile tax obstruct the
cut of a certain percentage is the best means of deal- sale of high-pric
ed cars? Let the income statement
ing with the situation. It is to be remembered that, of the General Motors
Corporation furnish the anas shown in our article of Oct. 30, what Con- swer in that case.
This company on Oct. 26 gave out
gress has to deal with is not alone inordinately high a statement
saying that its earnings for the nine
and very burdensome taxes, but also with gross in- months ended Sept. 30
1926 had not only exceeded
equalities. Under the tax revision of 1926 some in- those of any
corresponding nine months in the comcome taxpayers got a much larger tax reduction than pany's history, but amounte
d to more than the earnwas their due; some others got very much less than ings of any previous full calendar year.
Including
they should have received, while still others, and the Corporation's equity in subsidiary
companies the
particularly the proprietors of small corporations. net earnings
for the nine months of 1926 reached
had their taxes actually increased—a most inequit- $149,317,553, as against $80,921,018 for
the first
able proceeding at a time when tax reduction wa: nine months of 1925.
made to an aggregate of $387,000,000. If now a
No, that is not the direction in which relief
is
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flat reduction of, say, 12 % should be given, needed, and needed most imperatively. The
require-
2434
THE CHRONICLE
[VoL. 123.
ment is for a reduction of the burdensome income taxes of 41% where the amount of the income runs
taxes, corporate and individual, just as indicated by in excess of $100,000. This means, for example, that
the President and Mr. Mellon, and whatever changes where a taxpayer is so fortunate as to have an inare made in the Revenue Act of 1926 should be lim- come of $200,000 he has to turn over to Government
ited eptirely, as already stated, to these income taxes. $41,000 out of the second $100,000, in addition to
It would be a sheer piece of folly to attempt to re- the large amount that he has to pay on the first
write the Revenue Act from beginning to end, invit- $100,000 of taxable income. As the tax schedules
ing lengthy debate and discussion as to what sec- are now arranged, a taxpayer in New York getting
tions and provisions should be altered. It is to the his income exclusively from the profits of corporaincome taxes that the knife must be applied, and tions has to pay 34% of his taxable income, even on
nothing should be allowed to interfere with this pur- the amount between $48,000 and $52,000 and 30% on
pose. We wish also again to emphasize the burderi- the amount between $36,000 and $40,000.
Will anyone seriously argue that business can
someness of these taxes. This is a feature of the tax
received the considera- long continue to prosper while Government makes
question that has never yet
tion which its importance demands. These taxes these large tax exactions? Remember, too, that full
are simply crushing in their magnitude, particularly eight years have elapsed since the signing of the
In the case of those whose income is derived from armistice, which ended hostilities in the World War.
corporate entities and more especially the proprie- And while this journal would be the last to want to
tors of the numerous small corporations which are minimize what has been accomplished in the way of
in enjoyment of moderately large profits. The Fed- tax reduction in the eight years since the termina/
eral corporation tax is now 1312%, having been tion of the war, do not the figures which we have
February, after having been cited show that the country still has a great way to
raised another 1% last
/
boosted several times previously. This 1312% ap- go before it will have adequate relief from the tax
plies to all corporations, large and small, and to the burdens which have grown out of that great conflict?
Nor, in face of the figures given, can there be the
entire net income, whatever its extent, except that
is allowed to corporations slightest question where relief must be applied. We
an exemption of $2,000
wish to repeat, therefore, that the imperative need
whose net does not exceed $25,000.
In addition, here in New York there is a State cor- is the reduction of these inordinate and excessive in/
poration income tax of 41 2%, making a total of come taxes and to reiterate that the relief must be
18% exacted by the Government. This 18% must permanent, not transient. This is not an occasion
be turned over to these two Government jurisdic- where a mere sop thrown out for the benefit of agtions, Federal and State, before a dollar can be paid grieved taxpayers, will suffice. Relief should be libout in dividends. But that is not all. If after the erally extended, within the limitations already indidoled out. As to the
payment of these heavy corporation income taxes cated, and not grudgingly
relief, that is a matter where opinions
(which, of course, are independent and apart from method of
Moreover, whatever the extent of the
real estate and other taxes) it is considered prudent may differ.
reduction Congress may now see wise
to distribute in the shape of dividends the remainder permanent
make it must be merely the prelude to still furor a portion of the profits remaining the Federal to
on when conditions warrant it,
Government again steps in and makes further heavy ther reduction later
it must be the aim to lower Govexactions in the shape of a graded schedule of sur- which means that
ernment ekpenditures and Congressional appropriataxes. These surtaxes begin very low down in the
in Secretary Melscale of incomes, applying on all taxable income in tions. The one regrettable feature
statement is that he holds out little
excess of only $10,000. The surtax rate starts at 1% lon's admirable
nt in that direction. For ourselves, we
and mounts up with great rapidity until a maximum encourageme
feel certain that public opinion will force further
of 20% is reached on incomes in excess of $100,000.
in the expenditures. It is not our purThe previous maximum of 40% did not apply except reductions
pose to indicate the precise method of relief. But
on the income in excess of $500,000 and the lowering
certain propositions come inevitably to mind in conof the maximum from $500,000 to $100,000 constisidering the means by which the reduction in the
tutes one of the discriminations against the income
income taxes, so imperatively required, may be
taxpayers in the so-called lower brackets.
brought about. The extra 1% added to the Federal
If now we add the 20% maximum surtax to the
total income tax on corporations should, of course, be reuniform corporation taxes of 18%, we have
proprie- moved, both because it is not needed by the Governtaxes of 38% assessed against corporation
even that ment and because as a substitute for the capital
tors on amounts in excess of $100,000. But
State in- stock tax, which has been repealed and should not
is not all. In this State there is also the
ac- be re-enacted,it operates very unfairly and unevenly,
come tax on individuals. This, too, is graded
benefiting the big corporations, with large tangible
cording to the size of the income and runs from 1%
assets, and bearing heavily on the small ones, having
to 3%, with the maximum of 3% applying on all
little or no tangible assets, and whose capital is
income in excess of $50,000. Including, therefore,
mainly on good-will. These small corporathis 3%,the unfortunate proprietors of corporations based
tions not only got no relief under the 1926 tax reviin New York State must pay a grand total of income
Nov. 13 1926.]
1
THE CHRONICLE
2435
sion, but actually in many instances had their taxes
Even if the 1% added the present year shall be
increased by the addition of the extra 1% to the remitted, the corporation tax will still stand at
.
Federal corporation tax in substitution for the cap- 12 %, which is 7 % more than the 5% normal
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ital stock tax. At a conference of industrial organi- tax at the highest. This is rank discrimination
zations the present week the elimination of this against those who derive their incomes from incorextra 1% was strongly urged, and, as a matter of porated business, in contradistinction to those
fact, public sentiment, as far as we can judge, seems who conduct business in the unincorporated form or
to be absolutely unanimous on that point. The derive their income from investments. The discrimAmerican Mining Congress even thinks a reduction ination is all the time becoming greater, as the norfrom 13 % to 10% could be made, but that seems mal tax rates on individual incomes are reduced.
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hardly possible at this time.
Something ought to be done to remove the discrimThen the surtax rates should be revised, so as to ination, especially in the case of the proprietors of
give greater relief to the taxpayers in the lower the smaller corporations.
schedules, which was denied them under the 1926
But the three things mentioned are all that is
Revenue Act. That is another particular in which really needed at this time and all that should
be
those in enjoyment of moderately large incomes were undertaken. That is (1) the Federal corporation
discriminated against. Those with incomes in ex- tax on incomes should be reduced by the 1%
added
cess of $500,000 had their tax cut in two on the excess the present year; (2) the surtax schedules should
be
by the reduction in the maximum surtax from 40% revised or differently graded; and (3) the discrimto 20%. Those with incomes running between $100,- ination between those who pay the normal tax on
000 and $500,000 got much less than a 50% reduction individuals and those who, instead, pay the corporain their tax (owing to the inexcusable lowering tion income tax, should in some way be removed.
from $500,000 to $100,000 of the amount at which This could all be accomplished by means of
a very
the maximum rate applies), but got very substantial short bill. If the House Committee on
Ways and
reductions, nevertheless. Those in receipt of in- Means should immediately proceed to
frame such a
comes aggregating less than $100,000 fared much bill, fixing the details and provisions
according to
less well, while in the case of incomes running less their best judgment with the guidance
of the Treasthan, say, $50,000 or 460,000, the reductions, at ury, and should introduce it at the opening
of Conleast to corporation proprietors, who do not share gress, we are sure that very little
difficulty would
in the cut made in the normal tax on individuals, be encountered in securing its passage
in the House.
were so trivial as hardly to deserve mention. These The measure would then reach the Senate
in the
inequalities and positive discrimination should be early days of the session, and we are no less conficorrected. This might be done by again fixing the dent.that that body also could be persuaded to see
maximum of the surtax (now 20% against the pre- the wisdom of enacting it, possibly with some
vious 40%) at $500,000 instead of the present $100,- changes, into law. In that way proper relief could
000, and then fix the surtax rates at just one-half be obtained even at this short session of Congress
those in the Revenue Act of 1924 all along the line and the reductions put into effect in ample time to
of incomes from $10,000 up, instead of cutting in be available when the period for the March installtwain only the tax rate on incomes above $500,000. ment of the 1927 tax payments comes around.
This would make the reduction uniform at all points
Perhaps it might be possible at the same time to
of the surtax schedule. Another way to give relief correct one of the anomalies of accounting
practice.
to those in the lower brackets would be.to let the By this we mean that the tax ought
to be reckoned
surtaxes begin higher up. They now begin, as al- on a man's real income and
not his supposed or
ready stated, on amounts of income running over theoretical income.
The real income is what re$10,000. They might begin with amounts of taxable mains after all taxes are
paid. The Federal law,
income in excess of $50,000. However, these are de- however, does
not allow him, the individual, or the
tails which Congress in consultation with the Treas- corporation
either, to deduct his Federal income and
ury Department can best determine.
surtaxes, or the excess profits taxes. Thus he is
One other change is called for, and this is as im- taxed on an income (or profit) far above that which
perative as the reduction of the corporation tax on remains after
the payment of the Federal taxes reincomes. We refer to the big difference between the ferred to. For instance, the income or profit which
normal tax on individuals and the Federal income an individual or concern will have in the calendar
tax on corporations. The normal tax on individuals year 1926 is what remains after he or it
has been steadily reduced and now is only 1 % on has paid the income taxes levied on the prof/
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the first $4,000 of taxable income, 3% on the next its of the previous year. Nevertheless, he is not
$4,000 and 5% on the remainder of the taxable in- permitted to make any deduction for these income
come. The corporation proprietor does not get the taxes. This is as if the tax played no part in cutbenefit of this reduction in the normal tax on indi- ting down the income. Congress does allow
the
viduals, since he pays the corporation tax instead, deduction of the State income taxes, but remains
and this corporation income tax has been, as just blind to the fact that its own income taxes operate
stated, steadily raised.
in the same manner to reduce net income or profit,
2436
THE CHRONICLE
on which alone taxes should be based. We heard of
a case, a few years ago, where a concern by reason of
an exceptional transaction netted an unusual
amount of profit in a certain year, which made it
liable to a Federal income tax of $60,000 for that
year, payable, of course, in the next year. In this next year profits dropped back to normal, the business yielding only just enough to pay this $60,000
tax. That left absolutely nothing for distribution,
and yet this concern had to pay taxes in the following year on the theoretical profit of $60,000, that
existed before the deduction of the tax referred to.
Accounting practice seems to favor this treatment
of the matter, but the United States might well lead
the way in inaugurating a departure, especially as
it would be in the line of a real and much needed
reform. Conjuring up profits which have no existence, as a basis for:taxes, obviously has nothing to
recommend it.
The Financial Situation.
The security markets are of continuous interest,
reflecting as they do the changing fortunes and the
new developments concerning corporations, as well
as developments of more general interest. Attention
during the past week has largely been centred on
developments bearing on the corporations themselves, rather than with the effect of the election as
during the previous week. It is also a feature of
some interest that New York Stock Exchange seats
have the present week sold at new high figures, two
sales having been announced on Wednesday, one at
$158,000 and another at $160,000, comparing with a
previous high of $155,000.
More attention, however, has been concentrated
upon the report of brokers' loans by the New York
Stock Exchange. Two sets of figures are now available, one giving the loans to brokers and dealers by
Federal Reserve member banks in New .York City,
these figures being announced weekly on Monday,
and the other showing brokers' loans held by members of the New York Stock Exchange, the latter
figures being announced by the Exchange as of the
last of each month. The Federal Reserve totals
which had reached a low for the year on May 19 of
$2,408,695,000, had from that point advanced to a
recent high on Sept. 15 of $2,820,382,000, this advance probably being one of the important causes
of the recent decline in the stock market. The advance, however, had apparently been checked on
Sept. 15, after which time there was a sharp falling
off to Oct. 27, the reduction amounting to $218,186,000. This had led to expectation of a large reduction in the total to be reported by the New York
Stock Exchange, as of the 31st of October. The figures, however, when first given out on Friday, Nov. 5
showed a decline of only $27,600,085. It was difficult to account for this wide discrepancy. The matter was explained, though, by an announcement on
Monday, the 8th, from the Stock Exchange, that a
mistake had been made in the computation, and that
the actual decline during the month in the figures
had been $107,760,085. There can be little question
but that the market was adversely affected by the
earlier announcement and favorably affected by the
correction made three days later. The New York
[VoL. L.
Stock Exchange is to be commended for its courage
in promptly correcting the mistake when discovered.
Developments in corporation news included the
probable rearrangement of the Van Sweringen
merger, with Chesapeake & Ohio as the controlling
company, big equipment orders, and a number of
dividend increases, by far the most important of
these being the $4 extra declared upon General Motors stock on Thursday after the close of Stock Exchange operations. The payment of this dividend
by one of the world's most important corporations,
the single extra involving approximately $35,000,000, is a matter of significance as evidencing confidence among important business leaders regarding
the general business situation, and particularly that
in the motor industry. There had been much speculation as to the likelihood of any extra distribution
at all this time, in view of the recent increase in the
stock through a 50% stock dividend. Notwithstanding this 50% increase in the stock the extra is the
same as that paid on July 1 last. Nearly one-quarter
of this dividend will be paid the Du Pont de Nemours Co., which is expected to pass it along to its
own stockholders.
Freight loadings have again broken all records,
the cars loaded during the week ended Oct. 30 having been 1,216,432, an increase of 6,269 over the previous record during the week of Oct. 16, and an increase of 91,994 cars over the record prior to the
present year. The Irving Fisher weekly index of
wholesale commodity prices shows a rather remarkable gain for the week ended Nov. 5 in view of the
comparatively small fluctuations during recent
weeks and months. The index for Nov. 5 stood at
153.5, as compared with 150.0 on Oct.29; the averages
during the past four months having been 147.6,148.2,
148.5, 148.4, respectively. This sharp advance may
not be very permanent, but at'least it gives some evidence that the low price level of the past four months
is not at present showing signs of declining further.
Money continues in ample supply, the call rate
/
1
2
in New York, which has been 4 % for some time,
14
having declined to 4/% on Tuesday, though recov/
1
2
ering to 4 % yesterday. Prices of investment
bonds continue to advance, the Dow-Jones average for 40 corporation bonds now standing around
1
2
95.60, a gain of / point during the last few weeks.
market has again been developing strength.
The stock
The undertone yesterday was particularly strong.
The Department of Agriculture at Washington
has given the cotton crop figures for the current
year another boost. This is in line with precedent.
It occurred at the same time a year ago as well as in
the preceding year. It seems to characterize the late
reports of each year in which there is a heavy production. Apparently no adequate means exists for
determining the ultimate yield when the acreage is
large and conditions favorable. The Crop Reporting
Board in its latest estimate, issued on Monday of
this week, still expresses uncertainty as to the quantity of cotton that will be left unpicked. Later information regarding this phase of the situation may
add somewhat to the production from current year's
growth. Condition figures are again omitted in the
latest report of the Department. It may be that they
could not be adequately expressed, in view of the
present indications as to yield. The latter is now
placed at 17,918,000 bales, which is 464,000 bales
Nov. 13 1926.]
THE CHRONICLE
above the indicated yield two weeks earlier, and
1,814,000 bales larger than the final ginning returns
for the 1925 crop.
Ginnings now exceed those of a year ago at this
time, amounting to 11,259,038 bales up to Nov. 1 of
this year, against 11,207,197 bales ginned to Nov. 1
1925, for the crop of that year. In 1925, after the
Nov. 1 report, 717,000 bales were added to the estimate of the size of the crop. For the 1924 yield,
there was an addition of 811,000 bales over and
above the quantity allowed for by the Nov. 1 1924
condition report. On the other hand, the 1923 crop
was somewhat reduced, showing a decline of 109,000
bales under the Oct. 25 1923 estimate of yield. There
seems a very good prospect that the final ginning
returns for the current year will show a crop in excess of 18,000,000 bales.
Texas and Oklahoma lead all the other States of
the cotton belt in the latest estimate of yield over
that issued two weeks earlier. Production in Texas
is now put at 5,550,000 bales, which is 150,000 bales
larger than was indicated two weeks prior to the
latest report. There is likewise a gain of 120,000
bales for Oklahoma above the earlier estimate of
Oct. 16. The other leading cotton States, with only
two or three exceptions, are also given considerable
advances, among them Mississippi with 80,000 bales
more; Alabama with 50,000 bales increase, Georgia
and Arkansas 20,000 bales more each, and North
Carolina 10,000 bales increase. There is a gain for
Missouri, a small cotton State, while Tennessee and
Louisiana are unchanged and South Carolina shows
a decline.
The cereal crops this year will make a good showing, according to the November report of the Department of Agriculture issued at Washington on
Wednesday of this week. Summing up the season's
results, October as a whole was favorable to the late
crops. Corn, which earlier in the season did not
promise so well, was helped materially, and a yield
of 2,693,963,000 bushels is now indicated. This is
considerably under seven of the ten preceding years,
contrasting with 2,905,053,000 bushels last year, and
with practically 3,000,000,000 bushels or more in at
least four of the ten years referred to. The estimate
made for the corn crop of the current year by the
Department of Agriculture a month earlier than that
just issued was for a yield of 2,679,988,000 bushels,
so that conditions during October, in the judgment
of the Department, added 13,975,000 bushels to the
prospective yield from this year's harvest. Of the
big corn States, the additions during October affect
chiefly Illinois, Minnesota and Iowa. About onethird of this year's corn crop is accredited to these
three States, the first and last mentioned naturally
leading by a large margin. These three States promise 21,487,000 bushels larger production now than a
month ago.
There is also a small increase shown for Indiana
and Ohio. On the other hand, Missouri, Nebraska,
South Dakota and Kansas are given a materially
smaller production than a month earlier.
Contrasted with the corn crop of 1925, the reduction in
yield this year applies to practically every one of
the leading corn States. The loss is heavy for Iowa,
Illinois, Nebraska, Kansas, Ohio and Indiana. South
Dakota, however, which is not one of the leading producers, had a yield this year better than in 1925.
2437
The quality of the corn raised this year is higher
than was promised earlier in the season, thanks to
the October weather, though it is still below most of
the preceding years. The Department now places
the quality this year at 72.6%. For 1925 it was
83.6%, which is nearer to the customary condition.
The carry-over of old corn on the farms Nov.1 is estimated at 181,000,000 bushels, as against only 58,000,000 bushels a year ago.
The white potato crop also shows some improvement in the latest Government report and a yield of
360,727,000 bushels is now indicated for this year.
This is nearly 10,000,000 bushels larger than the
estimate issued a month earlier, and compares with
325,902,000 bushels raised in 1925; The improvement is very largely in Maine and Michigan, though
New York and Pennsylvania also show a slightly
larger yield than was indicated earlier. The yield
of tobacco this years is now placed at 1,304,494,000
pounds, which is practically 10,500,000 pounds
larger than the October estimate, but 70,000,000
pounds smaller than was raised in 1925. Apples
promise a larger crop than last year by more than
40% and the yield of rice this year will exceed the
crop of 1925 by 21%, the production now being
placed at 40,809,000 bushels. The crop of sweet potatoes will also exceed the earlier estimates and is
now given as much larger than last year. The Department fixes the total production of all crops this
year 2.9% better than last year and 7.3% above the
average for the past five years.
Italy and Benito Mussolini, her Premier and Dictator, with iron will and o'erleaping eagerness for
power, have figured prominently again in the European cable dispatches of the week. As noted in our
last week's issue, the Italian Cabinet Council, on
Nov. 5, "approved a long series of emergency measures of extraordinary severity," all of which were
aimed at "the enemies of the Fascist regime." Be-cause of the world-wide comment that their adoption has caused it may be well to present the following brief summary of the chief features, as given in
a special wireless message to the New York "Times"
on Nov. 5. The correspondent said that "they include
the death penalty for anyone attempting the life of
the sovereign or the head of the State, or any one
guilty of treason, espionage or armed rebellion; dissolution of all parties, associations or organizations
carrying on activity against the Fascist regime, with
three to ten years' imprisonment for any one attempting to reconstitute such parties, associations
or organizations after their dissolution, and two to
five years' imprisonment for any one belonging to
them, and a similar penalty for any one spreading
their programs or doctrines; five to fifteen years'
imprisonment for any one spreading abroad false or
exaggerated news about conditions in Italy."
It was explained in the same dispatch that "all
these measures fall under three separate and distinct headings. One group is directed especially
against organized political opposition to the Fascist
regime, another is intended chiefly for the defense
of the State and the third was approved in order to
facilitate police surveillance over individuals belonging to subversive or opposition organizations. Under the third heading, or the measures intended to
facilitate police surveillance of subversive elements,
come measures relating to passports, to forced domi-
2438
THE CHRONICLE
cue,. etc. In addition to all these there is the institution of the special office of political investigation
which will have its finger in all pies. This office
will be run by the Fascist militia and will, therefore,
be purely a party organization and quite independent of the police and magistrature. It will probably derive its strength chiefly from this very fact,
which will give it far greater freedom of action."
Attention was directed especially to the fact that
"all these measures, it is specifically stated in the
bill, will come into force when, after their approval
by Parliament, they. will appear in the official 'Gazette' and will cease five years from that date."
Announcement likewise was made that "considerable changes in the present Cabinet were decided
upon at the afternoon sitting of the Cabinet Council. Premier Mussolini will take over the Ministry
of Internal Affairs, which makes him the direct
chief of all the Italian police forces and will enable
him personally to supervise the application of the
measures approved in the morning sitting." It was
added that "Mussolini now holds six portfolios out
of the total of thirteen. He is in addition Premier,
President of the Council of Ministers, Commanderin-Chief of the Fascist Militia and Duce of the
Fascist Party."
Commenting on the further material increase in
Mussolini's power, the Associated Press representative in Rome said in a dispatch on Nov.6 that "Italy
to-day is virtually under martial law so far as moral
or physical offenses against the regime and its leader
are concerned, with Premier Mussolini possessing
the powers of a commander-in-chief of the army in
time of war. The newly-created courts for trial of
crimes against the regime and the special political
police force intended to watch for plots here and
abroad are both controlled by the Fascist militia.
Thus Mussolini is doubly in command, as Minister
of the Interior and commander of the militia. Having added the Ministry of the Interior to his responsibilities, the Premier called upon his cohorts to support him in carrying into effect two of his favorite
maxims—'two eyes for one eye and for one tooth an
entire set of teeth' and 'the best way to defend is to
attack.'"
A still more adequate idea of the comprehensiveness of the most recently adopted measures were
given in part as follows in a special Rome dispatch
to the New York "Herald Tribune" on Nov. 5:
"Meanwhile the whole Fascist organization seems
to have constituted itself into one immense detective
force determined to follow up relentlessly all the
ramifications, immediate or remote, which may have
any connection whatever with the succession of attempts to end the supreme leader's life. House
searchings have become the order of the day and they
are being carried out with characteristic Fascist
thoroughness in an attempt to find out just who is a
friend and who is a foe of the regime, everybody
falling into one or the other of these categories."
Prompt action on the measures adopted by the
Cabinet Council on Nov. 5 was taken by the Italian
Chamber of Deputies. The Associated Press correspondent in Rome cabled on Nov.9 that "Mussolini's
defense law, including the institution of capital punishment for attempts against the lives of the members of the royal family or the Premier, was ap-
[VoL. 123.
proved by the Chamber of Deputies to-day, 295 to 8."
Announcement was made also of the taking of another radical step by the Chamber. The correspondent said that "the Chamber approved a motion by
Augusto Turati, Secretary-General of the Fascist
Party, canceling the membership in the Chamber of
the Opposition Deputies who have not participated
in Parliament since the kidnaping and slaying of
the Socialist Deputy Matteotti in 1924. The membership of all the Communist Deputies was also canceled, although they have recently participated in
the Parliamentary sessions."
In describing further the opening of the session,
the Associated Press correspondent said: "The
Chamber opened to-day with one of the most imposing demonstrations of loyalty to Premier Mussolini
that has ever occurred in an Italian Parliament. A%
the Premier, heading all the members of his Cabinet,
entered the Chamber, all the members present, as
well as the crowded galleries, sprang to their feet
and applauded him for more than five minutes.
'Viva Mussolini! Viva Ii Duce!' sounded through
the hall repeatedly. All the galleries, including
those reserved for diplomatic representatives, were
filled. The United States was represented by Warren D. Robbins, Counselor at the American Embassy."
In an interview with Mussolini in the Chigi Palace in Rome with a representative of the United
Press, on Nov.10, the Dictator of Italy was quoted as
saying,"we are repeating the history of the Caesars.
I have his bust before me all the time. I keep that
there as my constant inspiration. Yes, dictators
sprang up periodically in those glorious days. We
need a dictator now to reorganize the nation, to revivify the State from the wrongs in which democracy
plunged her. We are doing things now in Italy,
marching forward, producing, building." As for his
own health, the Italian leader said: "You see me
to-day. I am robust and full of fight and strength."
The correspondent declared, "Mussolini never appeared to be in better health than he was to-day.
His eyes gleamed, the clearness of his face was
tinged with the glow of outdoor exercise. His frame
is massive and his strong, muscular person seemed
to emit the vibrations of his forceful will. Mussolini seems to be happy. His demeanor is that of a
.
happy man. Even the burden of six Cabinet portpolios and the weight of the entire machinery of
State was unable to hide the playful grace with
which he directs the affairs of the nation and then
finds time to converse in a leisurely manner. He
seemed a man of stupendous energy and personality,
not to be compared with any other ever encountered
by this correspondent."
In the course of a series of three articles based on
an interview with Premier Mussolini, the Rome correspondent of the New York "Evening Post" said:
"It is one of the almost incomprehensible facts of
the Fascist regime that henceforth there can be no
strikes or lockouts in Italy. Mussolini's exhortations to his people ring with the word 'labor,' which
in Italian is both a noun and a verb, as in English,
and the economic principle involved is production.In
Italy, as in no other country in the world, the affairs
of capital and labor are regulated by decree. The
instrument of this law is the Fascist labor corpora-
Nov. 13 1926.]
THE
CHRONICLE
lions, in which fifteen nation-wide syndicates, representing every form of productive occupation, is
grouped. The Fascist regime put over this program.
Capital and labor may have grievances, but they
agree to constitute themselves the impartial judges
of any question at issue. For this there is but one
appeal, the Magistrate of Labor. All have agreed to
abide by this decision. The system denies employers
the use of the lockout or the summary exclusion of a
single man from his labor, except it be from flagrant
insubordination or incompetence. Extraordinary
diligence on the part of the Government is the guarantee of the fairness of the corporation, and Mussolini, in this case, is the Secretary of Labor."
As for Mussolini's ideas,expressed in his characteristic way, the "Evening Post" correspondent quoted
ihe Italian leader in part as follows: "You can say
to the American people that that is the least of my
worries. I am here to stay. This Fascist regime is
here to stay. It has made its impress not only on
Italy but on the world. Fascism is not only a party,
a political philosophy; it is a new patriotism. There
has been a profound revolution in Italy: it is Fascism; it has succeeded, it has given Italy new life;
it has once more enlightened the shores of the Mediterranean with a renascent Latin race; under the
impulse of Fascism, the Italian people are moving,
working, building, saving, increasing, observing
their honorable obligations to other nations and pursuing a clear-sighted, uncompromising, realistic program, militantly straightforward in its preference
for peace. I assert now that any Italian who is an
anti-Fascist is a traitor to his country."
The so-called "Garibaldi affair," which was briefly
outlined in these columns last week, has continued to
attract much attention. It will be recalled that
"Colonel Ricciotti Garibaldi confessed late last
night [Nov. 5] to M. Chiappe, head of the French
Secret Service, according to the 'Petit Parisien,'
that for the last eight months he has been the chief
secret agent in France for Signor Federzoni, Italian
Minister of the Interior, who has just resigned. During that period he received 400,000 francs directly
from Minister Federzoni, he is said to have admitted."
The Italian Government was brought into an embarrassing position with the French Government by
reason of various political outbreaks that were regarded by the French as decidedly unfriendly to
them. As for Garibaldi and his. part in these affairs, the Paris correspondent of the New York
"Times" cabled on Nov. 6 that "Premier Mussolini,
through his Embassy in Paris, has asked the French
Government to withhold any conclusions regarding
Colonel Ricciotti Garibaldi's confession that he was
a Fascist agent provocateur for another two days, as
at the end of that time the Italian Government would
be in a position to offer satisfactory explanations.
Meanwhile the Duce has forwarded a written apology to Rene Besnard, French Ambassador at Rome,
for the anti-French accidents in Tripoli. The soldiers and militant Fascisti who took part in the
incident have been the subject of 'disciplinary measures,' while five or six soldiers who invaded the Consulate have been handed over to the judicial authorities. Mussolini is awaiting final reports on the
Ventimiglia and Benghazi incidents before replying
to the French protests."
2439
The correspondent also suggested that "it is now
incumbent upon the Duce, in the view of observers
here, to make frank admission and apology for the
dangerous activities of Colonel Garibaldi and prevent future efforts of this kind. In fact, it is explained in official quarters that an avowal of this
sort will be demanded by France, whether it take the
form of a written communication to M. Briand or be
made orally through diplomatic channels, and that
to obtain such action it only remains for M. Briand
to write Italy to the effect that the discovery of
Garibaldi's role in France brings conclusive proof
that the charges that France has winked at the hatching of anti-Mussolini plots on French soil are entirely unfounded. Twenty-two hours of grilling
questioning by the Chiefs of the French Secret Service has weaved such a thick web of convicting evidence around Colonel Garibaldi that no doubt now
remains of the war hero's role during the last sixteen
months as the leading secret agent in France for the
Fascist Government."
That the French Government did not let the matter drop was shown by the statement in a United
Press dispatch from Paris on Nov. 8, which stated
that "France to-day formally protested to the Italian
Government against the anti-French incidents which
occurred at Ventimiglia, on the Franco-Italian border, a few hours after the recent attempt to assassinate Premier Mussolini in Bologna. Ambassador
Besnard presented the note of protest to the Italian
Government in Rome, explaining that it was based
upon facts ascertained by the official investigation."
Evidently the very same day the Italian Government took steps to satisfy the French Government.
It was stated in a special cable dispatch from Rome
to the New York "Times" that evening that "the
Garibaldi sensation entered upon a diplomatic phase
to-day when Baron Romano Avezzana, Italian Ambassador to France, called on Foreign Minister M.
Briand late this afternoon and discussed at great
length the recent Franco-Italian incidents and revelations growing out of the Garibaldi affair. The
Italian diplomat expressed the profound regret of
Italy that such an unhappy development should disturb public opinion in both countries and made it
clear that it was the desire of the Italian Government that the whole matter be forgotten as soon as
possible." The "Times" correspondent said also
that "so far as Colonel Garibaldi's plotting on
French soil is concerned, the Italian Ambassador,
while disapproving all such machinations, explained
it was a police affair of which the Italian Government was not cognizant, and that Premier Mussolini
had shown his attitude by the prompt manner in
which he dealt with those responsible." He stated,
likewise, that "the French Government replied that
this was not Oufficient because the nature of the incident warrants some special form of apology from
Italy. There the situation remains for the present,
but no doubt further conversations between the two
Powers will bring forth a mutually agreeable solution."
On the other hand, in a special Paris dispatch to
the New York "Herald Tribune," also on Nov. 8, it
was claimed that,"meanwhile the first reports reaching Paris through other channels than the censored
dispatches passed by the Fascist Government indi-
2440
THE CHRONICLE
cate that Fascism is inaugurating the severest iron
rule yet attempted in order to uphold the Mussolini
regime and crush all opposition. It is apparent that
extreme Fascism is sweeping Italy,intent on holding
its power and maintaining itself at all costs. The
press, therefore, is hailing the death penalty and
martial law measures as a new chapter in progress."
That correspondent added that "it is said here that
Garibaldi's latest admissions, obtained after an
hour's grilling, declare that Mussolini himself was
familiar with his activities. This startling charge
has not been sustained in all its details as yet, but
it is known to be receiving the serious attention of
the French Surete Generale. The theory of some
French officials and of many political observers here
is that Mussolini has been drawn much closer to the
affair than he could wish, and is accordingly greatly
concerned that the blow to his prestige which has
already resulted in part may go much further."
[vol.. 122.
quoted in Rome dispatches as characterizing them as
"one of the greatest Tinancial operations ever attempted in any.country." The New York "Times"
correspondentin the Italian capital said that the plan
would result in a speedy consolidation of more than
20,500,000000 lire of the floating debt. Announcement was made in Rome on Nov. 7 that "the King
has signed the decree authorizing the Treasury to
issue a new loan bearing 5% interest, which holders
of the ordinary Treasury bonds, maturing in five or
seven years, will be obliged to take in exchange for
their bonds." The "Times" correspondent outlined
the chief features of the plan as follows: "The exchange will be made on the basis of 116 lire 50 centesimi of the new loan for every 100 lire of ordinary
Treasury bonds; 113 lire of the new loan for every
100 lire of the five-year Treasury bonds; 112 lire of
the new loan for every 100 lire of the seven-year
Treasury bonds. From Thursday, when the decree
will go into effect, all ordinary Treasury bonds,
therefore, and five and seven-year Treasury bonds,
will be automatically converted into the new loan.
Holders of the nine-year Treasury bonds have the
option of converting their bonds into the new loan at
the rate of 107 lire 50 centesimi of the loan for every
100 lire of bonds. The new loan also will be offered
to the public at 87 lire 50 centesimi for each nominal
100 lire of the loan. In order to provide an immediate large market for this new loan the decree provides that a syndicate shall be formed, composed of
the Bank of Italy, all savings banks and insurance
companies in Italy, and all financial institutions
which by law or charter must invest all or part of
their funds in Government securities. All these institutions are obliged to invest half of all the sums
at their disposal between Nov. 11 1926 and Dec. 1
1927 in the new loan. The money thus raised will be
used in credit operations on the security of the new
loan or in redeeming short-term Government debts."
It was suggested also that "by this means that part
of Italy's floating debt which is represented by shortterm Treasury bonds is to be automatically abolished
and replaced by the consolidated loan. The net result will be to increase somewhat Italy's internal
debt but to free the Treasury of the burden of having
to find ready cash to redeem its bonds when they fall
due."
According to a Rome dispatch from the New York
"Herald Tribune" correspondent on Nov. 7,"reduced
to its simplest terms, the loan—part of which is obligatory and part voluntary—has a twofold purpose;
to postpone for ten years the cash retirement of the
short-term Treasury bonds of imminent maturity,
amounting to something over 20,500,000,000 lire, and
to provide large sums of ready cash which the Government needs for the defense of the lira and for the
development of the economic projects now under
way. What it amounts to is that the Government
has decided that it is feasible thus to go further in
debt to the Italian people to attain these necessary
ends."
"All's well that ends well." Announcement was
made in an Associated Press dispatch from Paris on
Nov.9 that "formal written expressions of regret for
the anti-French incidents at Ventimiglia and Benghazi were handed to the French Ambassador in
Rome to-day by Premier Mussolini in the form of an
'aide memoire.' The French Foreign Mice announces that in view of this action, and the satisfactory nature of Foreign Minister Briand's talk with
the Italian Ambassador in Paris yesterday, the Government considers the incident'closed.' This visibly
eases the situation between Paris and Rome, as the
Colonel Ricciotti Garibaldi affair, involving anti.
Fascist activities and the participation of Italians
in the Catalan plot, are considered police questions."
It was suggested also that "Mussolini's action in giving a written declaration to Ambassador Besnard
was spontaneous, the French Government having refrained from making any pressing demands." According to a special Paris cable dispatch to the New
York "Times," also on the evening of Nov. 9, "Mussolini's note is not published here in full, but its substance is fully significant. To his apologies and
regrets the Duce adds that the Fascist who invaded
the French Consulate at Ventimiglia has been
handed over to justice and that the Italian Colonel
who, at Benghazi, somewhat too emphatically insisted that the Italian flag should be run up beside
the French tricolor over the Consulate has been 'severely reprimanded.'" It was predicted in a Paris
dispatch on Nov. 11 that Garibaldi would be deported by the French Government when formal action was taken on his case. According to an Associated Press dispatch from Paris last evening, "Minister of Interior Sarraut announced after a Cabinet
meeting this morning that the papers in the cases
of Ricciotti Garibaldi and Francisco Macia, allegedly involved in the recent unsuccessful Catalan
plot, would be turned over to the Minister of Justice. He formally denied published reports that a
decree of expulsion from France had been issued
against Garibaldi, who was brought lire from Nice
Features not already touched upon in other cable
to be questioned in connection with the anti-Fascist
dispatches were discussed by the Rome representaactivities along the Riviera."
tive of "The Slut" in a dispatch on Nov. 8 and were
The Italian Government has adopted what are at variance somewhat with statements by other corgenerally regarded in financial circles in the lead- respondents. He asserted that "the primary coning world centres as heroic measures for funding sideration in dictating the new law was not any
the country's debt. Finance Minister Volpi was immediate weakness in the lira, which has been
Nov. 13 1926.]
THE CHRONICLE
2441
easily held at its present high level by rigid restriction of note circulation and especially by restriction
of credits and also by opportune Government support. The primary aim of the new law is to loosen
credit for the country's legitimate commercial needs
without issuing new currency. But a sweeping program for funding the whole floating debt of More
than twenty billion lire was necessitated by a credit
stringency which impelled investors in short-term
'Government bonds to cOnvert them into cash at maturity instead of renewing them as previously..
Postal savings banks,insurance societies and similar
institutions will be compelled to invest all or part of
their deposits in new Government consolidated bonds
at net 6%, while private investors will be invited to
do the same. Bonds thus bought will then be accepted by the Bank of Italy as collateral for business
loans, the cash for which is furnished by the investor himself. Essentially, the Government's ambitious undertaking to concentrate all the nation's
liquid capital in the hands of the Bank of Italy constitutes a typically Fascist attempt to resolve by
bold, direct measures the uneasiness created in business circles by the Government's rigid restriction of
credit. Since early in September when the Government instructed the Bank of Italy to refuse all but
the most essential and soundest business loans, business has complained that it was hampered."
stated that "the important question as to where the
Government obtained the money with which it
bought considerable reserves of foreign currency to
meet all State obligations for this and next year was
answered in financial circles here by the statement
that all funds devoted to this end were taken from
the normal sources of revenue." According to the
dispatch also, "so far as gold and silver purchases
by the Bank of France are concerned, the same explanation was given. To a lesser degree loans
floated in Switzerland and Holland were included
in the foreign currency reserves, but most of the
funds were obtained from tax payments by citizens
or from subscriptions to national defense bonds by
Frenchmen and foreigners."
The French Chamber of Deputies met yesterday.
The New York "Times" correspondent in Paris cabled that its members were "subdued and so docile
as to be scarcely recognizable as the wild men who
last spring carelessly and joyously threw Government after Government out of office." According
to an Associated Press dispatch from Paris last evening, "the Poincare Cabinet received a vote of confidence from the Chamber of Deputies on the reopening of Parliament to-day. The Chamber upheld the
Premier's demand for immediate discussion of the
1927 budget and postponement of all interpellations."
The finances of the French Government appear
to have been improved considerably just recently.
Announcement was made in an Associated Press dispatch from Paris on Nov. 8 that "the Bank of
France, acting for the French Treasury, has bought
sufficient foreign exchange to meet all payments of
the Government abroad during 1927, which will run
considerably beyond the equivalent of $100,000,000.
More than half will go in interest and sinking funds
on the bonded debts held by individuals abroad, and
$30,000,000 in an installment debt payment to the
Washington Treasury, assuming the Berenger-Mellon settlement is ratified.by both sides. Most of the
remainder will go to the British Government."
Word was received from Paris on Nov. 5 that
"France's record budget of nearly 40,000,000,000
francs received final approval to-day by the Finance
Commission of the Chamber and will be discussed
and voted on during the short session which begins
next Friday, Nov. 12, and should close Dec. 20. Premier Poincare declared in a statement to the Commission this afternoon that the budget satisfied
amply the needs of the moment. It was perfectly
balanced, and provided the largest possible contribution to the sinking fund, he said. The figures finally
approved show a revenue of 38,591,000,000 francs
and expenditure of 39,260,000,000, thus leaving a
deficit of 699,000,000. During 1927 there will be
set aside 8,174,000,000 francs for sinking fund purposes, and this amount, the Premier declared, is the
irreducible minimum. In contrast to the tragic days
of last July, the Premier stated that the situation of
the Treasury was now comfortable, a statement
which would mark a curious contrast to the borrowing of 800,000,000 francs from the Bank of France
last week if it were not known that special circumstances attached to that operation." Further light
was thrown on recent developments with regard to
French finances,,in a special wireless message from
Paris to the New York "Times" on Nov. 10. It was
Marshal Pilsudski, Dictator of Poland, has had
a hard road politically to travel in recent days, as
has been true ever since he seized control of the
Government. The idea has prevailed that he was
aiming toward the establishment of a monarchy, of
which he would be the head. In a special wireless
message from Warsaw to the New York "Times" on
Nov. 5 it was stated that "a regency in Poland, if
not an actual monarchy, is believed to be nearer today than it was after the congress of Monarchists
and Marshal Pilsudski at Nieswiez two weeks ago,
when the Dictator was asked to assume the crown.
The situation to-day arises from the fact that the
Lower House has gotten itself into a tangle, which
may have already shattered the Constitution, by
dallying sixteen days over the meeting to consider
the budget for next year. According to the Constitution, the Sejm should have met between Oct. 20
and Nov. 1, but party squabbles prevented agreement
on the date until 11.59 on the night of Oct. 31, when
President Moscicki issued a summary decree ordering the session. The parties again began a series of
trivial arguments, first over whether they would
obey Premier Pilsudski's order that members stand
up when the Presidential decree was read. Failing
to settle this, the members were ordered by the Premier to go to the President's Palace to hear the decree read and then march across the city to the House
of Parliament to go to work."
In another dispatch from Warsaw to the "Times"
on the same date announcement was made that
"Marshal Pilsudski will ride at the head of the parade which will honor him instead of celebrating
the end of the Great War on Nov. 11. Armistice
Day, however, will be celebrated jointly, although
the occasion is far more important to Marshal Pilsudski personally, because on that date he was released from prison in Magdeburg, Germany, after
two years' captivity, for intrigues against the Central Powers as a member of the Austrian Army. On
2442
THE CHRONICLE
the same date the Poles arose and began disarming
the Germans in Warsaw, thus making Nov. 11 actually the first day of independence of the new republic."
The program for Armistice Day in Warsaw, as
already outlined, was fully carried out. The New
York "Times" correspondent said that, "despite the
fact that he was plain target from the scores of windows surrounding the square from which shots might
have been fired the Marshal remained like a statue
throughout the review, one of the greatest military
gatherings in Poland since the war."
Some days before (Nov. 7)• Dictator Pilsudski
took a step that did not add to his popularity, to
say the least. The Warsaw representative of the
New York "Times" cabled that evening that, "as
though foreshadowing stirring events to come within
the Polish Government, Marshal Pilsudski, through
his President, to-night issued a decree gagging the
press in a manner equaled only in Russia and Italy,
and virtually smashing another constitutional provision. Imprisonment is provided for three specific
offenses, Government officials themselves being empowered to impose fines or jail sentences without
the aid of courts or juries. The decree goes into
effect to-morrow." The correspondent further said
that "in their complaint the Socialists declare that
the action is not only a plain abrogation of the right
of free speech in the press stipulated by the Constitution, but is also the second occasion upon which
the Government has deliberately flouted the basic
law, the first being the failure to open the session of
Sejm within the prescribed time limit. The decree,
coming at a time when the air is still full of talk over
Pilsudski's alleged aim toward a monarchy, has
caused a great furore in Republican circles, it being
pointed out that during the recent extension of the
powers of the Dictator even the Opposition papers
have been unusually silent. Therefore it is argued
that the abolishment of the free press is not the result of past attacks upon the Dictator and his associates, but is apparently in preparation for an impending radical move on his part."
Parliamentary elections were held in Greece on
last Sunday, Nov. 7. The returns were slow in coming in and being counted. Both the Republicans
and the Monarchists claimed a victory. On Nov. 10,
according to a special cable message from Athens
from the New York "Times" correspondent at that
centre, "to-day's returns for Sunday's elections for
the Chamber, although not final, reduce the Republican Party's strength to 152 seats, distributed
among the Liberal Unionists, Republican Unionists
and Independent Republicans. The Opposition parties now have 124, divided among the Royalist Popular, Metaxists and Independent Anti-Venizelists.
The Communists have eight seats and the Independent Agrarians two." It was stated also that "some
unimportant changes may be effected in these lists
on the receipt of the few remaining returns, and
after the process of counting the second and third
preferences. The difficulty of forming a Cabinet is
still acknowledged on both sides, as no party has a
working majority. The formation of a coalition
Ministry would be welcomed by public opinion, but
this presents many difficulties. In some Government circles the possibility of an early dissolution
[VoL. 123.
of the new Chamber is already discussed and it is
suggested that a different electoral system will have
to be introduced to provide the resultant Government with a working majority. In that case a system similar to Jugoslavia's might be adopted in order to avoid the disintegration of the Republican
parties during the new election." Quite a different
story was furnished by the Associated Press correspondent at Athens on Nov. 10. He said: "Premier
Kondylis to-day gave out what he declared to be absolutely correct figures in the recent Parliamentary
elections. He announced that 693,823 voters were in
favor of the maintenance of the present regime, as
compared with 186,304 for the Monarchist Party.
This, he said, was a striking victory for the Republicans. The Liberal and Republican unions, which
had claimed a majority of more than 20 votes in the
Parliament over all other parties, said the Premier,
could form a Government by themselves, if a coalition Government, which is desirable for the Solution
of the difficult problems facing the country, should
for the moment become impossible."
The German Cabinet, of which Herr Marx is Chancellor, came near defeat on Nov. 9. According to a
special Berlin cablegram to the New York "Herald
Tribune" on that date, "a decision of the Socialist
Party to-day not to vote with the Nationalists and
Communists against the Marx Cabinet in the Reichstag averted, temporarily at least, a Government
crisis. The Socialists' decision foiled a cleverly laid
plot of Count Kuno von Westarp, leader of the Nationalists, to upset the Cabinet, which seemed to
have a chance of success yesterday when the Socialists, Communists and Nationalists put the Government parties in a minority by voting to raise the
unemployment dole by 30%." It was stated, however,
that "this resolution was considered by the Government only as an expression of opinion by the Reichstag and not as a vote of lack of confidence requiring the Cabinet's resignation. The Reichstag resolution will be referred to a committee, where it will
be given decent burial. The need of placating the
Socialists, however, induced the Government to-day
to hurry through the Reichsrat a project for raising
the unemployment pay to the jobless to the extent of
15%. This increase, which goes into effect at the
end of this week, it is estimated will raise the expense of the unemployment dole to the Government
by about $2,500,000 monthly, whereas the Socialist
proposal adopted by the Reichstag yesterday with
the aid of the Nationalists would have added, of
course, more than double that sum to the Government's monthly budget."
The outlook for an early settlement of the British
coal miners' strike has brightened up. According to
a special London cablegram to the New York
"Times" early yesterday morning, "the coal strike
seemed closer to an end than ever before since it
began, exactly 28 weeks ago, when a conference between strike leaders and the Cabinet Coal Committee ended at 3.30 o'clock this morning, after several
hours' discussion. At that time a 'memorandum of
settlement' had been drafted which will be submitted to-day by the leaders participating in the discussions to the miners' national delegate conference. If
the latter accepts the conditions of the memorandum
the longest coal strike in British history will finally
Nov. 13 1926.]
THE CHRONICLE
terminate. The principal points in the memorandum include an undertaking on the part of the
Miners' Federation to do all in its power to promote an immediate resumption of work in the coal
fields by means of district settlements embodying
an understood national principle—the hours to be
worked not being excluded from the district negotiations—and a promise by the Government that as
soon as it is satisfied that the above condition has
been complied with it will introduce legislation by
which district agreements not conforming to the national principle may be the subject of appeal by
either party to a national arbitral authority. There
is a strong feeling that the 'memorandum of settlement' will be the actual basis of the strike settlement, though the miners' delegates have still to be
heard from and the mine owners may still have something to say."
London cable advices received up to the time of
going to press did not indicate that a settlement actually had been reached. To the contrary, it was
stated in an Associated Press cablegram that "revived negotiations for a settlement of the British
coal strike took a dramatic turn to
-day when a statement was issued from 10 Downing Street indicating
the mine owners were not in accord with the projected terms of settlement. The statement said if
the miners should accept the terms offered by the
Government the Baldwin Ministry would proceed
with legislation to make them effective despite the
mine owners'objections."
Apparently except for the British coal miners'
strike economic conditions in Europe would be considerably better than they are. Certainly they would
be in England and in the British Isles. In a speech
at the Guildhall banquet, on the evening of Nov. 9,
"which brought to a climax, as it does every year, the
festivities of Lord Mayor's Day," Stanley Baldwin,
Prime Minister, displayed "optimism, blended with
a thorough realization of the difficulties confronting
present-day Europe." The London correspondent of
the New York "Times" said that, "after declaring
that the Imperial Conference now in progress had
been surpassed by none in good feeling and harmonious spirit, Mr. Baldwin said to the eagerly listening audience: 'When we met at this table three
years ago there was scarcelya State in Europe which
was not faced by almost insoluble problems. French
and Belgian troops were in occupation of the Ruhr.
Germany was threatened by economic ruin and political disintegration. Unrest was rife throughout
the East and the Near East. It was one of the darkest moments since the war. To-night I am able to
describe foreign affairs as essentially more satisfactory than at any time since the war. There has
been a definite tangible advance toward more settled and more stable conditions. You have now
France, Italy, Germany and ourselves working together for reconstruction and reconciliation. France
and Germany are trying to eliminate any remaining
causes of friction by the wise policy of mutual concessions, and on all sides there is evidence in Europe
of a clearer understanding that it is only by co-operation and good-will that an era of peace and stability can be realized.' After this burst of optimism,
the British Prime Minister spoke of far less satisfactory matters—the British general strike of last
spring and the coal strike still dragging along.
2443
These, he said, are causes for deep humiliation to
Britons. 'Whatever consolation we may draw
from the defeat of the general strike,' he continued,
'it will remain forever a stain on the annals of our
country, which, as Mr. George Trevelyan has recently reminded us, has hitherto led the world in
reconciling three things which every nation has
found difficult to do—executive efficiency, popular
control and personal freedom.'"
The British Parliament is in session again for
five weeks. It resumed on Nov. 9 and the London
correspondent of the New York "Herald Tribune"
declared that "Parliament's opening session to-day
was remarkable for dulness." He added that "the
attendance was poor and many of the House of Commons notables were among the absentees. Ramsay
MacDonald, leader of the Labor Party, is on his vacation in Africa, and David Lloyd George, leader of
the Liberals, is suffering from a heavy cold." It
was stated in the dispatch also that "Prime Minister
Baldwin outlined his program, placing the electricity bill first on the list of measures the Government hopes to pass before Christmas. Among other
bills he mentioned as early objectives where small
holdings and allotments, housing for rural workers
overseas, betting, Roman Catholic relief, and the
supplementary estimate for the relief of unemployment."
The British trade statement for October made an
unfavorable showing in comparison with October
of last year. Compared with September of this year
there were increases in exports—£2,490,000 in Brit
ish products and £2,278,000 in foreign goods. Imports, however, were £9,286,000 larger. As against
October a year ago exports of British products decreased £13,911,000 and re-exports of foreign goods
decreased £3,017,000. The excess of imports expanded £19,101,000. The figures for October and for
the first ten months of this year compare as follows
with the corresponding periods of last year:
r won
1926—October-1925.
1926—Jan. i-oa. 31-1925.
Imports
£111,010,000 £108,838,924 £1,016,396,000 £1,074,282,947
Exports, British goods___ 53,170,000 67,081,986
549,114,000
646.340,392
Re-exports,foreign goods_ 10,360,000 13,377,420
103,062,000
126,228,235
Total exports
63,530,000 80,459,406
652,176,000
772,568,627
Excess of imports
47.480,000 28,379,518
364,220,000
301,964,320
No change has been noted in official discounts at
leading European centres from 7 % in Paris; 7%
/
1
2
in Belgium, Italy and Austria; 6% in Berlin; 5 %
/
1
2
in Denmark; 5% in London and Madrid; 4 % in
/
1
2
Sweden and Norway, and 3 % in Holland and
/
1
2
Switzerland. Open market discounts in London
were firm and closed a trifle higher, at 43
4% for
short bills and three months' bills, as against 4 11-16
@4 13-16% last week for short bills and 4 13-16%
for three months' bills. Call money in London advanced to 4%%, but finished at 3%%,the same as
a week ago. In Paris and Switzerland open market
discount rates continue to be quoted at 7 % and
/
1
2
211-16%, respectively.
The Bank of England continues to lose gold and
this week reported a decline of no less than £746,548, although as note circulation decreased £703,000,
the reserve of gold and notes in the banking department sustained only a small reduction—£44,000—
while the proportion of reserve to liabilities advanced to 27.30%, in comparison with 27.01% last
2444
THE CHRONICLE
%
1
/
week. A year ago the ratio stood at 212 and in
1924 at 21%. Reductions were again revealed in
deposits; public deposits decreased £520,000 and
other deposits £905,000. Loans on Government securities rose £775,000, but loans on other securities
were reduced £2,100,000. The Bank's stock of gold
now stands at £152,060,534. This compares with
£148,058,069 last year and £128,494,253 in the year
prior to that (before the transfer to the Bank of
England of the £27,000,000 gold formerly held by the
Redemption Account of the Currency Note Issue).
Reserve totals £32,977,000, as against £26,288,904 in
1925 and £25,373,933 a year earlier. Loans amount
to £69,365,000, in comparison with £74,422,075 and
72,821,486 one and two years ago, respectively, while
note circulation is £138,834,000, against £141,519,165 last year and £122,870,320 a year earlier. The
Bank's official discount rate remains at 5%, unchanged. Clearings through the London banks for
the week were £863,972,000, as against £877,041,000
a week ago and £794,216,000 last year. We append
comparisons of the different items of the Bank of
England return for a series of years:
.
BANK OF ENGLAND'S COMPARATIVE STATEMENT
1922.
1923.
1924.
1925.
1926.
Nov. 14.
Nov. 15.
Nov. 12.
Nov. 11.
Not. 10.
£
£
138,834.000 141,519,165 122,870,320 124,204,155 121,901,960
eirculatice_b
18,637,000 13,168,592 15,852,522 14,885,309 12,854,839
Public deposits
102,163,000 109,199,348 105,493,522 105,804.208 109,505,988
deposits
Other
49,967,519
Governm't securities 36,210,000 39,402,794 40,898,443 43,718,506 66,143,276
72,821,486 71,469,488
Other securities_ __ _ 69,365,000 74,422,075 25,373,933 23,231,871 23,989,056
notes & coin 32,977,000 26,288,904
Reserve
Coln and bullion_a _152.060,534 148,058,069 128,494,253 127,686,026 127,441,016
Proportion of reserve
19;1%
21%
1944%
211.4%
27.30%
to liabilities
3%
4%
4%
4%
5%
Bank rate
with April 29 1925, .1:27,000,000 gold coin and bullion
Includes, beginning
was transferred to the
Previously held as security for currency note issues and which
Bank of England on the British Government's decision to return to gold standard
of Bank
b Beginning with the statement for April 29 1925, includes L'27,000,000 bullion
gold coin and
amount
of England notes Issued in return for the same currency of
note issue.
time in redemption account of
had up to that
[VOL. 123.
Changes in the statement of the Imperial Bank
of Germany, issued under date of Nov. 6, were less
spectacular than those of the week preceding, and
indicated that funds had commenced to return to
their normal channels. Note circulation was reduced 141,059,000 marks, although this was offset
by expansion in other maturing obligations of 149,207,000 marks, while other liabilities increased
4,541,000 marks. On the assets side there was a decline in holdings of bills of exchange and checks of
67,034,000 marks, and of 32,013,000 marks in advances. Reserve in foreign currencies fell 25,000
marks and investments 52,000 marks. On the other
hand, increases occurred in the following items:
Silver and other coins 1,390,000 marks, notes on
other banks 9,539,000 marks, and other assets 79,963,000 marks. Another large increase in gold and
bullion holdings was reported, namely 20,921,000
marks, bringing the total stocks of the precious
metal up to 1,736,976,000 marks, against 1,206,897,000 marks, last year and 694,288,000 marks in 1924.
Outstanding note circulation amounts to 3,184,775,000 marks, in comparison with 2,677,644,000 marks
in 1925.
The weekly statement of the Federal Reserve
banks, issued at the close of business on Thursday,
indicated contraction in rediscounting. In fact,
decreases were revealed in nearly all of the leading
items at the same time that gold stocks increased.
The Reserve banks as a whole increased their gold
holdings $34,500,000. Rediscounts of bills secured
by Government obligations fell $59,700,000, and of
"other" bills $34,800,000. Holdings of bills bought
in the open market, however, increased $7,900,000.
In total bills and securities (earning assets) a contraction of $88,700,000 was shown and there was a
reduction of $11,600,000 in deposits. The amount
of Federal Reserve notes in actual circulation declined $4,700,000, but member bank reserve accounts
were augmented $11,300,000. At New York similar
conditions prevailed. Gold holdings rose $60,800,000. Rediscounting of all classes of bills decreased
$56,400,000; as a result the total of bills discounted
dropped to $116,038,000, as compared with $153,136,000 at this time a year ago. Open market purchases
of the New York Reserve Bank were smaller—
$7,200,000. Total bills. and securities declined $63,600,000, although deposits expanded $16,300,000.
Here, also, a decrease occurred in Federal Reserve
notes in actual circulation ($6,500,000), but member
bank reserve accounts increased $21,100,000. The
effect of smaller deposits and additions to gold holdings was, of course, .to raise the reserve ratios. At
New York the ratio increased 4.4%, to 84.5%, while
for the System as a whole there was an increase to
74.0%, up 1.2%.
The Bank of France in its weekly report issued
yesterday (Nov. 12), showed a contraction of 723,871,000 francs in note circulation, which is in sharp
contrast with the expansion of 1,072,588,000 francs
the previous week. Total notes outstanding now
aggregate 54,926,903,995 francs, as compared with
47,681,701,045 francs the same time last year, and
40,365,940,175 francs in 1924. The Government
repaid 500,000,000 francs to the Bank during the
week and total indebtedness to the Bank now
amounts to 36,050,000,000 francs. Last year advances to State stood at 31,350,000,000 francs and
the year previous at 23,000,000,000 francs. Gold
holdings gained 1,000 francs, thus bringing the total
of that item up to 5,548,794,500 francs, as compared
with the totals for the corresponding periods in
1925 and 1924, of 5,547,609,603 francs and 5,544,560,526 francs, respectively. Other changes reported in the Bank's weekly statement were: Silver
increased 1,000 francs; Treasury deposits, 31,000
990,000 francs, and trade advances, 117,234,
other hand, bills discounted were
francs. On the
deposits
decreased 1,795,360,000 francs and general
179,217,000 francs. Comparisons of the
fell off
Saturday's statement of the New York Clearing
with the statement
various items in this week's return
dates in both House banks and trust companies was featured by a
corresponding
of last week and with
large contraction in deposits, a somewhat smaller
1924 are as follows: VE STATEMENT.
1925 and
COMPARATI
reduction in the loan item and falling off in surplus
OF FRANCE'S
BANK
Status as of
Changes
Nov. 10 1926. Nov. 12 1925. Nov. 13 1924. reserve. Net demand deposits fell off no less than
Week.
for
Francs.
Francs.
Francs.
Francs.
3,680.239,618
Gold Holdings—
1,000 3,684,473,593 3,683,288,695 1,864,320,907 $75,642,000, to $4,309,068,000. This total, however,
Inc.
In France
1,864.320,907 1,864,320,907
Unchanged
Abroad
$32,712,000 in Government deposits.
5,547,609,603 '5.544,560,526 is exclusive of
1,000 5,548,794,500
Inc.
Total
304,029.605
311,373,577
339,056,157
1,000
In time deposits there was an expansion of $16,840,Inc.
Silver
4,193,219,385 3,232,338,395 4,630,671,902
Bills dlacounted_Deo. 1,795,360,000 2,244,334,182 2,665,706,002 2,838,410,007
Loans declined $38,299,000.
Trade advances_Inc. 117,234,000 54,926,903,995 47.681,701,045 40.365,940,175 000, to $624,678,000.
Note elreulatton-Dee. 723,871,000
16,316,186
44,578,209
47,753,547
31,990,000
vaults of members of the Federal ReInc.
Treas. deposits
2,484,286,632 6,850,549,009 Cash in own
General deposits-Dec. 179,217,000 3,220,798.783 31,350,000,000 23,000,000,000
Adv. to State_ _ _Dec. 500,000,000 36,050.000,000
serve Bank expanded $745,000, to $48,009,000, which,
Nov. 13 1926.]
THE CHRONICLE
however, does not count as reserve. Reserves of
State banks and trust companies in own vaults increased $605,000, while reserves kept by these institutions in other depositories moved up $587,000.
Member banks drew down their reserves in the Federal Reserve institution to the extent of $15,638,000,
hence the scaling down in surplus, in the face of reduced deposits, to $12,606,210, a loss for the week of
$5,060,030. The surplus is on the basis of legal reserves of 13% against demand deposits for member
banks of the Federal Reserve, but not including
$48,009,000 cash in vault held by these members on
Saturday last.
Continued ease has been the outstanding feature
of the local money market. Call loans dropped to
4
41 % in the loan department of the New York Stock
Exchange and were quoted at 4% in the outside
market. Yesterday afternoon there was an
upturn to 4 % in the regular market. The
/
1
2
supply was reported by the Stock Exchange
as being well in excess of the demand from
day to day. Time money was quiet and easy also at
practically unchanged rates. There was considerable gossip among speculators until after the close
of business on the New York Stock Exchange on
Thursday to the effect that the New York Federal
Reserve rediscount rate would be reduced from 4%
to 3 %. Such information was not forthcoming
/
1
2
in banking circles. On the contrary, it was understood to be the opinion of Federal Reserve authorities that the general money market and loan position did not justify such action at this time. At all
events the reduction did not occur and the rate is
still at 4%. 41aturally, there was considerable discussion in financial circles of the proposals with respect to rebates on tax payments. The increase in
the offerings of new securities was mentioned as
additional evidence of the expectation of a continuance of easy conditions in the money market. Prosperity on the part of corporations this year and the
expectation of its continuance were reflected in the
declarations of a considerable number of increased
and extra dividends. Most conspicuous among the
latter was a distribution of 4% on General Motors
common shares, in addition to the regular quarterly
cash dividend of 13
4%. Special emphasis was placed
also on the reported proposal of the Standard Oil
Co. of New Jersey to issue $200,000,000 bonds with
which to retire its 7% preferred stock. Official announcement was made Thursday afternoon that "Monday, Nov. 15, the Government will withdraw
$12,572,000 from depositary institutions in this district representing 30% of the amount remaining on
deposit of 3 % certificates of indebtedness. The
/
1
2
call for the entire country will amount to $44,990,000. After the above withdrawal there will remain
on deposit in the Second District $29,336,000."
•
2445
the renewal basis was still 41 %, and this was the
4
low, but before the close there was an advance
to 432%.
For fixed date funds also a generally relaxing
tendency was observed and toward the latter part
of the week time money declined to 43/2@4%%
for all periods from sixty days to six months, in
comparison with 4%7 for sixty and ninety days and
0
VA% for four, five and six months last week. Funds
were in treer supply, but the demand continues light
and the market was exceptionally quiet.
Commercial paper rates have not been changed
from 432% for four to six months' names of choice
character, with names not so well known still requiring
49%. Country banks were again in the market
as buyers and prime names were in active demand.
Offerings, however, continue restricted; hence trading
was light. New England mill paper and the shorter
choice names are still being dealt in at 06%.
Banks' and bankers' acceptances were likewise
easier and open market quotations on the longer
maturities moved down
of 1%. The market
was inactive, however, and trading was dull and
featureless. For call loans against bankers' acceptances the posted rate of the American Acceptance
Council remains at 4%. The Acceptance Council
makes the discount rate on prime bankers' acceptances
eligible for purchase by the Federal Reserve banks
33 % bid and 35
4
/% asked for bills running 30 days,
and the same for 60 days; 37
4% bid and 39'70 asked
for 90 days; 4% bid and 33/% asked for 120 days,
and 438% bid and 4% asked for• 150 days, and
180 days. Open market quotations follow:
SPOT DELIVERY.
90 Days.
60 Days.
Prime eUgible bills
46±.314
31.4(03H
FOR DELIVERY WITHLN THIRTY DAYS.
Prime eligible bills
Eligible non-member banks
30 DaYs.
39(03H
354 bid
3)( bid
There have been no changes this week in Federal
Reserve Bank rates. The following is the schedule
of rates now in effect for the various classes of paper
at the different Reserve banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT
NOVEMBER 12 1926.
Paper Maturing—
After 90 After
Days. but
bid
WWiln 6 Within 9
Months. Months.
Within
90 Day*.
FEDERAL RESERVE
BANK.
Com'rcial Secured
Agric'l & by U. S. Bankers' Trade Agricul.* Agricsa.
Livestock Governm't Acrep. Accepand
and
Paper. Obliga- tances. tances. Livestock Livestock
n.e.s.
:ions.
Paper. Paper,
Boston
4
New York
4
Philadelphia
4
Cleveland
4
Richmond
4
Atlanta
4
Chicago
4
Bt. Louis
4
Minneapolis
4
Kansas City
4
Dallas
4
San Francisco
4
•Including bankers acceptances
by warehouse receipts, dso.
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
drawn for an Agricultural Purpose and secured
4
4
4
4
4
4
4
4
A slightly firmer tendency developed in sterling
As regards specific rates for money, call loans this exchange this week and price levels hovered
alterweek ranged between 43j and 43/2%, which com- nately above and below 4 843 for demand
bills, or
pares with a flat rate of 432% for the two preceding
weeks. On Monday and Tuesday all call funds were
put out at 432%, this being the high, the low and
the ruling figure on both days. By Wednesday,
however, easier conditions prevailed and there was a
decline to 43',7 which again was the only quotation
1 0,
named. There was no range on Thursday and call
money continued to be negotiated at 41 %. Friday
4
Well above the so-called gold import point, then
closed strong at 4 84%. In the early part of the
previous week, a decline in demand sterling to
4 84 caused a small flurry and led to excited predictions that a movement of gold from London to
New York was imminent. It later appeared,
however, according to the best banking opinion,
that it would be necessary for the pound sterling
2446
THE CHRONICLE
to decline to about 4 83% before gold could be
shipped at even a small profit. The rallying movement that set in at the close of last week was
predicated not only on hopes of a settlement of the
British coal strike, but on buying on the _part of
South American interests who were said to be making
purchases of sterling for investment purposes. Moreover, the French banking houses who had figured so
prominently in the selling, turned buyers. Offerings
of bills were promptly absorbed, although trading was
usually quiet and featureless. As a matter of fact
during the week just closed a general falling off in
both buying and selling developed and the market,
though relatively steady, was colorless with the
volume of business small. Quotations covered a
range of 4 84 3-16 to 4 84 %. Reports that settlement of the coal strike in Great Britain was in
prospect appeared with increasing frequency, but as
very little of a definite nature was forthcoming, the
market failed to reflect the "good news" until
yesterday, when the prospects improved to the
extent of sending rates to the highest point of the
week. Taken all in all, there was not much in the
way of important new developments, except with
regard to the strike situation. Although the market
is being closely watched, there is virtually no speculative activity and large operators continue to turn
their attention elsewhere in the matter of trading
for profits.
As to the more detailed quotations, sterling exchange on Saturday last was firmer and demand
moved up to 4 843j@4 84 13-32 and cable transfers
to 4 84%@4 84 21-32; the volume of business transacted, however, was light. Monday's market was
still firmer, notwithstanding a small week-end
accumulation of commercial offerings; rates were
%
4 84 9-32@4 843 for demand and 4 84 25-32@
4 84% for cable transfers. A fractional loss occurred
on Tuesday that carried demand bills off to 4 843@
4 84 5-16 and cable transfers to 4 84%@4 84 13-16;
trading was quiet. On Wednesday continued ease
prevailed; the range consequently was lowered to
4 84 3-16@4 843 for demand and 4 84 11-16@
4 843 for cable transfers; trading was still inactive.
Firmness featured Thursday's trading; after opening
unchanged London sent higher cables which in turn
sent prices up and demand ranged at 4 84 5-16@
4 84 19-32 and cable transfers at 4 84 13-16@
4 83 3-32. Friday trading was quiet but the undertone was strong and rates moved up to 4 84 19-32@
%
4 84% for demand and 4 85 3-32@4 851 for
transfers. Closing quotations were 4 84% for
cable
8
demand and 4 853/ for cable transfers. Commercial
billsfinished at 4843/2,sixty days at 4803/2, ninety
sight
days at 4 78%, documents for payment (sixty days)
.
at 4 809 and seven-day grain bills at 4 83 8 Cot.
2
and grain for payment closed at 4 843/
ton
Notwithstanding numerous rumors of a heavy
movement of gold soon to begin, no gold engagements
were reported this week. The Bank of England was
more than usually active in its gold transactions, reeasing sums in varying amounts to an aggregate of
£1,600,000, part of which is to be set aside for account
of the South African Reserve Bank. Exports of
£250,000 in sovereigns to Canada were reported.
Irregular weakness marked trading in the Continental exchanges, with sharp reactionary movements
in last week's leaders that converted recent advances
into losses for a time. Franch francs suffered
rvoi.. 123
severely. After opening at 3.32%, persistent selling
caused a series of declines that brought the quotation down to 3.15, although later on there was a
.
rally to 3.3332 According to bankers here, the
recession was due mainly to liquidation of long
accounts on the part of holders nervous over the
unpleasant possibilities of a diplomatic clash between
French and Italian authorities. When the incident
had been closed, the market steadied materially.
It is claimed that Paris, and to some extent New
York, is long of francs, and as French banks are
believed to be short of sterling and dollars, further
sales of francs were quite possible. Nevertheless,
the franc market waited on the reopening of the
Chamber of Deputies on Friday, which long has
constituted an important element of uncertainty in
determining values, and dealers refused to take any
active position in the market until the outcome of
the session was determined. On Friday optimistic
reports of the favorable reception accorded M. Poincare, also promise of a reduction in army costs, sent
franc prices up sharply. Optimism continues the
keynote, since it is claimed that Premier Poincare's
position is a fairly stable one. Rumors were rife that •
the French Budget Committee contemplated recommending stabilization of the franc at $.0320, which
probably explained the fact that the quotation was
held at so near that figure notwithstanding repeated
selling attacks and the many uncertainties that still
prevail in the political situation. Some talk was
heard of the probability that a large French stabilization loan was to be offered; if true, this would indicate
that France's debt settlements are soon to be ratified.
Amicable adjustment of the Franco-Italian incident
aided in the late rally and served as a steadying factor.
Italian lire also sagged and the trend was sharply
downward, with the quotation showing a decline from
%
4.27 to 4.143 on realizing sales which represented
liquidating of long accounts. No especial significance
was attached to the movement, it being regarded as
the natural or inevitable reaction from a too rapid
and extended rise. In July last the lire was selling
at13.16, while by October the quotation was up to 4.52.
Another interesting feature of an otherwise dull
and uncertain week was the sudden and unexpected
drop in the rate on Reichsmarks, which resulted in
forcing the quotation down to 23.72, a3 compared
with 23.75 at the opening. There were some who
estimated that the gold shipping point for Berlin
was about 23.64, but considerable doubt is expressed
as to whether Germany will actually send any of the
precious metal this way. In the minor Central European markets changes were insignificant and trading
narrow and perfunctory. Greek exchange remains at
or close to 1.20.
The London check rate on Paris closed at 145.50,
which compares with 146.80 a week ago. In New
York sight bills on the French centre finished at
,
2
3.3032, against 3.299; cable transfer at 3.313/
against 3.309 and commercial sight bills at 3 293/2,
.
against 3.28% last week. By common consent Belgian currency quotations have been restored to the old
franc, and the new belga dropped. Antwerp francs
finished at 2.78 fOr checks and 2.791% for cable transfers, or their equivalent 13.90 for belga checks and
13.95 for cable transfers, against 13.90% and 13.91 a
week earlier. Reichsmarks closed at 23.73 for checks
and at 23.75 for cable transfers. This compares with
23.753 and 23.773 last week. Austrian schillings
Nov. 13 1926.]
THE CHRONICLE
remain at 141 8, unchanged. Lire finished at 4.1434,
/
for bankers' sight bills and at 4.151 for cable trans4
fers, against 4.28% and 4.293 a week ago. Exchange
4
on Czechoslovakia closed at 2.96Y (unchanged); on
3
Bucharest at 0.553,against0.538 ; Poland at 11.50
% on
(unchanged) and on Finland at 2.5234 (unchanged).
Greek drachmae finished at 1.22 for checks and at
1.223/i for cable transfers, in comparison with 1.23
and 1.233/ the preceding week.
In the neutral exchanges, formerly so-called, trading was dull and rate variations unimportant, relatively speaking. In the Scandinavian group, Danish
currency came to the front with a further advance
toward parity, touching 26.61 for checks on reports
that plans are under way for a return to the gold
standard. It is pointed out that the Danish law
which abrogated gold redemption will expire shortly,
and that re-establishment of a gold basis will follow
as a matter of course. Swedish krona were a shade
easier, ruling around 26.66, while Norwegian kronen
turned strong and advanced from 24.91 to 25.01,
without specific activity. Dutch guilders continued
under pressure with the quotation mainly in the neighborhood of 39.96 for checks, but closed at 39.99.
Swiss francs were well maintained, at previous levels.
Spanish pesetas were in demand and moved up about
73/ points to 15.17 for a time.
Bankers' sight on Amsterdam closed at 39.98,
against 39.96; cable transfers at40.01,against 39.983/2,
and commercial sight bills at 39.95, against 39.92 a
week ago. Final quotations on Swiss francs were
19.283 for bankers' sight bills and 19.293 for cable
transfers, as contrasted with 19.27 and 19.28 the previous week. Copenhagen checks closed at 26.61 and
cable transfers at 26.65, against 26.55 and 26.59.
Checks on Sweden finished at 26.66 and cable transfers at 26.70, against 26.66 and 26.713', while
checks on Norway closed at 24.99 and cable transfers at 25.03, against 24.91 and 24.95 the week before. Spanish pesetas finished at 15.14 for checks
and at 15.16 for cable transfers. Last week the close
was 15.07 and 15.09.
2447
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
NOV.6 1928 TO NOV. 12 1926, INCLUSIVE.
Noon Buying Rate for Cable Transfers in New York.
Value ta United Saha MOM,.
Country and Monetary
Unit.
Nov. 6.
Nov.8.
Nov.9.
Nov. 10. Not'. 11. Not. 12.
EUROPEg
$
Austria. schilling-- .14104
.14089
Belgium, belga•
.1391
.1391
Bulgaria, lev
.007303 .007289
Czechoslovakia, kron .029618 .029619
Denmark, krone
.2658
.2659
England, pound
ling
4.8484
4.8479
Finland. markka
.025213 .025214
France. franc
.0331
.0328
Germany, reichsmark. .2376
.2375
Greece, drachma
012343 .012412
Holland. guilder
.3998
.3998
Hungary, pcngo
.1758
.1756
Italy, lira
.0425
.0423
Norway, krone
2493
.2498
Poland, zloty
.1122
.1113
Portugal. escudo
.0511
.0510
Rumania,len
.005413 .005499
Spain, peseta
.1509
.1510
Sweden,krona
.2670
.2670
Switzerland, franc_ .1928
.1928
Yugoslavia, dinar
.017663 .017657
ASIAChinaChefoo, tadl
.6117
.6167
Hankow,tadl
.6006
.6066
Shanghai, tadl
.5820
.5864
Tientsin. tael
6150
.6188
Hong Kong. dollar_ .4652
.4680
Mexican dollar
.4308
.4345
Tientsin or Peiyang,
dollar
4171
.4208
Yuan, dollar
.4133
.4171
India, rupee
.3607
.3604
Japan, yen
.4911
.4913
Singapore(S.S.),do
.5596
.5604
NORTH AMER.Canada, dollar
1.001055 1.001221
Cuba, peso
.999656 .999719
Mexico, peso
475667 .475833
Newfoundland. dollar .998938 .998750
SOUTH AMER.Argentina, peso (gold) .9232
.9242
Brazil, milreis
1362
.1367
Chile. peso
1210
.1206
tirninmv mann
00R2
MAR
$
.14097
.1391
.007275
.029620
.2661
$
.14014
.1391
.007267
.029624
.2661
II
.14078
.1391
.007261
.029618
.2662
II
.14094
.1392
.007303
.029620
.2664
4.8474
4.8471
4.8477
4.8506
.025210 .025211 .025206 .025205
.0322
.0322
.0321
.0332
.2374
.2374
.2374
.2375
.012522 .012325 .012327 .012321
.3999
.4000
.4000
.4000
.1755
.1759
.1754
.1759
.0419
.0417
.0409
.0413
.2499
.2502
.2501
.2503
.1112
.1113
.1115
.1122
.0512
.0510
.0510
.0510
.005551 .005567 .005527 .005499
.1513
.1515
.1514
.1516
.2670
.2670
.2669
.2669
.1928
.1929
.1928
.1929
.017657 .017661 .017656 .017659
.6179
.6063
.5870
.6200
.4684
.4353
.6146
.6041
.5848
.6175
.4679
.4278
.6154
.6081
.5911
.6213
.4729
.4319
.6250
.6153
.5954
.6279
.4752
.4356
.4208
.4171
.3604
.4913
.5604
.4213
.4175
.3602
.4905
.5596
.4263
.4225
.3601
.4904
.5598
.4254
.4217
.3603
.4906
.5598
1.001250 1.001357 1.001367 1.001362
.999906 .999906 .999781 .999781
.475750 .475567 .475333 .475000
.998750 .998867 .999094 .999000
.9250
.1352
.1205
9994
.9247
.1337
.1205
1.0015
.9243
.1334
.1205
9975
.9244
.1304
.1205
.9975
•On Oct. 26 1926 the Belgian Government adopted the "belga" as their unit of
Currency. A belga is equal to five francs.
The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $5,604,260 net in cash as a result of the currency movements for the week ended Nov. 11.
Their receipts from the interior have aggregated
$6,956,260, while the shipments have reached $1,352,000, as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
Week Ended November 11.
Banks' interior movement
Into
Banks.
Out of
Banks
86,986,260
Gain or Loss
to Banks.
81,852.000 Gain 85.604.260
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec. 6 1920, it is no longer
possible to show the effect of Government operations on the Clearing House institutions. The Federal Reserve Bank of New York was creditor at the
Clearing House each day as follows:
South American exchange was firm though inactive.
Argentine paper pesos advanced to 40.78 for checks
but reacted and closed at 40.68, with cable transfers
at 40.73, against 40.63 and 40.68. Brazilian milreis
OF NEW YORK FEDERAL RESERVE BANK
opened steady but lost ground and broke heavily on DAILY CREDIT BALANCES CLEARING HOUSE.
AT
rumors of internal dissensions and fears of a revoluAggregate
Friday.
tionary outbreak, and finished at 13.15 for checks Scaurday. Monday, Tuesday, WedIsald'Y. Thursday Nov. 12. for Week.
Nov. 6.
Nov. 8.
Nov. 9.
Nov. 10. Nov. 11.
and at 13.20 for cable transfers, which compares
$
$
$
8
8
$
$
with 13.75 and 13.80 the previous week. Chilean 101J00008 94,000.000 75.000.000 98,000.000 79,000.000 75.000,000 Cr.522.000.000
Note.
-The foregoing heavy credits reflect the huge mass of checks which come
exchange advanced to 12.15 then reacted to 12.05, to the New York Reserve Bank from all parts of the country In the operation of
par collection
These large
against 12.07. Peru was firmer, finishing at 3.61, the Federal Reserve System'sof the Reservescheme. operations credit balances.
however, reflect only a part
Bank's
with the Clearing
House institutions, as only the items payable in New York City are represented in
against 3.59 last week.
the daily
The large volume of cheeks on institutions located
of
Far Eastern exchange was only moderately active. New Yorkbalances. accounted for in arriving at these balances, as such outsidedo
are not
checks
not pass
but are deposited with the Federal
The silver currencies were firmer with Japanese yen Bank for through the Clearing Houseof the local Clearing House banks. Reserve
.
collection for the account
still at high levels in expectation of the close approach of restoration of the gold standard in Japan.
The following table indicates the amount of bulHong Kongfinished at47%@48 1-16,against 47 3-16@ lion in the principal European banks:
5
47%; Shanghai at 60®59, against 58%@59
;
Nov. 11 1926.
Nov. 12 1925.
Yokohama at 491 ®493 , against 49.15@49.50, Banks of
4
%
Gold,
Silver. I Total.
Silver, I
Gold.
Total.
Manila, 49%@50 (unchanged); Singapore, 5634@
565% (unchanged); Bombay, 36 3-16@36%, against England __
£
I
£
152,060,534
1152,060,534 148,058,069
148.058,069
3634@36%, and Calcutta, 36 3-16©36%, against France __a 147,378,944 13,562,249160.941,190 147,331,5481 2,440,000 159.771.548
Germany
80,110,000
c994.600, 81,104,600 52.048,750 d994,600 53,043,350
Spalz
102,263,000 26,696,000,128,959,000 101,487,000 26,005,000127,472,000
36W36/.
Italy
45,499,000 4.157,009 49,656,000 35,645,000 3,358.000i
I
Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the Federal Reserve Bank is now
certifying daily to the Secretary of the Treasury the
buying rate for cable transfers in the different countries of the world. We give below a record for the
week just past:
Netherrds.
Nat. Belg.
Switzerrd.
Sweden_
Denmark _
Norway__
34,880,000
15,978,000
17,705,000
12,560,000
11.616,000
8,180,000
2,228,009
1,073,009
2,882,000
I
921,000
1
37,108,000
17,051,000
20,587,000
12,560,009
12,537,000
8,180,000
37,680.000
10,918,000
18,619.000
11,630,000
8,180,000
39.003,000
1,918.000 39.578,000
3,645,0001 14,560,000
3,540,000 22,159
12,825,000
1,050,000 12,680,000
8,180,000
Total wee 628,230,478 52,513,8461680,744,324 584,382,367 52,950.600637,332.967
Prey. week 620,649,98 54,735.600675,385,586 583,745,029 53,066.600 636,811,629
a Gold -holdings of the Bank of France this year are exclusive of .£74,572,836
held abroad. b Gold -holdings of the Bank of Germany this year are
exclusive
of £6,735,000 held abroad. c As of Oct. 7 1924.
2448
THE CHRONICLE
[Vol.. 128.
expressed by Italians anywhere is to be that which
Mussolini and his associates themselves entertain
and approve.
Rather curiously, the establishment of the new
policy of "thorough" coincided in time with the exposure of a dark political intrigue which aimed, apparently, at embroiling Italy and France, and for
whose support officials of the Italian Government
appear to have given aid. It seems the very irony
of fate that the chief go-between in this disreputable
affair should have been a grandson of the famous
Garibaldi, the Italian patriot whom France as well
as Italy delights to honor. The facts are obscure,
in spite of the minute investigations of the French
police and the reported admissions of Colonel Garibaldi himself, but in substance they appear to show
that Garibaldi, while posing as an anti-Fascist
leader, was being paid by the Italian police to foment
plots against Mussolini in France, with the object
of embroiling France with Italy when the fake plots
should be exposed. If the implications of the published story are correct, they offer a peculiarly unsavory explanation of the numerous anti-Fascist
manoeuvres which have taken place on French soil
during the past two or three years, and against which
Mussolini, only a few months ago, launched a vigorous protest and veiled threat. It does not appear
that France has at any time wished for any save the
most friendly relations with Italy, or that the French
Government has failed to do its utmost to curb the
anti-Fascist activities within its own borders, but
the spectacle of an Italian officer drawing money
from Italian official sources, occupying at the same
time a place of high standing and regard among the
opponents of Fascism, and all the while plotting to
ter.
been decreed for sell out the cause with which he was nominally idenThe increased rigors which have
the punishment of those who shall hereafter menace tified, at the cost of a quarrel and possibly a war
Italy and France, is one well calculated to
the life of the head of the Italian State, or attempt between
regime, owed their inspiration arouse distrust of the political morals of the Fascist
to subvert the Fascist
and bring the Mussolini Government under
to the attempt on Sunday, Oct. 30, to assassinate regime
Premier Mussolini at Bologna. Whether or not the a cloud.
Press dispatches report that Garibaldi, who was
youth who fired at the Premier acted for anybody
detained in custody at Paris without being formally
save himself is not clear, and the would-be assassin
may perhaps be put on trial in France, and
was beaten and trampled to death on the spot by an arrested,
that his membership in the Legion of Honor will be
infuriated crowd, but the repercussions of the inci. Mussolini, in turn, has made amends
dent were immediate and drastic. If Mussolini him- terminated
the strong for the attacks upon French citizens and officials in
self felt any reluctance about applying
and Tripoli, and has promised
hand, which is doubtful, the attitude of party lead- the French Riviera
populace clearly indicated the that the guilty parties shall be punished. M.Briand,
ers and the Italian
course which he must take. By the rapid and essen- the French Foreign Minister, is understood to have
tially arbitrary process which has now become fa- warned the Italian Ambassador in no uncertain
the danger that lurks in any connivance
miliar in Italian politics, severe measures of repres- language of
the part of the Italian Government at plots
sion and punishment were framed, enacted into law, on
peace of the two countries, the invasion
and officially decreed, all in the course of a few against the
of French territory by Italian police as if the terridays, with only the merest semblance of discussion
were their own, or attacks upon French suband hardly a trace of even formal opposition. Trial tory
ent, death, confis- jects, and the incident has been closed. If the outby military tribunals, imprisonm
come, when all the facts are known, shall prove to
cation, loss of citizenship, enforced domicile, revosuppression of newspapers and have been a victory of diplomacy and national recation of passports,
straint against threats and sword-rattling, the Poinsocieties, censorship of the press, surveillance in
uch are the penalties which, care Government and its Foreign Minister will be
public and private—s
entitled to praise, but the ending of the formal phase
varied only by circumstances, await the Italian subhenceforth, whether at home or abroad, of the episode will not dissipate the bitter taste that
ject who
out- remains with the French people. The French have
shall become implicated in any conspiracy or
long memories for intrigues and conspiracies dibreak, or who shall venture to criticize the Fascist
be up- rected against France, and suspicion of unfriendliregime or its policies or acts. Fascism is to
once aroused, is not easily allayed.
held, not merely by the repression of lawlessness or ness,
The elaborate plan of financial reorganization
elimination of disrebellion, but also by complete
Thursday is
sent. The only political thought that may safely be which was to have gone into effect on
Progress and Reaction in Italy.
In commenting from time to time on the course
of events in Italy, we have endeavored to give full
and cordial recognition to the remarkable achievements with which the Mussolini Government is to
be credited, while reserving judgment regarding the
ultimate effects of the dictatorial methods which
have been relied upon to bring about desired reforms, and the general political policy which has
been forced upon the country. There has been the
more reason for making such a discrimination because of the fact that some of the greatest accomplishments of the Fascist regime, in the field of
economic reorganization particularly, have been accompanied by, and at times closely related to, political incidents of a nature to inspire doubt or regret.
The past two weeks have afforded a striking illustration of the way in which the Italian Government
mixes the good and the bad. Until a formal apology
on the part- of the Italian Government to France
made it possible for diplomacy to regard the incident as officially closed, friendly relations between
the two countries were for, some days near to the
breaking point over what appears to have been a
gross invasion of French rights by Italian officials
and citizens, at the same time that the Italian Government was enacting laws and regulations of
marked severity for the protection of the Fascist
regime, and promulgating a large financial program
which seems likely to ease the financial situation
appreciably and facilitate the recovery and extension of industry and trade. Even the familiar figure
of the olive branch and the sword hardly does justice
to a succession of events so kaleidoscopic in charac-
Nov. 13 1926.]
THE CHRONICLE
2449
in striking contrast to the political indirection and this leisure as profitable to workingmen in
its cullegal and administrative harshness of the events just tural possibilities, while on the other we
are comreferred to. The entire floating debt of Italy, aggre- pelled to confront increasing unemployment
. There
gating upwards of 20,500,000,000 lire, has been con- is another form of counterbalance we must
note. It
solidated by Government fiat into a new 5% loan, by is that while needs cannot be increas
ed beyond a certhe automatic conversion of the ordinary Treasury tain point, needs of sustenance, clothing and
shelter,
bonds, together with the five-year and seven-year the wants for luxuries and pleasur
es may and are
bonds, into a new issue. For the marketing of the likely to increase indefinitely, consum
ing a machinebonds a syndicate, composed of the Bank of Italy, enforced leisure in forms of work
such as prevail toall savings banks and insurance companies, and all day. Yet it is a reasonable assumption,
since the use
other institutions which are required by law to in- of leisure is a personal proble
m, that the machine
vest in Government bonds, has been created, the will lessen the need for work
faster than the new
member institutions being required to invest in the standards of life will consum
e it.
new loan to the extent of one-half of the funds at
In a way labor leaders seem to sense this condition
their disposal between Nov. 11, the date at which the and seek to offset it by
limiting the hours of labor
plan was to go into operation, and Dec. 1 1927. Tak- constituting a day's work.
This, however, has a reing into account, it would seem, the premiums which action that is fatal in that
an arbitrary day's work,
are to be paid on the old bonds, it is estimated that either in hours or service,
is contrary to the necesthe original amount of the debt will be increased to sary increase in production
demanded by civilizaabout 27,560,000,000 lire, but no maturities will tion, and only serves
to accelerate the machine work
have to be met until 1931, so that the Treasury will and thus diminish
the hand or human work. And if
obtain the benefit of a kind of moratorium for five the machin
e does not tend to unemployment it may
years, during which time, it is hoped, substantial in the end tend
to lower wages. This is now denied
progress will have been made in restoring the cur- by a number
of large employers. And as a temporency and reorganizing industry and trade. The rary fact
wages are relatively high in plants using
new bonds,it is stated, will in the meantime be avail- the largest
quota of machinery. On the other hand,
able as collateral for loans at the Bank of Italy.
it is argued that this condition can continue in only
Italian dispatches represent the plan as an appli- a few
lines of manufacture, and that the gross recation in the financial field of the same drastic pol- sult
of the use of the machine must be a displaceicy • of national protection which has been inaugu- ment of
labor, the net result of which will be more
rated in the repression and punishment of political leisure
for the workingman. How this leisure is to
opposition. It is a pity to try to link the two scheme
s be used is one of the indeterminate factors with
in such a fashion, for the less politics has to do with which
an advancing world must contend. Will it
finance the better, and the mere suggestion that
the result in a more stable or more unstable life?
two policies have some connection one with the other
Leisure is of no value unless well spent. Two conis disturbing. On its face the financial progra
m ap- tradictions appear. The natural increase in luxupears to promise useful results. Notwithstanding
ries, while it offers new employment, also tends to
reported Treasury advances of some 3,500,000,000 extrav
agance in living and a waste of time in nonlire in business credits since Jan. 1, the rise of the improv
ing pleasures. Granting that the net result
lira and the growing demands of industry and trade is
an increase in leisure, how is this to be spent,and
have brought about a credit stringency which it is is there
any law upon which to predicate a higher
expected the new plan will relieve. Whether, in a scale of
living? Naturally, we deal with an equation
country whose political system of one-man power of varying
quantities. It is possible to discover some
can apparently be maintained only by increasing re- of the
tendencies in conditions of to-day. There are
sort to force, economic life may be expected to pros- at
least two of the leading industries of the present
per when public finance is subjected to similar forcitime that were non-existent practically 25 years
ble procedure, is a question in regard to which the
ago, which, while they employ what we may term
teachings of history are not clear, but the financial
new labor, consume in time and expense much of the
world will certainly watch with sympathetic attenleisure obtained from the total of the use of mation the working of any plan which proposes to set
chinery. They, by increasing acceptance and use,
Italy's financial house in better order, even if the
are semi-necessaries, but for the most part they
are
politics of the Italian Government seem ill-adapted
luxuries. Each has its cultural aspect; but again
to the development of self-government among the for
the most part each appeals to pleasure more than
Italian people.
it does to solid or educational improvement
We are compelled, therefore, to contrast frugality
Labor—And Leisure.
with extravagance, saving with spending, and thrift
Henry Ford's five-day week attracts universal
attention. But President Green says it does not with prodigality, in order to arrive at the elements
of the so-called "higher life." If one result of labormean six days' pay for five days' work. Looking
saving machinery is to increase machinery that minforward to a continued increase in the invention and
isters to the idle pleasures of leisure then
the latter
use of labor-saving machinery, the working day of
is defeated of its benefits. Work for
wages to be
the laboring man becomes an important feature of
scattered in leisure, though the wage
be high, cannot
this ramifying problem. Initiative and enterprise
conduce to happiness and contentment
And if the
being free, wants and needs of consumers ever changworkingman cannot be educated in the
principles of
ing, what we term higher standards of living rising, right living
at the same time that his wage and
either these must cause constant new outlets for
leisure are increased it cannot be argued that
he is
work, both common and skilled, or the labor-saving benefit
ed. But initiative and enterprise being free,
machine must provide a new leisure never before and
being necessary to man's full development, we
attained. On the one hand we are wont to consider cannot
stop the labor-saving machinery, and - e must
2450
THE CHRONICLE
[VOL. 123.
in which to cultivate the
find a way to profitably use the leisure and the it displaces. Yet leisure
of life is one of the greatest boons of
higher wage. Education will do much. Philosophy, spiritual things
will be the neces,
ethics and religion will aid. Yet the only real solu- progress. Now, and always there
sity of shifting position and occupation. And the
tion, since man and work are free and should remain
of labor recognize this,
so, lies in a new estimate to be placed upon the bene- sooner teachers and leaders
the sooner the individual workingman will learn to
fits of work itself. Work measured by wage and a
m of increased leisure. Creastop-clock, alone, takes on the aspect of a penalty, utilize this new freedo
tion of class distinctions and organisms to herd men
when philosophically it is a blessing.
s in wages, working condiWe do not discover among the theories promul- together to make demand
are contrary to the flow of ingated by union labor one that stresses the advan- tions and hours that
s of social advance, only
tage that this leisure of the short day is to be used dustry and the demand
gman in false chains.
in other work either for self or for employer. In cabin the workin
Of what value is leisure to any man—save to order
fact, the tendency of the teaching is that of curtailhis own independent employment, save to cultivate
ing the amount of the work. This is evidenced by a
and art, save to
,
refusal to let non-union labor work in place of the self in the study of science letters
placed gain true joy out of the simple things of life that are
union; by the restrictions attempted to be
to give himself in love for
upon the product or turn-out of the shortened day; without cost or price, save
and dear. This leisure that
and by the requirements controlling the number of those who are near
h growing mass production is a responapprentices allowed in the trades; and by the at- comes throug
blessing. It is to be spent in a
tempt to secure by law double train crews for the sibility as well as a
ed away in idle amusesame work. The workingman by this teaching and beneficial way, not fritter
are bold enough to say, because of high
practice is to have an increased nforced labor, with- ment. Some
obsequious attitude of law and Govout attempting to suggest a wise use for it. No such wages and the
t, that "labor is now on top," and must rescheme will ever make up to the workingman the ernmen
It will do well to realize that things
difference in human labor caused by the machine. main there.
open marts transient are not things permanent. It will do well
As said, competition of products in the
issue of continuous advance by
forces the employer more and more to supplant hu- to meet the larger
that advance. All work
man labor by machine labor. In the United States amenability to the laws of
l
s as well as to the
at the present time, with wages near the peak of war is subject to the genera progres
for the purpose of crepayments, the silent transition does not seem to be local machine. Organization
any time or place is the enemy
noticed, but it is going on all the while, and the day ating a status quo at
and well used leisure.
must come when it will become a more pressing ques- of continuous employment
tion. We are compelled to conclude that a leisure
Osler of Johns Hopkins, a Public
that is idle, that leads to inordinate spending for
Benefactor.
mere pleasure is not altogether a boon to the work"The beloved physician" has survived as a cheringman.
term for some 2,000 years since first used of
Hand work mav be increased by the demands of ished
Luke, of whom little else is known, by his friend,
society. But if so it must be independent of mass
Apostle Paul. The family doctor has a place all
production. The worker must regard his leisure as the
his own. He allays disabling pain, arrests destrucopportunity to "turn his hand" to other things.
in
tive disease, and preserves the lives of those
He must cultivate skill in work that produces arup.
whom the hearts of others are bound
ticles of artistic value. He must seek to add variety
Physicians are also remembered among the world's
to production, using his spare time for his own
great benefactors. From Galen, Esculapius, and
profit in usefulness. He must be willing to recogHippocrates, among the founders of modern civilizanize the foot that the changes in uses, in taste, in
tion, to Jenner and Harvey, and Lister, Pasteur and
progress, compel him to change his occupation. In
Virchow, of yesterday, their names stand out and
this he must separate himself from the union or orare many. To-day the life of one who but now was
ganization which sees in him not an individual, but
with us is told as combining both characters in a
a member of a class. The skilled coal miner, by
rare degree. It will be widely read and his memory
order of his organized craft strikes—and then sits
will long be cherished; it is well worth the attendown in idleness to await the settlement of his detion of busy men absorbed in other lines of life who
mand for higher pay. Usually he couples this with
professional
feel might otherwise pass it by as only of
a demand for shorter hours. But he does not
interest.
impelled to do other work while he is waiting. So
"The Life of Sir William Osler," which so busy a
plaswith the carpenter, the brick mason and the
Medical
ual or man as Dr. Harvey Cushing of the Harvard
terer. Can leisure thus be of benefit to individ
worth while to write and which is
e detri- School has felt it
class? On the contrary, it becomes a positiv
with its
an answer to published by the Oxford University Press,
not
ment to his well-being. And it is
ample details, is perhaps sufficiently
e he can preserve his interesting and
say that only by this practic
described when it is said to be worthy of its subject.
trade—in fact he is destroying it.
Our purpose is attained if we can secure for it the
organization can control the continuous
No
of social life. Not attention it deserves.
changes in the modes and customs
The path is long by which William Osler, the youngon in machinery
day passes but some new inventi
a
to an English
Whether this is al- est son of nine children, born in 1849
Cornwall
increases the general output.
questioned; clergyman and his wife who came from
ways a benefit to mankind may well be
home in which
led. Nor twelve years before, traveled from the
but this form of progress cannot be control
1889 in his
e, in its he was born and brought up, until in
is it an answer to say that each new machin
professorship in the
work. The 40th year he was called to a
in Balconstruction and operation, makes more
l School of Johns Hopkins University
does not equal the old work Medica
new work thus created
Nov. 13 1926.]
THE CHRONICLE
2451
timore; where he was to live and work for 15 years, that to think of curing the head alone and not the
achieving his great reputation before he was called rest of the body also, is the height of folly." Again,
method of teaching
to the Regius Professorship in Oxford in 1904—for when he would secure a better
cram it all into a professional
than by trying to
the brilliant autumn of his career.
That career we may here only glance at, noting course of even four years he turns once more to
his service as a public benefactor, leaving the inter- Plato and the fundamental principle he laid down,
esting and instructive detail and the abundance of that education is a life-long process in which the
student can only make a beginning in his student
its wisdom to be sought in the book.
First we would place the value of his direct and days. In the insistent demand to-day for specialthe
varied public service. He attacked with intelligent ists, one must keep up with . times, but no physipersistent vigor the prevalence in the commu- cian can know everything even in medicine. It is
and
nity about him of the chief destroying diseases, well for him, therefore, to set careful bounds to the
which then were typhoid fever and tuberculosis. He expression of his judgments which he was himself
strove to awaken the authorities and the public to always careful to do.
But back of all and perhaps chief of all the
the supreme importance of the recently discovered
contributions he made to the public was the
bacteriological and germ origin of much disease and
the necessity of its application to the diseases raging influence of his personal character. It was
in particular places, as, for example, typhoid in Bal- not so much what he said and what he
timore. He kept abreast of the advance of the new taught as what he did and what he was. He was an
knowledge and practice everywhere, and lived to see example and an inspiration as well as a guide to
the complete extirpation of various terrible scourges those with whom he came in contact. His was the
in many areas. He did all in his power to enforce charm of the bearing that comes with freedom
the new methods and spread their application. His from all thought of self. He never drove, he led. He
contribution to the public well-being in this direction sought the need; then he suggested the opportunity
was in the line of his constant effort to maintain and gave the privilege of meeting it to another; conand extend the growth of the American mind in tent always that the honor or the reward should go
medicine since the starting of the colonies. He to the one who achieved the result, never seeking, or
points out that three great strains of influence have apparently thinking, of any praise for himself.
Through all his life he was an eager student Of
blended into the broad stream of American medicine
nature, and never ceased to hold fast his loving
on which we float. With their characteristics of
adaptiveness, lucidity and thoroughness in combina- connection with the older friend who had taught him
tion they have given to medicine on this continent its as a lad the significance and the attraction of its
distinctive eclective quality. In an address in minutest form of life. It opened his heart and his
1902 before the Canadian Medical Association, after eyes to discern worth and beauty and even what is
denouncing a narrow, illiberal spirit wherever lovable everywhere and in all. His own personality
shown, he described as the four great features of gained if it did not originally acquire in this pursuit
the Guild, its noble ancestry, its remarkable solidar- its outstanding feature, its abounding life.
ity, its progressive character and as distinguished This was always in evidence. It was overflowing;
no anxiety was too great, no disappointment was
from all others, its singular beneficence.
To the same end of emphasizing their value to the too disheartening, no sorrow, to himself or his
State he pressed the importance of the best possible friends, was too repressive to hold back the ebullient
education for physicians. It,was an ever present spirit which expressed itself in its desire to spread
theme with him and to it he gave the support both brightness and cheer and friendliness everywhere.
All were his friends. His only enemies were disof his own practice and his teaching. He had the
opportunity of joining in the organization of the ease and ignorance. These he withstood with all his
Medical School of Johns Hopkins, and he based its might. The one occasion on which he was known
system upon bedside instruction. Of course, hooks to break forth in anger was at a public meeting in
and lectures are necessary. He was an omnivorous Baltimore called to arouse the authorities and the
reader and a generous collector and bestower city to the need of better sewage and water supply
of books. But the doctor must himself see and feel and to clean itself up. When,after the case had been
and know. Without abundant reading the doctor is presented, the Mayor arose and made light of it,
a man going to sea without a chart; without clinical congratulating the city upon its many excellencies,
observation he is one going to sea and not knowing Dr. Osier sprang to his feet and denounced the
where to go. The business of the medical school is Mayor to his face, charging him and his fellow offinot to make chemists, or physiologists, or anato- cials with responsibility for the hundreds of both
mists, but to teach men how to learn to recognize adults and children in families of every class in Baldisease and how to become practical physicians. timore who at that moment were going down to inThis must then be the line of their constant study evitable death by disease which might be entirely
and the key to their success. Two further truths he eradicated. It was final, and sufficient. The reform
pressed upon them. One is that no diseased organ was undertaken and he lived to see the desire of his
is to be treated as if it were isolated. It is part of a heart largely attained. Nowhere was he more arcomplex whole; and to show that there is to-day no dently loved; and when at last he was called away
excuse for forgetting this, he pointed out that Plato the whole city joined in expression of its sense of
long ago said to the bright friends of Socrates in the loss.
He had taught them how to live while living among
words he put in Socrates's mouth: "I dare say that
have heard eminent physicians say to a patient them engaged in teaching students coming from far
you
who comes to them with bad eyes that they cannot and near; and when in his teaching he had said "Live
cure the eyes by themselves, but that if his eyes are to the best life you can, but live it so as not to give
be cured his head must be treated; and then, again, needless offense to others; do all you can to avoid
2452
THE CHRONICLE
the vices, follies and weaknesses of your neighbors,
but take no needless offense at their divergence from
your ideal," they knew that he had lived among them
ht that way himself.
We recall that Motley, the historian of the Dutch
Republic, says that when William of Orange died
[voL. 123.
"the little children cried in the streets." When news
came that Dr. Osler had died that might be said of the
children in many homes in Ontario,in Maryland, and
even in England, for above all, the last word may
well be that widely as he was known, the children
everywhere loved him.
Foreign Loans and Credits—The Case of Germany
[Copyrighted by the William B. Dana Company for the "Commercial and Financial Chronicle." Exclusive copyright in the United States.]
By
HARIZEY WITHERS, formerly
Editor of "The Economist" of London.
Among the many paradoxes which arise from the present foreign exchange for purposes of transfer, he would have
topsy-turvy condition of international finance, one of the to answer that it was."
In this respect Germany's position• is peculiar, but the
most interesting is the embarrassment produced or threatproblem of the exchange difficulties produced by too much
ened to those countries which find themselves swamped with
foreign borrowing and of the greater burden involved by the
foreign credits and long-term loans. •
service of a foreign, as opposed to a domestic debt, is as old
The most obvious example, of course, is Germany, where
as international finance, and concerns all countries which
the President of the Reichsbank in the course of evidence
resort to foreign credits, that is to say all the countries that
given before the Economic Inquiry Committee of the Reich
are economically civilized and many that can hardly be so
laid special stress on the difficulties arising out of the for- described. The United States
is still a big lender on balance,
eign loans and credits which have been so freely taken up.
but before the war she was a borrower and some of her own
As reported in the "Times" of Oct. 23, Dr. Schacht said citizens are already foreseeing the day when the stream of
that Germany's obligations in interest and sinking fund were capital will once more flow into. her borders, though it is
being steadily augmented by the stream of foreign credits. rather difficult for outsiders to see how this is going to
Those who took up the credits were not in a position to happen.
For a young and undeveloped nation, with rich resources
provide, in the way of their own business, the amount of
awaiting exploitation, an obvious short cut to prosperity lies
foreign currency required to meet the interest and sinking
through an influx of foreign capital, which enables it to pay
fund charge and relied for it on the general body of trade.
for equipment at once, instead of waiting for the slow proc"For that reason alone foreign credits must not be allowed
ess of paying for it by exports of such products as it can
to increase beyond the limits of foreign profits and the prosspare, in gradually increasing volume as its productive
pects thereof. The bank could not stand by and suffer an power increases. But from the quite
legitimate use of forarbitrary increase of these credits."
eign capital for the blameless purpose of equipment for proThe case of Germany is peculiar, in the first place because duction, it is a short step to its abuse, when it is converted
the high reputation of her citizens as hard-working and effi- to objects which will not increase the productive power of
Cient industrialists makes her an area to which available the borrower. Moreover, the distinction between legitimate
foreign capital is attracted with special ease, 'while at the and illegitimate uses of foreign capital is not always easy
same time this flood of foreign capital tends to warp the to detect. When a country borrows abroad in order to proworking of one of the safeguards provided in the interests vide itself with a railway service which shall carry immiof Germany, her creditors and of international trade,
by the grants and equipment into its interior and then carry to the
Dawes plan. As everyone remembers, an ingenious feature seaboard for export the goods which have been brought into
Of the scheme, which gave it the stamp of real originality, being by these acquired transport facilities, the object and
was the arrangement by which the Dawes indemnity,
which the result are alike satisfactory to the borrower and the
inevitably had to be collected in marks, should only
be lender. The goods exported provide the exchange required
transferred to the Allied creditors as long as the transfers for the service of the loan and the operation is selfCould be carried out without endangering the stability of the liquidating, as long as the railway is judiciously planned and
mark. International trade had suffered so much by the is not, for political or other reasons, run across a barren
violent fluctuations and depreciation of the old mark, that wilderness into a mudswamp.
the stability of the new one was to be secured even at the
Among purposes for which foreign borrowing is illegitirisk of a reduction, or temporary cessation, of the payments mate, the most obvious are the financing of budget deficits,
under the plan.
because the country has not the courage to tax its own citiThe effect of this provision has been nullified by the zens, or to reduce expenditure or the creation of armies and
stream of foreign credits into Germany. It was meant to navies on a scale which can confer no benefit but flattered
secure that if Germany was not able to meet the Dawes pride and a tendency to sabre-rattling. But between these
payments out of a surplus of foreign currency created by extremes of good and bad there are many fine gradations.
her trade activities, they should be reduced or cease for the It may seem tempting to improve the water supply and sanitime being, and it was pointed out at the time that this tation of cities with money borrowed abroad and it may be
provision had made the whole question of payments by Ger- possible to justify the process by arguing that the inhabitmany more or less problematical. Now, the readiness of ants will be more efficient productively if they live in
foreigners to lend and of Germany to borrow, has provided healthy conditions. Such tendencies, however, on the part
such a store of foreign currency that this test of German of foreign borrowers have to be watched very carefully, for
ability to pay breaks down altogether. As Dr. Schacht if over-indulged, they are apt to be a serious source of weakpointed out, the Reichsbank's holding of foreign exchange ness. For the service of foreign loans can only be met by the
had been piled up, through foreign credits to a figure which provision of a surplus of goods and services for export, and
"both in respect of the prescribed note cover and of the sta- any foreign capital that is borrowed for purposes which
bility of the mark was much too high. If the Agent-General will not assist the provision of this surplus, will inevitably
for Reparations Payments were to ask whether the position lay a burden on the country's exchange without doing anyof the Reichsbank was such as to permit the surrender of thing to help to carry it.
Nov. 13 1926.]
THE CHRONICLE
2453
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, Nov. 12 1926.
Taking the trade of the country at large, it is good in
some few sections, but no better than fair as a rule. A year
ago trade was brisk. Comparisons with that period naturally suffer to some extent. In the country as a whole
colder weather has latterly had a certain bracing effect on
trade in clothing, shoes, coal, etc. There is no disguising the
fact that car loadings are very large, but bank clearings are
declining. The exhibits of chain stores and mail order concerns are on the whole encouraging, employment is on a
satisfactory scale, and the use of electric power clearly
reveals a degree of activity in manufacturing, taking the
country as a whole, fully as great as at this time last year.
Business may be more or less "spotted." Automobile production has declined. Export coal trade has fallen off, as
the prospects brighten for a settlement of the British strike.
Woolen goods have been quiet. There is dulness in the
silk trade and Japanese raw silk has declined. Mail order
sales in October were some 10% smaller than in the same
month last year. Pig iron has been quiet, though with
prices reported firmer, owing to the recent advance in coke.
Some finished steel has advanced $1 and production is still
large and unfilled orders show an increase. Taking the
wholesale trade by and large, the crest of the activity is
supposed to have passed in September. But iron and steel
business is better than it was a year ago. The same is true
of building materials, coal, tobacco manufacturing and
clothing. And the bituminous coal output for the last week
of October was unprecedentedly large, and that for the
entire month was the largest in five years. With the advent of seasonable weather it is not unreasonable to expect
some increase in business. Much of the recession of trade
in the United States in recent weeks was due to stormy
conditions.
IANIN
Wheat markets have declined of late, as the Canadian
and Argentine crop outlook has seemed more favorable.
To-day wheat declined some three cents. This coincided
with lower foreign markets and the increasing probability
that the British coal strike was at last in very truth nearing its end after lasting for nearly seven months and doing
untold injury, both to the British industry and to the
miners themselves. The prospects now point to lower ocean
freight rates, which have already begun to decline. Shipping taken up with exports of coal to Great Britain will
now be released for grain, cotton, and so forth. Meantime,
the world's available supply of wheat increased 11,626,000
bushels last week and is now 218,920,000 bushels, compared
with 170,175,000 bushels a year ago. English markets have
a downward tendency, with larger imports ahead. Corn
has declined, as the receipts are large and the demand poor.
New low prices have been reached. The crop turns out to
be larger than had been expected, I. e. close to 2,700,000,000
bushels, though this is 200,500,000 bushels smaller than that
of last year, but the supplies on the farms are 180,000,000
bushels, or far in excess of those of a year ago. And although prices are down to a new low level for the season,
with No. 2 Yellow 15 cents a bushel lower than a year ago,
there is no export demand. The Iowa farmer gets, it is
said, little more than 35 cents a bushel. Of course, export
trade in wheat and rye has lagged. It may shortly increase. Cotton has latterly advanced, particularly to-day,
when the Indications pointed to an early ending of the British coal strike. In fact, in the cotton trade they seem to
.
take it as a matter of course that the ending of this regrettable trouble is almost an accomplished fact. In any case,
there was a rise to-day of about $150 a bale here. It was
concurrent with rising prices at the South, especially for
the higher grades, which exporters find some difficulty in
buying.
Meanwhile progress is reported in the plan to set aside
4,000,000 bales of cotton on loans on the basis of 9 cents for
middling % of an inch white cotton, with the usual allowances for grades above and below that quality. It will take
$162,000,000 to finance this cotton. Already there are some
complaints among the farmers that no more than 9 cents a
pound is being advanced on their cotton. Latterly there
has been some skepticism expressed here as to the outcome
of the scheme, which savors not a little of valorization.
Some outspoken critics take the ground that it would have
been better to have sold the cotton, meeting the market,
taking the bitter at first and the sweet later, for undoubtedly a decline to a lower level than that now prevalent
would have stimulated trade and speculation in accordance
with the familiar economic law and brought about an upward turn of prices. But this is not the view of the South,
The indications
nor, indeed, of everybody here.
point to a large consumption of American cotton
this year. By far the greater proportion of the cotton imported at this time at Liverpool is American. Investors are
buying here, and there is London buying in Liverpool that
may probably be put down to the same element. Manchester reports a better demand. In this country many of the
cotton mills are running on a working schedule noticeably
greater than at this time last year. The cotton mills also
have cheap cotton. Their product has not declined in anything like the same ratio as the raw material. There seems
to be an increasing demand for cotton mill shares in New
England. It is declared that cotton yarns and cloths are
30 to 50% higher, respectively, than on the average just
before the war, while raw cotton is down to pre-war prices.
Evidently the profit margin for the mills is much wider than
It was a year or two ago. Coffee has declined as exchange
rates in Brazil tend downward. There is no great demand
in this country for the commodity; that is roasters are buying on a cautious scale hoping for lower prices. Raw sugar
has been firm, with, as a rule, no great activity. Refiners
are not doing much new business, but withdrawals are large.
Sugar was firm to-day, and it is evident that with ocean
freights declining as they have been of late,;the prospects
are brighter for a British outlet for Cuban sugar in the near
future. Rubber has of late been quiet and more or less
depressed, with increasing stocks in London where trade
has also been quiet, pending further developments.
The stock market has latterly been stronger and to-day
had a noticeable rise, in spite of the fact that money on call
4.
advanced to 4%% after lending earlier in the week at 41
Foreign exchanges were firm. Bonds were in steady demand and new high record prices were reached for United
States Treasury 4s and 414s. London was cheered by grow/
ing hopes, apparently not without foundation, that the seven
months' coal strike in Great Britain is about to end. French
francs being higher, this increases the buying power of
France in foreign markets, though it naturally militates to
a certain extent against the French export trade. But there
is, on the whole, general progress in Europe back towards
normal conditions. The friction between France and Italy
Is not very easy to understand on this side of the water, but
•for that matter half of the European quarrels are not
easily comprehensible to America. The speech of Mr. Coolidge at Kansas City in which to all intents and purposes
he abandons the idea of entering the World Court will meet
with the approval of the great mass of the American people.
They have been unable, rightly or wrongly, to rid themselves of the idea that membership in the Court would tend
sooner or later to embroil this country in the quarrels of
Europe. At all events, the United States will not enter
this tribunal except on terms which seem compatible with
its own interests, and in harmony with the unforgotten principle of Washington,"Friendly relations with all, entangling
alliances with none."
It appears that an early settlement of the British coal
strike depends on the decision of the miners' conference regarding extension of hours of labor beyond the seven daily,
which was the standard before the stoppage began. The
miners' executive committee is divided upon the issue and
the decision is doubtful.
As to general trade it is significant surely that car loadings during the week ending Oct. 30 were a high record,
according to the American Railway Association, which made
the total 1,216,432, or an increase of 6,269 cars over the previous high record established for the week ending Oct. 16.
At Fall River, Mass., the No. 3 mill of the Chase mill,
which has been shut down for the past three years, will
resume operation next Monday. The resumption at this
plant, it is said, will place the Chase mills at 100% produc-
2454
Lion. The demand for cloths there has increased. The cotton mills of the United States, it is stated, are running on
12 to 15% greater time than a year ago.
In New York cloak makers have signed a wage agreement with 30,000 workers. This is believed to mean an
early ending of the strike. It has lasted four months.
Workers, it seems, are to receive an increase of $2 to $4
above the rate recommended by the Governor's Commission.
There is to be a 42
-hour week for 18 months and 40 hours
thereafter. The strikers abandoned the demand for a 36hour week. It is said that the strike has cost the union
workers $30,000,000 in wages and $2,500,000 in disbursements of union funds. At Passaic, N. J., the strike of the
Passaic worsted spinning mills ended on Nov. 11. This is
the first break in nine months, as one of nine firms reaches
an agreement. The union wins recognition, but loses the
increase in wages demanded. The company is assured that
a closed shop will not be demanded. Arbitration is to settle
trouble in future. This sounds like common sense. Rochester, N. Y., wired that the volume of business booked on
spring clothing during the first month following the opening
of their lines, shows that manufacturers of men's ready-towear are much encouraged as to the prospects for the coming season.
The Goodyear Tire & Rubber Co. and B. F. Goodrich Co.,
it was reported, have cut prices 10% on their general lines
of tires, effective Nov. 15. It is expected that this will be
followed by other companies. In the tire fabric industry
favorable reports are the rule. Mills continue to book new
contracts. Milwaukee jobbing houses report that although
business is normal compared with other years, trade for the
arst week of November did not come up to expectations, nor
compare favorably with October. Due to the colder weather
a good increase in business is expected for next week.
Further increases in the sales of chain store systems were
reported for October and for'the ten months of 1926 as compared with corresponding periods last year. Total sales of
13 organizations amounted to $67,111,854 during October, a
gain of $5,861,868 over the same month last year. For the
ten months the total is $510,216,369, showing an increase of
$60,335,579.
It was mild here early in the week. On the 9th inst.
came rain with thunder and lightning. On the 10th inst.
it turned off cold. The thermometer fell 11 degrees between 8 a. m. and 2 u. m., from 53 to 42. Frosts occurred
below central Texas. The front of freezing temperature
extended through western New York, western Pennsylvania
and southward along the Appalachian Highlands to Tennessee and to northern Mississippi, northern Louisiana and
northern Texas. Rains have occurred in all Atlantic coast
and Appalachian sections, turning to snow along the zone of
freezing. East of the Mississippi River temperatures fell
20 to 30 degrees. Freezing was indicated for New York on
the night of the 10th inst. At Chicago over the 9th inst. it
was 22 to 40 degrees, at Cincinnati 28 to 60, at Cleveland 30
to 62, at Kansas City 20 to 38, at Milwaukee 20 to 30, at St.
Paul 12 to 24, at New York 52 to 64, at Boston 62 to 66, at
Philadelphia 52 to 70 degrees. On the night of the 10th inst.
37 degrees was recorded here, a fall of 24 degrees in 24
hours. The wind reached a maximum velocity of 65 miles.
It had died down by the morning of the 11th inst. The cold
belt extended from Quebec southward, shifting toward the
Atlantic Ocean, where it will be broken by the Gulf Stream.
At Buffalo, N. Y., it was 26 degrees. Niagara Falls had
snow flurries. Rochester, N. Y., and vicinity had snow;
other parts of the State had snow storms or snow flurries.
For several days past the weather here has been quite cold,
but it moderated to-day, and the forecast is for fair and
warmer to-morrow. The range here was 26 to 40 degrees.
It has been snowing in Ohio, Illinois and Indiana. Chicago
in the last 24 hours was 26 to 32, Cincinnati 26 to 34, Cleveland 22 to 32, Kansas City 42 to 52 and St. Paul 22 to 34.
Industrial Activity as Measured by the Use of Electrical
Energy-Plant Operations, Based on Consumption
of Electricity, 7.4% Higher Than Last Year.
That the high degree of general industrial operations was
continued in October is indicated from reports of electrical
energy consumption by manufacturing plants scattered
throughout the country, "Electrical World" will say. October manufacturing activity in general was 7.4% higher than
that reported for October of last year and 15.3% above the
average monthly rate for the past three years. Increased
,
THE CHRONICLE
Vol l2R
productivity over September occurred in the metal and textiles industries, but October operations in the automotive,
leather, lumber and stone, clay and glass industries were
slightly below those of the preceding month.
The textile plants of the nation reported materially increased activity in October, operations being 9.7% over those
of September and 14% higher than in October of last year.
This is the highest degree of activity in the textile plants for
any month in the past four years. October operations in
the metal industries were 5.5% higher than in September,
the same companies reporting energy consumption during
the month of 184,071,708 k. w. hrs., as against 174,722,786
k. w. hrs. in September, both months having the same number of working days. October activities in the metals industry, however, were about 5.4% under those of last March,
which was the peak month of general industrial activity so
far this year.
Operations in the automotive industry declined to the
extent of 6.6% from the September basis and 12.6% from the
August figure. The activities in the automobile manufacturing plants were approximately 15% below those of October
a year ago. Industrial activity in the United States in October (average monthly for past three years equals 100), with a
comparison, follows:
All industry
Metal industries group
Rolling mills and steel Plants
Metal fabricating plants
Leather
Textiles
Lumber
Automotive
Stone, clay and glass
Oct.
1926.
115.3
119.6
120.5
118.4
96.4
119.7
106.4
115.8
141.4
Sept.
1926.
114.0
115.2
116.1
114.0
98.9
109.2
113.2
124.2
124.0
Ost.
1925
.
107.3
96.0
1118:8
104.5
102.0
136.3
108.7
The rate of industrial activity is based on the monthly
electrical energy consumption of more than 1,800 plants in
various industries and scattered throughout the country.
The plants consume 8,000,000,000 (8 billion) kilowatt-hours
of energy per annum.
Increase in October Radio Sales
-Gain of 15 to 25%.
October sales in the radio industry were larger than in
September and from 15 to 25% higher than in the corresponding month of last year, "Radio Retailing" reports.
The buying movement, both wholesale and retail, is fully
30 days earlier than in 1925 and has been stimulated by the
broadcasting of sporting events. Despite the increase in
the demand for socket-power un.ts, it is stated, the sale
of batteries continues to show healthy gains in all of the
important markets. The past month has witnessed marked
activity in higher priced sets, batteries, tubes and power
devices. Rigidity of construction, steadier production
schedules and careful testing methods of manufacturers have
cut dealers' service costs materially. The first of the year
is expected to bring fewer "outlet sales." Under-production
rather than over-production is being stressed this season.
Factory
Employment Drops Behind 1925 in
New York State.
Although factory employment was still increasing in New
York State, the early vigor of the upward movement was
not apparent in the October reports, according to the statement issued Nov. 11 by Industrial Commissioner James A.
Hamilton. The preliminary tabulation on which it was
based included 1,400 firms employing 485,000 workers.
These manufacturers represented both the industries and
localitie*of the State. The index number for October was
100, whe:cas a year ago it had reached 101. The September
index stool at 99. Commissioner Hamilton says:
Employing t advanced scarcely 1% leas than half the gain of Sept. or
Oct. 1925 si 1 for the first time in 1926 manufacturers were employing
smaller forces than a year ago. The estimated loss over the year period
for all the factories of the State was approximately 13,000 workers.
This change in pace was especially significant as it was caused by an
interruption in the upward course of the metal industries. The October
gains in steel and a few other lines were offset by the reductions which began
to appear in the rest of the metals. It appears improbably at present that
the metals will be able to equal last year's gains for the rest of the year for
this would mean a duplicatuon of the high activity of the spring. Since
September the margin of gain over 1925 has been reduced from 6 to 2% and
anything less than a 3% advance in November will cut that further. The
result is the metals group will be no longer effective in keeping employment
at approximately the level of 1925 and the lowered employment in some
textiles and in the clothing,shoe and food products industries will be brought
out more clearly.
Conflicting Movements Throughout Metals.
The advance for the metal industries was brief, for in October productions
were numerous enough to prevent any further rise in employment. The
gains of the month were only important in their immediate effect upon the
employment situation and not as indications of the future course of the
metal industries. One of the largest was in the steel industry where the
reporting mills showed a 4% increase in working forces. Another gain
occurred in the railroad repair industry after the lowered operations of the
Nov. 13 1926.]
THE CHRONICLE
summer. Manufacturers of agricultural implements made rather a late
start on their fall season and structural iron firms reported an improvement
after the dullness of the last few months. Holiday orders probably accounted for a large part of the increase in the instruments and appliances
division and the jewelry houses and for the higher earnings of cutlery workers
The most severe curtailment was made in the heating apparatus shops
where working schedules were cut as well as employment. One report
stated that production for the year had been completed. The automobile
industry started downward although individual manufacturers were still
increasing production and the railroad equipment industry reported a
further contraction in October. Machinery and brass and copper goods
were irregular and electrical equipment did not continue upward as it has
in preceding years.
Moderate Increase in Textiles.
The October improvement in the textile groups failed to include the silk
goods industry which had been involved to a serious degree in the recent
recession. The gain for the group amounted to 2%. a little less than the
Increase of last October. when conditions were better than they are now.
The knitting mills made the best advance if the month,almost 5%. Woolen
manufacturers reported a general increase in working forces and cotton
mills were still taking on workers. Finishing mills followed the line of
general improvement. The carpet factories have now taken back most
of the workers released this summer and earnings are moving steadily
higher.
Clothing Important in Recent Gains.
r The activity in the clothing trades after the steady decline of the spring
and summer has been more of a factor than usual in the September and
October increases this year. The strike was still going on in the women's
cloak and suit factories but more individual settlements were made. These
manufacturers and also makers of dresses took on additional operatives in
October and increased overtime. Men's and women's furnishing shops
again reported a good advance in October and the up-State shirt factories
were busier. Losses predominated in the men's clothing shops of New York
City but none were as large as a year ago and m the rest of the State some
plants had already started on a new season. Manufacturers of handkerchiefs and novelty goods were working on Christmas orders.
The shoe industry moved irregularly and gains in some of the up-State
factories were offset by the permanent closing of one plant. Leather
turned upward after a sharp decline of three months duration. Overtime
increased in the fur shops as some were operated on this basis Columbus
Day.
The furniture industry was very uneven and failed to show any gain in
.
October. Operations of the piano factories increased, however, though
slowly than in September. Some manufactures, such as miscelmore
laneous wood products and leather goods, were not stimulated further by
holiday demands while others, paper goods and boxes, toilet articles, soaps
and candles were decidedly busier in October. Household drugs and
certain industrial chemicais also shared in the increased activity of the
month.
Food products declined generally with the exception of the candy factories
which reported the usual large gain. Although biscuit factories were
employing a few more workers in October, hours were being reduced.
Building supply industries were slowing up further, particularly the
brick yards and plaster mills.
New York City's Increase Equals Last Year's.
Employment in New York City advanced almost 2% in October after
the 4% increase of September. Both these gains were slightly larger than
a year ago though not enough to bring employment even with 1925.
The reductions in some of the metals which partly checked the upward
course of industry for the total State were almost entirely outside of New
York City. The only losses here were a few scattered decreases in hardware and stamped ware and a seasonal slowing up in the automobile repair
shops. Makers of instruments, appliances and brass products were busier
on the whole and jewelers were still taking on employees for the holiday
trade. A large increase here as in the rest of the State was in the railroad
repair shops.
The clothing trades were again important in sending up total employment
in this city. The October gam amounted to about 4% in contrast to a loss
last year. All branches of these industries were busier with the exception
of men's clothing factories and millinery houses. Even these. however,
were not reducing operations as abruptly as a year ago. The strike continued
in the cloak and suit industry but more workers were taken on during the
month. Textiles, excepting knit silk wear, moved upward with clothing.
Reports from the shoe factories were varying but the usual decrease for the
industry was not shown.
Chemicals were busier, particularly the soap factories, and paper goods
and printing made a further gain over 1925. Wood manufactures which are
usually stimulated by holiday demands stayed even with September. Food
products lost after a previous improvement.
Four of the up-State cities shared in the October increase. Rochester
reported no change from September and Syracuse lost slightly. The
absence of the large gains of 1925 reduced the lead of all the cities for this
year with the exception of Binghamton and Rochester. Binghamton is
gradually regaining the activity which characterized 1925 and Rochester's
factories are running almost 6% higher at present.
Binghamton reported the largest gain of the month, 234%. Production
in the shoe factories of this district has risen steadily since the low point of
June and the improvement in other lines which began in September was
continued. The gains in the metals and furniture factories were particularly large.
Practically all of the larger industries of the Buffalo district were busier
in October and employment advanced 2%. The metal industries were better off than in other parts of the State for theugh a few of the reductions
were in the Buffalo plants, most of the large incresaes occurred here also.
The loss in the heating apparatus shops was more than balanced by extended
operations in the steel mills, electrical equipment plants and railroad repair
shops. The slowing up in railroad equipment affected hours rather than
employment. Automobile factories were employing more workers than in
September. Manufacturers of chemicals, wood products, printing and paper goods were busier. Food products stayed even.
Employment in the Albany-Scllenectady-Troy district rose 1% in October. The metals were somewhat irregular but there was a net gain of almost 1%. Some of the iron and steel mills continued the improvement
of September and railroad equipment factories started up again. The loss
in machinery and electrical apparatus was only small. There was a small
net gain in the shirt and collar factories and a good increase in the textiles,
which are well ahead of last F. Printing and paper goods shops were
busier and chemical plants enlarged their forces substantially.
A further increase in the textile mills of Utica sent employment 1% above
September. though the metal industries Just held their own. Conditions
among the various metals were very irregular and increases and decreases
were reported for the same industry. There was a further loss in the leather
2455
and leather goods factories and seasonal reductions in the food and clothing
Industries.
The October loss in Syracuse was almost negligible An increase in the
chemicals and some of the smaller industries offset a decrease in the metals
and the seasonal loss in the clothing factories. Automobile plants began
slowing down again after the activity of September, though there was no
decrease in employment as yet, and foundries making castings reduced
forces somewhat. Steel mills were employing a few more workers but other
metals tended downward. Shoe factories started work on spring goods.
There were various changes(among the different industries of the Rochester district though total employment remained the same as in September.
The most serious reduction occurred in the shoe industry as a result of a
liquidation. Fluctuations in the metals were not large and gains were most
frequent in the instruments factories. Railroad equipment lost very
slightly. Chemicals were steady. Some of the men's clothing factories
started work on the new season. Textile mills reported a good improvement and there was a further increase in the canneries.
Industrial Conditions in Illinois During October—
Little Change in Level of Factory Operations.
October brought little change in the general level of factory
operations in Illinois. Although the upward swing which was
so pronouncedly in evidence during September had spent its
force, the consequent curtailment in employment resulted in
the loss of jobs of no more than 5-10 of 1% of the total
number of factory workers. Of the 15,000 workers who were
put to work during September, it appears that 11,500 still
are at work. Of the remainder who were laid off, a considerable number took jobs only for short time in seasonal
industries such as canning. This statement is made by
Reuben D. Cahn, Chief of the Bureau of Industrial Accident
and Labor Research, of the Illinois Department of Labor,
in his review of October made public yesterday (Nov. 12).
In his further survey he says:
With the cold blasts of winter already bringing a reminder of the rigorous
weather of the ensuing months, 27,000 more people are employed in the
factories of this State than a year ago at this time and 46,000 more than at
this time in 1924. If present indications furnish any criterion for Judging,
suffering on account of poverty should be less during the coming winter
than of any since 1923.
Active fall trade for the retail stores is indicated by several indexes to the
situation. Not only are more people receiving wages than in either 1924
or 1925, but the average weekly earnings of factory workers is higher than
in any fall month in five years. For 294,091 factory workers, the average
weekly pay envelope had $28 92 in it, that of the male employes averaging
$31 88, while among the female workers the average was $17 55.
The labor market continued active through-out the month, the placement
record for the free employment offices of the state amounting to 17,771, or
a full thousand ahead of the aggregate of placements a year ago. 6,000
ahead of Nov. 1924, and 500 more than in the same month in 1923. Farmers
came to the offices operated by the State in increasing number to get hands
to harvest the corn crop. Corn huskers were reported being paid 5 cents per
bushel in several localities. Although most of the free employment offices
did a brisk.business in their agricultural departments, the aggregate placement record totalled only 733, which was 150 less than a year ago.
Employers at Bloomington and Cicero reported the greatest gains in
employment in the month, approximately 10% being added to the payrolls
in the former city and 8% in the latter. The improvement was substantial
also at Danville, Joliet, Peoria and Rockford. The reductions in the
volume of factory operations were fairly substantial at Aurora, East St.
Louis and Quincy. At Chicago, Decatur, Moline, Rock Island and Springfield, the change as shown by the statistics was almost imperceptible.
Several factors have combined to bring a very considerable improvement
in the operations of the coal mines, and consequently in the condition of the
people in the coal mining communities. The coming of cold weather, the
prospect of a suspension of operations on April 1 of next year, and the
demand for coal for export purposes, have greatly stimilated coal production
in this State in the past thirty days. Announcements came to the attention of the Department of Labor of Illinois of twenty-two more mines having
been put in readiness for operating and most if not all of these mines are
probably hoisting coal by this time. What is more significant, several of
the re-opening mines have been completely idle for two or three years.
The Bureau of Mines of the United States Department of Commerce reports
that weekly production of Illinois mines reached 1,624,000 tons in the week
of Oct. 23. This was a gain of 160,000 tons during the week, and was
well ahead of the corresponding week of October 1924, although slightly
behind the same week last year. Only Pennsylvania and West Virginia
are producing more coal than Illinois, Kentucky lagging 300,000 tons
behind in the week of Oct. 23.
Builders during the month were running a race with the weather. Road
contractors were anxious to get as much done as possible while the weather
permitted and on building construction the aim has been to get a roof on.
so that the work could be conducted irrespective fo snow, rain or low
temperatures. At the opening of the month there was some stimulation in
the completion of buildings for occupancy as soon as possible after Oct. 1,
the usual deadline on the fall renting season. Forecasts of the end of the
building boom were not borne out by the operations of the local building
offices during October. Projects in a goodly volume are still being recorded.
Of 20 principal cities of the State, 12 issued permits which aggregated more
than in October 1925. In Chicago, Cicero, Decatur. Peoria and Oak Park.
the gain over a year ago was particularly marked.
The metal, machinery and conveyances group as a whole showed an
expansion of 2-10 of 1% in employment. Iron and steel continued to gain,
with 2-10 of 1% more workers on the payrolls. The most conspicuous
individual gain in any industry was found in this group when the tools and
cutlery plants added 17.1% more employees to their forces. Other important increases were made by the instrument firms and electrical apparatus
manufacturers, who have 3.1 and 2.9% more workers, respectively. Gains
were also made by sheet metal plants, cooking and heating apparatus manufacturers, and machinery firms. Agricultural implements mad a gain of
1.6%. Employment in car building took a bigger drop than usual, with a
loss of 12% of the employees who were at work in September. Automobile
and accessory plants continue to lose ground, with 2.6% fewer employees.
The index of employment for the metals group as a whole bi now 111.8—
nearly 5 points higher than in October of last year.
The building materials group more than recovered from its decline of
last month by adding 1.2% to its payrolls. Expansion in the miscelllaneous
minerals, and glass manufacturing accounted for the recovery. Employ-
2456
THE CHRONICLE
(Vol.. 123.
ment in lime and cement, and in brick, tile and pottery has fallen off during workers were employed than in Oct. 1925. Comparatively few peopler
the month, decreases in these forces amounting to 2.2% in the former have been out of work this year,and while there will probably be a reduction
and 1.5% in the latter. The index number of 133.7 for the group as a in the number of workers required during the next few months, it is improbable that this will be so marked as in previous years.
whole Is well above that of October 1925, which was 124.9.
It will be seen from the foregoing that business in general is now satisThe wood products group has continued to gain ground with an increase
of 2.8%. Saw and planing mills were the only plants not sharing in this factory and that it could be conducted on an extensive scale for some months.
upward trend. Their payrolls showed 3.6% fewer employees. Furniture This solid foundation may, of course, be weakened later by unfavourable
factories continue to hire help freely and have 4.5% more employees than developments, and in some sections of the country adverse conditions
they had last month. This was the largest gain made in the wood products prevail, but at present it would seem that any change should be in the
group.
of improvement.
Employment in the fur and leather goods classification continues to
hold its own with 4-10 of 1% more workers. As was the case last month,
the shoe factories were the only ones in the group that did not make an National Industrial Conference Board Finds Increased
advance. They reported 1.7% fewer employees at work. Tanneries
Living Costs to Farmers Absorbed Gain in
made a further advance with 6% more workers. Miscellaneous leather
Income.
goods added 9.4% more employees and fur manufacturers 4.1%.
The upward trend in the chemical, oils and paint group was general
While the average farmer's income in the United States
except for firma in the miscellaneous classification. Oil refineries gained
the most ground, continuing their increase of last month by adding 7.9% has improved during the crop year 1925-26 by about 4%,
more workers to the payrolls. Drugs and paints both made good gains. the farmer's cost of living during the same period also.
The index number for the whole group is 130.2, which is the highest index increased, rising almost enough to cancel the gain
in income,
for any of the nine major classifications.
The seasonal slump in job printing brought a decline amounting to according to the National Industrial Conference Board,
4.8% of the September employment This had its effect on the printing 247 Park Ave., New York. The Conference Board's analysis
and paper goods group as a whole, making it show a loss of 1.2%, although of the agricultural industry's balance sheet
for the crop year
all the other industries in the group gained. Paper box manufacturers and
edition bookbinders recovered the ground lost last month, and the news- just ended shows that the average return for the labor and
paper publishers continued their expansion.
management applied to the farm by all farm operators, that
The textile group was the only one in which every industry gained.
Thread mills added 5.4% more workers and knitting mills 4.5%. Cotton is, owners and tenant farmers combined, amounted to
mills also gained and the advance for the group as a whole was 3.6%. The $679 per farm operator for the year, which includes the
index number for textiles is now 113.1, well above the index for Oct. 1925.
food,fuel and shelter supplied by the farm. But the farmer
The trend in the clothing group was mixed and resulted in a net change
should receive a
of 7-10 of 1% in a downward direction. The seasonal decline in the men's who owns. and operates his own farm
ready-to-wear houses continued with a further drop of 1.5%. Women's return on his money invested in the farm as well as a return
apparel factories had about the same percentage of loss, 1.4% after the on his labor, the Board's study points out. Taking the
upward spurt of last month. Millinery showed the largest loss in this
group, with 13.5% fewer employees. The decline in the clothing industry farm owner-operators as a group by itself, and allowing them
did not affect the specialty lines. Both men's and women's furnishings out of their farm income a return of 53-% on their investshowed good gains. Employment in men's furnishings increased 8.3% ment
-which is the lowest rate of interest their money
and in women's 10.4%. Manufacturers of men's hats also made consider-the remaining
able additions to their forces, amounting to 8.3% of the September employ- would earn if invested in farm mortgages
ment The index number for the group (67.0) continues to lag behind income from the farm representing return on labor and
the nine major groups that is not
the others. It is still the only one of
management, averaged only $440 per farm owner-operator
ahead of the 1925 figure for the current month
Food, beverages and tobacco showed the biggem loss of any of the major for the latest crop year. This sum amounts to less than half
groups. There were 5.9% fewer workers in this group than there were the tenant farmer's average income, and less than a third
last month. The sharp drop In canning of 71.4% was to be expected with
the end of the canning season. Further declines in beverages, cigars, ice of the average annual earnings per worker of other occupaand ice cream also contributed to the downward trend Candy factories tional groups for the same period. It is less than the
took an unexpected turn for the worse with a decrease of 12.1%! Their average
annual earnings of hired farm help, which were
index is still well above the figure for last October. Meat packing firms,
flour mills, dairy plants and bakeries all showed improvement over last $575 not including board. The Board on Nov. 8 goes on
month.
to say:
Business Summary of Canadian Bank of Commerce.
According to the "Monthly Commercial Letter" for
November of the Canadian Bank of Commerce there is
definite improvement to note in business conditions for
while retail trade has been adversely affected by the weather
and therefore has not been brisk in all sections, the reports
from our representatives and from other sources are for the
most part more favorable than those towards the end of
September. The letter continues:
At this stage it is well to consider certain seasonal events which have an
important influence on the prospects for business during the winter. The
harvest results, the most important of these, are dealt with in the next
section of this letter, but it may be recorded here that judging by present
indications there will be little falling off, if any,in the aggregate purchasing
power of the farmers. The mining industry, excepting some of the coal
mines in the west and those producing silver, has in prospect a steady
demand for its increasing output. The fishermen on the Pacific Coast
have enjoyed a profitable season, and those on the Atlantic seaboard have
also secured a large catch, although prices of eastern fish continue to be
low. Lumbering, while still conducted under difficult conditions which
will take some time to correct, is in a slightly better position; in the east
a step in the right direction has been taken by curtailing the output, while
British Columbia expects an improvement in the trade with Japan and Australia. A movement towards the consolidation of several large companies
on the Pacific Coast is under way and this would benefit the industry as a
whole. At present the western mills are well employed but prices are still
low.
One of the most favorable signs is the activity in manufacturing which, in
some of the more important branches, is greater than last month when,
allowing for seasonal tendencies, industrial operations were regarded as
satisfactory. The production of iron in September was 9% and the output
of steel 29% above that of August; the market for these products has
recently displayed a stronger tone and some of the mills have orders which
will keep them employed on their present scale for some months. The
plants now commencing the manufacture of farming equipment for the
next season are operating on heavy production schedules. The demand for
Canadian pulp and newsprint is still strong and the mills continue to
operate close to capacity. Two ofthe leading companies recently announced
their opening prices for newsprint for the season, and as these were the same
as have been quoted for some time past, a steady market is indicated for
some months at least. The automotive industry turned out in September
a large number of machines than in August, and as business conditions are
favorable in several of the countries importing Canadian automobiles.
foreign as well as domestic sales should continue in satisfactory volume.
The manufacture of rubber products Is also on a more extensive scale. The
early reports are favorable regarding orders for winter and spring delivery
of practically all classes ol goods.
The value of the construction contracts awarded in the last few months
showed a seasonal decline, but the October figures are more than double
those for September and are nearly 50% above the total reported in Oct.
1925. There are definite signs of overbuilding in some residential areas,
but the expansion of building for commercial purposes continues and as'
large projects are under way or in contemplation the building programme
for the winter should be greater than that of last year.
At this season the unemployment situation becomes an important factor
and it is gratifying to note from the last Government reports that more
These comparisons are based on average figures arrived at by dividing
the total net farm income by the number of farm operators and upon
the average earnings of employed workers in other than agricultural pursuits, and do not take into account earnings of either group from ethersources.
The return on the total capital Invested in farms in the United States
for the crop year 1925-26 was little more than 5%. Inasmuch as more
than half of this represents interest on farm mortgages at higher average
Interest rates than 5M%,the average return on money invested by farm
owner-operators in their own farms was bound to be much less. For
the fiscal year 1925-26, according to the Conference Board's analysis.
It was less than 23%.
In the following table are given the index numbers of the average return
to farm operators, owners and tenants combined, on their labor expended
on the farm, compared with the average earnings of workers In other
occupational groups including industrial wage earners, railroad workers.
clerical help, public ernployees, clergymen and school teachers, and the
effect of the cost of living in city and country as affecting the purchasing
power of their respective earnings.
Farmer's
Urban
Average
Farmer's
Other
Average
C. of L. Avge. Real Workers'
Labor Re- Earnings, C. of L.
Index.*
Other
Index.*
Labor
Avge. Real
,
turn per
Crop
Workers.
Earnings. Earnings.
Years- Farmer.
100.0
100.0
100.0
100.0
100.0
100.0
1914
204.2
164.3
164.9
91.0
150.0
123.8
1924-25
209.6
169.7
169.2
92.0
124.0
158.5
1925-26._
*Average for crop year.
Gain in Wholesale and Retail Trade in Atlanta Federal
Reserve District During September-Damage to
Crops Through Hurricane.
Gains in both wholesale and retail sales are reported by
the Federal Reserve Bank of Atlanta in its monthly "Business.
Review" issued under date of Oct. 31. The review also
refers to the damage to the citrus field and truck cropssuffered in the hurricane of September, saying:
The tropical hurricane which swept across the lower part of Florida
on Sept. 18 passed out into the Gulf of Mexico, and turned north, passing
inland at Pensaco a and Mobile. Citrus field and truck crops in the
path of the storm were greatly damaged. The citrus crop was damaged
to the extent of 2,000,000 boxes of fruit, according to a revised estimate
by the Department of Agriculture. Increased production over that of
1925, however, Is inidcated in the Department's estimate of potatoes,
peanuts, and oats, while smaller crops of corn, cotton, sugar cane and
tobacco are indicated by the reports. Reports for other States in the
district issued by the United States Department of Agriculture, show
probable increases over last year in the production of corn in Georgia
and Mississippi, but decreases in Louisiana and Tennessee. Decreases
In production of tobacco are shown in Georgia, Louisiana and Tennessee.
As to trade conditions the "Review" says:•
Retail trade in the sixth district was in larger volume In September
this year than in the same month of any year since 1920. Sales by 45
department stores were 5.7% greater than in September 1925, and for
the first nine months of 1926 sales by these stores have averaged 6.8%
greater than in the same period of 1925. The stock turnover for this
period, however, has been a little slower than a year ago. Wholesale
trade was seasonally greater in September than in August, but was in
Nov. 13 1926.]
THE CHRONICLE
2457
smaller volume than in September 1925. The volume of loans and dis- percentage of increase. Reno, Nevada,
with 22.44%
counts by member banks in selected cities on Oct. 13 was greater than
increase, was second, while Springfield, Ill., with an increase
a month earlier, but was about 3% millions less than a year ago. Discounts by the Federal Reserve Bank of Atlanta for its member banks on of 15.66% ranked third. The summary follows:
Oct. 13 were more than 22 nadlions greater than on the corresponding STATEMENT OF POSTAL RECEIPTS AT FIFTY
INDUSTRIAL OFFICES
report date last year. Savings deposits at the end of September were
•
5.8% greater than a year ago. Building permits issued at 20 cities in
Per Cl. Per Cl. Per Cl.
October
October
the district were 41.3% smaller in the aggregate than in September last
1926. 1125. 1924.
1926.
1925.
Increase. Over
Over
Over
year, and contract awards, while slightly higher than in August, were
Offices$
$
$
1925. 1924. 1923.
47.7% less than in September 1925. The consumption of cotton in the Springfield, Ohio
288,119 22 254,622 41 33,496 81 13.16
5.39 34.46
cotton-growing States In September was 24.7% greater than in the same Oklahoma, Okla
147,054 89 128,006 66 19,048 23 14.88
4.85 10.22
140,735 06 138,162 24
2.57282
month last year. Of the total conspumtion of cotton in the United States Albany, N.Y
1.8.6 10.25 16.46
100,595 07
94,305 02 6,29005
6.67 *2.06 *12.53
in September, 72% was in the cotton-growing States. Production of Scranton, Pa
Harrisburg, Pa
154,500 88 135,408 47 19,092 41 14.10 20.97 28.56
both cloth and yarn by mills in the sixth district which report to the Federal San Antonio, Tex
104.822 03
97,574 60
7,24743 7.43
3.89 10.29
Reserve Bank was greater than in August or in September last year. The • Spokane, Wash
96,746 84
98,747 94 *2,001 10 *2.03
5.39
.35
171,212 36 164,490 98 6,721 38
production of pig iron in Alabama during September wrs lower than an Oakland. Calif
4.09 18.33 36.30
Birmingham, Ala
139,838 34 137,975 10
1.86324
1.35 16.76 15.30
any month since October 1925, except the short month of February. Topeka,
Kan
94,310 09
96,694 89 *2,384 80 *2.47 *1.46
3.54
The price of iron at Birmingham declined from $21 to $20 in September, Peoria, Ill
76,767 07
83,22131 '6.45424 *7.76 10.98
9.06
and a considerable amount of buying for fourth quarter delivery resulted. Norfolk, Va
74,003 12
75,650 19 *1 647 07 *2.18 13.57 '2.61
77,310 21
91,778 62 *14,468 41 *15.76 60.25 *11.41
Stocks of turpentine at the end of September were larger than at the same Tampa. Fla
Fort Wayne, Ind
83,282 10
90,571 03 *7 288 93 *8.05 10.75 *7.23
time of any year since 1918, but supplies of rosin were greater than on
Lincoln, Nab
76,91456
68,904 80 8,00976 11.62 *9.24 10.46
Sept. 30 of any of the past ten years. There were small declines
77,276 67
79,320 21 '2,04354 *2.58
9.11
in Sep- Duluth, Minn
7.54
tember in the prevailing prices of both turpentine and rosin.
Little Rock, Ark
73,363 10
79,703 24 *6,340 14 *7.95 9.52
5.02
Sioux City, Iowa
67.714 95
71,833 79 *4,118 84 *.5.73
5.72
1.40
Bridgeport, Conn
77.366 44
78,887 76 '1,52132 *1.93
7.71
2.89
Portland, Maine
68,769 85
67,924 31
845 54
1.24 *8.14 15.09
'61.18998
61.86026
'66628 *1.08
Increase in Postal Receipts at Fifty Selected Cities. St. Joseph, Mo
2.17 8.06
Springfield, Ill
67,687 87
58,522 34
9,16553 15.66 *42.93 129.49
66,740 91
66,951 49
210 58
Total postal receipts at fifty selected cities throughout the Trenton, N.J
.31
.13 19.17
Wilmington, Del
62,553 81
61,355 86
1,19795
1.95 12.78 5.12
country for the month of Oct. 1926, showed an increase of Madison, Wis
58,814 70
58,785 85
28 85
.05 13.11
6.01
69.219 61
75,039 37 *5.81976 *7.75 25.47 17.38
1.14% over those for the same month in 1925, according to South Bend.Ind
Charlotte, N. C
67,668 68
63,945 95 3,722 73 5.83 4.90 11.74
47,788 28
47,683 81
104 47
.22 *2.02 •10.14
figures made public on Nov. 5 by Postmaster General New. Savannah, Ga Iowa
50,520 07
Cedar Rapids,
49,223 45
1.296 62 2.63
7.90 4.14
The slight increase shown is accounted for by the fact that Charlestown, W. Va.- 47,355 55 48,644 57 '1.28902 *2.65 4.86 4.68
Chattanooga, Tenn- 67,331 31
63,937 86
3.39345
5.31 •2.58
7.88
there were but 26 business days last month, while for Oct. Schenectady, N.Y
47,602 42
53.12390 *5,521 48 *10.39 22.53 6.58
35,543 71
Lynn, Mass
39,731 05 *4,187 34 *10.54 12.20 *7.02
1925, there were 27 business days. The total receipts of Shreveport, La
44,787 60
44,110 83
676 77
9.46 13.49
1.53
38,00386
35,597 90
2,40596 6.76 11.17 •6.98
the fifty cities for Oct. 1926 were $32,860,349, as against Columbia,S.C
3,51879
38,829 93
Fargo, N. D
35,311 14
9.96 *6.72 14.41
$32,489,042 for Oct. 1925, an increase of $371,307. for last Sioux Falb, S. D
31,871 33
37,133 09 '5,26176 *14.17 12.82 8.38
2,68770
39,608 68
Waterbury,Conn
36,920 98
2.92
7.28
7.89
month's receipts over those for the corresponding period a Pueblo, Cdlo
28,673 05
30,75639 '2,08334 *6.77
3.12 6.62
25,864
year ago. Los Angeles, Cal. with an increase of 18.59% Manchester, N.IE.._ 30,537 03 29,208 54 *3,344 51 *11.45 14.13 2.14
'61533 *1.97
Lexington, Ky
31,153 13
80
1.59 9.64
led all the cities in increased receipts. Atlanta, Ga. with Phoenix, Aria
31,691 79
31.30981
381 98
1.22 4.30 22.71
Butte, Mont
1,03881
22,64498
21,606 17
4.80 *6.40 7.08
an increase of 15.33 came next, while New Haven, Conn. Jackson, Miss
34,128 62
35,162 90 '1,03428 *2.94 25.53 16.55
Boise, Idaho
30,30800
.45 12.75
22,500 00 7,80800 34.70
ranked third with an increase of 13.14%. The summary Burlington, Vt
2,38598 11.64
22,883 75
20,497 77
5.55 10.90
follows:
Cumberland, Md
16,29059
15,93094
359 65 2.25 14.10 05.37
Reno, Nev
15,05254
18,429 65
4.07
3,377 11 22.44
1.41
Albuquerque, N. Max. 14,605 87
15,288 18
*682 31 *4.46
.23 9.22
STATEMENT OF POSTAL RECEIPTS AT FIFTY
SELECTED OFFICES FOR Cheyenne, Wyo
11,044 22
11,846 84
'80262 *6.77 *11.09 22.84
THE MONTH OF OCT. 1926.
Per Cf. Per Cf. Per Ct.
1926 1925 1924
Oct. 1926.
Oct. 1925.
Increase.
over
over
over
Offices$
$
1925. 1924. 1923.
New York, N.Y_- 6,583,820 90 6,636,477 47 '52.64757
*0.73 14.81
3.63
Chicago, Ill
5,419.033 40 5,462,007 81 *42,974 41 *0.79 9.20
8.92
Philadelphia, Pa.. 1.737.971 48 1,821,049 42
5.05
Boston, Mass_ --. 1,543,933 85 1,514,852 60 *83.077 94 *4.56 16.53
29,081 25
1.92 14.30 8.84
St. Louis, Mo
1,192,600 95 1,165,255 88
27,345
2.35
1.62 10.90
Kansas City, Mo. 1,027,654 85 1,047,463 31 •19,808 07
46 *1.89 16.39 4.40
Detroit. Mich_ _ . 949 564 46
.
872,893 64
76,670 82 8.78 18.39 11.91
Cleveland, Ohio._
825,663 85
798,291 31
27,372 54
3.43 13.90
5.12
Los Angeles, Cal._
825,001 76
695,672 85 129,328 91 18.59 *1.31 13.36
San Francisco,Cal. 776,404 74
774,820 37
1,58437 0.20 10.63 10.00
Brooklyn, N.Y_
788,154 27
745,042 40
43,111 87
5.79 15.77
5.60
Pittsburgh, Pa_
658,852 64
622,707 31
34,145 33 5.48
7.68
1.31
Cincinnati, Ohio_
709,138 87
705 555 58
3,58329
0.51 16.93 11.85
Minneapolis,Minn. 547,790 22
613,198 76 *65,408 54 •10.67
8.96
3.32
.Baltimore, Md_
616,087 88
606,222 17
9.865 71
1.63 23.81
3.49
Milwaukee, Wis._ 471,203 84
456,103 26
15,100 58
3.31 10.05
7.09
Washington, D.C. 548,895 17
485,558 32
63,336 85 13.04
3.08 16.26
Buffalo. N. Y.__
448,045 52
445,372 89
2,672 63 0.60
8.04
1.24
St. Paul, Minn
400,561 72
416,496 66 '15.93494 *3.83 10.28
2.54
Indianapolis, Ind_ 418,049 03
11,14300
2.74
406,906 03
7.38 13.78
Atlanta, Ga
377,788 04
50,220 85 15.33 6.16
327,567 19
4.10
Newark, N. J_.._
350,732 19
11,174 03
339,558 16
3.29 12.77 11.36
Denver, Colo
317.858 87
8,208 47
309,650 40
2.65
5.01 12.90
Dallas, Tex
351,635 27
338,438 08
13,197 19
3.90 14.59
5.52
Seattle, Wash_ _ _ _
294.008 97
270,367 65
23,641 32 8.74 *1.94 18.02
Omaha, Neb
268,495 53
263,992 14
4.50339
1.71
4.80
5.35
Des Molnes,Iowa. 307,626 41
283,834 21
23,792 20
8.38 14.26
3.93
Portland, Ore..- 273,501 42
265,309 42
8,192 00
3.09
6.16
5.49
Louisville. Ky
264,948 48
256,912 89
8,035 59
3.13 6.63
7.51
Rochester, N. Y._
261,458 59
263,516 32
*2,057 73 *0.78 9.40 *0.76
Columbus, Ohio_
264,678 68
246,008 34
18,668 34
7.59
3.88
8.62
New Orleans, La.._
236,414 74
242,708 86
*6,294 12 *2.59
6.63 6.54
Toledo, Ohio
214,650 72
214,307 90
342 82 0.16 18.56 0.24
Richmond, Va
177,039 32
191,272 04 *14,232 72 *7.44
8.93 12.63
Providence, R.I
181,961 78
188,719 98
*6,758 20 *3.58
8.44 6.43
Memphis. Tenn._
185,811 83
192,538 63
'6.72680 *3.49 13.97
5.40
Dayton, Ohio_ _ _ _
214,746 59
192,740 99
22,005 60 11.42 11.08 21.21
Hartford. Conn
188,610 29
181,670 82
6,939 47
3.82 17.79 12.34
Nashville, Tenn
154,893 77
159,651 47
*4,757 70 *2.98
7.00
9.83
Houston,Texas... 166,456 77
164,307 28
2,149 29
1.31 14.90
5.64
Syracuse, N. Y
145,708 55
150,670 24
*4,961 69 *3.29 11.42
1.86
New Haven, Conn 163,742 31
144,722 49
19,019 82 13.14
6.41
6.05
Gr'd Rapids, Mich. 137,962 03
137,910 99
51 04 0.04 13.19
6.26
Akron. Ohio
154.005 11
146,853 67
7,15144
4.87 31.05 11.28
Fort Worth, Tex
156,121 09
144,008 28
12,112 81
8.41 21.31 13.30
Jersey City, N. J. 116,745 13
133,098 67 *16,353 54 *12.29 16.18 *6.98
Springfield, Mass. 113,066 19
112.790 93
275 26 0.24
4.40
2.07
S. L. City, Utah
122,608 00
123,879 87
•1,271 87 *1.03
8.17
8.00
Jacksonville, Fla._
110,987 06
110,305 68
681 38 0.62 33.10 17.09
Worcester, Mass99,649 52
99,780 60
•131 08 *0.13 8.97 2.79
Total
32,860.349 45 32,489,042 23 371,307 22
1.14 11.57 6.92
•Decrease.
July 1926 over July 1925. 4.19: Aug. 1926 over Aug. 1925,
6.50; Sept. 1926 over
Sept. 1925, 4.99.
Total
3 420,923 50 3,351,972 48 68,951 02
2.06
6.59 11.28
•Decrease. July 1926 over July 1925, 6.41; Aug. 1926 over Aug. 1925, 7.49:
Sept. 1926 over Sept. 1925, 5.56.
Favorable Business Conditions in October Reported by
Los Angeles Chamber of Commerce.
In its "Business Review" for October, the Los Angeles
Chamber of Commerce has the following to say on the •
general situation:
A general continuation of favorable business was evident during October,
without any marked changes of importance.
As a measure of the volume of business, Los Angeles bank clearings maintained their strong position with respect to the corresponding month last
year. The total for October being 2766.240,705 as against 2705,582,959
for Oct. 1925 in spite of the fact that there was one business day less for
the month than in 1925. This represents an increase of 834%. The figure
compares with $752,816,777 for Sept. 1926 which was the highest on record
for that month.
Building permits again turned sharply upwards with a total of 59,950.229
as against $11,655,786 for Oct. 1925, a loss of 17%, but a gain of 22% as
compared with the $8,163,581 for September of this year. With a number
of other large projects ahead for the future and a substantial number of
important buildings for the smaller cities surrounding Los Angeles. construction appears to be in a healthy position.
An especially favorable factor is the population trend and the expectation
of a very large volume of traffic during the winter season. Reports from
the Chamber of Commerce's offices in the East, as well as from railroad
agencies, indicate that more vistors are coming to Los Angeles than for
any year in the past three years. An analysis of inbound and outbound
shipments of household goods issue by Eberle and Riggerman, indicates
that "the present situation is the best that has existed at the beginning of
the fourth quarter of any year during the period shown" (last three years).
The general scale of wholesale prices has apparently turned up slightly
after a long period of decline. The figures of the Bureau of Labor,
Irving Fisher's copyrighted index and the Dun index, all show a slight in
durIng October. This is generally regarded as a favorable condition.
The only definitely unfavorable factor is the drop in Cotton prices. We
do not consider this especially serious for Southern California growing sections with the exception of the Palo Verde Valley and in its effect upon
Arizona which particularly in the Phoenix section is likely to feel the
break severely.
The "Business Review" of the month is compiled by the
Domestic Trade Department of the Los Angeles Chamber
of Commerce with the co-operation of the Industrial, AgriIncrease in Postal Receipts During October at Fifty cultural and Trade Extension Departments of the Chamber.
Industrial Cities.
With but 26 business days in October 1926, as compared Transactions in Grain Futures During October on
with 27 days for the same month last year, postal receipts
Chicago Board of Trade and Other Markets.
at 50 industrial cities throughout the country for last month
Revised figures showing the volume of trading in grain
showed an increase of 2.06% over those for the corresponding futures on the
Board of Trade of the city of Chicago, by
period in 1925, according to figures made public Nov. 6 days, during the month of October,
together with monthly
by Postmaster-General New. The total receipts for the totals for all "contract markets" as reported by the
Grain
amounted to $3,420,923 for October 1926, as against Futures Administratio
50 cities
n of the U. S. Department of Agricul$3,351,972 for October a year ago, an increase of $68,951 ture were made public on Nov.
5 by L. A. Fitz,
in last month's receipts over those for October 1925. Boise, Exchange Supervisor, at
Chicago3Theltota1itransactiona
Idaho, with an increase of 34.70%, led all the cities in the during the
monthionlall:marketerareshown'tolhave been
THE CHIWNICLE
2458
1,532,723,000 bushels as compared with 2,014,490,000 in
the same month last year. On the Chicago Board of Trade
the total transactions in October of this year totaled 1,289,537,000 bushels, this comparing with 1,704,504,000 a year
ago._In_the compilations which follow the figures listed
represent sales only, there being an equal volume of purchases:
VOLUME OF TRADING.
Expressed in Thousands of Bushels, t+e-1-, 000 Omitted.
Total.
Corn. Oats. Rye. Barley. Flax.
TVheat.
1926-L.
October
52,210
716
39,183 9.844 2,467
I
42,006
628
24,395 14,596 2,387
2
3 Sunday
58,018
619
41,639 12,423 3,337
4
55,668
.514
40,526 11.673 2,955
5
42,591
440
29.612 10,777 1.762
6
37,473
254
24,188 11,765 1,266
7
62,560
682
39,784 18,718 3,378
8
29,265
784
16,749 9,959 1,773
9
10 Sunday
46,352
404
29,548 13,254 3,146
11
12 Holiday
41.845
503
22.379 16,933 2,030
13
50,739
533
39.492 8,937 1.777
14
58,959
899
40,374 13,241 2,445
15
43,679
522
28,164 13,496 1,397
16
17 Sunday
50,944
626
35,083 13,781 1,454
18
71,904
885
55,020 14,237 1,762
19
52,487
40,997 7,602 2,748 1,140
20
43,318
559
32,175 8,902 1,682
21
69.698
49,642 15,849 2,939 1,268
22
47,222
825
33,881 10.778 1,738
23
24 Sunday
57,294
814
46,410 8,277 1,793
25
35,977
879
994
28,280 5,824
26
57,604
42,085 13,371 1,122 1,026
27
62,254
42,144 17,471 1,452 1,187
28
52,202
27,278 22,013 1,786 1,125
29
69,288
52,251 12.656 3,042 1,319
30
31 Sunday
1,289,537
Total Chicago Bd.of Tr_ 901,279 316,377 52,630 19,251
_
52,697
10
494
Chicago Open Board_ _ _ 40.094 12,099
79,790
9,759 2,615 1:88i 4.391
Minneapolis C. of C...... 61.470
_
47,178
184
City Bd. of Tr_ _ 38,207 8:787
Kansas
34,865
24 7.478
---------4,580
Duluth Board of Trade.. *22,783
8,527
8,776
St.Louis Merch.Excli„
4,832
855 "iei
1,692
1,903
Milwaukee 0.01 C
16,695
---- ---N.Y.Produce Exchange 16,695
577
577
---- -- -Seattle Merch.Exchange
25
25
Los Angeles Grain Exch_
San Francisco C. of C__
C. of C
Baltimore
1,532,723
Total all markets_ _ _1,088,784 339,706 63,900 26,860 1,604 11.869 2,014,490
Total all mkt& year ago_1,571,377 334.961 66,427 28,940 3,619 9,166 1,704,504
,
Chic. B. of 'I'. year ago..1,318,109 313,559 50.773 22,063
•Durum wheat only.
OF TRADE
"OPEN CONTRACTS"IN FUTURES ON THE CHICAGO BOARD
FOR OCTOBER 1926.
open on the "long"side.)
:Short" side of contracts only, there being an equal volume
('
.
Total.
Rye.
Oats.
Corn.
Wheat.
October 1926*96,617,000 *49,413,000 *48,529,000 *13,210,000*207,769,000
1
96,806,000 50.040,000 48,715,000 13,277,000 208,838,000
2
3 Sunday
97,588.000 50,346,000 48,769,000 13,283,000 209,986,000
4
98,942,000 50,698,000 48.703,000 13,287,000 211,630,000
5
99,796,000 51,137,000 48,654,000 13,354,000 212,941,000
6
100,719,000 51,284,000 48,675,000 13,331,000 214,009,000
7
102,677,000 51,184,000 48,784,000 13,401,000 216,026,000
8
103,169,000 51,665,000 48,789,000 13,365,000 216,988,000
9
m (Sunday
102,284,000 51,924,000 49,259,000 13,429,000 216.896,000
11
12 Holiday
102.013,000 53,117,000 49.255,000 13,542,000 217.927,000
13
100,584,000 53,444,000 49,028,000 13,688,000 216,744,000
14
100,498,600 53,579,000 49.145,000 13,719,000 216,941,000
15
100,799,000 53,081,000 49,144,000 13,665,000 216,689,000
16
17 Sunday
99,358,000 53,785,000 49,157,000 13,694,000 215,994,000
18
97,765.000 53,639,000 49,040,000 13,761.000 214,205,000
19
97,975,000 54,024,000 49,231,000 13,625,000 214,855,000
20
98,171,000 55,057.000 49,294,000 13,715,000 216,237,000
21
98,903,000 55,888,000 49,575,000 14,064,000 218,430,000
22
98,011,000 57,386,000 49,488,000 14,126,000 219,011,000
23
4•1104160
P0
24 Sunday
98,441.000 58.439.000 49,332,000 14,287,000 220,499,000
25
99,912,000 59,230,000 49,310,000 14,430,000 222,882,000
28
101,703,000 60.035,000 49.483,000 14,534,000 225,755,000
27
103,149,000 61,054.000 49.595,000 14,839,000 228,637,000
28
103,668,000 60,147,000 49,773,000 a14,984,000 228,572,000
29
8104,345.000 a61,111,000 a50,318,000 14,970,000a230,744,000
ao
31 Sunday
Average
100,156,000
October 1926
111,016,000
October 1925
September 1926-103,235,000
99,118,000
August 1926
87,023,000
July 1926
84,845,000
June 1926
85,808,000
May 1926
96,935,000
April 1926
95,431,000
March 1926
109,023,000
February 1926
111,992,000
January 1926
•Low. a High.
54,427,000
46,647,000
46,780,000
53,654,000
52,196,000
60,624,000
53,831.000
57,876,000
59,434.000
54,717,000
45,959,000
49,162,000
40,720,000
46,899.000
42,730,000
31,397,000
36,631,000
37,618,000
46,132,000
50,350,000
53,664,000
52,990.000
Seasonal
ContractionIBecomes Apparent in Lumber
Industry.
Telegraphic reports received by the National Lumber
Manufacturers Association,from 365 of the larger commercial
softwood, and 141 of the chief hardwood, lumber mills of
the country, for the week ended Nov. 6, shows the normal
seasonal decline in the industry. The comparably reporting
softwood mills showed nominal decreases in production,shipments and new business, as compared with reports for the
previous week. When compared with reports for the same
period a year ago, there is a slight increase in production,
and decreases in shipments and new business.
While 141 hardwood mills report production somewhat
more, shipments slightly less and new business a little more
than did 118 mills for the preceding week, it is apparent, in
view of the great disparity in the number of mills reporting
for the two weeks, that the hardwood mills, like the softwood mills, are in the midst of a seasonal curtailment of
business, observes the Association's report, from which we
quote:
Unfilled Orders.
The unfilled orders of 229 Southern pine and West Coast mills at the
end of last week amounted to 583,933,737 feet, as against 601,367,780 feet
for 228 mills the previous week. The 122 identical Southern Pine mills
in the group showed unfilled orders of 230,892,284 feet last week, as against
243,144,896 feet for the week before. For the 107 West Coast mills the
unfilled orders were 353.041,453 feet, as against 358,222,884 feet for 106
mills a week earlier.
Altogether the 349 comparably reporting softwood mills had shipments
97% and orders 85% of actual production. For the Southern Pine mills
these percentages were, respectively, 97 and 79; and for the West Coast
mills 91 and 80.
Of the reporting mills, the 320 with an established normal production for
the week of 221.392,416 feet, gave actual production 100%, shipments
96%, and orders 85% thereof.
The following table compares the softwood lumber movement,as reflected
by the reporting mills of seven regional associations, for the three weeks
Indicated:
Corresponding Preceding Week
Week-1925.
Week (Revised).
Past Week.
348
337
349
Mills
235.207.184
225,884,128
230,134,359
Production
227,348,976
224,156.902
232.155,319
Shipments
208,597.963
215,114,779
196,030,354
Orders (new bushels)- _ - _
revised figures compare the softwood lumber movement o
The following
the same seven regional associations for the first forty-four weedy; of 1926
with the same period of 1925:
Orders.
Shipments.
Production.
10,519,996,913 10.716.325,295 10,660,241,228
1926
10,664,002,664 10,559,424,262 10,340,022,543
1925
The mills of the California White and Sugar Pine Association make weakly
reports, but not being comparable, are not included in the foregoing tables,
or in the regional tabulation below. Sixteen of these mills, representing
47% of the cut of the California pine region, gave their production for the
week as 17,940,000 ft., shipments 15,678,000 and new business 14.387.000.
Last week's report from 14 mills, representing 46% of the cut was: Production, 19,911,000 ft.,shipments. 17,916,000 and new business. 14,299.000.
13,823,000 217,568,000
11,869,000 219,252,000
12,814,000 208.728,000
13,014,000 208,516,000
12,393,000 183,009,000
9,751,000 191,851.000
8,359,000 185.616,000
13,177,000 214,120,000
14,875,000 220,090,000
15,015,000 232,419.000
12,713.000 223,662,000
Report.
West Coast Lumbermen's. Association Weekly W... 1.... -.......r- ••65:‘.......4111!".0111171VJUKIMMIC.1711ir•••••••""
.=
hundred and a/c mills reportmg to the West Coast
One
Lumbermen's Association for the week ended Oct. 30 Mann:
shipped
factured 1.14,'065,198 ft., sold 90,810,982 ft. and
.
6
business was 23,254,21. 11,....less_than
101,516,490 ft. New
_ ....
production.
productioli and shipments 12,548,708 ft.less than
PRODUCTION, NEW BUSINESS,
COMPARATIVE TABLE SHOWING
SHIPMENTS AND UNFILLED ORDERS.
Oct. 9.
Oct. 16.
Oct. 23.
30.
-Oa.
Week Ended
106
108
109
106
No.of mills reporting113,720,893
114,162,113
116.466,756
Production (feet)____ 114,065,198
97.146.283
110,786,078
112,443.176
90,810,982
New business (feet)_ _
107,156,441
94,009.607
103,062,001
101,516,490
Shipments (feet)
Unshipped balances:
112,718,826
115,626,298
111,630,441
102,442,284
Rail (feet)
132,819,202
145,537,481
151.773,395
Domestic cargo (ft.) 139,520,328
109,589,568
122,807,828
132,664.499
116.260,272
Export (feet)
355.127,596
383.971,607
396.068,335
Total (feet)
358,222.884
1923.
1924.
1925.
First 44 IVeeks1926.
132
123
115
106
Avge. number of mills
4,109,225,123 4,448,650,960
Production (feet)_ ... _4,601,597,472 4,403,556.867 4.106.731.869 4,475,126,841
New business (feet)_4,699.030,719 4,499.064,177
4.624,284,673
4,674.520.392 4,582.217,997 4,245,993,864
Iffltipments (feet)
[Vol- 123.
West Coast Movement.
The West Coast Lumbermen's Association wires from Seattle that new
was 20%
business for the 107 mills reporting for the week ended Nov. 6,
below production, and shipments were 9% below production. Of all new
business taken during the week,46% was for future water delivery, amouting
was for domestic cargo delivery,
to 41.096,395 ft., of which 26,359,143 ft.
by rail amounted to 43.779.871
and 14,737,252 ft. export. New business
business. Forty-six per cent of the week's
ft., or 48% of the week's new
by water, amounting to 47,679,796 ft., of which 33,479,shipments moved
864 ft. moved coastwise and intercoastal, and 14,199.932 ft. export. Rail
shipments totaled 49.341.145 ft., or 48% of the week's shipments, and local
deliveries 6,170,535 ft. Unshipped domestic cargo orders totaled 127.546.981 ft., foreign 126,617.427 ft. and rail trade 98,877,045 ft.
Southern Pine Reports.
The Southern Pine Association reports from New Orleans that for 122
mills reporting, shipments were 2.94% below production, and orders
2.11% below production and 18.76% below shipments. New business taken
during the week amounted to 53.053,188 ft., shipments 65.305,800 ft. and
production 67,283.600 ft. The normal production of these mills is 76,819,714 ft. Of the 119 mills reporting running time, 85 operated full time, 19
of the latter overtime. One mill was shut down, and the rest operated from
one to five and one-half days.
The Western Pine Manufacturers Association of Portland, Oregon, with
one less mill reporting, shows some decrease in production and considerable
In shipments, and a good gain in new business.
The California Redwood Association of San Francisco, California reports
a fair increase in production, a small reduction in shipments and now
business a little in advance of that reported for the previous week.
The North Carolina Pine Association of Norfolk. Virginia, with eight
more mills reporting, shows marked increases in all three factors.
The Northern Pine Manufacturers Association of Minneapolis, Minnesota, with three fewer mills reporting, shows 50% decrease in production, a
slight decrease in shipments, and a heavy decrease in new business.
The Northern Hemlock and Hardwood Manufacturers Association of
Oshkosh, Wisconsin, (In its softwood production) with four more mills
reporting, shows production about the same, a substantial increase In
shipments and new business about the same as that reported for the week
earlier.
Hardwood Reports.
The hardwood mills of the Northern Hemlock and Hardwood Manufactures Association reported from 22 mills, production as 1.664.000 ft..
shipments 3,213,000 and orders 4,050,000.
The Hardwood Manufacturers Institute of Memphis,Tennessee, reported
from 119 units, production as 18.813,443 ft.. shipments 18.710,643 and
orders 17,429,928. The normal production of these unite is 20,581,000 ft.
The two hardwood groups totals for the week as compared with the
preceding week were:
Nov. 13 1926.]
TTIF
CHRONICLE
Orders.
Mills. Production. Shipments.
141 20,477,443 21,983,643 21,479,928
Week ended Nov. 6
118 18,188,060 22,211,211 21,097,672
Week ended Oct. 30
For the past forty-four weeks all hardwood mills reporting to the National
Lumber Manufacturers Association gave production 1,294,311,044 ft..
shipments 1,295,098,919. and orders 1,325.712,137.
Lumber Production and Shipments During the Month
- of September.
- ----The "National Lumber Bulletin," published monthly by
the Nalonallumber Manufacturers Association of Waslungton, D. C., and Chicago, Ill., on Nov. 7 1926 reported the
ion an shipments of lumber during the month of
September as follows:
LUMBER PRODUCTION AND SHIPMENTS AS REPORTED MONTHLY
BY MEMBER ASSOCIATIONS TO NATIONAL LUMBER MANUFACTURERS ASSOCIATION FOR SEPT. 1926 AND SEPT. 1925.
September 1_26.
Production.
Association
California Redwood
15
California White & Sugar Pine Mfrs_
Southeastern Forest Products*
7
North Carolina Pine
53
North. Hemlock & Hardwood Mfrs_
41
Northern Pine Mfrs
10
Southern Cypress Mfrs
9
Southern Pine
153
West Coast Lumbermen's
108
Western Pine Mfrs
42
Lower Michigan Mfrs
12
Individual reports
31
Shipments
Hardw'ds Softwoods Hardteds Softwoods
M.Ft.'
M.Ft. M.Ft. M.Ft.
28,242
No Report
6,291
30,246
23,219
35,842
31,484
10.288
2,716
347,036
441,886
146,357
1,803
8,169
26.823
15.326
2459
Unfilled orders reported on Nov. 1 totaled 312,423.000 yards, an!excess
of 95,909,000 yards, or 44%,over the previous month's production.! Shipments during October, amounting to 224,234,000 yards, almost exactly
equalled the stocks on hand at the end of the month and exceeded production for the same period by 3.6%. October production amounted to
216,514,000 yards.
Owing to greater stabilization in the cotton industry and the growing
demand for cotton textiles the decline in the price of raw cotton has not
affected the textile market as adversely as it might have done in previous
years. On Oct. 29 the Fairchild average index of American cotton good.
prices stood at 12.285 cents a yard, compared with 12.454 cents a yard-on
July 2, before the fall in the price of raw cotton began. Prices current
during July were in most cases below the cost of production, and anticipated the drop In the cost of the raw cotton which has since taken place.
At current price levels a very large volume of business Is being booked.
Automobile Models and Prices.
Reports are current to the effect that the Hudson Motor
Car Co. has augmented its present line of models by the
addition of coupes and roadsters. These new models,
which are being introduced as a specialty line, feature custom
bodies and individual color jobs and are being offered at a.
price of $2,285 completely equipped and delivered.
26,565
6,097
29,717
22,109
48,879
7,154
355,121
431,000
160,419
2,701
26,997
Crude Oil Prices Show Several Changes-Reductiong
in Gasoline.
2,999
Additional changes were made in the prices of crude oil
and gasoline during the past week, the former taking an up6,039
ward turn in a Southern section, while reductions were made
13,958
in other districts. On Nov. 6 the Magnolia Petroleum Co.
Total
481
38,649 1,093.675
62,053 1,117,369
at Dallas, Texas, announced that it had met the cut in crude
September 1926.
oil posted by Standard Oil Co. of Louisiana on Nov. 5 [see
last week's issue, page 23221. Magnolia schedule starts at
Production.
Shipments.
$I 40 a barrel for below 28 gravity oil, and top grade of 52
Association.
Hardw'rls Softwoods Hardw'ds Softwoods
MW. M.Ft.
M.Ft.
M.Ft.
M.Ft.
degrees and above is $2 70. The cut is effective in Louisiana
- -California Redwood
15
31,166
30,510 and Arkansas in the Pine Island, Haynesville, Bull Bayou
California White dr Sugar Pine Mfrs.
No Report
No change is made in Cotton ValSoutheastern Forest Products*
8
5,276
7,834 and Eldorado districts.
North Carolina Pine
53
43,667
38,494 ley and Smackover.
North. Hemlock & Hardwood Mfrs_
40
14,532
28,647
28,621
18,765
Northern Pine Mfrs
9
37,648
41,373
Later in the week, on Nov. 10, the Humble Oil & Refining
Southern Cypress Mfrs
10
3,200
11,871
12,867
3,631
Southern Pine
169
339,671 Co. announced that it had reclassified Spindletop crude in
391,800
West Coast Lumbermen's
104
393,417
397,860
Western Pine Mfrs
42
150,501 Texas to conform with the prices it pays for both A and B
173,260
Lower Michigan Mfrs
12
6,155
2,532
8,434
3,084 grades in the Golf Coastal fields. This revision indicates
Individual reports
31
16,171
27,539
25,563
15,555
an advance of 15c. on each degree of gravity. Effective the
Total
493
40,058 1,144,847
56,141 1,128,498
same day, the Texas Co. posted the same schedule of prices
*Successor to Georgia-Florida Sawmill Association.
as being what it would pay for Spindletop, in accord with
b Revised to include reports of comparable mills only.
Total production September 1926, 1,132,324,000 feet.
the schedule posted by the Humble Oil & Refining Co.
Total production September 1925, 1,184,905,000 feet
Total shipments September 1926, 1,179,422,000 feet.
Further reports from Houston, Texas, on Nov. 11 stated that
Total shipments September 1925, 1.184,639,000 feet.
the Gulf Pipe Line Co. had also followed Humble Oil & ReLUMBER PRODUCTION AND SHIPMENTS AS REPORTED BY STATES
BY MEMBER ASSOCIATIONS.
ining Co.'s reclassification of Spindletop crude oil, placing it
Shipments.
Produaion.
Mills.
on a par with oil in other Gulf Coast fields, thus resulting in
Feet.
September 1926Feet.
No.
29,313,000 an advance of 15 cents a.barrel.
Alabama
26,376,000
17
34,846,000
35,446,000
Arkansas
16
26,575.000
California
28,242,000
In the case of gasoline and kerosene, several reductions
15
25,875,000
Florida
28,203,000
14
Georgia
4,241,000
3,140,000 were announced in price, some of them taking effect only in
7
59,671,000
Idaho
52,978,000
14
86,502,000 local areas, such as that announced from Omaha, Neb. on
85,632,000
Louisiana
43
24,163,000 Nov. 8 when it was reported that the Standard Oil Co. of
Michigan
16,579,000
21
36,929,000
Minnesota
27,156,000
6
110,155,000 Nebraska had reduced the price of gasoline in Omaha two
Mississippi
107,380,000
38
Montana
24,612,000
28,020,000
9
North Carolina
8,763,000 cents a gallon. Sinclair, Manhattan and other marketers
5,476,000
13
Oklahoma
7,270,000 followed the
8,024,000
3
cut, according to these reports. More wideOregon
215,853.000
44
202,699,000
South Carolina
8.456,000 spread reductions in price were reported from Dallas, Tex.
9,326,000
18
Texas
75,047,000
73,368,000
37
Virginia
11,437,000 on the same day when it became known that the Magnolia
13,387,000
16
Washington
288,819,000
301,500,000
82
Wisconsin
45,796,000 Petroleum Co. had reduced the retail and tank wagon price
33
32,722,000
Others_ b
56,200,000 of gasoline le. per
35
45,569,000
gallon at points in common throughout
Total
1,179,422,000 its Texas territory. The new schedule makes the prevailing
481
1.132,324,000
b Includes mostly Individual reports, not
rate at retail 20c. per gallon and tank wagon at 17e.
distributed.
The Standard Oil Co. of New Jersey on Nov. 9 advanced
Stocks of Cotton Textiles Lower on Nov. 1 Than at bunker fuel oil 10 cents a barrels, making the new price
Any Time in Five Years.
$1 75 ex-terminal.
The price of kerosene was reduced on Nov. 9 by the
Stocks of cotton textiles in the United States were lower on
Nov.1 than at any time during the past five years, according Atlantic Refining Co. which quoted 16c. per gallon, tank
to figures just compiled by the Association of Cotton Textile wagon, making it 18c. to consumers or a .decline of lc.
Merchants of New York: The -decrease has been persistent per gallon.
since last July, amounting to nearly 30%, and has steadily
On Nov. 10, the Standard Oil Co. of Kentucky reduced
reduced stocks to 216,588,000 yards on Nov. 1. On that the price of gasoline lc. a gallon throughout the State of
date stocks amounted to less than a single month's ship- Alabama, effective at once.
ments, which totaled 224,234,000 yards in October. In
In addition to the reduction in Alabama, which applies to
some lines of finished goods actual shortages are reported both wagons and service stations, a similar cut of le. has
and deliveries cannot bET p7
- oinised untilafter January. been made in Mississippi. This follows a cut of 2c. per gallon
-Figures comparby the assaiMrinclude a large majority in gasoline made in Georgia and Florida, thereby meeting the
- ll the standard cotton t7iTiles_produced in theUnited reduction of the Standard Oil Co. of Kentucky's competiof States and represent more than 200
-Ends of cotton cloths. tors.
In the wholesale markets on Nov. 12 the price of U. S.
In reference to these statistics ifis7=e out that prolonged
1(4)9%c.; kerosene, 69@6/c.for 41-43
industrial prosperity has drawn into consumption all of the motor grade was 9Y
large stocks of textiles which were left in producers' hands water white and fuel oil 24-26 gravity,$1 30@$1. 36,
after the drastic deflation during the last few months of
1920, and that the cotton textile industry is now able to
Crude Oil Production Continues to Increase.
operate more nearly on a basis of orders and immediate
The United States crude oil production continued to inconsumer demand. The association on Nov. 8 also said:
crease during the week ended Nov. 6, when the American
15,653
Petroleum Institute estimated that the daily average gross
crude oil production was 2,357;050 barrels as compared with
2,331,250 barrels for the preceding week,an increase of 25,800
barrels. The daily average production east of California
was 1,722,850 barrels, as compared with 1,702,950 barrels,
an increase of 19,900 barrels. The following are estimates of
daily average gross production by districts for the weeks indicated:
DAILY AVERAGE PRODUCTION.
Nov. 6 '26. Oct. 30 '26. Oct. 23 '26. Nor. 7 '25.
(In Barrels.)
482,200
514.700
539,300
557,500
Oklahoma
108,600
114,600
114,750
114.900
Kansas
77.900
252.450
252,600
255,900
North Texas
75,750
55.300
58.500
56,500
East Central Texas
72,850
100,800
106,700
109,300
West Central Texas
41,650
42,800
42.550
42,900
Southwest Texas
46.700
58.450
59.450
57.500
North Louisiana
201.250
149.850
148.050
146.200
Arkansas
90,550
172,000
171.100
177,000
Coast
Gulf
104,000
109,000
110,000
110.500
Eastern
79,850
64,650
67,050
63,900
Wyoming
15,700
20,750
20.750
18.850
Montana
6,500
7,500
7,550
7,250
Colorado
5,550
4.500
4,600
4.650
New Mexico
648,500
618.900
628.300
634,200
California
2,057,550
2,286,250
2.331.250
Total
2,357,050
The estimated daily average gross production of the Mid-Continent field.
including Oklahoma. Kansas, North. East Central. West Central and South6 was
west Texas. North Louisiana and Arkansas, for the week ended Nov.
1,340.700 bbls., as compared with 1.321.900 bbls. for the preceding week,
excluding
an increase of 18,800 bbls. The Mid-Continent production,
with 1,205.Smackover, Ark., heavy oil, was 1.225.600 bbls., as compared
250 bbls.. an increase of 20.350 bbls.
In Oklahoma, production of North Braman, 28,500 bbls. against 22.800
bbls.; Tonkawa,
bbls.; South Braman Is reported at 6,200 bbls. against 6,300
23.750 bbls.;
34.700 bbls. against 35.100 bbls.; Garber, 23,600 bbls. against
27,000 bbls.
Burbank. 48.050 bbls. against 48.650 bbls.; Bristow-Slick.
14.850 bbls.; Papoose,
against 27,050 bbls.; Cromwell, 15,100 bbls. against
against 26.200 bbls.;
9,250 bbls. against 9,300 bbls.: Wevroka. 25.550 bbls.
Seminole, 112,600 bbls. against 97.850 bbls.
bbls. against
In North Texas, Hutchinson County is reported at 148.300
no change. In East
146,400 bbls. and balance Panhandle 13,200 bbls.,
bbls.; Nigger
Central Texas, Corsicana Powell, 24.800 bbls. against 24,400
West Central
Creek. 11,950 bbls. against 14,600 bbls.; Reagan County.
counties. 16,100
Texas, 30.500 bbls. against 30.350 bbls.; Crane and Upton
bbls.
bbl,.. no change; and in the Southwest Texas field, Luling, 20,400
Laredo District, 16,300 bbls., against 16.150 bbls.;
against 20.300 bbls.;
Lytton Springs, 3,650 bbls. against 3.600 bbls. In North Louisiana,
,
Bayne's'lle is reported at 9,150 bbls. against 9.100 bbls.; Urania. 14.350
.
bbls. against 15.500 bbls. and Arkansas, pmackover light. 13,850 bbls
Lisbon,
against 13,900 bbls.; heavy. 115,100 bbls. against 116.650 bbls.. and
bbls. against 7,050 bbls. In the Gulf Coast field. Hull is reported at
6,850
bbls.;
21.250 bbls., no change; West Columbia, 8.650 bbls. against 8.050
Spindletop. 87.050 bbls. against 86.400 bbls.; Orange County. 7,350 bbls.
5,000 bbls. against 4.200 bbls.
against 6,450 bbls., and South Liberty.
Ms..
In Wyoming, Salt Creek is reported at 44.250 bbls. against 47.350
and Sunburst, Montana, 16.000 bbls. against 18,000 bbls.
In California, Santa Fe prings is reported at 47,000 bbls. against 47,500
Mb.; Long Beach. 95,090 bbls., no change; Huntington Beach. 72.000
bbls. against 68.000 bbls.; Torrance. 27,000 bbls., no change; Dominguez.
21,000 bbls., no change; Roeecrans. 15.000 bbls. against 14,000 bbls.:
bbls.,
Inglewood, 39,500 bbls. against 40,000 bbls.: Midway Sunset, 94.000
no change, and Ventura Avenue. 54.700 bbls., against 62.300 bbls.
Cheerful Outlook for Copper Industry—Consumption
Expected to Increase Steadily in Both Domestic
and Foreign Markets.
large amount of capital seeking investment, as eviThe
denced by the strength in the bond market and the ease
with which new securities offerings, both foreign and domestic, are being absorbed in the investment markets of the
country, indicates speedy rectification of the irregularities
in the business trend which may develop, says the current
weekly copper letter of the "Mines Handbook." A steady
increase in the consumption of copper is expected in the next
few years, according to the letter, which says:
for the past ten years. and
The big factor In the consumption of copper
electrical industry. The outlook
likely to be In the next ten years, is the
abroad, Is so good as to provide
for this industry, both in this country and
consumption will increase in as favorable
little reason for doubt that copper
the past. In fact, the increase abroad
a ratio in the immediate future as in
should be more rapid.
well maintained in this country.
Meanwhile, copper consumption is
50-50 of all the cooper consumed in the
Industries which in 1925 consumed
quarter of 1926 consumption of 119.200
United States, reported in the third
compares with 109,500 in the second quarter
short tons of copper. This
These same industries in the third quarter
and 107,000 in the first quarter.
tons. Incidentally the electrical industry,
of 1925 consumed only 103.050
52,000 tons in the third quarter this year
chief consumer of copper, took
quarter and 43,000 tons In the third
against 40,500 tons in the second
quarter last year.
October Steel Ingot Production Larger.
recorded during
An increase in steel ingot production was
for that month being the largest on
October, the output
Iron and Steel
record since April last. The American
Nov. 9,
in its regular monthly report released
Institute
steel ingots in October 1926 by
places the production of
produccompanies which in 1925 made 94.50% of the steel
tons, of which 3,224,584 tons were opention, at 3,867,458
other
hearth, 630,526 tons Bessemer and 12,348 tons all
steel
grades. For the corresponding month last year
tons. Calculated monthly production
output was 3,677,305
for all companies on this basis in October stood at 4,092,548
[VOL 123
THE CHRONICLE
tons as compared with 3,930,675 tons in September and
4,004,583 tons in August. The average daily production in
October was 157,406 tons, as against 151,180 tons in September and 154,022 tons in August, all three months having
26 working days. In the following we give details of production back to the beginning of 1925:
MONTHLY PRODUCTION OF STEEL INGOTS, JANUARY 1925 TO
DECEMBER 1925.
Reported for 1925 by companies which made 94.50% of the steel Ingot production
in that year.
Months
1925.
OpenHearth.
Bessemet.
January_....
February__
March_ _ __
April
May
June
July
August
September.
October_
3,263,256
2,933,225
3.337,721
2,858,866
2,755,561
2,540,729
2,446,068
2,698,285
2,738,673
3,077,114
689,996
602,042
614,860
515,715
497,708
476,945
457,095
523,734
547,121
584,567
10 mos
4,193,281
3,752,352
4,194,340
3,583.676
3,454,971
3.204,451
3,084.472
3,420.998
3,489,565
3.888,814
27
24
26
26
26
26
26
26
26
27
28,649,498 5,509.783 135,115 34.294.396 36,266,920
260
139,488
581,347 17.085 3,690,626 3,902,900
569,304 15,843 3,754,943 3,970,918
25
26
156,116
152,728
34 011 ARA A gm 434 lAR 043 A1 730 ORA 4 140723
311
141 029
November_ 3,092,194
December_ 3,169.796
Tntal
Approx.
Calculated
Daily
Monthly No. of
Monthly
All
Production Produaion Work- Production
All Cos.
ing
All
Other. Companies
Reporting. Companies. Days. CrossTons.
11,960
12,998
13.633
14,182
13,790
12,490
13.547
12,914
13,977
15,624
3.965,212
3.548,265
3,966,214
3,388.763
3,267,059
3,030,164
2,916,710
3,234,933
3,299,771
3,677,305
155,307
156,348
161,321
137,834
132,883
123.248
118,634
131.577
134,214
144,030
MONTHLY PRODUCTION OF STEEL INGOTS JAN. 1926 TO SEPT. 1926
Reported for 1926 by companies which made 94.50% of the steel ingot production
In 1925.
Month, Open1926. Hearth.
Besseme?.
Jan_ _ _ 3,326,846
Feb__. 3,023,829
March 3,590,791
April _ 3,282,435
May... 3,201,230
June__ 3 036,162
.
July_ 2.911.375
Aug _ .. 3.145.055
Sept__ 3,089.240
Oct_ __ 3,224,584
581,683
556,031
635,680
601,037
516,876
498,764
526.500
627,273
612.588
630,526
Approx. 1 Per
Calculated
Cent
Daily
Monthly Monthly No. of
An Production Production Work- Production of
AU Co.. OperaAll
in
Other. Compan
Reporring.Compantes. Days. OrossTons.i lion.
I
159,633 88.90
26
3.922.193 4.150,469
158,407 88.22
24
3,801,776
3,592,67'
166,236 92.58
27
4,241,502 4,488,362
158,613 88.33
26
3.897.124 4,123.941
26
151,744 84.51
3,728,343 3,945,338
26
144,256 80.34
3,544,36 3,750,653
140325 78.20
26
3.450,24 3.651,055
154,0221 85.78
26
3,784,331 4,004,583
151.180 84.19
26
3,714,488 3,930,575
157,406 87.66
26
3,867,458 4,092,548
.....
NNINWDOW.NW
2460
154.206 85.88
10 mos31.831.5475.786.758 124.42637.742.731 39.939.398 259
The figures of per cent of operation" are based on the "theoretical capacity"
as of Dec. 31 1925. of 55,844 033 gross tons of ingots.
Refined Copper Stocks Decline.
The following is from the "Wall Street News" of yesterday (Nov. 12):
Stocks of blister copper on Oct 31 last amounted to 534.568,000 lbs ,
compared with 527,870.000 lbs on Sept 30. The surplus of refined copper
totaled 136,466,000 lbs. at the end of last month, against 140.274.000 lbs.
on Sept. 30. while the total stocks were 671,034,000 lbs., compared with
668.144.000 lbs at the end of the previous month
The following table gives the comparison of stocks at the end of the peat
ten moths in North and South America,figures in tons of 2,000 lbs. each:
.
.
Total.
Refined.
"in Process."
68,233
335,517
267,284
October
70,137
334,072
263.935
September
66,658
326.844
260,186
August
64,940
277.888
342,828
July
66,096
275.338
341,434
June
69,369
274,943
344,312
May
72.644
264,721
337,365
April
261,916
75,206
337,122
March
86,354
251,947
338.301
February
251,096
81,686
332.782
January
Segregated figures show that the stocks on Nov. 1 last were divided as
follows: Blister at smelters. 14.532 tons; blister in transit. 65.195 tons:.
blister at refineries. 27.724 tons; "in process" at refiners, 159.833 tons; refined, 68.233 tons; total, 335.517 tons. On Oct. 1 last the surplus was
distributed as follows: Blister at smelters, 10,890 tons; blister in transit.
64.185 tons; blister at refineries, 31,043 tons;"In process" at refiners. 157,817
tons; refined, 70.137 tons; total, 334,072 tons.
There was a decrease of 540,000 lbs. in the production of refined copper
last month compared with September. The output in October amounted to
246,240.000 lbs., of which 234,662,000 lbs. were primary and 11,578,000
lbs. were scrap. This coimpares with 247.780,000 lbs. in September, of
which 232.996,000 lbs. were primary and 13,782,000 lbs. were scrap.
In the following table is given a comparison of the production of refined
copper, figures In tons of 2.000 lbs. each:
7
5 .
Sc 89
Primary.Total.
117,331
123,120
October
116,498
123.390
6,892
September
121,492
7.433
128,925
August
114,240
119.020
4,780
July
113,682
3,061
116,743
June
110,851
113,898
3.047
May
112,391
3,911
116,302
April
117.897
121,798
3,901
March
107,045
110.538
3.493
February
109.954
113.974
4,020
January
The daily average rate in October was 3,972 tons compared with 4.113
tons in September, 4,159 tons in August and 3.893 tons in July.
Production of blister copper in North America in October amounted to
94,220 tons, compared with 86.163 tons in September, 84,061 tons In
August and 82,938 tons in July.
Shipments showed an increase of 10.226,000 pounds in October compared
with September, the total being 250.048.000 pounds, against 239,822,000
pounds in the previous month. Of the total shipments 147.878.000 pounds
were domestic and 102.170.000 pounds were for export.
In the appended table is given the shipments with comparison, figures in
tons:
Total.
Export.
Domestic.
125,024
51,085
73,939
October
119,911
41,542
78,459
September
127,207
43,173
84,034
August
120.176
43,824
76,352
July
120,016
41.810
78,206
Juno
117.173
43,976
73,197
May
118,864
43,834
75,030
April
132.940
44,373
88.573
March
105,876
35,464
70.406
February
105,370
37,451
57.829
January
Nov. 13 1926.]
TFrE CHRONICLE
Increase in Unfilled Tonnage of United States Steel
Corporation During October.
The United States Steel Corporation in its monthly statement issued Nov. 10 1926 reported unfilled tonnage on books
of subsidiary corporations as of Oct. 31 1926 at 3,683,661
tons. This is an increase of 90,152 tons over unfilled orders
on Sept. 30 and an increase of 141,326 tons over Aug. 31
figures. On Oct. 30 last year orders on hand stood at 4,109,183 tons and at the same date in 1924 at 3,525,270 tons. In
the following we show the amounts back to the beginning of
1922. Figures for earlier dates may be found in our issue of
April 14 1923, page 1617.
Eng of Month—
January
February
March
April
May
Julie
July
August
September
October
November
December
1926.
4,882,739
4,616.822
4.379.935
3,867.976
8,649,250
3.478,642
3,602,522
3,542,335
3.593.509
3,683,661
1925.
5,037,323
5,284,771
4.863,664
4,446,568
4,049,800
3,710,458
3.539.467
3,512.803
3,717,297
4.109.183
4,581.780
5.033.364
1924.
.4.798.429
4,912.901
4,782,807
4,208,447
3,628,089
3,262,505
3,187.072
3,289,577
3,473,780
3,525.270
4,031.969
4.816.676
1923.
6.910.776
7,283,989
7,403,332
7.288,509
6.981.851
6,386.261
5,910.763
5,414.663
5.035,750
4.672,825
4,368,584
4.445.339
1922.
4.241.678
4,141.069
4,494.148
5.096,917
5,254.228
5.635.531
5,776,161
5,950,105
6,691,607
6,902,287
6,840,242
6.745,703
Steel Orders Decline in All Lines Except Rails—Pig
Iron Price Up.
Contrary to reports of a slight falling off in steel output,
which came through the usual channels from producing
centres in the last two weeks of October, the official statistics
show the largest October ingot total on record at 4,092,548
tons, declares the "Iron Age"in its Nov.11 market summary.
This represents 87.66% of capacity, against 84.19% for
September.
It is pointed out that October is the month in which producers strive for records, and this year was no exception, in
spite of the fact that in all products except rails bookings
were less last month than in September. Uniformly the
November schedules of the large steel companies call for a
reduced operation this month,with the expectation that some
will reach 75% a little later. The Pittsburgh district is not
far from that figure this week, observes the "Age" in giving
further details, from which we quote as follows:
For the 10 months ending Oct. 31 ingot output this year was
39,939,000
tons. against 36.267.000 tons in the first 10 months of 1925,
an increase
of 10%.
The Steel Corporation, which had a large rail business last month,
apparently about the same as in October 1925. had a gain in unfilled orders
(probably about 150,000 tons), even though its shipments were somewhat
more than in September.
An event of the week is the opening of books by the American Sheet &
Tin Plate Co. for first quarter sheet orders and first half tin plate orders
at unchanged prices. There was some expectation of an advance above
$5 50 per base box on tin plate in view of the fact that pig tin is now above
70c. per lb. as against 42c. three years ago when the $5 50 price for tin
plate was fixed.
Rail mills have good rolling'scheduled for this month and some are already
at work on orders for winter laying. The International Great Northern's
part of the Missouri Pacific's 70.000 tons was 21.000 tons. On 4.000.000
tie plates (26,400 tons) for the Missouri Pacific there was keen competition,
the greater part going to Colorado. The Reading rail order amounts to
28.000 tons of 130-1b. Bethlehem sections.
Upward of 1,600 freight cars were bought within the week, including 700
tank cars for one petroleum company and 500 for another. The Pennsylvania RR.Is inquiring for 75 locomotives and the Western Maryland for
20.
Third-quarter shipments of steel to the automotive industry are put at
13% of the entire production. October specifications, however, were the
smallest in 18 months.
Coal prices have reacted violently, and run-of
-mine coking coal going
to $2 75. as against $4 recently, one week's increase in production being
equal to a full week's exports. Coke is weaker in sympathy, but with no
sales, as nearly all consumers are covered.
The recent advance in pig iron at Pittsburgh has made consumers more
cautious than before. Eastern pig iron shows more strength than the
Central Western product, and import iron is stronger. German iron for
quick shipment selling at $23 50. Philadelphia.
Sheet mills continue to feel the sharp curtailment by the automotive
industry, caused in turn by large stocks of cars in dealers' hands. The
operations of the largest sheet producer have fallen to 80%. as against 90%
at the opening of the month.
Sales of standard pipe, which along with sheets and tin plate has been a
strong sustaining factor in this year's demand. have fallen off considerably
in recent weeks.
Bids have been asked for on 23,200 tons of structural steel for New York
subway construction. This with a Milwaukee hotel, requiring 4.500 tons,
and a number of smaller projects. make 41.500 tons on which prices have
been invited. Structural steel awards in the week amounted to 27.000
tons, the largest project being a Duquesne, Pa., bridge, requiring 6,800
tons. A Philadelphia office building soon to come up calls for about 10,000
tons. Some Eastern structural mills and fabricators are more in need of
work than in many months.
at The effect on the steel bar situation of the making of a Cleveland base.
with sales at 2c. and on larger business as low as 1.90c.. is not yet fully
developed, as mills outside of Cleveland are still holding to a 2c. Pittsburgh
basis.
ao Demand for steel on the Pacific Coast, where European sellers have been
quite active for months, has been picking up of late. One feature there is
a sharp reduction in the delivered price of large-sized seamless casing from
Central Western pipe Mills.
Domestic producers are still getting export tin plate business which Welsh
mills cannot take, even though the British coal strike Is expected to end with
this week. A large export item Is an American mill's sale of 6,300 tons of
2461
wire rods to Japan. A Pittsburgh district mill has taken 2.000 tons of galvanized sheets, corrugated, for the repair of storm damage in Cuba.
Some British ferromanganese producers will now take contracts for the
first quarter of 1927 at $100, seaboard. The American product is not yet
available for next year's delivery. Higher grades splegelelsen has advanced
from $34 to $40, furnace.
The "Iron Age" pigiron composite price has again advanced,due to higher
eastern Pennsylvania prices. It is now $20 21 per gross ton, or 50c. more
than two weeks ago. The finished steel composite price is unchanged at
2.453c. per lb., according to the usual table, which is appended:
Finished Steel.
Pig Iron,
Nov. 9 1926, 2.453c. Per Lb.
Nov.9 1926, $2021 Per Gross Ton.
One week ago
2.4530. One week ago
320 04
One month ago
2.4530. One month ago
19 71
One year ago
2.4310.,
One year ago
21 29
10-year pre-war average
1.689c. 10-year pre-war average
15 72
Based on prices of steel bars, beams, Based on average of baste iron at Val
tank plates, plain wire, open-hearth rails, ley furnace and foundry irons at Chicago,
black pipe and black sheets. constituting Philadelphia, Buffalo. Valley and Mr
87% of the U. S. output of finished steel. mingham.
Low.
High.
High.
Low.
1926-2.453c., Jan. 6:2.403g., May 18 192&..$2154. Jan. 5 81946. July 13
1925_2.560c., Jan. 6; 2.3960., Aug. 18 1925__ 22 50, Jan. 13 18 96, July 7
1924_2.789o., Jan. 15; 2.4600., Oct. 14 1924__ 2288, Feb. 26 1921, Nov. 3
1923_2.824c., April 24; 2.4460., Jan. 2 1923._ 3086, Mar.20 2077. Nov.20
Pig iron sales closed for first quarter delivery exceeded
200,000 tons in the past week, with the strength of the buying movement apparently not spent, observes the "Iron
Trade Review" this week. Considerable first quarter tonnage would normally be placed at this time, but rising prices
in iron reflecting recent advances in fuel proved a spur.
Efforts of some consumers to buy beyond first quarter have
been repulsed by producers. Fuels vitality as a market
factor has been evidenced largely by pig iron in the past
week. Coke prices in the Connellsville regions remained
stationary though firm, but by-product coke prices now show
some stimulation, notably at Detroit and in southern Ohio.
Pig iron prices with the exception of those in the Chicago
and Birmingham districts either solidified their recent gains
or registered advances. The finished steel market continues
to drift slowly downward both in point of orders and pro _
ductions, but without any signs of an accelerated rate Of
contraction. Steel ingot production for all districts are
averaging just under 80% with the Steel Corporation subsidiaries operating slightly heavier than independent interests. The heavy finished lines are maintaining their position
better than some lighter products. Sheet production in
particular has shrunk as much as 10% in some districts in
the past week, according to the "
.
Review's" report of conditions affecting the market. In its issue of Nov. 11 this
journal then said:
Statistically, the present market continues on a sound footing. Steel
Ingot production in October proves to have set a new high monthly record
with a total of 4.092.548 tons. Daily average production was 157.406 tons,
a gain of 61.873 tons over September,and compares with 3.888,814 tons in
October 1925. Production in the first 10 months of 1926 totaled 39.939,398
tons, compared with 36,266.920 tons in the corresponding period of 1925.
Cable advices from England are to the effect that negotiations now being
conducted by the Government give promise of a settlement of the coal strike
within a week or two. The number of miners at work has increased to 300.000. British consumers are placing large tonnages of pig iron and steel on
the Continent. British production after the strike is over is expected to
exceed all records since the war.
The "Iron Trade Review's" composite price on 14 leading iron and steel
products this week is $38 43. This compares with $3830 last week and
$38 18 the previous week.
Completed Returns Show Increased Pig Iron Production in October.
Actual data covering the pig iron production for October
show that the estimates of companies, collected by wire by
the "Iron Age" on Nov. 1 and published last week, were
low. The October output was 107,533 tons per day,instead
of the estimated rate of 106,891 tons. At 107,533 tons as
the October daily rate, the increase over September was
3,010 tons, or 2.88%. In September the increase over
August was 1.25%.
The production of coke pig iron for the 31 days of October
was 3,334,132 gross tons, or 107,533 tons per day, as compared with 3,136,293 tons, or 104,543 tons per day for the
30 days in September. The October daily rate is the largest
for any October since 1918, when the daily rate that month
was 112,482 tons. It is also the largest daily rate since May
this year. A year ago the daily rate was 97,528 tons.
There was a net gain of 4 furnaces during October, 11 having been blown in and 7 blown out or banked. In Septem..
ber the net gain was two furnaces.
Capacity Active on Nov. 1.
On Nov. 1 there were 219 furnaces active as compared with 215 en Oct. 1.
The estimated daily capacity of the 219 furnaces blowing on the first day of
this month was 108,760 tons, as contrasted with 105,480 tons per day
for
the 215 furnaces active on Oct. 1. Of the 11 furnaces blown in last
month.
4 were Steel Corporation and 5 were merchant stacks Avrith 2 credited
to
independent steel companies. Of the 7 furnaces shut down, 4
belonged to
the Steel Corporation, 1 to independent steel companies and 4 to
merchant
producers.
Manganese Alloy Output.
The manganese alloy output last month of 34,768 tons
was one of the
largest this year. Ferromanganese production at 28,473
tons was next to
THE CHRONICLE
2462
the largest this year, 29,129 tons having been made in January. The
spiegeleisen output last month was 6,295 tons, or the largest since May.
Total Furnaces Increased.
The total number of serviceable blast furnaces was increased to 372 last
month by the blowing in or 2 new furnaces; one by the St. Louis Coke &
Iron Co. at Granite City, Ill., and one by the Central Alloy Steel Co.at its
plant at Massillon, Ohio.
Furnaces Blown in and Out.
Among the furnaces blown in during October were the No. 2 furnace of
the New Jersey Zinc Co.in the Lehigh Valley; the Marietta furnace of E. J.
Lavino & Co., and one furnace at the Steelton plant of the Bethlehem Steel
CarCorp. In the lower Susquehanna Valley; No. 5 Carrie furnace of the
negie Steel Co.in the Pittsburgh district; No.2 Ohio furnace of the Carnegie
of the Central Alloy
Steel Co. in the Mahoning Valley; the new furnace
new
Steel Co. in central Ohio; the Belmont furnace in southern Ohio; the
furnace of the St. Louis Coke & Iron Co. In Illinois, and one Gary furnace
& RailIn Indiana and No. 1 Bessemer furnace of the Tennessee Coal, Iron
road Co. in Alabama.
Among the furnaces blown out or banked during October were the Sherithe
dan furnace in the Lebanon Valley; No. 3 and No. 4 Carrie furnaces of
plant
Carnegie Steel Co.in the Pittsburgh district; J furnace at the Cambria
No.5 Ohio furnace of
of the Bethlehem Steel Corp.in western Pennsylvania;
Indiana,
the Carnegie Steel Co.in the Mahoning Valley;one Gary furnace in
and one furnace of the Woodward Iron Co. in Alabama.
about
The Stewart Furnace Co., Sharon, Pa., is preparing to blow In
Operation of
Dec. 1 its merchant blast furnace in the Shenango Valley.
coke
the stack was delayed owing to difficulties encountered in covering on
supply.
TONS
DAILY RATE OF PIG IRON PRODUCTION BY MONTHS—GROSS
Total
Merchant.•
Steel Works
97.525
21,064
76,464
1925—October
100.767
23,505
77.262
November
104.863
23301
81.562
December
106.974
23.107
83.867
1926—January
104.405
23,260
81.145
February
111,032
25.191
85,841
March
118004
25.768
89,236
April
112.304
25.622
86.682
.
May
107.844
25.658
82,186
June
103.978
24.580
79.302
July
103.241
25.025
78.216
August
104,543
23.319
81,224
September
107,553
24,385
83,188
October
• Includes pig iron made for the market by steel companies.
TOTAL PIG IRON PRODUCTION BY MONTHS—GROSS TONS
Stnegeleisen and Ferromanganese.'
Mai Iron.
—1925--- —1926-Spiegel and F1170
Ps-Mn. dineOel. Ps-Mn. &gees;
1926
1925.
7.748
5.418 29.129
2.692,537 2.599,876 23,578
January
7.084
22.309
4.910
2.539,785 2,272.150 18.184
February
7,339
5.449 24,064
2,812.995 2,661,092 20,082
March
7,051
5.341 24.134
2.614.828 2.677,094 21,448
AMU
6,999
5.294 23.159
2.306.887 2,687,138 22,679
May
5.864
4,972 25,378
2,113,566 2.465,583 19,836
June
Half year
July
August
September
October
November
December
14,980,598 15,362,933 125,787
2.037,160. 2.461.161
2.124.439 2,424,687
2.109.205 2,436.733
2,370,382 2,578,830
2,317,888
2.528.120
16.614
18.867
18.381
21,421
25,490
26,072
31,384 148,173
42,083
26,877
23,557
25.218
28,473
3,699
4,372
2,925
6,295
5.074
4,939
5.162
5,071
6,375
7.756
252.632 65.751
28,487,792
Year
•Includes output of merchant furnaces.
PRODUCTION OF COKE AND ANTHRACITE PIG IRON IN UNITED
STATES BY MONTHS, BEGINNING JAN. 1 1924—GROSS TONS.
1926.
1925
1924.
3.316.201
3,370.336
3.018,890
January
2.923.415
3,214,143
3.074,757
February
3.441.98"
3,664,247
3,466,086
March
3,450,122
3.258,958
3,233 428
April
3.481.428
2.930,807
2,615,110
May
3,235,309
2.873,457
2,026,221
June
Half year
July
August
September
October
November
December
17,434.492
19.011.948
19,848,461
1,784.809
1.887.145
2,053.264
2,477.127
2,509,673
2,961,702
2.664,024
2,704,476
2,726,198
3,023,370
3,023,006
3,250,448
3,223,338
3.200.479
3,136,293
3.334.132
36.403.470
31,108,302
Year•
• These totals do not include charcoal Pig Iron. The 1925 production of this iron
was 196,164 tons.
Lake Superior Iron Ore Shipments Increased in
October.
Iron ore shipments from Lake Superior ports during
October amounted to 9,337,463 tons as compared with
7,004,443 tons in October of last year, an increase of 2,333,020 tons. The shipments for the season to Nov. 1 have
aggregated 54,568,371 tons as against 49,816,469 tons
shipped during the same period last year. This is an increase
4,751,902 tons, or 932%. In the following table we show the
shipments by ports for October 1926 and 1925 and for the
respective seasons to date:
Escanaba
Marquette
Ashland
Superior
Duluth
Two Harbors
Total
Season to Nov. 1October
1925.
1926.
1925.
1926.
4,963,237
5.957,300
789.169
1,152,125
3,066,656
3,108,231
520.223
550,619
6,201.886
6.728,480
918,728
1.003.955
1,831.216 15.537,395 13.530.209
2.657.134
2.131.309 17.298.676 16,426.156
2.938,229
5,628,525
5.938.289
813,798
1,035,401
9,337,463
7,004.443 54,568,371
49.816.469
Tense Situation Continues in Bituminous Trade—
Anthracite Market Strong and Steady.
The sweep of the runaway market in bituminous coal
definitely caught Illinois and Indiana last week, declared the
"Coal Age" on Nov. 11. This expansion, coupled with
growing transportation difficulties,increasing pier congestion
[VOL. 123.
and feverish bidding by buyers unprepared for the turn in
affairs, offset the weaker tone in the Pittsburgh district and
the uneasiness manifested in the New York tidewater trade
at the reports that the British mining dispute was on the
verge of settlement. The practical disappearance of surplus
labor, and wage advances in non-union fields also were factors in checking recessions, according to observations made
by this trade journal in its market review, from which we
quote further as follows:
The "Coal Age" index of spot bituminous prices on Nov.8 was 299,and
the corresponding weighted average price was $3 61. This was an increase
of 14 points and 16c. over the figures on Nov. 1. Compared with the rate
of advance registered during the last half of October, this increase shows a
slowing down. This may be attributed to the uncertainty which grips seller
as well as buyer. Much will depend in the neat few days upon the outcome
of the British strike negotiations; should they fail, further sharp increases
appear almost inevitable.
Although the British situation has been the exciting cause in the upward
movement of American spot quotations, the most significant thing in the
present market set-up is the fact that higher prices persist in the face of
continued expansion in production. During the week ended Oct. 30 the
total bituminous output was estimated by the U. S. Bureau of Mines at
13.430,000 net tons—the highest weekly output ever recorded in the history
of the industry.
Cumulative production of soft coal to Oct. 30 was 460,842.000 tons, as
compared with 460,842,000 tons during the corresponding period in 1920
and 474.975,000 tons in 1923. Unless there should be some unexpected
upsets between now and the end of the year, total output for 1926 should
closely approximate the tentative estimate of 575.000,000 tons made by
the railroads some weeks ago. To reach that total, which would place the
present year second to 1918, a nice adjustment between mining and transportation will be necessary. The transportation plant now is working close
to capacity and its margin of reserve facilities has been practically exhausted.
Government and unofficial compilations indicate that there has been
a modest increase in the quantity of coal put in storage by large industrial
consumers. But these same figures and current reports from various
markets centres also show that many sections, particularly industrial
communities lying close to the mines, have been living on a hand-to-mouth
basis. These consumers have awakened to the fact that coal is moving
by their doors to distant buyers. As a result they, too, are rushing into
the market as active bidders for spot tonnage.
Unusual movements, reminiscent of the wild days of 1916-17, again
are adding to the complications of current distribution. Tidewater and
the Lakes have been magnets drawing coal from Pennsylvania, West
Virginia and eastern Kentucky. In some cases the attraction to seaboard
has been so strong that vacuums In other consuming areas have been
created. Western Kentucky is selling In Cincinnati. Illinois is penetrating further into Michigan and shipping some coal to Canada. Some
of the overflow of water-borne export trade has brightened the life of
producers in Illinois and Alabama and many operators in central Pennsylvania now look upon overseas shipments as normal.
The movement of domestic anthracite reveals little that is exciting,
but the volttme of that movement compensates for the loss of headline
features. Prices are well maintained. Production, which has been
over the 2,000,000 ton mark for some time, dropped to 1,805,000 tons
during the week ended Oct. 30 because of the holiday observance of Mitchell
Day. The steam situation the past week was marked by greater strength
in the demand for No. 1 buckwheat.
Lake trade in anthracite picked up during the last two weeks in October.
when dumpings of 96,418 and 99.528 tons brought the total for the season
to 2,513,602 net tons. During the week ended Nov.4 dumpings at Buffalo
totaled 54,300 tons. Bituminous dumpings at the lower Lake ports
the week ended Nov. 7 were 745,463 tons of cargo and 41,064 tons of
vessel fuel, making the season's total to date 26,583,037 tons, as compared
with 24,865,540 tons in 1925.
From day to day, almost from hour to hour, the coal
market exhibits a differing aspect. The forces and conditions
that usually control price are working with peculiar independence. Exports are dominant in one section, and there are
normal and very active home demands in another. But
generally speaking all the elements are tending toward higher
prices, states the "Coal Trade Journal" in its Nov. 11
summary of trading conditions in the coal markets.
Shipments of coal are being made in every direction and
in varied quantities. Some railroads have placed embargoes
that are preventing a promiscuous flow to the usual tidewater points. A new channel to foreign purchasers has
been found through Southern ports. Increased calls for
fuel with the appearance of cold weather in the West have
given impetus to mines near at hand that have been closed
down for a considerable time, reports the "Journal" from
which we add the following details:
The best information that comes from abroad is that Europe is hungry
for coal. France can not take care of her growing industries. Italy's call
Is every day more urgent. Throughout the continent there is a fuel need
that England could by no means satisfy even if her own piles were at normal.
The British strike may be ended or it may not be but the appealing cry from
the rest of the world must be heard by America for an indefinite time to
come.
West Virginia coal is commanding $10 50 gross ton on cars in Boston
which is just one dollar more than it was a week before. Three months
ago it went begging at 55 25. Here the customer who has made his contract
is the one who Is taken care of. All rail coal has been coming to this point
In increasing quantities for several weeks. The bare demands are being
satisfied.
The conditions that prevail in New York are the results of many factors.
in anthracite there is good business and a bright prospect. It Is a focusing
New
point in the bituminous world for production and distribution. But
York is also sensitive to other things, among them finance. New York's
view of the coal situation Is a cautious one at this time. The possibility
elsewhere.
of a temporary upset is more keenly visualized at this point than
and
On the other hand Baltimore is enjoying an extra-ordinary export
appear
home trade that makes the dealers optimistic to the point that they
to refuse to be worried.
THE CHRONICLE
Nov. 13 1926.]
to
The railroad embargo is being felt at Cincinnati, and the movement
tidewater from this section has eased off. But labor Is shifting and demands
there Is
from home consumers is being met. In this section, however,
to
distinct nervousness because it appears as if a flood of coal, not easily
be disposed of, may come at any moment.
whirl. Usual market conditions do not prevail. The
Chicago is in a
same coal seems to be quoted at almost the same time at figures two or more
keep
dollars apart. There Is a consistent effort in this section however to
down speculation.
extreme prices has been felt In the Pittsburgh district.
A reaction from
There was a distinct rush of mine activity that was bound to have some
results. Nevertheless nine dollar coal was not reached and when that figure
was in sight, a distinct slowing up of buying occurred. An unusual feature
of the Pittsburgh market has been the general elimination of the differential
between gas and steam coal prices.
The increased cost at mines has sent up prices at Cleveland and In the
Great Lakes Section. Approximately a dollar a ton was added to the
schedule on November first. The trend of opinion at the Ohio city is that
the mines are going wild. Pocahontas is selling at six dollars at the mine
for export. This means over eleven dollars at Cleveland.
The whole coal situation is one where reactions are probable. Important
news is developing in several quarters. Prices are bound to swerve. It is
the general belief, however, that any downward movement that may occur
is a temporary and incidental one.
-Anthracite
Bituminous Coal Reaches Record Output
-Coke Also Declines.
Production Falls Off
A record for weekly output of bituminous coal was made
during the week ended Oct. 30, when 13,430,000 tons were
produced, a gain of 5.6% over the preceding week, according
to the U. S. Bureau of Mines. Anthracite production,
however, fell off due to the observance of Mitchell Day
on Oct. 29, and coke also declined by about 3,000 tons for
the week, reports the Bureau, from which we quote additional details:
2463
Total production of bituminous coal in October is estimated (subject
to slight revision) at 54,536.000 net tons. This indicates a daily average
-an increase
rate of 2,098,000 tons, as against 1,959.000 in September
of 6.6%.
Cumulative production of soft coal during 1926 to Oct. 30 amounts to
460,842.000 net tons. Figures for corresponding periods in the past
six years show that the 1926 record equals that of 1920, but is exceeded
by that of 1923. (This is in correction of a misstatement in preceding
report.) [See page 2324 in Nov. 6 "Chornicle."1
474,975,000 net tons
460,673,000 net tons i 1923
1920
390,531,000 net tons
345,645.000 net tons 1924
1921
417,252,000 net tons
327,609,000 net tons 1925
1922
ANTHRACITE.
-proBecause of the holiday observance of Mitchell Day-Oct. 29
duction of anthracite during the week ended Oct. 20 decreased sharply.
Total output is estimated at 1,805,000 net tons, a decrease of 257,000
tons. or 12%,from the revised estimate for the week of Oct. 23.
Estimated United Stoma Production of Anthracite (Net Tons).
1925-1926Cal. Year
Cal. Year
to Date.tt
Week.
to Date.
Week.
Week Ended
61,299,000
17,000
66,159,000
2,093,000
Oct. 16
13,000 61,312,000
b2,062,000 668.221,000
Oct.23
61,331,000
19,000
70.026.000
1,805,000
Oct. 30
Minus one day's production first week In January to equalise the number of days
a
in the two years. b Revised since last report.
Cumulative production of anthracite from Jan. 1 to Oct. 30 amounts
to 70,026,000 tons, a gain of 8,695,000 tons. or 14%, when compared
with that in the corresponding period in 1925. Figures for other recent
years are given below:
73.340,000 net tons
37,515,000 net to 1924
1922
61,331,000 net tons
77,486,000 net tons11925
1923
BEEHIVE COKE.
A decline of 3,000 tons of beehive coke occurred during the week ended
which we
Oct. 30, according to the U. S. Bureau of Mines survey, from
repeat the following table:
Production of soft, coal during the week ended Oct. 30 is estimated at
Estimated Production of Beehive Coke (Net Tons).
13.430.000 net tons. This is the highest weekly output ever recorded.
Week Ended
Compared with the revised estimate for the preceding week, this is a gain
1925
1926
Oct. 30 Oct. 23 Oct. 31
to Date.a
to Date.
of 718.000 tons, or 5.6%.
1925.
1926.c
1926.b
162,000 163,000 212,000 8.021,000 6,234.000
Estimated Untied Awes Production of Bituminous Coal (Net Tons)a including Pennsylvania & Ohio
511,000
Coal Coked.
15.000 642,000
16,000 16.000
West Virginia
1925
749,000
526.000
1926
6,000 18,000
5,000
Ala., Ky., Tenn.& Oa
Cal. Year
Cat. Year
296,000
297.000
9,000
6,000
6,000
Virginia
to Date.b
Week.
to Date.
Week.
199,000
217,000
4,000
5.000
392.679,000 Colorado & New Mexico
4,000
11,770.000
434,699,000
12,386,000
Oct. 16
162,000
1,605,000
145,000
1,962,000
3.000
4,000
1,777,000
2,064,000
4,000
Daily average
& Utah
404,767,000 Washington
12,088,000
12,712,000
447,412,000
Oct.23-c
1,615,000
2,015.000
1,785,000
2,119,000
Daily average
261,000 9,848,000 8,151.000
197,000 200,000
417,252,000
United States total
12,485,000
460,842 000
13,430.000
Oct.30.c1
32,000
39,000
1,628,000 Daily average
33,000 44,000
33,000
2,081,000
1,795,000
Daily average_ _ 2.238,000
a Original estimates corrected for usual error, which in past has averaged 2%.
a Adjusted to make comparable the number of days in the two years. b Reb Minus one day's production first week in January to equalize number of days vised since last report. c Subject to revision.
In the two years. C Revised since last report. it Subject to revision.
Current Events and Discussions
es
The Member Banks of the Federal Reserve SystemReports for Preceding Week-Brokers' Loans
in New York City.
It is not possible for the Federal Reserve Board to issue
the weekly returns of the member banks as promptly as the
returns of the Federal Reserve banks themselves. Both
cover the week ending with Wednesday's business, and the
returns of the Federal Reserve banks are always given aut
after the close of business the next day (Thursday). The
statement of the member banks, however, including as it
does nearly 700 separate institutions, cannot be tabulated
until several days later. Prior to the statement for the week
ending May 19, it was the practice to have them ready on
Thursday of the following week, and to give them out conThe New York Reserve bank reports a decline of $56,400,000 in discount currently with the report of the Reserve banks for the next
holdings, Chicago a decline of $27.600,000, San Francisco $7,600,000.
in exSt. Louis $7,400.000. Atlanta $4.500.000, and Dallas $3,700,000. Dis- week. The Reserve authorities have now succeeded
count holdings of the Cleveland bank increased $12,800,000 during the
and they
bank's holdings pediting the time of the appearance of the figures,
week. A reduction of $7,200,000 in the New York Reserve
of acceptances purchased in open market was more than offset by increases are made public the following week on Mondays instead of on
at the other Reserve banks aggregating $15.100,000. The system's holdings of Treasury certificates were $22,100,000 above the preceding week's Thursday. Under this arrangement the report for the week
total, while holdings of Treasury note declined $23.400,000 and of United
ending Nov. 3 was given out after the close of business on
States bonds $700,000.
The principal changes in Federal Reserve note circulation during the
week include a decrease of$6,500.000 at the Now York bank and increases of Monday of the present week.
$4,600.000 and $3,300,000, respectively. at Philadelphia and Cleveland.
The Federal Reserve Board's condition statement of 692
The statement in full, in comparison with the preceding reporting member banks in leading cities as of Nov.3 shows
week and with the corresponding date last year, will be increases of $56,000,000 in loans and discounts, $11,000,000
found on subsequent pages-namely, pages 2492 and 2493. in investments, $103,000,000 in net demand deposits, $26,A summary of changes in the principal assets and liabilities 000,000 in time deposits and $46,000,000 in borrowings from
of the Reserve banks during the week and the year ending the Federal Reserve banks. Member banks in New York
Nov. 10 1926 is as follows:
City reported increases of $71,000,000 in loans and discounts,
Increases(+_)or Decreases(-)
During
$13,000,000 in investments, $39,000,000 and $16,000,000 in
Year.
Week.
time deposits, respectively, and $33,000,000
Total reserves
+$35,200 000 +$79,400.000 net demand and
+62,600,000 in borrowings from the Federal Reserve Bank.
Gold reserves
+34.500 000
Total bills and securities
-88,700 000 -35.700,000
+16.700.000
Bills discounted, total
-94,500 000
Loans on stocks and bonds, including United States Gov+11,100,000
Secured by U. S. Govt. obligations_
-59,600 000
$49,000,000 above the previous
+5,600,000 ernment obligations, were
Other bills discounted
-34,900 000
.800.000
+7,800 000 -12
Bills bought in open market
increases of $28,000,000 in the New York dis000 -33,600,000 week's total,
Government securities, total
-2,000
U. S.
Bonds
-700 000 -11,100,000 trict, $13,000,000 in the Boston district and $9,000,000 and
Treasury notes
23,400 000 -130,100.000
Certificates of indebtedness
+22,100 000 +107,600,000 $8,000,000 in the Philadelphia and Richmond districts,
+39,500,000
-4,600 000
Federal Reserve notes in circulation
offset in part by a reduction of $12,-11.600 000 -23,900,000 respectively, being
Total deposits
+11.300 000 -13,500.000 000,000 in the Cleveland district. All other loans and disMembers' reserve deposits
-4.400,000
15,100 000
Government deposits
-
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on Nov. 10, made public by the Federal
Reserve Board, and which deals with the results for the
,twelve Reserve banks combined, shows a decline for the
week of $88,700,000 in bill and security holdings, as compared with an increase of $70,700,000 reported the week
before, together with increases of $35,200,000 in cash
reserves and $6,800,000 in non-reserve cash and a reduction
of $4,600,000 in Federal Reserve note circulation. Holdings of discounted bills declined $94,500,000 and of Government securities $2,000,000, while open market acceptance
holdings increased $7,800,000. After noting these facts, the
Federal Reserve Board proceeds as follows:
2464
THE CHRONICLE
counts increased $7,000,000 during the week. The principal
changes in this item were declines of $15,000,000 in the Richmond district and $10,000,000 each in the Philadelphia and
Chicago districts and an increase of $45,000,000 in the New
York district. Total loans to brokers and dealers, secured
by stocks and bonds, made by reporting member banks in
New York City were $38,000,000 above the Oct. 27 total,
loans for out-of-town banks having declined $4,000,000,
while loans for own account and for others increased $39,000,000 and $3,000,000, respectively. As already noted,
the figures for these member banks are always a week behind
those for the Reserve banks themselves. The statement
goes on to say:
Holdings of United States Government securities were $4,000,000 below
the previous week's total, a decline of $12,000,000 in the Boston district
being partly offset by an increase of $7,000,000 in the New York district.
Holdings of other bonds, stocks and securities increased $15,000,000, of
which $6,000,000 was in the Cleveland district and $5,000,000 in the
New York district.
Net demand deposits were $103,000,000 above the amount reported on
Oct. 27. The principal increases by districts were: New York. $51,000,000:
San Francisco, $15,000,000; Richmond, $13,000,000; Boston, $12,000,000;
Minneapolis, $10,000,000, and Philadelphia, $9,000,000. Time deposits
increased $26,000,000, of which $13,000,000 was in the New York district
and 38.000,000 in the San Francisco district.
Borrowings from the Federal Reserve banks were $46,000,000 above the
Oct. 27 total, the principal changes including increases of $41,000,000 in the
New York district and $24,000,000 in the Chicago district.
[VOL. 123.
The textile mills generally are active and have sufficient
orders to keep
them busy.
SPAIN.
Spanish business registered a slight pick up from the
dulness which prevailed during the summer months. Money is
slightly,easier though the
present tendency is toward higher rates. Bank clearances
indicate a normal
amount of activity and the bourse operations show a
direct result of exchange manipulations. The stronger position of
French franc is generally
held to react unfavorably on the peseta. The
trade balance shows a more
favorable tendency and the Government is at present
favoring rigid protection to existing Spanish industries. The general
economic situation is
normal and the condition of labor presents no
special difficulties. The
attitude of the cotton industry is somewhat expectant
and due to the financial conditions of this industry it has not been possible
to take full advantage
of the present low prices of raw materials. Crop
reports are good and coal
mining is now enjoying the most prosperous period
since the war. Lumber
trade is somewhat depressed, but a strong preference
for American hardwoods still exists. Automotive imports for the first
six months were large
but during October sales fell off considerably.
NORWAY.
The sudden rapid appreciation of the crown
has caused new difficulties
for Norwegian industries, especially those which
recently arranged new
wage schedules on the basis of the old rate.'
Export industries have also
been adversely affected by the rise in the
crown,and further by the increase
in fuel prices. Many shutdowns have resulted.
The increased cost of fuel
has also placed industries manufacturing for
the domestic market in a
difficult position. Shipping is benefitting to a
certain extent from increased
coal freight rates. The money market is very
easy. Bank deposits are
rising and loans declining. Banks have recently
been obliged to refuse
deposits on interest, and this, together with
other conditions, lead to another decrease in the official discount rate to
454% on Oct. 27.
On a subsequent page—that is, on page 2493—we give the
SWEDEN.
No important changes have occurred during
figures in full contained in this latest weekly return of the
the last few weeks, the
general situation continuing moderately progressvie.
member banks of the Reserve System. In the following is tion has
The industrial situaimproved somewhat through the general tendency of
labor organifurnished a summary of the changes in the principal items zations to renew annual wage agreements, and
through a better outlook
in the timber industry than has existed for several
as compared with a week ago and with last year:
years. The pulp market
has been good, and exports large. The paper
market is fairly satisfactory.
Increases 1+) or Decreases (—) although restricted by
the coal strike. Prices have a
During
firmness, however, partly due to decreased production tendency toward
Week.
Year.
in Norway. Iron
Loans and discounts, total
+856,000,000 +8343.000,000 ore exports were on the decline until during September,
but since then they
Secured by U. S. Govt. obligations
+11,000,000
—12,000,000 have shown a tendency to Increase.
Secured by stocks and bonds
+38,000,000
+46,000,000
All other
DENMARK.
+7.000,000
+309,000,000
Investments, total
Low industrial activity, high unemployment, and
+11,000,000
+126,000,000
difficult competitive
U. S. securities
—4,000,000
—46,000,000 conditions continue. As the supply of liquid capital steadily diminishes
Other bonds, stocks and securities
+15,000,000
+172,000,000 the money market becomes tighter and tighter. According to a recent
Reserve balances with F. R. banks
—13,000,000
—51,000,000 report of the Danish Agricultural and Economic Bureau, the capital inCash in vault
+16,000,000
+5,000,000 vested in Danish agricultural failed to pay dividends last year. The coal
Net demand deposits
+103,000,000
—199,000,000 situation is hindering business to a marked extent. Prices on coke have
Time deposits
+26,000,000
+416,000,000 increased appreciably during the last few weeks and American coal has
Government deposits
—1,000,000
+49,000,000 already appeared on the market. Trade has been somewhat livelier during
Total borrowings from F. H. banks
+46,000,000
+32,000,000 recent weeks, but this is believed in Denmark to be of only a seasonal nature.
Summary of Conditions in World's Markets According
to Cablegrams and Other Reports of the
Department of Commerce.
The Department of Commerce at Washington releases
for publication to-day (Nov. 13) the following summary of
conditions abroad, based on advices by cable and other
means of communication:
CANADA.
Dry goods travelers in Canada are reporting a good business in spring
lines; the increased production of boots and shoes is well maintained, and
leather prices show indications of wowing firmness. Labor conditions
continue on a high level, with a slight increase in the demand from
the
lumber camps. About 90% of the grain throughout the Prairie
Provinces
has been threshed. Weather conditions in Manitoba and Saskatchewan
have caused suspension of threshing in those provinces. The general
quality of the threshed grain is reported to be much better
than expected
earlier in the season. Canadian construction contracts actually
awarded
during the month of October amounted to $43,385,000, which
was the
highest figure for any previous October. The output of coal from
Canadian
mines during August was 1.336.000 tons, which was 1% less
than the
July production of 1,349,000 tons, but was 17% greater than the five
year
average for August of 1,134.000 tons. The Rouyn Branch Line
Railroad
linking Noranda with the Canadian National Railway's main line
at Tashereau is now completed and delivering freight.
GREECE.
The market situation is still very sensitive to political
conditions, but
is expected in Greece to become more stabilized. Drachma
exchange shows
continued and rather marked fluctuation. The cost ofliving
index rose from
1.817.6 in August to 1,832.5 in September. The land tax
imposed under
General Pangalos is to be abolished at the beginning of the
fiscal year
1927-28, according to a recently published legislative decree.
There are
indications that the new cotton crop is to be better in both quality
and
quantity than for many years past, though in some sections the staple
is
not so long as expected. The national bank has decided to issue real estate
lottery bonds in order to meet the increased demand for money.
EGYPT.
Business conditions are beginning to improve after the usual slack summer •
season. Legislation for the limiting of the acreage planted to cotton will
probably be introduced again at the new session of Parliament. Building
activity continues and automobile sales prosrects, which are to a certain
extent an index of business conditions, are considered to be unusually good.
PALESTINE. '
The general commercial and financial situation is somewhat dull. Foreign
imports have decreased considerably as compared with last year, and
foodstuffs are now forming the bulk of the articles imported, according to
the
Palestine Government commercial bulletin. The restrictions
on cereal
Imports, because of cattle plague, have resulted in a rise in prices.
Industrial conditions are improving and drainage and road building operations
have been begun by the Haifa Bay Development Co. Local industry
was
especially represented in the recent Palestine and Near East Fair
at TelAviv, emphasis being placed on a demonstration to the extent
to which
local products may be used in equipping Palestine homes.
GREAT BRITAIN.
New negotiations looking toward a settlement of the coal dispute opened
SYRIA.
on Nov. 5. At a conference of trade union executives, held on Nov. 3, it
Farmers are concerned for the next year's crops because
of the severe
was decided to recommend, for the benefit of the Idle coal miners, a volun- damage suffered this year in
several regions from insects and plant diseases.
tary levy of one penny a day on all employed members of trade unions in Experiments with cotton growing near
the Euphrates have, however, been
Great Britain. The drift of the men back to the pits has brought the total highly successful, American seed
having given the best results,
according
number of miners now working up to nearly 300,000. Unemployment to the Inspector of Agriculture. The
silk cocoon yields somewhat less than
registers showed that exclusive of idle coal miners, 1,516,200 persons that of last year, and an extension
has been granted by the Government in
were unemployed on Oct. 25. This represents an improvement of about the time of payment of farmers'
debts in the Aleppo and Hama districts.
20,000 from the Status on Oct. 11.
In several Government districts payments have now
been fixed on the
Syrian gold basis and indications are said to point to a
FRANCE.
general adoption
The announcements of the Government concerning the higher tax collec- of this basis in the near future for all branches of the Government.
tions, the decrease in the unfavorable trade balance, the profitable results
PERSIA.
ofexchange operations by the treasury, the relatively good treasury position,
The program of the new Cabinet includes various
measures for the
and the progress made toward amortizing the short term securities, have
improvement of the economic situation such as: The
construction of reserInspired new confidence in France. Foreign speculation on the rise of the
voirs and irrigation dams; the development of
production in such export
franc has developed, following the approved showing of the Government.
lines as cotton and silk; the improvement of
transportation and communicaThe franc has in fact improved steadily in spite of heavy purchases of foreign
tion conditions; the encouragement of agriculture,
exchange by the treasury and the Bank of France, and notwithstanding
etc. A motor bus service
f_r the city of Teheran is expected in Teheran
to be introduced under a
reports of French sales of foreign securities in return for foreign currency.
Russian company. The proposed Agricultural and
In industrial circles there is a growing feeling against a further appreciaNational Bank is expected in Persia to have as a branch of pawnbroking
establishment to take
tion of the franc, which it is feared may bring an industrial reaction. the
place of the former Banque d'Eseompte de Perse.
Although industry remains active the sharp franc recovery is already
restricting exports and prive concessions are being demanded by buyers.
IRAQ.
Inquiries for American coal are decreasing due to the curtailment of supplies
According to reliable unofficial estimates
reported from Bagdad, 1926
from England, resulting from the British strike. Iron and steel production wool production will be 80%
of normal or a total of about 17,000 bales.
remains at a high level. The market is dominated by considerations affect- Total estimates of the date
crop place it at only half of normal or an exMg the iron and steel entente and by the sharp appreciation of the franc. portation of about one million 70
-pound cases, plus80,000152
-pound baskets.
Nov. 13 1926.]
THE CHRONICLE
TURKEY.
The alcoholic beverage monopoly has been granted to a Polish group,
with an initial payment of 40 million Swiss francs. Receipts from the
petroleum sales monopoly are reported to be increasing, and customs
receipts also show a gain. The Government is continuing to push its
railway construction program,and it is reported that the Anatolian Railways
Administration will send a group of its employees to study coestruction
and repair in Germany. Another delegation is now making a study of
western Europe railway administration, and the Constantinople press
reports that 470 railway carriages and 15 locomotives have been ordered
in Europe by the Director of the Anatolian Railways. Crops continue to
be somewhat below expectations, particularly the tobacco crop. Hazel
nut production is also low, but the fig and raisin crops are expected to
b good.
JAPAN.
Japan's foreign trade for October showed a very marked improvement in
comparison with the previous month. Exports totaled 191,800,000 yen
against 173,400,000 yen in September, while imports fell to 142,100.000
yen compared with 163,500,000 yen the previous month. The October
export excess of 49,700,000 yen reduces the accumulative unfavorable
balance for the first ten months of this year to 348.900.000 yen. (The
average value of the yen was $0.4840 in September and $0.4866 in October).
The outstanding features of the October trade were gains in exports of
raw silk, cotton textiles, and waste silk and declines In imports of raw
cotton,iron and steel products, woolen textiles, machinery and crude sugar.
•
2465
both houses of Congress and is now awaiting the signature of the President.
Detailed information regarding the changes in customs levies is not yet
available, although it is ex-pected•that a statement regarding them:will be
made public early in the week of Nov. 15.
URUGUAY.
General conditions in Uruguay give promise of an early improvement In
business. Contributing factors are a greater animation in the wool market
and timely rains throughout the agricultural regions.
ECUADOR.
General economic conditions in Ecuador are still depressed. The
Commercial y Agricola and Chimborzao banks have not yet resumed
operations. Exchange declined to 5.00 sucres to the dollar on Oct. 5 and
remained around that figure until the last days of the month when it rose
to 5.40 sucres to the dollar. (At par the sucre is worth 0.487, equal to
2.05 sucres to the dollar). The Kemmerer financial commission arrived
from the United States on Oct. 18 to make at the request of the Ecuadorean
Government, a study of the finances of Ecuador and recommendations
thereon.
Cacao imports during October were 9,000 quintals (approximately 900,000
pounds) while 337,000 kilograms or 740,000 pounds valued at 579.000
sucres were exported. 97% of the cacao exports went to the United States.
Other exports from Guayaquil were: Cinchona, 5.501i kilos; coffee, 499.000
kilos; hides, 69,000 kilos; hats. 14,000 kilos; kapok, 37,000 kilos; and rubber,
67,000 kilos. Total exports were 4,619,000 kilos, valued at 3,307,000
sucres.
CHINA.
Export commodity stocks reported on hand, in Spanish quintals (1
Import business in China is being adversely affected by the continued
Spanish quintal equals 101 lbs.) and average price for the month per quintal
decline in silver exchange. The Chinese raw cotton prices have remained were:
Cacao, 344 quintals, price 76 sucres; cinchona, 12 quintals. price
steady due to the anticipated heavy purchases by Japan which is further
sucres; cotton, 120 quintals, price 35 sucres; coffee. 50 quintals, price
stimulated by the present favorable state of exchange to Japanese buyers. 50
85 sucres; hides, 90 quintals, price 38 sucres; kapok, 60 quintals, price 44
Under these conditions it is said to be possible that Chinese cotton will
sucres; rice, 17.000 quintals, price 21 sucres; and rubber, 15 quintals.
not be affected by the lower prices in the United States. The Peking
price 105 sucres.
money market is very tight. Silver dollars in Peking have risen to a
COLUMBIA.
•
premium of 3% over Shanghai although this situation is believed to be
The condition of the upper and lower Magdalena Is good and navigation
only temporary. The North China market for automobiles is fair and
The congestion at La Dorada is somewhat relieved.
there is a good demand for building hardware and elevators for installation Is uninterrupted
In buildings now under construction in Tientsin. The building boom La Dorada, which is 600 miles up the Magdalena from Barranquilla, is the
port of transfer from the boats operating on the lower river to the railroad
continues in Shanghai.
which runs from that place to Beltran, a distance of 70 miles. where merPHILIPPINE ISLANDS.
chandise is reloaded on the upper river boats. This railroad is utilized for
The general business outlook continues cautious, especially in the textile transferring freight around the rapids that separate the lower and the upper
trade. This condition is largely due to the influence of the business rivers. The facilities for handling freight at La Dorada are very limited
failures reported last week. The copra market is quiet, with prices slightly and the recent heavy movement of cargo from the Caribbean coast to this
lower. Arrivals at Manila are still declining but oil mills are sufficiently point is the cause of the congestion. Boats laden with merchandise from
supplied to continue operation.
the coast ports can not discharge rapidly on account of the lack of ware
The past week opened with the abaca trade quiet but increased demand houses in which to store the goods. Also many freight cars are awaiting
from foreign markets brought about greater activity the latter part of unloading at the other end of the line at Beltran. Ordinarily when the
the week. Except for a slight increase in grade JUK, prices have not Magdalena river becomes navigable after a dry spell, freight movement
changed from last week's quotations. Production is normal. Good returns rapidly to normal;however,the freight congestion resulting from the
crops are predicted locally in sugar and rice areas.
prolongation of the dry spell this year has been so acute that the usually
well regulated traffic control has been upset and this is seriously interfering
INDIA.
With the ending of the ppoja holidays a better tone is being manifested with the opportunity of utilizing to the maximum the present high water
of the Magdalena river
in many lines of business. Commercial travelers are beginning to arrive
PORTO RICO.
at the principal business centres and the fall buying season seems about
to open. Owing to substantial coal order from the Mediterranean
Weather conditions in Porto Rico remain favorable to growing corps and
area, freight rates between Europe and India have been substantially business is expected locally to improve gradually with the seasonal moveincreased.
ment of merchandise in anticipation of the opening of the sugar campaign
AUSTRALIA.
next month. Shipments from Porto Rico to the mainland of the United
A £6,000,000 Commonwealth conversion loan to yield 5X% was offered States for October were $6,091,536 compared with $5.272,476 for the same
at par on the Australian market during the week. The pooling system month of 1925, while total shipments from July 1 to Oct. 31, the first
evolved a few seasons ago by which the banks pooled their resources in four months of the fiscal year, amounted to $26,018,686, or slightly more
order that all should become participants on an even basis in the business the $25,446,433 shipped during the same period last year. October shipof financing outward shipments of Australian produce is being continued, ments included 158,000 boxes of grapefruit and 74,000 bags of sugar. San
as it is said the scheme works very well. Last season pool transactions Juan bank clearings for the first five days of November were about $4,643,between Oct. 10 1925 and July 5 1926 amounted to over £54,000,000, as 000 or $500,000 more than for the same period of 1925.
compared with £75,349,000 for the preceding season, and with an estimate
of £78,000,000 for the present season. A strike among wool transport
workers in South Australia is causing congestion of cargoes at Adelaide. Gold Basis for Denmark—Country Will Return to the
Wool sales at Brisbane and Melbourne brought 5% less than at the preOld Standard on Jan 1.
ceding sales. An anticipated increase in New South Wales freight rates
is expected in that State to affect the export of wheat.
From Jan. 1 next Denmark will return to the gold standard,
ARGENTINA.
The prospect of good crops in Argentina remains excellent, but activities
in the import and export markets have slackened considerably as a result
of high ocean freight rates occasioned by diversion of tonnage to the carriage of coal to England during the British strike. However, the present
dulness is believed locally to be only temporary. Exports of wheat are
negligible because of the quality of the last Argentine crop and adequate
supplies in North America and European grain centres. Shipments of other
grains and wool are normal. The cattle and sheep markets are weak.
BRAZIL.
The generally sluggish condition of business which has prevailed in
Brazil during recent weeks still continues. The recent holiday period was
productive of but little additional commercial activity, yet a feeling exists
that with the inauguration of the new administration on Nov. 15 some
Improvement Will occur. Exchange was steady during the week ended
Nov. 6. There was a more active demand for bank loans which resulted
in raising tho interest rates. It is reported in Brazil that, for the month
beginning Nov. 5, daily entries of coffee into Santos will be brought up to
36,000 bags, as compared with a daily entry of 32,000 bags on Oct. 30.
The new plan of the Coffee Defense Institute to render financial assistance
to planters, which has just been announced, involves the granting of loans
at a ratio of 15 milreis ($2 06 at current exchange) for every 10 kilos 122
pounds) against stored coffee and the guarantee of a reliable commissario
(broker).
The first exports of sugar from Pernambuco from the new crop have
now been made and, as a result, domestic prices have risen. An exception
of export tax on sugar, up to 18,000 metric tons, has been granted by the
State of Pernambuco; no such relief has been given in the other sugar
States. Conditions in the Amazon valley are slightly improved as a result
of increased rubber prices; trading in other products of the region—chiefly
Brazil nuts—is, however, rather dull because of prevailing low prices.
A 75% rebate on the 1925 income tax has been decreed providing tax
returns are submitted during November and payment of the amount due
Is made.during December of this year.
PERU.
The serious situation which has existed in mercantile trade in Peru for
continues and there is believed in that country to be
the past fortnight
little indication of an early improvement. Foreign bills are scarce. The
emergency tariff measure, which provides for increased mineral export
duties and additional import duties on luxtury items, has been passed by
says a copyright cablegram from Copenhagen, Nov.8 to the
New York "Times," from which the following is also taken:
It is considered probable that notes will again be convertible in gold coin
at the Danish National Bank, as before Aug. 2 1914, when this obligation
was suspended.
This return to normal conditions should hardly imply a great change, as
the circulation of gold was always restricted in this country, notes being
commonly used.
For carrying through the new arrangement representatives of the National
Bank have lately been in contact with the Swedish Riksbank and Bank of
England and two of its directors, H. Green and Baron Rosenkrants, are
now in London gathering information as to the working of corresponding
measures in England.
The complete return will make new legislation surperfluous, but the
National Bank may possibly contract smaller credits abroad to steady
exchange during the transition period.
Interest Rate Banking Houses May
Charge.
Acting Commercial Attache Ronald H. Allen has reported
to the Department of Commerce at Washington from
Warsaw, that a Polish government decree limits the interest
charges which banking establishments are permitted to make,
says the "United States Daily" of Nov. 2, which gives his
report as follows:
Poland
Limits
Banking establishments in Poland are required by recent joint decree of
the Minister of Finance and the Minister of Justice to submit every month
a written statement to their respective treasury authorities, giving information as to the rate of interest charged on various operations,such as discount
of notes, open credit, loans against securities, lombarding, guarantees,
collection, letters of credit. arc.
The maximum interest allowed by the above decree in all the foregoing
operations is determined at 16% per annum, except in the case of loans
against pawning of property other than merchandise or paper securities,
when an additional charge of 2% per month may be made as a compensation for insuring the property pledged.
2466
THE CHRONICLE
[VOL. 123.
Famous Austrian Bank Goes Out of Business—Old Proposed Loanrof:27,560,000,000 Lire to Consolidate
Anglo-Oesterreichische Institution Describes
Italy's National Debt and Restore Value of
Its Own Checkered Career.
Currency.
The following is from the New York "Times" of Nov. 7:
Plans for the consolidation of Italy's National debt through
The business of the Anglo-Austrian Bank. Into which the old and historic the
issuance of a loan of 27,560,000,000 lire (about $1,168,Anglo-Oeaterreichische Bank of Vienna had been transformed, has been
taken over by the Anglo-International Bank, Ltd., planning to continue 500,000) have been made known this week. The new loan,
the relations between Austrian and British finance. The Anglo-Austrian says Associated Press
cablegrams from Rome Nov. 8,
Bank,in advance of the ending of its corporate existence, reviews as follows
"is intended to provide a breathing space between the
the history of the institution:
la "Founded In Vienna on Oct. 30 1863, It survived, not without serious initial and final victory in the nation's struggle to restore
difficulties, all the dangers of the Austro-Prussian War and of the speculative the value of the currency
and place the national economio
orgy which followed It (in 1868 the bank paid its shareholders an 80%
dividend, while in the following year it was unable to pay any dividend). life on a sound basis. This is the view in officiirint
The period from 1869 to 1876 proved to be a time of liquidation for the bank. financial circles." On Nov. 7 the Associated
Press Rome
"The year 1877 was the turning point in the bank's history. After accounts said:
the losses incurred in financial speculation, attention was concentrated
more on regular banking business. By the end of 1913 the bank had
built up a solid business throughout the whole Austro-Hungarian Empire.
"the history of the bank during the war is the history of the Hapsburg
monarchy. It shared in all the false prosperity engendered by war conditions. It participated in the German loan to Bulgaria and headed
the list of all Austrian banks in the amount of its subscriptions to the
Austrian war loan. The end of the war found the bank in serious difficulties.
"In August 1914. together with other banks, it had large sums of acceptances on the London market.
"In order to save a panic, the Bank of England, under instructions
from the Treasury, took these acceptances, which, in the case of the AngloAustrian Bank, amounted to over £2,000,000. and put the bills in cold
storage. After the war, the depreciation of the Austrian crown made
It „mpossible for the Angle-Oesterreichische Bank to pay off these acceptances, and with the aid of the Bank of England, an English company,
called the Anglo-Austrian Bank, Ltd., was formed to take over the whole
bank. Instead of driving the bank into liquidation, the Bank of England
took the initiative in this reconstruction scheme.
"In one respect the experiment was an unqualified success. The name
of the Anglo-Austrian Bank is written in large letters In the history of
Central European reconstruction. But from a purely banking point of
view the experiment was not so successful. Some time ago. therefore,
It was decided that the bank should dispose of its foreign branches, as
soon as circumstances permitted, and should operate on the Continent
through the medium of first-class local banks."
For the purpose of consolidating its debt, the Halton
Government has
published a decree authorizing the issue of consolidated
bonds to a large
amount.
It is explained in a semi-official statement that
during and since the war
Italy has incurred a very large floating debt, which
has been renewed of
recent years without difficulty, and in part converted into
five, seven and
nine year treasury bills. This debt has gradually
become regarded as
equivalent to supplementary circulation. It Is now felt
that the time has
come to get rid of the short term bills for the
purpose of consolidation.
The new issue of bonds will bear 5% interest and
are to be offered for
public subscription at 873. The holders of all short term
debts, other than
the 5% nine-year treasury bills, which mature in
1931-34, are by the new
law required to convert such short term debts Into
the 5% consolidated
bonds on the basis of 116.50 lire, the nominal amount
of the consolidated
5s. for each 100-lire one-year treasury bond held. The
other treasury bills
are to be converted at 115.50, 113 and 112, respectively.
In a semi-official statement concerning the plan
to consolidate the
national debt, the Treasury says In part:
"In order fully to protect the interests of such
investors, steps have been
taken in this law which will provide necessary funds and
thus enable the
holders of consolidated fives to borrow from the Banca
d'Italla, using such
bonds as collateral.
"The Government has reserved the right to suspend
conversion in order
to prevent an increase in the total debt of the
Government.
"As the conversion of each 100 lire nominal will call
for the issue of an
average of 100 lire of consolidated loan," the announcement explains.
"the total debt of the Government, even including the total conversion of
outstanding Treasury bonds, should
Reichstag Passes Unemployment Dole—Revenues up to 000,000 lira, at which it stood in July amount to approximately 90,000.1926.
"By reason of these measures the Government will have no maturity
Oct. 1.
prior to 1931-34 and will consequently be In a much
stronger financial
A Berlin wireless message Nov. 8 (copyright) is taken as position. Moreover, the tax burden of Italy is already heavy, and to
Increase It sufficiently to amortize the floating debt would
follows from the New York "Times":
inflict a burden
In order to demonstrate the utter impracticability of the Socialist proposal which would necessarily have a serious effect on the Industrial conditions
to raise the State doles to Germany's 1,250,000 unemployed, 30% of the of the country.
"While a conversion of this character is unquestionably a
Nationalists voted with the Socialists in the Reichstag this afternoon and
drastic step, it
Is firmly believed to be in the best interests of Italy and that it will
put the measure through its first reading by 205 to 141.
be so
Minister of Labor Brauns thereupon declared that should the bill become recognized by all of Italy."
a law—which it will not, because the Nationalists will not support it on the
The following information relative to the funding operation
final reading—the Government could not be responsible for Its application.
This declaration, which obviously makes the participation of the Social- was contained in advices (copyright) to the New York
ists in the present Cabinet proposed by the Democrats and Cathollc Centre. "Times" from Rome on Nov. 7:
extremely difficult, was just what the Nationalists wanted. Count Westarp
One of the greatest financial operations ever attempted In any country,
admitted that their vote had been purely tactical.
Finance Minister Volpi's own definition, will speedily be
efMeanwhile, the Governmental coalition's measure raising the doles 10% according to
in Italy with the consolidation of more than 20,500,000.000 lire (about
for all jobless and 15% for unemployed minors, was shelved in the Reichstag, fected
$879.450.000) of the floating debt.
but virtually put into effect by a decree of the Cabinet, which met after the
The King has signed the decree authorizing the Treasury to issue a new
Reichstag adjourned.
loan bearing 5% interest, which holders of the ordinary Treasury bonds
To-morrow theu nemployment problem again willoccupy the parliamentary
maturing In five or seven years will be obliged to take in exchange for their
calendar, the debate on the supplementary budget probably being postbonds. The exchange will be made on the basis of 116 lire 50 centesimi of
tioned. The discussion of foreign affairs, which means the League of
new loan for every 100 lire of ordinary Treasury bonds; 113 lire of the new
Nations and the Thoiry agreements, will be opened on Friday, through a the
loan for every 100 lire of the five-year Treasury bonds; 112 lire of the new
lengthy address by Foreign Minister Stresemann.
for every 100 lire of the seven-year Treasury bonds.
Figures issued officially to-day show the condition of the State finances to loan
From Thursday, when the decree will go Into effect, all ordinary Treasbe considerably better than the Finance Minister intimated when, In
bonds therefore, and five and seven-year Treasury bonds, will be autoconnection with a proposed additional outlay, a budgetary deficit of close ury
matically converted into the new loan.
to 1,000,000,000 marks was forecast for the current fiscal year.
Holders of the nine-year Treasury bonds have the option of converting.
It was revealed that the revenues up to Oct. 1—that is, for the first six
their bonds Into the new loan at the rate of 107 lire 50 centesinal of the loan
months of the year—exceeded expenditures by 168,000,000 marks.
forTheveernyow101(loolloreaolofo
Nevertheless, Dr. Reinhold estimates that 327,000,000 marks must be
be
wills offered to the public at 87 lire 50
centesimi for
borrowed at home or abroad to meet the cost of the supplementary expendito 1proviee oohimmeo
l 0O liro of t e loan.
ture it is contemplated undertaking to relieve unemployment.
order
esch nomins
late large market for this new loan the
In ord
Just how many hundreds of millions the State means to spend in putting
provides that a syndicate shall be formed, composed of the Bank of
the unemployed to work on the construction of canals and houses and the decree
Italy, all savings banks and insurance companies in Italy, and all financial
Improvement of the railroads is not exactly stated.
Institutions which by law or charter must invest all or part of their funds
The fact remains that were it not,fel is extensive and expensive proIn Government securities. All these institutions are obliged to invest half
Bram,the German budget as planned last March would produce a handsome
of all the sums at their disposal between Nov. 11 1926 and Dec. 1 1027 in
surplus and that the 'deficit" would not constitute an immediate drain on
the new loan.
the national treasury, but merely increase the Reich's national debt by the
The money thus raised will be used In credit operations on the security of
comparatively unimportant amount of aboutI00.000.000 marks.
the new loan or In redeeming short term Government debts.
By this means that part of Italy's floating debt which is represented by
short term Treasury bonds is to be automatically
Definitive Bonds of German Consolidated Municipal by the consolidated loan. The net result will beabolished and replaced
to increase somewhat
Italy's Internal dent, but to free the Treasury of the burden of having
—Loan of German Savings Banks and Clearing House
to
find ready cash to redeem its bonds when they fall due.
Issue Available.
Harris, Forbes & Co. announce that the definitive bonds
of the $23,000,000 German Consolidated Municipal Loan of
German Savings Banks and Clearing Association 7% sinking
fund!secured gold bonds, series of 1926, due Feb.11 17,
3renco longed for outstanding
are now ready at their office to 1 interim certificates.
Esthonia to Issue Bank Notes.
The following is from the New York "Evening Post" of
Nov.4:
'
The Bank of Esthonla has ordered from the State Printing Office 4,00 .000
-mark denominations for delivery by the end of January,
bank notes in 100
Foreign trade with Russia was active during the second week of
1927.
September,seven carloads of paper loading the exports, while nine carloads
ef new rye and four carloads of hides led the imports.
It was stated in the Nov. 8 Associated Press accounts
from •ome that the amount cf the loan is based on the onefive- and seven-year Treasury bills which will b3 con-rierare
into the new loan on their expiration. Continuing, these
advices stated:
This conversion Is obligatory, the Government explaining
its decision
not to make it optional by asserting that all holders of the
short term issues
will surely be willing to make the exchange for the national
good.
Moreover. It Is pointed out that the holders of the old bonds
will Profit
eventually, as the nominal interest on the new issue of
5% will actually
amount to 8%, the old bonds being converted at the nominal value of
116.50 lire for each 100 lire.
Three basic reasons prompted the loan, according to the financiers. The
first was the desire to consolidate the gains made in the battle to restore
the value of the lira, normalizing the situation which had been disturbed
during the process of revalorization.
The second was the desire to change the floating debt Into a consolidated
debt, thereby removing the potential danger to normal politics Progreg"
Nov. 13 1926.]
THE CIHRONICILIO
contained in the possibility of a wholesale desire to turn in the bonds in
exchange for cash.
The third reason was a desire to provide a means of gathering in the
savings of the citizens in order to provide funds to aid the Bank of Italy, so
that it might be able to provide additional credit.
It is pointed out in this connection that, despite the fact the Treasury
has placed 3,500.000,000 lire at the disposal of business since Jan. 7 last,
national industry is still suffering from lack of credit.
Through the loan, which is expected to safeguard the lira from the
possibility of a slump, the Government hopes, on the one hand, to continue
the struggle to increase the value of the currency, and, on the other, to
redistribute national savings in such a fashion as to re-establish on a higher
level the nation's agricultural, commercial, iuustrial and productive
activities.
Ai
Italy Gives 6),000,00) Lire:to City o! Rome.
According to Associated Press-advices]from Rome Nov.8
60,000,000 lira annually were voted by th3 Cabinet to-day
as the Government's contribution to3the City of Rome for
restoring the ancient grandeur of the capital in accordance
with Mussolini's plans.
2467
the National Bank, was recently asked in a Ghent meeting whether:the
belga could be used in internal transactions, he replied he did not see any
reason why it should not so be employed. Bankers believe that the new
silver coins will represent one and five, or possibly four, belgas.
Soviet Seeks Capital—Now Wants Joint StockICompanics Privately Owned.
The following advices were contained in a copyright
message from Riga Nov. 8 to the New York "Times":
In view of the losses incurred by the State industries and the scarcity
of manufactured goods,the Soviet economic authorities are now considering
the expediency of sanctioning the formation, not only of mixed (private
and State owned] companies, but also of joint stock companies entirely
under private ownership.
The State Industrial Department considers that it would be advisable.to
encourage the organization of private industrial and commercial joint stock
companies. The dealings of these companies would be strictly confined
to commodities which the State industries either do not produce or produce
in insufficient quantities.
experiment to authorize the formation
,The Department proposes as'anof small private joint stock companies for retail and certain forms of wholesale trade, with their sphere of activities limited to particular districts
or provinces.
It does not approve of the formation of private companies for the handling
of raw materials for export.
Cultivation of Soya Bean in Italy to Overcome Dependence on Imported1Wheat.
An Associated Press cablegram/from Spoleto, Italy.
Jugoslavia to CutTCabinet—Will Reduce Numbeiwof
Nov. 9, says:
4
Posts from 17 t11 to,Save Money.
Successful cultivation of Oriental soya beans has been carried out here as
part of a scheme to overcome Italy's dependence upon imported wheat in
TheVugoslavian Ministerial Council has decided for reaorder to satisfy the bread needs of the nation.
of economy to reduce the Cabinet from 17 to- 11 memExperiments carried out on the vast estate of the Marquis Marignoll sons
from Belgrade to
show the soya bean can be grown in seventy-five days on wheat land which bers, it is learned from a message Nov. 8
otherwise would lie fallow between crops. No irrigation or other expendi- the New York "Times" (copyright), the further advices
tures to Increase the crop were found necessary.
Professor Mossello has discovered a means of improving the taste of the stating:
soya bean so it can be easily mixed with wheat, forming a palatable combination. It is estimated that Italy can become independent of foreign
wheat by mixing 20% of soya flour with ordinary wheat flour.
The Ministry of Public Worship will be combined with that of Justice:
Forests and Mines with Agriculture, and Commerce with Communications.
and
Three more, the Ministries of Social Welfare, Unification of Laws
•111
Agrarian Reform, will be reduced to sections of other Ministries.
The reduction in the Cabinet, incidentally, will solve one of Premier
Uzupovitch's delicate political problems, namely, that of filling three
of these ministerial posts which have been vacant for several months. .4
• Canada's Loans to Foreign Governments.
The following regarding Canada's loans abroad Us contained in Ottawa Associated Press advices Nov.5,embodying
Reiteration- by Winston Churchill that Great Britain
Canada's debt figures.
Canada has out on loan to foreign governments 836,068,056, of which
Pays Pre-Armistice Debt to United States.
$23,069,720 is owed by Rumania. Greece is the next largest debtor with
Winston Churchill, Chancellor of the Exchequer, reiter$7.570.000. Belgium owes $4,528,336.
During the past twelve months the total has been reduced by $410,000. ired in the House of Commons when it reassembled on Nov.
France wiped off a debt of $230,000 and Greece paid $180.000.
9 that the whole amount of the debt which Britain is now
repaying to the United States may be regarded as having
Belgian Securities Bought by Germans.
been incurred before the armistice. This is stated in a
Correspondence from Brussels under date of Oct. 21 copyright cablegram to the New York "Times"from London
was published as follows on Nov. 10 by the New York
from which we also take the following:
'Journal of Commerce":
Asked for figures by a Unionist M.P., Mr. Churchill said.
In recent days Belgian exchange and security markets have reaped the
'
to his
"The United States Government advanced $3,696,000,000
benefits of important foreign purchases of local standard stocks, especially
after the
Majesty's Government before the armistice and $581,000,000
for German account. Capitalists from across the Rhine, who were
after the
armistice. But, on the other hand. his Majesty's Government
throughly conversant with Belgian markets before the war, have noted that armistice, but before the debt settlement, paid $496,000,000 to the United
expended
s ecurities of many excellent concerns sell at only slightly above pre-war
States Government as repayment of principal nd interest, and
prices, taking no cognizance of franc depreciation. Starting with bank 8151,000,000 in winding up pre-armistice munitions contracts, making a
stocks, which rapidly rose to levels where they were no more interesting, total of 8647,000,000, as against $581,000,000.
may
foreign investors turned quickly to metallurgical and coal shares. With
"Accordingly, the whole amount of the debt Britain is now repaying
the exhaustion of possibilities in these categories it is expected that the
be regarded as incurred prior to the armistice."
German interests will subsequently turn to other shares, notably those of
to confuse debts to
This statement is somewhat obscure in that it seems
textile plants, which are still far undervalued. Due to large immobilized
American munitions combanies with debt to the United States Government,
holdings in family portfolios Belgian authorities do not see in these purchases
unless Mr. Churchill means that Britain bought munitions directly from the
any danger that local interests will lose control of major industries.
United States Government.
Comparative quotations show the increases registered in two and oneAsked if he knew of statements made during the American electoral
half months, principally as a result of foreign purchases.
campaign to the effect that the debt America wanted to collect was pracBanks.
tically all post-armistice money, the Chancellor said that such misstateSept. 1.
Oct. 20.
ments were often made in British election campaigns.
Banque Beige pour l'Etranger
1,025
1,275
Mr. Churchill's statement gave the House considerable satisfaction, and
Outremer
1,950
2,275
somewhat relieved the gloom caused by an estimate of Sir Philip CunllffeBanque d'Anvers
1,340
1.505
Lister that the coal strike had already cost between £250,000,000 and
Iran and Steel Industry.
£300.000,000 in loss of production alone.
Angleur
730
872%
Cockerill
1,020
1,550
Belgian Treasury to Mint Silver—Treasury Subsidiary
Coinage to Replace 800,000,000 Francs Bank of
Belgium 5 and 20
-Franc Notes Outstanding.
From Brussels, the "Wall Street Journal" of Nov. 11
announces the following:
French Conversion Loan.
Iff;According to Associated Press advices from Paris Nov. 11
the Credit Nationale 1922 6% bonds maturing at option in
February has'resulted in &demand for the redemption of 1,400,
000,000francs of a total of 3,018,000,000 francs outstanding.
Since no provision has been made in the 1927 budget for
these bonds, it is stated, the Government intends to issue a
conversion loan consisting of Treasury bonds maturing in
ten years bearing 7% to be offered slightly below par.
As a complementary measure to its stabilization program the
Belgium
Government has just issued a decree authorizing the treasury to mint silver
fractional coins of a value and fineness to be determined by the minister of
finance. Preliminary to this coinage the Treasury will take over from the
National Dank of Belgium the obligation for 5 and 20 franc notes now
outstanding, against cancellation of an equivalent amount in State's inJapan Has New Land Law—Withholds Rescript Against
debtedness to the bank. Books of the latter institution show about 800.Americans in _Permits to Aliens.
francs of these value notes Issued.
000,000
The new decree accomplishes a threefold purpose: (1) Reduces National
An ordinance promulgating the new Japanese alien land
Bank circulation by 800.000,000 francs and accordingly increases percentage
to-day, to take effect on Nov. 10;
gold and exchange reserve cover; (2) reduces debt of State to the bank to law was issued in Tokio
about 1,200,000,000 francs (240,000,000 beiges) which will rapidly be after which date all foreign nationals without exception will
amortized by operation of sinking fund;(3) restores to State normal function
be permitted to own land in Japan,except in areas designated
of providing fractional fiduciary coinage. Since present supply of 5 and
defense," the State Department was
20franc notes is regarded insufficient in view of imminent price adjustments, "necessary for national
the treasury expects to realize a profit between the metal content and the advised to-day by Charles MaeVeagh, Ambassador at Tokio.
nominal value of coins minted in excess of original 800,000,000 franc value.
The New York "Times" in a Washington dispatch Nov. 8
This profit will help pay for metal necessary to effect exchange of existing
reporting this added:
5 and 20 franc notes.
The new land law, passed by the Diet in the spring of 1925, contained a
Present indications are that the Belgian Government will expand use of
has observed that the new unit is well received within clause which left it optional for the Japanese Government to bring into
the belga. Francqui
the country. Accordingly, when his spokesman, Louis Franck, Governor of effect an imperial reseript 'whereby foreigners 'would be placed oar e
2468
[vol.. 123
THE CHRONICLE
ciprocal basis and American citizens of States where Japanese subjects are
prevented from owning land would be deprived of such rights in Japan.
The ordinance issued to-day promulgated the law, but was evidently not
accompanied by the optional rescript, although the way remains open for
Japaitto issue such a rescript in the future.
Decline inTSilver—IndianiCurrency Commission's Reporintain Nothing to Decrease Demand
or Otherwise Adversely Affect Metal.
—
"TAM;London "Financial News" of Oct.29 there appeared
an article on silver, occasioned by statements that the price
Japanese Loans for Foreign Traders.
of silver has been sentimentally affected by the report of the
The following, published in the New York "Journal of
Royal Commission on Indian Currency. In the article the
Commerce". of Nov. 10, is dated Tokio, Japan, Sept. 30:
Representatives of the chambers of commerce in ToIdo, Osaka, Kobe. writer (Joseph Kitchin, Assistant Managing Director Union
Nagoya, Kyoto and Yokohama to the South Seas Trade Conference, now Corporation, Ltd.) undertakes to show that the recomIn progress here, have decided to back the formation of companies to aid mendations of that
report contain nothing to decrease the
foreign traders. They have been greatly dissatisfied with the lukewarm
attitude of the banks toward the establishment of a new financing medium demand for silver or otherwise adversely to affect it. Feaand realize that the industrialists are also tied down to the banks. They tures of the Commission's report were given in these columns
have accordingly decided to approach the Foreign Office with their resolution Aug. 21,
pages 913-915, and reference was also made to it in
and endeavor to solve the problem.
According to their plan, a South Seas industrial enterprise company our issues of Aug. 28 (page 1040), Sept. 4 (page 1179) and
capitalized at 30.000,000 yen,is to be established under semi-public manage- Sept. 11 (page 1323). E. Hilton Young, Editor-in-Chief
ment, or purely private management. The possibility that foreign inof the "Financial News," headed the Commission. The
vestors may be asked to participate in the management is also being
article by Mr. Kitchin is reproduced as follows from the
considered.
They further suggest the establishment of a bank capitalized at 50,000.000 "Financial News":
yen for the purpose of granting long term loans at comparatively low rates
of interest to industrial and commercial enterprises established overseas.
Other provisions of the resolution call for exemption from the double
Imposition of income taxes, unification of the Japanese governmental organs
concerned with trade, the conclusion of a commercial treaty with French
Indo-China and the abolition of the so-called luxury tariff here.
The issue of the Indian Currency Commission's report, and the subsequent heavy fall in the price of silver, have been regarded in many quarters
as cause and effect. Whether this is so or not there seems to be considerable
misconception as to what the Commission proposed and what consequences
may ensue from the carrying out of its program.
The Commission's proposals are contained in the following extracts:
"We recommend that no legal obligation for conversion into silver rupees
attach to the new
notes issued
Mexican Decree ReducingiTaxes ony_Silver Production should will in time replacenotes" (i. e.,Government by the Reserve Bank,
which
the present
notes). "At the same
time, we think it essential to provide facilities for the free exchange of notes
for Six Months.
for rupees so long as the people desire to obtain metallic rupees in exchange
for them. . . . We propose to make it incumbent on the currency authorI In an effort to offset the handicap to Mexico's mining ity" (unless the price of silver
should exceed 52)d. per fine ounce)"to make
istry by reason of the recent slump in the price of silver, rupees and other coin freely available to the public in such quantities as
may be required for circulation. Our recommendation implies that the
which is one of the foremost mineral industries of the Re- coinage of silver rupees should be stopped for a long time to come, until
the amount of silver rupees in circulation is reduced to the amount required
public, President Calles has approved a decree reducing for for small change" (pp. 28 and 29 of report).
"The present stock of rupees in the reserve is undoubtedly excessive, and
six months State and Federal taxeq on silver production, we
propose that a part of it
by Government (18 crores
says an Associated Press dispatch from Mexico City Nov. 7. 'for gradual disposer). The should be retained crores will be made over to
balance of(say)67
the Issue Department at the outset, and it is not unlikely that a considerable
In addition it says:
portion will be absorbed as a necessary addition to the currency in the first
The decree provides that when the New York price of silver is 45 cents or few years. . . .If, on the other hand, they are not wanted, and do not
less per ounce the production tax by the Federal Government will be one- flow out of the Issue Department, they are clearly undesirable as a reserve
asset,
half of 1% and the State tax the same. An increasing scale of taxation Is assets and should therefore be got rid of deliberately and be replaced by
of a more eligible character." (pp. 53 and 54 of report.)
provided as silver prices advance, until the value reaches 57 cents an ounce,
It was proposed that the rupee coin held In the reserve should not (unless
when the Federal tax will be 4.25% and the State tax 2%.
10% of the liabilities of the Issue Department were greater) exceed Rs. 70
crores until the end of the third year, Rs. 50 crores in the 4th, 6th and 6th
years, Rs. 35 crores in the 7th, 8th, 9th and 10th years, and Rs. 25 crores
Mexican Banks Get More Time.V;
•thereafter (PP. 58 and 59 of report).
The following is from the New York—
— "Commercial"
MEANING.
of yesterday (Nov. 12):
The Commission's recommendations, therefore, mean:
Advices received from Mexico City by the Mexican Affairs Bureau, Inc.,
1. That although the convertibility of notes into rupees will cease as a
are to the effect that the Mexican Government has granted additional time
matter of legal right, rupees will continue to be full legal tender, and will in
tt=ormer banks of issue throughout the Republic in order that they practice (and by
obligation on the bank) be freely given in exchange for
might properly liquidate the coupons on their various bond issues.
notes.
The bureau was officially informed that where the individual bonds are
2. That the issue of one-rupee notes may replace rupees to some extent.
sr sums of less than 2,000 pesos (approximately $1,000 in American cur3. That the coinage of silver will continue to be suspended for a long
rency) two years from June 15 1926, are given for liquidation. Where the time to come.
bonds are of larger denominations an extension of four years has been
4. That there will be handed to the Government for gradual disposal
granted.
any excess over 67 crores of rupees in the reserve at the time of the bank's
A Presidential decree covering the foregoing will be published in the taking over the control of currency and any
later excess over the maxima
very near future by the Mexican Government.
mentioned above.
effect of the recommendations may be that rupees will come
5. That the
out of hoards.
New Australian Loan Terms:Are Announced.Ila
6. That their further effect may be to reduce private imports of silver.
Taking these points in order:
From the New York "Commercial" of Nov.3 we take the
1. This should not bring any silver on the market.
following:
2. The issue of one-rupee notes is not likely to be extensive. There has
A cable message received by the Commissioner for Australia in the already been an earlier issue of such notes which
commenced in 1917-18 and
United States, Sir Hugh Denison,states that the Commonwealth Treasurer, continued until 1925. The highest amount reached
at March 31 of any year
Dr. Earle Page, in announcing the terms of a new Commonwealth loan on was Rs.13% crores on March 31 1920.
Rs.13% crores,if issued in exchange
behalf of the States and the Federal Capital Commission, invited holders exclusively for silver rupees returned, would
mean 46,000.000 fine ounces
of 43 and 5% Commonwealth war loans, maturing Dec. 15 1927, to or silver, but obviously they would be
issued only partly against the return
convert their holdings into the 53t% new loan. Maturing war loans, of silver rupees and would largely replace
notes of
-higher denomination or
which may be thus converted, total £66,000,000.
represent additional currency. It is perhaps a reasonable assumption that
The new loan is being issued at par, and will mature in six, eleven or the amount of rupees displaced would be
equal to 15,000,000 fine ounces
sixteen years, optional to the purchaser. Sound sinking
fund conditions of silver (not per annum).
accompany the new loan which Is being issued under the auspices of the
IMPORTS.
Australian Loan Council.
3. The mints were closed to the free coinage of silver in 1893, and mince
then the Government net imports of silver have represented the amount
figures are, roughly:
Republic of Salvador Customs Collections and Debt required for new coinage. Theof
(In millions line ounces of silver.)
r;
Service.
F. J. Lisman ez Co., under date of Nov. 3 make public the
following relative to the Republic of Salvador customs
collections and debt service:
1926.
$400,701
87,494
1925.
$344,251
89,181
Available for series "C" bonds
8313,207
Interest and sinking fund requirements on 'C"
bonds
63,333
5,695,777
January-October collections
January-October service on "A" and 'B" bonds
874,940
8255,070
October collections
Service on 'A"and 'B" bonds
56,667
4,945,203
891,807
Available for series "0" bonds
84,820,837 $4,053,396
Interest and sinking fund requirements on 'C"
bonds
593,333
566,667
Collections in the first ten months of 1926,after deducting service requirements of the "A" and "B" bonds, were equivalent to over 8 times interest
and sinking fund requirements on the series "C" bonds.
t The Bankers' representative collects 100% of the import and export
duties, all of which is available for bond service, if needed, and 70% of
which is physically pledged for that purpose.
Full interest and sinking fund requirements on the "A," "B" and "C"
bonds for the year were met out of collections remitted by the Fiscal Agent
by May 15th.
Government
Net Imports.
Private
Total
Net Imports. Net Imparts.
Average
per ann,
7 years to March 31 1900
NII
1 year to March 31 1901
2 years to March 31 1903
5 years to March 31 1908
4 years to March 31 1912
2 years to March 31 1914
2 years to March 31 1916
—
16
4 years to March 31 1920
6 years to March 31 1926
—
26
39
Nil
240
NI
87
Nil
366
474
Nil
Awe.
p. a.
ANS.
P. a.
203
39)13
48(27
43{21
1
23
119)47
29
203
29
7
72
180
205
63
94
7
36
36
51
32
47
46
72
420
205
150
94
46
36
84
51
76
47
621
—11
437
39
—3
73
987
483
437
62
116
73
840
32
1 017
AA
1 557
72
Thus,since the closing of the mints, the
Government has purchased silver
in only twelve out of thirty-three years, or.
excluding the seven years
following 1893, in twelve out of twenty-six years.
Excluding the ewer°.
Urinal four years to 1919-20, its average
purchases in the sixteen Years to
1915-16 were 46.000,000 ounces per annum in the
years in Which it bought
or 23,000,000 fine ounces per annum over the
whole of the sixteen years.
Further, during the past six years it has made no
purchase., and in view
oi the amount of silver in the reserve, it
may not need to make further
purchases for some years to come. The amount lessened demand under
of
this head is, as compared with the last six years, clearly nil.
THE CHRONICLE
Nov. 13 1926.1
2469
prohibition of silver imports from 1917 to 1920 and the subsequent disturbance in trade, but over the ten years 12% of net exports in merchandise
were turned into silver. Actually the net private imports of the three years
to March 31 1926 were 85,000,000 oz.. 97.000,000 oz. and 96.000,000 oz.,
respectively, an average of 93,000.000 oz., while 14% of the net exports of
merchandise would have given an average of 101,000.000 oz. These figures
indicate that though India has privately taken exceptionally large amounts
of silver in recent years. they are not above what it might have been expected to take if judged from a pre-war basis
Factor of Tradition.
There Is no doubt that the Indian people's absorption of the precious
metals will continue on a very large scale, helped by the continual expansion
in the prosperity of the country. Tradition and strong social and religious
customs of age-long duration will continue to cause them to put their savings into silver and gold ornaments, and nothing will violently shake those
habits, which can,at the most,only very gradually change. Up to 30 years
ago the value of the silver greatly exceeded the value of the gold bought,
but since them—partly as the result of the shock to confidence in silver
caused by the closing of the mines in 1893 and mainly because of the growing
wealth of the country—the position has been reversed. Nevertheless,
Variations.
except for a short period after 1893, the quantity of silver taken has subThe quantity of silver rupees in the Reserve varies considerably. It was stantially risen and has never been higher than during the past three yeats.
up to 99 crores in Oct. 1923, down to 74 crores in May 1925, and at present The development of India is taking place rapidly, while the influence of
is up to 103 crores, while at the end of each of the calendar years 1922 to extensive irrigation schemes now in hand, or contemplated, has yet to make
1925 it only varied between 81 and 87 crores, as compared with the 85 itself felt; and, fully remembering the greater preference for gold with incrores assumed by the Commission. Latterly rupees have been flowing creasing wealth, the prospects seem to be that the people of India will take
Into the Reserve. but on the average of the period of thirteen years to still higher quantities of silver, and It may well be that any damage done to
1924-25 new rupees have been required at the rate of over 8 crores per the world silver position by the carrying out of the Commission's recomannum. This, however, includes the exceptional period from 1916-17 to mendations will be largely counterbalanced by an increase in private im1922-23, apart from which the average would be 5 crores per annum. The portations. Of course, it may be questioned whether the faith of India's
35 croroes set down in the table above must, therefore, be reduced by any millions in silver may not be temporarily reduced by the recommendations,
waxing in the rupee circulation. If that waxing should be 5 crores per but it seems clear from all that has been said above that there is no very subannum in,say, 1927 and 1928,the 35 crores would be reduced to 25 crores, .stantial basis for loss of faith, and certainly nothing to be compared with
or 86.000.000 oz., and the further amounts shown would fall away. Having the great shock of 1893. It may also be noted that India's purchases tend
86,000,000 oz.from Jan. 1 1929, "for gradual disposal" by the Government, to increase with lower prices for silver, that the metal (owing to removal of
with no prospect possibly of further amounts being added, the sale would the import duty and apart from any change in world price) is now 5%
probably be spread over three or four years, and equal for that period cheaper to the Indian buyer than in the period 1894-1910, and as much as
20.000,000 to 30.000,000 oz. per annum, and this not before 1929.
4d. per ounce cheaper than in 1910-1917, and that, with a given amount
(5) There is naturally a doubt as to how far, if at all, rupees may come of savings available for purchases, the quantity purchaseable increases with
out of hoards. The bulk of India's absorption of silver is in the form of every fall in price.
silver ornaments and in the hands of the common people, and these are not
The recent drop in the silver quotation must be attributed to sentimental
very likely to be affected; but the hoards of rupees are largely in the hands fears arising from the Commission's recommendations, coupled with temof the richer classes. The amount which might come out, in the highly porarily lessened demand on the part of both India and China. While the
unlikely event of it all being freed, is a matter of considerable conjecture, former may have had most effect, the latter gives the most tangible reason
especially because, when silver in 1918-1920 rose to unprecedented heights for the fall.
so that the coin was worth more as a commodity than as currency, large
To get a perspective, take the following figures, and consider whether the
quantities were melted down for the contained metal. But two estimates "suggestion" is reasonable:
dealt with by the Commission were:
(In millions of fine ozs, of silver.)
Crores. Crores.
3 Years A Suggestion
5 Years
400
350
Total amount of rupee coin at present in issue
for 19261922 to
1909 to
150
150
Required for small change (Rs. 5 per head)
1928.
1924.
1913.
60
50
73
Industrial arts of Europe and America.._
250 India's private net imports*
'200
80
87
40
85 India's Govt. net imports for coinage*..
90
nil
Already in the currency reserve
nil
18
40
53
29
net imports for coinage,
165 China's available for coinage for the rest
Excess over minimum requirements in the hands of the public 110
Balance
567
378
Which equals in millions of fine oz. of silver
42
60
60
of the world
Seeing that the status of the rupee will in practice remain unchanged,and
232
240
220
World's output
that rupees and notes will be freely interchangeable, there is no reason
•Years to March 31 following.
why hoarded rupees should come out unless a desire is shown to exchange
AS regards the "suggestion" figures, the first may be passed in view of the
them for gold. It may be doubted whether the quantity of rupees in issue
world's recovery and a low level for silver; India took an average of 97.000.will, in fact, be reduced at all.
000 oz. for the two years to 1925-1926, but its demand has fallen off with
(6) Prima facie the Indian Government's purchases for coinage in the the temporary setback in trade, making the 80,000,000 oz. for the three
period 1900-1916 were then the main determinant of the silver world years seem reasonable; there will certainly be no Indian Government purprice. The Government purchases were made at high prices, for it bought chases; China is very fickle, its annual figures in the last twenty years varyonly when it must—at 28.4d. average of annual price when purchases ing from 38,000.000 oz. of net exports to 113,000.000 oz, of net imports.
were made), against a price averaging 24.3d. for the years when no pur- but its figure may easily be higher than that taken; before the war,some 50,chases were made. So closely did the price follow the extent of the pur- 000,000 to 60.000,000 oz. per annum was used up in net coinage by the world
chases that the rough formula might be considered to be: Pre-war price outside India and China,so that with remonetization in progress,60,000,000
of silver 24d. per standard ounce, plus Id. for every 10,000.000 oz. pur- oz. hardly seems too high a figure to take.
chased by the Government during the year. The Indian population,
If, then, this "suggestion" is correct, what can be called the normal deon the other hand, during that period bought more heavily when the mand will absorb the probable output without the need for forcing silver
oz. per annum when the price
price was low—an average of 47,000.000
on unwilling buyers. But the special stimulus created once in two or three
was under 26d. per standard ounce and an average of 26,000,000 oz. when
years by the Indian Government's purchases will be lacking, and temporarthe price was above that figure.
ily matters are affected by the setback in India's trade and the disturbed
Gradual Disposal.
(4) It will take some time to get the Reserve Bank into being, and it can
be assumed that it will not take over control of the currency till Jan. 1 1929.
or possibly six months earlier. The Commission's recommendations will,
therefore, not take effect before that time. On the figures taken in the
report (which will, of course, have altered by then) out of a total of Rs. 85
crores the Government will retain Rs. 18 crores for gradual disposal, and
later it would also have available for such sale the surplus (if any) of rupees
in the Reserve over the maxima laid down by the Commission for various
years. Hence, out of the its. 85 crores the Government might have for
disposal (if no further rupees were required for issue and none came in):
120,000,000 fine oz.
Rs. 35 crores
From Jan. 1 1929
Rs. 15 crores= 51,500,000 fine oz.
From Jan. 1 1932
Its. 10 crores= 34,300,000 fine oz.
1935
From Jan. 1
60 crores=205,800,000 fine oz.
But this assumes that no further silver rupees will be needed for issue.
while the experience of the past is that, over periods, they are required.
They flow into and out of the Treasury with the lean and fat seasons, but
on the whole the flow always exceeds the ebb.
Trade Balance.
Since the closing of the Indian mints the figures for net private imports
of silver and gold and net exports of merchandise have been:
Silver.
Fine Oz.
Five years to 1899-1900
Five years to 1904-1905
Five years to 1909-1910
Five years to 1914-1915
Totals 20 years
Five years to 1919-1920
Five years to 1924-1925
Totals 10 years
Totals 20 years
Five years to 1919-1920
FIVe years to 1924-1925
Gold
Value.
Total
Treasure.
129,000,000 £17,800,000 £16,600,000 £34,400,000
153,000.000 19,200,000 37,800,000 57,000,000
224,000,000 28,700,000 45,400,000 74,100,000
199,000,000 24,600,000 87,400,000 112,000,000
705,000,000 £90,300,000 £187,200,000 £277,500,000
25,000,000 £2,300,000 £23.900,000 £26,200,000
343,000,000 55,000,000 91,100,000 146,200,000
368,000,000 £57,300,000 £115,000,000 £172,400,000
Net
Bzports
of Met
chandise.
Five years to 1899-1900
Five years to 1904-1905
Five years to 1909-1910
Five years to 1914-1915
Value.
Percentage of Net Esparta
of Merchandise.
Silver.
Gold.
Both.
£105,300,000
147,200,000
160,000,000
223,200,000
17
13
18
11
16
26
28
39
33
39
46
£635,700,000
14
29
43
£317,400,000
152,600,000
1
36
7
60
8
96
ao
37
25
12
£470,000,000
This shows that the foreign trade balance of India in the twenty years to
1914-15 increased considerably, and that the silver privately imported
showed a fairly constant relation to trade exports, and, on the whole, markedly increased with time—this notwithstanding the growing preference for
gold.
In the ten years to 1914-15 the private imports averaged 42,000,000 oz.
per annum of a value of £5,300,000, as compared with average net exports
of merchandise of £38,300,000. I. e., 14% of the net exports were converted into silver, or the same proportion as for the twenty years of 1914-15.
For the ten years to 1924-25 the figures are not much in point, owing to
Totals 10 years
state of China.
In this issue of the "Chronicle" we are giving a summary of
the more important parts of the report as given in the
September number of the Federal Reserve Board's
'Bulletin."
India Gold Going Into Investment.
The "Journal of Commerce" of New York in its issue of
Sept.20 printed the following dispatch from its Washington
Bureau:
Hoarding of gold in India is coming to be less widely practiced than in
years past and millions of dollars in gold rupees are being brought out of
their hiding and converted into securities, according to reports reaching
the Regional Division of the Department of Commerce.
During the past year, reports say, an unusual amount of capital has been
available and the money market at present is easier than it has ever been
before. The usual strain for funds around crop growing time is not expected
to be felt in most parts of India this year.
Capital Abundant.
"This abundance of capital," says the division, "suggests that more and
more treasure is being brought out from hiding and is deposited in banks
or invested in securities. Not long ago it is stated that a wealthy Arab
converted a hoard valued at $350,000 into Government of India securities.
In all parts of India reports indicate that there is a steady conversion of
hoarded rupees into investments."
During the Indian fiscal year, imports of gold to India amounted to
6,135.000 fine ounces, or something more than one-third of the world's
total production during the period. During the same period net imports
of silver amounted to 93.363,000 ounces. Much of this metal undoubtedly
went into hiding or into ornaments, the division states, but it is pointed out
that a substantial part followed commercial channels.
Chances for famine in India to-day are much more remote than formerly,
the division continues. Transportation is said to be well distributed, while
food exports are controlled and existing relief agencies are sufficient to cope
with emergencies.
In some sections hoarding continues much as it did a century ago,
although probably on a much smaller scale, the reports say. "It was
2470
THE CHRONICLE
[Vim. 120.
originally founded on economic necessity," it is stated.‘"If the monsoon
failed, either wholly or partially, disaster was certain to follow unless the
native could draw on his hoarded gold or silver, as the farmer in a more
progressive country would draw upon or borrow from his bank.
"The movement of hoarded gold into investment, if continued," the
division comments, "Is one that augurs well for India as it will tend to
bring the capital of the country into channels where it can be utilized for
development and to liberate the country from its dependence upon foreign
capital. It will undoubtedly be greatly stimulated when banking facilities
are extended and when the poorer classes come to understand the advantages of depositing their surplus money where it will not only be safe
but will also pay them interest."
Further details regarding this issue are given in our
"Investment News Department," on page 2516.
The Government of India has accordingly cancelled five crores of securities in the paper currency reserve. The choice of the present moment for
effecting the operation has been dictated by the abnormal conditions now
existing in the money market in India„due to the continued delay in the
movement and renewed bear speculation on the exchange.
In all, financial organization of the cotton removal plan will have
$162,000,000 available for use in carrying cotton over a period of eighteen
months The finance corporations which are to operate will have aggregate capital of 815,000,000. This represents a borrowing capacity of
$150,000,000, and to this amount may be added the sum of $12,000,000, the
amount subscribed to a bankers' pool organized by the bankers of Atlanta.
Loans which will be made on cotton will be for eighteen months, interest
charges to be payable at the end of that time.
Basis of Loaning.
The basis of loaning is to be 9 cents a pound on middling
white
staple cotton. At this rate it is estimated that the 8162,000,000 now
available will be sufficient to cover the requirements for storing 4,000,000
bales. However, according to Commissioner Williams, if more funds are
needed arrangement can be made to secure them.
To-day's conference, Mr. Williams announced, was called in order that
representatives of the finance corporations might be afforded the opportunity
of discussing the details of their programs with the Presidents of the Intermediate Credit banks, now having a regular meeting with the Farm Loan
Bard. Plans* for securing a reduction in acreage planted to cotton neat
season also were discussed, but it is understood that the discussion centred
upon a program for encouraging wider diversification of crops in the South
rather than on one for forcing a curtailment in acreage by means of the
power of banks to withhold credit during the growing season.
In the interests of efficiency. the Farm Loan Board is anxious that the
finance corporations operate with as much unity as possible and that operative practices be similar in all of the corporations. To this end their
plans
were given consideration by the Credit Bank officials.
Removal of 4,000,000 Bales of Cotton from Market to
Begin at Once, According to A. C. Williams of Farm
Loan Board—Conference with Finance Corporation Representatives—Loans to Cooperatives.
The actual practice of plans for removing 4,000,000
bales of cotton from the market is expected to be put into
Cancellation of 5 Crores of India's Paper Currency effect at once following announcement to the Federal Farm
Reserve Preliminary to Adoption of New
Loan Board that the special cotton financing corporations
Currency System.
in the Southern States are fully capitalized, it was stated
A Simla cablegram, Oct. 17 was published as follows, by Farm Loan Commissioner Williams in Washington
on Nov. 11 at the close of an all-day conference with reprein the London "Financial News" of Oct. 18:
The Currency Commission recently recommended that the Government sentatives of the finance
corporations, says the Washington
of India securities in the paper reserve should be reduced as soon as possible
correspondent of the New York "Journal of Commerce."
to 50 crores with a view to placing the composition of the reserve in a
sounder position and facilitating the introduction of an improved currency Further detailing the developments of the conference, it
standard.
said:
Discussing the announcement in its editorial columns the
"Financial News," said:
It is little more than two months ago since the report of the Royal
Commission on Indian currency was published. Fully cognizant of the
length of time necessary for the adoption of the recommendations in entirety,
provision was made for a process of easy stages during the transitory
period.
Proposals were framed to guide India through that period,and news of the
first practical step in that direction is to hand in a cable from Simla. Initial
action towards placing the composition of the reserve upon a sounder basis
takes the form of the Government's cancellation of 5 crores of securities in
the paper currency reserve. Two factors of importance would seem to have
a bearing upon this decision; the exceptional ease of money in the Indian
market, which has led to a movement of funds to London, and the recent
downward trend of silver. In the circumstances, it is not surprising to
learn that the present has been regarded by the Government of India as
one opportune to take action. The step is not drastic, being well within
the marginal percentage of curtailment outlined in the recommendations,
and as a salutory effect upon the market the sum involved will doubtless
achieve its object. It is complimentary to the Government that the decision
has been made at a propitious moment.
$15,000,000 Bonds Offered for German Elevated &
Law Is Defined.
To-day's discussion centred largely around an interpretation of
Subway Co. Heavily Oversubscribed.
"agricultural purposes" as contained in the law. The question arose as to whether
Speyer & Co.; the Equitable Trust Co., and Blyth, advances rightfully could be made to "supply merchants" into whose
Witter & Co. yesterday (Friday) offered at 9454 and interest, hands some little part of the cotton has psased by reason of advances made
to yield 6.95% to maturity, $15,000,000 Berlin Electric to the farmers during the growing season. The whole thought of to-day's
meeting seemed to have been to seek to confine the use of the money to be
Elevated & Underground Railways Co. 30
-year first mort- advanced wholly to benefiting the farmer without any intention of helping
gage 634% sinking fund gold bonds. Of this issue $3,- any speculative movement.
Among the details of the plan that were discussed
000,000 were withdrawn for sale in Holland by Hope & Co., notes to be taken from the farmers shall be drawn withwas whether or not the
interest or discounted,
Teixeira de Mattos Brothers and Deutsche Bank,Amsterdam. the consensus of opinion among the representatives of the Finance Corporation being that the notes should bear interest, from the date upon which
The issue was heavily oversubscribed. In connection with
they are drawn.
the oversubscription, the bankers state that it is interesting
Another factor considered was the term of the notes—nine months or
to7note the large demand for these bonds from Europe eighteen months—and the latter seemingly was favored. It was suggested
term of the note carry a qualifying
as well as from all parts of the United States and Canada. that theCorporation to call the notes at any clause permitting the Cotton
Finance
time when, in their judgment.
In addition to the $3,000,000 bonds withdrawn for sale the price of cotton was such as would justify such action. The thought
in Holland, applications for large amounts were received back of this seems to have been that should cotton advance to a point where
selling appeared advisable should the farmer or other holder desire to keep
from England and Germany.
his cotton for a longer period, it would be possible for him
The bonds are part of a total authorized issue limited to obligation and meet the call of the Finance Corporation. to refinance his
$25,000,000 (or equivalent in reichsmarks). The remaining
Has Studied Market.
bonds may be issued for additions, betterments, extensions,
The sentiment of the meeting was that the plan, yet in its infancy, had
&c., under restirctions to be set forth in the indenture. been of vast help in keeping the price from declining still further when the
issued by the Crop Reporting Board of the Department of
last report
The proceeds of this issue will be used for betterments, Agriculturewas
showing the availability of nearly
bales. It
additions and equipment, for the payment of floating debt asserted that had it not been for the stabilizing18,000.000of the plan was
influence
the
price would have dropped another 2c.
incurred in the construction of lines acquired from the
The Finance Corporation men were asked by the Farm Loan Board
city and of extensions recently placed in operation, for the members to remain in Washington over night, if possible, to
meet again
edemption of 13,463,700 reichsmarks ($3,205,261) par to-morrow in executive session, at which time the decision of the board will
be made known.
'‘lue of the company's outstanding bonds and other obligaThose attending to-day's session at the Farm Loan Board were follows:
as
I. W. Simpson, Greensboro, President of the North
i ..111, and for other corporate purposes.
Carolina Cotton
Finance Corporation:J. B. Butler, New Orleans, President of
The company, which was organized in 1897 as a private
the Louisiana
Mississippi Corporation;
corporation and begun operation in 1902, owns about 28.7 Carolina Corporation I. J. A. Peurifoy, Columbia, President of the South
It. Salisbury, Memphis, President of the Central
underground lines and operates a Agricultural Finance Corporation: Oscar Wells, Birmingham, Chairman of
miles of elevated and
the Alabama organization committee, and J. K. Ottley, of
total, including connecting lines of about 33.1 miles. These
Atlanta.
Announcement that representatives of the cotton financing
lines constitute the entire electric rapid transit system
now in operation in the City of Berlin, the third largest corporations of the South had been invited to meet with the
Farm Loan Board and presidents of the Federal Intermediate
city of the world, with about 4,000,000 inhabitants.
The City of Berlin, which (directly or through a corpora- Credit banks in Washington on Nov. 11 to discuss plans of
tion wholly owned by the city) owns a majority of the operation, was made in a statement on Nov. 9 issued as
company's capital stock, has entered an agreement with follows by Federal Farm Loan Commissioner Williams:
Presidents of the
Land
the company providing that fares will be maintained ade- are meeting here to Federal farm banks and Intermediate Credit banks
discuss
conditions throughout
and
quate to insure earnings which will cover operating expenses, the extension of both long term farm mortgage credit the country and
and production
interest and sinking fund on all loans and proper provision marketing credit.
A. C. Williams,
for depreciation and other necessary reserves and that if, that he has invited Federal Farm Loan Commissioner, announced to-day
representatives of the Cotton Financing
for any reason, the fares should not be maintained at rates now in the process of formation throughout the cotton belt,Corporations.
to meet with
the Farm Loan
aid and presidents of the Federal Intermediate Credit
adequate to insure sufficient earnings available for such
banks, in Washington, Thursday, Nov. 11, at 100 clock at the offices of
purposes, the city will provide the funds necessary therefor. 11 tBoardi
Nov. 13 1926.]
THE CHRONICLE
The purpose of the meeting is to discuss plans of operation and to promote
uniformity, as far as possible, in financing the storage of cotton in the
various States for a period of 18 months, or until it can be marketed in an
orderly way.
Commissioner Williams also announced that the Farm Loan Board has
approved loans by Federal Intermediate Credit banks to co-operat.ve
marketing associations to date amounting to $38,500,000. No limit has
been fixed, he said, as to the amount which will be loaned to sound cooperative marketing associations to assist in marketing the 1926 cotton
crop in an orderly way.
2471
Cotton Committee, and A. P. Williams Farm Loan Commissioner, with bankers. The New Orleans "TimesDemocrat" says:
This decision of the members of the local Clearing House Association to
underwrite half the capital of the corporation, leaving only a half-million
for the rest of the financial interests in Louisiana and South Mississippi to
underwrite, assures the success of the carrying movement in Louisiana and
South Mississippi, in the opinion of local financial authorities.
James P. Butler, President of the Canal Bank & Trust Co., heads the
Louisiana-Mississippi corporation. G. Huber Johnson is acting SecretaryTreasurer, actively in charge of the work of the corporation. Other officers
elected at the meeting are: Andrew Querbes, Vice-President, President
First National Bank, Shreveport; W.P. Connell, Vice-President, President
Louisiana National Bank of Baton Rouge; L. 0. Crosby, Vice-President.
President Goodyear Yellow Pine Lumber Co., Picayune. Miss.; Thad B.
Lampton, Vice-President,President Capital National Bank. Jackson. Miss.
Five Atlanta (Ga.) Banks Organize $12,000,000 Pool
to Finance Withdrawal of 300,000 Bales of
Cotton.
The Atlanta "Constitution" of Nov. 10 reports that
The same paper gives as follows the formal statement
through action of five Atlanta banks on Nov. 9 $12,000,000
will be made available immediately to finance the surplus regarding the action taken Oct. 26:
At a meeting of bankers and business men, held in New Orleans, Louisicotton crop and to withdraw from the market 300,000 ana, October 26 1926, it was resolved to take immediate steps to form a
bales of Georgia cotton. The cotton will be handled by cotton finance corporation, with a capital of 61,000,000 or more, and strong
the Georgia Cotton Growers' Co-operative Association, management, for the purpose of financing the storage of approximately
300,000 bales in Louisiana and Southern Mississippi, for a period of eighteen
says the "Constitution," which goes on to say:
to twenty months, or such less time as may be necessary to restore normal
Banks participating in the financing of the withdrawal of this cotton
are the Atlanta and Lowry National, Fulton National. Atlanta Trust Co.,
Citizens and Southern and the Fourth National Bank. Although these
banks have underwritten the financing plans without calling on any Government banking agency, it Is expected that they will have the co-operation in
the move of other banks in Georgia.
It was announced that this banking syndicate is prepared to advance to
growers immediately 8 censt a pound on their cotton. The cotton then will
be withdrawn from the market under plans adopted at a conference recently
held in Memphis. In Georgia the co-operative marketing association will
handle the marketing of all cotton withdrawn under this plan.
marketing conditions, and that L. M.Pool, President of the Clearing House
Association of New Orleans, should name a committee of five, including
himself, to organize and put into immediate operation such a corporation.
It was also resolved that the State Bankers Association of Louisiana, in
conjunction with the State and Federal Extension Service and other agencies, should enlist the active and vigorous co-operation of all country bankers
and supply merchants in bringing about the diversion to other crops next
year of at least 25% of the acreage planted to cotton during 1926. and that
the State Bankers Association of Mississippi be requested to take similar
action.
Details of Plan.
Details of the plan to finance withdrawal of the cotton were announced
Tuesday by James S. Floyd, who was named recently as Chairman of a special committee to formulate a definite plan of financing the surplus crop.
The plan will have the backing of tho Georgia Bankers' Association and
other banking interests of the State. Ample resources to finance the plan
were found in the present system of banks in Georgia without the necessity of calling on any Governmental agency for aid, it was announced.
Among those who served on the committee with Mr. Floyd were John
Al. Graham, Rome; Charles B. Lewis, Macon; W.B. Spann of the Citizens
& Southern Bank; Robert R. Stri Island, Fourth National Bank; Eugene
R. Black, Atlanta Trust Co.; and W. J. Blalock, Fulton National Bank.
This committee will act as an advisory committee with the co-operative
association in marketing and handling the cotton.
It was announced that the syndicate will co-operate with similar holding
movements in other States of the cotton bolt in seeing that the cotton is
marketed in orderly fashion and in handling and storing the cotton during
the period it is withdrawn from the market.
San Antonio Clearing House Declines to Join Movementfor Reduction of Cotton Acreage Through
Contraction of Credit.
From the Houston "Post" we take the following Associated Press advices from San Antonio, Nov. 4:
Refusal to assist Texas bankers in reducing cotton acreage through contraction of credit was voted here Thursday by the San Antonio Clearing
House Association. The association took the stand that there was no
necessity for such action in Bever County, and that such action here would
only cause hard feelings. The association did, however, vote unanimous
support for the Chamber of Commerce agricultural program, which would
reduce cotton acreage indirectly by encouraging crop diversification.
The bankers made it clear that their action was not a criticism of any
other bankers in the State who may adopt coercive measures.
• Action taken in Atlanta on Oct. 25 toward the formation Daily Statement of New York Stock Exchange on
Call Money Market.
of the Georgia Cotton Holding Co. was noted in our issue
The following are the daily statements issued this week
of Oct. 30, page 2207.
by the New York Stock Exchange regarding the call money
Formation of Central Agricultural Finance Corp. market:
CALL LOANS ON THE NEW YORK STOCK EXCHANGE.
in Memphis.
Nov. 8—Renewal, 434: high. 434; low, 434; last. 434. Moderate turn
over with money in supply at close.
In announcing the granting of a charter for the Central
4X•
(not Control, as erroneously printed in these columns last Nov. 9—Renewal,4Si; high,4Si;low,4 X last.rate. Moderate turnover
Money in supply at close, at renewal
week, page 2336) Agricultural Finance Corp. of Memphis, Nov. 10—Renewal, 431: high, 4X; low, 434; last, 431. Very light turnover. Money In supply at close, at renewal rate.
the Memphis "Commercial Appeal" of Nov. 7 stated:
Application of the Central Agricultural Finance Corporation at Memphis Nov. 11—Renewal, 434; high. 431: low, 434; last, 434. Light turnover.
Money in ample supply at close.
for charter under the laws of the state of Delaware, at a capitalization of
$2.000.000, has been granted and directors and officials will be called Nov. 12—Renewal, 431: high, 434; low. 434; last, 4 X. Moderate turnover. Owing to calling of loans, rate was increased to 43i and
subscriptions to stock
together next week to perfect the organization, collect
money in supply at that rate at close.
already made, elect a permanent secretary and begin actual formation of
the pool of 400,000 bales, it was announced yesterday by J. K. Salsbury,
Statements of previous weeks have appeared weekly in
President.
The capital of the finance corporation was reduced from $3,000,000 when our issues since July 10; last week's statement will be found
the Mississippi Delta Finance Corporation, was organized at Greenwood, on page 2338 of our issue of a week ago.
Miss., last Friday to handle 200.000 bales of long staple cotton. This
region was originally included in the area to be handled by the Memphis
corporation and the 200,000 bales to be pooled in the delta will be sub- New York Stock Exchange Announces Error in Comtracted from the original quota of 600,000 bales.
pilation of Sept. 30 Figures of Brokers' Loans—
From the same paper we take the following:
OJectives of the Central Agricultural Finance Corp. in pooling 400.000
bales are summarized as follows from the statement issued Nov. 6 by
President L. K. Salsbury:
Purpose—To take 400,000 bales from the market, lending farmer 9 cents
per pound, basis upland middling, and carried for 18 months To insist
on reduction of 25% in acreage.
Subscribers to stock to receive only approximately 6% on investment.
which will be returned in total when corporation accomplishes its purpose
and is dissolved.
Igo profit to be derived; except difference of 1% between interest rates
on Which borrowed money is borrowed from government banks and those
on which it is loaned to farmers. Corporation's expense to be derived from
.this l3%.
There will be no paid off ciaLs, except the Secretary, who has not been
selected.
All advance in price of cotton after pool is formed will be returned to the
farmers, less only the carrying charges.
Decrease for Month $107,760,085 Instead of
$27,600,085.
The marked difference existing between the figures of
brokers' loans shown last week in the tables issued by the
New York Stock Exchange and those of the Federal Reserve
Board has been followed by a revision of the Stook Exchange
figures, and an announcement by it that the decrease in
loans during the month should be $107,760,085, instead of
$27,600,085, as was indicated in the figures made public
by it on Nov. 5. In announcing the revised figures on
Monday of this week (Nov. 8), the Stock Exchange said:
The Stock Exchange announces that in the compilation of member
loans issued on Nov. 4 1926 an error was made whereby the total shown
was 880,160.000 more than the actual figures. The reduction in these
loans from the preceding month was, therefore. $107.760,085. The correct
figures are as follows:
Demand Loans. Time Loans.
1. Net borrowings on collateral from New
$1,924.191.034 $743,291,375
York banks or trust companies
2. Net borrowings on collateral from private
bankers, brokers, foreign bank agencies
365.239.416
78.455,100
or others in the City of New York
Organization of $1,000,000 Louisiana-Mississippi
Cotton Finance Corp.
It is announced that New Orleans banks voted on Oct. 27
to underwrite $500,000 of the $1,000,000 capital of. the
Louisiana-Mississippi Cotton Finance Corp. Preparatory
steps to organize the corporation to store and carry 300,000
22.289.430.450 2821.746,475
Combined total of time and demand loans, $3,111,175,925,
bales in Louisiana and south Mississippi for any period
The figures made public on Nov. 5 by the Stock Exchange
up to 20 months were taken at a conference in New Orleans
on Oct. 26 of Eugene Meyer, Chairman of the President's were given in our issue of Saturday last, page 2339. The
2472
THE CHRONICLE
[VOL. 123.
combined total of time and demand loans in that statement
was given as $3,191,336,925 on Oct. 31, as compared with
$3,218,937,010 on Sept. 30. Of the $3,191,336,925 Oct. 31,
total, $2,319,740,450 were reported as demand loans and
$871,596,475. Considerable comment was occasioned by the
very great difference between these figures and the decrease
for the same period shown in the Federal Reserve figures.
One of these comments is taken as follows from the New
York "Times" of Saturday last (Nov. 6):
Congressman McFadden on the McFadden Branch
Banking Bill.
Chairman Louis T. McFadden of the House Banking and
Currency Committee spoke before the New York Board of
Trade and Transportation on Wednesday of this week on
the subject of the McFadden Branch Banking Bill, as it
has come to be known, and we give the full text of his remarks below. What he says is well worth reading. We
Comparison of these figures with those of the fifty-nine Federal Reserve think, however, he ought to have given some additional facts
reporting banks in New York City in the four weeks ended on Oct. 27 at certain points of his address. For instance, in speaking of
showed such a wide difference as to excite comment. The decline in stock
the extension of the charters of the Federal Reserve banks
and bond collateral loans of the New York City Reserve member banks
for the four-week period amounted to $210,775.000. The figures from the he ought to have pointed out that these charters still have
two sources for approximately corresponding periods In the month before eight years to run, which shows conclusively
that the proposhowed only a small difference, an increase of $76,788,942 in the Stock
Exchange loans, compared with an increase of $54,697,000 in the Reserve sition has no proper place in the present bill, and taken
pains to state that the grafting of this provision on the bill
Bank total.
The decline of 827,600.085 in Stock Exchange loans last month was by means of a Senate "rider" is
simply an attempt to evade
about in line with expectations. Operations on the Exchange were light
throughout the greater part of the month, which naturally caused a con- the duty of amending the Federal Reserve Act by repealing
traction in borrowings. Stock Exchange loans were at their peak, so far the war-time amendments and making other changes which
as the period covered by the reports is concerned, at the end of February, experience has shown
are essential for the protection of the
when they amounted to $3,535,590,321.
Various explanations were offered for the wide discrepancy betweenthe public and the safeguarding of the System.
figures issued by the Stock Exchange and the Reserve Bank for last month.
Then, also, in referring to the Hull amendment regarding
One point emphasized in Wall Street's discussion of the figures was that the
branch banking and saying the vote at the recent annual conReserve Bank total covers financial operations not embraced in the Stock
Exchange compilation. These include loans to large bond underwriting vention of the American Bankers Association at Los Anhouses which are not members of the Stock Exchange and which customarily geles had been against the amendment
he ought to have
borrow heavily in connection with new financing. The investment market
in the last month has been such that it is believed many of these houses given the vote on the question. The Hull amendment was
have been able to liquidate their loans in the Federal Reserve member banks, unquestionably hotly debated, but the number of votes cast
which would help to explain the large drop in the Federal Reserve total was only 681 altogether-413 against
and 268 in favor—
without affecting the Stock Exchange figures.
while the American Bankers Association has a membership
With regard to the revised totals, the "Times" of Nov. 9 of no less than 21,000, so that the vote represented
only about
stated:
3% of the total membership. Obviously, a result based on
The Stock Exchange's action yesterday in revising its figures was entirely
unexpected. In fact, most of the commentators in Wall Street had con- such a trifling vote cannot be deemed as carrying much
vinced themselves, although unwillingly, that the slight decline in the weight. Mr. McFadden might also, instead of taking sides
Exchange's total was logical and that no useful comparisons could be made so strongly
against the Hull amendment, have indicated that
with the decline of $210,775,000 reported by the Reserve banks for approximately the same period. The explanation upon which most of the econo- if the bill bearing his name should be enacted without the
mists and financial writers had agreed was that the Reserve banks' total Hull amendment the national banks would be given in adembraced financial operations which could not be included in the Stock
Exchange's figures, and that the decline might be great in one case and vance the privilege of engaging in branch banking in the
26 States where it has not yet obtained a foothold, provided
relatively small in the other.
Inquiry yesterday developed the fact that authorities of the Stock Ex- these States change their policy and permit
branch banking
change had been made suspicious of their figures by the published comments. The difference between the Exchange's compilation and that of on the part of their own institutions. This would be a
the Reserve banks was so great that they decided to make a retabulatIon standing invitation to both the national and the State banks
of their figures. One member of the Governing Committee of the Ex- to go ahead and get the
right. That is what the friends of
change said he knew of the error soon after 10 a. m. yesterday. He and two
others who were familiar with the investigation being made took precau- unit banking fear.
tions to prevent the information from becoming generally known.
As to the claim that confining branch banking by national
Officials who took charge of the situation in the absence of President banks to the States in which it
now exists would be unconE. H. H. Simmons. who is on the Pacific Coast on a speaking tour, decided
to make public the revised figures at 3 p. m., the hour at which the official stitutional and a usurpation of the authority of the States,
figures have been released since the Exchange began publishing them in the suggestion borders on the ludicrous.
Nothing ConFebruary. It was decided to communicate to the officials of the Reserve
does or omits doing can in any way interfere with the
Bank with whom the Exchange has been co-operating in publishing the gress
brokerage loan figures the fact that an error had been discovered and that power of the States to authorize the creation of banks unit would be rectified at that hour. Newspaper representatives were asked der State laws within their own borders with or without
to be at the Exchange at that time, and J. C. Auchincloss, Chairman of
the right to have branches, while as to the national banks
the Publicity Committee, then made public the revised figures.
Congress exercises exclusive jurisdiction over them, and
Error Made Honestly.
can deny or extend the privilege of branch banking as in its
Chairman Auchincloss said a mistake had been found and that it had
been made honestly in the calculation of the totals by one of two members wisdom and discretion it sees fit.
of the staff of the Business Conduct Committee. The Exchange enterThe following is Mr. McFadden's address:
tained no suspicion of wrongdoing or any dishonest motive on the part of
employees, he said. Extraordinary care had been taken to prevent any
misuse of the corrected figures.
In order that our record of Stock Exchange figures may
be correct, we are reprinting the monthly figures for the
current year, with the revised Oct. 31 totals:
Jan. 30
Feb. 27
Mar.31
April 30
May 28
June 30
July 31
Aug. 31
Sept.30
Oct. 31
Demand Loans.
$2,516,950,599
2,494,846.264
2,033,483,760
1,969.869.852
1.987.136,403
2,225,453.833
2,282,976,720
2,363.861,382
2,419.206,724
2,289.430,450
Time Loans.
Total Loans,
$996,213.555 $3.513,174,154
1,040,744,057 3.535,590,321
966.612,407 3,000,096.167
865,848,657 2.835,718.509
780.084,111
2.767.400.514
700.844,512 2,926,298,345
714,782.807 2,997,759.527
778,286,686 3,142,148,068
799.730.286 3,218,937.010
821,746,475 3,111,176,925
New York Curb Exchange Establishes Three Bond
Sections.
The following is from the "Wall Street News" of Oct. 29:
As an indication of the increased business in bonds on the New York
Curb Exchange, the committee of arrangements has of necessity been compelled to divide the bond crowd into three sections, one of which is to be
known as the foreign section and the other two sections for domestic bonds,
arranged alphabetically from A to IC and L to Z inclusive. This arrangement is to be effective as of Nov. 1.
The total amount of bonds dealt in this year to date is approximately
$400,000,000 as compared with approximately $225,000,000 for the
corresponding period of last year, which establishes a new high record for
bond trading on the Exchange.
This increase is attributed to the fact that there are almost twice as many
bond Mattes being traded in at present, compared with the same period a
year ago. The total number of bonds now admitted to the trading list is
265, including both domestic and foreign issues.
Mr. Chairman, Gentlemen:
I have been invited to talk to you for half an hour on the subject of the
banking bill which bears my name. It is known as H. R. 2, 69th Congress.
Its purpose is to enlarge the' charter powers of national banks so they
may be able to compete on more equal terms with State banks.
This bill was passed by the House of Representatives in the second session of the 68th Congress and again during the first session of the 69th
Congress. It was passed by the Senate during the first session of the
69th Congress in a little different form from the House bill and it is now
before the Committee of Conference on the disagreeing votes of the two
Houses. The Conference Committee has tentatively agreed to an adjustment
of all of the differences between the Senate and the House except one known
as the Hull amendment, which relates to branch banking by national banks
and State bank members of the Federal Reserve System. If the Conference
Committee can reach an agreement on this disputed point before the second session of the 69th Congress adjourns on March 4 1927 the bill will
become a law. If an agreement cannot be reached the legislation will fail.
I will attempt to discuss the proposed legislation in its relation to industry and commerce.
The production and distribution of the necessities of life and those things
that contribute to our comfort and happiness could be carried on
to some
extent without the aid of banks, but the process would be slow and
tedious
and not at all satisfactory. The business of banking, however,
could not be
carried on without the aid of industry and commerce. That
branch of credit
which arises from the exchange of commodities and aervice
is the basis of
the activities of our commercial banks. Part of the profit derived from
the
exchange of commodities and service and set aside for future
use or turned
into the capital account is the basis of the activities of
our savings banks
and trust companies that deal in capital credit. Thus
industry and commerce on one hand and banking in its various forms on
the other hand
are very closely related. Each one depends upon the other
for its euccessful contribution to the stability and progress of our
national life. Therefore, the men of industry and commerce are just as vitally interested in
matters relating to the business of banking as the bankers themselves. They
should try to find out something about the problems
that confront the
bankers and use their influence to have the bankers placed
in a position,
through the enactment of adequate laws and regulations, where they can
render the largest measure of service to industry and commerce.
The rise in our banking power during the past
50 years parallels the
industrial and commercial development that has taken place in this coun•
Nov. 13 1926.]
PRE CHRONICLE
2473
competitive
complex needs of modern industry and commerce and also to establish
try during that period. Our civilization to-day is very much more
sources of raw equality among all members of the Federal Reserve System. We must do
than it was 60 years ago. Through the opening up of new
will seek the greater advantages
this because otherwise national banks
material, new discoveries in the world of science, and new methods of offered by State banking laws, and in that event the Federal Reserve Sysapplying the forces of nature to human needs the divisions of'labor are
a
use tem without the compulsory mesabership of national banks would be only
constantly becoming more varied. The tools and appliances that we
theory, not a reality. This is evidenced by the fact that out of 16,000
are becoming more complex and they must be kept in shape always to meet eligible State commercial banks and trust companies only about 10% have
increasing demands upon than for the work they are expected to do.
elected to become voluntary members of the System. National banks have
When we realize that banks come into existence through the needs of inbeen knocking at the doors of Congress for many years asking for the relief
dustry and commerce for a method by which they can circulate and place
In the proposed legislation. If Congress denies that relief or defers action
Into the hands of consumers things that are produced we may regard the for any length of time it will strike a serious blow at the Federal Reserve
business of banking as a tool or an appliance used in the domain of business
System because the disintegration of the national system will continue and
for a definite purpose and in that relation to industry and commerce bank- ultimately will have to depend for a large amount of the resources of the
ing must be kept in a condition to render the service which is required of Federal Reserve System upon the voluntary membership of State banks
it. If it is the banker's duty to study our complex industrial and com- which can come in and go out of the system at will. Therefore, it is immercial life in order to do their work effectively, it is also the duty of the
perative that Congress enact this legislation without delay and give the
men of industry and commerce to study banking and help to develop it to men of industry and commerce the assurance that the two great fiscal
Its utmost capacity in order that the things produced may be distributed
created by Congress for the benefit of all the people and not for
orderly and promptly to those who depend upon them for their welfare and agencies
the benefit of any particular locality shall continue to flourish and be
happiness.
the banking service necessary to insure our industrial and
The national banking system was brought into existence in 1863 as a able to render
progress.
fiscal agent of the Federal Government to aid the Government in market- commercial
It would take too long to discuss in detail all of the provisions of the
ing its securities and also to furnish the people with a medium of exand tell why they are needed, but some of its outchange known as national bank notes that would pass at their face value proposed legislation
standing features, self-explanatory, are as follows:
in the payment of debts to take the place of the old State bank notes.
First, it simplifies the procedure necessary for the consolidation of naFor more than a half century the national banks were the main reliance
tional banks and State banks. This may be done under the existing law in
of industry and commerce. They have rendered a very valuable service to a roundabout way. It it may be done by a complicated process why not
the country and when Congress created the Federal Reserve System in 1913
make it more simple?
it was built upon the solid foundation of the national banking system.
Second, it provides for indeterminate charters for national banks. The
Thus Congress has created two fiscal agencies that function for the benefit
purpose of this amendment is to enable national banks to exercise more fully
of the People of the entire country, and it is the duty of Congress to preprovided by the Federal Reserve Act and to relieve them of
serve these fiscal agencies through the enactment of adequate laws if trust functions
the necessity of going to Congress frequently for a new lease of life.
necessary to achieve that end.
Third, it legalizes the practice that has been carried on for many years
Although banking by itself may be considered in the light of a purely
by national banks of buying and selling investment securities, but imposes
local or a domestic business, each bank rendering service to the people in
certain limitations as to the amount of obligations of one maker that a
the local community that uses it, nevertheless, when any large number of
buy.
are united to form an instrumentality that will serve the needs of all national bank may
banks
Fourth, it permits the payment of stock dividends.
of the people the fiscal agencies thus created become a matter of national
Fifth, it clarifies that section of the National Bank Act which relates
Importance and their destiny should be controlled and directed by Congress
to the loaning power of national banks and permits them to loan more than
and not by any local influence. The diational banking system and the
10% of their capital and surplus to one borrower on obligations that are
Federal Reserve System niust be considered in that light.
provided, however, that where a larger
The National Bank Act has not been amended to any great extent since secured by marketable commodities
greater amount of security shall be pledged. If the bill
its inception. National banks operating under the narrow restrictions of amount is loaned a
passed by the last session of Congress it would be possible, under
a law passed more than 60 years ago find that they are handicapped in had been
amendment, for national banks
meeting the demands for service in the modem world of business. On the the increased loaning power provided in this
care of the cotton situation now
other hand, the character of State banking laws has improved and in many to help to a considerable extent in taking
parts of our country State banks are able to render a greater and more so acute.
Sixth, it permits national banks to lend 50% of their savings deposits on
valuable service to industry and commerce than national banks are perthe security of improved real estate for a term of five years. A certain
mitted to give.
The story of the rise in banking power of State banks may be visualized part of their savings deposits may be loaned for a term of one year under
by reference to the fact that in the United States there are about 19,000 the existing law, but it has been found that a one-year real estate loan is
State commercial banks and trust companies, with total assets in excess of not as liquid as a loan for a longer period. Moroeover, few persons want to
$28,000,000,000, while there are only 7,978 national banks with total borrow on real estate security for one year. They want a loan for a longer
assets amounting to about $25,000,000,900. When we compare the growth period. It is pointed out in this connection that only a part of the savings
of banking power of both national and State banks with the growth of deposits aid not any part of the commercial deposits of a national bank
industry and commerce we find that the banking power of national banks may be used for this purpose.
Is not increasing as rapidly as the banking power of State banks. Recently
Seventh, it permits national banks to be organized in the outlying secmany large national banks in order to preserve the business they have tions of large cities with a capital of less than $200,000, provided the laws
built up and render the service demanded by their customers, have sur- of the State in which they are located permit State banks to be organised
rendered their national chartas and have become State banks. If the with a capital of less than that amount.
National Bank Act is not changed so as to permit national banks to render
Eighth, it regulates branch banking by national and State bank memthe same degree of service that State banks give we will discourage the bers of the Federal Reserve System, limits the operation of branches to the
we may look forward municipality in which the parent bank is located and confines branch bankentrance of new banks into the national system and
with certainty to further conversions of national banks into State banks. ing to those States that permit branch banking to be carried on by State
It is the duty of Congress to preserve the strength and efficiency of the banks.
fiscal agencies it has created. If it does not the men of industry and comNinth, it renews the charters of the Federal Reeerve banks, thus setting
merce will discard those instruments in favor of others better suited to at rest the fears of many persons that the System may cease to exist through
needs.
their
the refusal of a future Congress to continue its life.
At this point some may ask why is it necessary to preserve the national
Tenth, it clarifies in many other ways the existing national bank law
banking system if State banks can render a greater and more varied sermembers of the Federal
vice than national banks? To answer that question we must revert briefly and guarantees to both national and State bank
to the period embraced between the years 1907 and 1913. In 1907 this Reserve System equality of operating conditions.
difference of opinion between the Senate and the House
The most serious
country went through a money panic due to the faulty system of pyramiding
reserves, which rendered it impossible for the bank, of the country to meet relates to a question of branch banking. There does not seem to be any
to carry on disposition on the part of anyone to deny national banks the other inthe demands of business for the necessary currency and credit
our affairs. While the bankers said "This must never happen again," they creased charter powers, but there are some who fear that the branch bank
were not able to devise or bring forward a remedy, although many of the provisions of the bill constitute the forerunner of State-wide and countrybrightest bankers in the country were engaged in attempts to solve the wide branch banking. I believe their fears are unfounded. If the Senate
problem. It remained, then, for Congress, after a thorough examination of and the House conferees can agree as to what disposition shall be made of
business and banking conditions throughout the world, to bring forth a the Hull amendment, when Congress meets next December the bill can be
remedy. A bill known as' the Federal Reserve Act was introduced in reported back to the Senate and the House and enacted without delay.
The question of the Hull amendment has provoked more discussion perCongress and its provisions were subjected to a critical examination by
banking experts, economists and business men for many months. When haps than any other banking question in recent years. Therefore, in order
It was under discussion in Congress it was realized that it would not be to give you a correct idea of the status of the bill it is necessary to go into
successful if it were founded upon the voluntary membership of banks. the history of this amendment and tell you why its advocates want it made
be
As Congress has no control over State banks the only alternative was to part of the bill and why those who are opposed to it think it should not
conscript the capital and deposits required to make the system a success enacted.
In order that national banks may compete with State banks that have
by forcing the other fiscal agents of the Government, namely the national
of
banks, to contribute the necessary funds. Thus the Federal Reserve System branches, it is proposed that national banks shall have the privilege
is to say,
was built upon the national banking system. This Act went into opera- carrying on what is known as home-city branch banking, that
municipality
tion about the time the European war started and we realize now that if it branch banking within the strictly corporate limits of the
A natilmal
bad not been in operation then and more especially during the later period in which the parent bank is located to the following extent.
50,000 inhabitwhen this country was actively engaged in the war we would have been in bank located in a city with a population of from 25,000 to
in a city with a
a sorry plight. The worth of the Federal Reserve System has been estab- ants could have one branch. A national bank located
branches.
lished. No one wishes to see it destroyed, but on the other hand everyone population of from 60,000 to 100,000 inhabitants could have two
than 100,000
particularly the men of industry and commerce, are calling loudly for its A national bank located in a city with a population of more
perpetuation. Can it be preserved if its foundation, the national banking Inhabitants could have an unlimited number of branches, subject, however,
to the approval of the Comptroller of the Currency who would have the
system, is permitted toedisintegrate and go to pieces?
out whether the
During the World War, when it was necessary for this country to mobilize power to inquire into local banking conditions and find
all of its resources invitations were extended to State banks to come into requirements of business necessitate such branches.
When the bill was before the House of Representatives in the 68th Conthe System, receive its benefits and do their part toward helping the sysbanks have this limited branch banking
tem discharge the tremendous responsibility thrust upon it. State banks gress it was proposed to let national
State banks to have branches.
were promised that if they came into the System they could carry on their privilege only in those States that authorize have not only city branches
business with their charter powers unimpaired. Many of them did come in Congress could authorize all national banks to
desired to go that far. It is not the desire
and stay in, doing their part patriotically to make the System a success. but State-wide branches if it wrong, to force a branch banking policy upon
But they can go out whenever they want to. Thus, both national and State of Congress, and it would be
sentiment of the people of that State. In
bank members of the Federal Reserve System, the former compulsory mem- any State in opposition to the
ahead of the States in establishing a
bers, the latter voluntary members, are'enjoying the benefits of the System. short, Congress does not want to go
national banks, but desires, out of consideration
But the State banks are in a position where they can, by taking advantage branch banking policy for
the States to follow the States and permit the national
of State banking laws, do many things that national banks are denied the for the people of branch banking only in those States that authorize State
privilege of doing. Therefore, the two classes of members of the Federal banks to carry on
practice. There is nothing unfair or unreasonable
Reserve System are not on a fair and reasonable plane of competitive banks to engage in that
about that. The rights of the State to regulate their domestic affairs are
equality.
contrary, they are respected, as they should be, by
The primary object of the McFadden National Banking Bill is to amend not invaded; on the
Congress.
the National Bank Act so that national banks will be able to meet the
WEIN.
2474
THE CHRONICLE
[Vou 128.
When the bill was before the Committee of Banking and Currency in
the 69th Congress a proposition was made to limit branch banking by let their State banks have branches." In other words, the policy of the
national banks to those States that authorize branch banking at this time, Hull amendment is to give a privilege to national banks in certain States
and deny the same privilege to national banks in other States. Therefore,
but to permit State bank members of the Federal Reserve System to
take
advantage of any future State branch banking laws that may be enacted. the second objection to the Hull amendment is that it denies the equal
protection of the law to all whom the law is intended to affect, thus vioThis proposition was not accepted because it seemed to be unfair to
the
national banks. It was then broadened to include both national haulm lating one of the fundamental principles of our Government.
If branch banking exists in 22 States it is because the people pf those
and State bank members of the Federal Reserve System and placed in the
States want it or are willing to have it. The national banks in
hands of Hon. Morton C. Hull, a member of Congress from the
those
State of States are not responsible for its existence.
If
Illinois, who introduced hia famous amendment, which reads as
follows: responsible it is the State banks. It is because any banking influence is
"After the date of the passage of this Act." The amendment in
of this condition that the
connection national banks are asking now for the branch
with the language which precedes it would grant limited branch
banking privilege to a limited
banking extent. If the people of any one of
the other 26 States want branch
privileges to national banks in 22 States that authorize branch
banking at banking or can be induced to accept it in the
belief that it will aid industhis time, but it would automatically prevent national banks
located in try and commerce no one outside of that State
has any right to say that they
26 States that do not authorize branch banking at this time from
enjoying shall not have what they want. If any one
of the 26 non-branch banking
that privilege if the laws of these States are changed hereafter so
as to States should adopt a branch banking policy hereafter
authorize State banks to have branches. In other words, the
are we going to deny
proposed the national b inks in that State the same privilege
branch banking privilege would be controlled by the element
which we have given jthe
of time. national banks under the same conditions
in the other 22 States? If we
Those national banks in States that authorize branch banking now would
do this is it not logical to assume that national banks will
be favored by receiving branch banking privileges, but national banks
become State
in
the other States would not be given the same privilege even should the banks in order to get the relief under State laws that is denied them by
Congress? Congress can make a rule for national banks, but it cannot
laws of their States be changed the day after the McFadden bill becomes
force
a State banks to observe that rule unless they are
members of the Federal
law.
Those who favor the Hull amendment are actuated by a desire to check Reserve System and more than 90% of the State banks are not members.
the extension of branch banking into the 28 States that do not authorize In all the States except one the State banks outnumber the national banks.
it at this time. They do not believe that even limited home-city branch Yet the advocates of the Hull amendment would have us believe that the
banking should be permitted. Their theory is that if the Hull amendment only way to prevent the passage of branch banking laws in 26 States is to
becomes a law national banks located in States that do not authorize branch deny the national banks in those States a limited branch banking privilege
in the event State laws are changed. Is it not logical to assume that if
banking will not unite with State banks to induce State Legislatures to
pass Congress ties the hands of any considerable
number of national banks in
branch banking laws, but on the contrary, will oppose branch banking
laws existing non-branch banking States either
one or both of two things may
on the ground that if they cannot have branches they Will not help
State happen:
banks to get them. They believe that if the Hull amendment becomes
a
First, State banks finding that their national bank competitors
,law it will confine branch banking to 22 States and prevent it from spreadare helpless with respect to branch banking would work for the
ing into the other 26 States.
passage of branch
banking laws for the competitive advantage it would give them.
The House of Representatives agreed to the Hull amendment in
the
Second, national banks being denied relief by Congress would quickly
belief that the bankers of the country wanted such restrictions upon branch
banking because the American Bankers Asociation, composed of both na- become State banks in order to take advantage of the State branch banking
law. Therefore, the third objection to the Hull amendment
tional and State banks, recommended the passage of this amendment
is that it will
when not work, it will not check branch banking,
but on the contrary, will tend
they met in convention in Chicago in 1924.
to encourage branch banking in those States where it does not exist.
, When the bill reached the Senate the Senate Banking and Currency ComThe national banks have not created the condition which forces
mittee refused to agree to the Hull amendment. Some of the leading !nemthem to
ask for limited branch banking privileges. They are not interested
. bers of that committee expressed the belief tlfat it is unconstituti
in the
onal. extension of branch banking into non-branch
.Later, when the bill was submitted to a vote in the Senate three
banking States. They realize,
attempts to though, that other influences may
. have the Hull -amendment made part of it were defeated, the
do so and all they ask in that event is
last time by the same privilege that is to be given
.a record vote of 60 to 17 after the amendment had been
to their fellow bankers in the exiatsegregated from ing branch banking States.
Is there
the rest of the bill and voted on separately. As the matter
stands now, dangerous in acceding to their wish anything unreasonable or unfair or
the Hull amendment is part of the House bill, but it is
to be put on a basis of competitive
not part of the equality with State
banks?
,Senate bill. The Senate conferees refuse to accept it
and the House has
It is not the function of Congress to establish a policy
'Instructed its conferees not to yield to the Senate on
of unlimited
the branch banking country-wide or
State-wide branch banking. It would be wrong to force
features of the bill, but did not specifically mention the
Hull amendment. such a policy on the
Hence, there is a deadlock that must be broken before
people against their will. But on the other hand it is
the bill can become just as wrong
for Congress to endeavor either directly or indirectly to
,a law.
thwart the will of the people if they want branch banking.
I have told you why the advocates of the Hull
The McFadden
amendment want it bill has been drawn
passed. They hope to prevent further extension of
very carefully, so as to follow the lead of the States
branch banking by with respect to a
this device. In all their arguments they start
branch banking policy and to give its fiscal agents, the
with the premise that the 'national banks,
Hull amendment will be effective and then
only a limited privilege that will meet their needs in those
they follow with a long explana- States where
State banks enjoy branch banking privileges.
tion of why branch banking should be limited
to its present proportions,
The proposed legislation, without the Hull amendment, deals
'thus making branch banking the main issue.
with pracLet us look at the other side tical, existing
conditions that require immediate attention. The Hun
• and see why its opponents believe it should
not be passed. We find that the amendment attempts
to deal with something that does not exist except in
question of branch banking by itself has very little
to do with the prin- the minds of those who fear
ciples of the Hull amendment. One need not be an
that certain local conditions may arise and
advocate of unlimited they want Congress to attempt to
branch banking in order to subject the Hull amendment
influence the action of State Legislatures
to the critical if and when they are called on to deal with
analysis it deserves. Indeed, many persona who are
these local situations. Therebitterly opposed to fore, the Hull amendment is academic.
hunch banking are also opposed to the Hull amendment.
Furthermore, it is wrong in prinThis fact should ciple, unjust in its effect and It will not
arrest the attention of thoughtful persons and lead them
accomplish the purpose for which
to inquire into the it is intended.
relation of the. Hull amendment to the fundamental spirit
of laws that
Are the men of industry and commerce going to permit this valuable
should be passed by Congress. In this connection let
me remind you that legislation to be destroyed by a dispute
over one of its non-essential and
while the American Bankers Association approved the
Hull amendment at Impractical provisions? The strengthening
Its convention in Chicago in 1924 it reversed
of the national banking system
its position at its annual con- and the renewal of the charters
of the Federal Reserve banks are of invention this year in Loa Angeles, Cal., and it is now opposed
to the amend- finitely greater importance to the country's
ment. At the convention of the association in
welfare than the setting up by
was adopted with no debate and its approval Chicago the Hull amendment Congress of the doubtful expedient proposed by the Hull amendment for
was secured on the ex-parte the prevention of branch banking.
statement, unchallenged, that it would prevent
Therefore, I say to the men of industry
the growth of branch bank- and commerce, to those who create
ing. At the Los Angeles convention of the
the credit on which our various systems
association last month the Hull of banking are based, the problem
.
amendment was subjected CO a debate of
is yours just as much as it is the bankthree hours during which argu- ers. The tools you rely on
need to be sharpened and made effective.
ments for and against the proposition were
Are
submitted to a largely attended you willing to help Congress
meeting of representative bankers who, after
to put them in condition by giving us, who
weighing all that had been are charged with the
responsibility of making our laws, the benefit
.said by both sides voted by a large majority to
of your
recommend the passage of knowledge and experience?
Or are you going to turn aside from the conthe bill without the Hull amendment. The action of
the American Bankers sideration of such national
Association has been followed by other groups of
problems as the one I have brought to your
bankers and business men attention and permit the
and there is a rapidly growing sentiment among
instruments on which we depend for our industrial
thoughtful persons that and commercial progress to
the Hull amendment is not the kind of legislation
become useless and ineffective? The
that Congress should pass. is acute. If you are
situation
willing to carry on your work with
It is condemned by both proponents and opponents of
dulled tools that
branch banking as an is your affair. But if you
want an efficient system of banking under
unwise and improper use of Congressional power in an
the
effort to prevent control of the Federal Government
State Legislatures from passing branch banking laws.
that will operate for the benefit of all
Every
person knows that the people of each State have a perfect well-informed of the people and not for the benefit of any particular community now is
right to pass the time for you to speak and
any jaw they desire or consider necessary to control their
make your wishes known to those
purely domestic sent you in Congress.
who repreaffairs and that neither any other State nor the Congress
of the United
States can prevent them. In its relation to industry and commerce branch
banking is a local question. The people in some parts of the country evi- $66,000,000 in Liberty Bond
Interest to be Paid Nov. 15.
dently want it. If they do it is their right to have it. The people in other
The Federal Reserve Bank of New York
parts of the country do not want it. If they do not want it, it should not
issues the
be forced upon them. Therefore, the first objection to the Hull amend- following announcement:
ment is that it is Congressional interference (veiled and indirect as it may
On Monday, Nov 15, approximately
$66.000,000 in interest will be
,be, it is interference, nevertheless), with the right of State legislators to payable by the Government on Second Liberty
pass such laws as their constituents want, The advocates of the Hull and Second Liberty Loan Convertible 452C% Loan 4% bonds of 1927-42
bonds of 1927-42.
amendment admit that when they claim it will discourage the passage of
Of that total of $66,000,000 about $22.000,000
is payable at the Federal
Reserve Bank of New York. Interest on
branch banking laws in 26 States.
registered bonds is paid by
The purpose of the McFadden Bill is to legislate for the national banks, check by the Treasury in Washington and
mailed to the owners of bonds.
not for one, nor two, nor a hundred nor any limited number, but for all of Coupons due on Nov. 15 may now be sent to the
them according to their needs and the requirements of those they serve. of the Federal Reserve Bank which Is rrepared Coupon Collection Division
to
Checks in payment of coupons thus deposited receive them.
Small cities, towns and villages that have no congested traffic problems, no
in advance will be ready
expanding suburbs, have no need for branch banking. The bankers and for delivery at 9:30 a. m. Monday, Nov. 15, or member
banks, if they ee
business men therein do not want it because the independent bank in those desire, may have the proceeds, when due, credited
to their reserve accounts
communities is sufficient and serviceable. But in the larger cities, with upon request.
populations over 25,000, in those States where State banks enjoy the
branch banking privilege with the approval and consent of the people, Treasury Reduces
Third Liberty Loan Issue $180,139,200
whether that consent has been given or may be given hereafter, national
—$2,308,133,260 now Outstanding as Result of
banks should be granted limited branch banking privileges to meet the
competition of State banks that have branches. But the Hull amendment
•
Retirements During Year.
says in effect, "Go ahead and give the branch banking privilege
to national
A sharp reduction in the amount of Third Liberty Loan
banks in 22 States under certain limitations, but withhold the same
privilege under the same conditions from national banks in 26 States,
even bonds outstanding has been effected by the Treasury under
though the people in those 23 States may be willing at some future
time to its debt retirement program, according to tile Treasury's
Nov. 13 1926.]
THE CHRONICLE
2475
statement on Nov.3,it is noted in Washington advices Nov. 3 Kansas City, in memory of its citizens who served in..the
to the New York "Journal of Commerce," which also com- World War. The address in full follows:
Fellow Countrymen:—It is with a mingling of sentiments that we come to
ments as follows:
Since the beginning of the current fiscal year, it was noted, a total of
$180,139,200 of these bonds has been retired, bringing the total outstanding down to $2,308,183,250.
This action by the Treasury has utilized the entire allocation to the
sinking fund since July 1. During October payments out of ordinary expenditures for the account of the sinking fund amounted to $45,800,000,
and this entire amount was applied to retirement of the Third Liberty Loan
bonds.
Plata for Retirement.
At the present time the Treasury has a little less than two years in which
to reduce this loan issue to such proportions as will permit its refinancing
without great strain. If the entire sinking fund resources are applied to it
until Sept. 15 1928, when the bonds mature, as It is understood they will,
the total outstanding will have been reduced to a figure below one billion
dollars. In the meantime, market conditions warranting it, it is believed
that an issue of long-term securities may be put on the market In order to
buy in Liberty bonds.
These bonds are paying 4% and are currently quoted on the New York
Stock Exchange at 101 and a fraction. A refinancing issue it is believed,
/
2
might be put on the market during the current fiscal year at 31%,or even
less, thus substantially reducing the interest charges against the public debt.
Evidence in support of this contention, it was said, was given in September, when the Treasury offered for public subscription a series of short/
2
term certificates maturing in June 1927, and bearing interest at 81%.
This issue, it was pointed out, was more than oversubscribed about 150%, a
total of $378,000,000 having been allotted, whereas subscriptions ran to
nearly a billion dollars.
Bdicre Demand Firm.
Although this was a short-term issue, offering a temporary investment
for idle funds, it was said in Treasury circles that it is indicative of the
demand for Government securities under current market conditions.
Should the Treasury make a new offering of long-term bonds, it was
Intimated, that about $500,000,000 would be the amount of the issue. If
this is accomplished, it was pointed out, the aggregate amount of the
bonds outstanding on their date of maturity would be less than $500,000,000, and since there are not now any other obligations of the Government
coming due Sept. 15 1928 refinandng of this amount would be comparatively simple.
The total amount of the public debt outstanding at the close of October, the Treasury figures revealed, was increased about $129,000,000 during
the month. The aggregate was $19,189,600,000 on Oct. 81. Compared
with a year before, however, the Oct. 81 figure represents a reduction of
about $1,011,000,000.
Armistice Day Address of President Coolidge at Kansas
City—Conscription of Wealth in Time of War—
World Court Stand—United States Losses in
World War.
Features in an address delivered by President Coolidge
at Kansas City, Mo., on Armistice Day (Nov. 11) were
his declarations regarding the conscription of capital in
time of war and his statement as to the attitude of the
United States respecting the World Court. Another matter
which the President took occasion to allude to was the
question of profit to the United States in the World War.
Answering the allegations as to the advantages which accrued
to this country he said:
It is often said that we profited from the World War. We did not profit
from it, but lost from it in common with all countries engaged in it. Some
Individuals made gains, but the nation suffered great losses. Merely in
the matter of our national debt, it will require heavy sacrifices extended
over a period of about 30 years to recoup those losses.
What we suffered indirectly in the diminution of our commerce and
through the deflation which occurred when we had to terminate the expenditure of our capital and begin to live on our income is a vast sum which
can never be estimated. The war left us with debts and mortgages, without
counting our obligations to our veterans, which it will take a generation
to discharge. High taxes. Insolvent banks, ruined industry, distressed
agriculture, all followed in its train. While the period of liquidation
appears to have been passed, long years of laborious toil on the part of the
people will be necessary to repair our loss.
In his utterances as to the conscription of wealth, the
President expressed himself as follows:
It Is more and more becoming the conviction of students of adequate
defense that in time of national peril the Government should be clothed with
authority to call into its service all of Its man power and all of its property
under such terms and conditions that it may completely avoid making a
sacrifice of one and a profiteer of another. To expose some men to the
perils of the battlefield while others are left to reap large gains from the
distress of their country is not in harmony with our ideal of equality. Any
future policy of conscription should be all inclusive, applicable in its terms
to the entire personnel and the entire wealth of the whole nation.
In indicating that he did not intend to ask the Senate to
modify its position on the World Court (Permanent Court of
International Justice) the President pointed out that he had
"advocated adherence to such a court by this nation on
condition that the statute or treaty creating it be amended
to meet our views." Adding that the Senate has adopted
a resolution for that purpose, he said:
While the nations involved can not yet be said to have made a final
determination, and from most of them no answer has been received, many
of them have indicated that they are unwilling to concur in the conditions
adopted by the resolution of the Senate. While no final decision can be
made by our Government until final answers are received, the situation
has been sufficiently developed so that I feel warranted in saying that I
do not intend to ask the Senate to modify its position. I do not believe
the Senate would take favorable action on any such proposal, and unless
the requirements of the Senate resolution are met by the other interested
nations I can see no prospect of this country adhering to the court.
The address was delivered upon the occasion of the dedication of the Liberty Memorial, erected by the people of
dedicate this memorial. Erected in memory of those who defended their
homes and their freedom In the World War,it stands for service and all that
service implies. Reverence for our dead, respect for our living, loyalty to
our country, devotion to humanity, consecration to religion, all of these
and much more is represented in this toweringMonument and its massive
supports. It has not been raised to commemorate wax and victory, but
rather the results of war and victory which are embodied in peace and
liberty. In its impressive symbolism it p.ctures the story of that one increasing purpose declared by the poet to mark all the forces of the past
which finally converge In the spirit of America in order that our country, as
"the heir of all the ages, in the foremost files of time," may forever hold
aloft the glowing hope of progress and peace to all humanity.
Five years ago it was my fortune to take part in a public service held on
this very site, when General Pershing, Admiral Beatty, Marshal Foch.
General Diaz and General Jacques, representing several of the Allied countries in the war,in the presence of the American Legion convention, assisted
in a formal beginning of this work, which is now reaching its completion.
To-day I return at the special request of the distinguished Senators
from Missouri and Kansas, and on the invitation of your committee on
arrangements,in order that I may place the official sanction of the National
Government upon one of the most elaborate and impressive memorials
that adorn our country. It comes as a fitting observance of this eighth
anniversary of the signing of the armistice on Nov. 11 1918. In each recurring year this day will be set aside to revive memories and renew ideals.
While it did not mark the end of the war, for the end is not yet, it marked •
a general subsidence of the armed conflict which for more than four years
shook the very foundations of Western civilization.
We have little need to inquire how that war began. Its day of carnage
is done. Nothing is to be gained from criminations and recriminations.
We are attempting to restore the world to a state of better understanding
and amity. We can even leave to others the discussion of who won the •
war. It is enough for us to know that the side on which we fought was
victorious. But we should never forgot that we were asserting our rights
and maintaining our ideals. That, at least, we shall demand as our place •
in history.
The energy and success with which our country cond eted its military •
operations after it had once entered the war has now become a closed
,
record of fame. The experience of this thriving city and these two ad- •
Joining States was representative of that of the country. Boon came the
marshaling of the National Guard. From its ex at ng units in Missouri and
Kansas the foundation of the Thirty-fifth Division was laid. The Eightyninth Division was raised almost entirely in these two States. A portion
of the Forty-second, known as the Rainbow Division, came from this city.
The whole martial spirit of this neighborhood, which within a radius of
200 miles had furnished the famous regiment of Missouri Volunteers, commanded by Col. John W. Doniphan when he made one of the most celebrated of marches to the conquest of Chihuahua in the Mexican War,
reasserted itself as it had done in '81 and '98.
While these divisions were serving with so much distinction on the battlefields of France their fellow-citizens were supporting them with scarcely less
distinction in patriotic efforts at home. They were furnishing money for
Liberty loans, subscribing to the relief associations headed by the Red
Cross, turning out munitions from the factories and rations from the fields.
The whole community was inspired with devotio to the cause of liberty.
Returning at the end of the war,these divisions have increased their distinction by being represented in high places in civil life. From the Eightyninth came the great administrator and Colonial Governor. Major-Gen.
Leonard Wood, and from the Thirty-fifth 1:Yv sion came a distinguished
son of Missouri, the present Secretary of War, Col. Dwight F. Davis.
Relieffor Veterans.
Under no other flag are those who have served their country held in
such high appreciation. It is, of course, impossible for the eyes of the
Government to detect all individual cases of veterans requiring relief in
every part of our land. But the Veterans' Bureau is organized into departments and subdivisions, so that if any worthy person escapes their observation it is because the utmost care and attention could do no more. In
the last eight years about $3.500.000.000 have been expended by the
National Government for restoration, education and relief. Nearly
83.200.000.000 have been pledged to accrue in future benefits to all veterans.
Whenever they may be suffering from illness, whatever may be the cause,
the doors of our hospitals are open to them without charge until they are
restored to health. This is an indication of praise and reward which our
country bestows upon its veterans. Our admiration is boundless. It is
no mere idle form; it is no shadow without reality, but a solid and substantial effort rising into the dignity of a sachfice made by all the people that
they might in some degree recognize and recompense those who have
served in time of national peril. All veterans should know this and be
proud of it, and they are.
Considering the inspiring record of your soldiers in the field and the
general attitude of appreciation which has been constantly reiterated by
the whole nation, it would be but natural to suppose that this mid-Western
country would give appropriate expression to the honor and devotion In
which it holds those who served their country and the ideals for which they
were contending. But the magnitude of this memorial, and the broad
base of popular support on which it rests, can scarcely fail to excite national
wonder and admiration.
More than one person out of four in the entire population of this city
responded to an appeal for funds, which gave pledges in excess of 82.000.000.
It represents the high aspirations of this locality for ideals expressed in
forms of beauty. We cannot look upon it without seeing a reflection of all
the freshness and vigor that marks the life of the broad expanse of the
open country and the love of the sciences and the arts and the graces as
expressed in the life of her growing towns. These remits are net achieved
without real sacrifice. They supply their own overpowering answer to
those who charge our countrymen with a lack of appreciation for the finer
things of life. '.i hose who have observed such cdtidsm cannot fail to
discover that it results in large part from misunderstanding.
No Apology for Prosperity.
But assuming it to be correct, I am of the firm conviction that thee is
more hope for the progress of true ideals in the modern world even from
a nation newly rich than there is from a nation of chronically poor. Honest
poverty is one thing, but lack of industry and character is quite another.
While we do not need to boast of our prosperity or vaunt our ability to
accumulate wealth. I see no occasion to apologize for it. It is the expression
of a commendable American spirit to live a life not merely devoted to
luxurious ease, but to practical accomplishment. Nowhere is this better
exemplified than in our great mid-Continental basin. It is the spirit which,
2476
THE CHRONICLE
dares,twhich has faith and which succeeds. It Is not confined to materialism, but lays hold on a higher life.
[VOL. 128.
pediment against the ability of America to defend itself by military operations. Until this obligation is discharged it is the one insuperable obstacle
to the possibility of developing our full national strength. Every time a
Country Exalted by War Experience.
No one can doubt that our country was exalted and Inspired by its war Liberty bond is retired preparedness is advanced.
It is more and more becoming the conviction of students of adequate
experience. It attained a conscious national unity which it never before
possessed. That unity ought always to be cherished as one of our choicest defense that in time of national peril the Government should be clothed
with authority to call into its service all of its man power and all of its
possessions. In this broad land of ours there is enough for everybody. We
ought not to regret our diversification, but rather rejoice in it. The sea- property under such terms and conditions that it may completely avoid
shore should not be distressed because it is not the inlands, and the fertile making a sacrifice of one and a profiteer of another. To expose some
plains ought not to be distracted because they are not the mountain tops. men to the perils of the battlefield while other Bare left to reap large gains
These differences which seem to separate us are not real. The products from the distress of their country is not in harmony with our ideal of equality.
of the shore, the inlands, the plain and the mountain reach into every home. Any future policy of conscription should be all inclusive, applicable in its
terms to the entire personnel and the entire wealth of the whole nation.
This is all one country. It all belongs to us. It is all our America.
We had revealed to us in our time of peril not only the geographical
NAILTIfered in War.
unity of our country, but, what was of even more importance, the unity it It is often said that we profited from the World
War. We did not profit
of the spirit of our people. They might speak with different tongues, from it, but lost from it in common with all
countries engaged in it. Some
come from most divergent quarters of the globe, but in the essentials of Individuals made gains, but the nation suffered great
losses. Merely in the
the hour they were moved by a common purpose, devoted to a common matter of our national debt it will require heavy sacrifices
extended over a
cause and loyal to a common country. We should not permit that spirit
eriod of about thirty years to recoup those losses. What we suffered
which was such a source of strength in our time of trial to be dissipated in indirectly in the diminution of our commerce
and through the deflation
the more easy days of peace. We needed it then and we need it now. which occurred when we had to terminate the
expenditure of our capita
But we ought to maintain it, not so much because it is to our advantage and begin to live on our income is a vast sum which can
nveer be estimated.
as because it is just and human and right.
The war left us with debts and mortgages, without counting our obligations
Our population is a composite of many different racial strains. All to our veterans, which it will take a ge. oration to
discharge. High taxes,
of them have their points of weakness; all of them have their points of Insolvent banks, ruined industry, distressed agriculture,
all followed in Its
strength. We shall not make the most progress by undertaking to rely train.
upon the sufficiency of any one of them,but rather by using the combination
While the period of liquidation appears to have been passed, long years
of the power which can be derived from all of them. The policy which of laborious toil on the part of the people will be
necessary to repair our
was adopted during the war of selective service through the compulsory loss. It was not because our resources had not been impaired, but because
Government intervention is the same policy which we should carry out in they ere so great that we could meantime finance these losses while they
peace through voluntary personal action. Our armies could not be said are being restored, that we have been able so early to revive our prosperity.
to partake of any distinct racial characteristic. Many of our soldiers But the money which we are making to-day has to be used in part to replace
were foreigners by birth, but they were all Americans in the defense of that which we expended during the war.
our common interests. There was ample opportunity for every nationality
In time this damage can be repaired, but there are irreparable losses which
and every talent.
will go on forever. We see them in the vacant home, in the orphaned
The same condition should prevail in our peacetime social and economic children,in the widowed women,in the bereaved parents. To the thousands
organization. We recognize no artificial distinctions, no heriditary titles, of the youth who are gone forever must be added other thousands of maimed
but leave each individual free to assume and enjoy the rank to which his and disabled. It is these thi gs that bring to us more emphatically than
awn services to society entitle him. This great lesson in democracy, this anything else the bitterness, the suffering and the devastation of armed
great example of equality which came to us as the experience of the war, conflict.
ought never to be forgotten. It was a resurgence of the true American
It is not only because of these enormous losses suffered alike by ourselves
spirit which combined our people through a common purpose into one and the rest of the world that we desire peace, but because we look to the
harmonious whole. When Armistice Day came in 1918. America had arts of peace rather than war as the means by which mankind will finally
reached a higher and truer national spirit than it ever before Possessed. develop its greatest spiritual power. We know that discipline comes only
We at last realized on a new vision that we are all one people.
from effort and sacrifice. We know that character can result only from toil
and suffering. We recognize the courage, the loyalty and the devotion that
Country Never Sought to be Military Power.
are displayed in war, and we realize that we must hold many things more
Our country has never sought to be a military power. It cherishes no
Imperialistic designs, it is not infatuated with any vision of empire, It is precious than life itself.
“This man's perdition to be safe
content within its own territory, to prosper through the development of
When for the truth he ought to die."
its own resources. But we realize thoroughly that no one will protect 1111
But it cannot be that the final development of all these fine qualities
unless we protect ourselves. Domestic peace and International security
are among the first objects to be sought by any government. Without Is dependent upon slaughter and carnage and death. There must be
order under the protection of law there could be no liberty. To insure these a better, purer process within the realm of peace where humanity can disnecessary conditions we maintain a very moderate military establishment cipline itself, develop its courage, replenish its faith and perfect its charin proportion to our numbers and extent of territory. It is a menace to acter. In tte tr e service of that ideal, which Is even more difficult to
no one except the evildoer. It is a notice to everybody that the authority maintain than out present standards, it cannot be that there would be any
of our Government will be maintained and that we recognize that it Is the lack of opportunity for the revelation of the highest form of spiritual life.
We shall not be able to cultivate the arts of peace by constant appeal
first duty of Americans to look after America and maintain the supremacy
of American rights. To adopt any other policy would be to invite disorder to primal instincts. To the people of the Jungle the stranger was always
and aggression which must either be borne with humiliating submission the enemy. As the race grew up through the family, the tribe, the clan
and the nation, this sentiment always survived. The foreigner was subor result,In a declaration of war.
:
ject to suspicion, without rights and without friends. This spirit prevailed
CommWed to Policy of International Peace.
even under the Roman Empire. It would not have been sufficient for
While, of course, our Government is thoroughly committed to a policy St. Paul to claim protection because he was a human being, or even an inof permanent international peace and has made and will continue to make habitant of a peaceful province. It was only when he asserted that he was
every reasonable effort in that direction, it is therefore also committed a Roman citizen that he could claim any rights or the protection ofany laws.
We do not easily emancipate ourselves from these age-old traditions.
to a policy of adequate national defense. Like everything that has any
value, the aarmy and navy cost something. In the last half dozen years When we come in contact w.th people differing from ourselves in dress and
we have appropriated for their support about 84,000,000,000. Taken appearance, in speech and accent, the Inherited habits of our physical
as a whole, there is no better navy than our own in the world. If our being naturally react unfavorably. Nothing is easier than an appeal to
army is not as large as that of some other countries, it is not outmatched suspicion and distrust. It is always certain that the unthinking will reby any other like number of troops. Our entire military and naval forces spond to such efforts. But such reaction is of the flesh, not of the spirit.
represent a strength of about 550,000 men, altogether the largest which It represents the opportunist, not the idealist. It serves the imperialistic
we have ever maintained in time of peace. We have recently laid out a cause of conquest, but it is not found in the lesson of the Sermon on the
five-year program for improving our aviation service. It is a mistake to Mount. It may flourish as the impulse of the day,butIt is notthe standard
suppose that our country is lagging behind in this modern art. Both in which will finally prevail in the world. It is necessary that the statesmanthe excellence and speed of its planes it holds high records, while in num- ship of peace should lead in some other direction.
If we are to have peace, therefore, v e are to live in accordance with
ber of miles covered in commercial and postal aviation it exceeds that of
the dictates of a higher life. We shall avoid any national spirit of suspicion,
any other countries.
Although I have spoken of our national defenses somewhat in relation distrust and hatred toward other nations. The Old World has for generI
to other countries. I have done so entirely for the purpose of measurement, ations indulged itself in this form of luxury. The results have been ruinous.
and not for comparison, for our Government stands also thoroughly com- It is not for us who are more fortunately circumstanced to pass judgment
mitted to the policy of avoiding competition in armaments. We expect upon those who are less favored. In their place we might have done worse.
to provide ourselves with reasonable protection, but we do not desire to But is our duty to be warned by their example and to take full advantage
enter into competition with any other country In the maintenance of land of our own position. We want understanding, good-will and friendly
or sea forces. Such a course is always productive of suspicion and distrust, relations between ourselves and all other people. The first requisite for
which usually results in Inflicting upon the people an unnecessary burden this purpose is a friendly attitude on our own part.
of expense, and when carried to its logical conclusion ends in armed conReports that We Are Not Liked in Europe Exaggerated.
flict. We have at last entered into treaties with the great Powers eliminatThey tell us ti-at we are not liked in Europe. Such reports are una large degree competition in naval armaments. We are engaged in doubtedly exaggerated and can be given altogether too
ing to
much importance
negotiations to broaden and extend this humane and enlightened policy We are a creditor nation. We are more
prosperous than some others.
and are willing to make reasonable sacrifices to secure its further adoption. This means that our interests have come within the
European circle where
It is doubtful if in the present circumstances of our country the sub- distrust and suspicion, if nothing more, have been altogether too
common.
Sect of economy and the reduction of the war debt has ever been given To turn such attention to us indicates at least that we are not
ignored.
sufficient prominence in considering the problem of national defense. For
While we clan assume no responsibility for tho opinions of others, we
the conduct of military operations either by land or sea three elements are are responsible for our own sentiments. We ought to be wise enough to
We have a population which
necessary. One is a question of personnel.
know that in the sober and informed thought of other countries we probably
surpasses that of any of the great Powers. Not only that, it is of a vigorous hold the place of a favored nation. We ought not to fall to appreciate
type, intelligent and courageous, capable of supplying many the trials and difficulties, the suffering and the
and prolific
sacrifices of the people of
millions of men for active duty. Another relates to supplies. In our agri- our sister nations, and to extend to them at all times our patience, our
culture and our industry we could be not only well-nigh self-sustaining, but sympathy and such help as we believe will enable them to be restored to
our production could be stimulated to reach an enormous amount. The a sound and prosperous condition. I want to be sure that the attitude
money.
last requirement, which is also of supreme importance,is a supply of
and acts of the American Government are right. I am willing to intrust
to others the full responsibility for the results of their own behavior.
Resources of Country.
Our Government has steadily maintained the policy of the recognition
It is difficult to estimate In figures the entire resources of our country
and sanctity of international obligations and the performance of interand impossible to comprehend them. It is estimated to be approaching in
in advance how large a sum national covenants. It has not believed that the world, economically,
value 8400.000.000,000. No one could say
could be secured from a system of war taxation, but every one knows it financially or morally, could rest upon any other secure foundation. But
would be insufficient to meet the cost of war. It would be necessary for s ch a policy does not lnel de extortion or oppression. Moderation is a
the Treasury to resort to the use of the national credit. Great as that mutual international obligation. We have therefore undertaken to deal
might be. it is not limitless. To carry on the last conflict we borrowed in with other countries In accordance with these principles, believing that
of
excess of 826.000.000,000. This great debt has been reduced to about their application is for the welfare of the world and the advancement
• NW
$19.000,000,000. So long as that Is unpaid it stands as a tremendous im- civilization.
Nov. 13 1926.]
THE CHRONICLE
our
In our prosperity and financial resources we have seen not only
who have
own advantage but an increasing advantage to other people
needed our assistance. The fact that our position is strong, our finance
stable, our trade large, has steadied and supported the economic condition
complain but
of the whole world. Those who need credit ought not to
have
rather rejoice that there is a bank able to serve their needs. We
maintained our detached and independent position in order that we might
who need our help. We
be better prepared in our own way to serve those
have not desired or sought to Intrude, but to give our counsel and assistance
when it has been asked. Our influence is none the less valuable because
we have insisted that it should not be used by one country against another,
but for the fair and disinterested service of all. We have signified our willingness to co-operate with other countries to secure a method for the settlement of disputes according to the dictates of reason.
Reservations to World Court.
Justice is an ideal, whether it be applied between man and man or benation. Ideals are not secured without corresponding
tween nation and
sacrifice. Justice cannot be secured without the maintenance and support of institutions for its administration. We have provided courts
through which it might be administered in the case of our individual citizens.
A permanent court of international justice has been established to which
nations may voluntarily resort for an adjudication of their differences. It
has been subject to much misrepresentation, which has resulted in much
misconception of its principles and objects among our people. I have advocated adherence to such a court by this nation on condition that the statute
or treaty creating it be amended to meet our views. The Senate has adopted
a resolution for that purpose.
While the nations involved cannot yet be said to have made a final determination, and from most of them no answer has been received, many
of them have indicated that they are unwilling to concur in the conditions
adopted by the resolution of the Senate. While no final decision can be
made by our Government until final answers are received, the situation has
been sufficiently developed so that I feel warranted in saying that I do not
Intend to ask the Senate to modify its position. I do not believe the Senate
would take favorable action on any such proposal, and unless the requirements of the Senate resolution are met by the other interested nations I can
see no prospect of this country adhering to the court.
While we recognize the obligations arising from the war and the common
dictates of humanity which ever bind us to a friendly consideration for other
people, our main responsibility is for America. In the present state of the
world that responsibility is more grave than it ever was at any other time.
We have to face the facts. The margin of safety in human affairs is never
very broad, as we have seen from the experience of the last dozen years.
If the American spirit fails, what hope has the world? In the hour of our
triumph and power we cannot escape the need for sober thought and consecrated action. These dead whom we here commemorate have placed their
trust in us. Their living comrades have made their sacrifice in the belief
that we would not fall. In the consciousness of that trust and that belief
this memorial stands as our pledge to their faith, a holy testament that our
country will continue to do its duty under the guidance of a Divine
Providence.
is a surplus and that it is possible, therefore, to restore to the people some
of the taxes already paid.
As to the writing of a bill and a decision on the exact way to make the
refund or credit the President holds that this rests with the Ways and
Means Committee, which in time will be furnished with the exact figure
for the surplus and enabled to formulate legislation in accordance with the
needs of the Government.
Stating the President's decision to recommend to Congress
the proposed rebate had been announced at his regular Friday conference with newspaper men on Nov. 5, the special
advices to the New York "Times" on that day stated:
Forestalls Senator Simmons.
The move was construed as forestalling the expected fight of Senator
Simmons for a tax reduction of $300,000,000.
Early in the summer Senator Simmons declared that he would press for
such a reduction in the ensuing session of Congress. At that time President Coolidge said the Government had not been able to determine what
revenue the present tax bill would yield. He then indicated, however, a
belief that no reduction was in sight.
Because of his seeming opposition to tax reduction this year the President's announcement to-day came as a surprise. In so deciding, he made it
clear, however, that he did not favor permanent tax reduction and that he
intended to "play safe," realizing now that the taxes on 1925 income would
justify turning back to income taxpayers money not necessary for the
expenses of Government. His plan differs from that of Senator Simmons in
that the latter favored an actual reduction in taxes on income for the
•
calendar year 1926.
The President found there had been widespread agitation by organizations interested in taxation and business for some reduction in taxes. Most
of these organizations have favored the elimination of particular taxes.
The President does not believe such organizations can be of much help in
bringing about a tax reduction, because they cannot have the knowledge
essential to proper tax reductions.
In his opinion, no plan for tax reduction can receive the consideration of
Congress that does not have the general approbation of the Treasury. By
that he means that while the Treasury would not attempt to write a tax
reduction bill, it would be relied on by Congress to supply the fiscal information on which Congress could properly and wisely act.
The President may even recommend a rebate as high as 15% if the
surplus goes as high as $350,000,000. His present belief, however, is that
the rebate or refund cannot be more than 12%.
The President was urged by some party leaders to make his announcement before election. He declined to do so for reasons not given.
The rebate proposed will apply to corporations and industrial incomes,
according to the President, as well as to individual income taxes, but other
taxes paid in 1925 would not receive any benefit from the rebates. These
latter texas include so-called nuisance and admission taxes.
The great benefit of the rebate would go to the large taxpayers and
corporations, although the rebate to the small taxpayers around Christmas
time is also regarded as important.
Refund on 1926 Income Tax Payments Favored by
President Coolidge—Credit on 1927 Payments
Proposed by Secretary Mellon.
During the past week the Administration's plans for
measures of relief in behalf of taxpayers have been brought
forward, President Coolidge letting it be known on the evening of Nov. 5 that he favored a 10 or 12% rebate or refund
as applied to 1925 incomes payable in 1926—the last installment of which Is due Dec. 15. Secretary of the Treasury
Mellon in a statement on Nov. 8 referring to the President's
proposals said:
this
The President has suggested a credit on taxes yet to be paid during
surplus
fiscal year, and I see no reason why the greater part of the expected
for 1927 might not be left in the pockets of the people of the country by a
credit upon their income taxes. There is not time to pass legislation to
cover the Dec. 15 1926 income tax payment date, but before March 15 1927
Congress might provide for this credit against all income taxes both individual and corporate, which are due and payable in the first six months of
the calendar year 1927
Further below we give the statement of Secretary Mellon
in full. Among other things he says that "before determining that permanent tax reduction can be had we must have
reasonable assurance of a continued flow from the sources
from which our revenue is obtained. With only a few
months' test of the Revenue Act of 1926, common sense requires that we do not act precipitately." On Nov. 9 it was
announced in press advices from Washington (we quote the
New York "Times") that admitting that the proposal for a
tax rebate or credit suggested by himself and Secretary
Mellon was not final, President Coolidge appealed for nonpartisan consideration of tax relief by Congress. It was
furthermore stated in the dispatch that the President declared through his "spokesman" that there was no partisan
politics involved in giving the taxpayers relief and expressed the hope that the same broad attitude toward the
question would be followed in the coming session as when
the last tax revision was made. The same account said:
In the opinion of the President it would be most unfortunate if the question of taxation should become involved in a partisan dispute which might
easily prevent action in the short session on a subject of vital interest to
the people. Taxation is purely a business proposition, he holds, and for
that reason he is hopeful that Congress can quickly enact the necessary
legislation to provide for rebates or credits. The exact way in which this
would be done he would leave with Congress.
Merely Suggested as a Policy.
It was made clear that the President's and the Secretary's proposals were
merely suggested as a policy of government and that no attempt has been
made by the President and the Treasury Department to formulate a definite plan of tax relief. The Administration has simply declared that there
2477
Rebate May Reach $150,000,000.
In 1925 the corporation tax collection amounted to $881,549,546, on an
income of $7,586,652,292 for the calendar year 1924. It is believed that
even under the proposed reduced rate the corporations will have paid about
the same amount on their 1925 incomes by the end of 1926. If the rebate
reaches 10% the corporations will receive about $80,000,000. With the
corporations receiving this amount and the entire population having a
rebate amounting to some $70,0000,000 or more, it is believed by the Administration that the effect upon the country will be most salutary.
According to the President, the surplus will exceed $250,000,000, and the
rebate may reach as high as 12% of the taxes paid or due. In reaching a
decision to favor rebates, in conference with Secretary Mellen and General
Lord, Director of the Budget Bureau, the President felt that Congress
could fairly make a rebate on taxes collected, but that it would not be a
wise policy to enact legislation which would bring about a reduction in the
taxes to be paid in 1927 on the incomes earned in 1926.
There is not sufficient information available as to the Government's
financial condition in 1927 to justify a permanent tax reduction, the President holds. However, the surplus on the taxes paid this year has so greatly
exceeded the estimates of Treasury officials as to warrant a rebate now.
The President is understood to be opposed to a permanent tax reduction
on 1925 or later incomes because such a course might be dangerous to Federal finance if there should be any recession in prosperity, as that might
make it necessary to impose new taxes to make up the deficiency.
It was learned from the Washington advices Nov. 5 to the
New York "Journal of Commerce" that the organizations
that are manifesting some activity on the question of securing a reduction of taxes include the committee on tax cooperation of the National Association of Manufacturers.
The account went on to say:
This organization recently called a conference to be held here Nov. 10.
This committee consists of James C. Peacock, American Cotton Manufacturers' Association; It. P. Hazzard, National Boot & Shoe Manufacturers'
Association; William S. Bennet, National Lumber Manufacturers' Association; McKinley W. Kreigh, American Mining Congress; Fayette R. Dow,
National Petroleum Association; Harry L. Gandy, National Coal Association, and James A. Emery, National Association of Manufacturers.
Corporations Protest.
The National Association of Lumber Manufacturers and the American
Mining Congress have been very active the last few weeks in efforts to pave
the way for corporate income tax reduction. They have protested that the
corporations are being discriminated against; that the unincorporated
partnerships benefit by the present system of taxation, and they demand
equality of taxation as to all forms of business.
The protests of these organizations have made their way to the ears of
the Chief Executive, it was indicated, and it was made known that the
committee of these organizations is endeavoring to work out practical
suggestions to be made to the President and to Congress.
The conference is referred to in another item in this issue.
Referring to its recommendations and Secretary Mellon's
views thereon, the same paper reported the following from its
Washington Bureau Nov. 11:
The Administration is not proposing any radical change In the revenue
laws. Secretary of the Treasury Mellon announced to-day whenasked to
comment upon the move made yesterday by the representatives of the big
commercial organizations of the United States to have permanent legislation
2478
THE CHRONICLE
FoL. 128.
enacted at the short session of Congress lowing thepresent 13%% corporate red in 1929 and require
the imposition of additional taxes.
Business can
income tax rate.
easily adjust itself to a lowering of expenses
through a reduction Of taxes,
Mr. Mellon indicated his opposition to "tinkering" with the tax law at but if a decline in
prosperity should come business could not
stand a raise
this time beyond the contemplated credit of 123 %,as previously discussed in expenses through more
taxes.
by him following the announcement by President Coolidge that he favored
The necessity that we do not commit
our Government to an unsound
the return to the taxpayers of the available surplus in Government revenues, fiscal policy for the
stating that the surplus is made up in no small part of "capital assets." He taxpayers fairly in future should not prevent the Government treating its
any particular year in which Governme
nt revenues are
had in mind money received from the sale of Farm Loan bonds, amounting over-abundant. I believe
in
to about $80,000,000.from the repayment of loans by the railroads amount- the war, but I do not believedebt reduction along the program settled after
in the payment of a public debt
ing to about $40,000,000, from the collection of back taxes, to the extent burdening of productive
to the undue
of about $100,000,000. and from various other sources, including moneys debt reductions and taxindustry. A balance should be maintained between
reductions, which le fair to all
received from foreign Governments.
interests in our
country.
No Recurring Items.
Recommendation&
We know now we shall have a
None of these are recurring items, there being little to be expected
considerable surplus in the fiscal year
in the
immediate future from the remaining railroad debtors, other than perhaps 1927, ending next June. The President
yet to be paid during this fiscal year, and has suggested a credit on taxes
the Chicago Milwaukee & St. Paul.
I see no reason why the greater
There are only $2,000,000 of Farra Loan bonds remaining in the possession part of the expected surplus for 1927 might
not
of the Government, and the collection of additional back taxes represents the people of the country by a credit upon their be left in the pockets of
income taxes.
There is not time to pass legislation to
an unknown quantity. More experience must be had with the law passed
cover the Dec. 15 1926 income
by the last session of Congress and better Idea had of what might be. tax payment date, but before March 15 1927
the Congress might provide
expected in the way of revenue during the present and the next fliscal year for this credit against all income taxes,
both individual and corporate,
which are due and payable in the first
six months of the calendar year 1927,
Secretary Mellon's statement of Nov. 9 follows:
being the last six months of the
Government's fiscal year.
If this policy were adopted by the
The Federal Government in time of peace should meet its expenditures
Congress we should end the fiscal
from current revenues. The source of a Government revenue is taxation. year having taken from our taxpayers only
sufficient to carry out the
essential purposes of the Federal
Taxation must be sufficient to carry out the policies which the Federal
Government. We will not have handiGovernment deems essential for the welfare and happiness of its citizens. capped the finances of the Government for the future
by adopting a perIt is the duty, therefore, of the Government to determine what policies manent reduction of taxes, which in lean years might
prove inadequate to
should be essential and if they can be more than met over a series of years our needs.
With the Treasury and the taxpayer
from taxation to reduce taxes. Conversely, if the Governmental revenues
further experience under the Revenue both protected we can fairly await
are not suffccient, then it is the duty of the Government to increase taxes.
Act of 1926.
After every great war abnormal expenditures can be reduced, but at the
same time there is an opposing tendency of normal expenditures to increase,
due to the growth of the country and the increase in Governmental acetyl- Business Interests in Conference at
Washington Seek
ties. This latter increase tends to neutralize and ultimately overcome the
Repeal of Additional Corporation
Tax—Other
reduction of war expenditures even with the economies in government which
Relief Sought.
this Administration has enforced.
Total expenditures chargeable against ordinary receipts of $6,000,000,000
At a conference in Washington on
Nov. 10 of representain 1920, the first real peace year, dropped to $3,500,000,000 in 1924, but,
tives of various industrial organizations, a
by reason of the increased activities of the Government, further decreases
resolution calling
In expenditures have not been possible, and the tendency has been for these for a reduction in the corporation taxes
was adopted as
expenditures to increase slightly, in spite of the very considerable saving follows:
in interest on the public debt through its retirement and refunding at lower
That the present corporation income tax
rate represents an invidious
interest rates.
and inequitable discrimination against that
form of business as
The suggestion has been made that the expenditures of the Government from the individual and
the partnership. The rate has distinguished
could be decreased by altering the sinking fund provision and the use
of where all other rates have been reduced. The chairman been increased
the proceeds of repayments of foreign loans. These provisions were adopted behalf of the conferenc
e and all co-operating associations: is directed, on
by Congress during and after the war, and on the faith of them every
1. To petition the Ways and Means Committe
e for a public hearing
Government obligation sold by the Treasury since that time has
been taken before the meeting of Congress on the subject of
by the American people. I need not again express my opinion
corporate income tax
that the relief.
United States will never repudiate a contract which it has made
2. That Congress be urged to repeal in the
with the
short session:
purchasers in good faith of its securities. An early repayment
(a) The additional one-half of 1% levied
of our debt
on corporate income and
has been the policy of this country after other great wars in
our history. becoming effective in the calendar year 1926.
It is sound policy that in the days of our prosperity we should prepare
(b) Repeal the additional one-half of 1% made
for
effective for the calendar
the next emergency.
year 1925. since, from the public statement
of the Treasury, one-half of
If it does not seem probable that we can contemplate a reduction
in 1% additional for 1925 is unnecessary and the additional revenue
Government expenditures in the next few years, then we must
to be
turn to a derived from the further one-half of 1% in 1928 will not be
consideration of Government receipts in order to determine to
required.
3. That.In addition to this obviously justified
what extent,
permanent relief, Congress
If at all, taxes can be reduced. These receipts have been of
two general be asked to afford such further temporary and permenant
relief an the
classes.
fiscal circumstances of the Treasury may justify.
During the war and in the period of post-war adjustment the Governmen
4. That the conference, through its executive committe
t
e, present to
made what might be called capital investments in such things as
war sup- the Joint Congressional Tax Committee created by the Revenue Act
of
plies, now surplus, loans to railroads, investments in the War Finance
Cor- 1926, further proposals for reform of the present inequitable system of
poration and in the bonds of the Federal Land banks. In the last
five corporate taxation.
fiscal years, receipts from these and other similar sources have returned
The New York "Jounral ,of Commerce" reports
to
the Treasury some $950,000,000.
that
those present at the conference were the following
deleReceipts From Revenues and Back Taxes.
gates, who were possessed of authority to act on behalf of
During the same period collection of back taxes over refunds of taxes,
a their organizations:
contribution also from past years, has brought in $400,000,000. In
the
current fiscal year, net receipts from similar revenues, including net back
Organisations Represented.
taxes, should be $250,000,000. In the next fiscal year similar
C. B. Huntress, National Coal Association; G. G.
receipts
Brownell. Henry L.
should be about $50,000,000, a decrease of $200,000,000.
Doherty Co.; Leslie Vickers. American ellectric Railways
Of the investment assets there remain about $400,000,000, but the Ben Durr, United Typothetae of
Association;
America; Henry L. Gandy, National
greater part is of doubtful or slow character, and by the close of the
present Coal Association; Frank W. Noxon, Railway Business Associatio
fiscal year in June the Internal Revenue Bureau should
n; .1. C.
be substantially Peacock, American Association of Cotton Manufacturers; E.
F.
current on back taxes and this item as a material net receipt will
disappear. and J. G. Benedict, National Machine Tool Builders' Associatio Dubrul
In determining Government receipts for future years, therefore,
n;
this class Knappen and William S. Bennet, National Lumber Manufacturers T. M.
of receipts can no longer be relied upon.
Association; M.W.Kreigh, American Mining Congress; Ellery
B.Gordon,National
The second general class is the receipts from current taxation,
which Knitted Outerwear Association; Fayette B. Dow, National
consists of customs, income taxes and miscellaneous internal revenue,
Petroleum
and it Association; H. R. Young, National Retail Dry Goods
Association, Nais upon these current taxes that the Government must now rely
t13nal Hardware Association and
for
revenue. In the divisions of the spheres of taxation between the State its Hahn, National Garment Retailers' National Retail Clothiers; John W.
and
Association: Sydney Anderson, Miller's
municipal Governments en the one hand, and the Federal Governmen
t on National Federation; James A. Emery. N.B Williams and D.
M.Edwards,
the other, one fundamental difference is particularly true. In general, taxes National Association of Manufacturers;
John C. Gall, National Industrial
of the States and municipalities are based upon real and personal property, Council; D. H. Sawyer, Associated
General Contractors; Edward
the valuation of which is fairly constant, and upon other sources, such as and M. L. Hudson, Edward Hines Lumber
Hines
Co. E. J. McVann, Smokeless
franchise taxes, which do not vary substantially over a period of years. Coal Operators' Association.
Federal Government revenue, on the contrary, comes almost entirely from
The same advices state:
sources which may and do fluctuate violently from year to year.
The conference was opened by Wilson Compton, Manager
Income taxes are based on a percentage of the income earned by the
of the National
Association of Lumber Manufacturers, and James
taxpayers. A geed year is immediately reflected in increased income and
A. Emery, counsel of
the National Association of Manufacturers, was
more Government revenue, and a bad year will equally make itself felt in
delegates were addressed informally by Under selected chairman. The
-Secretary of the Treasury
decreased income and less Government revenue. The greater part of the
Garrard B. Winston and later they engaged in an
miscellaneous internal revenue taxes are dependent upon the purchasing
extended discussion.
power of the American people, which in turn, reacts promptly to good or
Committee Appointed.
bad times. This is also true of customs. If consumption falls off, imports
A permanent executive committee was appointed
to represent the conImmediately decrease, and with them customs duties. Under our present ference and additional co-operating
corporations, that committee consystem we have abundant revenues when business is good, and we may sisting of Mr. Emery, Chairman: R. P.
Hazzard, National Boot & Shoe
expect diminished returns when conditions change materially.
Manufacturers' Association; Harry L. Gandy,
National Coal Association;
James Craig Peacock, American Cotton
Precipitate Action Opposed.
Manufacturers' Association;
William S. Bennet, National Lumber Manufactu
rers'
We are now at a very high tide of prosperity in the United States. There W.
Kreigh, American Mining Congress; Fayette Assocaition; McKinley
is no reason to expect at this time a marked reaction, but before determinB. Dow, National Petroleum Association.
ing that permanent tax reduction can be had we must have reasonable
Summarizing the conference, Mr. Emery said:
assurance of a continued flow from the sources from which our revenue is
"Its members believe that a tax on a corporation
obtained. With only a few months' test of the Revenue Act of 1926, cone
is a tax on the stockmon sense requires that we do not act precipitately. We face the near holders. The characteristic business organizations of the United States
exhaustion of war-time assets and the necessity of putting our sole reliance are owned by more than 19.000,000 stockholders, including invesitors,
for Government revenue upon a class of current taxes which are peculiarly customers and employees. The profits of every dollar Invested in the
susceptible to larger variation& Tax reduction applies not to one year corporate form of business operate more than 85% of the production.
transportation, commercial and organized service
but to every year after its adoption. Surplus is a casual happening
activities of our people.
, occur
"Every
ring in one year and not in another. Loss of revenue which could be easily and a eau dollar of corporate investment is subjected to• normal tax two
times that levied against the individual
sustained in the fiscal year 1927 might result In putting the budget in
and partnership business.
the That rate was increased by the last Congress
1% in anticipation of a deficit
Nov. 13 1926.]
THE CHRONICLE
which it was thought might result from the repeal of the corporate stock tax.
That anticipation has not been realized. On the contrary, the returns
from the corporation tax for the first nine months of the calendar year 1925
at the 13% rate,already exceed by many millions the returns of the calendar
year 1924. with a quarter of a year yet to go.
Extra Levies Unnecessary.
"It seems, therefore, fa'r to present the situation to the Ways and Means
Committee if opportunity is afforded before Congress meets. It seems
plain that in the face of existing returns the extra half of 1% levied was
unnecessary, and the additional half of 1% which will go into effect in
1926
Is not required. That much permanent relief is plainly justifiable. As
much more should be given, at least, temporarily, as the surplus of the
year permits, and as much further permanent relief as the fiscal situation
permits.
"The conference, through its contenttee becomes a permanent
organization which will concern itself not only with the presentation of this issue
to
the appropriate committees of Congress but will present further
suggestions
for the reform and substance and administration of the existing tax law to
the Joint committee which Congress has created to study the operation
of the law."
Basil M. Manly of People's Legislative Service Criticizes
Secretary Mellon's Tax Proposals—Urges Democrats
to Force Extra Session for Tax Revision.
A statement criticizing Secretary Mellon's tax proposals
was issued on Nov. 10 at Washington by Basil M. Manley,
Director of the People's Legislative Service. Mr. Manley
declared that "the Democrats ought to knowthat there is no
time for sound tax revision in the short session," and said
"if the Democrats have a sound scheme for getting rid of
the absurd corporation taxes, automobile sales taxes and
other taxes that are simply passed on to the long suffering
consumer,let them force an extra session of the new Congress,
in which they will have some real power, and show their
stuff." In his statement he said:
It is time to stop playing peanut politics with Federal taxes. It would
cost the Federal Government about as much to make the 10% refund,
proposed by President Coolidge on the morning after the big flop in Massachusetts, as the taxpayers would get out of it.
In 1924. the latest year for which we have complete statistics, there were
344,876 taxpayers with incomes under $1,000 who paid an average tax of
42 cents each. Under the Coolidge scheme they would get a refund of
only four cents each. With Government efficiency it would cost
the
Treasury at least 20 cents apiece to look up the returns,calculate the refunds,
make out the hecks. and mail them to the taxpayers. The only
thing
for the taxpayers to do with their four-cent checks would be to frame them
as a memorial to governmental stupidity.
There were 4,871,750 taxpayers with incomes under $3,000 who paid
an
average tax of $4 27. They would get checks for 42 conta at a cost to
the
Treasury of about 20 cents. On receipt they would all rise and
give
three rousing cheers for Coolidge economy.
In the meantime Congress would spend $10,000,000 Worth of time
deciding whether the refund should be made.
Secretary Mellon's scheme of rebating on next year's taxes is Just as
absurd as far as the American people are concerned. The only ones who
would get anything but "chicken feed" out of it are a few millionaires and
big corporations that have made so much money during 1926 that even
they would hardly notice the difference.
The Democrats ought to know that there is no time for sound tax revision
in the shortsession,and Ifthey try playing"three-card monte" in this session
with Madden and Smoot dealing the cards they are sure to guess wrong.
If the Democrats have a sound suggestion for getting rid of the asburd
corporation tax, automobile sales taxes and other taxes that are simply
passed on to the long suffering consumers let them force an extra session of
the new Congress, in which they will have some real power, and show
their stuff.
2479
Following the practice of the past—and it is the only just policy—this surplus ought to be returned exactly as has been the custom heretofore, by a
reduction in the taxes levied and not by rebates or refunds.
The difference is fundamental. A rebate, or a refund, merely returns
the money to the agency which collected It and paid it into the Treasury.
For instance, in the case of the automobile tax, a refund returns the tax
to the manufacturers, although everybody knows the manufacturers paid
not a cent of it.
In the case of the consumers of the products of our,great factories, a
refund or rebate returns the tax to the manufacturer,although it is a matter
of common knowledge that the manufacturer adds the tax to the price of
his goods, as a part of the cost of production, and the ultimate consumer is
the man who really has paid the tax.
On the other hand, the method we followed in the 1926 Act
--simple
reducing the tax—gave the real taxpayer and .not the artificial taxpayer
the benefit of the reduction. Some time before the election the President
predicted another tax reduction in 1928, relying, of course, upon the fact
that we have not yet reached absolutely normal conditions and that with
ordinary prosperity the present rate of accumulating surplus would continue.
Calls Apprehension Unjustified.- His present apprehension seems to be less justified, under existing circumstances, than would a like apprehension ender the circumstances which
existed at the time of his former pronouncement. That the present high
rate of Federal taxation must be reduced—and reduced materially—I think
Is clearly evidenced to every one, although it may have to be done gradually,
as we have been doing it heretofore. Our experience has been that with
each reduction the surplus grew larger instead of smaller.
The President again seems to be under the impression that the demand
for this reduction comes altogether from income taxpayers. In that he is
mistaken. The other taxpayers of the United States are as much entitled to
consideration as those big concerns and taxpayers embraced in the project
of the President.
The President also leaves out of consideration the deep-seated objection
In this country to refunds and rebates. This objecticn exists,for the reasons
first, that the party entitled to relief rarely gets the benefit of it through
refunds and rebates: secondly, because of the wrongdoing and partiality
always incident to the distribution by this process.
Says Congress Will Grant Relief.
I am gratified, however—and I am sure the Democrats of the country.
who stood so solidly behind our demand in the last campaign for an immediate tax reduction, and the edifiers of Republicans who felt the same way,
and the great body of honest American business men will share In the
feeling of gratification—that the President and the Treasury Department'
have at length consented that a bill for some sort of relief from the existing
overtaxation may be introduced and passed through the House; because we
have been threatened—even since the election—that the • Republican
majority in the House would not permit a bill to pass that body and come.
to the Senate.
With the assent of the Administration, it is, therefore, I think, assured
that a bill will pass the House and will come to the Senate. •
- •When the House deals with the bill, however,it must be presented to the
Ways and Means Committee. That committee can reform it and amend it
so as to work justice to the taxpayers of the United States.
And I have an abiding confidence that both in the House and the Renate
there will be found a sufficient number of votes to pass a tax reduction bill
that will do full justice to American taxpayers, and not- merely provide,
for relief to a part of the taxpayers, and in the main to those who have not'
in fact paid the tax—and I am satisfied that the Congress 'will present to.
the President a bill which will so nearly meet the unanimous will of the taxpayers of the country that he will find it exceedingly difficult to veto It.
though it may to some extent interfere with certain plans for the Presidential year of 1928.
I am gratified at the belated surrender of the President and the Administration.
Representative Madden's Prediction Regarding Tax
Reductions,
On Nov. 4 the Chicago "Daily News" printed a news
story that Martin B. Madden, Chairman of the AppropriaSenator Simmons Expects Congress to Pass Tax Relief tions Committee of the House of Representatives and
"watchdog of the Federal Treasury," was of the opinion
Legislation Which Will Go Further Than
taxes on next year's incomes will be cut between $300,000,000
Proposals of President Coolidge.
Gratification at the fact that the President and the Treas- and $400,000,000. The Associated Press advices from
ury Department have consented to a bill for tax relief was Chicago on that date reporting this said:
am certain another reduction can be made
expressed in a statement issued on Nov. 6 by Senator Sim- as"Idid the last one, the "Daily News" quotedand I will recommend it,
I
'
the Congressman.
"There will be a surplus in the Treasury at the end of this year," Mr.
mons of North Carolina, ranking Democrat of the Senate
Finance Committee. In indicating his views on the subject, Madden was quoted. "It will amount to about 5250,000.000. Next year
we will undoubtedly be able
the Senator says he has "an abiding confidence that both in in 1928 on 1927 income." to arrange a new tax cut to become effective
the House and the Senate there will be found a sufficient
Amusement'Tax to Go.
number of votes to pass a tax reduction bill that will do full
Mr. Madden hesitated to forecast what taxes would receive the benefit
justice to American taxpayers and not merely provide for of the next cut, but he indicated the theatre and amusement tax probably
relief to a part of the taxpayers." The Senator's statement, would be removed, said the "Daily News." story of the origin of quarterly
The newspaper also related Mr. Madden's
payments of income tax.
as given in the New York "Times," follows:
President's
approached
A
The
announcement will be pleasing to the taxpayers
of the
country, because it indicates a willingness to
concede to them what he persistently denied before the disaster which
overtook his party last Tuesday.
Of course, the announcement amounts to a humiliating
surrender for
the President and the Administration and would never have
been made
except to cover retreat; but it is artfully devised to
mislead the country
and to deny the taxpayer the full benefit of relief to which he
is entitled,
and at the same time interfere as little as possible with the reduction
coup
Intended to be projected for political effect immediately
before the Presidential election of 1928.
There ought to be two surpluses for distribution, one of
$377.000.000,
which had accumulated in the Treasury during the fiscal year ended
June 30
1926, notwithstanding the tax reduction made in the 1926 Act; and another
of $250,000.000 in prospect for the fiscal year ending June 30 1927.
But it.seeres that Mr. Mellon, after applying the sinking fund provided
by
law, and the payments received from our foreign debtors, used the 1925
surplus, collected for current expenses, for the purpose of further retiring
the public debt—againat, as I think, the will of the people of the United
States.
If the 1926 surplus cannot be reclaimed and returned to the people,
then theca is but one other surplus available, and that is the estimated
urpluu suet June 30 1927, of from $250,000,000 to $300,000,000.
•
man with a $10,000.000 income tax
him with the statement
he had warehouses full of goods to sell, probably could raise $10.000.000
by dumping goods on the market, but to do so would break the market and
hurt the business of others dealing in the same line, with the effect possibly
reaching all business and everybody.
Quarterly Payment Origin.
"What's true in my case is true of many lines of business," Mr. Madden's
visitor said. "Taxes are paid in a lump sum at one time and everybody
borrows to the hilt, or some of them do, because money is tied up in merchandise and can't be turned into cash again over night. Consequently,
around income tax paying time, a dangerous portion of credit is In use.
That is not a healthy condition. It is not good for business nor the country
at large."
Mr. Madden agreed to call a hearing, said the "Daily News," with the
result that the quarterly payment plan was devised.
Representative Madden who was the first to confer with the
President after the latter's tax program was made known,
declined to express any opinion on the rebate proposal
says a Washington dispatch to the New York "Times"
Nov. 8, from which the following is also taken:
2480
THE CHRONICLE
[VoL. 123
It would
He said he had suggested a tax revision plan to make a permanent tax Party at the polls. lam,of course, in favor of such a reduction.
reduction, amounting to $300,000,000, which appeared to him as the be legalized larceny to keep the money from the people when it Is not needed
by the Government, but the Administration's urging of such a reduction.
most feasible way to give relief to the taxpayers.
Until he had consulted with the Treasury officials and learned the as soon as the curtain has been rung down on the election, is a mere smoke
Madden screen.
exact details of the Administration's plan from the President, Mr.
declared, he preferred to rest on his original suggestion of a permanent tax
reduction.
Repeal of Federal Inheritance Tax to Be Sought at
Representative Madden assured President Coolidge to-day that the
Coming Session of Congress.
appropriations would be kept down to about the same amount as last year.
The Appropriations Committee has already begun consideration of the
Announcement that immediate repeal of the Federal insupply measures, and four of them will be presented to the House and
passed before the Christmas holidays. In Mr. Madden's opinion, all will heritance tax would be demanded at the coming session of
be out of the way before the middle of January, giving the House time to Congress was made on Nov. 6 by the National Committee
consider such pending legislation as disposition of Muscle Shoals, increase Opposed to the Federal Inheritance Tax, according to a
in Judges' salaries, radio regulation and return of allen-owned property.
The Ways and Means Committee will begin hearings on the latter measure Washington dispatch to the Nefr York "Times," which says:
This organization, composed largely of Speakers of State Legislatures and
on Nov. 15.
According to Mr. Madden, there will be no reductions in the appropria- other duly appointed State officials, passed a resolution to-day to that
the army and navy, and aviation will be treated as liberally as effect. It was said that representatives of twenty leading States were
tions for
heretofore. In his opinion, the Government has expended more than present.
during
In addition to the resolution to be presented to Congress asking for the
any other country to develop aviation, having spent $1,900,001,000
repeal of the Federal inheritance tax, it was stated to-night that the various
the great war and $500,000,000 since.
aviation service is not the best it is because we have not had the State Legislatures would be asked to protest to Congress against this measure.
"If the
According to the delegates attending the meeting, it is felt that the Federal
beet management," he said.
The Post Office and Treasury bills, Mr. Madden said, would carry joint inheritance tax is a drastic invasion of State rights.
The special committee designed to present the resolution to Congress
approximately 32.400,000.000.
consists of Edgar A. Brown. Speaker, South Carolina; A. P. A. P. Frymder.
State legislator, Louisiana; William H. Blodgett. Tax Commissioner, ConSenator Smoot and Others on Tax Reduction.
necticut: William Haskell,State Senator, Iowa;and W.Cecil Neill, Speaker.
statement as to the possibilities of Georgia.
A rather dubious
following the plan of the President came from a Republican Reduction of Corporation Tax from 1334% to 10%
leader, Senator Smoot of Utah, Chairman of the Finance
Favored by American Mining Congress.
Committee, who declared that "perhaps there could be a
Reduction of the corporation tax from 13% to 10% is
reduction of 10% in the income tax for this year." This is
of
learned from special Washington advices, Nov. 6, to the favored by the American Mining Congress. In support
this attitude the November "Mining Congress Journal"
New York "Times" which went on to say:
Senator Smoot. says editorially:
"When the last tax bill was under consideration," said
be a surplus in the first six
"I called attention to the fact that there would
that the first six months
months of this year. I called attention to the fact
difficulty would arise in meeting
of the fiscal year 1927 would be where the
of the taxes paid in full for the
the expenses of the Government. Much
in taxes do not
calendar year 1926 will be missed. Some of the reductions
have
apply until the first of next year. We want to be sure that we would
a surplus that would take care of what we need."
In later advices from Washington (Nov. 8) the same
paper stated
Smoot Would Go Slowly.
Senator Smoot. Chairman of the Finance Committee, another White
of the
House caller, expressed the same desire (as Senator Madden) to learn
fiscal condition of the Government before endorsing the Administration's
the Administax program. He thought that, as outlined in the newspapers,
tration's plan did not present an equable return to the taxpayers. The
Government was faced with the payment of $2,300.000,000 in the next
eighteen months, Mr. Smoot declared, and this surplus might be applied to
meeting these obligations rather than making necessary short-term loans to
cancel maturing bonds and treasury certificates.
or refund in
In the face of the Administration's declaration for a rebate
would be forced
the taxes paid in 1925, Senator Smoot through Congress
the general
to work out a program to aid the taxpayers, perhaps along
so popular.
lines of the Administration suggestion. A tax reduction was
surplus in the
a
he said, that when such a movement gained headway, with
treasury, Congress was never able to withstand the pressure, even though
result in more benefits to the taxpayers later.
to do so would
for
Senator McNary of Oregon, another caller, favored using the surplus
and roads.
long needed public buildings, the improvement of waterways
toward the erection of public
He though the Government had done nothing
buildings in an adequate way in the last ten years and this money might
be profitably spent in this direction and in building up water transportation
and aiding the States in a more generous way in road building.
Mr. McNary was the most critical of the callers, but he declined to
assume the attitude of actual opposition to the Administration's plan.
Senator David A. Reed of Pennsylvania, a member of the Finance
Committee who arrived in Washington to-day but did not call upon the
President. expressed doubt of any tax legislation in this session. He was in
conference with Secretary Mellon before the latter issued his statement.
Favored by Some Legislators.
While some of the dominant Republican leaders questioned the advisaopposing
bility of carrying out the President's proposal without definitely
of it. These include Senators
it, other callers were enthusiastic in favor
Gillett of Massachusetts. and Representatives
Edge of New Jersey and
Treadway and Rogers of Massachusetts.
for prompt action in the short
"It is practical and fair and offers a means
"The President has hit upon a
session of Congress." said Senator Edge.
taxpayers without running the danger of
businesslike way of relieving the
In other words, he proposes to
not having enough revenues next year.
earned a good income. It makes a special
proceed like a bank when it has
dividend."
dividend instead of raising the annual
Senator Copeland on President's Tax Proposals.
on Nov. 9, SenatorRoyal
In an interview at Atlantic City
by
Copeland of New York declared that "the advocacy
S.
Coolidge of an additional income tax reduction is
President
attention from overonly a smoke screen to divert public
defeat suffered nationally by the Republican Party
whelming
is quoted as folat the polls last Tuesday." The Senator
lows in the New York "Herald-Tribune":
reduction in taxation In
Last May I introduced a bill calling for a 25%
Administration. President
addition to that already contemplated by the
Chairman of the Senate
Coolidge, Secretary Mellon and Senator Smoot,
about it. They
Finance Committee, had a "cat's fit" when they heard
said it was an impossibility.
people of the
And now, six months later, when it is plainly seen that the
country are dissatisfied with the Republican Administration, President
Coolidge comes out and urges an immediate reduction.
intended to
This is nothing more than a shrewd political move. It is
divert the attention of the people from the defeat suffered by the Republii-tii
The Treasury Surplus.
When Congress meets in December. there is likely to arise considerable
speculation among the members as to what should be done with the large
surplus in the treasury. Some undoubtedly will want to spend it. Others
will favor its application to reduction of the public debt. Still others will
agree that part of it should be applied to reduce taxes. If politics rule, it
may be spent through pork-barrel legislation. If Secretary Mellon and his
supporters have their way, it will be applied against the public debt. If
the taxpayers who bear the brunt of the Federal tax burden, are permitted
to influence legislation, it will result in a reduction of taxes.
The capital stock tax was repealed at the last session of Congress; but
before Its repeal could be secured, the addition of 1% to the corporation
Income tax rate was Insisted upon. It was alleged that this increase in the
corporation rate was necessary in order to prevent a deficit which it was
feared by treasury officials would be occasioned by the loss of revenue from
the repeal of the capital stock tax. This fear has been dissipated. The
revenue yield under the Act of 1926 has been far above the most liberal
estimates. It would seem therefore that the 1% increase ought to be
repealed at once, and it undlubtedly will be repeabd if taxpayers generally
will demand its repeal and make that demand imperative.
Repeal of the I% increase in the tax on corporations is the least that
Congress can do to relieve the tax burden. The present status of government finances, the outlook for continued business prosperity, the unscientific and uneconomic differential that exists between the tax rates on individuals and corporations, and the practical certainty that the revenue yield
from the income tax law will continue to exceed estimates and swell the
surplus in the treasury, amply justify the reduction of the corporation rate
to 10% •
There is little, If any, demand for further reduction of the normal rates
on individuals. It has been the opinion of many authorities on Federal
taxation that too few individuals pay taxes to the Federal government:
that it would be a good thing for the country, particularly in respect of the
attitude of the people toward their franchise responsibilities, if more
Individuals had to pay some tax, oven though nominal, into the Federal
treasury. Also, it should be remembered,and Congress should be impressed
with this, that because of the diffusion of stock onwershlp In corporations.
a reduction in the corporation rate will afford relief to a larger number of
individuals than would a further reduction in the individual rates.
There are economic reasons why the corporation rate should be reduced.
one of the most important of which is the further stimulation of business
It is probable that the revenue yield would not be disturbed by such a
reduction. It was not lessened, but rather enhanced, by the reduction of
surtaxes of individuals. A similar effect from reduction of the corporation
rate is not impossible. In any event, there is no justification for continuing
the 1% which was added to cover an estimated potential loss from repeal
of the capital stock tax.
Death of "Uncle Joe" Cannon, former Speaker of
House.
At the age of 90 years, Joseph G. Cannon—better known
as "Uncle Joe," died at his home at Danville, Ill., yesterday
(Nov. 12). For the first time since he voted for Lincoln
in 1860 Mr. Cannon failed to cast his ballot a week ago
last Tuesday. He would have gono to the polls, he said
but a long period of rainy weather prevented him from
registering. Mr. Cannon was born on May 7 1836 in a
Quaker settlement outside of Guilford, No. Caro., the
son of Scotch-Irish parents. From the Associated Press
advices from Danville we take the following:
Mr Cannon came to accept the affectionate designation "Uncle Joe"
as his very own, but when asked about its origin said he did not know
how it came about
In the musty files of the Congressional Record there stands written
a moving tale of this man's great service. It begins back in 1873, when
first he came out of Illinois to take his seat In the House, even then a
picturesque, fire-eating political gladiator to whom the uproar of debate
and the tense moments in committee were the breath of life.
The yellowel pages show day by day how the hot blood of youth drove
him into every affray, his tongue lashing out at his opponents. his quick
Nov. 13 1926.]
THE CHRONICLE
mind formulating at call the instant expedients that are the weapons of
political combat. Month by month he climbed toward leadership, growing
more knowing as each session brought its new conflicts, hardening with
time into the forceful, relentless champion of his party until that day
when the gavel was placed in his hands and he mounted the Speaker's
rostrum as master of the House, to rule alone for two terms as few men
before him had ruled that body.
And as great had grown his place and power, great was his fall when
the H011230 in 1912 revolted against his czarlike rule and stripped him
of power through a combination of insurgents in his own party with the
Democratic minority.
In the political deluge that fell upon his party in 1912 "Uncle Joe"
failed of re-election for the only time in his Congressional career. For
one term he was not in the House, but practiced law in Danville. When
he came back again at the next election age had begun to cool his ardor.
He sat many days without sharing in debate and It was only in flashes
that his old fire showed when he took the floor.
In 1908, when in the glory of his rule as bogs of the House, Mr. Cannon
looked toward the Republican nomination for the Presidency. When
leaders proposed that he take second place on the ticket he refused emphatically
2481
pending the few weeks required to complete the merger under
the name of American Exchange Irving Trust Company.
The merger plans were referred to in these columns Oct. 16.
page 1960, and Oct. 30, page 2219.
One R. Kelly, Vice-President and Secretary of the
American Trust Co., was on Nov. 10 made President of
the County Trust Co. of White Plains, an affiliated institution. Mr. Kelly has been an officer of the American Trust
Co. since its formation in 1919. Prior to that he was
Assistant Secretary of the Empire Trust Co.
At the regular meeting of the Executive Committee of
the National City Bank of New York this week John F
Young was appointed an Assistant Cashier.
The meeting of the stockholders of the Bank of America,
scheduled for Nov. 11, was adjourned without taking any
Thanksgiving Proclamation of President Coolidge.
action on a proposal to increase the capital stock to $8,000,The annual Thanksgiving Day proclamation of the Presi- 000 from the present
$6,500,000. The meeting was referred
dent was issued on Oct. 30 by President Coolidge, who to in our issue of Oct. 30, page
2219.
designates Nov. 25 "a day of general thanksgiving and
prayer." In stating that "we are blessed among nations,"
The Endicott National Bank of Endicott, N. Y., now
the President says: "We are not unmindful of the gratitude organizing, called for payment in full for stock subscriptions
we owe to God for His watchful care," and "we should not on Nov. 1. The institution is forming with a capital of
fail in our acknowledgment of His divine favor which has $100,000, paid in surplus of $10,000 and undivided profits
bestowed upon us so many blessings." The proclamation of $15,000. Full payment was received on all subscriptions
follows:
on Saturday Nov. 6, and the bank is expected to open on
By the President of the United States of America.
Monday next, Nov. 15. The officers of the new institution
A PROCLAMATION.
are: S. Howard Ammerman, President; Ed. B. Furry,
AA a nation and as individuals, we have passed another twelve months
in the favor of the Almighty. He has smiled upon our fields and they Vice-President, and A. E. Hewell, Cashier.
have brought forth plentifully; business has prospered; industries have
flourished, and labor has been well employed. While sections of our
country have been visited by disaster, we have been spared any great
national calamity or pestilential visitation. We are blessed among the
nations of the earth.
Our moral and spiritual life has kept measure with our material prosperity. We are not unmindful of the gratitude we owe to God for His
watchful care which has pointed out to us the ways of peace and happiness; we should not fail in our acknowledgement of His divine favor which
has bestowed upon us so many blessings. Neither should we be forgetful
of those among us who,through stress of circumstances, are less fortunately
placed, but by deeds of charity make our acknowledgment more acceptable
in His sight.
Wherefore, I, Calvin Coolidge, President of the United States, do hereby
set aside Thursday. the 25th of November next, as a day of general thanksgiving and prayer, and I recommend that on that day the people shall
cease from their daily work and, in their homes or in their accustomed
places of worship, devoutly give thanks to the Almighty for the many and
gteat blessings they have received, and seek His guidance that through
good deeds and brotherly love they may deserve a continuance of His
favor.
In witness whereof I have hereunto set my hand and caused to be affixed
the great seal of the United States.
Done at the City of Washington. this 30th day of October, in the year
of Our Lord one thousand nine hundred and twenty-six, and of the independence ot the United States the one hundred and fifty-first.
CALVIN COOLIDGE.
By the President:
JOSEPH C. GREW. Acting Secretary of State.
ITEMS ABOUT BANKS, TRUST COMPANIES, &C.
New York Stock Exchange memberships established a new
high record this week when the membership of Robert H.
Simpson was reported posted for transfer to Robert J. Goldman, the consideration being stated as.$160,000. The previous high point reached was $155,000. Other memberships
posted for transfer this week were that of Edward W.Buckhout to George C. Schubert,for $158,000, and that of Henry
W.Evans to Charles C. Wright for $152,000. The last preceding sale was at$142,000.
The New York Curb Market membership of Thomas C.
O'Keefe was reported sold this week to Spencer H.Logan,the
consideration being stated as $28,000. The last preceding
transaction was at $23,000.
•
The New York Cotton Exchange membership held by
the estate of Frank A. Kimball was reported sold this week
to Paul Schwartz for another, the consideration being stated
as$26,000. The last preceding sale was at$27,000.
At the Bankers' Forum meeting on Wednesday, Nov. 17,
at 6:30 p. m. at the Hotel Shelton,49th Street and Lexington
Avenue, W. Randolph Burgess, Assistant Agent, Federal
Reserve Bank of New York, will, speak on "The Reserve
Bank and the New York Money Market."
The first step in the merger of the American ExchangePacific National Bank into Irving Bank & Trust Co. of this
city was taken Nov. 5 when the shareholders of the former
voted to liquidate the National bank, effective Nov. 8.
Hereafter the business will be conducted under the name of
the American Exchange-Pacific Bank (the title being the same
as the former name with the omission of the word "National")
Stockholders of the Park Street Trust Co. of Hartford,
Conn., on Nov. 9 unanimously voted to increase the capital
stock of the institution from $100,000 to $150,000 by the
issuance of 500 shares of new stock at the par value of $100
a share, according to the Hartford "Courant" of Nov. 10
The additional stock, it was stated, would be issued to
stockholder of record Nov. 9 at par on the basis of one share
of new stock for every two shares then held, payable on or
before Jan. 3 1927, when the new stock would be issued.
Formal 'announcement was made by the directors of the
Broad & Market National Bank of Newark, N. J., of a
proposed increase in the capital of the institution from
$200,000 to $1,200,000, according to the Newark "News"
of that date. A special meeting of the stockholders of the
bank will be held on Dec. 15 to ratify the action of the
directors. Upon the increase in capital becoming effective,
it is understood, the bank's surplus fund will be $600,000.
The announcement of the capital increase said in part:
This stop has been taken to permit the bank to extend its activities and
to make larger loans to its customers. It will also serve to expand its
trust powers. With this change the depositors will have nearly 12,000.000
to protect their deposits.
The board also has in mind other action looking toward the expansion
of this institution and its development as a bank designed to serve large
business interests as well as to care for the savings and look after the trust
business of individuals.
It was further announced by the directors that Timothy
F. Foyle, long the owner of more than a third of the bank's
stock, had been elected a Vice-President. In commenting
on Mr. Foyle's election the "News" said:
The action to-day (Nov. 10) marks the settlement of differences as to
policy between George S. SiIzer (Chairman of the board of directors) and
Mr. Foyle since the acquisition of a majority of the stock by Mr. Mixer
and associates last January. As the owner of more than a third of the
shares Mr. Foyle was in a position to veto any plans for expansion.
Howard B. Davis, President of the Bloomfield Trust Co.,
Bloomfield, N. J., died suddenly of a heart attack on Nov.8.
Mr. Davis, who was 62 years of age, had been connected
with the Bloomfield institution since 1904. He was elected
President last year. He also was Treasurer of the Bloomfield Coal & Supply Co., and was engaged in the real estate
and insurance business in Bloomfield.
An application to organize the Security National Bank of
Trenton, N. J., has been filed with the Comptroller of the
Currency. The bank is to have a capital of $200,000.
A noteworthy anniversary which has received deserved
recognition, is that of William R. Nicholson who this week
(Nov. 10) recorded thirty-five years service with the Land
Title & Trust Co. of Philadelphia, the occasion also marking
his thirty-fifth anniversary as President of the institution.
For twenty years Mr. Nicholson has also been President of
the Philadelphia Co. for Guaranteeing Mortgages. The
"Evening Public Ledger" of Philadelphia, in telling of the
felicitations of which Mr. Nicholson was the recipient, says
in part:
2482
THE CHRONICLE
The congratulations of men prominest in the business and financial
ife of the city greeted William R. Nicholson, President of the Land Title
& Trust Co., as he entered the flowered bedecked office this morning, the
thirty-fifth anniversary of his assuming the presidency of that corporation.
Accompanied by his wife, Mr. Nicholson arrived at the door of his
office shortly after 9 o'clock. Requesting Mrs. Nicholson to excuse
him for a moment while he "glanced over the mail," he found a score of
directors of the many companies with which he is affiliated crowding
the room. Floral tributes from his family, his friends and his employees
filled the office, while nearly 1,000 letters and telegrams and greetings
were stacked on his desk.
Mr. Nicholson, accepting the applause and the hearty handshakes of
his friends and business associates, could only smile and repeat, "What a
surprise." One of his associates, in voicing the tribute of the welcoming
group, wished him long life and continued success.
"You have built your own monument with your splendid career," they
told him.
Samuel C. Edmonds, Vice-President of the Philadelphia Co. for Guaranteeing Mortgages, another organization of which Mr. Nicholson is
President, presented a testimonial book, signed by all employes of the
company, to Mr. Nicholson. who said he prized it highly.
Baskets of flowers were presented by his friends, relatives and associates, and a two-volume life of the late John Wanamaker was presented on
behalf of the store by William L. Nevin.
Among those who presented flowers were Alfred W. Fleisher, William R.
Nicholson, Jr., and E. W. Nicholson, his sons; the Central Trust CO. and
the Philadelphia Co. for Guaranteeing Mortgages.
Major A. J. Drexel Biddle was one of the first to greet Mr. Nicholson after
the official tribute was made and the executive "settled down" to the (lay's
work. But officials at the Land Title & Trust Co. believed there would be
little chance for Mr. Nicholson to read the hundreds of letters sent to him
on the anniversary,since scores of friends kept calling at his office to extend
congratulations.
Of Philadelphia birth and of the fourth generation of his family in Pennsylvania, Mr. Nicholson has spent his life in devotion to the business and
professional interests of the city. After twelve years of association with
William Nelson West in law and conveyancing, first as a student, then as
a partner, he later found his sphere in the business world. In financial
pursuits he has won honorable distinction.
In civic affairs he has ever been a worker for better conditions In the
church, the Young Men's Christian Association and in his club life his
Personality has been far reaching and his personal service untiring It is
estimated that one-third of the $1,000,000 fund raised for the Y M. C A.
was given through his personal work as chairman of the Campaign Committee.
During the World War Mr. Nicholson was identified with its financing
and served as chairman of Local Board No.32, having jurisdiction over the
enforcement of the Selective Draft Law in Overbrook.
Mr. Nicholson was born here June 25 1851. He was educated in the city
schools, finishing his studies at Central High School. In 1868 he began
reading law. Twelve years later he formed an association for the purpose
of building and operating real estate, continuing in that line of activity for
ten years. During this time his efforts were largely directed toward the
upbuilding of West Philadelphia where his firm was instrumental in the
erection of more than 1,000 houses.
Thirty-six years ago he was elected President of the West Philadelphia
Title & Trust Co., holding that office mail the following year, when he
resigned to assume his present position.
Application for the organization of the Erie National
Bank, to be located at Erie Ave. and 6th St., Philadelphia,
has been approved by the Comptroller of the Currency,
according to the Philadelphia "Ledger" of Nov. 10. The
new institution is to be capitalized at $200,000 with surplus
of $50,000. A bank building is to be erected at an early
date, it is understood.
Subject to the approval of the stockholders of the institutions, the Old National Bank of Evansville, Ind., and the
American Trust & Savings Bank of that city, with a combined capital of $1,000,000, are to be consolidated, according
to an Associated Press dispatch from Evansville on Nov. 6,
which appeared in the Indianapolis"News" of the same date.
It was further stated in the dispatch that both banks would
remain in their present quarters, but would be governed by
one board of directors,should the merger plan be approved.
As an added and helpful sales effort in obtaining new
members for their 1927 Christmas Club the Central Trust
Co. of Illinois, Chicago, has adopted a combination dime
saver and Christmas folder. This idea is something new
in the way of exploiting the Christmas Club. These folders
are being used in a direct-by-mail campaign and for personal
solicitation.
John J. Mitchell, President of the Illinois Merchants
Trust Co. of Chicago, celebrated his 73d birthday on Nov. 3.
After spending the morning at his desk, the well known
banker hurriedly boarded the Twentieth Century Limited
for a three days business trip to New York. He was quoted
by the Chicago "Tribune" as saying on the occasion: "I feel
as good as I did fifteen years ago. I never let my work
worry me. I enjoy it. I work every day at my office
except a three months vacation in the early part of each
year. I never leave at night until all the work is cleaned
off my desk." Mr. Mitchell added that he wished he
might live 20 years more to take advantage of the opportunities the future is sure to bring. He said he had recently
helped celebrate the 80th birthday of Elbert H. Gary and
that if he could be as useful as Mr. Gary at that age he
would be satisfied.
[vim. 123.
Effective Nov. 2 the First National Bank of Madison,
Neb., and the Madison National Bank of that city were
consolidated under the title and charter of the former.
The new institution is capitalized at $100,000.
Clifford E. French, who recently resigned as State Finance
E.
Commissioner of Missouri, has been elected a Vice-President
of the Lafayette-South Side Bank of St. Louis. He was
appointed to the office of State Finance Commissioner by
Governor Sam Baker, the early part of 1925. We have been
favored with the following statement regarding his career:
In 1887 Mr. French became connected with the National Bank at Rolla,
and it was there that he gained his first knowledge of banking. Three
years later he was promoted to Cashier, serving until 1906, when he was
appointed a National Bank Examiner of Missouri. In 1908 the St. Louis
Clearing House sought his services and he was appointed Examiner for the
association. Here he inaugurated a system of examining which, at that
time, there was only one other city in the United States having a similar
system, that being Chicago. In October 1914 Mr. French was elected
Cashier of the Federal Reserve Bank of St. Louis, becoming the first incumbent of that office. In August 1915 he was appointed Chief National
Bank Examiner of the Eighth Federal Reserve District, and served until
Jan. 8 1926, when he resigned to accept the Vice-Presidency of the St. Louis
Union Bank. Upon the merger of the Third National, Mechanics-American
and the St. Louis Union Bank, which resulted in the organizing of the
First National Bank, he'was elected Vice-President and remained in that
office until December 1924. In April 1925 Governor Baker tendered him
the office of Commissioner of Finance of the State of Missouri, which he
accepted and held until Sept. 20 1926, when he resigned to become a VicePresident of the Lafayette-South Side Bank of St. Louis.
A small Mississippi bank, the First National Bank of
Ackerman, has been closed and its affairs placed in the
hands of a Federal bank examiner, according to an Associated Press dispatch from that place on Nov. 1, appearing
in the New York "Evening Post" of the same date. The
bank was capitalized at $25,000 and had deposits of between
$50,000 and $60,000. Investment in real estate holdings
which are not immediately marketable and the cotton situation caused officers of the bank to close the institution,
It was stated.
Word has been received from New Orleans that Rudolf S.
Hecht, President of the Hibernia Bank & Trust Co., had •
completed twenty years of service with that institution.
Starting as an assistant in the foreign exchange department
of the institution at the age of 21, Mr. Hecht's progress has
been noteworthy. He first became Trust Officer; later
Bond Manager; then Vice-President; next Senior Vice-President; and finally, in 1918, he was elected President of the
institution at the age of 33. The board of directors of the
company, in a resolution commending Mr. Hecht for his
service to the bank and the community, remarked that "the
field of larger opportunity elsewhere has been frequently
open to him, but his devotion to this institution and to New
Orleans has kept him with us." The directors presented
Mr. Hecht with a set of reference books as a token of their
esteem.
Effective Oct. 25, the Bank of Van Nuys, Cal., was taken
over by the Security Trust & Savings Bank of Los Angeles,
becoming the Van Nuys branch of the latter institution,
according to the Los Angeles "Times" of Oct. 26. All the
former officers of the absorbed bank, it Is understood, continue with the institution. These are W. P. Whitsett,
founder of the bank and its former President, who has been
made Chairman of the Executive Board; H. C. Hatterscheld,
formerly Vice-President, who has been appointed Manager,
and F. N. High, heretofore Cashier, who has been made
Assistant Manager. The acquisition of this bank Makes
the fiftieth unit in the Security Trust & Savings Bank system, it is understood.
Consolidation of the Lenox State Bank of Inglewood
(Los Angeles County), Cal., with the Pacific-Southwest Trust
& Savings Bank of Los Angeles, became effective on Oct. 16.
In regard to the merger, the Los Angeles "Times" of Oct. 15
said in part:
This will be the fourth branch of the Pacific-Southwest bank in the
the Inglewood district, other branches being the First branch and the
Market Street branch in Inglewood, and the Fairview branch in Fairview
Heights.
The merger of the Lennox State Bank, total resources of which aggregate $342,768, will bring the resources of the First National-Pacific-Southwest banking group to $310,809,422 87. The First National Bank has
resources of $98,582,424 08, the Pacific-Southwest, $211,294,280 79, and
the First Securities Co., a capital and surplus of $600,000.
All four branches in the Inglewood district will be under the supervision
of W. G. Brown, Inglewood Vice-President. There will be no personnel
change in the Lennox branch, the officers and directors remaining as off
cers or members of the executive board of the Inglewood branches of the
Pacific-Southwest Bank. Ray M. Stevens, Cashier of the Lennox State
Bank, will be manager of the Lennox branch. Other officers of the Lennox
State Bank are L. 0. Calkins, President; Adolph Lensinger, Vim-President,
and Thomas P. Lair, Assistant Cashier.
Nov. 13 1926]
THE CHRONICLE
2483
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
THE WEEK ON THE NEW YORK STOC C EXCHANGE.
DAILY, WEEKLY AND YEARLY.
The stock market this week has again shown an improving tendency and except for a short period of irreguStocks,
State,
Railroad.
United
Week Ended Noe. 12.
Number of
Municipal .4
vte..
States
larity on Tuesday and again on Wednesday the trend of
Shares.
Bonds.
Foreign Bonds
Bonds.
prices has been generally upward. Oil stocks have disSaturday
696,650
52.720,500
13,446,000
1259,450
played unusual strength, steel shares have made further Monday
1,421,511
0.841,000
1,472,450
3,447.000
1.505,920
7,276.500
advances, and railroad issues have moved slowly but steadily Tuesday
562,500
3,594,000
Wednesday
1,357.640
6,958,500
799,000
4.174.000
forward. The report of railroad car loadings made public Thursday
1.216.539
6.068,000
759,500
3.134.000
Friday
1.894.500
7,053,000
2,884.000
1.176,000
on Thursday, indicates that the loadings for the week
A 007 7511
297 flai rhan
tin 009 000
501195 OM
ending Oct. 30 exceeded all previous records by 6,269 cars. TntAll
At the short sessi n on Saturday the market continued to
Sales at
Week Ended Noy. 12.
Jan. 1 to r.ov. 12.
New York Stock
move forward, the upward drift including a large part of the
Enflame.
1926.
1925.
1925.
1920.
general list. Copper stocks were in strong demand, Kenni381.202,649
cott going into new high ground for the year, followed by Stocks-No. shares_ _ _ 8,092.760 15,204,219 391.843,781
Bonds.
Government bonds__
Nevada Consolidated,whi 3h was also at its best figure for the State & foreign bonds__ 55,028,900 16,765,200 5224,382.350 8305,979.760
19.953.500 12,030.500
616.614,000
594,710,950
year. As the day advanced, railroad stocks displayed Railroad & misc. bonds 37.641.000 48,375,000 1.710.384,700 2,631,309.775
marked improvement, Atchison scoring a net gain of 23i
Total bonds
$82.823,400 867,170,700 52,529.478,000 33.553.903.535
points, a hile Wabash did equally well. Chi ago & forth
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
Western gained nearly three points and advances were also
BALTIMORE EXCHANGES.
made by Missouri Pacific, Bait. & Ohio, Rock Island, and
New York Central. The market was fairly strong on
Boston.
PhitadelpIsia.
Baltimore.
Monday, United States Steel common leading the advance,
Week Ended
Nov. 12. 1926.
Share,. Bond Sales. Shares. Bond Sales Shares. Bond Sales.
.
followed by railroad stocks, copper issues and oil stocks
16.284
114,650
13.595
.In the rail group Atchsion was the outstanding feature and Saturday
122.800
625
115,000
Monday
31.704
35,700
17,957
74,820
1,886
21,000
moved into new high ground for the present movement. Tuesday
30.978
45,000
50,520
39,700
1.476
49,100
Wednesday
22,460
12,800
21,214
49,700
2,713
10,500
Oil shares also were in strong demand and substantial gains Thursday
18,855
11,000
HOLI DAY
HOLI DAY
18,926
21,000
29,502
8,000
1.654
57,000
were recorded by Union Oil of Calif., Standard Oil of Calif., Friday
Total
:Texas Co. and General Asphalt. Railroad equipment
139,207 3140.150 132,848 $195,020
8,354 3152,500
shares displayed new strength in the afternoon trading, Pram work rnvlapd Qn 39A 510511110 155 545 1100 500 10.443 5153.500
Baldwin Locomotive, American Car & Foundry, American
Locomotive scoring substantial gains. Allied Chemical was
also strong and moved up three points and American Smelting
crossed 147.
COURSE OF BANK CLEARINGS.
• Under the leadership of United States Steel common the
Bank clearings the present week will show a considerable
'market again advanced in the early trading on Tuesday,
though the trend was somewhat mixed, the early advances decrease compared with a year ago. Preliminary figures
being followee generally by brisk downward reactions. compiled by us, based upon telegraphic advices from the chief
Motor stocks came forward under the leadership of General cities of the country,indicate that for the week ending to-day
Motors, which closed with a gain of 3 points. Du Pont (Saturday, Nov. 13), bank exchanges for all the cities of the
was in special demand and bounded upward 6 points to 107. United States from which it is possible to obtain weekly
Copper shares and oil stocks continued in strong demand at returns will be 14.1% smaller than
for the corresponding week
'steadily increasing prices and local utilities again displayed
last year. The total stands at $9,021,390,732, against
strong upward tendencies, particularly Consolidated Gas
'and Brooklyn Edison. In the final hour the list developed $10,503,698,834 for the same week in 1925. At this centre
considerable irregularlity, particularly in the railroad group, there is a loss for the five days of 16.6%. Our comparative
Atchison, the decline in which had an unsettling effect on summary for the week is as follows:
the rest of the list. The market turned downward on
Ciearings--Returns by Telegraph.
Per
Wednesday and many active shares closed the day from 2 to
1Veek Ended Nos. 13.
1928,
1925.
Celt:.
3 points lower, though there were also some substantial New York
14,210,000.000 35,047.407,886 -16.6
gains scattered throughout the list. The weak stocks of Chicago
456,705,466
527,516,430 -13.4
Philadelphia
388.000,000
445.000,000 -12.8
the day included Mack Trucks, Allied Chemical, American Boston
396,000,000
412.000,000
-3.9
Kansas City
109,208.648
110,724,414
-1.4
Smelting and Atchison, tho latter selling below 156. United St. Louis
102,600.000
123,900,000 -17.2
San Francisco
'States Rubber and Foundation Co. moved against the
135.982,000
149,850,000
-9.3
Los Angeles
116,898,000
128.994,000
-9.4
trend and closed with substantial gains. On Thursday the Pittsburgh
132,740,794
142,007,213
-6.5
Detroit
135.380.081
147,762,362
,market again became strong though with occasional periods Cleveland
-8.4
95,730.662
99,250,653
-3.6
of irregularity and many issues advanced from 1 to 5 points. Baltimore
80.807.566
94,445,703 -14.5
New Orleans
52,862,683
59,588,308 -11.3
;The strong stocks of the day included United States Cast
Thirteen cities, flee
86,412.915.900 57,488,446,969 -14.4
Iron Pipe & Foundry, Woolworth, Baldwin Locomotive, Other cities, five citiesdays
1.104,909.710
1,298.373,695 -14.9
Pullman Co., American Smelting and United States Steel Total all Mies,
five days
87.517.825.610 $8,786,820,664 -14.4
'common. Texas Gulf Sulphur crossed 48, making a new All cities, one day
1.603.585,122
1.718.878.170
-12.4
•high for the present issue. Oil stocks were active and strong, Total all cities for wAnk
291191 21217512 sin MR ROA 32.1 -14.1
Marland and Pan American advancing about a point,
followed by Standard Oil of New Jersey. General Motors
Complete and exact details for the week covered by the
closed fractionally higher and United States Steel common foregoing will appear in our issue of next week. We cannot
,scored a net advance of 2X points.
furnish them to-day, inasmuch as the week ends to-day
Under the leadership of United States Steel common, the (Saturday), and the Saturday figures will not be available
'market moved steadily forward in the early trading on until noon to-day. Accordingly, in the above the last day
Friday, many of the more active speculative stocks scoring of the week has in all cases had to be estimated.
substantial gains. The outstanding feature of the morning
In the elaborate detailed statement, however, which we
was the strength of Baldwin Locomotive, which moved present further below, we are able to give final and complete
vigorously forward to 135, the highest level it has reached results for the week previous-the week ended Nov. 6. For
in months. United States Cast Iron Pipe & Foundry was that week there is a decrease of 10.0%, the 1926 aggregate
another conspicuous feature and advanced to a new high at of clearings being $9,540,795,448 and the 1925 aggregate
219, and Woolworth crossed 187 at its high for the day. $10,600,818,610. Outside of New York City there is a
,Railroad securities were again the centre of interest and sub- decrease of 8.6%, the bank exchanges at this centre having
stantial advances were scored by Southern Railway, Atlantic shown a loss of 11.1%. We group the cities now according
Coast Line, New York Central and Seaboard Air Line. to the Federal Reserve districts in which they are located,
Other strong stocks included Pullman Company, Allied and from this it appears that in the Boston Reserve District
Chemical, American Smelting, du Pont, General Railway the totals are smaller by 6.2%, in the New York
Reserve
Signal and American Brake Shoe. In the final hour a wave District (including this city) by 10.9%, and in the Philaselling came into the market and the list was for a short delphia Reserve District by 5.2%. In the Cleveland Reof
period somewhat irregular, though most of the leaders re- serve District there is a gain, though of only 0.4%, but in
tained the greater part of their early gains. The final tone the Richmond Reserve District there is a falling off
of
was good.
17.8% and in the Atlanta Reserve District of 27.6% (the
latter due mainly to the decrease at the Florida'points,
Jacksonville showing a loss of 36.0% and Miami of 75.7%).
In the Chicago Reserve District the totals show a diminution
of 8.5%, in the St. Louis Reserve District of 9.1%, and in
the Minneapolis Reserve District of 10.5%. In the Kansas
City Reserve District there is a decrease of 6.5%, in the
Dallas Reserve District of 11.7%, and in the San Francisco
Reserve District of 8.5%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Ine.or
Dec.
1924.
1923.
Week Ended Nov.6 1926.
1926.
1925.
Federal Reserve Discs.
106 Boston_ _ _ _12 Cit180
2nd New York _11 "
3rd Philadelnhial0 "
Ath Cleveland-- 8 "
6th Richmond - 6 "
6th Atlanta_ __ _13 "
7th Chicago __ _20 "
Iith St.Louis.._ 8 "
Pth Minneapolis 7 "
10th Kansas City12 "
Ilth Dallas
5 "
16th San Fran.. 17 "
$
553,783,203
5,446,085,701
590,020,512
388,071,106
186,890,415
207,222,371
937,470,510
221,546,033
147,248,239
261,846,281
86,952,164
513,658,913
8
596,930,590
6,109,469,044
622,115,790
386,677,050
227,219,094
286,314,015
1,023,923,484
243,477,923
164,492,536
280,177,768
98,440,376
561,580,940
Total
129 cities
Outside N. Y. City
9,540,795,448 10,600,818,610 -10.0
4,219,639,483 4,616,772,644 -8.6
9,168,373,007
3,917,964,325
7.343.790,4
65
3,659,071,135
480.551.352 -3.5
445,535,222
602.431,959
Canada
[VoL. 123.
THE CHRONICLE
2484
29 cities
458.102.180
$
%
-6.2
512,431,093
-10.9 5,355,550,411
-5.2
522,645,754
351,473,236
+0.4
191,880,343
-17.8
212,783,354
-27.6
850,712,679
-8.5
-9.1
225,082,513
174,469,403
-10.5
2.48,287,008
-6.5
81,834,319
-11.7
441,219,894
-8.5
6
412,497,199
3,789,155,983
507,433,303
331,142,929
178,680,456
208,316.110
794,137,323
210,357.895
144,026,215
236,861,262
75,319,400
455,862,390
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ended November 6.
Clearings at
1926.
First Federal
Maine-Bangor.
Portland
Mass.
-Boston.
Fall River_ _ _
Holyoke
Lowell
Lynn
New Bedford_
Springfield. _
Worcester
-Hartford
Coon.
New Haven_ _
R.I.-Providenc
N.EL-Manches
Total(12 cities)
1925.
Inc. or
Dec.
$
%
6
Reserve Dist rIct-Boston 941,075 +9.8
1,033.685
4,633,330 -10.4
5.116,840
494,000.000 530,000,000 -6.8
2,842.567 -20.3
2,266,116
a
a
a
1,201,746
1,745,773 -31.2
a
a
a
2,881,822
2,753,676
+4.6
7,526,548 -6.1
7,069.051
3,999,195
4,277,333 -6.5
14,227,660
17,216,772 -17.4
7,545,583
7,919,385 -4.7
13,610,400
16,106,100 -15.5
831,105
968,031 -14.2
553,783,203
596.930,590
-6.2
1924.
1923.
6
$
834,346
3,929,571
460,000.000
2,163,115
a
1,279,331
a
2,178,254
5,500.839
3,568.000
13,182,690
7,186,673
11,782,100
829,174
851,766
3,158,328
361,000,000
2,916,323
a
2,090,442
a
2,514,686
5,228,284
3,350,000
11,544.331
6,453,025
12,686,300
703,714
512,434,093
412,497,199
Second Feder al Reserve D strict-New York
N. Y.
-Albany _ _
7,315,336
6,575.349 +11.2
6,623,137
5,058,387
Binghamton_ _ _
1,623,000
1.340,300 +21.1
1,229,400
934,200
Buffalo
40,074,812
39,169,966
49.601,920
54,698,968 -9.4
Elmira
927,157
709,310
1,172,223
972,779 +20.5
Jamestown_ _ _ _
c1,155,229
1,225,324 -5.7
992,558
986,564
New York_ _ _ _ 5,321,155.965 5,984,045,966 -11.1 5,250,408,679 3,685,718,330
Rochester
14,426,221
16,884,509 -14.6
12,102,184
10,458,277
Syracuse
6,831,531 +21.3
6,130,598
4,482,266
8,286,100
Coon -Stamford
3,066,500
2,853,799
c3,419,914
3,663,688 -6.7
N. J.
-Montclair
594,227
443,591
868,509
750,219 +15.8
33,401.159
38,341,293
37,061,284
32,480,411 +14.1
NOrtbern NJ..
Total (11 cities) 5,446,085,701 6,109,469,044 -10.9 5,355,550,411 3,789,155,983
Third Federal Reserve Dist riot-Philad elphia-P5.
-Altoona.._ _
1,655,111
1,817,438 -8.9
1,461,548
Bethlehem _ _
4,187,119
4,304,343 -2.7
3,978,227
Chester
1,523,072
1.321.956 +15.2
1,564,184
Lancaster
2,403,409
3.339.056 -28.0
2,789,895
Philadelphia._ 556,000,000 587,000,000 -5.3 493,000,000
Reading
4,490,643
4,226,634 -6.2
3,464,037
Scranton
6,698.105
6,842,010 -2.1
5,621,552
Wilkes-Barre..
d4,394.976
4.358,912 +0.8
3,176,708
York
1,912,688
1.952,033 -2.0
1,968,178
-Trenton..
N.J.
6,755.389
6.953,408 -2.9
5,621,425
a
a
a
a
Total(10 cities)
590,020.512
622,115,790
-5.2
1.418,333
3,591,015
1,293,214
2,882,889
480,000,000
3,179,325
5,345,758
3,442,157
1,439,639
4,840,973
a
522,645,754
507,433,303
Fourth Feder al Reserve D Istrict-Clev eland-d5,651,000
5.408,000 +4.5
-Akron.
6,849.000
Ohio
4,155,194 -19.2
3.358.731
3,898.436
Canton
72,432,937 +3.1
74,704,251
63,789,953
114,840,692 111,402,493 +3.1 107,078,377
Cleveland
17,368.600 -1.4
17,135,900
17,369,000
Columbus
a
a
a
a
Dayton
a
a
a
a
Lima
1,936,623 +4.0
1,740,269
d2,013,531
Mansfield
a
a
a
a
Springfield_
a
a
a
a
Toledo
5.013,339 +2.3
3,705,468
5.126,794
Youngstown _
a
a
a
a
Pa. Erie
Pittsburgh_ _ _ 165,240,207 168,959,864 -2.2 147,041,833
6,829,000
3,935,352
58,468,352
93,710,885
14.429,000
a
a
1,893,002
a
a
4,039,440
a
147,837,898
+0.4
351.473,236
331,142,929
Fifth Federal Reserve Dist rict-Richm ond1,760,283 -6.4
1,639,852
9,664,695 -8.6
d8,818,245
Va.-Norfolk
58,510,000 -17.6
48,211,749
Richmond.
2,685,388 -9.0
2,443,354
S.C.
-Charleston
96,628,365 123,434,222 -21.7
Md.-Baltimore _
31.164.506 -6.5
29.148,850
D.C.-Washing'n
1,679.086
8,644,382
57,294,000
2,891,000
96,729,991
24,641,884
2,003,343
10,079.866
56,273,000
3,599.179
83,994,068
22,731,000
227,219,094 -17.8
191,880,343
178,680,456
Sixth Federal Reserve Dist rict-Atlant a
7,184,580 -5.2
d6,814,368
Tenn.-Chatt'ga.
+2.1
3,496.062
3,568,909
Knoxville
22,644,698 -7.6
20.744.391
Nashville
82.244,057 -35.4
53,169,857
Georgia-Atlanta
2,655,263 +3.6
Augusta
2,752,085
+9.5
2,088,431
Macon
2,286,197
a
Savannah
a
a
-36.0
33,962,008
Fla.-Jack'nville.
21,741,049
Miami
27,343,141 -75.7
0,668,550
Ala.-Birming'm.
27,200,108 -1.6
26.770,168
Mobile
2,292,022 -0.1
2,290,256
Miss.
-Jackson_ _
1,539.000 +11.9
1,723,000
Vicksburg.
444,574 +7.9
479,541
La.-NewOrleans
58,214,000
73.220,071 -20.5
5,087,828
3,053,855
20,114,691
63.432,045
2,315,000
1,842.047
a
13,935,884
5,007,368
28.449,395
2,060,557
1,690,000
664,637
65,129,147
6,443,072
3,216,313
21,116,090
60,838,878
2,804,422
1,758,328
a
11,267,644
212.783,354
208,316,110
Total(8 cities)_
Total(6 cities).
Total(13 cities)
388,071,106
186,890,415
207.222.371
386,677,050
266.314.015 -27.6
26,817,268
2,059,477
1,321,886
667,611
70.005,121
Week Ended November 6.
Clearings at
1926.
1925.
Inc. or
Dec.
Seventh Feder al Reserve D istrict -Chi cago259,358 +0.2
260,025
Mich.
-Adrian _ _
1,290,959
Ann Arbor_ _ _ _
2.3
1.320,895 157,169,049 160,193,949 Detroit
1.9
7,997,467
Grand Rapids_
8,933,880 10.5
3,244,409 2,393,042
Lansing
26.3
3,433,037
Ind.
-Ft. Wayne
3,177,631
+8.0
Indianapolis...
19,432,000 +26.8
24.651,000
11,325,100
South Bend _ _
3,812,200 +197.2
5,988,720
Terre Haute__ _
5,203,663 +15.1
WIs.-Milwaukee
43,419,482 +4.1
45,199.528
2,909,091
3,139,861
Iowa-Ced. Rap.
+7.9
11,617,291
Des Moines_ _ _
13,707.359 15.3
6,942,554
Sioux City _ _ _ _
11.5
7,841,651 1,425,374
Waterloo
1,414,252 21.5
1,767,678
III-Bloomington
3.7
1.816,018 640.095,813 734,320,916 Chicago
12.8
a
Danville
a
1,349,750
1
1,305,553 +3.4
Decatur
5,343,444
Peoria
5.251,637 +1.7
3,210,126
3,351,063
Rockford
+4.4
3,149,414 2,729,755
Springfield_ _ _
13.3
1924.
1923.
244,748
963.190
131,564,695
6,977,373
2,535,194
2,814,442
17,796,000
2.710,000
3,879,467
38,343,144
2,717,264
11,679,833
6,194,615
1,690,509
1,585,754
605,709,758
a
1,309,222
4,782,769
2,598,312
2,616,390
244,750
798.614
110,529,683
6,376,345
2,429,981
2,640,523
22,545,000
2,754,000
6,185,210
36,978,550
2,275,674
11,959,238
6,166,538
1,598.259
1,296,251
568,903,568
a
1,333,786
4,367,401
2,367,149
2,406,803
937,470,510 1,023,923,484 -8.5
Reserve Di strict-St. L ouis5,592,161
5,747,360 -2.7
136,900,000 154,800,000 11.6
32,099,843 +0.5
32.246,581
323,579
325,327 -0.5
27,541,068
31,741,000 13.2
16,840,732
16,736.684
+0.6
451,446
412,764 +9.4
1,650.466
1,614,955 +2.2
850,712.679
794,137,323
4,892,267
136,500,000
32,823,736
419,625
31,685.217
16,798,888
411,315
1,551,465
5,378,520
136,600.000
22,367,971
412,971
29,644,139
14,180,673
357,750
1,415,871
Total(8 cities). 221.546,033 243,477,933 9.1
Ninth Federal Reserve Die trict-Minn eapolis
Minn.
-Duluth.. d11,234,135
14.254.338 21.2
93,961,573 106,471.926 Minneapolis_ _ _
11.8
St. Paul
35.977,569 33,989,610
5.5
N. 03.
2,036,134
2,092,363
-Fargo...
+2.7
S.D.
-Aberdeen.
1,788,638 -9.5
1,619,656
Mont.
691,132 +20.6
833.563
-Billings
3,272,799 +7.5
3,517,339
Helena
225,082,513
210,357,895
22,163,339
111,228,557
32,590,735
2,400,087
1,747,817
752,392
3,586,476
13,894,684
79,610,502
42,217,109
2,325,276
1,592,989
607,580
3,778.075
Total(7 cities). 147,248,239 164,492,536 -10.5
Tenth Federal Reserve Dis trict-Kens as City
Neb.-Fremont..
376,332 -21.1
d296,915
683,150 -30.3
476,001
Hastings
5,587,884 -6.7
5,208,232
Lincoln
48,020,149 -15.5
40,564,641
Omaha
3,997,795 -4.7
Kan.
d3,811,027
-Topeka
Wichita
8,501,470 d8,205,383
3.5
Mo.-Kan. City_ 142,537,703 143.270,139 0.5
7,656,445 d6,698,720
St. Joseph_ _ _ _
12.5
a
Okla.
a
-Muskogee
34,952,433 31205,462
Okla. City_ _ _ _
9.6
a
a
Tulsa
a
1,406,926 -11.6
1,244,233
Col.
-Col. Spgs_
24,470,110 19,839,472
Denver
18.9
1,358,492
Pueblo
1,254,935 +8.2
174,469,403
144,026,215
458,112
664.545
4,893.617
38,199.455
3.423,160
7.650,794
130,323.504
6,882,943
a
33,528,679
a
1,165.745
20,134,121
962,333
456.868
597,764
4,145,612
37,526,867
3,754,122
8.207,409
128,948,646
7,713,097
a
23.071,817
a
959,381
20,640,541
839,138
Total(12 cities) 261.846,281 280,177,768 -6.5
Eleventh Fade ral Reserve District
-Da las1,889,866
Texas
-Austin...
2,250,878
52,024,364
Dallas
60,984,816 --14.7
17,496,920 -5.6
Fort Worth_ _ _ d16,515,308
12,670,000 --12.4
11,100,000
Galveston
a
Houston
5,037.762
1
5,422,626
La,
-Shreveport.
248,287,008
236,881,262
1,896,105
48,049,553
12,943,064
13,345,937
a
5,599,660
1,808,465
42,620,760
12.728,394
12,422,895
a
5,738,886
Total (20 cities)
Eighth Federa I
Ind.
-Evansville.
Mo.-St. Louis..
Ky
Owensboro _
_
Tenn .-Memphis
Ark.
-Little Rock
III .-Jacksonville
Quincy
98,440,376
86.952,164
Total(5 cities).
Twelfth Feder al Reserve D istrict-San
45,646,191
43,777,892
Wash -Seatl.
13,794,000
13,829.000
Spokane
a
a
Tacoma
3,003,217
2,166,709
Yakima
44,798,382
41,551,016
Portland
20,433,052
17,565,355
Utah-S. L. City
a
a
Nev.-Reno
a
a
Arts -Phoenix..
6,041,202
7,532,765
-Fresno
Cal.
6,907,167
6,949,873
Long Beach_
Los Angeles... 165,020,000 163,654,000
22,395,374
17,542,411
Oakland
6,408,423
6,219,944
Pasadena
9,771,602
d8.685.887
Sacramento...
5,958,136
5,969,445
San Diego_ _ _ _
San Francisco_ 167,102.000 201,780,000
3,844.793
3.717,585
San Jose
1,699,659
1,393,866
Santa Barbara_
2.147,165
2,070,442
Monica_
Santa
3,395.300
2,488,000
Stockton
81,834,319
11.7
Franci son-37,427,092
-4.1
10,316.000
+0.2
a
a
2.316,106
+49.8
36,806,632
7.3
16,622,695
15.0
a
a
a
a
6,288,195
+24.7
6,319,864
+0.6
+0.8 128,861,000
14,848,561
21.7
-3.0
5,560,077
11.1
8,542,582
4,395.374
+0.2
-17.2 154,000,000
3.4
3,604,057
-18.0
1,310,939
1,790,130
+3.7
-26.7
2,210,600
75,319,400
37,165,583
12,611,000
1,;44,760
38,845,374
16,926,686
a
a
5,652,811
8,752,538
142,911,000
15,920,261
5,769,766
8.966,741
4,062,332
149,200,000
2,718,384
1,291,964
3,323,200
8.5 441,219,894 455,862,390
Total(17 cities) 513,658,913 561,580,940 Grand total (129
9,540,795,448 10600,818,610 -10.0 9,168,373,007 7,343,790,465
cities)
Outside New York 4,219.639,483 4,616,772.644
-8.6 3.917,964,328 3,658,071,135
Week Ended November 4.
Clearings at
1926.
Canada
Montreal
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
158,907,379
120,850,990
78,085,115
22,232,502
8,542,870
8,325,440
3,214,635
5,774,378
11,174,349
2,963.345
2,289,372
3,258,585
6,230,421
7,011,921
809,594
907,938
2,988,118
1,882,894
1,130,058
1,099,256
759,530
495,724
911,753
913,768
1,195,438
4,020,493
434,802
768,506
924,970
1925.
153,309,642
155,178,309
77,966,468
18.153,416
8,847,613
7,952,613
3,295,481
5,583,432
9,877,098
3,290,783
2,263,511
3,268.423
5,223,375
7,605.775
842,760
591,835
2.770,384
1,706,255
1,122,509
1,232,303
832,753
378,620
861,548
954,179
1,006,687
4,248,820
466,492
913,012
807,456
Inc. or
Dec.
+3.6
-22.1
+0.1
+22.5
-3.5
+4.7
-2.5
+3.4
+13.1
-10.0
+1.1
-0.4
+19.3
-7.8
-3.9
+53.4
+7.9
+10.3
+0.6
-10.8
-8.8
+30.9
+5.8
-4.2
+18.7
-5.4
2.5
-15.8
+14.5
1924.
144,440,116
126,230,874
81,330,323
19,918,319
10,942,841
7,064,783
4,040,273
5,986,765
8,327,746
3,093,521
2.307,596
3,158,314
4 944,301
6,026,845
1,120,675
838,168
2,275,423
1,768,239
1,008,254
1,267,529
671,765
429,544
1,083,911
750,549
1.037.157
3,246,789
401,432
888,475
934,695
1923.
233,785.780
169,053,890
3
94,072,97
18,761,416
12,120,560
9,074,555
4,378,818
7,046.96
6
0
9,038,15
4
4,459,97
4
3,974,24
7
3,721,19
4.601,061
7,248,527
1,035,363
7
1,040,09
8
3,218,82
2,115,955
1,364,986
1,691,00
842,522
6
588,97
1,119,717
1,169,715
1,176,938
3,426,555
419,927
1,198,551
4
887,76
959
Total(29 cities) 458,102,180 480,551,352 -3.5 445.535,222 602,431.
a No longer report clearings. b Do not respond to requests for figures. c Week
ended Nov. 3. d Week ended Nov. 4. e Week ended Nov. 5. •Estimated.
Nov. 13 1926.]
THE CHRONICLE
2485
THE CURB MARKET.
THE ENGLISH GOLD AND SILVER MARKETS.
There was no definite trend to Curb Market prices this
We reprint' the following from the weekly circular of
week, gains and losses being about evenly divided. The Samuel Montagu & Co. of London, written under date of
volume of business was not large. Oil shares furnished a Oct. 27 1926:
GOLD.
good part of the activity. Buckeye Pipe Line fell from 45
to 42%. Cumberland Pipe Line sold up from 105 to 109. toThe Bank of England gold reserve against notes on the 20th inst. amounted
£152.498,130 as compared with £152,578,020 on the previous Wednesday.
Indiana Pipe Line rose from 543 to 58. Standard Oil About £490,000 bar gold became available in the open market this week.
(Indiana) moved up from 64% to 653/2. Vacuum Oil dropped and, with the exception of about £30,000 absorbed by India and the trade.
was bought on Continental account. The Bank
from 98 to 95%, recovered to 97 and closed to-day at 96%. the following movements of gold since our last of England has announced
issue:
South American Oils were ,the feature. American MaraOct. 21. Oct. 22. Oct. 23. Oct. 25. Oct. 26 Oct. 27.
Received
£250,000
caibo Oil sold up over two points to 73/i and ends the week Withdrawn
£29,000 £157,000 £654,000
5466.000 £174,000
at 7. Carib Syndicate on heavy trading advanced from
The receipt by the Bank on the 25th was from South Africa in the form
1834 to 21, the final figure to-day being at 2034. Vene- of sovereigns. The withdrawals were mainly in bar gold for Germany.
zuela Petroleum improved about a point to 732, the close The destinations of the £90,000 sovereigns withdrawn were as follows
£39,000 Switzerland, £34,000
£10,000 India, £7,000 Spain.
to-day being at 73. Gulf Oil of Pa. was up a point to During the week under review Holland, withdrawal from the Bank was
the net
9034, the close to-day being at 90. Industrials were quiet. £1,260,000, decreasing the net influx since Jan. 1 1926 to £7,731,000. The
Amer. Seating corn. improved from 41 to 42% and sold net efflux since the resumption of an effective gold standard now stands
at £3,864,000. We are authorized to state
of
finally at 423t. Fox Theatres dropped from 2434 to 23, tion decree relating to the Belgian currency,that in virtuethethe stabilizaappearing in
recovered to 25. General Baking, class A, fell from 5534 the official quotation of exchange in Brussels will henceforth be in belga.
is equal to
to 5434, moved up to 57 and closed to-day at 5634. Glen One belga 0.209211 5 Belgian paper francs and corresponds to the fine gold
weight of
grammes
On this basis the
Alden Coal was a strong feature, advancing from 17834 to gold contents of 35 beiges areas a basis of stabilization. sovereign, and the
equivalent to those of one
184 and reacting finally to 183. Mengel Company dropped gold parity of the United States dollar is 7.19193 beiges. Nothing is to
from 38 to 31 and sold finally at 32. Philip-Morris corn. be modified as far as the circulation and the legal status of the franc notes
of the Banque Nationale are concerned. United Kingdom imports and
was active and gained about two points to 1534, the close exports of gold during the week ending the 20th inst. were:
Imports.
being at 15.
Exports.
to-day
Russia
£23,016 Germany
£1,097,424
1.446,814 France
A complete record of Curb Market transactions for the British South Africa
105.125
--.-Other countries
753 Spain
10.000
week will be found on page 2510.
Austria
21,000
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
STOCKS (No. Shares).
Week Ended Nos. 12.
Ind& Mite
Oil.
Mining.
BONDS(Par Rau.).
Domestic. For'n Govt.
Algeria
Egypt
British India
Straits Settlements
Other countries_
43,000
20.400
42.000
28,865
12,200
L1.380.014
£1,470,583
The following figures have been cabled regarding Indian trade for September last:
Lacs of Rupees.
Imports of merchandise on private account
18.94
Exports, including re-exports of merchandise on private account- _23.44
Net imports of gold
1,34
Total
583,587
592,796
371,560 811459000 $1.376,000 Net imports of silver
54
Net imports of currency notes
Total visible balance of trade in favor of India
2.76
Net balance on remittance of funds
-against India
4
Public Debt of United States
The Southern Rhodesian gold output for September 1926 amounted to
-Completed Returns
48,350 ounces, as compared with 49,735 ounces for August 1928 and 48.319
Showing Net Debt as of Sept. 30 1926.
ounces for September 1925.
The statement of the public debt and Treasury cash holdSILVER.
Prices have shown some recovery during the week, mainly on account
ings of the United States as officially issued Sept. 30 1926,
of speculative business on China account. As there is always a large body
delayed in publication, has now been received,and as interest of operators from this quarter in the market, business has been active.
attaches to the details of available cash and the gross and The sentiment is still bearish, so that, though for a time prices may show
some steadiness, there is always a risk of the bear element making itself
net debt on that date, we append a summary thereof, making felt by fresh
selling. Meanwhile, as producers-America and elsewhere
comparisons with the same date in 1925.
have had their confidence badly shaken, a tendency for prices to rise is
usually met y free; sum
7=s. United Kingdom imports and exports of
CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
silver during the week ending the 20th inst. were:
Sept. 301926. Sept. 30 1925.
Balance end month by daily statement, aro
Imports.
Exports.
$411,845,322 $331,588,903
Add or Deduct-Exceee or deficiency of receipts over
U. S. A
£136,749 Germany
533.250
or under disbursements on belated items
+3,641,057
85.566 British India
311,430
-411,562 Mexico
British West Africa
16,086 Other countries
10.76E
5.259
$408,204,265 $331,177,346 Other countries
Deduct outstanding obligations:
Treasury warrants
£243,660
4,938,161
£355,448
Matured interest obligations
49,076,998
52,677,258
Disbursing officers' checks
INDIAN CURRENCY RETURNS.
74,315,958
67,289,886
Discount accrued on War Savings Certificates
/n Lacs of Rupees9,435,920
14,518,630
Oct. 7.
Oct. 15.
Oct. 22.
Settlement warrant checks
1,702,802
Notes in circulation
19652
19273
19168
Total
10262
10276
10351
$134,531,678 $139,423,935 Silver coin and bullion in India
Silver coin and bullion out of India ------------___
Balance, deficit +)or surplus(+)
--_ _
(
+273,672,587 + 191,753,411 Gold coin and bullion in India
2232
2232
2232
INTEREST
Gold coin and bullion out of India
-BEARING DEBT OUTSTANDING.
---Interest Sept. 30 1926. Sept. 30 1925. 'Securities (Indian Government)
5759
5260
5260
Title of Loan
$
Payable.
Securities (British Government)
$
25, Consols of 1930
1399
1400
1400
Q.
-J. 599,724,050
599,724,050
28 of 1916-1936
No silver coinage was reported during the week ending the 22d inst
Q.
-F.
48,954,180
48,954,180
28 of 1918-1938
The stock in Shanghai on the 234 inst. c" wia's ted of about 70.$00,000 ounces
Q F
25,947,400
25.947,400
of 1961
3s
in sycee.873,900,000 and 5,340 silver bars, as compared with about 70,800.Q.
-M.
40,800,000
49,800,000
35 Conversion bonds of 1948-1947
ounces in sycee, 874,000,000 and 3.620 silver bars on the7.155 07.
28,894,500
Q
28,894,500 000
Certlficatee of indebtedness
J.
-J, 861,148.500
597,345,000 Quotations during the week:
3%5 First Liberty Loan, 1932-1947
-Bar Silver per or. std.- Bar Gold
J -J 1,397,687,600 1.409,994,850
Cash.
Two Mos.
per or. Fine.
as First Liberty Loan, converted
.1 -D.
5,156,800
5,157,600 Oct. 21
24;4d.
24d.
845. 113fd.
11)4e First Liberty Loan, converted
3.-13. 532,874,250
2434d.
84s. 1134d.
24Sid.
532,873,950 Oct. 22
04s First Liberty Loan, second
Oct.
848. 11 d.
24 d.
24%d.
eonverted----J.-D.
3,492,150
3,492,150 Oct. 23
25
la Second Liberty Loan, 1927-1942
84s. 1134d.
24 7-164.
24 9-164.
M.
-N.
20,849,600
20,858,200 Oct. 26
845. 1134d.
24 13-16d. 24%d.
045 Second Liberty Loan converted
3,083,674,700 3,083,692,250 Oct. 27
845. 1134d.
24 11-16d.
24 15-164.
Third Liberty Loan of 1928
4)48
M.S. 2,353,933,250 2,802,477,150 Average
24.656d.
24.437d.
84$. 11.
ois Fourth Liberty Loan of 1933-1938
A -O. 6,324,466,150 6,324,479,300
The silver quotations to-day for cash and two months' delivery are eg.cb
Cis Treasury bonds of 1947-1952
763,948,300
763,948,300 13-164. above those fixed a week ago.
es Treasury bonds of 1944-1954
1,047,087,500 1.047,088.500
3,45 Treasury bonds of 1946-1956
494,898,100
is War Savings and Thrift Stamps
Matured 358,508,701
382,145,789
ENGLISH FINANCIAL MARKETS
-PER CABLE.
2348 Postal Savings bonds
-• 3.
12,881,080
12,234,220
5345 to 534s Treasury notes
J -D. 1,197,481,300 2,404,241,400
The daily closing quotations for securities, &c., at London,
Aggregate of Interest-bearing debt
19,211,408,111 20,143,348,789 as reported by cable, have been as follows the past week:
Bearing no interest
London,
Nov. 6. Nov. 8. Nov. 9. Nov. 10. Nov. 11. Nov.12.
243,040,544
258,358,941
Matured,Interest ceased
Wed. Thurs.
Tues.
Mon.
Week Ending Nor. 12.
Sat.
Frt.
18,375,880
c16,030,550
24 13-162534
24 15-16 2434
Silver, per or
d 2434
257-16
Total debt
019,472,824,535 20,417,738,280 Gold, per fine ounce
84.1134 84.1134 84.1134 84.1134 84.1134 84.1134
Deduct Treasury surplus or add Treasury dencit
+273,672,587 +191,753,411 Consols, 234 per cents
5444
5435
_ __
5434
5434
549-16
99:ty
993.4
9934
9934
9834
Net debt
1)19,199,151,948 20,255,984,889 British 5 per cents
9334
British 434 per cents
9354
9334
9394
9334
a The total gross debt Aug.31 1926 on the basis of daily Treasury statements was French Rentee (in Paris)-fr50.50
49.85
49.21 Holiday 50
819,472,570,053 82, and the net amount of public debt redemption
and receipts FrenchWarLoan(InParis)_ fr. -___
59.60
58.25
57.25 Holiday 59.30
Oro., was S254,871 75.
In transit,
The price of silver in New York on the same day has been:
S No deduction is made on account of obligations of foreign Governments or
other Investments.
Silver in N.Y., per or. OW'
31,162,9004% Loan of 1925.
Includes
53
5334
,
Foreign
533.4
5334
5434
54%
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
59,360
101,230
105,093
84,232
122,245
111,427
62,550
91,436
132,800
104,830
84,790
116,390
28,500 81,322,000
73,210 1,872,000
74,410 2,555,000
38,400 1.797,000
69,010 1,688,000
88,030 2,225,000
8134,000
272,000
199,000
264,000
221,000
286,000
2486
Sourraercial andAliscelianzonsgnus
-All
Breadstuffs figures brought from page 2645.
the statements below regarding the movement of grain
receipts, exports, visible supply, &c., are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ending last Saturday and since Aug. 1 .or
each of the last three years.
Receipts atChicago
Minneapolis
Duluth
Milwaukee_ _ _
Toledo
Detroit
Indianapolis_
St. Louts_ _
Peoria
Kansas City_
Omaha
St. Joseph_
Wichita
Sioux City_
Flour.
Wheat.
Corn.
Oats.
Rye.
Barley.
bbls.198lbs bush.60 lbs. bush.56 lbs.bush. 32 Ms
.bush.48Ibs.bush.56195.
84,000
273,000
559,000 6,662,000 1,476,000
188,000
80,000
2,470.000
194,000
259,000
432,000
239,000
1,473,000
109,000
254,000
20,000
22,000
48,000
157,000
100.000
241,000
410.000
3,000
321,000
54,000
198 000
12,000
62,000
50,000
70.000
14,000
60,000
681,000
216,000
118,000
64,000
605.000
329,000
442.000
1,000
33,000
6,000
29,000
468,000
184,000
1.529,000
435,000
131,000
330,000
397,000
82,000
229,000
240,000
38,000
531,000
7,000
8,000
14,000
34,000
92,000
14.000
Total wk. '26
Same wk. '25
Same wk. '2
Since Aug. 1
1926
l925,,__ _
1024
472.000 8,332,000 10,104,000
467,000 7.951,000 3.044,000
491,000 16.969,000 2,739,000
Note.
-Bonded grain not Included above: Oats, New York, 324,000 bushels;
Buffalo, 121,000; Buffalo afloat, 88,000; Duluth, 39,000; total, 172,000 bushels,
against 241,000 bushels In 1925. Barley, New York, 104,000 bushels; Baltimore,
107,000; Buffalo, 2,159,000; Buffalo afloat, 70,000; Duluth, 164,000; Canal. 666,000;
on Lakes, 135,000: total. 3,405,000 bushels, against 3,285,000 bushels In 1925.
Wheat, New York, 1,954,000 bushels; Boston, 120,000; Philadelphia, 552,000; Baltimore, 962,000; Buffalo, 5,976,000; Buffalo afloat, 1,577,000; Duluth, 272,000;
Canal, 887.000; on Lakes, 946,000; total, 13,246,000 bushels, against 10,131,000
bushels In 1925.
Canadian
Montreal
1,770,000
3.080,000
217,000 1,496,000
Ft. William & Pt. Arthur_27.590.000
1,284,000 1,648,000 3,046,000
Other Canadian
11,975,000
1,251.000
668,000 2,262,000
Total Nov. 6 1926. _ _ _41,335,000
5.615,000
Total Oct. 30 1926,......39.028,000
5,788,000
Total Nov. 7 1925.a-30,500,000
105.000 3.304,000
Summary
American
72.431,000 26,332,000 48,040.000
Canadian
41,335,000
5.615.000
Wheat.
Corn.
Wheat.
Oats.
Rye.
Barley. I
Bushels. I Bushels.
Bushels.
Bushels.
604,000
10,000
43,000
134.000
36,000
2,000
1,000
I
107,000.
6,000
9,000
9,000
1
24.000
124,000
Total wk. '26
525,000 6,482.000
'Since Jan.1'2621.762.000200.551.000
186.000
6,400,000
Week 1925_ _ _
561,000 7.905,000
Since Jan.1 2521,316,000 193,436,000
.
Week
Nov. 5
9,000
56,000
18,000
169,000
9,000
274,000
880.000,
23,000
5,699,00028,542,00028,873,000
Total
Wheal,
Corn,
Bushels, Bushels.
New York
Boston
Philadelphia
Baltimore
Norfolk
New Orleans
Galveston
Montreal
1,852,275
255.000
260,000
504,000
Flour,
Barrels.
Oats,
Rye,
Bushels. Bushels.
142,019
396,000
531,000
3,999,000
72,000
Total week 1020...._ 7,797,275
Same week 1925
4.974.272
72.000
221.000
Barley,
Bushels.
395,002
1,000
12,000
1.000
24,000
57,000
157,000
3,000
404,000
3,000
394,019
222.806 1.598.277
634,000
404,000 1,029,002
145.000 1.133.123
The destination of these exports for the week and since
July 1 1926 is as below:
Flow.
Exports for Week
and Since
July 1 to-
Week
Noe. 6
1926.
Wheat.
Sims
July 1
1926.
Week
Nov. 6
1926.
Since
July 1
1926.
Corn.
Week
Nov. 6
1926.
Since
July 1
1926.
Barrels Barrels.
Bushels.
Bushels.
Bushels. Bushels.
United Kingdom_ 105.569 1.817.753 2,348,638 45,948,474
198,610
Continent
267,450 2.394,352 4,968,637 70,437,957
17,000
So.& Cent. Amer_
4,000
233,980
219,000 3,039,000
42,000 1,015.006
West Indies_
17,000
217.000
11,000
30,000
488,000
239,215
Other countries_ _ _ ______
261.000
560,350
394,019 4,702,300 7,797,275 119,996,781
222.806 4,622.481 4.974,272 94,091.466
United StatesNew York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Fort Worth
Buffalo
"
afloat
Toledo
Detroit
Chicago
Milwaukee
Duluth
Minneapolis
Sioux City
St. Louis
Kansas City
Wichita
St.Joseph, Mo
Peoria
Indianapolis
Omaha
On Lakes
-On Canal and River
GRAIN
Wheal,
_ bush.
761.000
20,000
1.264.000
2,823,000
1.122.000
2,010,000
2,574,000
4,382,000
622,000
1,966,000
245.000
5.739,000
967,000
8,206,000
10.121.000
457.000
4,216.000
14,274,000
4,007,000
980,000
13.000
1.399,000
3.629.000
460.000
174,000
STOCKS.
Oats.
Corn,
bush.
bush.
126,000
477,000
48,000
8,000
144,000
12,000
45,000
160,000
226,000
1,374,000
3,802,000
Barley.
bush.
51,000
1,000
4,000
77,000
99,000
2,605.000
370.000
72,000
6,000
14.407,000
586,000
16,000
1.059.000
311,000
1,076,000
1,965,000
Rye.
bush.
110,000
4,000
28,000
77,000
2,000
504,000
591,000
428,000
1,425,000
378.000
19,000
160,000
8,000
154,000
83,000
218,000
32,000
6,000
290.000
53,000
50,000
10,000
7,216,000 2,688,000
580,000
2,126.000
491,000
178,000
8,890,000 4.647,000
660,000
18,160,000 3,799.000 2,737,000
305.000
8,000
10,000
344,000
29,000
47.000
301,000
4,000
689,000
7,000
102,000
69,000
734,000
1,000
299,000
221,000
21,000
2,432,000
271,000
50,000
314,000
128,000
Total Nov. 8 1926
72.431,000 26.332,000 48,040,000 13,131,000 4,810,000
Total Oat. 30 1928.. 72,034.000 22.258,000 48,097,000 12,828,000 4,799,000
Total Nov. 7 1925.-a-43,195J/00 2,077,000 65,038,000 10,275,000 5,978,000
Since
July 1.
Week
Nov. 5,
1925.
Since
July 1.
Since
July 1.
'14.424000229,023,000186,481.000 5,680.000 88,542,000 94,510,000
Amount Bonds
on Deposit to
Secure Circula
lion for National
Bank Notes.
National Rant Circulation
Afloat on
Bonds.
Legal
Tenders.
Total.
3
Aug. 31 1926,.... 665,889,940
699.529.244
659,760.467
39,768.777
July 31 1926_ _ _ 665,941.890
661,434,195
702.148,974
40,714.779
June 30 1926_ _ _ _
665,616.390
660,986,560
41,682.684
702.669,244
May 31 1926...,... 665,465,140
660,677,175
703,375,162
42.697,987
April 30 1926 _ _
665.686.140
661,664.478
42,519,201
704,183,679
Mar. 31 1926_ _ _ _
665,568,140
661,016,470
44,211.319
7(15,227,789
Feb. 27 1926.... 665.235.640
661,244,347
45.059,372
706.303,719
Jan. 31 1926 _ _ _
665.363.590
661,298.333
45,050,979
706.349.312
666,273.130
Dec. 31 1925_ - _
658.362,223
46,194,204
704.556,427
660.087.630
662.622.888
Nov. 30 1925_ _ _ _
48,127.556
710,750,444
666,185.130
662,538,483
Oct. 31 1925._ _ _
51,264,261
713,802,744
665,542,630
661,380.320
Sept. 30 1925._ _ _
56.543.569
717.923,889
662,186.083
61,476,914
Aug. 31 1025.... 665.810.130
723,662.997
665.227,130
660.341.413
66;214.271
July 31 1925____
726.555,684
660,501,393
72.864.681
June 30 1925.... 665,661.330
733,366,074
661.293.895
665,502,880
78.275,574
May 31 1925_ _ _
739.569,469
661,397.558
86,028,261
666,010,330
April 30 1025_ _ _
747,425,819
665.608.330
661.613,281
93.507,406
Mar. 31 1925_ _ _ _
755,210,687
663,324,911
100,532.366
666.943,330
Feb. 28 1925_ _ _ _
763,857,277
722.092.263
725.171.780
47.748,139
769,840,402
Jan. 31 1925_ __ _
727.175,641
44,871,176
772,046,817
Dec. 30 1924.... 731,613,630
733,995,581
737.635,790
40.152,976
Nov. 30 1924_ _ _
.
774,148,557
735,602.435
739,842.890
38,679,180
Oct. 31 1924_ _ _
774,281,624
741.239.890
736,557.660
39,269,184
Sept.30 1924_ _ _ _
775,826,844
665,492,880
661,742,830
Oct. 31 1926._
38,971,702
700,714,532
55,282,658 Federal Reserve bank notes outstanding Oct. 31 1926 secured by
lawful money, against 36,582,203 Oct. 31 1925.
The following shows the amount of each class of United
States bonds and certificates on deposit to secure Federal
Reserve bank notes and national bank notes on Oct. 31:
U. S. Bonds Held Oct. 31 1926 to Secure
Bonds on Deposit
Oct. 31 1926.
72,000 1,718,610
221.000 2.435.255
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
,seaboard ports Saturday, Nov. 6, were as follows:
1926.
BANK NOTES
-CHANGES IN TOTALS OF, AND IN
DEPOSITED BONDS, &c.
-We give below tables which
show all the monthly changes in national bank notes and
in bonds and legal tenders on deposit therefor:
. •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'
ending Saturday, Nov. 6 1926, are shown in the annexed
statement:
Since
July 1.
1925.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
North Amer_ 11,224 000 184,275,000 135.008.000
50.000 1,098,000 1,330,000
Black Sea._ _ 1,584 000 16,564,000 12,176,000
94,000 6,784,000 9,202,000
Argentina _ _ _
48.000 10,287,000 22,553,000 5,468,000 80,000,000 63,272,000
Australia.....
576.000 8,088,000 14,232,000
India
112.000 3,464,000 2,512,000
Oth.Counte
880,000 6,345.000
68,000
660,000 20,706,000
248,000 1,611,000 2,157,0001
106,000
7,146,000 69,052,00037,369,00028,728,000
Exports from-
Corn.
1926.
Barrels. I Bushels.
New York_ _ _
270,000 1,859,000
394,000
.Philadelphia__
41,000
455,000
Baltimore_ _ _ _
35.000,
Norfolk
1,000
300.000
New Orleans.
60,0001
398.000
Galveston_ _
Montreal _ _ _ _
70.000, 3.007.000
48.000,
69,000
Boston
13,131.000 4,810,000
2,533,000 6,904,000
The world's shipments of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ending Friday, Nov. 5, and since July 1 1926 and 1925,
are shown in the following:
7,006,000165,214,000 66,151,000 06,910.00017,004.00016,405,000
014,
000
6.843.000154.698.000 49.102,000106,919,00034,507,000 12,
7 277 AM 204 2110 rim 97 225 000120 540 00031.238,00037.526,000
, Receipts at
-I Flour. I
2,533,000 6,904,000
2.719,000 6,635,000
1,558.000 7,059,000
Total Nov.6 1926,.,.,...113.766.000 26,332,000 53.655,000 15,664,000 11,714,000
Total Oct.30 1926 ____111.062.000 22,258,000 53.885.000 15,547,000 11,434,000
Total Nov. 7 1925_ _ _ _73,748,000 2,182,000 68,342,000 11,833,000 13,037,000
469,000
783,000
3,721,000
477,000
3,767,000 1,248,000
5.090,000 2,065,000 2,085,000
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, Nov. 6, follow:
Total 1926
Total 1925
[Vox,. 128.
THE CHRONICLE
2s, U. S. Consols of 1930
28, U. S. Panama of 1936
25, U. S. Panama of 1938
Totals
On Deposit to On Deposit to
Secure Federal
Secure
Reserve Bank National Bank
Notes.
Notes.
Total
Held.
591,139,900
48,606,360
25,746,620
591,139,900
48,606,360
25,746,620
665,492,880
665,492,880
The following shows the amount of national bank notes
afloat and the amount of legal tender deposits Oct.1 1926
and Nov.1 1926 and their increase or decrease during the
month of Oct ber:
National Bank Notes-Total Afloat
Amount afloat Nov. 1 1928
Net increase during October
Amount of bank notes afloat Nov. 1
Legal Tender Notes
Amount on deposit to redeem national bank notes Oct. 11026
Net amount of bank notes retired in October
8699,734,264
980,268
3700,714,532
339,178,467
206,765
Amount on deposit to redeem national bank notes Nov. 1 1926- _ 338,971,702
National Banks.
-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATION TO ORGANIZE RECEIVED.
Capital.;
Nov. 0
-The Newark National Bank, Newark, N. J
$200,000
Correspondent, Wm. L. Morgan, 701 Prudential Bldg..
Newark, N. J.
Nov. 13 1926.]
THE CHRONICLE
APPLICATIONS TO ORGANIZE APPROVED.
-The First National Bank of Panhandle, Texas
Nov.2
Correspondent, F. A. Paul, Panhandle, Texas.
-The Erie National Bank ef Philadelphia, Pa
Nova
Correspondent, Joseph L. Aylsworth, 1909 W. Venango
St., Philadelphia, Pa.
CHARTER ISSUED.
-The First National Bank of Roseto, Pa
-13002
Nov.3
President, Philip Sabatino.
By Wise, Hobbs & Arnold, Boston:
$50,000
250,000
$50,000
CHANGE OF TITLE.
-The Farmers National Bank of Millheim. Pa., to
-9511
Nov. 1
"The Farmers National Bank & Trust Co.of Millheim."
VOLUNTARY LIQUIDATIONS.
Nov. 1-7341
-The First National Bank of Browns Valley, Minn- $25,000
Effective Oct. 14 1926. Liquidating agent, D. L. Quinlan, Browns Valley. Minn. Succeeded by Union State
Bank of Browns Valley, Minn.
Nov. 1-9118
-The National Stock Yards National Bank, National City (P. 0. National Stock Yards, Ill.)
500,000
Effective Oct. 26 1926. Liquidating agent, R. E. Law.
National Stock Yards National Bank of National City,
Ill., No. 12991.
CONSOLIDATION.
-The First National Bank of Madison, Neb.(No.
Nov. 2
850,000
and the Madison Nat. Bank,Madison,Neb.(No.3773)- 50,000
10021)_
Consolidated under the provisions of the Act of Nov. 7
1918, under the charter and corporate of"The First National Bank of Madison," No. 3773, with capital stock
of $100,000.
Auction Sales.
-Among other securities, the following,
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston and Philadelphia on Wednesday of
this week:
By Adrian H. Muller & Sons, New York:
Shares. Stocks.
$ per sh. Shares. Stocks
$a oh.
per
2,067 Carteret 011 Corp.. par $10.$40 lot 1,000 Mexico
40 Springfield Body Corp., pref.
..$5 lot
60K.B.Pulverizer Corp., pref., no
Par
$40
300 K. B. Pulverizer Corp., corn., lot
no par
20,000 Tonopah Extension Mining
Co., par $1
22e
370 Cole Motor Car Co. stamped
"$10 Per share paid distribution of
assets"
10
1,666 Lawrence Plywood Corp...._. 25
29 Mexican Northern Mining 5c Ry
Co., no par
100 United Dyewood Corp., pref._ 39
50 National Amer. Securities Co.,
Inc., no par
100
81 Powell Oil Co., pref.. par $10.._1,825
4,068 Powell 011 Co., corn., par$l4 lot
100 Benedict Stone Corp., pref._ 1$4,700
780 Benedict Stone, corn., no part
lot
2,099 Mammoth Oil Co., Cl. A, no
par
1%
100 George P. Ida & Co., pref
22
25 George P.Ide & Co.,com., no par 234
2,000 British Guiana Gold & Ry.
.
Co., Ltd , par $5
$10 lot
2,500 British Guiana Gold & Transportation Co.. Ltd., par $&. .$40 lot
3,350 The British Guiana Gold
Concession Co., Ltd., par $5-350 lot
5,000 Oroville Dredging Co., Ltd.,
par CI
1
$1,500 Rock Hill Consol. Gold &
dr Silver Mining Co., par $1__ _
9,000 Nancy Hank Montana Mining Co., depositary receipt, par $1
100 Spokane & Inland Empire RR.,
pref. rights
25 Spokane & Inland Empire RR. $25
common
lot
12,600 Esmerelda /Eng Co., par $1.
30,000 Verde Grande Copper Co.,
par $1
110 Wyckoff Church & Partridge
Inc., common
100 Antimony Co. of America
5,000 Alberta Coal & Coke Co..
Ltd., par $1
670 Durham Collieries Ltd., par $1 _
10 The Burn Iron Co., corn
1,000 Guanajuato Consol. M's &
Milling Co., par $5
$100 lot
Consol. Mining
Smelting Co., par $10
$100 lot
6,500 Ely Nevada Copper Co., par
$1
$100 lot
8,652 The Santa Rosa Mining Co.,
pref., par El
$500 lot
17,200 Notaway Mining Co., par $1 $6 lot
10,000 Chinook Coal Co., Ltd.,
Dar El
$17 lot
5 Luke and Brown No.3 Min's Co_ 32 lot
10 Manila Exhibition Co
$1 lot
1 Chicago Exhibition Co
lot
$250 The Jewish Agriculturists' Aid$1
Society of America, loan ctf
$2 lot
Rights.
Right, title and interest in $10, 0 Rtght.
$ 1 er
00
participation in Osage Leases Purchase Syndicate($1,000 paid in) $25 lot
Right, title and interest in $5,000
participation in Texas Oil Syndicate (full paid)
$25 lot
Bonds.
Per Cent.
$83,556 36 Wyoming Development
Co.ctfs. of indebtedness (liquidation certificates) dated Feb. 1
1914
$10 lot
$10,000 Idaho Irrigation Co., Ltd.
15-yr. adj. mtge. 68. due Jan 1
1928,int. due Jan.& July 1, with
coupons 9 to 59 from July 1 1915
attached thereto
$38 lot
81,045 50 Pathe Phonograph &
Radio Corp. 20
-Yr. inc. 0000a.
due Dec. 30 1942, no coupons
attached
$16 lot
$2,000 Island Rerg Corp. 7% and
participating 10-yr. bonds due
1929, numbers M2488 and M2489
stamped payment made according
to decree Feb. 19 1924 and $10 29
per $1,000 bond paid on deficiency
Judgment
$10,000 Carmen Guanajuato Gold lot
$11
Mining Co.20-yr. lets. f. 8s, due
Dec. 1 1928, June 1911 and all
subsequent coupons attached_ _356 lot
$900 Notaway Mining Co. bonds
together with nine coupons for
$350 each
lot
$500 Debenture bond of the Down
$11
Town Club dated Dec. 11921.._81 lot
By It. L. Day & Co., Boston:
2487
Shares. Stocks.
$ per sh.
5 National Shawmut Bank
2 134
4
25 Massachusetts Cotton Mills_ .67
50 Hamilton Manufacturing Co_ 55c.
5 Nashua Mfg. Co., corn
44
4 Merrimack Mfg. Co., com_112, ex-div.
12 Merrimack Mfg. Co.. pref
7034
26 Draper Corporation
5934
13 Nor. Boston Leg. Prop., pref...10634
35 Quincy Market Cold Storage dr
Warehouse Co., corn
3134
10 Converse Rubber Shoe Co., pref. 723.4
50 Edison Elec. Ill .Co. of Brockton, par $25
6434
38 United Elec. Lt. of Springfield_ _408%
114 B.J.Baker & Co.,com.,class A
534-534
66 Worcester Elec. Lt.Co., par $25.16454
Shares. Stocks.
$ Per sh
102 Quincy Market Cold Storage &
Warehouse Co., corn
313.4-3134
2 units First Peoples Trust
7234
105 American Glue Co.,corn
35
12 American Mfg. Co., pref
8234
14 units First Peoples Trust
72
10 New Bedford Gas& Edison Light
par $25
8534
34 Draper Corporation
5954-60
15 Converse Rubber Shoe Co.,pref. 7234
26 Western Real Estate Trustees ..184lt
10 Brockton Gas Light Co., par $25 4534
50 Metropolitan Filling Stations,
corn., tia813 A, par $10
7
10 Eastern Manufacturing Co.,pref 38
4 units First Peoples Trust
723.4
4 Eastern Manufacturing Co., pref.. 38
By Barnes & Lofland, Philadelphia:
Shares. Stocks.
$ per sh.
262 lloneybrook (Pa.) Trust Co.,
par $25
10
8 Corn Exchange Nat. Bank
709
6 Market St. Nat. Bank
466
1 Market St..Nat. Bank
466
4 Central Nat. Bank
681
15 Philo Girard Nat. Bank
67434
1 First Nat. Bank of Philadelphia_ _470
10 Sixth Nat. Bank of Philadelphla_300
20 Fidelity Philadelphia Trust Co 699
30 Northern Central Trust Co.,
Par 550
11634
3CommonwealthTitleIns.&Tr.Co_542
13 Bk. of No. Amer. & Tr. Co___ _377
10 Phoenix Trust Co., par $50
so
17UnitedSecurityLifeln.s.&Tr.Co_212
10 Penna. Co.for Ins.on Lives, &c..860
10 Metropolitan Trust Co., par 350.115
10 Continental Equitable Title &
Trust Co., par $50
258
10 Citizens ds Southern Bank &
Trust Co
126
50 Glenside Trust Co., par 850.... 50
30 Abbotts Alderney Dairies Co.,
7% let pref
101
14 Kensington Hygeia Ice Co.,
Par $25
40
SO Commonwealth Casualty Co.,
par 510
25
100 Fairmount Park Transit Co.,
common, par $10
1034
4 Philadelphia Bourse, common... 1934
4 Philadelphia Bourse, common_ 1934
1 Central Pier Co., Atlantic City.
N. J
110
50 Huntingdon & Broad Top Mt.
RR. & Coal, preferred
$50 lot
20 Huntingdon & Broad Top Mt.
RR. & Coal, preferred
$26 lot
9Philadelphia Life Ins. Co., par 310 1434
1 Washington Land Co
3
50 Hare & Chase, Inc., pref
96
67 Hare & Chase, Inc., pref
94
50 Hare & Chase, Inc., common,
no par
26
Shares. Stocks.
5 Nat. Bank of Philadelphia
Rights.
60-180 Franklin Trust Co
$ Per sh•
225
$ Per Ulla•
190
Bonds.
Pe7 cent.
$500 Ritz Carlton Hotel, Atlantic
City, N.J.,1st ser.6s. July 1933- 953.4
$500 Straus Building, N. Y. City,
lot serial es, 1934
954
$2,000 Murray Hill Office Bldg.
Corp. let M.serial 68. Oct. 1939
(Oct. 1 coupon attached)
$500 Wilmington Auto Co. Bldg.,
lot serial 7s, Dec.15 1928
$100 Kew Arlington Court Apart
ment Bldg. let serial 75, Nov. 1
1931 (Nov.1 1926 coup.attach.)
$100 McCrory 5& 10 Cent Stores,
various cities, 1st M. serial 68,
uly 1 1930 (July 1 1926 coupon $3005
lot
attached)
$100 12 East 86th St. Apartment
Bldg. 1st serial 634s. April 1 4
'
0
(Oct. 11928 coupon attached)..
$100 Broadway & 108th St. Apart
ment Bldg. lst serial 6%s,Oct.'
1935(Oct. 1 '26 coup, attached)
8200 1060 Park Ave. Apartment
, N. Y. City, let serial 6s,
Oct.1
Bldg. 1932 (Oct. 1 1926 conpon attached)
$100 2480 Broadway Apartment
Bldg. N. Y. City. 1st serial
634s, Jan. 1 1937 (July 1 1926
'
coupon attached)
$5,000 Muncie & Union City Traoton Co. let M. 55, July 1 193
(certificate of deposit)
$350 lot
$5,000 Colorado Springs Lt., Ht.& ..
1
Power Co. let & ref. end. 71
(coupons Feb. & Aug., ctf. of
$350
deposit)
$200 City of Phila. 4s,
1937._ 964
$50,000 Empire Lumber let 68,'30. 24
reg..
By A. J. Wright & Co., Buffalo:
Shares. Stocks.
Spec oh.
2,000 March Gold, par 100
130.
1,000 Night Hawk, par $1
40.
400 Eastern States Pkge. Co.,
par $25
$5 lot
6 Buffalo, Niagara & Eastern Power
pref., par $25
2534
Shares. Stocks.
$ per A-.
150 March Gold, par 100
14e.
40 Especo Trading Co
$13 lot
6 Buffalo, Niagara & Eastern Power
no par
31
40 Big Ledge, par /5
$1 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.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
Canadian Pacific, corn (guar)
2)4 Dec 31 Holders of roc Dec i
Chicago & North Western, corn
Dec 31 Holders of roe Dec , la
2
Preferred
334 Dec 31 Holders of refs Dee la
Chicago St Paul Minn & Omaha,pref._
5
Dec 31 Holders of roe Dec 50
Consolidated Ella.of Cuba, pref.(guar.) 134 Jan, 3 Holders of rec. Dec. 100
Cuba RR., common (guar.)
51.20 Dec. 20 Holders of roe. Dec.'20(1.
New Orleans Texas & Mexico (guar)... 154 Dee 1 Holders of rec. Nov 15a
North Pennsylvania (guar)
$1
Nov.25 Holders of rec. Nov. 15
Pittsb. Youngstown & Ashtab., pf.(qu.) 134 Dec. 1 Holders of rec. Nov. 20a
.
Southern Pacific Company (guar.)
134 Jan, 3 Holders of rec. Nov. 28
Union Pacific, common (guar.)
234 Jan, 3 Holders of roe. Dec. I
Shares. Stocks.
$ per sh. Shares. Stocks.
$ per sh.
1 Merchants National Dank
37234 1 Record-0 Phone Co., par $5
29 National Shawmut Bank...241)4-242 1 Telegraphone
mfg. & Sales Co.,
12 Second National Bank
390
par $5
84 Merchants National Bank
37234 2,000 Atlas Mln.& Mill. Co., par $1 $15
Public Utilities.
3 National Shawmut Bank
24134 2,500 Climax Zinc Min. Co.. par $1
American Power & Light,com.(guar.)_
4 Second National Bank
23c. Dec. 1 Holders of rec. Nov. 16
390
100 Amer.Telegraphone Co., par $10
Common (payable in common stock)__
(u) Dee. 1 *Holders of rec. Nov. 16
52 First National Bank
336
1 Ocean Point Association, par $5__
Baton Rouge Elec. Co., pref., ser. A(qu.) 134 Dec. 1 Holders of rec. Nov. 166.
5 Old Colony Trust Co
32434 ex-dIv. 100 Consol. Mercur Gold Mines,
Blackstone Valley Gas& El., corn.(qu.). $1.26 Dec. 1 Holders of roe. Nov.150
10 Beacon Trust Co
250
par $1
$1 lot
Preferred
3
2 Beverly (Mass.) Trust Co
Dec. 1 Holders of rec. Nov.15a.
13534 4 Saco Lowell Shops, let pref
20
Brooklyn City RR.(guar.)
200. DOO. 1 Holders of rec. Nov.180
2 Ludlow Mfg. Associates
170
5 International Textbook Co
so
Central Indiana Power Co., pref.(guar.) •134 Dee. 1 *Holders of rec. Nov.20
1 Massachusetts Cotton Mills
6434 4 International Educational PubCleveland Elec. Ilium.. 6% pref. (guar.) tH Dec. 1 Holders of rec. Nov. 15
8 York Manufacturing Co
3434
Balling Co., pref., par $50
4
Electric Investment. pref. (guar.)
10 Naumkeag Steam Cotton Co.
154 NO.22 Holders of rec. Nov. 120
2 International Educational Pub-150
Georgia Railway & Electric, corn.(guar.) *2
6 Merrimack Mfg. Co., corn
Nov.20 *Holders of rec. Nov. 16
11234
liaising Co., corn., par 350
(Ile. Hackensack Water, corn
5 NonquItt Spinning Co
•750. Dee. 1 *Holders of rec. Nov. 20
33
3 Worcester Elec. Lt. Co., par $25.164ll
Preferred
1 West Point Mfg. Co
*8734c Dec. 1 *Holders of rec. Nov.20
138
37 units First Peoples Trust
7234 Indianapolis Water. pref.
3 Cadet Knitting Co., let pref
13.4 Jan. 1 Holders of rec. Dec. 15a
6534 11 special units First Peoples Trust 534 Kentucky Hydro Elec. (qtiar.)
Co.;lire!. (au). *13.1 Dec. 20 *Holders of rec. Nov.30
30 Cadet Knitting Co., COM
53.4 1 Boston Belting Co., pref., par $50 15
Laclede Gas & El. Co., prior lien stk.(qu) *154 Doe, 1 *Holders of rec. Nov. 15
8 Manomet Mills
1534 5 First National Stores, let pref _ _ _101
Middle West Utilities, prior lien stk.(qu.) 2
Dee, 16 Holders of rec. Nov.30
3 Lawton Mills
125
10 No.Boston Ltg.Properties, com.101% North Carolina
Public Service, pref.(gu.) $1.76 Dee. I Holders of rec. Nov. 15
40 Lancaster Mills, prof
50
25 New Bedford Gas & Edison
Northern States Power(Wis.), pf.(qu.). 134 Dec. 1 Holders of rec. Nov.20
2 Grinnell Manufacturing Co
60
Light Co., par $25
853.4 Northwestern Public Service, pref. (qu.) 134 Dec. 1 Holders of rec. Nov.20
1 Whitman Mills
5134 3 Lowell Gas Light Co., par $25... 61
Oklahoma Gas & Elec., pref. (guar.).
- 134 Dec. 15 Holders of rec. Nov.30
8 Lancaster Mills, prof
50
7 Western Real Estate Trust
18434 Pennsylvania Gas & Mee.. Cl. A (quar.)* 3734c Dec. 1 *Holders of rec. Nov.20
12 King Philip Mills, corn
131
10 Dennison Mfg. Co., 2d pref____10334
*154 Jan. 1 *Holders of rec. Dec. 20
Preferred (guar.)
40 Lancaster Mills, corn
25
CU. of deposit representing:
Philadelphia Electric (guar.)
60c. Dee. 16 Holders of rec. Nov. 17a11 Saco Lowell Shops, 1st pref
20
150 Wyoming Co., common
$100 Radio Corporation of Amer.. pref.(au). 1% Jan. 1 Holders of roe. Dec. la
16 Quincy Market Cold Storage &
$15,000 Wyoming Co.6% bds. ser. lot
Rochester Gas & Elec., pref. B (guar.)._
134 Dee. 1 Nov. 14 to Dec. 1
Warehouse Co., pre!
58
B. coup. No. 11 & sub. on____
134 Dec. 1 Nov. 14 to Dec. 1
Preferred C and 13 (guar.)
48 Cambridge Gas Lt. Co., par 325 7834 200 Asbestos Corp. of Amer., preL$ 0lot
Southwestern Power & Light. prof.(qu.) 134 Dee. I Holders of rec. Nov. 16
Lowell Elec. Lt. Co., par $25...._ 6634 70 Amer. Founders Trust,
60
cont.__ 32
*15
Nov.22 *Holders of rec. Nov. 2.2
United Railway Investment. Prof
,./...4 .i'ver Elec. Lt., par 825 4734-34 11 Massachusetts Ltg.
.
Cos., com__ 78
134 Des, 1 Holders of rec. Nov.30
% prof. (QII.)40 Hood Rubber Co.,734% pref.10034-34 25 Beverly G.& El. Co.. par $25._ 681.1 Wisconsin Pub. Serv.,
154 Dec. 1 Holders of rec. Nov.30
Seven per cent preferred (guar.)
64
13 Wm. Carter Co., prof
8 State Theatre Co., pref
9434
Banks.
110
6 Montpelier & Barre Light &
20 Boston Wharf Co
8
Jan. 3 Holdersnf rec. Doe T27.
Standard (guar.)
50-70 Amer. Founders Trust, corn_ 510.
Power Co., common
156
Jan. 3 *Holders of rec. Dee.127
Standard National Corp.. common (MI).13
5
35 Puget Bound Power & Light
28 Fiske& Co., common
'134 Jan. 8 *Holders of rec. Dec. 27
Preferred (guar.)
Puritan Mortgage Corp., pref._ 24
Co., prior pref
1
10334
1 Puritan Mortgage Corp.,corn-- 1
Miscellaneous.
Rights.
2 State Theatre, corn., par 810_ _ -- 33.4
$ per Right.
.
.
134 Jen 15 Holders of rec. Dee. 31
Ltg.Properties,com.I0134 699 Lowell Electric Light Co___ _1 59-100 American Art Works, corn & pf.(qu.)..
25 No.Boston
American Chicle, prior pref. (guar.).
- 13(.Jan. ,
Holders of rec. Dee. I51.
1 Taunton Gas Light Co
5 Fall River Gas Works, par $25_ - 59
16
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
*31.50 Dec. 31 *Holders of rec. Dec. 15
American Railway Express (quar.)
*50c. Jan. 15 *Holders of rec. Dec. 31
Amer. Rolling Mill, com. (guar.)
4.151 Jan. 1 *Holders of rec. Dec. 15
Preferred (quar.)
1% Jan. 3 Holders of rec. Dec. la
Amer. Sugar Refining, com. (qua:.)....
131 Jan. 3 Holders of rec. Dec. la
(quar.)
Preferred
Amer. Sumatra Tobacco, pref. (quar.)_ _ $1.75 Dec. 1 Holders of rec. Nov. 19a
.knglo-Persian Oil, Ltd., ord. (in stk.). - *120 Nov. 29 *Holders of rec.Nov 420_
•
Nov. 15 *Holders of rec. Nov. 1
Beacon Mfg., pref. (quar.)
Dec. 31 *Holders of rec. Dec. 1
*S3
Boston Wharf
*70c. Dec. 1 *Holders of roe. Nov. 19
Brach (E. J.) & Sons, corn.(quar.)
*144 Dee. 1 *Holders of rec. Nov. 8
Bristol Mfg. co.(qua:.)
*50c. Dec. 24 *Holders of rec. Dec. 24
Butte Copper & Zinc
(w) Dec. 1 Holders of rec. Nov. 18
(stook dividend)
Castle Braid
50c. Dec. 1 Holders of rec. Nov. 12a
City Ice & Fuel,common (guar.)
(New Bedford, Mass.)
(qu) 1% Nov. 15 Holders of rec. Oct. 28
City Mfg.Co.
$1.75 Jan. 1 Holders of rec. Dec. 15
Coca-Cola Co.(guar.)
Continental Can, Inc., pref. (quar.)- - 131 Jan. 3 Holders of rec. Dec. 200
*25c Dec. 15 *Holders of rec. Nov. 15
Continental 011 (quar.)
Converse Rubber Shoe, pref.(quar.)_ _ _ _ 131 Dec. 1 Holders of rec. Nov. 15a
Dec. 31 *Holders of rec. Dec. 20
411
Coty,Inc.(qua:.)
Dec. 31 *Holders of rec. Dec. 20
*El
Extra
*1% Dec. 1 *Holders of rec. Nov. 9
Crows Nest Pass Coal(quar.)
Dec. 1 *Holders of rec. Nov. 200
$1
Cuba Company, common (qua:.)
*3% Feb. 1 *Holders of rec. Jan. 15
Preferred
Dec. 15 Holders of rec. Nov.30
3
Cumberland Pipe Line (quar.)
Decker (Alfred) & Cohn,com.(qu.)_ _ *50e. Dec. 15 *Holders of rec. Dec. 4
*1% Dec. 1 *Holders of rec. Nov. 20
Preferred (guar.)
$1.26 Jan. 3 Holders of rec. Nov.30
Eastman Kodak,common (quar.)
75c. Jan. 3 Holders of rec. Nov.30
Common (extra)
131 Jan. 3 Holders of rec. Nov.30
Preferred (guar.)
Eltingon Schild Co., Inc., com.(qu.)_ _ _ 62%c. Nov.30 Holders of rec. Nov. 15
$1.25 Jan. 3 Holders of rec. Dec. 6
Electric Storage Battery,com.& pf.(qu.)
Ely-Walker Dry Goods, com.(quar.) _ 31%c. Dec. 1 Holders of rec. Nov. 19
*20c. Dec. 1 *Holders of rec. Nov. 20
Fair (The), common (monthly)
*20c. Jan. 1 *Holders of rec. Dec. 20
Common (monthly)
*20c. Feb. 1 *Holders of rec. Jan. 20
Common (monthly)
4 1% Feb. 1 *Holders of rec. Jan. 20
,
Preferred (guar.)
Jan. 3 Holders of rec. Dee. 15a
Famous Players-Lasky Corp.,coin.(qu.) $2
Bus Securities (guar.) -- *16c. Jan. 18 *Holders of roe. Jan. 4
Fifth Avenue
*25e. Jan. 1 *Holders of rec. Doe. 15
Forhan Company,common (quar.)
*40c. Jan. 1 *Holders of rec. Dec. 15
Class A (quar.)
Dec. 15 Holders of rec. Dec. 1
2
Foundation Co., corn. (guar.)
General Motors Corp., common (quar. *81.75 Dec. 11 *Holders of rec. Nov.20
*54
Jan. 4 *Holders of roe. Nov.20
(extra)
Common
Feb. 1 *Holders of rec. Jan. 10
Preferred (guar.)
*I%
Six per cent debenture stock (quar.)_ _ *1% Feb. 1 *Holders of rec. Jan. 10
Feb. 1 *Holders of rec. Jan. 10
Seven per cent debenture stock (quar.)
75c. Dec. 28 Holders of rec. Dec. 60
Great Northern Iron Ore Properties_
Jan. 3 Holders of rec. Dec. 15a
2
Guantanamo Sugar, preferred (quar.)_
*1% Jan. 3 *Holders of roe. Dee. lb
Gulf State Steel, common (quar.)
*50c. Dec. 15 *Holders of rec. Nov. 15
Hecla Mining (quar.)
Dec. 1 Nov. 21 to Dec. 1
2
Higbee Co., 2d prof. (quar.)
Dec. 2 Holders of rec. Nov. 16
2
Hollinger Consolidated Gold Mines
$1.50 Nov. 15 Holders of rec. Nov. 9a
Hoosae Cotton Mills. pref. (quar.)
Dec. 1 *Holders of rec. Nov. 15
*25
011, Ltd.(guar.)
Imperial
Dec. 1 *Holders of rec. Nov. 15
*25
Special
Int. Secur. Trust of Amer., corn.(quar.) 42c. Dec. 1 Holders of rec. Nov. 15
1% Dec. 1 Holders of ree. Nov. 15
preferred (quar.)
• Seven per cent
1% Dec. 1 Holders of rec. Nov. 15
% preferred (guar.)
1% Dec. 1 Holders of rec. Nov. 15
Six per cent preferred (quae.)
Dec. 1 Holders of rec Nov 15
International Shoe. pref. (monthly)
37%e. Dec. 1 Holders of rec. Nov. 20
Johansen Shoe, corn. (guar.)
30e. Dec. 31 Holders of rec. Dee. 15
Co., common (quar.)
Kresge (S. S.)
1% Dec. 31 Holders of rec. Dec. 15
Preferred (QUM%)
Jan. 2 *Holders of rec. Dec. 24
*$1
Kuppenhelmer (B.) & Co., common
•131 Dec. 1 *Holders of rec. Nov.23
Preferred (quar.)
Leverich Bond & Mtge.,corn. A & B(qu.) 2% Nov. 12 Holders of rec. Oct. 31
Libbey-Owens Sheet Glass, cont.(qu.)_ _ *50c. Dec. 1 *Holders of rec. Nov.20
Dec. 1 *Holders of rec. Nov.20
*$1
Common (extra)
*1% Dec. 1 *Holders of rec. Nov.20
Preferred (guar.)
25c. Jan. 15 Holders of rec. Dec. 31
(Can.), com
Loew's London Theatres
3% Jan. 15 Holders of rec. Dec. 31
Preferred
$1.50 Dec. 1 Holders of rec. Nov. 26
Mahonlng Investment(quar.)
McCrory Stores Corp.,cont. A & B (qu.) *40c. Dec. 1 *Holders of rec. Nov. 20
Mengel Company, preferred (guar.)- - 14( Dec. 1 Holders of rec. Nov. 15
Merch.& Mfrs.Sec.. partio. pref.(quar.) *6244c Jan. 1 *Holders of rec. Dec. 15
Jan. 1 *Holders of rec. Dec. 15
Participating preferred (stock div.). _ 'Cl
Montgomery Ward & Co., class A (qu.)_ .$1.75 Jan. 1 *Holders of rec. Dec. 21
144 Dec. 15 Holders of rec. Nov.30
Montreal Cottons. Ltd., com. (quar.)-141 Dec. 15 Holders of rec. Nov.30
Preferred (guar.)
*50c. Nov. 15 *Holders of roe. Oct. 28
Morse Twist Drill Machine (guar.)
Nov.
National Food Products, class A (quar.) 6244c Nov. 15 Holders of rec. Dec. 10
6
14( Jan. 3 Holders of rec.
National Sugar Refining (quar.)
Nov. 15 Holders of rec. Nov. 10a
2
Newmarket Mtg. (quar.)
*50c. Jan. 15 *Holders of roe. Dec. 31
New York Transportation (quar.)
$3 Jan. 1 Holders of rec. Dec. 10
Northern Pipe Line
El Jan. 1 Holders of rec. Dec. 10
Extra
500. Jan. 3 Holders of rec. Doe. 15
Oil Well Supply (quar.)
Jan. 1 *Holders of rec. Doe. 17
Corporation, prof. (quar.)_ _ *2
Omnibus
*75o. Jan. 1 *Holders of roe. Doe. 16
Owens Bottle, common (guar.)
Jan. 1 *Holders of rec. Doe. 16
1
12
Common (extra)
*5
Common (payablein common stock)_ _ •1,1 Jan. 1 *Holders of rec. Dec. 16
Jan. 1 *Holders of rec. Dee. 16
Preferred (qua:.)
*20c. Dec. 31 *Holders of rec. Dec .15
Packard Motor Car. corn.(mthly.)
*20c. Jan. 31 *Holders of rec. Jan. 15
Common (monthly)
*20c. Feb. 28 *Holders of rec. Feb. 15
Common (monthly)
1 *Holders of rec. Nov.
Ponder(David) Grocery,class A (quer.). *87%c Dec. 1 *Holders of rec. Nov. 20
15
*50c. Dec.
Pines Winterfront Co.. A & B (quar.)_
62)0. Dec. 1 Holders of rec. Nov. 15
Polar Wave I. & F., class A (quar.)
Jan. 15 *Holders of rec. Dec. 31
441
Quaker Oats, common (guar.)
4.1% Feb. 28 *Holders of rec. Feb. 1
Preferred (quar.)
Nov. 15 Holders of rec. Nov. 90
2
Quissett Mills, common (quar.)
rec. Dec.
Remington Typewriter, 1st pref. (qu.)._ 131 Jan. 1 Holders of rec. Dec. 15
15
Jan. 1 Holders of
preferred (gnarl
Second
lc. Dec. 15 Holders of rec. Jan. 3
San Toy mining
50c. Jan. 3 Holders of rec. Dec. 15
Simms Petroleum
62%e. Dec. 15 Holders of rec. Dec. 5
Smallwood Stone, class A (guar.)
*62e. Dec. 20 *Holders of rec. Nov. 24
Standard 011 (Nebraska)(War.)
*50c. Dec. 20 *Holders of rec. Nov.24
Extra
235 Jan. 1 Holders of rec. Nov. 26
,
Standard 011 (Ohio), corn.(guar.)
37%c. Dec. 1 Holders of rec. Nov. 15
Stir. Baer & Fuller, com. (guar.)
Dec. 1 *Holders of rec. Nov. 15
Preferred (guar.)
*$1.50 Nov.30 *Holders of roe. Nov. 15
Taunton & New Bedford Copper (guar.) 4
16.50 Nov.30 *Holders of rec. Nov. 15
Extra
250. Dec. 16 Holders of rec. Nov. 30a
Tennessee Copper & chemical (guar.)
*14( Dec. 1 *Holders of rec. Nov.22
Tidal Osage 011, pref.(guar.)
14( Dec. 1 Nov. 21 to Nov.30
Timken-Detroit Axle, Pref. (guar.)
*3744c Jan. 15 *Holders of rec. Dec. 15
Traveler Shoe(guar.)
*40c. Jan. 15 *Holders of rec. Jan. 5
common (quar.)
Truscon Steel,
Jan. 15 *Holders of rec. Jan. 15
Common (payable in corn.stock)
Dec. 1 *Holders of rec. Nov. 20
Preferred (quar.)
Jan. 1 Holders of rec. Dec. 4
Underwood Typewriter, common ((Mar.)
Jan. 1 Holders of rec. Doe. 4
Preferred (guar.)
Dec. 1 *Holders of rec. Nov. 15
Union Mills, corn. (guar.)
Dec. 1 *Holders of rec. Nov. 15
Preferred (guar.)
Dec. 30 Holders of rec. Doe. 10a
United Cigar Stores of Amer.,com.(qu.)
Dec. 30 Holders of rec. Dec. 10a
Common (payable in common stock)_
Dec. 15 Holders of rec. Nov.20
Preferred (quar.)
Jan. 3 Holders of rec. Dec. 4
United Fruit(quar.)
Dec. 31 *Holders of rec. Dec. 4
U.S. Gypsum,common (quar.)
Dec. 31 *Holders of rec. Dee. 4
Common (extra)
Dec. 31 *Holders of rec. Dec. 4
common stock)_ _
Common (payable in
Dec. 31 *Holders of rec. Doe. 4
Preferred (quar.)
Dec. 15 Holders of rec. Nov.26
U.S. Realty & Improvement(qua:.)Febl'27 *Holders of rec.Jan15'27
Universal Pipe dr Radiator, pref. (qu.)_ _
M'y2'27 *Holders of rec.Apr15'27
Preferred (quar.)
Augl'27 *Holders of rec.July15'27
Preferred (quar.)
Nov1'27 *Holders of rec.Oct.15'27
Preferred (quar.)
Dec. 17 Holders of rec. Dec. 11
Valvoline Oil, common (qua:.)
Dec. 1 *Holders of rec. Nov.20
Vesta Battery. pref.(quar.)
Dec. 15 Holders of rec. Nov. 90
Wanntutta Mills(quar.)
(VoL. 123.
THE CHRONICLE
2488
Name of Company.
Miscellaneous (Concluded).
Wrigley (Wm.)Jr. & Co.(monthly)
Extra
Monthly
Monthly
Per
When
Cent. Payable.
25e.
50c.
25e.
25c.
Jan.
Jan.
Feb.
Mar.
3
3
1
1
Books Closed.
Days Inclusive.
Holders of rec. Dec. 20
Holders of rec. Dec. 20
Holders of rec. Jan. 20
Holders of rec. Feb. 20
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
Per
When
Cent. Payable.
Railroads (Steam).
Atchison Topeka & Banta Fe, corn.(qu.) 131 Dee. 1
Baltimore & Ohio, common (guar.)
144 Dec. 1
Preferred (quar.)
1
Deo, 1
Catawlssa, preferred stocks
$1.25 Nov.22
Central Kit. of N. J. (quar.)
2
Nov. 15
Chesapeake & Ohio, preferred A
344 Jan 1'27
Cleveland & Pittsburgh, reg. gu.(qu.) 8744o. Dec. 1
Special guaranteed (quar.)
50e. Dec. 1
Cripple Creek Central, pref.(quar.)
1
Dec. 1
Cuba Railroad. preferred
3
Febl'27
Delaware dr Hudson Co. (quar.)
231 Dec. 20
Georgia Southern & Florida, com
5
Nov.26
First and second preferred
231 Nov.26
Hudson & Manhattan RR., common_ _
131 Dec. 1
Illinois Central, corn. (quar.)
144 Dec. 1
Internat. Rys. of Cent. Am., pref.(qu.). 131 Nov. 15
Maine Central, common
$1 Dec. 15
134 Dec. 1
Preferred (quar.)
Midland Valley, preferred
$1.25 Dec. 1
N. Y. Chicago de St. Louis, common..
231 Jan, 3
Preferred Series A (quar.)
134 Jan. 3
Norfolk & Western, com. (quar.)
131 Dec. 18
Common (extra)
3
Doe. 18
Adjustment pref (quar.)
1
Nov. 19
8744c Nov.30
Pennsylvania (guar.)
Pittsb. Bessemer & Lake Erie, pref
61.50 Dec. 1
144 Jan. 31
Pitts. & West Virginia. corn.(quar,)...
Reading Company, first pref. (quar.)... 50c. Dec. 9
Wabash By.. pref. A (guar.)
134 Nov 26
Books Closed.
Days Inclusive.
Holders of rec. Oct. 290
Oct. 17 to Oct. 18
Oct. 17 to Oct. 18
Holders of rec. Nov. 110
Holders of rec. Nov. 80
Holders of rec. Dec. Se
Holders of rec. Nov. 1110
Holders of rec. Nov.104
Holders of rec. Nov. 16
Hold,of rec. Jan. 15'270
Holders of rec. Nov.270
Holders of rec. Nov. 12
Holders of rec. Nov. 12
Holders of rec. Nov. I60
Holders of rec. Nov. 50
Holders of rec. Oct. 290
Holders of rec. Dec. 1
Holders of rec. Nov. 15
Holders of rec. Nov. 200
Holders of rec. Nov. 150
Holders of rec. Nov. 15a
Holders of rec. Nov.300
Holders of roe. Nov.300
Holders of roe. Oct. 300
Holders of rec. Nov. la
Holders of rec. Nov. 15
Hold. of roe. Jan. 15'270
Holders of rec. Nov.23a
Holders of rec. Oct. 250
Public Utilities.
tdkondack Power & Light.com (mthly) 10o. Nov. 30 Holders of rec. Nov. 200
Amer. European Securities, pref.(guar.) $1.50 Nov. 15 Holders of rec. Oct. 30
50e Dec.31 Holders of r.Nov. 30a
A men Superpower Corp.,corn.A &B(qu.) n30c.. D
31
ec
Corn. A & B (in panic. pref. stock).
Holders of roe. Nov. 300
$1.50 Jan. 3 Holders of roe. Dec. la
First preferred (guar.)
50o. Nov. 15 Holders of rec. Oct. 20s
Pratte. pref.(quar.)
*131 Doe. 1 *Holders of rec. Nov.30
Amer.Teleg.& Cable (quar.)
240 an 15'27 Holders of roe. Dee. 200
smerican Telep. & Teleg. (guar.)
2lfA pr 15'27 Holders of roe. Mar. llie
Quarterly
tfirsta
m
7p%r.
t p Works& lee.,com.(quari 144 Nov. 15 Holders of rec. Nov. 10
r
I% Nov.15 Holders of rec. Nov. 10
referred (guar.)
Androscoggin & Kenneb.By., 1st pf.(qu) 144 Deo, 1 Holders of reo. Nov. 150
1
Second prof
Doe, 1 Holders of roe. Nov. 150
Associated Gas & Elec $6 prof.
141.50 Dec. 1 Holders of rec. Oct. 30
$631 preferred (qua:.)
Di 1.6244 Dee. 1 Holders of rec. Oct. 30
Brazilian Tr.. L.& Pow.,ordinary (qu.)_
144 Dec. 1 Holders of rec. Oct. 30
Brooklyn Edison Co.(quar.)
2
Dee, 1 Holders of rec. Nov. 120
Brooklyn-Manhattan Tran., pf. A (011.)
140 an 15'27 Holders of roe. Dec. 81
Preferred series A (quar.)
1.34A pr 16'27 Holders of ree. Apr. 1
Cedar Rapids Mfg.& Power (quay.)....
34 Nov. 15 Holders of rec. Oct. 310
Central Ark. By.& Light, pref.(guar.). 144 Dec. 1 Holders of rec. Nov. 150
Central & S. W.Mil., pr.lien & pf.(qu.) $1.75 Nov 15 Holders of rec. Oct. 300
Chicago Rap.Tran.. prior pf.(mthly.)
650. Deo, 1 Holders of rec. Nov.160
Cities Service Pr.& Lt., p1.(monthly).'581-50 Nov. 15 Holders of rec. Nov. 1
Columbia Gas dr Electric. corn.(quar.) $1.25 Nov. 15 Holders of rec. Oct. 30a
184 Nov. 15 Holders of reo. Oct. 300
Seven per cent series A (qua:.)
2 Dec. 1 Nov. 21 to Dee. 1
Community Pow.& Light, 2d pref
ConnecticutRy.&Ltg ,com.&pf.(qu.)._$ 1.1234 Nov. 15 Nov. 1 to Nov. 15
Consolidated Gas of N. Y., corn.(qu.)- $1.25 Dec. 15 Holders of rec. Nov. 100
(monthly) 134 Jan. 2 Holders of rec. Dec. 16
1.66 Jan, 2 Holders of roe. Dec. 15
Co .6%
6
141 Jan. 2 Holders of roe. Dee. 16
7% preferred (guar.)
50e. Doe. 1 Holders of roe. Nov.15
6% Preferred (monthly)
50o. Jan 2'27 Holders of MO. Doe. 16
6% preferred (monthly)
550. Dee. 1 Holders of MO. Nov. 15
5.6% preferred (monthly)
550. Jan2'27 Holders of roe. Dee. 16
6.6% preferred (monthly)
144 Dec. 15 Holders of rec. Nov. 15a
Duquesne Light Co., 1st pref.(quar.)
Empire 6118 & Fuel,8% pref.(mthly.)-* 662-30 Doe. 1 Holders of rec. Nov. 15
58 1-3c Dec. 1 Holders of roe. Nov. 15
7% Preferred (monthly)
Federal Light & Trac., common (qua:.). 200. Jan, 3 Holders of rec. Dee. 16a
Common (payable in common stock)_ _ fl5c. Jan, 3 Holders of rec. Dee, 15a
144 Doe. 1 Holders of rec. Nov. 15a
Preferred (quar.)
Nov,15 Holders of rec. Oct. 22a
Havana Electric & Utilities, first pref._ _ 83
$5
First preferred
Nov. 15 Holders of rec. Oct. 22a
134 Nov. 15 Holders of roe. Oct. 300
Ilium.& Power Secur., pref.(quar.)__
144 Nov. 25
Kentucky Utilities, Junior pref.(guar.). 43 0. Dee. 20 Holders of r.Nov. is
ec
Louisville Gas & Elec., com. A & B (qu.) 300. Dep. 31 Holders of rec. Nov.530a
Manila Elec. Corp.. common (quar.)...
Holders of roe. Doe, 150
Massachusetts Gas Cos., pref
$1 .50 ee 15 Nov. 16 to Nov. 80
. 1
Middle West Utilities, common (guar.)
Nov.
Holders of roe. Oct. 30
Montreal Lt., Ht.& Pow.Consol.(qu.). 50o. Nov. 15 Holders of rec. Oct. 310
Montreal Light, Heat & Power(quar.). 2
Nov. 15 Holders of rec. Oct. 310
Montreal Water & Power, Win.((Mar.). 6231e. Nov. 15 Holders of reo. Oct. 80
Preferred (guar.)
134 Nov.lb Holders of rec. Oct. 30
Municipal Service, common (quar.)
25e, Dee, 1 Holders of rec. Nov. 150
National Power & Light, corn.(guar.)._ 20c. Doe. 1 Holders of rec. Nov. 150
North American Edison, pref.(quar.)
$1.50 Dec. 1 Holders of rec. Nov. 150
North Amer. Utility Secur., 1st pf.(qu.) $1.50 Dee, 15 Holders of rec. Nov.30
First pref. allot. ctfs. (quar.)
81.50 Deo, 15 Holders of rec. Nov.30
Northwest Utilities, 7% pref.(quar.)... 134 Nov. 15 Holders of rec. Oct. 30
Ohio Edison,6% preferred (guar.)
134 Dec. 1 Holders of rec. Nov. 15
6.8% preferred Mara
1.65 Dee. 1 Holders of rec. Nov. la
preferred (11.1ar.)
154 Dec. 1 Holden of roe, Nov. 15
(
me
% preferred (monthly)
550, Deo, 1 Holders of rec. Nov. 15
Ohio Fuel Corp.(one month dividend)
162-3 Nov. 15 Holders of rec. Oct. 300
Pacific Lighting Corp.,com.(quar.)
4
Nov.16 Holders of rec. Oct. 310
144 Nov.15 Holders of rec. Oct. 310
Penn-Orred (gsan?7% pref.(quar.)
efehio Ediuor
144 Dee. 1 Holders of roe. Nov.20
Phila. & Suburban Water, pref. (quar.)_ 144 Dec. 1 Holders of rec. Nov. lla
Portland Electric Power.2d pref. (guar.) 1.31 Dee. 1 Holders of rec. Nov. 15
Southern Calif. Edison, common (guar.) 50e. Nov. 15 Holders of rec. Oct. 200
Southern Canada Power (guar.)
$1
Nov. 15 Holders of roe. Oct. 800
Sourit'n Colorado Pow..com..el.A (qt.)- 500. Nov.25 Holders of rec. Oct. 80
Preferred (quar.)
194 Doe. 15 Holders of rec. Nov.30
Standard Gas & Electric Co.
Common (payable in common stook). 11-200 Jan26'27 Holders of roe. Doe. 310
Tampa Electric Co.(quar.)
6234c Nov. 15 Holders of rec. Nov. 80
Tennessee Elec. Pow.6% 1st Pf.(q11.).- 134 Jan, 2 Holders of rec. Dee. 15
7% first preferred (quar.)
131 Jan. 2 Holders of rec. 13130. 15
7.2% first preferred (guar.)
1.80 Jan, 2 Holders of rec. Dec. 15
6% first preferred (monthly)
50e. Deo, 1 Holders of roe. Nov. 15
preferred (monthly)
6% first
50e. Jan, 2 Holders of roe. Doe. 15
7.2% first preferred (monthly)
60c, Deo, 1 Holders of rec. Nov. 15
7.2% first preferred (monthly)
60c. Jan. 2 Holders of roe. Doe. 15
United Gas Impt., stock dividend
26
Nov.15 Holders of rec. Oct. 150
United Ry.& Elec., Bait., corn.(guar.). 50o. Nov. 15 Holders of rec. Oct. 300
Utility Shares Corp., com.(No. 1)
50o. Doe. 15 Holders of rec. Nov.80
Participating preferred (guar.)
30c. Doe. 1 Holders of rec. Nov. 15
Virginia Moe.& Power, pref.(quar.)_ _
$1.75 Dec. 20 Holders of rec. Nov. 150
Washington Water Power,631% pf.(qu.) 131 Deo, 15 Holders of roe. Nov. 24a
West Chester Street By., pref.(guar.)._
154 Dee. 1 Holders of roe. Nov.21
West Penn Electric Co.,7% pref.(quar.) 144 Nov. 15 Holders of rec. Nov. la
West Penn By,., pref. (quar.)
144 Deo, 15 Holders of rec. Nov.24
Wisconsin Power & Light, pref.(guar.). *141 Doe. 15 Holders of rec. Nov.30
Wisconsin River Power. prof.
$1.75 Nov.20 Holders of roe. Oct. 310
ejfesrePorwreedr•(1,61.)pref.
774
Nov. 13 1926.]
Name of Company.
Banks.
Amer. Colonial Bank of Porto Rico(MO
Chelsea Exchange (guar.)
THE CHRONICLE
Per
When
Cent. Payable.
4
2
Books Closed.
Days Inclustve.
Dec. 1 Holders of rec. Nov. 19
Jan. d3 Holders of rec. Dec. 17a
Miscellaneous.
Abbotts Alderney Dairies. 1st pt.(qu.)
1% Dec. I Holders of rec. Nov. 15a
Allis-Chalmers Mfg., common (quar.)-- 134 Nov. 15 Holders of rec. Oct. 230
American Can, coin. (quar.)
500. Nov. 15 Holders of roe. Oct. 30a
American Chain, class A (quar.)
500. Dec. 31 Dec. 22 to Jan. 2
American Chicle, corn.(quar.)
75c. Jan, 1 Holders of rec. Dec. 150
6% preferred (quar.)
134 Jan. I Holders of rec. Dec. 136
American Electrice, preferred A (quar.). *433.1c Nov. 15 *Holders of rec. Nov. 5
American Felt, preferred (quar.)
1.50 Dec. 1 Holders of rec. Nov. 11a
American Hardware Corp.(guar.)
51 Jan 117 Holders of rec. Dec. 16a
Amer. Home Products (monthly)
20
Dec. 1 Holders of rec. Nov. 155
Amer. La France Fire Eng.. com.(qu.). 25e. Nov. 15 Holders of roe. Nov. la
Amer. Laundry Machinery, corn.(quar.) 760. Deo, I Nov.23 to Dec. 1
Common (extra)
25e. Dec. 1 Nov.23 to Dec. 1
Common (quar.)
Marl'27 Holdersofroe.Feb.21'27
31
American Linseed, pref.(quar.)
134 Jan 3'27 Holders of rec. Dec. 17a
Preferred (quar.)
1% Apr117 Hold. of red.Mar.18 '27a
/Merle= Mfg., common (quar.)
134 Dec. 31 Holders of rec. Dec. 17
Preferred (quar.)
13.( Dos. 31 Holders of rec. Dec. 17
Amer. Metal, common (quar.)
Si
Dec. 1 Holders of rec. Nov. 100
Preferred (quar.)
131 Dec. 1 Holders of rec. Nov. 206
American Multigraph, common (guar.). 40c. Dec. 1 Holders of rec. Nov. 15
Amer. Radiator, common (quar.)
$1.25 Dec. Si Holders of rec. Dec. 15a
Preferred (quar.)
131 Nov. 15 Holders of rec. Nov. la
Amer. Smelt. & Refg., pref. (quar.)
134 Dec. 1 Holders of rec. Nov. 50
American Soda Fountain (quar.)
134 Nov. 15 Holders of rec. Nov. 1
American Stores (quar.)
50o. Jan. 1 Dec. 17 to Jan. 1
Extra
50c. Dee. 1 Nov. 16 to Dec. 1
American Tobacco. com. & com. B (qu.) $2
Dec. 1 Holders of rec. Nov. 10a
Anaconda Copper Mining (quar.)
75e Nov. 22 Holders of rec. Oct. 160
Armstrong Cork, common (quar.)
2134 Jan. 2 Holders of rec. Dec. 17
Common (payable in common stock)_ 15
Jan. 15 Holders of rec. Dec 17
Preferred (quar.)
1% Jan. 2 Holders of rec. Dec. 17
Artloom Corp., common (quar.)
75c. Jan. 3 Holders of rec. Dec. 16a
Preferred (quar.)
1% Dec. 1 Holders of rec. Nov. 20a
Associated Dry Goods, 1st pref (guar.). 134 Dec. 1 Holders of rec. Nov. 13a
Second preferred (quar.)
1% Dec. 1 Holders of rec. Nov. 136
Atlantic Ice & Coal preferred
331 Jan117
Atlas Powder, common (quar.)
$1 Dec. 10 Holders of rec. Nov.30a
Common (extra)
51 Jan. 10 Holders of rec. Nov.30a
Babcock & Wilcox (quar.)
'27 Holders of rec. Dec. 20a
134 Jan 2
Quarterly
134 Apr 1'27 Hold,of roe. Mar.20'27a
Balaban & Katz. common (monthly)_ _ _ 25c. Dec. 1 Holders of rec. Nov. 20
Common (monthly)
25c. Jan. 1 Holders of rec. Dec. 20
Preferred (guar.)
134 Jan. 1 Holders of rec. Dee. 20
Beacon 011, preferred (quar.)
1.8734 Nov. 15 Holders of rec. Nov. 8
Beech Nut Packing. common (extra).
60c. Dec. 10 Holders of rec. Nov. 29a
Belding CortIcelli, Ltd., (quar.)
•134 Dec. 1 *Holders of rec. Nov. 3
Berkey & Gay Furniture, prior pref.(qu) 134 Nov. 15 Nov. 8 to Nov. 15
Bethlehem Steel, pref. (quar.)
1)4 Jan. 3 Holders of rec. Dec. 3a
Bond dr Mtge. Guarantee (quar.)
Nov. I
4
Holders of rec. Nov. 8
Borden Company,corn.(quar.)
Dec. I Holders of roe. Nov. 15a
$1
Common, extra
25c. Dee. 1 Holders of rec. Nov. 15a
Boas Manufacturing, common (quar.)
234 Nov .1 Holders of rec. Nov. is
Preferred (quar.)
1% Nov. 15 Holders of rec. Nov. is
Brill Corporation. preferred (quar.)---Holders of rec. Nov. 101
134 Dec.
Brill& Columbia Fish & Packing (quar.) 1% Dec. 1 Holders of rec. Nov.30
Brompton Pulp & Paper, pref.(quar.)-- 2
Nov. 1 Holders of rec. Oct. 31a
Brookside Mills
2
Nov. I
Holders of rec. Nov. 100
Brown Shoe, common (quar.)
500. Dec.
Holders of rec. Nov. 20a
Buckeye Pipe Line (quar.)
Dec. I Holders of rec. Nov. 19
51
Burns Bros.. common (quar.)
$2.50 Nov. 1
Holders of rec. Nov. is
Common B (quar.)
50c. Nov. 1. Holders of rec. Nov. la
Butler Bros.(quar.)
334 Nov 1
Holders of rec. Oct. 306
Butterick Co
2
Dec. 1 Holders of rec. Nov. 10
Stock dividend
Dec. I Holders of rec. Nov. 10
(
8
Cabot Manufacturing (quar.)
134 Nov. 15 Holders of roe. Nov. 4
California Packing (guar.)
Dec. 15 Holders of rec. Nov. 306
$1
California Petroleum Corp., corn.(quar.) 50c. Dec. 1 holders of rec. Nov. 156
Canada Cement, preferred (quar.)
134 Nov. 16 Holders of rec. Oct. 31
Canada Dry Ginger Ale, stock dIv.(qu.) el% Jan15'27 Holders of roe. Jan 1 '27a
Canadian Converters (quar.)
1% Nov. 15 Holders of rec. Oct. 31
Canadian Oil (quar.)
1% Nov. 15 Holders of rec. Nov. la
Casein Co. of Amer.(Del.) com.(qu.)-- 1% Nov. 15 Holders of rec. Nov. 6
Common (extra)
Nov.15 Holders of rec. Nov. 6
1
Casey-Hedges Co., corn. (quar.)
234 Nov. 15
Preferred (quar.)
134 Jan. I
Caterpillar Tractor (quar.)
51.50 Nov.25 Holders of rec. Nov. 15a
Centrifugal Pipe (quar.)
250. Nov. 15 Holders of rec. Nov. 6
Century Ribbon Mills, pref. (quar.).. - 1% Dec. 1 Holders of rec. Nov.190
Chicago Flexible Shaft, pref. (quar.)___ (.19j Dec. I °Holders of rec. Nov.20
Chicago Mill & Lumber, corn.
1
Nov. 15 Holders of rec. Nov. 80
Yellow Cab Co.(monthly)
(quar.)Chicgo
331-3c Dec. 1 Holders of rec. Nov. 19a
Childs Co.. corn.($100 par) (quar.)_
60c. Dec. 10 Holders of roe. Nov. 266
Common,no par value (quar.)
600. Dec. 10 Holders of rec. Nov. 266
Preferred (quar.)
131 Dec. 10 Holders of rec. Nov.26
Chili copper Co.(quar.)
6234c Dec. 27 Holders of rec. Dec. 16
Chrysler Company,corn.(quar.)
75e. Jan. d3 Holders of rec. Dec. 150
Preferred
$2
Jan 327 Holders of rec. Dec. 156
Cities Service, common (monthly)
% Dec. 1 Holders of rec. Nov. 15
Common (payable in corn. stock)
134 Dec. 1 Holders of rec. Nov. 15
Preferred and pref. B (monthly)
34 Dec. 1 Holders of rec. Nov. 15
City Housing Corporation
Jan. 1
.6
Coca-Cola International (quar.)
51.75 Jan. 1 Holders of reo. Dec. 15a
Colorado Fuel & Iron, pref. (guar.)_
2
Nov.26 Holders of rec. Nov. 10a
Congoleum-Nairn, Inc., pref.(quar.)_
1% Dec. 1 Holders of rec. Nov. 15a
Consolidated Cigar Corp., Pref, (qu.)...._
1% Dec. 1 Holders of roe. Nov. 15a
ConsolidationCoal, pref
1% Dec. I Holders of rec. Nov. 206
Continental Can, Inc., common
(guar.). 51.25 Nov. 15 Holders of rec. Nov. 5o
CoOkaville Shale Brick, pref.
1
Dec. 15 Holders of rec. Nov.20
Cuneo Press. Inc. (guar.) (qUar.)---Dec. 15 Holders of roe. Deo. 1
Cushman's Sons, Inc., common (guar.)_ 51
d75c. Dec. 1 Holders of rec. Nov. 15a
Seven per cent preferred (quar.)
(H.% Dec. 1 Holders of rec. Nov. 15a
Eight dollar dividend, prof.(quar.) _
Dec. 1 Holders of rec. Nov. 15
$2
Davis Mills (quar.)
134 Dec. 24 Holders of rec. Dec. 116
Detroit Steel Products (monthly)
25c Dec. 1 Holders of rec. Nov. 200
Deere & Co., pref.(quar.)
1% Dec. I Holders of rec. Nov. 166
Prof.(acct. accum. dividend)
h2% Dec. 1 Holders of rec. Nov. 15a
Diamond Match (quar,)
2
Dec. 15 Holders of rec. Nov.30a
Dominion Bridge(quar.)
1
Nov. 15 Holders of rec. Oct. 30a
Dow Chemical, com. (quar.)
81.
Nov. 15 Holders of rec. Nov. 15a
Preferred (quar.)
134 Nov. 15 Holders of rec. Nov. 5a
Draper Corporation (extra)
1234 Jan1527 Holders of rec. Aug. 28
Eagle-Picher Lead, common (quarj_
40a
Electric Refrigeration, common (guar.). 50e. Dec. 1 Holders of rec. Nov. 16
Nov. 20 Holders of rec. Oct. 290
Common (payable in common stock)_
1194 Nov.
Erie Steam Shovel, common (quar.)_ _ _ _ 6234c Dec. 20 Holders of rec. Oct 29a
1 Holders of rec. Nov. I5a
Seven per cent preferred (quar,)
$1.60 Dec. 1 Holders of rec. Nov. 15a
Fairbanks
-Morse & Co., corn. (quar.)
75e Deo, 81 Holders of rec. Oct. 150
Preferred (quar.)
154 Dec. 1 Holders of ree. Nov.156
FamousPlayers(Can.) Corp., lst pf.(qu.) 2
Dec. 1 Holders of rec. Oct. 80
Farwell Bleachery (quar.)
234 Nov. 1' Holders of rec. Nov. 4
Farwell Mills (quar.)
1
Nov. 15 Holders of rec. Nov. 4
Federal Terra Cotta. pref.(quar.)
2
Nov. 15 Holders of rec. Nov. 5
Firestone Tire & Rubber.7% met (qu.).
191 Nov. 15 Holders of rec. Nov. 1
First National Pictures, preferred (quar.) 2
Jan. 1 Holders of rec. Dec. 15a
Fisk Rubber, 2d pref.(quar.)
131 Nov. 15 Holders of rec. Nov. la
.
2d oref.(acct. aecum.div.)
535 Dec.
Fitzsimmons& Con'l Dredge &Dk.(qu.) 50c. Dec. 1 Holders of rec. Nov.r15a
1 Holders of rec. Nov.
Foote BrocGear de Mach.Co., pref.
(qu.) 134 Jan 1'27 Holders of rec. Sept. 206
20
General Asphalt, pref. (quar.)
1% Dec. 1 Holders of
General Box Corp., pref. A & B (quar,). 81.25 Dec. 1 Holders of rec. Nov. 150
rec. Nov.206
pref.(quar.)
General Cigar, 7%
134 Dec. 1 Holders of roc. Nov. 234
Debenture preferred (quar.)
1% Jan, 3 Holders of rec. Dec. 230
General Necessities Corp.(monthly).. 1
Nov. 15 Holders of ree. Nov. 5
Monthly
1
Dec. 15 Holders of roe. Dec. 6
Stock dividend
45
Dec. 81 Holders of roe. Dec. 20a
Name of Company.
2489
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
General Development(quar.)
250. Nov.20 Holders of roe. Nov.10
General Outdoor Advertising, el. A (qu.) $1 Nov. 15 Holders of rec. Nov. 56
Preferred (quar.)
134 Nov. 15 Holders of rec. Nov. 50
Gillette Safety Razor (quar.)
Si
Dec. 1 Holders of rec. Nov. 1
Extra
50c. Dec. 1 Holders of rec. Nov. 1
C. G.Spring & Bumper (quar.)
10c. Nov. 15 Holders of rec. Nov. 80
Extra
5c, Nov. 15 Holders of rec. Nov. 80
Common (in com.stk. on each 10 abs.) 12-10 Nov. 15 Holders of rec. Nov. 8
Common (in corn. stk. on each 10 she.) 13-10 Feb1527 Holders of rec. Feb.8
.27
Globe-Wernicke Co., common
$1.50 Janl'27 Holders of rec. Dec. 20
Golden Cycle Mining & Reduc.(quar.)_ .
34c Dec. 10 "Holders of rec. Nov.30
Goodrich (13. F.) Co., corn.(quar.)
$1 Dec. 1 Holders of rec. Nov. 156
Preferred (quar.)
134 Jan. 3 Holders of rec. Dec. 180
Goodyear Tire & Rubber, pref
A4;4 Nov. 15 Holders of rec. Oct. 266
Gossard (H. W.)& Co., corn.(m'thly)_ _ 33 1-3e Dec. 1 Holders of rec. Nov. 19
Common (monthly)
33 1-3c Jan 317 Holders of rec. Dee. 20
C.' rant(w.T.) Co., preferred-Not yet d eelared
Great Atlantic & Pacific Tea, com.(qu.) 60c. Dec. 1 Holders of rec. Nov. 12
Preferred (quar.)
131 Dec. 1 Holders of rec. Nov. 12
Great Lakes Dredge & Dock (quar.)_ _ _ _
2
Nov. 15 Holders of rec. Nov. 6
Greenfield Tap & Die,6% pref. (quar.)_
134 Jan. 3 Holders fo rec. Dec. 15
8% preferred ((rear.)
2
Jan. 3 Holders of rec. Dee. 15
Guenther Publishing. preferred (quarj_ _
234 Nov. 16 Holders of rec. Oct. 16
Preferred (acct. accumulated dire.)..- 5234 Nov. 16 Holders of rec. Oct. 16
Gulf States Steel, preferred (quar.)
1;4 Jan 217 Holders of rec. Dec. 15e
Halle Bros., pref. (guar.)
1% Oct. 30 Oct. 26 to Oct. 31
Harbison-Walker Refrac., com. (quar.)_
134 Dec. 1 Holders of rec.Nov4200
Preferred (quar.)
1% Jan. 20 Ilolders of rec. Jan. 100
Hartman Corporation, class A (quarj_ _
500. Dec. 1 Holders of rec. Nov. 170
Class A (quar.)
50e. Mar127 Holders of rec.Feb.16174
Class A (quar.)
50o. J'nel'27 Holders of roe. May 17
0
Class B (quar.) in class A stock
(o) Dec. I Holders of rec. Nov. 170
Class B (quar.) in class A stock
(o) Mar 127 Holders of rec. Feb15'270
Class B (quar.) in class A stock
(o) J'nel'27 Hold, of rec. May 17'270
Hart. Sehaffner & Marx. Inc.,corn.(qu.)
Nov. 30 Holders of rec. Nov. 160
Hayes Ionia Co.(monthly)
100. Doe. 1 Holders of rec. Nov. 21.2
Monthly
100. Jan 1'27 Holders of rec. Dec. 210
Monthly
10e. Febl'27 Holders of rec. Jan. 28a
Monthly
100. Marl'27 Holders of rec. Feb. 21a
Hayes Wheel, common (quar.)
75c. Dec. 15 Holders of rec. Nov. 260
Preferred (quar.)
1% Dec. 15 Holders of rec. Nov. 266
Hazeltine Corp.(quar.)
25c. Nov. 20 Holders of rec. Nov. 4
Hercules Powder, pref. (quar.)
134 Nov 15 Holders of rec. Nov. 5
Hibbard. Spencer, Bartlett & Co.(mthlY)
350. Nov.26 Holders of rec. Nov. 19
Monthly
35c. Dee. 31 Holders of rec. Doe. 24
Extra
200. Dec. 31 Holders of roe. Dec. 24
Hollander (A.) & Son. Inc., com.(quar.) 621 1c. Nov. 15 Holders of rec. Oct. 29
.
Holmes Manufacturing, pref. (quar.)
*134 Nov. 15'Holders of rec. Nov. 3
Homestake Mining (monthly)
50c. Nov. 26 Holders r f rec. Nov.200
Hood Rubber (stock dividend)
e25
Holders of rec. Nov. 3
Flom & Hardart of N.Y., pref.(quar.)._ '194 Dec. 1 Holders of rec. Nov. 11
Housenold Products (quar.)
75c. Dec. 1 Holders of rec. Nov. 160
Hudson River Navigation, pref
Dec. 31 Holders of rec. Dec. 15
Illinois Brick (quar.)
"600. Jan. 15 *Holders of rec. Jan. 4
Extra
"40c. Jan15'27 *Holders of rec. Jan. 4
Quarterly
"60e. ApI5'27 *Holders of rec. Apr. 4
Quarterly
"60e. Jiy15'27 *Holders of rec. July 4
Quarterly
'600. 001527 *Holders of rec. Oct. 4
Independent Oil& Gas(quar.)
25c. Jan. 17 Holders of rec. Dec. 300
Indiana Flooring, common (quar.)
3734e. Nov. 15 Nov. 6 to Nov. 15
Indiana Pipe Line (quar.)
Nov. 15 Holders of rec. Oct. 22
Si
Extra
Nov. 15 Holders of rec. Oct. 23
81
Ingersoll-Rand Co.,com.(quar.)
750. Dec. 1 Holders of rec. Nov. 80
Common (extra)
Si
Dec. 1 Holders of rec. Nov. 8a
Inland Steel, common (guar.)
6234c Dec. 1 Holders of rec. Nov. 156
Preferred Mar.)
1% Jan. 1 Holders of rec. Dec. 150
Internat. Agricultural Corp.. pr. Of.(qu.) 134 Dec. 1 Holders of rec. Nov. 154
Internat. Combustion Engineering (qu.) 50e. Nov. 30 Holders of rec. Nov. 190
International Harvester. pref.(quar.)___
1;4 Dec. 1 Holden of rec. Nov. 100
International Paper, com. (quar.)
50c. Nov. 16 Holders of rec. Nov. lo
Internat. Petroleum, Ltd
250. Nov. 15 Holders of coup. No. 121
1- terstate Iron & Steel, pref.(quarj_
"13( Dec. 1 *Holders of rec. Nov.20
-eferred (acct. accum. dividends)
Dec. 1 *Holders of rec. Nov.20
*55
In, vpe Corporation, corn.(quarj_ _ 25e. Nov. 15 Holders of rec. Nov. le
Jaei, Machine, common (quar.)
12
C. 1 Holders of rec. Nov. 190
Jones
aughlin Steel, com.(quarj_ _
1% Dec. 1 Holders of rec. Nov. 15
Kaufm. iDept. Stores, pref. (quar.)... 131 Jan 217 Holders of rec. Dee. 204
Kinney ('i. R.) Co., common (quar.)...., 21
Jan. 3 Holders of rec. Dec. 23.
Preferred ((rear.)
Dec. 1 Holders of rec. Nov. 21.
2
Kirby Lumber (quar.)
1% Dec. 10 Dec. 1 to Dec. 10
Lanston Monotype Machine (quar.).__ _
134 Nov. 30 Holders of rec. Nov. 20e
Lehigh Coal & Navigation (quar.)
Nov.30 Holders of rec. Oct. 336
$I
Extra
Nov.30 Holders of rec. Oct. 806
Si
Lehn & Fink Co. (quar.)
750. Dec. I Holders of rec. Nov. 151
Liggett & Myers Tob..comascom.B(qU.) 750. Dec. 1 Holders of rec. Nov. 18.
Lima Locomotive Works, corn.(quar.)_ _ Si
Dec. 1 Holders of rec. Nov. 16.
Lpew's, Inc.((War.)
50c. Dec. 31 Holders of rec. Dec. 131
Extra
Dec. 31 Holders of rec. Dec. 13.
SI
Lord & Taylor. let pref.(quar.)
134 Dec. 1 Holders of rec. Nov. 170
Christmas dividend
Dec. 10 Holders of rec. Nov. 170
Louisiana 011 Refining, 6.34% pref,(qu.) 1.62)4 Nov. 15 Holders of rec. Nov. la
Ludlow Manufacturing Associates (qu.)_ 52.50 Dec. 1 Holders of rec. Nov. 8
Manhattan Shirt, common (quar.)
3734c Dec. 1 Holders of rec. Nov. 16
Marmon Motor Car, common (No. 1)._
$I Dec. 1 Holders of rec. Nov. 10
Martin-Parry Corp. (quar.)
50c. Dec. 1 Holders of rec. Nov. 150
Massey-Harris Co.. Ltd., pref. (quar.)_ _
154 Nov. 15 Holders of rec. Nov. 6
May Department Stores, common (qu.)_ $2
Dec. 1 Holders of rec. Nov. 150
Preferred (quar.)
Jan. 1 *Holders of rec. Dec. 15
Maytag Co. (quar.)
50o. Dec. I Holders of rec. Nov. 16e
McIntyre Porcupine Mines. Ltd
25e. Dec. I Holders of rec. Nov. la
Medart(Fred) Mfg.,corn.(quar.)
50c. Nov. 15 Nov. 5 to Nov. 15
Mercantile Stoma, Inc.. corn.(quar.)_.. 51 Nov. 15 Holders of rec. Oct. 30
Preferred (quar.)
$1.75 Nov. 15 Holders of rec. Oct. 80
Merrimack Mfg.,corn.(quar.)
131 Dec. 1 Holders of rec. Oct. 28
Miami Copper Co.(quar.)
3734c. Nov.15 Holders of rec. Nov. la
Mid-Continent Petroleum. Prof.(quar.).. $1.75 Dec. 1 Holders of rec. Nov. 150
Miller Rubber, pref.(quar.)
Dec. 1 Holders of rec. Nov. 100
2
Mohawk Mining (quar.)
Dec. 1 Holders of roe. Oct. 30
22
Montgomery Ward & Co., com.(guar.). $1
Nov. 15 Holders of rec. Nov. 40
Motor Wheel Corporation, pref.(quer.). 2
Nov. 15 Holders of rec. Oct. 30
MunsIngwear, Inc. (quar,)
75e. Dec. 1 Holders of rec. Nov. 170
Munyon Remedy Co.(quar.)
150. Dec. 15 Holders of rec. Nov.30
National Biscuit, common (quar.)
Jan. 15 Holders of rec. Dec. 3I6
$1
Common (extra)
Nov. 15 Holders of rec. Oct. 290
$1
Preferred (quar.)
13.1 Nov. 30 Holders of rec. Nov. 176
National Brick. preferred (guar.)
131 Nov. 15 Holders of rec. Oct. 306
National Casket,common
$1.50 Nov. 15 Holders of rec. Nov. la
National Cloak & Suit .pref.(quar.)_
_ 194 Dec. 1 Holders of rec. Nov. 230
Natl. Dept. Stores, 2nd pref. (quar.)__ _
1% Dec. 1 Holders of rec. Nov. 150
National Grocer, preferred
Jan 1'27 Dec. 21 to Dec. 31
3
National Lead, pref.(quar.)
is' Dec. 15 Holders of rec. Nov. 190
National Refining, corn. (quar.)
3734c Nov. 15 Holders of rec. Nov. la
National Supply, com.(quar.)
Nov. 15 Holders of rec. Nov. 50
$I
Neild Manufacturing ((rear.)
Nov. 15 Holders of rec. Nov. 40
2
Extra
1
Nov. 15 Holders of rec. Nov. 9a
Newberry (J. J.) Co.. pref. (quar.)
194 Dec. 1 Holders of rec. Nov. 16
New Cornelia Copper Co.(quar.)
500. Nov. 22 Holders of rec. Nov. 50
New Jersey Zinc, extra
2
Dec. 10 Holders of rec. Nov. 20
North Central Texas Oil (quar.)
150. Dec. 1 Holders of rec. Nov. 10
Ohio 011 (quar.)
50o. Dec. 15 Holders of rec. Nov. 13
Extra
50e. Dec. 15 Holders of rec. Nov. 13
Ontario Steel Products, corn. (quar) _ _
1
_
Nov. 15 Holders of rec. Oct. 306
194 Nov. 15 Holders of rec. Oct. 300
Preferred (quar.)
Onyx Hosiery, preferred ((rear.)
134 Dec. 1 Holders of rec. Nov.200
Oppenheirn. Collins di Co., Corn.(quar.) Si
Nov.15 Holders of rec. Oct. 294
Orpheum Circuit, Inc., cam.(monthly). 6 2-3e Dec. 1 Holders of rec. Nov.200
Monthly
6 2-3c Jan 217 Holders of rec. Doe. 20e
Preferred (quar.)
2
Jan 227 Holders of rec. Doe. 156
OM Elevator, pref.(quar.)
134 JanI5'27 Holders of rec. Doe. 310
Packard Motor Car (monthly)
20e. Nov.30 Holders of rec. Nov. 15a
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Pan-Amer. West,Petrol, A & B (guar.). 50c. Oct. 30 Holders of rec. Oct.' 90
Paramount Oshawa Theatres, Pt. (cm.). 134 Nov. 15 Holders of rec. Oct!30
Pathe Exchange, Inc., pref.((usar.)
2
Dec. 1 Holders of rec. Nov. 10
Penmans, Limited, corn. (guar.)
2
Nov. 15 Holders of rec. Nov. 5
Pennok Oil Corporation (guar.)
50c. Dec. 23 Holders of rec. Dec. 150
Peoples Drug Stores, Inc., pref.(guar.). 2
Nov. 15 Holders of rec. Nov. 1
Phoenix Hosiery, 1st & 2d pref.(quar.). 1% Dec. 1 Holders of rec. Nov. 170
Phillips-Jones Corp., common (quar.)- 1
Dec. 1 Holders of rec. Nov. 20a
Pick-Barth (Albert)& Co.,cl. Apt.
(a.) 43340 Nov.15 Oct. 27 to Nov.14
Pines Winterfront, A & B (qua:.)
*50c. Dec. 1 *Holders of roe. Nov. 15
Pittsburgh Steel. pref.(guar.)
134 Dec. I Holders of roe. Nov. 15a
Pittsburgh Terminal Coal, pref.(guar.). 134 Doe. 1 Holders of rec. Nov.200
Prairie 011 & Gas (guar.)
50c. Nov.30 Holders of rec. Oct. 300
Pratt & Lambert Co.,common(quar.)_ _ 750. Jan. 63 Holders of rec. Dee. 150
Common (extra)
1
Jan. (13 Holders of rec. Dec. 15a
Pressed Steel Car, pref.(guar.)
Dec. 31 Holders of rec. Dec. la
Procter & Gamble Co..common (quar.)_ $1.75 Nov. 15 Holders of rec. Oct. 25a
Producers Oil Corp. of Amer., pref.(qtt.) 2
Nov. 15 Nov. 1 to Nov. 15
Pro-phy-lac-tic Brush, corn. (extra)
500. Nov. 15 Holders of rec. Nov. 1
Preferred (guar.)
1% Dec. 15 Holders of rec. Dec. 1
Pullman Comoany (guar.)
2
Nov. 15 Holders of rec. Oct. ava
Pure Oil Co.,corn.(guar.)
37340 Dec. 1 Holders of rec. Nov. 100
Common (extra)
12340 Dee. 1 Holders of rec. Nov. 100
Purity Bakeries, class A (guar.)
75c. Doe. 1 Holders of roe. Nov. i5a
Preferred (guar.)
134 Dee. 1 Holders of roe. Nov. 150
Quaker Oats. pref. (guar.)
134 Nov.30 Holders of roe. Nov. 1
Qunsett Mills. preferred (guar.)
Dee. 1 Holders of rec. Nov.200
a
Reid Ice Cream Co., coin.(guar.)
750. Jan. 3 Holders of roe. Dec. 20a
Preferred (guar.)
134 Dee. 1 Holders of rec. Nov.200
Republic Iron ar Steel, common (guar.)- $1
Dec. 1 Holders of rec. Nov. 110
Preferred (guar.)
13 Jan. 2 Holders o free. Dec. 15a
Rolls-Royce Co. of America, preferred
$1.75 Nov. 15 Holders of rec. Oct. 30a
St. Joseph Lead (guar.)
600. Dec. 20 Dee. 10 to Dee. 20
Extra
250. Deo. 20 Dee. 10 to Dec. 20
Savage Arms,common (guar.)
91
Dec. 1 Holders of rec. Nov. 150
•1% Jan. 2 *Holders of rec. Dec. 15
First preferred (guar.)
•1m Feb. 15 *Holders of rec. Feb. 1
Second preferred (guar.)
•13i Nov. 15 *Holders of rec. Nov. 1
Second preferred (guar-)
Schulte Retail Stores, corn.(guar.)
dDec. 1 Holders of rec. Nov. 15
df2
Scotten-Dillon Co. (quar.)
3
Nov. 15 Nov. 7 to Nov. 15
Extra
4
Nov. 15 Nov. 7 to Nov. 15
Shell Union Oil Corp., pref. A (quar.)-- 1% Nov. 15 Holders of rec. Oct. 260
Sherwin-Williams Co., common (guard.. 2
Nov. 15 Holders of rec. Oct. 30a
Common (extra)
1
Nov. lb Holders of rec. Oct. 30a
15‘ Dec. 1 Holders of rec. Nov. 154
Preferred (guar.)
Shinners Car Line Corp., class A (guar.) 50c. Nov.30 Holders of rec. Nov. 18
$1.75 Nov.30 Holders of rec. Nov. 19
Preferred (guar.)
Shreveport
-El Dorado Pipe Line(quar.). 250. Jan. 2 Dec. 22 to Jan. 1
81
Extra
Jan. 2 Dec. 22 to Jan. 1
Simon (Franklin) Co., pref. (quar.)
134 Dec. 1 Holders of rec. Nov. 180
Sinclair Consolidated Oil, pref.(quar.)
Nov. 15 Holders of rec. Nov. la
Skelly 011 (guar.)
500. Dee. 15 Holders of rec. Nov 15a
Smith (A. 0.) Corp.. common (quar.)_. Si
Nov. 15 Holders of rec. Nov. 1
Preferred (quar.)
134 Nov. 15 Holders of rec. Nov. 1
Soule Mills (quar.)
Nov. 15 Holders of roe. Nov. 50
Spalding(A.G.)& Co., let pref.(guar.). 134 Dec. 1 Holders of rec. Nov. 18a
Second preferred (guar.)
Dec. 1 Holders of rec. Nov. 18
Spear & Co., preferred (guar.)
1% Dec. 1 Holders of rec. Nov.lba
Standard 011 (Calif.) (guar)
50c. Dec. 15 Holders of rec. Nov.150
Extra
50e. Dec. 15 Holders of rec. Nov.150
Standard 011 (Indiana) (guar.)
62 Mc Dec. 15 Holders of rec. Nov. 17
Extra
25o. Dec. 15 Holders of roe. Nov. 17
Standard Oil of New York (guar.)
*40c. Dec. 15 Holders of rec. Nov. 19
Standard Oil (Ohio) pref. guar.)
184 Dec. 1 Holders of rec. Oct. 26
Standard Sanitary Mfg., cons. (guar.)_ _ $1.25 Nov. 20 Holders of rec. Nov. 4
Preferred (guar.)
1% Nov. 20 Holders of rec. Nov. 4
Stewart-Warner Speedometer (guar.).
$1.50 Nov. 15 Holders of rec. Oct. 300
Studebaker Corp., common (quar.)
$1.25 Dec. 1 Holders of rec. Nov.100
Preferred (guar.)
134 Dec. 1 Holders of rec. Nov. 10a
Superior Steel, common (guar.)
50c. Dee. 1 Holders of rec. Nov. 150
Swan-Finch 011 Corporation. pref
h8M Nov. 22 Nov. 1 to Nov. 14
Thompson (J.R.) co.(monthly)
30c. Deo, 1 Holders of rec. Nov ,,a
Thompson Products, prof.(guar.)
184 Dee. 1 Holders of roe. Ne .(0a
Tide Water 011. Preferred (guar.)
. la
134 Nov.15 Holders of rec.
Timken Roller Bearing, common (guar.) Si
g. 150
Dee. 4 Holders of rec.
Common (extra)
ov. 13a
250. Dee. 4 Holders of rec
Tobacco Products Corp., el. A (quar.)..
Nov.15 *Holders of rec Oct. 270
Truscon Steel, common (guar.)
040e. Jan. 15 *Holders of rec. Jan. 5
Common (payable in common stock)_ _ h8
Jan. 15 *Holders of rec. Jan. 15
Preferred (guar.)
'134 Dee. 1 *Holders of rec. Nov. 20
Union-Buffalo Mills Co., let pref
334 Nov.15 Nov. 9 to Nov. 15
Second preferred
234 Nov. 15 Nov. 9 to Nov. 15
Union Copper Land & Mining
25c. Nov. 15 Holders of rec. Nov. 5a
Union Tank Car, common (quar.)
$1.25 Dec. 1 Holders of rec. Nov. 100
United Biscuit, class A (guar.)
51
Dec. 1 Holders of rec. Nov. 10
United Drug, corn. (guar.)
2
Dee. I Holders of rec. Nov. 150
U.S.Cast Iron Pipe Fdy.,oom.
(90- 2% Dee. 15 Holders of rec. Dec. la
Preferred (guar.)
134 Dee. 15 Holders of rec. Dee. la
U.S.Hoffman Machinery,corn.(quar.). 750. Doe. 1 Holders of rec. Nov.200
Common (extra)
25c. Dee. I Holders of rec. Nov.200
U. Si-Playing Card (guar.)
$2
Jan. d3 Holders of roe. Doe. 21
(J. S. Rubber,first preferred (guar.) -- 2
Nov. 15 Holders of rec. Oct. 200
U.S. Steel Corp., common (guar.)
1% Dec. 30
Dec. 1
Preferred (guar.)
1% Nov. 29 Nov. 2 to Nov. 3
United States Stores, prior pref.(guar.)- 134 Dec. 1 Holders of rec. Nov. 16
Vacuum Oil (guar.)
50e. Dec. 20 Holders of rec. Nov.30
Extra
500. Dec. 20 Holders of rec. Nov.30
Special extra
91
Dee. 20 Holders of rec. Nov.30
Vanadium Corp.(guar.)
75e. Nov. 15 Holders of rec. Nov. la
Extra
$1
Dec. 15 Holders of rec. Dec. la
Van Raalto Co., 1st pref. (guar.)
134 Dec. 1 Holders of rec. Nov. 170
Va.-Carolina Chemical, prior pf.
1% Dec. 1 Holders of rec. Nov. 16a
Weber & Helibroner, preferred (qua:.).. 131 Dee. I Holders of rec. Nov. 15
Welch Grape Juice, common (guar.) -- 250. Nov.30 Holders of rec. Nov.20
Preferred (guar.)
134 Nov.30 Holders of rec. Nov.20
Western Maryland Dairy, prior pt.(qu.) 87 Mc Dec. 1 Holders of rec. Nov.20
White (J. G.)& Co.. Inc., pref.(quar.)
134 Dec. 1 Holders of rec. Nov. 15
White(J. G.) Engineering. prof.(guar.). 134 Dee. 1 Holders of rec. Nov. 15
White(J. G.) Managem't Corp., p1.(111.) 134 Dec. 1 Holders of rec. Nov. 15
White Motor Co.(guar.)
Si
Dec. 31 Holders of rec. Dec. 150
Will & Baumer Candle,common(quard 260. Nov. 15 Holders of rec. Nov. 1
.
Williams Oil-o-Matic Heat.(quar.)
37140 Nov. 15 Holders of rec. Nov. la
Wilson & Co., preferred (No. 1)
334 Nov. 15 Holders of rec. Nov. 30
30e. Nov. 15 Holders of rec. Nov. 5
Wolverine Portland Cement(qua:.)
Dec. 1 Holders of rec. Nov. 10
Si
Woolworth (F. W.) Co.(guar.)
Dec. 15 Holders of rec. Nov.100
Extra
$1
25e Nov.30 Holders of rec. Nov. 150
Wright Aeronautical Co.(guar.)
Wrigley (Wm.)Jr. & Co.(monthly)..... 25e. Dec. I Holders of rec. Nov.20
91
Dec. 1 Holders of rec. Nov. 100
Yale & Towne Mtg.(special)
•From unofficial sources. t The New York Stook Exchange has ruled that stook
will not be quoted ex-dividend on this date and not until farther notice. I The
New York Curb Market Association has ruled that stock will not be quoted exevklend on this date and not until further notice.
II Transfer books not closed for this dividend 6 COITelni011. •Payable In stock.
/Payable in common Ida* g Payable In scrip. S On account of accumulated
addends. Ds Payable In preferred stock.
n Payable In participating prof. stock at par, cash being paid in lieu of fractional
shares.
o At the rate of one-fortieth share of elan A stook for each share of class B stook.
p In lieu of cash dividends may be taken in stock at the rate of 475-100 of a share
of class A stock for each share of $6 dividend stock and 5 15-100 of a share of class A
•tock for each share of $6 50 dividend stock.
IFIsk Rubber not ex the 35% accumulated dividends until Dec. 2.
At rate of 8% per annum for period from May 1 to Dec. 31 1925.
Transfer books closed from Nov. 7 to Nov. 15. both inclusive.
u Amer.Power & Light stock dividend is one-fiftieth of a share of common stock
r Optional cash or one-fortieth of a share of class A stock.
w Dlvidend is one share of stook for each six shares held.
[Vol.. 128.
THE CHRONICLE
2490
Weekly ReturnsTofiNewlYorkiCitaClearigg House
Banks and Trust
Companies.- The following shows the condition of the New York City
Clearing House members for the week ending Nov. 6. The
figures for the separate banks are the averages of the daily
results. In the case of the grand totals, we also show the
actual figures of condition at the end of the week.
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
(Stated in thousands of dollars
-that is, three ciphers (000) m(lled.)
New
.
CapitalProfits Loans,
Reserve
Week Ending
* count, Cash
with
Net
Tins Bank
Nov. 6 1926. Nat'l, June I Investin
Legal Demand
De- CircaState, Sept. I metals, Vault. Deposi- Deposits, posits. lotion.
sc.
(000 omitted.) Tr.Cos.Sept. i (
tortes.
Members of Fed. Res.Bank.
Bank of N Y & 9
$
Trust Co-__ 4,000 13.200
Bk of Manhat'n 10,700 15.571
Bank of America 6,500 5.143
National City__ 50,000 63,133
Chemical Nat__ 4,500 18,5
Am Ex-Pac Nat 7,500 13,095
Nat Bk of Com_ 25,000 41,943
ChatPh N B &T 13,500 12,763
Hanover Nat__ 5,000 26,003
Corn Exchange_ 10,000 14,767
National Park__ 10,000 24,152
Bowery & E It. 3,000 3,224
First National_ 10,000 74,875
Irving Bk & Tr 22,000 19,369
Continental.... 1,000 1,234
Chase National_ 40,000 36,782
Fifth Avenue.500 2,933
Commonwealth.
800
875
Garfield Nat'l__ 1,000 1,782
Seaboard Nat'l_ 6,000 10,415
Bankers Trust_ 20,000 34,555
US Mtge & Tr. 3,000 4,821
Guaranty Trust 25,000 24,606
Fidelity Trust._I 4,0003,154
New York TrusV 10,000 21,321
Farmers L & Tr 10,000 19,820
Equitable Trust 30,000 22,144
Average. Average Average
$
$
$
71.153
425 7,115
173,491 3,324 17,445
76,839 1,617 11,185
652,816 6,051 70,886
139.646 1,147 15,958
144,454 2,067 17,632
358.012
848 40,564
217,446 3,073 21,694
116,717
499 13,452
201,987 5,563 24,259
155,170
721 16,252
59,210 r.883 5,868
290,248
544 28,300
308,221 3,018 37,007
7,769
112
843
580,541 6,837 68,731
25,363
831 3,367
14,082
514 1,429
16,478
447 2,619
121,794
842 15,227
330,370
847 34,795
59,504
712 6,588
427,798 1,248 45,206
41,080
679 4,867
173,985
505 18,698
145,456
527 14,314
267,877 1,591 29,417
Average. AVer. AVM
$
$
8
51,688 7,796
126,705 27,574 _ _ _
84,101 3,568 --- 91
*698,109 101,646
120,641 3,320 348
130,409 9,395 4,962
303,640 25,301-f.
r
.
160.679 43,224 0 133
.
101,624
_-- --173,060 30
.613 -123,259 7.156 3:503
40,456 18,092 1,482
199,021 14,100 6,485
278,124 27,760 __6,098
440
*531,312 42,833 2:181
24,943
-- ---9,834 4,429
16,356
345 ___.
47
116,021 2,816
*285,148 38,853 53,798 4,554 ...*399,840 57,112 ....36,135 4,052
138,694 18,828
*106,872 22,734 _ __ _
*307,749 27,228 __ _ _
Total of averages333,000530.014 5,177,507 46,462 71,718c4.254,742 543,76925.232
Totals, actual condition Nov. 65,138,759 48,009 72,604c4,188,962555,16 25,276
Totals, actual condition Oct. 306.174.831 47,264838,242 c4,263,295538,381 25,300
Totals, actual condition Oct. 235.107.427 46,823539,183c4,214,222520,43725,109
State Banks Not Members of Feder al Reserve Ba nk.
Greenwich Bank 1.00i 2,593 24,372 2,251 1,916
22,559 2,732
State Bank-- 5.000 5,669 108,631 4,835 2,191
39,276 64,498
Total of ageing
6,000
_-
8,252 133,003
7,086
4,107
61.835 67,230 ... -
Totals, actual condition Nov. 6 132,309
Totals, actual condition Oct. 30 134,182
Totals, actual condition Oct. 23 133,027
7.581
6.935
6,625
4,658
4,204
4,673
62,092 67,261
63,091 67,229
62,253 67,120
Trust Companies NotMem bets of F
Title Guar & Tr 10,000 18,560 65,607
Lawyers Trust. 3,000 3,394 22,441
eral Resets e Bank.
1,806 4,408
40,770
914 1,869
17.827
1,379
869 -.-
Total of averages 13,000 21,974
88,048
2,720
6,277
58,597
2,248
Totals, actual condition Nov. 6
Totals, actual condition Oct. 30
Totals, actual condition Oct. 23
87,383
87,737
86,410
2,636
2,677
2,625
6,226
8,093
6,182
58,014
58,324
57,333
2,248
2,228
2,141
__-
_
Gr'd aggr., acre.352,000560,271 5,398,558 66,268582,102 4.375,174613,247 25.232
+54,047 -663 -465 +16,146 +14578 +97
Comparison with prey.week
Ord agar., add cond'n Nov. 65.358,451 58,226583,488 4,309,068624,67825,276
-38,299+1,350 15,051 -76,642+16840-24
Comparison with prey.week
Gr'd
Gr'd
Ord
Gr'd
Ord
Gr'd
aggr., acricond'n
aggr., act'lcond'n
aggr., actlcond'n
aggr., act'tcond'n
aggr., actl cond'n
aggr., act'l cond'n
Oct. 305,396,750 56,876 598,539
Oct. 235.326,864 56.073550.038
Oct. 165.378,099 57,467603.820
Oct. 95.423,546,57,708 19.401
Oct. 26,507,436 53,571 571,685
Sept.255,412,675 56,675599.825
4,384,710607,83825.300
4.333,808589,698 25,109
4,367.935591,090 25,042
4,393,446 592,38425,061
4,409,892587,126 24,616
4,372,410588,60824,621
Note.
-U. S. deposits deducted from net demand deposits in the genera totalsabove were as follows: Average total Nov. 6, $32,717,000. Actual totals Nov. 6.
932,712,000; Oct. 30, 532.727,000; Oct. 23,$33,175,000; Oct. 16, $45,974,000; Oct.9.
$53,319,000: Oct. 2, 555,845,000. Bills payable, rediscounts, acceptances and other
liabilities, average for week Nov. 6, $601,084,000; Oct. 30, $569,189,009; Oct. 23,
5560,844,000; Oct. 16. 8598,004,000; Oct. 9. $591,824,000; Oct. 2. $593,742,000.
Actual totals Nov. 6, $624,541,000: Oct. 30, $608,177,000; Oct. 23, $540,853,000;
Oct. 16, 5664,130,000: Oct. 9, 1626,470,000; Oct. 2, 9560,657,000.
* Includes deposits in foreign branches not included In total footing as follows:
National City Bank, $166,052,000; Chase National Bank, $11,001,000; BankersTrust Co., $27,423,000; Guaranty Trust Co., $73,661,000; Farmers' Loan & Trust
Co., 92,522,000; Equitable Trust Co.. $88,915,000. Balances carried in bank in
foreign countries as reserve for such deposits were: National City Bank, $25,543,000:
Chase National Bank, $2,990,000; Bankers Trust Co., 92,972.000: Guaranty Trust
Co.. $4,841,000; Farmers' Loan & Trust Co., 92,522,000; Equitable Trust Co.:
$9,114,000.
c Deposits in foreign branches not included.
The reserve position of the different groups of institutionson the basis of both the averages for the week and the.
actual condition at the end of the week is shown in the.
following two tables:
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES
Averages.
Cash
Reserve
Reserve
In
In Vault. Depositaries
Members Federal
Reserve banks.
State banks*
Trust companles*
Total Nov. 6._ .
Total Oct. 30 _ _
Total Oct. 23__
Total Oct. 16.._
7,086.000
2,720,000
Total
Reserve.
Reserve
Required.
571,718,000 571,718,000 569,429,530
4,107,000 11,193,000 11,130,300
6,277,000 8,997,000 8,789,550
Surplus
Reserve.
0
2,288.47 '
62.700
.
207,450.
9,806,000 582,102,000 691,908,000 589,349,380 2,558,6209,625,000 582,567.000 592.192,000 586,843,230 5,348,770
9,514,000 584,969.000 594,483,000 587,894,820 6,588.380
9,888.000 580,255,000 590,141,000 588,881,680 1,279.320
• Not members of Federal Reserve Bank.
b This is the reserve required on net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank
Includes also amount of reserve required on net time deposits, which was as follows:
Nov. 6, 916,313,070; Oct. 30, $15,879,240; Oct. 23, $15,532,890; Oct. 16, $15,618,810; Oct. 9. 915,656,670.
Nov. 13 1926.]
THE CHRONICLE
Boston Clearing House Weekly Returns.
-In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
Actual Figures.
Cash
Reserve
In Vault.
Total
Reserve.
a
Reserve
Reotared.
Surplus
Reserve.
BOSTON CLEARING HOUSE MEMBERS.
• Not members of Federal Reserve Bank.
a This is the reserve required on net demand deposits in the case of State banks
end trust companies, but in the case of members of the Federal Reserve Bank includes also amount of reserve required on net time deposits, which was as follows:
Nov. 6, $16,655,070; Oct. 30, $18,151,430; Oct. 23, $15,613,110; Oct. 16, 515,651,660: Oct. 9, $13,697,680.
Nor. 10
1926.
Changes from
Previous Week.
Nov. 3
1926.
Oct. 27
1926.
$
$
$
Capital
69,500,000 Unchanged
69,500,000
Surplus and profits_
90,876,000 Dec. 3,126,000
94,002,000
Loans, disc'ts & invest_ 1,061.551,000 Inc. 7,831,000 1,053,720,000
Individual deposits__
712,284,000 Dec. 2,463,000 714,747,000
Due to banks
142,433,000 Inc. 3,598,000 138,835,000
Time deposits
236,900,000 Inc.
228,000 236,672,000
United States deposits_
17,034,000 Dec.
761.000
17,795,000
Exchanges for Cl'g Wee
30,599,000 Dec. 2,693,000
33,292,000
Due from other banks
79,587.000 Dec. 6,150.000
85,737,000
Res've in legal deposles
83,920,000 Inc.
63,000
83,857,000
Cash in bank
11,546,000 Inc.
256,000
11,290,000
Relive excess In F.11.Tik
338 MO Den.
473 000
811.000
000
____ 10,217.000 583,488,000 593,705,000 581,098,790 12,606,210
Total Nov.
Total Oct.
9,612,000 598,539,000 608.151.000 500,484.760 17,666,240
Total Oct. 23.
9,250,000;550,038,000 559,288,000 583,267.460 -23.979,460
Total Oct. i&.... 10,013,0001603,820,000 613,833,000 587,800,010 26,032,990
WMUU§§
572,604,000 572.604,000 .561.220,130 11,383,870
4,653,000 12,239,000 11,176,560 1,062,440
6,226,000 8,862,000 8,702,100
159,900
O C4'CO CO
7.581.000
2,636,000
0CIl000 inu
,
0
^0.0.-A.w.w.woo
Members Federal
Reserve banks_ __ _
State banks.
Trust companies•__ _
Reserve
in
Depositaries
2491
State Banks and Trust Companies Not in Clearing
-The State Banking Department reports weekly
House.
Philadelphia Banks.
-The Philadelphia Clearing House
figures showing the condition of State banks and trust companies in New York City not in the Clearing House as follows: return for the week ending Nov.6, with comparative figures
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER for the two weeks preceding, is given below. Reserve
NEW YORK; NOT INCLUDED IN CLEARING HOUSE STATEMENT.
requirements for members of the Federal Reserve System
(Figures Furnished by State Banking Department.)
are 10% on demand deposits and 3% on time deposits, all
Differences from
to be kept with the Federal Reserve Bank. "Cash in vaults"
Nov.6.
Previous Week
Loans and Investments
$1,217,332,200 Inc. $8,590,000
is not a part of legal reserve. For trust companies not memGold
4,450,300 Dec.
71,000
Currency notes
25,554,000 Inc.
820,000 bers of the Federal Reserve System the reserve required is
Deposits with Federal Reserve banks of New York_
98,681,400 Inc. 2,220,800
Total deposits
1,264,557,700 Inc. 20,394,200 10% on demand deposits and includes "Reserve with legal
Deposits eliminating amounts due from reserve dedepositaries" and "Cash in vaults."
positaries and from other banks and trust companies in N.Y.City, exchange & U.S. deposits
1,186,867,000 Inc. 6.250,100
Reserve on deposits
171,454,900 Inc. 7,092.200
Percentage of reserves, 20.1.
RESERVE.
State Banks
- -Trust Companies
Cash In vault
.543,414,800 16.91%
$85,270,900 14.36%
Deposits in banks and trust cos__ 13,142,000
5.11%
29.627,200
4.00%
Total
$56,556,800 22.02%
$114,808,100
19.35%
• Includes deposits with the Federal Reserve Bank of New York, which for the
State banks and trust companies combined on Nov. 6 was $96,681,400.
Banks and Trust Companies in New York City.
-The
averages of the New York City Clearing IIouse banks and
trust companies combined with those for the State banks and
trust companies:in Greater New York City outside of the
Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES
IN
GREATER NEW YORK.
-,cncooc coo coocoo
$
89,326,100
87,442,700
81,662,300
82,039,100
81.793,500
83,952,500
80,536.800
82,328,600
83.086,700
87,287,200
85,257,300
83,168,800
84.153,500
85,684,200
89,206,200
84,662,600
86,186,300
QA ,79 inn
100
$
5,619.613,100
5,537,899,000
5,511,878,400
5,497,566,600
5,562,538,500
5,700,305,900
5,437,978,000
5.522,021,300
5,512,541,300
5,569,556,300
5,607.019,600
5.576,966,700
5,662,751,200
5,660,177.400
5,628,365,000
5.542.973,000
5,539,644,900
a Kan nil nnn
00. Q00040
$
6,690.909,700
6,590,587,300
6,484,762,300
6,568,161,000
6,649,515,100
6,574,966,900
6,544,607,200
6,538,084,700
6,588,168.500
6,593,206,900
6,625,391,700
6,616,162,700
6,683,007,800
6,668,046,700
6,617,799,100
6,559,420,600
6,553,253,200
is nin non onn
Reserve in
Depositaries.
a 000
Total Cash
in Vaults.
l 00
Demand
Deposits.
New York City Non-Member Banks and Trust Cornpanies.-The following are the returns to the Clearing
House by clearing non-member institutions and which are not
Included_in the "Clearing House Returns" in the foregoing:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK
CLEARING HOUSE.
(Stated In thousands of dollars-that
O. three ciphers [000] omitted.)
Capital
Surplus and profits
Loans, disc'ts & investm'ts
Exchanges for Clear House
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposits
Res've with legal deposit's.
Reserve with F. R. Bank
Cash In vault.
Total reserve & cash held
Reserve required
Excess res. & cash in vault
Members of
Trust
F.R.System Companies
49,975,0
150,266,0
946,098,0
49,510,0
116,625,0
137,576,0
661,277,0
154,741,0
953,594.0
72,008,0
10,467,0
82,475,0
71,561,0
10,914,0
5,000,0
17,778,0
48.795,0
499,0
21,0
874,0
29,367,0
2,200,0
32,441,0
3,921,0
1,446,0
5,367,0
4,568,0
799,0
1926
Total.
51,975,0
168,044,0
994.893.0
50,009,0
116,646,0
138,450,0
690,644,0
156,941,0
986,035,0
3,921,0
72,008.0
11,913,0
87,842,0
76,129,0
11,713,0
Oct. 30
1926.
Oct. 23
1926.
54,975.0
168,044,0
993,907,0
40,761,0
102,258,0
132,675.0
675,094,0
154,654,0
962,423.0
3,923.0
70,781,0
12,046.0
86,750.0
74,659.0
12,091.0
54,975,0
168.044,0
993,036,0
36,936,0
107,270,0
137,607.0
657,388.0
156,148,0
951,143,0
3.029,0
68,182,0
11,900,0
83,111,0
73,184.0
9,927,0
• Cash in vault not counted as reserve for Federal Reserve members.
.=00Q00
Week EndedJuly 10
July 17
July 24
July 31
Aug. 7
Aug. 14
Aug. 21
Aug. 28
Sept. 4
Sept. 11
Sept. IS
Sept. 25
Oct. 2
Oct. 9
Oct. 16
Oct. 23
Oct. 30
Nov. 6
i2..ANcIDOWW0WOWCONVWNOCO000
Loans and
Investments.
Week Ended Nov. 6 1926.
Two Ciphers (00)
omitted.
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 Nov. 10 1926 in
comparison with the previous week and the corresponding
date last year:
.
Nov. 10 1926.Nor 3 1926.Nov. 10 1925.
Resources5
Gold with Federal Reserve Agent
343,410,000 298,535.000 370,347,000
10,017,000
Gold redemp. fund with U. S. Treasury_
11,646,000
6,690,000
Gold held exclusively asst. F.R.notes_ 353,427,000
Gold settlement fund with F. R. Board_ 270.455,000
Gold and gold certificates held by bank_ 394,366,000
310,181,000
281,293,000
365,984,000
377,037,000
254,416,000
364,426,000
Total gold reserves
Reserves other than gold
957,458.000
22,783,000
995,879,000
25,313,000
1,018,248,000
25,005,000
Total reserves
1,043,253.000
Non-reserve cash
17,585,000
Bills discounted
Secured by U. S. Govt. Obligations_
67,152,000
Other bills discounted
48,886,000
980,241,000 1,021,192.000
13.000,000
17,326,000
113.546,000
58,857,000
90,582,000
62,554,000
Total bills discounted
Bills bought in open market
U. S. Government securities
Bonds
Treasury notes
Certificates of indebtedness
116,038,000
64,041,000
172,403,000
71,290,000
153,136,000
32,309,000
1,322,000
17,766,000
34,996,000
1,322,000
23,675.000
29,087,000
1,257,000
56,007,000
5,190,000
54,084,000
54,084,000
62,454,000
1,296,000
Total U. S. Government securitle0__
Foreign loans on gold
Total bills and securities (See Note)
234,163,000 297,777,000 249,195,000
Loans.
jiss
Reserve
CLEARING
Net
Net
with
Cash
Due from foreign banks (See Note)
650,000
650,000
640,000
NON-MEMBERS Capital.
Net
counts,
Legal Demand Time
in
Uncollected Items
157,592,000 170,499,000 162,239,000
•^1
Profits. Invest- Vault. Dopost- Deposits Deposits. Bank premises
16,740,000
16.740,000
,Week Ending
17,189,000
runts.
tortes.
All other resources
3,133,000
3,101,000
Nov. 6 1926.
4,300,000
&c.
--Total resources
1,473,084,000 1,482,040,000 1,472,081,000
Members of
Average. Average. Average. Average.
red's Res've Bank.
$
$
$
$
$
$
$
LiabilitiesGrace Nat Bank__ _
1,000
1,883 13,865
4,026 Fed'I Reserve notes In actual circulation_ 378,072,000 384,573,000 353,995,000
7.164
1,121
47
Deposits
-Member bank, reserve [met__ 839,261,000 818,164,000 857,179,000
Total
1,000
1,883 13,865
7,164
1,121
47
4,026
Government
4,005,000
3,531,000
State Banks.
6,040,000
Foreign bank (See Note)
3,110,000
3,605,000
10,509,000
Not Members of the
Other deposits
9,645,000
14.476,000
12,265,000
Federal Reserve Bonk
Bank of Wash.'Its_
400
1.006
9,688
823
3,007
6,621
397
Total deposits
856,021,000 839,776,000 885,993,000
Colonial Bank
1,200
3,216 34,023
3,815
1.788 29,500
5,315 Deferred availability items
138,173,000 156,538,000 137.138,000
Capital paid in
36,646,000
36.160,000
32,149,000
Total
1,600
4,222 43,711
4,638
2,185 36,121
8,322 Surplus
59,964,000
59,964,000
58,749,000
Trust Company.
All other liabilities
4,208,000
5,029,000
4,057,000
Not Member of the
Federal Reserve Bank
Total liabilities
1,473,084,000 1,482,040,000 1,472,081,000
Mech.Tr.. Bayonne
500
610
9.103
365
130
3,662
5,855
Ratio of total reserves to deposit and
Total
500
610
9,103
365
130
3,662
5,855
Fed'I Res've note liabilities combined_
84.5%
80.1%
82.4%
Contingent liability on bills purchased
aggregate_ _ _
Grand
3,100
6,717 66,679
3,436 a46,947 18,203
5,050
12,547,000
for foreign correspondents
11,236,000
10,264,000
Comparison with: pr ev. week
+574
-15
+176
+639
+139
-Beginning with the statement of Oct. 7 two new items were added In
NOTE.
Gr'd aggr., Oct. 30
3.100
6,717
6,105
5,035
3,260 a46,308 18,064 order to show separately the amount of balances held abroad and amounts due te
Lied aggr.. Oct. 2:
3,100
foreign correspondents. In addition, the caption. All other earning assets," now
6,717 66,364
4,939
3,293 a46,901 18,029
cried aggr.. Oct. 16
3,000
6,545 05,840
5,212
3,289 a46,421 18,036 made up of Federal intermediate credit bank debentures, has been changed to
Ord aggr., Oct.
3,000
6,545 06,345
4.973
3.473 a47.077 18 (103 "Other securities," and the caption. "Total earning assets" to "Total bills and eaentities." The latter term has been ad 'fled as a more accurate description of the
a United States deposits deducted. $21,000.
total of the discounts, acceptances and securities acquired under the provisions of
Bills payable, rediscounts. acceptances, and other liabilities,
2.857,000.
Sections 13 and 14 of the Federal Rcserve Act. which are the only items included
.
Exam reserve. $78.260 increase
heraa
[VOL. 123.
THE CHRONICLE
2492
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Nov. 11, 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 2463, 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 NOVEMBER 10 1926.
Nov. 10 1926. Nov. 3 1926. Oct. 27 1926. Oct. 20 1926. Oct. 13 '1926. Oct. 6 1926. Sept. 291926. Sept. 22 1926 Nov. 101925.
$
$
5
$
5
$
$
3
$
RESOURCES.
1,387,666,000 1,337,772,000 1,411,623,000 1,409,541.000 1,329,143,000 1,383,196,000 1,359,115,000 1.384.679,000 1,356,016,000
Gold with Federal Reserve agents
57,044,000
51,568,000
54,130,000
62.930,000
50,732,000
61,931,000
65,555,000
62,770,000
58,339,000
Gold redemption fund with U.B. Tress_
Gold held exclusivelY agst. F.R.notes 1,450,436,000 1,399,703,000 1,465,753,000 1,461,109,000 1,386.187,000 1,446,126,000 1,424,670,000 1,443,018,000 1,406,748,000
744,647,000 789,574,000 727,545,000 745,626,000 817,152,000 745,469,000 762,134,000 743,656,000 737,838,000
Gold settlement fund with F.R.Board
Gold and gold certificates held by banks_ 646,672,000 617,997,000 630,029,000 619,140,000 615,583,000 621,789,000 620,337.000 639,323,000 634,530,000
Total gold reserves
Reserves other than gold
2,841,755,000 2.807,274,000 2,823,327,000 2.825,875,000 2,818.922,000 2,813,384,000 2,807,141,000 2,825,997,000 2,779,116,000
128,129,000 127,411,000 130,750,000 128.928,000 126.305,000 128,674,000 130,113,000 131,643,000 111.386,000
2,969,884,000 2.934.685,000 2,954,077.000 2.954,803.000 2,945,227.000 2.942,058,000 2.937,254,000 2,957,640,000 2,890,502,000
Total reserves
50,441,000
47.184,000
54,926,000
47,167,000
52,841,000
49.838,000
46,957,000
52,275.000
53,740,000
Non-reserve cash
Bills discounted:
Secured by U. S. Govt. obligations, _ 287,369,000 347,003,000 316,185,000 290.035.000 339.205,000 288,717,000 365,993.000 319.076,000 276,229,000
294,044,000 328,895.000 315,738,000 296,587.000 364,696,000 334,872.000 350,637.000 342,560,000 288,431,000
Other bills discounted
Total Mils discounted
Bills bought in open market
U. S. Government securities:
Bonds
Treasury notes
Certificates of indebtedness
1.581,413,000
339,901,000
675,898,000 631,923,000
332,098,000 307,541,000
586,622.000
292.824.000
703,901,000
291,312.000
623,589,000
273,262,000
716,630,000
275,623,000
661,636,000 564,660,000
270.407.000 352,687,000
46,482,000
113,003,000
140,882.000
47,211,000
136,416,000
118,719,000
46,611,000
135,901,000
117,662,000
53.287,000
136,145,000
117.532,000
53,803,000
135,516,000
118,849.000
53,537,000
135,379,000
117.419.000
55,322,000
138.305,000
108,414,000
51,409,000
146.213,000
107,546,000
57,632,000.
243.122,000
33,254,000.
300,367,000
Total U. 8. Government securities
000
, .
Other securities (see note)2500,
Foreign loans on gold
302.346,000
2,500,000
300,174,000
• 2,500,000
306.964,000
2,500,000
308,168,000
3,700.000
306,335.000
3,700,000
302,041,000
3,700.000
305,188,000
3,700,000
334,008,000
3,720,000
4,799,000
Total bills and securities (see note).- 1.224,181,000 1,312,842,000 1,242,138,000 1,188,910.000 1,307.081.000 1,206,886,000 1,297.994.000 1,240.911,000 1,259,874,000.
640,000
648,000
717,000
718,000
650,000
650.000
650,000
648,000
650,000
Due from foreign banks (see note)
704,567,000 695,976,000 693,558,000 807,671.000 747,408,000 731,382.000 675.918,000 749.939,000 702,177,000
Uncollected items
61,632,000
60,012,000
60.014,000
60,001,000
60,007,000
60,039.000
60,047,000
60,051,000
60,0.51,000
Bank premises
13.409,000
13.789.000
13,561,000
13,752,000
13,961,000
13.704,000
13,991,000
18,089.000
14,161,000
All other resources
5,027,234,000 5,065,122,000 5,017,063.000 5,080,560,000 5,121,421,000 5,004.905,000 5,035.363,000 5,075,315,000 4,980,081,000
Total resources
LIABILITIES.
1,780,788 000 1,755,430,000 1,730,511,000 1,729,833,000 1,756.299.000 1,730,973,000 1,716.466,000 1,718,087,000 1,711,275,000.
.
F. R. notes In actual circulation
Deposits
2,218,681,000 2,207,325,000 2,216,896,000 ,213,488,000 2,217,091,000 2,211,909.000 2,248,876.000 2,230,591,000 2,232,173,000
Member banks-reserve account
32,932,000
38,546,000
22,294,000
23,557,000
30.560,000
19,416,000
51,703,000
67,613,000
17,867,000
Government
12,186,000
9,938,000
6,855,000
8,258,000
11,988,000
6,586.000
5,894,000
11.829,000
14.840,000
Foreign banks (see note)
23,976.000
17.795,000
17.797,000
17,431,000
22,288,000.
17.978.000
20.681,000
18,959,000
18,413,000
Other deposits
Total deposits
Deferred availability Items
Capital paid in
Surplus
MI other liabilities
2,264,869,000 2,276,419,000 2,281,131,000 2.257,556,0002.274.226,000 2,259,847,000 2,330.386,000 2,332,003,000 2,288,743,000
643,311,000 665,233,000 638,465,000 727,440.000 725.275.000 649.483,000 624,068.000 663,202,000 628,462,000.
124,885,000 124,379,000 124,392,000 124,002.000 123,901.000 123.855.000 123,796,000 123,839.000 116,659,000
220,310,000 220,310,000 220,310.000 220,310,000 220.310,000 220.310,000 220,310,000 220.310,000 217,837,000
21,419,000
23,351.000
21.410,000
22,254.000
17,105,000.
20,337,000
20,437,000
19,874,000
23,071,000
5,027,234,000 5,065,122,000 5,017,063,000 5,080.560.000 5,121.421,000 5.004,905.000 5,035,363,000 6,073,315,000 4,980,081.000
Total liabilities
Ratio of gold reserves to deposit and
69.6%
70.8%
69.9%
70.3%
70.4%
69.5%
69.3%
69.8%
70.7%
F. R. note liabilities combined
Ratio of total reserves to deposit and
74.1%
73.1%
72.8%
73.6%
73.7%
72.3%
72.6%
73.1%
74.0%
F. R. note liabilities combined
Contingent liability on bills purchased
42,853,000
43,981,000
40,344.000
40,945,000
45,385.000
37,063,000
45,296.000
45,124,000
46,093,000
for foreign correspondents
$
$
$
$
$
$
$
S
$
Distribution by Maturities91,107,000
77,575.000
81,062.000
80,100,000
83,679,000 105,640,006
88.824.000
100,826,000 105,231,000
1-15 day bills bought in open market
445,279,000 532,567,000 487,139,000 447,760.000 552,134,000 462,120,000 559,138,000 494,841,000 439,780,000
1-15 days bills discounted
1,475.000
6,453,000.
337,000
750.000
124,000
1-15 days U. B. certif. of indebtedness_
1-15 days municipal warrants
56,753.000
55,152.000
60,529,000
55.581.000
55,497,000
61,678.000
62,260,000
67,019,000
70,252.000
16-30 days bills bought in open market_
46,164,000
35,232,000
42,886.000
41.440,000
46,492,000
44,123.000
43,079.000
41,394,000
45,403,000
16-30 days bills discounted
517,000
107,000
16-30 days U. B. certif. of indebtedness_
municipal warrants
16-30 days
98,609,000
82,448.000
70,409,000
73.136,000
76,556.000
77,042.000
84,092.000
84,738,000
90,048,000
81-60 days bills bought in open market..
56,540,000
89,102,000
67.478,000
63,744.000
65,550,000
57.690,000
61,099,000
61,189.000
55,466,000
81-60 days bills discounted
1,380,000
44,138,000
44,103,000
44,084,000
48,921,000
81-60 days U. S. certif. of indebtedness_
81-60 days municipal warrants
44,400,000
71,671,000
51.565,000
50.171,000
55,991,000
62.677.000
67.887,000
64,329,000
69,254,000
61-90 days bills bought in open market..
42.486,000
37,634,000
23,663,000
45,354,000
43.619.000
33,116,000
33,131,000
32,864,000
26,544,1300
61-90 days bills discounted
44,103,000
38.853,000
43.811,000
39.138,000
61-90 days U. S. certif. of indebtedness_
municipal warrants
61-90 days
12,086,000
12,506,000
7,995,000
10,365.000
16,238,000
9,173,000
10,781,000
13,202.000
9.521,000
Over 90 days bills bought in open market
5,341.000
5,697,000
6.006,000
6,620,000
9,445,000
5,847,000
7,475,000
7,884,000
8,721,000
Over 90 days bills discounted
73,316.000
73,563,000
68,811,000
73,394,000
24,904,000
68,071,000
73,559,000
74,511,000
91,854,000
Over 90 days certif. of indebtedness
Over 90 days municipal warrants
2.937,876,000 2,914,314,000 2,919.310,000 2,919,203.000
F. R. notes received from Comptroller__ 2.940.133,0002,936.126.000 2,945,863,000 863.777.000 851.172,000 858,782,000 853,802,000 2.923,819,000 2,932,570,000.
856,912,000 905,682,000
888,221,000 875,780,000 877,685,000
F. P.. notes held by F. R.Agent
2,083,912,000 2,060,346,000 2,068,178,000 2,074 099,000 2,063,142,000 2,060.528.000 2,065.401,000 2,066.907.000 2,026,888,000
Issued to Federal Reserve Banks
How Secured
By gold and gold certificates
Gold redemption fund
Gold fund-Federal Reserve Board
By eligible paper
307,214,000
101,017,000
979,435,000
884,836,000
307.413,000 306,429,000 306,428,000
96,715,000
92,990,000
96,106,000
937,369,000 1,009,088,000 1,006,398,000
958,606,000 900,057,000 837,644,000
306,428,000
105.902,000
916,813,000
947,286,000
306,433.000
92.258.000
984,505,000
859,423.000
306,633,000
95,579,000
9156.903,000
953.368,000
306.634,000
107,211,000
970,834,000
895,994,000
303,330,000
101,276,009
951,410,000
863,613,000
0l12 non 9 20f1 578 ADO 2511 fi10 000 2.247.185.000 2.276.429,000 2,242,619,000 2.312,483,000 2.280.673.600 2 210 (.2000
in order to show separate y the amount of balances held abroad and amounts due I
-Beginning with the statement of Oct. 7 1925, two new items were added made of Foreign Intermed ate Credit Bank debentures, has
NOTE.
been changed to "Other
caption. "All other earn ng assets," now
go foreign correspondents. In addition, the assets" to "Total bills and securities." The latter item has been adopted as a more accurate description of the total of the
and the caption, "Total earning
securities."
acquired under the provisions of Sections 13 and 14 of the Federal Reserve Act, which are the only Items included therein,
discounts, acceptances and securities
sgemsed figures.
LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS NOV. 10 1920.
WEEKLY STATEMENT OF RESOURCES AND
Two ciphers (00) omitted.
Boston. New York. Phila. Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneay. Ran. Mg
Federal RateTta Bank of
$
$
$
$
$
$
$
$
$
$
RESOURCES.
343,410,0 97,011,0 149,918,0 60,310,0 117,832,0 148,570,0 17,651.0 51,920,0 52,953,0
Sold with Federal Reserve Agents 137,545,0
10,017,0 12,782,0 5,582,0 1,596,0 4.129,0 7,954,0 1,018,0 1,995,0 2.730,0
10,072,0
Iold red'n fund with U.S.Tress_
109,793,0 155,500,0 61,906,0 121,901,0 156,524,0 18,669,0 53.915,0 55,683,0
Gold beld excl. agst. F.R.notes 147,617,0 353,427,0 51.656,0 53.209,0 26,981,0 23,666,0 131.113,0 26,918,0 22.091,0 34,822,0
270,455,0
;old settle't fund with F.R.Board 51,149,0 394,366,0 30.069,0 45,033,0 11,018,0 3.906,0 62,243,0 13,471.0 6,461,0 5,315,0
31,647,0
certificates
2old and gold
230,413,0 1,018,248.0 191,518,0 253,742,0 99,905,0 149,533,0 349,880,0 59,058,0 82,467,0 95,820,0
Total gold reserves
25.005,0 6,503.0 9,840,0 5,631,0 11,378,0 22,124,0 12,893,0 2,878,0 4,485,0
12,977,0
teserves other than gold
243,390,0 1,043,253,0 198,021.0 263,582,0 105,536,0 160,911,0 372,004,0 71,951,0 85,345,0 100,305,0
Total reserves
828,0 2,066,0
17,585,0 1,085,0 2,392,0 2,352,0 3,906,0 9,067,0 3,255,0
6,393,0
ion-reserve cash
Mlle discounted:
67,152,0 21,897.0 52,416,0 11,197,0 4,376,0 64,332,0 13,733,0 6.340,0 2,440,0
obligatlon/3 15,866,0
See. by U.S. Govt.
48,886,0 18,246.0 29,634,0 23,748,0 41,613,0 38,758,0 23,431,0 3,380,0 13,404,0
8,309,0
Other bills discounted
37,164,0 9.720,0
24,175,0 116,038,0 40,143.0 82,050,0 34,945,0 45,989,0 103,090,0 9,179,0 13,877,0 15,844,0
Total bills discounted
18,383.0
64,041,0 27,078,0 31,580,0 15,237,0 37,173,0 45,485,0
33.629,0
3llis bought in open market
J. B. Government securities:
255,0 20,708.0 1,800,0 7,559,0 8,539,0
585.0 1,121,0 1,191,0
1,322,0
541,0
Bonds
17,766,0 16,029,0 19,985,0 2,010,0 1,498,0 9,409,0 8,654,0 3,003,0 6,483,0
3,276,0
Treasury notes
130,0 17,570,0 9,156,0 5.920,0 13,327,0
34,996,0 3,314,0 14,436,0 3,859,0
5,813,0
Certificates of Indebtedness
54,084,0 19.928,0 35,542.0 7,060,0 1,883,0 47.687,0 19,610,0 16,482,0 28,349,0
9.630,0
Total U. S. Govt.securitles
Dallas, SanFran.
Total.
$
$
S
28,030,0 182,516,0 1,387,666,0
2,060,0 2,835,0
62,770,0
30,090,0 185,351,0 1,450,436,0
20,012,0 32,575,0 744,647,0
10,840,0 32,303,0 646,672,0
60,942,0 250,229,0 2,841,755,0
7,928,0 0,487,0 128,129.0
68,870,0 256,716,0 2,969,884,0
53,740,0
1,851.0 2,960,0
4,092,0 23,528,0
11,840,0 32,795,0
287,369,0
294,044,0
15.932,0 56,323,0
15,042,0 29,197,0
581.413,0
339,901.0
2,776.0
85,0
6.217,0 18,673,0
12,250,0 20.111,0
46,482,0
113,003,0
140,882,0
21.243,0 38.869,0
300,367,0
Nov. 13 1926.]
THE CHRONICLE
RESOURCES (Concluded)
Two Ciphers (00) omitted.
Total bills and securities
We from foreign banks
Meollected Items
Bank premises
A.11 other resources
New York.
$
Sber securities
Boston.
$
$
2,000,0
oft
Cleveland Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.
$
$
$
$
$
$
500,0
8
Dallas. SanFran.
$
Total.
$
i
2,500.0
234,163.0 89,149,0 149,172,0 57,242,0 85,045,0 196,262,0 65.953,0 40,579.O'02,576,0 52.217,0 124,389,0 1,224,181.0
650,0
650,0
64,967,0 157,592,0 59,778,0 63,296,0 63,582,0 31,007,0 86,104.0 37.614,0 16,883,0 48,091,0 31.365,0
44,288,0
4,068,0
16,740,0 1,600,0 7,409,0 2,364,0 2,958,0 7,933,0 4,111,0 2,940,0 4,668,0 1,793,0 3,467,0 704,567.0
60,051,0
129,0
3,101,0
344,0 1,045,0
324,0
830,0 1,766,0
598,0 2,248,0
492,0
413,0 2,871,0
14,161,0
386,381,0 1,473,084,0 349,977,0 486,896,0 231,400,0 284,657,0 673,136.0 183,482,0 148,823,0 218,198,0 156,509,0
434.691,0 5,027.234,0
67,434,0
Total resources
LIABILITIES.
'. 11. notes In actual ciroulation_ 148,742,0
leposits:
Member bank-reserve met 148,344.0
Government
254,0
Foreign bank
738,0
Other deposits
87,0
Total deposits
mferred availability Items
!apital paid In
urplus
11 other liabilities
Phila.
2493
149,423,0
61,332,0
8,800,0
17,020,0
1,064,0
378,072,0 125,411,0 208,625,0 81,979,0 171,382,0 215,519,0 46,094,0 66,584,0
839,261,0 133,846,0 177,070,0 69.611,0 67,905,0 329,173.0 82.889,0 54,030,0
4,005,0
364,0 4,178,0
668,0 1,639,0
287,0
963,0 1,109.0
3,110,0
922,0 1.039,0
514,0
388,0 1,330,0
197.0
311,0
9,645,0
95,0 1,319,0
134,0
100,0
910,0
2.50,0
237,0
856,021,0 135,227,0 183.606,0 70,927,0 70,032,0 331,700,0 84,099,0 55,687.0
138,173,0 55,178,0 58,100,0 59.063.0 27,855,0 75,239.0 36.975,0 14,818,0
36,646,0 12,558,0 13,554,0 6.098,0 5,035,0 16.695,0 5,308,0 3,082,0
59.964,0 20,464,0 22.894,0 11,919,0 8,700.0 30,613,0 9,570,0 7,501,0
4,208,0 1,139,0 2,117,0 1,414,0 1.653.0 3.370,0 1,436.0
1,351.0
68,365,0 50,935,0 189,080.0 1,750,788,0
90.803.0 59,223,0 166,696,0 2,218.651,0
2,165,0 1,078,0 1,157,0
17,867.0
379,0
340,0
670,0
9,938,0
89,0
41,0 5,506,0
18,413,0
93,436,0 60.682,0 174,029,0 2,264,869,0
42,037.0 31.866,0 44.875,0 643.311,0
4,182,0 4.304,0 8,623,0 124,885,0
8.979,0 7,615,0 15.071,0 220,310,0
1,199,0 1,107,0 3,013,0
23,071.0
Tool liabilities
386,381,0 1.473,084,0 349,977.0 486.890,0 231.400.0 284,657,0 673.136,0 183,482.0 148,823,0 218,198,0
156,509,0 434,691,0 5,027,234,0
Memoranda.
.
:mem ratio (per cent)
81.6
84.5
76.0
67.2
69.0
66.7
68.0
55.3
69.8
62.0
61.7
70.7
74.0
ontingent liability on bills puri
•
chased for foreign correspondls 3,512,0
12,547,0 4,390,0 4,944,0 2.449,0 1.848,0 6,330,0 1,987,0 1,479,0
1,802.0 1,617,0 3,188,0
46.093,0
'. R. notes on hand (notes rec'd
from F. R. Agent less notes In
circulation)
39,790.0 103,551,0 27,000.0 19,945,0 11,605,0 27,792,0 39.234,0 4,577.0 5,214,0 7.730,0
5.386,0 41.300,0 333,124,0
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF
BUSINESS NOV.3 1926.
_
Federal Reserve Agent at-
Boston. New York.
(Two Ciphers (00) omitted.)
$
F.R.notee reed from Comptroller 249,032,0
F.R.notes held by F. It. Agent- 60,500,0
F.R.nOtea Issued to F.R.Bank 188,532,0
Collateral held as security for
F. R. notes issued to F.It. Bk..
Gold and gold certificates_ 35,300,0
Gold redemption fund
18,245,0
Gold fund-F.R.Board
84,000,0
Eligible paper
57,804,0
Total collateral
195,349,0
PhUa. Cleveland, Richmond Atlanta. Chic go. St. Louis. Minium,. Kan.City Dallas. San
Fran.
Total.
3
$
$
$
$
$
$
$
$
3
$
768.943,0 191,011,0 272,610,0 123,713,0 263,649,0 450,870,0 71,331,0 85,886,0 112.410,0 71,698,0
285,320,0 38,600,0 44,040,0 30.129,0 64,475,0 196,117,0 20,660,0 14,088,0 36,315,0 15,377,0 280.980,0 2.940,133.
50,600,0 856,221.0
481,623,0 152.411,0 228,570,0 93,584,0 199.174.0254,753.0 50,671,0 71,798,0 76,095.0 56.321,0 230,380,0
2.083,912.0
168,698,0
8,780,0 28,805.0 15,223,0
7,745,0
23,712,0 11.234,0 11,138,0 5,005,0 5,609,0 2,926,0 1,606.0
151,000,0 85,777,0 130,000,0 26,500,0 97,000,0 145,644,0 8,300,0
156,282,0 60,961,0 111,166,0 48,128,0 83,111,0 148,458,0 46,325.0
499,692,0 157,972,0 261,084,0 108,438,0 200,943,0297,028,0 63,976,0
.
13,507,0
19.156,0 10,000.0
913,0 4,093,0 2,874,0 13,662,0
37,500,0 48,860.0 6,000.0 158,854,0
23,306,0 33,943,0 30,893,0 84,459,0
307,214,0
101.017,0
979,435,0
884.836,0
75.226,0 86.896,0 58,923,0 266,975,0 2,272,502,0
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board,
giving the
and liabilities of the 692 member banks from which weekly returns are obtained. These principal items of the resources
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
or the latest week appears in our Department of "Current Events and Discussions," on
page 2463
1. Data for all reporting member banks,each Federal Reserve District at close of business NOVEMBdR 3 1926. (Three
ciphers (000) omitted.)
Federat Reserve District.
Boston. New York
Number of reporting banks
Loans and discounts. gross:
Secured by U.S.Gov't obligations
Secured by stocks and bonds
All other loans and discounts_ __ _
38
93
$
3
8,374
56,167
361,549 2,193,023
660,194 2,885,426
Total loans and discounts
1,030,117 5,134,616
Investments:
U. S. Government securities
139,240 994,626
Other bonds, stocks and securities 253,129 1.155.765
Total Investments
392,369 2,150,391
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kea. Olaf Dallas. San Fran. Total.
50
75
68
99
35
31
24
67
47
65
692
8
8
$
$
i
i
$
$
$
$
$
12,380
20,337
4,945
19,048
5,583
6,855
3.416
4.452
4,013
6,195
151,765
414,615 558,625 155,057 102,173 900,145 189,253
69,191 106,738
73,276 314.762 5,438,407
379,940 788,988 359.914 414.846 1,261,668 327,610 180,976 312,016 243,515 965,036 8,780,129
806,935 1,367,950 519,916 522,602 2,180,861 523,718 253,583 423,206 320,804 1,285,993 14,370,301
88,058
263,755
286,017
369,885
351,813
655,902
137,288
Total loans and Investments
1 422,486 7,285,007 1,158,748 2,023,852
Reserve balances with F. R.Bank__ 100,941 713,551
85,792 126,342
0i1112 in vault
22,740
82,309
17,689
32.972
Net demand deposits
944,599 5,546,564 785,899 1,041,128
Time deposits
428,441 1,298,566 244,470 823,373
Governnaent deposits
16,923
40,132
17.711
10,385
Sills pay. dc redis. with F. It. Bk.:
Secured by U.S.Gov't obligations
8,900
28,788
92,735
5,350
All other
6,550
21.555
49,742
6,620
Total borrowings from F.R.Bank
13,450 142.477
50,343
11,970
Rankers balances of reporting member banks In F. It. Bank cities:
Due to banks
135,613 1.146,936 172,620
47,378
Due from banks
48.090 I i i A1111
02128
26.567
657,204
43,435
14,547
392,404
209,143
3,343
70,303
66,985
41,341
58,619
309,068
452.311
99,960
761,379
179,776
114,731
197,795
622.562 2,942,240
39,492 252,435
11,107 57,299
336.086 1,789,111
225,266 1,057,640
6,841
16,926
703,494
45,141
8,980
403,487
218,748
2.496
368,314
24,378
7,005
226,330
121,083
913
821.001
53.345
12,442
493,621
150,378
1,943
62,024
117,752
66.885
48,046
103,235
94,560
53,107
25,381
248,400 2,462.104
219,901 3,126.089
78,488
468,301 5,588,193
399,292 1,754,294 19.958.494
28,639 107.927 1,621.418
12.379
23.625
303,094
272,266 789,255 13.020.750
100,769 886.851 5,784,726
4,129
13,204
134,926
5,544
11,151
4,077
24.489
73,187
28,798
10,363
18.289
5,240
1,895
1,437
8,855
6,032
8,743
33,896
23,918
273.549
210,605
16,695
28,568
101,985
28.652
7,135
10,292
14.775
57,814
484.154
32,687
19.213
18,424
14.799
358,259
160.420
79,328
31.642
57,595
24.079
101,529
33,357
41120030 029
103.128 2,288.854
An 105
COO 2211
3. Data of reporting member banks In New York City. Chicago, and for the
whole country.
All Reporting Member Banks.
Reporting Member Banta in N. F. City. Reporting Member Banks in Chicago
Nov. 4 1925. Nov.3 1926. Oct.27 1926, Nov. 41925. Nov. 3 1926.
Oct. 27 1926. Nor. 4 1925.
Number of reportl of banks
692
723
692
55
55
61
LOS118 &nd discou its, gross:
46
46
4C
$
$
$
$
$
$
Secured by U. . Gov't obligations
$
3
$
151,765,000
140,572,000
163,721,000
53,314,000
44,814,000
49,842,000
13,929,000
Secured by stoe Its and bonds
12,659,000
17,323,000
5,438,407,000 5,400,333,000 5,392,041,000 1,915,461,000 1,891,067,000 2,132,212,000 684,528,000 681,629,000
All other loans 6nd discounts
8,780,129,000 8,773,306.000 8,471,084,000 2,531,879,000 2,494,249,000 2,331,163,000 697,542,000 709,523,000 656,419,000
682,914,000
Total loans and discounts
14,370,301,000 14,314,211,000 14,026,846,000 4.500,654,000 4,429.930,000 4,513,217,000 1,395,999,000 1,403,811,000
1,356,656,000
I nveetm en te
13.8. Government securities
Otherbonds. et aka and securities_ 2,462,104.000 2,466,421,000 2,508,170,000 877,972.000 867,943,000 898,533.000 162,423,000 160.914,000 173,462,000
3,126,089,000 3,111,302,000 2,954.084,000 840.389.000 837,348,000 850,875,000 208,642,000 208,017,000 183,452,000
Total inveetmen ts
5,588,193,000 5,577,723,000 5.462,254,000 1,718,361,000 1,705,291,000 1,749,408,000 371,065,000 368,931,000 356,914,000
Total loans and investments
Reserve balances rith F It. Banks 19,958,494,000 19,891,934,000 19,489,100,000 6,219,015,000 6,135,221,000 6,262,625,000 1,767,064,000 1,772,742,000 1,713,570,000
1,621,418,000 1,634,790,000 1,672,773,000 653,141,000 669,381,000 708,104,000 180.512,000 177,341,000 170,384,000
Cash in vault
303,094,000
287,066,000
298,480,000
66,136,000
70,389,000
21,226,000
23.549.000
24,423.000
64,630.000
Net demand depol its
13,020,750,000 12,917,991,000 13,219,775,000 4,980,789,000
4,942,145,000 5,252,314,000 1,207,251,000 1,216,334,000
deposits_
Time
5,764,726,000 5,738,252,000 5,348,312,000 859,615,000 843,288,000 765,547.000 519,558,000 515,838,000 1,206.635,000
Government depolits
493,820.000
134,926,000
136,245,000
86,392,000
36,763,000
9.170,000
21,546,000
9,170.000
38,763,000
3.353,000
Bills payable an redbcounts with
Federal Reser vs Banks:
Secured by U.S.0lov't obligations
273,549,000
240,854,000
244,379,000
35,830,000
48,265,000
25.367,000
73,585.000
31,400,000
5,415,000
All other
210,605,000
107,012,000
6.669.000
207,671,000
12,789,000
46,184,000
29,886,000
45.675,000
3,285,000
Total borrowing(1 from F. It. bks
484,154,000
437,866,000
452,050,000
48,619,000
93,940,000
32,036,000
61,286,000 119,769,000
-----8.700,000
Loans to brokers and dealers (secured by stocks and bonds) made by
reporting
member banks I i Now York City:
For own aceo ,nt
839,582,000 800.673,000
For account of out-of-town banks
1,047,443,000 1,050,892,000
For account o I others
7.53,354,000 750,631,000
Total
2,640,379,000 2,602,196,000
On domesid
1,929,519,000 .883,489,000
On time
710.860.00
718.707.000
Nov. 3 1926.
*Revised figures.
Oct. 27 1926.
[VOL. 123.
THE CHRONICLE
New York City Banks and Trust Companies.
azetteo
Vanitere
All prices dollars per share.
Wall Street, Friday Night, Nov. 12 1926.
-The review of the
Railroad and Miscellaneous Stocks.
Stock Market is given this week on page 2483.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Week,Ersded Not. 12.
Sales
for
Week.
Range Since Jan. 1.
Range for Week.
Lowest.
I
Lowest.
Highest.
Highest.
Par Shares $ per share. $ per share. $ Per share $ per share.
Railroads.
Jan
Jan 45
100 4434 Nov 12 4434 Nov 12 44
10
Ann Arbor
Nov 8I 6934 Nov 71% Oct
Consol RR of Cuba pflO 3,400 6934 Nov 6 71
Feb 80% Nov
50 80.34 Nov 9 8034 Nov 9! 77
III Cent Leased Line_10
July
14 8034 Nov 11 81 Nov II 79% Jan 83
Morris & Essex
Jan
75 17034 Nov 917934 Nov 11 17034 Nov 205
N Y 42 Harlem
Nov
July 145
3141 Nov 11 141 Nov 11 108
NY Rys°Us 2nd stmpd*
Nov 50% Jan
100 30 Nov 61 30 Nov 6 30
N Y State Rye pref_ _1
8,100 1934 Nov 103 2034 Nov 9 1634 Mar 2234 Feb
Reading Rts
Oct
10.200
34 Nov 63 1 Nov 8' % Oct 1
South Ry Rts
I
Industrial & Wed.
Mar
July 50
• 100 47 Nov 6 47 Nov 0 45
Alliance Realty
Sept
600 1434 Nov 1 1634 Nov 10: 1434 Oct 21
Amalgamated Leather_
Sept
July 113
10834 Nov 12 102
900 107 Nov
10
Preferred
May
Oct 103
100 9534 Nov 10 9534 Nov 10 : 95
Am-LaFr FE7% pt_lu
Sept
300 9934 Nov 9100 Nov 10 : 9334 Mar 100
10
Am Piano pref
Feb
Am Type Founders pt. _ _
20010334 Nov 1010334 Nov 9 ,102 x Aug 107
May 5734 Feb
42 Nov 91 43 Nov 6: 40
200
*
Barnet Leather
lii
200 102 Nov 910234 Nov 11: 9834 Mar 10234 Nov
Byers pref
Sept
Canada Dry Ginger Ale• 2,900 3534 Nov 9 3634 Nov ii ' 3234 Oct 49
Central Alloy Steel_ _. 1,400 2934 Nov 10 3034 Nov 8 2834 Oct 3334 Aug
Nov 5034 Nov
100 50 Nov 11 5034 Nov II : 50
Cent Leather pf ctfs_100
Oct 8634 Oct
Colum Gas & El °Us_ _ _ 6,800 8434 Nov 10 8534 Nov 91 79
6334 Nov 8 7434 Nov 11 : 5034 Oct 9334 Aug
Contin Baking cl A____.47.1
.29,900 934 Nov 8 1034 Nov 11 734 Oct 1534 Sept
Class B
Oct 9634 Aug
10 5,100 88 Nov 8 92 Nov 11 87
Preferred
100 9834 Nov 10 9834 Nov 10 9834 July 9818 Oct
Crown Wmtte let pf___
Nov 5234 Nov
Cudahy Packing new. I 5,000 52 Nov 11 5234 Nov 12 52
10010434 Nov 10 10434 Nov 10 Me Feb 10734 Aug
'Cushman'sSonspf7%100
. 100 3534 Nov 10 3534 Nov 10 2734 Apr 3934 Oct
DeBeers Cons Mines_ __
6,800 334 Nov 6 334 Nov I 1 334 Nov 334 Oct
Rts
Detroit Edison
DuPontdeNemours new.63,000 157 Nov 817134 Nov 12, 15434 Nov 17134 Nov
Apr
Nov 93
100 89 Nov 9 89 Nov 9: 89
Elseniohr&Broepf._liI
Elk Horn Coal Corp....• 1,900 1234 Nov 12 1434 Nov 9 834 Jun 1634 Oct
July 1434 Sept
100 934 Nov 8 934 Nov 8 8
Emerson Brant pf ctfsl
Engineers Pub Serv---• 6.500 1934 Nov 6 2134 Nov 12 1934 Oct 2434 July
• 600 9234 Nov 8 9334 Nov 11 9234 Nov 9634 Aug
Preferred
• 8,700 2434 Nov 81 2534 Nov 12 2134 Oct 2534 Nov
Erie Steam Shovel
Nov
Oct
300 10134 Nov 11 101% Nov 11 100
lii
Preferred
Oct 3434 Aug
Federal Motor Truck..' 2,;,, 2434 Nov 12 2534 Nov 9 23
Jan 10934 Nov
lii 10934 Nov 1010934 Nov 10 106
Franklin-Simon pref_10
Mar
lOs 112 Nov 12112 Nov 12 107 Jun 120
General Baking pref___*
Oc 4834 Aug
• 200 37 Nov 6 3734 Nov 9 36
Gen Gas & El cl B
Sept
• 1,100 26 Nov 6 2
634 Nov 11 2534 Aug 30
Nov
44 119 Nov 8119 Nov 8 115 May 119
Helme(G.W.) pret 100
Nov
Oct 5
Internat Match pf Rts__ 24,400 4% Nov9 4% Nov 6 4
Jan 120
Aug
100 11634 Nov 12 11634 Nov 12 114
Jones & L Steel pref....1
100
May 10534 Aug
200 105 Nov 101
Kayser at CO let pi__
Sept 993.4 Jan
300 85 Nov 101 85 Nov 10 85
100
Kinney Co pref
Oc 66% Nov
25 5,300 61 Nov 81 6634 Nov 12 58
Kraft Cheese
Liquid Carbonic etre__•28,000 4734 Nov 6 5434 Nov 12 4334 Oct 5434 Nov
Apr 5034 Jan
700 3734 Nov 12 4134 Nov 12 27
100
Manati Sugar
Oct
Oct 1
% Nov 9
34 Nov 10
25,200
Marland Oil Rts
200 11634 Nov 10.11634 Nov 10 11234 Jan 119% Jan
Montana Power pre1.100
734 Nov 6 8 Nov 11 7% Oct 1134 Aug
* 1,3
Murray Body ctts
Aug
100 113 Nov 3113 Nov 8 104% Mar 115
100
Nat Supply pre(
N Y Steam In pref_ -_• 230 10534 Nov 9110534 Nov 9 993.4 AP 105% Oct
Oct
1 10834 Nov 10,108% Nov 10 104% Ap 109
011 Well Supply pref_l is
Sept
Nov 74
800 64 Nov 10 67 Nov 8 63
Otis Steel prior pf...lOi
July 104 June
1 10034 Nov 1010034 Nov 10 99
Penick & Ford pref 100
Oct 234 Sept
Peoples Gas,Chicago R 12,859 2 Nov 6 234 Nov 11 2
1,100 2934 Nov 12 31 Nov 6 28% Oc 31% Nov
Peerless Motor Car_ __
6,000 3934 Nov 11 4034 Nov 12 3931 Nov 4034 Nov
Penn-Dixie Cement____*
200 9934 Nov 11 9934 Nov 11 99% Nov 9934 Nov
100
Preferred
Jan 8134 Jan
200 69 Nov 1G 69 Nov 10 so
Porto-Rican Am Tob 100
Pub Serv of NJ new__ _•47,200 3134 Nov 8 3234 Nov 9 3134 Oct 3234 Nov
Oct4934 Nov
48 Nov 9 4834 Nov 10 47
Purity Bakeries cl A._25 1.
Nov
• 2,600 42 Nov 10 43 Nov 12 4134 Nov 43
Class B
Oct wog Nov
200 100 Nov 10 10034 Nov 12 99
100
Preferred
Oct5034 Oct
Real Silk Hosiery_ _ _ _10 3,100 4634 Nov 11 4734 Nov 7 44
June
200 106 Nov 6 107 Nov 8 10034 Jan 110
Sloss-Sheff St& Ir p1_100
So Porto Rico Sugar Rts 19,700 134 Nov 8 234 Nov 12 134 Oct 234 Nov
54 Nov 6 55% Nov 9 5034 Oct 5534 Nov
2522,5
Texas Co ctfs
Jan
100 116 Nov 10 116 Nov 10 11534 Sept123
Gad Typewriter pf__100
Feb
• 500 1334 Nov 8 14% Nov 8 1234 Apr 22
Van Raalte
Nov
July 78
Virg Coal & Coke pf_100 400 78 Nov 9 78 Nov 9 70
July
Mar 101
200 9834 Nov 10 99% Nov 11 95
West Penn Pw IA 6% 100
White Sewing Mach pf.. 4,700 5134 Nov 8 57 Nov 12 4634 Oct ssg Oct
• No par value.
-Sterling exchange was quiet but
.
Foreign Exchange.
slightly firmer on light trading, with the close at the highest
for the week on better strike settlement prospects. In the
Continental exchanges, sharp recessions in francs and lire
wiped out part of the recent gains. Other currencies were
dull but fairly steady.
To-day's (Friday's) actual rates for sterling exchanges were 4 84 19-32@
4 8434 for cheques and 4 853-32(8.4 8534 for cables. Commercial on banks,
sight, 484 15-3i@4 8434. sixty days, 480 15-32(8.48034. ninety days,
payment (sixty days). 4 80 23-32 ®
4 78 19-32 ®4 7834, and documents for
and graln for payment,
48034. Cotton for payment. 4 84 15-32 ®4 8434,
8434.
484 15-32@4
bankers' francs were 3.2834(41
To-day's (Friday's) actual rates for Paris
are not yet quoted for long and
3.3234 for short. German bankers' marks were 39.95(039.9534 for short.
short bills. Amsterdam bankers' guilders
francs
Exchange at Paris on London, 145.50 francs; week's range, 145.50
high and 149.55 francs low.
the week follows:
The range for foreign exchange for
Cables.
Cheques.
Sterling Actual
4 8534
48434
High for the week
484 11-16
4 84 3-16
Low for the week
Paris Bankers' Fr""3.3434
3.3334
High for the week
3.16
3.15
Low for the week
Marks
Germany Bankers
23.77
23.75
High for the week
23.73
23.71
Low for the week
Amsterdam Bankers' Guilders
40.0134
39.9934
High for the week
39.9835
39.9635
Low for the week
Louis, 15(4)25c. per $1,000
Domestic Exchange.-ChIcago, par. St.
Montreal. $1 5625 per
discount. Boston. par. San Francisco, par.
$1,000 premium. Cincinnati, par.
-The review of the Curb Market is
The Curb Market.
given this week on page 2485.
A complete record of Curb Market transactions for the
week will be found on page 2510.
Banks--N.Y. BM.
- 300
America*.
Amer Ex Pao- 459
Amer Union'. 195
BoweryEaatR 390
Broadway Con 345
Bronx Boma_ 1300
Bronx Nat.__ 495
Bryant Park' 200
Capitol Nat_ 225
Cent Mercan_ 275
140
Central
407
Chase
Chath Phenix
Nat Bk &Tr 350
Chelsea Exch• 288
Chemical.... 800
Colonial._ ___ 600
Commerce_ _ _ 399
Com'nwealth• 280
Continental.. 265
Corn Exch... 582
Cosmoplan*. 260
Fifth Avenue* 2200
First
2575
160
Franklin
Garfield
370
Globe Exch._ 200
350
Grace
Greenwich'... 525
Hamilton_ _ __ 215
'BankS mar
r Ex-rights.
, Banks.
Bid. Ask.
Hanover
1025 1065
605 625
Harriman
Manhattan 8.. 222 226
Municipal• 300 310
___
Mutual*
575
National City 622 627
New Nerh'da• 325 330
Park
497 503
Penn Etch_ 130 140
Port Morris__ 260 __
Public
550 560
Seaboard
700 710
Seventh
160 172
360 Standard __ 660 800
293 State*
590 605
810 Trade*
157 162
___ United
180 200
403 United Statee• 300 310
300 Wash'n Rte. 640 750
275 Yorkville ._
135 145
587
Brooklyn.
300 Coney Island* 325 375
2500 Dewey •
200 ___
2625 First
405 420
175 Mechanics's_ 296 302
380 Montauk.... 350
___
245 Municipal •__ 300 310
Nassau
330 345
550 People's
640 -__
225 Queenabore iii. 200
___
) are State banks
(t) New
Ask.
-__
463
205
400
365
1450
510
225
230
285
150
410
Trust Co. Bid. Ask.
New York.
Bank of N Y
& Trust Co. 634 640
Bankers Trust 650 854
Bronx Co 'Fr_ 310 330
Central Union 915 925
295 300
County
372 380
Empire
Equitable Tr- 280 283
Farm L & Tr_ 543 548
Fidelity Trust 285 290
415 430
Fulton
Guaranty Tr_ 410 414
Irving Bank
&'trust Co. 297 300
LawyersTrust --- -Manufacturer 514 518
Mnrray H111... 215 230
Mutual(westchester) ___ 215 230
N Y Trust... 548 555
Terminal Tr_ 175 185
Title Gu dc Tr 683 690
US Mtg & Tr. 395 402
United States. 1705 1720
Weetchea'r Tr 550
-Brooklyn.
Brooklyn_ _ __ 795 805
Kings County 2000 p150
Midwood_ _ _ _ 280 290
(z) Ei-dlvldend.
stock.
New York City Realty and Surety Companies.
AU prices dollars per share.
I
Alliance R'Ity
Amer Surety_
Bond & M G..
Lawyers Mtge
Lawyers Title
& Guarantee
Bid.
45
186
317
262
273
Ask.
Btd.
47 /Mtge Bond_ 140
189 Nat Surety._(217
Y Title
322
Mortgage.. 443
266
US Casualty. 315
278
Ask.
Bid. Aa.
150 Realty Assoc
220
(Bklyn)com 210 218
94
let pref____ 89
93
448
2d pref.
88
330 Westchester
Title & Tr- 500
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Maturity.
/W.
Rate.
BM.
Dec. 15 1926... 331% 100
Dec. 15 1927_ 434%
Asked.
Maturity.
I Rate.
Bid.
Asked.
100113 Mar.15 1927_ 434% 10051 I 100,22
1001In June 15 1927_ 334% 99"s,I 1002,1
United States Liberty Loan Bonds and Treasury
-Below
Certificates on the New York Stock Exchange.
we furnish a daily record of the transactions in Liberty Loan
bonds and Treasury certificates on the New York Stook
Exchange. The transactions in registered bonds are given
in a footnote at the end of the tabulation.
Daily Record of U. S. Bond Prices. Noo. 8. Noe. 7. Noe. 8. Nov. 9. Nov.10. Nov.11.
,2
High 100022 1000 10011,2 10014,2 100082 10011n
First Liberty Loan
22
0
0
334% bonds Of 1932-47__ Low_ 1000 100 ,2 10011,2 100 ,2 10011,2 1000u
Close 10014
.2 10014,2 10011,2 10014,2 1001382 100112,
(First 334s)
65
1
16
237
3
52
Total sales in $1,000 units__
1
Converted 4% bonds ofHigli
1932-47 (FIrst
___ _
____
____
____
_
Total sales in $1,000 units_ . ____
0
0
0
Converted 434% bondsHigh 102022 102 ,2 102 ,, 102 ,2 10214,2
0
,2
of 1932-47 (First 43(20 Low_ 1021,1 1021,2 1024,, 102 ,2 1020
02, 102 ,2 10214,2
0
0
(Close 1021,2 102 ,2 102
35
23
22
49
10
Total sales in $1,000 units___
Second Converted 434% High
____
___-_
____
____
bonds of 1932-47 (First(Low---Second 434s
Total sales in $1,000
---- 10Olii
---(High
econd Liberty Loan
---- 1004,2
---Low_
4% bonds of 1927-42
(Second 48)
_ _ __
-- -_
Total sales in $1,000 units_ __
0
,2
0
- an
2,
Converted 434% bonda{High 1000 1000 100112, 10 -071, 10 Low. 100,7n 100",,10011u 1001,31 1001732
1927-42 (second
of
,2
,1
Close 10014n 1000 100022 1000 1000
,2
41(5)
97
7
61
74
30
Total sales in $1,000 units__
(High 1011,2 1014,2 101422 1011,2 10142,
[bird Liberty Loan
434% bonds of 1928-.... Low 1011,2 101182 101122 1011,2 1014,2
Close 1014,2 10112, 101482 1014,2 1014,2
(Third 434s)
47
95
95
157
26
Total sales in $1.000 units__
iHigh 10214,, 10211,2 10210,2 102 ,2 10214,2
Fourth Liberty Loan
0
Low 10202, 1021422 102 22 102 , 102 22
0
0
0
of 1933-38
434% bonds
Close 1020 102 22 102 ,2 102 , 1021422
,2
0
0
0
(Fourth 43(8)
116
193
156
284
49
Total sales in $1.000 units-(High 1083iii 1081in 10811,2 108108 10814,2
Treasury
Low. 1081122 10814,2 108
"32 108", 1081488
4gs, 1947-52
Close 1083
% 1081482 10811,2 1080 1081•22
,
1
282
63
104
10
rota saki in $1,000 intits-High 1040 104 22 104 , 1040 10414,2
2,
0
0
,
Low. 104",, 10414,2 104 , 1040
0
0
, 104 ,2
4s, 1944-1954
(Close 104112, 1040 1040a 104
,2
0 10414,2
30
5
417
,
511
201
Total tales in $1,000 unils___
(High 1010 102
,2
1021n 1010 1024n
,
Low- 101",, 101",, 101",, 101w, 102'.,
334s. 1948-1958
Close 101nn 102
10218, 1010 102122
,
36
106
6
Total sales in $1,000 tmtts___
123
1
__ _ _
0
102 82
0
102 .1
1021781
103
__
0
10 -0.21
100,10
1001081
298
101422
101112
1014,2
79
02,
102
102142,
1021121
411
1081112:
1081vs
0
108 2
1
,
1040
0
104 2
0
104 2
151
8
1020
1021n
0
102 1
5i
-The above table includes only sales of coupon
Note.
bonds. Transactions in registered bonds were:
1 1st 4348
3 2d 434s
10 3d 43(s
1024,2 to 1021,2 137 4th 4348
14
100,2 to 1001122 7 Treasury 411s
to 1011,2
101
CURRENT
0
10211,2 to 102 22
1081122 to 1081122
NOTICES.
Tobey & Kirk announce that Leslie A. Taylor, formerly with J. K.
Rice Jr. & Co.. has become associated with them in their unlisted department.
-Harvey Fisk & Sons announce the opening of an office at 9 to 13
King William St., London, H. C. 4, under the management of Clement 0.
Strickland.
-Frank M. Morton, formerly with Lee, Higginson dr Co. and the International Banking Corporation, has become associated with the retail sales
department of Bonner, Brooks & Co. of New York.
-Frederick Leslie Free is now in charge of the trading department of
Watson & White, 149 Broadway, New York.
-Henry Lounsbery, Jr., has brome associated with the bond department
of Harvey Fisk & Sons.
Adams Sc Peck, 20 Exchange Place, New York, have Issued a circular.
containing illustrations, on United New Jersey Railway and Canal Co.
W. Treleaven, formerly with Merrill, Lynch & CO., has become
associated with the sales department of P. W. Chapman & Co.. Inc.
2495
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING SI V PAGES
For sales during the week lstocks usually inactive, see preceding page
PKIt JII A KIS
Sales
-PER SHARE. NOT PER CENT.
HIGH AND LOW SALE PRICES
for
the
Friday.
Tuesday, Wednesday, Thursday,
Monday,
Saturday,
Week.
Nov. 12.
Nov. 11.
Nov. 10.
Nov. 9.
Nov. 8.
Nov.6.
$ per share $ per share i per share $ per share $ per share $ per share Shares.
STOCKS
NEW YORK STOCK
EXCHANGE
rate .3tf Alt.
Range Shwa Jan. 1 1926.
On basis of 100-share tots
Range for Previous
Year 1925.
Highest
Lowest
8 Per share
Lowest
Highest
8 per share $ per share $ per Oars
Par
Railroads.
1164 Jan 14018 Dee
15418 15612 15614 15778 88,800 Atch Topeka & Santa Fe--100 122 Mar 30 161 Sept
1
/
4
157 1583 156 1574 154% 157
100 9412 Mar 5 100 June 12 9212 Feb 98 Dee
1,000 Preferred
*9938 100
9914 9984 99 99
8
997 99% 9912 991
3 Jan 1184 Dee
12May 28 10 Jan 2
its
118 lls
4 1% 6,900 Atlanta Birm & Atlantic-100
11
3
118
1
118
its
100 18112Mar 30 262% Jan 2 14714 Jan 268 Dec
21112 21384 11,000 Atlantic Coast Line RR
8
20384 2057 206 210% 20512 2084 20712 210
100 8312 Mar 3 1093
4Sept 7 71 Mar 94% Dec
1033 10414 13,900 Baltimore & Ohio
4
10312 104
1038 10432 104 10412 10312 104
100 6712 Jan 6 7378 Aug 20 6278 Apr 674 Nov
731 7314 1.500 Preferred
73
73
73
7318 73
4
723 7284 73
3514 Mar 564 Nov
50 33 Mar 2 46 Feb
400 B ngor & Aroostook
431 *43
4318 43% 4314 4212 43 •4238 4338
*43
100 9778Feb 8 101 July 12 89 June 100 OM
Preferred
*997 102 5100 102 *1004 102 510012 102 *10018 102
17,400 Bkin-Manh Tree v t o_No par 5412 Mar 31 8914 Feb 5 351s Jan 64 Nov
67% 6814
1
/
2
673 6872 8734 683* 6712 684 6738 68
8
No par 78 Mar 31 8612 Aug 23 7272 Jan 83 4 Dee
1,300 Preferred v to
86
86
86
8612 86
8612 *8618 8614 86
86
3 Feb 174 Nov
812Mar 4 18112 Nov 5
8
1612 173 18,700 Brunswick Term & Ry See.100
8
157 1638 157 1614 1718 18
1
/
164 17
4
Rochester & P11t5 100 6934 Mar 26 8711 1u17 20 48 Apr 9252 Mal
80 Buffalo
85
85 •80
4
803 *80
85 *80
*79 83 *80
56 Jan 59 May
100 58 Jan 15 61 June 14
Canada Southern
*5914 63
*5914 63
*5914 63
*5914 63 *5914 63
100 14612 Jan 9 16838Sept 7 13618 Mar 15232 Jan
4
164 165
1633 16334 16334 16412 2,100 Canadian Pacific
164% 16478 *164 165
Jan
Central RR of New Jersey-100 240 Mar 30 305 Jan 11 265 Mar 321
200
*278 285 260 280 *275 282 *275 285 *272 281
8914 Mar 13012 Dee
2Sept 24
100 112 Mar 2 1783
4
16614 16814 16514 16814 16312 1654 1648 16612 16218 16614 64,100 Chesapeake & Ohlo
100 119 Jan 20 171 Sept 28 10514 Apr 130 Dee
Preferred
*162 _ __ ____ . __ ____ _ ... ______
33* Apr 105s Feb
4148ep1 18 1118 Feb 20
100
514
Chicago & Alton
54 *5
514 *5
514 •5
5
54
512 *5
5
4
54 Apr 1912 Feb
618May 18 1814 Feb 1
100
2001 Preferred
•712 8
*784 814
*712 8
•712 8
8
8
8
8
140 May 200 Dec
100 17314Mar 29 275 Aug 2
IC C C & St Louis
*245 290
245 280 •245 280 *245 290
*245 280 4245 280 5
2934 Mar 3814 Aug
300 Chic & East Illinois RR-.100 3014May 10 37 Feb 1
34
3312 *32
*32
32
32
34
*32
33
*31
34
*32
40 Mar 5714 Jan
100 3612 Mar 31 514 Feb 1
4734 4714 4714 1,690 Preferred
*47
4812 4812 4814 4812 4714 48
*4712 49
9 Jan 15 Feb
784 Mar 31 1218 Sept
100
Chicago Great Western
914
*9
84 914 2,200
9
9
914 914
914 914
914 914
1914 Mar 323s Feb
JIM 1614 Mar 30 314Sept
8
8
8 2514 25 4 2518 25 4 2418 2514 2413 2434 2484 2512 8,100 Preferred
204 253
314 Apr 164 Jan
812 Nov 11 141 Jan
812 884
812 884 5,600 Chicago Milw & St PauT.:::1150
4
*914 93
9
9
84
934
4 9
83
7 Sept11 Nov
818 Apr 20 14 Jan
100
4 1,700 Certificates
812 88
814 814
812 83*
8
4 *811 8 4
4 83
83
*812 914
7 Apr 2812 Jan
100 1418 Mar 31 24 Aug 2
18% 4,700 Preferred
4 1718 1718 18
1812 177 1814 1718 173
8
184 1838 18
12% Oct 22 Nov
100 14 Apr 20 2318 Aug 2
1732 1734 4,500 Preferred certificates_
1758 174 171
1712 1734 17
1718 18
1712 171
8
47 Apr 807 Dec
4Sept 1
7814 7914 65,200 Chicago & North Western_100 6514 Mar 30 833
7714 79
4
8 768 78
807
77
4
773 7984 791 81
1
1014 Apr 120 Dec
100 11812 Jan 4 126,Apr 3
500 Preferred
4
4
*12412 12512 12412 1241, *125 1253 1253 126 *125 126
*1231l 12412
4012 Mar 58% Dec
Rock Is'& Pacifle_100 4012 Mar 3 8812 Nov
6614 6738 61,800 Chicago
67
6812 6514 674 66
8 6712 6834 67
6612 673
92 Jan 100 Dec
100 98 Mar 4 105 Oct
200
4
*10314 10414 *104 10412 *10314 10412 10414 10434 104 104 5104 1043
82 Mar 8912 Mar
100 8314 Mar 31 9514 Nov 1
9514 3,100 8% preferred
95
95
95
9458 945 95
2
95 95
9312 9312 94
444 Jan 7012 Sept
100 52 Mar 3 9614 Oot 1
400 Colorado & Southern
89
*87
*9014 91
9014 9014 8612 87
S9'2 89
420 91
60 Mar 6884 Dee
100 62 Mar 2 74 Oct 1
First preferred
74
*71
74
74 •71
74
571
*71
74
571
74
*71
54 Jan 624 Aug
100 59 Jan 11 72 Sept 2
Second preferred
70
*67
70
67
5
70
*67
70
70 *68
68
70 5
68
5
13312 Mar 155 Apr
100 1504 Mar 30 1831zSept
172 1721 17218 17214 2,300 Delaware & Hudson
17212 173
174 175
17378 174
174 174
125 Mar 14784 June
13,100 Delaware Lack & Weetern_ 50 129 Mar 30 15312 Jan 1
15011 148 1503 14714 14814 146 14712 14684 149
4
1478 14912 148
3438 Oct 60 Jan
Jan
43'1 4314 4314 1,200 Deny & Rio Or West pre:__100 3712May 19 47 Jan
43 4312 4312 4384 43 431 *42
*42 43
2684 May 3988 Dec
100 2212Mar 29 40
39% 14,600 Erie
39
391
39% 39
39
391
3884 391
4
388 3918 39
35 June 4672 Jan
100 3384 Mar 30 504 Oct
46% 461 10,100 First preferred
464 461
4614 4614 4618 461
4614 464 4638 47
34 June 434 Jan
Mar 30 4718 Oct
100 30
200 Second preferred
4452 4418
54412 45
*4412 451 54412 451 *4412 45 '
53912 46
60 Apr 8238 Dec
7984 7918 80
797k 79
14,600 Great Northern preferred_100 6E12Mar 30 8012Sept 1
7914 7932 7984 7914 7984 79
79
25 Dec 4038 Jan
4 1912 1912 18,000 Iron Ore Properties_No par 1814 Oct20 2714 Feb 1
2184 2184 198 2118 1918 198
8
22
1934 2114 21
23 Mar 383 Sept
2
*3634 3784 3678 36% 2,200 Gulf Mobile & Northern _100 2518 Apr 20 4114Sep1 2
37
*3712 384 37
3718 38
3834 37
8912 Mar 10914 Sept
100 95 Mar 29 10912Sept 30
107 10714 10612 10652 1,400 Preferred
5107 10712 10714 1071 *10712 10734 10714 107's
2134 Mar 3832 Aug
Jan 22 40 Apr 8
100 343*
600 Hudson & Manhattan
39
39
39
39
*3834 39
391
•3812 3914 •3812 3914 39
6412 Feb 72 July
100 6784 M ar 31 7914July 28
100 Preferred
76
76
77
*75
77
*75
77
*75
77
*75
77
*75
100 11312 Mar 3 131 Sept 7 111 Mar 12515 Dec
900 Illinois Central
12214 1221 12218 12218 12218 1224
•12112 1231z *12112 1224 12278 123
30 12912Sept 7 11218 Apr 12514 Dec
100 11512Mar
400 Preferred
123 123 *121 124 •121 124
12212 123
•120 124 *120 124
6814 Aug 744 Dec
420 Railroad Sec Series A__1000 7114 Jan 6 77 June 23
761
76
75% 7552 *7534 7814
*754 76
57512 76
757 76
18 Jan 3818 Sept
100 Int Rye of Cent America-100 2514 Mar 30 31 Feb 13
264 261 *2534 2612 52034 2612
4
5253 26
253
5 4 27
25 4
5 3 27
5912 Jan 6612 July
100 62 Mar 30 66 June 24
400 Preferred
634 6338 64 65
*59 65
*60 65 •60 65
*60 65
1312 Mar 3412 Feb
11,500 Interboro Rapid Tran v t 0_100 2412 Jan 15 5214May 25
7
4832
4
473 4914 4712 4814 474 47N 47
4811 491
4812 49
312 Mar
112 Jan
312 Jan 15
1 Aug 14
100
Iowa Central
4
/
11 *____
liz
112 5____
112 *___
112 *__ __
4
/
11 5____
._
5
2Sept 9
283* Mar 51 Dec
180 3414Mar 3 513
4373 4432 43 • 4312 4212 4314 434 4318 4,900 Kansas City Southern
4334 4412
434 44
57 Jan 6314 Dec
6832Sept 10
100 6052 Mar 3
Preferred
100
65
64
5
85
*64
85 *84 65
63 85 *83
6412 6412 5
69 Mar 8812 Dee
50 7512 Mar 3 934July 15
89 8914 89 8912 88% 8914 8914 8914 2,700 Lehigh Valley
90 90
90 90
109 118 Mar 30 144 Sept 3 106 Jan 148 Dec
132 13212 1,500 Louisville & Nashville
13212 133 *131 13212 *13012 132
•13012 13134 132 13312
84 May 11912 Sept
4
Manhattan Elevated guar-100 84 Mar 3 923 Apr 20
94
590
94
*90
94
94 .90
*90
•90 94
933* 590
3212 Mar 5114 Feb
,
100 38 2 Jan 26 6172May 28
4
1
/ 3,700 Modified guaranty
53
5312 5214 5214 52
5414 53
53
5314 5412 523 54
4
100
4' July31 10 Feb 9 . 6 Nov 12 Sept
700 Market Street Rallway
612 6'2
6
514
452 452
*414 5
4
1
/ 41
4
5412 61
20 Jan 4614 Sept
100 1912 Oct22 40 Feb 9
Preferred
200
30
525
24
24
25
520
23
*19
21
21
21
*19
4214 Nov 6514 Sept
5132 Feb 10
100 394June 2
471a 3,700 Prior preferred
46
45
4232 4212 4212 42
4214 4232 42
*4214 421
15 Dec 3514 Sept
100 114 Oct29 2212 Feb 10
Second preferred
18
20 •16
512
•1134 16
18 51112 18
*13
37 Jan 11
51112 18
24 Oct
4 Mar
18s July 26
_ _100
300 Minneapolis & St Louis_
*132 152
4
/
13* 152 *18 13* *132 15
•132 152 5138 11
30% Apr 57 Nov
Minn St Paul & 85 Marie _100 34 Apr 21 5212 Feb 3
38
535
38
*35
38
535
38
*35
38
*35
40
535
100 55 Mar 20 79 Feb 3 40 Mar 8614 Nov
Preferred
'
63
*57
63
557 63 557 63 557
62
557
*58 62
5712 June 63 Feb
1
100 60 Oct28 867 Feb 24
Leased lines
6312
631 556 631 *56
631 556
631 556
631 •56
*58
2814 Jan 454 Sept
3,000 Mo-Kan-Texas RR---NO par 2912 Oct20 474 Feb 9
3214 3214 325
3252 325s *32
3232 323
3212 321
323
32
7434 Jan 9212 Dec
100 82 Mar 2 95 Jan 4
9332 9312 2.900 Preferred
934 931
93 931
s 928 93
59252 928g 9234 927
304 Jan 4134 Dec
100 27 Mar 3 45 Sept 1
393s 14,900 MIESOU21 Pacific
1
384 39'4 39
8 381, 207
391s 402
8 394 401
392
39
4
/
71 Mar 911 Dec
100 7112Mar 3 95 Sent 3
6,800 Preferred
8912 90
893
4
8912 9032 8932 9052 883 8932 89
8912 90
314 Dec
112 Jun
4
83 Jan 7
Apr 10
434
100 Nat Rys of Max let pref-100
454 534
3
*54 5
3
*54 53
3
*54 5
3
5
34 Dec
8 5% 55
53
112 June
4
1
/
4 Jan 7
IN Oct 27
100
800 Second preferred
12 24
4
1
/
2
*214 21
5212 232 5212
232 21
214 232
200 New Orl Texas & Mailoo_100 120 Mar 30 13212 Jan 9 11314 June 13712 Dec
.121 129
121 121 *121 128 5121 129 *121 129 5121 129
100 117 Mar 30 14711Sept 7 1134 June 13712 Dec
8
8
4
8
1343 13512 135 4 1373 52,900 New York Central
8
13434 1358 13512 13688 13584 136% 1343 136
3,400 NY Chic & St Louis Co_100 130 Mar 3 20412Sept 23 118 June 183 Dec
192 194
193 194
196 196
196 196
196 197
192 196
8812 Jan 9872 Nov
100 93 Mar 11 106 July 8
500 Preferred
103 103
510312 104 510312 104 *10314 104
10314 103'4 104 104
28 Mar 47 Dec
1
/
100 305s Mar 30 484July 17
1
/
4332 4384 4312 433
4212 4314 423* 434 434 4334 21,500 NY N 11 & Hartford
4234 431
2018 Apr 2434 Aug
Western-100 1934 Mar 30 2872 Feb 13
25
25
2412 25
2412 247
2412 24% 52412 2434 2414 2412 3,100 NY Ontario &
Dec 12 June
5
6 Jan 25 2014 Feb 5
par
1112
510
700 NY Railways pref ctfe_No
11
510
1012 1084 1012 101
11
11
10
10
21 Dec 36 July
New York State Railways_100 1712 Oct 25 2812 Jan 14
19
*15
19
515
'15
4
18
19
515
*15
19
19
*15
2172 Apr 45 Sept
100 2772 Apr 15 4432 Sept 2
Norfolk Southern
3,000
38
*35
38
36
37
36% 37
37
39
374 3812 *37
100 13914 Mar 30 170% Oct 2 1234 Mar 151 Dee
11,100 Norfolk & Western
16414 16538 165 166
164 16412 18334 16534 16538 16578 16334 165
4
1
/
75 Jan 86 Dec
100 8312 Nov 4 8588 Aug 11
100 Preferred
8312 8312
85
*83
85
83 85
5
*83
583 85
83 85
5
584 Apr 784 Dec
100 6534 Mar 30 8212 Aug 26
791 22,100 Northern Pacific
79
7814 7834 7812 79
7852 7912 7814 7952 7812 79
20 Aug 4012 Dec
100 15 Oct 19 48 Jan 8
Pacific Coast
25
*15
25
20 *15
20 •15
*15
•15
25 *15 25
4212 Apr 55344 Dec
50 4852Mar 30 5712 Oct 27
557 56
557 56
k
5614 564 5688 30,800 Pennsylvania
564 56
557 5612 56
4
/
1334 Apr 211 Dec
100 157 Oct 19 2634 Jan 14
200 Peoria & Eastern
519
519
21
20
519
21
1812 1812 1912 1912 51912 20
61N June 8512 Dec
100 67 Mar 3 11312 Sept 24
4 11014 110 11014 110 11014 1104 1128 11112 11114 11112 11112 7,000 Pere Marquette
1093
78 July 8934 Dec
100 79 Mar 1 96 July 7
preferred
300 Prior
94
590
92
92
2
422 937 •93 93% 93 93
93 93
6812 Apr 7952 Dec
100 7034 Mar 29 9172July 17
600 Preferred
8712 8712
88
88
87% 87% *87 88
8712 8752 •873 88
4
3
150 4 Nov 6 139 Jan 144 Nov
50 Pitts Ft Wayne & Chia pret 100 14212 Jan
- 5148
_ 5148
4
.*148
4
_ •148
1503 1503 *148
83 Mar 123 Dec
s
Mar 30 1193 Jan 11
700 Pittsburgh & Weed Va__ _ _100 85
6 109 161
-1
no iiii no 11
no no
.
- 6 *109 116 *109 1 8934 Mar 9114 June
50 79 Mar 30 100 July, 9
5,600 Reading
88
8834 8812 884 875* 88
8712 8814 8734 881
87% 877
357 Mar 41 June
50 40 Jan 5 42 Apr 26
First preferred
*3934 4012 *3934 4012 *3984 40
*3984 40
*3934 40
% *3934 40
3614 Mar 4452 June
Sept 24
40 40 Mar 30 45
100 Second preferred
4
4312 •42
*4112 4312 *42
4312 418 414 *413 431 *4134 4312
4
2
42 Aro* 627 Jan
100 42 Apr 8 6114 Aug 2
49
Rutland RR prat
544
49
50
544
544 50
50 *44
5
544
50
44
5712 Jan 10214 Aug
Mar 30 102 Sept 7
100 85
*
971 9814 9712 9814 97
973* 9714 973
4 9714 9784 7,000 St Louts-San Francleco
4
1
/ 98
97
76 Jan 9214 July
100 8312 Apr 1 9214July 14
9012 901
700 Preferred A
590 91
,
9012 9012 9014 9052 90 2 90 2 *9014 901
,
4334 June 6914 Dec
Feb 9
St Louis Southwestern_ _ - _100 571zMar 19 74 4July 27
4
623 *6212 62a
*6212 6338 *62 63% *61
*6212 6318 •6312 64
704 June 783 Dec
4
100 72 Mar 19 801
Preferred
*7512 77
57512 7712 *7512 7712 •7512 77
*754 78 •7512 77
2032 Jan 544 Nov
100 2712 Mar 31 5012 Nov 4
3034 3112 313* 3214 314 317
3184 32% 5,800 Seaboard Air Line
3114 311
30% 313
8
35 Mar 5112 Aug
100 3112Mar 31 4832 Feb 18
373
37
3712 3812 374 38
37
3712 3714 3712 385s 10,600 Preferred
37
96 Oct 10832 Jan
100 9812Mar 30 11014Sept 3
10672 1073* 10712 1077 10712 1077 10654 10712 10612 l06t 107 10764 18,200 Southern Pacific Co
4
4
77s Jan 12012 Dec
100 103:War 30 13114Sept 3
4
4
11854 11854 11814 11874 11814 11954 11814 1183 11814 118's 1183 12052 23,200 Southern Railway
83 Jan 951 Sept
100 8212 Apr 6 9512 Aug 5
760 Preferred
9312 931
4 9314 931
933* 935
3
93 4 937 *9314 937
935* 935
4314 Jan 59 Dee
100 4212 Mar 30 613* Jan 13
3,100 Texas & Pacific
504 51
50
50
5112 5214 514 5112 5012 517
50 50
74 AM 15 Sept
52
100 1312 Jan 8 43 Apr 23
3754 37
1,500 Third Avenue
39
4
1
/ 381
38
37
39
38
3812 3752
3812 3932
58 Jan 784
5
100 594 Oct 25 78 4 Jan 4
6114 61
100 Twin City Rapid Triuudt 100 14112Mar 30 16832 Oct 1 13314 Apr 1534 Dec
4
63 •6118 65
61
5
61
61
5
60 813 *61
5
65
Jan
2
4
/
163 164'z 18372 1845 1631 16413 1613 1633 16212 i63's 163 16432 13,700 Union Pacific
4
72 Jan 774 July
100 7484 Jan 6 8114 Aug 28
7938 797
791
8 1,000 Preferred
8
79
791
7918 7914 793 *7918 791 *79
*79
18 Aug 3312May
inogainet.100 1934Msx 3 2712 Apr 7
united maiiwnve
3412
*2434 30
525
*2334 30
30
*2384 30
524
4
5233 30
4812 Mar 837 Dec
100 65 Mar 2 125 Nov 11
300 Preferred
•75 110
575 110
575 110
108 125 5105 175
*75 110
1912 Mar 460711:
7
100 33 Mar 30 52 Jan 12
42
42'2 4114 4214 4032 4114 4012 4084 41
4112 17,100 Wabash
403* 421
3
55 4 Jan 737 Dec
Mar 39 7834 Jan 13
100 88
74 74
74
7414
74
.200 Preferred A
7312 733
7434 73.2 733
4
733 74
3812 Jan
Aug
100 57 Mar 29 72 Jan 29
Preferred B
*80 63
580
63
63
60
5
63 559
63
631
*60
*60
100 11 mar 3 1618 Jan 4
11 Mar 188* Aug
1212 1232 117 12
51134 124 12
1214 1212 2,900 Western Maryland
12
128* 121
16 Mar 2614 Jan
8
100 163 Mar 30 24a2Sep1 25
Second preferred
213 *203* 2134 520
22
211 52012 213 *20
213 520
421
3
19 4 July 3912 Dee
4
100 323 Nov 6 3914 Jan 2
3414 3434 3414 3412 3,100 Western Pacific new
®38 347
4
323 324 3318 3318 3312 347
72 July 81 Dec
100 7712 Jan 15 8634Sept 11
800 Preferred new
4
8112 813
4
8114 8114 *803 813
4
*8012 813 •803 811z 8112 82
1034 Mar 32 Dee
18 Mar 30 32 Jan 2
253 26
261 52614 261
253 26
2612 2612 4,600 Wheeling & Lake.Erie Ry-100 37 Mar 30 5012 Jan 4
2
4
4
1
/ 26'2
2612 26
100
22 Apr 5378 Dee
100 Preferred
44% 4418
4
*433 45
10452 15732
*994 100
114
*1
203 204
104 1044
72% 727
4314
*43
•100 102
4
67 873
8
857 86
4
153 17
80 80
*504 63
16414 165
280 290
5
167 169
45 •4312 45
*4312 451 *44
*9114 93
4
92
913 9214 *91
•Big and asked prices.
Ex-dividend.
*431
451
*11
931
914 913
914. 91%
Industrial & Miscellaneous
1.000 Abitibi Power & Paper_No par
4May 21
703
98 Sept 14
62
Jan
7614 Das
New York Stock Record-Continued-Page 2
2496
For sales during the week of stocks usually inactive, see second page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Nov. 6.
Monday,
Nov.8.
Tuesday.
Noy.9.
Wednesday. Thursday,
Nov. 10.
Nov. 11.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range SVIC8 Jan. 1 1928
On basis of 100
-share tots
PER SHARE
Range for Previous
Year 1925
Friday,
Nov. 12.
Lowest
Highest
Lowest
Highest
$ per share $ per share $ Per share
per share
per share $ per share Shares. Indus. & Miscel. (Con.) Par $ Per share $ per share
Per share $ Per share
*5212 57
*54
57
55
55
"5212 55
*5212 55
5412 55
400 Abraham de Straus. .No par 43 May 20 5912Sept 27
*110 112 •11012 112 *11012 112 *11012 112 '11012 112 *11012 112
---Preferred
100 10418 Mar 19 111 Sept 28 - - - *2612 27
*2612 27
*2612 27
*2612 27
*2612 27
*2612 27
Albany Pert Wrap Pap_No par 2612 Oct 6 273
4June 23
*13514 13712 •13514 13712 *13514 13712 *13514 13712 13512 13512 13412 13514
400 All America Cables
100 131 Jan 6 155 July 24 119" -.Kt; 13324 Oct
*128 129 *127 129 *127 128
127 127 '127 129 *125 129
100 Adams Express
100 99% Mar 18 136 Sept 22
90 Apr 11714 Oct
14% 15
14
1412 143 143
4
4 1412 1412 1414 1412 143 15
4,200 Advance Rumely
2
100 10 Mar 19 22 Sept 24
13 Apr 20
Oct
4612 47
46
47
47
48
47
47
45
453
2,400 Preferred
4 46
4712
100 45 Nov 11 65 48ept 24
3
47 Feb 6214 Oct
65
8 65
8
63
4 63
4
6% 652
6
652
6
6
53
4 612 4,400 Ahumada Lead
1
4
53 Nov
9% Jan 4
7% Oct 12% May
*12912 13112 1303s 133
132 1333 13112 13152 *13012 13212 1333 13358 4,300 Air Reduction. Inc__ __No par 10714May 12
4
8
19 14512 Aug 9
863 Jan 1173 Dec
4
s
8
8
752 8
8
8
73
4 8
8
8%
8
814 3,400 Ajax Rubber, Inc
No par
718 Oct 20 16 Feb 10
9% Dec 15% Jan
1
1
*1
118 *1
112
118
118 *1
118 *1
118
1,900 Alaska Juneau Gold Min__ 10
8
7 Oct 22
2 Jan 4
1
Jan
212 Oct
13012 13134 13012 13414 133 1343 13012 1333 13052 13312 133 1357 88,000 Allied Chemical
4
2
2
& Dye_No par 106 Mar 30 147 Sept 22
80 Mar 11658 Dee
*12012 121 *12012 121
121 121
12114 12114 *12012 1217 12114 12114
2
400 Preferred
100 11834 Mar 20 12214 Aug 17 117
Jan 12114 Nov
87 87
87
8712 88
89% 88
89
*873 88
4
6,000 Allis-Chalmers Mfg
88
883
100 7814 Mar 26 945 Jan 14
8
7112 Jan 97% Dec
109 109 '107 11012 *107 11012 *107 11012 *107 11012 110 110 4
200 Preferred
100 105 Apr 7 11012May 24 10314 Jan 109 Dec
*2812 29
2812 293
2
4 295 293
4 291s 2952 29
293
4 293* 293
No par 2414May 20 32% Aug 9
4 5,500 Amerada Corp
107 107 *11
s
2
1112 117 117
2
2 1112 12
117 13
2
13
143
4 7,600 Amer Agricultural Chem_ _100
9 Oct 14 34% Jan 14
1312 Mar i6f2 Oct
41
403 403
4
4 41
*40
41
39
4014 40
43
44
4912 6,000 Preferred
100 3518 Oct 30 9612 Jan 14
3613 Mar 821s Dee
43
43
44
*4212 44
44
43
44
43 43
44
443
4 1,500 Amer Bank Note, new
10 345 Mar 31 46 Oct28
8
3912 Dec 44% Dec
*56
5652 *56
57 '56
5614 56
56
56
56
700 Preferred
*58
5612
50 55 Jan 15 5812July 10
5313 Jan 5813 Sept
213 213
4
4 22
22
22 22
*2134 22
218g 22
*2212 23
900 American Beet Sugar
100 2012Sept 13 383 Feb 5
4
29% Oct 43 Jan
*5212 61
5512 61
*56
6012 '57
60
*57
61
Preferred
61
*59
100 55 Nov 5 83 Feb24
78 Dec 877 June
8
1712 1712 1718 1712 177 177
2
s 17
1712 1614 1678 17
1714 3,450 Amer Bosch Magneto_ _No par 16 May 19 34% Jan 4
2818 Mar 5412 Jan
140 1413 140% 143
4
14114 14114 140 14114 141 14112 141 145
3,700 Am Brake Shoe & F_ _ No par 110 May 19 180 Feb 2
8014 mar 156 Dee
*11212 11934 *114 1193 *114 1193 115 11914 *114 116 *114 116
4
4
Preferred
100 11014 Mar 24 12814 Feb 18 10712 Jan 1145 Dee
8
4
403 42
41% 4212 4112 423
4 40
4214 403 4112 4114 413 10.600 Amer Brown Boveri El _No par 3014 Mar 29 50 Aug 9
4
4
4734 Dec 53 8 Oct
7
97
97
9612 9718 9612 9612 '96
9612 *96
9612 *96
9612
500 Preferred
100 8612 Mar 31 97% Jan 16
9012 Nov 98 Dee
515 5214 51% 52% 513 5252 5112 517
8
4
8 5114 52
8
515 5212 57,700 American Can w I
25 3875 Mar 30 6318 Aug 4
4714 Dec 493 Dee
4
1257 1257 *125 12512 12514 12514 125 125 •125 12512 12512 12512
s
8
400 Preferred
100 121 Jan 4 1267
8July 27 115 Jan 1217 Sept
8
99
99
99 100% 993 100
2
9914 997
100 10112 8,600 American Car & Fdy---NO par 9112 Mar 31 1147 Jan 12
4
2 993 100
g
9713 Apr 115 4 Sept
3
124 124 *123 125
123 125
12312 125
12312 12312 *123 125
200 Preferred
100 12012 Oct 15 12914June 23 1203 Apr 128 July
4
nsirs 2514 *25111 2514 2512 2512 254 2518 2512 2512 2518 25% 1,300 American Chain, class A__ -_25 2314 Mar 30 261
4July 20
2212 Oct 27 Feb
3313 3512 *3312 3512 *3312 3512 *34
*3312 35 •
36
36
200 American Chicle
36
No par 31 Oen]. 51 Jan 4
37 Jan 62 Apr
*3212 35
*3313 3512 *3312 3512 *3312 3512 *3313 35
*3312 35
Do certificates
No par 28 Oct 13 4714 Jan 7
37 Jan 5812 Apr
"85
8 83
4
83
4 83
83
4 8 2 •85
4
2 83
85
7
8 83
4
4
852 8 4 3,500 Amer Druggists Syndicate...10
3
4% Jan 5 10% Aug 19
414 Dec
634 Jan
*121 124
121 123
123 123
12312 1233 *121 12312 125 126
4
1,100 American Express
8
100 1057 Mar 3 140 Jan 6 125 Apr 168
Jan
•15 8 157
5
g
1512 157
2 151s 1512 1512 173
1818 1914 26,000 Amer & For'n Pow new_No par 1414 Nov 3 423 Jan 2
4 1734 19
8
2714 Apr 51% Sept
*84
86
85 85
*8414 86
8412 8412 86
86
853 853
4
4 1,600 Preferred
No par 79 Oct 1 98 Feb 13
87 Jan 94 Feb
.
714 8
*714 8
*714 8
*714 8
7% 71s
7% 718
300 American Hide & Leather_100
7 May 10 1712 Feb 9
812 Mar 14% Dec
39
39
40
*38
40
*38
40
*38
40
*38
*38
40
100 Preferred
100 33123/fay 7 6714 Feb 9
5812 Sept 75% Jan
*2412 25
25
25
25
25
5s 2512 255s 25% 253* 253 27
4
6,900 Amer Home Products. No par 23% Oct 8 27 Nov 12
124 124
124 12412 125 12512 *123 12512 •124 12512 *124 12512
800 American Ice
100 109 Mar 31 136 June 8
83 Mar fit; Dec
*82% 84
*8212 84
*
81% 83
83
*82
*
81
83
8212 8212
100 Preferred
4June I
100 8112 Oct 18 863
7413 Mar 88 July
*37% 38
3734 38
3712 3712 38
373 38
4
383
4 3
4 8,000 Amer International Corp 100 3134July 19 463 Feb 16
83* 383
4
3218 Mar 467 Nov
8
1258 1258 123 123
4
8
4 125 1252 1212 1212 1212 1212 1212 1252 1,000 American La France F E.....10 1214Sept 2 157 Jan 4
8
1114 Jan 20 Nov
3112 3112 3178 32
303 3112 2912 3018 *3014 31
4
3014 313
4 2.400 American Linseed
100 2558 Oct 20 52% Jan 4
20 Mar 591 Nov
747 75
2
75
75 '7312 76
*73
75
75
76
*733 76
4
400 Preferred
4
100 673 Oct 19 87 Jan 4
53 Jan 89
106 10612 106 1075s 10612 10712 10514 107
105% 10712 107% 1083 43,400 American Locom new__No par 9014 Mar 31 119% Jan 4 10412 Jan 1447 Oct
4
8 Mar
*11812 1191 *119 120 •118 120
11712 11712 1183 1183 *1181 119
4
4
300 Preferred
100 116 Aug 9 12014 Feb 11 115 Aug 124 Feb
7234 731 O7234 7312 *---- 737s 72 73 7212 7212 *7212 73
800 Amer Machine & Fdy_ _No par 6514 Oct 11 8012 Aug 16
*119 125 *119 125 *119
*119 125 *119 125 *11912 125
Preferred
100 114 July 15 122 Aug 23
45 8 4614 46% 483
5
8
4 485 48% *4714 4712 4712 4712 4712 4712 2.800 Amer Metal Co Ltd___No par 448 Oct28 57% Feb 16 "iik; Mar 576k Oct
4
*112 115 *113 115 *112 115 *112 115 *112 115 *113 115
Preferred
100 11312 Apr 15 120 Feb 6 111 Mar 119 Nov
62% 61% 623
62
.2
4 621 6314 62
63
63
6412 8312 65
12,100 Am Power de Light_ __No par 50 4May 19 72%Sept 8
3
*110 11012 109% 110 *110 11012 109 110
110 110 *10978 110
1,100 American Radiator
25 10114May 19 122% Aug 9 - 7 Jan 1221s Nov
$1
;
*8112 82
8212 8212 8212 8212 823 8314 8312 834 84
4
86
1,300 Amer Railway Express„--100 77% Mar 31 86 Nov 12 :76 Sept 84 Jan
4414 *
44
42
44
397 4012 40
2
40
40
41
'41
47
2.400 American Republics___No par 397 Nov 9 74 Jan 5
2
48 Jan 7958 Dee
6213 65
6312 6512 *63 2 6412 63
5
63
6214 6314 63
633
4 4,100 American Safety Razor..--100 42 Apr 14 703 Aug 17
4
367 Jan 763* Nov
s
8
714 73
712
7% 74
62 7
7
*7
714
7
1,500 Amer Ship & Comm__ _No par
7
518 Dec 1412 Feb
512 Jan 2 117 Mar 12
8
133 s 13414 134 137 4 1363 138
7
3
4
1343 1371s 1357s 13714 137% 140
4
56,200 Amer Smelting & Refining_ 100 1095 Apr 21 152 Aug 17
8
903 Mar 144% Dee
8
11814 11814 118% 1183 *118 11812 *118 11812 *118 11812 *118 118
8
200 Preferred
12
100 1127 Mar 31 12014 Aug 17 105% Jan 11514 Oct
8
013112 133 *1313 133 *1313 133 *131% 133 *1313 133
4
4
4
1313 1313
4
100 American Snuff
4
100 12134 Oct 6 165 Feb 9 13814 Apr 154 Nov
433 43 2 43
8
3
14 44
44% 4414 4312 44% 44% 448
4414 4412 5,100 Amer Steel Foundries_No par 40 May 11 47 Aug 3
378 June 4714 Deo
*111 112
11114 111% *11112 114 *11112 114
112 112 *1111 114
400 Preferred
100 1101413091 21 115 Feb 23 108 Jan 11318 Oct
77% 78
78
797
8 79% 805
8 78
79
78
80 4 7914 81
29,200 Amer Sugar Refining
3
100 65% Apr 14 823 Feb 5
4
471 Jan 775 Dec
*10412 105
105 106
106 107 *106 107
10612 10612 10612 1063
800 Preferred
100 100 June 19 1071, Aug 13
4
9114 Jan 10414 Nov
3614 3612 38
3812 3612 37
38
36
36
4
4 3,200 Am Sum Tob new ctfa_No par 29% Aug 13 40 Oct 2
36% 363 363
100 1412 Apr 28 36 Aug 19
Option A ate
*2912 293 *2912 293
4
4 2914 293
4 2912 293
378 June -if Feb
/ 3014 *2912 30%
1
4
400 Amer Telegraph dc Cable...100 2513July 6 41% Feb 10
4 30
1471 147% 147% 1483 14714 1485 14818 1483 14812 1483 14834 1483
8
4
8June 18 1503 Feb 15 1305 Jan 146 Dee
100 1395
4 7,200 Amer Telep & Teleg
4
4
4
12211 12212 122 1223 12112 12234 z120 12112 11914 120
4
119 119
3,300 American Tobacco
50 11138Mar 31 1248 Sept 8
85 Feb 12118 Oct
•11018 11014 11014 11014 110 110 *110 11052 *109% 11012 *10912 11012
300 Preferred
100 10618 Jan 4 113 May 28 10413 Jan 110 Nov
122 122
12214 12212 12112 12212 z120 1203 11812 1197 119 1193
4
aci 1101* Mar 31 124 Sept 8
s
84% Feb 11912 Oct
4 4,500 Common Class B
*119 122 *118 120 *119 120 *11912 1213 *119 12114 12114 12114
4
100 American Type FoUnders__100 114 Jan 22 135 Feb 13 103 AIM 13558 Nov
5312 8412 *5312 54
5352 5512 557 56
2
3
20 43 4 Apr 13 74 Jan 4
7,200 Am Water Works & Eleo
34 4 Jan 7614 Dee
8
4
5614 57% 563 58
4
'10113 105 *10112 104
104 104 *10113 104 *10112 104 *101% 104
100 10112 Mar 3 10814 Jay 27
200 lst preferred (7%)
9714 Aug 103 Feb
29
29
28% 29
28% 29
8
2812 29
100 19 June 9 427 Jan 13
2858 29
2812 2812 1,400 American Woolen
343* May 64 4 Jan
8
*8014 81
813 813
4
82 82
84
*82
4
4
8214 8214 *8214 84
100 66 Apr 30 893 Jan 4
500 Preferred
8912 May 961 Jan
114
•1
114 112 *1
112 '1
% Aug 13
18
118
8 *1
5% Jan 13
13
8
500 Amer Writing Paper pref_100
112
112 Dec
713 Jan
---- ------- -___ __-_ ___
12 Aug 4
100
Preferred certificatee
4% Jan 13
12 Dec
4 Jan
77 - 3
8
8
812 812
1
;
-AS
512May 19 1218 Feb 4
8
814 83
8
81
14
9 - Filoo Amer Zinc, Lead & Smelt
4
7 May 121 Jan
,
3918 4014 3984 4214 41
448
25 20 May 19 4818 Feb 4
14,900 Preferred
4212 4458 4314 44% 43
46
247 May 447 Dee
a
4712 48
4734 4912 4812 4952 4812 49
Copper Mining-50 4112 Mar 30 517 Aug 6
483 49
4
8
487 493 19,600 Anaconda
2
2
3514 Apr 5314 Nov
417s 4178 *41
*4012 4134 *40
42
4112 41% 4112 41% 413
8June 11 445 Jan 2
400 Archer, Dante, Mied_No par 347
8
4
28
Jan 4612 Dee
*103 106 *103 106 *105 106 *103 106 *103 106 •103 106
100 100 Mar 4 108 Oct 16
Preferred
9012 Jan 105 Oct
*
92% 93 '9212 9232 92% 9212 *9212 93
927 92% *9212 93
2
200 Armour & Co (Del) pref. 100 9014May 21 97% Jan 13
9018 Mar 100
Oet
*1434 147
2 14 4 147
3
2 15
1514 15
1514 14% 15
147 15
2
6,200 Armour of Illinois Class A-25 1318May 22 25% Feb 13
20 Mar 271 Oct
818 *
*
8
8
8 12
5 4May 20 17 Jan 4
3
858 85
84 95
25
Class B
83
4 83
812 8 4 3,500
4
3
16 Dec 2058 Oct
88
*
85
*
85
88
841g 844 84
84
*84
100 80 Apr 30 93 Feb 11
88
200 Preferred
*
84
88
90 Dec 9314 Nov
*23
*2314 25
2558 •23% 25
*23
25
25
25 •24
100 Am Cons Corp tern elf No par 18 Apr 12 3154 Jan 6
2579
8 Jan
1758 Oct
*2214 23
*2214 23
*2214 23
2212 2212 *
2214 23
2278 2279
200 Art Metal Construction-10 1918 Jan 2 2334 Oct 5
15 Jan 2058 Nov
*
52
*5112 53
*51
53
*5013 5212 5152 517 *
53
No par 46%Sept 23 6313 Jan 21
2 5114 52
200 Artloom
39 June 603 Dee
4
*112 ___. *112 -- *112 __- *112
*112
*112
100 108 Mar 18 112 Nov 4 101% Aug 110 Dee
Preferred
_
417 41% 411 41% 4112 4112 063 468
8
*
/
4
4114 42
4 41 -_100 3714 Mar 30 547 Jan 9
411,400 Associated Dry Goods.
8
4618 Aug 6138 Nov
*993 101
4 101
*9934 101
4
*993
100 100
100 100 '99 101
100 96 Mar 25 102% Jan 6
200 let preferred
94 Jan 102
Oet
105 105 *104 105 *104 106 •
*105 107 *104 107
100 102 May 19 108 Jan 28 101
103 107
100 2d preferred
Jan 10814 Feb
52
51
*50
53
5012 51
5113 5113 *5012 5112 *
*
51
25 443 Jan 6 60 Mar 4
52
4
1,100 Associated Oil
32 Mar 4714 Dee
8
3712 37 8 377 377
7
365 36 2 363 37
8
2
5
8 3613 38
&WISS Line.-100 29 Oct II 683 Jan 6
3614 37%
8
20 Jan 77 Sept
ns 3634 *35 3634 *34 37 *35 37 *35 37 *34 36 2,400 Att Gulf
100 3314 Oct27 5614 Jan 30
Preferred
31
Jan 60 Sept
102 103% 102 102
*102 10212 103 103
102 104
10312 10414 2,600 Atlantic Refining
100 97 Mar 3 1283
8May 24
951 Jan 11712 Feb
11612 11612 115 4 115 4 *11514 116
*115 116 *11514 117
3
3
1153 1153
4
100 11518 Oct 1 120 June 22 113 Sept 1178 JIM
500 Preferred
4
4
*82% 63
63
*62
621 6212 *6212 63
63 63
*6212 63
200 Atlas Powder
No par 54 Mar 4 83 Nov 6
45 June 85 Dee
*96
98
*97
*97
98
9713 *96
98
*96
98
*97
98
100 94 Jan 8 9718 Aug 16
Preferred
9012 Oct 94 Jan
83
• 4 9% *83
83
4 93
7
*88
4 6 8 * 4 9% *834 93
s .83
4. 9%
No par
8 Oct 21
Atlas Tack
1712 Jan 30
91a Feb 21 Dee
812 812 9814
9
*8
83
*812 9%
8 8%
812 812 1,100 Austin. Nichols&Co vtc No par
7% 0c823 28 Jan 29
22 July 3212 Jan
*54
55
55
55
55
55
55
54
55
*
55
54
54
700 Preferred
100 54 Nov 3 93 Jan 8
8758 Jan 95 Aug
12
*3
2
*3
2
12
8
8
8
8
88
14 Oct 9
3
8
8
8
8
6
600 Auto Knitter Hoslery__No par
52
*3
2
218 Feb 11
41 May
13
126% 128
1251 127
12352 124 2 12812 128
125 131% 13014 13614 183,000 Baldwin Locomotive Wks_190 92% Mar 31 13612 Jan 4 107 Dec
3
Mar 146 Feb
1143 11514 11514 11514 11514 11512 11613 1163
4
115 115
115 115
1,400 Preferred
4
100 105 Mar 31 1163
4Nov 12 107 Aug 1165, Jan
4 2612 2612 2612 275
2612 2612 ns
263
4 2612 263
8 263 2714 7,500 Barnsdall Corp class A
4
25 2312May 11 33% Jan 2
1834 Aug 33% Dee
24
24
24
2414 24
2412 247
*2312 2412 24
8 25
25
900 Class B
25 22% Oct 27 2912 Jan 2
16 Aug 30 Dec
47
*4612 471
4714 4614 4614 *46
463
4 463 4838 1,600 Bayuk Cigars, Inc
47
*
46
4
No par 39 Mar 31 50% Aug 9
3814 Sept 5314 Feb
57
5712 571s 5514 5514 563 563 *56
5614 56
4
*55
4
57
1,200 Beech Nut Packing
20 52% Oct 6 7178 Feb 4
80 Mar 775 Aug
4 2852 2852 2818 2814 2814 2852 2814 2812 3,600 BeldIr Wway Co tam ct1NO Par 27 8Sept 28 39% Jan 4
s
2
287 287 *2818 283
5
37 Sept 4158 Dee
52 44 4 45 4 4418 44 4 4412 443
4
3
3
4 4412 45% 17.300 Bethlehem Steel Corp
44 4 4514 443 45
3
3
100 3714May 20 51188ept 20
37 June 531k Jan
7
10313 10312
7
*10312 103 8 1037g 103 2 10312 10312 10312 10312 *10312 104
500 Preferred (7%)
100 99 June 1 105 Feb 2
Jan
931* June 102
31
3212 *3112 3212 32% 3212 3212 33
31
32
32
*30
1,100 Bloomingdale Bros__.No par 28 June 11 35 Sept 7
109 109 *107 110 *107 110 *107 110 *107 110
107 109
*
100 Preferred
100 10414June 21 109 Sept 27
614 812
614
63
4 712
7
612 612
7
3
5 4 5 4 *6
3
4,200 Booth Fisheries
No par
418 Mar 24
93 Jan II
4
418 May
Is0*1
7
"46
4814 *46
1512 50
50
48
48
*
*
46
46
50
7
200 1st preferred
50
100 343 Oct 11 51% Jan 7
4
25 June 52 Oct
25
*2313 25
25
"2312 25
25
25
•24
25
•24
300 Botany Cons Mills clam A__50 20 May 25 41% Jan 4
25
8121,4(a
t 44 July
205 Aug 4
47 8
27
2752 27
2612 2612 26
267 271s 7,400 Briggs Manufacturing_ _No par 24 Oct 20 37% Jan 4
2
25 4 26
3
273
4 27
•
/ 1
4
1
4.58 1
42
8
*42 1
1
4.48 1
*2 1
6
British Empire Steel
12MaY 5
3 Jan 18
5 Oct
152 May
*912 16
*9% 16
*14
*15% 1814 *912 16
15
*14
15
1st preferred
93
4June 29 27 Jan 28
100
22 July 36 Oct
212 212
300 2d preferred
8 *112 23
*12 23
8
2% 2%
238 232 •112 212
112June 24 1018 Jan 11
100
n
3 July 1561412
53
s
160 1613 z159 15914 9,100 Brooklyn Edison. Inc
16212 16014 1627 16114 162
161
2
133 Mar 31 163 Sept
4
158
16014
100
Nov120 6
9314 933
943
4 94
9418 9412 9412 943
4 8,500 Bklyn Union Gas
94
937 943
95
8
No par 68 Mar 30 97% Aug
73% Dec 15014 Nov
3412 3512 3512 351 *341 3514 3518 36% 3612 367
35
2 4.200 Brown Shoe Inc
•34
No par 2912June 1 485 Jan 7
8
46 Dec 4514, 1340
Preferred
*109 ---- *109
*108 _-__ *108 ____ *108 ____ *109
100 107 June 5 111 Mar 10
%
92924612 Ma 149 OL
bt
09 J t
7
35
8
1.500 Brunsw-Balke-Collan'r_No par 243 Mar 30 393 Sept 15
33% 33
8
3412 .35
3518 3518 347 35
337 33% 34
8
4
June
134 134
800 Burns Bros new clAcom No pa 121 Mar 31 144 July 23
1293 13018 *12812 13012 *1281 131 *128% 13014 133 133
4
136 1340
30% 31% 1,000 New class B com____No pa
30
3
292 29 4 29
30
29 Nov 9 44 Feb 13
31
291 *2912 30
/
4
*29
17 Mar 39 Dee
7(10 Preferred
100 97 Mar 30 10312June 22
100 100 •10018 10012 10012 10012
Oet
100 100 *100 10012 100 100
9112 July 99
114 114
113 11312 11312 115
1,800 Burroughs Add Mach__No par 7712 Apr 13 1171jSept 15
114 114
11312 114
112 112
85 Jan 103 Sept
•Hid and asked prices; no sales on this day. s Ex-dividend.
New York Stock Record-Continued-Page 3
2497
For sales during the week of stocks usually inactive, see third page preceding
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
Nov. 6.
Monday,
Nov. 8.
Tuesday,
Nov. 9.
Wednesday, Thursday,
Nov. 10.
Nov. 11.
Friday.
Nov. 12.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan.1 1926.
On basis of 100
-share tots
Lowest
Highest
PER SHARE
Rang,for Previous
Year 1925.
Lowest
I
Highest
S per share $ per share S per share $ per share $ per share $ per share Shares Indus. & Miscell.(Con.) Par $ Per share 5 per share $ per share per share
26
2612 *26
300 Bush Terminal new____No par 1634 Mar 18 3414 July14
145 June 26 Dee
8
•26
28
*2612 2712 *2612 28
28
26
26
Debenture
*90
92
*90
92
92
100 86 Apr 6 93 Aug 2
*90
92
*90
92
*90
80 May 89% June
903 91
4
Bush Term Bidgs, pref____100 9912 Jan 20 10314 Oct 2
*10214 __-- *10214 ---- *10214 *10214
9612 Jan 103 Dee
.10214 _--_ *10214
5
412Sept 28
5
6,000 Butte Copper & Zinc
614 Feb 10
414 Mar
8% Jan
4 4 47
3
3
47
8 47
8
43
4 5
5
47
8 5
47
8 5
100 1734 Mar 3 71 Sept 15
64
6213 645 257
8
57
4,900 Butterick Co
17 May 2824 Jan
5712 *56
6412 6412 62
5712 57
10
718May 18 1614 Jan 11
1312 1312 1414 1312 137
8 6.900 Butte & Superior Mining
8
124 127
8 13
3 135 134 1312 135
612 May 2414 Jan
7212 7212 73 4 75
75
77
3,500 By-Products Coke_ _ __No par 53 June 30 90 Sept 27
3
747 748 7314 7312 7212 73
8
37
500 Byers & Co (A M)_ _ _ _No par 28 Mar 29 4112June 18
23
Oct -4i2; Oct
37
*363 3712 *363 373
4
4
4 363 363 *36
4
4
3612 37
38
3,900 California Packing_ __ _No par 6614 Oct 18 17912 Feb 4 10012 Jan 3612 Nov
4
4 6812 69
693 7018 6912 7 18 693 704 6818 70
0
4
683 683
4
3112 3114 313
4
4 3114 313
4 3112 317
8 5,700 California Petroleum
25 293 Oct 11 3818 Feb 10
237 Jan 3438 Dee
8
3118 31
31
4 3114 313
112 Mar 26
2% Jan 15
15
8
15
8 *13
8
17
8
300 Callahan Zinc-Lead
10
114 Oct
134
13
4 *153 14 *15
8
17
8 *15
8 17
8
43 Feb
4
67
6918 69
70
70
71
70
10 5512 Mar 29 73% Aug 9
45 Apr 6112 Dee
68
707
8 7012 7114 6,200 Calumet Arizona Mining
68
25 1338 Mar 31 1812 Aug 9
1214 May 18% Jan
4 71
17
163 167
8
8 167 17
8
167 17
8
4,400 Calumet & Heels
16
1612 1614 163
160 160
157 16118 15612 161
100 624 Jan 4 176 Aug 6
24 Mar 6812 Dee
160 160
160 162
3.600 Case Thresh Machine
*160 16312
311012 11214 *11012 11214 11112 112 •111 1113 *111 1113
4
600 Preferred
100 96 Jan 5 11812 Aug 10
60 Mar 10712 Dee
•11012 11218'
4
713 713
712 712
712 71,2
7 Nov 11 2012 Jan 5
1434 Mar 23% Oct
73
8 712
100
7
7 18
712 73
4 4,700 Central Leather
4 5214 527
100 4314 Apr 28 68 Jan 5
/
1
4
4914 Mar 71
Oct
8 493 6214 493 51
4
10,400 Preferred
5214 5212 5212 533
503 .51
8
4
8
1114 *11
1114
1114
303 Sept 4712 Mar
4
1114 *11
11
11
*11
100 Century Ribbon Mills_ _No par 1014 Oct 25 327 Jan 8
.11
1114 *11
100 83 May 25 90 Jan 21
*80
86
*80
86
*80
86
*80
86
Preferred
94 Dec 98% Jan
*80
854 *80
8518
62% 6212 6358 645
8 64
434 Mar 64% Nov
6412 6314 6418 64
6418 64
6412 4,600 Cerro de Pasco Copper_No par 5712 Jan 22 7312 Aug 9
4414 44
403 Mar 58% Sept
4
44
4312 4414 4438 4412 *44
437 437
8
8 4334 4414 3,700 Certain-Teed Products_No par 3618May 20 4912 Jan 5
4
100 100 May 22 10614 Nov 9
8912 Jan 110 Sept
100 1st preferred
4
*1053 10614 *1053 10614 10614 10614 *10514 10614 *106 109 *106 109
914 93
812 Nov 5 26 Feb 11
4
83
4 95
8
914 914
912 918
914 95
8
93
8 93
8 2,000 Chandler Cleveland MotNo par
8
4 225 2338 2318 24
2318 2314 *2314 2312 2318 2312 7,800 Preferred
No par 2212 Nov 5 4514 Feb 15
2278 233
8014 2;14
ai HI' Dec
500 Chicago Pneumatic Tool_ _100 9412 Apr 8 120 Jan 2
*108 111 *110 1103 110 112 *110 11212 11212 11212 *110 11312
48
*48
8
4978 Mar 747 Oct
48
49
49
49
No par 4518May 19 663 Jan 4
49
4912 51
5012 51
1,600 Childs Co
8
48
8
8 325 33
8
3212 323
25 30 Mar 3 363 Jan 6
3012 Mar 37% Jan
4 3212 323
4 3213 323
3213 3218 3218 323
4 6,100 Chile Copper
19 Apr 28% Feb
*27
2712 *255 2812 *255 2712 *255 27
5 16 Mar 3 26 Nov 4
8
8
8
*255 27
8
Chino Copper
8
*255 27
4
623 Dec 8412 Dee
4
*3112 33
3113 3112 3012 3012 *3012 31
300 Christie-Brown certlfs_No par 2912 Oct 15 633 Jan 4
*3012 3112 *3013 33
3413 3438 347
3418 34
3 3414 3412 3414 343
8 343 353 55,900 Chrysler Corp new _ __No par 281:Mar 30 54% Jan 9
34
8
4
No par 93 Mar 30 108 Jan 2 i6cTi July
e
Nov
,
101 101 *100 2 10214 *101 10214 10214 10214
,
400 Preferred
10012 10012 *100 2 101
5812 Mar 7134 Jan
62 62
614 62
*6112 62
*6112 62
*6112 62
600 Cluett, Peabodirdi Co_ _ _ _100 6014 Mar 31 6812 Jan 7
*6134 62
/
1
200 Preferred
100 1034 Jan 13 116 Sept 17 10312 Jan 109 Sept
11414 11414 *114 115
*114 11412 *114 11412 11413 11412 *11414 115
80 Jan 17724 Nov
16112 1643 16214 1635 16318 1681 34,400 Coca Cola Co
8
8
No par 128 Mar 24 16812 Nov 12
4
4
159 1593 159 1607 160 163
4May 27 593
4Sept 18
8 57
57
No par 343
555 5612 567 567
8
8
5612 5612 5614 563
8 557 563
8
8 1,300 Collins & Alkman
_
4May 2 119 Sept 20
- -- _
100 983
400 Preferred
*113 11314 11414 11414 11412 11412 *11312 11412 *114 11412 *114 1141
3214 Apr 4814 Jan
4918 41
493 Oct 2
8
100 27% Mar
4014 407
8 4012 417
2 405 41
417 423 10,600 Colorado Fuel & Iron
8
8
41
42
45 Mar 6224 Dee
697 Feb 23
8
8
6414 65
643 65
4
64
635a 64
2,100 Columbian Carbon v to No par 553 Jan 2
65
6418 6418 64
*64
90 Jan 9
45 4 Jan 86
3
Oct
8614 853 8618 843 8512 8518 8518 8518 851
2,600 Col Gas & Eleo
No par 6312Mar 2
8
8
8614 863 *86
4
8
4
4Sept 1 1157 Aug 3 10414 Jan 11412 Dee
11312 1131
200 Preferred
100 1113
*11314 114 *1133 114 *114 11412 114 114 *11312 114
3812 Sept 55% Des
20
2014 2014 2014 1912 20
20
19 Nov 12 4712 Jan 14
191
3,500 Commercial Credit_ _ __No pa
20
193 193
4
4 19
2514 Sept 2712 Oct
23 *____ 24
*213 2312 *2112 234 *2114 2312 *--__ 231
4
Preferred
25 2212 Aug 30 2614 Jan 13
2614 Sept 2724 Des
*____ 2312 *__-- 24 *__ _ _ 24 *__ 24
Preferred B
2
2312 Aug 5 274 Jan 11
*20
23
-- 231
_90
90
92
8912 8912 89
800 1st preferred (65)
.90
90
90 90
89
100 88 Oct 30 9912 Feb 26
*87
50 Jan 8412 Nov
*5614 5734 5614 57
100 Comm Invest Trust__ No par 55 Apr 12 72 Jan 11
*5614 571 *5614 565
57
*5614 57
8 57
*97 100
*97 100
.97 100
*97 100
*97 100
*97 100
1
97 June 7 104 Jan 28 100 Nov 10712 Nov
7% Preferred
*9038 9114 *903 911 *9012 911 *9012 911 *905 913
8
100 Preferred (6.a)
100 89 May 7 100 Jan 13
8
4 903 903
s
8
197 2015 19812 203
4
14
76 May 189 Jan
2003 20412 20312 20714 20,800 Commercial Solvents B No par 11814 Jan 4 207 Nov 12
8
198 206
20012 203
8 2018 21
2012 21
23,000 Congoleum-Nairn Ino_No par 1212May 13 293
8Sept 1
15% Nov 4312 Jan
2014 21
204 217
205 2l4 203 21
8
8
.433 4912 4814 48'4 483 49
4
900 Congress Cigar
4
483 4912
No par 4012May 17 53 Sept 29
485 485
8
8 48% 49
4
84
84
*12
3
4
Conley Tin Foll stpd___No par
12 Oct 8
12 May 17 Feb
1 Mar 12
*12
3
4
*12
*12
*12
*l233
3
7212 7318 73
73
2612 Jan 6344 DC41
17,000 Consolidated Cigar ____No par 45 Apr 15 81 Aug 30
/
1
4
73
78
753 763
4
75'2 7458 758
4 77
*99 102
7934 Jan 96 Dee
*98 102
sJuly 28
1007 1007 *9914 102
8
102 103
300 Preferred
100 91 Mar 31 1078
*95 102
17
8 112
13
4
14
312 Jan
17
8
612 Jan 7
17
3
178
112 Aug 13
938 Feb
17
8
14
17
8 2
2.600 Consolidated Distrib'rs No par
l8
4
7418 Mar 97 Dee
10914 11014 1083 11012 11018 1121 310914 11034 10914 11012 10912 1103 97,800 Consolidated Gas(NY)No par 87 Mar 30 1153 Aug 6
8
8
224 June
25
8 25
8
23
4 27
3
114May 10
51A Jan
*25
8 27
8
23
4 27
23
8 25
3% Oct 18
8
8 2,600 Consolidated Textile___No par
25
8 27
8
4 725 74
8
723 73
4
73 4 733
3
7314 7312 73
6012 Mar 9312 Dee
7318 73
7318 3,500 Continental Can, Inc_ _No par 70 Mar 30 9212 Jan 2
132 133 *13312 136 *13234 13513 *134 13512 134 13514
131 131
Jan 140 Dee
900 Continental Insurance
25 122 Mar 31 14434 Jan 9 103
3 1114 1112 1112 115
113 118 1114 113
4
97
1512 Oct
8 1114 113
8May 17 13 Jan 5
814 Jan
8
4 1153 117 14,800 Cont'l Motors tem otfa_No par
8 4814 493
48
/ 485
1
4
4 485 4938 49
8
4913 49
25 35% Mar 30 50 Nov11
/
1
4
8
32 May 423$ Dee
8a
5014 497 5014 59,000 Corn Products Refin w I
2
8
1263 1263 12612 12612 *12512 127
12512 1254 12518 12518 1255 126
29,500 Preferred
100 12212 Jan 6 12918 Apr 28 11818 Jan 127 July
8
48 Aug 6012 Dee
573
8 5712 583
4 573 587
No par 444 Mar 29 60 4 Jan 4
57
8
8 5712 58
3
577 58
8
58
583
4 4,800 Coty, Inc
6412 Mar 845 Nov
7114 7112 7112 7112 71
71
7112 704 7012 *703 7212 1,100 Crucible Steel of America __100 64 Apr 15 8112 Jan 4
72
4
92 May 102 Dee
*997 100
8
997 997 *997 102 *100 102 *100 102
8
100 96 Mar 30 102 Aug 5
8
2
100 Preferred
*997 102
8
353 19,000 Cuba Co
4
No par 28 Oct 30 533
8June 20
4414 Dec 545 Oct
3312 34
34 12 3514 343 35
/
1
4
3412 3513 34
4
343
4 34
No pa
724 Oct 14% Feb
•53
4 9
838May 22 1112 Jan 29
914 94
/
1
9
9
9
9 3g 2,600 Cuba Cane Sugar
83
4 914 *84 9
37
/ Oct 62% Feb
1
4
100 3512June 8 495s Feb 4
4018 4018 41
41
9,000 Preferred
4138 4238 41
4114 4078 4238 41
43
10 2014 Aug 10 3038 Jan 28
20
Oct 3312 Mar
2,600 Cuban-American Sugar
2412 2412 2412 243
4 2412 243 *2312 24
4
*24
243
4 2412 247
100 9734 Jan 5 104 Feb 5
93% Nov 101 Mar
100 Preferred
*101 10312 *100 1034 *100 1034 *102 10312 *102 1031 10312 1031
1512Sept 24 2014June 7
1,500 Cuban Dom'ean Sug new No pa
1612 1712 *18
1812 18
18
*173 19
4
*173 19
4
173 173
4
"
100 76 Apr 21 11018Sept 17 ii12 Dec Yd. Oct
5,300 Cudahy Packing
104 104
102 102
102 1024 102 102
102 10312 103 104
Cushman's Sons
No pa
7712 Mar 1 10512Sept 2
62 Mar 104 Oct
96
*93
*94
99
*94
98
*93
99
*93
96
*93
96
NO pa
4218 Apr 15 51 Jan 14
44 Nov 59 May
1,600 Cuyamel Fruit
4314 443
8
4318 4314 *4312 44
44
44
4314 4314 *4313 431
•
27% Apr 49% Jan
2318 Oct 20 4634 Feb 17
• 2714 28
2818 2812 3,400 Davison Chemical t o_No pa
281
281
28
2714 2814 28
28's 28
100 1234 Mar 30 14118 Feb 1 110 Jan 159% Sept
4 1,100 Detroit Edison
8
13418 13418 1343 135
4
1343 1344 1344 1348 1347 1347 134 1343
4
31 Oct 7 10418 Feb 10
53 Oct 9014 Dee
327 3312 1,600 Devoe & Reynolds A__No pa
8
1.33 33's 3312 3353 33 33
3212 327
8 3214 33
2124 June 4824 Nov
2114May 17 4714 Jan 2
23
2318 19,000 Dodge Bros Class ANo pa
2318 2338 225 2318 223 2318 223 23
4
8
4
4
223 23
73% may 9112 Oct
8 4,000 Preferred certifs
No pa
7912May 17 90 July 20
:2
8234 8212 821
824 823
s 823 823
824
8218 823
8 82 18 821
912 93
No pa
4
2,800 Dome Mines, Ltd
8 Oct 18 20 Mar 13
12% Apr 1812 Nov
97 10
8
978 97
934 97
8
97 10
8
97 10
8
19 Mar 20 4412 Oct23
1,100 Douglas Pectin
No pa
14 Feb 2312 Aug
4314 4314 4314 4314 433 433
*4312 44
8
*4313 44
4 4378 44
500 Duquesne Light let pref_100 11112 Mar 3 11634 Aug 10 105 Jan 113 Des
/
1
4
*11512 116 *11512 116
8
8
8
8
11533 1153 1153 11558 115% 1155 1155 1155
8
8
Jan
120 120
1197 12014 120 12014 11918 1201 11914 120
11914 1197
8 3,200 Eastman Kodak Co__ _No pa 1065 Mar 30 123 Aug 23 10424 July 118
8
23 Oct 20 323 Feb 14
24
2412 1,200 Eaton Axle & Spring_No pa
1012 Feb 30% Dee
24
4
4 2412 247
2433 243 *2418 243
2414 241 *24
100 E I du Pont de Nem Co_100 1934 Mar 29 360 Oct 2 1344 Jan 27114 Nov
320 320
300 6% non-vot deb
107 107
100 1003 Apr 20 10818 Oct 7
4
10612 1661; 1067 11716;*/.06l2 167 '106'z 107 '106 107
94 Jan 10412 Nov
8 - -7
. 7
*1112 115 *1112 117 *1112 117 *1112 117 *1114 117
300 Elsenlottr & Bros
8
/
4
25 10 4 Oct 11 2012 Feb 1 3
8
8
8 111 1114
8
800 Electric Autolite
No par 613
6612 67
67
4Mar 31 82 Feb 1 _
*65
--67
65
6514 *66
6612 *66
6612 67
*93
4 97
8
93
4 93
912 912 2,300 Electric Boat
4
94
8 93
8
912 912
No par
A Mar 23 107 Sept 22
____
8
912 912
-1614 163
4 16
163
8 16
No par 1514 Oot 7 3412 Feb 10
8
17% Apr 4012 July
8 183 1914 51,400 Elec Pow & Lt etfs
165
8 1612 1918 183 193
8
.101 10312 10114 1014 *10114 10312 1024 10218 1034 10312 1034 10314
600 40% pr pd
9912 Mar 30 115 Feb 11 100 Mar 110 June
Pref full paid
.
10114 ___- *10114 ____ *10114
10212 Oct 5 11012 Feb 26 10012 Mar 11024 Juno
*10114 -- •10114 ____ •10114
943 947 *943 9512 9514 9512 *947 95
8
700 Preferred certlfs
95
95
8
95
95
8912 Mar 24 9814Sept 10
897 Aug 9424 Dee
8
4
8
4512 453
8 4612 463
4 4514 465
4814 12,300 Electric Refrigeration__No par 4314 Oct 29 7812June 23
4 4614 4633 4512 461s 46
8512 8612 85
86
837 12,100 Eleo Storage Battery_ No par 7118 Mar 3 944 Aug 19
8
8412 8512 8112 845
601 Mar 80 Des
/
1
4
8 83
8 813 823
4
118 may
*114 24 *114 212 *114 212 *114 212 .14 212 *114 212
Emerson-BrantIngham Co_100
1 May 20
5% July
4 Feb 1
•11
14
14
.11
137 14
g
14
200 Preferred
*9
100
8 May 2624 Aug
*9
14
5 May 20 2434 Jan 29
14
*9
50 6512 Mar 31 7258 Feb 8
663 6634 "6658 67
4
693
4 6,200 Endicott-Johnson Corp
3
667 667 *6614 6612 663 673
8
8
63 4 Apr 74% Sept
8
8 677
4
1173 118 *11712 11814 118 118
4
118
500 Preferred
100 114 Jan 7 120 Sept 15 111 May 118% Oct
4
1183 1183 119 119
4
*117
4
Equitable Office Bldg pfd_100 9978June 17 13214July 28
.,1812 1203 *11712 121 *11712 11814 *118 121 •118 121 *118 121
.•5514 5612 56
567
1
.
8 5614 5718 553 663
15,500 Eureka Vacuum Clean_No par 43 May 19 5718 Nov 9
4812 Nov 5713 -5e;
564 5614 57
8
4 56
.15
1512 1514 1514 *15
1512
200 Exchange Buffet Corp_No par 1434July 20 17 Apr 22
1312 July 19% Jam
16
1512 *15
*15
*15
16
424 Aug
214 Mar
4
*212 4
*2
4
*2
*212 4
Fairbanks Co
25
2 Apr 16
32 Sept 11
4
*212 4
*212 4
4
44
*43
3214 Jan 54% Oot
3
600 Fairbanks Morse
43 4 433 *43
44
*43
No par 4012 Oct 20 593 Feb 10
4
44
4314 4314 4318 4314
10814 110 *108 111 *108 111 *108 111 *108 111
300 Preferred
115 Feb 9 10612 June 11012 Nov
.,08 111
100 108 Oct
11514 116
9014 Feb 11484 July
1153 11714 115 1167 11512 1163 1153 11633 26,800 Famous Players-Lasky_No par 10318 Jun 1 12712June 11
4
8
;15 116
3
8
8
8
100 Preferred (8%)
.:20 12112 *120 12112 •121 12114 *121 12114 *121 1213 1213 1213
8
100 115 Mar 31 124 Mar 11 10378 Feb 120 July
3212 323 333
26
Oct 3714 Dee
4 32
4
74,100 Federal Light & Tree
323
-:32
4 34
4 3818 40
15 28 Mar 31 40 Nov 12
35
347 373
3
.8712 90
*8712 90
88
90
100 Preferred
8212 Sept 89 Des
88
*88
*88
90
No par 86 June 18 9112Sept 28
90
•88
90
90
1514 Mar 9512 Des
*80
500 Federal Mining & Eineelt'g_100 41 May 22 11134 Jan 5
90
90
87
92
90
*88
92
92
*88
7354 753
4912 Mar 94% Dee
4 7512 753 *74
4
105 Jan 6
7512 *7312 7514 *7312 7512 7512 7513 1,600 Preferred
100 61 Mar
100 Fldel Phen Fire Ins of N Y. 25 160 Apr 15 20014 Jan 23 14712 Jan 179 Dee
90 190 *190 193 *19013 193 *19013 193 •190 193 *19012 193
1
17
12
Jan 172 July
4
*15
4
17
1514 1514
300 Fifth Ave Bus tam etfs_No pa
*1518 163 •15
14 Oct 14 2158 Feb 9
1518 1518 15
15
First Nat'l Pie, 1st prof_ _100 96 May 18 107 Feb 13
10018 *99 10018 *99 10018 *99 10018 *99 10018 *9814 1011
2812 2812 2812 2812 *2813 29
3812 Dec "Li" Wes;
*2812 29
500 First Nat'l Stores
4
*2812 29
No pa
2812 Nov 8 49% Feb 5
*283 29
1658 167
1012 Mar 28% Oct
8 1658 163
163 17
8
13,000 Fisk Rubber
4
1414May 20 2614 Jan 13
163 17
8
4
No pa
4 167 173
4 163 17
791 *783 79
500
*7912 80
793 7958 80
8
*7938 80
hat preferred stamped___100 76% Apr 19 8414 Mar 16 4
80
79
__ *9814 102
*9814 102
1st preferred cony
100 94 June 3 107 Mar 1
*9814 102
*98 -- *9814 10111
8
4812 4918 4812 487
.9814-3214 Mar 29 5612 Feb 1
e
8 4812 483
4 4812 487s 16,900 Fleischman Co new____No pa
477 4814 427 48
90 Jan iiis; WO;
4
8114 863
No pa
763 Oct 19 179% Jan 29
4 7912 844 8314 845
8 8214 84's 36,800 Foundation Co
8314 8314 87 87
6812 Sept 85 Deo
714 72
71
7278 6814 71
5518 Mar 31 85 Jan 2
7138 72
No pa
694 7014 6918 70's 19,300 Fox Film Class A
8 Mar 24% Oat
8
No pa
19% Jan 13 3412June 3
4
8
2
8 3012 3114 25,800 Freeport Texas Co_
307 3218 3012 3112 303 3118 293 3012 303 315
287 Aug 39% Nov
8
277
8 2714 2778 263 2712 253 287
No pa
25% Nov 11 42 Feb 11
8
4
8 26
4
8
2712 287
8 287 293 25,100 Gabriel Snubber A
*512 6
83 Nov 5
8
418 Jan 1614 Mar
93 Jan 4
4
*514 614 *512 6
*512 6
Gardner Motor
*512 6
No pa
*512 6
3
4412 Aug 60
443
4 447 457
8
8 45
45
45
4,000 Gen Amer Tank Car
Oet
43 4 44
3
44
45
100 39 Mar 29 55 8 Jan 2
4553
4
433
93 4 Feb 104 Nov
3
Preferred
100 9912June 24 10512July 27
*103 104 *103 104 *103 104 *103 104 *193 104 *103 104
424 Mar
783
4 783 803
8
8 2712 79
773 7953 42,300 General Asphalt
8
100 50 Mar 3 9414 Aug 28
7714 791
763
8 76
75
86/2 Mar
8
200 Preferred
100 947 Mar 3 1404 Aug 28
1197 1203 *115 1217g •115 122 *118 123
8
4
8
*11514 1197 *114 120
46 Mar 29 5912 Feb 11
4
53
53
1,000 General Cigar, Inc new_No pa
4
4
537 534 5334 533 533 633 63 53 *5212 53
8
*115 ____ *115 ---- *115
____
Preferred (7)
100 109 Jan 11 1154 Feb 18 105 Jan 11153 M
1161 *114 _-__ *114
*114
Debenture preferred (7)_100 10914 Apr 12 11812 Feb 10 104 July 116 Dee
*110 11612 *110 117 *110 117 *110 117 *110 117 *110 117
51 Mar 30 563s Aug 4
4518 Aug 54% Sept
54
4
5418 547
8 5418 547
8 543 54% 543 55
2.700 Gen Outdoor Adv A__ No pa
*53
4
54
54
265 Mar 30 3512 Aug 3
8
4 4,800 Trust certlficates____No pa
264 Aug 34% Dee
8 3414 3414 3458 3414 3412 3412 3412 3412 343
3412 337
534
100 285 Apr 15 38612 Feb 19 22714 Feb 337% Aug
General Electric
8284 837 -8322 14
No pa
79 June 9 9512 AIM 14
4
8
712 -85is 843 37.100 New
823 844 83'4 85
8
8233 83's
•Bid and asked prices; no sales on this day. a Ex-dividend. a Ex-rights.
19
1
°
2498
New York Stock Record-Continued-Page 4
Foe sales during the week of stocks usually inactive, see fourth page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Nov. 8.
Monday,
Nov. 8.
Tuesday,
Nov. 9.
Wednesday. Thursday,
,
Nov. 10.
Nov. 11.
Friday.
Nov. 12.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 11926
On basis of 100
-share lots
PER SHARE
Range for Previous
Year 1925
Lowest
Highest
Lowest
Highest
$ Per share $ per share $ per share $ per share $ Per share $ per share Shares. Indus. & &meet'. (Con.)
Par $ per share $ per share $ Per Share $ per share
1114 1133 1114 1133 1114 113
8 1114 1114
1114 1114 1118 1114 6,000 General Electric special____ 10 11 Jan 5 1158 Mar 22
107 Oct 117 July
g
8
*39
40
*39
40
39
3912 40
40% 4012 4112 .4112 413
4 1,400 General Gas dr Elec A_ _No par 34 Mar 30 59 Jan 2
587 Dec 6138 Deo
8
*98
99
*98
99
*9712 99
*9818 99
*9814 99
.9814 99
Preferred A (7)
No par 95 Stay 11 993
45ept 10
99 Dec 100 Dee
*111 113 *111 113 *111 113 *111 113 *111 113 *111 113
Preferred A (8)
No par 10513 Apr 8 113 Sept 9 110 Dec 110 Del
*9412 98
93
93
93
93
*93
943 *93
4
943 *9314 943
4
400 Preferred B (7)
4
No par
1493 153
4
1465 14912 1485 1513 1473 151 18 148 14933 1477 1517 713,200 General Motors Corp No par 9214 Apr 27 96 Jan 4
8
8
4
4
8
11314 Mar 29 2253 Aug 9 -6458 4
.1in 14934 Nov
•117 1175 11912 11913 11912 11958 1193 1193 11912 11912 1193 1193
8
4
4
1,600 7% preferred
4
4
100 11312 Jan 29 1203
4se56 1 102
Jan 115 Deo
*1033 ____ *10312
4
*10312 ____ *10312 ____ •10312 _--_ *10312 ---- ------ 6% preferred
100 9814 Apr 13 105 June 29
8812 Apr 9913 Nov
General Petroleum
25 4912Mar 2 7018J0ne 23
42 Jan
5918 Dec
82 82
80 4 8314 8212 - - -14 925 - 3
83
8 8414 8212 84
89 157- 15,800 Gen Sty Sigmal new____ o ar 6012 Mar 31 937 Aug 18
8
68 Nov 80 4 Oct
3
*104 106 *104 106 *104 106 *104 105 *104 105 *104 105
Preferred
100 103 Apr 14 104 Jan 4
9012 July 10533 Nov
*423 4614 .42
8
4512 *423 45
8
*4238 46
.423g 46
*45
General Refractories_No par 36 May 27 49 Jan 4
4614
42
Oct 5811 Jan
4612 47
463 47
4
45
4712 43
45
44, 447
4
8 437 4414 8,300 Gimbel Bros
8
No par 43 Nov 10 78% Jan 19
47 Mar 83 Deo
102 102 *10113 10258 *101 102
100 10113 100 10012 *10014 100%
1,700 Preferred
100 100 Nov 10 11138 Jan 7 1024 Mar 11412 Nov
19
19
19
19
19
19
19
1914
19
8
19
3,150 Glidden Co
185 19
No par 153
8June 3 2534 Jan 4
1213 Mar
2612 Dee
4612 4612 463 47
4
4714 473
4 4612 47
453 46
4
493 464 1,200 Gold Dust Corp v t o No par 4112 Mar 31 567 Feb 3
4
8
37 Mar
51
Oct
4918 4918 493 4912 49% 50
4912 51
4933 51
497 5014 9,000 Goodrich Co (B F)__No par 45 Oct20 704 Feb 9
363 Jan
4
743 Nov
4
.9612 9712 97
97
97
97
96
9612 *941 953
700 Preferred
953
4
4 953
4
100 95 June 25 100 Feb 16
92
Jan 102 Nov
102 102
1013 1013 *10014 10112 99 10158 *10014 101
4
4
10012 10118 1.900 Goodyear T & Rub pf v t 0_100 9812Mar 30 1097 Aug 1
8618 Jan 11458 Oct
*1063 10712 *1063 107 *1067 107
4
4
8
1068 1067 1067 107
8
107 107
400 Prior preferred
8
100 1053 Jan 22 109 Sept 14 103
8
Apr 109 Dee
6314 634 62
62
6214 63
6112 6414 6412 667g 6612 6712 9,600 Gotham Silk Hosiery_Ne par 3314 Mar 30 6713 Nov 12
39 Dec 42 Deo
6112 6218 6012 62
61
617
8 61
63 4 6414 664 66
3
663 12,300 New
4
No par 4712July 12 6634Nov 11
*11013 114
1105 1105 111 111 *11114 11314 1133 11514 *11514 118
8
8
1,000 Preferred
4
100 98 Apr 6 125 Aug 17
9913 Dec 10212 Dec
•10
11
10
1033
912 91, .10
11
10
10
*97 10
600 Gould Coupler A
8
No par
8 Oct 30 2113 Jan 23
187 Dec 23 Sept
31 12 3158 3112 323
8 3212 3514 34
348 3414 348 3412 347k 49,600 Granby Cons M Sin & Pr 100 1618 Star 31 3514 Nov 9
13 Mar
21% Dec
100 100
100 10033 10014 10012 10012 10012 101 101
100 102'3 2,500 Great Western Sugar tam ctf25 89 Apr 14 10614 Feb 2
91
Jan 11318 June
*115 116
11612 11612 *115 120 *115 120 *115 120 *115 120
100 Preferred
100 10812Mar 30 11814J0ly 22 107
Apr 11513 Dee
218 23,
8 23
2534 26
2734 2712 3034 2834 29% 2614 268 32,500 Greene Cananea Copper. .100
93 Apr 3 307 Nov 10
4
1134 Mar
1914 Jan
*63
4 714 •64 718 *63
73
4
4 714 *63
4 714
400 Guantanamo Sugar__ _Ne par
714 714
*714
518 Jan 5 107 Feb 1
37 Sept
2
612 Jan
.5712 58
5612 577
8 57% 5812 55
4,200 Gulf States Steel
557
5612 55
8 5612 58
100 513 Oct 25 9338 Jan 4
8
6718 Mar 95 4 Nov
3
*55 5512 *5312 59% 54
57
*53
90
*55
75
*55
200 Hanna 1st prat class A
65
100 45 June 18 59 Nov I
4212 July 89 Feb
.26
2614 2614 2614 .26
8
2612 265 265
2612 26
8 26% 27's
900 Hartman Corp class A No par 26 Oct20 2918 Nov 12
*2413 247
8 248 25
25
2514 *253 27
4
*253 27
4
28
25
600'Hayes Wheel
No par 24 Sept 24 46 Jan 14
-3
0 Mar 1912 Nov
81
8112 8178 83
83
86
83
8414 84
84
*8312 84
1,600 Helme (G W)
25 68 Mar 29 86 Nov 9
66 May 773 Jan
4
*24
27
25
25 .24
25
*2418 26
*25
26
25
200 Hoe(R) & Co tern ctfs_No par 1712May 27 3512 Aug 11
25
27 Dec 4878 Jan
*61
6112 61
61
.61
6112 *61
6112
6112 *61
6112 *61
100 Homestake Mining
100 4712 Jan 4 63 Oct 9
43
Jan
50
Jan
*4214 43
4212 42% 427 43
43
43
*4314 4312 4312 431
900 Househ Prod.Inc.tem ctiNopar 40 Mar 3 4834 Jan 8
3413 Jan 474 Nov
*54
5512 5412 5412 548 547
551
.5458 55
55
900 Houston Oil of Tex tern ctfs100 5014 Mar 31 71 Jan 5
53
55
59 Apr 85
Jan
413 413
s
8 41
4112 413 417
4
8 4014 4112 4014 41% 414 4214 9,300 Howe Sound
No par 27 Jan 8 95 Sept 15
1613 June 3118 Nov
424 4314 4214 4312 425 44,
8
4 42% 44
427 433
8
4 4358 44% 37,900 Hudson Motor Car_ _No par 403 Oct29 12314 Jan 4
4
333 Jan 1391z Nov
4
20
2014 198 2018 20
203
8 2018 2012 2018 2014 2014 203
8 9,700 Hupp Motor Car Corp____10 17 Mar 2 283 Jan 4
8
1414 Mar 31 Nov
2714 273
28
4 27
27
273 28
273
4
4 274 283
4 2814 29
18.900 Independent Oil & Gas_No par 195 Mar 30 34 Jan 2
8
1312 Jan 4154 June
17
1714 *1612 17
*1612 17
1612 1612 16
1618 *1613 17
600 Indian Motocycle
No par
15 Oct 29 244 Feb 4
13 Mar 24 Aug
818
8
818
.8
8
83
8
4
812 81
8
8
8
1,800 Indian Refining
10
73 Oct20 133 Feb 13
4
4
512 Jan
1414 Dee
*8
814
8
4 8
814 *73
*712 73
4
73
4 73
*3
9
1,000 Certificates
10
712 Oct20 1213 Feb 13
6 Sept 125 Dee
8
*95 10018 *96 10018 .96 10018 *96 10018 955 9758 *96 107
8
100 Preferred
100 90 May 14 104 Jan 7
77 Mar 110 Dee
96
963 .95
.93
951 *94% 96
96
94
94
*94
96
600 Ingersoll Rand new__ _No par 8014 Mar 31 104 Jan 5
77 Nov 10712 Dec
*3914 41
*4012 411 *40
403 41
4112 *4012 4112 41
4
41
500 Inland Steel
No par 3412May II 4313 Jan 7
383 May 60 Feb
4
•____ 1103 •____ 1103 *103 109 *103 109 *103 109 *103 109
4
4
Preferred
100 10834 Mar 18 115 Feb 9 10412 Apr 112 Sept
2738 27
26
25 4 26
3
2738 2634 285
8 28
284 273 28
16,700 Inspiration Cons Copper_ _20 203 Mar 30 285 Nov 10
4
4
8
2214 Apr 325 Jan
4
•15
1512 1434 15
151 .15
1434 1518 1514 1514
1,700 Intercont'l Rubber___No par 1312May 10 214 Feb 11
15
15
•10
105 •10
8
8
97 1012 1018 1018 10 4 12
8
103
3
1112 117
8 2,500 Internet Agricul
No par
94 Oct 30 264 Jan 22
718 Jan 2418 Nov
.62
66
60
62
57
60
58
58
62
64
85
1,800 Prior preferred
66
100 57 Nov 9 95 Jan 27
40
Apr 85 Nov
5214 5233 5212 54
533 543
5412 54
4
4 54
5412 5312 5412 16,200 Int Business Machines.No par d3818 Mar 30 543 Nov 9 110 Mar 17614 Nov
4
8 5112 5234 5212 5318 5113 5214 5218 52% 5214 5312 5,200 International Cement__No par 443 Oct20
51
517
3
*
717 Jan 21
52
Jan 8112 Sept
.10212 104
1037 104 .103 1033 103 103 *103 1033 103% 10312
4
4
500 Preferred
100 1017 Oct 26 106 Jan 26 10212 Nov 107 Aug
g 411e 4212 423 443
41
417
8
3 43
44
4358 44
4318 44
44,700 Inter Comb Eng Corp_No par 3312Mar 30 6412 Jan 5
313 Jan 6912 Dee
4
12812 129
12878 129
o
129 1317 129 13012 13014 13112 132 135
20,900 International Harvester_100 11214 Mar 29 13812 Oct 4
9618 Mar 1384 Saint
12512 126 .126 12712 *126 12712 312512 12512 *12412 12518 *12214 12518
600 Preferred
100 118 Jan 5 1263 Aug 7 114 Mar 121 Nov
4
8
8
8
8
712 712
718 718
500 Int Mercantile Marine
712 7% *714
712
100
6 Sept 21
1233 Feb 17
718 June 147 Feb
357 3612 3834 37
8
36
3718 351 355
8 35
36
3512 36
10,400 Preferred
100 27 Mar 30 463 Feb 16
8
27 Aug 523 Feb
4
*583 5914 588 58% 5814 593
4
585 58% 583* 585
8
4,100 International Match pref__35 5313 Mar 3 663 Feb 23
8 5834 587
5634 Dec 60% Dec
3514 357
353 352
3
4 35% 35 8 3512 3534 353* 3714 37
3812 45,400 International Nickel (The)_25 323 Mar 30 4614 Jan 5
8
2414 Mar 4812 Nov
•102_ *102 10312 .102
___ *102
_ *1013 103 *102
4
Preferred
100 10118 Jan 29 10414 Apr 21
94
Jan 102 Nov
5812 - -7
58 8 5712 5914 577 57
8 59
_-- 4 5712 574 5712 577
573
2,900 nternational Paper
100 4418 Apr 15 634 Aug 28
4814 Mar 76
Oct
9612 9612 9612 9612 9612 9634 9612 9613 9612 9613 *9652 9634
800 Preferred (7)
100 89 May 7 9812 Jan 2
86 July 993 Oct
*154 156
154 154 *154 165 *153 161
154 154 .157 161
300 International Shoe__ _No par 135 May 6 175 Jan 11 108 Feb 19934 July
118 118
118%1193 11958 12014 11712 11913 118 11912 11814 1193 26,600 Internet Telop & Teleg_100 111 Mar 3 133 Jan 25
4
4
8712 Apr 144 Aug
•19
1914 20
1958 *1918 1912 1918 1918
No par 1812July 24 29 Jan 7
*20
18 July 293 Oct
20% 2014 204 1,400 Intertype Corp
8
*4012 41
.4018 4014 403 42
100 25 Jan 4 46 Nov 11
8,500 Jewel Tee, Inc
4214 4313 435* 46
45
46
1612 July 2634 Dec
•12312 12612 *12312 12812 *12313 126 *12312 12612 *12312 126
100 11512 Jan 29 125 Feb 9 10211 Jan 11512 Dec
12714 12712
200 Preferred
*1018 11
11
11
11
11
1014 1114 11
11
800 Jones Bros Tea, Inc,stpd_100 10 Oct20 1912 Feb 5
1114
11
114 Dec 2172 Feb
143 15
8
133 1412 •1418 15
4
No par 12 Nov 12 66 Feb 19
13,000 Jordan Motor Car
353 Aug
8
14
14
1412 1312 1418
65 Nov
12
10
*14
14 Mar 4
3
8
*14
3
3 Jan 8
8
4
14 May
200 Kansas Gulf
814
3
2
14
14
III June
3
3
*14
814
3
8
*112 114 *112 114 .112 114
112 11258 *112 113 *112 114
300 Kan City P&L 1st pf A_No par 10714 Mar 29 11314 Nov 4
99
Jan 1095 Sept
8
4114 4114 *4114 423
8 4213 43
183 Mar 4218 Dee
8
4
*4112 42% 4212 42 2 4212 425* 2,700 Kayser (J) Co v t e____No par 3314May 20 475 Jan 14
,
•10
1014
10
1038
9 Oct 9 2113 Feb 8
25
93
4 93
9
53 93 *10
1014 2,200 Kelly-Springfield Tire
4
1214 Mar
4
934 97
215 July
8
.44
50
•44
50
*44
50
*44
100 4313 Oct20 743 Feb 5
50
41 Mar
4
*44
50
8% preferred
*44
50
74 Jury
*50
53
*50
53
*50
53
*50
100 50 Oct20 7314 Feb 5
53
•50
6% preferred
53
43 Mar
*50
53
72 July
.74
80
7814 7912 80
80
*8014 84
100 78 Nov 3 126 Feb 4
900 Kelsey Wheel, Inc
x7
*803 84
.80
4
84
Aug 124 Dec
623 623
8
4 6234 6312 63
No par 493 Mar 30 6332 Nov 9
635
8 62% 63% 624 63
4
4612 Mar
63
6334 79,300 Kennecott Copper
5914 Nov
*3
4
12May 11
7
8
3
4
34
3
4
218 Jan 2
3
4
14 Sept
3
4
5
8 1,200 Keystone Tire & Rubb_No par
3
4
3
8
5
8
3
4
313 July
.39
42
3914 3914 39% 3918 39
39
No par 39 Nov 5 8218 Jan 7
.39
500 Kinney Co
3918 391s 3918
75 Mar 100
Oct
5114 52
517 527
52
53
5114 52
10 423
4Mar 30 82 Jan 29
514 5212 52
53
21,000 Kresge (S S) Co new
•110 11212 *11012 11234 *111 11212 *110 11212 *110 113 *110 1134
100 113 Feb 18 1143 Feb 28 1101- Mar 118
Preferred
4
4
Oct
•19
2012 *1912 2012 2014 2012 *19
200 Kresge Dept Stores__ __No par 15% Mar 25 3334 Jan 14
205*
2013 '19
28% Dec 45 4 Jan
2012 *13
3
*73
75
*73
75 .73
75
*73
100 7014 Mar 26 9314 Feb 1
Preferred
75
*73
75
*73
75
88
Jan
973 June
4
160 160 *160 162 *156 162 *156 162 *157 162
100ILaclede Gas L (St Louls)_100 146 Mar 29 17512July 10 11014 Jan 178 Mar
159 162
2118 213
2138 213 215
8 21
8
8 21
2112 2114 2112 18,500 Lago 011 & Transport_No par 1918May 14 2412June 14
2114 21
7012 708 705 7158 8913 7034 6918 71
8
No par 3912May 7 72 Nov 5
7114 713* 703 713
8 6,400 Lambert Co
8
*812 8
*712 8
75
8 734
No par
718 714
7
63 Aug 18 14 Jan 4
4
72
,
714
73
8 2,000 Lee Rubber dr Tire_
1158 011
Feb 19
35
*3412 35
35
*34
35
*34
No par 3034 Mar 30 4110 Jan 2
348 3434 3434 3414 3412 1,300 Lehn & Fink
374 Dec 44% Oet
207 207
•193 21
8
4
8 203 2034 207 2078 2078 207
4
8
No par 1714May 4 22 June 25
8 207 207
500 Life Savers
8
*9412 95
.9512 96
95
95
95 12 9513 96
96
Liggett & Myers Tob new25 7218 Mar 31 963* Nov12
965 965
8
800
67 Mar 92 Dec
124 12712 *124 128 *124 128 .124 128 *124 128 *124 128
100 11934 Jan 18 1293
200 Preferred
4May 5
1612 Jan 124 Dee
94
9418 9518 9712 95
95
9$
25 71 Mar 24 9712 Nov 11
957
8 95
963
8 9518 965 13,200 "B" new
8
5513 Mar 89% Dec
60 60
60
60
*57
604 6012 61
par 5312Mar 31 693 Jan 4
No
6112 6112 613 62
1,000 Lima Lot Wks
8
4
60 Juno 743 Jan
s
7
1
4434 44
4412 44
443 4558 445 45
4
447 45
8
44 8 45
21,200 Loew's Incorporated-No par 3414 Slur 2 48'4 Sept 28
22 Feb 443 Nov
4
*64 65*
64 6%
618 0311
6 Oct 8 1114 Feb 10
1,500 Loft Incorporated_
,A(2_Egr
6% 638
614 614
6 4 638
'
918 Apr
6
Jan
*4412 447 *4412 4472 4412 4412 4414 4412 44
44
No par 4212July 23 5012 Feb 3
437 437
8
800 Long Bell Lumber A
14 Mar 43 Sent
142 14412 144 144 *140 147 *141 146
142 142
100 88 Mar 30 16914 Oct 1
145 145
800 Loose-Wiles Biscuit
4
77 Feb 1433 Dee
*136 150 *136 150 *136 160 .136 160 *136 160 *136 160
100 12014 Mar 30 167 Sept 8 104
2d preferred
Feb 148 Dee
295 30
297 30
8
g
293 2912 293 297
8
2912 30
8
8 293 293
8
25 273 Oct 25 424 Feb 3
4
4 9,800 Lorillard
4
304 Jan 393 Sept
4
11312 11312 *1133 118 .114 120 *114 119 .11414 120 *11412 120
100 11118 Apr 5 120 Aug 31 10818 Feb 116 Ault
300 Preferred
1412 1458 143* 147
8
145 1434
8 1413 143
8
•145 147
4 1412 143
4 5,000 Louisiana 011 temp °Us_ No par 12 Mar 3 197
2June 21
4
1358 Aug 233 Feb
243 2418 2412 2418 2414 24
2418 24
24
24
24
24
2,000 Louisville 0& El A ____No par 2234 Mar 31 2818 Feb 10
23 nor 2638 July
4
2714 2712 *26
284 273 28
263
4 2514 2514 25 4 2512
*27
No par 22% Oct 25 5814 Feb 4
,
800 Ludlum Steel
313 Feb 60 Doe
4
*12512 130 *12512 130 *12512 130 *12512 12712 *12512 1263
*12512 130
100 122 Oct 26 138 Feb 9 114 Mar 141 Sept
Mackay Companies
46912 7112 *69 4 7112 .693 7112 7014 7014 7014 7014 .7018 71 4
,
4
3
100 88 Mar 19 7312 Feb 9
200 Preferred
4
66 Mar 783 Feb
9314 95
9078 913
9314 9414 927 947 108,600 Mack Trucks, Inc
4 9012 925
9112 963
8
8
8
No par 895 Nov 4 159 Jan 4 117
Jan 242 Nov
111 111 *109 112
*111 112 .111 112 *111 112
100 109 Nov 12 113 June 10 104
109 109
200 1st preferred
Jan 113 Aug
103 103 *103 106 *103 105 *103 105
*101 103 *101 103
100 102 Oct 5 1083
200 213 preferred
48ept 3 99 Jan 108fis Ana
4118 120
120 1213 122 123
4
12212 12212 *12014 122
122 122
1,400 Macy (It H)& Co, Inc-No par 8618Mar 29 126345ept 7
6913 Jan 112
Oct
4
4
4
4
4
4
4
*1143 1164 *1143 1163 *1143 1163 .1143 1163 .1143 1163 .1143 1163
4
4
100 1143 Oct 20 1184 Jan 14 1143 Jan 118 Aug
4
Preferred
4
4
4
373k 384 3718 375
1 3612 3612 3618 38
8 3718 3712 3714 37% 6,300 Maspoa Copper
_No par 34 Apr 19 4478 Feb 11
34 Mar 46 Nov
1312 1312 *1312 1414
1312 1312 *1212 13%
14
*13
•13
15
300 Mallinson (II It) & Co_No par 1238 Nov 1
2818 Jan 5
2114 Dec 37% Jan
4.5814 59
60
*5812 59
593 593 .5814 60
.58
4
4
100 55 Juno 4 82 Feb 1
1,100 Menet, Sugar prof
58
61
79 July 8214 JUDO
*5414 65
55
55
57
*5414 55
4
56
563 *56
63
53
900 Marsh Eleo Supply __No par 44 Oct 16 873
4July 19
32 Mar 59 Mar
2318 2318 2318 *23
, 23
233
•23
2313 2358 2312
2318 .23
700 Manhattan Shirt
25 217 Oct20 327 Jan 4
8
2014 Mar 3472 Nov
*40
44
44
44
*40
*40
4012 4012 *40
44
*40
44
100 Manila, Electric CorpNo par 2712 Mar 20 453 Sept 14
8
2812 Mar 4913 Apr
.17
8 19
8 183 187
173
4 1812 187
4 1712 1712 173 183
4
4
1934 2,900 Maracaibo Oil Expl____No par 1612 Oct 6 28 Feb 2
8
203 Sept 3513 Jan
533 543
5314 54
533 54
4
5312 54
5312 54
4
4 54
543 34,000 Marland 011
4
No par 4914 Mar 30 63 8June 17
1
325 Mar 6012 Dee
8
2718 2734 2814 2818 285
28
283
8 28
8 28
28 14 2812 2,200 Marlin-Rockwell
27
8
No par 2412 Oct 21
33 Mar 11
1033 Mar 327 Oct
2012 2012 2014 2014 *2014 2012 *2014 2012 *204 2012 2012 2012
500 Martin-Parry CorpNo par 17 May 20 23 June 25
19 Dee 374 Jan
8612 8618 8714 3,400 Mathieson Alkali Wkstem ctf50 6212May 12 10818 Jan 2
8614 8614 863 863 *8514 86
85,
4 85
4
85
4
Jan 10714 Dee
51
13814 139
8
139 140
139 139523 13818 13912 13812 1417 140 14114 10,500 May Department Stores-50 1067
oMaY 17 1411 1 Oct 26 101 Mar 13912 Deo
-_ *125
*125_ •125
__ *125
100 12273 Feb 2 125 June 11 11612 Mar 124 Juno
Preferred
_ .125 . _ _ *125
23
2
2258 227
22% -2
8 2,300 Maytag Co
3
No par 19 Star 3 2412Sept 8
23 - 14 .23 - 2
i
2
314 23 - - 14 23
21
217 Nov 283 Oct
2
4
75
*7318 80
200 McCrory Stores Class B No par 72 Mar 30 121 Jan 11
*7312 7412 75
75
80
*74
•743 80
4
75
79 Mar 1393 Oct
4
300 McIntyre Porcupine Mines_ _5 2214 Oct 14 30 Feb 15
4
Jan 2234 Oct
2412 3.233 2414 233 233
4
*233 24
*233 24
4
4
24
*24
24
16
Nov
4
233 233 *234 24
4
24
300 Metro-Goldwyn Pictures 91_27 2214 Jan 8 2414 Feb 9
24
233 234 24
*233 24
4
4
18
2_2
' ittl
' J
8'
2 812
83
4 83
4
83
4 834
875 9
jan
3,000 Mexican Seaboard 011 No par
9
*9
9
93
2
6 Feb 25 133
9 Dee 2412 .
4July 23
M1/1M1 Copper
17
.
167 17
.'
8 163 16% 17
1**
4
16% 1634 1634 164 163 167
4
5 11 Mar 3 17% Oct 1
8 May 2 1•4 No,
in 'so!.ri
n1. znl. gt. In
3014 303 3111 11.900 Mid-Continent PetroNo par 271,Ju1y 22 37 inn 2
201, 30
4
gm. Rn
254 Aug 38
• AM and asked prices: no sales on this day z Ex-dividend. a Es-rights.
*2333
1
2499
New York Stock Record-Continued-Page 5
For sales during the week of stocks usually inactive, see fifth page preceding
1,14S 0.17 41116
-PER SHARE, NOT PER CENT.
HIGH- AND LOW SALE PRICES
Saturday,
Nov.6.
Monday,
Nov. 8.
Tuesday,
Nov. 9.
Wednesday, Thursday,
Nov. 11.
Nov. 10.
Friday,
Nov. 12.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
r mon •arzra.swat
Range Sines Jan. 1 1928.
-share tots
On bark of 100
Range for Previous
Year 1925.
Lowest
Highest
Lowest
Highs's!
Indus.& Misceit.(Con.) Par $ per share $ per share $ per share $ per chard
$ per share $ per share $ per share $ per share $ per share S per share Week.
834 Apr 9414 Oct
100 90 Mar 30 10112 Nov 9
800 Mid-Cant Petrol prof
4
10014 10014 10014 10012 1003 10112 101 101 *101 102 *10138 102
314 June
118 Apr
212 Jan 8
23
7 Oct 25
118 4,300 Middle States 011 Corp____10
1
1
1
112
14
14
1
14
1
118 Feb
113 Feb
118 118
118 Jan 8
12 Oct 8
10
Certificates
700
4
4
*3
8
7
4
*3
8
7
4
*3
4
*3
8
7
8
7
96 Jan 147 Aug
8
5
14
pref___100 107 Mar 30 1331/ Feb 23
600 Midland Steel Prod
1084 109 *107 115
-1 17
8
11014 11014 *110 1117 *110 1 - - 8 10912 110
4
1
/
200 Miller Rubber ctfs____No par 30 May 17 44 Feb 25 - _ _- -- -1:i Aug
8
8
8 337 337
337
*33
34
3434 34
*33
35
*33
35
9
*33
Apr 9
84 8
100 693 Mar 28 8612 Nov 11
4
813 844 842 8612 8414 8538 19,300 Montana Power
4
803 82
8
4 807 81
14
4
41 Mar 84 Nov
803 803
6638 6734 25,800 Montg Ward & Co III corp-10 58 May 19 82 Jan 2
8812 87
4 6618 67
673
678 6612 6714 67
66
4
223 Mar 42 Deo
8
1218 Oct 15 373 Feb 10
No par
7,500 Moon Motors
8 1212 13
124 125
4
4 1312 1313 123 1314
133
124 1312 13
94 Jan
6 May
74 Feb 8
5 Nov 6
Coalltion_No par
518 9,500 Mother Lode
5
54
5
5
5
54
5
5 13
5
5123
5
1958 Dec 2014 Dee
8
No par 137 Oct 6 2312June 3
1,200 Motion Picture
15
8 1412 144 14
8 1412 147
1418 141s 1413 147
15
15
40 Nov 447 Oct
3
No par 33 4May 19 5338 Feb 10
2,500 Motor Meter A
35
35
35
35
34
3
3
35 4 35 4 3412 3514 3518 354 34
18 Apr 35 Jana
par 2018Sept 21 334 Feb 15
No
2118 1,100 Motor Wheel
214 2114 21
21
2118 21
5
*21 4 2114 *20 4 2114 21
13 Aug 2112 Feb
14
Mullins Body Corp___ _No par 10 Oct 23 1934 Feb 1
8
8
8
107 *1014 107 *1014 107 *1014 104
*1014 108 *1014 107 *10
3018 Apr 39 Dee
3
No par 34 4 Apr 6 . 3834July 6
400 Munsingwear Co
3714
3714 *3612 3714 *37
3618 35% 368 364 37
036 A 37
514 Dec 424 Mar
1578 Feb 20
3 May 8
No par
200 Murray Body
*814 84 *814 9
8
814 *812 9
9
*8
9
*8
Oct
No par 52 Mar 24 66 Feb 23 19313 Jan 488
8
553 16,600 Nash Motors Co
8
8 543 554 55
4 544 .555
553
5514 5514 5412 554 55
8
414 Mar 125 Dee
8
7 Nov 10 127 Jan 9
.100
stamped..
600 National Acme
7
7
7
7
7
7
712
712 *74 712 *7
*7
65 Apr 79 Dee
25 74 Jan 8 9812June 25
10,400 National Biscuit
94
8
4 927 9312 93
933
93
9212 9314 924 93
93
93
100 126 Jan 27 13112 Apr 28 12313 Mar 12812May
300 Preferred
4
1284 1283 *12814 129 *12812 129
4
*128 1293 128 12812 *12812 130
Register A w I No par 3713 Oct 26 54 Jan 5
3812 3914 3914 3912 3918 3912 394 3912 394 3912 3914 3912 3,600 Nat Cash Cloak & Sult
8
Dec 147 Oct
4913 100 18 Nov 3 57 Jan 2
1878 3,000 National
8
8 1818 184 1818 1814 18
8 187 187
8
185 185
19
19
8734 Dec 104 Jan
100 83 Nov 5 9212 Jan 8
Preferred
900
8
•584 6114 *593 6014
62
*60
*6212 65
63
63
64
*60
42 Jan 8178 Nov
8
ctreNo par 587 Nov 11 80 Jan 2
8
8 673 8814 9,600 Nat Dairy Prod tern
6812 673 687
6834 67
4
4
673 6814 874 69 • 68
3813 Jan 45 May
8
900 Nat Department Stores No par 24 Oct 25 423 Jan 7
4
263
27
4
263 *26
27
27
*26
4
263 *28
*264 2612 27
98 Apr 102 Jan
100 893 Oct 15 97 Jan 19
4
1st preferred
400
9012 9012 *9018 9012 9012 9012
8
8
907 907 *9012 91
*9012 91
8
295 Dec 4318 Oct
1212May 18 34 Jan 4
__No par
4 2012 2114 2114 2134 2012 2158 2012 2114 2014 2014 1,500 Nat Distill Prod etre_ __No par 3712 Aug 2 734 Jan 4
203
020
Oct
524 Jan 81
800 Preferred temp ctf
45
45
47
*45
45
48
45
45
4
423 43
43
*40
25 Apr 4138 Dec
100 2118Ju17 14 404 Jan 2
Roam & Stamping
27
27
500 Nat
27
27
28
274 *27
29
27
*26
*2712 29
75 June 89 4 Jan
3
4
100 76 July 13 893 Jan 4
Preferred
85
*80
85
85
*80
85 .80
*81
85
85 "82
*82
4
100 138 Apr 15 1743 Jan 5 13812 Apr 17434 Nov
700 National Lead
152 153
8
1517 152 *152 15313 *152 15312 152 152
*150 153
100 116 Jan 16 120 May 20 11412 Sept119 Sept
200 Preferred
4
*118 1163 *116 1163 *116 1163 11614 11614 11684 11614 *11614 11612
4
163 Mar 2 3838 Jan 21
4
1914 1958 1938 20
204 203 2112 2118 2158 30,900 National Pr ds Lt ctfs__No par
194
1938 1912
Jan
5428 Dec 71
50 5512 Jan 4 8012 Nov 12
8
7712 7812 7814 7913 795 8012 14,800 National Supply
7612 7684 7658 781
77
77
No par 11612Nov 4 238 Jan 4 201 Dec250 Dec
400 National Tea Co
126 130 *128 130 *119 128 *121 128
123 123
*119 125
8
4
113 Apr 163 Jan
184 Nov 6
5 1138June 1
4
153 16
32,600 Nevada Consol Copper
18
1884
1614 15 4 1614 153 164 154
4
3
16
16
3112 Oct5612 Jan
No par 3813 Jan 2 4812Sept 7
4 2,800 N Y Air Brake
42 423
4 405 42
413
8
40h 4114 4112 4112 4112 4214 41
314 Mar 8112 Dee
4
3312 8,000 N Y Canners temp ctfif_No par 30 Oct 20 843 Jan 29
334 32
8 33
8 3418 3518 334 347
8
327 345
*3212 33
No par 82 Oct 19 85 Apr 29
Preferred
300
821 *8112 841 *8112 841 *8112 8412
82
83
85't 83
82
0
Nov
18
32 Oct 2 454 Feb 5 - - 'Mar 1514 100
New York Dock
35
*33
35
*33
*33
*33
35
35
35
*33
38
*33
5238 Jan 78 DSO
100 69 May 13 74 Feb 5
7114
Preferred
7114 *70
7114 •70
07014 711 •70
71
711 •70
*70
8
275 Oct 29 Jan
8Mar 31 284 Oct 7
Power pf new_25 275
100 Niagara Falls
*2814 2812 2812 281 *2814 281 *2814 281 *2814 281 *2814 2812
Oct
414 Jan 75
10 42 Mar 30 67 Jan 14
4914 493
4918 50
4 494 5014 494 504 30.200 North American Co
8
487 491
491
49
4858 Jan 504 Sept
50 49 Jan 2 5214 Aug 31
Preferred
700
*504 51
*5012 51
52
8
507 51
*51
4 5013 503
503
*50
9413 Dec 984 Dec
8Sept 18
200 No Amer Edison prof_ _NO par 9118 Mar 31 987
9612
8 964 961 *96
961 *96
9684 96
263
*96
896
98
124 Sept 184 Attg
418 Oct 20 154 Jan 14
412 412 2,000 Norwalk Tire & Rubber___ _10
*412 5
434 47
8 47
47
438 41
412 412
Jan 184 Nov
8
7
200 Nunnally Co (The)____No par 1338 Mar 1 1712 Jan 19
*1514 17
*15
17
*15
4
163
163 *15
1612 *154 17
16
8
333 Dec 38 Nov
25 30 July 2 384 Oct
600 011 Well Supply
4
4
321
313 313
32
32
32
32
*3013 32
324 3212 *32
23-No par 12 Oct 16 2214 Feb
7.800 Omnibus Corp
8
8 145 15
8
8
5
145 1558 147 147
15 8 157k
1512 16
16
15
Dee
19 185
No par 314 Feb 2 4512June 29 - 8 Jan 8
357 3612 4,100 Onyx Hosiery
37
36
36
364 3612 3612 364 3638 36
36
97 Nov
7814 Ma
100 95 Apr 17 116 Nov 4
Preferred
10
_
___ 0116
__ •116
___ •116
116 116 '116---k *116
4118 Sept53 Dee
85ept 29
OppenhelmColllns&CoNopar 47 Jan 12 835
60
*5812 -59
*5812
*58 *58 59
59
80
1
.%59
*5813 60
4
1
/
2534 Jan 32 July
4
1 2712 Mar 25 313 Nov 29
4
2978 293 31
4
29
3114 314 313 16,100 Orpheum Circuit. Inc
31
29
29
29
29
98 Jan 107 Sept
100 101 Jan 13 105 Apr 21
Preferred
10103 106 *10212 106 *10212 106 *10213 108 *103 106 *103 108
3
87 8 Feb 14012 Aug
50 108 May 20 1294 Feb 5
12713 8,600 Otis Elevator
4
4
11812 11812 1193 12012 12012 12412 124 1244 1243
•118 120
4
100 1023 Jan 13 10912 Aug 30 101 Feb 112 July
Preferred
*104 108 *104 108 *104 108 *105 108 *105 108 *105 107
8 Mar 1514 Aug
8 Oct 18 1412 Jan 19
No par
8 2,600 Otte Steel
818 83
818 814
8
84 818
818 83
84 8323
*814 812
9713 Aug
4
50 Ma
8
100 85 May 17 1077 Feb 17
Preferred
_
_
_ _
_ _
. . .
103 .
*.103 *.
8
4
423 Mar 693 Nov
4
25 533 Mar 29 85 Sept 18
Bottle
8 -78 8
ii ii - -3 - ,866 Owens Co
8
8 gi1/4 8414 iiT2 - -i5 8 ii58 iil2 85 iii4 845
4914 Nov57 Nov
No par 44 May 19 52 Apr 5
300 Outlet
52
51
51
.51
*50
51
*50
51
51
*50
51
*50
8
98 Nov 1007 Dec
100 974 Apr 1 105 Sept 29
Preferred
100
10212 10212
*10112 104 *10112 104 *102 104 *10212 104 *101 103
4Sept 21 10212 Jan 13718 Nov
1
/
100 118 Mar 31 133
ROO Pacific Gas & Electric
8
8
130 130
12914 12912 12912 12912 1293 1293 •12912 131 "12912 131
5158 Aug 7812 Dec
No par n1 May 13 8318 Feb 13
Pacific 011
112
112 112
112
112 60,200
112
112
8
13
112
112
*138 112
Jan 4812 Nov
15
4
10 313 Mar 31 451k July 7
3458 3512 11,000 Packard Motor Car
8 3412 35
4
8
1
/
353 354 343 355
344 35
344 343
Oct
1738May 32
par 11 18 Oct 22 2812 Jan 4
1214 111 1214 1112 1112 1112 117
4
/
1214 12
4
/
8 7,200 Paige Det Motor Car_ _No
111 1218 12
4
1
/
5912 Sept 83 May
& Trans---50 564 Mar 31 764 Jan 2
500 pan-Amer Petr
6414
*64
65
4
*633 6412 *64
65 65
8
64
0
6512 635 64
804 Aug 8412 Mar
8
50 567 Mar 31 7838 Jan 4
Class 13
, 6312 65
8 6338 641
8
637 6478 44,200
6414 6484 6312 6514 6418 647
4
374 Oct 493 Dec
1,000 Pan-Am West Petrol 13.No par 30 Oct 13 48 Jan 2
33
33
33
33
34
34
3312 331
34
34
•3312 34
614 Deo
214 Aug
44 Jan 21 32 June 17
& Ref.No par
4 1612 17
173
1818 1714 7,200 Panhandle Prod
8
17
177 177
173
16
1778 18
37
Oct 6011 Dee
8June 18
51 Jan 19 993
100
Preferred
300
073
82
77
79
77
79
82
79
79
•78
070
79
25 Sept 354 Jan
1
Park & Tilford tern ette_No par 15 8 Oct 23 2818 Jan 4
01812 194
01812 20
*1812 20
*1812 20
211 *1812 20
*19
812 Feb 5
518Sept 30
1
614 614 3,700 Park Utah C 51 A__No par 3414 Nov 10 83 Jan 7 46 Nov - 8 Oct
64
*6
612 61
64 65
8
8
63
612 65
6
903
3712 20,500 Pathe Exchange
3814 37
4014 3414 371
3614
3912 4012 36
8
403 401
17 Dec 28 Apr
No par 1878 Jan 28 23 June 16
2218 2,100 Penick & Ford
22
4
213 22
8
4
213 2134 215 2158 2113 211 *2114 217
124 Apr 263g Jan
7 Aug 6 19 Oct 26
._.,..,j0
1,000 Penn Coal & Coke
16
16
1612 16%
164 161
17
1614 181 *18
16
3 Jan
16
1 Aug
214 Jan 4
h Oct 26
5,600 Penn-Seaboard St'l *to-MT/Tar
4
4
4
3
4
3
3
Jan 123 Oct
h
h
4
3
4
3
3
4
3
h
117 Jan 4 130 Feb 11 112
125 12512 4,400 People's 0 L & C (Ch1c)-100 5918Mar 2 77 Nov 12
a
1211* 12188 12188 I217 12114 12114 12172 126
121 121
514 Mar 6714 Dee
2,400 Philadelphia Co (Pittsb)-50
4 754 77
74
4
733 753
*71
74
*71
73
454 Jan 49 July
73
74
*71
4July 7
/
50 45 Oct 11 511
8% preferred
371 May 5218 Jan
*4812 491 *4813 491 *4812 4912 *4812 4913
*4754 50
50
*49
8
12,800 Phlls & Read C dr I___No par 3814 Apr 14 483 Feb 13
4 4312 44
8
454 4414 444 434 4438 433 433
44
4414 4478
38 July 5012 Jan
Certificates of Int_No par 3684June 14 484 Jan 11
400
4212 4212
45
*43
4412 443
45
4 4313 4312 *43
51 Nov 9018 Jan
*4312 45
14
Corp.. No par 49 Sept 30 55 Jan 29
100 Phillips-Jones
*4812 524 *4812 61
*4812 53
50
50
*4812 53
*4812 53
4
123 Mar 2514 Sept
24,400 Phillip Morris & Co, Ltd-10 18 Apt 3 33 Nov 12
8
314 315 33
3214 3014 31321 31
2978 3114 2912 3178 31
364 Mar 4718 Juni
4Sept 1
3
68,000 Phillips Petroleum____No par 40 Mar 30 627
8
8 5012 515
503
8
8
485 4878 485 4914 484 4914 4812 4915 49
4
1
/
18 Apr 42 July
5 31 Mar 30 44 Jan 9
1,100 Phoenix Hosiery
3912 3912 40
*38
39
39
39
3912 *39
*38
3912 39
84 Apr 99 Dec
100 94 Mar 25 103 Oct 28
Preferred
100
4
5100 1033
010112 104
103 103 *100 104 *100 104 *100 104 '
8
107 Mar 4738 Oct
Pierce-Arrow Mot Car No par 19 May 15 4318 Jan 9
2312 15,100
8 23
8
205 2134 2118 2114 22
23
8
227 234 227 227
43 Mar 100 Nov
100 784 Apr 15 12714 Aug 19
Preferred
10612 10612 10712 1073 109 1097 109 109'2 10912 10912 10912 11012 4,000
8
4
34 Feb
114 Nov
8
17 Jan 30
11 Oct 1
25
12
8
2
500 Pierce Oil Corporation
83
•12
12
12
12
14
1
*4
*12
58
4
1
/
20 Dec40 Feb
100 114 Oct 27 2718 Jan 30
Preferred
12
*11
12
*11
12
12
*11
*11
*11
12
•1114 12
814 Feb
412 Dec
7 Jan 30
24 Aug 26
cUsNo par
8 1,900 Pierce Petrol'm tent
24 27
8 24 *278 3
8 27
8 3
27
27
27
3
8
3
3714 May 544 Jan
100 29 June 9 424 Jan 5
1,200 Pittsburgh Coal of Pa
36
3814 373 38 .38
4
38
39
3612 3612 3612 3812 36
80 May 99 Jan
100 70 June 21 85 Jan 5
Preferred
500
76
75
75
*74
75
7514 75
7512 7512 7514 7514 *75
94 Mar 1024 Jan
100 94 Mar 29 9814 Nov 4
Pittsburgh Steel pref
*98
99
99
*9918 10014 *9918 10014 *994 10014
*98
99
*98
3
30 Apr 63 4 Jan
100 39 Oct 5 637 Jan 9
900 Pitts Term Coal
46
4912 44
4
49
493 *47
*47
4814 4814 4812 4812 48
79 July 8814 Nov
100 8012 Oct 7 9214 Feb 5
Preferred
88
88
*83
*83
*83
88
88
88
*82
*83
88
83
0
5
64 8 Nov 121 Dee
a
24,900 Post'm Cer Co Inc new_No par 7513 Mar 30 1247 Feb 3
8
994 984 10034 984 1003
8 97
10038 995 101
4 9914
t
*968 977
- - -- 100 3418May 19 434 Aug 31
1,300 Pressed Steel Car new
4 393 40
393 398
3934 397 *3913 40
8
s
3912 4018 *3912 40'g
6
7
100 7812 Oct 21 9534 Jan 7 -- -12 July 9213 Jan
Preferred
100
4
4
793 793 *79
*793 81
*7934 81
4
80
80
80
*70
*79
1211 Aug 3238 Feb
8,200 Producers & Refiners Corp_50 11 Mar 29 2034 Oct 29
191
19
19t
19
1913 20
194 101z 1913 2012 1958 20
27 Sept 47h Feb
4
3
50 30 4May 11 413 Oct 29
Preferred
600
40
40
3912 40
03812 41
401 *3912 41
39
*39
39
5
82 8 Mar sns Aug
88ept 15
700 PubServCorp ofN Jnew No par 72 Mar 2 977
.
_
_
. _ _
- - 951/4 953k
100 964 Apr 7 101 Oct 1
Preferred
6%
994
. 101 .55 nii .55 foil .55 ich- .55- iiii .55 itif
. Jan 106 Nov
99
100 1031g Jan 12 109hJuly 9
7% preferred
100
4
8
•1087 109'a 10918 10918 *10918 1093 *10918 110 *10918 110 *10915 110
Oct
8
100 115 Mar 2 1241/ Oct 20 1085 Apr 119
8% preferred
100
8
8 .12318 1237 12313 12312 *12312 1237 *12314 1237
8
*1234 124 *12318 1235 4
9212 May 10018 Dee
,
700 Pub Ben Elea & Gas pfd.100 97 Jan 22 10418Sept 27
4
102 10318 1024 1023 1023 10284 1023 1023
4
4
4
*102 10312 *102 103
Ost
99 Jan 108
100 Pub Service Eleo Pr pref _100 106 Jan 18 114 Aug 5
4
8
113% *11214 1137 *11214 1137 *11214 1137 11312 1131 *1123 114
8
2
•11214
100 14514 Mar 31 19912Sept 16 129 Mar 1734 Sept
38,500 Pullman Company
176 1803 18013 185
176 1777e 17612 1797a 178 1795a 17514 177
4
1
/ Jan
33 July 47
Apr 14 47 Feb 4
50 33
8
4018 39
39
4014 404 40
3912 404 397 4018 3,700 Punta Alegre Sugar
40
*39
4
2518 Aug 333 Feb
25 2514 Oct 20 31 Jan 4
8 5,990 Pure 011 (The)
2612 265
27
8
267 2718 22614 284 2618 28
8 27
26% 267
008* 25 10212 Jan 10812 Bent
100 108 Apr 14 1125
8% preferred
•10912 11012 *110 11014 *109 11012 *109 111 *109 111 *109 III
394 Nov 774 Jan
8 Nov 8
8
587 6012 89,500 Radio Corp of Amer___No par 32 Mar 30 807
8 5814 604 58 58723 584 591
5914 584 607
68
45 Dec 54 Feb
8
50 445 Mar 31 5034 Nov 12
Preferred
4 1,200
5018 50123 604 503g 50
50 50
5014 5012 50'l 503* 503
3
33 4 Nov 3913 Aug
4
325 Apr 30 413 Oct 1
No pa
Rand Mines, Ltd
____ ___
1138 Apr 1718 Feb
4
3 163 Nov 8
4 1612 1612 1614 1652i
1618 1618 1618 1614 3,000 Ray Consolidated copper-10 1012Mar 18 56 Jan 4
8 1612 163
8
163 163
43 Oct 604 Dee
4
No par 403 Oct
400 Reid Ice Cream
4
4
41
423 423
*42
41
43
4213 4212 4212 *42
8
423
*41
10 May 2814 July
712July 24 • 184 Feb 23
No par
4 1,500 Reis (Robt) & Co
812 93
3 812
83
813 812
84 8'4
4
3 8
83
4 814
*73
3
48 4 Jan 1171* Del
Feb 3
105 10512 4,600 Remington Typewriter____100 8312 Apr 20 127 Oct 1 100 Jan 10912 Oct
107 10912 108 10913 1083 108
4
10412 108
106 107
100 106 Apr 21 118
7% 1st preferred
*113 1168*
•113 1164 *113 11614 *113 11614 *113 11614 *113 11614
100 105 Apr 1 11514 Aug 27 103 Sept 1134 Apr
8% 2d preferred
100
114 114 *110 11412 0110 114 *110 114
8
125 June 2314 Jan
0113 114 *113 114
8 Oct 27 154 Jan 4
No par
8
103 13,500 Replogle Steel
10
8 94
93
,
3
4 93
9 4 10 4
93
4
4
94 9
3
912 938
424 Apr 64 8 Jan
5
100 44 May 10 63 8 Jan 7
57
58
57
4 584 5712 4,700 Republic Iron & Steel
553
5612 574 55
8 56
4
*553 565
8414 July 95 Jan
Mar 30 99 Sept 15
100 9114
Preferred
*9512 96
300
9612 96
.
96
96
•97
98
97
9714 *9612 98
8 July 18 Jan
44 Oct 29 1058 Jan 5
No pa
538 3,100 Reynolds Spring
5
412 5
412 5
518 518
5
5
5
5
3
7212 Mar 95 4 Nov
8
Mar 30 1157 Oct28
8
11514 1153 115 11514 115 1153 1147 11512 11518 1154 23.000 Reynolds (R.J) Tob Class B 25 90 Sept 17 100 Jan 20
8
*
85 June 9712 Feb
8
1145 115
25 79
100 Roasts Insurance Co
•77
85
80 80
*77
85
80
8218 *77
•77
85
4
1
/
48 Mar 571 Jan
•77
8
4
1
/ Jan 9
s
7
Royal Dutch Co(NY shares). 473 Oct 21 57 Feb 10
4
/
1.900
4
8
8
583 4512 4812 4812 48% 491 4918 491 493 495 *493 49
4
4
/
3
35 4 July 521k May
10 364May 11 4818
3913 3218 *3912 40
4014 1,100 St Joseph Lead
40
4
393 395
40
4
1
/ 40
397 39
48 Dec 504 Dee
No par 424 Mar 31 5512 Nov 10
g
3 543
8
537 5514 54
554 53523 543 23,800 Safety Cable
5513 54
4812 July 10338 Mar
fa% 5414 53
Mar 31 1024 Feb 10
8 3,400 Savage Arms Corporation_100 73 Oct 29 1014 Jan 4
8 8114 8214 81
813
8218 813 834 8114 827
8
81
81
9 Nov
11 Nov
81
34
No par
4
418 414 2,100 Seneca Copper
4
4
414
4
4
438 41s
5112 Dec 5512 Dee
418
8July 28
Mar 4 705
4
0
4
823 6312 4,900 Shubert Theatre Corp_No par 52
38 63
8 6312 6312
835
4212 Mar 30 1384 Jan 23 1014 Sept1344 Dee
628 62% 63 4 8414 6312 64
Stores...No pa
4512 4614 4538 4512 45
4514 4512 4614 7,100 Schulte Retail
443 45
6
447 45
100 1124 Jan 6 120 Sept 9 110 Jan 118 Aug
Preferred
200
4
/
01141/41181/4 *11414 1181 *11414 118% *11414 11814 *11414 118% 11814 11814
1314 Nov
4
4
161 June
No par 1212 Mar 3 143 Mar 12
Rah Rel.mtve Cara
It,., 131, 131, 131, *131. 131, it,, 1114 *1314 128.
...., •••,.
-rights, a Ex-dividend one Share cr Standard 01105 Califonea new.
•Bid and listed priced: no salsa on this day s Ex-dividend. a Hz
2500
New York Stock Record-Continued-Page 6
For sales during the week of stocks usually inactive, see sixth
page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Nov.6.
Monday,
Nov. 8.
Tuesday,
Nov. 9.
Wednesday, Thursday,
Nov. 10.
Nov. 11.
Friday,
Nov. 12.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1926
On basis of 100
-share lots
PER SHARE
Range for Previous
Year 1925
Lowest
Highest
Lowest
Highest
$ per share $ per share $ per share $ per share $ per
share $ per share Shares. Indus. & Mlscell.(Con.) Par
513 523
4
8 5134 5278 525 5318 5134 524 52
$ per share $ per Mare $ per share $ per share
8
525
8 5212 53
13,100 Sears,Roebuck & Co newNopar 4414 Mar 29
575 577 *573 58
8
4
2Sept 7
583
57
575 *57
__
8
_--- -5712 573 58
4
*5718 5818
900 Shatuck (P 0)
No par
47 Mar 30
*417 4218 *42
8
43
433 44
8
4018 Mar 92 *435 4412 *433 4412 4313 4312
Aug
4
300 Shell Transport & Trading_£2 4012July 26 6958 Jan 4 3014 3038 3012 303
4858 Jan 4
2 304 30% 3012 303
3912 Sept 49 Dee
4 3012 303
4 303 30% 34,800 Shell Union Oil
8
No par 24 Mar 3 307 Nov 9
10614 10614 10614 10614 107 107
2158 Aug 2812 Dee
10634 10718 10718 10718 107 107
1,200 Preferred
100 103 Mar 3 114 July 2
1814 1814 18
1818 173 178 173 18
4
9912 Jan 10614 Nov
4
177 183
4 1812 19
10,000 Simms Petroleum
10 154 Aug 18 285 Jan 2
3212 3212 3214 325
8 3214 3212 3134 32
8
173 Sept 2654 Jan
4
3158
32
3,400 Simmons Co
No par 283e Oct 15 5411 Jan 4
*10514 10658 *10512 1065 *10512 1065 10512 10512 *10512 3238 31
8
3114 Mar 5458 Nov
8
1065 *10512 1065
8
100 Preferred
8
100 10512Nov
18
1838 18
1814 18
1818 18
1818 18
1812 18
1814 19,600 Sinclair Cons 011 Corp_No par 1634 Oct 10 10912July 2 10018 Jan 10618 Dee
*9212 96
19 247 Feb 23
*9512 96
*9512 96
17 Jan 24% Feb
*9512 96
9512 9512 *9212 9412
200 Preferred
100 90 Mar 30 9912June 24
313 317
4
8 315 32
8
313 323
4
8 3112 3218 313 3314 3312 333 16,900 Skelly Oil Co
785 Jan 9418 Feb
4
4
4
*120 123
25 265 Mar 30 3718June 28
8
121 124
123 124 *119 123 *119 124
2134 Mar 3212 Nov
500 Sloss-Sheffield Steel & Iron 100 103 Apr 12 14212
*11212 114
113 11434 11412 1143 114 1164 117 12412 *119 125
Aug 10
4
8014 Mar 14312 Dee
123 12812 17,200 South Porto Rico Sugar---100
*1143 11714 *1143 11714 *110 11814 *110 11814 117
4
92 Apr 15 14712 Feb 2
4
62 Jan 10918 Dec
117
11814 11814
200 Preferred
100 110 Oct 8 11814 Nov 12
30% 31
31
31
305 303
8
4
4 307 307
993 Jan 11314 Dee
8
8 3012 303
4 303 305
8 1,900 Southern Calif Edison
8
25 3014
4214 4212 41% 42 a 4112 42% 42
7
19-4312 4212 4412 4412 463 22,900 Southern Dairies el A_No par 41 Oct 25 33 July
4
1918 197
8 197 20
Oct 27 5512July 17 --- ---- --- - 1958 197
8 195 20
8
193
4
9,000 Class B
No par 1712 Oct 20 35 4 Mar 11
•1112 1412 *1112 1412 *1112 1412 *1112 1312 *1112 2014 2012 24
3
_
1312 *1112 1310
Spear & Co
No par 11 June 2 173 Feb 19 -- -18 ____ ---- ---*75
7912 *75
4
7912 *75
7912 *75
13 Dec 24 MaY
7812 *75
7812 *75
7812
Preferred
100 72 Apr 20 8212 Jan 13
7814 Dec 92 May
203 2034 2012 203
4
4 2012 21
2012 2012 2018 2014 20
2012 2,600 Spicer Mfg Co
No par 183 Apr 19 318 Feb 5
*104 10712 *103 106 *103 10712 104 104
4
1512 Feb 367 Sept
10212 106 *10212 106
100 Preferred
100 101 Jan
5312 533
4 5314 53 8 5312 5458 533 5418 54
5
92 Apr 108 July
4
4 545 5512 27,600 Standard Gas & El Co_No par 51 Mar 12 10512Sept 1
8
563 56% 5614 5612 5614 5612 563 5612 5612 543
8
2 69 Feb 8
4014 Jan 61
Oct
2
5612 56'8 567g 2,100 Preferred
50 533 Mar 30 575 Feb 9
4
*68
7012 *683 70
4
8
*6712 70
5012 Mar 5612 Nov
*6712 70
*6712 70
*68
70
Standard Milling
100 6718 Oct 20 9212 Feb 4
*83
86
*83
86
*83
62 May 88 Dee
86
8514 8514 *83
87
*83
87
100 Preferred
100 80 Mar
605 603
8
4 605 61
8
607 61
8
4
81
Jan 863 Dee
6012 607
2 6012 605
8
8 6014 605 14,000 Standard Oil of Cal new.No par 5258May 2 90 Feb 5
428 43
428 4318 4214 4314 413 425
8Sept 8
4
8 4112 4212 4212 4278 44,000 Standard Oil of New Jersey_25 4012Mar 14 635
1163 1163 116% 11634 1153 1163 116 11614 11614 1165
4
3 463 Jan 2 Ili Mar - 12 4
8
4f Feb
Yen
4
8
8 11658 1165 10,400 Pref non-voting
8
100 11514 Aug 26 11918May 18 11614 July 119 Feb
5
5
*43
4 512 *53
4 512 *43
4 512 *43
4 5
100 Stand Plate Glass Co__No par
*43
4 5
412 Oct 2 107 Feb 10
90
9014 90
8
90
Jan
*8912 90
5 8 Aug
16
5
8912 8912 90
90
883 90
1,300 Sterling Products
4
No par 75 Mar 27 913
6214 63
6134 6318 634 6458 63
aSept 24
6214 Mar 82 Dec
634 6318 634 6312 64
10,400 Stewart
-Warn SD Corp_No par 61 Nov 4 9278
*5712 58
5712 5712 57
Jan 2
55 Mar 9612 Dec
5712 57
57
57
57
57
574
800 Stromberg Carburetor_No par 57 Oct
, 5012 51
I
4 7714
5058 5118 5078 517
61 Mar 89% Oct
8 495 505
8
8 4912 50
4912 5058 30,800 Studeb'rCorp(The) new No par 47 May 18 62 Jan 4
*120 121 *120 121
Sept 15
120 121
4114 Jan 6858 Nov
11814 121 *11814 121 •11814 121
Preferred
100 11412 Feb 23 12212June 23 112 Mar 125 Sept
214 238
214 23
8
214 214
21/
4 214
24 24
24 218 3,000 Submarine Boat
No par
112July 27 . 33 Feb 21
3312 3312 33 33
4
3212 3212 3214 3212 3214 3214 3214 3212 2,100 Sun 011
Oct 12 Max
3
No par 3018 Mar 30 4158 Jan 4
312 352
312 33
384 Nov 437 Nov
4
35, 33
4
352 38
8
352 37
33
4 43 34,100 Superior Oil
No par
1 July 29
•27
28
5 Nov 1
*27
28
*26
2 Dec
28
*25
618 Feb
28
*25
28
*25
28
Superior Steel
100 1913 Apr 12 347
14
14
1312 133
aSept 7
4 1312 1312 .133 1312 1312 1312 1318 1338 2,800 Sweets Co of America
20 May 4158 Jan
50
612 512
85 Apr 13 175
8
4
514
8Sept 13
458 512
1512 008
57 Mar
8
47
8 53
4 *5
512
45
8 5
2,400 Symington temp ctfs__No par
4 Nov 8
•12
13
12
12
1012 Jan 207 Sept
1134 113
8
4 12
12
*113 12
4
113 12
4
2,800 Class A temp ctfs___ _No par 10 8 Oct 20 1412 Jan 4
5
*1112 12
8
*1112 12
*1112 12
198 Dec 264 Sent
*1112 12
*1112 12
1218 1218
200 Telautograph Corp____No par 11 Apr 5 207 Feb 4
147 Jan 19
8
11 Aug
1614 Nov
*1114 111y 1112 113
4 1112 1178 1112 1112 *1158 1134 1112 1112 1,500 Tenn Copp & C
No par 1034 Oct 19 16 Feb 5
75, Apr 16 Dee
5
412 54 4 5458 5514 55
3
555
8 544 55% 5412 55
545 5514 34,700 Texas Company (The)
8
25 48
47
473
4 463 4712 4612 473
8
4234 Jan 55 Dee
4612 47
4634 483
4712 4818 137.300 Texas Gulf Sulphur new No pa• 39 Mar 30 58 Aug 31
Oct 25 483 Nov 11
145 1434 1458 15
8
8
1434 1518 144 15
1438 1514
147 1514 7,900 Texas Pacific Coal & O1l
8
10 12 Oct 20 1912
*800 900 830 830
865 870
187 Aug -2358 Feb
875 900
910 970 960 969
242 Texas Pacific Land Trust_100 510 Mar 19 1035 Jan 7 -- 8 2712 275 *2712 2814 *2712 2814 *27
May 27 255
8
2814 2712 2712 28
Ain 657 Dec
28
500 The Fair
No par 274 Mar 31 34 Jan 14
4714 4714 *47
4712 4612 47
*465 471 *46
8
324 Sept 3914 3
4714 47
47
4o3
500 Thompson (JR) Co
25 4214May 7 5012Sept 16
2712 *2714 273 *2714 273
4
4 275 2758 28
8
283
4 283 2834
4
700 Tide Water 011
100 2714 Oct25 3914 Jan 25 10
873 873
873g
8
8 8712 8712 89
8918 90
90
Dee
90
90
- Se- t -30-7- 4 P
9014 9014 1,100 Preferred
2 Dee
7914 80
7918 8034 7914 5058 7734 795
8 7812 783
99 Nov 101
Oct
4 7712 7912 29,000 Timken Roller flearing_N 100 8714 Nov 4 103 Jan 25
k
o par 447 Mar 3 85 Oct 21
109 109
10834 109
8
1083 10914 107 10914 107 109
4
8
37 Mar 593 Oct
10812 110
21,000 Tubacco Products Corp
100 9514 Apr 12 1165
114 114 •11314 11414 11414 11412 11314 114
8Sept 22
70
Jan 1014 Nov
11314 11312 11412 1147
8 1,600 Class A
100 103 Mar 3 1183
4
44
4
4 18
8Sept 21
4
414
418 418
9318 Jan 11058 Nov
4
44
4
4 14 11,300 TranseT1 Oil temett newNopar
*1514 18% *1514 1612 *153 1612 *153 161 *1514 1612
3 Mar 4
511 July 9
8
8
34 Sept
57 May
*16
1612
Transue & Williams St'l No par 15 Aug
517 517 *51
8
54
*51
53
2412 Sept 35 Jan
*51
53
47
51
4314 4718 6,100 Underwriter Typewriter___25 4314 Nov 28 27 Jan 28
47 473
4 46
12 633 Jan 7
4
467
8 45 4 4714 45 4514 4312 46
3
3818 Mar 654 Nov
44
46
4,400 Union Bag & Paper Corp _100 35 May 21
94
9412 933 9412 944 9518 937 947
714 Jan 5
4
Ova
36
Apr 88
8 9414 9658 9514 9612
5412 55
543 5512 545 55 8 5358 54'2 54% 5518 537 543 26,000 Union Carbide & Carb_No par 7712 Mar 29 9612Nov 12
3
8
__
3
-- --4 16,200 Union Oil California
*11412 11512 *114 115
25 3714 Jan 20 583
8
11412 11514 x113 113
sSept 23 13
Oct 43 Feb
11314 11312 *1133 11412
4
700 Union Tank Car
100 8414Mar 31 12018 Oct 1
*118 11612 116 116 *11618 11612 11618 11618 *11618
94 Dec 134 June
11612 *1161s 11612
200 Preferred
100 11314May 22 118 July 12 11314 June 11712 Mal
_
_ _
_ _ _
_ _ _
_ __
United Alloy Steel_ __No par 2512 Jan 21
oi -9iiz i
3572July 15
- ..
9
6
66 .
.
24 May 36% Mar
iff
5i's - 12 ii - 7
i
918 i
- -9
6
9
- ,666 united Cigar Stores
25 8318 Feb 4 109 4 Aug 17
*122 125 *122 125 *122 125 *122 125 *122 125
3
6014 Jan 11512 Nov
*122 125
Preferred
100 1147
8Mar 4 125 June 30 115 Dec 13314 Dee
15912 160
1593 16112 16112 16318 16212 1633 1633 16612 16512 16714 10,400 United Drug
4
4
4
100 134 Mar 30 171 Sept 8 11078 Feb 16212 Oct
5718 5718 57 5718 57
57
*57
5712 *56 4 58
58
700 let Preferred
3
58
50 551/Mar 5 59 July 8
114 11414 1145 114% 11458 117
8
53
Jan 5812 Nov
115 1163 115 115
115 1153
4 4,100 United Fruit new
No par 98 Apr 15 11812Sept 8
*1712 20
*1712 21
*1712 21
*1712 21
*1712 21
*1712 21
United Paperboard
100 174 Oct20 3812Mar 2 -.943 9612 *948 9612 *9412 9612 *9412 9612 *95
4
1814 4
Apr 1312 Dee
961 *9512 9612
Universal Pictures let pfd_100 90 Mar 8 9712July 8
2218 223
4 22
947 Dec 1034 Oct
8
23
2212 235
8 2278 237
8 23
231
223 2312 35,100 Universal Pipe & Rad__No par 1358 Mar 31 283 Jan 6
4
4
26 Dec 5078 Feb
73 8 75
7
743 753
4
75
79
76
78
77
11,000 Preferred
77
75
76
100 52 Mar 30 79 Nov 9
*50312206
65
202 2063 204 209
4
205 208% 208 21212 21212 219
24,100 US Cast Iron Pipe & Fdy_100 150 May 19 24812 Aug 3 13114 July 94 Feb
*105 106
Apr 250 Feb
1053 1053 *10412 106 *105 106
4
4
106 106 *106 107
700 Preferred
100 10014 Mar 8 109 July 9
91 July 113 Aug
523 5312 5314 54
4
5314 538 5214 524 5234 53
523 5312 8,700 USDIstrib Corp tem ctiNo par 39 Mar 30 6112 Feb13
4
3018 Feb 6314 Dee
531a 53 4 5318 54
3
5338 5358 5312 5312 5312 5423 54
5412 2,700 U S Hoff Mach Corp vtoNo par 457 Jan 2 593 Feb 4
8
8
23
Jan 494 Oct
79
8012 7912 813
8 793 818 7958 81
4
7914 80% 7914 807 61,700 US Industrial Alcohol
8
100 45 2 Mar 30 82 Sept 17
3
7014 Dec 98
Oct
*106 109
10714 11478 112 113 *111 112 *111 112
111 111
4,100 Preferred
100 9914 Apr 22 1147 Nov 8 102 Dec 116 June
8
*5912 60
*59
60
594 5912 5814 59
5814 59
3,000 US Realty & Impt new.No par 484 Mar 29 7178 Jan 4
5818 59
6012 6114 593 603
4
4 603 6158 603 6412 625 6414 623 643 92,100 United States Rubber
4
4
8
8
4
100 5014May 19 8814 Jan 23 334 Mar 1712 Nov
010634 107
1065, 1065 107 107 *107 108 *107 10714 10718 10718
300 1st Preferred
100 10112Mar 30 109 Jan 19
923 Mar 1087 Nov
4
8
303 31
4
3118 35
34
348 36
8
3512 345 36
36
367 11,700 US Smelting, Ref & M1n_50 30 Oct 23 4973 Jan 2
8
30 Feb 51 Dec
4312 431
44
4412 *4412 447
8 45 45
*45
900 Preferred
46
*45
457
8
50 42 Oct
44
Apr 4914 Des
1435, 1447 14312 1473 1473 14912 14614 14818 1465, 14938 14918 1517 798,300 United States Steel Corp_100 117 Apr 26 50 Jan 4
4
8
15 1595 Aug 17 11258 Mar 13914
8
12734 1281g 128 12814 128 1283 1273 1273 1273 12812
4
4
4
4
3,270 Preferred
1273 128
4
100 12412Mar 3 13018June 11 12218 May 1265 NOT
65 65
8 Jan
*63
65
65
65
65
65% *65
66
*6512 66
600 U S Tobacco
No par 5612 Jan 4 65% Nov10
*118 121 *11812 121 *119 121 *119 121
514 Mar
11912 11912 *119 121
Preferred
100
100 112 Mar 19 11912Nov 11 10558 Apr 5914 Nov
*107 110
110 1104 *11018 113
114 Sept
112 113
113 113 *114 115
1,200,Utah Copper
10 93 Apr 1 113 Nov10
82 Mar 111 Nov
•30
3012 295 2958 3058 303
8
8 30
31
305 32
8
5,400 Utilities Pow & Lt A-No par 2814 Mar 31 37 Feb 15
30
31
30 Aug 38 Aug
3912 3912 397 40
40
403
4 407 4118 4114 428 403 4212 7,100 Vanadium Corp
4
No par 29 Mar 3 43 Aug 16
255 May 3454 July
48% 5014 4912 503
8
4 48
501
4758 48% 48
48's 48
4812 24,200 Vick Chemical
No par 4314July 21 52 Aug 6
Virginia-Caro Chem___No par
se Feb 26
17 Jan 15
8
112 Sept -144 July
*914 912 *94 93
4
8 9% *914 08
93
93
93
97 - 4 5,100 New
4
103
No par
9 Oct 20 2512 Feb 3
177 Dec 2178 Dee
No par
%July 2
158 Jan 8
47 July
.
ii.i1. 2 34- .
7 Aug
-055f2 8
ii- -5. - - 2 -5412 2
311. 31.- 3.C4 Ii- -561. - - 2 P 5
1,665 6% Pref WI
2 3ii100 313 Oct 14 69 Jan 4
8
*8514 86
5614 Nov 63% Dee
8618 8612 863 87
4
*87
88
*87
88
8712 878
600 7% pref w I
100 83 Oct 15 9818 Jan 6
9214 Nov 9512 Doe
5014 5014 51
55
55
59
59
60
60
3,300 Virginia Iron Coal & Coke_100 40 May 15 6012 Nov
6012 59
59
11
*3034 31
30 June 46 Des
31
31
31
31
*31
3114 31
313
31
3234 8,000 Invention on new.---No Par 2
0 Mar 30 327 Aug 3
8
714 Jan 2814 Dee
•10012 1023 *10012 1023 *1004 1023 *10012 1023 *10012 1023 1023 1023
4
4
4
4
4
100 Preferred
4
100 943 Jan 29 104'2Sept 28
4
21
21
21
2118 21
21
21
21
21
21
21
1,400 Waldorf System
21
No par 17 Jan 12 217 Aug 19
8
-- 2 Aug -- -7- - .1-3
141*1512 1614 *1512 1614 *1512 15 4 1512 1512 *1512 16
19 s .4
3
*1512 16
100 Walworth Co ctfs
No par 1214June 2 234 Jan 27
2114 Dec 2414 Deo
•90 100 .90 100
*90 100
*85
100 *90 100
*85 100
Ward Baking Class A__No par 99 June 30 195 Jan 2
116 Apr 198 Des
*2618 2658 26
26
26 12 265
, 2612 263
4 2612 2858 2712 285 11,600 Class B
8
No par 2114 Oct 20 85 8 Feb 1
3
3714 Mar 95% Oct
*8912 894 *8912 89 4 *8912 893 *8912 90
3
4
8912 90
90 12 91
1,200 Preferred(
No par 8811 Oct 7 11012
100)
9412 Feb 112 Dee
4712 513
2 494 524 48% 51
4818 515
8 5014 517
4914 5014 167,700 Warner Bros Pictures A__10 12 June 11 691 Jan 15
4Sept 15
1714 Dee
278 Oct
*56
567
8 5612 5612 5612 5612 5512 5512 54
555
8 523 5318
4
1,800 Warren Bros
No par 437 Apr 15 573
8
4
43 June 504 July
615 62
8
61
6212 61
613
4 5912 6014 6038 6112 60
62
3,000 Weber & Helibr, new c_No par 53 Apr 20 8512 Oct 28
51
Apr 1004 Dee
14512 14512 14512 145 8 1453 1453 14412 14512 *14434 145
4
4
5
1444 14412 1,900 Western Union Telegraph_100 13412Mar 30 1577 Jan 13
8Sept 8 1164 Jan 1447 Sept
129 130
130 131
s
12912 12912 129 131
128 13012 1308 132
4,500 Westinghouse Air Brake_50 1054 Mar 31
97 Apr 144 Aug
68% 68
6814 68% 688 68% 6814 68% 68
6818 6814 684 4,100 Westinghouse Eleo St M1g-50 65 May 19 13912Sept 8
7912 Feb 10
Jan
664 Mar 82
*1614 1712 17
16% •1614 1612 163 163
174 *16% 174 16
4
4 1,000 Weston Eleo Instrument
133
4MaY 10 19'2 July 28
94 Apr 204 Atli
321 *32
*32
323 *32
3212 *32
s
3212 *32
3212
3212 *32
Class A
274 Jan 4 324 Oct 7
1958 Mar 28% Dee
095
9812 *95
9812 *95
9812 *95
9812 *95
9812 97
97
100 West Penn Elm el A vtl No par 8812 Jan 6 9812 Oct
28-997 997 *997 10014 10014 10014
4
'99 100
100 100 *100 101
300 Preferred
100 9512May 17 101 Sept
11212 11212 *113 115 *113 116
•11212 116 *11212 115 *11212 114
100 West Penn Power pref
100 108 Mar 25 115 Sept29--21
26
8
2612 263 2658 3,100 White Eagle 011
2614 26
3
2614 25 4 2618 255 2614 26
No par 2518 Apr 20 293 Feb 10 104 - -Jan cif Jul;
4
2512 Aug 313 Feb
4
5612 567
4
57
563
8 56
553 5618 5614 57
4 50 578 56
9,600 White Motor
50 5118 Apr 15 90 Feb 11
574 Mar 1044 Aug
25
*25
25% 25
*25
52 26
*253 26
26
*25
2
25
2518
400 White Roca Mln Sp otf_No par 22 Oct 22 383 Feb 3
8
334 Dec 493 Aug
Wickwire Spencer Steel ctf--3
4
4
7
7
8
3
8
3
8
7
4
•3
7
8
4
8
4
7
8
3
7
4
8 3,800
%July 22
33, Jan 8
2 Dec
5 8 May
3
1958 1978 1958 198
21
2018 21
198 21
1914 2012 20
84,000 Willys-Overland (The)
5 18 May 17 34 Jan 4
94 Jan 347 Nov
93
93
9414 93 8 93 4 927 9312 9218 93
93
93
93
3
3
1,600 Preferred
100 8812 Oct 25 99 Feb 4
7214 Jan 1237 Dee
s
1018 1014
4 lois 104 104 1014 1018 1018 3,000 Wilson & Co. Inc. new_No par
934 103
4 1012 103
8 May 20 1212 Oct 21
207 2112 2114 213s 2114 2114 21
8
2112 21
21
*21
2114 2,300 Class A
No par 14 May 21 237 Oct 21
8
-- -- ---- ---6818 6818 *68
68.7g 68% 6818 6818 68
69
*6812 69
68
400 Preferred
100 42 May 19 7312 Oct 28
-- 16812 1717 17112 17712 17512 17812:1731g 177
---- 17412 183
1833 1877 139,500 Woolworth Co(F W)
4
8
25 13514May 19 222 Jan 4 11214 ---- 220 -Oil
-- - Jan
21
21
2218 2212 2258 2,000 Worthington P dr M
21
22
22
227
22
2212 22
100 1014 Oct 29 443 Jan 6
4
38 3.83
354 Aug 70 .
*46
53
*45
*45
5014 *45
52
51
51 *_ _ __ 52
200 Preferred A
50
100 61 Nov 1 80 Feb 2
78 Nov 88
Jam
*3812 41
40
39
40
39
42
*4014 4214 4014 4014 40
600 Preferred B
100 39 Nov 12
58 Aug 76% Feb
273 2814 2838 30
4
29% 294 3112 5,400 Wright Aeronautical-No par 2412 Mar 30 65 Feb 24
295 323
8
4 2912 3012 *29
393
4July 16
16 Mar 3288
517 517 *51
8
53
534
*52
53
*513 53
52
52
8
52
600 Wrigley(Wm Jr)
No par 47 Apr 3 593 Feb 11
Oot
4
254 Mar 5714
68
68
68 68
*684 69
6818 6818
694 694 *6818 69
700 Yale & Towne
25 6012 Mar 4 7212
62 Sent 704 July
2714 273
4 263 2714 27
4
8
8
8 264 2718 267 273 27,300 Yellow Truck & Coach____100 20 May 24 395 Aug 26
273
4 26% 275
8Sept 8
227 Oct saga Oct
8
•99 100
*9912 100
9914 9912 99
8
995 *95 100
200 Preferred
99
*98
100 9112 Apr 3 1074Sept 2
04711
Oct 100
&U. Ml. 583, R7
90
57
577. 2131.. 5614 8514 86
8512 86
4.500 Youngstown Sheet & T_No par 69 May 14 9514 Aug
63 Mar 9015 NOV
9
8 Bid and asked prices. no awn, on tabu day a Ex- rihrodend
P Ex-dlvidend and ex-riving.
2501
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
Jan. 1 1909 the Exchange method of Lusting bonds was changed and prices are now "and interest"—exceyt for Dwoms and defaulted bonds.
BONDS
N.Y.STOCK EXCHANGE
Week Ended Nov. 12.
t
Price
Friday,
Nov. 12.
Week's
Ran c or
Last Sale
gauge
Since
Jan. 1
BONDS
N. Y.STOCK EXCHANGE
Week Ended Nov. 12.
Z3'3
Price
Friday,
Nov. 12.
Week's
Range or
Last Sale
i4
Range
Mace
Jan. 1
Higle
Ask Low
High No. Low
Bid
High
Bid
Ask Low
High No Low
U. S. Government.
_
31
30
30 Mar'26
Mexican Irrigation 4448____1943 MN
First Liberty Loan
Use 40
3712 33
3412 3614 3514
Assenting 5 4H e_ _ _____ 1943
.1 D 10017): Sale 1001,w 10017w 374 99l5, 0153
334% of 1932-1947
4212 55
70
5112 Oct'26
extl 55 of 1899 E'45 Z1-3 50
99,180115w Mexico(U
J D 100 100 42 100",,Oct'26
,
Cony 4% of 1932-47
3412 504
4314 Sale 4314
1945
4612 74
Assenting 55 of 1899
,
J D 10217.2 Sale 102 ), 1023, 244 10111110230w
”
Cony 434% of 1932-47
38
10
483
4
44
44
Assenting 59 large
),
J D 101111)) 100",,Oct'26
10148 021,
% of 1932-47
2d cony
3713 May'25
Assenting 55 email
Second Liberty Loan
-2iT4 34
1954.3 D 28
3913 34 July'26
8 995410017w
Gold deb 48 of 1904
53 N 100 100 ), 100,1), 1004,
,
48 of 1927-1942
2014 371s
293
4 58
2812 Sale 2812
Assenting 4s of 1904
61 N 100311), Sale 10010),10010w 569 1001,31 101
% of 1927-1942
Cony
3
25 2 25
4
1
/
'8
251 Sept'213
Assenting 45 of 1904 small
Third Liberty Loan
4
/
i--3 2814 288 251 Aug'25
Assenting 4s of 1910
NI S 101.), Sale 101 ), 101 w 499 100
,1180P%)
,
,
434% of 1928
2813
2912 38 "iiis 3438
Assenting 4.8 of 1910 large.....
Fourth Liberty Loan
3132
22
4
1
/ 156
25 Sale 25
26
Assenting 4801 1910 small
,
A 0 1022,w Sale 10216)110231w 1207 101,93103 w
434% of 1933-1938
3912 5214
4512 19
4
443
Trees 68 of'31 assent(large)'33 J J 42% 45
r2
1947-1952 A 0 108,, Sale 1081,r:108,5w 466 1061w 08),n
Treasury 4345
3712 3312
23
45
4312
Small
),
)1
1944-1954 J D 104,, Sale 1041,32104,0)2 854 1022,w 041,
Treasury 4s
96 10212
4
/
1011 203
4
/
1952 JD 1011 Sale 10014
1946-1956 M S 1021,, Sale 10125,, 102",, 322 1001420250w Montevideo 78
Treasury 3345
10712 27 10612 110
8
1073 Sale 1071/4
Netherlands 68(flat prices) 1972 M
State and City Securities.
44 10314 10472
4 104
4
1
/
100 101
30-year external 6s (fla4) 1954 AO 103 104 1033
100%
s
N Y City-414s Corp stock_1960 M S 1007 Sale 1007
9934 10232
4 51
1943 FA 10112 Sale 10138 1013
10012 10214 Norway 20-year extl 65
_ 10114 Oct'26
1964 M S 1014
4345 Corporate stock
10134 54 100 1024
1944 FA 10112 Sale 10114
-year external 68
4
1
/
10012 102
20
4
/
8
1966 A 0 1011 10218 1017 Oct 26
44a Corporate stock
34 100 10212
1952 AO 102 Sale 10114 1021
-year external 68
4
1003 102
30
8
1972 A 0 1017 10214 10128 Oct 26
&Ms Corporate stock
994
95
8
983 109
1965 D 983 Sale 9814
4
10512 1063
-year s f 5Hs temp
40
4
4
1971 J D 106 1063 1063 Oct 26
4
4445 Corporate stock
9812 102
36
102
8
1047 1063 Oslo(City)30-years f(is__ 1955 MN 102 Sale 101
s
1
/
4
/
Mis Corporate stock_July1967 J J 10534 1064 1061 Oct 26
10012 103
8
1
/
1044 1063 Panama (Rep) extl 534s-- — 1953 JD 1023 Sale 10214 1021
4
4
1965 J D ____ 10634 1053 Oct'26
Corporate stock
8345
24 10112 105
1
/
10412 1064 Peru (Rep of) external 85-1944 A0 10312 Sale 10313 104
4
1
/
1963 M 5 1053 10638 1054 Nov'26
4345 Corporate stock'
4
/
97 1011
10014 58
Extl sink fd 734s temp_ __ _1940 MN 100 Sale 100
N
9734 99
9838 9834 983 Oct'26
8
1959
4% Corporate stock
4
743
61
743 112
1940 A0 74 Sale 7114
4
M N
Poland (Rep of) gold 6s
9838 987 983 Sept'26
973 99
4
8
1958
a% Corporate stock
82% 9112
911 542
1950'.3 9113 Sale 9014
9778 99
Extl sink fd g 88
4
1957 M N
8
983 988 983 Sept'26
4% Corporate stock
4
1
/
98 105
11
974 98 4 Porto Alegre(City of) 8s__ _ _1961 3D 105 Sale 10334 105
3
9778 Oct'26
1956 53 N
4% Corporate stock
53 11012 1144
1141
4
974 97% Queensland (State)esti s f 781941 AO 114 Sale 1133
____ 97% Oct'26
1955 MN
4% Corporate stock
14 10412 108
1947 FA 10434 105 10412 105
99
98
25-year external 08
99 Mar'26
1936 MN
4% Corporate stock
4
1
/
21
98 105
10412 106
Rio Grande do Sul extl s f 88_1946 A0 10312 Sale 10312 104
4
Corporate stock. _.1957 53 N 10538 106 1053 Nov'26
434%
15
974 104
10414 1055 Rio de Janeiro 25-yr s f8s__ _1946 A0 10338 Sale 10212 1031
8
1
/
1
/
434% Corporate stock_ _ _1957 M N 1054 106 1054 Sept'26
97 103
4 32
1947 AO 102 Sale 10134 1023
1 8734 894 25-yr esti 8s
334% Corporate stk_May 1954 51 N
8912 Sale 89 Aug'26
2 103 107
8814 8912 Rotterdam (City) extl 65_1984 MN 10412 105 10412 105
8914 __
1
/
894 Oct'26
334% Corporate stk _Nov 1954 M N
12 10012 10912
1071
1952 MN 10712 Sale 106
4
883 89
Sao Paulo(City)s158
9612
89 Apr'26
1955 M N
344s Corporate stock
33 10214 1064
1043
4
/
1011 10212 San Paulo (State) ext s f 88...1936'.3 10412 Sale 104
10212 Oct'26
York State Canal Im 4e.1961
New
25 10112 106
8 1051
'3 105 Sale 1047
1950
10212 10212
External 5 f 8s tot rect8
10212 Aug'26
1960
te Canal
48
9412 974
1
/
963
2
10134 102
External water loan 7s_ _ _ _1958 M S 964 Sale 963
102
'26
1962
es
96
93
76
4
96
1023 Mar'25
Santa Fe (Pray Arg Rep)75-1942 MS 9414 Sale 933
8
1942
45 Canal
171
9514
84
94
4
'3 933 Sale 9314
1942
4
102 1-11W Seine (France) extl 75
--------102 Apr'26
1964
4345 Canal impt
312
8712 97
95
lova lora Serbs, Croats dr Slovenes 85_1962 MN 9514 Bale 94
_
1017 Mar'26
45 Highway impt regist'd_1958
81
904
4
1
/
,
8 33
883
1936 MN 88 Sale 87 8
11024 nols Soiesons (City) ext113s
11014 May'26
Highway improv't 4)45_ _ _1963
24 10312 1064
1051
1939 JD 1054 106 10514
76I Feb'25
1991 J J
Sweden 20-year 65
Virginia 2-35
1031 174 10112 1054
1964 MN 10314 10312 103
External loan MO
Foreign Gov't and Municipal's
57 113 11714
8
8
02 983 Swiss Confed'n 20-yr s f 88_1940ii 1137 Sale 11312 1137
97
Argentine Govt Pub Wks 681_1960 A 0 9814 98
4
1
/ 984
9812 73
36 10212 106
Argentine (Nat Govt of) 76_1927 F A 10014 Sale 10014
1004 45 10014 10218 Switzerland Govt ext 5%5..1946 AO 10312 Sale 102% 10312 21
77
67
75
1
/
1
/
8
997 Tokyo City Is loan of 19i2_1952 MS 744 754 75
J I) 9818 Sale 9734
96
190
Sink fund 65 of June 1925_1959
9812
994 10112
7
100
95% 100
Extl s f 68 of Oct 1925._ _ _1959 A 0 9814 Sale 978
Trondhjem (City) extl 6346_1944 3.8 100 101 100
9814 99
94
90
56
92
S 9818 Sale 98
9614 101
Upper Austria (Prov) 78..._1945 JD 9112 Sale 91
Sink fund (is Series A__ _ 1957
4
983 263
1 10712 111
109
9814 53
4
4
953 993 Uruguay (Republic) extl 8s_ _1946 FA 109 10914 109
External 13s series B_ _Dec 1958 J D 9818 Sale 98
s
945 97
951s 52
N 95 Sale 94%
4
1
/ 997
97
s
1980
External s 1 (is
Extls f 6s of May '26 temp 1960 M N
9814 Sale 973
4
9814 102
9314
85
Railroad
Argentine Treasury 511 f._1945 M S 8818 903 8913
9012 23
8
_ _ 102% 1027
3 1017 10332
2
2
9618 9912 Ala Gt Sou let cons A 5a
1943 3D 10312
Australia 30-yr 55._ _July- 1955 J I/ 967 Sale 9614
15
8
2
967 568
4
1
/
100 102
-1928 MN 10012 102 10012 Sept'26
Ala Mid 1st guar gold 55
1
/
1014 110 100 103
4
/
Austrian (Govt) s f 7s
1943 J D 1011 Sale 101
8415 UN
8
94
AO 8611 ____ 863 Nov'26
4
1
/ 9712 Alb de Sum cony 3345
1946
Bavaria (Free State) 6)4s_ _1945 F A
9714 Sale 9612
9713 131
82
4
1
/ 864
-1998 A0 8418 8513 8612 Oct'26
Belgium 25-yr ext s f 744e g_1945 J D 1103 Sale 10812 1103
4
4 34 105 11114 Alleg & West 1st g gu 48
924 96
2
943 Oct'26
9412
1
/
4
1
/
1942 M
-year 8 f 8s
1941 F A 1073 Sale 10714
4
20
10784 89 105 1084 Alleg Val gen guar g 4e
4
757 82
12
7918 80
794 Nov'26
9414 99
95
88
July 1995 Q
-year external 6345
Ann Arbor 1st g Di
1
/
1949 M S 9414 Sale 934
25
8912 94
108
4
1
/
93
8112 9014 Atch Top & S Fe--Gen g 4e-1995 AO 92 Sale 9212
Externals 1 6s
,
1955 J J 89 2 Sale 89
8912 173
884 913
4
2
9112
A0 9112 Sale 9112
4
/
911 9814
Registered
External 30-year e f 711_1955 J D 977 Sale 97
8
9814 796
3
8434 88 4
1
4
1
/
4
1
/
,
87 s
9414 9814
Stabilization loan 78
Adjustment gold 45_ _July 1995 Nov 87 Sale 87
1956 53 N 978 Sale 9714
9814 248
8734 87 4
3
4
1
/ 88
8734 Sept'26
Nov 87
11214 115
Registered
Bergen (Norway) s f 8s
11234 11312 Nov'26
1945 M N
4
1
/
844 89
4 33
873
July 1995 MN 87 Sale 8712
98 102
Stamped
-year sinking fund 6e
25
1949 A 0 9912 Sale 99%
10118
834 85
MN 844 _ _ _ 85 Sept'26
8512 97
Registered
Berlin (Germany) 644e
1
/
1950 A 0 967 Sale 964
97
275
1
7
1
84 4 89 4
89
88
38
9634 104
1955 JD 88
Cony gold 48 1909
Bogota (City) ext'l ci 88... _1945 A 0 102 Sale 102
10234 45
8412 89 2
7
5
,
8
8
883
1955 JD 88 2 Sale 883
Cony 45 1905
9612 10418
Bolivia (Republic of) 88_1947 M N 103 Sale 10212 1031
40
8312 87%
814 9238
4
Cony g 4s issue of 1910-1960 JD 84, --- 87 Nov'26
Bordeaux (City of) 15-yr 66_1934 M N
911 Sale 911
4
/
4
/
4
1
/ 142
92
2
9912 Sale 9912
4
1
/
98 100
4
993
10012 105
let g 411-1928 M
East Okla Div
Brazil(U S of) external 8s
1941 J D 10412 Sale 104
1041
53
8612 90
4
Rocky Mtn Div 1st 4s_ __ _1965.83 893 9013 3914 Nov'26
90
88
Externals f 634s of 1926.J957 A 0 89 Sale 88
89
4
1
/
229
5
92
88
9014
-Con Short L 1st 40_1958 .1 .1 9012 9012 9014
Trans
8918 9612
7e (Central Railway)
95
1952 J D 95 Sale 9412
105
1
94% 994
9714
2
Cal-Ariz 1st dr ref 4345 A _ _1962 MS 9714 97% 9714
734s(coffee secur) (flat) _1952 A 0 10514 106 10514
5 1033 108
106
12
1031 Apr'26
10312 103
9212 1023 All Knoxy dr Nor 1st g 58-1946 3D 10352
4
Bremen (State of) ext'l 75_1935 M N 10214 Sale 10112 10214 99
4
4
963 9812
4
4
9714 1013 MI& Charl AL 1st A 43411..19443, 973 -- 973 Oct'26
Buenos Aires (City) eat'63401955 .1 J
5
4
993 100 100
10018
2 102% 10434
103%
2
10312
3
1st 36-year 55 series B_..19443, 1033
Canada(Dominion of) 6s
14 100 4 10318
4
/
10114
1931 A 0 10118 1011 101
4
1
/ Atlantic City let cone 45_ _._1951 3, 854 _ _ _ _ 8512 July'25
47 10118 103
10
-year 53411
1929 F A 10178 Sale 10112 102
k
947
92
9413 Sale 9332
M
9412 40
2
6e
1952 M N 104% Sale 10414
10514 45 102 1053 AU Coast Line 1st cons 48 July '52 MN 106 Sale 106
1 105 107
106
1930
9712 99
10-year secured 75
63
4;45
98
9734 Sale 973
4
1936 F A
9314 983
9812 Nov'26
1964 JD 9814 99
4
1014 105
General unified 444s
s
105
Carlsbad (City) s f 813
1954 J J 10434 Sale 10414
8
91
904
90
4
L dc N call gold 4s__ _ _Oct 1952 MN 905 913 91
4
44 1074 1093
109
Chile (Republic) ext'l s f 88_ _1941 F A 109 Sale 10834
824
76
7
4
1
/
4
803
1948 3, 80 Sale 8013
,
20
-year external 7s
10014 92 100 10212 Atl & Danz 1st g 48
1942 M N 10018 Sale 100
3
65
7612
69%
2
697
2
1948 3, 6914 70
107 1093
2d 4s
84
109
-year sinking fund 8s_ _ _1946 53 N 10814 Sale 10814
25
4
7614 83
2
81
81
934 93
4
1
/ Atl & Yad let g guar 4s_ _ 1949 AO 803 83
4
1
/ 97
93
External sinking fund 65._1960 A 0 9314 Sale 9314
.1 1021. Sale 10212 10212
9 10014 1034
4
943 9812 Auetin & N W 1st gu g 5s- —1941
e
7 102
95
Chile Mtge Bk 6340 June 30 1957 J D
9514 Sale 9514
4
1
/ 9912
96
1
/
Sf 6%s of 1926._June 30 1961 J D 9714 Sale 964
9714 234
8914 93
74
93
943
2912 4872 Bait de !Lhiored g es__ __July 1938 AO 93 Sale 924
t te lst
52
311
Chinese(Hukuang Ry)te
2912 Sale 2912
1951 J D
911 9034 Nov'26
1
8834 90 4
July 1948 Q J 90
Registered
99 10212
6
Chrletlanla (Oslo) 30-yr 51651964 MS --------10034 1007
M
97 Sale 9612
94
9814
9715 550
97
91
20-year cony444s
237
Cologne(City) Germany634s1950 M S 9678 Sale 953
97
4
1
963
s
2
,
88 4 963
1
/
964
9934 101
Registered
8
Colombia (Republic)6)4s
A 0 10018 Sale 10018
10018
1927
9912 Sale 98 8
934 9912
991 217
,
93
Ftefund & gen Foserlee A_ _1995 J
9314
6
Dept of Antioquia 7s A _ _ _1945 J J
9314
934 Sale 93
1948 A 0 10418 Sale 10338 10414 136 102% 105
93
9314
lst g 58
93 14
93
External s f 78 ser B_ _ _ _1945 J J
10318 50 10212 104
1929.3 J 103 Sale 102%
9814 101
-year 6s
10
993 154
Copenhagen 25
-year s f 5%4_1944 J .1
99
49 104 109
1955.3 D 108 Sale 10712 1081
4
953 98
Ref & gen 6s series C
16
Cordoba (Prey) Argentina 751942 J J
9712 Sale 9712
98
921
26
4
1
/ 9212
89
98 102
PLE&W Va Sys ref 48., 1941 MN 9218 Sale 91%
1
Cuba Se of 1904
1944 M 8 1003 1011 10112 1011
4
10138 Sale 10118 1011 100
1950
98 102
98 10214
Southw Div 1st 65
4
/
_
External 6s of 1914 ser A,1949 F A
Oct'26
102
7434 814
18
811
4
883 10118
Tol&CinDivlstref4sA,1959J J 8114 Sale 8118
External loan 43Is
9
1949 F A -5i" -63
9913 Sale 9813
Ref & gen 58 series D. _ _2000 M
991 215
97% 9912
Sinking fund 544s
29 10012 103
: 921
2
921
1953 J J 10212 Sale 10' 103
4
4
1
/
61
99 1033 Battle Crk & Stur 151 gu 3s 1989 J D 623 _ _ _ _ 6213 Oct'26
4
654
34
Czechoeloyakia(Rep of) 8s_ _1951 A 0 103 Sale 10212 103
2
4
/
3
93
99 4 104
2
2
957
Beech Creek 1st gu g 413-1936 J .1 943 953 941 Oct'26
53
Sinking gund 8s ser B _ _1952 A 0 1023 Sale 10218
103
4
_ 94 Aug'26
4
/
1
/
94
J D 941
95% 1034
94
Registered
External s f 744s series A_ _1945 A 0 1027 Sale 10112 1033 159
8
82
80
80 Aug'26
4 10812 11214 Beech Crk Ext let g 334c__..1951 A 0
Danish Cone Municip 8s A 1948 F A 111 11122 11118
1111
,
91 8
89% 9112
9012 Oct'26
&ilea B s 8s
Big Sandy 1st 45
1946 F A 1107 Sale 110
8 49 1084 112
1113
8
1
/
4
4
763 7712 77
8
727 79%
7712
Denmark 20-year (is
97 102 1044 Bost N Y Air Line 1st 45..1955 F A
1942 J J 10334 Sale 1034 1041
1
/
95
9314 954
9512 99
4
1
/ 97
Bruns & W lst gu gold 4s
9514 Sept'26 - 1938 J
Dept of Caidas(Colombla)734s'46 .1 J 98 Sale 98
267
99
10112 10512 Buffalo R dr P gen gold 6 _ 1944; wij
10234 10313 1024 Oct'26 - - - - 10172 10312
Dominican Rep Con Adm s f 5358 F A 10214 ___ 10214 Oct'26
1
/
5
5
933 Sale 924
3
2
8
8712 93 s
937 993
8 96
Custom Administer) 5348_1942 M 8 9712 98
933
1
/
33
Consol 4%s
9712
981
M N 8818 99
8714 884
924 101
1
/
88% Oct'26 51
Dresden (City) external 7e...1945 M N 10014 Sale 99
Registered
4
1
/ 1001
10014 1014
1
/
4
10014 -- 10012 Nov'26
1
/
24 1033 1064 Burl C R & Nor let 5s
Dutch East Indies exti Os _1947 J J 10412 1043 10412 1041
4
8
34
-year 60
1 62
40
1
/
1962 M S 10413 Sale 10412 1044 48 10334 10612 Canada Sou cons gu A 55_ _ _ _19 A 0 1047 Sale 10434 104% 11 10272 10512
934 95 4
5
,
8
94 8
4
/
941
30
-year external 544s
12 10112 10412 Canadian Nat 434s_Sept 15 1954 M S 9412 95
1953 M 8 10212 Sale 10212 1021
98
9912
30
9914 55
4
-year external 5%a
12 102 10514
-year gold 434s__Feb 15 1930 F A 9915 9914 983
5
104
4
1953 NI N 1023 Sale 1023
4
s 11414 1174
1
/
4
4
.1940.3 D 1153 Sale 1154 1153
25 103 10914 Canadian North deb s f 75.
El Salvador (Repub) 88
108
1948 J J 107 Sale 107
8 11712 11 11672 118
4
1
/
Finland (Republic) eat'6s._1945 53 S 8912 Sale 8912
4
11712 Sale 1173
843 9012
43
20-year 5 f deb 6348
901
9612 984
26
98
4
1
/
9412 100
External sink fund 7s_ _ _1950 M 5 9914 Sale 9914
10-yr gold 4%s_ _ _ _Feb 15 194 I A 97 Sale 97
6
935 F JI
4
1
/ 53
99
8012 87
854 160
94
94
External s f 6%s
10
Canadian Pee Ry VA deb stock__ J J 8512 Sale 85
94
1956 53 S 94 Sale 94
94 9414
9414 July'26
894 9412 Carb & Shaw 1st gold 45.._.1932 M S 9312
Finnish Mun Loan 644e A1934 A 0 944 Sale 9312
54
94
8112 844
1
/
844 Nov'26
8914 95
External 6348 series B..1954 A 0 94 Sale 93
1949.8 D 8418 _ _
8
Caro Cent 1st cons g 4e
94
4
1
/
10138 10372
4
10238 10314 1023 Oct'26
984 10712 Caro Clinch & 0 1st 3-yr 55-1938 J
1
French Repub 25-yr ext'l 80_1945 53 S 1063 Sale 10612 1071
4
4
s 15 107 10912
9212 1013
lst & con g 6s series A__ _1952 J D 10712 Sale 10712 1073
-year external loan 7349_1941
20
1013 324
D 101 Sale 101
,
81 4 90
8818 Oct'26
8812 89
8618 96 4 Cart & Ad lst gu g 48
,
382
External is of 1924
96
1949 J D 95 Sale 9514
4
1
/
7912 841
1
8212 Nov'26
4
/
German Republic ext'l 7e_ 1949 A 0 1054 Sale 105
1051 1131 1011 10532 Cent Branch U P lst g 4
s-199498
1
1
/
D
D 8114 83
1034 106
94 10014 Central of Ga 1st g 5s.Nov 1945 F A 1024 10514 10312 Nov'26
160
German Cent Agri° Bank 76_1950 M 5 100 Sale 993
100
4
21 10212 10432
4
1033 104 1033
8 104
9612 10018
Consol gold Se
1001
38
Graz (Municipality) 8s
1954 M N 100 Sale 100
1014 101
4
1
/
4
/
M N 100 102 1011 Feb'26
12 10314 10612
1315 Brit & Irel(UK of) M4s-1937 F A 10478 Sale 10412 1047
8 27 10218 10372
4
10-year seerced
9
92 54 N
36 11718 119
4
1
/ 1173
1929 F A 1173 Sale 117
10-year cony 5345
ured (9). _June 1945 .1 D 10212 1023 10238 1027
4
10172 1064
Ref & geu 534s series B___1959 A 0 105 10512 0434 Oct'26
92% 103
26
1021
N 102 Sale 10134
Greater Prague(City)7346_1952
8612 8812
4
9013
84
81
Chatt Div our money g 4s_1951 J D 863 8812 8618 Oct'26
901
1964 M N
Greek Government 7s
9012 Sale 8918
100 1034
3
4
953 99 4
95
Mac & Nor Div 1st g (83_ -1946 J .1 100 103 1027 Sept'26
99
1952 AO 98 Sale 98
Haiti (Republic) s f 68
1
/
1014 102
102 10212 02
Oct'26
9618 10278
J J 10278 Sale 10212 1027
Mobile Division 55
8
Heidelberg (Germany)ext 734650
77 Sale 7612
77
68
16
77
46j
1
/
844 100
9
82
Cent New Eng 1st gu 4s..._1901 J
Hungarian Munic Loan 7349.1945 J J 97 Sale 9634. 971
Oct'26
9812 99%
99
9312 102
Central Ohio reorg 4)4s_ _ _1930 M S 9812
Hungary (Kingd of) s f 7%5_1944 F A
997 Sale 993 ' 10 / 82
4
8
4
01
100
983 10134
10
2
4
1001 100
993 100% Central RR of On coil g 5s-1937 M N 100 10013 100
1
/
Ind Bank of Japan 6% notes.1927 F A 1004 Sale 10018
11118
8
87
9 7Q
3 1083 113
Re of N J
8
4
923 641
8815 943 Centralgisteredgen gold 5s__ _198 J J 111 11212 11118
Italy (Kingdom of) ext'l 7s_ _1951 J D 917 Sale 9134
8
110
10912 Nov'26
10832 1114
4
1
/ 9014
901 275 183
1931 J J 9018 Sale 89
4
1
/
Japanese Govt .£ loan 4s
9218 57
8874 921e
1949 F A 9218 Sale 91%
4
1
/
92 1003 CentPr 1st
Re istered gu g 4s_
8
1954 F A 100 Sale 9814
-year s f 6%5
1
/
1004 365
30
F A
90 Sept'26
90
941 201
941s
90
85
4
Oriental Development 68_1953 M S 93 Sale 923
9713
9713
44
Mtge guar gold 3445- -Aug 1929
95 1018
I947 F A
1001
4
963 9712
993 Sale 99
D 9713
4
Leipzig (Germany)s 17s.
8
8912
2
2
Through St L 1st gu 4s_ _ _1954 A 0 8914 9012 893
8
923 155
8118 923
9112 Sale 9118
90
-year 65_1934 M N
87
Lyons (City of) 15
10212 134
1960 F A 10112 Sale 10114
814 9212
Guaranteed g 58
12
97 102
4
1
/ 102
92
Marseilles(City of) 15-yr 65_1934 MN 9138 Sale 9114
125=g *Option sale
g;1;
2502
New York Bond Record—Continued----Page
r.
BONDS
N.Y.STOCK EXCHANGE
Week Ended Nov. 12.
Price
Friday,
Nov. 12.
Veek's
Range or
Last Sale
coQ
Range
Since
Jan. 1
Charleston & Savannah 5e_ _1936 ii
Chee & 01110 fund & isnot te_1929 J J
1939 MN
let consol gold 6s
1939 MN
Registered
1992 M
General gold 41
/
4s
1992 MS
Registered
1930 FA
20
-year cony 41
/
4e
1946 S i
Craig Valley let g 55
Potts Creek Branch let 45_1946 S i
R & A Div let con g 40._ _1989• J
2d coneol gold 45
1989 is
Warm Springs V lst g 5s 1941
S
Chia & Alton SIR ref g 3s_ _ _1949 AO
Ctf dep etpd Apr 1926 Int..__ _
Railway first lien 33.481950 JJ
Cite dep Jan '23 & sub coup
Chic Burl & Q—III Div 31
/
46_1949 Si
Registered
S i
Illinois Division 45
1949 S i
Nebraska Extension 45_ _ _1927 MN
Registered
MN
1958 MS
General 48
Registered
M
1971 FA
let & ref 5s series A
Chicago & East III let 6s_ _ _1934 AO
C & Ill Ry (new co) gen 5s_ _1951 MN
Chic & Erie let gold 55
1982 MN
Chicago Great West 1st 43_1959 MS
/
Bid
Ask Low
High No.
1173
4
11812 Oct'26 --1005 10072 10054 101
5
8
1033e 10312 103% 103%
1
10212 Oct'26
96% Sale 9614
967
s 21
94% Oct 26
994 Sale 98%
9914 38
10015
10012 Sept 26
843 8755 864 Aug 26
4
873 88
4
8714 Nov 26
84% 863 8412 Oct'26
4
9912 10114 102 July'26
7014 703 70
4
703
4 15
7014 703 684 Oct'26
4
6014 Sale 60
6034 "136
58
5
.59% 59
59
864 86% 865 Nov'26
4
8412 Feb'26
4
4
933 9414 933
933
4 13
3
995
5
99% Sale 995
8
_ _ 9912 Mar'26
98%
93% Sale 93%
933
4 15
9215 Mar'26
10614 Sale 1053
4
10614 39
10512 10712 10512 Oct'26
8112 Sale 8014
8112 334
10612 Sale 1053
4
1063
4 16
141
70
69% Sale 693
4
High
Low
11812 11812
10014 1013
4
102% 1055
8
10114 10314
97
92
938 94%
8
97% 99%
10018 10214
88
83
85% 88%
4
827 8712
4
983 102
71
65
70
64
51% 613
8
59 4
3
51
833 87
4
4
8412 843
4
913 9412
963 10014
4
9912 9912
4
90% 933
9118 923
8
10258 10614
10352 10712
7318 8112
10158 10634
8418 70%
Chic Ind & Loulsy—Ref 6E1_1947 S i
Refunding gold be
1947 S i
Refunding 45 Series C
1947 S i
General 5e A
1966 MN
General 6e B
May 1966 S i
Chic Ind & Sou 50
-year 4a1956 is
Chic L S & East let 41
/
4s____1969 ▪ D
CM & Puget E3d let gu 42_ _ A949 is
13 13 Tr certlfe of deposit_
ChM&StPgeng 45Ser A.e1989 Si
Registered
Q J
General gold 34 ser B._e1989 J J
/
1
5
Gen 41 Series C_ _ _May 1989 J J
/
4s
Registered
6..52014 AO
Gen & ref series A 44
/
1
Guar Tr certga of deposit_ _
__ _52014 PA
Gen ref cony ser B
Guar Tr certits of deposit__ _
1934i3
let see 65
1932 J D
/
45
Debenture 41
Bankers Tr certlfe of deposit
1925 55
Debenture 45
US Mtge & Tr etle of del 1934 Si
-year debenture 451
25
Farm L & Tr eth, of dep.—
Chic & Mo Riv DI .• _ _1926 Si
Chic & N'weet gen g Ia_ _ _1987 MN
Q F
Registered
1987 MN
General 4s
Registered
•F
Stpd 45 non-p Fe n tax '87 MN
tax_1987 MN
Gen 4Si stpd Fed
General 58 stamped_ _ _1987 MN
79-1929 AO
Sinking fund Mi.__
AO
Registered
79-1929 AO
Sinking fund 5s
79-1929 AO
Registered
1933 MN
Sinking fund deb 56
Registered
MN
1930 J D
-year secured 7e g
10
-year secured 61 g__ _1936 MS
/
451
15
May 2037 J D
1st & ref g 55
Chic R I& P—Railway gen 4e1988 .1
Registered
is
1934 AO
Refunding gold 4s
AO
Registered
11312 ____ 11318 Oct'26
Oct'26
10312 ____ 104
903 ____ 9034 Sept'26
4
7
9834 9914 987
4
9914
3
1065s 107 1065
8 10654
895 ____ 9014 Aug'26
8
9614 ____ 974 Nov 26
5
53
5412 5358
533
4
5312 11
8
5314 Sale 533
8414 34
843 Sale 8414
81 Sept'26
81
733 Oct'26
4
754 77
5
9314
94
93
93
9114 Apr'26
27
56
55 4 5559 5512
,
30
56
55
5512 5514
5412
2
54 Sale 54
13
54
54 Sale 537
104 Sale 104
1043
4 27
5512 81
543 Sale 5412
4
5458 Sale 54
5412 31
54
55
5414
543
4 29
544
5412 47
533 55
4
54 • 13
54 Sale 54
5034 543 55 Nov'26 _
_
997 ____ 991 June'26
/
4
16
79
79 Sale 7874
7412 July'26
7414 76
89
8812 Sale 8814
7
87 Aug 26
8814 _—_ 8814 Oct 26
10312 66
1034 Sale 103
10634 10718 1067
4
1073
5 10
10314 10312 Nov 26
102
10
1023 Sept 26
4
101
101 Sale 101
1
Oct 26
101 10112 101
10114 1027 10212 Nov 25
4
10114 Aug 26
10654 16
1063 Sale 10614
4
1113 Sale 11112
4
11114 10
10254
102 10258 102
9
874 Sale 873
8
8
88
84% Oct'26
92
377
917 Sale 9154
4
8954 Aug'26
8
110% 1133
101 104
7954 9035
92
993
4
10314 1083
4
8312 92
95
9718
47
543
4
45% 5412
81% 87
81
81
7014 743
4
903 95
2
91
9114
4814 5612
4714 5614
4712 5514
47
5614
102 106
47
553
4
463 5552
4
455 5512
8
4674 5512
4712 5514
5512
47
9812 99%
745 79
8
744 7412
/
1
85% 8912
8614 87
8554 8914
10114 10312
103 1083
8
101% 1057
2
1023 1033
4
4
10012 10318
MO% 101
100 10212
10114 10114
10614 10812
11114 11412
99% 10414
85
88
83% 8512
8712 92
8814 9012
Ch St L & NO Mem Div 419_1951 S D
St L & P lat eons g 5e___ _1932 AO
Chic SIP M & 0 cons 6a__ _1930• D
Cons 65 reduced to 334s_ _1930 J D
1930 MS
Debenture 58
Stamped
Chic T H& 80 East lot fa_ _1960 S D
Dec 1 1960 MS
Inc gu 58
/
4e
Chic Un Stan 1st gu 41 A-1963 S D
1963 S i
155 5/1 series 13
1944 S D
Guaranteed g 56
1963ii
1st 61 series C
/
4s
Chic & West Ind gen g 6e_ _p1932 M
1952 S i
Conaol 50
-year 415
1962 MS
/
1
1st ref 546 ser A
Choc Okla & Gulf cons 5s...1952 MN
/
413_
Cm H & D Id gold 41 _ _1937 ii
CI St L & C let g 4s___Aug 1936 Q F
Aug 1936 Q F
Registered
ClnLeb&Norgu4sg
1942 MN
'
S
Cin & CI cone let g 58—.1928
1
8912 Sale 8912
89
/
1
4
Oct'26
101 102 101
5
10314 1033 10314
4
10314
3
95
95
99% 993 9914 Nov'26
4
Oct'26
991€ 10012 99
917 Sale 9114
917 114
8
84 Sale 8334
8414 71
973
4 25
9758 Sale 9738
10514 10512 10512
8
10512
10112 103 10112 102
11
11814 1183 11818
4
11812 25
105 106 10534 Sept'26
34
8638 87
87
864
1044 Sale 10414
10412 43
104 1043 1033 Nov 26
4
4
9712
9718 ____ 9712
1
95% 98
9512 Oct'26
9212 95
9314 July 26
893 ____ 91
4
Oct'26
10012 Sale 10012
3
10012
Cleve Cln Ch & St L gen 40_1993 J D
1931i J
/
4e
-year deb 41
20
1993 J D
General 55 Series B
Ref & (rapt 6a series A1929 J J
1941 J J
65 series C
1963 5 J
5s series D
Cairo Div let gold 4s_ _1939 .1 J
On W & M Div lat g 45_1991 J 1
St L Div let coil tr g g 40-1990 MN
MN
Registered
ilipr & Col Div let g 4/4_ _ _1940 M S
W W Val Div 1st g 4a____1940 J J
.1
C CC & 1 gen cons g 613_—_1934 1 go
Clev Lor & W con lst g 6/3_ _1933 A
Cleve & Mahon Val g 5s___ _1938 .1 J
1935 M N
/
45
CI & Mar let gu g 41
/
1
4e
Cleve & P gen gu 4, ser B.1942 A 0
1942 J J
/
45
Series 41
1948 M N
Seriee C 34e
1950 F A
/
48
.
Seriee D 31
/
15_1961 A 0
Cleve Sher Line let gu 44
/
1
8
1972 A 0
Cleve Union Term 54
1973 A 0
let e f 15 eer B
River Ry 1st gu 45_ _ _1945 J D
Coal
Colorado SE South 1st g 4s....1929 F A
/
4
5_1935 M N
Refunding & exten 41
1948 A 0
Col & H V 1st ext g 4s
1955 F A
Col & Tol let ext 4e
& Paesum MY lot 4e1943 A 0
Conn
1930 F A
Consol Ry deb 4/4
1954 5 J
Non-cony 45
J D
Registered
Non-cony debenture 4s__ _1956 J J
Non-cony debenture 4s- _ _1956 .1 J
-year 511g-1962 J J
Cuba RR let 50
19365 D
/
1
4e
let ref 7,
1936 5 D
lit Ilen & ref 66 eer B
Cabs Northern Ry 1st 6s-1968 J J
875 8812 874
4
8758
9912 Sale 9932
9912
10418
102 Aug'26
1027 Sale 10274
2
102%
10612 107 10612
10612
10358 Sale 10314
1038
9312 94
9358 Nov'26
8512
Oct'26
85
8712 88% 87
54 Oct'26
843
8314 Feb'26
907 93
9112 Oct'26
9012 ____ 8112 May'26
104 107 1075
5
1075
5
1013 10212 10114 Sept'26
4
9912 ____ 9954 Sept'26
98
993 983
4
4
984
9912 Aug'26
10112 Mar'26
851s
8514 Oct'26
8412 ____ 8458 Sept'26
9912 10014 9912 Oct'26
1073 Sale 1075
4
8
1073
4
7
10358 103 10314
1033
4
8812 ____ 883 July'26
4
99
9912 9914
9914
9612 Sale 9612
963
4
8914 9212 90 Aug'26
8912 9012 894
893
4
4
80
853 Sept'26
80
9312 Oct'26
9212
68
68
70 Sept'26
Oct'26
72
Oct'26
72
955
8
9512 Sale 95
4
10818 1083 107% Nov'26
9912 9912 Nov'26
99
98%
98 Sale 9758
3
5
16
3
29
1
6
30
20
15
19
2
21
15
a Die Jan. b Due Feb, •Dn. May. 2, Due Deo. s Option sale.
BONDS
N.Y.STOCK EXCHANGE
Week Ended Nov. 12.
Day & Mich lst eons4 Me_ _ _1931 ii
Del& Hudson let & ref 4s___1943 MN
30-year cony 55
1935 AO
16
-year 5345
1937 MN
10-year secured 7s
1930 J D
D RR & Bdge 1st gu 4s g__.1936 P A
Den & R 0
-1st cons g 45_1936 J J
Como' gold 44
/
1
s
1936 J J
Improvement gold 5E3._ _A928 J D
Den & R(2 West gen 5s_Aug 1955 MN
Des M & Ft D let gu 4s___ _1936
'
S
Temporary etre of deposit_ _ _ _
Des Plaines Val let 41 _ _1947 MS
/
4EL
Det & Mack—let lien g 48_ _1995 J D
Gold 4s
1995 J D
Detroit River Tunnel 41
/
4E1_1961 MN
Dul Missabe & Nor gen 65_1941 is
Dul & Iron Range let 5s
1937 AO
Dul Sou Shore & All g 55__ _1937
'
S
Price
Friday.
Nov. 12.
Range
Since
Jan. 1
Veat's
Range or
Last Sale
Bid
Ask Low
High
High No. Low
97% _
_ 977 June'26
8
977 983
4
4
94% Sale 94
a
903 95
94% 11
115 11612 11512 11714 55 )0814 12212
104 10414 10414
3 1027 10512
10412
4
10714 1073 10714
5 107 1104
4
10712
9412 ____ 95 Apr'26
944 95
903 Sale 9012
4
5
853 91
903
4 63
9
9412 95
95
9412
89
94%
993 Sale 9914
4
9512 100
993
4
7512 805
74% Sale 7412
82
7512
34
41
39 Sept'26
39
471
1
35
4
37
36
33% 47
36%
__ 963 Aug'20
4
964 967
4
93%-7112 75
71 June'26
72
70
65
67% 65 Sept'26
85
65
97 Sale 96%
48
97
94% 9812
104
_ _ 10312 Oct'26
10312 104%
102 Sale 102
4 1011g 10312
102
8212 83 83
Oct'26
8114 994
East Ry Minn Nor Div 1st 45248 A 0
East T Va & Ga Div g 5s___1930
Cons 1st gold 55
1956 M N
Elgin Joliet & East let g 5s 1941 M N
El Paso & S W 1st 5s
1965 A 0
Erie 1st consol gold 78 ext_ _1930 M S
let cons g 4s prior
1996 J J
Registered
1997 J J
1st consol gen lien g 45
1996 J J
Registered
1996 J J
Peen coil trust gold 4s_ _ 1951 F A
50-year cony a aeries A 1953 A 0
Series 11
1953 A 0
Gen cony 413 series D
1953 A 0
Erie &Jersey 1st at 6s___ _1955 J J
Genesee River let 5 f 58_ _1957 5 J
Erle&Pittsgug3l.4eB__.19405 J
Series C 34e
/
1
1940 J J
Est RR extl ef7s
1954 MN
9134 03
91 Sept'26
10034 101 1003
2
4 1003
4
106 Sale 106
1
106
10114 10212 10112 Oct'26
10434_ _ 10434 104%
3
10815 Sale 108
1
113812
793 80
4
7934
8014 23
76% 791z 777 Oct'26 2
7212 Sale 71%
7212 120
68
Oct'26
-97T2 - - - 9712
974
9712 14
76% Sale 76
34
77
77 Sale 7614
35
77
8212 Sale 8134
82 8 120
,
11114 1113 1114 1113
4
4 32
11114 Sale 103
4 11114 16
8814 91
89 June'26
88% 91
8818 Sept'26
92% Sale 9112
305
93
Fla Cent & Penn let ext g 5a_1930 J
Como' gold 5e
1943,1 J
Florida East Coast lst 41
/
4E1_1959 J D
1st & ref descries A
1974 MS
Fonda Johns & Glov 434e_.._1952 MN
Fort St U D Co lat g 44
6._ _1941 j s
/
1
Ft W & Den C let g 51
1961 s
/
4s
Ft Worth & Rio Gr 1st g 4e 1928 J .1
Frem Elk & Mo Val 1st 65._ _1933 A 0
_
10012
10052 16114
98
9814
9914 Sale
5812 Sale
92% 95%
10639-- _ _
9714 98
107% 109
0012 Nov'26
0114 Nov'26
99
49
98%
9834
993 123
5812
5812
1
9014 Dec'25
065 Sept'26
_
97%
9752
9
0712 Nov'26
9111
91
100% 101%
100% 1063
4
3
10118 1047
1025 10514
8
10534 1081,
7412 803
4
7778 77%
73
64
6812
65
98% 98%
6714 7712
6714 7712
7312 86
4
104 1113
10414 11114
92
86
8912
88
8112 9414
98 1004
9814 102
953 99
3
97 1004
583 047
8
4
ioi"
96
107
107
983
e
10854
GH &SA M leP 1st 5a1931 MN 10012 1003 00 Nov'26
4
9714 10112
1931 Si 100 10012 00
2d extent) 5s guar
Oct'26
100 101
Galv Hous & Hend lst 5s
1933 AO 97
9734 9612
10
97
9312 99
Ga & Ala Ry 1st cons 513.0et 1945 55 9814 9812 983 Nov'26
4
96 100
Ga Caro & Nor lat gu g 58..1929 Si 100 10018 993 Oct'26
4
9914 10012
Georgia Midland 1st 35
1946 AO 72
73
72 Nov'26
73
63
Gr R&lext lstgug 41
/
411_1941 Si 9612
97 Sept'26
95% 977
5
Grand Trunk of Can deb 78_1940 A0 1 1553 1 -34 11512 115%
-15
2 ,113 1164
l5-years 188
1936 MS 107 10712 107%
10712 17 1065s 108
Grays Point Term 1st 58.__ _1947 SD 94%
_ 9512 Oct'26
9512 954
Great Nor gen 75 series A_ _1935 Si i1312 Sale 11314
113% 131 1093 11412
4
Registered
J J
1134 Apr'26
1124 11314
let & ref 41 series A____1961 5,
/
4e
12
9818
9112 9838
98 4
,
1
4
General 5/e series B
1952 is 10684 Sale 106%
12 102% 108
107
General 55 series C
1973 J J 10212 Sale 102
in% 1023
102% 30
4
General 41 series D
/
4e
1976 ii 9374 Sale 93
93% 69
903 957
4
a
Green Bay & West deb ctfs A_ _ Feb 83
_ _ 84
Oct'26
85
78
Debentures etre B
Feb 2312 Sale 2314
2312 16
1312 2315
Greenbrier Ry let gu 48_ _ _1940 MN 9134
9114 July'26
883 911
4
4
Gulf Mob & Nor 1st 51
/
4
s_ _1950 A0 10459
10414
10412
101 106
Gulf & S list ref & ter g 5e _81952 S i 10512
_ _ 106 Nov'26
10312 1074
Hocking Val 1st cons g 41.48.1999• i 97
98
97 Nov'26
1999 Si
Registered
_ 90 May'26
Housatonic Ry COMB g 68_ _ _1937 MN 94-- - 9714
98
994
9714
H & T C lst g Int guar
1937 S i 10134
10014 Oct'26
883 9012
1930 MN 10134
4
Waco & N W 1st 6:5
_ _ 10134 Mar'26
101 102
151 58.1937 Si 99% _ _ _ _ 98% Nov'26
Houston Belt & Term
102% 10412 Houston E & W Tex-lot g 5E4_1933 MN 100% _ _ _ 10014 Oct'26
1933 MN 10014 _ _ _ _ 10018 10012
1st guar 55 red
94% 95
9814 101
Hud & Manhat 58 eerie. A_ _1957 P A 98 Sale 97%
9814
9812 10014
Registered
FA
Apr'26
_
97
92
77
Adjustment Income 59 Feb1957 AO 8214 Sale 813
4
823
4
7654 853
4
944 98
Illinots Central 1st gold 4s__ _1951 ii 9312
9334 Oct'26
101 1054
1951 is Registered
- 3- 93 Mar'26
91 4
1951 J J 8612
100 103
1st gold 31
/
4e
91 Sept'26
1157 11914
4
Registered
is 84
89
8234 Jan'25
0912 10612
/
4e_
Extended lst gold 31 _1951 AG 8412 87
87 Sept'26
1951 M
81
8714
let gold 3s sterling
68
75
Feb'26
71
1952 AO 895 96
Collateral trust gold 4s
100% 105
5
90 Nov'26
Registered
10238 104
AO 843
4
_ _ 803 Nov'25
4
1955 MN 93% Sale 9312
98 4
3
let refunding 4s
96
93%
9512
1952 S i 821e 8312 82
Purchased lines 31
/
4e
93
Oct'26
Registered
9314 93%
S i 81
82 4 8412 July'25
,
Collateral trust gold 45___1953 MN 88 8 Sale 8712
8912 91
,
8814
Registered
100 10114
MN 853
4- 8512 Oct'26
1955 MN 106% 16- 10634 106%
Refunding 5a
- 712
1934
85
/
45
8812
15
-year secured 51
10258 Sale 102% 103
/
4s
974 995s
15
-year secured 61 g_ _ _1936
1113 11214 112
4
112
1950
102 10415
Cairo Bridge gold 4e
9214 927 927 July'26
8
8
101% 1037
8
Litchfield Div let gold 30-1951
75% 77
7514 Oct'26
/
45_1953
Lollies/ Div & Term g 31
105 108
82
8314 82
82
Registered
993 103%
4
81
8212 81% Aug'26
Omaha Div let gold 3s__ _ _1951
91
9312
A 76 Sale 76
76
813 85%
4
St Louie Div & Term g 33_1951
75% 77
75
Oct'26
1951
Gold 336s
8212 8814
84% 8512 8512
8512
11314 8314
/
45_1951
Springfield Div let g 31
5 837
84 Sept'26
89
9112
Western Lines 1st g 4s1951
A 9012 91 90
8- 18
90
1951
Registered
811 90
/
4
A
84 Aug'25
10414 1073 Ill Central & Chic St L & NO—
4
4
1963 S D 1033 Sale 10212 10312
10114 1023
Joint let ref 55 series A
5
1951 J D 10414 10512 10414 Sept'26
99% 99%
Gold 55
Registered
963 983
4
4
ID 10114
10214 Apr'26
1951 J D 79%
/
4s
9918 9914
Gold 31
_ _ 7812 Feb'26
10112 1014 Ind Bloom & West let ext 48.1940 AO 91%
_
91 Sept'26
834 86
Ind ill & Iowa 1st g 48
1950 S i 91%
9134 Oct'26
84% 85% Ind 55 Louisville 1st gu 4s_ 1956 is
8312 Oct'26
973 10112 Ind Union Ry gen 6s ger A_1965• s
4
17 10274 10212 Nov26
4 ---10512 108%
1965 ii 10214 10.312 0212 Sept'26
Gen & ref 5s series B
100% 10434 Int & Grt Nor let 65 ser A_19525, 10614 Sale 10512 10614
86% 88%
Adjustment 6a sec A July 1952 Aprl 814 Sale 8034
8114
Stamped
9814 9912
Aprl 7
612 78% 777
8
783
2
95% 9712 Int Rys Cent Amer 1st 5a___1972 MN 77 Sale 763
4
77
1941 MN 95
coil tr 6% notes
874 9212
let
9614 95
9512
874 90
Iowa Central let gold 5s
1938 J D 55 Sale 55
5512
81
85 4
3
Certificates of deposit ______
55
5559 55 Nov'26
Refunding gold 48
75% 9312
1951 511 1612 18
1612
165
5
65
/ 73
1
4
James Frank & Clear lat 45_1959 1 D 9012 9112 9012
9054
70
70
654 75
KaA&GRlstgug 5a
1938 S i
_ 101
Apr'26
Kan & M lst gu g 4s
654 74
1990 AO 1021283% 8512 84
Oct'26
883 9612
4
1927 5 J 99%_ 997 Oct'26
2d 20
-year 6s
4
KC Ft BA M cone g 61 — 1928 MN 10112 gile
105 110
110112 1015
8
9712 100
K C Ft 8 & M Ry ref g 4/3_1936 AO 923 Sale 9218
5
92%
924 98% KC&MR&Bletgu5s 1929 A0 9914 99% 99% Oct'26
Kansas City Sou 1st gold 35_1950 AG 7412 Sale 7312
7412
Ref & impt Ss
Apr 1950 55 9852 Sale 98%
9918
2
366
232
91% 9715
90
90
9512 994
100 102%
10134 101%
9612 100
10018 10114
100 10114
9212 9814
97
97
754 8314
9114 97%
93
93
834 91
14-7.
_
12
26
58
3
4
2
_
6
10
85
66
191
13
8
8
11
11
2
28
16
13
, 71
71
884 92
WI(
8158 861,
"85 8959
8
-R15
8512 8512
105 10812
1013 104
4
11112 11334
9038 9274
74
784
803 83
4
78% 8215
734 76
733 75
4
8114 874
8212 85
893 004
4
9912 10312
10314 10511
1024 10214
784 7811
9211
91
8934 92
79% 844
100% 104
100% 10312
103 10615
66
83
694 8012
764 81 ,
9412 98
65%
55
65
55
234
15
8858 91%
101 101
87
83
9974 1014
10918 1031
e
894 9
3
98% 1024
76
72
93% 9913
2503
New York Bond Record—Continued—Page 3
BONDS
N.Y.STOCK EXCHANGE
Week Ended Nov. 12.
Price
Friday,
Nov. 12.
Range
Since
Jan. 1
Week's
Range or
Last Sale
11411
Bid
Ask Low
Mob No. Low
85
88 4
3
8812 57
Kansas City Term let 40._ _1960 is 8814 Sale 874
92
86
91
Oct'26 ---8
Kentuoky Central gold 45_1987 J J 867 89
2
' 85 Sale 85
S
81
9112
8512
Kentucky & Ind Term 4345_1961
5
85 4 8812
3
1961 is 873
873
4
88
3
Stamped
2 100 103
Lake Erie & West let g 5e_1937 ii 1021
4- 0218 10218
2
983 101
8
1941 S i 99 8 10
4
3 - 6 993
993
4
2d gold 5s
3
785 82
8
81
1997 in so% Sale 80 8
5
Lake Shore gold 3140
80
77
1997 J D
7712 Sept'26
Registered
71
984 99
Debenture goldi a
12
99
1928 MS 99 Sale 9878
9614 97 4
8
1931 MN 9712 Sale 9714
-year gold as
9712 57
25
Registered
1931 MN
96 Dec'25
8
Lah Tel Harbor Term 58_1964 FA 104 10812 10414 Oct'26 ---- 102 1045
Lab Aral N y 1st gu g 4%s_1940 3' 984 _ _ 977
90
99
8
98 8 16
7
8
827 8712
8
Lehigh Tel (Pa) cons g 45_2003 MN 864 dale 86
8612
MN
80
83
8012 May'26
Registered
92
99
2003 M
4
9618 37
96 Sale 953
General cons 4%5
19 1003 105 4
4
3
8
105
Lehigh Val RR gen 55 series _2003 MN 10418 Sale 1037
/
1
Leh V Term Ry let gu g 58_ _1941 AO 1034 Sale 10312 10312 10 102 105
7
85
907
/1
8
89
893
4
Leh & N Y lst guar gold 4s_ _1945 MS 885 90
Oct'26 ---- 10512 110
8
Lex & East let 50-yr 55 gu_ _1965 AO 1077 1083 108
4
84 8 8712
5
1952 MN 86
8612 Oct'26
88
Little Miami 4a
109 109
109
Oct'26 Long Dock console 68
1935 AO
1004 Oct'26 ____ 10018 101
Long Isld let con gold 5eJuly1931 Q J 10034
9712
9412 9712
9712 Aug'26 ---let consol gold 4s____Ju1y1931 Q
90 8 93
5
General gold 45
92 Aug'26 ____
1938 in 9214
97
97
Gold 48
1932 in 941 =- 97 July'26 ---5
843s 915
8
Unified gold 48__,
4
883 90 883
44
1949 M
883
4
Debenture gold 58
973 997
s
s
8
1934 in 9912 99% 997 Oct'26
6
94 100
20
-year p m deb lie
98
1937 MN 98 Sale 9712
85
903s
8912 72
8912 Bale 884
Guar refunding gold 4s.._ _1949 M
2
991s 1003
4
8
4
Nor Sh B let con g au 58-01932 Q J 993 993 9914
9914
8
997 101
Louisiana & Ark let g 58_ _1927 MS 1003 101 1004 Oct'26
/
1
4
865 9012
8
Lou &Jeff Bdge Co gu g 4s1945 MB 8614 9014 904 Oct'26
/
1
10212 10534
Louisville d: Nashville 5s_ _1937 MN 10312
10312 10312
9314 957
s
Unified gold 4s
8 9571940 J J 953 - 8 9514
953
4 27
4 100s104
101
Collateral trust gold 58—.1931 MN 101 Sale 101
13 105 108
10
-year secured 73
106
1930 MN 106 Sale 105
1077
4 1073
let refund 5545 series A...2003 AO
4 10 1057e 11014
6 10374 10814
105
1st dr ref 58 series B
2003 AO 105 Sale 105
96 10014
9912 17
let & ref 434s series C
2003 AO 9912 sale 994
104 107
1930 is 10334 1044 10414 Sept'26.
N 0& M 1st gold 6s
10312 104
2d gold 65
1930 J J 10312 10412 1033 Oct'26 4
5
914 93
Paducah & Mem Div 4s. _1946 FA 9238 93
8
93
923
6712
2
6712
654 68
St Louie Div 2d gold 38.._1980 M
6712
8
983 995
4
Mob & Montg 1st g 4 Si e_ _1945 MS 100
_ 983 Aug'26 ---4
4
8512 89
South Ry Joint Motion 48_1952 5, 8712 88
8818 8712
8
9014 93
Ml Knoxir & On Div 4s_.A955 MN 93 Sale 9218
11
93
2
9914 100
9914
Lousy Cin & Leg Div g 454s'32 MN 9912 100
/ 9914
1
4
4
Mahon Coal RR let 58
10134 Mar'26 __._ 1013 1014
1934 is 10178
2
6012 67
Manila RR (South Lines) 45_1939 MN 65 Sale 65
6512
6212 7614
let 48
7114 Sept'26
1959 MN 7114 72
Manitoba Colonization as_ _ _1934 u s 10012 sate 1004 Oct'26 ---- 100 101
8312 85
Man OB &N W lat 3%8_1941 ii 835
8312 Oct'26 ____
2 1007s 102
Mich Cent Del & Bay City 56231 MS 1015 1013 1013
8- -8
4 1013
4
M
9958 101
Registered
101 June'26
923 955
Mich Air Line 4s
8
6
1940 ii 9314 -- 9318 Oct'26
79
J L & let gold 3Sis
80 8
3
1951 MS 833
79 Mar'26
4
MN
lat gold 3458
83
8512
85
Oct'26 __—
1952
20
-year debenture 48
6
935 987
8
s
981g
1929 AO 981
- 9818
Mid of N J ist est Se
9012 96
947 Oct'26 ---8
96
1940 AO 95 4Milw L S & West imp g 52_1929 FA 1004 101
8
2 1004,1013
005
8 1005s
/
1
Mil & Nor let ext 4Sis(blue)1934 in
9514 96
9412 Dee'25
Cons ext 414s (brown)__ _1934 in 9512 96
2'
6E8 WI;
9512
9512
Mul Spar ,Sr NW 1st gu 4s___1947 MS 9118 92 92 Oct'26 ---93
89
Milw & State L let gu 3%5_1941 ii
813 Dec'25
8
Winn & St Louis let 7s
1927 in
let consol gold 55
1934 MN
MN
Temp Mfg of deposit
let & refunding gold 45___1949 M
Ref ,S: ext 50-yr 55 ger A__1962 Q F
let guar g 7s
1927 J D
M St P &SSM e,on g 45 lot gu'383,
let cons 58
1938 is
let cons 58 gu as to int
1938 ii
10
-year coil trust 6Sis1931 MS
let & ref 68 series A
1946 ii
25
-year 5)4e
1949 MS
let Chicago Term sf 48._ _1941 MN
Illanssippi Central 1st Se
1949 J J
Mo Kan & Tex—let gold 45_1990 in
Mo-K-T RR—Pr 158 sec A _ _1962 J J
'
S
40
-year 48 seam B
1962
10
-year 65 series C
1932 ii
Cum adjust 543 ser A Jan_1967 AO
Missouri Pacific (reorg Co)
let & refunding 58 ear A 1965 FA
let & refunding 65 ser D 1949 FA
let & refund 68 ser E int_1955 MN
General 48
1975 MS
510 Pao 3d 78 ext at 4%
1938 MN
Oct'26
981
_ 98
56 268 57 . Oct'26
Oct'26
55 • 57 57
2
1838
183 Sale 1734
8
4
12
13
12
14
26
100
9912 102 100
887
8 30
887 Sale 87
4
973
4 13
9712 9814 9712
9712
9814 18
9712 Sale
14
8 103
1023 Sale 1025
4
2
102
10112 10214 102
7
92
92
8912 92
9312
_ 93 Mar'26 _
98 10112 Oct'26
8714 13
863 8712 87
4
10112 Sale 10118 10112 73
8612 20
8614 Sale 8512
10318 19
103 Sale 103
945 514
8
944 Sale 9312
/
1
9412
98%
10618
107
74
92%
Sale
Sale
Sale
Sale
____
109
99
98
73
107
10614
117
107
10614
744 306
/
1
733
4
92% Oct'26
Mob dc Sir prior lien g 55._ _1945
99 Sept'25
locus -2
Mortgage gold 45
947
8
8
1945 2 2 847 8512 947
Small
1945 2 __. 9 4
4
43
_ 783 Sept'26
Mobile & Ohio new gold 65_1927 4., 5 lova 102 10112 10112
'.
lat extended gold 6s__July1927 _ 2 Iowa 1027 101
10112
'
4
2
9212
General gold 45
9212
924
1938 7.4. e,
_
Montgomery Div 1st g 5s_1947'45 99 id
99
99
5 ,..
_
St Louts Division lis
Oct'26
1927 J_ ... loo 10014 100
Mob & Mar 1st gu gold 4e_ _1991 7 5 ?
3
90 4
3
__ 90 4
y
9012-Mort C let gu g 6e
l937' 4 11114 11214 11112 Oct'26
J J
Registered
10914 Oct'26
let guar gold Ls
1937J., ,. . 5 10318 10314 10314 10314
.
79
Morris & Essex lst gu 3%5_2000 2 34 79 Sale 787
2
_
8
Neosho Chatt & St L lst 56_1928 _A 54 1007 10138 10138 10138
_
8 10212
NFla & 0 Istgug 58
1937
!
it 10152 10312 1013
30 Sept'25
Nat Ry of Mex pr lien 414s 1957 4 4
19 Apr'25
July 1914 coupon on
---1714
173
4
Assent cash war ret No 3 on -,--_1977 A V
8712 Aug'25
Guar 70
-year s f 48
A 0
2318 Sept'26
April 1914 coupon off
Assent cash war ret No 3 on -_---• 1812 If 23 041.'26
3812 July'25
Nat RR Mex prior lien 4345_1926 4 .
J J
23 July'26
July 1914 coupon on
3014
3014
30
Assent cash war ret No 300. --- 27
1981 A 0
28 Apr'25
1st consol 45
A0
1812 June'26
April 1914 coupon on
1514 • 1612
16
Assent cash war ret No 3 on ---- 1514 .
-Fr; We"
New England cons 55
l945' i
1
Consol 48
1945 1, J
.
_
NJ June RR guar 1st 4s_ _ 1986 r_ A
N 0& N E ler refacimp 4%s A'52 2 2
New Orleans Term 1st 4s__ _1953
. _..
N 0Texas & Mex n-c Me 56_1935 A U
1984 A 0
let 5s series 11
1984 A 0
let 554s series A
N & C Edge gen guar 4S25_1945 i i
NYB&MBIsteong 5s-1935 A 0
MY Cent RR cony deb 130._1935 M N
MN
Registered
1998 F A
Consol 4s series A
2013 A 0
Ref & impt 4%5 • A"
2013 A 0
Ref & hunt 55 series C
A 0
Registered
4
3
4
17
4
25
9718 101 10018 July'26
8614 Sept'26
883
8
8
8414 -- 843 Sept'26 ---3
95
/
1
953 9512 954
4
8818 13
88 Sale 8714
7
10014
10014 Sale 10014
8 49
1003
8
1003 Sale 100
1053
8 25
10518 Sale 10518
964 Oct'26
/
1
9653 98
4
1003 1014 1003 Oct'26
4
Oct'26
107 10712 108
10612 May'26
8912 20
"Wit "We 8918
141
98
973 Sale 97
4
220
106
1053 Sale 105
4
1033 Oct'26
4
•Due Jan. 6 Due April. p Due Des
8
13
4
4
1
o_Due_Oct.
BONDS
N.Y.STOCK EXCHANGE
Week Ended Nov. 12,
ft
Price
Friday.
Nov. 12.
Bid
Ask Low
High N • Low
MO
N Y Central& Hudson River—
1997 ii
Mortgage 334s
1997 ii
Registered
1934 MN
Debenture gold 4s
MN
Registered
1942 is
-year debenture 4s
30
Registered
Lake Shore coil gold 3148_1998 FA
1998 FA
Registered
Mich Cent roll gold 3Sis 1998 P A
1998 FA
Registered
N Y Chic & St L lst g 4s__ _1937 A0
1937 A0
Registered
1931 MN
-year debenture 4s
25
1931 MN
2d 6s series A B C
Refunding 5345 series A 1974 AO
Refunding 5548 series B 1975 ii
NY Connect 1st gu 43.55 A_ _1953 FA
1953 P A
let guar 58 series B
N Y & Erie 1st ext gold 4s_ _1947 ▪ N
1933 M
3d ext gold 4348
1930 A0
4th ext gold 55
1928 S D
5th ext gold 45
N Y & Greenw L gu g 5s_1946 MN
2000 MN
N Y & Harlem gold 3Sis
14
793
8
80
783 Oct'26
4
9614
9612 21
944 Sept'26
95
93
/ 9512 933
1
4
4
93 Feb'25
773 783 78
4
8
78
761g
7618
7912 793 7814 Oct'26
4
7834 Sept'26
9518
9518 Oct'26
9478 July'26
7
-edi2
963
4. 967
s
10314 Sale 10278 10312 18
10414 Sale 104
1043
2 75
10438 Sale 1037
8 10414 182
9578 Sale 9512
953
4 28
10318 Sale 103
10318 12
913 Oct'26
4
98 Sept'26
10058 Mar'26
10012
9814 --- 99 Mar'26
2
9812 ____ 9918
9918
793 Oct'26
8
NY Lack & W lat & ref 5s 1973 MN
1973 M N
First & ref 434e
NYLE&W lst 7s ext_1930 M S
1932 F A
N Y & Jersey let 5s
Y & Long Branch gang 4s1941 M S
NY&NE Bost Term 4s1939 A 0
NYNHatlin-e deb 4s_1947 M S
M 8
Registered
Non-cony debenture 3446_1947 M 13
Non-cony debenture 33,45_1954 A 0
Non-cony debenture 48._.1955 J J
Non-cony debenture 4a..._1956 M N
1956
Cony debenture 354e
1948 J
Cony debenture 8s
J J
Registered
1940 A 0
Collateral trust 65
1957 M N
Debenture 4e
Harlem HA Pt Ches let 4s 1954 M N
N Y ,S: Northern 1st g 5s__ _ _1927 A 0
NYO&W ref 1st g 4s_June 1992 M
General 4s
1955 J D
NY Providence & Boston 0.042 A 0
N Y & Putnam lst eon gu 451993 A 0
NY&RBIstgoldew
1927MS
N Y Bum & West 1st ref 55_1937 .1 J
2d gold 4%8
1937 F A
General gold 58
1940 F A
Terminal let gold 5e
1943 M N
N Y W'ches & B 1st ser I 4348'46 J J
80 July'25
102 101
Oct'26
10512 ___ 1061 July'26
/
4
3
100 4 Sale 10012 100 4
3
92
4
91
903 Oct'26
-- 9158 Oct'26
Oct'26 _
8975 . 73
77
_- 60 June'25
677
4-- 70 Aug'26
667
s
66 17 6678
Oct'26
7354 745s 83
74513
7454 Bale 7418
6614
6618 Sale me
104 8 Sale 10414 105
7
Oct'26
102
10214
102's Sale 102
69
69 Sale 6834
89
8918 Sale 89
/
1
10014 Oct'26
1004
8
747
744 Sale 74
8
70
70 Sale 697
884
8814 Sale 8814
8858
2
8812 8912 883
-26
Oct
993
--- 100
8312 Oct'26
48312 85
7118 Oct'26
75
70
68
68 Sale 68
99 1003 99 July'26
4
7814
4
78 Sale 773
Nord Ry ext'l I f 6348
1950 A0
Norfolk South 1st & ref A 56_1961 FA
Norfolk & South 1st gold 58_1941 MN
Norfolk & West gen gold 63_1931 MN
Improvement & eat 68_1934 P A
New River let gold
1932 A0
NA W Ry 1st cons g 4s_1996 A0
Registered
1996 A0
Div'l 1st lien & gang 48_1944 S i
10-yr cony. 88
1929 M
Pocah C & C joint 45_ _ _1941 3D
North Cent gen & ref 55 A._1974 M
North Ohio ist guar g 58_ _ _1945 AO
North Pacific prior lien 4s _1997 Q J
Registered
1997 Q J
General lien gold 38
a2047 Q F
Registered
02047 Q F
Ref &(rapt 4345 aeries A __2047 ii
Registered
ii
Ref & Rapt 611 series B_ _ _2047 J
Registered
is
Ref & impt 58 series C —2047ii
Ref & impt 55 series D_2047 J
Nor Paz Term Co 1st g 6s__1933
Nor of Calif guar g 511 ' 1938 A0
North Wisconsin 1st 68
1930
223
774 89 s
3
8778 Sale 8714
88
62
774 90
4
8
9
883 Sale 873
4
1
98 101
1003 -- 10012 10012
10524 108 4
11
10518 106 10738 Sept'26
81 10812 110
4
1083 1091 1083
4 1083
8
1067 1071
8
1
8
1067 1074 1067 Oct'26 —
8
13
93
9014 934
1
2
93 Sale 923
9012 Oct'26 --89
92
1s
91
12
927
8
93
9258
90% 94 1
1
1 138 161
4
1523
4 5123
162
94
91
93 - "7 9318 Oct'26 — 13
;
1043 1061 10412 Aug' ---- 100as 1041g
8
26
9484 13
88
974
1
944 Sale 9312
gois 91
903
4 69
9014 Bale 9018
3
86
89
89
89
884 _ _ _
/ 66
1
4
61
65 8 54
7
65 Sale 6812
/
1
4
5
641s
6418
60
6418
641 67
/
4
5
87
95
14
9514 Sale 9414
9514
8
1123 Apr'25 -1l27 Sale 11278 113s 95
110
1a
11014 Mar'26 _ _
25
10212 103
98 104
14
10212
9814 10314
103 Bale 10234 103's 10
10914 110 11014 Oct'26 -1104
1014 10514
4
1037 105 1043 May'26 _ _
8
1027 Oct'26 -- 1021s 10314
8
1027
8
98
98
57
64
56
633
4
173 23
4
12
1814
100 100
7
85 2 9112
9712 9934
9712 99 4
3
1015 108
8
10038 10358
885 9712
8
93 93
93 10112
845 875
2
4
9614 103
80
/ 8812
1
4
1023a 10414 Og & L Cham lst gu 48 g-1948 is
9012 9534 Ohio Connecting Ry let 40_1943
Ohio River RR lst g 55
1936 J D
894 100
General gold 58
1937 A0
10134 107
Oregon & Cal let guar g 5s.._1927 ii
1013 1074 Oregon RR & Nay con g 45_1946 in
4
65
7412 Ore Shore Line 1st cons g 58_1946 S i
88
93
Guar cons 55
1946 ii
Guar refunding 48
1929 S D
Oregon-Wash 1st & ref 43_1961 ii
7984 947 Pacific Coast Co 1st g 58._ _ _1946 J D
783 87
4
Pae RR of Mo 1st extl g 4.8._1938 FA
10078 1035
8
2d extended gold 55
1938 ii
10012 10614 Paducah & Ills let s f 4 y2,1_1955 S i
90
9212 Paris-Lyons-Med RR 6s_
1958 FA
98 4 101
3
Sinking fund external 7s_ _1958 MS
9912 10012 Paris-Orleans RR Sf 7s
1954 MS
87
98
/ Paulista Railway 75
1
4
1942 M
1094 11212 Pennsylvania RR cons g4s...1943 MN
10914 10914
Consol gold 4s
1948
N
10112 1027
8
45 eterl stpd dollar_May 1 1948 MN
773 817
4
8
Consolidated 4%s
1960 FA
1003 10158
8
General 4548 series A _ _ 1965 ▪ D
1013 10318
4
General 58 series B
1968 J o
10-year secured 78
1930 AO
15
-year secured 654e
1936 FA
221
15
Registered
P A
40
-year gold 58
1964 MN
2318 23l PaCogu3j4scolutrAregjg37 MS
17114 27
Guar Mis cell trust set B_1941 FA
Guar 3%5 trust etre C
1942 J O
23
23
Guar 3%5 trust etfs D__1944 S D
2714 3512
Guar 15 -year gold 4s.._ _1931 A0
-25
Guar 45series E
1952 MN
181* 21
•
13
2072 Peoria S: Eastern 1st cons 45_1940 A0
Income 48
1990
9514 10018 Peoria & Pekin Un 1st 5143_1974 A0
81
87
Pere Marquette 1st ser A 58-1958 ii
841 8514
%
1st 45 series B
1956 ii
9234 975 Phlla Balt & Wash let g 45.1943 MN
a
84
nu
1974 P A
General 58 series B
984 1004 Philippine Ry 1st 313-yr ef4s 1937 ii
96 10078 Pine Creek registered 65
1932 in
1024 10512 PCC&StLgu 4%sA
1940 A0
Series B 4%s guar
1942 AO
94
4 97
993 102
4
1942 MN
Series C 4%a guar
10438 109
1945 MN
Series D 48 guar
10612 10612
Series E 3348 guar gold_ _1949 FA
1953 S D
Series F 4s guar gold
85 4 904
3
1957 MN
Series G 41 guar
214 98
3
10118 106
1034 103 8
7
s Option sale.
Range
Mace
Am.1
Week's
Range or
Lan Sale
80
Sale
_
9614 Sale
joij
a
10
_
_
1
17
2
81
7612
7612
9414
941s
9214
1111.
80
/
1
2
961e
94 42
1
97
'ie. 54
76
78
78
54
77
9224 95
14
92
94 1
5
9312 97 4
3
10218 105
9812 10411
2
9814 105
92
981
4
10018 104
8912 913
4
98
98
10018 1004
/
1
98
/ 99
1
4
94
99s.
7914 7911
5
995 102
106 10614
/
1
4
10038 1014
90
90is
9118
88
7012 7712
"iiik
614 68
7558
65671
675 75
* 514
61 mm8
9734 74
" 10214
9612 02
61
7
2
40
13
1
3
2
77
00 00
58 4 704
100 10032
137
/ 76
1
4
8
62 2 8114
2 14 7
2
8612 884
100 1004
738 8971
7
64
63
971s
691s
73
7412
99
784
Kir, nisi
no1
/
4
109;4
801
80
8012 804
4
-- 903 Dec'2
102 10214 10178 Oct'2
9214-1003 10214 10034 OcV2
4
100 10014 10014 1001
92
___ 92
1063 10714 10632 107
4
9210634 Sale 10834 107
981
9814 Sale 984
871
87 Sale 8684
/
1
4
Oet'S
94
94
/ 94
1
4
933 943 933 Oet'2
4
4
4
10114
- 10112 Oct'2
4
9714 9818 973 Oct'2
841
8414 Sale 8312
933
933 Sale 93
8
923
4
9212 Sale 9132
10112 10214 10214 10214
951s
_ 9314 Aug'26
9418
944
94 -di
4
935
4
4
933 Bale 933
/
1
4
1007 1014 10078 100
8
9818
987 Sale 9818
s
8
1067
1065 Sale 106
s
1067 Sale 1065
8
8 107
8 11212
1123 Sale 1117
8
11118 _- 11414 Oct'26
4 10212
10214 Sale 1013
Oct'26
87
Oct'26
85
844 Aug'26
84
-8
85 835 June'26
8418 9712
/ 9712
1
4
9714 97
/
1
8
887 884 Oct'26
88
1
73
62
1005810228
1
11
19
11
45
35
383
392
137
2
5
1
17
34
20
41
45
174
13
1002 10212
s
100 10114
894 92 1
1
4
1043 103
1084 108
967 98 8
8
7
833 88
4
917 96
4
9111 94
4
100 1013
9614 9814
7312 844
82
9412
82
9314
1007 10318
8
9314 947
2
9118 993
4
9114 9814
974 1013
4
9414 9915
1027 1064
8
1065 1083
8
8
1114 1134
11114 1124
8
983 1021s
87
87
83
86
84
11412
82
831%
9814 97%
8814 8914
79te 8711
8514 12
8514 Sale 8414
85
42
403
4 10
403 Sale 4012
4
1 10014 104
10112 sale 10112 10112
9 10114 10453
10378 104 10334 1041s
2
853s SSTs
8814
88
88
90
93is 951e
943 9514 9514 Oct'26
4
10918 10914 115 1061s 11112
10914 1093
4
4012 45
43
43
4214 43
1053 10714 10514 Mar'25
8
_
967 lOOlg
e
984 100
987 Oct'26
s
2
983
4
96112 991
s
983 9912 984
4
7
983
4
9714 WS
9834 9912 9714
9712
10
941.,-- -- 9712
9312 911
1
9512
9518 9712 9512
9212 951s
3
9712
4
927e 97
944 973 9712
/
1
1s
9712
2
9418
9712
98
9712
2504
New York Bond Record-Continued-Page 4
r.
BONDS
N.Y.STOCK EXCHANGE
Week Ended Nov. 12.
t
Price
Friday.
Nos. 12.
BM
MU Cin Chic & St L (Concluded)
Series H 48
1960 F A
Series I cons guar 4;48
1963 F A
Series J 4348
1964 MN
General M Ss series A
1970 .1 D
Registered
J D
Gen mtge 58 genies B
1976 A 0
Pitts & L Erie 2d g be
51928 A 0
Pitts McK et Y let go 65____1932 5 J
Pitts Sh & L E 1st g 613
let consol gold bs
Pitts Va & Char lst 48
1943 MN
FUMY & Ash 1st cons 5e
1927 MN
let gen 45 series A
1948 J D
lst gen bs series B
1962 F A
Providence &cur deb 46
1997 M N
Providence Term 1st 48
1956 M S
geek's
Range or
Last Sale
Ask Low
9518
9512 ____
955
1067 Sale
1063 Sale
4
100 101
10533 10714
1:131 ° 181,58 ---1001 __
927 9314
10414 105
8333 --__
41Q
High No. Low
9712
0712
1
98% Aug'26 ---98 Sept'26 64
10538 108
102
Oct'26 312
10533 108
100
2
100
106
Oct'26 --10158
5
10133
1013 June'26 4
9114 May'25 --100%
100%
1
911 Mar'28 _
10318 Oct'26 6812 Aug'26 --8433 Aug'26 --
Reading Co gen gold 46
1997 J J 9814 __-_ 9812 Oct'26 -Registered
447 May'25 J J
Jersey Central coil g 4e___1951 A 0 92 Bale 92
92
7
Gen & ref 434e series A__ _1997 .1 J 973 973 9738
4
9733 213
Rlehm dc Daily deb be stmpd 1927 A 0 ____ 10018 100
Oct'26 ---Rich es Meek 1st g 45
1948 MN
7912 Oct'26 7814
Itlehm Term By let go 5a__ _1952 J J 1013 10212 10112 Sept'26 --8
Rio Grande June let go 58 1939 .1 D 100% 10114 10018 Oct'26 -Rio Grande Sou let gold 4s 1940 J J
Oct'26 ---514 12
7
Guaranteed (Jan 1922 coup on) .5 .1
5
6 May'25 - - Rio Grande West 1st gold 48_1939 J J
9112 17
9112 Sale 907
Mtge & coil trust 48 A_ __ _1949 A 0 8334 Sale 823*
8333 11
RI Ark & Louis 1st434e
1934 M S 9414 Sale 94
9433 26
Rut
-Canada 1st go g 48
1949 J .1 78% 80
7938 Oct'26 --Rutland let con g 4541
1941 .1 J 9014 9214 9014 Oct'26 St Rd & Grand Isl lit g 4s 1947.5 J 8614 ____ 8614 Oct'26 ---St Lawr & Adir let g 5s
1996 J J 99 10014 991 Sept'26 2d gold 68
1996 A 0 104 104 101 Sept'25
St L & Cairo guar g 45
1931 J J 9.512 97
9512 Oct'213 --St L Ir Mt&8 gen con g 5e 1931 A 0 1003* Sale 1001
1005e
6
Stamped guar be
1931 A 0 ____ ____ 1003 Sept'26 -8
Unified & ref gold 48
1929 J .1 9733 Sale 971
973
4 18
Registered
J .1 --------93 Sept'25
jai
93
Ely Ss G Div 1st 848
1933 M N 93 Sale 9236
3
100
SUL M Bridge Ter gu g 58.-1930 A 0 100 10014 100
Bt La Ban Fran (reorg co)481950 J J
8433 Sale 833
4
8 % 397
4
J .1 --------8214 Oct'26 --Registered
9912 60
1950 J J
9912 Sale 99
Prior lien series B 55
4 1025
32
1928.5 J 10718 Sale 1013
Prior lien series C 55
1942 J J 1023 Sale 10214
1027 104
8
4
Prior lien 53.58 series D
9912 136
Cum adjust series A 68___61955 A 0 9938 Sale 9833
61960 Oct. 9338 Sale 9212
9312 coo
Income series A 68
se Louis& San Fr Ry gen 68_1931 J .1 105 10534 105 Oct'26 --_
1931.5 J 10012 10112 10012 Oct'26
General gold be
St L Peor ds N W let gu 58 _1948 J J 10414 Sale 10312 Oct'26 --St Louis Sou let go g 46.._ _1931 M 5 9514 ____ 9433 Oct'26 -_
Ilt L SW 1st g 48 bond ctfe_ _1989 MN 88 Sale 863
4
873
8 18
26 g 48 income bond ctfe.p1989 J J 793 803 7918 Oct'26 -_
4
4
Consol gold 48
1932 J D 9418 9433 9414
9433
2
let terminal & unifying 58_1952 J J 96 Sale 9414
953* 52
St Paul & K C Sh L let 4;46_1941 F A
93
32
9233 Sale 9218
1931 Q F 10112 ____ 10114 Sept'26
Bt Paul& Duluth let be
1st coniml gold 4s
1968.5 D 8912 _
89% Sept'26 Bt Paul E Gr Trunk 4348__ _ _1947 J J 9312 98
928 Oct'26
St Paul Minn dr Man con 43_1933 J D 97
9714 9612
9714
1
Registered
9212 July'25
J D
lit consol g 48
1933 J D 1073 1083 1077 Sept.26 --__
8
4
4
Registered
J
___
108 Aug.26
68 reduced to gold 44s_ _1933 J .1-9934 102
9934
4
3
J
4
---- 993
Registered
1933 .1 J
9712 Aug 26
Mont ext 1st gold 4e
1937 J D 95
96
947 Oct 26
Registered
J D
9412
9412
7
Pacific ext guar 48 (sterling)'40 J J 9014
9014 Oct'26
St Paul Union Depot 58___ _1972 J J 104% Sale 1043
8 10433
9
BA & Ar Pass lit go g 4e___ _1943J J 8814 88% 8814
888
Banta Fe Pres & Phen 5s____1942 M S 102
____ 10212 Sept'26
1934 A 0 10812 ____ 108 Sept'26
Sav Fla & West lst g 66
1st gold bs
1934 A 0 10233 104 1023 Oct'26
4
Scioto VANE let go g 46-1989 M N
90% 933* 8918 Oct'26
Seaboard Air Line g 45
1910 A 0 7914 81
803 Oct'26
8
Gold 45 stamped
1950 A 0 79% 80
793
80
Adjustment be
Oct 1949 F A 8114 Sale 803
4
81
Refunding 48
1959 A 0 723* Sale 723*
73
1st & cons 68 series A
1945 M 5 953 Sale 9512
4
4
953
Atl &Sinn 30-yr 1st g 4841933 M S 91
9112 9114
9133
Seaboard All Fla let go 6e A_1935 F A 9314 Sale 95
9512
Seaboard & Roan 56 extd
1931 J J 100 10012 10018 Oct'26
Bo Car & Ga 1st ext 534e_ _1929 M N 101% Sale 1011
10112
1936 F A 1023 10312 10214 Sept'28
13 & N Ala cons go g 58
4
Gen cons guar 60-yr 5&_A963 A 0 10812 ____ 1083
1083
4
Bo Per coll 48(Cent Per roll) k'49 J D 883 Sale 877
4
8
884
Registered
J D 8418 87
8512 May'26
June 1929 M 13 9812 Sale 9814
20-year cony 48
9812
1934.5 D 101 Sale 10014 101
20
-year cony Ss
-year gold be
1944 M N 10012 1003 003
20
4
8 10033
9013
San Fran Terml lit 48_1950 A 0 901 9012 9018
A086 Oct'26
Registered
-Go g be
1937 M N ioi- ---- 10313 Oct'26
So Per of Cal
95 Sept'26
So Per Coast let go g 48_ __ _1937 J .1 9412
19553 J 933 Sale 927
4
8
Bo Per RR let ref 45
933
4
1994 J J
Southern-let cons g 5e
J D
Registered
Devel & gen 48seriee A___1958 A 0
1956 A 0
Develop & gen 68
1956 A 0
Devel & gen 1310
Mem Div 1st g 4346-56..„1996 J .5
1951 J .1
St Louis Div let g 45
East Tenn reorg lien g 58-1938 M 8
Mob es Ohio coil tr 413_ _ _1938 M 5
Spokane Internat let g &IL -1955 J .1
Superior Short Line let be_ _01930 M S
Term Assn of fit L let g 4;45_1939 A 0
1944 F A
lit cons gold 55
1953 J J
Gen refund 8 f g 48
Texarkana & Ft Slat 5356A 1950 F A
1943 J J
Tex & NO eon gold 55
Texas sic Pail let gold 58__2000 1 D
1931 J J
La Div D L let g be
Tex Per-Mo Pao Ter 534e-1964 M S
Vol ar Ohio Cent let go 5e,1935 J J
1935 A 0
Western Div 1st g be
1935.5 D
General gold 58
Toledo Peoria & Wait48-1917 J J
Tol St L & W 50-yr g 48_-_1950 A 0
19315 J
T01WV&0gu4S46A
1933 J .1
Beriee B 4346
Series C 46
1942 M 5
Tor Ham a. Buff let g 4e___ _1946 J D
Range
Since
Jan, 1
8
____
51
85
123
73
7
27
2
___
10
22
83
7
2
4
155
107 Sale 10634 10714 48
--------10434 1043
4
5
88 Sale 8514
86
183
11238 Sale 11214
1128 31
119 Sale 11833
11914 235
106
____ 06
106
13
4
1
893 907 893
4
8
4
893
00%
10018
1
10033 103
9112 9214 9133
b
9133
4
8414 853 853 Oct'26 _ -4
____ 0012 Sept'26
100
983 993 9812 Oct'26
4
4
10212 12
10214 Sale 021*
8814
4
8712 8814 8738
104 Sale 10334
105
110
9912 Sept'26
8
993 100
4 19
.
10533 Sale 053* 1053 _
Oct'28
99% 10012 100
8 10312 11
033
10312 105
101
3
101
10118
0012 1003
4
6
10011
Oct'26 ____
10014 101 101
Oct'26 iiii
20
37
16
4
9014 17
9014 Sale 893
98 Mar'26
99 100
9833 Dec'25
99
Oct'26
93
93
8933 --__ 89% Oct'26 ___ _
6612
Ulster &Del 1st eons g 58-1928 .11 D 6612 Sale 66
43
let refunding g 48
1952 A 0 43 Sale 42
943
Union Pacific let g 48
1947! .1 9414 Sale 9418
Registered
.1 J 94% 9412 9214 Sept'26
20
993*
-year cony 4/8
4
1927 J .1 9933 993 9912
Registered
J i --------9914 May'26
let & refunding 45
908
*
4008 M S 903* Sale 9018
lsli lien & ref be
10818
e2008 M 8 9018 9012 10818
10
-year perm secured 86_1928 .5 J 10212 Sale 10218
1024
7
4
81
34
52
b
38
it
High
9714 9712
96
/ 9818
1
4
98
96
100 108
102 102
99% 108
100 101
108 106
100% 10314
1013 1013
4
4
993 10018
4
91
9112
10212 104%
6212 683
4
8318 84%
95% 99
LT N J RR di Can gen 48_ _1944 M Ei
Utah & Nor lst ext 4s
19335 J
Vandalla cons g 45 series A 1955 F A
Canso'413 series B
1957 M N
Vera Cruz & P 1st gu4 he__ _1934 J .1
July 1914 coupon on
J .1
Assenting 1st 4348
1934
Virginia Mid 58 series F1931 ii
General 58
1936 M N
Va & Southw'n let go 5e_2003 J J
let cons 50-year be
1958 A 0
Virginian 1st be series A__ _1962 M N
Wabash lit gold 58
1939 M N
2d gold 55
1939 F A
Ref s f 5346 series A
1975 M S
Debenture B 68 regletered_1939 M B
lst llen 50-yr g term 48
1954 J J
Det & Chi ext 1st g be__ 1941 .1 .1
Des Moines Div let g 48_1939 J J
Om Div lst g 3348
1941 A 0
Tol & Ch Div g 4s
1941M S
Warren lit ref go g 3345
2000 F A
Wash Cent 1st gold 48
1948 Q M
Wash Term lst gu 3346
1945 F A
let 40-year guar 4s_ __ - -1945 F A
Price
Friday,
Nov. 12.
Week's
Range Or
Last Sale
12
01Q
low. Iola
10178 103114
s Option sale.
Range
Since
Jan. 1
Bid
Siik
Ask Low
Mob No, Low
92% Dec'25
9414 951k 96
9814 984 96
/
1
Oct'26
88
9012
9012
90% Aug'26
881,2 903
4
9012 Oct'26
9012
20 Sept'25
"ii" IC
2412 26
24 Apr'26
22
33
2612
283
4 14
101 101
ioogs
101 Sept'26
3 101 10232
1023 Sale 102% 102%
8
101 10212 10114 Oct'26
9912 103
2
93
93% 93%
903 96
4
933
4
37
1023 Sale 10218 103
9934 103
12
4
10318 Sale 103
10318 16 101 104
9
1013 Sale 100% 101%
4
9812 102
71
1033 Sale 10312 104
4
9812 105
5114
8314 Feb'25
861,
84
8418 84% 8412 Aug'26
10212
101 10238
02 July'26
/
1
4
8414 90
87% 89 885 Sept'26
*
7718 8314
8112 8312 813
4
813
4
90
91
87
90%
9012 068'26
81
80
8012 Sept'26
86
8518 Sale 8518
2
84
8515
gs% 8534 85% Sept'26
83
887
8
91%
9212 ____ 85 Oct'26
83
95
90
9414 98%
993 10012
4
80
78
10012 1023
4
9512 10114
514 7
W Min W & N W let gu 55_1930 F A 98% 100 98%
98%
West Maryland let g 4s___ _1952 A 0 75% Sale 75%
7512 108
I23,1 West N VA Pa let g 58
1937 J J 10112 1013 0214 Sept'26
4
Gen gold 4s
7418 85
1943 A 0 873 8812 8712 Oct'26
8
94%
89
Income g58
Apr 1 1943 Nov
45 Feb'25
75% 833 Western Pao let ser A 5e__-1946 M S 9912 Sale 99
4
99% 55
92
87
let gold (is series B
1946 SI B 1044 10412 04
/
1
3
10412
7814 8614 West Shore let 4e guar
2361 .1 J 84 4 Sale 8612
3
863
4 11
97% 9912
Registered
2381 .1 J 85%
853
8
85% 20
Wheeling & L E let g 58._ _1926 A 0
993 Sept'26
95
96%
Wheeling Div let gold 5E1_1928 J J 9912 100
9912 Oct'26
100 101
Ext'n es kept gold Em
1930 F A 100
95
Oct'26
10014 100%
Refunding Cis series A 1966 M S 90
9012 90
9012 17
953 97%
4
RR let consol 4a
1949 M S 8614 Sale 8612
1
8612
Wilk & East 1st gu g 581942 J D 7114 71% 7014
713
4 58
89
94
Will & S F lst gold be
1938 J D 102% ---- 10218 Apr'26 - 993 100% Winston-Salem S B let 40_1960 J .1 8612 87
4
86%
86%
b
773 84% Wis Cent 50-yr 1st gen 48...1949 J .1 8214 83 82%
8
82% 11
80
84
Sup & Dul div & term let 45'36 M N 89 Sale 88%
21
89
93
99% Wor es Con East 1st 4S58__ _1943 J J 861s --__ 86 June'26
101% 103
9914 1034
/
1
INDUSTRIALS
9214 9918 Adams Express coil tr g 4B-1948 M
89 Sale 89
5
89
84
/ 9614 Ajax Rubber let 15-yr if 88_1938 J
1
4
10412 Sale 10312 104% 52
101 10618 Alaska Gold M deb fle A__ __1925 M
4
4% 4 Oct'26
1001 10112
/
4
Cony deb 68 series B
1926 M
512 4
4
Oct'26
10212 104
Alpine-Montan Steel 78._ 1955 M
9014 Sale 90
9012 17
941 97
/
4
/ Am Agri° Chem let be
1
4
1928 A
103
Oct'26
84
/ 88
1
4
lst ref 8 I 734s g
1941 F
105E8 6E:11 10312 104 43
75
82
Amer Beet Bug cony deb 85_1935 F
92 . 9412 91%
9312 16
9138 9514 American Chain deb e f 68_1933 A
10114 Sale 10114
101% 11
89
/ 97
1
4
/ Am Cot 011 debenture be_ _1931 M N 93% 9412 9412 Oct'26
1
4
86
93
Am Dock & Impt gu (is
1938J ./ 10514
3
105% 10512
10114 10114 Amer Ice deb 78July 15 1939
135 122
_
Oct'26
87
91
Am Mach es Fdy s f 6a
1939 kb 103 10312 103% 10312
1
/
1
9018 924 Am Republic Corp deb 6e...1937 A 0 99% 10012 9914
9912 13
953 973 Am Elm & R lst 30-yr be Her A '47 A 0 10114 Sale 101
4
4
10114 88
1st M 6a series B
27
1947 A 0 108% Sale 10814
109
107 1093 Amer Sugar Ref 15-yr 6s
/
1
4
4
1937 J .5 10434 Sale 10434 105
79
107 108
Am Telep & Teleg coil tr 46_1929 J J 9814 Sale 9818
98% 130
Convertible 48
99 100
1936 M
934 Bale 9312
/
1
9312
974 99
/
1
20
-year cony 434e
1933 IR B 9918 10012
Oct'26
1946.7 D 1023 Sale 10214
93
95%
4
30-year coil tr 58
1027
8 54
9214 9412
Registered
J D
103 June'26
1960.8 .1 100% Sale 1003
8918 9014
35-yr s f deb be
8 101 -344
1943 M N 105% Sale 10512 106
121
101% 1053
4
20
-year s f 534s
1940 A 0 103 Sale 102
/ 10314
1
4
Am Type Found deb fie
1934 A 0 98 Sale 97
84
89
/
1
4
9814 39
Am Wat Wks & Elec 5s
45
100% 102% Am Writ Paper e f 7-68-1939 J J 13% 6214 60
61
60 Sale 60
108 110
613 186
4
Temp interchangeable Ms dep. _ _ _ _
1023 1023
4
4
180
4
Anaconda Cop Min let 66-1953 F A 1033 Sale 10312 104
87
/ 90
1
4
102 Sept'26
/
1
4
Registered
7814 9534
1938 F A 10612 Sale 106
784 82
/
1
1064 225
/
1
15-year cony deb 78
353
8
107
871 Andes Cop Min cony deb 78_1943 J J 1067 Sale 106
/
4
76
37
96
97
Anglo-Chilean Nitrate 7sww1945 M N
6914 78
8614 Sale 853
Without warrants
9638
4
91
863
4 35
8718
8978 13
Antilla(Comp (Azuc)7sis__1939 J J 8718 88
8812 94
13
993
9214 983 Ark & Mem Bridge & Ter 56_1964 M B 99% 100
4 100
4
/
1
73
/
1
4
99 1004 Armour & Co let real eat 4348'39 J D 92 Sale 9112
92
/
1
4
Armour & Co of Del 5348-1943 J J 9414 Sale 93
101 102
941 77
/
4
11
10214 10414 Associated 011635 gold notes 1935 M S 10212 103 1023
4 103
1947 J D
10534 1083 Atlanta Gas L let be
4
8
-- 993 Mar'25
8511 903 Atlantic Fruit 78 ctfe dep_ --1934 J D 100%-15% 24
8
15 Sept'26
_
Stamped etre of deposit.......
8
843 8512
20% Jan'26
/ Atl Gulf & W I SS L col tr 58_1959 J J -6814 - 1 69%
1
4
964 98
/
1
11
/64
70
1937 .7 J 10012 Sale 00%
100 1023 Atlantic Refg deb 58
4
10012 16
/
1
9934 1014
1940 M N 106% 108
91
Baldw Loco Works let 5e
87
6
0614
10638
1937 J J 105 Sale 05
Baragua(Comp Az) 71(s
86
85
2
105
1940 J D 983 Sale 9712
1001 10434 Barnsdall Corp deb 68
/
4
4
98% 358
1936.5 J 95 Sale 95%
Belding-Hemingway 68
9414 95
29
96
1948 J J 102% 103 023
90
933 Bell Telephone of Pa 58
4
4 10318 24
1980A 0 103% Sale 102% 10314 75
1st & ref ba series C
104 108
8
Beth Steel 1st & ref 58 guar A '42 M N 963 9718 10014 10012
4
10134 10612
30-yr p m & Imp a I 58-1936 J .1 97 Sale 95%
9712 31
8114 8618
Cons 30-year 68 series A I948 F A 101% Sale 101
10112 144
/
1
4
10618 113
C0118 30 year 53.5s series B-1953 F A 96% Sale 953
4
96% 73
1950 M
112 11914 Bing & Ding deb 6;46
92% 94% 95
Oct'26
10134 10612 Booth Fisheries deb 5 f 65
1926 A 0 97 _
97
Oct'26
91
86
Botany Cone Mills 630-1934 A 0 843 Sale 84%
4
16
85
99 101
/
1
4
Brier Hill Steel let 5346--1942 A 0 10312 Sale 10312 104
13
874 93
/
1
B'way & 7th Av 1st g 55_1943 J D 7114 71% 7018
71%
2
87
/
1
4
81
Ctfs of dep stmpd June '26 int
70% Sale 69% Oct'26
1941
9912 10012 Brooklyn City RR be
94 Sale 94
22
94
9514 9812 Bklyn Edison Inc gen be A-1949 .1 J 10418 Sale 103
10414 28
1930.8 J 10414 104% 104
101 106
General 68 series B
Oct'26
8434 8814 Bklyn-Man R T sec 68
1968 J .1 9738 Sale 97%
97% 228
/
4
1011 105
Bklyn Qu Co & Sub con gtd 55'41 M N 60% 613 6112
8
4
62
1941! J 75
98 102
/
1
4
/
1
4
1st 56
79 Aug'26
79
103 10712 Brooklyn R Tr let cony g 48_2002 J .1
8812 Aug'26
9934 101
3-yr 7% secured notes_ __ _1921 J .1
_
13612 Nov'25
9914 105
Ctfs of deposit stamped -----_
12811 Mar'25
10018 1011 Bklyn Un El lst g 4-ks
/
4
1950 FA 93 Sale 92%
_13
93
10012 10118
Stamped guar 4-5e
1950 F A 93 Sale 93
3
93
97% 102% Bklyn Un Gas let cons g 56-1945 M N 1023 1033 10314
4
4
10312 12
20
let lien & ref 68 series A 1947 M N 11312 11412 11313 11312
37%
1
1936.8 .1 15714 Sale 15614
8714 90%
Cony deb Vie
15914 158
97% 98
Buff & Busq Iron ef6s
1932 J D 92
91 June'26
93
Bush Terminal 1st 46
1962 A 0 9012 91% 9114 Oct'26
Consol be
-15 93
1955.5 J 9614 9612 9512
9612
871s 9014 Bush Term Mire be go tax-ex '60 A 0 100% Sale 10014
1003
4 20
Cal & E CorP unit& ref 56_1937 MN 101% 102 1013* Oct'26
6012 80
3612 48
Cal Petroleum s g 6S48.---1933 A 0 1033 1031 1033
26
4
4 104
/
4
9218 9512 Camaguey Bug let if g 7e.-1942 A 0 9712 Sale 9712
35
98
8318 93% Canada SS Lines let colt if 78'42 M N
105
Oct'28
99% 100
Cent Dist Tel let 30-yr 58_A943 J D 1017 10212 102% 102%
6
8
9912 Cent Foundry 1st s f 66-May1931 F A 9612 98 97% Oct'26
99
9034 Cent Leather let lien if 68-1945 J J 102 10211 102
86
1023
8 25
•Due Jan. d Due May. eDue June. k Due July. k Due Aug. y Due Noy
BONDS
N.Y.STOCK EXCHANGE
Week Ended Nov. 12.
9633 985
$
667 75%
6
4
1003 10212
83% 88
-58ie
1003 10612
4
83% 87
86
83
9932 101
99% 10212
997
8
95
807. 9012
89%
81
6414 74%
102% 10212
8514 8814
80% 87
8614 903
4
7614 5612
90
85
10112 105
4
5
312 es
gg1 9112
/
4
10234 10414
10314 106
go% 101%
9814 102
93% 9714
105% 106%
118 13411
10014 104
4
98 1003
4
99 1013
108 109
102 10512
96
/ 983
1
4
4
92
95%
9714 102%
10018 10312
10234 103
97 102
/
1
4
102 1063
/
1
4
4
10014 105
95
/ 9912
1
4
42
6212
4112 62%
1011 104
/
4
/
1
4
1024 10278
/
1
10218 10754
Ws 108
9212 10018
85 4 863
,
4
8412 9214
9412 1004
/
1
904 9278
/
1
92
96%
102 1031s
15
28
201s 201s
6512 7112
4
993 1023
4
10214 110
103 10812
98 101
9424 1007
2
2
10032 1037
100 10372
95% 1021s
93
9811
95% 101%
9712 977
2
90
/ 95
1
4
97
1z
70
8012 95%
101 105
2
70% 783
681s 73
93% 95
12
102% 105%
2
1033 10812
9214 98
6484
60
79
72
8812 884
"iii,
9715
8812 9512
4
1003 1043
s
110 114
126 166
92
91
87% 9254
90
9814
952A 101
10014 10212
4
2
1033 1054
9012 99 2
7
12
10114 105
10112 1031
1
93 4 99 4
8
1
100 103
New York Bond Record—Continued—Page 5
BONDS
N.Y.STOCK EXCHANGE
Week Ended Nov. 12.
Price
Friday.
Nov. 12.
Week's
Range or
Last Sale
Range
Since
Jan. 1
BONDS
N.Y.STOCK EXCHANGE
Week Ended Nov. 12.
2505
Price
Friday,
Nov. 12.
Week's
Range or
Last Sale
Bid
Ask Low
High
Higb No. Low
Bid
Ask Low
High No.
_ 8012 Nov'26 ---_
11 11514 1231a Kings County Elea 1st g 48_ _1949 F A 8012
1207 Sale 12014
8
121
5212 5312 518
Stamped guar 48
1949 F A 8012 --- 80 Nov'26 ---4414 66
4
523
4 14
8112
1013 102 102
4
Kings County Lighting 5s_1954 J J 1007 101 1004 10018
10112 103
Oct 26
/
1
1
61
74% Sale 7414
19541 J 1095 11014 112
75
First & ref 634s
653 81
4
8
Oct'26 --__
10514 Sale 10514
10534 151 104% 10912 Kirmey(GR)& Co 734% notes'36 J D 10314 1033 1033
17
4 104
4
_ 10214 Oct 26
10212
1018 10312 Kresge Found'n coil tr 65_1936 J D 102 Sale 10114
8
10284 54
1037 16438 1033 Oct'26
8 10214 10512 Lackawanna Steel 1st 55 A._1950 M S 9812 Sale 97
4
983
4 16
95% Sale 95%
943 9712 Lac Gas L of St L ref&ext 50_1934 A 0 101 Sale 10012 101
9614 268
4
25
8218
1953 F A 1037 Sale 10312 104
82
82 May'26
Coll & ref 534s series C
8218
8
43
951
/
4
9014 958 Lehigh C & Nav 51 434s A 1954 J J 98
943
4
99
4
9512 97
9712 Nov'26
9012 Sale 90
833 917 Lehigh Valley Coal 1st g 5s 1933 J J 10118 Sale 10118 10118
4
9014 18
8
1
100 Sale 99%
/
1
4
8
100
1st 40-yr gu int red to 4% _1933 J J 94
9914 10114
95
Oct'26 --__
1954 F A 99 100
99% Oct'26
99% 100
997 101
8
lat dr ref s f ba
/ 1
4
9914 Oct'26 ---Lex Ave & P F 1st gu g 55_1993 M S
10
Oct'25
4012 Feb'26
_
Liggett & Myers Tobacco 75-1944 A 0 12314 124 123 Nov'26
Columbus Gas let gold 5s
1932 S i 98 Sale 97
A 0 117
6
97 100
98
Registered
/
1
4
120 May'26 --__
/
1
4
Commercial Cable 1st g 4s 2397 Q J 81 Sale 80
4
1951 F A 101 16f 8 101
8134
76
803
4
55
7
51011
/
4
MN 9614 Sale 9614
Commercial Credit a f 6s__ _1934
F A 981 __- 99 Sept'26 ---Registered
/
4
9614 10018
97% 12
/
1
4
934 24
/
1
5M % notes
19355' 93
Col tr
9334 9212
4
9212 99
/ Liquid Carbonic Corp 138—_1941 F A 1033 Sale 9878 1044 351
1
4
/
1
Commonwealth Power 6s
1947 ▪ N 10438 Sale 10418
10412 23 10284 10512 Loew's Inc deb 6s with warr_1941 A 0 991 Sale 99
/
4
284
100
Computing-Tab-Rec a 1 613_1941 5' 105 Sale 105
2 10412 106
1944 A 0 11712 117 11712 118
105
Lorillard Co (P) 75
6
/
1
4
Conn Ry & List& ref g 43s 1951 is 9314 94
94
/
1
4
4
9314
A 0 115
9314
90
11812 June'26 ---u Registered
9314
Stamped guar 4348
1951 is 93
/ 95
1
4
1
1951 F A 991 - 78 9914
/ IT91 4
90
95
3
993
9314
4
Consolidated Cigar s 1 68-1936 A0 99 Sale 9712
F A 9414 --- 9614 Oct'25
131
99
9712 9912
Registered
Cons Coal of Md 1st & ref 58_1950 ID 8412 Bale 8384
30
85
Louisville Gas dr Electric 55_1952 M N 10014 Sale 100
7812 86
10012 19
FA 106 Sale 105%
cenael Gas(NY)deb 514s1945
106
50 10414 106
Louisville Ry 1st cons 58._.19301 J 924 9512 914
/
1
/
1
1
913
4
7514 Sale 754
Cont Pap & Bag Mills6%s_ _1944 FA
2
/
1
7514
Lower Austrian Hydro-Elec Co—
73% 82
Consumers Gas of Chic gu 561936 J O 1053 106 10214 Oct'26
4
1944 F A 86 Sale 8512
9814 1028
20
lat s f 6 Ms
86
4
Consumers Power 1st 58_ __ _1952 MN 10114 Sale 10038
10114 41
9712 103
Copenhagen Telep ext es__ _1950 A0 99
/ 99% 9914
1
4
1942 A 0 985 Sale 98
5
9914
8
Menet! Sugar 7;i11
99 101
98
/ 21
1
4
/
4
Corn Prod Refg let 25-yr s f 58'34 MN 1011 103 10314 Oct 26
10012 1033 Manhat Ry(NY)cons g 48_1990 A 0 6614 Sale 6538
4
6614 80
Crown Cork & Seal 1st s f 68_1942 P A 95 Sale 943
2013i D 60
4
95% 24
6311 59 Nov'26 --__
2d 4s
82
/ 95%
1
4
98
1961 is 9912 Sale 9914
/
1
4
Crown-Willamette Pap 68
9912 27
96
99 100
2
Manila Elec Ry & Lt f ba 1953 M S 92
963
4
9312 93
Cuba Cane Sugar cony 75__ _1930• J 93
3
/
1
4
9312
88
96
Market St Ry 75 series A.,,1940 Q J 9612 Sale 9814
963
4 54
' 96% Sale 963
5
Cony deben stamped 8%_1930
2
8
lietr Ed 1st & ref g 6sser 13_1952 F A 1075 Sale 1074 107
/
1
92 100
4
9612 84
/
1
4
Cuban Am Sugar 1st coll 85_1931 MS 107% 107% 10712 1073
9972 10014
1953i J 10014 Sale
6 10612 10912
1st & ref 58 series C
6
4
Cuban Dora Sug 1st 71s
1944 MN 9814 Sale 98
1953 J 13 10412 10512 10534 Nov'26 ____
9114 9914 Metropolitan Power (is
9812 21
Cumb T & T 1st & gen 56-1937 is 10134 1017 1013
/
1
8
/ ____ 7334 Nov'26 ---1
4
4 101% 16 10014 1024 Metr Wear Side El(Chic) 45_1938 F A 73
Fruit lat a f 6s A __ _1940 A0 963 97
Cuyamel
4
8
/ 23
1
4
935 97
4
1
/ Mid-Cont Petrol 1st 6 Ms_ 1940 M S 1043 Sale 10438 104
1
4
96
/
1
4
963
4
4
Midvale Steel &0cony s f 58 1936 MS 963 Sale 96%
967 108
8
' 93
I
Davison Chemical deb 8%5_1931
g712
92
9312 9234
6
Milw Elec Ry&Lt ref&ext 4348'31 J J 973 98
9712
97
3
923
4
4
Deny City Tramw 1st con 58 1933 AO
19515 D 100 Sale 100
3
100
921 Aug'25
/
4
General & ref 5s A
Den Gas&E L 1st & ref 5f g 58'51 MN 9812 Sale 9814
94
1961J D 973 Sale 9734
98
985
98% 66
18
1st & ref bs B
4
MN 9812 Sale 9812
Stamped as to Pa tax
9312 98
1st & ref g 6s series C _1953 MS
105 Aug'26 ---983
4
54
7
Dery Corp(DO)1st s1 78_ _1942 MS 70
91
7114 Oct'26
72
Milwaukee Gas Light lst 4s_1927 M N 99
/
1
4
993
4
68
9
/ 995 99
1
4
Detroit Edison 1st coll tr 513-1933 ii 10118 Sale 1013
1.1184 23
4
1017
8
1943 J J 10134 Sale 10114
9 10078 103% Montana Power 1st 55 A
1s1 & ref bs series A_July 1940 M
/
4
10238 10212 10238 102% 26 100% 108
Montreal Tram 1st & ref 5s1941 .1 J 9718 9712 971, 97
/ 14
1
4
Gen & ref be series A
1949 AO 102 Sale 102
/
1
4
102
Gen & ref s f 58 series A 1955 A 0 93
40 100 10438
9312 93 Nov'26 --_1st & ref 6s serlea B —July 1940 MS 1077 Sale 1073
14 106 1083 Morris & Co 1st s f 4 Ms_ _ 1939 J J 8614 8612 86
4 108
8
4
8612 10
Gen & ref 63 ser B
1955 J D 10212 Sale 10214
/
1
10212 17 1004 104
Mortgage-Bond Co 45 ser 2_1966 A 0 80
81
81 May'26 ---Bet United 1st cons g 4Ms 1932 is 9412 9512 9418
90
95
10-25-year 5s series 3
9712
30
1932 J
96% 9712 9612 Nov'26
MN 9512 Sale 9514
Bros deb 65
Dodge
1940
/ Murray Body lst6 Ms
1
4
/
1
4
9212 97
953 236
4
955
8
7
95 Sale 95
/
1
4
Bold (Jacob) Pack let 6s_ _1942 MN 83 Sale 8212
83
Mutual Fuel Gas 1st
69
/ 86
1
4
9
134 MN
9
855.1947 5 I) 10112 103 10112 10112
1
Dominion Iron & Steel 58_1939 MS 4014 41
34
623 Mut Un gtd bonds ext 4%_ _1941 MN 1011 10312 10134 Nov'26 ---_
40
40
4
22
/
4
Donner Steel 1st ref 78
1942 ▪ J 97 Sale 97
98
92% 98
13
Duquesne Lt 1st & cell as__ _1949 S i 106 Sale 1061
/ 10614 34 1043 107
4
Nassau Elec guar gold 4s____1951 J J 5912 Sale 5912
4
60
16
1st ooll trust 53s series B.1949 ii 1054 10512 105
/
1
10518 10 104 1063 National Acme 7M s
/
1
4
1931 J D 102 10284 101
102
8
8
Nat Dairy Prod 6% notes_ _ _1940 M N
9912 Sale 99
/
1
4
99% 73
East Cuba Sug 15-yr fg 7Ms'37 M S 10612 Sale 106
10612 62 103 1085 Nat Enam & Stampg let 58_1929 J D 101 10212 101
8
Oct'26
El Ill Bkn 1st con g 45_ 1939
'
I 95
Ed
96
93
94
Oct'26
997 Nat Starch 20-year deb 58_1930 J J 9914 101
8
4
993 Oct'26 ---Ed Elea III 1st cons g 5g_ _ _1995 Ii 10678
1067
8
106%
1952 M N 1034 Sale 103
8
1 103 1085 National Tube 1st 55
/
1
/ 1035
1
4
8
6
S 965 Sale 9614
Eleo Pow Corp (GermanY)634a'60
8
,
MN
Registered
85% 9714
10214 Sept'26 ---.
96
/ 75
1
4
Elk Horn Coal let & ref 6146.1931 J O 9914 Sale 9914
9914
1948 J D 10238 Sale 10238 1.43
9818 1001s Newark Consul Gas ba
4
5
3
Deb 7% notes (with warets'31 J O 10014 Sale 10014
10112 89
973 10112 New England Tel & Tel 58_1952 J 0 10212 Sale 1024 10212 54
4
/
1
N 10418 Sale 1037
Empire Gas & Fuel 7Ms
_1937
10414 193 10112 10414
1st g 434s series B
8
1961 MN 9438 Sale 94
94 12 131
1st & ref 6 Ms(with warets)'41 AO 9812 Sale 9814
4
9612 983 N Y Air Brake 1st cony 6s...1928 M N 102 Sale 102
102
984 171
/
1
6
Equip Gas Light 1st con 5s...1932 MS 993 1001 100
4
9912 1003 New On Pub Serv let 55 A._1952 A 0 9514 Sale 943
4
Oct'26
4
9514 23
Federal Light & Tr 1st 68_1942 MS 9512 96
957 94
First & ref 58 series B__ _ _1955 J D 95
9212 98
9512
95
953
13
/
1
4
15
1st lien 68 stamped
1942 MS 10312 104 10418
s
/
1
83 8 21
7
5 100 1044 N Y Dock 50-year let g 46..1951 F A 84
10414
8512 837
30
-year deb Os ger B
93
1954 J O 97
9812 N Y Edison lst & ref 6M A_1941 A 0 11514 Sale 11514 11512 17
9712
973
99
3
Federated Metals s f 78
First lien & ref 55 B
1944 A 0 1095 Sale 1023
/ 98
1
4
1939 J D 84
84
863 87
8
8
4 103
1
87
39
Fisk Rubber let 5 f 8s
1941 MS 11614 1161 116
1
46 11312 11654 N Y Gas El Lt & Pow g 5s 1948 J D 10514 106 10514 10514
1161
Ft Smith Lt & Tr 1st g bs_ _ _1936 MS 8718 871 873 00;2
Purchase money gold 4s 1949 F A 913 Sale 913g
7514 89
8
913
8 18
8
Frameric Ind & Dev 20-yr 7%8'42 is 967 Sale 9612
88
971 NYLE&WC&RR 5;48_1942 MN 101
/
4
971 173
8
101 July'26
Francisco Sugar 1st rif 7;48_1942 MN 10212 Sale 10214
101 107
/ NYLE&W Dock & Imp 501943 J J
1
4
1021
5
10112 Sept'26 --__
French Nat Mall SS Lines 75 1949 J O 907 Sale 9012
9254 N Y & IQ El L & P 1st g 58_1930 F A 10012 10112 10012 10012
79
911 262
--8
2
Y Rys 1st RE & ref 4s_.1942 J J 58
55 Apr 26 --__
Gas& El of Berg Co cons e 531949 J D 102 103 10234 Sept 2
8
1003 10234
Certificates of deposit
58
603 Oct'26 ____
4
Gen Asphalt cony 13s
30-year ad) Inc bs_ _ Jan 1942 A 0
4
8 102 110
1939 AG 107 1081 10612 1073
__
'f
412 Oct'26
Gen Electric deb g 3Ma_ __ _1942 FA 91
92
87
Certificates of deposit
1
4
91
10
913 91
5 Aug'26
Gen Elec(Germany) 76 Jan 15_'45 is 10214 Sale 10214
N Y Rys Corp inc Os.._Jan 1985
95 104
26
1023
27 Sale 2634
29
61
S I deb 6 Ms with war
Prior lien Os series A
9914 119
1965 J J 8414 Sale 84
20
1151
1940 J O 11412 Sale 11414
8412 81
Without warets attach'd '40 J O 99 Sale 9818
97
9912 N Y & Richm Gas let 88_ _1951 M N 10314 ---- 10314 Oct'26 ---46
991
Gent Petrol 1st 5 f 5s
983 10112 N Y State Rya lst cons 4;48_1962 MN 54 Sale 5212
4
1940 FA 101 Sale 100%
101 1009
54
30
Gen Refr lst 51 g 68 ser A_ 1952 FA 102 103 102
lat cons 6 Ms series 13
1962 MN 70 Sale 69
2 10014 10314
1021
70
/
1
4
23
Good Hope Steel & I sec 7s_ _1945 AO 9618 961 9618
N Y Steam 1st 25-yr 6s ser A.1947 MN 1044 Sale 10414 1044 21
92
97
961
21
/
1
/
1
Goodrich (B F) Co 1st 6346_1947 J J 10612 1063 10618 107
N Y Telep let & gen f 4;48_1939 MN 9918 Sale 9912
9912 163
37 104 107
Goodyear Tire & Rub let 85_1941 MN 12034 Sale 12058 1211
11912 122
30-year deben s f 6s_ _ _Feb 1949 F A 11014 Sale 11012 11012 19
49
10
-year s f deb g 8a_May 1931 FA 11012 Sale 110
8
/
1
4
20-year refunding gold 68_1941 A 0 108 sale 10838 108% 50
/
1
4
25 109 1123
1101
Gould Coupler 1st 51 6s_ _ _1940 FA 8612 Sale 8612
85
97
Niagara Falls Power 1st 548_1932 J J 101 1011 10114 Oct'26 --__
23
90
/
4
Granby Cons M S& P con Os A'28 MN 100 101 100
100 101
Ref & gen 68
Jan 1932 A 0 10512 10512 105
Oct 2
105
1
Stamped
100 101
1928 MN 100 102 10012 Oct 2
Meg Lock &0 pr 1st bs A_1955 A 0 1003 Sale 10014 10012 12
8
Cony deb 7s
1930 MN 13912 Sale 12812 141 -ia 100 141
No Amer Cement deb 6 Ms A.1940 M S 95 Sale 9412
95
21
(It Cons El Power(Japan)78_1944 FA
903 97 North American Edison (93_1952 M 113 10312 Sale 102
8
963 Sale 96
83
4
97
/ 10414 57
1
4
Great Falls Power 1st s f ba_ _1940 MN 103% 104 103% 1035
/
1
Secured s f g 614s ser B__1948 M 5 10512 Sale 10434 105
9 100 1044
8
/
1
4
9
Nor Ohio Trac & Light 65.._1947 M S 95 Sale 95
/
1
4
/
1
4
7
95%
Hackensack Water 1st 48_ _1952 Ii 85% 8712 8458 Oct'26
8412 884 Nor'n States Pow 25-yr 5s A.1941 A 0
/
1
/ 10014 19
1
4
993 Sale 99
4
Hartford St Ry 1st 48
1930 INA
90
90
Oct'26
Registered
90
9914 Sept'26 ---A 0
Havana El Ry L dr P gen 65 A•54
S
92 1047
/
1
4
8
1st & ref 25-yr 1313 series B_1941 A 0 1047 105 - 104
10414 Oct'26
/ 10514
1
4
8 8
Havana Elec consul g 5s_
1952 FA
9412 10018 North W T lst fd g 4Ms gtd_1934 J J 98
/ Oct'26
1
4
ofii8 654 96
9814 Oct'26 ---Hershey Choc 1st & coil 5;181940 Ii 102 Sale 10134
9918 10214
31
102
Doe(R)& Co lat6 Ms aer A.1934 AO 9812 Sale
9112 9914 Ohio Public Service 734s A__1946 A 0 11512 1153 1153
9812 35
4
4
4 115
/ 12
1
4
Holland-Amer Line 68 U1(10_1947 MN 8914 8912 973
79
9384
let & ref 7s series B
9
90
8912
1947 F
11312 Sale 11312 114
10
Hudson Co Gas 1st g 58_ _1940 MN 10212 1023 10218 1021 21 1003 10312 Ohio River Edison 1st 6s_ _ _1948 J A 1054 Sale 10434 105% 33
8
/
4
4
/
1
J
Humble Oil& Refining 5)48_1932 S i 102 Sale 1013
/
4
22 1011 103 Old Ben Coal 1st 138
91
4 102
10
1944 F A 91 Sale 91
Ontario Power N F 1st 5s__ _1943 F A 10114 Sale 1014 1014
3
/
1
/
1
Illinois Bell Telephone 5s
1956 J D 10318 Sale 102
4
/ 10318 54 1008 10312 Ontario Transmission 58_ _ _1945 M N 10012 1004 10018 10018
1
4
1
/
1
Illinois Steel deb 41s
1940 A0 971 Sale 9714
9434 98 Pacific Gas& El gen & ref 58_1942 J J 100 Sale 9934 1008s 184
/
4
9714 16
Ilseder Stee!Corp 5 f 78
1946 A0 9912 Sale 9912
993 993 Pac Pow & Lt lst&ref 20-yr bs'30 F A 100 10012 100
4
4
993
4 11
1001 26
/
4
Nat Gas dr 011 58
MN 9812 Bale
Ind
1936
9118 9812 Pacific Tel & Tel let 58
102
25
19375 J 102 10214 102
973
4
98
Indiana Steel 1st 58
1952 MN 104 Sale 10312 104
15 10114 10518
Ref mtge 58 series A
/
4
1952 M N 10112 10154 10114 1011 104
Ingersoll-Rand 1st 58 Dec 311935 Ii 10018
Pan-Amer P & T cony a 65_1934 MN 10514 Sale 10514 106
99 Dee'25
/
1
4
190
Inland Steel deb &Ms
1945 MN 1003 Sale 10012 1007
/
1
4
98 10412
4
1st 10-year 78
8 59
4
10514
1930 F A 10518 10514 105
Inspiration Con Copper 6145.1931 MS 10138 1013 101
10112 11 10018 102 Paramount-Bway 1st 534s..1951 J J 97 Bale 9612
4
16
97
Interboro Metrop coil 4%8 1956 A0
Apr'25
92
Park-Lox st leasehold 6 Ma_ _1953 J J 9012 Sale 9012
11
6
Guaranty Tr Co ctfs dela-----13
13 Pat & Passaic &El cons 58.1949 M
13 May'26
102 1023 10214 Oct'26 --4
Ctf dep stpd asstd 16 7 sub_
0
1012 May'25
e
igf Peon Gas & C 1st cons g ils 1943 A 0 11312 114 11312 Oct'26 -__
Interboro Rap Tran let 55_1966 is 7414 Sale 73%
7412 181
10114 14
Refunding gold bs
8
1947 M S 10114 1015 10114
J J
Stamped
62
7414 Sale 733
75% Philadelphia Co call tr 88 A_1944 F A 1044 Sale 10412 10478 67
4
/
1
7412 365
-year 65
10
1932 AO 773 Sale 7712
84
25
78
4
783
4
15-year cony deb 5348_ _ _1938 M 13 101 Sale 10018 101
10
-year cony 7% notes_ 1932 MS 963 Sale 96%
10
853 9714 Phila & Reading C & I ref 58_1973 J J 10138 102 101
4
4
10112 22
971 204
/
4
N 92
Int Agri° Corp 1st 20-yr 58_1932
8814 9812
Oct'26
943 92
4
M
Stamped extended to 1942_
83 Sale 81
81
91% Pierce-Arrow Mot Car deb 881943 M S 10814 Sale 08
5
/ 1083
1
4
4 15
83
Inter Mercan Marines I 65 1941 AO 91 Sale 90
8454 98 Pierce 0115 f 8s
7
/
1
4
9112 156
Dec 15 1931 J D 10112 Sale 0012 10112
International Paper 55
1947 ii 963 Sale 9614
4
913 98 Pillsbury Fl Mills 20-yr 613_ _1943 A 0 102 103 102
8
/ 103
1
4
6
963
4 62
1955 MS 9934 Sale 9912
Ref f 68 ser A
9812 10012 Pleasant Val Coal 1st g s f 5:3_1928 S J 98
9912 9912 Sept'26 ___
99% 103
Int Tele')& Teleg cony 5345 1945 MS 10934 Sale 10918
351 107 116 4 Pocah Con Collieries 1st at 531957 J J 907 93
903 Oct'26 --4
8
110
,
105
2
Port Arthur Can & Dk 68 A.1953 F A 1043 ---- 105
4
.1947 S i 108 Sale 10712 109
Jurgens Works68(flat Price)
10478 Nov'26 ___
61 100 116
1st M 65 series B
1953 F A 10434
Kansas City Pow dr Lt 5s__ _1952 M S 10212 Sale 10212 1033e 16 10014 104 Portland Elec Pow 1st (is B_1947 M N 100 1664 1001 101
/
4
/1
4
4
MS 10518 Sale 105
1952
MUMS Gas & Electric 6s
1057
8 34 10138 10618 Portland Gen Elec 1st 68_ 1935 J J 997 100 100
100
8
1
105 10712 Portland Ky lat & ref bs_ _ _ _1930 MN 95
9512 95% Nov'26 -__
Kayser (Julius) & Co let s I 78'42 FA 10612 10714 10712 Oct'26
/
1
9114 13
9
Keith (B F) Corp 1st 6s_ _ 1946 MS 984 Sale 9712
9612 99 Portland Ry L & Plat ref 58.1942 F A 90 Sale 90
/
1
4
/
1
4
9814
Kel1i-891193f Tire8% notes_1931 MN 10414 Sale 1033
/
1
8
4 10412 72 10278 108
lat lien & ref 68 series B._ _1947 MN 1003 10012 1004 10014
7
1
93
93
Keyston Telep Co let 5s...1935 ii
90
/
1
93
lat & refund 7Ms series A.1946 MN 1063 107 1064 107
4
8
102 104 Porto Rican Am Tob 88_ _ _1931 M N 10434
103
103
10434 Nov'26 -__
Kings County El & P g ba__ _1937 AO
1997 AO 103120 . 123 J22
1207 124
8
/ Oct'26
1
4
Purchase money Os
Central Steel let 13 5 f 88----1941 MN
ChM City & Conn Rya 58Jan1927 AO
Ch 0L & Coke 1st gu g 5s__1937 S i
1927 FA
Chicago Rya let bs
Chile Copper cony 65 Ber A_ 1932 A0
Main Gam & Elea 1st & ref bs'56 A0
Jan 1 1981 AO
53s ser B due
Cities Serv Pow & L sf6s___1944 MN
'
S
Clearfield Bit Coal 1st 4a_ _1940
Colo F & I Co gen s I bs____1943 FA
Col Indus 1st & coil bs gu-__1934 FA
Columbia 0& E let 55
1927 J J
1927 J J
Stamped
1993 MS
Col & 9th Av 1st gu g bs
09clon sale.
Range
Since
Jan. 1
Low
EDO
771g821
77
/ 89
1
4
98 103
/
1
4
106 112
10112 107
100 102
/
1
4
9614 100
100 103
/
1
4
102 105
/
1
4
974 10012
/
1
10018 1015
4
94
/ 95
1
4
9914 1003*
39% 4012
118 1264
/
1
12012 123
9934 103
/
1
4
9918 100
98 104 2
3
987 100
8
11512 1214
/
1
118 118
/
1
4
/
1
4
985 102
8
/
1
4
—
-97 8 110077 - s
89
/ 96
1
4
82
12 88
93 108
/
1
4
5914 6911
53
63
8912 98
85 4 99
8
11
104 103
12
J654 1014
10212 10614
7112 7452
10114 1051
4
9234 98
Ms 99
983* 10113
9012 100
1003 105
4
99 994
/
1
997 105
8
96
/ 98 4
1
4
8
9212 93
84
88
81
80
96'g98
8312 96%
9618 103
100 102
/
1
4
5818 94 8
5
98 102
9512 100
/
1
4
10018 108
/
1
4
9914 103
1013 104
4
/
1
4
/
1
4
10214 102
10012 1033
4
1007s 10312
92 8 94 4
5
5
10078 103
903 HU
4
9014 9611
/
1
4
81
/ 86
1
4
115 118
102 10454
104 106
89
/ 92
1
4
101 101
10112 10254
10014 10354
60
52
46
82
4
/ 1014
1
4
3
/ 10
1
4
/
1
4
22
37
8112 88
/
1
4
8
1003 1033
4
49
59%
60
82
10118 1043*
97
99
12
1097 11114
8
10712 109
12
100 103
1048 106
4
12
99 101%
9412 100
10114 105
103% 106
923 99
4
9734 101
99
99
14
1044 1061
/
1
1
9612 98
14
112 116%
1103* 119'
10114 1061
4
88
97 4
1
993* 1021
1
995 101
8
9712 10012
991s 10112
1003 10252
2
9878 10212
104 112 8
5
1037 107 2
8
7
9212 98
8512 96
100 10254
11014 11312
9812 10314
103 105 4
/
1
4
3
98 10112
/
1
4
9912 1 3
03 8
103 110
97 107%
/
1
4
10114 10434
98 100
/
1
4
903893
102 10512
10112 105
/
1
4
99 104
9911 10212
9258 96
8854 9464
99 10312
105 4 108
3
/
1
4
104 4 105
8
14
2506
THE CHRONICLE
New York Bond Record-Concluded-Page 6
VoL. 123.
Quotations of Sundry Securities
All bond prices are "and Interest" except where marked
BONDS
N. Y.STOCK EXCHANGE
Week Ended Nov. 12.
Premed Steel Car cony g 158__1933 J J
Prod & Ref s f 6with warla)'31 J D
Without warrants attached__ J D
Pub Serv Corp of NJ see 68_1944 F A
Pub fiery Elec & Gas 1st 51661959 A 0
lst & ref 516s
1964 A 0
Pub Serv El Pow & Ltg 68_1948 A 0
Punta Alegre Sugar deb 76_1937 J .1
Remington Arms 13s
1937 M N
Repub I & 10-30-yr 58 f 1940 A 0
Ref dr gen 549 series A
1953 J J
Rbeinelbe Union 7s with war 1948 J J
Without stk purch warta.1946 J J
Rhine-Main-Danube 7s A__ _1950 M S
Rhine-Wont:Malta Elec Pow 7650 M N
Rims Steel 1st 76
1955 F A
Robblas & Myers f 79
1952J D
Rochester Gas & El 78 ser B_1946 M S
Oenmtge534seerleaC.l948M S
Bach & Pitts C&Ipm 5&.1948 MN
Rogers
-Brown Iron gen&ref 75'42 M N
Stamped
MN
Price
Friday,
Nov. 12.
Range
Since
Jan. 1
Veek's
Range or
Last Bale
High
Ask Low
High No, Low
Bid
94
984
/
1
94
94
9412 94
_ 11014 1123
4
11112
_ 11114 Sept'26
11 1093 11214
4
111
111 1111. 111
4
85 100 1043
4 104
104 Sale 1033
11 1033 10614
4
105
105 Sale 104%
8 103% 10512
10518
1643 Sale 10484
4
/
1
10712 26 1014 109
107 Sale 107
11012 Sale 10912 11012 20 104 111
59
95
8014 95
95 Sale 93
7
9714 1003
8
8 1003
8
100 4 -- 1003
,
9712 23
9212 973
4
9714 Sale 0714
197
954 11512
1143 Sale 11312 115
4
71
973
4
9714
93
967 Sale 9618
8
0312 10214
/
4
1013 Sale 10112 1011 15
4
95 10114
4 10012 53
10012 Sale 993
9
91
88
9214
91 Sale 9013
19
77
53
77
7512 Sale 7512
/
4
11118 11112 11118 1111 22 111 114
/
1
1044 106
10514 -- 10514 Oct'26
90 4 90 2
,
,
9012 -_- 9014 Sept'26
.4
52
50
733
4
52 Sale 52
5
6512
5238
49
5318 52
52
10
StjosRyLt&PrSa
1937 M N
St Joseph Stk Yds 1st 448_1930 .1 J
St L Rock Mt & P 59 stmpd.1955 J .1
St Paul City Cable eons bs_ _1937 J J
SanAntonloPub5erylet6s.1952 J J
Saxon Pub Wka(Germany) 79'45 M S
Schulco Co guar 635s
1046J J
Sharon Steel Hoop 1st 8sser A '41 PA
Sheffield Farms let & ref 6)48'42 A 0
Sierra & San Fran Power 58_1949 F A
Sinclair Cons Oil 15
-year 79_1937 M
let l's col tr 69C with war_1927 J D
lst ilen 6.4s series B
1938J D
Sinclair Crude 011 3-yr 68 A..1928 F A
3-yr 6% notes B Feb 15_1926 F A
1942
Sinclair Pipe Line s f 5s
1927 A 0
Skelly 011 6)6% notes
Smith (A 0)Corp let 6)4s..1933 MN
96
95
95% 95%
9718 Aug'26
97
/ 1
4
7618
767
75 - - 76
4
953
4
9514 953 953
4
8
_ _ 1054 1055
10512
8
1015 Sale 10012 102
10012
100 Sale 100
10818
108 10812 108
10712 108 10712 108
9512
9514 9512 9214
9712
97 Sale 96%
10014
100
9214
9214 Sale 92
4 101
1003 Sale 1003
4
10118 Oct'26
9212
92%
9212 138 Sept'26
4 102
15113 102 1013
4
2
9114 97
953 9715
8
81%
76
9514 98
8
8
1013 1067
92 102
/
1
4
99 10012
1073 109
8
106% 10812
9112 9812
933 995
4
8
9938 11314
87
945
8
10018 10112
1004 10112
/
1
87
9414
1113 148
8
100 10212
South Porto Rico Sugar 78..1941 J D
South Bell Tel & Tel lat f 5a1941 J J
Southern Colo Power (is_ __ A947 J J
S'weat Bell Tel let az ref 58_1954 F A
1948 MN
Spring Val Water g 59
1930 M N
Standard Milling let 58
1st & ref 5360
1945M
Steel & Tube gen f 7s ser C _1951 J J
Stevens Hotel 1st 68 ser A _ _ _1945 J J
Sugar Estates (Oriente) 78. _1942
Superior Oil 1st f 7s
1929 FA I
Syracuse Lighting 1st g 5s_.A951 J D
Tenn Coal Iron & RR gen 58_1951 J .1
Tenneefte Elea Powlst6s_A947.1 D
Third Ave let ref 45
1960 J
Ad) the 58 tax-ex N Y Jan 1980 A 0
Third Ave Ry 1st g 58
19372 J
Toho Elec Pow let 7s
1955 M S
6% gold notes _ _ _ _July 15 1929 J .1
Tokyo Elec Light 6% notes_1928 F A
Toledo Edison let 78
1941 M S
Toledo Tr L & P 54% notes 1930 J J
Trenton G & El ist g 58_ _1949 M
Trumbull Steel 1st s f 6s_
1940 F A
Twenty-third St Ry ref Se.,l962i J
Tirol Hydro-Elec Pow 768.1955 M N
10812 11
10812 Sale 10714
4 10
4
1023 Sale 10212 1023
4 10014 22
997 Sale 993
8
41
4 103
103 Sale 1023
7
9914
9914 Sale 9914
5
1007
8
4
1003 101 100%
3
10012 Sale 10012 10012
4 10814 163
1073 Sale 1073
4
99% 10
9914 Sale 9912
5
98
9712
9712 98
3
100
100 Sale 100
1021
/
4
_ 10214 Nov'26
10312 104 10514 Oct'26
1053
8 28
105 Sale 105
8
6312 48
/
1
4
62 Sale 625
.571 Sale 57
/
4
5812 282
2
98
964 9714 93
/
1
2
/
4
97 Sale 961
9718
46
99
9812 Sale 9812
51
9914 Sale 983
4
99 4
,
4
10814 75
108 Sale 1073
984 24
/
1
8
9812 985 9814
10218 102% 102 Aug'26
963
4 11
97 Sale 9612
65
65
6512 70
9712
9714 Sale 97
1053 1095
4
4
10118 10312
9712 102%
1003 103
8
/
1
4
9914 1004
/
1
984 10112
/
1
8
977 10114
10712 109
9914 1003
4
8912 100
95 100
100 103
10218 10514
1025 106
8
5512 654
4112 657
8
924 9812
/
1
9012 983
4
963 99
8
96
994
10714 1093
4
98 101
10018 1023
4
9412 09
75
81
9414 973
4
_
11
6
12
106
47
3
4
14
100
169
67
65
_
35
Uffgawa El Pow s f 75
1945 MS 98 Sale 9714
38
08
96
911
Underged of London 44s....1933 J J 9358
94
96
-- 96 Apr'26
Income 1313_
1948 J J 9338_ _ 95 Aug'26
95
90
2 10012 10212
101
Union Elec Lt & Pr(Mo)58_1932 Si S 101 102 101
Ref & ext 58
/
1
4
1933 MN 101 10114 101
10114 20 10018 102
Un E L&F(Ill)Istg 5i45eer A1954 J J 1011 1023 1015
5 10012 1023
8
2 1023
8
4
/
4
7712 8512
Union Elev Ry(Chic) 59._ _1945 AO 83 Sale 8212
3
83
Union Oil let lien s f 56
1931 J J 1013 Sale 1013
8 10138 11 10018 102
8
30-yr 69series A
May 1942 FA 10712 Sale 10714
7 1004 10814
10712
/
1
lst hen s f 58 series C
1935 FA 9818 9814 98
/
1
9812 16
954 09
United Drug 20-yr 6s_Oct 15 1944 AO 10618 Sale 10812 107
24 10312 10712
United Fuel Goa lets f (Is__ _1936 J 2 102 Sale 102
10212 14 10112 10412
/
1
4
United Rye St L let g 413..„1934 J J 7512 763 78
_
Oct'26
7412 79
4
United SS Co 15-yr (is
1937 MN 9214 927 91%
6
9214
8712 95
8
United Stores Realty 20-yr 68'42 AO 10414 1043 10414 1043
4 13 103 105
4
US Rubber let & ref baser A 1947 J 3 945 Sale 9412
210
95
4
8
913 95
Registered
J J
927 Sept'26
927 92%
8
10-yr 7)6% secured notes. 1930 FA 10612 Sale 10612 107
31 105 1085
/
1
4
8
U S Steel Corp(coupon Apr 1963 MN 10714 Sale 107
10712 129 103 1073
4
St 10-60-yr 5slregiat__ A pr 1963 MN
1 1043 10612
10612 10612
4
Utah Lt& Trae let & ref 55..1944 AO 94 Sale 927
47
8
94
8618 94
1944 FA 973 Sale 973
Utah Power & Lt let 59
8
97% 45
4
993
4
95
1950 22 102
Utica Elec L & P litt 58
/
1
___ _ 1024 Oct'26
1605 1023
8
4
Utica Gas az Elec ref & ext 58 1957 J , 1013 Sale 1013
6 1001 102%
4 102
4
/
4
Vertlentes Sugar let ref 7s._1942 J O 98 Sale 9712
7
98
904 0912
1953 J , 56
57 Aug'26
Victor Fuel let s f 5s
65
53
/ 6412
1
4
1947 J D 10412
Va-Caro Chem let 78
-. 106 Aug'26
105 110
40% of prin •
Stpd as to Dayt
1947
10412 10812 10512 Nov'26
let 78
10434 11112
106
1 10412 110
106 Sale 106
Ctf of deposit asstd-----10412 108 1084 Sept'26
Ctf of deposit stud------1067 10812
8
933 Oct'26
4
96
Va Iron Coal& Coke let g 58 1949 MS 94
9114 98
1934 2J 98% 99
2
9712 1015
987
8
99
Va Ry Pow lid & ref 59
8
3
91%
91%
89
9512
WalwOrth deb 6Sis(with war)'35 A0 91% 93
9518 24
95% 943
4
9114 97
let sink fund 6s series A__.1945 AO 95
13
84
79 100
Warner Eiugar Refill 1st 79_1941 J O 84 Sale 84
1
/
4
601s
8
56
88%
Warner Sugar Corp let 7s_ _ _1939 J J 593 62 601
10112 10278
4
Wash Water Powers!58_ _ _1939 32 1023 - - -- 10212 Nov'26
10112 10338
/
1
4
Westebes Ltg g 5s stmpd gtd 1950 J O 102 --- 102 Nov'26
11 100 10214
4 102
1944 MN 10112 Sale 1013
West Hy Coal let 78
8
99% 103
West Penn Power ser A 59.-1948 MS 101 Sale 10012 101
4 18
1963 MS 10012 Sale 10012 1003
993 10314
4
let 58 series E
1 104 1067
/
1
1953 AO 10514 1054 10512 10512
8
let 5)65 series F
10014 119 100 1007
8
10012 Sale 100
1956 J
lst sec Ea series G
8
8312 27
91
65
1950 JJ 8212 Sale 827
West Va C & C lst(is
1944 AO
Western Electric deb 58
Western Union coil tr cur 59_1938 J J
1950 MN
Fund & real eat g 41•69
1938 FA
15
-year 63•68 g
WarbouseE & M 20-yr g 59_1946 MS
Westphalia Un El Pow 6355_1950 J O
Wheeling Steel Corp let 545 1948 2J
White Sew Mach 68(with war)'36 J J
.▪ 1
Wickwire Spen St'l let 79_ _1935
Certificates of deposit
MN
Ctfs of deposit stamped
Wickwire Sp St'l Co 7s Jan 1935 MN
Willys-Overland St 4s__1933 MS
Wilson & Co 1st 25-yr s f 691941 AO
Registered
Winchester Arms 716s
1941 A 0
Young's Sheet & T 20-yr 68_1943 .1 J
Option sale.
10212 Sale 10158 10212 33
2
8 10178
8
101 1015 1017
9918 12
9918
99% 100
24
4
1113 Sale 11112 112
/
1
1011 Sale 1004 10118 254
/
4
69
4
95
95 Sale 933
9512 25
9612 Sale 95
983
4 21
100 Sale 9814
504 Nov'26
505 51
8
6014 Mar'26
_
7012 Mar'26
_
75
3
437
4218 sale 4358 102 8 10
wits 10134 10112 10012 85
Holz sale_ 100 Feb'25
93
8
8
10413 gife 10412 1045
4
10312 Sale 10312 1033 200
10018 10314
101 10312
9614 100
110 8 1171
3
/
4
99% 10118
9314 95
94
953
4
9412 101
46
7012
6014 6014
7012 7012
39% 8812
10114 105
95 101
/
1
4
10108 105
10114 105
Standard Oil Stocks P r Bid. Ask.
Per Ct Bans
Public Utilities
20
1
4
Anglo-Amer 011 vot stock..£1 . / 2028 American Gas & Electric_-t *10612 10712
/ 20
1
4
Non-voting stock
El *19
*95
/ 91314
1
4
6% preferred new
Atlantic Refining
100 103 10312
/
4
Deb 69 2014
M&N 1011 10214
Preferred
100 11514 11578 Amer Light & Trite com-100 22112 223
Borne Scrymser Co
100
Preferred
100 12312 12412
New
*65
68 Amer Pow & Light pref-100 9714 98
54212 43
Buckeye Pipe Line C0----50 '
Deb Se 2016
8
M&S 1005 101
4
Chesebrough Mfg new. -25 *762 7612 Amer Public Utll corn.
72
..100 67
Continental Oil v t c
10 194 1914
92
7% prior preferred_ _._100 87
1518 1512
Crescent Pipe Line Co_ _ _50 •
4% partic preferred___100 80. 86
CumberlandPipe Line_..l00 109 110 Associated Gas& Elee Pref-t *4012 51
Eureka Pipe Line Co_ _ __100 42
45
Secured g 6355 1954_ _J&J 10414 105
Galena Signal 011 corn... _100 1114 1214 Blackstone Val G&E com_50 *10012 10112
Preferred old
100 45
50 Com'w'Ith Pow Corp new..-t *4014 4112
Preferred new
100 45
46
Preferred
100 89, 9014
4
Humble Oil& Refining. _25 *573 58 Consol Gas 6% pref
4
/ 594
1
4
50 58
Illinois Pipe Line
100 135 136 Elec Bond & Share Dref _100 106 107
*3712 373 Elec Bond az Share Secur--t •68
Imperial Oil
69
4
Indiana Pipe Line Co_ _ _50 58
60 Lehigh Power Securities.-_t •153 16
4
International Petroleum__ _t *317 32 Mississippi Riv Pow pref.100 9412 054
8
National Transit Co_ _12.50 1212 1284
First mtge 58 1951_ _J&J 10078 1014
New York Transit Co__ _100 30
3112
5 F g deb 78 1935_ _M&N 102
Northern Pipe Line Co_ _100 70
-17214 National Pow & Light pref.t *10112 112 2
Ohio Oil
25 *5712 5812 North States Pow corn._100 104 106
Penn Mex Fuel Co
25 *194 21
Preferred
100 101i8 103
Prairie Oil & Gas new.. 25 *4912 493 Nor Texas Elec Co com_100 16
4
Prairie Pipe Line new._ _100 12414 125
Preferred
100 51
Solar Refining
100 198 202 Ohio Pub Serv,7% pref_100 10212 104"
99
Southern Pipe Line Co new. *2312 25 Pacific gam,& El let pref_100 98
*36
3612 Power Securities COM
8
South Penn 011
25
t *4
28
Southwest Pa Pipe Lines.100 5512 2712
*24
Second preferred
93
Standard 011 (California)_
*603 8012
8
Coll trust 6s 1949_ .....1&13 90
86
Standard 011 (Indiana) 25 '
56538 6512
Incomes June 1949__F&A *83
Standard Oil (Kansas)_ _ _25 *1912 19 Puget Sound Pow & Lt__100 284 2912
/
1
4
Standard 011 (Kentucky)_25 *119 11938
8% preferred
100 8312 ars
Standard Oil (Neb)new 25 *474 4812
7% preferred
100 110212 10412
Standard 0110! New Jer_25 423 427
4
1st & ref 5358 1949J&D 100 101
94
Preferred
100 1165 1165 Republic Ry & Light__ 100 92
8
8
Standard 011 of New York.25 53218 3214
Preferred
100 104
36
Standard Oil(Ohio)
100 298 300 South Cal Edison 8% pf__25 *34
Preferred
100 118 11812 Stand 0& E 7% pr pf-100 1013 1024
4
Swan az Finch
100 16
18 Tenn Elee Power 1st pref7% 103 104
Union Tank Car Co
100 1133 11412 Toledo Ediaon 7% pref 100 103 104
4
Preferred
100 11618 11812
8% preferred
100 115
8
Vacuum Oil new
25 *0612 967 Western Pow Corp Met_100 974 11"
Chic it Stk Ld BA Bonds
Washington Oil
10
535s Nov 1 1951 opt 1931_ 10212 10412
Other Oil Stocks
*118 14 58 Nov 1 1951 opt 1931_ 10212 10412
Atlantic Lobos Oil
312 be May 1 1952 opt 1932.. 10114 10234
50 *3
Preferred
/
45
Gulf 011
25 *9014 904 41 Nov 11852 opt 1932_ 100 10114
99 1014
Mountain Producers
10 *245 2434 435s Nov 1 1952 opt 1932_
8
Mexican Eagle 011
5 *414 6 4146 May 1 1963 opt 1933.. 100 1014
4
Nov 1 1963 opt 1933_ 1003 10214
National Fuel Gas
100 184 187 58
Salt Creek Consol Oil_ ___10
8
814 4345 Nov 1 1964 opt 1934.... 99 10012
99 10012
Salt Creek Producers
_10 *297 30 4355 Oct 1 1965 opt 1935_
Railroad Equipments Pe C. Basis Pac Coast of Portland,Ore
Atlantic Coast Line 65
58 1955 opt 1935___M&N 10114 10314
5.12 5.00
Equipment 635s
Is 1954 opt 1934_ __M&N 10118 103
4.90 4.70
Baltimore & Ohio Os
Sugar Stocks
5.15 5.00
Equipment 435s & 58_
50 *114 24
4.85 4.62 Caracas Sugar
88
Buff Roch & Pitts equip (1s. 5.20 5.00 Cent Aguirre Sugar.com_ _20 87
Canadian Pacific 435s & 13s.. 4.95 4.65 Fajardo Sugar
100 142 144
40
Central RR. of N J138
6.15 4.95 Federal Sugar Ref com_ _100 30
65
Chesapeake& Ohio 68
Preferred
100 50
5.20 5.00
4
t *3
Equipment6355
5.15 4.90 Godschaux Sugar,Inc
23
Equipment 5s
Preferred
100 20
4.85 4.70
34
Chicago Burl & Quincy 6s
5.20 5.00 Holly Sugar Corp corn- --t •32
78
Chicago & North West 68
Preferred
5.15 5.00
100 74
Equipment 6358
4.95 4.75 National Sugar Refining_ 100 132 133
70
Chic RI & Pac 4355 & Is.... 4.85 4.70 New Niquero Sugar
100 60
12 3
Equipment 68
5.25 5.05 Santa Cecilia Sag Corp pt100
•I40 145
Colorado & Southern 68_ _
5.20 5.00 Savannah Sugar corn
Preferred
100 122 125
Delaware & Hudson Os
5.15 5.00
73
Erie 435s az 55
5.00 4.75 Sugar Estates Oriente 0_100 69
Tobacco Stocks
Equipment65
5.25 5.05
6.20 5.00 American Cigar COM--100 130 136
Great Northern 65
Preferred
100 100 104
Equipment 55
4.85 4.70
Hocking Valley (is
4.85 4.70 British-Amer Tobac ord_..£1 •2212 2312
Bearer
LI *2212 2312
Equipment Os
5.20 5.00
28
/
1
4
Illinois Central 4)4s & 68..... 4.75 4.63 Imperial Tob of GB & held *28
Equipment Os
5.12 5.00 Int Cigar Machinery_ _ _ _100 103 108
Equipment 78& 635s
4.85 4.70 Johnson TM Foil & Met_100 65
4112
Kanawha & Michigan 63_ _ _ 5.30 5.10 MacAndrews & Forbes--100 40
Preferred
100 100 104
Equipment4358
5.00 4.80
38
100 36
Kansas City Southern 5345. 5.10 4.85 Mengel Co
70
Louisville & Nashville 63... 5.12 5.00 Porto Rican-Amer Tob-100 65
38
4.90 4.75 Universal Leaf Tob cont._ _ _ a35
Equipment6348
Preferred
100 98 100
Michigan Central 50 & Os.... 4.95 4.75
100 115 120
Minn St P& S S M 435s & 55 5.10 4.85 Young (38) Co
Preferred
100 104 108
Equipment 634s & 7s...... 5.25 4.90
MissouriKansas & Texas 138 5.30 5.00 Rubb Saks (Clece'd mitten)
74
•
Missouri Pacific 68 & 6148... 5.20 4.90 Falls Rubber corn
18
/
1
4
Preferred
25 •
Mobile & Ohio 5SO & 58..... 4.90 4.65
New York Central 434e & Is 4.80 4.60 Firestone Tire & Rub corn.10 *117 120
100 10012 10212
6% preferred
5.12 5.00
Equipment68
9814
100 97
7% preferred
4.90 4.75
Equipment 78
4.70 4.55 General Tire az Rub com_ _25 •14312 146
Norfolk & Western 4348100 105 1104
Preferred
5.00 4.75
Northern Pacific 75
- 4.95 4.75 Goodyear Tire & R com.100 3112 3212
Pacific Fruit Express
9612
Pennsylvania RR eq bs & 65 5.12 4.85 Goody'r R & R of Can pf.100 r96
4
Pittsb & Lake Erie 6Si
8- 5.05 4.80 India Tire & Rubber new--t *293 30
/
1
4
5.15 5.00 Mason Tire & Rubber com_t *114 1
EqUipraent6s
Preferred
100 1812 20
4.70 4.55
Reading Co 4 Sis & 59
St Louis & San Francisco bs_ 4.85 4.70 Miller Rubber Dreferred_100 100 101
30
100
Seaboard Air Line 5358 & 65 5.25 4.95 Mohawk Rubber
16" 74
Preferred
Southern Pacific Co 4345.... 4.70 4.60
19
4.90 4.70 Selberling Tire & Rubber_ _t
Equipment 78
984
Preferred
4.85 4.70
100 94
Southern Ry 4355 az 55
Water Bonds.
5.15 5.00
Equipment6s
Toledo az Ohio Central 6s-- 5.20 5.00 Arkan Wat 1st 58'56 A A&O 9512 96
4.90 4.70 Birm WW lst5355A'54.A&O 103 104
Union Pasific 78
let M be 1954 ser B__J&D 9712 981s
Short Term Securities
Anaconda Cop Min 65'29J&J 10218 10212 Butler Wat Co s f 5s'27.J&J 100
4
Is Sept 2 1931
M&S I 9612 98
Chic RI & Peels 1929_2&J 993 10018
86
CityW(Chatt)5358 54 A J&D 10212 10312
.
Federal Bug Ref Os'33.M&N 82
let M Es 1954
Jaz D 0612 9712
Missouri Pacific 55'27__J&J 100 10014
Sloss-Sheff S & I 138'29_F&A 102 10212 City of New Castle Water
95
55 Dec 2 1941_ _ _ _J,kD 1 93
Wise Cent 5355 Apr 151927.. 100 1004
/
1
Indus. & Miscellaneous
Clinton WW let 5a'39_F&A 89
25 *88
;
1
90 Com'w'th Wat let 5355A '47 10112 101
American Hardware
100 115 117 Connellsv W 550ct2'39A,k01 92 9312
Babcock & Wilcox
*2312 244 E St L & Int Wat 58'42.J&J 93 94
Bliss(E W)Co new
50 *57
Preferred
1st M Os 1942
J&J 101 102
97 Hun'n Wat 181,83'54 A_M&S 103
Borden Company corn- --t *95
98
100 13
16 Mid States WW 68'36
Celluloid Company
100 50
55 MonmConW let 55'56A2&D 95
Preferred
Childs Company pref._ _100 11513 11712 Monon Val Wat 5As',50 J&J 9912
100 172 177 Muncie WW ba Oct 2'39 A01 92
Hercules Powder
100 115 117 &Joseph Water bs 1941A&O 9312 WI!
Preferred
97
_100 104
International Sliver pref.
So Pitts Wat let 55 1960 J&J 96
9712
Lehigh Valley Coal Sales_ 50 *9714
F& A 97
1st M Is 1955
102
Phelps Dodge Corp
100 134 137 Ter II WW Os '49 A.
Royal Baking Pow corn.100 163 170
ist M be 1956 ser B F&A 93 __100 101 103 Wichita Wat 1st 65'49 _M&S 102 _-__
Preferred
..100 390 397
Singer Manufacturing.
1st M 55 1956 ser B F&A 93
LI *512 612
Singer Mfg Ltd
•Per share. t No par value. b Basis. d Purchaser also pays accrued dividend.
Ex-rights.
a New stock. .1 Flat price. k Last sale. n Nominal. z Ex-dividend.
r Canadian quotation. a Sale price.
BOSTON STOCK EXCHANGE-Stock Record
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Friday.
Wednesday, Thursday,
Tuesday,
Monday,
Saturday.
Nor. 12.
Nor. 11.
Nov. 10.
Nov. 9.
Nor. 8.
Nor. 6.
Sales
for
the
,Week.
STOCKS
BOSTON STOCK
EXCHANGE
2507
p •
:orS a a
EI
Range Since Jan 1 1926
Lowest
Highest
Range for Prestatu
Year 1925
Lowest
!NAM
Railroads.
4
100 159 Jan 9 175 Feb 13 158 Feb 1641 Jan
158 Boston & Albany
172 172
172 172
172 172
172 172
172 172
Jan
*172 173
7514 Mar 85
100 77 May 3 8512July 15
547 Boston Elevated
8112
8 81
8
813 813
82
814
8
.813 82
8112 82
83
83
92 Jan 10414 Dec
100 89 Feb 27 102 Mar 20
Preferred
75
101 101
.8138 82
- 101 101
__ 102 102 *10012
*10012
100 11518 Jan 16 122 Jan 7 109 Mar 130 Dee
75 let preferred
11812 11812
119 119
-19
119 *118 1 119
*118 120
94 Mar 118 Dee
100 9812 Jan 9 112 Jan 2
26 29 preferred
_
10514 10512 *10412 10514 105 105 •____ 10514 ._ 5312 105
Apr 4912 Dee
10
100 35 Mar 30 5812July 26
785 Boston & Maine
54
5312 54
54
--------54
5312 54
54
54
1111 Apr 46 Dee
100 32 Apr 14 53 June 30
Preferred
___ ____ ____ ___ ___
*5012 ___ *5012 ___ *50
____ *5012
.5012
Apr 65 Dee
17
100 59 Apr 15 82 Oct 2
Series A let pref
--------100
80
.78 80
80 .78
6 .78 8
*78 --__ 80
Apr 8712 Dec
29
100 84 Apr 15 122 Sept 29
Series 13 1st pref
____ ___ ____ ______
____ •122
____ •122
____ *122
____ •122
*122
25 Apr 7912 Dee
100 74 Ain' 15 110 Sept 29
Series C let pref
____ ____
_____ ___ •102
___ *102
___ •102
____
*102
3512 Apr 116 Dec
100 105 Jan 29 156 Sept 30
150 150 *150 ------------5 Series D let pref
*150 155 *150 155
_ _ *1020150
96 Dec 99 Nov
94 Apr 16 107 Sept 17
--------400 Prior preferred
4
4
1043 1043 105 105
4
1043 106
-10412 10412 105 106
100 117512 Mar 19 185 Nov 9 187 Feb 180 May
80 Boston & Providence
____
185 185
185 185
185 185
*182--_ 183 183
28 Sept 5213 Nov
6 61 Jan 6
100 28 Oct
138 East Mass Street Ry Co
32
3213 32
32
32
32
32
32
33
33 .32
332 .
60 July 73 Dec
100 5912 Apr 29 71 Jan 2
10 1st preferred
_______
65
*82
65
65 .62
65 .62
64 .63
64
51 Aug 70 Dec
100 56 May 6 69 Jan 13
Preferred B
_ ___ -__
____
64
*62
64
*62
64
64 .62
6212 *62
•62
35 Sept 50 Dec
100 40 Apr 29 4914 Jan 29
450 Adjustment
4212
4212 4212 --4212 *42
4212 .42
4212 *42
*42
4212
.42
23 May 56 Dec
100 49 Sept 1 60 Feb 3
125 Maine Central
52
52
53
53
52
52
55
_ *52
*51- - .52
28 Mar 4634 Dec
8July 17
8
100 317 Mar 30 483
4314 433
4 1,123 NY Nil Is Hartford
4
3
4312 43 134 .4318 433 4212 4318 423 43
4314 70 Feb 90 Dec
8 9612 Nov 10
9712 9612 9612 *96 ------------25 Northern New Hampshire_100 81 Apr
.96
96
9712 96
*96
.
Ocl
Jan 125
Norwich & Worcester pref_100 120 Apr 22 130 Aug 9 100
__ .12334
4
__ .1233
4
4 -_ - •1233
4-- _ .1233
*1233
On
Jan 113
96
100 111 Jan 6 125 Sept 1
178 Old Colony
123 123
123 123
--123 123 .123 124
123 123
*123 124
87 Feb 101 Dec
4
Massachusetts_100 993 Mar 12 105 July 26
8
*10314 ____ 10338 1034 *10314 ____ .1034 ____ •1033 ------------6 Vermont Is
Miscellaneous.
5 De<
212 Mar
5 Jan 7
24 Sept 22
350 Amer Pneumatic Service___25
212 212
212 258
238
238
*212 3
.212 3
*212 3
1612 Mar 2412 De<
50 1912 Nov 10 2414June 3
354 Preferred
2014
1912 20
201 8____ 2014 1912 1912 *19
*1914
20
20
4
1,732 Amer Telephone & Teleg_100 13912June 24 1503 Feb 15 1304 Jan 145 Dec
4
8 1483
8
14714 14712 14758 14812 148 1487 148 14812 14838 14812 1483
6112 May 87 Aug
No par 4812July 13 71 Jan 2
5113 51
5112 2,445 Amoskeag Mfg
4 5012 5112 51
4
503 503
501
4914 4914 50
4
7014 May 863 Aug
No par 7212 Nov 4 78 Feb 23
45 Preferred
____ ____
75
•73
75
75
75
.73
75
75
73
73
Jan
14
16 Aug
Metal Construe, Inc____10 20 Jan 16 2112 Jan 23
Art
571.2 5714 57 -- --- -5712 57 _57__ ____ ____ ___ 145 Atlas Plywood tr etre No par 5212 Apr 14 6334 Jan 11 4812 Aug 6712 Dec
-6/ -Es
912 Aug 21 Dee
174 Jan 2
814 Oct 11
Atlas Tack Corp
____
-- ---- - - ---- - _ --_ *83
144May 11 2012 Jan 14
--------153 Beacon Oil Co corn tr ctfs____
16
- -14 18
16
1614 16
-16
17
16 17 .16 4-974 Nov 109
- -12 On
250 Bigelow-Hartf Carpet_No par 74 Nov 1 9812 Jar 2 - 74
7414 74
74
7412 *7412 7512 7413 75
744
__
*7412
Jan 10814 Aug
35 Boston Cons Gas met654%100 10513 Jan 25 10912June 21 103
____ ____
107 10712 *107 109
-107 107 *107 109 *107 109
Ocl
74
2814 Jan
.NO par 57 May 8 681z Feb 1
45 Dominion Stoma, Ltd.
____ ____
65
*60
65
6312 6312 .60
65
65
60
.59
99 June 100 Dee
100 104 Jan 5 1121sJune 9
Preferred A
112 Apr
8
83 Sept
312 Jan 21
4May 20
13
10
100 East Boston Land
____ _ __
.112 2
*112 2
*113 2
112 112 .113 2
4
63 Jar
3 July
8
73 Oct 26
312Mar 8
5
500 Eastern Manufacturing
812
*8
7
6 12 .6
6
.612 7
4
*3
*612 7
8
42 Mar 897 Del
25 44 Nov 5 8812 Jan 22
405 Eastern SS Lines. Inc
48
48
48
48
48
4 47
4612 4612 4634 463
46
46
4614 Oct
Jan
35
par 34 Nov 3 45 Jan 6
No
450 Preferred
8
8 364 363
363
36
37
4
363 .36
.36
37
*36
37
*36
Jan 100 Jul,
89
9913 Jan 9
100 9014 Oct
1st preferred
__ ___
____
92
.91
.9012 93 .9012 93
*9012 93
*9012 93
18 Aug 2312 Sepi
1413 Nov 11 26 Feb 5
250 Economy Grocery Stores
8
1413 143
4 1412 15
4
153 153
18
16
16
•16
18
*16
Jan 213 Ma,
100 z207 Jan 16 250 Feb 11 200
ILlum
.529 Edison Electric
219 21912
4
4
4
220 22012 220 22012 2193 2193 2193 220
218 220
17 Oct38 Jaz
25 Galveston-Houston Eleo_ _100 14 June 22 27 Oct 4
____ ____
22
*20
22
.20
22
*20
21
21
23
.21
General Pub Serv Corp corn.. 1134 Apr 12 17 Jan 22
1212 .10
1112 *10
1212 *11
1112
.1114 1213 .11
43" Jul]
4
No par 3414 Apr 20 404 Jan 12 223- Aug 150 Gilchrist Co
3612 3612 37
3612 3612 *36
37
4 3612 3612 .36
4
363 363
5712 Jan 11512 Der
1,738 Gilette Safety Razor_ _No par 8812Mar 30 11312 Feb 6
9113 9134
8
9012 914 907 92
9212 92
92
9214 9212 02
11 May 1512 Jun
14 Sept 17
25 10 May 6
_ ___ __ _ Greenfield Tap & Die
12___
*10
12
.10
*10
12
12
.10
12
•10
Or
52 May 72
4
No par 4812 Nov 11 683 Feb 4
8 49_____ Hood Rubber
487 - _4912 4812 4912 4812 49
4912 49
*49
4914 50
Or
SO
5212 Ja
_ Internat Cement Corp_No par 52 May 17 6814 Feb 9
Jai
2
2 .25 Mar 24 .05 Dec
International Products_No par .10 Jan
____ ____
•.25 __
..25 __
3.25 __
.
.25 __
•.25 __
100 .30 May 19 .55 Jan 5 .10 Dec 1012 Jai
Preferred
___ ____
.26 .._ _
.26 ____
.26 .____
------------.25
.
•
,
8212 Jan 9512 No
_100 293 Apr 15 96 July 30
Kidder, Peab Accep A pref.
90
95
95_95
95
_ _
*95
95
9412 9412 *941z - - 94
64 Apr
94 Jr.]
4
93 Feb 1
612 Aug 13
86 Libby, McNeill & Libby__ _..10
9'4
914
4
83
4 -- 4
4 83
83
83
914
9
83
4 --4 .
8
4 914
.83
3
1114 Aug 137 Jai
6 July 8 1218 Jan 18
25
65 Loew's Theatres
8 7
67
8 714
4
*63 . _ .67
___
363
'
6
.12 7
8 7
.65
68 Feb 85 De
4
9014 1,438 Massachusetts Gas Cos__100 80 Apr 20 903 Nov 10
90
1I54 90
9014 90
89 490
8812 89
8812 89
Or
8312 Jan 70
100 65 Jan 8 7018 Feb 20
361 Preferred
8
8 68 6812 6812 6812
4 6818 6814 6818 6812 683 683
683
68
Oc
Jan 197
Sfergenthaler Linotype_No par 1104 June 2 1110 May 1 167
37
107 107 *106 107 .106 107 *106 107 *106 10612 106 106
4
714 Sept 163 Ja
8May 26
143
4
73 Apr 22
10
Mexican Investment, Inc
___. ---- - --- ---- ---- ---- ---- ---- ---- --__ ____ ____
8711 Jan 9614 No'
Mies Ely Pow stpd prof_100 89 Apr 9 98 Jan 4
9612 .9412 9612 •9412 9612
*9412
97
97 .95
*95
4
63 Ja,
34 Dec
412 Jan 5
2 Aug
10
213 212 *212 234 --------255 National Leather
4
*212 23
212 21
212 212
3
113 Dec 17 De
19
2612 253 264 253 2614 19,143 Nelson (Berman) Corp.... 5 1512 Jan 9 2912July
8
4
8
257 2678 26
.
263
25
25
25
2 Jun
New Eng 011 Ref Co tr ctfs.._ .20 Jan 2 .95 Apr 29 .10 Dec
•.20 .25 *.20 .25 .3.20 .25 .3.20 .25 •.20 .25 ____ ____
3
5 4 Apr 12 See
3 July 15 1012 Jan 6
100
Preferred tr ctfs
____ _ ___
_
*4
_
*4
_
_ _ *4
*4
*4-- _
61 loo foo *loo 10034 --------10 New England Pub Serv prior pf 95 Sept 20 101 Sept 1
•100 101 *100 fo 1- •loco I11 Fe
278 Dec
8 Feb 18
1 Oct 1
113 112
212 --------100 New Eng South Mills_ _No per
*____
4
*2
*2
Is
20 Dec 65
5 Aug 5 28 Jan 29
100
Preferred
8
3.1
.1
8
8
.1
6
3.____
.
6 *____
09 Apr 12213 No
4
8
944 New Eng Teleli & Teleg-100 1107 Apr 1 1183 Feb 17
11412 11414 11412 1144 11412 11414 11414
11414 11412 11414 11412 11414
90 Sept100 Ma
No Amer Util let pf full paid__ 89 Feb 15 96 Feb 25
35
1
*90.
_ _
*00
9012 9012 .90 - -- *90 20 May 28 Ma
18 Feb 1 27 Feb 25
330 let pref 25% paid
1818 ;
*171 18
1913 18
18
1812 *19
1913 18
•19
50 Dec 8112 Ja
100 3512July 6 55 Jan 2
752 Pacific Mills
4214
42
4114 42
4012 42
42
42
4112 4112 *4112 42
Or
32 Aug 75
Plant (Thos G), 1st pref.,...100 40 Mar 25 6814 Jan 12
29
45
45
47
4
443 .44
*44
47
4412 4412 .44
.4414 47
1514 Aug 18 At
10 15 Feb 8 1714 Aug 26
Reece Button Hole
____ ___ ___
16
.15
16
•15
16
.15
16
•15
18
24 Jr.
•15
114 Nov
134 Apr 28
114 Oct 30
10
--------235 Reece Folding Machine
114
114
112
8
13
8
13
114
*114 '2
*114 2
9914 Dec 101 De
229 Swed-Amer by part pref_100 98 May 28 110 Aug 8
19213 10212 102 103
8
8
*102 1023 10212 1037 103 10312 103 103
100 111 Apr 21 11712 Nov 5 10914 Apr 120 Fe
300 Swift & Co
4
4
1163 1163
117 117
4
4513 Apr 7313 De
11612 11612 11612 11712 11712 11713 1163 117
25 54 Mar 31 72 Sept 10
Torrington Co
211
7112
7118 7112 71
*7012 72
70
6818 6912 70
3 Oct711 Ja
70
•68
7 Jan 5 1512 Feb 11
5
--------170 Union Twist Drill
12 *__ _ 12
12
12
4034 July 50 No
12r2 1212 *__ _ _ 1212 12
859 United Shoe Mach Corp_ 25 47 Mar 31 5314 Aug 25
4912
4912 494 4912 4919
8 49
2612 Jan 29 0(
4914 4912 4914 4912 494 493
25 28 Jan 2 30 June 25
142 Preferred
29
29
29
29
*29_
29
2912 29
2932 *29
*29
98 Star 12413 De
5 US Is Foreign Sec 1st pref f pd 100 May 19 135 Feb 16
102 102 *100 105---3102 104 .102 105 *102 105
.
2412 Jan 73 No
60 May 30 90 Apr 3
1,076 let pref 75% paid
4
8312 77 273
7812 80 •s82
8
79
80
7912 783 79
77
1412 Aug 1934 is
4
17 Jan 6 223 Oct 19
2112 1,720 WaldortSys,Inc, new sh No par
2112 21
21
21
21
2114 21
2118 21
21
*21
Jan 34 De
5
43 Walth Watch cl B com _No par 29 Jan 18 40 Feb 6
374 38
39
39
*37
*37
3613 3618 *37
39
39
•37
57 De
1714 Jan
100 52 Jan 23 60 July 19
Preferred trust ctfs
6
5
56
56
56
58
.156
58
56 *756
56
58 *756
65 Jan 105 DI
100 101 Sept 31) 11012 Apr 13
Prior preferred
__-- _ _ ___
*106 110
•106 110 .106 110 *106 110 .106 110
4
4
163 June 271 Jul
20 1234May 28 23 Jan 27
751 Walworth Company
4
-4 1512 153
21
8
16
153 153
8 153 153
8
4 1512 1512 1512 153
Jan 5013 Jul
37
4
50 44 Mar 25 573 Oct 28
1,366 Warren Bros
54
56
56
5634 5612 563
.56
4 5614 5614 5412 5612 53
24
3 Jan 4311 Jul
373
50 39 Apr 15 43 Slay
90 1st preferred
42
42
42
42
42
42
.4112 43
34
. 113 42
43
*41
4012 Jan 48 DI
50 42 Apr 16 47 Feb 1
2d preferred
_ __ _ __ ___
45
*44
*44
47
45
45
45
*44
*44
*44
1
11 Mar 217 /Se
1034 Aug 18 1712 Jan 2
500 Will Is Baumer Candle corn__
1313, 15
0
11312 15 *11312 15 *71312 15 .71312 15 *31312 15
Mining.
Jo
Adventure Consolidated____25 .05 Mar 15 .4(1 July 19 .05 Dec .25
.30
.30 *__ _ _
.30 ._ _ _ _
3_
.30 *____
.30 . _ _ _
.30 •_ _ _ _
31_ _ _ _
JE
25 .10 'Feb 2 .10 Feb 2 .10 Mar .25
Algomah Mining
3.05 .25 3
..05 .25 *05 .25 .
3.05 .25 ____ ____ ___
•.05 .25 .
3 it
138 Aug 4 .50 Dec
25 .25 Mar 27
670 Arcadian Consolidated
.85 .85
.98
.98
.85 .85 *2.91
.90
.99
•a.85
.50 .91
1538 Fe
912 Mar
4
Commercial
914May 25 123 Jan 2j
5
1,485 Arizona
1114 103 11
1014 11
11
1034 104 1014 1014
1014
*10
4
10 29 June 2 5534 Jan 4I 2814 July 8014 0
395 Bingham Mines
3412
35
35
3612 35
35
3514 3412 3412 34
*35
35
8
1233 June 187 JO
25 1314June 7 1838 Aug 9l
8
1614 167g
1731e 167 1718 3.105 Calumet & Hecht
g
167 171A
1614
Hi
167 17
17
s
1 .20 June 10 .50 Jan 2 .20 May .90 Al
995 Carson Hill Gold
.3.25 - __
.27 .29
•.20 .30
.25 .25
.25 .25 ..25
Jo
18 Dec 33
25 13 May 20 20 Jan 4
1,362 Copper Range Co
1518
15
8
15
143 15
15
4
15
143
01412
1512 143 1514
4
64 JE
3 June
4 Feb 3
214 Oct 13
685 East Butte Copper Mining_ 10
3
3
3
4 3
*23
3
318 3 3
,
3
3
3
3
8
13 Jo
Jan
114 Jan 20 .04
25 25 Nov 3
20 Franklin
.38 .30 •a30
.40
.50 .a.30
.40 *a.30 .40 .0.30 .50
*2.30
134 Fe
114July 17 .50 June
25 .50 Feb 25
Hancock Consolidated
..50 .75
1
*40
1
1
..50
..50
3.50
.
1
1
3.50
.
1512 July 23 -It
14 Mar 29 2114 Jan 4i
1812 1812 1,110 Hardy Coal Co
1
4
19
1914 183 19
194 19
19
19
4
183 1834
311 F(
1 Dec
2 Jan 11
2 .75 Oct 11
330 Helvetia
1
1
1
1
112 .1
*I
114
1
112
1
*1
1 141 Mar 29 198 Oct 29 121 Mar 165 D.
190 Island Creek Coal
189 190
192 193
19214 193
193 194 *190 192 .193 194
9414 May 10012 D.
1 9912 Jan 4 106 July 28
Preferred
•10112 103 *10112 103 *10112 103 .10112 103 .10112 103 *10112 103
8
97 Apr 204 Jo
912Ju13e 7 14 Aug 9
25
326 Isle Royale Copper
1214
8 12
*1112 12
123
113 12
4
4
12
8
1214
1238 123 *113
113 Jul
/Sept 30 .50 June
27
.50 Jan 2
25
1,780 Keweenaw Copper
2 14
2
214
8
17
2
2
2
17
2
8 2
*17
2
2's
Apr3 Jo
1
133July 141
2 .60 Oct 26
25 Lake Copper Co
1
.75 .75 .3.75
.75 .75 .3.75
1
1
..75
1
0.75
.
4
2 JE
2I Star 151 Dec
2 .80 June 12
La Salle Copper
114 .1
114
*1
114 *1
114 *1
11
114 .1
•1
8Sept 17 .95 Sept234 Jo
23
134 Jan 26
5
525 Mason Valley Mine
4 2
.13
.134 2
17
s 2
134
13
. 4 24 •17
2
2
4
1, JI
July 19 .40 May
2 .25 Mar 16 .75
Mass Consolidated
3.30 .40 ..22 .30
.
3.30 .50 •.30 .50 ..30 .4
•.31) .50 .
3 Jo
112 Jan 5 .50 No,
.50 Oct 25
2
.60 .60
.59 .60
.55 .5 "a.50 .60 ..50 .60 1,050 Mayflower-Old Colony
.75
*a.50
Jo
2512June 41
20 Mar 30 46 Oct 18
25
720 Mohawk
43
434 4312 44
42
4334 443
8 4312 43's 43
4214 43
Jo
18 Mar 25
S 1812May 19 24 Aug 9
590 New Cornelia Copper
8
P 2212 2212 23 2312 2278 2338 23 2314 233 2312 2314 2314
.05 Jan 30 .20 June 10 .10 July .85 1)
New Dominion Copper
_
.18 - -3_
.18 •____
.1 . _ __
.18 •____
.18 *__-*____
25 Apr 31 Ai
28 25 Feb 4
100 22 Sept
New River Company
_--3_
. 21 *__ _ .. 21 . __ _ 21 3._ ___ 21
._ __ 21 .- - - - 21 .3_ __
40 June 65 Ai
100 45 July 13 72 Feb 11
Preferred
231
63 .62
65 •__ __ 61
*61
65
62
62
4 63
643
62
4
63 J1
3
43 July
8
77 Jan 27
5 July 8
5
225 Sanitising Mines
.512 6
53
512 512
54 54
4
4 53
512 512
514 514
8
37 N(
Sept 20 .89 June
34
2 Apr 13
15
825 North Butte Mining
3
3
3
3
3
24 3
3
3
3
3
3
3
14 Jo
1 Apr 29 .15 Nov
25 .50 Jan 4
210 Onbway Mining
1
1
1 "3.85
.80 .80 *a.85
1
1
1
tom
',
*a.85
4
163 Dec 27
J1
14 Slay 26 20 July 17
25
1612 1612
415 Old Dominion Co
1614
1612 1634
.1512 1312 46
1614 1612 1614 1614
1012 Juna 184 Be
2Mar 29 15 Jan 2
8
1313 133
8 124 124 1212 1212 1218 124 2,045 P'd Crk Pocahontas Co No par 1012Ma7 24 25 July 18
: 1358 1378 133 14
19 Apr 3912 .1,
25 151
440 Quincy
19
19
1914
19
19
1912 19
19
4
[ 1812 183 .1812 19
2812 Apr 48
J1
3812 Feb 10
660 St Mary's Mineral Land_ 25 2512May 25
2712 2714 2712 28
4
28'2 27 2 273
4 273
4 27
,
714 Nov11 NI
' 2612 2612 27
94 Jan 4
4 Oct 28
250 Seneca Mining
4 44 *34 412
.33
4 412 *33
4
4 412
, *33
4
4 412 *33
112 1
10 .30 Nov 1 .80 Jan 5 .50 Slay
•
10 Shannon
.50 .50 ..35 .50 •.35 .50 .3.35 .50
.
1
' '.30 .50 •.35 .50
..4 Mar 1 .70 May
J
2
720 Superior Is Boston Copper_ 10 .25 Sept 30 114 Feb 5
.25 .25
.40 .40 .3.25 .45
.25 .25
.31 .3
•.25 •
34 Jan 8 TX, j
4
43 Oct 28
5
8 7,175 Utah-Apex Mining
4 57
53
61
6
534 6'8
4 614
53
5
15
51s 538
Jan 8 2% Mar 13 .4,0 July .98
J
1 .50
8
4 3,885 Utah Metal & Tunnel
13
112 112
112
112 15
2
13
8
8 1,
13
13
*114, 112
114 J
25 .40 May 24 .75 Feb 23 .22 Nov
75 Victoria
.60 .65
3.50 .65 ..50 .6
*.50 .75
.45 .65 ..45 .65 '
•
J
25 .10 Sept 13 .40 July 20 .10 Dec .48
440 Winona
.14 .16
3.13 .17
.
.10 .10 •.13 .17 .3.13 .1
..13 .17
F
25 .40 Feb 1 .45 Mar 22 .05 Apr .21
-vendor
CC
"
Ex-stock dividend. f New stock. z Ex-div dend.
•Sid and asked paces; no sales on this day. a Assessment paid. 0
Ex-rigbts. s Ex-divideud and rights.
2508
THE CHRONICLE
Outside Stock Exchanges
Boston Bond Record.
-Transactions in bonds at Boston
Stock Exchange Nov. 6 to Nov. 12, both
inclusive:
Friday
Last Week's Range Sales
Range Since Jan. 1.
Sale
ofPrices.
for
Bonds
Price. Low. High. Week.
Low.
High.
Amer Tel & Tel 435s_ _1933
9835 9834
$300 98)4 Nov 9834 Nov
Atl Gulf & WI SS L 531959
71
71
2,000 65
Apr 74
Feb
Berlin Elea 634e
1956 9471 94% 9434
1,000 94% Nov 9471 Nov
Chic Jet Ry & US Y 461940
89% 89% 2,000 86
July
Jan 90
58
1940
100 101
11,000 99
Aug
Jan 102
Current River 58
1927
100 100
9.000 9934 Feb 100 June
East Mass Street RE.
p. B 5s
1948
89
70
3,200 85
Mar 7835 June
Hood Rubber 7s
1937
104 104
4,000 104
Oct 106% June
KC M &Bine 5s_ _1934
9935 9935 2,000 9735 June 99% June
Keystone Tel Co 8s_ _1951
9834 99
14,000 9835 Oct 99
Oct
Kendall Mills 875s_ _ _1944 99
99
99
1,000 99
Mar 99
Mar
Mass Gas 435s
1929
99,4 99% 6,000 9834 June 100
Sept
435s
1931
9831 9834 2,000 96
Jan 99 June
534s
1946 103
103 103
6.000 9931 Feb 105% Apr
Metropolitan Ice Co 7s1954
100 100
1,000 100
Apr 10234 Apr
Miss River Power 58..1951
100 10034 1,500 99
Mar 102% July
New Engl Laundries 881936
95% 9934 10,000 95)5 Nov 9934 Nov
New Engl Tel & Tel 5s 1932
100% 100% 5.000 10034 Feb 102
May
P C Pocah Co 75 deb_ _1935
the% 10631 12,000 100
Mar 111
Feb
Swift & Co 58
1944 101% 101 101% 23,500 9934 June 102 34 Aug
Western Tel & Tel68_1932 10034 10035 100% 7,000 9934 Mar 10174 Aug
Philadelphia Stock Exchange.
-Record of transactions
at Philadelphia Stock Exchange, Nov. 6 to Nov. 12, both
inclusive, compiled from official sales lists:
Stocks-
y may
sates
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Almar Stores
18
Alliance Insurance
10
American Stores
* 7234
Baldwin Locomotive_ _ _100
Bell Tel Co of Penn pref ___ 11235
Cambria Iron
50 4035
Congoleum Co Inc
*.
Consol Traction of N J_100
Electric Storage Batt'y _100
Fire Association new_ _10
Horn & Hardart(NY)corn 55
General Asphalt
100
Insurance Co of N A_ _ _ _10 6034
Keystone Telephone- _ _50
Preferred
50
Lake Superior Corp_ _ _ _100
135
Lehigh Navigation
50 10835
Lehigh valley
50
Lit Brothers
10
Man Rubber
10
2
Penn Cent L & P cum pf_• 73
Pennsylvania RR
so
Pennsylvania Salt Mfg_ _ 50
Phi's Co (Pit(s) pref (cum
so
5%)
Phila Electric of Pa
25 5175
Power receipts
25
Phila Rapid Transit_
50
Phil& & Read C & I Co__ 5
Philadelphia Traction__ 60
Philp, ,k Western
so
Preferred
50
Reading Company
50
Shreve El Domdo Pipe L 25 25
Scott Paper Co pref _ _ _100 98
Stanley Co of America__* 8915
Tono-Belmont Devel__ _1
Tonopah Mining
1
Union Traction
50 39%
United Gas Impt
50 110
Dividend stock
8834
Victor Talking Machine_ _1
West Jersey & Sea Shore_50
Westmoreland Coal new_ 50
York Rys preferred
50
Bonds
Amer Gas & Elec 6E1_2007
Congo'Tree N J 1st 5s 1932
Elec di Peoples tr ctfs 4s '45
Frets Realty 68
1941
Inter-State Rya coil 4s 1943
Keystone Telep 1st 58_1935
Lake Superior Corp 581924
Lehigh C&Nav gen 435s 24
Peoples Pass tr etfs 48_1943
Phila Co cons & coll tr 58'51
Phila Elec 1st a f 46.-1966
58
1980
let Es
1966
1947
5755
5345
1953
1941
Os
P & R Coal & Iron 5s_ _1973
Reading general 4348_1997
United Rys gold tr ctf 4s 49
York Railways let 55..1937
9735
6235
59
1735 18
47
47
71
7234
125 12735
112 11234
4034 4035
2034 2034
38
38
8134 8634
5334 6335
5335 55
77% 79%
51
50
434 475
1935 1935
135 175
10735 10834
89
89
27
27
2
2
7174 73
as% 5634
7534 75%
Low.
High.
1,070 1634 Oct 2034 Sept
161 36
Jan 59
Jan
1,323 60
Mar 9434 Jan
207 9935 Apr 12734 Nov
151 10934 Apr 11334 Juno
25 38
Jan 4034 Sept
60 1334 May 29
Sept
5 29
Apr 38
Sept
1.037 73
Jan 9334 Aug
17 50
July 68
Jan
1,900 49
Sept 5534 Oct
180 58
Mar 93
Sept
514 49
Mar 8434 Jan
100
435 Nov
734 Jan
50 17
July 2934 Jan
2.380
134 July
434 Jan
629 9735 Mar 12034 Feb
28 8035 Apr 9335 July
300 25
Mar 3335 Jan
50
2
July
8
Jan
192 7071 Sept 91
Feb
9,900 4834 Mar 5735 Oct
150 71
Jan 91
Feb
49
4974
311
49% 5174 47,907
931 934
402
52
530
5234
4334 4
325
434
66
226
5634
11
11
72
36
38
50
8835 8834 , 70
25
2534
800
98
11
9874
83
8934 26,873
234 234 1,230
374 3 h.
,
290
3934 39%
587
10934 11134 7,825
8735 8934
478
10135 10334
780
40
4035
39
5434 55
136
3431 34%
93
93
9735
6234 63
56
59
9934 9935
4871 49
93
93
3
5
98
98
6174 62
9874, 99
8734 8734
10134 10134
10234 10335
106% 106%
10654 106%
10734 10734
10075 10054
9734 97%
63
63
9435 9454
Range Since Jan. 1.
11,000
15,000
24,020
1,000
7.000
10,000
24,500
5,000
3,000
18,000
2.000
1.000
24,000
7.000
18,000
8,500
600
1,000
5,000
10.000
48
4171
33.4
41
2734
56
11
4%
82
1334
89
55
211i
334
38
8434
8131
80
40
49
3434
Oct 5034
Apr 6734
Apr
9%
Oct 5775
May 5831
Nov 66
Mar 1634
Jan 41
Apr 9934
July 28
Jan 101
May 9234
Apr
434
Oct
735
Jan 4375
Mar 4434
Oct 8935
Mar 106%
Oct 48
Apr 58
Nov 3835
8934 Feb
58
Jan
Nov
56
9974 Oct
48% Nov
91
Jan
3
Nov
9734 Apr
6135 Nov
96 34 Jan
84
Feb
10175 Oct
102
Mar
103% Mar
103% Mar
105
July
10034 Nov
97% Nov
67 June
9434 Nov
July
Jan
Oct
Feb
Feb
Feb
May
Aug
July
Oct
Feb
Sept
Jan
Feb
Jan
Jan
Nov
Oct
July
Jan
Feb
101% May
6935 Feb
6935 Feb
9934 Oct
5634 Feb
Nov
94
13% June
10034 May
7834 Jan
9975 May
8734 Sept
10334 Apr
10434 June
108 June
108
June
10834 Aug
100% Nov
97% Nov
65
Jan
9635 July
•No par value.
Baltimore Stock Exchange.
-Record of transactions at
Baltimore Stock Exchange Nov. 6 to Nov. 12, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sates
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares
Associated Dry Goods_ _
Amer Wholesale pref _ _ _100
Arundel Corp new stock_ •
Baltimore Trust Co
50
Baltimore Tube
100
Preferred
100
Boston Sand & Gravel_1(10
Century Trust
50
Ches &Po Tel of Bait pf 100
Commercial Credit
•
Preferred
25
Preferred B
25
634% preferred
100
Consol Gas. EL di Pow_ •
634% preferred
100
8% preferred
100
Consolidation Coal__ _100
Preferred
100
Continental Trust
100
4134 4175
99
99
34
34%
130
130 130
14
14
35
35
75
75
162
181 162
11434 11434 11435
19%
19
2031
22
22
23
22% 2234 2235
8934 90
51
5231
111 11134
111
128 12734
42
40
40
98
98
238
238 238
100
10
405
210
50
15
8
12
8
974
230
41
7
278
19
84
573
100
15
Range Since Jan. 1.
Low.,
High.
4115 Nov
98 June
28% Apr
120
Apr
14
Nov
35
Nov
61
Mar
153
July
11035 Jan
19
Nov
22
Nov
223( Nov
88 • Nov
45
Jan
10831 Mar
124
Jan
Mar
76
85
Aug
233
Aug
4134 Nov
101
Feb
36
Jan
154
Feb
22
Jan
55
Feb
Sept
77
182
Feb
116
June
4634 Jan
26% Jan
2735 Jan
97
Feb
5735 Feb
11135 Aug
128% Feb
53
Feb
Nov
98
252
Feb
(You 1211.
rriaay
Saks
Last Week's Range for
Range Stria Jan. 1.
Sale
ofPrices.
Week.
Stocks (Continued) Par Price. Low. High. Shares.
Low.
High.
East'n Rolling Mill new stk. 2715 27
289 27
2734
Oct 48 all Feb
Equitable Trust Co
25
66
66
10 6215 Jan 85
Feb
Fidelity & Deposit
50 13115 131 13134
20 11715 Mar 13134 !Nov
Finance & Guar Co pref _25
1334 1334
80 13
Oct 17
June
Finance Co of America_ _25
814 814
100
815 Oct 12
Jan
Finance Service class A _ _10
18
18
75 1734 Sept 2115 Jan
Preferred
10
10
1034
46
9
Aug 1015 Feb
Hare & Chase
•
23
24
50 23
Apr 2634 Mar
Preferred
100
93
94
26 8534 Aug 96
Sept
Houston Oil corn v t c_ _100
5415 5435
100 5415 Nov 5415 Nov
Preferred v Cc
100 83
8234 83
105 81
Mar 89
Jan
Manufacturers Finance_25 40
40
41
243 40
Nov 6834 Feb
1st preferred
25
20
2034
194 20
Nov 23
Jan
2d preferred
25
1934 1934
9 1915 Aug 2415 Feb
Trust preferred
25 2014 2075 2
60 20
034
Mar 23
Jan
Maryland Casualty Co_ _25
99 100
65 94 Slay 102
Jan
Maryland Trust
100
184 184
19 18134 July 184
Nov
Merch & Miners new
• 4234 4215 43
215 4134 Apr 47
Sept
Monon Vail Trac pref_ _ _ 25 2334 2234 2334
271 20
Apr 2334 Sept
Mortgage & Accept pref _50
36
36
10 2834 June 50
Aug
Mt V-1,V Mills pref v t r_100
77
77
36 6234 June 83
Oct
New Amsterd'm Cas Co_10 5035 5015 51
131 49
Mar 5634 Jan
Penne Water & Power_100
167 167
10 141
Slay 171
Jan
Silica Gel Corp
• 1434 1435 1474
300 13
Oct 22
Jan
United Ry & Electric_ 50 2035 2075 21
1,715 17
Jan 21
Nov
US Fidelity & Guar__ __50 222
22135 22334
48 187
Mar 225
Sept
Bonds
Alabama Cons C&I 5s_1933
9735 9735
Oct 101
July
Bernheimer-Leader 73_1943 10134 10135 10231 $1,000 96
3,000 100
Jan 10231
Consolidated Gas 5s_ _1939
103% 10334 4,000 100% Apr 10335 Feb
June
ConsGEL&P 4%9_1935
98
98
1,000 9575 Feb 99
Sept
8% notes, series A_..1949
10734
Elkhorn Coal Corp 835s'32 9931 9974 10734 5,000 105% Jan 10734 Aug
99% 2,000 9834 June 100
Apr
Ga Car & Nor 1st 5s_ _1929 100% 10034 loosi
L000 993.4 Jan 10034 June
Ga Sou & Florida 5s._1945
101% 101%
1,000 100
Jan 101% Nov
Md Elec Ry 1st 5s._ _ _1931 95% 9531
9534 4,000 9434 Jan 9734
6348
1952
9675 96% 11,000 9134 Apr 9735 Mar
Mar
Sid & Penne 6s
1953
91
91
1,000 91
Nov 91
Nov
Monon Valley Trac 6s1942 92
92
9231
Public Service Bldg 5s 1940 10334 1033410334 8,000 8735 Jan 9335 June
1,000 10234 June 10334 Nov
Sinclair Crude 0118s-1928
10034 10054 9,000
United Ry & El 4s_ _ _ _1949 7075 7035 7074 38,000 10031 Nov 10034 Nov
89
Mar 7135 Mar
Income 45
1949 5075 5054 51
32,000 48
Mar 51
Aug
Funding 58
1936
74
75
5,200 8734 Jan 75
Nov
1927
6% notes
9975 9975
1,000 9735 Jan
1949
13s when issued
9735 9735 6,000 9135 Jan 9954 Nov
9735 Aug
Wash Balt & Annan re 1941
6435 65
4,000 82
July 7334 Feb
Wash & Vandemeer435s'47
95
95
1,000 95
Nov 95
Nov
West Md Dairy 8s_ _ _ _194(3
101
101
1.000 10054 Oct.102,-c Am
,
•No par value.
Chicago Stock Exchange.
-Record of transactions at
Chicago Stock Exchange Nov.6 to Nov. 12, both
inclusive,
compiled from official sales lists:
Stocks-
r riaay
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Adams Royalty Co com__• 2835 27
2835
All America Radio Cl A.-5 1234
1235 13%
Amer Pub Serv pref _ _ _100 9735 97
9735
Amer States Sec Corp A _ _•
274
234 275
Class B
•
335
275 334
Warrants
75
34
Si
Armour & Co (Del) pf_100 9234 9234 93
Armour & Co pref
100 8434 8434 85
Common el A v t c_25 1535 14% 1534
Common cl B v t c..25
9
9
AssociatedlInvest.com• 3634 3634 38%
Auburn Auto Co corn_ _25 56
5434 56
Balaban & Katz v t c_25 64
64
8435
Beaver Board pref ctfs_100
38
38
Bendix Corp cl A
10 3575. 3534 35%
Borg & Beck corn
10 5134 48% 52
Brach & Sons(E J) corn_ _• 29
2854 29
20 28
Butler Brothers
27% 28
Central III Pub Serv pref..* 8831 88
8834
Central Ind Power pref_100
85
85
Central Pub Serv (Del)_ _..• 17
16% 17
•
Central S W corn
48
4934
• 9134 91
7% preferred
92
• 99
Prior lien pref
9834 99
Warrants1834 17
1994
Chic City & Con Ry pt sh-•
35
35
35
Preferred
•
335
274 334
Chic N S & Milw com_ _100
41
41
Prior lien pref
100
9934 100
Commonwealth Edison.100 13634 13634 13634
Consumers Co. new
5
774
734 771
Common s t c
754
5
734 775
100 765s
Preferred
78
78
• 1134 1134 12
Continental Motors
25 51a
Crane Co
49
51
100
Preferred
117 117
60
Cuneo Press A
4975 493.1
Decker (Alf) & Cohn,Inc_• 30
30
30
100
Deere & Co, pref
109 109
Diamond Match
100 11635 11634 117
Eddy Paper Corp (The)_ _• 26
28
26
El Household Util Corp_10 1435 1154 1435
Elec Research Laboey._ _• 1634 1634 18
Empire 0& F,7% pref.100 9335 9235 9335
Evans & Co. Inc. class A_5 2934 2934 30
5 2634 26
Class B
2634
• 28
Fair Co(The)
2775 28
Foote Bros(0 & M)Co_ _• 1234 1135 1234
10
Gill Mfg Co
434 435
* 3454 3434 3
Gossard (H W) Co
435
Great Lakes D & D_ _ _100 143% 140 14354
Greif Bros Coop'ge A com.• 3934 3834 3
934
Hammermill Paper Co._10
3535 3
554
Hart. Schaffner & Marx100
108 108
Hupp Motor
10
2034 2034
Illinois Brick
25 5034 50
513.4
Illinois Nor UM,pref._100 92
91
92
Interstate Pow Co, pref__•
92
95
• 32
Jaeger Machine Co
2751 3
254
Kellogg Switchb'd. new_10
13
1371
Preferred
100
95
9535
Ky Util Co, cum pref_ 50 5054 5
054 6075
Kraft Cheese Co
25 8531 61
6634
Kuppenheimer & Co. 1110_5
3514 3535
Preferred
100 104
104 105
La Salle Ext Linty (111)_ _10
734
754 8
Libby McN & Libby new 10
934
9
935
McCord Radiator Mfg A-5 3835 3
854 39
McQuay-Norris Mfg
• 1735 1734 1735
Middle West Utilities_ _ _ _• 11334 112 11435
Preferred
100 105
10434 10535
Prior lien preferred_100 116
11534 11634
Midland Steel Products_ •
43
43
Midland Util prior lien_100
99
99
Preferred A
100 98
98
98
Morgan Lithograph Co_• 60
5834 60
Nat Carbon pref, new_100 125
124 125
Nat Elee Power A w 1_ _ _ _
21% 21% 21%
National Leather
10
2%
234 271
Range Since Jan. 1.
Low.
High.
900 2335 Oct 3735 Feb
125
9
Apr 19
Jan
207 92
May 99
July
895
135 May
834 Feb
1,392
1
Mar
554 Feb
260
ki May
1 June
160 90
Aug 98
Mar
565 7934 May 9274 Mar
520 13
May 25% Feb
100
534 May 17
Feb
110 30
Aug 3734 Mar
1,070 4015 Mar 7294 Mar
450 62
Sept 7634 June
25 32
Mar 45
Aug
350 2535 Mar 3834 Oct
8,550 28
Jan 55
Sept
160 2735 May 37% Feb
1,250 27% Nov 30
July
105 87
May 91
Jan
85 85
July 93
Jan
575 12
Apr 17
Nov
40 48
Nov 50
Nov
735 8954 Mar 9834 July
612 93 June 100
Feb
3.175 1034 Jan 2535 July
350
35 May
74 Jan
3,200
275 Aug
7
Jan
250 37
May 6135 Feb
230 99
Mar 101
Mar
565 13534 Aug 145 [June
1,730
54 Aug
1074 Feb
400
734 Nov
734 Oct
116 70
Sept 93
Feb
350
971 May 1334 Jan
209 4735 Oct 80
Jan
10 11354 Mar 11775 Jan
270 4534 July 50
Feb
50 30 June 32 June
35 106
Feb 110
Aug
164 116
Mar 12574 Feb
90 18
Apr 27 June
2,935 1135 Oct 25
Jan
2,100
834 July 3254 Jan
700 91
Apr 97
Jan
495 25
May 32
Sept
160 24% Oct 29
Sept
870 27
May 3334 Jaa
500
9
May 1531 Jan
350
234 May
534 Aug
580 31% Mar 39
Jan
105 122
Jan
Mar 171
275 38
May 43 May
100 25
Nov 36 June
80 107
Oct 125
Jae
200 19
Mar 2834 Jett
1,455 37
Jan 57
Sept
55 90
May 9234 Oct
75 92 June 9535 July
1,017 2434 May 3231 Nov
270 13
Nov 17 June
30 96
Nov 102 Jilin,
37 49
Mar 5234 Aug
4,100 55
May 9935 Jan
35 2934 Jan 28
Sept
20 10034 Mar 105
Nov
310
7
Sept 1434 Jan
2.300
731 Mar 1035 Sept
160 36
May 4931 Sept
25 1535 June 1935 Feb
5,850 108
May 13434 Jan
1,470 9735 Jan 11135 Feb
565 10674 Jan 12335 Feb
25 40
Oct 4935 Feb
June
45 98
Mar 104
200 96
Jan 9934 June
Mar
Apr
6
1243 0
42
65 M A:
191
2
ct 128x 3 i
Mar
50
100
2
8
434 tJan
5.500
254 May
Sates
Priaay
Last Week's Range for
Week.
Sale
ofPrices.
Stocks (Continued) Par Price. Low. High. Shares.
*
National Standard
Nor West Util pr In pf.100
.
Novadel preferred
Omnibusv Lewis
Penn Gas & Elee w 1
Pick Barth & Co pref A_ _C
5
Pines Winterfront A
*
Pub Serv of Nor Ill
100
7% preferred
*
Quaker Oats Co
100
Preferred
Q R S Music common...-.
Real Silk Hosiery Mills_10
10
Reo Motor
25
Ryan Car Co(The)
Sears, Roebuck & Co_ _100
Sou City Util CIA corn...*
So Colo Pr & Elec A corn 25
-Warner Speedom *
Stewart
100
Swift dr Co
15
Swift International
25
Thompson (J It)
Union Carbide & Carbon.•
United Biscuit class A__.
United Iron Works v t c_50
United Lt & Pr, A w I new.*
•
Preferred el B w I a_
United Paper Board_ _ _100
20
U S Gypsum
100
Preferred
_10
Vesta Battery Corp_
Ward(Montgomery)&C010
100
Preferred
*
Class A
Williams 011 0 Mat corn.*
Wolff Mfg Corp
*
*
Wrigley Jr
Yates Machines part pfd_.
YellowTr & Coach Mfg B 10
Yellow Cab Co Inc (Chic)•
Bonds
Chicago City Sty 5s__ _1927
Chic City & Con Rys 5527
Chicago Railways
1st M ctfs of dep 52..1927
1927
55, Series A
1927
48. Series B
Commonw Edison 1st M
1956
4348 C
Eons0 G Co a f g 6301931
1945
Ogden Gas Co 5s
Pub Sem FL&RM 5345262
2509
THE CHRONTOLE
Nov. 13 1926.]
32%
97
1936
10636
3534
4634
2034
1034
36
26
117
2031
2%
13
18
16134
116%
6631
115
113
14%
63
2936
2734
4534
Range Since Jan. 1.
Low.
Sept
31
32% 2,750 26
Jan
165 93
9535 97
2536 2534
Oct
50 24
15
16
2,250 12% Oct
1936 1934
600 1934 June
May
20
2034
235 19
56
5834 1,710 3334 Mar
129 12934
Oct
58 127
11334 114
140 112
Jan
Jan
180 180
390 128
Feb
106 10636
50 105
34
3534 2,260 2536 Aug
4631 4736 1,205 3131 June
1912 2031
335 1734 June
1034 1034
45 10
Oct
52
53
145 49% Jan
36
36
100 3436 Sept
150 22
24
26
Apr
62
64
1,100 61
Nov
118 11834 3,225 110
Apr
1934 2134 16,250 1434 Apr
47
4736
420 42
Apr
94 . 95
665 7236 Jan
35
36
480 3436 Oct
1,075
34 Mar
251 2%
12
13
295 11
Oct
10 4234 Apr
5031 5034
18
18
100 1734 Oct
141 166
6,510 125
Mar
116% 117
115 11334 Apr
2836 2834
225
834 Aug
52
6,600 5834 Mar
6634 67
115 115
20 112
Sept
11134 113%
834 107% May
250 13
Oct
1434 14%
6
6
25
6
Oct
5131 53
1.290 49
Apr
1,150 26
Mar
2934 2934
27
2736 2,950 21
May
4531 4536
555 4234 Mar
High.
3334 Oct
Jar
99
28
Jun(
2136 Pet
Pet
24
23
Aug
6036 Aug
140 Jun(
11634 Mai
Aus
185
10834 Juis
3736 No,
5835 Jai
2536 Jar
16
Jaz
5534 Sep'
42
Jul3
26
No,
Jai
93
11834 No,
2234 Jai
5036 Sep
9534 No,
5836 Jai
331 Sep
26
Fel
54
Sep
38
Ma
171
Jul;
121
Aui
29
Nei
81% Jai
117
Jai
114
An
2331 Fel
1034 Fel
5731 Oc
32
Fel
3934 Sep
5034 Fel
76
53
7534 78
53
53
89,000
15,000
67
Mar
4451 July
8134 Sep
5634 Ja:
74
2,000
73% 74
13,000
5134 52
3936 3936 3.600
7334 Oct
45
Mar
29
July
7731 Oc
5434 Sep
46
Sep
9434
9534
94%
9531
100
104%
94% 5,000 9431 Sept9431
9534 28,000 95
Sept99
100
2,000 9712 Van 100
10414 2.000 10414 Nov 10414
No
Fe'
No
No:
•No par value.
bates
r rsaay
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
20
Honokaa Sugar
Honolulu Consol Oil _ _ _ _10 3731
Hunt Bros Packing Co A.
26
Illinois Pacific Glass A.....* 31
Key Sys Tran, Prior pf_100
Langendorf Baking A...L A Gas & Elec, pref. _100
1
Magnavox Co
.
Magnin (I), corn
Market St By,com _ _ _ _100
100
Prior preferred
_100
Second preferred
North American °U..,_10
20
Oahu Sugar
20 3836
Onomea Sugar
Pacific Gas & Elec, com.100 130
100 99%
First preferred
Pacific Ltg Corp,6% pf 100 9636
. 1.50
Pacific Oil
Pacific Tel & Tel, com 100
100 10334
Preferred
Paraffine Cos, Inc, corn.. 109%
.
Phillips Petroleum
. 5134
Piggly Wiggly West St A-.
SF Sacram RR com _100
100 20
Preferred
8 J Light & Power com _100
100 108
Prior preferred
100
A 7% preferred
2404
(B F) Schlesinger A corn_ _.
100 9236
Preferred
Shell Union Oil corn
. 3036
Sherm & Clay 7% pr pf _100
Sierra Pac Electric pref _100
ioo
Southern Pacific
Sperry Flour Co pref _ _.100
Spring Valley Water_ _ _100 10236
Standard 011 of Calif_ _25 6031
Telephone Invest Corp_20
Texas Consolidated 011_10
Union 011 Associates_ -.25 5436
Union Oil of California _.25 54
25
Union Sugar com
25
Preferred
1
US Petroleum
1
1.25
Universal Consol 011
Wells Far Bk & Un Tr...100
Western Dairy Products...
Western Power pref. _ _100
Yellow & Checker Cab A 10
9
Zellerbach Corp
* 2736
Preferred
100 96
Range Since Jan. 1.
Low.
Hugs.
2
May
236 234
65
3 aSept
350 35
May 4034 June
3734 3736
26
2634
105 24 June 2651, Oct
30% 3136
1,205 2036 Apr 33
Aug
20 65
Oct 89341 Jan
6831
68
36 1234 Sept 13
12% 1236
root
1234
9836
165 9554 May 10036:Sept
98
850 66e
2,200 65c
Oct 1.85
Jan
Sept
2236 2234
300 1935 June 24
30
4.35 Nov
4.35 4.35
4.35 Nov
4136 4134
75 40
June 4636 Feb
13
15 13
Nov
13
Nov
13
510 3234 Mar 42
Apr
38
3836
130 29
Sept 3354 Feb
3134 32
50 3236 July 40
Sept
3834 3835
Mar 134
Sept
1,047 118
129% 130
677 97
Apr 10254 July
9936 9934
4
9636 9636
206 9474 June 980 Sept
.95 Mar 1.6254 Aug
1.50 1.50
600
136 136
20 115
Jan 136
Nov
103% 10434
130 9934 May 10436 Nov
10736 110
590 8454 Jan 110
Nov
48% 5136 2,935 4154 Apr 5236 Sept
20
25 1954 Sept 2034 Nov
20
1.35
2
220 55c July 4.00 Jan
20
20
25 12
Oct 32
Jan
49
49
100 42 June 59
Jan
108 108
15 102% Jan 108
Nov
10236 10235
12 9634 Mar 10234 Nov
24% 25
365 2234 Mar 27% Aug
92
29 90
Mar 96
92 12
Jan
3036 30% 11.107 2336 Mar 3054 Nov
90
91
39 87
Aug 9636 Feb
88
88
35 8036 Jan 89
Nov
um% 10734
65 96% Mar 11034 Sept
91
91
35 90
Oct 97
Jan
10236 103
115 100
Jan 108
Feb
6034 61
7,219 5234 Mar 6331 Sept
150 24
Mar 2654 Nov
2634 2636
.45 .50
2,200 26c
Jan 1.50 June
54
5536 6,247 36% Jan 67
June
5354 5534 7,963 3736 Jan 6634 June
1936 1936
15 1936 Oct 2936 Feb
2736 2734
10 25
Aug 29
Jan
1.70
1.70
100
136 June
2
Aug
1.25
1.35
900
1.25 Aug
1.45 Sept
65 235
Feb 260
253 253
Oct
10 4354 Nov 45 June
4334 4331
10 94 June 9831 Feb
98
98
825
9
May 10% Mar
9
9
720 2436 May 293-4 Aug
26% 2754
140 94
Oct 98
Aug
9534 964
.
No par value.
Pittsburgh Stock Exchange.
Cincinnati Stock Exchange.
-Record of transactions at
-Record of transactions
at Pittsburgh Stock Exchange Nov. 6 to Nov. 12, both Cincinnati Stock Exchange Nov. 6 to Nov. 12, both ininclusive, compiled from officials sales lists:
clusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
16
5%
4435
20
Bonds
United Traction 5s_ _ _1997
6234 Nov
6234 Nov
0254 6254 $1,00
.
No par value.
Low.
High.
200
202
1636
60
351
465
75
8
180
3831
150
96
320
9836
38
42
13%
9736
13
110
3636
48
6036
38%
Oct
June
Jan
Mar
Apr
Sept
Feb
Sept
Feb
Feb
Feb
Oct
July
Sept
June
Nov
Aug
Feb
July
Sept
May
Feb
Jan
Feb
9034
9354
3636
9436
may
Nov
May
Jan
June
June
440
321
328
440
322
32834
2 426
37 318
83 321
Jan
May
June
90
93
8834
6831
109%
9036
9436
8834
66%
11031
201 90
210 88
58 8136
11 63
188 109
Mar
Mar
Jan
Apr
Jan
3634 38
9454 9434
103
103
1.110
98
33
Oct
9431 Sept
30 101
Jan
154 4a t
Mar
Jan
May
Jan
Apr
Mar
Jan
Nov
Oct
Oct
Mar
Jan
June
Jan
Mar
Aug
sg Jan
Oct
90
May
11
May
101
3534 May
44
July
Jan
48
32% July
16035
191%
636
45%
72
436
56
4%
66%
30
111%
91
300
9336
36
36%
322
Mar
Nov
May
Mar
July
Nov
May
Jan
Apr
Jan
Sept
July
Mar
4, m
mo
0
60
35
200
100
6.755
590
250
260
3,115
3,195
1,247
39
30
89
167
105
2,976
70
105
156
5
48
370
180
157
112
11031
10
2036
105
100
100
634
13936
10834
9536
131
3931
99
135
74
536
100
43
10736
*
04
195 196%
196 196
836 8%
52' 52
8331 85
455% 455%
64
64
4% 5%
68% 70
31
31%
13336 135
94
94
309 309
96
9631
3636 36%
41
42
1034 11%
91
93
12% 12%
103% 10331
353‘ 34%
4636 4636
5536 5636
32
3236
112
MM
American Bank
100 19636
Ang & Lon Paris NatBk 100 196
*
Armour & Co B coin
Associated 011
25
25 85
Bancitaly Corp
100 45536
Bank of Italy
Caiambra Sugar com_ _100
California Copper
10
California Packing Corp_ _* 69%
California Petroleum corn 25 31%
Caterpillar Tractor- _ _ _100 13436
C'st Cos Gas & El 1st p1100
Crocker First Nat Bk_ _100
East Bay Water A pf _ _100
. 3636
Emporium Corp
20
Ewa Plantation Co
Federal Telegraph Co.- _10 1131
Fireman's Fund Insur_ _25 93
Foster & Kleiser com _ _ _ _10 12%
Great West Pow pref__100 10335
.
Hale Bros, Inc
Hawaiian Comm'l & Sug.25
Hawaiian Pineapple- -20
Home Fire & Marine Ins.10
Range Since Jan. 1.
3236
r rr
04m04
i.4 000,.
Nm
Stocks-
Friday
; Sales
Last Week's Range for
Sale
ofPrices.
IFeek.
Par. Price, Low. High. Shares.
5636
4234
45
04.
San Francisco Stock and Bond Exchange.
-Record of
transactions at San Francisco Stock and Bond Exchange
Nov. 6 to Nov. 12, both inclusive, compiled from official
sales lists:
2936
High.
Mar
Apr
Oct
May
Nov
Nov
Jan
Jan
Aug
Sept
Aug
Nov
June
Apr
Apr
May
Apr
July
Jan
Feb
Jan
Feb
Apr
ally
Oct
Jan
M
4031
50
21%
103%
Low.
108
2436
4434
10836
25
36
10434
30
10836
10034
4934
22
9934
101
106
2634
20
8934
2334
36%
36
10334
1434
100
2731
99
MM
24
3636
105
565
690
2,373
259
20
40
20
95
7
25
57
54
585
3
2
3,621
30
5
100
65
51
10
43
14
3,621
18
15
143
132
95
129
166
150
65
297
111
80
25
194
70
1
40
450
2
10
27
m
Se
25
4536
10936 11036
25
25
4434 46
110 11031
25
25
36
38
105 105
433.4 4331
11036 11032
10236 10236
50
51
2131 22%
10336 104
104 104
109 109
2934 29%
22
22
98
98
5536 5636
4234 4234
45
4534
109 109
15
1534
100 10236
29
32%
10136 101%
4136 4136
111% 11236
10
10
2031 2034
130 131
100 100
100 100
734 7%
15634 15854
112 11236
9531 96
14836 14836
4231 44
10036 10136
180 180
74
75
734 734
101 101
53
53
11431 114%
MMMM
12
am
a
Am.Laundry Mach.com25
American Prod's
Amer Rolllng Mill com_25
Preferred
100
Am Seeding Mach com__50
American Thermos pref.
Baldwin new pref
11
Brownell corn
100
Champ Coated Pap p1.100
Champ Fibre pref
100
Churngold Corp
*
*
City Ice & Fuel
Cooper Corp new pref__100
Crown Overall pref._ _100
Douglas (John) pref. .100
Eagle-Picher Lead corn _20
Formica Insulation
•
French Bros
-Bauer pref 100
Giant Tire
*
Gibson Art com
•
Gruen Watch com
*
Preferred
100
Hatfield-Reliance com_ _•
Preferred
100
Jaeger Machine
100
Johnston Paint pref._ -100
Kahn's Participating _100
New preferred
100
Kodel Radio"A"
•
Preferred
20
Kroger corn
10
let preferred
100
Meade Pulp &Paper_._100
Paragon Refining com__25
Procter & Gamble corn._20
6% preferred
100
Pure 0116% preferred_.100
Richardson corn
100
U S Can common
•
Preferred
100
US Playing Card
25
US Print & Litho com_100
U £3 Shoe com
•
Vulcan Last preferred
Whitaker Paper corn
*
Wurlitzer 7% pref
100
BanksAtlas National
100
Fifth-Third-Union units100
First National
100
Public UtilitiesCincinnati & Sub Tel_ _50
Cincin Gas & Elee
100
C N & C Lt dr Trac com 100
Preferred
100
Ohio Bell Tel pref
100
Tractions
Cincinnati Street Ry _ _ _ _50
Colum By,P & Lt cora B.
RailroadsCNO&TPpref
100
MM
44
3334 Jan
9434 Jan
80
Jan
9136 Jan
8% Oct
80
Sept
105
Aug
5
Nov
38
Aug
Jan
17
11634 Nov
10
Feb
6% Mar
834 Mar
11931 Aug
46
Oct
39
Jan
Oct
45
45
Oct
Nov
6
2031 Sept
Mar
7
15
Feb
6
Jail
310
Jan
Feb
10
80 Nov
8534 Aug
11854 Jan
27
Nov
39
Nov
Oct
108
1934 Jan
4234 Sept
Sept
139
Nov
97
Range Since Jan. 1.
Otrolg.gltrii22titgttaNNWO aniit2ptIgitifinit
zz
836
74
103
28
29
425 23
Aug
90% 90%
10 90
Apr
56
925 56
Nov
6154
81
80
200 80
Oct
8
834 1,775
5% Feb
73% 74
135 45
Mar
102 103
35 98
Apr
5
5
200
5
Nov
38
38
29 37 IMay
14
16
548 1254 Apr
10 112
Mar
11636 11634
531 Nov
551 534 2,150
3
110
334
234 Jan
536 Nov
200
534 534
Jan
117 11731
40 114
Apr
44
4536 2,297 30
Sept
95 26
27
27
Apr
25 33
4451 4454
4434 4434 1.698 4134 Sept
July
5
430
536 6
3,026 1934 Oct
20
20
3 i Jan
90
4%
4
Jan
145 11
12
12
600
334 Aug
334 33.4
110 270 June
275 275
10
734 Oct
736 736
Jan
3c
50
8c 29,700
30 76 June
80
80
1
93
934
255 8934 Oct
July
8
1,370
2234 24
Oct
30
39
562 31
Feb
104 104
20 103
Nov
15
83 15
1531
4031 41
130 4034 Nov
Mar
130 131
85 106
97
11 9054 Jan
97
Stocks-
..NMO. 4.0440W0
6136
High.
MM
29
Low.
r rscray
011405
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
VNV.N00V.0t-NOOONN041,40.0M0
Amer Vitrified Prod com 50
Preferred
100
Am Wind GI Mach corn 100
Preferred
100
Arkansas Nat Gas com_100
Blaw-Knox Co
25
Byers(AM)Co pref _ _100
Calorizing Co pref
25
Citizens Traction
50
Devonian 011
10
Duquesne Lt 7% pref _100
.
Houston Gulf Gas
*
Independent Brew com_50
Preferred
so
Jones-Laughlin St pfd_100
Lone Star Gas
25
National Fireproof pfd_100
Ohio Fuel Corp
25
Certificates of deposit__
Ohio Oil & Gas par
5
Okla Nat Gas ctf of dep__ _
Pittsburgh Brew com_ .50
Preferred
50
5
P1ttsb 011 & Gas
Pitts Plate Glass com__100
Salt Creek Cons 011_ _10
San Toy Mining
1
Stand Plate GI pr pf _ _100
Stand Sanit Mfg coin_ .25
Tidal Osage Oil
10
Union Steel Casting
Preferred
U S Glass Co
25
Waverly °Helms A
•
West'house Air Brake_50
West Pa Sty pref
100
Range Since Jan. 1.
•No par value.
-Record of transactions
St. Louis Stock Exchange.
at St. Louis Stock Exchange Nov. 6 to Nov. 12, both
inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
Sale
ofPrices.
Par. Price. Low. High. Shares.
Bank Stocks
100 153
Boatmen's Bank
Nat Bank of Comm__ _100
153
163
153
16334
Range Since Jan. 1.
Low.
8 153
40 155
High.
Nov 16036 May
Jan 171
Fat)
THE CHRONICLE
2510
Solos
Friday
Lint Weeks Range for
ofPrices.
Sale
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
Trust Co. Stocks
100 420
Mercantile Trust
Miscellaneous Stocks.
20 32%
A GI Aloe common
Boyd-Welsh Shoe
Brown Shoe, common_ _100 3611
100 110
Preferred
Boyd Richardson. pref_100
100 10434
Curlee Cloth, pre
E L Bruce, common
100
Preferred
Ely & Walker DO corn.. _25
Fred Medart common.__ _* 30
Fulton Iron Works,corn .
100
Preferred
Globe-Democrat pre_ A00 116
Hamilton-Brown Shoe_ _25 42%
Hussman Refr, common_ •
Huttig S dr D common_ •
Hydraulic Pr Brick corn 100
3
Preferred
100
Independent Pack, com_• 25
Preferred
1(30
Intemat'l Shoe, common_. 158%
Preferred
100 10734
Johansen Shoe
•
Mo Portland Cement_ __25 57
Nat Candy common__ _100 87
Pedigo-Weber Shoe
Polar Wave Ice "A"
Rice-Stix D G common_. 204
1st preferred
150
Seruggs-V-B D 0,corn.. _25
1st preferred
100
Sheffield steel. common. 25
138eloff Packing common... 19
Skouras Bros "A"
Southern Acid & Sul, corn •
S'western Bell Tel pref_100
100 90
St Louis Car pref
Stix Baer dc Fuller
Wagner Electric, corn..•
Wm Waltke common.... _
4834
420
18
Mar
20
May
16
Sept
32
3534
30
107
111
101
36
97
28
30
11
Nov
Mar
June
Aug
Jan
Oct
Nov
Nov
Oct
Nov
Nov
110
42
33
29
3
76
July
Nov
Nov
Oct
Nov
Nov
102
32
33
40
40
35
3611
109 110
114 114
104 10434
36
36
97
97
30
3034
30
30
11
11
60
60
116 116
42
4234
33
35
2934 30
3
3
77
77
25
25
110 110
153 158%
10734 10734
33
33
54
573.4
87
8734
3234 323.4
3151
31
2134
19
10634 107
22% 2335
89
89
25
25
19
19
50
50
45
453.4
11431 114%
90
90
32% 3231
19
20%
47
4834
910
185
200
29
30
120
10
20
249
10
1,345
100
5
30
11
176
100
10
10
25
239
246
10
608
40
20
135
1,367
25
612
5
110
110
10
395
31
85
5
305
100
10434
135
107
28
48)5
70
27
31
19
106
2231
89
24
18
45%
42%
1123.4
90
2834
13%
40
500
718
25c
18
Mining Stocks
10
-Metallic
Granite El
Consol Lead & Zinc Co_ __•
18
300
18
300
19
Street Ry. Bonds
E St L& Sub Co 55_._1932
-D 1923
St L & Sub gen 5s C
1934
United Ily 4s
1934
-D
45 C
76
75%
87
7935
76
7534
87 810,000
79%
1,000
76
5,000
7531 11,000
Miscellaneous BondsHinloch Long Dist 5s..1939
100
Mo-Edison Electric 5s 1927 100
100
Wagner Elec Mfg 78..serial 9755 97
1935
Houston Oil 634s
101%
High.
Low.
5 40951 July 425
420
18
Street Ry. Stocks
•
St Louis Pub Service
Range Since Jan. 1.
Aug 110
May .17531
June 11131
June 45
Mar 67
Apr 92
May 39
Nov 3731
Nov 2555
Sept 109
Nov 30
Nov 92
May 2911
June 22
May 59
June 52%
Apr 115%
Nov 97
Aug 3554
July 3434
Apr 4934
Nov
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Mar
Feb
Jan
Jan
Jan
Feb
Sept
Jan
Jan
Jan
Sept
Apr
Nov
30c
28
Nov
Mar
87%
91%
78%
7834
Oct
Feb
Apr
Apr
8331 Jan
7934 Nov
79
Jan
74
Jan
100
2,000 9934
100
5,000 100
9734 3,500 97
101% 13,000 9935
3331 Oct
4434 Feb
4434 Feb
111
Jan
Nov
114
104% Nov
5331 Jan
101% Mar
35
Aug
Jan
34
3634 Feb
99% Feb
Nov
116
Jan
57
Jan
41
4234 Jan
6 35 . Feb
9711 Jan
Apr
Nov
Nov
June
10034 Sept
10034 Feb
10134 Jan
10134 Nov
• No par value.
New York Curb Market.
-Below is a record of the
transactions in the New York Curb Market from Nov. 6 to
Nov. 12, both inclusive, as compiled from the official lists.
2 1921, the New York Curb
Market Association on June 27 1921 transferred its activities
from the Broad Street curb to its new building on Trinity
Place, and the Association is now issuing an official sheet
which forms the basis of the compilations below.
As noted in our issue of July
Friday
Sales
Last Week's Range for
Sale.
ofPrices.
Week.
Par. Price. Low. High Shares.
Week Ended Nov. 12.
000000
WW ,
4.414 §01
,
0
4.-g4X
NWWW.
Wx•P..WW.4 WW0..WWOot4WW.ocWW.P,
,
WWWW.WWW4.W.WWW-4004.MOON.40
.. 4•C ›grX"Z
0
"
E
' t 40tgX0X>444'
.
0
40R04>444WEIOMO
.
.7(Wg4nNS.54.4V,VggF,2545F4E4gnElgq44,70.445qNgg.a
634
85
3731
2435
5534
96
490
434
4334
2255
z634
.w 004.
424
-.55 0.
W.N
,QOO0
WOOOO.0
-1
NNWbkr.O.MN
W
OWOO.WM
QOWOOQ.Q
O0000WW
NOO00000
1455
35
c_
3031
.W
1255
45
4231
424
VOOONOQOWOOOWOOW
WCWOWOOOONOOOOOO
223
124
cg.
ON
1064
.
90
Low.
19
2
031
99
99
3435 3434
8831 90
2134 2155
655 634
106341073'
96
96
10
1034
204 223
11234 124
9731 9711
1211 13
4
4
45
45
41
4234
4034 4234
2834 2955
2834 3031
2631 264
943.4 95
3114 3'ie
29
3131
1454 1431
2234 23
344 35
954 95c
4234 4431
5434 56
534 611
8355 85
3731 38
75
75
2311 2435
1433
14
5554
55
9536 96
8
8
490 500
107 107
414 4%
4255 4334
2211
21
734 734
2334
23
3031 4034
634 674
WM.
19
Range Since Jan. 1.
5
500
125
3934
6934
10234
113
5
500
12254
39
39
6934 6934
10231 10231
11234
.
Indus. & Miscellaneous.
Aero Supply Mfg,class B_•
Aetna Life luaus Co_ _ _100
Ala Great South, pref___50
Alpha Portland Cement--•
Aluminum Co common__ _•
6% preferred
100
American Arch Co
100
Am Brown Boverl El Corp
Founders shares
•
American Cigar, pref_ ..100
Am Cyanamid, CI b com.20
Preferred
100
Amer Electrice, class A...25
•
Com vot trust ctfs
Amer Gas az Elea, com---•
•
Preferred
American Hawaiian 13S__10
Amer Lt dz Trac, com..100
100
Preferred
Amer Pow th Lt, prof -100
American Rayon Products.
Amer Road Machinery _100
Amer Rolling Mill. com_25
Am Seating (new corp)'nee
Convertible preferred--•
Am Superpower Corp A...'
*
Class B
Participating pref._ .25
•
First preferred
American Thread, pref. _5
Am WritPap,new pf vto.106
Anglo-ChilNitrate Corp_ _•
Arizona Power. corn _100
•
Assoc Gas& Elec, Claw AAtlantic Fruit & Sugar-- •
Atlas Portland Cement...'
Auburn Auto, common_ _25
Automatic Fuel Saving__ _•
Bancitaly Corporation__25
Beaverboard Cos pref _ _100
Blaw-Knox Co, corn.. _ _25
•
Blies(E W)& Co
Bohn Aluminum & Brass_•
•
Bon Anil Co com A
50
Borden Company
Botany Consol Mills, Com.*
Bradley Fireproof Prod_ _1
Brazilian Tr, L & P,ord.100
Bridgeport Machine, corn.•
Brill Corp (new), claw A•
Class B
•
Brillo Mfg, COM
*
Brit
-Amer Tob.ord bear.£1
Brockway Mot Trk, corn.
•
Brooklyn City RR
10
RO00.9-000000
..000NOOOWOO
Stocks-
High.
14
635
135
4514
76
10234
13234
Jan
Sept
Sept
July
Feb
Sept
Feb
2231 Aug
10034 July
47
Feb
96
Feb
2435 Feb
1134 Feb
1104 Sept
964 July
1134 Jan
Jan
264
Nov
124
9934 Oct
3534 Jan
435 Oct
5934 Feb
4234 Nov
4234 Nov
3734 Jan
Jan
39
264 Nov
9555 Sept
4
Jan
Sept
34
1431 Nov
3934 Jan
3834 Aug
234 Feb
5534 Max
73
Mar
634 Nov
85
Nov
45
Aug
80
Sept
2734 Oct
1734 Jan
ft634 Oct
LA
Jan
13
Mar
131 Jan
11034 Oct
1534 Jan
5755 Jan
Jan
33
934 June
3131 June
4311 Oct
934 Feb
3834 Jan
Friday
Sales
Last Week's Range for
Sate
ofPrices.
Week.
Stocks (Continued) Par Pace. Low. High Shares.
(Vol.. 123.
Range Since Jan. I.
Low.
High.
Celluloid Co, corn
100 1334
1351 1335
210 1334 Nov 26
Preferred
100 52)5 51% 5255
90 51
Feb 75
Celotex Co common
172
172 172
125 117
June 305
Preferred 7%
100 9331 90
94
350 88
June 9734
Central Aguirre Sugar_ --50 8755 83% 87)5
600 76% July 95
Central Leather (new corp)
Class A vot trust ctfe. •
1754 18
700 174 Nov 21
Prior pref vot tr ctfs_100 71
71
73%
500 71
Nov 794
Common vot trust etre__ ......
8
500
Nov
8
8
1744 183.1
Centrifugal Pipe Corn_ •
1,800 1531 May 27
Checker Cab Mfg,class A.•
6
6%
500
4
July
94
Chic Nipple Mfg,class A 50 44% 43% 444
1.700 42
Feb 4414
Cities Service, corn
20 4834 484 48% 11,100 37% Feb 484
Preferred
100 9231 91% 92%
2,900 82% Apr 924
Preferred B
814 831 2,300
851
10
Oct
834
Preferred BB
824 83
100
300 74
Mar 83
Bankers' shares
24% 24%
100 19
Jan 244
Colombian Syndicate
2% 235 29,600
234
1% Oct
334
Columbia Gas & El
(new co)
85
Common w I
85
8551
1,700 78
Aug 85%
Preferred w I
98
100
9134 98
2,100 92
Aug 9934
Com'wealth Power Corp
4135 4054 41% 9,500 29
Common
Mar 43%
Preferred
100 90% 89% 9034
900 82
Mar 91
13.4
Consol Dairy Prod
1% 134
•
300
14 Oct
514
Con Gas, E L&P Bait corn' 5335 5131 5335 3,800 444 Jan 58
23% 23% 24
Consol Laundries
9,200 21
Aug 28%
32
Continental Tobacco_ _ _
23% 34
4,300 1134 May 34
Courtaulds Ltd
11 2554 2535 25%
100 23% Oct 3535
Cuban Tobacco v to....
38
42
500 38
Nov 64
Cudahy Pack, new com_50
5151; 52
300 51% Nov 53
Cuneo Press, corn
10 33)5 33% 33%
1,000 26
Feb 3434
Curtiss Aeropl & M.cam_• 1755
1635 173-4
900 1534 May 23%
81
81
Preferred
100 754 June 89)5
109. 187
Curtis Pub Co, corn
185 187
90 185
Nov 203
87 preferred
11335 11335
40 113
•
Sept 11554
634
De Forest Radio Corp.....
635 7,600 510 June
5
1031
33
Devoe & Reynolds, cl B... 33
33
200 32
Nov 101)5
Dinkier Hotels Co
20% 20%
Class A with pur warr__
100 194 May 2555
144 144
Dixon (Jos) Crucible.... _100
20 130
Mar 159
• 19%
1835 20
Doehler Die-Casting
2,800 1114 May 20
Dominion Stores, Ltd..... 61% 60
61%
200 57
May 6755
5
DubilierCond Corporation*
331 535
3,700
33.1 Oct 11
20
20
2034
Dunhill International......
600 17% Oct 26%
•
914
934 9% 4,800
Durant Motors, Inc
May 14%
9% 9%
Duz Co, class A
100
•
94 Oct 21
Eltingon Schild Co,corn_ _• 3314 33% 3353
300 25
Sept 373'
10555 10655
Elec Bond & Share pref.100 106
1,310 104% Jan 110
Elec Bond & Share &cur• 68% 6655 6955 12.800 5634 Mar 86
Elec Invest without warr_• 404 36% 41% 11,300 3054 Mar 74%
85.35 8955
Elec Pow & Lt, 2d pf A....
225 8534 Nov 90
655 7% 4,400
Option warrants
534 Oct
8
Empire Pow Corp part atk•
2634 27
400 21
May 32
43
Estey-Welte Corp class A19.700 24
• 4234 41
Jan 43
ny, 1634 2,800
Class B
• 1635
634 Sept 1635
3% 355
Fageol Motors Co com__10
400
Oct 1031
Fajardo Sugar
510 1244 Apr 169
100 14355 136% 14355
31
3155
Federal Purch Corp cl A-•
600 ao
May
3335
35
35
Feltman & Curne Shoe
100 35
Nov 3934
7
7
7
Film Inspection Machine_.
400
10 34
334 May
97
98
Firestone T & 11, 7% pf.100 98
75 9655 Aug 100
326 375
Ford Motor Co of Can_100 330
280 326
Nov 655
Forhan Co. class A
1631 1731
1,000 134 Mar 20
• 17
Foundation Co
1751 18)5
Foreign shares claw A__•
2,500 15
May 55
23
25
Fox Theatres. cl A. corn'
3,000 1914 Mar 3414
Franklin (H11) Mfg,com_• 1855 18% 1935
600 18% Nov 33
Preferred
81
81
50 784 June 90
100
Freed-Eisemann Radio_ _.•
700
53' 655
944
344 Mar
• 3351 29
Freshman (Chas) Co
3331 17,300 174 Jan 3714
Gamewell Co, corn
55
55%
125 54;4 Nov 594
• 55
4%
535
4
Garod Corp
1,400
•
24 Feb
8
5655 54)5 56% 9,500 4454 Apr 794
General Baking, class
6
oy, 831 16,000
•
Claes B
514 Mar 1714
40
4034
General Ice Cream Corp...
700 384 Oct 5631
1154 1154
100 114 Oct 1635
General Pub Serv, corn _ _
Gillette Safety Razor....' 9134 90)5 9255 4,100 89
Mar 114
10
11
500 10
C 0 Spring & Bump corn •
Nov 15%
1135 1135 11)5
500
Gleasonite Prod, com _10
5
Apr 12%
17834 186
3,400 13814 Jan 186
• 183
Glen Alden Coal
3955 3954
50 39
Sept 3935
Glens Falls Insurance Co.10
3155 9,900 28
May 50
Goodyear T & R. Corn..100 3155 30
13.4
1)5
800
134 Apr
Grimes Rad & Cam Rec . 135
6)5
631 6%
500
Happiness Candy 51 01 A-•
July
834
635
300
63.4 655
•
535 Jure
Founders shares
734
63 463
5 460
Hartford Fire Insur Co..100
Oct 498
33
3
33
3,400 28 June 44%
03.4
Hay Elec & Util, v t c__ •
100 100
300 9934 Feb 100
ioo 100
First preferred
Hellman (Richard) Co2934 2954
100 29% Nov 3614
Partic pref with wary_ _•
11335 11551
30 109
Hercules Powder, pref _100
Apr 117%
1%
134 1%
500
Ileyden Chemical
1
June
234
200 2234 Oct 26
Hires(Chas) Co cl A corn.: 2255 22% 22%
27
27
100 27
Hollander(H)& Son, torn'
Aug 36%
343 354
15 333
Home Insurance Co_ 100
Sept 354
63
63
25 52
Hood Rubber Co. corn_
Aug 68%
5435 55
300 41
Horn & Hardart, corn _ _
Mar 6234
2655 26)5
100 25
Hunt Bros Pack corn el A
May
26)5
634
834 7
•
Industrial Rayon, class A.
1,400
6
Oct 1934
4
5
3
2,300
Int Concrete Inc fdrs 815.10
135 Oct
8%
5851, 59
Int Match part'wet new-35
2,200 58)4 Nov 59%
13
13
Internet Projector Corp...*
200
Apr 15)5
9
455 43.4
•
Internet URI, class B_
200
9%
334 Sept
• 160
150 162
2,075 130
Johns-Manville. Inc
Mar 165
15
15
Keiner-Willlams Stamp.._•
100 14
Sept 1834
Land Co of Florida
• 1834 1834 1834
400 17
Oct 4714
Landover Holding Corp
9
9
1
Class A stamped
800
Apr
8
107 107
Lehigh Coal & Nay
150 103
50 107
Mar 1204
Lehigh Power Securities
1451 15% 18,600
• 1535
New consolidated corp.
10
Mar 22
97 • 98
Lehigh Valley Coal Sales.50 98
625 80
Mar 102
Lehigh Val Coal ctfs, new.. 4655 44% 47% 25,100 3635 Mar 4744
935
9% 9%
Libby, McNeill & Libby_10
600
734 Mar 10
138 140
120 125
Owens Sheet 01a5s25 140
Libby
Aug 219
1
750
1
Liberty Radio Chain St..'
2,600 100 Apr
27% 27%
100 25
100
Lit Brothers Corp
Mar 32%
41
4034 41
MacAnd & Forbes, corn_ •
600 39% May 46)4
100 100
Preferred
20
loo 100
Nov 10234
14)5 15% 6,000 100
Madison So Gard Co v t • 1434
1334 Sept 154
4
4
Marc Wire] Tel of Lond.£1
1,900
34 Sept
651
70
70
May Dept St's, new corn.25
200 70
Nov 70
56
56
McCall Corporation
200 36
Mar 65)5
18% 19
McCord Rad & Mfg, v to.'
300 17
May 253.4
31
38
Mengel Co
100
600 31
Nov 52
105 105
Mercantile Stores Co_ _ _100
100 100 June 145
1)5
134
Mesabi Iron Co
•
200
1)5 Sept
235
11155 114%
Middle West URI. com- • 113
1.300 10755 May 135
11555 116
Prior lien stock
300 98
10
Jan 122%
10455 105%
450 97
100 105
7% Preferred
Jan 11135
2335 23%
Midvale Company
•
100 2134 May 25%
Mohawk dz Hud Pow,corn' 2435 2355 2455 11,300 2035 Mar 28%
38% 3955
Mohawk Valley Co
800 25
July 41)5
1134 1055 1155
Municipal Service
500 10
Sept 13%
65
6855
National Casket,
200 49% June 78
-•
2135 21% 22
Nat Elec Power. class A- •
corn_300 15% Mar 264
03
9355
Preferred
loo
200 93
Nov 102%
814
Nat Food Prod, class B_ •
8% 10
1,200 10
10
Nov
255 255
National Leather
10
100
44
2% may
101)5 102
Nat Power & Light. Pra.-• 102
475 97
Mar 10214
Friday
Last Week's Range Sales
ofPrices.
for
Sale
Stocks (Concluded)
-Par Price. Low. High. Week.
18% 19% 1,300
100
14% 14%
200
31% 31%
550
129% 132
1,300
27
25
200
23% 23%
200
87
85
400
10% 11
700
22% 24%
225
112% 113
100
59
59
100
15% 15%
18% 19% 6,000
7,600
12% 13%
1,300
103% 106
75
101% 10215
50
109 109
25
79
79
600
11% 12%
1,500
9% 9%
160
80% 82%
500
19% 19%
3,500
39% 40
75
106% 106%
250
160 165
31
700
30
10
137 137
500
50% 51%
13% 15% 49,400
4,800
18% 20
Nat Pub Serv,com,el A--• 1954
•
Common.class B
•
National Standard Co_
National Sugar Refin..100 132
Nelson (Herman) Co_ _5
Neptune Meter, class A. •
New Bedford Gas& Ed L25
New Mex & Ariz Land_ _ _1 10%
NY Merchandising Co__' 24%
NY Telep, 614% pref_100 113
N Y Transportation_ _ _ _10 59
North American Cement.*
Northeast Power. corn.--• 19
Northern Ohio Power Co-* 13%
Nor States P Corp.com-100 10515
100
Preferred
Ohio Bell Telep, 7% pf.100
* 79
Ohio Brass, class B
• 1234
Pacific Steel Boiler
Penn Oblo Becur Corp__ •
• 81%
Preferred
,
Pa G & El CIA panic stk_• 1934
Penna-Dixie Cement corn.'
Penna Pow & Lt, pref____• 106%
Penn Water & Power__100 165
Peoples Drug Stores, Inc..*
-Dodge Corp_ _ _ _100 137
Phelps
Philadelphia Elec Corn. 26
Phillp-Morr Cons Inc corn • 15
25 20
Class A
Pick(Albert),Barth & Co
13
13%
Common vot trust ctf__1 13
159 160%
Pltteb & L E RR coin.-50
13
14
Pond Creek Pocahontas-_
-- 513- - 55% 56
Pratt & Lambert
111 111%
corn.
.20
Procter & Gamble
48
48
pro-phy-lac-tic Brush,com*
284 28% 28114
Puget Sound P&L.com 100
1234 12%
Pyrene Manufacturing _ _10 12%
41%
Rand-Kardex Bureau.__• 41% 41
219 225
Realty Associates, com___• 224
19% 20
10 20
Reo Motor Car
3% 4%
434
Republic Mot Truck v t c_•
19%
Richmond Radiator corn.* 19% 17
43
100 42% 40
Preferred
114 1%
1%
•
Mokenbacker Motor
10134 102
Royal Bak Powd, pref_100 102
• 4815 46% 48%
St Regis Paper Co
16
17%
Real Estate Co__ _•
Schulte
Seeman Brothers, com___• 27% 2754 27%
58%
Scovill Manufacturing._ _5854 58
Servel Corp (Del), corn..' 13% 13% 15
27
27
50
Sharon Steel Hoop
56
56
•
Shredded Wheat
24
24
Sierra PILO Elec Co.corn 100
14%
14
Silica Gel Corp,corn, v t c.•
386 398
Manufacturing_.100 390
Singer
27% 27%
Sox Calif Edison, pref A.25
24% 24%
Preferred B
25
29
29
South Cities Util ci a v t c_•
36% 36%
•
Class A common
21% 21% 21%
Southern G & P.class A
S'eastern Pow & Lt. corn.' 32% 30% 32%
29%
Corn vot trust certif._ _• 2854 27
67% 67%
Participating preferred •
9%
914
Warrants to our corn stk.
113% 115
5outbwest Bell Tel pt._100 115
14
14
Sparks, Withington Co...'
102 102
Stand G & E,7% pref _100
1% 1%
1%
Stand Mot Construc_ _100
5
5
Stand Publishing cl A _ _ _25
118 118
Standard Screw corn_ _.100
• 9014 90% 90%
Stanley Company
204
19
• 20%
Stilts Motor Car
Swift & Co
100 117% 116% 119
21
Swift International
15 20% 20
47
47
Tampa Electric Co
• 47
106 107%
Texas Pow & Lt,7% p1.100
50C 50c
Thompson(RE)Radio vtc •
13%
Timken-Detroit Axle___10 13% 12
100 100
100
Preferred
33-4 314
Tobacco Prod Exporte___•
38% 39
39
Todd Shipyards Corp.
Trans
-Lux Day Pict Screen
734 7%
715
•
common
Class A
Travelers Insurance.._100 1136 1135 1152
10% 1034
Trumbull Steel common _25
76%
76
100
Preferred
Truscon Steel
10 26% 263£ 26%
Tublze Artlf Silk class B__• 165% 155 165%
9
9
9
Tung Sol Lamp Wks,com•
18)5 19
1814
Claes A
Union Steel Casting
* 110)4 11014 110%
United Artists Theatre Co
97
97
Allot ctfs for coin & of stk
36
36
United Biscuit, class A...'
714 9
•
Class B
2714 28%
United Eke Coal Cos v to'
108% 111%
50
United Gas Impt
United Light & Power A__• 13% 11% 13%
9% 10%
United Profit Sharing conk' 10)4
20
20
50
On Rys&EI,Balt,com
149% 166
20 161
U S Gypsum, corn
31%
Light & Heat.com 10 31% 28
US
12
12
12
U S Rubber Reclaiming_
314 3%
125 Stores Corp, class B__•
37% 38
Universal Pictures
•
1314 14%
Utilities Pow & Lt, el B._' 14
10% 1Q%
Utility Shares Corp, corn •
2% 2%
Option warrant
19
19
Van Camp Packing. pref.50
102 103
Talking Mach-100 102
Victor
Warner Bros Pictures...' 39% 36% 42%
25
25%
Warner Quinlan Co ___*
54
54
Wesson011&Snow corn vt0*
98% 99
•
Preferred
Western Auto Supply, Part
26
26
pref, with warrants. •
15
15%
West Dairy Prod cl B vte_• 15
97% 98%
Western Power, pre: _100
90
90
wheeling Steel pref el A 100
16% 20
White Sew Mach corn _ _ 20
28% 30
Yates Am Mach, part pf •
14% 15
Yellow Taxi Corp. N Y..*
Rights
May Dept Stores
154
114
Sales
Friday
Last Week's Range for
Former Standard Oil
Week.
ofPrices.
Sale
Subsidiaries
Par Price. Low. High. Share,.
(Concluded)
Range Since Jan. 1.
Low.
High.
Jan
1554 Mar 24
Mar 164 July
10
Oct 3314 Oct
29
Nov
Mar 132
102
19% Mar x2914 June
2334 June 2514 Jan
Nov
80% July 87
Jan
934 Apr 17
Feb
16% Mar 26
110)4 Apr 115% June
Oct
July 60
46
Sept
15% Nov 21
15% Oct3654 Jan
Mar 2654 Jan
11
984 May 13634 Jan
9914 Apr 103% Oct
Nov113% July
109
Aug 79% Jan
74
Apr 16% Feb
11
63-4 May 1054 Sept
Oct
7934 Oct88
1934 Nov21% Aug
3634 Oct4334 Sept
104% Jan 109
Aug
Jan
13054 Mar 174
Mar 3434 Mar
20
Apr
May 139
120
Jan
Mar 87
40
10
Sept 1554 Nos
1814 Oct 2134 Sept
Humble Oil& Refining__25
100
Illinois Pipe Line
•
Imperial 011 (Can)
50
Indiana Pipe Line
Transit____12.50
National
Northern Pipe Line__ _100
25
OhIo Oil
25
Penn Mexico Fuel
25
Prairie Oil & Gas
100
Prairie Pipe Line
100
Solar Refining
25
South Penn 011
50
Southern Pipe Line
Standard 011 (Indiana)_25
Standard 011 (Kansas)._25
25
Standard 011(KY)
25
Standard Oil(Neb)
Standard Oil of N Y.-__25
Standard 011(0) com-100
100
Preferred
100
Swan & Finch
25
Vacuum Oil
1,200 10
Apr 13% Oct
250 130
Mar 178
Sept
600 13
Nov 14% Nov
600 31
Mar 60% Feb
110 14214 June 163
Jan
100 42
Feb 57
Oct
500 26
Oct 6614 Jan
800 10% Mar 12% Oct
1,300 34% Apr 48
Jan
50 105
Oct 245 June
800 19% Oct 25% Jan
3% Oct 1654 Jan
800
1,800 15
Jan 23
Feb
36% Feb 43% Nov
7,100
114 Oct
93,4 Jan
30 99% Apr 103
Feb
2,000 39
Sep
6054 June
300 15
July 24% Jan
100 27
Oct
Aug 30
600 58
Nov 5854 Nov
6,500 12% Nov
2214 July
100 20
Mar 30% Sept
500 45% May 56
Nov
100 23
Ma
2854 Jan
401) 11% Ma
22% Jan
860 295
Sept
May 401
100 2734 Jun
33 June
500 24% 00
33 June.
200 29
Nov 2914 Oct
100 33% Aug 3634 Nov
500 21% No,, 2754 Feb
26,300 2134 Mar 4634 Jar.
600 26
Aug 2954 Nov
200 69
Mar 6934 Sept
8,500
Mar 1534 Feb
7
290 9934 Feb 116
July
500 10
May 2834 Jan
10 102
Sept
Nov 105
20
1% Sept
2% Mar
200
4% Oct 1934 June
26 102% July 118
Nov
100 49
Mar 9014 Nov
1,100 16% Oct 3754 Jan
1,050 110
Apr 119
Nov
2,900 1414 May 2254 -Jan
500 4514 Oct 67
May
20 106
Nov 10754 Nov
100 50e July
534 Jan
5,100
8% Mar 1314 Aug
50 94% Aug 100
Nov
200 3% Oct
900 29
Jan 40% Sept
454 jD
6,900
6%
12 1131
200
8%
55 76
100 22
50 155
900
7%
1,300 1734
100 110%
Jun
14
Oct 1243
Jan
1334
Sept 76%
Mar 30%
Nov 240
Mar 1034
May 1954
Nov 11034
200 97
200 36
1,700
714
500 23
2,20
84
38,700 10%
800
054
100 1714
1,23 125
1,40
16
10
11%
100
3%
700 2934
1,100 1314
200
7%
600
214
100 19
900 68
42,500
8
700 2314
100 4994
30 92%
100
200
30
10
3,700
150
1,200
100
22
1354
034
90
14
27
•
Nov
Oct
Nov
Mar
Mar
Oct
Oct
Jan
Mar
Mar
Sept
Nov
JulY
Aug
May
Oct
Nov
Apr
June
Mar
June
June
Jan
Sept
Feb
Nov
Jan
Jan
Jan
Sept
Nov
June
101
44% July
17% June
4434 Feb
1443-4 Jan
Feb
28
1054 Nov
2054 Oct
166
July
33
Oct
14
June
14
Jan
40
Feb
18
Feb
14% Feb
6
Feb
38
Mar
10
654 Oot
65
Sept
303-4 June
5734 Sept
99
Nov
Mar 28
Jan
June 1614 Oct
Mar 99
Jan
Nov 104% Sept
Oct 2054 Sept
July 31
Sept
Mar 1734 Apr
1% Nov
Former Standard 011
Subsidiaries.
6,000 16%
angio-Amer 011 (vot sh) Ll 20% 19% 21
18% 20%
1,600 1634
Non-voting stock..
66% 66%
50 65
Scrymser, new._ _25
Borne
42% 45
400 42
50
Buckeie Pine Line
73
76
600 65
25 76
Chesebrough Mfg
18% 19% 13,500 1714
19)4
Continental OH v t
15% 15%
200 1334
25
Crescent Pipe Line
105 109
550 102
Cumberland Pine Line-100 109
11% 12
1,300
•
Galena-Signal Oil, com _100
45 9 46
14
35
100
preferred
New
45% 451(
1
4514
100
Old Preferred
2511
THE CHRONICLE
Nov. 13 1926.]
134 Nov
May 21
Mar 2034
Nov
75
Oct 6954
Jan
76
Oct 2554
Apr 1654
Om 187
Ott 3254
Oct85
Oct 9754
Nov
Nov
Sept
Jan
Nov
Jan
July
Jan
Jan
Apr
Jan
Range Since Jan. 1.
High.
Low.
Oct 68% Apr
8,500 52
55% 58
58
June 14414 Apr
150 131
13515 135% 135%
3714 39% 21.500 32% May 39% Nov
3714
Mar
1,000 54% Nov 70
5414 58
58
1234 13% 1,700 1214 Nov 2914 Jan
12%
Nov 8014 Feb
150 64
70
64
700 6534 July 67% Jan
58% 59
Mar 24% July
200 15
20% 20% 20%
Mar 60% Feb
49% 49% 50% 8,500 48
600 122% Sept 127% Mar
124% 124 124%
Aug
10 184% June 220
198 198
198
Jan
1,300 3434 June 50
36%
36% 36
July
200 24
Oct 27
24
24
65% 643,4 65% 17,900 6034 Oct 7034 Jan
1,000 16% Oct 3634 Jan
18% 19%
19
Mar 134% Jan
400 108
119 119%
119
Apr 51% May
1,700 42
4714 4614 48
32% 32% 32% 40,900 30% Apr 493( Jan
30 288
Jan
Oct 362
299 300
10 11614 Feb 122
118% 118%
July
Jan
50 15% Oct 23
1634 16%
6,100 9014 Oct 10934 Jan
96% 95% 98
Other Oil Stocks.
-5
Amer Contr 011 Fields
•
Amer Maracaibo Co
Arkansas Natural Gas__10
Atlantic Lobos 011 com .
•
Beacon 011 Co, corn
British American Oil__ _25
10
Cardinal Petroleum
Carib Syndicate_
Consolidated Royalties_ _.l
--•
Creole Syndicate-. .
Crown Cent Petrol Corp.'
Crystal Oil Refining corn.*
Darby Petroleum
Derby Oil & Ref corn
Preferred
1
Euclid Oil
Gibson Oil Corp
Gilliand Oil, com, v t c •
Gulf 011 Corp of Pa--25
International Petroleum..'
•
Kirby Petroleum
Leonard Oil Develop•t_25
•
Llon Oil Refining
Lone Star Gas Corp
Magdalena Syndicate____1
Marland Oil of Mexico_ _ _ _
Mexican Panuco 011____10
10
Mexico 011 Corn
Mountain Producers-- _10
100
National Fuel Gas
New Bradford Oil
New England Fuel 011_•
25
..
New York 011
•
North Cent Texas Oil
1
Northwest 011
Ohio Fuel Corporation__25
Certificates of deposit _
Oklahoma Nat Gas MI del)
Pandem 011 Corp
Pantepec Oil of Venezuela*
Pennok Oil Corp
25
Red Bank 011
Reiter-Foster 011 Corp...'
_25
Richfield 011 01 Calif
Royal
-Can 011 Syndicate.•
Salt Creek Control 011-10
Salt Creek Producers..-10
Tidal Osage voting stock_•
•
Non-voting stock
Tide Water Assoc Oil.- _•
100
Preferred
Union 011 Associates
Venezuelan-Mexican Oil_
-5
Venezuelan Petroleum..
Wilcox Oil & Gas new____•
Woodley Petroleum Corp.'
'Y" 011 & Gas
72e
1
634 734
8
8
1% 1%
1%
16
1634
65
65
46e 460
1834 21
2014
9% 9%
9%
1314 12% 1314
2
134 214
12%
123-4 123-4
5
8%
6%
2% 234
254
14
14
114
1
1%
334
3
314
90c 900
90
8934 9014
32%
31% 31
1%
13,4 2%
73,4
7%
73-4
24%
24% 24
44
44
2%
2
2
51% 52
2%
174 2%
280 360
36e
24% 2434 24%
175 196
185
514 534
6
6
934 10
10
10% 1015
1015
50
50
28,500
32,000
300
250
1,300
100
1,000
45,900
100
16,000
5,300
100
600
100
100
18,400
10,000
200
800
19,200
9,000
3,800
6,000
100
32,100
200
17,400
69,000
5,900
440
1,000
500
200
1,500
9,000
4454
20
8%
12
14
23
1654
23
350
834
30
24%
23
2334
97%
54%
12
714
27%
8%
260
20
1,60
8,400
12,800
300
100
15,100
700
4,000
2,300
2,000
2,900
9,400
8,500
2,300
100
300
35.200
1,500
700
29,000
7
12
16%
22%
29c
8%
30
24%
22%
23%
97%
12
7%
27%
25c
4411
20
8
11%
13%
23
14%
22
290
7%
29
22
20%
23
9714
54%
11%
6%
25%
7.54
230
Mining Stocks.
60
6e
60
Amer Comm'l Min & Mill 1
40
40
Amer Tin & Tungsten_ _ _ _1
70
7c
70
1
Arizona Globe Copper
1% 1%
1
Calaveras Copper
254 2%
Coneol Copper Mines___ _1
4c
40
40
-Utah Corp.3
Cons Nevada
40
Sc
1
Cortez Silver Mines
• 2% 2%
Cresson Corm'G M & M-1
60
7c
60
1
Extension
Divide
200 200
DundeeArizona CopperCol
4
4
3
Engineer Gold Mlnee.Ltd 5
70
50
7e
Eureka Croesus
1
68c 77c
1 73e
Falcon Lead Mines
4c
4e
Thought Gold Min..1
First
90 10c
Forty-nine Mining
1% 2%
Golden Centre Minee
5
20
2e
Golden State Mining_ __10e
100 12e
Goldfield Consolidated_l
70
70
Goldfield Florence
1
8c lie
Hawthorne Mines, Inc-1 110
Heels Mining
25c 16% 16% 16%
18% 1814
Hollinger Cons 0 M
5
3
3
Iron Cap Copper
10
480 48e
Jerome Verde Devel___50c
114
1% 114
Kay Copper Co
1
74e 850
Kerr Lake
1% 2
Mason Valley Mines
5
22% 2334
New Cornelia
5
185 186
100 185
New Jersey Zinc
73% 76%
Newmont Nrtoing Corp-10
Nipissing Mines
5 5% 5% 5%
Noranda Mines Ltd
• 18% 18% 19
37e 400
Ohio Copper
1 370
psi
1131s 2
Premier Gold Mtn, Ltd 1
16c
160 160
Red Warrior Mining
1
80
7c
(ie
Reorg Div Annex Min_10c
40
8o
70
San Toy Mining
1
4
4%
South Amer Gold & Plat-1
Sc
40
3e
Spearhead Gold MinIng_l
41hr 5
Teck-Hughes
1
3% 3%
Tonopah Mining
1
6e
60
U S Continental
43c 450
United Eastern
25
24
(hilted Verde Extens__50e
6
5
554
Utah Apex
5
1% 1%
Utah liMal & Tunnel ...I
50c 50e
Walker Mining
1 50c
2% 3
Wenden Copper Mining_l
30
30
1
West End Extension
BondsAllied Pack deb 88-1939 71% 70% 71%
62% 71
1939
Debenture 6s
1933 105% 10554 105%
Aluminum Co 7s
Am G & El 68, new_2014 101% 10134 102%
American Power & Light
6s.old without warr-2016 Dm% 100% 101
103 103
Amer Rolling Mill6a.1938
6% Feb
Oct
45c
Oct 1414 Jan
4
8% Oct
5% June
3% May
13.4 Oct
19% Jan
1414 Mar
Nov
Oct 65
60
3% Feb
45e June
9% Mar 2214 Feb
834 Mar 10% Feb
Sept
10
Mar 16
7% Jan
I% Mar
12
Sept
Oct 14
814 Nov
75e Apr
4
June
1% May
12% Mar 19
June
331 Feb
600
Oct
734 May
2% Oct
Jan
2
63e Mar
Apr 95
Sept
82
2814 Mar 375( Jan
Oct
3% Feb
1
6% Apr 1234 Feb
May 2514 Feb
20
Oct
Aug 46
38
Nov
2% Oct
2
Oct
5034 Oct 53
1% No
5% Feb
390
Oct
80 AP
Apr 26
Jan
23
Nov
Apr 196
131
631 Jan
514 Oct
Mar 11% July
2
Jan
Mar 17
8
1234 Feb
834 July
80 Nov
30 May
4214
20
6
11%
12
634
12
22
200
7%
26%
7%
8%
20%
97%
54%
1114
414
22
414
50
Sept
Nov
Oct
Oct
Oct
Feb
Oct
Oct
Apr
Oct
Oct
Apr
May
Oct
Mar
Nov
Oct
Jan
Mar
May
Jan
44%
20
9%
12%
22%
38
30%
27%
1%
10
36
27
2514
27
99%
55%
1214
714
36%
934
360
Oct
Nov
May
Oct
Feb
May
Aug
Sept
Sept
Feb
Jan
Nov
Nov
Mar
Mar
Oct
Oct
Mar
June
Sept
May
2,000
30 July 13e Aug
1,000
20 Aug 10e Aug
7,000
70 May
310 Feb
200
Aug
Jan
1
4
1,900
1% Apr
3% May
3,000
30 May
7c June
4,000
3c
Oct 140 Aug
600
134 June
214 Jan
7,000
70 Mar
3e Feb
2,000 20e Nov 200 Nov
3,800
3
Nov 28% Feb
17,000
3e Apr
16e Aug
62,400
61e Aug
80c Sept
1,000
3c Aug 10c
Apr
7,00
Apr
50 Feb
19e
1,80
1 Mar
3 May
3,00
20
Jan
6c June
2,000
4c
Feb 22e June
9,000
180 Feb
6c July
40,000
320 Feb
8o Oct
500 15% Mar 1914 Mar
100 17% Jan 19% June
100
3
414 Oct
Nov
200 450
Oct
1% Feb.
24,600
lin Oct
211 Mar
600
74c No
1% Feb
3,200
111 Jun
2% Sept
1,000 18% May 23% Aug
410 178
Jan.
Oct 210
3,000 4614 Jan 77
Oct
800
7% Jan,
5 Jun
1,000 12% Mar 1914 Aug
4,000
37e No
7150 Jan.
6,200
1% NON
214 Mar
3,000 150 Jul
35e Feb
23,000
Oct 220 June
50
34,000
80 Nov
3c Mar
1,400
3% Oct
511 July
62,000
60 May
2c Feb
1,200
2 1. Jan
0
5% Oct
500
7% Feb
3% Oct
1,000
Jan
50 Sept 10c
3,000 30e June 550 Sept
1,900 24
Nov 133 Feb
4,200
4% Oct II% Feb
500
1% Nov
234 Mar
100 50c June
1 ois Jan
600
2% May
3% Jan
1,000
3c Mar
7e May
$30,00
70%
7,000 62%
21,000 105%
170,000 98%
232,000 9
6
12,000 101
May 89
Jan
Nov 80
Jan
Oct 107% Feb
Apr 102% Nov
Jan 101
Nov
Jan 10310 July
2512
Bonds (Con'inixd)-
Friday
Last Week's Range Sales
Sale
for
OfPrices.
Price. Low. High. Week.
Range Since Jan. 1.
Low.
High.
Bonds (Concluded)
-
Amer Seating 69
1936 10034 99 100% 191,000 9734 Oct 100% Nov
American Thread 69_1928
101% 101% 8,000 101% Sept 103% Jan
Amer W Wks & El 69_1975
97
9714 26,000 9214 Mar 9854 Sept
Amer Writing Paper(is 1947 83
83
84% 92,000 77% Aug 85% Oct
Anaconda Cop Min6s.1929 102% 102% 102% 41,000 102% Oct 10351 Aug
Andian Nat Corp 68_ _1940
Without warrants
98
9719 98
29.000 9759 Oct 101.4 July
Appalach El Pow 59_1956 9519 9534 95% 58,000 9414 July 97% Nov
Assoc Gas & Elec 69._1955 101
99% 101
152,000 9214 Mar 103% Aug
Assoc'd Sim liardw 6199'33 97% 97% 97% 69,000 95
Sept
Jan 98
Atlantic Fruit 89
1949 20
17% 20
48,000 17% Nov 3334 Jan
Beaver Board Co 88_1933 99% 99% 99%
Bell Tel of Canada 58_1955
100% 100)4
Berlin Elec Eiev 6198-1956 95
9451 95
Boston & Maine RR 691933 10019 10019 100%
Brunner Tur & Eq 719s '55
85
85%
Buffalo Gen Elec 5s _1956
102% 10235
Burnelster & Wain of Copenhagen 15-yr 68...1940 94
94
94%
Calif Pet Corp 5%e.. 938
1
Canada SS Lines6s___1941
Canadian Nat Rye 79-1935
Canadian Pas 4 Xs_ _ _1946
Carolina Pow & Lt 58_1956
Cities Service 6s
1966
Cities Serv 78, Ser D_ _1966
Cities Serv Eis ear E_1966
Cleve Elec III 58
1954
Cons CI, El & P68 ger A_'49
514s series E
1952
Consol Publiatera 6518238
Consolidated Textile 88 '41
Container Corp 6s_ _ _1946
Cuba Co 6% note_ _ _ 1929
Cuban Telen 755s____1941
Cudahy Pack deb 5558.1937
1946
58
58,000
9,000
271
11,000
2.000
13,000
15,000
98% 98% 98% 145,000
97
97
97
7,000
110% 110% 11114 24,000
96% 96% 26,000
100% 100% 10015 34,000
95% 9534 96 236,000
1213.4 121% 121% 93,000
5,000
130% 13019 132
10214 102% 20,000
107 107% 7,000
10614 10659
1,500
99
48,000
97% 99
1,000
85% 85%
14,000
98
9731 97
20,000
100 100
111% 111% 111% 9,000
93% 9414 16,000
94
3.000
97
9614 97
9319
9951
94%
94%
85
99%
Feb
Jan
Nov
Jan
June
Jan
94
July
98% Oct
98% Oct
Jan
110
96% Sept
97% Mail
91% Apr
101% Jan
Jan
109
10219 Apr
105% Feb
Mar
105
97
Sept
80 Juno
80 June
100
Sept
108% Jan
July
91
94X Jan
10014
101%
95
101%
101%
10314
Sept
June
Nov
Sept
Feb
May
95
July
9834 Oct
9719 Sept
11419 June
Oct
97
10035 Nov
96
Nov
121% Nov
132
Nov
103% June
May
108
107 June
Aug
100
Feb
92
9951 Aug
Sept
100
Mar
112
9654 Aug
97% Sept
36,000 10451 Jan 107% Sept
Detroit City Gas 63_1947 106% 10614 107
102% 103% 123,000 100% Apr 10319 Aug
Duke-Price Pow 1st Os 1966 103
1,000
8,090
37,000
2,000
98
9739
98%
99
08
98
99
99
8414
91
9714
92%
1.000
84%
92 163,000
9714 38,000
9314 308,000
84%
89%
93%
9119
Nov
Oct
Apr
Mar
98%
93%
9854
96%
Feb
July
Jan
June
Oak (Robert) Co 78_1937
Galena-Slgnal 011 78-1930 87%
Gatineau Power 58...1955 93)4
1941 97%
68
Gen't Ice Cream 6199-193 111
5
General Petroleum 6s.1928
Goodyear T & It 59.....1928
Goody'lr T & R Cal 5199'31
Grand Trunk Ry 6349_1936 1083e
Great Cons Elec 6549 1950 90%
1937
Gulf 011 of Pa 59
5,000
103% 104%
27,000
8719 90
93% 93% 80,000
97% 97% 47,000
111
111
1,000
101% 101% 35,000
97% 97% 8,000
96
96% 3,000
108% 10819 6.000
88% 9019 242,000
100% 100% 8,000
103
80%
93
9734
III
100%
96%
95%
10714
85
98%
May
Oct
Oct
Sept
Sept
Aug
Aug
No%
May
Apr
Feb
10514
104
95
9954
138
10234
9954
99
10914
9019
101%
Mar
Mar
Aug
July
Jan
Jan
Jan
Apr
June
Nov
June
Hamburg Elec Co 79..1935
Havana Elec By 5198_1951
With corn stk parch war_
Hood Rubber 7s
1936
519% notes Oct 151036.
101
East Term Off Bldg 619893
Eitingon-Schild Os__ _1938
Elec Refrigeration 6s...1936
Europ'n Mtg & Inv 7149'50
99
1933
Federal Sugar 6s
1946
Fiat 20-yr a f 78
Fisk Rubber 5551
Florida Pow & Lt 5a-1954
92
97%
93%
90
101
9,000
Nov 101% Aug
98
Aug
Aug 98
96
Jan
96% Oct 107
92% Jan 10014 June
94
Jan 10151 Nov
89% 90% 28,000 8831 Oct 9254 Aug
104% 104%
7.000 104
July 10554 June
98% 9855 6,000 9834 Oct 98% Oct
95% 96% 376,000 95% Nov
Ul Central RR 4348. _ 1966 96
I llseder Steel Corp 79_1946 ...... 99% 99% 12,000 94 June
98% 16,000 9519 May
Indep 011 & Gas 6146_1931 98% 98
Indiana Limestone 61_1941 98% 97% 98% 65,000 97
Oct
Indianapolis P & L 68_1936 102% 102% 102% 65,000 06% July
96% 123,000 9434 Oct
Internat Gt Nor 58 0-1956 9654 96
9819 31,000 98
Internat Paper 68. w 1_1941 98% 98
Oct
Interstate Nat Gas 63-1936
11619 118% 12,000 110 • Aug
With warrants
98
97% 98% 47,000 9714 Oct
Without warrants
Keystone Telep 510.-1954 91
Krupp (Fried), Ltd, 781929 10014
Laclede Gas Lt 654e..1935
Lehigh Pow Secur 6s...2026 95
Libby, McN & Lib 78_1931 104%
Leonard 'nets, Inc, 7146'46
With stock purch war'ts 104%
Long Isld Lts Co 69_ _1945 103
Manitoba Power 5%9_1951
Mansfield Min & Smelting
1941 102
(Germany) 79
Mass Gas Cos 510_1940 103
..1956
Miag Mill Mach 78.
Montgomery Ward 5s_1946
Montreal L.H & P 5s A_'51
Morrie & Co 7558-.1930 10236
Nat Dist Prod 654s _ _1945
Nat Pow & Light 69 A 2026 9855
Nat Pub Serv 6%s A _ _1955
Nevada-Calif Elec 511_1956 9334
1941 107
Nevada Cons 58
New On Tex & NI RR 5856 10155
6558-1933 110%
Nor States Pow
1933
6548 gold notes_
Ohio Power 58 ear B-1952
1956 90%
4558 Series 13
Ohio River Edison 55_1951 96%
Okla Natural Gas 68._1941 99%
1941 94%
Otis Steel 58
Pan Amer Petrol 6a-1940 99%
1938
Park & TIlford 68
Penn-Ohio Edison 69-1950
Penn-Dixie Cement 68 1941
Penn Pow &Light56_1952
1953
5s series D
1960
Phila Electric 50
1947
555e
1953
5%s
Phila Elec Pow 539e-1972
Phila Rapid Trim 138_ _1962 loosi
Pub Serv Corp NJ 5558'56 100
Pure 011 Co 6)98
1932 103%
Rand-Kardex Bur 53481931
Banda Falls Co 53.- _1955
Saxon Public Wks 63481951 96
1946 100
Schulco Co BAB
1935
Schulte R E Co 6s
without corn stk.1935 86%
Bs
1931 97
Servel Corp 68
Shawsheen Mills 78._ _1931 99%
Slemans & Halske 79..1928
78
1935 101
Siernans & lialske-S S
6%s with warrants_1951 99
Sllesian-American 78..1941 95%
Sloss-Sheff S & I 68
1929 - - - - - Southeast P & L 65_2025.
95Y
Without warrants
Sou Calif Edison 58_ _ _1951 98
[VOL 123.
THE CHRONICLE
89
100
100%
94%
103%
91% 113.000 83
100% 173.000 9019
100% 4,000 98
95 204,000 93
104% 3,000 10334
10314 104% 41,000
103 103% 10,000
28,000
96
96
101% 102
41,000
ioz% 103
48,000
94% 95% 31,000
9714 97% 9,000
9914 9914 10,000
10219 102% 53,000
97
9719 13,000
98
98% 92,000
97% 98% 5,000
92% 93% 65,000
106% 108% 265,000
101% 101% 88,000
109% Ill
43,000
102% 103
2,000
98% 99
19,000
90% 90% 54,000
96
97
43,000
99
99% 348,000
94% 94% 63,000
99% 99% 87,000
96
1,000
96
112% 113% 26,000
99% 99% 16,000
4,000
99% 100
8,000
99% 100
101% 101% 5,000
106% 106% 25,000
1,000
107 107
98,000
102% 103
9934 100% 14,000
100 100% 176,000
10314 10311 42,000
112 112% 16,000
96% 96% 8,000
95% 96% 147,000
100 100/4 56,000
95
95% 82,000
86% 88,000
86
66,000
97
98
6,000
99% 100
20.000
100% 101
101 101% 11,000
92
05
102
96%
99%
100%
9919
10314
98%
98%
Sept
Nov
Feb
Aug
Oct
Nov
Nov
122
101
Aug
Aug
Apr 9114 Nov
Jan 100% Nov
Jan 101% Aug
Mar 9554 Feb
Jan
Oct 105
Nov
93% Mar 108
9934 Mar 103% July
Apr
9459 Apr 98
94
May
99% Jan
91% Oct
July
97
9919 Oct
Sept
102
95 June
98
Aug
96
Oct
92
Oct
9114 June
9954 Oct
108
Mar
102% Aug
94
Jan
8019 Aug
9439 June
99
Sept
9319 Sept
99% Oct
96
Mar
98
Apr
99
Sept
9755 Mar
97% June
101% Oct
106% Jan
10654 Mar
10014 Mar
97% Jan
98
Aug
10234 Jan
101% Mar
94
Mar
915( Aug
100
July
Apr
92
Apr
83
Nov
97
May
96
9619 Jan
Jan
94
Nov
102
103% June
96% Oct
98% Aug
99% Oct
10555 Apr
Jan
99
98% Sept
98% Nov
95% June
108% Nov
101% Oct
Jan
131
104% Jan
10114 June
93% June
Nov
97
9914 Nov
99 June
July
105
98
Feb
11614 Sept
99% Sept
May
100
10014 June
10314 June
108% June
July
108
103% May
10131 May
100% Nov
10454 Aug
Jan
118
97
July
96% Nov
101
Aug
% Jan
July
109 June
10234 Jan
10119 Sept
102% Sept
I
Oct 9934 Oct
9934 154,000 99
9519 202,000 935( Oat 95% Sept
Jan 10351 June
102% 2,000 102
95% 96 322,000
98
98% 136,000
Mar
89
9754 Nov
96
99
Nov
June
Southern Gas Co 6%9_1935
Southwest P & L 68_ _2022
Stand 011 of N Y 6548-1933
Stinnes (Hugo) Corp 7%
notes Oct 1 '36, with warn
75 1946 with warrants_ _ _
Sun 011 514s
1939
Swift & Co 5s.Oct 15 1932
Thyssen (Aug)148 711- 1930
Tidal-Osage 01179
1931
Trans-Cont'l 011 75-1930
Ulen & Co 634s
1936
United Rye of Hav 7199'36
U S Rubber 619% notes'29
Serial 634% notes__1930
Serial 614% notes_1931
Serial 634% notes_ _1032
Serial 614% notes_ _1933
Serial 659% notes__1934
Serial 619% notes__1935
Serial 659% notes__1936
Serial 634% notes 1937
Serial 619% notes_ _1938
Serial 619% notes 1939
Serial 619% notes__1940
US Smelt & Ref 519s_1935
United Steel Wks Burlach,
Luxemburg 78
1951
US Steel Works A 6349'51
With ink pun warn, Ser A
Without stock pun warn..
Series C
Valvoline 01I 6s
1937
Wabash By 59
1976
Warner Bros Pic 6%9_1928
Webster Mills 610_1933
Western Union Tel 59_1951
Foreign Government
a n d Municipalities.
Antioquia (Dept of), Col
78 series A
1945
7s series B
1945
Austria (Prov of Lower)
7548
1950
Baden(Germany)78_1951
Buenos Aires(Prov)7198'47
7s
1936
78
1952
Danish Cons Munic 6599'55
Denmark (King)510_1955
69
1970
Finland (Republic)634e '56
German Cons Munk 79'47
Hamburg (State) Ger (is'46
Hungarian Cons Mun 79'46
Hungarian Land Mtge Inst
7198 Renee A
1961
Indust Mtge Bk of Finland
let M coil a f 79
1944
Italian Pub ULU 7s _ _1952
Medellin (Colombia) 8s '48
Nethereds (King) Os B '72
Oslo (City) 5195
1948
Peru 7159
1956
Prussia(Free fitate)634s '51
Roman Catholic Church of
Bavaria 6349
1946
Russian Govt6199._ _1919
614% certificates___1919
5149
1921
555% certificates...1921
Saxon State Mtge Inv 78'45
Switzerl'd Govt 5558_1929
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Price. Low. High. Shares.
Range Since Jan. 1.
High.
Low.
99% 101
Nov
6.000 95
Mar 101
97% 97% 2.000 97% Oct 97% Nov
105% 105% 105% 45,000 104% Oct 10751 Jan
99% 99% 99)i
99% 99% 99%
9914 99% 100
98% 9734 984
102% 10214 102%
103 103
9614 984
100 100
110
110 11014
102 102
10154 102
101 101%
10119 10054 101%
10134 10154
10114 10154
101% 101 10134
10134 101 1013-4
101
101 10159
101 101
101
101 101
10134 10114
101
10059 101
99%
93
93
95
98% 98
9814 98
98
98
94% 9414
97% 97%
99% 99%
100% 100%
94
99% 983.4
95% 94%
93% 93%
98
96
100
98
9955
99%
9735
96%
93
102%
91
100
10954
101
101
10054
100
10055
10019
100
10034
100%
100%
10019
100
100
9714 9914 417,000
9854 98
92
9114
9815 98
104
104
96% 96
112% 10955
97%
100% 10059
99%
90
32,000
51,000
19,000
125,000
25,000
4.000
7.000
7.000
7,000
4,000
11.000
20,000
20,000
5.000
10,000
16,000
25,000
20,000
10,000
5,000
15,000
42,000
98
99
89%
102%
107%
96
100
97)i
91%
1834
17
1634
17
16%
1734
1714
16
96
99%
10119 101%
Nov
Nov
Jan
Jan
Jan
Oct
June
Nov
Jan
Aug
July
Aug
Aug
Mar
Mar
Mar
Mar
Oct
Mar
Mar
Jan
Jan
92% May
'99%
99%
10019
98%
10214
105%
99
101
112%
10355
102%
10255
10255
10214
10219
102%
102%
10214
10259
10219
102%
103
9955 Nov
9811 724,000 95% Sept 9934
89.000 91
92
Nov 92
9855 93.000 96
Aug 100
104
1,000 10355 Jan 105
9634 386,000 9455 Oct 96%
112% 317.000 105
Oct 122
97%
1,000 9059 May 101
10034 576.000 10019 Oct 100%
9314 30,000
93% 17,000
9519
2,000
99
43.000
98% 62.000
9814 33,000
95
57,000
9754 25,000
99% 70.030
101
49.000
94
29,000
9931 125,000
95% 310,000
93% 37,000
98
7,000
Jan
90
9119 Apr
95
93
9614
9654
93%
96
98
99%
94
9451
9251
93%
Nov
Feb
Aug
Sept
Sept
May
Mar
Jan
Sept
Mar
Oct
Nov
95
June
Nov
Nov
June
Apr
July
May
July
Nov
Aug
Apr
Apr
Jan
Jan
Apr
Apr
May
Feb
May
May
Apr
Apr
Aug
Aug
Oct
Aug
May
Nov
Sept
Jan
Nov
93% Nov
93% Oat
98%
0934
10119
10054
97%
9914
100
10114
9414
99%
9519
9414
Mar
Oct
Feb
Apr
May
July
Sept
Jan
Sept
Oct
Nov
Nov
9914 Sept
9954 33,000 9651 Jan 100 June
90% 230.000 87 May 93
Mar
103% 7,000 98
Jan 104
Aug
108
30,000 10614 Mar 109% Aug
96% 31,000 93
Mar 9754 May
100
79,000 100
Aug 100% Aug
Nov
98 310,000 9534 Sept 98
92%
18%
17%
17%
17%
99%
102
15,000 in 34
40,000 13
179,000 12
34,000 12
43,000 12
18,000 92%
14.000 10119
Aug 97
Mar 18%
June 1751
June 1734
June 1714
Mar 90%
Oct 10214
Oct
Nov
Nov
Nov
Feb
Sept
Jan
No par value. k Correction. I Listed on the Stock Exchange this week, where
additional transactions will be found. o New stock. a Option sale. t Ex-righte
and bonus. o Ex-cash and stock dividends. so When issued. a Ex-dividend
ft Ex-rights. s Ex-stock dividend.
CURRENT NOTICES.
The American Bond & Mortgage Co. announces from its New York
offices. 345 Madison Ave., the opening of a new office in Poughkeepsie, in
the Stoat Building at 2 Washington St.. to provide for the increased investment demands from this section of the Hudson River Valley. The office is
to be in charge of Charles Benjamin and E. E. Benjamin, formerly of the
Troy and Albany offices, respectively, of the company.
-Nehemiah Friedman dr Co., Inc., 29 Broadway, New York, have issued
a bulletin pointing out an unprecedented situation in the stocks of some of
the largest Joint Stock Land banks. Although under Federal Government
supervision and showing excellent earnings, these stocks, it is claimed, are
now at the lowest prices on record, affording opportunities for yields above
7%.
-Guaranty Trust Co. of New York has been appointed transfer agent
for the preferred stock, consisting of 30.000 shares, and common stock of
60.000 shares of the North American Water Works Corp.. and registrar
for the $6 preferred stock of the Adirondack Power & Light Corp.. consisting of 10,000 shares.
-Following the trend of banks and investment firms to Now York's
''Uptown Wall Street." Newman Bros. & Worms, members of the New
York Stock Exchange, announce the opening of an office at 16 East 53rd
Street, under the management of Claude S. Newman.
-Chatham Phenix National Bank & Trust Co. has been appointed
trustee under the mortgage of the Colonade Construction Corporation, securing an issue of $1,900,000 1st mtge. fee 6% sinking fund gold bond certificates due Oct. 11941.
-G.L. Ohrstrom & Co., Inc., announce the removal of their Los Angeles
office to larger quarters in the Financial Centre Building, and the completion of arrangements for the opening of an office in San Francisco, where
they will be represented by Wallace Campbell.
Throciunorton & Co.. 100 Broadway, New York, have issued an 18
page illustrated booklet which discusses diversified trustee shares representing a wide range of investment holdings In convenient readily marketable
form.
-Irving Bank & Trust Co. has been appointed trustee of an authorized
issue of $2,500,000 principal amount of 15
-year 04% convertible gold
notes of the Federal-Brandes. Inc.
-The firm of Allen, Cravin & Co. has been dissolved and the business
being conducted by Charles Allen Jr., as heretofore at 20 Broad St.. New
York, under the name of Allen & Co.
Love, Macomber & Co., New York, have opened a Philadelphia office
under the management of Austin F. Platt, In the Stock Exchange Building. 1411 Walnut Street.
-In the table which
Latest Gross Earnings by Weeks.
follows we sum up separately the earnings for the first week
of November. The table covers 5 roads and shows 18.57%
increase in comparison with the same week last year.
_
1926.
First Week of November.
,
Increase. Decrease.
1925.
$
33,357
$
$
$
386,645
353,288
Buffalo Rochester & Pittsburgh
4,958,000 4,073.000
Canadian Pacific
3,344,000 2,901,808
Great Northern
306,787
306,428
Minneapolis & St Louis
621,133
414,061
Western bfaryland
2513
lama. intelliffence.
bitestment anti
885,000
442,192
359
207.072
Gross
Earnings.
Companies.
Sept '26
533,157
Federal Light &
'25
453,458
Traction Co
12 mos ended Sept 30 '26 6,432,434
'25 5.809.935
Sept '26
889,400
Utah Power &
842,111
'25
Light Co
12 mos ended Sept 30 '26 10,331,942
'25 9,695,812
*Includes other income.
Net after
Taxes.
Fixed
Charges.
Balance,
Surglus.
131,931
71,387
203,318
93,055
65,381
158,436
808,193 1.656,270
2,464,463
740,196 1,419,672
2.159,868
336.259
177,134
*513,393
281,193
177,266
*458,459
*5,767,735 2,126,844 3.640.891
3,305.672 3,124,144
*5,263,022
FINANCIAL REPORTS
-An index to annual reports of steam
Financial Reports.
railroads, publ c utilities and miscellaneous companies which
given
In the table which follows we also complete our summary have been published during the preceding month will be not
on the last Saturday of each month. This index will
of the earnings for the fourth week of October.
include reports in the issue of the "Chronicle" in which it is
Increase. Decrease. published. The latest index will be found in the issue of
1925.
1926.
Fourth Week of October.
Oct. 30. The next will appear in that of Nov. 27.
$
$
$
$
13.143,049 11.499,239 1,643,810
Reported previous week
Studebaker Corporation and Subsidiary Companies.
Canadian National Railways-- _ 9,296,935 9,118,336 178,599
5.234
164,319
159,085
Duluth South Shore & Atlantic(Resultsfor Three and Nine Months Ended Sept.30 1926.)
7,859
55,600
Florida Railway
63,459
&
Total (5 roads)
Net increase (18.57%)
Georgia
Mobile & Ohio RR
Mineral Range
Nevada California & Oregon
Southern Railway S'stem
Texas & Pacific
Western Maryland
503,444
611,903
7,677
8,945
15,013
10,388
5,570,765 5.916,374
1,063,950 1,110,457
533,020
827,531
33.357
9,583.208 8,081,942 1,534,623
1.501,266
Total (14 roads)
Net increase (5.50%)
108,459
1,268
4,625
345,609
46.507
294,511
30.638,424 29.041,065 2,116,920
1,597,359
519,561
In the following we show the weekly earnings for a number
of weeks past:
Current
Year.
Week.
3d week June (15 roads)---tth week June (15 roads).._1st week July 115 roads _--24 week July 15 roads __-gd week July 15 roads ____
4th week July 15 roads ___1st week Aug. (15 roads).2d week Aug. (14 roads)_..-3d week Aug. (15 roads)____
4th week Aug. (15 roads)____
1st week Sept 15 roads)____
24 week Sept. 15 roadsi ____
ad week Sept. 15 roads ____
4th week Sept.(14 roads ____
1st week Oct. (14 roads ____
2d week Oct. (14 roads).3d week Oct. (14 roads)___
4th week Oct. (14 roads)---(
let week Nov. 5 roads) ____
$
19.039,129
25.593,738
18,862.723
18.873,507
19.558.751
28.153.394
19.791,756
23.509.600
20.284,661
29.857.268
19,862.065
21,117,872
22,446.081
31,049,598
22,080,405
21,459,391
22,217,535
30,638,424
9.583.208
Increase or
Decrease.
Previous
Year.
$
17.158,394
23,231.988
17.481.987
17,888.208
18,149,032
26,762,794
18.665.206
22.158.613
19.377.682
28.327.016
19,068,09
21.681,685
22.403,299
30,220,186
22.265,044
21,265.115
21,114,40
29,041.06
8.081.942
%
CONSOLIDATED PROFIT AND LOSS SURPLUS ACCOUNT.
-3 Mos.End. Sept. 301- -9 Mos.End. Sept.301925.
1925.
1926.
1926.
111,545
39,574
90.628
31,228
Number of cars sold_ _ _ _
$39,903,832 $46.430.492$115,744,439$133,000,256
Net sales
Cost of mfg., selling and
36,469,345 40,908,330 102.351,132 116,141.709
general expenses
$3,434,487 $5,522,162 $13,393,307 $16,858,546
Net earnings
343,837
201,278
242,833
107.243
Int. received (less paid).
$3,541,730
Net profits
473,466
U.S.& Can. inc. taxes..
$3,068,264 $5,035,177 811.804,125 815.157,226
Net profits
$435.225
$144,113
$411,075
Deduct-Preferred dive.. $137,025
1,875.000 7,031,250 5,625.000
2,343,750
Common dividends
$
Balance, to surplus__ - $587,489 $3,016,065 84.361.800 $9,097,001
+1.880.735 10.96
33,409,039 30.212,603
+2.361.750 10.17 Surplus Jan. 1
+1.380,736 7.90
$37,770,839 $39,309,604
Total surplus
+987.299 5.52
+1.409.719 7.82 CONSOLIDATED BALANCE SHEET SEPT.30(CORP. AND SUB. COS.).
+1.390,600 5.19
1925.
1926.
1925.
1926.
+1.126,550 6.03
Liabilities
Assets$
$
+1.350.987 6.09 Plant and prop_ _660,792,202 57.631,171 Common stock. c75,000,000 75,000,000
+906,979 4.68 Housing develop't
7% cum. pref.stk_ 7,500,000 8,235,000
+1,530,252 5.40
for employees__ 1,418,065 1,460.771 Accounts payable_ 5,951,904 6,563,699
+793,975 2.92 Trade name, good
Deposits on sales
-563,813 2.60
462,274
475,181
contracts
will,&c
19,807,277 19,807.276
+42.782 0.01 Cash
15,573,210 19,388,825 Sundry creditors &
+829,412 2.6E Sight drafts out. 4,143,668 5,518,356
reserves, incl. ac0.82 Investments
-184,639
crued payrolls 3,604,871 2,667,521
594,218
689,438
+194.271 0.91 Net receivables_ 6,934,330 9,762,482 Res. for U. S. and
+1,103,135 5.22 •Inventories
Can, income tax 2,477,111 3,898,688
25,866,140 21,562,695
+1.597,359 5.5€ Deferred charges
410,992 Conting. reserve 3.000,000
455,576
-1-1.5111_2RR 16 57
37.770,839 39.309,604
Surplus
We also give the following comparisons of the monthly
totals of railroad earnings, both gross and net (the net before
the deduction of taxes), both being very comprehensive.
They include all the Class A roads in the country, with a total
mileage each month as stated in the footnote to the table.
Net Earnings.
Gross Earnings.
Month
1926.
1924.
Increase or
Decrease.
1925.
1 24.
increase or
Decrease.
8
590.161.046 571,576.038 -P68,585,008 180,695,428 168.640.671 +12.054,757
Nov... 531,742.071 504,781,775 +26,960,296 148,157.616 131,381,847 +16,776,769
523,041.764 504.450.580 +18.591.184 134,445.634 124,090.958 +10,354,676
1925.
1926.
1925.
1920.
+946.994
480,062.657 484,022.695 -3.960,038 102,270,877 101,323.833
-38.008
Feb.... 459.227.310 454,198,055 +5.029,255 99.480,650 99.518,658
March 528,905.183 485.236.559 +43.668.624 133.642,754 109,081.102 +24.561.652
April- 498,448.309 472,629,820 +25,818,489 114.685,161 102,920,855 +11.764.296
May - 516,467,480 487,952.182 +28.515,298 128.581,566 112,904.074 +15,677,492
June 538,768.797 506.124.762 +32.634.035 149,492.478 130,920,396 +18,571,682
July-- 555.471,276 521,596.191 +33,875.085 161,070.612 139,644.601 +21.435.011
Aug-- 577,791,746 553,933,904 +23.857.842 179,416.017 168.426.254 +12.1189.763
Sept__ 588,945,933 564.756.924 +24.192.009 191,933,148 176,936.230 +14.996,91A
Note -Percentage of increase or decrease in net for above months has been:
1925-Oct.. 7.14% inc.; Nov., 12.77% inc.; Dec., 3.69% Inc. 1926-Jan., 0.93%
Inc.; Feb.. 0.04% dec.: March, 22.50% Inc.; April, 11.43% Inc.; May, 13.89% Inc.:
June, 14.18% Inc.; July, 15.35% Inc.; Aug., 7.86% Inc.; Sept., 8.48% inc.
In October the length of road covered was 236,724 miles in 1925, against 236,564
miles in 1924; in November, 236,726 miles, against 235,917 miles; in December,
236,959 miles, against 236,057 miles; in January 1926, 236,944 miles, against 236,599
miles in 1925; in February. 236,839 miles, against 236,529 miles; in March, 236.774
miles, against 236,500 miles; in April, 236,518 miles, against 238,526 miles; In May,
236,833 miles, against 236,858.5111es; In June, 236,510 miles, against 236,243 miles;
In July, 236,885 miles, against 235,348 miles; in August, 236,759 miles, against
236,092 miles; In September, 236,7791111es, against 235,977 miles.
-The table
Net Earnings Monthly to Latest Dates.
following shows the gross and net earnings for STEAM
railroads reported this week:
-Gross from Railway- -Net from Railway- -Net after Taxes
1926.
1925.
1925.
1926.1926.
1925.
$
8
Duluth Winnipeg & Pacific-213,134
9,771
September
20,073
178,086
20,428
28,977
From Jan 1 1,773.538 1,667,122
129,580
192,857
275,672
218,085
/Kansas Oklahoma & Gulf
'26,712
September. 234,817
44,925
262,300
53,853
36,306
FronsJan 1 1.860,192 1,719.647 --191,822
8.007
82,881 --303,126
Electric Railway and Other Public Utility Net
-The following table gives the returns of
Earnings.
ELECTRIC railway and other public utility gross and net
earnings with charges and surplus reported this week:
-Gross Earnings- -Net Earnings
Current
Current
Previous
Previous
Year.
Year.
ar.
Year.
Year.
Companies.
$
$
$
American Pewer & Light
c
Co (incl.subsidiaries)_Sept 4,852,713 4,383,296 *2,103,764 *1,999,488
12 mos. ended Sept 30-57.717.963 49,140,868*25,332,243*22,034,075
American Tel & Tel Co_Eispt 7.692,591 7,213,595 3,151.578 3,159,073
9 mos ended Sept 30_---67.723,713 63.053,760 27.112,097 27.876,322
*After taxes. c Earnings of subsidiary companies only.
$5,723,440 $13,636,140 817,202,384
2,045,158
1.832,015
688,263
Total
135,679.906136,136,787
135.679,906136,138,787
Total
a Of raw materials, work in progress, finished products, stores and supplies; and including deferred expenditures on new models, at factories and
branches (at cost). b Plant and property at South Bond, Ind.; Detroit,
Mich.; Walkerville, Ont.; and at branches; balance Jan. 1, $67,477,592
additions during year, less realizations, $3,314,073; total, $70,791,665; less
total reserve for depreciation, $9,999,463. c 1.875.000 shares, no par,
issued in lieu of stock of a par value of 875.000,000.-V. 123. p. 1392.
General Motors Corporation.
(Report for Nine Months Ended Sept. 30 1926.)
Pres. Alfred P.Sloan Jr., commenting upon the earnings of
the corporation for the 9 months ended Sept.30 1926, said:
,
The earnings for the 9 months ended Sept. 30 1926, not only exceeded
any 9 months in its history, but also were greater than the earnings of any
previous entire calendar year. Sales of Cars to dealers and the dealers'
sales to users in these 9 months also exceeded any entire previous calendar
year.
Net earnings, including the corporation's equity in subsidiary companies.
were $149.317,553, compared with 880,921.018 for the corresponding period
of 1925. After deducting $5,733.325 on account of dividends on the senior
securities, there remains $143,584,228 applicable to the common stock.
This is equivalent to $17 77 per share on the common stock, which compares
with $9 71 per share for the corresponding period of 1925, after making
allowance for the difference in the number of shares outstanding.
,
It will be recalled that on June 30 1926, the 40% minority interest in
Fisher Body Corp. was acquired, and in Sept. a 50% stock dividend was
paid. The earnings per share are, therefore, calculated on the basis of
8.700.000 shares outstanding subsequent to June 30, and prior to June 30
on the basis of 7.742.399 shares of stock, or the equivalent of the 5,161,599
shares then outstanding after giving effect to the 50% stock dividend.
For the third quarter, net earnings, including the corporation's equity in
subsidiary companies, were $56,031,879, compared with $30.557.919 for the
corresponding period of 1925. After deducting $1,911.582 on account of
dividends on senior securities, there remains $54.120.297 applicable to
common stock. This is equivalent to 26 22 per share on the common stock,
which compares with $3 70 per share for the corresponding period of 1925,
after making allowance for the difference in the number of shares outstanding on account of the stock dividend. Earnings for the third quarter
exceeded those of any previous third quarter.
While the earnings applicable to the 40% minority interest in Fisher
Body Corp. were not consolidated with the earnings of General Motors
Corp. prior to June 30 1926, it Is nevertheless of interest to note that the
combined net earnings of the two corporations for the first 9 months of
1926 aggregate $157.731,833.
Aggregate total earnings of Fisher Body Corp. combined with those of
General Motors Corp.for the 9 months ended Sept. 30 1926. would be as
follows:
Profit from operations and investments, after all expenses
incident thereto, but before depreciation of real estate,
$212.091,803
plants and equipment
Provision for depreciation of real estate, plants and equipment 17,008.026
Net profit from operations and investments
Less: Provision for employes' bonus
Amount due Managers Securities Co
Employes' savings and investment fund
Special payment to employes under stock subscription plan
Intereat on notes payable (Fisher Body Corp.)
Provision for United States and foreign income taxes
8195.083,777
$6,785.000
6,785,000
2,394,609
32,984
587,696
23.527,960
Net income
General Motors Corp. proportion of net income
7% preferred stock dividends
6% preferred stock dividends
6% debenture stock dividends
8154,970,528
$154,445.739
$5,509.736
89,739
133,850
Amount earned on common stock
*8148.712,414
-Adding the General Motors Corp.'s equity in the undivided
*Note.
profits of General Motors Acceptance Corp.(100%). Yellow Truck & Coach
Manufacturing Co. (57%). and Ethyl Gasoline Carp. (50%), the amount
earned on the common stock is $151,998,508.
2514
THE CHRONICLE
rvoL. 128.
The balance sheet as of Sept. 30 1926, shows that cash and marketable totaled 43.421,
a decrease of 4,874 cars during the same period. Reports
securities were $169,223,579.
also showed 11,635
For the 9 months ended Sept. 30, sales to dealers totaled 996,321 cars, number reported on surplus stock cars, a decrease of 107 cars below the
Oct. 15 while surplus refrigerator cars totaled 3.403,
compared with 612,047 in 1925, an increase of 63%. For the same period a decrease of
714 cars within the same period.
retail sales by dealers to users were 962,295 cars, compared with 624.389
On Oct. 31 Class I railroads had 81.011 surplus freight
in 1925, an increase of 54%•
cars in good
For these 9 months both the corporation's sales to dealers and the dealers' repair and immediately available for service, an increase of 1,995 cars
sales to users were greater than the total figures for any previous entire compared with Oct. 23. at which time there were 79,016. Surplus coal
cars in good repair on Oct. 31 totaled 12,106.
calendar year. The indicated increase in stock of cars was necessary to within approximately
a decrease of 1,891 cars
a week while surplus box cars totaled 45.148, an
allow the corporation's 20,000 dealers to have a complete line of the various increase of
1.727 cars during the same period. Reports also showed
new models introduced during the month of August, and to support the 13.141 surplus
stock cars, an increase of 1,506 cars above the number
increased volume of business by the dealers.
reported on Oct. 23, while surplus refrigerator cars
totaled 3,749. an
CONDENSED CONSOL. INCOME ACCT. PERIOD ENDED SEPT. 30. Increase of 346 cars within the same period.
Freight Car Repair.
--Fewer freight cars
1926-192
than at any time in the last five years, were in need of repair on Oct. 15.
3d Quarter. 9 Months, 3d Quarter. 9 Months.
the Car Service Division of the
American Railway Association has announced.
Sales cars & trucks-units145,327 freight cars in need of repair, or 6.3% of Reports just filed showed
Retail deliveries by
the number on line. This
was a decrease of 2,935 cars under the best
dealers to users___
342,105
previous record established
962,295
228.029
624.389 on Dec. 15 1923. when there
General Motors sales
was 148,262 cars, or 6.5%. It also was a
decrease of 3.751 cars under the number in need
to dealers
360,234
of repair on Oct. 1
996,321
222,158
611.367 Freight cars in need of heavy
repair on Oct. 15 totaled 110,792,this Year.
or 4.8%.
$
a decrease of
Net sales
-value
294,374,865 829,449,652 187.889,296 528,409.937 light repair 3.375 cars compared with Oct. I, while freight cars in need of
totaled 34,535, or 1.5%, a decrease of 376 cars compared with
Profit _ a
75.090,834 188,418,646 39.409,743 105,345.174 Oct. 1.
Depreciation of real est.,
Repair of Locomotives.
-Class
plants & equipment
5,797,872 14.558.324
4,309,755 12,900,299 in need of repair or 14.9% of I railroads on Oct. 15 had 9.290 locomotives
the number on line, according to reports filed
by the carriers with the Car Service
Net profit
Division of the American Railway
69.292,962 173.860,322 35,099,988 92,444.875 Association. This
was an increase of 401 locomotives over the number in
LOSS-need of repair on Oct. 1, at which time there
Prov.for empl. bonds_ 2.581.000 6,785,000
were 8,889, or 14.2%. Of
1.271.000
3.170.000 the total number of
locomotives in need of repair on Oct. 15,4,926, or 7.9%.
Amt.dueMgrs'Sec.Co. 2,581,000 6,785,000
1,271,000
3,170,000 were in need of classified
Empl.Say.& Inv.Fd_
repairs, an increase of 223 compared with Oct. 1,
870,979
2,394.609
514,533
1.677,024 while 4,364. or
7%, were in need of running repairs, an increase of 178
Specl paym't to empl.
compared with
under stk.subsc.plan
32,984
.
68
17,190 locomotives in the number in need of such repairs on Oct. 1. Serviceable
storage on Oct. 15 totaled 4,242, compared with 4,680
Int. on Fisher Body
.
on Oct. 1.
notes
155.846
155,846
Prov. for U. S. and
Alabama Tennessee & Northern RR. Corp.
-Conforeign inc. taxes
8,382,000 20,213.000
3,758.000
9.665,000 struction of
Extension
-6 Mos. Guaranty.
The 1.-S. C. Commission on Nov. 2 issued a
Net income
54,722.137 137.493,883 28,285.387 74,745,661
authorizing the
certificate
Gen. Mot. Corp. proper. 54.545,963 136,972.682 28.161,730 74,243,966 corporation to construct an extension of its line of railroad from Summit in
Prof.diva,at rate of7% _ 1,839,897
5,509.736
1,828.981
5.485,023 a general southerly direction to the Port of Mobile, a distance of approxiProf. diva at rate of6% _
28,287
89.739
33,313
102,637 mately 30 miles, all in Washington and Mobile Counties, Ala. The comDeb.diva. at rate of6% _
43,398
133.850
47.729
142.134 pany's road extends from a connection with the Southern Ry. at Calvert,
Ala., about 34 miles north of Mobile, westerly to Summit.
Amt.earned on corn. stk.552,634,381 *131239,357 *26,251.707 *68.514.172 miles, thence northerly to Reform, Ala.. where it connects Ala., about 9
with the Montgomery division of the Mobile & Ohio RR. It has
*Note: If the Gen. Mot
a
186 miles. At York, Ala., it connects with two lines main-line mileage of
Corp.'s equity in the
of the Southern Ry.
System. It does not intersect or connect with any
tmdividend profits of
other railroads between
its termini. The main purpose or the
Fisher Body Corp.
company entrance into Mobile,especially proposed extension is to give the
(60%) consolidated
for the purpose of carrying through
traffic to and from that port in connection
since June 30 1926,
with an extension of the St.
Louis-San Francisco Ry., to be built.
Gen. Mot. Accept.
The
C. Commission has issued a
Corp. (100%). Yellow
the amount of this company's guaranty certificate of the Treasury stating
Truck & Coach Mfg.
for the 6 months'
following the termination of Federal control as $29,593, period of 1920'
Co.(57%),Ethyl Gasoand that the
company has been over-paid by $32,806 in advance
line Corp.(50%) were
and partial payments.
-V. 117, p. 1662.
incl., the amt. earned
on corn. stk. would be 54,120,297 143,584.228 28,647.896 75,191,224
Allegheny & Western RR.
Surplus Account-.
-Lease.
Burp. at beg. of period-209.727.656 119,020,473 108,889,720 82.110,929
This company has applied to the I.
-S. C. Commission for
Amt.earned on corn.stk. 52,634,381 131,239,357 26,251,707 68,514.172 a lease of the Allegheny Terminal Co. to put into written authority for
a verbal
Adj.of holdings in Fisher
arrangement watch has been in effect since Jan. 1 1900. form company
The
Body Corp. prior to
owns all the capital stock of the terminal company
acquisition of minority
the lease to the Buffalo Rochester & Pittsburgh. and proposes to assign,
-V. 120, p. 3182.
interest
27,727.439
Bay Terminal RR. (Ohio).
Addition arising through
-Final Valuation.
acq.of bal.Fisher Body
The I.
-S. C. Commission has placed a final valuation of $225,544 on the
corn. stk. (minority
owned and used property of the company, as of June
30 1917.
interest) b
23,084,542
Campbell's Creek RR.
Capital surplus arising
-Final Valuation.
through exch. of 6%
The I.
-S. C. Commission has placed a final valuation
Deb.and 6% pref. stk.
owned and used property of the company, as of June 30of $330,215 on the
1918.-V. 121, D.
for 7% pref. stock__ _ _
24.420
82.650
12,955
255.170 1674.
This amt. transferred to
Castleman Valley RR.
res. for sundry contin-New Control.
This road, controlled by same interests as the Morgan Coal
gencies by order of the
Mining Corp.
board of directors___
24,420
82,650
12.955
255,170 (William A. Morgan, Pres.). has been purchased by S.
Corn, stock diva. paid-160,212.662 198,922,436 12,903.183 28,386,857 delphia. The price paid is said to have been $50,000 H.Bracey of Phila-(Philadelphia Neva,
Bureau).
-V. 119. p. 911.
Surp. at end of period102,149,375 102,149,375 122,238.244 122,238,214
Central Canada Ry.-State Operation.
a Profit from operations and investments, after all expenses incident
thereto, but before depreciation of real estate, plants and equipment.
See Edmonton Dunvegan & British Columbia Ry. below.
-V. 112.
b Paid 638,401 shares original issue and 26.319 shares out of treasury of p. 1398.
General Motors Corp. common stock.
Central West Virginia & Southern RR.
-Valuation.
CONDENSED CONSOLIDATED BALANCE SHEET SEPT. 30.
The I.
-S. C. Commission has placed a final valuation of $636,460 on the
1926.
1925.
1925.
1926.
owned and used property of the company, as of June 30 1918.
AsadaLiabilities$
$
$
$
Chesapeake & Hocking Ry.-Directors.Inv. in aMl. and
7% pref. stk....2105,170,200 104506,500
misc. cos. not
6% pref.stock_ _ _ 1.875,900 2,232,200
The 1.-S. C. Commission has authorized the following to hold
consolidated_ _ _ 73,022,959 78,075,555 6% deb.stock_ _ _ 2,869.900 3,177,300 as directors of the above company: George C. Scott, William J. positions
Corp. stocks held
Common stock.b435,000,000258079,950 (President). George Bishop, William J. Louderback, William Harahan'
Michel,
in treasury-. 16,637,029 10,947,763 Int. on minority
Otto Miller, Henry F. Lehmeyer. William N. Cott, 0. P. Van Sweringen.
Real est., plants
stockholders in
-V. 123, p. 2133, 1870.
and Edward M.Thomas.
& equipment 400,281,6l9 284079,945 sub. cos. with
Cash in banks &
Chicago Kalamazoo & Saginaw Ry.-Lease.-respect to Capon hand
140,715,661 110753.219
Rai & surplus_ 2,395,681 2.030,504
The stockholders have approved the lease of the road to the New York
U. S. Govt. sec..- 25,051,673 20,184,901 5% gold notes of
-V. 122, p. 3334.
Central RR.
Temp. loans &
Fisher Body
markerle sec
3,456,245 12,370,000
Chicago Milwaukee 8c St. Paul Ry.-Government to.
Corp
12,139,000
Sight drafts with
Accts. payable__ 48,520,442 40,921,118 Accept Company's Plan to
Fund Debt.
bills of lading
Taxes, pay-rolls
According to Washington dispatches Nov. 11, Secretary of the Treasury
attached, and
sundries
and
C.0. D.items 29,145,779 15,764,676
accr. not due__ 41,687,247 26,327,401 Mellon has indicated that as Secretary of the Treasury and DirectorGeneral of Railroads as well, he would settle the indebtedness of the road'
Notes receivable_ 1,968,390 1,956.593 U. S. and foreign
Accts. rec, and
income taxes__ 29,289,013 11,343,674 to the Government on the basis proposed by the reorganization committee
if prompt action were taken.
trade accept.,
Accr. dive, on pf.
Jerome J. Hanauer of Kuhn,Loeb & Co. is quoted as follows: "It was
& deb. stock__ 1.274,443 1,273.337
less res. for
early last July that Secretary Mellon accepted
doubtful accts. 25,819,788 21,909,589 Reserves
ganization managers of the Chicago Milwaukeethe proposal of the reor147,407,957 92,485,761
Depr. of real
Inventories
& St. Paul
the loans received by the company from the Government. for settling
Prepaid expenses 2,520,804 1,711,494
eat.. Plants &
The loans
equip
5,277,240 4,231,778
Deferred exp._
119.782,376 84,841,266 amounted to 655.000,000, in settlement of which the Government agreed'
to take $52,000,000 in cash, plus the interest due at the date of payment,
Empl.Inv.fd
Good-wir, pit
1,955,900 1,306,582
$3,000,000 in preferred stock of the new company. These were the
Sund. conting_ 3,998,789 15.413.373 and
43,588,122 22,390,175
ents,&c
Bonus to empl_ 6,785,000 3,170,000 terms provided for in the plan for reorganitinglthe road."
The I.
-S. C. Commission's investigation of the receivership of the
Surplus
102.149,375 122238.244
will be brought-to a close in Washington Dec. 10. The Commissionread'
has
fixed Dec. 9 and 10 for hearing arguments in the case by counsel for all
Total
914,893,266 676861,449
914,893.266 676861,449
Total
of the Interested parties.
-V. 123, p. 2388. 2255.
a The 7% pref. stock is preferred as to assets and dividends over all other
stocks of the corporation under charter amendments adopted June 16 1924.
Chicago & North Western Ry.-Earnings
-V. 123, p. 2398.
b Represented by 8.700,000 shares no par value.
President F. W.Sargent is quoted as follows: "respect , &c.
October
to be above last year's. Our surplus after charges and dividendsearnings
year will be about $5,000.000. compared with $3,500,000 last year.for the
This
year our maintenance expenditures will be about $3,000,000 above last year.
"We expect to spend on additions and betterments next
year about $26,which will be in excess of fixed expenditures
000.000.
this year. Some of
the money for these expenditures next year will probably be raised by bonds.
STEAM RAILROADS.
"We will protest the valuation placed on property and will contend that
-Railroads the property at present is
• U. S. RR. Board of Arbitration Ends Hearings on Rail Wages.
worth $250,000,000 more than our capitalizaend testimony and final summing up will be made Nov. 12. "New York tion."
-V. 123, p. 2388.
"Times," Nov. 11, P•39.
-Delaware
Certain Roads Grant Pay Increases to Mechanical Forces.
Chicago St. Paul Minneapolis & Omaha Ry.-Declares
Lackawanna & Western, Lehigh Valley and Reading roads grant pay
increases of 2 and 3 cents per hour to their mechanical forces, effective Dividend of 5% on Preferred Shares.
-The directors on
Pennsylvania, 2 cents per hour to its telegraphers. New Nov. 9 declared a dividend of 5% on
as of Nov. 1 and
the 7% non-eumul.
York "Times" Nov. 9, p. 40.
The Delaware & Hudson Co. granted a voluntary wage increase of pref. stock, payable Dec. 31 to holders of record Dec. 1.
workers, effective Nov. 16. "Wall A similar distribution was made a year
from 2 to 3 cents per hour for all shop
ago, while in 1924
Street Journal," Nov. 12.
distributions made amounted to
Surplus Cars.
-On Oct. 23 Class I railroads had 79,016 surplus freight total
83%(33. %on Feb.20
cars in good repair and immediately available for service, the Car Service and 5% on Dec. 31.)-V. 123, p. 1994.
Division of the American Railway Association has announced. This
was a decrease of 7.916 cars compared with Oct. 15. at which time there
Cincinnati Northern RR.
-Lease Ratified-Earnings.
were 86.932. Surplus coal cars in good repair on Oct. 23 totaled 13,997,
The stockholders on Sept. 27 last
th e
a decrease of 2.456 within approximately a week, while surplus box cars Cleveland Cincinnati Chicago & St. ratified the lease of the road to
Louis Ry. The lease of the tette
GENERAL INVESTMENT NEWS
2515
THE CHBONICILT
Nov. 13 1926.]
road to the New York Central RR. has been held up by minority stock-V. 123, p. 1247.
holders but a court decision is expected shortly.
-Quar.End.Sept.30- -9 Mos.End.Sept.301925.
1926.
1925.
1926.
r PeriodRailway oper. revenues_ $1,282,192 $1,280,589 33.570,010 $3.451,494
2.342,870 2 ,203.161
754,219
827,663
Railway oper. expensesIs
$526,371 31.227,140 $1.248.334
Pr Net rev.from ry. oper. $454,529
$226,101
$234,079
$84,003
$85,763
Railway tax accruals___
161
131
11
100
Uncollee. railway revs__
288.061
251,187
124,341
75,842
Equip.& joint facil.rents
Net railway oper. inc.
Misc. & non-oper. inc__
$294,584
8,934
$318,255
12,841
$741,743
30,302
$734,011
31,293
Gross income
Deductions
Dividends accrued
$303.518
26,738
75,000
$329,096
28,666
75.000
$772,045
82,692
225,000
$765,305
88,604
225,000
$451,700
$464,353
$201,782
$225,430
Surplus
-Subject to such adjustments as may be necessary at close of fiscal
Note.
-V. 123, p. 1247.
year.
Cisco & Northeastern Ry.-Construction of Extension.
-S. C. Commission on Oct. 28 issued a certificate authorizing the
The I.
company to construct an extension of its line of railroad from Breckenridge
to Throckmorton, a distance of approximately 35 miles, all in Stephens
and Throckmorton Counties, Tex. The company's railroad, which has
been in operation since Aug. 1 1920, extends from Cisco to Breckenridge.
Tex., a distance of about 28 miles. It connects with the Texas & Pacific
-Kansas
-Texas roads at Cisco, and with the Wichita Falls
and Missouri
& Southern and Wichita Falls, Ranger & Fort Worth roads at Breckenridge.
-V.114. p. 1406.
-Income Account.Cleve. Cinc. Chic. & St. Louis RR.
-Quar. End. Sept. 30- -9 Mos. End. Sept. 301925.
1926.
Period1925.
1926.
Railway oper. revenues_$24,959,398 324.085,859 $70,287,206 $67.643,589
Railway oper. expenses- 18,149,204 17.062.474 52.223.112 49,259,046
Net rev,from ry. oper. $6,810,194 $7,023,385 $18,064,094 $18,384,553
4,115,644
4,115,904
1,473,582
Railway tax accruals__ _ 1,424,986
19,854
19,837
Uncollectible railway rev
7,695
2,943
980.537
512,182
285,387
18,843
Equip.& joint facil.rents
Net railway oper. inc_ $5,383,622 $5,256,721 $13,416,154 $13,268,536
1,173,186
1,103,583
Misc.& non-oper.income
375,032
396.534
Gross income
$5,760.156 $5,631.753 $14.519,736 $14,441,721
Deductions
6,440.670
2.185.307
2,261,365 6,356,778
Dividends accrued
2,138.520
2,843,951
712,840
947.984
Sinking & other res. fds_
33,780
35.368
11,390
11.920
Surplus
$2.614,945 $2,646,158 $5,283,642 $5,828,751
-Subject to such adjustments as may be necessary at close of fiscal
Note.
lear.-V. 123. P. 1994.
-Income Account.Indiana Harbor Belt RR.
-Quar. End. Sept. 30- -9 Mos. End. Sept. 301925.
1926.
Period1925.
1926.
Railway oper. revenues_ $2,948,260 $2,818,150 $8.389,593 $8,140.034
5.530,589
5,891,864
1,797,231
Railway oper. expenses_ 1,969.478
Net rev,from ry. oper.
Railway tax accruals__
Uncollectible ry. revs_ __
Equip.& joint facil.rents
Net railway oper.income
Misc.& non-oper.income
3978.781 $1,020,919 $2,497,729 32,609.446
365,789
418,833
144,448
151,814
6.789
5.548
4,568
1,325
843,002
522.427
260,970
206,584
1,393,867
1.550.920
610,934
619.059
50,713
57.915
11,701
18,631
Gross income
Deduc. from gross inc_
$637,689
131,863
$622,635 31.608,835 31,444.580
379,740
364,355
126,695
$505,826
$4495.940 $1,244.481 $1,064,840
Surplus
-Subject to such adjustments as may be necessary at close of fiscal
Note.
-V. 123, p. 576.
year.
Louisiana & Pacific Ry.-Abandonment of Operation.
The L-S. C. Commission on Oct. 30 issued a certificate conditionally
authorizing the company to abandon operation, as to inter-State and
foreign commerce, over the railroad of the Lake Charles & Northern RR.,
between DeRidder, Beauregard Parish, and Lake Charles, Calcasieu
Parish, a distance of 42 miles, and the abandonment of certain connecting
tracks in Beauregard and Calcasieu Parishes, La., having a total mileage
-V. 121, p. 703.
of 1 mile, all in the State of Louisiana.
-Final Valuation.
Ludington & Northern Ry.(Mich.).
The 1-S. C. Commission has placed a final valuation of $65,790 on the
owned and used property of the company, as of June 30 1919.
-Income Account.Michigan Central RR.
--Quar. End. Sept. 30- -9 Mos. End. Sept. 30
1925.
1925.
1926.
1926.
PeriodRailway oper. revenues_$25.270,285 $24,412,330 372.753,016 $68,140,866
Railway oper. expenses_ 17,048,975 15,420,760 49.116,229 45,893,831
Net rev, from oper_ _ _ 38,221,310 $88,991,569 323.636.787 $22.246.835
4,323,017
1,623.594
4,651.764
Railway tax accruals_ _ 1,619,801
21.876
18,052
8,908
3,864
Uncollectible ry. revs.._ _
104,037
936,631
242,279
198.289
Equip.& joint fad!. rents
Net ry. oper. income_ $6,399.375 37,118,789 318,030.341 $17.797.906
1.028.548
1.297,993
370.997
503,422
Misc.& non-oper.ine--_
Gross income
Deductions
Dividends accrued
$6.902,796 $7,489,786 519,328.334 $18,828,454
4,877,288
1,625,460 4,773,487
1,584,936
2.810,460
936.820 4,918,305
1.639,435
Surplus
$3,678,425 $4,927,506 39.636.542 $11,138,706
Note.
-Subject to such adjustments as may be necessary at close of
-V. 123, p. 2389.
fiscal year.
-Kuhn, Loeb & Co.
-Bons Sold.
Missouri Pacific RR.
Clinton & Oklahoma Western RR.
- have sold $13,156,000 5X% secured serial gold bonds. The
-Final Valuation.
The L-S. C. Commission has placed a final valuation of $807,420 on the bankers offered the bonds in equal amounts of all maturities
owned and used property of the company, as of June 30 1918.-V. 120. at 994 and
int., being the average of the prices ranging bep. 3183.
4
Delaware Lackawanna & Western RR.
-Tentative tween 993j and 993 .
Dec. 1
Bonds mature in equal
-The I.-S. C Commission has placed a tentative 1931 to Dec. 1 1956. bothannual installments of 3506.000 each frompayable
Valuation.
inclusive. Denom. $1,000 e*. Interest
valuation of $95,217,200 on the owned and $231,044,442 J. & D. Rod.as a whole, but not in part, on any int. date upon 60 days'
6 months benotice at
on the used property of the company as of June 30 1918.- tween thepar and int, plus a premium equal to 1.i% for each5%. Authorred, date and date of maturity, but not exceeding
-V. 122, p. 3451.
ized, 515.000,000. Both the principal of and interest on the bonds will be
payable in gold coin of the United States of America of the standard of weight
Denver & Rio Grande Western RR.
-To Acquire Line.
- and fineness existing Dec. 1 1928, without deduction for any tax, assessment
-S. C. Commission for authority to or other Governmental charge (except any Federal income tax) which the
The company has applied to the I.
purchase and operate the Goshen Valley RR., which extends from Pearl company or the trustee may be required to pay thereon or to retain thereJunction to Dividend, Utah, and from Flora Junction to Iron King, Utah. from under any present or future law of the United States of America or of
10% miles.
-V. 123, p. 1629.
any State, county, municipality or other taxing authority therein.
approval by the L-S.
Issuance.
Edmonton Dunvegan & British Columbia Ry.- Data from-Subject toWilliam H. Williams,C. Commission. 11.
Chairman, Nov.
Letter of
-Direct obligation of the company and secured by the deposit
Security.
Alberta Takes Over Road.
Premier J. E. Brownlee of Edmonton has announced that the Province and pledge of $1,000 par value of New Orleans Texas & Mexico Ry. stock
of Alberta took over the operation of the Edmonton Dunvegan & British for each $1,000 of bonds outstanding.
Missouri Pacific RR. owns 313.160,500 of New Orleans Texas & Mexico
Columbia By. and the Central Canada By.on Nov. 10, when the Canadian
This
's
Pacific By. operating agreement expired. An agreement was completed Ry. stock, being approximately 87%% of the outstanding stock. share.
stock was acquired by the Missouri Pacific RR. at a cost of $120 per
traffic.
-V. 115.
with the Canadian National By. for the handling of the
Dividends are being praid at the rate of 7% per annum. For the fiscal year
P. 307.
ended Dec. 31 1925 the earnings of New Orleans Texas & Mexico Ry.
applicable to dividends were equivalent to 1614% on its stock, and for the
Evansville Indianap. & Terre Haute Ry.-Lease.The stockholders have approved the lease of the road to the Cleveland last three fiscal years such earnings averaged about 17%%•
-Proceeds of the sale of the bonds will be applied to the retirePurpose.
latter has been temCincinnati Chicago & St. Louis By. The lease of the
-year 7% sinking fund notes, which
ment of 313.391.500 of this company's 15
-V. 123. p. 3334.
porarily held up by a minority stockholders' suit.
are to be called for redemption on Jan. 17 1927. This new issue will, there-Bonds Called. fore,result in a substantial reduction of the annual fixed charges of the co.
Ft. Dodge Des Moines & Southern RR.
-The gross income of the Missouri Pacific RR. for the year
Earnings.
Certain 10
-year 77,, debenture gold bonds, series A, due June 1 1933,
aggregating 312,000, have been called for payment Dec. 1 at 105 and int. ended Dec. 311925. applicable to the payment of interest on funded debt
and other fixed charges, amounted to 323.187.799. while such charges
at the New York Trust Co., 100 Broadway, N.Y.City.
-V.122, p. 2647.
amounted to only 314.823,943. Such income for the 9 months ended
Georgia & Florida Ry.-Sale Deferred-obituary.
Sept.30 1926 increased $1.749.020 over the same period of last year.
.The sale of the road, which had been scheduled for Nov. 1, has been
Construction of Extension.
postponed until Nov. 18.
-S. C. Commission on Oct. 26 issued a certificate authorizing the
The I.
Chairman John Skelton Williams died at Paxton, Va.,on Nov.4.-V. 123,
company to construct an extension ofits Hot Springs branch from its present
p. 2134.
terminus at Hot Springs in a northwesterly direction to a point in section 8.
-Halsey township 2 south, range 20 west, a distance of 11.82 miles, all in Garland
Illinois Central RR.
-Equipment Trusts Offered.
-V. 123, p. 2389, 1872.
Stuart & Co., Inc. are
from 98.93 County, Ark.
ranging
offering at prices
and divs. to 100.09 and div. to yield from 4.40% to 4.60%,
according to maturity, $4,665,000 4 % equip. trust certificates, series N. Issued under the Philadelphia plan. Guaranteed unconditionally as to principal and dividends by
endorsement thereon by Illinois Central RR.
Date Oct. 11926; due $311.000 each Oct. 11927-41. Denom.$1,000 c*.
Certificates and div. warrants (A. & 0.) payable in New York.
Legal investment for savings banks in Massachusetts, Rhooe Island and
Maine.
Issuance and sale authorized by the I.
-S. C. Commission.
These certificates will be issued by the trustee as part payment for the
new standard railroad equipment (below). Pull title to this equipment is
to be vested in the trustee and the equipment will be leased to the company
at a rental sufficient to pay these certificates and dividend warrants as
they shall become due and payable, other charges including maintenance,
Sre. having been provided for in the lease and agreement securing these
certificates.
The equipment subject to this trust will be as follows: 50 freight locomotives and 20 mountain type passenger locomotives. This equipment
will be new and will cost approximately $6,232,000, of which apprordiratelY
$1.567.000 will be paid in cash by the company, such cash payment being
approximately 25% of the total cost of the equipment and over 33% of
the face amount of these Certificates.
-V. 123. p. 2256.
Indian Creek Valley Ry.-Operation of Line.
Naples Seaboard 8c Gulf Ry.-Stock.-S. C. Commission on Oct. 30 authorized the company to issue
The I.
55.000 common stock (par $100).-V. 121, p. 2518.
-Obituary.
New York Central Lines.
George A. Harwood, Vice-President of Improvements and Development,
died Nov.4 in White Plains, N.Y.
-V.123, p.1994.
-Income Account.
New York Central RR.
[Including Boston Sr Albany RR. and Ohio Central Lines.]
-Quar. End. Sept. 30- -9 Mos.End. Sept.301925.
1926.
1925.
Period1926.
By. oper. revenues- _ - _3104.829.863$101,384,380$297.185,9713284,300.353
Railway oper. expenses_ 74,816.966 72.627,231 219.602,106 210,593.351
Net rev, from oper__ _$30.012,897 $28.757.149 $77,583,865 373.707,002
6.651.924 20,607.900 19.456,916
7.329,131
Railway tax accruals_ _
164,300
107,162
80,456
28.500
Uncollectible ry. revs__ _
1.567,318
2,187,495
653,373
555.573
Equip.& joint facil. rents
Net ry. oper. Income_322.099,693 $21.371,395 $55,301,485 $51,918.292
5.736.331 21,724.541 17.611.360
Misc. & non-op. Me-- 7.190,866
$29.290.559 $27,107,725 377.026.026 369.529.652
Gross income
11.605,369 11,468.002 34,204,524 33.450,243
Deductions
6,706,954 6,706,950 20,120.881 20,025,881
Dividends accrued
108,081
32.326
91.784
37,009
Sink. & other res. funds_
The L-S. C. Commission on Nov. 2 issued a certificate authorizing the
Surplus
$10,941,228 $8,900,447 322,594.580 315,961,743
company to operate in inter-State and foreign commerce a line of railroad
extending from a connection with its railroad at Jones Mill in a north-Subject to such adjustment as may be necessary as close of fiscal
Note.
easterly direction to Blair mine, a distance of approximately 4 miles, all in year.
Westmoreland County. Pa.
Control of Short Line.
The coompanY's road is entirely within the State of Penn. It connects
-S. C. Commission on Oct. 28 approved and
The I.
at Indian Creek, near Connellsville, with the line of the Baltimore & Ohio acquisition by the company of control of the Bailey Run authorized the
Sugar Creek &
which company controls the company through ownership of its entire
ER.,
-V. 123. p. 2135.
capital stock. The line proposed to be operated in inter-State commerce, Athens Ry., by purchase of capital stock.
was recently acquired from the Blair Lumber Co.
New York New Haven & Hartford RR.
-Equip. Issue.
The company is inviting bids on its new issue of 34,995.000 4 Si% equipLitchfield & Madison Ry.-Final Valuation.
-S. C. Commission has placed a final valuation of $1.518,175 on the ment trusts. Proceeds are to be used to acquire 11 electric locomotives,
The L
passenger
owned and used properties of the company, as of June 30 1916.-V. 123, 7 steam locomotives, 45 motor p. 2389. cars, 37 trailer's and 14 other
cars costing 36,669,693.-V. 123,
p. 2256.
2516
THE CHRONICLE
Pennsylvania RR.
-Orders Electrical Equipment.
The company
on Nov.4 announced that electrical equipment for a total
of 128 passenger cars has been ordered in preparation for electric operation
of the southern division main line between Philadelphia and Wilmington.
Del., and the Octoraro branch between Philadelphia and West Chester. Pa.
Extensive progress is being made on the work of electrifying these lines,
and the new equipment for them is expected to be dedvered by Nov. 1927.
The orders for this equipment have been placed as follows: Westinghouse
Electric & Mfg. Co.. apparatus for 93 cars; General Electric Co., apparatus
for 30 cars; Brown-Boveri Electric Corp., apparatus for 5 cars.
The Pennsylvania RR. has also contracted for the electric equipment to
be used in the construction of8 new locomotives to be operated in the New
York tunnel service between Pennsylvania Station, N. Y. City. and Manhattan Transfer. Four units of this equipment have been ordered from the
Westinghouse company and 4 from the General Electric Co. Delivery is
expected to be completed by Sept. 1927.
The cars for the Philadelphia-Wilmington and Philadelphia-West Chester
service will all be of the "multiple unit" type, each car carrying its own
motors. In that way the power available will be automatically increased
or decreased in proportion to the number of cars in the train.
The electrification work between Philadelphia and Wilmington and
Philadelphia and West Chester involves approximately 52 miles of line and
150 miles of track. Its consuntmation will give the Pennsylvania RR. a
total of 90 miles of line and 264 miles of track electrified for suburban
service, directly in and out of Philadelphia. In addition, the CamdenAtlantic City electric line provides Philadelphia with an extensive suburban
service via the Delaware Myer ferries.
The electrification projects to Wilmington and West Chester are an integral part of the Pennsylvania RR's plans for its new main Philadelphia
passenger station on the west bank of the Schuylkill River, and the extension of electric suburban service into a'centrally located underground
terminal near the site of the present Broad Street Station.
-V.123.P.2389.
Pittsburgh & Lake Erie RR.
-Income Account.-Quar. End, Sept. 30- -9 Mos. End. Sept. 30Period1926.
1925.
1925.
1926.
Railway oper. revenues_ $8,830,877 $7.755.081 $24,961,793 $23,836,690
Railway oper. expenses_ 6.807.546
6,298.542 20.060.102 19,187,856
Net rev, from ry. oper $2,023.331 $1,456,538 $4,901.691 $4,648.835
Railway tax accruals_ _ _
606.600
565,776
1.640,200
1,598,252
Uncollectible ry. revs....
2,764
818
468
1.395
Equip. & it. facil. rents_Cr1.087.272 Cr1,133.807 Cr3.38,1,087 Cr3,284.811
Net ry. oper. inc
Misc. & non-oper. bac
$2.503.185 $2,024,101
327,779
263,481
Gross income
Deductions
Dividends accrued
$2,830,963 $2,287,582 $7,652.838 $7,264,812
587,000
559,428
1.942.979
1,908,420
899.640
899,640 2.698,920
2,698.920
$6,639,814 $6.333,998
1,013.024
930,813
Surplus
$1,344,323
$828.514 $3,010.939 $2.657,472
Note.- Subject to such adjustments as may be necessary at close of
fiscal year.
-V. 123, p. 200.
Rutland Railroad Co.
-Income Account.-
-Quar. End. Sept. 30- -9 Mos. End. Sept. 30Period1926.
1925.
1926.
192.5.
Railway oper. revenues_ $1,827,367 $1,796,732 $5.087,794 $4,853,787
Railway oper. expenses_ 1,411.689
1,371,682
4,162.560 4,086,222
Net rev, from ry. oper $415,679
Railway tax accruals_
108.928
Uncollectible ry. revs.....80
Equip.& joint facil. ren
Cr17,524
$425.051
99,827
7
Cr18.293
$925,235
272.621
146
Cr75.301
$767,565
238,726
315
Cr84,840
Net ry. oper. Inc
Misc. & non-oper. inc....
$324.195
21,043
$343,509
18.633
$727,769
56,999
$613,365
58.557
Gross income
Deductions
$345,237
118,960
$362,142
121,930
$784,769
361,755
$669.921
367.216
Surplus
$226,277
$240.212
$423,013
$302.705
Note.
-Subject to such adjustments as may be necessary at close of
fiscal year.
-V. 122, p. 2940.
Seaboard Air Line Ry.-Equipment Trusts.
-
[voL. as.
taxes of $1,002,424. Gross for the 12 months ended Sept.
to $6,505,871, and net after taxes. $2,1355,535.-V. 122,30 1926 amounted
p. 3602.
American Water Works & Electric Co., Inc.(8c Subs.).
-Month of Sept.- -l2Mos.End. Sept.30Period1926.
1925.
1926.
1925.
Gross revenue
$3,736,436
Bal. aft. all chgs. & taxes 1,780.917 $3,371,735 $44,283,033 $40.130,842
1,499.286 21,145,903 18,224,867
x Net income after chgs_
327,472
244.015
3,938,634
3,075.457
x Including reserves for renewals and replacements.
-V. 123, p. 2259.
Associated Gas & Electric Co.
-Earnings of System.
-
Consolidated Statement of Earnings and Expenses of Properties Since Dates
of Acquisition.
-Increase-12 Months Ended Sept. 30
1926.
1925.
Amount.
Cross earnings and other income127,679.034 $14,341,612 $13,337,422 %
93
Oper. exps. maint., all taxes.
net earns, applicable to minori'
ties and all amortization of
debt discount & expense
15.329,529
9.091,432
6,238,097
68
Net earnings
$12,349.505 $5,250,180 $7.099,325 135
Pref. divs. of subs. & affil. cos.
and all interest
7,137.378
2,961.051
4,176,327 141
Balance
Pref. divs. paid or accrued-- _ _ $5,212,127 $2,289,129 $2,922.998 128
1,347,952
709,417 111
638,535
Balance
$3,864,175 $1,650.594 $2,213,581 135
Provision for replacements &
renewals
1,553,763
793.377 104
760,386
Balance
$890,208 $1,420,204 159
Cla-ss A priority divs.($2 per sh.) $2.310,412
581.463
24
x467.185
114,278
Balance for class A participation, class B and comm. diva.,
and surplus
$423,023 $1,305,926 308
x Includes common dividends $1,728,949
prior to issue of class A stock.
It is announced that electric output of the system
for the 4 weeks ended
Oct. 29 again broke all records with 61,242,813 k.w.h., an average of over
15,300,000 k.w.h, a week. The average for the last 10 weeks including
the week of Labor Day, has been
there has been no lessening of power14,822,797 k.w.h., and indicates that
demand in the territory
by the
subsidiaries. The production for the 4 weeks ended Oct. 29 served 17.9%
shows
increase over the same weeks of 1925 for the same companies.
-V. 123.
2389. 2259.
n•
Berlin Electric Elevated & Underground Railway
(Gesellschaft fur Elektrische Hoch- und Untergrundbahnen in Berlin).
-Bonds Sold-Europe Heavy Buyer of
Bonds.
-A syndicate headed by Speyer & Co. and including
the Equitable Trust Co. of New York and Blyth, Witter &
Co., yesterday (Friday) offered at 943 and interest, to yield
6.95%, an issue of $15,000,000 30-year 1st mtge. 63'% sinking fund gold bonds. The issue was heavily oversubscribed.
Of this issue $3,000,000 were withdrawn for sale in Holland
by Messrs. Hope & Co., Teixeira de Mattos Brothers and
Deutsche Bank, Amsterdam. In connection with the oversubscription the banking group stated that a large demand for
these bonds was noted from Europe as well as from all parte
of the lJnited States and Canada. In addition to the $3,000,000 bonds withdrawn for sale in Holland, applications for
large amounts were received from England and Germany.
Dated Oct. 1 1926: due Oct. 1 1956. Interest payable A.
and int. payable in N. Y. City, in United States gold coin& 0. Principal
of, or equal to,
the present standard of weight and fineness, without deduction for any
present or future German taxes, at the office of Speyer & Co., Fiscal Agent
for the loan. Such principal and interest shall also be collectible, at the
option of the holders, in Holland at the offices of the above named Dutch
banking houses, at the equivalent in Guilders, the rate of exchange being
fixed from time to time by such houses. Denom. $1.000 and $500 c*.
Cumulative annual sinking fund sufficient to repay the entire issue at or
before maturity, to be applied to the purchase of bonds at or below par
and interest, or, if not so obtainable, to redemption by lot at par and Int.
Company reserves the right to call for redemption on any interest date,
upon not less than three months' notice, all or any part of the bonds then
outstanding at 102;i% and int., UP to and incl. Oct. 1, 1931 and thereafter at par and int. Principal and Int. (A. & 0.) payable in U. S. gold
coin of the standard of weight and fineness existing on Oct. 1 1926, without
deduction for any present or future German taxes, in N. Y. City, at
office of Speyer & Co., fiscal agent for the loan. Such principal and the
terest shall also be collectible, at the option of the holders, in Holland inat
the offices of Hope & Co.. Teixeira de Mattes Brothers and Deutsche
Bank. Amsterdam, at the equivalent in guilders, the rate of exchange being
fixed from time to time by such houses. Deutsche Treuhand-Gesellschaft,
trustee; Equitable Trust Co., New York, co-trustee.
The I.
-S. C. Commission on Nov. 3 authorized the company to assume
obligation and liability, as guarantor and otherwise, in respect of $11.336,000 equipment trust certificates, series Z, to be issued by the Continental Trust Co. under an agreement dated Oct. 1 1926. $9,060,000 of them
to be sold at not less than 953.1 and env's. and $2,276.000 of them to be sold
at not less than 97 and diva., in connection with the procurement of certain equipment.
The report of the Commission says in part:
"The company has duly applied for authority under section 20a of the
Inter-State Commerce Act to assume obligation and liability, as guarantor
and otherwise, in respect of $11.336.000 equipment trust certificates,
series Z,consisting of $9.060.000 of first lien 4i% gold certificates and $2.276.000 of second lien 5;4% gold certificates, by entering into an equipment
trust agreement under which the certificates will be issued and into a lease
of certain equipment to be acquired.
"The applicant represents that, in the sale of the series Z equipment
trust certificates, it sought to place them with bankers who would be able
to distribute them among permanent investors. Requests for offers were
sent to the Bankers Trust Co., with which were associated four other
banking houses. to Dillon, Read & Co. and to two other banking firms.
Dr. Karding, Treasurer of the City of Berlin, and Messrs.
In inviting offers the applicant let it be known that it desired to conserve
its cash and wished to have bids made on a basis which would accomplish P. Wittig and H. Dettmar, managing directors of the comthat result, suggesting that it preferred bids on a basis of prior lien and pany, in a letter of Nov. 11
1926, state as follows:
subordinate lien certificates. The applicant states that the bid of Dillon,
-Organized
Company.
Read & Co., made in behalf of themselves and two other firms, of 95k operate electric elevated in 1897 as a private corporation to construct and
'
and underground lines in the City of Berlin and
and divs, for the first lien certificates and 97 and divs, for the second lien its suburbs, began operation in
1902. Company owns about 28.7 miles of
certificates, was the most advantageous to it and, subject to our approval, elevated and underground
has sold the certificates to them. On these bases the average annual cost lines, of about 33.1 miles. lines and operates a total, including connecting
These lines constitute the entire electric rapid
to the applicant of the proceeds of the certificates will be approximately transit system now in operation in
the City of Berlin, the third largest city
5.2097% for the first lien certificates and 6.2075% for the second lien cer- of the world, with about
4,000.000 inhabitants.
tificates." (See offering in V. 123, p. 1872.)-V. 123, y. 1995, 1872.
Control by City of Berlin.
-The City of Berlin, directly or through a
corporation wholly owned by
-Acquisition and Construction of Line. of the 175.244.000 reichsmarks the City, now owns more than a majority
Twin Branch RR.
($41.724162) capital stock of the company,
-S. C. Commission on Oct. 26 issued a certificate authorizing the viz.. 97,000,000 reichsmarks ($23,095,238) par value,
The I.
company (1) to acquire and operate in inter-State and foreign commerce a reichsmarks ($14.761,905) par value on which 50% including 62,000,000
has been paid, the
railroad now owned by the Indiana & Michigan Electric Co., com- balance being subject to call. Furthermore,
line of
over 139.000,000 reichsmarks
mencing at a point on the west line of the east half of the southeast quarter ($16.428,571) par value, or about 4 of
7
of section 11, township 37 north, range 3 east, approximately 700 feet north has been deposited under an agreement the remaining stock outstanding,
which provides
from the north bank of the St. Joseph River. and extending generally in the right to acquire all of' the deposited stock on or after that the city has
April 1 1931 and
a northeasterly and northerly direction to a connection with the Elkhart is obligated to buy any part thereof on or after
& Western RN., a subsidiary of the New York Central RR.. together with of the owner. For granting this right to theApril 1 1936, on the demand
city,
certain second track and side track: and (2) to construct and operate an holdersare to receive warrants for an amountequal to the depositing stock20% ofthe par value of
extension of such line of railroad beginning at a point of connection with the deposited stock (such warrants to be
the line of the electric company about 330 ft. south of the tracks of the E.& annual installments beginning in 1927) and,redeemed by the city in five
upon
W., thence in a northerly and westerly direction to a point on the west the city will pay the par value thereof, the total acquisition of the stock,
line of section 1: with a branch extending from a point where the extension aggregating 120%. Until acquired, the city payments by the City thus
crosses the E. & W. in a generally northeasterly direction to the south value of the deposited stock at the rate of 7%will pay interest on theipar
per annum.
line of the north half of the northwest quarter of section 6, township 37
The city recently transferred to
north, range 4 east, and a second branch extending from the point where ground lines, the cost of which wasthe company about 10.4 miles of underabout $24,000,000.
the extension intersects the east line of the west half of the southeast quarter
The City is represented on the board of directors through a majority 1011
of
of section 1, township 7 north, range 3 east, in a generally northwesterly its members, including_ Dr. Karding, the
Treasurer of the City, and Dr.
direction to the south line of the north half of the northeast quarter of said Adler, the Chief City Engineer.
section 1, all in St. Joseph County, Ind. The trackage to be acquired
The city owns the surface lines, operated through a company, all stock
totals 3.569 miles, and the extension and branches 2,583 miles.
of which is owned by the city, and also controls through
ownership
the companies owning and operating the bus lines. Thestock thus owns
or controls all of the transit facilities with the exception of citylocal steam
the
PUBLIC UTILITIES
railroad lines (Stadt-und Ringbahn) of the German National By.
141411
Security -The City has entered into an agreement with the comPanY
-Stock Dividend.
American Power & Light Co.
providing that fares will be maintained adequate to ensure earnings widen
The directors have declared a dividend of 1-50 of a share in common will cover operating expenses, interest and sinking fund on all loans and
stock in addition to the regular quarterly cash dividend of 25c. per share on proper provision for depreciation and other necessary reserves and that if,
the common stock, both payable Dec. 1 to holders of record Nov. 16. for any reason, the fares should not be nnintained at rates adequate to
Stock distributions of like amount have been made semi-annually since ensure sufficient earnings available for such purposes, the City will provide
Dec. 1 1924.-V. 123, p. 1248.
the funds necessary therefor.
MI
The bonds will be issued under an indenture to the Deutsche TreuhandAmerican Public Service Co.
-Earnings.
Gesellschaft, trustee, and equitable trust Co., New York, co-trusteeaand
The report of the company and its subsidiaries for the quarter ended will be secured by a direct first mortgage on all the elevated and underSept. 30 1926 shows gross operating revenues of $1,866,158 and net after ground railway properties of the company including equipment and power
Nov. 13 1926.]
plant, subject only to charges under the laws enacted to give effect to
the Dawes plan, payments in respect of which (on the basis of present
assessments) are conservatively estimated as not exceeding $225.000 in
any one year. It is estimated that the principal amount on which such
charges are computed will not exceed $3,750,000. Company covenants to
extend the lien of this mortgage to all property hereafter acquired with the
proceeds of bonds issued thereunder.
e.
The total authorized amount of bonds is limited to $25,000,000 (or
equivalent in reichsmarks). There will be presently issued $15,000,000
bonds. The remaining bonds may be issued for additions, betterments.
extensions, &c., under restrictions to be set forth in the indenture, for an
amount not to exceed 60% of the cost or fair value (whichever is less), but
only iffor a roeriod of 12 consecutive months (within the 15 months preceding
application for such issue) net earnings, to be defined in the indenture, shall
have equalled at least 1% times the annual interest and sinking fund
requirements on all bonds issued under the indenture and on the bonds
then to be issued.
-The proceeds of this issue will be used for betterments, addiPurpose.
tions and equipment, for the payment of floating debt incurred in the
construction of lines acquired from the City and of extensions recently
placed in operation, for the redemption of 13,463,700 reichsmarks ($3,205,261) par value of the company's outstanding bonds and other obligations, and for other corporate purposes.
-The rapid transit system owned includes 6 miles of elevated
Properties.
and 22.7 miles of underground lines with a total of about 71.5 miles of track.
These lines are of standard gauge and are equipped with automatic signals.
Furthermore, the company owns a surface railway extension about 2 miles
in length. Company owns its power plant with a capacity of 32,500 k.w.,
which generates most of the electric current required, the remainder being
supplied chiefly by the Berlin City Electric Co., all the capital stock of
which is owned by the city. The equipment of the company includes about
800 cars. I'lant and equipment are modern and have been maintained at
a high standard of operating efficiency. The cost of the existing properties
was over $60,000,000 and the cost of reproduction is estimated at over
m0,000,000. In addition to its own lines the company operates about
4.4 miles of connecting lines under favorable contracts.
-None of the franchises expire before 1975. While the city
Franchises.
has the right to acquire certain lines of the company in 1937 and at intervals of 10 years thereafter, such purchase can only be made subject to the
mortgage securing this issue of bonds. The franchises are free from burdensome restrictions.
Capitalization of the Company, upon the Completion of the Present Financing,
30
-Year 1st mtge.6%% sinking fund gold bonds, due Oct 1 1956 $15,000,000
Unsecured loan from City of Berlin,repayable with int. at6%%
through cumul.annual sink.fund by Apr.1 1950 (15,000,000
3,571,000
reichsmarks)
Mortgages on real estate not used for railway operation (about
100,000
420.000 reichsmarks)
x41,724,762
Capital stk. (auth. and issued 175,244,000 reichsmarks)
x Including 62,000,000 reichsmarks($14,761,905) par value, capital stock,
50 paid, the balance subject to call.
There are also outstanding 1,250 profit sharing certificates (no par value).
the holders of which are entitled to one-quarter of the net profits after
payment of dividends at the rate of 8% on the stock of the company.
Earnings.-Tho aggregate earnings of the lines now owned by the company for 1925 and the estimated earnings for 1926 are as follows: •
Net after
Operating
Oper. Exps.,
Expenses,
Gross
Maint. & Taxes. Maint. & Taxes.
YearRevenues.
$4,077,000
$3.290,000
$7,367.000
1925
1926 (3 mos. estimated)_ _ 6,891,000
2,911,000
3,980.000
The net earnings in 1925 were equal (after deducting the above Dawes
plan charges), to over 3 times the annual interest on these bonds. For
the current year the estimated net earnings are equal (after deducting the
above Dawes plan charges) to about 2% times such interest requirements.
The decrease in earnings for 1926 is mainly due to diversion of traffic to
the surface lines owned by the city in consequence of the lower fares still
maintained on these lines. There is, however,impending a general revision
of fares on all the transit lines now controlled by the city (including also the
bus lines) which, it is confidently expected will result in increased traffic
,
and earnings for the elevated and underground lines.. Furthermore, earnings should be materially increased through the operation of over 4 miles
of important extensions, service on which began during 1926.
Growth of Traffic.
-The traffic of the entire rapid transit system operated
by the company has been as follows:
No. of
Miles of
Miles of
No. of
YearLines, Passengers,
Lines. Passengers.
Year167,547,008
28.0
1903
7.0
29,628,463
1923
183,070,192
29.0
1913
1924
17.2
71,525,370
172.531,558
29.0
1921
23.5
95,928474
1925
1922
23.5
121,186,650
paid since 1903 (the first
Dividend Record.
-Annual dividends have been
complete year of operation), with the exception of 1923: the dividend rate
was 5% for 1924 and 7% for 1925. The stock of the company is quoted
on the Berlin Stock Exchange at about par.
Listing.
-Application will be made to list these bonds on the New York
Stock Exchange.
lAli conversions from German to United States currency have been made
at 4.20 reichsmarks to the dollar).
Brazos River Gas Co. Mineral Wells, Tex.
-Bonds
-A. M. Lamport (!e Co., Inc. New York, are offerOffered.
ing at 99% and int. to yield about 7.05%, $750,000 1st
mt.,
'
(closed) mtge. 7%
sinking fund gold bonds (with
detachable stock option warrants).
Dated Oct. 1 1926: due Oct. 11931, Principal and int. (A. & 0.) pay
able at Guardian Trust Co.of New Jersey, Newark, N. J. Denom.8140)
and $500 c•. Red., all or part, by lot, also for sinking fund, on any int.
date upon 30 days' notice at 105 and int, on or before Oct. 1 1927, with
successive reductions of 1% during each year thereafter up to maturity.
Interest payable without deduction for the normal Federal income tax up
to 2%. Company agrees to refund all personal property taxes of any State
or the District of Columbia, not, however, exceeding in any year 5 mills
on each dollar of principal amount, and all income taxes of any State or
such district, not exceeding In any veer 6% of the income derived from the
bonds. Guardian Trust Co. of New Jersey, Newark, N. J., and Ralph
S. McDonald, trustees.
Stock Option Warrants.-Each $1,000 bond is to be accompanied by a
detachable stock option warrant entitling the holder thereof to purchase
a unit of 15 shares of common stock without prar value at $20 per share on
or before Oct. 11927; thereafter and on or before Oct. 1 1928 at $22 50 per
share: thereafter and on or before Oct. 1 1929 at $25 per share; and thereafter to and incl. Oct. 1 1931 at $30 per share. Each $500 bond is to be
accompanied by a detachable stock option warrant entitling the holder
thereof to purchase a unit of 7% shares at the above rates.
Data from Letter of President David A. Upham, Mineral Wells, Nov.8.
Company.-Incorp.in Texas in Oct. 1926 for purpose of acquiring a group
of properties which for some time have been successfully producing, trans-.
porting and marketing natural gas for domestic, industrial and commercial purposes in Parker, Palo Pinto and Young Counties, north central Texas
All operations are conducted within a radius of about 30 miles of Mineral
Wells, Tex., in which vicinity the company has 24 producing wells.
company supplies gas for domestic consumption to the cities of Mineral
Wells, Weatherford and adjacent towns such as Palo Pinto. Millsap, Bennett and Graford, as well as to rural consumers in this section. It also
s
erves important industries in this territory, supplying by contract the
Mineral Wells Electric Co.and the Weatherford Water & Light Co.. serving
the cities of Mineral Wells and Weatherford. respectively.
Under the Texas statutes the company is a public utility and as such
operates by authority of the Railroad Commission of Texas.
Property. Company controls about 5,167 acres of gas and oil lands, of
which about 3.938 acres are in Palo Pinto County (273 acres in the Dalton
field and 3,665 in tho Mineral Wells fields); the remaining acreage is in
Parker and Young Counties. Some of the largest gas wells in the country
are located in Palo Pinto County. Company has a valuable contract with
the purchase of gas from that company on
the Phillips Petroleum Co. for for a
substantial period. Company's oil
very advantage us terms and
Wells
wens are located mostly in the Dalton and Mineral and fields. The
properties are thoroughly equipped for the production
transportation
acreage, the properties includof natural gas. In addition to the field&c.
meter installation, real estate. buildings,
2517
THE CHRONICLE
At the present time the company has 34 producing wells, of which 24 are
in the Mineral Wells fields. 4 in the Dalton field (both fields in Palo Pinto
County). and 6 in the Millsap field, Parker County. The production of
oil is comparatively small, amounting to 9,036 barrels in 1925.
Company's production of natural gas during 1925 averaged about 4.200.000 cu. ft. daily. The gas reserves are estimated by Ralph E. Davis to
exceed 9.700,000.000 Cu. ft. This does not include reserves resulting from
the acquisition of new leases or new wells which may be purchased.
The gas supplied to Mineral Wells. Weatherford and other towns in
Parker. Palo Pinto and Young Counties is largely for commercial or industrial purposes: domestic service covers a population of about 25,000 and
requires about 20% of the company's output.
-The properties have been reported upon favorably
Value of Properties.
by Ralph E. Davis of Pittsburgh. Pa., independent consulting engineer.
particularly in respect to gas reserves. The properties have been appraised by the Hope Engineering & Supply Oo., Mt. Vernon, 0., and by
Frank P. Fisher, engineer, Ludington. Mich., who place a value on them
of more than $2,400.000 as a going concern. A replacement value in excess
of $1.600,000 is given the properties.
Sinking Fund.
-Mortgage will provide for a monthly sinking fund, the
first installment to be due Dec. 1 1926 in the amount of $16.000. payable
thereafter $8.000 monthly to and incl. Oct. 1 1927:thereafter $10.000 monthly during the next 12 months; thereafter $11,000 monthly during the next
12 months; thereafter $12,000 monthly during the next 12 months, and
thereafter $15,000 monthly during the next 11 months, the last payment
Sept. 1 1931. Payments to the sinking fund are to.e used for the purchase
of-bonds at not exceeding the current redemption price: any balance unexpended in such purchase to be applied to the redemption of bonds by lot
on the next interest date.
-Proceeds will be used in connection witn the acquisition of the
Purpose.
present properties, for working capital and for other corporate purposes.
Authorized. Outstandg.
Capitalization$750,000
$750,000
1st mortgage 7s, due Oct. 1 1931
250.000
250,000
7% cumulative pref. stock (par 8100)
55,000 shs. a43.750 shs.
Common stock (no par value)
a The remaining 11,250 authorized shares are reserved for issuance against
exercise of stock option warrants.
-Net earnings of the properties, available for interest charges,
Earnings.
sinking fund, depreciation, depletion, Federal taxes. &c. for the 2 fiscal
'
years ended Aug. 31 1926, averaged $264,401 per annum; for the 6 months
ended June 30 1926 corresponding net earnings were at the annual rate of
$301,852. On the basis of the present business of the company, Main &
Co. have estimated corresponding net earnings of at least $304.000 for the
fiscal year ending Aug. 31 1927.
-Tenders.
Broad River Power Co.
The Chase National Bank of the City of New York will until Nov. 28
-year 6%% secured sinking fund gold
receive tenders for the sale to it of 10
bonds, dated Nov. 1 1924, at prices not exceeding 104 and interest, to an
amount sufficient to absorb approximately 830.164.-V. 123, p. 1631.
-To Increase Capital Stock.
Brooklyn City RR.
The stockholders will vote Nov. 23 on increasing the authorized capital
stock from $16,000,000 to $18,500,000, par $10.
The stockholders will also vote on approving an issue of convertible bonds
to be issued in series.
-V. 123, p. 1627. 841.
-Title of Bonds Changed.
Calumet Gas & Electric Co.
The Northern Indiana Public Service Co.,successor company, in a notice
to the holders of Calumet Gas & Electric Co. 1st & ref. mtge. 5%% gold
bonds, series "B," dated Oct. 1 1924, says: "The Calumet Gas & Electric
Co. has changed its name to Northern Indiana Public Service Co. and has
changed the designation or title of the bonds issued under said mortgage to
Northern Indiana Public Service Co. 1st & ref. mtge. gold bonds. Bonds
under said new title are now being prepared, and when completed the
holder of any series "B" bonds may surrender such bonds to the Illinois
Merchants Trust Co. with (in the case of coupon bonds) all unmatured
Interest coupons attached, and duly endorsed, if a registered bond, and
receive in exchange therefor new bonds of the same series, denomination
or denominations, and bearing the same serial number as the bond or bonds
so surrendered and substantially of the same nor, except that such bonds
-V, 122. p. 1167.
shall be referred to by such new designation."
-To Redeem Bonds.
Camaguey Electric Co.
All of the outstanding 1st mtge. 6%% gold bonds. due Oct. 1 1952, have
been called for payment April 1 1927 at 107% and int. at the Royal Bank
of Canada. Havana (Cuba). Montreal (Canada), London (England), or
New York City.
At any time prior to April 1 1927 the company will purchase any of the
bonds which are delivered for sale at any of the offices of the Royal Bank
of Canada named in above notice at 107% and intmmtthereon to thedate
-V. 117, p. 2768.
of delivery.
-To Issue Stock.
Cape & Vineyard Electric Co.
The company has applied to the Massachusetts Department of Public
Utilities for authority to issue 2,000 additional shares of 6% pref. stock
at par ($100). thus Increasing the capital to $1,500,000. The proceeds are
-V. 122. p. 881.
to be used to pay for construction and equipment.
-Acquisition.
Central Power & Light Co.
The company has acquired the electric plant of the Citizens Light &
-V. 123, p. 1760.
Power Co., Fredericksburg, Tex.
-Earnings.
Central & South West Utilities Co.
The company and its subsidiaries report gross operating revenues amounting to $6,482,375 for the quarter ended Sept. 30 1926 with net after taxes
of $2,724,056. Gross operating revenue for the 12 months ended Sept. 3,7
amounted to $21,583,645 and net after taxes $8.727.974.-V. 123.0.2137.
-Initial Dividend-Personnel.
Cincinnati Car Co.
The directors on Nov. 4 declared an initial quarterly dividend of 35
cents per share on the capital stock of no par value, payable Jan. 1 ter
holders of record Dec. 20.
The directors are W. Kesley Schoepf (President), Louis J. Hauck. H. M.
Levy, Charles J. Levingood, H. A. Worchester, Caspar It. Rowe, Joseph
Verkamp, H. B. Vorhees, II. L. Sanders (Vice-Fees, and Treas.), Edward
C. Wettengel, T. H. Schoepf, Gustav A. Weil, Thomas Elliott, W. F.
Wiley and Frederick Hertenstein. These directors formerly held positions
on the board of the Ohio Traction Co. now liquidated.
Other officers elected are Vice
-President in charges of Sales. A. L. Kase'
meyer, and Secretary and Assistant Treasurer, E. C. Bernhold.-V. 123,
P. 1873, 841.
Cleveland Electric Illuminating
12 Months Ended Sept. 30Operating revenues
Operating expenses
Taxes
Net operating revenues
Non-operating revenues •
Gross income
Interest on funded debt
Amortization of bond discount
Other interest charges
Depreciation reserve
Co.-Earnings.1926.
-
1925.
$21,552,841 /19,295,91S
7,921.690
8,829,058
2,745,000 2.236,500
$9,978.784 $9.137,728
638,419
490.335
$10,469.118 $9,776.146
1,663.692
1,604.736
87,290
88.625
11.575
6,988
1,982,500
2,470,000
$6,298.769 $6.031,088
Condensed Balance Sheet Sept 30.
1925.
1926.
1925.
1926.
LiabilitiesIS
$
11
Assets
-5
Preferred stock__ 16,081,700 16,081,100
& plant,
Property
general account 73,245,256 61,711,702 Common stock__ 16.629,800 16.629,800
Cap.expenditures 12,678,035 8,042,340 Funded debt_ __ _ 35,000.000 35.000.000
64,251
376,584
764,800 Accounts payable
764,800
Sundry invest. _ _
5.753,466 3,700,882 Sundry current liaCash
bilities
936,314
931,912
140,755 3.358,463
Notes & bills rec.
Acc'ts receivable_ 1,664,533 1562 412 Taxes accrued_ _ _ 2,649,925 1,993,322
343,624
338,403
Material&supplies 2,163,538 2.266,745 Interest accrued_
657,049
656,958
10.004,475 Dividends accrued
Sundry curr Assets
13.039,288 11.012,151
275,565 Reserves
Prepaid accounts 1,426,976
14,882,420 11.211,530
296,825 Surplus
238,702
Open accounts_ _ _
Bond & note disc. 1,388,374 1,474,137
777,816
815,535
Special funds__ _
100,279,970 94,236,162
Total
100,279,970 94.236.162
Total
-V. 123. p. 1873.
Balance
2518
THE CHRONICLE
Columbia Gas & Electric Corp.
-Listing.
-
The New York Stock Exchange has authorized the listing of (a) not to
exceed $96,184.800 cumulative 6% preferred stock. Series A (auth. $100.000,000), on official notice of issue pursuant to the provisions of a plan
of union or merger of the systems of Columbia Gas & Electric Co. (West
Va.) and Ohio Fuel Corp.: (b) not to exceed 3,000,000 shares of its common
stock without par value (auth. 4,000.000 shares) on official notice of issue
pursuant to the provisions of the plan.
The plan has been declared operative and upon the consummation thereof
the corporation will have the following authorized and issued capitalization
(assuming 100% participation by the common stockholders of Columbia
Gas & Electric Co. and Ohio Fuel Corp. and by the preferred stockholders
of Columbia Gas & Electric Co.):
Issued.
Authorized.
Preferred stock (par $100)
1,000,000 shs. *951,848 shs.
Common stock (no par value)
4,000,000 shs. 3,000.000 shs.
•Cumulative 6% preferred stock, series A.
The cumulative 6% preferred stock, Series A, and the common stock of
the corporation will be issued under the plan as follows:
In exchange for:
Common.
Preferred.
Common stock of Col. Gas & Elec. Co_
1,500.000 shs.
Preferred stock of Col. Gas & Elec. Co,...._ 281.848 shs.
Capital stock of Ohio Fuel Corp
670,000 shs. 1.500.000 shs.
The above issue will be at the following rates for the shares of Columbia
Gas & Elec. Co. and Ohio Fuel Corp.: (a) For each share of common stock
of Columbia Gas & Electric Co. one share of common stock of the corporation: (b) for each share of preferred stock of Columbia Gas & Elec. Co.,
1 1-6 shares of the cumulative 6% preferred stock, Series A,of the corporation: (c) for each share of capital stock of Ohio Fuel Corp., 0.35 share of
common stock of the corporation plus 0.15635 share of the cumulative 6%
preferred stock, Series A, of the corporation.
There have been deposited under the plan, as of the close of business on
Oct. 29 1926, the following stocks: (a) Of Columbia Gas & Electric Co.:
Common stock, 1,391,520 shares out of 1.500,000 shares issued: Preferred
stock, 185,760 shares out of 241,584 shares issued. (b) Of Ohio Fuel Corp.:
4.185.751 shares capital stock out of 4,285,218 shares issued (or presently
Issuable).
Consolidated Income Statement for 8 Months Ended Aug. 31 1926.
(Corporation (of Delaware) and subsidiary companies, controlled by
Practically 100% common stock ownership or lease.]
Gross earnings
$60,943,317
Operating expenses (exclusive of taxes)
28,871,820
*Reserved for renewals and replacements and depletion
6.269,253
Taxes
5.440,772
Net earnings
Other income
$20,361,472
2.075.199
Total income
Rentals to Cincinnati Gas & Electric Co
Rentals to Cincinnati Gas Transportation Co
Rentals to Cinc. Newp. & Coy. Lt. & Traction Co
Rentals to Hamilton Utilities Co
Interest and preferred stock dividends of subsidiaries
$22,436,671
$2.212,584
133,893
539,579
10,070
2,892,338
[VOL. 123
betterments, making a total value in Oregon for rate basis purposes of
$983,640.
In addition, the company owns stocks and securities of subsidiary companies (including a controlling interest in the Oregon Telephone Co.)
carried by it at $369.811. The Oregon Telephone Co. will be a consolidation of a number of independent telephone companies operating in the
northern part of the Willamette Valley, including McMinnville, Newberg,
Beaverton and Hillsboro.
Outstanding Capitalization at Conclusion of This Financing.
1st mortgage 6% gold bonds, series "A" (this issue)
$650,000
1st preferred 7% cumulative stock
247.700
a 6% preferred voting and participating cumulative stock
200,000
Common stock
55.000
a All owned by the Bell Telephone Co. of Nevada.
Earnings for Calendar Years.
OperOperBal. Before
ating
Expenses,
Net
Dcprec. lk.
Interest
Revenue.
Taxes, ctc.
Earnings.
Charges. IncomeTax.
1922_-- $134,492
$93.638
$40,854
$32,468
$8.386
l 923..- _ - 171.856
118,026
45,855
53,829
7.974
1924_.- 200,411
128,156
72,255
56,517
15.738
1925_ _ _ _ 212,088
137.706
74,383
48,857
25.525
1926x__- 217,364
143,980
50,364
23.020
x 12 months ending Sept. 30 1926. 73,384
Purpose.
-Proceeds will be used to refund bonds at present outstanding,
to acquire securities representing a controlling interest in the Oregon Telephone Co., which securities will be pledged with the trustee under the
mortgage, and for other corporate purposes.
Sinking Fund.
-Under the terms of the mortgage there is provided an
annual sinking fund equal to 2% of the par
bonds secured by
this mortgage outstanding at the close of the value of all
previous fiscal year. Of this
amount one-half must be used for the purchase or redemption of let mtge.
bonds; the other half, at the request of the corporation, may be invested
by the corporation in new construction, extensions and betterments, against
which no bonds can be issued or must be used to purchase or redeem bonds
of this issue.
-V. 121. p. 3130.
Crawford County Rys.-To Redeem Bonds.
-
All of the outstanding 1st mtge.40
-year 6% sinking fund gold bonds dated
July 1 1921 have been called for payment Jan. 1 1927 at par and int. at the
Irving Bank & Trust Co.,60 Broadway, N. Y. City.
The Northwestern Electric Service Co. of Pennsylvania (successor company) announces that it will purchase at any time before Jan. 1 1927 any
or all of the bonds presented for such purchase at the principal office of National Bank of Commerce in New York, 31 Nassau St., N. Y. City, at Par
and int. to the date of purchase.
Holders have also been given the option to exchange their bonds into
Associated Gas & Electric Co. preferred stock.
-V. 122, p. 2039.
Denver Tramway Corp.
-City Appeals Fare Cases.
-
The City of Denver has appealed to the U. S. Supreme Court to set
aside the decree of the U. S. District Court under which the company
is collecting an Sc. fare. The city claimed that the decree is an impairment
of the 1906 franchise contract which provides for a 5c.fare.
-V.123, p. 2390.
Net income available for dividends
$16,648,207
East'St. Louis & Suburban Co.
-Earnings.
Earnings per share on 3,000,000 shares no par common
$4.28
12 Months Ended
1925.
1926
•The provision for renewals and replacements and depletion above set Operating revenues Sept. 30$4,271:6 3 $3,876,529
2
forth is as tentatively set up on the books of the various constituent com- Operating expenses
2,828,744
3.115.414
panies in accordance with their respective past practices which have been Taxes
238,124
246.150
different in the different companies. These figures are therefore tentative.
Surplus Account.
-The consolidated surplus account for the 8 months
Net operating revenues
$809,661
$910,059
ended Aug. 31 1926 follows: Consolidated balances of Columbia Gas & Non-operating revenues
190,938
136,061
Electric Co. of W. Va. Ohio Fuel Corp. and United Fuel Gas Co., Jan. 1.
1926, 662,676,691; add net income for 8 months ended Aug. 311926. $16,Gross income
$1,046,119 $1,000.599
648,207; miscellaneous credits (net), $2.593.469: total, $19,241,676. Divi- Interest on funded debt
503,245
460,850
dends paid on:(a) Columbia Gas & Electric Co. preferred stock. $1,253,008; Amortization
8,172
8,172
common, $4,695.150: (9) Ohio Fuel Corp.. $4,302,911: total, $10,251.069. Other interestof bond discount
charges
205,857
267,879
Balance, Aug. 311926. $71,667,298.
Deprecfhtlon reserve
197,733
305,716
The difference between the balance of $71,667,298 here shown, and the
surplus of $71,193,023 shown in the consolidated balance sheet as of Aug. 31
Balance
$85,592
63,501
1926, is due to the action of the board of directors in accordance with the
839.
laws of the State of Delaware and the certificate of incorporation of the
corporation in fixing the capital applicable to the 3.000.000 shares of comEngineers Public Service Co.
-Earnings.
mon stock of no par value at 6100,000,000.
[Includes Virginia Electric & Power Co. and subs.; Key West Electric
Consolidated Balance Sheet as of Aug. 31 1926 (Giving Effect to the Plan). Co.: Eastern Texas Electric Co. & subs.; El Paso Electric Co. & subs.:
Power Co.
[Columbia Gas & Electric Corp. of Delaware (and subsidiaries controlled Savannah Electric & 30 1926- and Baton Rouge Electric Co.]
Period Ended Sept.
Month.
12 Months.
by practically 100% common stock ownership.)]
Gross earnings
$2.297,109 $25,735.008
AssayOperating expenses and taxes
Liabilities
1,390.740 15.854,778
s Property account
$4431,821,312 Preferred and minority comb Securities owned
3,814,788
mon stocks of subsidiaries d$17,307,979
Net earnings
$906.368 $9,880,231
Cash with trustees
6,358 Pref. stock 6% Series A
94,847,750 Interest, amortization and rentals
3,154,009
268,347
Securities with trustees
3,993,642 Common stock
el00,000,000 Divs. on pref.stock sub.cos
116,304
1,381,436
Cash
8,117,738 Funded debt
68,002,730 Proportion applicable to common stock of subsidiU.S. Govt. securities
2,194.639 Notes payable
aries in hands of public
3,312.450
19,231
235,881
Notes receivable
549,665 Accounts payable
4,420,532 Dividend requirements on preferred stock (EngiAccounts receivable
8,732,861 Acced local taxes, hit., &e._ 5,464,666
neers Public Service Co.)
174,407
2.092,881
Materials and supplies
6,830,
Accrued Federal taxes
3,756,432
a Other securities owned
11,757,252 Customers' deposits
Balance available for reserves and for 778.536
1,973,295
Preferred stock subscriptions:
common shares
Other deterred items
245,938
$328,076 $3,016,024
Union Gas & Elec. Co_ _
67,490 Reserves
6120,756,251 -V. 123, p. 1875.
Dayton Power & Light Co_
60,010 Surplus
71,193,023
Prepaid acc'ts, unamortized
Federal Light & Traction Co.
-Earnings.discount and expenses
3,334,558
-Month of September- -9 Mos. End. Sept. 30.Period19 6.
1925.
1926.
195.
Total
$481,281,047 Total
$481,281,047 Gross revenues
$533,157
6453.458 $4,824.898 64.281.173
a Comprising electric generating stations, high voltage transmission lines, Operating expenses
319,839
285,022
2,929,181
2,646.283
electric and gas distribution systems, gas, oil and coal fields, gasoline plants Fed.income & prof. tax..
10,000
10,000
90,000
90.000
and cost of leases (at values as carried on the various constituent balance Interest & discount_ _
71,387
65,381
554,115
612,960
sheets herein consolidated). b Capital stocks of other companies, mostly
engaged in related business, the investments in which represent less than
Net income
$131.931
$ 93,055 $1,192,757
$990,775
majority ownership. c The Cincinnati Gas & Elec. Co. prior lien & ref. -V. 123. p. 2138.
mtge., Series A, 7%. and Series C, 6% bonds, $7,815.718: Union Light,
General Gas & Electric Corp.
Heat & Power Co. 1st mtge. Series A 6% bonds, 62.339,050: other market-Acquires Blue Mountain
able securities. $1.602,483. d Including proportion of surplus applicable Electric Co.
thereto. e 3,000,000 shares, no par value. f For renewals and replaceThe purchase of the Blue Mountain Electric Co. by the above corporation
ments and depletion (Including miscellaneous reserves of $1,492,198).was announced on Nov. 9. The Blue Mountain Electric
V. 123, p. 1873.
serves about
2,000 customers in a thriving agricultural section in the Co.
northern part of
Berks
It
Coos & Curry Telephone Co., Marshfield, Ore.
- politanand Lebanon counties, Pa. thenow becomes a part of the MetroEdison
largest subsidiary of General Gas &
-Peirce, Fair & Co. and Mercantile Securities Electric-Corp.,Co. of Reading, Pa.,in the latter's
Bonds Offered.
and will be included
Pennsylvania-New Jersey
Co. of California are offering at 100 and int. $650,000 1st l'ower System, being an important extension to that system.
Part of the electric power supply of the Blue Mountain Electric Co. is
-year gold bonds, series "A."
mtge.6% 25
generated at two hydro-electric stations. The greater portion, however,
Dated Nov. 11926; due Nev. 11951. Int. payable M. & N. at United has been purchased from the Metropolitan Edison Co. and then retailed
States National Bank, Portland, Ore., trustee, and the Mercantile Trust to customers. Communities served include Jonestown, Fredericksburg,
Co. of Calif.. San Francisco, without deduction for Federal normal income Rehrersburg, Strausstown, Shartlesville Stouchsburg and Bethel. The
tax not exceeding 2%. Company agrees to refund Calif. personal property hydro-electric stations are located at Jonestows and Bethel.
-V. 123.
taxes not exceeding 5 mills. Denom. $1.000 and $500 c*. Red., all or p. 2390.
part, on any int. date on 30 days' notice at 103 and int. for first 10 years,
Georgia Power Co.
-Stock Authorized.
102 for next 5 years. 101 for next 5 years and 100 for last 5 years.
The Georgia 1'. 9. Commission has authorized the company to issue
Data from Letter of Charles Hall, President and General Manager.
2.000,000 shares
-Organized in Oregon in 1914. Serves without competition stocks. See alsoof no par value stock and $4,500,000 of second preferred
Company.
V. 123, p. 1633.
all of the principal communities in Coos and Curry Counties and Western
Douglas County in Oregon. Also owns 98.6% of the stock of the Del Norte
Houston Lighting & Power Co.
-Listing.
Peoples 'Telephone Co., which serves Del Norte County and northern seeThere have
added to the
tion of Humboldt County in California, and whose properties are merged additional firstbeen and refunding Boston Stock Exchange list $2,000,000
lien
mortgage gold bonds, series A,5%,due
with the Coos & Curry Telephone Co. for operating purposes. Company March 11953, making the
amount of series A bonds now authorized for the
has arrangements for the interchange of toll business with the Pacific Tele$6,000,000.
phone & Telegraph Co. The territory served in Oregon by the Coos &
Earnings Years Ended Sept. 301925.
1926.
Curry Telephone Co., exclusive of that served by subsidiary companies, Gross earnings from operations
$4,474,032 $3,704,462
has an estimated population of40.000 and the steady growth of the company Operating expenses and taxes
2,152,721
2,492,822
from its organization shows the rapid development which has taken place
In this territory.
Net earnings from operations
$1,981,210 $1,551,741
Company owns and operates approximately 6,124 miles of wires and cables
22,735
24,531
and 733 miles of pole lines. There are 11 exchanges in its system giving Other income
service to 4,944 telephones. The larger exchanges have the most modern
Totalincome
$2.005,741 $1.574,477
equipment with many automatic service features. The largest of these Interest on bonds
$500,150
$515,566
exchanges, Marshfield and North Bend, were installed in 1923 and 1924, Other interest and deductions
69,501
78,629
respectively. The properties of the company in Oregon were valued by Preferred stock dividend
181,873
210.000
the Oregon P. S. Commission for rate-making purposes as of Dec. 31 1924
at $844.597. Since that time $139,043 has been spent in additions and
Balance
$822,952
$1,201.546
Balance Sheet Sept. 30 1926.
Liabilities
Assets$3,000,000
$18,287,884 7% preferred stock
Plant
16,000 Corn.(200,000 shs.no par) 4,000,000
Contract advances
10,403,000
75,291 Funded debt
Cash
170,000
318 Notes and loans payable_
Notes and loans receiv le_
50,000
618,272 Dividends payable
Accounts receivable
331,785
250,926 Accounts payable
Materials and supplies.. _
170,315
9,435 Consumers' deposits_
Prepaid accounts
356,150
Accrued accounts
Unamortized disc't, corn1,450,851
mission and expense_ _ _ 1,137,558 Reserves
489.336
25,752 Surplus
Deferred debits
Total
-V. 123, p. 842.
2519
THE CHRONICLE
Nov. 13 1926.]
$20,421,437
Total
120.421,437
Great Falls Power Co.
-Tenders.
The Bankers Trust Co., 10 Wall St., N. Y.City, will until Dec.6 receive
bids for the sale to it of 1st mtge. bonds, dated May 1 1911, to an amount
sufficient to exhaust $171,280 at prices not exceeding 10734 and interest.
-V. 122, p. 1761.
Indiana Gas Utilities Co.
-Definitive Bonds Ready.
The National Bank of Commerce in New York is prepared to deliver
definitive 1st mtge. gold bonds. 5% series due 1946, in exchange for the
temporary bonds now outstanding. See also V. 123, p. 324, 581.
International Power Securities Corp.
-Annual Report.
Profit & Loss Account Year Ended Sept. 30 1926.
$1.226,811
Total income
952.803
Bond and other interest
1,913
General expenses
191.747
Other expenses
Reserve for Federal taxes
10,877
Net income
Dividends
Deficit
Previous surplus
Surplus Sept. 30 1926
Balance Sheet Sept. 30 1926.
Assets
Liabilities
Total investments
$18,373,466 Capital stock
77,281 Funded debt
Cash
Subscribers to cap. stock 3,999,200 Accounts payable
Deferred charges
1,940,929 Reserve for Federal tax
Dividends payable
Total (each side)
$24,390.876 Surplus
-v. 122, p. 882.
$69,469
72,072
$2,603
17,886
$15,283
$5.000,000
19,333,620
1,073
10,877
30,024
15,283
Kansas City Kaw Valley & Western Ry.-Court Orders
$224,000 Bonds Issued to J. J. Heim Returned to Company's
Treasury-8846,000 1st Mtge. Bonds Now Outstanding.
In a recent decree the U. S. Circuit Court of Appeals sustained the find
ing of the lower Court ordering Joseph J. Heim to return to the treasury
of the company (together with repayment of interest received by Mr.
Heim) $224,000 in principal amount of the first mortgage bonds issued to
him shortly before the appointment of a receiver for the company in 1924.
A petition for rehearing has been denied and the protective committee for
ant has announced that
the bonds announces that counsel for the defendnothing further will be done, thus definitely settling the matter. With the
return of the $224,000 bonds to the company's treasury, the outstanding
amount has been reduced to $846,000, of which $812,600 have been deposited with the bondholders' committee.
On July 18 1924 Harry C. Jobes was appointed receiver for the company.
On Jan. 3 1925 the receiver brought this ancillary suit against Joseph Heim
to set aside a contract entered into between the company and Heim under
which $224,000 first mortgage bonds were delivered to Pleim in exchange
for $212,000 second mortgage bonds and $47,565 defaulted second mortgage
interest coupons, and for the recovery of $6,720 interest paid to Heim on
such first mortgage bonds. There was a decree for the receiver granting
the relief prayed for (see V. 121, p. 978) and Heim appealed therefrom.
V. 123, p. 2391.
Combined Earnings Twelve Months Ended Sept. 30 1926.
510,991,800
Gross income
6,682,955
Operating expenses, maintenance and taxes
1,031.090
Interest, dividends, &c., deductions of subsidiary companies
$3,277.761
Balance beforereserves and interest on L.I. Ltg. Co. bonds
Annual interest on first refunding mortgage bonds (incl. this
685,215
issue) and underlying bonds
232,020
Annual Interest on 6% secured gold bonds
$2360,526
Balance
Capitalization Outstanding (as of Sept. 30 1926, and incl. Present Financing).
$4,848,300
o
First mortgage 5‘T sinking fund gold bonds, 1936
756,000
Nassau Light & Power Co. 1st M. 5s, 1927 (closed)
3,000,000
First refunding mortgage, series A, 6s. 1948
4,500,000
Series B 55, 1955 (including this issue)
do
3,867,000
6% secured gold bonds, 1945
7,307,900
Preferred stock, 7% cumulative (par $100)
300,000 shs.
Common stock (no par value)
The capitalization of Queens Borough Gas & Electric Co., as of Sept. 30
1926, consists of $4,450.000 funded debt, $2,450.000 preferred stock and
$2,000,000 common stock, of which latter over 99% is owned by Long
Island Lighting Co.
The capitalization of Kings County Lighting Co., as of Sept. 30 1926.
consists of $5,000,000 funded debt (mortgages closed except for refunding
purposes). $2,316,460 preferred stock and 50,000 shares of no par value
common stock, of which latter over 96% is owned by Long Island Lighting
-V. 122. p. 3453.
Co.
Lower Austrian Hydro-Electric Co.("Newag").-Earn.
1925.
Eight Months Ended Aug.311926.
$472.564 $448,623
Gross earnings
212,854
214,473
Net earnings, after expenses but before interest
Gross earnings for the 12 months totaled $752,865, while net before interest totaled 1401,166.
J. Lisman &F. Co., in a statement issued Nov. 9, state: "Beginning
with June of this year, each month has shown a steady increase in gross
and net, and seasonal improvement is expected to continue to the end
of the year. Reduced rates to the City of Vienna have been accompanied
by an increase in gross revenues over 1925, and the higher ratio of operations
due to this factor and to favorable contracts for the supply of electricity
which the company has recently undertaken, should be refected in improving net income. It should be noted that these bonds are unconditionally guaranteed by endorsement, as to principal, interest and sinking
-V.122, p. 3082.
fund, by the Province of Lower Austria."
-Acquisition.
Metropolitan Edison Co.
-V.123. 1). 1634.
See General Gas & Electric Corp. above.
-Earnings.
Middle West Utilities Co. (tic Subs.).
Period Ended Sept. 30 1926Gross operating revenues
Net income, after taxes
-V. 123. p. 2139.
12 Mos.
Quarter.
$22,764,578 $81,391,307
$8,949,666 $32,371,777
Midwestern Power Co.
-To Pay Notes.
The $520,000 1 year 6% notes due Nov. 15 will be paid off at office of
the trustee.
-V. 121, p. 3004.
-Earnings.
--Milwaukee Electric Railway & Light Co.
12 Months Ended Sept. 30-,
Operating revenues
Operating expenses
Taxes
1925.
1926.
$25,887,850 $23,337.966
15.280,087 14.088.035
2.063,173
2,253,483
Net operating revenues
Non-operating revenues
$8,354,281 $7,186.758
272,259
375,687
Gross income
Interest on funded debt
Amortization of bond discount
Other interest charges
Depreciation reserve
$8.729,968 $7,459,017
2,460.760
2,237,199
167,810
166,262
8,547
Cr40.477
2,271,036
2,471.432
Balance
$3,846,528 $2,599.887
Condensed Balance Sheet Sept. 30.
1926.
1925.
1926.
1925.
Assets$
Liabilities5
$
$
Keystone Telephone Co. of Phila.-New Director.
Property & plant,
Preferred stock_ 15,122,831 14,272,922
George W. Hebdon, Vice-President and Philadelphia Manager for C.
general account 88,961.323 82,139.834 Common stock__ 19,000,000 11,250,000
Allyn & Co.,Chicago bankers, has been elected to the boards ofthe Keystone Treasury securities
10,986 Funded debt_ __ _ 41,509,000 47,087,500
Telephone Co. of Philadelphia and the Keystone Telephone Co. of New Sundry invest_ __ 1,367,754 2,376,099 Notes & bills pay.
45,000
850,000
Jersey. Mr. Hebdon fills the vacancies on the boards resulting from the Res., sinking dr
749,535
Accounts payable
755.963
-V. 123, p.
recent resignation of Jansen Noyes of Hemphill, Noyes & Co.
special fund.__ 1,138,097
383,470 Sundry curr. 1M2391.
Cash
671,646
760,554
1,333,143
462,366
bilities
25,102
12,559
1,896,149 1,751,679
- Notes & bills rec. 1,708,370 2,044,150 Inter-co. acc'ts _ 2,059,774 1,796,319
-Fare Petition.
Kingston Consolidated (Electric) RR.
Acc'ts receivable.
Taxes accrued_
The company has applied to the New York P. S. Commission for authority Material&supplies 2,747,674 2,616,481 Interest accrued_
594,706
670,210
to charge a 10 cent cash fare and 3tickets for 25 cents, with transfer privileges Inter-co. acc'ta__ 2,380,205 2,443,185 Dividends accrued
104,411
103,515
with the Kingston City Transportation Corp., operating buses in that city. Prepaid accounts
44,297
41,430 Sundry accr. 1MThe present fare is 8 cents and 15 tickets for $1 23.-V. 121. p. 458.
Open accounts__ _ 1.464,516
29.424
834,079
bilities
20.141
Bond & note disc. 3,962,203 3,229,231 Open accounts__ _
544,071
471,828
London (Ont,) Street Ry.-Terms of Purchase by City.
- Purchase leasehold
Reserves
17,295,745 15,554,536
The City Council of London, Ont. at a special session Nov. 5 concluded
Orton property
30,002 Surplus
3,398,655 2,245,262
Its negotiations with the company to provide for a plebiscite at the municipal
elections on Dec. 6 on two alternative propositions, viz:
Total
104.560,094 96,623.872
Total
104,560,094 96,623,872
(1) Purchase of the system in its present condition at a cost of $1,135,351. -V. 123. p. 1876.
Ratepayers only to vote on this question.
Mohawk-Hudson Power Corp.-Earnings.(2) Extension of the company's franchise granting the company exclusive
rights for cars and busses. All municipal voters w.11 be entitled to pass on
Perina Ended Sept. 30 19269 Months.
Month.
this.
Gross revenue of subsidiaries
$2,423,925 $21,331.787
The franchise extension scheme if approved by the people will provide Net income x
$412.888 $3,361,355
-cent fares for the first 2 years from March 1 1927, after which period Surplus, after preferred dividends
for 5
$806.391
$67,829
the company shall be entitled to appeal to the Council if more is required
x After expenses, reserves, interest, preferred dividends of subsidiaries
and minority interest.
to earn 6% on the present capital stock of $637,480.
-V. 123. p. 2261.
If, in the future, the city desires to purchase, 6 months' notice may be
New Britain Gas Light Co.
-Rights.
given, and the price fixed at the valuation now agreed upon, plus costs of
The stockholders of record Nov. 15 1926 will be entitled to subscribe
Improvements, and minus depreciation. All capital expenditures affecting
for one share of new stock at par (in for every four shares then held,
this arrangement must be,from time to time, approved by the city.
If the company at any time suspends operation for a day, the City The right to subscribe will expire on Dec. 1 1926 and payment for new
stock must be made on Jan. 15 1927.-V. 123, p. 2391.
Council may authorize busses.
The company's property shall be exempt from all except school taxes.
New England Public Service Co.
-Earnings.
Real estate only shall be fully taxed.
The company and its subsidiaries report gross operating revenues amountOne-man cars will be operated when permitted by the City Council.
The company will be bound to spend $500,000 on improvements in a ing to $3,082.994 for the quarter ended Sept. 30 1926, while net after
three-year period.
-V. 122, p. 2040.
taxes amounted to $1,332,260. Gross operating revenues for the 12 months
ended Sept. 30 1926, are reported at 111,723,374. and net after taxes,
Long Island Lighting Co.
Sold.
-W.C. Lang- $5,690,620-V. 123, p. 1251.
-Bonds
ley & Co. and Bonbright & Co. Inc. New York, have sold
at 99M and interest, $2,000,0b0 additional first refunding
mortgage gold bonds, series B 5%. Dated Sept. 1 1925; due
Sept. 1 1955. (See description in V. 122, p. 3453.)
New England Telephone & Telegraph Co.
-
The executive committee on Nov.8 authorized the expenditure of $792,995 for new construction and improvements in plant, necessary to meet
the demand for service. Including previous authorizations the total
commitment of the company for plant expenditures this year is $28,771,327.
-V. 123, p. 2261, 2139.
Issuance.
-Authorized by the New York Public Service Commission.
Data from Letter of E. L. Phillips, President of the Company.
New Jersey Power & Light Co.
-Merger Approved.
-Company and its constituent company, Queens Borough Gas
Business.
The New Jersey P. U. Commission has approved the merger of the
& Electric Co., supply substantially the entire electric light and power and Newton Gas Co. and the Washington Gas Co. into the New Jersey Power
gas service on Long Island up to the New York City Line, and the Rodk- & Light Co.
-V. 123, p. 2391.
away District of the Borough of Queens, except the gas service in a portion
of the County of Nassau. Kings County Lighting Co. over 96% of whose
Newport News & Hampton Ry., Gas & Electric Co.
outstanding common stock is owned by Long Island Lighting Co.,furnishes and
Subsidiaries.
-Earnings.
gas in the southerly portion of the Borough of Brooklyn. The combined
population in the territory served is in excess of 700.000.
Income Account 12 Months Ended Sept. 30 1926.
-Proceeds will be used by the company for additions, extensions Gross earnings
Purpose.
$2,016,386
Operating expenses, maintenance and taxes
1,208,467
and improvements to the properties of the company.
-Secured, equally with series A bonds, by a direct mortgage on Interest on funded debt, &c
Security.
243,604
127.561
the entire property now or hereafter owned. Indenture provides that the Provision for depreciation and retirements
f Provision for Federal taxes
the Long Island Lighting Co. and the brat mortgage o
21.858
first mortgage of
104.991
Nassau Light & Power Co. shall be satisfied on or before their respective Preferred stock dividends
139,924
due dates, and that no new mortgage prior to the lien of the indenture may Common stock dividends
be executed in renewal or extension thereof or for the refunding thereof.
Balance to surplus
$169.981
Upon the satisfaction ofthe first two mortgages,the first refunding mortgage
-V. 123, P. 1114.
will become a first mortgage.
2520
THE CHRONICLE
Norfolk Ry. & Light Co.
-To Be Merged with Virginia
Electric ce Power Co.
The Virginia Electric dc Power Co. offers to acquire the capital stock of
the Norfolk company on the following basis: Option 1.
-For each share of
capital stock, $33 in cash: or Option 2
-For each unit of 3 shares of stock of
the Norfolk company. one share of 6% cumul. pref. stock of the Virginia
company and $9 in cash. There are outstanding 66,500 shares of capital
stock (par $25) of the Norfolk company.
Holders of the capital stock of the Norfolk company desiring to take advantage of either options should forward indorsed stock certificates to
Stone & Webster,Inc.. Boston, Richmond Trust Co.. Richmond, Va.,transfer agents, or to J. William Middendorf & Sons, bankers, 209 Keyser Bldg..
Baltimore, not later than Dec. 31. If option No. 1 is elected, the transfer
agent will mall to stockholders the cash to which they are entitled within
10 days of the date of receipt of the stock. If Option No. 2 is elected, the
preferred stock certificates of the Virginia company and the cash to which
the stockholders are entitled will be deliverable on or about Dec. 10 to
stockholders depositing their stock not later than Dec. 1. It is stated that
holders of a substantial amount of Norfolk stock have sold or agreed to sell
their stock under one or the other of the options.
The properties of the Norfolk company are now operated by the Virginia
company under a 99
-year lease expiring in 2005. 'Under the terms of the
lease dividends on the capital stock, listed on the Baltimore Stock Exchange,
are limited to $1 50 a share and are paid by the Virginia company.
-V.106.
P. 925.
North Jersey Rapid Transit Co.
-Sale.
-
[VOL. 123.
Penn-Ohio Edison Co.
-Exchange of Stock.
-
See Penn-Ohio Securities Corp. below.
-V. 123, p. 1505.
Penn-Ohio Securities Corp.
-Preferred Stock Called.
-
All of the outstanding $6 cumul. pref.stock has been called for redemption
Nov. 30, the holder of each share of said stock to receive in exchange one
share of the $6 cumul. pref. stock of Penn-Ohio Edison Co.
All holders of the pre. stock of Penn-Ohio Securities Corp. have been
notified to present the same on or before Nov. 30 1926, at the Bankers
Trust Co., 16 Wall St. New York City. From and after the redemption
date, all rights of the holders of the shares to be redeemed as stockholders
of Penn-Ohio Securities Corporation, except the right to receive a like
number of shares of Penn-Ohio Edison Co., shall cease and determine.
V. 122, p. 2042.
Pennsylvania Gas & Electric Corp.
-Div. No. 4.
-
The directors have declared a regular quarterly dividend of 37% cents pet'
share on the class "A" stock, payable Dec. 1 to holders of record Nov. 20.
Holders are given the option of taking in lieu of casn additional class "A''
stock at the rate of 1-40tn of 1 share for each share now held. A like
amount was paid in eacn of the preceding three quarters.
-V.123, p. 1115.
Peoples Gas & Electric Co. of Oswego.-Pref. Stock Call.
The company has called for redemption on Dec. 1 next 524 shares of pref.
stock at $55 per share. Payment will be made at the office of the company
In Oswego, N. Y.
-V. 122, p. 2192.
Peoples Light
& Power Corp.
-Additional Acquisitions.
Supplementing the New Jersey Chancery Court action of Sept. 7 the
The
New jersey P. U. Commission has approved the application of Henry H. away company has acquired the Greensburg (Ind.) Water Co.: the PickParmiee, receiver,for the sale of the property and franchises of the company ingtonWater Co., Circleville. Ohio, and the Washington Water Co. WashCourt House, Ohio, all serving their respective communities with
to the Public Service Ry. for $200,000.-V. 118, p. 2305.
water. The three companies will operate as subsidiaries of the corporation
under the names of the Peoples 'Utilities Indiana Corp. and the Peoples
- Utilities Ohio Corp.
Northern Indiana Public Service Co.
-Bonds Offered.
By the inclusion of these properties with other electric light and power
Halsey, Stuart & Co., Inc. are offering at 98M and int.
companies in Illinois and Idaho, recently taken over by the W. B. Forshay
$11,500,000 1st & ref. mtge. 5% gold bonds, series C.
'
Co. for the Peoples Light & Power Corp., the yearly gross earnings of the
Dated Nov. I 1926; due Nov. 11966. Int. payable M.& N. at offices latter corporation will amount to over $2,556,729, which includes gross
of Halsey, Stuart & Co. in Chicago, and New York, without deduction earnings of the Montpelier & Barre Light & Power Co., to be taken over
for Federal income taxes not in excess of 2%. Denom. 51,00 $500 and Jan. 15 1927. The subsidiaries of the Peoples Light & Power Corp. in 12
.
5100c5 Red., all or part, at any time upon 30 days' notice at following States and approximately 150 cities and towns represent an approximate
prices and in;.: To Nov. 1 1941 at 105, on and from Nov. 1 1941 to Nov. 1 value of 518,000,000.-V. 123. p. 2392.
1951 at 104, on and from Nov. 1 1951 to Nov. 1 1961 at 103, on Nov. 1
1961 at 102%, less % of 1% for each full year elapsed after Oct. 31 1961
Philadelphia Electric Co.
-To Increase Capital Stock.
to Nov. 1 1965, on Nov. 1 1965 and thereafter to maturity at 100. ComThe stockholders will vote
pany will agree to reimburse the holders of Series C bonds, if requested stock from $85.000.000 to in January on increasing the authorized capital
$150,000,000, par $25. If this increase is
within 60 days after payment, for the Penn. and Conn. personal property approved, it is proposed to issue additional
stock to the stockholders at
taxes not exceeding4 mills per dollar per annum, and for the Mass.income par to the extent of 16 2-3% of the present outstanding capital stock.
tax on the in;. not exceeding 6% of such int, per annum.
The proceeds are to be used to pay for capital expenditures in 1927.-V.
Issuance.
-Authorized by the Indiana P. S. Commission.
123, p. 2392, 2140.
Data from Letter of Chairman Samuel !mull. Chicago, Oct. 25.
Piedmont & Northern (Elec.) Ry.-To Increase Stock.
Company.
-Formerly Calumet Gas & Electric Co. Has acquired by
The stockholders will
merger an the properties of Northern Indiana Gas & Electric Co. Prop- stock to 200,000 shares tovote Dec. 8 on increasing the authorized capital
finance
erties are employed almost entirely in the production and sale of electricity railway between Spartanburg. S.the construction of65 miles of new electric
and gas. The principal territory served by the company is the great Duke, who controlled the road, C., and Gastonia, N. C. The late J. B.
psotponed plans for extending it during the
manufacturing centre immediately south of Lake Michigan. Hammond,
East Chicago, Whiting, Lafayette, Michigan City, Plymouth and Val- war. company has
The
outstanding $8,584,600 of capital stock out of an authorparaiso are the principal cities served with both gas and electricity. Gas ized issue of $15,000,000.
Part of the new shares will be common stock of
service alone is rendered in Ft. Wayne, South Bend, Elkhart, Bluffton, no par
value and part will be preferred stock.
-V. 121. p. 1463.
Crawfordsville, Decatur, Frankfort, Lebanon, Logansport and Wabash,
and electric service in Crown Point, Angola, Culver, East Gary, Knox,
Public Service Corp. of New Jersey.
-New Director.
and La Grange. The communities directly served total 119 and the
At meetings of the boards of directors of the subsidiary companies the
estimated population served is 560,000. Company owns electric generating
installed capacity of 46,500 k.w. and has available through corporation the resignation of Walton Clark of Philadelphia as a director
plants with an
was
Interconnections with neighboring public utility companies an additional Gas received and accepted. Arthur W.Thompson, President of the United
Improvement Co. of Philadelphia, was elected to succeed him. The
80.000 k.w., or a total available capacity of 126,500 k.w. It owns a companies the
directorate of which Mr. Clark leaves include Public Service
-volt superpower transmission line 55 miles in length extending Electric
132,000
from the Indiana-Illinois State line to New Carlisle, Ind. This line con- Public & Gas Co., Public Service Ry.,Public Service Production Co.,
Service Transportation Co., Pubic Service RR Co., Public Service
nects at both ends with similar lines of other companies and is an important Electric
Power Co. and Public Service Stock & Bond Co.
-V. 123, p. 2392.
link in the superpower system of transmission lines emanating from the
great power pool of the Chicago district. Company owns gas plants 2262.
combined daily capacity of 25,340,000 cu. ft. and 1,165 miles of
with a
Public Service Electric & Gas Co.-Pref. Stock Offered.
gas mains. As of June 30 1926 the company had 60.858 electric and
Drexel & Co., Philadelphia, and Bonbright & Co., Inc.,
118.241 gas customers.
Capitalization Outstanding in Hands of Public after this Financing.
New York, are offering at 1023‘ and div., to yield about
66 preferred stock, cumulative (par $100)
7
$2,500,000 5.87%, $15,000,000 additional 6% cum. pref. (a. & d.)
7 o preferred stock, cumulative (par $100)
8,900,000 stock, 1925 series.
Common stock (1,356,900 shares) no par value
13.529.000
First & ref. rage. bonds, series B, 5%s
Dividends payable Q.
-M. Divs, exempt from present normal Federal
2,700,000
Series C (this issue)
11,500,000 income tax. Red., all or part, on any div. date after 3 years from date of
Underlying divisional bonds (closed against issuance to public)_ 4112,846,000 issue thereof upon 30 days' notice at $110 and dive. Transfer agents
a Bends maturing prior to 1952. 52,828,000; bonds maturing 1952 J. P. Morgan & Co., New York; Drexel & Co., Philadelphia, and company's
and 1958, 510,018,000.
office, Newark, N. J. Registrars, Guaranty Trust Co., New York; Fidel
Purpose of Issue.
-Proceeds of these bonds will be used to retire and ity-Philadelphia Tr Co., Phila., and Fidelity Union Tr. Co.. Newark, N.J.
cancel $2,500,000 6% series A bonds outstanding under the let & ref. mtge.
Public Service Corp. of New Jersey agrees to refund Penna. taxes not
and $4,500,000 3
-year 53, % secured gold notes, series A, issued by the exceeding 40 cents per share per annum upon shares of pref. stock of the
Northern Indiana Gas & Electric Co., towards reimbursing the company 1925 series held by residents of Pennsylvania.
for capital expenditures heretofore made, and for the expansion of its
Issuance.
-Subject to authorization by New Jersey P. U. Conunissioner,
general gas and electric service to provide for the rapid growth of its
Capitalization Outstanding After Giving Effect to This Financing.
territory.
no par value
a$110,000,000
The company operates under an indeterminate permit pursuant to the Common stock,preferred stock, par
7% cumulative
$100
620,000,000
laws of Indiana.
6% cumulative preferred stock. 1925 series, par $100
30,000,000
Earnings of Properties now Owned
-12 Months Ended June 30 1926.
1st and refunding mortgage gold bonds
43,441,000
Gross revenue (including other income)
Divisional underlying bonds and miscellaneous obligations
$10.883,636
20,857,227
Operating expenses, including maintenance and taxes
6.955,652 Bonds and stocks of leased companies (in hands of puolic)
102,415,009
a Representing cash investment, 11,000.000 shares, all owned by Public
Net before depreciation
$3,927.983 Service Corp. a N. J., except directors' shares. b
519.736,800 pledged
Annual interest on funded debt to be outstanding upon comunder perpetual interest bearing eds. of Public Service Corp. of
pletion of this financing
1,405,620
Control.
-Company's outstanding common stock is owned or controlled Data from Letter of President Thomas N. McCarter, Nov. 9 1926.
Business and Territory.
-Company,in respect of gross earnings and num-.
by the Midland Utilities Co.
her of customers, is believed to be the largest operating public utility comSee Calumet Gas & Electric Co. above.
-V. 123, p. 1877.
pany of its kind in the world. It owns or controls electric and gas systems
Northern Ohio Power & Light Co.
serving a rapidly growing population in New Jersey estimated at over
-Bonds Ready.Hodenpyl, Hardy & Co., Inc., announce that permanent engraved 2,900,000. or over 80% of the population of the State. The territory
general and refunding mortgage gold bonds, 5%% series, due 1951, of the served includes the largest cities and more populous sections of the State
Northern Ohio Power & Light Co.are now ready at the office of the trustee, and is noted for its great industrial activity and growth. In it is located
the National City Bank of New York.for exchange for outstanding tempor- more than 90% of the manufacturing of New Jersey, which is toe sixth
State in value of manufactured products and the first in diversity of manuary bonds. (For offering see V. 122, p. 3084.).-V. 123, p. 2139.
facture. The territory extends from the Hudson River opposite New York
-Earnings.
North West Utilities Co.
City, southwest across the State to the Delaware River opposite PhiladelFor the quarter ended Sept. 30 1926. the company and subsidiaries report phia. and includes Newark, Jersey City, Paterson, Trenton, Camden,
gross operating revenues of $2,633,073, and net after taxes of $959,259. Elizabeth, Bayonne, Hoboken, Passaic. the Oranges, Per Amboy, Union
For the 12 months ended Sept. 30 gross operating revenues were $10,500,417, City and New Brunswick. All of the company s common stock (except
directors' shares) is owned by Public Service Corp.. New Jersey.
and net after taxes 54,007.276.-V. 122, p. 3211.
Property.
-Company's electric system includes 10 generating stations
-Rights.
with an aggregate rated capacity of over 720,000 h.p.. approximately 1,305
Pacific Gas & Electric Co.
The company despatches from San Francisco state, Is expected shortly miles of transmission lines and 32,000 miles of distribution wire, serving
to announce plans for the offering to its common stockholders the right to over 677.000 electric customers. Its gas system includes 12 generating
purchase at par new common stock on the basis of 10% of their holdings. plants with an aggregate capacity of 112,000,000 cubic feet daily and
appfo;dose
, mately toe,c000
mains, serving over 696,000 gas customers.
1926.
1925.
9 Months Ended Sept. 30eds will be
to reimburse the company for expendi537.954.857 $35,862,463
Gross revenue and miscellaneous income
22.130,794 21,575.228 tures for additions and improvements to its property made and to be made.
x Operating expenses
Earnings Years Ended Sept. 301926.
1925.
515,824.063 114,287.235 Gross revenue
Net earnings
$64,324,136 $72,984,534
6,258.126
5,693,277 Operating expenses and taxes
Bond interest and discount
36,704.420 41,082,186
Depreciation
6,725,447
5,887,514
$9,565.937 58,593.958
Net profit before depreciation
Net earnings
x Includes Federal taxes and reserves for casualties and uncollectible accts.
$21,732,202 $25,176,901
says: "Kilowatt sales of electric Fixed charges, rentals, &c
9,924,630
Vice-President A. F. Hockenbeamer
energy increased 12% and gas sales 8% as compared with the corresponding
Balance for dividends
$15,252,271
period of 1925.
"The increase in gross does not fully reflect the increase in physical Annual dividend requirements on pref. stock (incl. this issue)_ _ 3,200,000
volume of sales, owing to reductions made in gas rates to equalize lower oil
Balance
$12,052,271
costs. Eliminating the rate factor, gross would show an increase well over
Of the net operating revenue for the year ended Sept. 30 1926 approxi13,300.000. or better than 9%.
rates were in conformity with established policy of mately 67% was derived from the electric business and 33% from the gas
"Decreases in gas
the Railroad Commission, under which we are permitted automatically business.
Listing.
-Application will be made to list this additional stock on the
to adjust these rates to conform to upward or downward trend of oil prices
New York Stock Exchange.
and, of course, net is not affected.
-V. h3. p. 2392.
At the close of September there were 858,355 active meters in service.
Public Service Ry., N. J.-Acguisition.an increase of 44,657 since the first of the year. This Compares with an
See North Jersey Rapid Transit Co. above-V. 122, p. 3455
Increase of 30.844 in the first ninejmonths of 1925."V. 123, P. 1997.
THE CHRONICLE
Nov. 13 1926.]
-To Retire Pref. Stock and
Quebec Power Co., Montreal.
Increase Authorized Capitalization.
The stockholders will vote Nov. 16 on approving the redemption of the
issued preferred stock with an option for conversion of the same Into common stock, share for share. It is also provided that all such pref. stock
remaining unissued and in the hands of the company be converted into
Common shares.
The stockholders will also vote on increasing the authorized capital
stock from 810,000,000 to $15,000,000.-V. 123, P. 1383•
-Offer Made to Stockholders.
Salem (Mass.) Gas Light Co.
President Hale on Nov. 10 announced that an offer had been received
from Interests associated with Charles H. Tenney & Co. of Boston to purchase the stock of the company and that the director and larger stockholders had decided to accept the offer on the condition that all the stockholders of the company should be given the opportunity to sell their stock
if they so desire on the same terms, they to have until 12 o'clock noon,
Dec. 16 to decide whether to accept this offer or not.
It is understood that the Charles H. Tenney & Co. interests are paying
about 1162 a share for stock of the Salem Gas Light Co. (Boston 'News
-V. 120. p. 2402.
Bureau.")
2521
-Earns.
Union Electric Light & Power Co. of Illinois.
12 Months Ended Sept. 30Operating revenues
Operating expenses
1925.
1926.
$2,503.735 $2.097.149
9.995
12.340
Net operating revenues
Non-operating revenues
12.491.395 12.087.158
25.931
785
Gross income
Interest on funded debt
Amortization of bond discount
Other interest charges
Depreciation reserve
$2.492.180 $2,113,085
535.487
533.626
33,739
33.573
212,679
228.086
543.705
649,116
$787,475
11.047,778
Condensed Balance Sheet Sept. 30.
1926.
1926.
LiabilitiesAssets$57:09%.,000800
$22,574,138 Preferred stock
Property & plant
1,504,693 Common stock
Capital expenditures__ _
11,900 Funded debt
9.375.000
Inter-company accounts_
34,109
14,259 Sundry current liabilities
Prepaid accounts
588,149
261.739 Inter-company accounts_
Open accounts
362.269
885.863 Taxes accrued
Bond & note discount__
Santiago (Cuba) Electric Light & Traction Co.
Interest accrued
128,906
Reserves
eser
1,462.931
Bonds Called for Redemption on Jan. 1 1927.
125,252,592 Surplus
400.427
Total (each side)
-year 6% bonds due Jan. 1 1959 have -v. 123. p. 712.
All of the outstanding 1st mtge. 50
been called for redemption Jan. 1 1927 at 105 and int, at the Equitable
Trust Co., 37 Wall St., N. Y. City.
-Another Offer Made
United Electric Rys., Providence.
The company will purchase at any time prior to Jan. 1 any of the bonds
-The
presented to the Equitable Trust Co. at 105 and int. to the date of delivery. to Preferred Stockholders-Original Proposal Stands.
-V.118, ID• 1393
.
Rhode Island Public Service Co. has made an alternative
Balance
Southern Cities Utilities Co.
-Definitive Bonds.
offer to the stockholders of the United Electric Rys. whereby
two.shares of the service company's pref. stock Will be exchanged for one share of the railway stock, according to an
announcement made Nov. 3. In addition, those disposing
Springfield Gas Light Co.
-To Issue Adcrl Stock.
The company has applied to the Massachusetts Department of Public of their stock under the offer will receive $I per share in
Utilities for authority to issue 31,100 additional shares of capital stock cash if 80% of the stock outstanding is deposited on or before
(par $25) at $37 50 per share. The troceeds will be used to pay for per- Nov. 15. The announcement states that the new offer
manent extensions and additions to t o company's plant and property.
was obtained by the United Electric Rys. directors and that
V. 123. p. 2263.
-Bonds Offered.- all of the directors who own stock have decided to deposit
Texas Power Corp., Seguin, Tex.
Vought & Co., Inc., and L. D. Pierson & Co. Inc., New their shares. The original offer for the traction company's
York, are offering at 99 and int., to yield about 6.55%, stock, made by the servicdcompany under its plan for merging
the United Electric and the Narragansett company, provided
-year 6 % gold bonds.
$400,000 gen. mtge. 30
Dated Sept. 11926; due Sept. 1 1956. Principal and interest(M.& N.) for the exchange of one share of class A of the service company
payable in Chicago or New York. Denom. 11,000, $500 and $100. Red. for one share of the U.E. R.stock. The new offer is optional
all or part on 30 days' notice on any int. date on or before Sept. 1 1932 at
of
105; thereafter on or before Sept. 1 1938 at 104: thereafter on or before with the depositor. He may receive either two shares
Sept. 1 1944 at 103; thereafter on or before Sept. 1 1950 at 102; thereafter the pref. or one share of the class A, as he elects. The
or before March 1 1956 at 101. Company will agree to reimburse holdon
ers of these bonds if requested within 60 days after payment for the Penn.,' statement follows:
Definitive 1st lien 6% gold bonds, series "A." are now exchangeable for
outstanding temporary bonds at the New York Trust Co.. 100 Broadway,
N. Y. City. (For offering, see V. 123, p. 85.)-V. 123, p. 1635.
Calif., Conn. or Kansas 4
-mills, and Maryland 43.4-mills taxes; for the Dist.
of Col., Mich. and Kentucky personal property taxes not exceeding 5 mills
Der $1 per annum; for the Virginia personal property tax not exceeding
mills per $1 per annum, and for the Mass, income tax on the interest
of the bonds not exceeding 6% of such interest per annum. Northern
Trust Co.. Chicago. trustee. Interest payable without deduction for normal Federal income tax not to exceed 2%.
Corporation.
-Recently organized in Texas for the purpose of constructing, maintaining and operating power plants with all necessary equipment
and transmission lines.
Security.
-Secured by a direct (closed) mortgage, subject to $1,600.000
1st mtge. 6% bonds, on all the company's real property, dams, generating
plants, flowage rights (subject to certain farm mortgages), and franchises,
now or hereafter owned, including the power contract but excluding certain
surplus lands not essential to the project nor included in the engineers'
valuations.
Earnings.
-Based on conservative estimates, corporation should have
average annual gross earnings of $255,000 and net earnings after operating
expenses, maintenance and taxes, of $206.950. After payment of annual
Interest on the 1st mtge. 67. bonds, there should be available for annual
interest on the gen. mtge. bonds a sum equivalent to over 4 times the
required amount.
Sinking Fund.
-Indenture provides for a sinking fund beginning Jan. 1
1929 and extending in increasing amounts to Jan. 1 1955. These sinking
fund payments aggregate 1205,000 and are to be used in redemption of the
general mortgage bonds through purchase or call. The sinking fund should
retire one-half of this issue by maturity.
For further details regarding company's property, earnings, power contract, &c., see V. 123, p. 2263.
Tide Water Power Co.
-Opens New Territory.
The town of Atkinson, 20 miles northwest from Wilmington, N. C., heretofore served by small privately-owned power plants, will be connected to
the Tide Water Power Co. service under a franchise to operate in the town
just secured by the company. The extension to serve Atkinson opens up a
new section for Tide Water along North Carolina Highway No.60 and the
Atlantic Coast Line RR. A large number of customers between Wilmington and Atkinson also will be served. General Manager Raymond Hunt
-V. 123,
estimates a gross of 37,000 a year from the service in Atkinson.
p. 1998, 1878.
Union Electric Light & Power Co.
-Earnings.
12 Months Ended Sept. 30Operating revenues
Operating expenses
Taxes
1925.
6
,116
$17192 ;918 $15.477,577
9,613,225 8,472,733
1,827,174
1.685,965
Net operating revenues
Non-operating revenues
$5,817,727 85,177,670
688.486
763,582
Gross income
Interest on funded debt
Amortization of bond discount
Other interest charges
Depreciation reserve
16,581.308 15,866,156
1,212,807
1,268,450
93.519
91.758
Cr23,056
Cr15.551
1,596,906 1,621,323
Balance
Under the plan relating to the lighting and railway properties in Providence and the vicinity, dated July 28 1926, holders of certificates of deposit
for stock of your company are entitled to receive (when and if the plan
Is consummated and the new securities are available for issue on or before
March 15 1927) in exchange for their stock one share of class A stock of
Rhode Island Public Service Co. for each share of their deposited stock.
Your board has now obtained an alternative offer whereby stockholders
participating in the plan may at their option receive. instead of the class A
stock, two shares of pref. stock of the service company. Reasonable
notice of the time within which this option may be exercised will hereafter
be given to all holders of certificates of deposit; or depositors may, at
the time of depositing, notify the depositary of their choice. Unless the
option is exercised within the required time, holders will receive class A
stock.. board has also caused arrangements to be made whereby If at
Your
least 80% of the outstanding stock is deposited under the plan on or before
Nov. 15 1926 the holders of certificates of deposit will also receive in cash
$1 for each share of deposited stock.
Holders of certificates of deposit for stock are thus given the choice of
receiving either two shares of pref. stock or one share of class A stock of the
service company. The pref. stock will have preference in liquidation
and as to dividends over the class A and class LI shares and will entitle
the holders to preferential cumulative dividends at the rate of 12 Per
share per year. This is equivalent to $4 on each railway share exchanged
for said stock. The class A stock will entitle the holders to cumulative
dividends to the extent of $4 per share per year before any dividends
are paid on the class 13 shares of the service company, and will also entitle
holders, after there shall have been paid on the class B shares dividends
to the extent of 75c. a share in any year, to additional non-cumulative
dividtmds to the extent of $2 per share before any further dividends are
paid on the class B stock in that year.
The plan requires that $6.000,000 in cash be paid for the class B stock
which will be junior to the pref. and class A stock. It also requires that
the service company pay $100,000 a year (plus income on bonds theretofore
purchased) to purchase bonds of your company and subordinate the same
to the remaining outstanding bonds of your company.
Your board is informed that many large owners of stock have already
deposited, or agreed to deposit on or before Nov. 15 1926. their stock
(amounting to over 25% of the shares outstanding) under the plan upon
the terms above stated. Your board is also informed that more than the
two-thirds of the stock of Narragansett Electric Lighting Co. necessary
to carry the plan into effect s now held for the purpose of consummating
the plan and that the plan will be carried into effect if at least 51% of the
stock of your company is deposited before Nov. 15 1926 unless one or
more of the conditions in the plan shall exist on March 15 1927 or unless
on account of any legal difficulty it shall be impossible to have the new
securities contemplated by the plan available for distribution by March 15
1927.
Your board has carefully considered the plan and the additional
arrangements above stated. They contain the best proposition for stockholders of your company which your board has received. Such of your
directors as own stock of your cornapny have decided to deposit their
shares under the plan and agreement.
Stockholders desiring to deposit should deliver their certificates representing such stock to Rhode Island Hospital Trust Co., Providence, 13
depositary, not later than Nov. 15.
;Frederick S. Peck, one of the directors, has joined in underwriting
the class B stock of the service company in order to assist in putting through
the plan.]
-V. 123, p. 1998. 1879.
$3,647.251 $2,954,058
Condensed Balance Sheet Sept. 30.
-15% Pref. Dividend
United Railways Investment Co.
1920.
1925.
1926.
1925.
Liabilities-Assets
Preferred stock_ _ _12,944,600 9,000,000 -To Dissolve.
-The directors have declared a dividend of
Property & plant_48,154,210 45,008,913 Common stock_ _ _19.500,000 13,000,000 15% on the
preferred stock, payable Nov. 22 to holders of
Capital expends__ 3,161,699 1,885,046 Funded debt
25,369,000 25,369,000
Sundry invest'ts_ A5,389,068 8.361,552 Accounts payable. 347.802
367,508 record the same date.
1.424.292
981,921 Sundry curr. nab_ 467,894
cash
The board on Nov. 11 voted to recommend thedissolutionofthe company
7,650
31.268 Inter- co. Recta__ 233,664 3,379,554 to the stockholders at a special meeting to.be held Nov. 23.
Notes & bills rec
Accts.receivable. _ 1,604,667 1,553,612 Taxes accrued_ ___ 1,380,739 1,328,287
The United Railways Investment Co. has outstanding 158.300 shares of
Mat'!& supplies.. 970,904 1,013,321 Interest accrued__ 364,858
364,858 5% preferred stock and 204,000 shares of common stock. It owns minority
Inter-co. accounts 5,154,936 9,719,465 Sundry accr. Ilab.
822 holdings of the company controlling electric, gas and street railway proper36,018
72.586
Prepaid accounts.
62,750 Open accounts._
52,627 ties In Pittsburgh and also owns indirectly a substantial minority invest-V.123, p. 1998.
139,912 Reserves
10,186,220 8,831,822 ment in the Market Street Ry.system of San Francisco.
Open accounts_
850.735 Surplus
5,863,652 5,512,420
Bond & note Mixt_ 760,427
76,700,439 87,608,404
Total
-Nr. 123, p. 845.
Total
76,700,439 67,608,494
-To Increase Bond Issue
Virginia Electric &•Power Co.
and Reclassify Unissued 7% Preferred Stock.
The stockholders will vote Nov.23 on authorizing the issue ofan additional
$9.000.000 of 1st & ref. mtge. 5% gold bonds (at present there are $3.000,000 of the same issue outstanding).
The stockholders will also vote on reclassifying 14,513.000 of unissued
[As Reported to the Mass. Department of Public Utilities.]
-Quer.End. Sept.30- -9 Mos. End. Sept. 30
- 7% cumul. pref. stock and on providing for its issuance as6% cumul. pref.
stock.
1926.
Period
1925.
$389,647
$404.647 $1.125,028 S1.117,846
Operating revenues
Offer Made to Stockholders of Norfolk R!. &Light Co.291,317
912.742
312.530
Operating expenses
919,495
-V. 23. p. 263.
'
See Norfolk Ry. & Light Co. above.
72,438
146.638
71,065
135.529
Gross Income
68.717
67.953
126.792
135.704
Net income
-To Create New Bond Issue
Western Power Corporation.
24,375
48,750
121,875
146,250
Dividends
-Initial Issue of $10,000,000 to Be Offered Shortly,-V. 123, P. 583.
Union Street Ry. of New Bedford.
--Earnings.
2522
THE CHRONICLE
The stockholders will vote Nov. 23 on: (1) Consenting to the execution
of a collateral trust indenture (in such form and to such trustee as may be
approved by the directors), under which may be pledged all or any of the
stocks and other securities now owned or hereafter acquired by this corporation, to secure an issue ofcollateral trust gold bonds (limited to 330,000,000 outstanding at any one time), to be issued, from time to time, in one
or more series, bearing such rates of interest and having such other terms
and characteristics as may, from time to time, be authorized by the directors; and consenting to the issue and sale of such bonds,from time to time,
as and when the directors shall determine.
(2) Consenting to the initial issue under the collateral trust indenture of
310.000,000 series A 534% convertible collateral trust gold bonds, to be
convertible into shares of common stock of North American Co. upon the
basis of $75 per share for the first $2.000,000 of bonds converted. $81 25
per share for the next $2.000.000 of bonds converted, $87 50 per share for
the next $2,000,000 of bonds converted, $93 75 per share for the next
$2,000.000 of bonds converted, and $100 per share for the remainder of
bonds converted; and consenting to arrangements to be made by the
directors with the North American Co. for the delivery to the corporation
of shares of common stock ($10 par value) of the North American Co. in
exchange for shares of common stock (without par value) of the corporation
(whether now or hereafter authorized) in the ratio of 1 3.1 shares of common
stock of the North American Co.for one share of common stock of the corporation, as and when requisition shall be made by the corporation for the
purpose of having such common stock of the North American Co. available
for delivery against conversion of the bonds of series A.
The new issue will represent one of the most important pieces of public
utility financing on the coast this year. The financing is scheduled for
the near future and the $10,000,000 bond issue will replace the outstanding
634% debentures. The offering will be made by a group headed by Pierce,
Fair & Co., Blyth, Witter & Co., and E. 11. Rollins & Sons.
The Western Power Corporation (a subsidiary of the North American Co.)
controls through stock ownership the Great Western Power Co. of California, San Joaquin Light & Power Corp., the Midland Counties Public
Service Corp., the California Electric Generating Co., and the Western
Canal Co. The electric properties of these subsidiaries are interconnected
to form a power system including 21 generating stations with present installed capacity of 395,000 h.p., of which 109,000 h.p. Is steam and 286,000
h.p. hydro-electric. Under present plans, the hydro-electric development
of the Great Western and San Joaquin companies ultimately will have a
capacity of 1,600,000 h.p. Population served by the California companies
Is 1.500,000.-V. 122, p. 2950.
West Penn Electric Co.
-Earnings.
-
12 Months Ended Sept. 301925.
1926.
Gross revenue
330,857.592 $33,539,482
Net inc. after all charges, incl. res. for renewals
& replacements
$3,262,196 $4,115,685
Preferred dividend requirements
1,548.729
Class A requirements
414.806
Balance
-V. 123, p. 208.
$2,152,150
rum- 123
Worcester Consolidated Street Ry.-Earnings.-
-Quar. End. Sept. 30- -9 Mos.End.Sept.30
.
Period
Operating revenue
$749:680
$849 452 $2,497:782 $2,713:526
:
Operating expenses
$714,960
$754,449 $2,203,281 $2,234,132
Gross income
23.215
Net loss
57,560
14.701
36,479 sur125, 40
8
In the quarter ended Sept. 30 1926 the company carried 7,438.188
Passengers at an average fare of 9.36c., compared with 8,525,205 passengers and average fare of 9.29c. in the same quarter a year ago. For
the nine months of 1926 passnegers carried totaled 25,261,134, against
27.868,721. and the average fare was 9.25c., against 91.11c.
Stockholders at the annual meeting Nov. 3 gave the directors authority
to discontinue unprofitable lines and sell the equipment.
-V. 123. p. 1253.
INDUSTRIAL AND MISCELLANEOUS
Refined Sugar Prices.
-On Nov. 10 Federal reduced price 5 points to
5.65c. per lb.
Milk Price in Boston Advanced 34 Cent Per Quart.
-Effective Nov. 15
price will be 9c. per qt. to dealers and 15 to 1534c. per qt. to consumers.
"Wall Street Journal" Nov. 12.
Garment Workers End Strike
-Agreement Indicates Set Back for Union.
-week struggle ends as leaders of union and manufacturers agree to settle19
ment. Formal agreements to be made within two weeks. Wage loss to
workers said to reach $30,000,000. Loss to manufacturers inestimable.
Union surrenders two main points of contention (a) the "right to a job,'
and (b) demand for guarantee of 36 weeks work per year.
-New York
"Times" Nov. 12, p. 1.
Textile Strike in Passaic, N. J.
-First mill to break away from the lineup of manufacturers and to recognize formally the American Federation of
Labor, is the Passaic Worsted Spinning Co. which settled strike with its
own employees, conceding their right to collective bargaining.
-New York
"Times Nov. 12,p. 14.
Coal Miners in Virginia Are Given 30% Wage Increase Based on General
Favorable Conditions.
-New York "Times" Nov. 9, p. 20.
McKeesport Tin Plate Co. Workers Strike.
-700 employees walk out because of instruction to run metal through the rolls 3 times instead of twice
and certain strips 5 times instead of 4.
-New York "Times" Nov. 10,p. 15.
Tire Prices Reduced.
-The B. F. Goodrich and the Goodyear Tire &
Rubber companies announced price reductions on their general tire lines
effective Nov. 15, averaging about 10%. The reductions are expected to
2 y the other principal manufacturers.
b
.
-New York "Evening Post"
Nbeovm.elt
Matters Covered in "Chronicle" Nov.6.-(a) Formation of 9 cotton finance
corporations with capital of $16,000,000 undertaken,according to E. Meyer,
Chairman of Cotton Committee.
-p. 2335. (b) Other data on cotton
situation.
-p.2335, 2338. (c) Opening of Montreal's new curb market.
p. 2339. (d) G. L. Miller & Co., Inc. failure.
-p.2340.
Air Reduction Co., Inc.
-Listing.
The New
Westphalia United Electric Power Corp. (Vereinigte Honel sharesXork Stock Exchange has authorized the listing of 9,915 gddiof common stock (auth. 293,334 shares) without par value on
Elektrizitatswerke Westfalen (G. m. b. H.), Germany.
- official notice of issuance and payment in full, making a total amount
Comparative Balance Sheet.
xJune30'26. Dec.31'25.
June30 26. Dec.31'25.
AssetsMarks.
Marks.
LiabilitiesMarks.
Marks.
Plant property, less
Capital stock
40,000,000 40,000,000
depreciation_ _ _ _66,717,605 62,739,839 Notes payable__ _ _ 817,667 2,145,145
Cash
1,648,114 19,772,778 Accounts payable_ 3,330,208 4,065,327
Cust'm accts. rec_ 3,252,313 4,263.614 Loans payable...-11,792,239 12,404,115
Sundry debtors_ _ _ 611,238
990,777 834% 1st M.bds-31,500,000 31,500,000
Inventories
3,141,298 3,014,694 Guar. (per contra) 3,535,805 1,000,000
Loans receivable_ _10,259,649 5,185,963 Legal reserve
4.000,000 4,000,000
Invest. (GemeinPensions fund_ _ .. 4,170,259 4,200,000
schaftswerk HatConcession fees,&c. 1,351,229 1,469,233
tingenG.m.b.H.) 4,057,647 4,057,647 Surplus
2,477,016 2,874,116
Other investments 9,750,755 2,632,624
Guar. (per contra) 3,535,805 1,000,0001
Total
102,974,423103,657,936 I Total
102,974,423103.657,936
x Subject to correction and adjustment at the end of the fiscal year.
Wisconsin Electric Power Co.
-Earnings.
-
12 Months Ended Sept. 30Operating revenues
Operating expenses
Taxes
1926.
1925.
$1.761,949 $1,594,205
20,502
20,912
80,262
93.579
Net operating revenues
Non-operating revenues
$1.661,185 $1.479,714
61.770
Gross income
Interest on funded debt
Amortization of bond discount
Other interest charges
Depreciation reserve
$1.661,185 *1.541.484
435,450
444.515
84,550
79.436
11,581
5.752
431,171
384,845
Balance
3698,433
Condensed Balance Sheet Sept. 30.
1926.
1925.
1926.
Assets$
Liabilities$
$
Property & plant_14,168,839 13,146,057 Preferred stock_..- 3,644,358
Capital expends__ 1,984,398
643,931 Common stock- -- 3,500,000
Cash
481,248
81,879 Funded debt
8,550,000
Inter-co. accounts
22,453
433,394 Accounts payable_
7,437
Open accounts. _ _ _
15,356
68,244 Sundry curr. Bab_
2,385
Bond & note(Mot_ 1,767,261 1,852,716 Inter-co. accounts 158,712
Res.sink.& special
Taxes accrued_ _ _ _
123,967
fund
7,663
11,900 Interest accrued__
71,250
Dividends accrued
487
Reserves
1,751,017
Tot.(each side)_18,447,218 16,238,121 Surplus
637.604
-V. 123. 1). 545
.
$626,936
1925.
$
2,414,618
3,000,000
8,730.000
2,543
11,675
107,018
72.750
1,089
1,330,399
568.029
Wisconsin Gas & Electric Co.
-Earnings.
-
12 Months Ended Sept. 30Operating revenues
Operating expenses
Taxes
1925.
1926.
$5,404,980 $4,853,446
3,350,191
2,970.533
439,009
372.901
Net operating revenues
Non-operating revenues
31,615.780 31,510,012
59,477
49.732
applied for of 246,438 shares.
The company proposes to issue at this time up to 9,232 shares of its
capital stock to acquire up to 3,357 shares of the common stock of the
Commercial Acetylene Supply Co., Inc., such acquisition to be at the rate
of 2 shares of company's stock for each share of Commercial Acetylene
Supply Co., Inc., common stock.
The Commercial Acetylene Supply Co., Inc., is a New Jersey corporation
with an authorized capital of 8200.0007% cumulative non-voting preferred
stock, and 6.000 shares of common stock (par $100). The Commercial
Company is engaged in the manufacture and sale of acetylene gas and containers therefore and is the third largest producer of such gas in the United
States. It has 6 plants located at Los Angeles and Berkeley, Calif.; Blue
Island, Ill.; East Deerfield, Mass.; Bound Brook, N. J. and Atlanta, Ga,
Consol. Income Report for 9 Months Ended Sept. 30 1926 (Air ReductionCo.).
Gross income
$9,334,556
Operating expenses
5,988.986
Reserve for depreciation of property and amortization
1,378,598
Net profit
$1,966,973
Surplus balance, Jan. 1 1926
3,582,870
Total
$5,549,842
Dividends
857,202
Adjustment of accrual for 1925 Federal taxes
Dr.9,666
Adjustment due to Consolidation National Carbide Co
Cr.888
Surplus balance, Sept. 30 1926
34.683,862
Condensed Operating Statement for Fiscal Periods
(Commercial Acetylene Supply Co., Inc.)
9 Mos.
Year
1926.
1925.
Gross income
$1,066,684 $1,376,783
Operating expenses
786,940
1.059.262
Reserves for depreciation
61,556
74,680
Federal taxes
29,460
32,144
Preferred stock dividends
10,500
14,000
Balance applicable to 4,320 shares common_ _ -- 3178,228
3196.697
Comparative Balance Sheet. (Air Reduction Co.)
Sept. 30'26. Dec.31 '25.
Sept. 30'26. Dec.31 '25.
Assets$
$
Liabilities$
$
Land,b1dgs.,equip.
Capital stock
x4,400,010
&c
a6,064.080 6,353,110 Accounts payable_ 376,447 4,400,010
323,898
Investments
3,007.160 2,824,794 Dividends payable 452,912
202,526
Cash
3,022,652 1,924.518 Res. for Fed. taxes
66,149
244,754
U.S. Lib. bonds &
Res.for local taxes,
other securities_ 1,571,107
750,000 &c
210,961
295,667
Notes & loans rec.
61,519
62,552 Res.for insur.fund
18,789
39,323
Accts.receivable__ 2,024,098 1,959,592 Rea. for coating- 483,147
1,243,617 1,372,591 Min. int. (Nat. 916,324
Inventories
Patents, &c
13630,769
705,308
Carbide Corp.)88,999
21,701
Deferred assets_
124,238
95,043 Surplus
11,180,707 10,074,424
Total
17,749.241 16,047,507 Total
17,749,241 16,047.507
a After depreciation reserve of $6.667,608. b Less amortization to date
of $1,946,882. x Represented by 201.204 1-5 shares no par value.
V. 123, p. 2263.
Alaska Juneau Gold Mining Co.
-Earnings.
Month of October1925.
1926.
Gross income
$1,675,257 $1,559,743 Gross profit
$202,000
$187,000
Deficit
Interest on funded debt
285,248
315,014 -V. after interest and capital expenses
sur9,950
23.250
123, p. 1879.
Amortization of bond discount
12,719
11.439
Other interest charges
Cr36,283
Cr11.634
Allis-Chalmers Mfg. Co.
-Unfilled Orders.
Depreciation reserve
428,710
437.455
The unfilled orders on hand as Of Nov. 1 amounted to approximaiely
Balance
$984,862
$807.470 i12.993,000. as compared with $13,323,325 on Sept. 30 and $10,147,073
at the beginning of the year.
Condensed Balance Sheet Sept. 30.
President Otto H. Falk says in substance: "I expect
no falling
1925.
1926.
1926.
business during the fourth quarter of 1926, and some acceleration In off in
1925.
billings.
Assets.
For the first quarter of 1927 I see good business generally,
Property & plant_13,217,255 12,168,013 Preferred stock_
4.500,000 3,000,000 ahead as I can safely estimate. Public utilities have been which is as far
going ahead with
569.207 Common stock_ _ 4,000,000 2,615,000 plans for expansion and our volume from this
Capital expends__ 876,356
should be
157,400 Funded debt
Treasury securities 156.200
5,649,500 5,693,000 large. There are several sizable public utility group next year for before
orders
Sundry invest'ts._ 181,400
6,000
602,025 the end ofthe current year which,if we are successful in to be bid our share.
149,600 Notes & bills pay_
acquiring
Cash
521,309 Accounts payable_ 255.632
126,032 would swell our 1926 volume above estimated.
130,394
Notes & bills rec._
10,914 Sundry curr. hub_ 207,727
"During October few large orders were
163.508
10,990
Shipments increased
Accts.receivable
543,763 Inter-co. accounts 242,269
652,177 and unfilled orders were therefore slightlyreceived.Nov. than a month
707,536
less on
1
Mat'l di supplies
288,485 previously. I should estimate Nov. 1 unfilled business at less than 313.
403,569 Taxes accrued_ _ _ 376,832
470,607
Inter-co. accounts 172,827
96,438
96,421 Interest accrued_ _
97,905 000.000." Compare V. 123, p. 2264.
Prepaid accounts_
72,743
1,067
1,445 Dividends accrued
1,279
Open account& _ _ 2,920,845 1,388,459 Sundry accr. nab_
Amerada Corp.
10,798
11,640
-Seminole Well Increases Flow.
Bond & note disct_ 326,821
The corporation announces a large increase in the flow of oil through the
147,768
339,468 Open accounts_ ___ 160,368
Res.sink.& special
2,606.279 2,193,451 deepening of well State No. 1, near Earlsboro, in the Seminole Pool, from
Reserves
fund
1,112,700
849,555 4.272 to 4,276 feet. Previous to Nov. 7 the well had been flowing at the
124,774
92,046 Surplus
rate of from 200 to 300 barrels of oil daily when
of the Wilcox
Total
19,297,284 16,441,614 sand, but with the added 4 feet depth the well isin 2 or 3 feet
19,297,284 18,441,614
Total
bringing in approximately
-V.123, p. 845.
3,360 barrels daily.
Nov. 13 1926.]
THE CHRONICLE
lease'rho corporation owns a quarter interest in approximately 280 acres
remainder
hold near the Township of Earlsboro, Seminole Pool. Of the by Westof this tract, one-half is owned by Gypsy Oil Co. and one-qaurter Range 5
North,
land Oil Co. This well, which is in section 16. Township 9 which Amerada
East, Lincoln County, Okla., offsets an 80 acre tract in
-V. 123, p. 2263, 1764.
owns a full interest.
2523
Arundel Mortgage Co., Baltimore, Md.-Bonds Offered.
-Nelson, Cook & Co., Baltimore, are offering at 100 and
interest, $250,000 first mortgage 6% certificates, series B.
-Production, &c.
Alpine Montan Steel Corp.
10 Mos.'25.
Oct. 1926.
Production (Tons)802,300
81,600
Coal
928,100
77,100
Raw iron ore
277,700
22,500
Pig iron
288,500
21,000
Steel ingots
221,400
15.600
Rolled iron
11,580
1.200
Workshop manufactures
Shipments (Tons)
351,700
53,100
Coal to customers other than subsidiaries_ _ _ _
65,400
9,600
Pig iron
197,000
17,200
Rolled iron
Orders Received (Tons)
349,300
63,100
Coal
59,3°0
9,100
Pig iron
227,600
13 700
ingots
Steel
810.29,000
$1,09,000
Total outgoing invoices
At the end of Oct. 1926 there were at work in the company's plants 6,160
-V. 123, P• 1384•
miners and 4.971 mill hands, a total of 11,131 people.
Dated Nov. 1 1926; due Nov. 1 1929-31. Interest payable M & N. at
Century Trust CO. of Baltimore, trustee.
The certificates are secured by first mortgages guaranteed both as to
principal and interest by the Maryland Casualty Co.(of Baltimore), with
resources of over $37,000,000.
-Certificates are secured by deposit with the trustee of
First Mortgage.
U. S. Government obligations, cash or first mortgages on improved fee
simple or leasehold real estate, consisting principally of residential property.
assigned to the trustee. Mortgages assigned to the trustee are for only
50% of the appraised value of the property, or 60% of same where amortized at the rate of not less than 5% per annum until not in excess of 50%
-V. 123. P• 1765.
These first mortgages average $3,385 each.
-New Wells.
Associated Oil Co.
This company reports the bringing in on Oct. 8 of another well in the
Ventura field. The new one, Lloyd Well No. 32. was brought in with a
flow of 1.050 bbls. of 26.6 gravity,3,500.000 cubic feet ofgas and 300 pounds
pressure.
The company also reported on Oct.7 the bringing in of Lloyd Well No.17,
with a flow of 5.000 bbls. a day of 30.5 gravity oil, 2,000,000 cubic feet of
-V.123, p. 1509.
gas and 380 pounds pressure.
-FalsifiAutomobile Insurance Co., Hartford, Conn.
-New Company Formed to Exploit cation in Liabilities Charged by Actuary.
American Anode, Inc.
Process.
says: Liabilities in the AutoNew Patented
A Hartford. Conn., despatch Nov. 5.
The following is taken from the Cleveland "Plain Dealer" of Oct. 29:
Revolutionary changes in the rubber industry are predicted by Akron
rubber experts as a result of the formation Oct. 28 of American Anode,
Inc., by the B. F. Goodrich Co., the Eastman Kodak Co. and the Anode
Rubber Co.. Ltd., of Great Britain. for the purpose of manufacturing
rubber articles by a method different than any used by the industry
heretofore.
The new organization, backed by the almost unlimited resources of
the three parent companies, has for its purpose the manufacture in America
of rubber goods under processes patented by Dr. Paul Klein of Budapest
and Doctors S. E. Shepherd and L. W.Eberlin of the Eastman laboratories.
The processes covered by the combined patents will revolutionize the
methods of compounding, milling and vulcanizing rubber in use to-day.
acprding to Goodrich officials.
"Under the new process, the principal involved is the deposition of
rubber on the anode of an electric circuit, the anode serving as a mold
or form. Methods of suspending compounded ingredients in the latex
electrolytic solution also have been perfected and patented, as well as
means for maintaining a constant concentration of the mixture," it is
stated.
The latter patents are the ones which have made possible the use in
a commercial way of the new discovery. By the new processes it is possible to rubber-plate molds of any shape with rubber of tissue-paper thinness
may be
to several inches thick, Goodrich experts say. The processesGoodrich
utilized in the mammoth rubber boot and shoe department of the
corporation to impregnate and cover the basix fabrics used, it is pointed out.
Arrangements already are being made with insulated wire makers to
use the new process in insulating electric wires more speedily and with
a far stronger coating than has been used hitherto, it is said.
The new corporation has for its directors Julius Klein, Vice-Chairman
of the Hungarian General Creldt Bank, Budapest: Howard Sachs (of
Goldman, Sachs & Co.), New York: W. G. Stuber (President of Eastman
-Pros, of Eastman Kodak Co.), B. G.
Kodak Co.), F. W. Lovejoy (V.
Work (Pres. of the B. F. Goodrcih Co.), and F. C. Van Cleef (Sec. of the
Goodrich company).
H. G. Work serves as Chairman of the board; Julius Klein as President,
F. C. Van elect, V.-Pres. & Sec., and F. W. Lovejoy, Treas.
The corporation will have offices at 1780 Broadway, New York, as
well as in Akron, where commercial development of the processes will be
undertaken immediately in the Goodrich factories.
-Changes Name, &c.
American Electrice Corp.
It was announced on Nov. 5 that this corporation had changed its name
to Belding-Ball Electrice Corporation.
Charles B. Bohn, President of the Bohn Aluminum & Brass Co.. Detroit,
has been elected Chairman, and Arthur L. Cash, formerly head of the
Northway Motors Division of the General Motors Corp.. as Vice-President
and General Manager.
New directors are Mr.Bohn,Mr.Cash and Edward Ver Linden,President
of the Peerless Motor Car Corp.
The directors have voted to move the offices of the corporation. now
-V. 123, p. 1879.
at 475 Fifth Ave., New York City, to Belding, Mich.
-To Use Planes.American Railway Express Co.
mobile Insurance Co.'s report of Dec. 31 1925. were understated and
"deliberately falsified," according to the report, just made public by the
Corcoran, the department's
State Insurance Department, of William
M.
actuary, to Commissioner Howard P. Dunham. The report submitted.
examination of the company's affairs covering four years
after an exhaustive
up to that date, shows liabilities to have been understated by the company
to the extent of $7,215,314 and a deficit of $6,294,203.
The Automobile Insurance Co.. a subsidiary of Aetna Life Insurance Co.
early this year was reorganized following a decline In the price of the automobile company's stock from $875 to $370 a share. The report points out.
however,that since a recent issue of$1,000,000 of new capital stock of$1.200
a share $11,000,000 has been added to the surplus, and "a reasonable sound
financial condition of the company's affairs" created.
"Serious irregularities in the bookkeeping of the company," and a
"highly improper procedure" adopted with respect to its liabilities were
reported. That marine insurance deals were made with London companies
upon terms so disadvantageous to the automobile insurance company as to
be called "preposterous" by underwriting officers of the London companies
Involved, was also revealed.
It was found, the report says, that in various years, certain expenditures
were charged to accounts for which no such expenditures were. in fact.
made. In certain cases also receipts were so entered as "to disguise the fact
-V. 122, p. 2334.
that corresponding liabilities were created."
Autosales C orp.-Listing.-
The New York Stock Exchange has authorized the listing of 80.592 shares
of common stock (without par value) on official notice of issuance in exchange for outstanding shares of common stock par $50 each on the basis of
one share of common stock without par value for each share of present
outstanding common stock, par $50 each.
Income Account for 8 Months Ended August 311926.
$1.062.350
Net sales
996.740
Cost of sales, including cost of goods sold, oper. & adm. exps
2.402
Interest on weighing and sales company bonds and loans
4,136
Depreciation
Net profits
Other income credits
$59,073
33,531
Total income
Other income charges
Provision for current year's Federal tax (estimated)
$92,604
2,598
10,239
$79.767
Net profits for period
Comparative Balance Sheets.
Aug. 31'26. Dec. 31'25.
3125. LiabilUiesAug. 3126. Dec.
Assets$983,747 $974,430 Preferred stock _ _ _S2,886,514 $2,886,514
Machines
46,833 Common stock__.. 4,029.570 4,029.570
43,982
Mach'y & equip
Weighing & Sales
Pats., leases, con70,007
69,707
Co. 5% bonds__
5,189,703 5,189,743
tracts, &c
60,536 Reserve for taxes,
129,288
Cash
59,290
53,506
125
losses, &c
Notes receivable_ _
53,176
37,573
5,737 Accounts payable_
10,044
Acc'ts receivable__
455
1.104
Accrued int. pay'le
Markttable seeurs.
305,754
395,773
624,694 Surplus
and investments 571,504
187,413
177,814
Inventories
13,889
14.760
Deferred charges_ _
301,367
Total(each side) $7,473,746 $7,404,766
Special investment 352.904
-V. 123. p. 2143.
entered
Pres, Robert E. M. Cowie announced that a contract had been inauguInto by this company with the National Air Transport, Inc., for theis to be
service on two routes. The first route
ration of an air express
between New York and Chicago and the second between Chicago and Dallas. Texas, with service to intermediate points on both routes. Under the
contract, it is proposed to establish this air service, as an auxiliary to the
railway express system, and to have it in full operation on or before April 15
-Equipment Orders.
Baldwin Locomotive Works.
1927. Details of regulations for the acceptance of business and schedules,
President Vauclain announces the company has received an order for
tariffs and methods of operation will be made public later. It will be the 41 locomotives of various types from the Atchison Topeka & Santa Fe Ry.
first time that the airplane has been utilized for the transportation of
The company also received an order from the Seaboard Air Line Ry.
express matter.
-V. 123. p. 2394, 2000.
for 25 swtiching engines.
Among the officers and stockholders of the National Air Transport, Inc.,
are: Howard Coffin, Pres.- C. M. Keys, Pres. of the Curtiss Airplane &
-The Balti-Bonds Offered.
Baltimore Mortgage Corp.
'
Co.: Charles L. Lawrence, Pres, of the Wright Aeronautical Corp.;
Motor
Clarence Dillon, Glenn H. Curtiss, William A. Rockefeller of New York; more Trust Co., Baltimore, is offering at 100 and interest
-V.123. P. 1870. 87.
Marshall Field and Philip K. Wrigley of Chicago.
$500,000 5% guaranteed collateral trust gold bonds,
American Safety Razor Corp.-Earnings.-
-Quer.End. Sept.30- -9 Mos. Sept. 30.
1925.
1926.
1925.
1926.
Period$888,291
$941.632
income
$340.862
$288,017
x Net
-V. 123, P• 2264.
x After depreciation, &c., but before Federal taxes.
-Balance Sheet,
American Seating Corp. (& Subs.).
Sept. 30 1926.-Liabilities
Assets
x$3,200,000
Preferred stock
Plant and property (less
y2,530,166
depreciation reserve)__ $3,547,993 Common stock
230,000
1,726,716 1st mtge. bond ofsub.co.
Cash
4,000,000
175,000 Gold notes
Market investments_
326,117
Bills and accounts rec... _ 3,444,292 Accounts payable
1,711,630 Reserve for Federal taxes
Inventories
and contingencies- - - 146,957
73,508
charges
Prepaid
Res. for Amer. Seating
245.899
Co. undeposited stock_
Total
$10,679,138
Total
Represented by 80,000 shares of no par value.
-V. 123, p. 2393.
120,000 shares of no par value.
$10,679,138
y Represented by
-On Curb.
Anglo-Chilean Consolidated Nitrate Corp.
The common stock was admitted to trading on the New York Curb
Market Nov. 11. The total listing comprised 1,756,750 shares of no par
value, of which 123.750 shares are being issued to holders of corporation's
-year 7% debenture bonds. Each of these bonds has had
$16,500.000 20
the right since Nov. 1 1926 to receive 7A shares of common for each $1.000
bond.
It is stated that the new American methods embodied in the Guggenheim
process are expected to enable the corporation's new plant te produce
nitrate at a cost substantially-lower than that hitherto obtained. The
plant which has been under construction for approximately two years is
-V. 123, p. 2264.
now about to commence operations.
-50% Stock Dividend.
Anglo-Persian Oil Co., Ltd.
series A. Secured by guaranteed first mortgages on real
estate.
Dated Oct. 11926. Maturities: $100,000 Oct. 11929; $300,000 Oct. 1
1931: $100.000 Oct. 11936. Interest payable A. & 0. Denom. $500 and
$1,000 c*. Redeemable on any interest date at 101 and interest. Corporation agrees to refund any State or local taxes on securities or on the income
therefrom up to 5 mills per annum,upon application. Principal and interest
payable at Central Union Trust Co., New York, or Baltimore Trust Co..
Baltimore, trustee.
-Does a general business in guaranteed first mortgages on
Corporation.
real estate and in guaranteed first mortgage real estate bonds, purchasing
such mortgages or bonds chiefly through mortgage companies operating in
various cities throughout the United States.
-The National Surety Co. guarantees the payment of principal
Guaranty.
and interest of each bond by endorsement on each bond.
,
-The security for the bonds of this issue consists of
The Mortgages.
guaranteed first mortgages on fee simple and leasehold real estate, all of
which mortgages have been guaranteed as to principal and interest by the
National Surety Co. as guarantor and deposited with the trustee. The
mortgages are made for not more than 60% of the appraised value of fee
simple properties and nor more than 50% in the case of leasehold properties
The mortgages deposited with the trustee under this series average in
amount approximately 55.000. Each mortgage is the obligation of a
berrower whose responsibility has been investigated and approved by a
mortgage company In the locality in which the property securing the mortgage Is situated.
-New Financing.
Beacon Oil Co.
The company has sold to White, Weld & Co. an issue of $3.000,000
-year 6% debentures, carrying stock option warrants. A public offering
10
is expected shortly.
Earnings for Three and Nine Months Ended Sept. 30 1926.
Quar. End. 9 Mos.End.
Sept.30 '26. Sept.30 '26.
Period51,805.402 $3,935.164
Gross income
1,152,567
Expenses, interest and depreciation
2,925.734
45,243
Preferred dividends
135.719
Surplus (before Federal taxes)
having re$607,592
York
$873.711
The Committee on Securities of the New it willCurb Market50% stock -V. 123. p. 1765.
distribute a
that
ceived information from the company
29 to holders of record Nov. 20.
Nov.
dividend on the ordinary stock on not be quoted ex stock dividend on the
Hall Electrice Corporation.
Belding-New Name.
rules that the ordinary stock shall until further notice.
See American Electrice Corporation above.
-V.123. P. 2000.
New York Curb on Nov. 10 and not
2524
THE CHRONICLE
Belding Heminway Co.
-Cash Position Strengthened.
Sales for the last quarter increased substantially, according to an official
announcement of the corporation. Cash on hand Nov. 1 1926 totaled
$1.700,000, after payment of a dividend amounting to $320,000, taxes
amounting to $50,000 and buying back more than $400,000 of the outstanding 6% notes.
-V. 123. P. 2000.
Bingham Mines Co.
-Earnings.
---
Earnings for October after taxes but before depreciation
depletion
charges are estimated at approximately $18.000, comparingand $25,435
with
in September. For the first nine months this year net profit after taxes
was $185,444.-V. 123, p. 846.
Bristol (Conn.) Mfg. Co.
--Receivership Order Discontinued.The receivership of the company was ordered terminated Nov. 15 in
decision by Judge Nickerson of the Connecticut Superior Court Oct. 25. a
Judge Nickerson criticized the report of the receiver. the American Trust
Co., in the following terms: "The account now submitted is incomplete.
No items are entered regarding a disbursement of $1,576 to W. J. Hemingway. To enter in a receiver's report a disbursement of that sum to a
person without indicating the nature of it is not the correct way of making
reports in receivership cases. It has cost $2.622 to conduct the receivership
since April 1. The balance on bond is now $18.271. That is $1,355 less
than it was six months ago. The expenses of the reciver do not justify a
longer continuation."
-V. 118, p. 2576. 1272.
Bristol Mfg. Corp., New Bedford.
-Smaller Dividend.
-
The directors have declared a quarterly dividend of $1 50 Per share.
payable Dec. 1 to holders of record. Nov. 8. In June and September
the company made quarterly disbursements of $2 per share, while in last
the
five previous quarters extra distributions of $1 per share were paid In addition to the regular dividends of $2 per share.
-"V. 122. p. 2803.
Butte Copper & Zinc Co.
-50c. Dividend.
-
The directors have declared a dividend of 50c. per share on the capital
stock, payable Dec. 24 to holders of record Dec. 9. A similar distribution
was made on Dec. 24 1925; none since.
-V. 123, p. 2394.
California Cotton Mills Co.
-Balance Sheet.AssetsJuly 31'26. Dec. 31'25.
Fixed assets
$4,427,034 $4,151,236
Cash
85,959
57,674
Acc'ts &c., reedy. 428,258
439,204
Inventories
2,308,214 1,873,385
Adv. on purchases
39,500
Patents
23,435
23,117
Deferred charges__ 123,109
116,899
Total
57,396,009 16,701,015
-V. 122, p. 1922.
[vol. 123.
Mortgage Co., Inc. Corporate trustee,
Co., Chicago. Individual trustee, HaroldAmerican Trust & Safe Deposit
A. Moore. Callable at 101 and
Interest. Normal Federal income tax up to 2% on
the annual interest paid
when claimed and Penn., Conn. and Vermont
4 mills tax, Dist. of Col. 5
mills tax, Mass. and New Hamp. income tax up
refundable upon proper application. Commencingto 8% of the interest
Aug. 5 1927, on the
interest, and Feb.5 1929 on the principal, the
owner agrees to pay monthly
to the American Bond & Mortgage
succeeding installment of interest Co. Inc., for the purpose of paying each
and
and principal payments due during eachprincipal, one-sixth of' the interest
succeeding six months, except that
during the six months ending July 15 1938. the
count of principal are to be the same as during monthly payments on acthe preceding six months.
Owner.
-The Ohio State Theatres Co.
Security -Bonds will be secured by a direct
closed first mortgage on two
separate parcels of land owned in fee in Columbus,
0., and two theatre
buildings being erected thereon, together with
the furnishings and equipment. One property is located at 1620 through
1626 East Main St., and
will be known as the Eastern Theatre. The
North High St., and will be called the Clinton other is at 3373 through 3379
Theatre. The total security.
including land, buildings, equipment and furnishings,
is valued
Buildings.
-The Clinton Theatre building, designed by IT. at 1700.000.
C. Holbrook.
Columbus architect, is two stories in height, and
will confetti 1,000
-seat
theatre, two stores and offices. The Eastern
Theatre, designed by C.
Howard Crane, nationally known theatre architect,
will be two stories in
'height containing 1,000 seats. The Interior
will be
Earnings.
-Net income from the operation of these of Spanish design
two theatres, together
with the income of offices and stores, is
estimated at $56,800. In addition
to this income, the Ohio State Theatres Co.
will have earnings available
from three other theatres now owned and
on the basis ofthe earningsfrom these three operated by the company, and
propertiesfor the first six months
of 1926, the annual earnings available for this
Thus the combined net income of the companypurpose will be over $70.000.
applicable to the payment of
interest on the bonds secured by these properties
will be $126,800, or over
four times the greatest interest charge on the
entire bond issue.
Consolidated Distributors, Inc.
-Earnings.
-
Quarter Ended--- 9 MOS. End.
Sept. 30'26. June 30'26. Mar.31 '26. Sept. 3026.
2529,435
$386.012
9328,449 $1.243,896
503,544
354,847
1,173.807
315.416
Sales
Costs and expenses
Operating profit
LiabilitiesJuly 3126. Dec. 31'25. Other Income
Capital stock
$3,250,000 $3,250,000
1st mtge. 6% bds. 1,500,000 1,500,000
Total income
Accts. payable__ 174,4701
Other deductions
Notes payable_
935.000J 547,369
Accrued wages_
42,379
Profit
Reserves
84,452
Surplus
1,409,706 1,403,646 -V. 123, p. 986.
Total
$7,396,009 $6,701,015
Canada Steamship Lines, Ltd.
-Exchange of Certificates.
$25,891
4,485
$31,165
2.076
$13,033
2,111
970,089
8,672
$30,376
9,093
$33,241
5,074
$15.144
11,229
$78,761
25,396
$21.283
$28.167
$3.915
$53,365
Continental Mills, Boston.
-Balance Sheet June 30.
-
(As filed with Massachusetts Commissioner
of Corporations.]
Assets1926
1925
Lia'itiaes1925.
1926.
Real estate & maCapital stock
chinery
53,101,182 $2,943,490 Accounts payable.$1,500,000 $1,500,000
73,330
Merchandise
1,073,978 1,181,821 Notes payable_ _
60,000
125,000
Accts. receivable.- 153,025
64,438 Reserve for taxes_ 225,943
229,589
Cash
119,059
140,234 Reserve for depreSecurities
105,612
105,812
ciation
1,227,845 1.112,187
Prepaid insurance_
30,629
30,258 Surplus
1,431,367 1,564,077
Total
54,583,485 54,465,853
Total
$4,583,485 54,465,853
-V. 121, p. 2408.
The holders of certificates representing outstanding 7% cumul.
stock have been requested to surrender their certificates, properlypreference
endorsed,
on or after Dec. tat the office of Prudential Trust Co., Ltd., transfer agent,
9 St. John St., Montreal, Canada, to receive in exchange therefor certificates representing 6% cumul. preference stock, par $100 each, in
the
proportion bf six shares of 6% cumul. pref. stock for each five shares
of
7% cumul. pref. stock surrendered, and in the case of fractions of shares,
fractional certificates in the above propertion therefor.
All holders of certificates, representing shares of the common stock, par
$100 per share, have also been requested to surrender their certificates on
or after Dec. 1 at the Prudential Trust Co. to receive, in exchange therefor,
Continental Oil Co.
-Brings in
certificates representing an equal number of shares of the common stock,
This company, making a deep test to the Large Well.
Wilcox Sand In the Cromwell
without par value.
Field, Okla., struck oil at 4,140 ft. The well is
making 525 barrels of oil
Pres. W. H. Coverdaie says in part: "As of Dec. 1 the new shares will and 3.500,000 cu. ft. of gas daily.
-V. 123, lx• 1511, 848.
be listed on the Montreal and Toronto Stock Exchanges,and said Exchanges
will be requested to remove from their listed stocks the old shares of the
Coty Inc.
-Extra Dividend of $1.
company." (Compare plan in V.122, p.2937,2952,3088.)-V.123,p.1636.
The directors have declared an extra dividend
of
to the regular quarterly dividend of $1 per share, $1 per share. in addition
(J. I.) Case Plow Works, Inc.
holders of record Dec. 20. This will make a totalboth payable Dec. 31 to
-Annual Report.
of $5 per share paid on
the stock this year.
-V. 123. p. 986.
Income Account for Year Ended Aug. 31 1926.
Operating profit
$289,205
Cudahy Packing Co.
-Listing.
Depreciation
48,121
The New York Stock Exchange has authorized toe listing of
Interest
55,733 common stock (par 650),on
$21.249,500
Taxes
57,334 outstanding common stock,official notice ofissuance in exchange for present
par $100 per share, on the
of the new common stock for one share of tne common basis of two snares
Net profit
stock, par $100.
$128,017
Consolidated Income Account of Company and Its Subsidiaries.
Balance Sheet August 31 1926.
Assets.
8 Mos. End. Year Ended
Liabilities.
Lands, bldgs. & equipment...51,569,684 Preferred stock
July 3 1926. Oct. 31 1926
$1,666,800
Income
Original designs, good-w., &c.
3 Common stock
876,791 Sales
Investments
1,000 Funded debt
146,951,712 224,491.011
1,111,200 Paid for live stock
Cash deposited with trustees _
10,824 Contingent reserve
103,209,886 145,905,109
30,561 Expenses of manufacturing
and selling, including
Cash
399,228 Accounts payable
36,196
cost of materials, supplies and freight
Prepayments
8,311 Accruals
37,374,968 72,1.1,745
34,588 Depreciation
Marketable securities
105,797 Tax reserve
1,084,.;56
44,723
1,562.226
Notes & accounts receivable
723,770 Unclaimed wages
2,598
Balance
Inventories
1,112,858 Surplus
5,282,601
128,018 Miscellaneous income
4,901,930
50,099
200,363
Total
13,931,475
Total
53,931,475
Total income
-V. 121, p. 1105.
5,102,293
Interest on bonds, notes. &c. (including amortiza- 5,332,700
tion of discount on funded fdebt)
Castle Braid Co.
-Stock Dividend.
1,252.124
2,031,062
The directors have declared a stock dividend of one share for each six Reserved for Federal income taxes
547,000
278,874
shares held, payable Dec. 1 to holders of record Nov. 18.-V. 123, P.715.
Net profit
3.533,576
2,792,366
Surplus as at beginning of period
Chandler-Cleveland Motors Corp.
-Earnings.
8,068,287
7,142,558
Results for 3 Months Ended Sept. 30 1926.
Total
11,601,863
9,934,916
Dividends paid
Gross profit, $392,489; other income,$296,061; total income_ _
$688,550
1,033,000
1,577,361
Expenses and depreciation
292,708 Dividends declared and accrued
371,866
289,268
Federal taxes
14,330
Surplus as at end of period
10,196,996
8,068.287
Net profit
$381,512
Consolidated Balance Sheets,
-V. 123. p. 2266.
July 3'26. Oct. 31 '25.
July3 TO. Oct. 31 '25.
Assets$
$
-Sales.
Childs Co., New York.
$
Cash
6,007,176 7,538,931 6%
-Month-1925.
1926
Period Ended Oct. 311926-9 Mos.-1925.
Aco'ts receivable_ _11,489,595 10,947,774 7% Preferred stock 2,000,000 2,000,000
preferred stock 6,550,500 8,550,500
$2,310,290 $2,245,654 $21,475,715 $19,966,201 Notes receivable 1,114,539
Sales of meals
1,273,643 Common stock_ _ _21,249,500 21,249,500
No. of meals served_ _ _ _ 4,558,725 4,570,258 42,217,213 40,694,550 Inventories
30,528,757 20,820,556 534% debs.,
1937_14,000,000 14,200,000
-V. 123, p. 2266, 1882.
Investments
901,366
599,258 5% 1st M. bonds,
Land,bidgs.,mach.
1946
-To Retire Bonds.
Christiana Securities Co.
9,264,000 9,264,000
equipment, &c_30,556,572 29,514,893 Accounts
payable. 3,176,461 2,641,835
All of the outstanding collateral trust 53.5% serial gold bonds, series 0, Old Dutch CleanNotes payable.._16,040.500 8,533,000
due July 1 1927, series D,due July 1 1928. and series E, due July 1 1929,
ser adv.Invest't. 750,000
750,000 Surplus
have been called for redemption Jan. 1 1927 at the Bankers Trust Co.. 10 Deferred charges 1,129,954 1,062,067
10,196,996 8,068,287
Wall St., N. Y. City. The series C bonds will be retired at 101 and int.,
the series D bonds at 103 and int. and the series E bonds at 105 and int.Total
82,477,958 72,507,121
Total
82,477,958 72,507,121
V. 122, p. 3610.
-V. 123, p. 2267, 1882.
-October Production.
Chrysler Corp.
Final figures on October production were 22,099, a new high monthly
record. With approximately 19,000 cars produced in September, the 10
months' total has undoubtedly passed the 140,0(1) mark, compared with
136,000 for the year 1925 and 81.300 in 1924.-V. 123. p. 2266.
Coca Cola Co.
-To Reduce Authorized Capitalization.
The stockholders will vote Nov. 18 on decreasing the authorized capital
stock by $10,000,000 pref. stock, all of which has been retired.
cornThe stockholders will also act on an amendment to domesticate
of
StatioGeitas shown
a:glaws
panv come000tof
ru89 6.
1
laws of I;
R3,p.2266.
t3
Columbus (0.) Theatres.
-Bonds Offered.
-American
Bond & Mortgage Co., Inc., Cleveland, recently offered, at
prices to yield from 6% to 64%, according to maturity,
)
$425,000 first mortgage 6 ,
6% serial gold bonds.
Cuneo Press, Inc.(& Subs.).
The company reports earnings before -Earnings.
depreciation of $650,962 for the
first 7 months of 1926 and earnings after
depreciation of $527,023. For
the full year of 1925 earnings after depreciation
wore 9598,891.
Based on operations for the 7 months of
consolidated net earnings, after depreciation,1926 the company thus shows
at the
equivalent, after allowing for $4 annual dividends annual rate of $903,468.
stock, to
on the
$7 50 Per share on the common. Estimates are that the class A
company will be
able to realize minimum additional net earnings of
through equipment recently acquired from, and about $200,000 a year
a long term contract
entered into with, the Butterick Publishing Co.
Current net earnings are at the rate of
price of the common stack, quoted on theover 225j% on the present market
New York Curb Market.
-V.123.
p. 1883.
Cuyamel Fruit Co.
-Earnings.-
-3 Mos. End. Sept.30--9 Mos. End. Sept.50 i23 g .
1926.
1925.
1926.
Net inc. aft. deprec., inc.
Dated July 15 1926; due semi-annually July 15 1929
-July 15 1938.
& taxes
Principal and interest (J. & J.) payable at offices of American Bond & -V. 123, p. 586. 461.
$15.483
$72,486 $1.029.180
$880.414
-Common Stock Put on
(Alfred) Decker & Cohn, Inc.
$2 Annual Dividend Basis.
on the
The directors have declared a quarterly dividend of 50c. a share
common stock, no par value, payable Dec. 15 to holders of record Dec. 4.
Previously the company paid semi-annual dividends of 50c. per share, and
on the
In addition on June 15 last paid an extra dividend of 50c. per share
common stock.
The directors also declared the regular quarterly dividend of $1 75 a
share on the preferred stock, payable Dec. 1 to holders of record Nov. 20.
-V. 122. P• 2658.
Dodge
2525
THE CHRONICLE
Nov. 13 1926.]
Inc.-Shipments of Graham Trucks.-
Condensed Balance Sheet as of Aug. 28 1926.
Liabilities
Assets$85,572 Accounts payable
Cash
176,174 Accrued accounts
Accounts receivable
613,028 Income tax 1926
Inventory
30,226 Capital stock
Stocks, bonds, &c
Lands, bldgs.. mach., &c.._ 939,313 Surplus
9,680
Deferred charges
$1,853,993
51,853,993 Total
Total
Directors: Morris Brandon, J. L. Dickey, H. R. Durand, Jas. S. Floyd.
Geo. S. Harris, John A. Hynds, F. M.Inman and E. C.Peters, of Atlanta.
and Floyd W. Jefferson of New York City.
Officers are Geo. S. Harris. Pres., E. C. Peters, V.-Pres. and P. E.
Glenn, Sec. & Treas.
Brothers,
The Graham truck division reports that during the first 9 months of this
year shipments were 29.336 trucks against 16.440 in the corresponding
the year
period of 1925, a gain of 78%. During the first 4 months of complete
shipments were 11,429 and during the ensuing 5 months, or since
Fanny Farmer Candy Shops Inc.-Sates.control was acquired by -Dodge Bros., Inc., they were 17.907, a gain of
1926-10 Mos.-1925.
Increase. '
1926-0d.-1925.
66%. In the first 4 months of 1925. total shipments were 7.115 against 8310,390
840,320132.536.534 81.937,853
8270,070
.-V. 123. p.2396.
9.325 in the ensuing 5 months, again of 31%
-V. 123. P. 1883 1512
.
.
-Listing.
Dominion Iron & Steel Co., Ltd.
The New York Stock Exchange has authorized the listing of certificates
of deposit of the agents, The Royal Bank of Canada, New York. repredue
senting 32.350.000 5% consolidated mortgage bonds, currency series,with
Sept. 1 1939. which certificates of deposit are issued and outstanding
due Sept. 11926, and all subsequently maturing coupons attached,
coupons
with authority to add certificates of deposit representing not to exceed an
additional $2,289.000 ofsuch bonds,on official notice of issuance in exchange
for a like principal amount of bonds deposited under the terms of the
deposit agreement.
The company defaulted in the payment of the interest which became due
Sept. 1 1926 on its consolidated mortgage bonds, the National Trust Co..
Ltd., of Toronto, Can., having been previously appointed receiver.
V. 123, p. 1255.
Dominion
$7,969
28,388
56,392
387,800
1,373,446
Increase.
$598.680
Fifth Ave. & Fifty-fifth St. Building, N. Y. City.
Temporary 6347 1st mtge.leasehold sinking fund gold bonds, due Dec. 1
1945, are now exchangeable for definitive bonds at the Chatham Phenix
National Bank & Trust Co., 149 Broadway, N. Y. City. For offering see
V. 122, p. 3348.
Ltd.-Sales.-
3 Mos.End. 6 Mos.End. 9 Mos. End. Cal. Year
Stores,
1925.
Sept. 30'28. June 30'26. Sept. 30'26.
Period$3.781,018 37.062,690 $10,843,708 812,616.588
Sales
It is announced that the company recently opened six stores in the
-V. 123, p. 331.
Montreal territory.
-
-Balance Sheet April 3.
First National Pictures, Inc.
(As filed with Massachusetts Commissioner of Corporations.)
1925.
1926.
1925.
1926.
Liabilities$
$
$
$
Assets--108.870 Preferred stock. _ 3,988,673 4,520,780
424,277
Real estate
364.617 xCommon stock__ 1,281,377 1,281,377
tools 390,838
Fum.,fiat. &
234,480 Accounts payable_ 1.097,229 1,079,849
185,104
Merchandise
272,500
720,741 Notes payable.. _ _ .. 1,850,000
Notes & acc'ts rec_ 626,632
508,550
834,937 Misc. acc'ts receiv. 521,480
920,467
Cash
78,000
121,998 Mortgages
228,201
Securities
677,989
83,771 Deferred liabilities
Deferred charges__ . 248,906
249,782 6% pur. mon. note 960,000
214,121
Franchises
10,285,442 9,053,665 Remit.from foreign
Attractions
cos, in abeyance 392,067
Invest'ts in other
5,179,226 4,182,611
828,794 Surplus
1,746,064
companies
-To Liquidate.
Dreicer & Co., N. N. City.
15.270,052 12,601,658
Total
15,270,052 12,601,656
Total
Announcement of this was made Nov. 8 by Theodore Hettzler, Pres. o
-V.123. p. 2146.
x Represented by 60,000 shares of no par value.
Avenue Bank, trustee and executor of the estates of Jacob Dreicer,
the Fifth
founder of the business, that "for sentimental reasons and out of respect to
-2d Pref. Stock Ex-Div. Dec. 2.
Fisk Rubber Co.
the memory of the founder of the business and his son," the firm of Dreicer
The Committee on Securities of the New York Stock Exchange rules
& Co., of 560 Fifth Avenue, one of the world's best known jewelry houses, that the 2d pref. stock shall not be quoted ex- the $35 cash dividend on
will go out of business on March 1 1927.
also V. 123. p. 2268.
The Dreicer & Co. building at the southwest corner of Fifth Ave. and Nov. 15 and not until Dec. 2. See
46th St., has been sold to the Northern Pacific Ry. The jewelry firm will
-Balance Sheet.Flint Mills.
Continue to occupy it until its retirement from business.
Od. 3'25.
oet. 2 '28. Oct. 3'25 Liabilities- Oc. 2 '26. $1,160,000
Assets$1,160,000
-Sub. Co. Stock.
$1,700,000 $1,700,000 Capital stock
(E. I.) du Pont de Nemours & Co.
Plant
741,962
725,744
842,118 Depreciation
The Lazote, Inc.. in which the above company is interested, has filed a Inv. & receivables 275,544
628,990 Res. for tax & cap.
681,278
certificate at Dover. Del., increasing its authorized capital stock from Investments
580,000
67,601
stock red
$5.000,000 to $10,000.000.-V. 123, p. 2267.
703,477
689,146
Surplus
-Extra Dividend of 75 Cents.
Eastman Kodak Co.
An extra dividend of 75 cents a share has been declared on the'common
stock in addition to the regular quarterly dividend of $1 25, both payable
Jan. 3 to holders of record Nov. 30. Extras of like amount were paid on
-V. 123, p. 848.
the common stock in the previous 11 quarters.
Total
$2,656,821 $3,171,103
Total
-V. 121. p. 3010.
$2,656,821 $3,171,109
Foundation Co.(& Subsadiaries).-Earnings.-
.
-Quar. End Sept. 30- -9 Mos. End. Sept 301925.
1926.
1925.
1926.
PeriodGeorge E. Barrett, President, and Elmer G. Diefenbach, Vice-President, Net income after charges
$612,901
5680.500
8251,340
S318,396
and taxes
of G. E. Barrett & Co., Inc., and Frederick Peirce of Frederick Peirce &
Co. have been elected directors of Electric Ferries, Inc. Other directors -V. 123, P. 1767.
are Robert Goalet. John J. Mantell and Laurence R. Wilder (President of
Freeport Texas Company.-Earnings.American Brown Boveri Electric Corp.). Carroll D. Winslow is President.
-Quar. End. Aug. 31- -9 Mos.End. Aug.31-V.123. P. 848.
1925.
1926.
1925.
1926.
Period$2,108,641 $1,916,182 $6,376,243 $5,198,973
-Listing.
Electric Refrigeration Corp.
Gross sales
4,502,335 x3,593.884
1,484,584 x1,437,409
shares Cost of sales
The New York Stock Exchange has authorized the listing of 7,573
823.171
567,930
272,214
184,821
of capital stock without par value, on official notice of issue as a stock divi- General expenses, &c_ _ _
dend of 1%% on or about Nov.20, with authority to add 770 shares of such
$781,917
$206,559 $1,305,980
$439,237
Net profit
stock,on official notice of issue, making the total amount applied for 705,669
36,359
46,302
15,834
14,848
Other income
-V. 123, p. 2145, 1512.
shares of capital stock.
-New Directors.
Electric Ferries, Inc.
•
Elk Horn Coal Corporation.-Earnings.Quar. End. Sept. 30. 9 Mos.End. Sept.30.
1925.
1926.
1925.
1926.
Period$61.653 $467,115 $161,889
8218,417
x Net income
-V. 123, P.
x After interest, depreciation, depletion, Federal taxes, &c.
1767.
-Balance Sheet.
(E. S.) Evans & Co., Inc.
(Including Lumber Products Corporation.)
Sept. 30'26. Dec. 31 '25. Liabilities- Sept. 30 '26. Dec. 31 '25
AssetsClass A participatLand, buildings &
equipment
$682,244 5551 305 log pref. stock__ $200,000 $200,000
300,000
300,000
826.892 Class B stock
patents & licenses_ 813.892
6,321
45,094
(Mg.
70,598 Furch. mon.
205,686
Cash
79,395
43,670
Accts., &c., pay
Accts. & notes rec.
17,891
6,166
147,428 Accrued expenses_
(less reserve)... 282,382
67,134
67,029
240,904
Inventories
307,915 Federal taxes
833,324
833,324
19,596
23,932 Capital surplus
Deferred charges
650,640
442,787
Investments
10,000
10,000 Earned surplus__
Total
82,154,705 $1,938,070
123, p. 2287.
Total
$2,154,705 $1,938,070
Net income
Depreciation
Tax reserve
$454,084
61,0071
20,3681
$222.393 31,352.282
184,1371
60,429(
89,0661
$818,276
324.082
$494,194
$161.964 $1,079,078
$372,710
Surplus
-V.
x Includes extra cost of resuming operations at Bryan Mound.
123, p. 849.
-Annual Report.
Frontenac Breweries, Ltd.
Calendar Years-.
9
$202,162
$440;73
Net profit
73,748
81,196
Interest
94,320
93,034
Depreciation
-5,000
Bad debts reserve
24.937
26,250
Preferred dividends (7%)
1923.
3315.608
63,749
93,980
3,177
21,000
loss$164,741
Cr:3,552
220,412
$16,157
$133,702
309.255
286,118
$59,223
47.702
$325,412
$419,820
Surplus for year
Adjustments
Previous surplus
Total surplus
Amounts written off
x Dividend arrears
Amortization
(35)105,000 (21)63,000
40,000
cents per share in
The directors have voted an extra dividend of 6()
8316.820
3220,412
811.519
Profit and loss balance
addition to the regular dividend of 20 cents per share for November and
x In 1924 10% in cash and 25% in pref. stock on account of accumulated
an extra of 60 cents per share in addition to the regular 20 cents regular dividends on pref. stock; in 1923, 21% in cash on account of accumulations.
dividend in December, making a total disbursement for the two months -V. 121. p. 983.
amounting to $1 60 per share. Regular monthly dividends of 20 cents
per share were paid since March 31 1925 and 40 cents prior to that time.
-New Director.
General Asphalt Co.
-V. 122, p. 2049.
John L. Weeks. of Luke, Banks & Weeks of New York City, has been
Exposition Cotton Mills, Atlanta, Ga.-Pref. Stock elected a director, thus increasing the directorate from 7 to 8 members.
-V. 123, p. 986, 849.
Offered.
Speas & Co., Inc., Atlanta, Ga. are offering a block of 4,000 shares
-Declares Extra Cash Dividend of
General Motors Corp.
(par $100)7% cumulative first pref. (a & d) stock at 105 and div., to yield $4 per Share.
-The directors on Nov. 11 declared an extra
mtds stock does not represent new financing, but was issued as a
6.V %•
stock dividend. Dividends payable Q-J. Red. after Jan. 1 1929 at 108 cash dividend of $4 per share in addition to the regular
and div. No preferred stock in excess of the authorized issue of 82,000,000 quarterly cash dividend of $1 75 per share on the outcan be issued except for expansions and additions and then only with the
written consent of a majority of the preferred stock then outstanding, and standing common stock, no par value. The extra distribufor an amount not in excess of the cost of 907 of such additions and expan- tion will be made on Jan. 4 and the regular dividend on
sions. In no event can any preferred stock be issued having priority ever
Dec. 11 both to holders of record Nov. 20. The company so
this issue.
-The Exposition Cotton Mills have been in business far this year has paid on the common stock three regular
Business & Property.
since 1882 manufacturing sheetings, quills and sateens used in special
construction. The company owns 65 acres of valuable land in the city quarterly dividends of $1 75 per share, and, in addition, an
limits of Atlanta, fronting on 2 railroads and 3 main city thoroughfares, on extra cash dividend of $5 per share on Jan. 7, an extra cash
which is located the plants of the company and 335 houses for employees. dividend of $4 on July 2 and a 50% stock dividend on
While the fixed properties of the company are carried on the books at only
$939,313, they have an estimated replacement value of $4,200,000. and Sept. 11 (compare V. 123, p. 849). President Alfred P.
them to the
tire insurance is carried onis thoroughly extent of $2,860,000. All the mill Sloan, Jr., says:
modern and in excellent condition.
machinery and equipment
The action on the part of the board dealing with the extra dividend, inThe mill has 60,000 spindles. 1,572 looms and 146 cards. the past 7 years, volving the disbursement of $34.800,000, is the best possible evidence as to
Earrungs.-Average net earnings of the company for
depreciation charges, taxes, &c., have been 5327.125, which is not only the general position of the corporation from the standpoint of its
after liberal
financial position, but it also expresses the confiappro;dmately 4 times dividends requirements on this issue of preferred current business and Its to the future.
of the directors as
Aug.
stock. For the year ended times Z1 1926 net earnings amounted to $365.015. dence
current liabilities. Cash dividends since
Current assets are 934
Federal Court Upholds Deppe's Claims of Infringement on
organization of the company have amounted to 33.253.280. and stock
dividends have amounted to 3150.000 of common stock and $1,200,000 of Combustion Devices. of William P. Deppe of Bay Shore, L. I., and the
issue). Dividends in cash have averaged 15%
An opinion in the case
7% preferred stock (thisamount of stock outstanding since organization. Deppe Motors Corp. (Del.), against the General Motors Corp., doing
the average
per year on
business in New Jersey, m as filea Oct. 20 by Federal Judge Runyon in
past 7 years have been as follows:
Cash dividends for the1923.7%: 1922, 14%; 1921, 10%; 1926,1926, 20%; Newark. In the complaint, filed Sept. 18 1924. Deppe contended that
100%.
1925, 16%; 1924, 18%;
Ewa Plantation Co., Hawaii.
-Extra Dividends.
THE CHRONICLE
2526
[vol.. 123.
the General Motors Corp. was infringing upon two patents, of which he numbers among its customers in yarns many of the leading hosiery and
and the company bearing his name were the owners. The patents were all underwear manufacturers of the country.
Since organization, all of the company's products have been manufacassigned to the motor company in Feb. 1919.
The patents, one covering improvements to internal combustion engines tured at its Philadelphia plant. Following the general movement of Eastern
and the other on a supercharger for internal combustion engines, were textile mills to the Southern States, company employed Robert & Co.,
Infringed upon by General Motors in their 1922 models of the Buick motor Textile Engineers, of Atlanta, Ga., to make a thorough survey of manucar and the General Motors truck, according to Judge Runyon's opinion. facturing costs and conditions in this section. As the result of this survey
The amount of money involved will be determined when the accounting the company has removed its entire plant and equipment to Nashville.Tenn.,
to take advantage of low manufacturing costs obtaining there. The new
is filed. The opinion reads in part:
"No one prior to Deppe had conceived of a means or process whereby plant has a normal production capacity of 1,500,000 pounds of yarn annuall of the liquid fuel could be mixed with air, nor had any one discovered ally, in addition to the production of Turkish towels, bath mats, &c.
Security.
-These bonds are a direct obligation of the company, and will
the possibility of producing such a mixture through the application of
heat with agitation, but at a temperature so low as to preserve substantially be secured, in opinion of counsel, by a first mortgage (closed) upon all of
all the volumetric efficiency which a wet mixture would put forth. Deppe's the fixed assets of the company, which, including the cost for the new plant
aim, therefore, had been in its first stage to procure a treatment of gasoline of $225,250 and a sound value of $562,672 of machinery and equipment
and air which would cause them in their combined form to work equally (after depreciation), as appraised by Manufacturers' Appraisal Co., New
well in the cylinders of the internal combustion engine, irrespective of the York, total $787,922. equivalent to over $2,800 for each $1,000 first mortquality of the gasoline. As I read them, Deppe has clearly set forth his gage bond presently to be outstanding.
Earnings.
-For the 10
-year period 1916-1925, inclusive, the company
Invention and all the claims in suit."
-V. 123, p. 2398, 2268.
showed average annual net earnings of $69,584 before depreciation, obsoles- cence and Federal taxes and after eliminating certain non-recurring charges.
Goodyear Tire & Rubber Co.
-To Sell Railroad Stock.
The company is advertising for sale on Nov. 30 a block of 7,500 shares For the calendar year of 1925 gross sales aggregated over $1,248,000, and
of stock (par $100) in the Akron Canton & Youngstown RR., which was net earnings available for bond interest, depreciation, obsolescence and
assigned to the Goodyear Co. by former President F. A. Seiberling. Since Federal taxes amounted to $75,800, or approximately 4 times maximum
the retirement of Mr. Seiberling in May 1921 the Goodyear Co. has been annual interest charges of $19,250 on the first mortgage bonds. The reducholding this stock as security for a debt of $3,744,729, which Mr. Seiberling tion in manufacturing costs due to the new location and the new plant, as
estimated by Robert & Co., will increase net earnings based on the 10
-year
owed the company at that time.
-V. 123, p. 2398.
average to over $159.000, or more than 8 times bond interest charges.
Sinking Fund
addition to the serial maturity of bonds, the company,
Granby Consol.M'g,Smelting &Pwr. Co.,Ltd.-Report.
- beginning March 1 1930, will pay annually for the sinking fund account
-3 Mos.End. Sept.30-9 Mos.End. Sept. 30
an amount equivalent to 25% of the net earnings for the preceding year as
1925.
1926.
1926.
1925.
Value of copper produced $1,409,532 $1,352,752 $4,032,989 $4,050,670 defined in the mortgage. All sinking fund moneys are to be used for the
3,006,021 purchase or redemption of bonds.
2,479,651
Operating costs
964,098
803,399
Purpose.
-Proceeds of the present financing will be applied in part against
Operating income---- $606,133
$388,654 $1,553,338 $1,044,649 the cost of the new plant and for additional working capital.
81.829
142,090
Miscellaneous income_ _ _
9,870
58,368
Holland Furnace Co.-Earnings.-
-Quar.End. Sept.30- -9 Mos. End. Sept. 30.
Period1926.
1925.
1926.
1925.
Net income after interest
and all taxes
$616,776
$535,506 $1,015.763
$956,693
$925,326
Net income
$334,473 $1,486,997
$595,565
Net income, as stated, is after provision for all charges, except deprecia- -V. 123, p. 1768.
tion and depletion.
Home Service Co., Portland, Ore.
-Bonds Offered.Net income for 9 mpnths of $1,486,997, is equivalent to $4 31 a share, on
the stock outstanding. Net current assets at Sept. 30 1926 stood at Blyth, Witter & Co., Portland, Ore., recently offered at 100
$2,921,430, an increase of $967.787 since Jan. 1.
and int.
Total income
Bond interest
$664,501
68,936
$398,524 $1,695,428 $1.126,478
201.152
208,431
64,051
$650,000 1st mtge.and coll. trust 7% sinking fund
President J. T. Crabbs in connection with the report says: gold bonds.
Production and Costs.
Average
Average
Net
Pounds Copper.
Monthly Cost in Cents
Produced.
Production. Per Pound.
10,182,038
3,394,013
7.890
Third quarter
3,173,011
9.519,032
8.495
Second quarter
9.390,890
3,130,296
9.240
First quarter
The average cost per pound of copper produced includes all operating
and general expenses, with deductions for precious metal values and the
usual smelter credits. This cost excludes credit for miscellaneous income
earned and also excludes charges for bond interest and depreciation.
During the third quarter, Allenby milled 174.251 tons of ore, producing
4.641.584 net pounds of copper,as compared with 153,949 tons milled and
4,374.177 pounds of copper produced during the preceding quarter. These
operations returned a profit of $116,336 for the third quarter and $86,633
for the second quarter, with copper carried at 14c. per pound. Allenby
production figures and profits are not included in the foregoing Granby
statistics.
With earnings of the Allenby property included, the company's stock
shows for the 9 months period a return of $5 06 per share after all charges
-V. 123, p. 2398.
other than depletion and depreciation.
-Balance Sheet.Granite Mills, Fall River.
oa. 2 '26. Sept.27'25.
AssesConstruc'n acct.,
mach'y &impts_82,079,293 $2,065,677
177,163
Cash & accts. rec_ 109,567
752,048
719,812
Inventories
Oct. 2 '26. Sept.27'25.
LiabilitiesCapital stock
$1,211,300 81,211,300
460,000
544,753
Notes payable
201,755
Accounts payable_ 384,208
68.269
Res.for local tax__ 142,065
604,373
Res.for depec'n __ 634,373
416,955
24,209
Total (each slde)82,940,908 82,962,652 Surplus
-V. 121, p. 2411.
-Sales.
(W.T.) Grant Co.(Mass.).
1926-October-1925. Increase. I 1926-10 Mos.-1925.
$3,798,933 $3,317,390
-V. 123, p. 1883. 1388.
Increase.
$481,543[$25,754,099 $21.907,180 $3,846,919
-75c. Dividend.
Great Northern Iron Ore Properties.
The trustees have declared a distribution of 75c, per share on the certificates of beneficial interest, payable Dec. 28 to holders of record Dec. 6.
This makes a total of $1 50 a share to be paid this year, compared with a
total of $1 75 a share in 1925.-V. 123. p. 203.
-Payment of Notes.
Hamilton Mfg. Co., Lowell,Mass.
Judge Bishop in the Massachusetts Superior Court has authorized the
receivers to pay out of a deposit of $670,688 in the Old Colony Trust Co.,
Boston, $245,173 to the Old Colony Trust Co. on notes and $278,599 to
the Chase National Bank of New York on notes, representing 33 1-3% of
the notes they hold.
In a petition asking to be allowed to do this the receivers state they
are of the opinion the assets of the Hamilton Manufacturing Co. will be
ample to pay a minimum of 75% of all outstanding claims and probably
a much larger percentage.
The total indebtedness of the company is approximately $1,900,000,
of which $747,078 is represented by demand notes held by the Old Colony
Trust Co. and $850,004 in notes held by the Chase National Bank. They
also have a deposit of $15.568 in the Lowell National Bank of Lowell and
the two banks, the Old Colony and the Chase, are charging 4) % and 5%
-V. 123. p. 2398,
while the company is only receiving 3% on its deposits.
1388.
-Capital Increased.
Chase,
Hare & Chase Inc., Philadelphia.
a certificate at Dover, Del., increasing its authorThe company has
ized stated capital stock from $20,000,000 to $30,000,000.-V. 123, p. 987.
-Net Sales.
Hartman Corp., Chicago.
-October--1925.
1926
$1,595.674 $1,525,957
-V. 123. p. 2269, 1883.
Increase.] 1926-10 Mos.-1925. Increase.
$69,717($15,731,953 $12,422,834 $3,309,119
-Complaint Dismissed.
Hayes Wheel Co.
The Federal Trade Commission Nov. 1 dismissed its complaint against
with having acquired all
the company. The company was charged Imperial Wheel Co. in of the
alleged
outstanding common capital stock of the1121.
-V. 123, p.
violation of the Clayton Act.
(Thomas) Henry & Sons, Inc., Neshville, Tenn.
-Caldwell & Co., Memphis,Tenn.,are offering
Bonds Offered.
at 100 and int. $275,000 1st mortgage (closed) 7% serial
coupon gold bonds.
Date June 1926: due serially June 1 1929-1936. Principal and int. (J.
& D.) payable at Chemical National Bank, New York, without deduction
for normal Federal income tax not exceeding 2% per annum. Denom.
upon 30 days' notice at
$1,000 and $500. Red. on any hit, date order. Fourth & First102).i and
National
int.. in the inverse of their numerical
Bank, Nashville, Tenn., trustee.
President of the Company.
Data from Letter of J. M. Tallman,
Business.
-Organized in 1884 as a Pennsylvania corporation but now
ineorp. in Tennessee. Has been engaged for 42 years in the manufacture
of merino yarns and carded and combed yarns for general use by the textile
trade and for their own use in the manufacture of other products. They
also manufacture a complete line of Turkish towels, bath mats, face cloths
and other terry specialties. The yarns are sold direct to textile manufacturing concerns and the other products to jobbers and retailers. Company
Date Oct. 11926: due Oct. 1 1936. Denom. $1,000, $500 and $100 c*.
Principal and int. (A. & 0.) payable at Portland Trust & Savings Bank,
Portland, Ore., trustee. Red. on any int. date, on 30 days' notice, in part
by lot at 103 and int. or as a whole at 102 and int. Company agrees to
pay interest without deduction for normal Federal income tax not in excess
of 2%, which the company may be required or permitted to pay at the
source: and to reimburse the holder upon application therefor, for any personal property tax not exceeding 5 mills on each dollar of principal which
the holder may be required to and has actually paid thereon.
Data from Letter of Percy C. Allen, President of the Company.
Company.
-An Oregon corporation, organized in 1920 by Percy G..$11en
and associates to combine their holdings under one operating head. Included in the original company were the Troy, Crystal and United States
Laundries, Allyn s Cleaning & Dyeing Establishment and the Troy Garage.
In keeping with the policy of the company, from time to time additional
property interests have been acquired by purchase or by stock ownership.
The present company and associated companies handle 70% of the laundry
business in Portland, Ore.
Security.
-Directly secured by a first mortgage on all the properties of
the company, including lands, buildings, machinery, delivery equipment
and furniture and fixtures. These properties consist of the Troy Laundry,
Crystal Laundry, Allyn's Cleaning & Dyeing Establishment, Troy Garage
and leasehold of the Union Laundry. Total physical properties securing
this issue of bonds have an appraised value of $1.447,483. As additional
security for this issue of bonds, there has been deposited with the trustee
for the benefit of the bondholders, one-half the capital stock of the National
Laundry Co.
Earntngs.-Consolidated earnings of the company available for interest,
after depreciation but before Federal income taxes, for the 334 years ended
June 30 1926, have averaged $143,350 per annum, or over 3.1 times maximum annual interest charges on these bonds.
Sinking Fund.-Mdrtgage provides for sinking fund payments to trustee.
either in cash or in bonds of this issue at par, beginning Oct. 1 1927, sufficient to retire $432,000 of this issue by maturity, the minimum annual
bond retirement being not less than $48.000.
Purpose.
-Proceeds will be used to pay off existing indebtedness of the
company, and for the acquisition of new properties brought under this
mortgage, including the purchase of the Union Laundry.
CapitalizationAuthorized. Outstanding.
1st mtge. and coll. trust 7% gold bonds
$850,000
$650,000
7% Cumulative preferred stock
400,000
202,000
Common stock (no par value)
20,000 shs. 12,000 shs,
(John E.) Hurst & Co., Baltimore.
-Consolidation.
-
A despatch from Baltimore states that the stockholders of Rouse,
Hempstone & Co., Inc., on Nov. 8 ratified contracts with John E. Hurst
& Co., inc., under which the latter will on Jan.1 next take over the business
of the former company, which will liquidate. Rouse, Hempstone & Co.,
Inc., was organized in 1874. Burst & Co. was established in 1832.V. 120. p. 1467.
Idaho Copper Corp.
-Loses Libel Suit.
-
The corporation has lost its $500,000 damage suit for libel brought against
Stewart Campbell, State mine inspector of Idaho. In his closing argument.
the attorney for Idaho Copper Corp. emphasized that his client did not
want monetary damages, but simply a vindication from the charge of
"swindle" which he alleged was contained in Mr. Campbell's statements.
To use his words, Nash Rockwood, chief counsel for Idaho Copper Corp..
said to the jury: "All we want is a vindication at your hands from that
foul charge that we are swindlers." as testimony introduced by the corporation alleged that a letter of Mr. Campbell to George 0. Hawes of Sanford.
Me., contained the statement: "IA hat difference does it make where
the property is located if the whole proposition is a swindle?"
The jury, after listening to the argument of Mr. Campbell's attorney,
who introduced no direct testimony for his client, exonerated Mr. Campbell.
Chief counsel for Idaho Copper Corp. said that an appeal would be taken
to the United States District Court of Appeal as soon as necessary papers
could be prepared-"Wall Street Journall').
Ilseder Steel Corp.(Ilseder Hutte), Germany.
-Listed.
The New York Stock Exchange has authorized the listing of $7,500,000
-year mtge. sinking fund 7% gold bonds, due April 1
definitive engraved 20
1946. (See offering in V. 122. p. 2509).-V. 122, P. 2661.
Imperial Oil, Ltd.
-Special Dividend of 25 Cents.
-The
directors have declared a special dividend of 25 cents per
share in addition to the usual quarterly dividend of 25 cents
per share, both payable Dec. 1 to holders of record Nov. 15.
The following statement was issued by the company:
The special disbursement
is made possible by recent earnings of the
company over the regular dividend requirement. Shareholders will therefore not regard this dividend as a precedent. Dividends in the future will
depend entirely on the income of this company from its own earnings and
its subsidiaries.
-V. 121. P. 3011.
Indiana Lamp Corp.
-To Market New Lamp.
-
The Ryan-Lite, new automobile headlight developed by Walter d'Arcy
Ryan. director of the illuminating engineering laboratory of the General
Electric Co., will be manufactured by the Indiana Lamp Corp. of Connersville, Ind., and marketed by the Stover Signal Engineering Co. of Racine,
Wis. This new light is unique in that it gives long range without danger
ous glare and produces a wide side beam, sufficient to illuminate ditches,
road signs and curves. The new lamp will be in production the latter part
of November.
-V.123, p. 1769.
THE CHRONICLE
Nov. 13 1926.]
Indian Motocycle
A Boston dispatch, Nov.4.states: Albert W.Morris,of Springfield. Mass.
has entered in the Suffolk Superior Court a $1.000.000 suit against the
company and several individuals to recover for alleged false representations
made to him which, he says, induced him to purchase in 1921 for $100,000
the stock of the Harley Co. of Springfield.
He alleges that the defendants represented to him that the liabilities of
the Harley Co. were 3733,840, its assets $1,700,000. and its earnings at
least $100.000 a year, and that. its certificate of condition filed at the State
House represented its true financial condition. These representations, he
-V. 123. p. 2388, 2270.
charges, were false.
International Milling Co. (of Delaware).---Report.--1922-23.
1924-25.
1923-24.
Years End. Aug.31- 1925-26.
$405,255
xTrading profits
$1,025,157
$790,797
$703,696
33,426
32.209
Interest on bonds
29,694
30,940
37.235
158,851
154.000
161,836
Pref. dividends (7%)_ _ _
287,500
230,000
Conunon dividends
342.500
Rate
(*5.75)
($6.85)
($4.60)
Balance, surplus
Previous surplus
$491.127
2.747,916
$313,505
2.434,411
$334,594
$287,487
2346,924 y1,911,929
Total
$3,239,043 $2,747.916 32.434,411
Organiz. exp. & comm.
on pref.stock sold_
$2,246,523
99.601
Total surplus
33.239,043 32.747,916 32,434,411 $2,146,924
x After making full provision for Federal and Canadian taxes. y Adjusted to include assets taken over from the International Milling Co. of
Minnesota Aug. 31 .1922. less dividends paid for account of Minnesota Co.
to June 1 1923 as per agreement.
Balance Sheet August 31.
1926.
1925.
1926.
1925.
ssetsMal:Vides
A
Property Sr plant_ 5,851,276 5,767,550 Preferred capital_ 2,282,700 2,329,200
623,682 1,013,345 Common stock_ _ _ 2,500,000 2,500,000
Cash
Accts. receivable
1956,141 1,109,955 First mtge. bonds_ 472,500
497,500
Investments
62,119
1,800 Notes payable.... _ 1,128,772
32,396
Sundry assets... _ 299,972
192,502 Accts. payable_ _
613,146
587,030
Inventories
3,493,769 1,514,875 Pref. div. accrued_
40,359
40,761
Prepaid accounts_ 158,002
78,383 Taxes,int.,comm.,
258.542
&c., accrued..- _ 219,102
Reserve for maint.
& depreciation__ 732,549
535,066
Conting. reserve__ y150,000
150,000
Other reserves_ _ _ _
66,790
Tot.(each side)_ 11,444.961 9.678,411 Surplus
3,239,043 2,747,916
-Contingent liabilities: (a) In respect of drafts on customers,
Note.
31,422,631, discounted at bank in the ordinary course of business: (b) in
respect of contracts for permanent improvements not completed at Aug. 31
1926, $12,314 (approximately).
x Accounts receivable, less reserves. y For possible additional assessments for Federal taxes for prior years.
-V. 121. p. 2165.
International Paper Co. Tenders.
The Bankers Trust Co., 10 Wall St., N.Y. City, will until Nov.24 receive
bids for the sale to it of 1st St ref.5% sinking fund mtge. bonds, series A and
series B, to an amount sufficient to exhaust $100,611, at prices not exceeding 10234 and int.-V. 123. p. 2399, 2270.
International Securities Trust of America.
-Increasing Common Dividend.
The directors have declared a quarterly dividend of 42 cents per share
on the common stock, payable Dec. 1 to holders of record Nov. 15. This
represents an advance of 3 cents over the quarterly dividend of 39 cents
per share paid on the common shares Sept. 1, and is equivalent to $1 26
on every share of common stock outstanding before July 24 1926, when the
shareholders authorized a stock distribution of 200%. Compare V. 123,
p. 851.
2527
There are over 100,000 tire dealers in business. More than 70.000 of
them handle job lot tires when available, because they are considered excello t "leaders • or "specials" for attracting business on account of the
comparatively low prices at which they can be profitably retailea. With
minor exceptions these dealers have in ither sufficient liquid capital nor the
necessary outlet to enable them to buy in quantities direct from the manufacturers The wholesale field which we propose to enter offers no important competition and affords a waiting market wnich requires 'very little
sales effort.
The Keystone Tire & Rubber Co. has agreed to provide all nec
:
sa
tg
operating facilities and perform all necessary operating functions
company at cost, depending for its profit,first, upon any dividends received
through its ownership of 20% of the total stock of this company to be
presently outstanding, which it has retained as consideration for a contract
covering the execution of those important services, and, second, upon the
Increased sale of its own products that probably will result through the
opening of new dealer accounts for our goods. Since the Keystone 'lire &
;tubber Co. can absorb these operations within its own organization with
very little, if any, added expense, and yet be compensated at cost, it is
clear that both corporations have considerable to gain and nothing to lose
through this arrangement.
The Keystone Tire & Rubber Co. has over 2,000 dealer-customers, most
of whom are frequently in the market for job lot tires to Intrude in Conjunction with their regular lines. This outlet alone should take care of a
considerable volume of our sales.
Sub-distributors will be appointed in various territories so that factory
shipments may be routed direct for quick and economical delivery to dealers.
Practically all buying and selling operations are transacted on a cash basis.
-The present officers and managers of this company are
Management.
employed by the Keystone Tire & Rubber CO.in various executive positions,
and they have agreed that, while receiving salaries as at present from the
parent company, they will administer the affairs of this corporation upon
completion of this financing for a perioa of two years without additional
compensation, unless in the mean ihile dividends shall have been inaugurated on the common stock, in which event they will accept only such remuneration as the directors may at the time consider adequate. As protection to its stockholders, this company proposes to apply for adequate
insurance against the death or disability of the present officers. guided
Earnings.
-In estimating prospective net earnings, we have been
by the profits of the Keystone Tire & Rubber Co. during the time the present officers of this company were actively identified with R. Based on
operations covering two consecutive years, average net profits of 63% per
annum were realized upon the working capital employed. During the same
period total cash dividends of $410,778 and stock dividends of $224,835
were paid. Since then the jobbing market has broadened in scope and
increased substantially in volume, while no material gain in competition
has occurred. We therefore believe it is conservative to estimate that the
percentage of net earnings to be realized on the working capital of this
company will be equally as favorable.
Inasmuch as the tire jobbing business does not require a fixed investment
ii factories and machinery, the maintenance of.which creates a charge
against earnings, the directors intend to be as liberal in the distribution of
dividends as sound business judgment will permit. Based on the foregoing
estimate of earnings, substantial dividends could be paid the first year,
baying a surplus to be added to the initial working capital.
Stock.
-The purpose of the above offering is to provide a working capital
of $50,000 less minor deductions for organization expenses. This issue
consists of 100,000 shares of common (treasury) stock at $5 per share.
Subscription books will be closed Nov. 23 1926. The company has granted
an option to purchase any unsubscribed portion of this issue and has been
assured that no public sales will be made at less than $7.50 per share.
Pending such time as it is deemed advisable to apply for the listing of the
shares on one of the Exchanges, the company will make every effort to
secure a wide "over-the-counter" market among responsible local brokers.
General.
-The officers of the company recently have received several
attractive tenders of surplus tire and other stocks and upon completion
of this financing expect to be in a position to close these transactions upon
favorable terms. A. number of applications already have been received
from large and responsible dealers for appointment asub-distributors In
various territories throughout the United States. Other plans for the development of a business of major importance in this field are now under
consideration or in process of formation.
Directors are: George A. Dorfman (President) Isidore Brenner (Treas.).
William Jacobs, John W.Creedon (Sec.) and William H. Lofink (V.-Pres.).
-V.122. p. 2340.
International Standard Electric Corp.
-New Order.
The International Telephone & Telegraph Corp. reports that the Oslo
(Norway) office of its associated company, the International Standard
-Sales.
(G. R.) Kinney Co.
Electric Corp.,is in receipt of an order from the Danish Telegraph AdminisIncrease.
Decreased 1926-10 Mos.-1925.
1926.
-Oct.
-1925.
tration for a 5 k.w. broadcasting equipment to be installed in Kalundborg.
31,789.517
3153,9701$14,092,078 $13,856,477 3235.601
$1.,635,547
Denmark. Equipment will be manufactured by the International Standard
3
v
Electric's London associated company. The station probably will operate - • 123. 1. 1884. 1513.
on a wave length of 1,150 meters and be completed by the summer of1927.
-October Sale8.(S. S.) Kresge Co.
Towers, foundations, houses and power plank will be'supplied by Danish
Increase. I 1926-10 Mos.-l925.1Increase.
1926-Oct.-1925.
firms.
-V. 123, p. 2271, 1884.
310,934.837 39.992.234 $942.6031$87.810,650 378.556.814 39,253,836
-V. 123. p. 2271. 2147.
Island Creek Coal Co.
-Production.
July.
August.
Month of-Sales.
October. September.
(S. H.) Kress & Co.
588,120
Coal produced (No. of tons)__ -603,556
579,783
599.700
1926-10 Mos.-1925. Increase.
Increased
-1925.
-October
1926
-V. 123, p. 2271, 2004.
$213,699[337079,069 $333,245.151 $4.133.918
34.260,119 34,046.420
1769.
-V. 123. p. 1884.
Jones Bros. Tea Co., Inc.
-Earnings.
-Offer to Stockholders.
Lago Oil & Transport Co.
Net profits, after charges and Federal taxes, for the nine months ended
Oct. 2 1926, amounted to $142.815.-V. 123. p. 720.
-V. 123, p. 2490.
See Pan American Petroleum & Transport Co. below.
-Extra Cash Dividend
-Owens Sheet Glass Co.
Libby
of $1.
-The directors have declared an extra cash dividend
of $1 per share on the common stock in addition to the
Keystone Tire & Rubber Co.
-Stockholders Given Right
usual quarterly dividends of 1 3,% on the preferred and 50c.
to Subscribe for Stock of Keystone Clearing Co.
The stockholders have been given the right to subscribe on or before per share on the common stock, all payable Dec. 1 to holders
Nov. 23 for 100.000 shares of common (treasury) stock (no par value) of of record Nov. 20. A year ago the company paid a 20%
the Keystone Clearing Co. at $5 per share. Payment may be made either
in full or in installments, viz.: 30% upon subscription, 35% within 30 days stock dividend and an extra cash dividend of $1 per share,
in addition to the regular quarterly dividend of 50c. on the
and 35% within 60 days of subscription.
common stock.
-V. 121, p. 2999.
A circular, dated Nov. 3, contains the following:
Keystone Clearance Co., Del.
-Stock
See Keystone Tiro & Rubber Co. below.
Offered.
Business.
-The Keystone Clearance Co. has been organized for the pur(Louis K.) Liggett Co.
-Sales.
pose of engaging principally in the wholesale business of buying and selling
Period Ended Oct. 31- 1926-Month-1925. 1926-10 Mos.-1925.
surplus tiros and also those of the so-called blemished class.
34.876.239 33,767,359 $43,044,847 $34,796,632
Owing to the impossibility of accurately anticipating the trade demand Sales
.
for each of the various sizes produced, practically every factory from time -V. 123, p 1884, 1513.
to time accumulates excess stocks, which are known as surplus tires. As a
Lion Oil Refining Co.
-Earnings.
result of manufacturing difficulties, tires frequently are marred or blemished
1925.
1924.
9 Months Ended Sept. 301926.
during the process of construction or even after completion, and, while in
$1,928,448 $2,266,937 $1.164,811
most cases their qualities have not been Impaired, they are nevertheless Profit on sales
16.5.264
148.004
177.250
aisposed of for cash at a sacrifice in price. These two classes
-known in Expenses
the trade as job lots
-constitute the source of supply for this business.
$1.751.197 32,101,673 31.016,807
Net operating profit
According to a recent Federal Census report, the 126 tire manufacturing
39.265
18,347
39,500
plants in tho United States produced last year 58,784,000 casings and Miscellaneous income
7.387.000 tubes. While no official figures are available, we estimate that
$1.769.545 32.140.938 $1.056.307
Total income
surplus and blemished tires represent about 10% of the annual production,
87,961
101.926
147.266
or over 5,000,000 casings and 7,000.000 tubes based on the output of 1925. Interest charges
Obviously manufacturers cannot afford to scrap these products, or offer
31,681.584 32.039,012
3909.041
Net income
them to their dealers at reduced prices and thereby compete with their
Comparative Balance Sheet Sept. 30.
own standard lines, or carry them indefinitely with the expectation of an
.
.
1915 4
1925.
ncrease in demand. Therefore it has become the practice of the industry
1926.
$
Ltt0PitiesAssets
to convert them into cash at a sacrifice under the cost of manufacture.
Cap.stk. & surp_ _x6,398.012 5,847,557
The extent of the reduction depends not only on the quantity on hand and Producing Prop. &
925,000
8,604,5231 2.424,816 let hi. 7% g. bds_ 750,000
equipment
the urgency of the manufacturer's need of cash, but on the buyer's financial
483,9712
Notes & accts. pay .501,000
ability to effect purchases involving large amounts together with his skill Refg. plant, pipe}
3,237,025 Pur, money oblig_ 312,500
judgment in interpreting market conditions, the trade standing of the
lines, Vk cars,&c
and
258,573 Res. for deprec. &
495,666
brand, dealer requirements and other factors. Thus the business necessi- Cash
2,229,047
depletion
366,068
tates not only an ample supply of liquid capital, but a buying knowledge Accts. dc notes roe. 406,843
171.525
1,134,591 Res. for accruals._ 238,849
881,312
founded upon an intimate familiarity with the various phases pertaining Inventories
83,945 Tank car install't
vil 4
58,614
Prepaid expenses_
to the production and distribution of tires.
17.550
trust notes
33,750
Capitalization.
-Authorized, 250,000 shares of common stock (no par
43,217
Tot.(each side)_10,446,958 7,505,019 Def'd liabilities__
value),full paid and non-assessable; outstanding,66,666 shares:in treasury,
-V. 123. p. 1256.
183,334 shares. No funded debt: no preferred stock.
200,000 shares of no par value.
x Represented by
-Apparently there is an increasing teadency among the buyers
Market.
-New Vice-President.
Loew's, Inc.
of both new and used cars to consider their purchases as temporary investthat can be turned in or sold after a year or two. This mental attiments
Col. Edward A. Schiller, Gen. Mgr. of Loew's State and Orpheum
tude may account for the growing custom or buying only those tire replace- theatres, and for years actively participating in the operation of the Loew
ments that are necessary to keep cars running with the utmost economy to Circuit and Metro-Goldwyn-Mayer Pictures Corp., has been elected
their temporary owners, and probably explains one of the reasons why the Vice-President of the corporation to succeed the late Joseph L. Rhinock.consumer demand for job lot tires greatly exceeds the supply.
V. 123. p. 2271.
Loew's Boston Theatres Co.
-Annual Report.
Financial Statement Year Ended Aug. 31 1926.
Net profit after Federal taxes
Depreciation
Common dividends
$196,618
73,168
166,039
$42,589
187,174
Cr.3.453
Dr.30,000
Net loss
Previous surplus
Adjustment of 1925 Federal tax
Additional depreciation 1925
$118,038
Balance Sheet Aug. 31 1926.
Liabilities
Assets
$3,829,375
Fixed assets
$3,728,328 Common stock
16,037 First mortgage payable__ _ 840,000
Cash
2,166
Accounts receivable
2,365 Accounts payable
5
.
47,500 Federal income tax
Due from State Theatre
16,538
Inv. in State Theatre Co_ 997,991 Accrued interest
125
Good-will
23,536 Rent received in advance_
30,000
Peferred charges
25,670 Due Loew's,Inc
118,038
Surplus
Balance, surplus
Total
123, p. 213.
$4,841,427
$4.841,427
Total
Loft, Inc., New York.-Sales.Increase. 1926-10 Mos.-1925.
1929--Oct.-1925.
$725,082
$767,729
-V. 123. p. 1884. 989.
$42,647136,746,809
$6,305,600
Increase.
$4441,209
-Balance Sheet.
Luther Mfg. Co.
Oct. 2'26. Sept.26'25.
Oct. 2 '26. Sept.2625. LiabilitiesAssets
$525,000 $525,000
$1,092,608 $1,078,002 Capital stock
Construction
31,700
7,092
113,460 Reserves
Cash & accts. rec.. 115,337
472,742
34,023 Res, for depree'n_ 513,774
101,179
Inventories
398,208
. 370,198
199,825 Profit and loss__ _
99,913
Investments
2,339
7,027
Prepaid insurance_
$1,416,064 $1.427,650
Total
-V.121. p. 2282.
$1,416,064 $1,427,650
Total
Ludlum Steel Co.-Earnings.-Quar. Ena. Sept. 30--P Mos. End. Sept. 30PeriodNet sales
Expenses
[VoL. 128.
THE CHRONICLE
2528
1926.
$940,641
821,681
1925.
1926.
1925.
$956,176 $2,925,269 $2,767,045
2,271,332
2,519,075
786,237
Operating income_ _ _ _ • $118,960
10,501
Other income
$169,939
7.600
$406,195
33,829
$495,713
29,640
$129,461
29.775
22,360
14,398
$177,539
30.318
23,068
23,542
$440.023
76,037
121,238
$525,353
87,505
169,404
171,148
$62,928
$100.611
$242.748
Balance Sheet Sept. 30 1926.
AssetsLiabilities
Permanent assets, less deprec.$2,909,939 Capital and surplus
a$8,381,727
Pat'ts, trade marks & goodwill
1 Accounts payable
1,230,441
Cash
1,378,237 Unpaid wages
14 :
5 064999
7
3
Marketable securities
ta
1,812,029 Accruals
Notes & acc'ts rec., less res've 2,347,585 Reserve, sales, commissions
Merchandise inventory
2,361,045
494,521
and bonuses
Ch value, life insurance__
Cash
46,834 Federal tax reserve
Su983
Investment in Canadian sub_
300,629 Reserve for adv. approp'n
812257,090083 00
houses
84,422
ndry nvestments, &c
119,190
Deferred assets
511
Total (each side),421
a Capital stock, no par value-Authorized,2,400,000 shares; outstanding,
1.600,000 shares.
-V. 123. p. 2271.
Merchants & Miners Transportation Co.
-Expansion.
The company this winter will operate two large new steamships between
Philadelphia and Miami, with sailings every five days in each direction.
Hitherto the company has had but one ship in its Miami service. The
Merchants & Miners Line, which is one of the oldest coastwise companies,
having been established in 1852, has recently completed a building program
calling for the construction of five steamers
-all sister-ships. Two of these
vessels, the Dorchester and Berkshire, are on the Philadelphia-Miami line.
The company has twenty ships in service along the coast, plying between
New England and the South. Baltimore is the home port. The five new
vessels each accommodate 300 passengers.
-V. 122, p. 2664.
Mexican Seaboard Oil Co.
-Earnings.
Period
Gross revenue •
Expenses
[Including International Petroleum Co.]
-Quar.End. Sept. 30- -9 Mos. End. Sept.301926.
1925.
1926.
$1,394,579 $2,019,599 $4,313,616 $6,727,i25
722,118
2,998,677
1,005.83
0 2,334,496
Balance
Other income
$672,461 $1,013,760 817979,120
24,573
44,407
72,275
134,130
Total income
Interest
Drilling exp. and res. for
exp. on inactive leases
$697,034 $1,058,167 $2,051,395
61.250
61.250
183,750
$3.862.678
183,750
Profit
Amortization
$101,789
109,678
$105.282
77,467
$88,340
55,866
$397,826
def$7,890
$27,814
$32,474
$397,826
4,218.197
780,688
1.491,043
2,245,029
x Net loss
$144.904
$539,269
$494,126
$377,384
x Before depreciation and Federal taxes.
Earnings Cia. International de Petroleo V Oleoductos, S. A., Quarter Ended
Sept. 30.
1926.
1923.
1925.
1924.
Gross revenue
$570,124
$365,954
$383,534
$436,452
Operating expenses
165,108
246.017
268,454
348,909
Balance
$324,107
$100,846
$115,080
$87,543
Other income
942
73.719
Dr.9,798
797
$297,296
Total income
Depreciation
Interest, &c
Federal taxes
Net income
-V. 123, p. 851.
Net profit
-V. 123, p. 989.
-40c. Cash Dividend.
McCrory Stores Corp.
The directors have declared a quarterly cash dividend of 40c. per share
on the common stock, payable Dec. 1 to holders of record Nov. 20. A
'quarterly cash dividend of like amount was paid in March and Sept. last,
-V. 123, P. 2400.
'while in June a stock distribution of 1% was made.
Middle States Oil Corp.-Rabert W. Jackson Removed
From Stockholders' Committee.
-
Henry S. Fleming, Chairman of the stockholders' protective committee.
announces that at a meeting of the committee, Robert Wilson Jackson
formerly a member of the committee, was removed therefrom. This action
Is the result of the issuance on Nov. 4 of a letter by Mr. Jackson addressed
1926-10 Mos.-1925. Increase.
Increase.
-1925.
1926-Oct.
$670,451
$275,111136,224,386 $4,472,820 $1,751.566 to the stockholders of the corporation stating that a reorganization com$945,562
mittee was being formed and asking for proxies running to him personally.
-V. 123, p. 1885. 1514.
The committee strongly condemned Mr. Jackson's action immediately
following the issuance of the letter and announced that Mr. Jackson, as a
-Earnings.
Mack Trucks, Inc.(& Subs.).
member of the stockholders' committee, had acted without the committee's
Quarter
Nine Months
knowledge or consent.
1925.
1926.
1925.
Period End. Sept. 30- 1926.
Mr. Fleming states that the committee is in close touch with the entire
$1,558,793 $2,614,205 $7,289,494 87,324,058
x Net profit
are enabled to
settlex After charges, depreciation, maintenance, Federal taxes, and con- situation and so soon as the receiversimmediate stepsbring about atoward
ment of the Government's tax claims,
will be taken
tingencies.
Real Estate, Inc., a reorganization of the company. In the meantime the committee requests
-Mack Acceptance Corp. and Mack Trucks
Note.
stockholders refrain from giving proxies to anyone.
were only formed the latter part of 1925 and their profits are included in that W. Jackson, who issued a letter to the stockholders Nov. 4, stating a
R.
-V.123, p. 851.
the above 1926 earnings.
reorganization committee was being formed and requesting proxies, referring
to statement by Henry S. Fleming, chairman of stockholders' protective
-Two New Wells.
Marland Oil Co.
committee, that his letter was unauthorized, states:
-V. 123. p. 2400.
See Richfield Oil Co. below.
"Mr. Fleming was not consulted in this matter. It is quite true that at
a meeting of the stockholders' protective committee Nov. 4, Mr. Fleming
-Earnings.
Mason Tire & Rubber Co.
submitted a motion to vote me off the committee. This motion was not
1925.
9 Mos. Ended Sept. 30acted on, but it was conceded that I had a right to form or serve on a
$11,643,540 $7,838,247 reorganization committee or any other committee that it might be deemed
.
Gross sales
287,706 advisable to inaugurate. Under the circumstances I refused to resign from
605.919
Exchanges, returns and allowances
154,499
138,292
Discount allowed
committee, as I pledged myself when I went into this affair
5,796.651 the protectiveinterests of the stockholders and I have tried to do so for the
8,462,521
Cost of sales, less disc. earned & raised'. income
to uphold the
243,620
Adjustment by repricing inventories
past three years.
1,094.736
1,188,350
Selling and administrative expenses
"My request for proxies has been influenced by many of the stockholders
8,883 themselves and hundreds of stockholders have forwarded their proxies
20.540
Loss on uncollectible accounts
105,175
Price decline rebate
representing thousands of shares. I have no reason to doubt that they will
131.956 back the reorganization committee with more than the majority necessary
discount
177,310
Interest and
229,376 for our purpose."
307,633
Depreciation. &c., reserves
-V. 123, p. 2401.
7,500
Bond discount amortized
85,000
Reserve for contingencies
Midland Building (168 Adams Bldg. Co.), Chicago.
-
-October Sales.
McLellan Stores Co.
Net profit
Comparative Condensed
1925.
1926.
Assets$
5,124,872 5,096,692
Fixed assets
109,957
72,478
Coll. notes reedy.
420,520
465,657
Cash
9,601
Cash advances__
805,398
Acc'ts receivable 1,296,154
5,168
139,571
Bills receivable_ _ _
1,349,011 1,781,179
Inventories
184,474
115,831
Other assets
32.977
16,660
Prepaid expenses_
359,636
Deferred charges-. 372,347
O'cl-will, pats.,&c. 1,380,735 1,382,189
310,216
Deficit
10,333,315 10,498,068
Total
123, p. 851.
$309,179
Balance Sheet Sept. 30.
1926.
Liabilities$
Preferred stock___ 5,770,530
Common stock_ _
500
1st m.20 yr.
1,933,000
5 year 7% notes.
Div. warrants. _ _
63,980
Bills & acc'ts pay. 1,092,472
Other liabilities_ __
43,525
Accr. wages, taxes.
&c
41,634
Deprec. reserve_ _ _ 1,060,512
Res.for Fed. tax_
Res. for Inventory
adjustment.
Reserve for dB. &
allowances
108,304
208,396
Miscell. reserves
10,462
Surplus
Total
$129.940
1925.
5,772,330
600
2,000,000
74,957
81,194
1,373,672
17,869
52049
859,,883
37,364
134,366
93,884
10,333,315 10,498,068
-Extra.
Merchants & Manufacturers Securities Co.
quarterly dividend of 235% in
,
The directors have declared the regular
partic. pref. and corercon
cash and extra dividend of 1% in stock on the
15. Like amourts
of record
stocks, both payable Jan. 1 to holders -V. 123.Dec.
p. 852.
were paid in the previous four quarters.
-Earnings.
Maytag Company.
9
- Mos. End
---Quarter Ended-
Sept. 30'26. June 30 '26. Mar.31 '26. Sept. 30'26
17,488,444 $7,720,733 $5,621,841 $20.831,018
5,971,473 4,079.338 15,674,982
5,624,171
Operating income____ $1,864,273 $1,749,260 $1,542,503, $5,156,036
422.745
94,997
167,014
160,824
Other income
$1,916,274 81,637,410 0,678,781
Total income
$2,025,097
756,510
221,000
259,000
Federal tax reserve
276,510
800.000 2,400.000
800,000
Dividends
800,000
Net sales
Operating general exp
Surplus
$948,587
$857,274
$616,410 $2,422,271
-A syndicate headed by Merrill, Lynch &
Bonds Offered.
Co., New York, and includiig the National Republic Co.
and Peabody, Houghteling & Co. Chicago, is offering an
issue of $3,250,000 1st mtge. fee '6Wi% bonds at 100 and
1
interest.
Dated Nov. 11926; due Nov. 11946. Int. payable M.& N.at Nations
Bank of the Republic. Chicago, trustee. Denom. $1,000, $500 and $100e.
Red., all or part except for sinking fund on any int, date upon 60 days'
notice at 105 up to and incl. Nov. 11931; at 103 thereafter up ta and incl.
Nov. 1 1936; at 102 thereafter ujo to and incl. Nov. 1 1941; thereafter at
101. Red. for sinking fund at 102 up to and incl. Nov. 1 1931; at 101 3•5
thereafter up to and incl. Nov. 1 1936; at 101 thereafter up to and incl.
Nov. 1 1941; thereafter at 10034. Int. payable without deduction for
normal Federal income tax, not to exceed 2%. As provided in the mortgage, refunds of certain State taxes will be made to resident holders as
-mills tax, Conn. 4
-mill tax, Md. 434-mill tax, Ky.
follows: Penna. 4
tax not in excess of 5 mills, Calif. property tax not in excess of 5 mills,
the Mass. State income tax up to 6%•
-The Midland Bldg. will be located at 168-178 W. Adams St.
Building.
just west of La Salle St., Chicago. The site is particularly desirable for
an office building, owing to its location in the financial district. The
-story office building of steel, concrete and brick
building will be a 22
fireproof construction. The exterior of the building will be terra cotta
and the interior finish will be marble and cabinet work in walnut finish.
The arrangement provides attractibe office space, well lighted and served
by modern high-speed elevators.
Stores and lobby will occupy the ground floor. There will be office
space on 16 floots and about five floors ahve been leased for 25 years to
the Midland Club. The club has agreed to furnish at its own expense
the space rented to it and to pledge the furnishings as additional security
for the lease. The club was organized in 1923 and now reports over 1.300
members.
-Secured by a closed first mortgage on the fee and the building
Security.
to be erected thereon. The land has a frontage of about 91 ft. on Adams
St. with a depth of approximately 189 ft. The land and building have
been appraised upon completion of the building and under normal occupancy by Mark Levy & Brother, business property specialists and appraisers.
at 35.699,924, and by Wm. H. Babcock & Sons, valuators and real estate
actuaries, at $5.647,000. Based on the lower of these appraisals, this
loan is less than 58% of the value of the property.
Earnings.
-The annual net income of the 168 Adams Bldg. Corp,
upon completion of the building and under normal occupancy, available
for interest on these bonds after the payment of all operating ex_ponses,
real estate taxes and insurance, is estimated by Mark Levi & lirO• a
1
Nov. 13 1926.]
2529
THE CHRONICLE
1.423,420, and by Wm. H. Babcock & Sons at $429,269, or over 2.08
times and 2.11 times, respectively, the maximum interest requirements
on this issue.
-The mortgage securing this issue of bonds will provide
Sinking Fund.
for a semi-annual sinking fund beginning May 1 1930 for the retirement
-o bonds through purchase on the open market if obtainable at or below
f
the call price, or if not so obtainable, by redemption by lot at the then
prevailing call price. This sinking fund provides for the retirement of
over 60% of the entire issue by maturity, reducing the amount outstanding
at maturity to materially less than the present appraisals of the land
-V. 123, p. 2274.
alone.
over 20 acres of land, centrally located in Springfield, Mass., which is
nal purchase price.
appraised at considerably more than the o
alendar Years
1st Half
1922.
1923.
Earnings- * 1926.
1925.
1924.
Net sales
$776,608 $977,177 $1,012,464 $1,249,681 $1,310,089
Oper., &c., exp.,
incl. Fed. taxes 661,159
905,402
956,062 1,063.658 1,046,497
92.869
61,505
Depreciation_
30,385
$5,133,498 $3,082,543
Total
Total
$5,133,498 $3,082,583
x The entire common stock of the National Gauge & Equipment Co.,
-consisting fo 80,000 shares of no par value was acquired Sept. 11 1926 at a
• cost of $1,500,000. y Represented by 200.000 shares class A and 200.000
shares class B common stock, both of no par value.
The condensed balance sheet as at Sept. 30 1926 of National Gauge &
Equipment Co. follows:
Assets.
-Real estate, equipment, &.c, 4532,687: patents and patent
rights. $141.417; goodwill, $90,000; cash in bank and on hand, 4185,801;
accounts receivable, $296,950: inventories, $278,846; deferred charges to
future operations. $9,592; total, $1,535,293.
Capital Liabilities.-Common stock (80,000 shares no par) and preferred
stock (80,000 shares no par), $640,000; declared dividends payable, $28,000;
accounts payable,$98,578; accrued taxes,$55,276; accrued royalties. 44,210:
accrued commissions, 41,027; accrued payrolls, $8,016; reserves, $329,525;
surplus, $370,657; total, 41,535,293.
on Sept. 11 1926 the Moto Meter Co., Inc., purchased the entire authorized and issued common stock of the National Gauge & Equipment Co.,
consisting of 80,000 shares of no par value. There is also outstanding
80.000 shares of no par value preferred stock. This preferred stock Is
• entitled to a dividend of $1 40 per share per year, cumulative but nonparticipating, before any dividends can be paid on the common stock. The
preferred stock is retirable on any dividend date at $25 per share. In the
event of any involuntary dissolution the preferred stock is entitled to receive
$20 a share before any distribution is made among the common stockholders.
-v. 123. P. 1514.
Net earnings
Other income
41,836,431 $3,939,151
136,719
616,406
Total income
Federal taxes
Other deductions
41,973,150 $4,555,557
260.863
577,209
820.379
249,778
Net income
-V. 123, p. 989.
51,402,509 $3,107,969
Net,applicable
to pref. divs_ $115,449
$71.775
$26,017 $124,518 4170,723
Equiv. on pref.
.-Earnings.to, per share__
5.85
1.31
6.31
8.65
3.63
Moto Meter Co., Inc.(& Subs.)
* Seven 4
-week periods ended July 17 1926, before year-end charge-offs
-Quar. End. Sept. 30- -9 Mos.End. Sept.30for depreciation.
1926.
1926.
1925.
1925.
PeriodDividends.
-Regular dividends of 7% annually were paid consistently
$447,141
4601,257 $1,773,514 $1,755,519
Profits
18,909
57,492
49,873 each year from organization in 1910 to 1919 on the old preferred shares
Depreciation
12,836
Federal taxes_ _
57,797
208.854 of 4100 par value, and from 1920 to date at the annual rate of 10% (45)
79,153
250,735
Prov.for
on the preferred shares presently outstanding of $50 par value, payments
$370.435
$509,268 $1,465,288 $1,496,791 made quarterly, Jan. 1, &c. Cash dividends of 33.i% were paid in 1918
Net income
dividends_
82,600
682,500 on the old common shares of $100 per value, and 7% in 1919. In 1920.
x Common
180.000
180,000
540,000
180.000 10% ($1) was paid on the new common of $10 par value in addition to the
Divs. class A common
50,000
50,000
150,000
50,000 payment of a 150% stock dividend June 1920. In 1921 dividends of 25
class B common
Divs.
cents were paid on the common stock and no further payments have been
$140,435
$775,288
$584,291 made since then.
$197,768
Surplus
Comparative Consolidated Balance Sheet.
surplus
2,168,681
1,269,259
1,533,828
881,736
Previous
Assets- ' file 19'26. Dec.3125. Liabilities- .7'ne 19'26. Dec .31'25.
Preferred stock_ _ _ $986,400 $986,900
$2,309.116 $1,466,027 $2,309,116 $1,466,027 Plant, equip., &e.,
Total surplus
less depreciation$1,147,740 $1,122,724 Common stock__ _ 1,000,000 1,000,000
x On old stock previous toclassification of capital stock.
198,919
Pats. & good-will_ 366,875
366,875 Accts. St notes pay 203,281
Condensed Consolidated Balance Sheet, Sept. 30.
32,746
24,405 Federal tax reserve
1,500
Cash
1926.
1925.
Liabilities1926.
1925.
Assas7,379
188,832 Accruals
12,254
Notes & accts. recest.,equip.,&e $842,408 $783,256 Capital stock
y$750,000 $750,000 Cash value life ins.. 232,721
Real
7,328 Other accts. pay'le
13,819
7,326
Notes payable_ __ _ 1,000,000
Patent rights and
281,206
642,523 Surplus
205,106
664,676
1 Declared dive. pay. 230,000
50,000 Inventories
trade marks--_28,642
12,211
Accounts payable_
69,015
79,109 Prepd. tax,ths.,&c.
Inv.in Nat. Gauge
18,846
32,294
Investments, &c.._
Accrued royalties_
43,485
60,414
dr EQUIP. CO-- _x1,500,000
53,702
58,345 Accrued payrolls__
16,034
12,306
Inv.in other cos.Total
82,483,141 $2,413,623
$2,983,141 $2,413,624
Total
1,530,376 1,003,580 Accruals
46,402
72,045
•Cash
696,013 Federal taxes
212,073 -V.90, p. 773.
230,487
Accounts receiv-- 539.851
25.152
receivable__
41,251 Depreciation
390,478
380,166
Notes
National Supply Co. of Delaware.
-Earnings.
---590,236
425,295 Bad debts
Inventories
22,839
26,045
Quarter.
Period Ended Sept. 30 19269 Months.
1,234
1,482 Surplus
2,309,116 1,466,027
Accrued in receiv.
$3,055.713 $7.382,069
Gross earnings
150
150
Securities
1.219.282
Expenses
3,442,918
50,389
73,169
Deferred charges
Murray Body Corp.
-Committee Issues Notice.
-
The reorganization committee has issued a notice to the holders of
Certificates of deposit for preferred and common stock issued under the
plan of reorganization dated June 15 1926. that the optional payments to
13e made by them are payable on or before Dec. 10 1926, at the office of
the Guaranty Trust Co., New York, the depository, or of the Security
Trust Co., Detroit, sub-depository.
Holders of deposit certificates for preferred stock have the option of paying
on or before that dated $35 per share for each share of their old preferred
stock and receiving on consummation of the plan two shares of common
stock of the new company for each share of their old preferred; or making
no cash payment and receiving three-fourths of a share of such common
stock for each share of old preferred. The option open to holders of deposit
certificates for the common stock is to pay $10 a share and receive one-half
share of common stock in the new company, or to make no cash payment
and receive one-fifteenth share of such stock, for each share of old stock.
Holders of deposit certificates for merchandise or other current indebtedness in amounts of less than $1,000'electing to receive in cash, in full, on
-consummation of the plan, 80% of the face value of their claims, as finally
allowed, are required to present their deposit certificates on or before Dec.
10 next for notation of such election. The right to elect to receive 80%
in cash will terminate on that date.
-V. 123. p. 2401.
National Air Transport, Inc.
-Express
see American Railway Express Co. above.
Co. Contract.
-
National Casket Co.
-Balance Sheet June 30.
(As
filed with the Massachusetts Commissioner of Corporations.]
1926.
1925.
1926.
1925.
Real estate, mach.,
:5,906.809 5,906,808
stock
furn.,trucks,9ke. 3,704,469 3,112.367 Capital& bonds
Mtges.
1,036,618
845,000
Merchandise
• 3,820,210 3,178,083 Accts. payable_ _ 397,722
249,720
•Accts. receivable__ 2,795,435 2,916,910 Notes payable...... 115,000
85,000
Cash
246,224
308,654 Reserve for taxes.. 394,172
234,345
Securities
186,151
405,008 Surplus
4,659,960 4,266,235
Patent rights and
trademarks,&c. 1,567,951 1,545,106
79,441
Power plant
Mortgages
110,400
121,000
Total (ea. side)_12,510,281 11,587,108
x Represented by 118,136 shares of no par value.
-V. 121, p. 1798.
Assets
-
National Cloak & Suit Co.
-Sales.
Period End. Oct. 31- 1926 Month-1925. 1926-10 Mos.-1925.
Sales
$5.510,480 $6,999,422 $32,953.098 $36,836,180
-V. 123, p. 2005, 1514.
National Creamery & Produce Co.
-Dissolution.
-
The National Creamery & Produce Co., a Nevada corporation, sold its
entire business under date of Oct. 2 1926. Company is now in the process
of being dissolved, and stockholders meeting for that purpose was held
en Oct. 30 1926.
National Equipment Co.
-Earnings, &c.
-
Stone. Prosser & Doty, New York, have issued a circular giving a description of the company from which we take the following:
Company was incorporated in Massachusetts Nov.2 1909 for the purpose
of acquiring the business of the Confectionerys' Machinery
Co., the American Chocolate Machinery Co. and Samuel Manufacturing
Carey. All of
the predecessor companies operated successfully for many years prior to
the merger,dating back to 1891,when the business Was originally established
w
Frank H. Page, Pres. of the company, who is regarded as the pioneer
by
manufacturer of candy and chocolate machinery in America. Since organization the company has ranked as the largest manufacturer in the world
of a complete line of candy and chocolate machinery, successfully meeting
foreign competition in the domestic market, aided somewhat by a protective
tariff In addition, the company is well established abroad, maintaining
office in London, Paris and Lausanne. The plant and headquarters are
located at Springfield, Mass., and comprise a 3 story modern fireproof
building with 200,000 sq. ft. of floor space, situated on 4
acres with
allrod 'siding, connecting with the Boston & Maine lines, which furnish
a
e
rxcelient shipping facilities to all points. In addition, the company owns
National Tea Co.,
hicago.-Sales
.-
Period End. Oct. 31- 1926-Month-1925. 1926-10 Mos.-1925.
Sales
$4,868,141 $4,610,054 $43,809,962 438,501,654
-V. 123, p. 2005, 1514.
National Union Mortgage Co.
-Bonds Offered.-Mackubin, Goodrich & Co., Baltimore; J. G. White & Co., Inc.,
New York, and Marine Bank & Trust Co. New Orleans,
are offering at 100 and int. $5,000,000 6% gold bonds.
$2,000,000 dated Oct. 1 1926, due Oct. 1 1931; $1,000,000
dated Sept. 1 1926, due Sept. 1 1936; $2,000,000 dated
Sept. 1 1926, due Sept. 1 1946. Authorized and to be outstanding, including these series, $14,845,000.
Principal and interest payable at Maryland Trust Co.,Baltimore,trustee,
or at Bankers Trust Co., New York. Denom. $1,000 and $500c*. Red.
on any int. date, all or part, at 101 and int.
-Company unites under one bond issue the direct obligations
Business.
of approved mortgage companies, secured by the deposit of guaranteed
first mortgages on improved fee simple urban real estate. These companies now operate in over 150 cities and towns located in the following
States: Alabama. Florida (Tampa only), Georgia, Kansas, Kentucky.
North Carolina, Ohio, Oklahoma, Texas, and West Virginia.
Mortgages.
-Mortgages securing the bonds, or the bonds themselves,
of the mortgage companies must be insured as to principal and interest
by one of the four surety companies mentioned below. This insurance
takes the form of a surety bond or guarantee by endorsement between
the mortgage company and the surety company, and provides that should
a default occur on any mortgage, and should the mortgage company
fail to remedy such default, the payment of principal and interest of the
mortgage or the mortgage bones becomes the dfrect obligation of the
guaranteeing surety company.
The guaranteed first mortgages mature in from one to not over 1234
years. All mortgages for terms exceeding five years must be amortized
at a fixed rate. As mortgages mature, they may be replaced by other
guaranteed mortgages which meet the rigid requirements of the National
Union Mortgage Co. and (or) cash or United States Government bonds
otherwise an equivalent amount of bonds must be retired. The par value
of the deposited collateral must always equal or exceed outstanding bonds.
Restrictions-National union mortgage Co. requires that all depositing
.
mortgage companies limit their operations to communities approved by it:
that all mortgages be on improved urban real estate, and for amounts
not exceeding 60% of the appraised value of the property; that the companies have a minimum capital and surplus of $100,000, and that they
restrict the issuance of their obligations to 20 times such capital and surplus.
The capital and surplus of the approved mortgage companies whose
bonds are collateral for National Union issues is in excess of $4,000.000,
and the average capital of each company is over seven times the minimum
requirement. In practice, the surety companies have further restricted
the issuance of bonds to 10 times the capital and surplus of each company,
and the amount of bonds presently outstanding is less than four times their
combined capital and surplus.
Past Operations.
-Including this issue, there will be $14,845.000 National
Union Mortgage Co. bonds outstanding. An analysis of the 49,845,000
bonds previously issued shows that the original primary collateral consisted of 2,806 mortgages on improved city real estate having an appraised
value of over $23,000,000. The original average loan was for less than
$4,100. The aggregate of these loans was 43% of the appraised value
of the mortgaged property, and subsequent amortization has reduced this
ratio.
Guarantees.-The bonds or the first mortgages securing the bonds deposited as collateral for this issue are each guaranteed as to principal
and interest by one of the following surety companies: United States
Fidelity & Guaranty Co., Baltimore; National Surety Co., New York;
Maryland Casualty Co., Baltimore; Fidelity & Deposit Co., Baltimore.
-V.122, p. 3220.
Nevada Consolidated Copper Co.
-Earnings.
The 69th quarterly report ended Sept. 30 1926 shows the following:
Production.
-The net production of copper from all sources for the third
quarter. compared to that for the two preceding quarters, is shown in
the following tabulation:
19263d Quar.
2d Quar.
1st guar.
Net pounds copper produced
58,180,752 55,078,331 55,227,970
Average monthly production
19,393,584 18,359,443 18,409,323
The total quantity of company ores milled and smelted during the
quarter was 2,696,659 tons. Of this total 2,686,989 tons was concentrating
ore, averaging 1.283% copper. The oifference of 9,670 tons was shinned
direct to smelters. In addition to company ores, 147,476 tons of custom
ore was milled or smelted at the Nevada plants. The average daily tonnage
of company ores milled at all concentrators was 29,207, as compared to
30,007 tons per day for the preceding quarter.
The average recovery in the form of concentrates from all company
material milled during the period was 86.02% of the total copper contained
therein, corresponding to 22.07 pounds of copper per ton treated, as compared to a recovery of 85.79% and 20.71 pounds per ton for the previous
quarter.
2530
THE CHRONICLE
[VOL. 123
The net cost per pound of copper produced, after crediting revenue from
Extensive improvements involving the expenditure of
gold and silver and other miscellaneous earnings and income from sub- increasing plant capacity from 2.700,000 to 4,700,000 barrels$4,000,000.
have been
sidiaries, was 9.87 cents, as compared with 9.91 cents for the second quarter. completed. The various plants, it is stated, are now operating at
capacity
These costs include all operating and general charges of every kind except and September shpiments established a record for any previous month
depreciation and reserve for Federal taxes.
this year. Total shipments of cement for the nine months ended Sept. 30
•
1926 exceeded production.
Results for First Nine Months of 1926.
_\T.
, p.
.
Quarter Ended
9 Mos. End.
Northern Insurance Co. of N. Y.
PeriodSept. 30'26. June 30'26. Mar. 31'26. Sept.30'26.
-Merger.The stockholders of the Assurance Co. of America will vote Dec. 1 on
Oper.prof.
(copper Prod.) $1,967,384 $1.711,798 $1.882,957 $5,562,139
Value of precious metals
219.374
204,880
636.299 approving the consolidation of their company with the Northern Insurance
212,045
Co. of New York.
Miscsil. revenues & inc.
-V.117, p. 2331.
from subsidiaries
244,758
641.083
209,051
187.274
Northern Pipe Line Co.
-Extra Dividend of 1%.
-The
directors have declared an extra dividend of 1% and the
regular semi-annual dividend of 3% on the outstanding
Net income
$2,018,853 $1,720,121 $1,862,448 $5,601,422 $4,000,000 capital stock, par $100, both payable Jan. 1 to
All of company's properties operated continuously throughout the
quarter and developments looking to extension of underground mining at holders of record Dec. 10. Like amounts were paid on
Nevada mines and Chino mines progressed satisfactorily. [Signed D. C. July 1 last. For record of dividends paid since 1912, see
Jackling, Pres.J-V. 123, I). 980.
V. 122, p. 2665.
New England Laundries Inc., Boston.
Laundries,
-Bonds Sold.
Nova Scotia Steel & Coal Co., Ltd.
-Appeal.-Paine, Webber & Co., and
D. Lindsley & Co., Inc.,
Counsel for the Eastern Trust Co., trustees for the bondholders and
debenture-holders on Nov. 12 served notice of appeal from the judgment of
New York, have sold at 9534 and interest, to. yield about Justice Carroll, in which an application for
the appointment of a receiver for
6%%, $1,000,000 first mortgage 6% gold bonds, series A the Company was dismissed.
-V. 123, p. 2401.
(with stock purchase warrants).
Onyx Hosiery, Inc.
-Earnings..
Dated Oct. 1 1926; due Oct. 1 1936. Interest payable A. & 0. at AnuriTotal operating income $2,431,516 $2,132,893 $2,275.111 $6,839,520
Depreciation
412,662
412,772
412,662
1,238,096
can Trust Co. Boston. trustee, without deduction for any Federal income
tax not exceeding
2%. Penn 4 mills tax, Maryland 4% mills tax. Conn.
4 mills tax and the Mass, income tax on the interest not exceeding 6% cf
such interest per annum, refunded. Denom. $1,000 and $500 c*. Redeemable, all or part by lot, on any interest date on 30 days' notice at 110
and interest to and including Oct. 1 1931, and thereafter at prices, reducing
2% of par for each additional year.
Warrants.
-Stock purchase warrants attached to each bond entitle the
holder to purchase common stock at the rate of 30 shares for each $1.000
bond at $30 per share to and including Auz. 1 1931, and thereafter at 335
per share up to Aug. 1 1936. Proceeds of stock thus sold must be invested
n additional property or used to retire bonds.
-Indenture provides for an annual sinking fund equal to
Sinking Fund.
20% of net earnings as defined in the bond indenture, but in no year less
2% of the greatest amount of bonds at any time outstanding.
Listing.- Bonds listed on Boston Stock Exchange.
Data from Letter of President Arthur T. Downer, Boston, Nov. 8.
-Organized to co-ordinate and develop the laundry industry in
Company.
Boston and New England. Is a combination of laundry properties which
have achieved success in the New England field. They have been built
up almost entirely out of their own earnings. From small beginnings 15 to
25 years ago they have now reached a point where they are seuving over
30,000 customers. The properties consolidated include: (1) Winchester
Laundries,(2) Taylor Brothers Laundry.(3) Quality Laundry,(4) Bright
wood Laundry (5) City Laundry of Springfield, and (6) Highland Laundry;
'
with plants in Boston, Somerville, Winchester, Watertown, Lowell and
Springfield, Mass. The group includes plants which are outstanding
features of the industry in New England.
-New England Laurdries, Inc., owns a
Laundry Process Development.
substantial interest in the Lowe Machinery Co.. which has developed and
patented laundry machinery involving new principles of economy in operation. During the past six months actual tests made on a completed machine
have proved to the satisfaction of technical experts and practical laundrymen that the new process will effect a very substantial saving in laundry
labor cost. New England Laundries, Inc., in addition to its ownership of a
substantial part of Lowe Machinery Co., is the exclusive selling agent for its
product. It is estimated that this relationship will prove to be very profitable.
Capitalization Outstanding upon Completion of Present Financing.
First mortgage 6% gold bonds (this issue)
$1,000.000
7% cumulative preferred stock
550,000
Common stock (auth., 51,000 shares of no par value; unissued,
Including reserve for option warrants, 32,300 shs.); issued_ - _18,700 abs.
-Secured by direct first mortgage on the entire property now or
Security.
hereafter owned. Additional bonds may be issued only in accordance with
the restrictions of the bond indenture stipulating among other things that
such bonds may be issued only to the extent of 70% of the cash cost or fair
value, whichever is less, of new property acquired, and then only when net
earnings as defined in the bond indenture for 12 consecutive months of the
preceding 15 shall have been at least three times interest charges on bonds
outstanding and to be issued. Mortgage is closed at $1,250,000.
Consolidated Statement of Earnings, Adjusted to a Calendar Year Basis.
1924.
1923.
1925.
$1,253.852 $1,304,167 $1,336,433
Net sales
1,046,557
1.070,303
1,101,839
Oper. exp.. taxes (except Fed'1) &c
Net earnings available for int. chgsAnnual interest charges of this Issue
8207.295
$233,864
$234,594
60.000
-Quar. End. Sept. 30- -9 Mos.End. Sept.30Period1926.
1925.
1926.
1925.
Net income after depr.,
Federal taxes. &c____
8206.838
$200,921
$588,164
$650,617
Note.
-Net income for the first nine months of 1926 was reduced to
$473,292 after inventory adjustments not applicable to current operations.
-V.123, p. 2401.
Owens Bottle Co.
-5% Stock Dividend and Extra Cash
Dividend of 8% Payable on Common Stock.
-The directors
have declared a 5% stock dividend, an extra cash dividend
of 8% and the regular quarterly cash dividend of 3% on
the outstanding common stock, par $25, all payable Jan. 1
to holders of record Dec. 16. On Jan. 1 1926 the company
paid, in addition to the regular quarterly cash dividend of
3%, a 5% stock dividend and an extra cash dividend of 4%.
Results for Three and Nine Months Ended Sept. 30.
-3Mos.End. Sept. 30-- -9 Mos.End. Sept.30Period1926.
1925.
1926.
1925.
Mfg. profits & royalties- $2,288,019 $2,263,300 $7,170,594 86,245,304
Other income
26,478
107,565
312,849
395,140
Total income
$2,314,497 82,370,865 $7,565,734 $6,558,153
Operating expenses, &c_
636,679
588,000
1,886,064
1,670,815
Estimated Federal taxes
235,100
242,600
633,800
790.400
Net profit
$1,442,718 81.540,267 $4,889,270 84,253.538
-V. 123, p. 1124.
Pacific Coast Co.
-Earnings.-Quar. End. Sept. 30- -9 Mos. End. Sept. 30Period1926.
1925.
1926.
1925.
Gross earnings
31.171.787 81.418,001 $3.683,343 $4,315,220
Net,after expenses
8100,468
$135,289
$348,093
$262,909
-V. 123, p. 853.
Pan American Petroleum Co.
-Bonds Ready.-
The Chase National Bank is prepared to deliver definitive 1st mtge.
15
-year convertible 6% sinking fund gold bonds, due Dec. 15 1940, in exchange for and upon surrender of the outstanding temporary bonds. See
V. 123, p. 336.
Pan American Petroleum & Transport Co.
-Plan to
Acquire Minority Stock of Lago Oil & Transport Corporation.-
The stockholOers on Nov. 8 approved a proposal offering the minority
stockholders of the Lago Oil & Transport Corp. one share of class B stock
of the Pan American company in exchange for every three shares of Lugo
stock. See also V. 123, p. 2005.
-Earnings (Incl. Subsids.).
Panhandle Prod. & Ref. Co.
-Quar. End. Sept. 30- -9 Mos.End. Sept.301925.
Period1926.
1926.
1925.
Operating revenues
$1,353,185 $1.364.843 $3,658.190 83,962,877
1,071,067
Operating expenses
1,269,961
3,037,053
3,472,456
Admin., selling & taxes_
70,927
55,734
193.951
174,963
Net earnings
8211.191
$39,148
$427,186
8315,458
Balance for depreciation, dividends, &c
$174.594 Other income
14,163
248
18,699
8,540
Net earnings for the year 1925 as shown above are approximately four Gain on oil inventory.._ 14,625
58,007
times the annual interest requirements of this issue. After deducting uni- Panhandle Oil net inc
def4.005
20,975
form depreciation at rates approved by the appraisers, such earnings were
over three times annual interest requirements of this issue. Based on
Gross income
$235,974
$39,396
$524,867
$323,998
operations for the first nine months of 1926. it is estimated that gross sales Dsductions
63,025
16,550
107.053
56,745
and net earnings for the full year will be in excess of those for 1925. The Depreciation & depletion
161,011
372,258
statement does not reflect full results from one new plant which has Pref. dies, accrued
above
56,154
56,100
168,462
159,348
recently been placed in operation.
-Proceeds will be used for acquisition of properties and to provide
Purpose.
Balance, surplus
def$44,216 def$33,254 deal 22,906
$107,906
additional working capital.
-V,123, p. 853.
est
Balance Sheet as at October 2 1926.
Pathe Exchange, Inc.
-Earnings.Liabilities
Assets$121,832 Accounts payable
$63,907
Cash
-28 Weeks Ended to
Period
72,291 Payroll and expenses accrued.
15,241
Accounts rec., less reserves...
July 10 '26. July 11 '25.
30,682 8% notes payable
Supplies
50,000 Gross sales
89.408.828 88.805,268
Cost of sales
20,082 First mortgage 6s, 1936
1,000.000
Prepaid expenses
8,914.114 8,045,893
1,456,038 7% preferred stock
550,000
Plant and equipment
Operating incoine
320,000 Common stock (no par value).
93,500
Routes
8759,378
$494,714
5,957 Surplus
257,735 Other income
Patent rights de trade processes
131.971
167,920
3,500
Investments
Totalincome
8891,345
8662,634
Total
82,030,383
$2,030,383 Interest
Total
64,023
57,275
Depreciation
47,975
54.922
Federal taxes
-Obituary.
74,288
74,339
New Jersey Zinc Co.
'ace-President Edwin M. Squier died at Rahway, N. J., on Nov. 9.
Net income
$705,058
$476,097
-V. 123, p. 2272, 1770.
Previous surplus
3.991.980 3,234,845
Discount on preferred stock redeemed
900
-Loses Suit Against Government.
New River Co.
The suit of the company against the Uovernment for $1,000,000, repreTotal
$4,468,077 $3.940,803
senting the difference between the price paid by the Governmentfor 200.000 Preferred dividends
34,528
33,928
tons of coal seized from 1919 to 1921 and what the company considered the Dividend on common A and B
732,608
fair market price at that time, has been decided against the company by the Depreciation land, buildings, &c
19,799
Circuit Court of Appeals at Richmond. Va. At the first trial of the suit Reserve to redeem preferred stock
86
55,896
the District Court decided in favor of thecompany but the Circuit Court
later reversed the finding of the lower court. At the retrial the lower court
Profit and loss, surplus
$3,645,644 $3,886,391
instructed the jury to bring in a verdict for the Government. The Circuit -V. 123, p. 1886.
-V.123, p.
Court upheld the lower court in the decision just handed down.
Peerless Motor Car Corp.
1886.
-Balance Sheet.Sept. 30'26. Dec.31'25.
Sept. 30'26. Dec. 31'26.
-Earnings.
North American Cement Corp.
AssetsS
Liabilities5
$
Quarters Ended
9 Mos.End. Plant, equip., Ste_ 4,368,861 4,885,100 Capital stock
0
6,927,560 6,327,56
Sept.30'26. June 30'26. Mar.31 '26. Sept.30'26. Pat's & good.will.
Period1
1 Accounts payable_ 996,228
880,179
Ca:sh, U. S. Govt.
earnings (after depr.
Net
1,507
Notes payable..
securities, Ac___ 2,833,646
8431,063
and depletion)
$416,947
$105,478
52,248
8953.488
578,372 Taxes payable_ _ . 33,491
.
458,755
The net income of $416,947 for the third quarter was equal to 3.30 Receivables
119,127
706,183 Accrued taxes_ _ 117,668
68,292
3,909,383 3,584,175 Customers' delve_
times bond interest requirements. After fixed charges, amortization and Inventories
1,212
Federal taxes, net income was equal to $4 62 a share earned on the out- Sundry sec. owned
-.179,008
Reserves
standing preferred stock, and after preferred dividends, a balance equal Other assets
46,632
72,582 Surplus
3,418,906 2,410,588
Deferred charges
56,389
to $1 11 a share was reported earned on the outstanding common stock.
33,088
For September alone the company reports bond interest earned 3.56
Total
11,672,85919,859,501
times, while 81 74 a share was earned on the preferred stock, and 44c.
11,872,859 9,859,501
Total
a share on the common stock.
Note.-Incomelaccountlwas!given in V. 123. p. 2148, 2273.
TIIE CHRONICLE
Nov. 13 1926.]
2531
-Listing-Store Merger.
Safeway Stores, Inc.
Peninsular Stove Co., Detroit.
-Bonds Called.
-
The Boston Stock Exchange has authorized the listing of 11.000 shares
All of the outstanding 1st mtge. 6% gold bonds have been called for
payment on March 1 1927, at 101 and int. Funds have been deposited (par $100) preferred stock, in addition to the 25,000 shares heretofore
with the Detroit Trust Co., trustee, for the purchase of bonds before the listed: 30,000 shares (without par value) common stock in addition to the
25.080 shares heretofore listed; and additional warrants for the purchase of
call date.
Keane, Higbie & Co., the Union Trust Co. and the Detroit Trust Co.,all 2,200 shares of its common stock in addition to the warrants heretofore
of Detroit. will pay 101iand int. to date of purchase for any or all bonds listed representing 5.000 shares of such common stock.
The certificate of incorporation of the company was amended by a certi-V. 121, p. 987.
now outstanding upon presentation by the holders.
ficate duly filed Oct. 18 1926, with the State Tax Commission of Maryland,
Pennok Oil Corporation.-Earnings.increasing the authorized common stock from 60.000 to 75,000 shares.
-Quar. End. Sept. 30--9 Mos. End. Sept. 30- The issue of the 30,000 shares of common stock, to which this application
applies, has been duly authorized by the Board of directors. The issue of
Period1925.
1926.
1925.
1926.
Gross inc.from oil sales_ $204,235
$325.688
$720.388 $1,731,449 the 11,000 shares of preferred stock and of the warrants for the purchase
411,003 of 2.200 shares of common stock, was duly authorized by the board of
Direct oper. & gen. exp81,230
128.079
241,934
directors and the stockholders. Of the preferred stock, 25,000 shares have
Net inc. fr. oil sales.... $123,005
$197,609
$478,454 $1,320,446 been issued and listed. The certificate of incorporation, provides that the
NetInc.gas& misc.sales_
16.631
61,522
93.710 board of directors is empowered to issue 33,000 shares of the 50.000 shares
29,691
authorized, without any action by the stockholders. The common stockProfit on invest., int.,
discount, &c
65,262 holders at a meeting held Oct. 22 1926, authorized the directors to issue all
9,973
16,456
27.655
•
or any part of the unissued preferred stock
Gross earnings
$149,609
$243,756
$567.631 $1,479,418
Purposes.
-year notes
Interest on 3
8,946
29,136
101.250
33,750
of preferred stock and warrants for the purchase of
These 11.000 shares
Depletion, deprec. (est.)
common stock will be sold by the corporation at a price equal
and Federal taxes
42,973
523,419 2,200 shares
75,666
260,862
the par value of the preferred stock, plus dividends accrued to the date
Dividends paid
75,000
56,250
225,000
168.7-50 to issue. With the proceeds of such sale and the proceeds of the sale of
of
of preferred stock and the warrants representing 800 common
Balance, surplus
$22.690
$685,999 4.000 shares have already been sold, application for the listing of which
$78,090
$52,633
shares, which
Balance Sheet Sept. 30.
were made under dates of July 23 1926, and Sept. 10 1926. and with the
Assets1926.
1925.
additional 30.000 common shares the corporation is acqu ring through wholly
1926.
1925.
Operated and unowned subsidiaries the business and good-will formerly owned by Skaggs
Capital stock and
operated leases &
surplus
x$815,809 $1,608,744 United Stores. an Idaho corporation and its subsidiaries, and Skaggs Cash
physical equip't_$2,334,498 $2,260.908 3-yr.6% gold notes 590,700 2,250,000 Stores, a California corporation. The proceeds of the aforementioned sales
Cash & coll. loans_ 776,209 1,247,803 Accounts payable_ 120,515
196,844 of preferred stock, of warrants and of common stock will be used only
37,000
against delivery to the corporation of 4,370 shares of the capital stock of
Liberty bonds__ __
Insurance reserve_ • 14,105
52,917
Safeway Corp.(Del.); 5,334 shares of the capital stock of Common Products
115,069 Res, for depl., deAccts. receivable_ _
Inventories
77,473
59,127
prec.& Fein tax 1,733,782
712,986 Corp. (Del.): 10,296 shares of the capital stock of Skaggs Safeway Stores,
Bec.owned(at cost)
1,107,198 Res've for conting_
38,337
28,457 Inc., (Nevada).
Insurance fund_ __
35,152
The assets to be so acquired consist of approximately 272 grocery stores
6,926
and 89 meat markets in the States of California, Washington. Oregon,
Total
$3,313,249 $4,797,031
Idaho, Montana, Colorado, Nebraska and Utah; 3 warehouses; 3 bakeries
Total
$3,313,249 $4,797,031
and 12 district offices.
x Represented by 150,000 shares of no par value.
-V.123. p. 990.
Balance Sheet of the Business Being Acquired as of June 30 1926.
Assets.
Pennsylvania-Dixie Cement Corp.
-Listing.
$1,505,300
$2,692,014 Current liabilities
The New York Stock Exchange has authorized the listing of (a) $13.- Current assets
825
55,699 Preferred lease deposits
series A cony. 7% cum. pref. stock (par $100), and (b) 400,000 Prepaid expenses
000,000
50,685 Excess of assets over liabiliInvestments & advances
shares of common stock (no par value), with authority to add 195,000
2,000,000
695,622
ties
shares of common stock which is reserved by the corporation for the con- Fixed assets (less deprec.)
Deferred charges
12,105
version of the series A pref. stock.
-The net sales of the predecessor companies for the.three years
Sales.
53,306,126
Total
$3,506,126
Total
and seven months ended July 31 1926 are shown below:
Earnings.
-The earnings of the business, after depreciation, taxes, &c.,
Calendar Years
7 Mos.End.
for the year ended Dec. 31 1924, $563,277, and for the year ended Dec. 31
1923.
1924.
1925.
July 31 '26.
Dexter Portl,Cement Co 81,663,113 $2,140,618 $2,186,2511 $2,230,222 1925, $750,416.
Capital Status.
-The authorized and outstanding shares of the company
Penn-Allen Cem. Co_ _ - 1,536,548
1,688,032
1.868,6101
as of Oct. 28 1926 were:
Clinchfield Port!. Cem.
To Be Issued.
Outstanding.
ClassAuthorized.
Corp
2.070.263
2,311.313
2,348,158
2.603,327
11,000
25,000
50.000
Dixie Portl. Cem. Co__ - 2,491,860 2,466,367
2,547,301
1,523,739 Preferred
30,000
Common
25,000
75,000
Pennsylvania Cem.
3,809.601
2,516,484
4,160,830 4.694.534
2,200
Warrants
5.000
Total
Upon the exercise of the above warrats there will he issued 7,200 addi$11,812,435 $12,804,004 $13,900,023 $8,340,708
tional shares common stock.
-Y. 123, p. 1644, 1391, 9)0.
For further details regarding
the company, see V. 123, p.
Sainte Claire Realty Co. (Calif.).
-Bonds Offered.
1642.-V. 123, p. 2402.
Mercantile Securities Co. of California is offering at 100 and
Peoples Drug Stores, Inc.
-Sales.
int. $450,000 1st (closed) mtge. series 6% bonds.
1926
-0a.-1925.
Increase.] 1926--10 Mos.-1925.
Increase.
Dated July 11926. due serially July 1 1931 to 1946, incl. Int. payable
J.& J. at Mercantile Trust Co.of California, San Francisco, Calif., trustee,
without deduction for any normal Federal income tax up to 2%. Callable
in whole or in part on 60 days' notice on any int. date at 103.and int.
Pictorial Review Co.
-Complaint Dismissed.
The Federal Trade Commission has dismissed its complaint against Denom. $500 and $1,000 c*. Exempt from personal property tax in
he company upon filing by respondent of a verified statement of facts California.
Property & Value.
---Company, a California corporation, has constructed,
in which the company stipulates that it has abandoned the use of the
contracts containing the restrictive clauses which were the basis of the at a cost of approximately $825,000, a modern steel and concrete hotel
and store building on the southeast corner of West San Carlos and South
charges in the complaint.
-V. 122, p. 3464.
Market streets, San Jose. Calif. The hotel contains 180 guest rooms, with
The land, 23334
bath,
on the
Pittsburgh Terminal Coal Corp. & Subs.
-Earnings.
-- on Sanand in addition 12 stores Marketstreet level. valued by Charlesft.
F.
Carlos St. by 23834 ft. on
St.. has been
Total
Quarter Ended---Crothers, of San Jose, at $225,000. giving a total value of $1,050,000 to
Sept. 30'26. June 30'26. Mar. 31'26. 9 Months.
the property pledged as security for these bonds. Although not specifically
Operating profit
$399.640
8928,275 pledged under this issue, the company also owns a modern 5
$338,988
$189.646
-story office
Depletion and deprec
284,975
846.930 building located on the southwest corner of West San Carlos St. and South
256,438
305,516
First St., valued at $645.000.
x Income
$81,345
$114,665
$33.472 loss$66.792
-These bonds will be a direct obligation of the company and
Security.
x Before Federal taxes.
will be secured by a first (closed) mortgage upon the recently constructed
C. E. Tuttle, it is stated, has resigned as Chairman and President of the hotel building valued at $1,050.000.
wrporation and as Vice-Pres. of the North American Coal Corp.
-V.
Earnings.
-The hotel has been leased to Newcomb & Co., experienced
123, p. 854.
hotel operators, who have equipped it completely for operation at a cost
of not less than $150.000. Annual net earnings of the hotel are estimated
-Tenders at $70,500 and total earnings of the company (including revenue from the
Pocahontas Consolidated Collieries Co., Inc.
The New York Trust Co., trustee, 100 Broadway, N. Y. City, will until 5
-story office building) are estimated to be $106,000 Per annum.
Dec. 9 receive bids for the sale to it of 50
-year 5% gold bonds, due July 1
1957. to an amount sufficient to absorb $79.564.-Y. 121. p. 2284.
St. Helens (Ore.) Pulp & Paper Co.
-Bonds Sold.-
$537,752
$428,101
-V. 123, p. 2273, 2006.
$129,651 I$4,942.467
$4,246,185
$696,282
Pond Creek Pocahontas Co.
-Production.
-
Month ofCoal output (number of tons)
-V. 123, p. 854.
October. September.
57,436
59,365
Blyth, Witter & Co. Portland, Ore. recently sold at
9934 and int. $1,000,000 1st (closed) mtge. sink* fund
634% gold bonds.
Dated Oct. 1 1926; due Oct. 1 1941. Denom. $1,000 and 1.500 cs. Prin.
and int. (A. & 0.) payable at West Coast National Bank, Portland. Ore.,
Pratt & Lambert, Inc.
-New President.
trustee. Red. on any int. date, on 15 days' published notice, at 103 and
A. D. Graves has been elected President to succeed the late James H. int. to and incl. Oct. 1 1936, thereafter
at 102 and int. Company agrees
McNulty.
-V. 123, p. 2402.
to pay int. without deduction for Federal income tax not in excess of 2%•
Data From Letter of W.P. Hawley, President of Company.
Rand Mines, Ltd.
-Gold Output (Ounces).
Company.
-An Oregon corporation. Was organized in Nov.. 1924. for
October.
September.
August.
June.
July.
the purpose of erecting a sulphate pulp and paper mill at St. Helens, Ore.,
853,296
839.939
843.854
852,145
l
849al4
86Q,34
which mill is practically completed and will be in operation about Jan. 1
-17. 123, p. 2006, 1391.
1927. Company will specialize in the manufacture of high-grade kraft
pulp and paper. The entire output has been contracted for and will be
Richfield Oil Co. of California.
-New Wells.
distributed by the Graham Paper Co. of St. Louis, Mo., as sole selling
The McKeon Oil Co., newly acquired subsidiary, has brought in McKeon
Well No. 3 in the McKeon Huntington Beach Extension field with an agents. St. Helens, Oregon, was selected as the site for the mill of the
initial production of about 1.360 barrels a day. This is the sixth well company because of its deep water harbor, its proximity to the sawmills of
the lower Columbia River territory, and its location on the main line of
to be completed by the McKeon company in this field in the past three Spokane, Portland & Seattle Ry. The site comprises 32 acres, with 600the
ft.
.
weeks, making a total of about 3,000 barrels a day added to Richfield of deep
production. The Richfield company and its subsidiary have nine more structed water frontage on the Columbia River. where there has been cona dock for ocean going vessels. The mill proper, which except for
wells drilling on this structure.
The Marland Oil Co. also reports two new wells brought in in the Seal the wood-working plants, is of fire-proof steel and concrete construction,
of 4 units-a wood cut-up plant, sulphate plant, power plant,
Beach Field, the entire production of which is under contract to Richfield. consists engine,
beating
paper machine and finishing rooms. The mill will have a
These two wells had a total initial flow of 4.400 barrels. These were total daily
capacity of about 50 tons of finished kraft paper.
brought in from shallow sand, however, and were shut off to enable drilling
Security.
-Secured by a closed first mortgage on all the fixed assets of the
to deeper formations.
J. A. Talbot, President of the Richfield Oil Co., announces the purchase company, consisting of lands, plants, machinery and other equipment
by the company of 40 acres of developed property in the Midway-Sunset located at St. Ilelen.s, Oregon. The value of these properties will be 51.936.
field, California. from Clifford A. Rope, of Los Angeles. The property has
Earnings -It is estimated that the annual earnings of the company
I) producing wells, engines and complete equipment,pipelines, tanks, boiler available for interest,
after taxes and depreciation, will be $379,735 or over
plant, water well and gasoline plant. It is located a half
-mile east of Marl- 5.8 times maximum interest charges on these bonds, or 2.7 times maximum
copa in the.northwest quarter of section 36-12-24.-V. 123, P. 2274.
interest and sinking fund requirements.
-The mortgage will provide for annual sinking fund paySinking Fund.
(The) Russ Manufacturing Co. (Ohib).-Div.,
ments, beginning March 1929, sufficient to retire the entire issue by
Pr The regular quarterly dividend of 1%% has been declared on the common maturity, the annual bond retirement being not less than $75,000 par value.
stock, payable Nov. 15 to holders of record Oct. 31.
-Proceeds of present financing will be used by the company to
Purpose.
The following officers have been elected: Judge Edwin J. Blandin, pay in part for the completion of the plant, and for additional working
President; William H. DuRoss, Vice-President and General Manager: capital.
Ira Krupnick and Glen P. Cowan, Vice-Presidents, and P. W. Schmitt,
-Proposed Refinancing.
Secretary and Treasurer.
Saco-Lowell Shops, Boston.
Vice-President DuRoss announced that sales and net profits for the fiscal
It is announced that the $4,000,000 of notes, held by banks, which fell
year ended Sept. 30 showed a substantial increase over last year and that due Oct. 16 1926, have been temporarily extended until Jan. 14 1927.
the outlook for the coming year was good. As of Sept. 30 1926, assets There is no possibility of the company meeting these notes in due course.
totaled $1,751,685. Current assets were $1.089,578. against current
The stockholders will vote Nov. 22 on approving a proposed refinancing
liabilities, including reserve for Federal taxes, of $85,189. The company's plan, which will provide: (1) that $895,000 of the company's indebtedness
capitalization consists of $400.000 634% secured gold notes and 9,434 now held by officers of the company (i.e., R. F. Herrick, F. J. Hale and
-V. 123, p. 2724.
shares of 1$1(11) par common stock.
R.P. Snelling) be subordinated as to payment of interest to the indebtedness
2532
THE CHRONICLE
to the banks and bankers and to the new issue of 5
-year 7% convertible
notes hereinafter referred to; (2) that not less than $500,000 additional
working capital be raised; and (3) that the banks are satisfied with the plans
-year period of extension as to consolidation and
of the directors for the 3
arrangement of plants and as to management.
It is understood the banks and bankers as variously interested will severally agreed (a) to extend the maturity of $4.000,000 of notes for a further
period of 3 years with interest at 5% instead of 6%;(b) to accept new 5%
notes maturing in 3 years, without convertible features, in exchange for
$550.000 7% convertible notes; and (c) to underwrite $550,000 of the
new 5% notes in lieu of $550,000 7% convertible notes now underwritten.
As to the second requirement, it is proposed to authorize a new issue of
5
-year 7% notes in amount of $528,750 convertible into common stock at
$10 a share.
The plan also contemplates the organization of a subsidiary corporation
to be known as the Kitson machine shop, to which would be transferred
the title and rights in the so-called Kitson plant and Walker Street foundry
in Lowell, Mass., together with other assets, which would enable the new
corporation to operate as a separate manufacturing unit.
-V. 122, p. 3465.
B. F. Schlesinger & Sons, Inc.
-Sales.
Period End. Oct. 31- 1926
-Month-1925 1926-10 Mos.-1925
Sales (approx.)
$1,744,000 $1,681,000 $12,428,000 $11,247,000
-V. 123, p. 1391, 854.
[Vol.. 123.
writing the issued shares down from 200 to 150 lire. This will be succeeded by a capital increase to 1,000,000.000 lire by the creation of 250.000,000 lire of new shares to be issued at par. A debenture issue amounting
to £1.400,000 of 73'% mortgage bonds will, it is stated, be floated in
London.
-V. 123, p. 1392.
South Porto Rico Sugar Co.
-Listing,
-
The New York Stock Exchange has authorized the listing on or after
Dec. 1 of$1,120,600 additional common stock (par $100) on official notice of
issuance in exchange for outstanding full-paid subscription warrants (entitling the holders of common stock at the close of business
to subscribe to additional common stock at the rate of one on Nov. 1 1926
for each 10 shares of old stock) or payment therefor in share of new stock
cash, making the
total amount of common stock applied for 312.326,200.-V. 123, p. 2386.
Southern Dairies, Inc.
-October Sales.
-
Month of OctoberGross sales
-V.123, p. 1644, 1516.
1926.
$926,288
1925.
$717,541
Increase.
4208,747
(A. G.) Spalding & Bros.
-Earnings.
-
(Subject to adjustment at close of fiscal year.)
-Quar. End. Sept. 30- -9 Mos. End. Sept. 30Period1926.
1925.
926.
1926.
Net sales
56,324,095 $5,893,783 518.351,911 $17,031,212
Engraved guaranteed 6% mtge. sinking fund bond issue, due July 1 Mfg. cost of sales
3,895.034 12,205.936 11,173,941
1946, are now ready for delivery in exchange for interim certificates upon Adm.,adv.& sell. exp..,. 4,383.765
1,521,030
1,265,733 4,604,634 3,910.860
surrender of the latter at the Central Union Trust Co.. 80 Broadway, New Depreciation
127.951
139,850
424,695
392,170
York City. (For offering see V. 122, p. 3465.1-V. 123. p. 2149.
Royalties
26,456
27,925
46.640
43,759
Schulte Retail Stores Corp.
-Sales.
Net operating profit__ $264,893
$565,241 $1,105,412 $1,475,075
3 Mos. Ended Oct. 31Increase. Other income
1926.
1925.
63.621
59,594
166,763
176,436
Sales
$8,259,307 $7,498,480
$760,827
-V.123, p. 2402, 1124.
Total income
$328,513
$624,835 $1,281.848 $1,641,838
Interest paid
44,621
31,543
99,043
164,814
Shaw Bertram Lumber Co. Klamath Falls, Ore.- Federal tax reserve
41,000
192,000
73,300
151,000
Divs.
1st pf. 7%
72,574
227,658
75,307
Bonds Offered.
221,128
-Freeman, Smith & Camp Co., Portland, Divs. on 2d pf 8% stk_
'
on
stk..
19,990
60.000
20,000
59,970
Ore., are offering at 100 and int. $300,000 1st (closed) Divs. on common stock_
74,236
119,276
358,464
311,792
1st pref. stk. sink.fund.
37,500
mtge.6% sinking fund gold bonds.
37,500
112,500
112,500
Dated Oct. 1 1926; due Oct. 1 1934. Principal and int. (A. & 0.)
Balance, surplus
538,591
$267.909
$592,174
$260,642
payable at offices of Freeman, Smith & Camp Co., Portland and San
The balance of unappropriated surplus Sept. 30 1926
was $3,051,481.
Francisco, without deduction for normal Federal income tax, except in compared with $3,220,391 as of Sept.
30 1925.-V. 123, p. 2006.
excess of 2%. Company agrees to refund California personal _property
taxes not to exceed five millls per annum. Title & Trust Co., Portland,
Stafford Mills.
-Balance Sheet.Ore., trustee. Red., all or part, on any int, date upon 30 days notice
AssetsOct. 2 '26. Oct. 3 '25. Liabilitiesat 102 during first two years from date of issue. 101% next two years and
Oct. 2 '26. Oct. 3'25.
Plant
81,902.785 81,679,331 Capital stock
101 thereafter, except when purchaseable for sinking fund in the market Cash,
31,000,000 81,000,000
accts. rec. &
at less. Denom. $100. $5500 and $1,000.
Hills de accts. pay_ 209,271
Inventory
268,498
352,878 Tax reserve
Company.
-Was organized to acquire timber, conduct logging opera151,805
109,316
100,000 Deprec. reserve_
tion.s and to manufacture lumber, lath, boxes and box shooks. From Investments
556,547
556,547
a small beginning, the cut of the saw mill at Klamath Falls has been inSurplus
423,857
296,149
company was sawing upward of 20,000,000 ft.
creased until, in 1924,
Total
82,171,283 32,132,209
annually and, at present, has an annual capacity of 35,000,000 ft. Within
Total
82,171,283 $2,132,209
the past 12 months the company has built a large modernly arranged -V. 121, P. 2533.
and equipped box factory. Their sales territory for lumber and box
Standard National Corp.
shooks has been greatly enlarged through the completion of the Natron
-Common Stock Put on $12
Cut
-Off of the Southern Pacific Ry. opening up the rich Willamette Valley Annual Dividend Basis.
districts.
The directors have declared a quarterly dividend of $3 a share on the
-Secured by a closed first mortgage on all property now or common
Security.
stock, no par value, and the regular quarterly dividend of $1 75
hereafter owned. These properties comprise the 125
-acre mill site, owned
the preferred stock,
In fee simple situated on the outskirts of the City of Klamath Falls, saw a share onIn the two previous both payable Jan. 3 to holders of record
Dec. 27.
quarters dividends of $2 50 per share were
mill, lath mill, booming grounds, planing mill, box factory, offices, em- paid on the
common stock.
-V. 122, p. 1624.
dwellings, yards, sheds, railway switches connecting directly
ployees'
with the main line of the Southern Pacific, together with all logging equipStandard Oil Co. of Nebraska.
-Extra Dividend of 2%.
ment consisting of camps, logging railroad, railroad and woods equipment
adequate to stock the mill with logs, and the equity in the timber contracts, -The directors on Nov. 11 declared an extra dividend of
all conservatively valued at upwards of $600,000.
2% (50c. per share) in addition to the regular quarterly
.
Company has a 20
-year contract with the Department of the Interior
Indian Service,running from June 1924. covering approximately 228,000.000 dividend of 62c., both payable Dec. 20 to holders of record
ft. of Indian Reservation timber. Thomas & Meservey estimate the Nov. 24. On Sept. 20 last
an extra dividend of 1% (25e.
company's equity in this contract to be worth $230,000. This stumpage
per share) was paid.
-V.123, P. 855.
isfree from taxes and interest.
Earnings.
-Net earnings after depreciation but before payment of
Standard Oil Co. (New Jersey).
Interest and income tax for the years 1924. 1925 and up to Sept. 30 1926.
-Directors Discuss Recovering the period operation has run full capacity, averaged $97,158 tirement of Preferred Stock-No Action Taken
as Yet.
-No
annually, nearly five times maximum interest requirements of these bonds.
action was taken by the directors at their meeting yesterday
Sinking Fund.
-Payment to trustee for retiring bonds at 102 during
first two years from date of issue. 101% next two years and 101 thereafter, with respect to retiring the preferred stock, although
the
unless purchaseable in the market for less, is required to be made monthly
on all timber cut at $1 50 per thousand feet for their reservation timber matter came up for discussion. The following statement was
and $1 per thousand feet on all logs purchased outside. Sinking fund issued after the meeting:
money can be used only for the retirement of bonds. Interest and premiums
"The retirement of the preferred stock has been under consideration for
will be paid from earnings.
some time. A financing operation of such magnitude involves many im-To pay the company's outstanding indebtedness, buy more portant considerations of moment to the company and its shareholders,
Purpose.
timber and provide additional working capital.
and these considerations are still occupying the attention of the board.
The subject was discussed at to-day's meeting of the directors and no action
Silver Dyke Mining Co.
was taken."
-Tenders.
The National Shawmut Bank of Boston, trustee, will until Nov. 19,
receive bids for the sale to it of 7% gold notes, dated June 1 1923, due
The company has $200,000.000 7% preferred stock outstanding,
June 1 1928, to an amount sufficient to exhaust $59,165.-V. 123. P. 855. callable at $115 per share on 30 days' notice. What form the which is
proposed
financing will take has been a subject of speculation in banking
circles
Simms Petroleum Co.
-Listing.
during the past week. It is believed in some circles that
The New York Stock Exchange has authorized the listing of $3,431.500 issue of debenture bonds and another of additional commonthere will be an
stock in prefer3
-year 6% convertible gold notes. due Nov. 15 1929.
ence to an offering consisting solely of bonds. This plan, it is stated,
will
The Exchange also approved the listing of $1,372,600 additional capital call for an issue of 5125.000,000 debenture 5% bonds to be offered
at par
stock on official notice of issuance on conversion of 3
-year 6% convertible and rights to stockholders to subscribe to 4,000,000 additional shares of
common stock at $25. J. P. Morgan & Co., who have acted as
gold notes dated Nov. 151926. See also V. 123, p. 1887, 2006.
bankers
for the company for many years, it is said, will handle the
Earnings for Three and Nine Months Ended Sept. 30 (Incl. Subs.).
financing.
-V.
-Quay.End. Sept.30- -9 Nos. End. Sept.30- 123. p. 1260, 1125.
Period1926.
1925.
1925.
1926.
Standard Tank Car Co.
-Orders Received.
xGross oper. revenue- _ _ $2,253,281 $2,158,353 $55,994,683 $6,801,208
The company has received an order for 700
Operating expenses
877.672
731,468
2.447,157
1,827,697 Petroleum Co.. another for 500 cars from the tank cars from the Phillips
Gulf Refining Co.and will
build
Gross profit
$1,375.609 $1.426.885 $3,547,526 $4,973,511 hand 300 more for leasing. This businessin connection with other'orders in
will insure the company practically
Other income credits66,923
71.228
133.142
219,042 six months. The production of these cars will capacity operations for six
involve a substantial tonnage
-V. 123. P. 336.
$1,442,532 51,498,113 53,680,668 55,192,553 of plates.
Total
Interest, lease rentals &
Standard Textile Products Co.
-Earnings, &c.
general taxes
85,444
63,065
235,736
162,213
Earnings of the company for the
y
Pron. for Fed. Inc. tax
10.000160,000 proximated $272,000 after interest nine months ended Sept. 30 1926 apDevelopment expense_ - 1 1,050.6655
427.2891 2,761.1671 1,180,067 according to a statement issued byand other charges, except depreciation.
Pres. James T. Broadbent. Owing to
Depr., depl. & abandls_ i
I.
496.733J
J 1,382.511 large expenditures for replacement and the
decline in cotton prices, the
question of depreciation was referred to the directors, who placed the
Net income
$306,423
$500,125
$653,765 $2,307,761
at
x After deducting cost of raw material refined.
y No Federal tax lia- amount of 5240,000, leaving a net profit of $32,000 for the nine months.
"Sanitas,' the company's principal product, are
Sales
bility required on 1926 earnings.
-V. 123, p. 2006.
satisfactory,
Mr. Broadbent said. Prices, however, do not permit of satisfactory profits.
In addition to low prices, there has been going on during the whole year a
Smith & Wesson, Inc.
-Balance Sheet July 31.
process of inventory adjustment to meet the declining raw cotton market.
[As filed with the Massachusetts commissioner of corporations.]
In anticipation of declining values, Mr. Broadbent said, in the raw material market, the liquidation of inventory was started in the early part of
Liabilities1926.
Assets1925.
1926. • 1925.
Capital stock
Real estate, mach.,
$2,500,000 $2,500,000 the year and has been consistently followed as a company policy since that
31.967,102 31,968,621 Mortgages
equip. &c
388,000
400,000 time to the extent that inventories are reduced approximately $2,292,000.
998.189
933.589 Accounts payable_
Merchandise
39,593
39,514 Out of this amount bank loans were reduced $1,450,000 and bonded in93,362 Reserve for taxes_
Accts. & notes rec. 112,706
24,929
13,758 debtedness 5640.800, making a total debt reduction
105,458 Res. for deprec_ _. 1,844,208 1,734,322 1926. A comparison of the present financial position of $2,090,800 during
131,696
Cash
of the company with
x743
265 Miscell. reserves__
Sinking fund
46,845
46,845 the position as of June 30 1924, when dividends were discontinued. shows the
30,400 Surplus
20,283
Deferred charges
387,378
397,489 large inventory reduction of over $3,300,00C., of which $2,752,100 was used
In reducing bank loans and bonded indebtedness.
Pat. rights & trade
-V. 123, p. 2403.
2,000.233 2,000,233
marks, &c
Schulco Co., Inc.
-Bonds Ready for Delivery.
-
35,230,953 35.131,928
Total
35,230,953 89 331,92
Total
x Includes sinking fund bond interest of $143.-V. 121, p. 2765.
"Snia Viscosa"(Societa Nazionale Industrie Applicazioni Viscose), Turin, Italy.-Readjusts Capital-New
Financing.
The stockholders on Nov. 11 approved the proposal of the directors
to write down the capital stock by 25%, to credit this amount to reserve,
to issue more shares at par and offer new debentures in London. The
Capitalization will be reduced from 1.000,000.000 lire to 750.000,000 by
Steelcraft Corp. of America, Cleveland.
-Sale.
The property of the National Safe Co. at E.
Cleveland, will be sold at public auction Dec.2. 69th St. and Quincy Ave..
The company is owned by
the Steelcraft Corp. a holding company now in the hands of Frank E.
Heinen, receiver.
-V. 121,p. 1581.
Steel & Tube Co. of America.
-7'o Retire Bonds.
-
The outstanding $88,334,000 gen. mtge. sinking
7% gold bonds,
series C,due Jan. 11951, will be redeemed on Jan. 1 fund at 107 and Int.,
1927
according to announcement made by the Youngstown Sheet & 1 ube Co,
successor to the above company.
Holders of the bonds have been requested to present same with all unmatured coupons for payment and redemption on Jan. 1 at the offices of
1
Nov. 13 1926.]
THE CHRONICLE
2533
President H. E. Aitken in a notice to stockholders says:
In order to perpetuate the business carried on by Triangle Film Corp. o
Virginia, a new corporation known as Triangle Film Corp., has been organized in Delaware. The board of directors has carefully considered and unanimously approved a plan under which the stockholders of the old corporation
Steinmetz Electric Motor Car Co.-Statement.desire,through the exchange
may participate in the new
Pres. G M.Keen filed in the U. S. District Court at Baltimore on Nov.4 of shares of stock of the oldenterprise, if they so of the new. The privilege
corporation for shares
a list of assets and liabilities which indicated that the greater part of the of exchange is extended upon the following basis:
indebtedness of the concern was upon its issue of 3
-year gold coupon 7%
of Triangle
For each 2 shares of the common and (or)
notes. The statement showed that the liabilities totaled $152,162 and the Film Corp. (Va.) now outstanding, representedpreferred stock certificates
either by stock
assets $151,136. Of the former,$148,600 represents fully paid-in gold notes or voting trust certificates, there will be issued and delivered one share of
paid-in notes. Sundry indebtedness totals $922.-V. 118.
and $2,640 partly
the full-paid non-assessable common stock of Triangle Film Corp.(Del.).
p.805.
In the exchange of stock, a charge of 25c. a share of the Virginia corporato cover the expense
-Employees' Hold- tion will be made to stockholders of the old companytax, cost of transfer,.
Stewart Warner Speedometer Corp.
incidental to effecting the transfer including stamps,
ings.issuance of certificates, &c.
Stockholders of the old company desiring to accept this offer should send
During October 1,335 employees purchased stock of the corporation under
the employees stock purchase plan. Since August. when the plan became their certificates to the transfer agent, United States Corporation Co., 150
operative, 2,872 employees have purchased shares as follows: August, 87: Broadway, New York, N. Y. Checks to cover the cash payments should
-V. 117.
September,914; October, 1,335; and for the first ten days of November,536. be made to the order of the Triangle Film Corp. and certified.
The employees stock purchase plan provides that all subscriptions received p. 1787.
from employees be purchased in the open market and sold to employees at
the average cost for the week in which the stock is purchased, less $1 a
-HuntingTrinidad Oil Fields, Inc.-Pref. Stock Sold.
share, donated by the corporation. There are about 10,000 employees
ton Jackson & Co., New York, have sold at $30 per share
-V. 123, p. 2149, 1888.
eligible to subscribe.
the Continental & Commercial Trust & Savings Bank, Chicago, or at the
principal office of the Bankers Trust Co. in New York City.
See also Youngstown Sheet & Tube Co.. below.1-V. 122, p. 3224.
(Hugo) Stinnes Corporation.
-Listing.
There have been placed on the Boston Stock Exchange list $12.500,000
-year 7% gold notes, dated Oct. 1 1926 and due Oct. 11936. See offering
10
in V. 123, p. 2403.
(Hugo) Stinnes Industries, Inc.
-Listing.
There nave been placed on the Boston Stock Exchange list. $12,500,000
-year 7% sinking fund gold debentures, dated Oct. 1 1926 and due
20
Oct. 1 1946. See offering in V. 123. p. 2404.
Struthers Furnace Co.
-Earnings.
The company reports for the nine months ended Sept. 30 1926 net
sales of $1,629,174. After deducting expenses, reserve for taxes and
Interest on receivers' certificates profit for the period was $158,085.V. 120, P. 463.
Sun Realty Co., Los Angeles.
-Union
-Bonds Offered.
Bank & Trust Co. of Los Angeles recently offered at 100
and int. $350,000 1st mtge. 6% sinking fund gold bonds.
Dated Aug.J. 1926; due Aug. 1 1941. Denom. $1,000 and $500. Int.
payable F.& Mt at Union Bank & Trust Co., Los Angeles, trustee. Callable
all or part on any Int. elate on 30 days' notice at 102 and .nt. Company
agrees to pay the normal Federal income tax up to 2%.
Company.-Incorp in July 1921 for the primary purpose of owning and
improving leasehold investments in the metropolitan district of Los Angeles.
Company has been unusually successful and OwlIS numerous leaseholds on
strategic corners throughout the business districts of the city. These leaseholds produce a substantial and dependable annual income.
Among the company's holdings are over 20'completed structures in Los
Angeles, which include the following class "A"modern office and store
buildings: Barker Bros.Sun Finance, Insurance Exchange, Lincoln and Sun
Buildings. Company also has under construction a hotel at 7th and Hartford
Sts., the Chester 'Williams Building at 5th and Broadway and the Greater
Roosevelt Building at 7th and Flower Sts. All of the buildings under construction are 12 stories, class "A" and steel frame.
Security.
-Secured by a closed 1st mtge. in real property, located on the
northwest corner of 6th and Bonnie Brae Sts., being a plot 150 feet fronting
on the north side of West 6th St., by a uniform depth of 150 feet, the east
line along Bonnie Brae St. The improvements on the land covered by said
mortgage consist of a combination store and hotel building, known as the
Californian Hotel.
-V. 123, p. 725.
Taunton-New Bedford Copper Co.
-Extra Div. of $6.50.
An extra dividend of 56 50 per share has been declared in addition to
the regular quarterly dividend of $1 50 per share, both payable Nov. 30
to holders of record Nov. 15.-V. 115, p. 2592.
Tennessee Products Corp.
-Definitive Bonds Ready.
The Guaranty Trust Co. of New York is prepared to delivery definitive
1st mtge. 6;i% sinking fund gold bonds in exchange for the outstanding
temporary bonds. (For offering see V. 122, p. 1324.)-V. 123. P. 833.
Texas Co.
-To Appeal Decision.
-
Both the Texas Co. of Mexico (a subsidiary of Texas Co.) and Edward
Roos of San Antonio have given notice of appeal to the U. S. Circuit Court
at New Orleans from the recent judgment of District Judge Duval West
who sustained the findings of Judge Henry C. King Jr., in awarding a
judgment of $1,279,600 against the Texas Co., and in favor of Roos for
oil taken from a 200
-acre lease known as the Obando lease in the south
field at Tampico.
Judge West in the U. S. District Court at San Antonio, early in October.
sustainedIthe finding* of special master in chancery awarding Edward Roos
the above amount against the Texas Co. of Mexico-V. 123. p. 2274.
(John R.) Thompson Co., Chicago.
-Sales.
1926-Oct.
Increase.
-1925.
Increase, I 1926-10 Mos.-1925.
$1,_243,868
$1,140,128 $103,740 11 927 316 $10 690 072 21,237,244
. 123. p. 2007, 1392.
5
320 East 57th Street Apartment Building, New York
-Bonds Offered.
City.
-S, W. Straus & Co., Inc. are
offering at 100 and int. $925,000 1st mtge. fee 6% sinking
fund gold bonds.
Dated Sept. 15 1926, duo Sept. 15 1936. Interest payable M. & S.
Denom. 51,000, $500 and $100 c*. Red. for sinking fund at 101. Callable, except for the sinking fund, at 102 and int. 2% Federal income
tax paid by the borrowers.
Security --This bond issue is secured by a direct, closed, first mortgage
on a completed. 98% tented. 15
-story, fireproof apartment building.
together with land owned in fee thereunder, fronting 95 feet on the south
side of East 57th St. and 100 feet in depth. This apartment building is
located on the easterly end of one of the most important central crosstown
thoroughfares in New York City.
Bui/dine.-The building, which is more than 98% rented, was ready for
occupancy Oct. 15 1926. is a 15-story, strictly fireproof, modern apartment
building containing 90 apartments in units of 2, 3, 4, 5 and 6 room suites,
with the smaller units predominating. Each apartment has a kitchen,
dining alcove, and bath, and many of the apartments have an excellent
view of the Ea.st River.
Valuation.
-Land and building have been appraised by William B. May
Co. at $1.310,000, giving an equity above the amount of this bond issue
of 5385.000.
Earnings.
-Eighty-nine of the ninety apartments in this building have
been rented and are now occupied. Based on the leases already signed.
the net income from the building, after deducting estimated taxes, and
operating costs, including insurance, is 2111,450, more than twice the
greatest annual interest charge and more than $30,000 in excess of the
greatest combined annual interest and sinking fund requirements on this
bond issue.
Borrowing Corporation.
-57th Street Apartments, Inc.. is controlled by
Hyman 8. Crystal, Pros., and Sydney 0. Crystal, Sec. & Treas.
Toledo (0.) Glass Co.
-To Readjust Capitalization.
-
The stockholders will vote Nov. 15 on changing time authorized capital
stock from 1,500 shares, par $100, to 150,000 shares of no par value,
100 shares of the new stock to be issued in exchange for each share of stock
now held. Total dividends paid this year amounted to 225%.
Tremont & Suffolk Mills, Lowell, Mass.
-To Liquidate.
A special meeting of stockholders held Nov. 10 to consider liquidation
of the company was adjourned until Nov. 16.-V. 123. p. 2405.
50,000 shares cumulative convertible class A stock (no par).
share
Entitled to cumulative preferential dividends at the rate of 65 per
per year from April 15 1927. Transfer agent, Guaranty Trust Co. of New
York registrar, The Equitable Trust Co. of New York. The cumulative
convertible class A stock stock is convertible at any time into class B stock,
share for share. It* is preferred as to assets up to $50 per share plus dive.
In event of liquidation; is red. at $50 per share plus diva at the option of
the corporation on any div. date upon 60 days notice, and, if called for
redemption, may be converted into class B stock at any time on or before
the date fixed for redemption. Each holder of one share of stock of either
class is entitled to one vote on all matters. Corporation may not, without
the consent of the holders of a majority of the class A stock then outstanding,
sell or dispose of its assets in their entirety, or issue any bonds or issue any
stock ranking ahead of or on a parity with the authorized class A stock.
Authorized. Outstanding.
Capitalization150,000 shs. 50.000 shs.
Cum. cony. class A stock (no par value)
*400,000 shs. 150,000 shs.
stock (no par value)
Class B
*Reserved for conversion of cum. cony. class A stock. 150.000 shares.
Data from Letter of President William Warfield, Oct. 26.
-Was organized to take over and develop through its 100%
Company.
owned subsidiary. Trinidad 011 Fields Operating Co., Ltd., of Trinidad.
oil rights in respect to approximately 26.000 acres of potential oil lands in
the Island of Trinidad. Approximately 12,000 acres are located on proven
structures. The balance of the acreage is on favorable structures not yet
drilled. These lands have been selected by careful preliminary work during
many months and constitute the best distributed group of prospective oil
properties in the Island. They give the company more proven and semi
proven lands in or adjacent to existing fields than are held by any other
company. These lands are located in the southwestern part of the Island
which is the productive oil region of Trinidad.
The first oil in the Island of Trinidad to become widely known was discovered as a result of drilling in the vicinity of the phenomenal Asphalt
(Pitch) Lake, which has now been exploited for over 40 years by the General
Asphalt Co.'s subsidiaries and their predecessors. In the last 10 years
various British companies have developed conspicuously successful oil producing operations in Trinidad, the present production of the Island being
now at the rate of 5,000,000 barrels a year, and is steadily increasing.
Properties.
-Company has leases or contracts for
(1) Asphalt (Pitch) Lake District.
leases or drilling contracts covering approximately 4,000 acres in this district, all classed as proven or semi-proven oil lands. Operations by other
companies in the vicinity of the Pitch Lake have developed important oil
fields on three well developed structures known as the Lot No. 1 anticline,
the Vessigny anticline and the Pitch Lake anticline. This company's
4,000 acres are in a nearly solid block covering portions of all 3 anticlines.
The Lot No. 1 anticline on which company has 2.500 acres is probably
the most important oil producing structure in Trinidad. Substantial production has been developed on it by the sulSsidiaries of the General Asphalt
Co. and by the United British Oilfields of Trinidad, Ltd. (subsidiary of
the Royal Dutch-Shell). Wells are frequently brought in flowing between
5,000 and 10,000 barrels per day initial production.
On the Vessigny anticline this company's lands, totaling 1,000 acres, may
be considered proven acreage. They offset producing fields of the subsidiaries of the General Asphalt Co. and the Kern Trinidad Oilfields, Ltd.
(subsidiary of the Kern River Co. of California).
The Pitch Lake anticline is the structure on which the famous Pitch Lake
is located and has proved productive of oil in wells drilled near the lake.
Company's holdings, amounting to 500 acres on this anticline, are
as proven oil lands.
-Company has entered into a contract with
General Asphalt Contract.
subsidiaries a General Asphalt Co. by which it acquires drilling rights on
approximately 1.400 acres fasforably located on all 3 anticlines, and immediately adjoining (and included in) the 4.000 acres in the Asphalt Lake district above mentioned. This acreage forms a part of the oil rights recently
granted by the Crown Lease to General Asphalt's subsidiary, together with
Incidental and contiguous parts of its freehold lands, also included for con,
venient and efficient development. This acquisition assures the company
of a nearly solid block of acreage in this district. The consolidation of
holdings thus effected eliminates all competitive and wasteful drilling along
boundaries by both interests.
-Company has leases or contracts for leases cover(2) Palo Seco District.
ing approximately 3,500 acres on the south coast of Trinidad 10 miles south
of the Pitch Lake and located on the well-known southern anticline of
Trinidad. This property adjoins the Palo Seco field, where existence of
oil has been proven at a depth of less than 1,000 feet. Recently a new and
important well has been brought in by the British Controlled Oilfields,
Ltd., near the old field. This discovery well and a well drilled shortly
afterward have encountered 2 separate sands at depths of approximately
800 ft. Company's property has been selected on lands largely proven by
this discovery and covers practically all of the acreage on structure between
this well and the sea. Company's boundary is approximately 300 yards
from the discovery well.
(3) Other Producing Fields.
-Outside of the vicinity of the Pitch Lake
the most important oil fields of Trinidad are the Fyzabad, Apex and Point
Fortin fields. Upon proven structures in these fields the company has
obtained leases or contracts for leases covering approximately 800 acres.
A very large proportion of this acreage is considered proven oil lands.
(4) Districts of Cedros and Icacos.-The districts of Cedros and Icacos lie
immediately west of the above mentioned fields in the extreme southwestern
Pert of the Island. Oil has been discovered in the District of Icacos very
,
near the surface, indicating the existence of favorable sands in the laic
Part of the geological series that is productive in the developed fields.
careful geological work the company has acquired leases or contracts for
leases covering approximately 3.700 acres in these districts. This is an
entirely new area with excellent possibilities in which the company holds
what promises to be the most strategic position.
(5) Additional Holdings.
-Company has also acquired leases or contracts
for leases or drilling contracts covering approximately 14,000 acres on favorable structures which are recommended by its geologists with a view to
protecting the company in case of now discoveries or the development of
new producing areas in regions which have not yet been tested. The most
important part of this acreage is a continuous block of 13.000 acres covering
the extension of the southern anticline of Trinidad eastward of the Palo
Seco field in the Southern Watershed District. This is the largest oil
structure in Trinidad and it Is likely that recent successes in the Palo Seco
field will result in extensive drilling for the purpose of testing other Parts
of the anticline. As this company holds the largest amount of acreage
,
under control of a single Interest on the anticline, it will profit very largely
4,..4401
,6
by the results of such drilling.
Wardour, Tisbury, Wiltshire, England:
Directors.
-Lord Arundell of
Harry A. Arthur. George W. Baekeland, Stiles M. Decker, Edward Harding, New York; George F. Huggins, Trinidad; Huntington Jackson (Huntington Jackson & Co.), New York; Walter Raleign Kerr, London; Walter
Maclachlan, C.A., London; Frank Seamans, Philadelphia; Henry S.Tnorapson, William Warfield (President) New York,
sidered
con-
Triangle Film Corp. (Va.).-New Delaware Corporation
2440 Lake View Avenue Apartment Building, Chicago.
Organized-Exchange of Stock.
-Bonds Offered.-Greenobaum Sons Investment Co., Chi-
2534
THE CHRONICLE
(Vol,. 123
distribution in the Pacific Coast territory of the products of the U. S.
Industrial Chemical Co.
The new California subsidiary is capitalized at $500,000. Its officers are
H.S. Rubens, President, and A. R. Peck and R. R. Brown, Vice-Presidents.
W.
Dated Oct. 151926;due serially (A.& 0.)from Oct. 15 1929
-Oct. 151941. the W.IIoughey, who has been identified with the Eastern organization of
U. S. Industrial Alcohol Co., has been named Western manager.
Denom. 8100, $500. $1.000 c*. 2% Federal normal income tax and any
State taxes up to 5 mills of principal amount paid by borrower. Principal -V. 123, 727.
and int. (A. & 0.) payable at offices of Greenebaum Sons Investment Co..
U. S. Realty & Improvement Co.
-Earnings.
Chicago. Monthly deposits in advance with Greenebaum Sons Bank &
6 Months Ended Oct. 31Trust Co., Chicago, trustee, to meet interest and principal payments.
1925.
1926.
Privilege to prepay by giving 60 days' written notice to trustee, at a premium Real estate net operating income
$1,148.022 $1,110,641
All other income
1,597,574
of 2%.
x1,482,668
-Closed first mortgage on land, building, equipment and earnSecurity.
Total income
ings. The 2440 Lake View Avenue Building will, upon completion, be one
52.630.690 $2,708,215
of the finest and largest buildings of its kind in Chicago; it will be 19 stories Interest on mortgages
254,803
248,660
532,091
and basement, of fireproof construction. The structure will be of the semi
256,434
- Gen.8z corp. exp., Fed. and State taxes and deprec.
co-operative type; it will contain 107 apartments, and it is planned to sell
Net income
the front apartments from the fifth floor up, including 24 of 8 rooms each
$2.125,596 $1,921.322
x Including net income of George A. Fuller Co. and proportion of net
and 2 duplex apartments of 11 and 13 rooms on the two upper floors, which
are set back in front from the rest of the building; in addition, there will be income of Plaza Operating Co.
81 apartments in the renting unit, including 6 of8 rooms, 1 of 7 rooms,36 of
Balance sheet Oct. 30.
6 rooms. 18 of 5 rooms, 18 of 4 rooms, a manager's apartment and a jani1926.
1925..
1926.
1925.
tor's apartment; there will also be 10 maids'rooms.
Assets
LiaWitiesValuation.-According to the plans of the borrowing corporation, the Real est. dr bldgs.a44,691,612 41,491,645 Capital stock. _ _ _x26.658.280 26,658,300
property will be sold on a co-operative basis for $3.550,000. Expert in- Leasehlds & impt_ 419,012
Accounts payable_ 1,027,021
643.453
dependent appraisal of the property, including the land, owned in fee, the Mtges. rec. & Inv.
Taxes dc int. accr'd 1,416,923
907,149
building wben completed, and equipment, places the total value at 83,522.In other stocks dr
Rents received In
482. as follows: Land, $528,732; building when completed, $2,993,750.
bonds. &c
8,868,944 6.871,881
793,034
advances. &c._ _ 100,956
Earnings.
-According to conservative estimates, the rental value of the Bldg. plant,stores,
Dividends payable
1,031
entire building when completed, including the co-operative units, as well as
drc
2,366,213
the renting apartments, is as follows: Gross rental value, $478,000; expenses Deferred chgs., &c. 354,816 1.564.068 Mtges on cos. real
323,134
estate
18,072,500 18,351,000
(Including vacancies), 8747,000; net rental value. $331,000.
Bills & accts. rec._x2,053.923 1.360,935 Reserves
z4,686,836
Ownership.
-Bonds are a direct obligation of the 2440 Lake View Avenue Cash
3.464,341 3.919.987 Res've for possible
Building Corp.. which is headed by S. E. Mittelman.
Chgs,against bldg.
losses or deprec.
contracts, less
in value of capiTung-Sol Lamp Works, Inc.-Earnings.payments reed
743,274
tal assets
on account
-Quar. End. Sept. 30- -9 Mos.End.Sept.301.043,394 Minority let. in
1925.
Period1926.
1925.
1926.
Plaza Opera Co_ 1,257,093 1,619,631
Net operating profit_ __ _ $249,584
$736,493
$530,515
$207,841
Surplus
8,999.254 6,858.164
Other income
108.057
22,077
33,492
7,967
Total
62,218,862 56,575,047
60 218,862 56,575,047
Total
$638,572
Gross income
$758,570
a Trinity Building, U. S. Realty Building,
$241.333
$257,551
Hotel
96,037 Plaza, N.'Y. City; Lawyers Building, Boston, Whitehall Building, estate
Deductions
108.089
32.641
38,847
real
67,788 (amounting to $587,774). x Represented by and unimproved of no par
Federal tax provision
88,800
27,426
30,300
666,457 shares
value. y Including amounts due on building contracts. z Reserves
for
Net income
$561,681
5474.747 depreciation of buildings and equipment therein. $2,556,776; (2) for(1)
$181,266
$188,404
Hotel
Plaza furnishings, $891.000; miscellaneous resolves, including $1.000,000
-V.123, p. 1772.
for contingencies, 51.239,060.-V. 123. p. 856.
cago, is offer.ng $2,500,000 1st mtge. 6% serial gold
bonds at prices to yield from 6.13% to 6.50%, according to
maturity.
Ulen & Co.
-Listing.
-
There have been placed on the Boston Stock Exchange list 54,000.000
10
-year sinking fund 634% secured convertible gold notes. dated Nov. 1
1926 and due Nov. 1 1936. See offering in V. 123, p. 2406.
Underwood Typewriter Co.-Earnings.PeriodNet earnings
Other net income
-Quer. End. Sept. 30- -9 Mos.End. Sept. 301925.
1926.
1926.
1925.
$376,010
5618.788 $1,623,213 $2,204,856
96,842
89,897
295,886
288,015
Gross income
Depreciation
5465.907
67,111
$715,630 $1,919,099 $2,492,871
60,025
196.659
181,963
Net Income
Res. Fed. taxes
$398,796
53,600
5655.605 51,722,441 $2,310,908
82,000
230.600
287.000
Net profit
-V.123, p. 1261.
$345,196
$573,605 $1,491.841
$2,023,908
Union Carbide & Carbon Corp.
-Acquisition.
-
United States Smelting, Refining & Mining Co.
550,000,000 Mark in Dividends Passed
-A Like Amount Is
Reinvested in Company's Business.
With the payment of its most recent dividends, the company has Passed
the $50,000,000 mark in the total of dividends declared and paid since it
was formed 20 years ago, according to a compilation just made by Hornblower & Weeks, who are analyzing the 20th century growth and development of leading American industrial corporations. The latest dividends of
U. S. Smelting. Refining & Mining Co. have increased the total of such
disbursements by that company to $50,230,332.
In its 20 years of existence, according to the review. total assets of the
company have more than doubled, or from $45.000,000 to
891,000,000.
In addition to the $50,230.332 paid out in dividends, theover
company has set
aside for property reserves and additions to surplus a total of $50,327.302.
In other words, the company has reinvested in the property, dollar for dollar, all dividends paid to stockholders. This record has been made in the
face of changing conditions in the metal industry, an important phase of the
company's activity having been the change in character of its products
consonant with changing metal values and uses.
-V.123, p. 1773.
The corporation has exercised an option to purchase the entire assets of
United States Steel Corp.
-Unfilled Orders.
theU. S.Vain flu n 03., effectiva at of Dec. 1. The Union Carbide company
See under "Indications of Business Activity" on a preceding Page.
has been negotiating for and developing the ore bodies and processes of the
Vanadium company for the last year. This property is located at Rifle. -V. 123, p. 2254, 2007
Garfield County, Colo., 300 miles west of Denver. The ore is mined about
United Verde Extension Mining Co.
-Output (Lbs.).12 miles from Rifle and hauled from the mine to Rifle for treatment at a
Month ofOctober.
September.
large plant, the capacity of which is reported to have been trebled during
August.
July.
3.511,966
the past year. The U. S. Vanadium Co. has also a smelting plant at Copper output (lbs.)___ 3,803,688
3,529.876
3.475.936
-V. 123, p. 2407, 2140.
Columbia, 0.
The sale of both the oxide and the ferrovanadium will be handled by one
Universal Trading Corp.
of the subsidiaries of the Union Carbide & Carbon Corp.. the Electro-Smoked Fish Trust to Dissolve.
Metallurgical Sales Corp.
State Attorney-General Albert Ottinger's action to dissolve this corpora-V. 123, p. 2150.
tion as a monopoly of the smdced fish industry In New York State met
Union Cotton Mfg. Co.
-Balance Sheet.with success Oct. 28 when attorneys for both sides consented to ajudgment
Sept.25 '26. Sep1.26'25. Liabilities
AssetsSept. 25 '28. Sept.26'25. of dissolution and annulment and to an injunction restraining the corporaConstruction
81,200,000 $1,200,000 Capital stock
$1,200,000 51,200.000 tion from further violations of the law. The consent was entered at a
489,253 hearing before Referee Charles II. Tuttle, appointed by Supreme Court
271,885- 217,666 Profit and loss__ _ _ 449,291
Cotton cloth
102,112 Justice Isidore Wa.sservogel.
Cash dr accts. rec. 311,6641 527,419 Reserve for deprec. 194.119
The Judgment to be entered will provide for the appointment of liquidating
Res.for red. of stk.
U.S., &c.„ sec._ _ _ 184,0001
45,000
Reserve for taxes_ 127,139
108.719 trustees to conduct the liquidation of the corporation, to carry out its contracts where such contracts do not violate the law, collect its assets and
Total
$1,970,549 $1,945,085
Total
$1,970,549 81,945,085 properly distribute them under the direction of the Supreme Court.
The Universal Trading Corp. Is composed of the Atlantic & Pacific Pack-V.121. p. 2287.
ing Co.. Ltd.; the Central Smoked Fish Co.. Inc.; Abraham I Kanas,
-Declares a 2% William Oxenberg and Samuel Oxenberg, trading as Oxenberg Bros., and
United Cigar Stores Co. of America.
the Greenpoint Smoked Fish Co., Inc.
Cash and a 13. % Stock Dividend on Common Stock.
The directors have declared a cash dividend of 2% and a stock dividend
Waialua Agricultural Co., Honolulu.
-Extra Dividend.
of 15(% on the common stock, par 325, both payable Dec. 30 to holders of
The directors have declared
record Dec. 10. Like amounts were paid on the common stock in each of November and another of like an extra dividend of 40 cents per share for
amount for December. These are In addition
the ten previous quarters.
-V. 123. p. 1645. .
to the regular monthly dividends of 10 cents per share. Monthly dividends
United States Gypsum Co.
-Directors Declare 35% Stock at the latter rate have been paid since July 1925.-V. 122, p. 2963.
Dividend and Extra of $1. 40 in Cash.
-The directors have declared the following divs. on the common stock, par $20:
(1) A 35% stock div., (2) an extra cash div. of $1 40 per
share,(3) the usual quarterly cash div. of 2%. The directors
/
also declared the regular quarterly div. of 134% on the pref.
stk. All divs. are payable 'Dec. 31 to holders of record Dec.4.
The company on June 1 and Sept. 1 1926 paid extra cash dividends oj
5% each on the common stock (see also V. 123, p. 856).-V. 123, p. 991.
-Balance
U. S. Hoffman Machinery Corp.(& Subs.).
Sept. 30.-
Liabi ities,
1925.
1925.
1926.
1926.
Assets$958,600
Plant, prop., &c__ xS851,029 6801.550 Preferred stock _
2.237,424 2.448,906 Common stock. _z$4,632,182 3,673.582
Patents
550,000
1 Notes payable._
1
Goodwill
449,945 Acels payable and
298,845
Cash
accrued accounts 411,203
334,726
a2,782,105 2,599,846
Notes & bills rec._
50.000
809,114 Deferred accounts.
. y692,676
Accts.receivable_
Dep. on sect. unPrepaid and de13,187
completed sales_
48.977
59,586
44,139
ferred charges
914,264 Reserve for taxes
1,262,620
Inventories
365,274
and royalties__ _ 393,198
Deposits on leases,
14.262
21,727 Prof. stock prem_
2,070
contracts, &a
2.603,803 2,109,620
101 Surplus
101
Investments
27,203
Acc'ts pay
$8,171,010 $8,105,041
Total
$8,171,010 $8,105,041
Total
x After deducting reserves of $651,764. y After deducting reserves of
shares of no par value-outstanding,
$39,056. z Authorized 223,334
222,203 shares. a Includes 82,776.052 customers''Kites receivable secured
by chattel mortgages or equivalent Heim It does not include interest
-V. 123, p. 2276.
accrued on customers' notes receivable.
Western Canada Flour Mills Co., Ltd.
-Annual Report.
Years End. Aug. 31- 1925-26.
1924-25.
1923-24.
1922-23.
Net profit after making
provision for reserves_ $328,096
$319,033
$309.141
$341,869
Bond interest
47.245
54.294
64,688
59,661
Prof. dividends (33%).
81,250
Common dividends.___ (x)175,375(8%)230,000(8%)230.000(8%)230,000
Balance, surplus
$24,226
$34,739
$14,453
$52,208
Total profit & loss surp_
$607,207
$582,982
$234.121
$286,329
x Being 4% on old common stock (par $100).$115,000 and 70 cents per
share on new no par value stock, 860,375.
Comparative Balance Sheet Aug. 31.
1926.
1925.
1926.
Assets$
LiabilitiesReal estate, Mdse..
% pref. stock.. 2,500,000
arc
$5,855,333 $4,011,797 Fum mondetock__x1,150,000 y2, 9 .000
Conded sbt
1 75 .
8 $25
Shares in sub. cos.
& other investla
38,308
35,273 Bank loans
323,000
Pats., tr.-mks., dr
Bond interest.
good-will
1
1 Diva.acer.,payable
8267 27
585;51
70,908
Ace'ts & bills rec
664,879
525,804 Acc'ts & bills pay_ 800,351
673,188
Inventory
1,978,570 1,751,097 Deprecia'n reserve z2,922,328 1,119,562
Cash
77,844
63,574 Res. for canting.,
Deferred charges_
41,140
68,181
doubtful ace ts,
taxes, &c
Total(each side) $8,656,076 $6,456,628 P. & L. account
8
552:912
2 7 '189
602 2 7
2 7,201
8 8
Note.-Tne company has indirect liabilities (customers' paper under
discount) of $1,707,339.
x 86,250 shares common stock of no par value. y Shares of$100 par value
each. z Property reserve, $1.701,316; general reserve, $1,221,012; total,
52.922,328.-V. 123. p. 1126.
Wickwire Spencer Steel Corp.-E7 n'n7s e'-.-,
The consolidated statement of the company and its subsidiaries for the
nine months ended Sept. 30 1926 shows a profit of $1,163,031 before bond
The company announces the acquisition. through purchase of the plant, interest and depreciation, and a loss of $75,128 after bond interest and all
of the Crystal Chemical Co. located at Anaheim, Calif. This property will flied charges other than depreciation, compared with a consolidated net
constitute the first manufacturing unit of the company on the Pacific loss of $263,344 after depreciation in the corresponding period of 1925.
Coast. The U. S. Industrial Alcohol Co., a California corporation, has been For the first nine months of 1925 the company reported a loss of $90,911 after
ormed to own and operate the plant. In addition, it will handle tha depreciation, interest. &c.
-Acquisition
.U. S. Industrial Alcohol Co.
Nov. 13 1926.]
TTIE CHRONICLE
2535
against Capitalization as of Sept. 30 1926, Adjusted to Give Effect to the Sale of DebersThe Federal Trade Commission Oct. 19 dismissed its complaint of disTube Co. Bonds.
tures and to Retirement of $8,34.000 Steel
In
this corporation, manufacturers of screen wire cloth. the its order there
obligations.$20,068.368
after
purchase
case
missal the Commission reserves the right to reinstate of the Clayton Act. Divisional bonds(closed issues) and(includingmoney
this offering)____a47,750.000
20
-year 6% debenture gold bonds
been an authoritative interpretation of Section 7
has
14.241,100
capital 7% cumulative preferred stock (par $100)
The corporation was charged with the acquisition of the entire
987.066 shs.
stock of the American Wire Fabrics Corp.. Chicago, Ill., manufacturers Common stock (no par value)
a Of the total $50.000,000 authorized, $2,250,000 have been heretofore
wire cloth and, before the acquisition, a competitor of the Wickof screen
retired through the operation of the sinking fund.
wire Corporation.—V. 123,9. 1261.
Consolidated Sales and Earnings.
(& Subs.).—Earnings.Willys-Overland Co.
Net Before Depreciation, Aavilable
-Quar. End. Sept. 30— —9 Mos.End. Sept.30—
Depreciation. Deprn and for Interest
1925.
1926.
1925.
1926.
Period—
Before
.
Interest and Amortiz of
$2,229,329 $3,183,299 $10,811,280 $13,638,881
x Net profit
Fed'l Taxes. War Foca. Fed'! Taxes.
Net Sales.
Calendar Years—
$1,928,369 $2,769,470 $9,351,757 $11,865,826
Net after Fed. taxes
$105.607,679 $35.407.243 $2,294,044 $33,113,199
&c., but before Federal 1916
After ordinary taxes, depreciation, interest,
24,864,828
44,602,930 19.738,102
182,494,007
1918
22,785,829
taxes.
8,471.107
31,256,936
212,608.566
1920
4.456.896
President John N. Willys says: "The decline in net during the third 1922
10.637,315 6,180,419
124,331,551
12,746,255
8.715.638
quarter is attributable to price reductions of September involving smaller 1924
21,461,893
121,456,370
19,230,090
9,023,878
profit per car and the usual dealer rebate. The volume of business during 1925
28,253.968
136,513,585
17,123,069
6,917,206
24,040.275
the fall months has been encouraging and has justified the price reduction 1926(9 months)_
policies. The whippet car is a distinct success and by virtue of current
Consolidated Balance Sheet Sept. 30 1926 (After This Financing).
plans contains even greater promise for the coming year than it has already
Liabilities
shown after four months. The company is now in a position to meet
Assets—
814,241,100
with equanimity any trade changes during the winter. The latest reports Land, plant, bldgs., &c__ _aS122.165,836 7% cumul. pref. stock
b75.000,004
5,971,133 Common stock
available for the month of October indicate dealer retail sales of 15.000 Cash
cars which is a satisfactory total for this time of the year."—V. 123. p.451. U.S. Government securities. 7,559.238 Minority Stockhold. equity
39.6i..
In subsidiary companies
119,918
Other marketable Invest'ts_
20,068,368
Wood & English, Ltd., Vancouver, B. C.—Notes Notes & acc'ts rec., less res_ 22,962,179 Divisional bonds
47,750,000
99,769 6% debentures
from officers & employ_
-Bank, Portland, Ore., is Due payments on ore contr.
Offered.—Lumberrnens Trust Co.
6,386,914
14,863 Accounts payable
Adv.
45,202.453 Ore received in excess of pay. 3.410,708
offering at 100 and int. $78,0006% collateral trust refunding Inventories
1,599,819
157,882 Accrued payrolls
hands of Mts..
gold notes, joint and several obligations of Wood & English, Ins,funds in investments_ __
194,085
253,145 Accrued royalties
Sinking fund
260,704
Accrued liability insurance _
Ltd., Frederick J. Wood and Edward George English.
Due on employees' dwelling
872,749
872,153 Accrued interest
purchase contracts
Dated Nov. 1 1926, due Nov. 1 1928. Denom. $1,000 and $500 c*.
1,903,431
general
Principal and interest (M. dv N.) payable at office of Lumbermens Trust Inv.In and adv.to other cos. 13,079,129 Accrued taxes, tax
2,602,223
2,630,255 Accrued Federal
Co., Portland, Ore. trustee without deduction for U. S. normal Federal Deferred charges
191,909
Reserve for insurance fund_
income tax, not exceeding ' per annum. Callable all or part, but if in
184,298
Reserve for empl.comp.ins_
part in inverse numerical order (following payment of all original notes
Res. for relining and rebuildthen outstanding) on any interest date upon 20 days' notice at 101 and int.
3,063,807
ing furnaces. &c
company.—A British Columbia corporation. Was organized to consoliGeneral contingency res've. 2,584,249
date and operate a desirable group of crown grant timber properties and
40,733,977
8221,087,952 Surplus
Total (each side)
perpetual timber licenses in the Nimpkish Lake Region on the east side
Vancouver Island, B. C., 182 miles north of Vancouver, B. C., hitherto
deducting $72,400,943 depreciation and depletion. b 987,606
of
a After
operated under the name of the Nimpkish Timber Co., Ltd.
shares no par value.—V. 1239. 2150
Purpose—These notes are issued for the purpose of refunding part of a
$117,000 maturity, similarly secured, falling duo Nov. 1 1926.
Security.—Joint and several obligation of Wood & English,Ltd.,Frederick
CURRENT(NOTICES3
J. Wood and Edward George English and forms a part of an issue aggregating $311,000 equally and ratably secured by collateral deposited with the
—Bankers and business men of the country, confronted with the problem
trustee, consisting of 250,000 shares capital stock of the IE. K. Wood
Lumber Co. and 1.249 shares capital stock of the Lyman Timber Co.
of education and the desire for travel on the part. of their sons, might
The financial statements of Mr. Wood and Mr. English show a combined follow the example of Frederick II. Rawson, Chairman of the Board of the
net worth of approximately $8,500,000.
men. Last year an
The pledged shares of the E. K. Wood Lumber Co. have a book value Union Trust Co., Chicago, according to newspaper
of $300.000 and the pledged shares of the Lyman Timber Co. have a book opportinity presented itself for his fourteen-year-old son Kenneth to
value of $624,500 giving a total book value of $924,500 for the collateral accompany Commander Donald B. MacMillan, the explorer, on an exper
pledged as security for the $311,000 of notes secured thereby, including
Far North, and parental consent was given him to make the
this refunding issue of $78,000, or at the rate of over $2,792 66 for each dition fo the
school boy
$1,000 of notes. The current market value of this collateral is substantially hazardous trip. He has narrated his experiences as the first
to go to the Arctic. in an interesting book which recently came off the
in excess of the book value.—V. 122, p. 105.
of the Arctic," published by the Mac-Eye View
press, entitled "A Boy's
Woodley Petroleum Co.—Listing.—
and should prove of interest to every high-school boy
There have been authorized for the Boston Stock Exchange list 50,000 Millan Company,
In America.
additional shares (par 11.1) capital stock.
When the Bowdoln sailed from Wiscasset, Maine, in 1025, outward
The stockholders of the company, at a special meeting held Aug. 20 1926,
voted to increase the authorized capital stock to $500,000 (par $1).
bound for the Arctic, it carried Kenneth Rawson as a cabin boy. He was
. Acting under the power given them, the directors have given an option
14 years old. He had previously sailed quite a bit during his vacato Hayden. Stone & Co. to purchase 50.000 shares of this unissued stock at then
work for the Bureau of
an average price of $7 50 per share. This is the stock to which this appli- tion, and one summer had helped with the scientific
Fisheries on a small schooner. He tolls the story of the exciting months
cation applies.
The proceeds from the issue of these additional shares are to be used as under Commander MacMillan with a detail that other boys will appreciate.
additional working capital for enlarging and expanding the company's remother, is illustrated,with photographs taken
sources by acquisition of new properties and further development of old ones. The book, dedicated to his
by the author and others on the expedition, and contains an introduction
—V. 123. p. 1773.
by Commander Donald B. MacMillan: "Under starlit skies and unruffled
(Wm.) Wrigley, Jr. Co.—Extra Dividend.—
-darkness of his 10-11 watch, I watched him as he stood at
sea, in the semi
The directors have declared an extra dividend of 50 cents per share and the wheel 'giving her a spoke' now and then to keep her on her course, his
three regular monthly div_dends of 25 cents each. The extra d.v,dend is
outlined against the black of the ocean,'.!
payable Jan. 3 to holders of record Dec. 20 and the regular dividends are small sheepskin-covered form
plunging
payable Jan. 3, Feb. 1 and March 1 to holders of record the 20th of each writes the Commander. "In howling winds and with the Bowdoin
50 cents per share was and bucking head seas, decks awash and life-lines stretched, the same
preceding month. The last extra distribution of
made on Jan. 2 1926.—V. 123, p. 2150.
huddled form, eyes on the compass card, doing his best, with never a trace
Young Rawson made
Youngstown Sheet & Tube Co.—Bonds Sold.—Bankers of quit, I a shipmate for four months, knew him.
Trust Co., Guaranty Co. of New York, Union Trust Co. of good." the opening chapter, "Here Endeth the Lesson." wherein he
From
Pittsburgh, National City Co., New York, Cleveland Trust describes his feelings while up in his room at the Hill School studying,
Co., Union Trust Co., and Guardian Trust Co., Cleveland, and suddenly receiving a long-distance telephone call from his father sugand Continental & Commercial Co. Chicago, have sold at gesting he take advantage of the opportulnty to make the trip, on through
-year until the last chapter when he tells of "Storm and Stress and—Home."
%
103 and inrest, to yield over 5.67%,$10,000,000 20
interest,
'
6% debenture gold bonds. Dated July 11923; due July 1 every one of the 142 pages of the book are full of youthful romance and
adventure. As proof of his confidence in the lad, Commander MacMillan
1943. (See description in V. 117, p. 99.)
took him again to the Arctic this year, the expedition returning to the
Data from Letter of President J. A. Campbell, Nov. 10 1926.
recently.
Company.—Organized in 1900, is to-day one of the largest manufacturers States
of steel pipe and sheets in the United States and with its totaling to capacity
—Jas. H. Oliphant & Co., members of the New York Stock Exchange.
of over 3,000,000 tons annually, ranks third among the steel companies of 61 Broadway, New York. have issued the 21st edition of Mundy's "Earnthe country. It constitutes a completely integrated unit in the industry. ing Power of Railroads," which they distribute to their friends and clients
The steady growth of Its furance and finishing mill capacity has been accom- each year. In the preface to this volume Oliphant & Co. point out that
panied by the acquisition of adequate supplies of raw materials and by the their intention is to present important statistics and other facts relating to
construction of additional coke ovens and by-product plants. The princi- the earning power and to the securities of railroads. Statistics are given
pal products of the company are pipe and sheets. It also manufactures for practically all the important railroads in the United States, with a few
many other types of finished steel products used in practically every import- others the securities of which are known in a greater or less degree to Ameriant industry.
can investors. They say: "The introductory chapters explain in a general
Company has complete facilities for the manufacture of steel products way the fundamental principles which must be applied by the investor to
both in the Youngstown district and in the Chicago district. Approxi- inform himself as to the value of the stocks or bonds of any railroad. The
mately 75% of its ingot capacity is in the Youngstown district, which is tables, which give vital statistics regarding earnings, mileage, capitalizafavorably located with respect to the large industrial sections in the eastern tion, tonnage, &c., are designed to present the statistics in such form as to
half of the United States. The other 25% of its ingot capacity is located permit easy comparison. The notes give information as to dividends and
in the Chicago district, which is rapidly becoming the centre of manufac- such other information about the railroads' capitalization. investments,
turing distribution for the western and southwestern parts of the country. physical and financial condition, &c.. as appear to be of direct interest to
Company also has manufacturing plants in Wisconsin and Michigan.
the investor."
The plants at Youngstown comprise mills originally owned by the com,
—Arthur Lipper & Co. of New York,for nearly twenty-five years located
pany as well as the properties of Brier Hill Steel Co. acquired in 1923.
York
By the addition of these faciities. the company was able to secure substan- at 20 Broad St., and since 1907 separated from the floor of the New to 50
tial economies in production in this district as the properties were in iproxim- Stock Exchange by only a small corridor, have moved their offices
Broad St. The removal was for the purpose of making available additional
ity to one another and were well suited for operation as a unit. With the
acquisition of Steel & Tube Co. of America, company obtained valuable space for the New York Stock Exchange. The Exchange authorities,
properties at Indiana Harbor, South Chicago, Evanston, Zanesville and at members of the firm pointed out, were desirous of extending their quarters
,
Mayville, Wis. Additional large ore reserves were also acquired with the and occupying the space previously held by the Lipper firm at 20 Broad
purchase of the properties of these two companies. In the past few years St. Being desirous of co-operating with the Exchange authorities, although
its lease which still
company has spent large sums for the construction at Youngstown and loathe to leave their old quarters, the firm surrenderedthe nearest possible
the
Indiana Harbor of additional finishing mills which have recently come into had seven years to run and moved their quarters to
operation. This program of expansion which has been carried on for the location to the Stock Exchange.
past several years has been entirely accomplished through the reinvestment
-Gen. Sir William Alexander, K.B.E., D.S.O., M.P., of London,
—Brig.
of surplus earnings to the extent of more than $20,000,000. During this Eng., Managing Director of Charles Tennant & Co. Ltd., Glasgow, and
period the company reduced its outstanding funded debt by nearly $9,- President of the American British Chemical Supplies.Inc.. will address the
.000.
members of the British Empire Chamber of Commerce at its next luncheon
Company is assured of an ample supply of raw materials for a long period. meeting, Tuesday, Nov. 16. at the Bankers Club. Captain Hilton
It has adequate supplies of ore in Minnesota and Michigan and owns 22,274 Philipson, former member of Parliament for Northumberland, will also
acres, vein area. of coking coal in Pennsylvania, West Virginia and Ken- speak.
tucky. Its holdings of steam coal amount to 6.459 acres, vein area, two—Irving Lundberg & Co. and Stever & Co. announce their consolidation
thirds of which is in West Virginia and the balance in Ohio. In addition,
of Lundberg. Coleman & Stever, with offices in the
it holds zinc mines in the Wisconsin. Kansas and Oklahoma fields. It also under the firm name Francisco.
depolts of other minerals necessary in the manufacture of iron and Kohl Building, San
controls
steel.
—The Century Trust Co. of Baltimore has been appointed fiscal agent
Purpose of Issue.—The piroceeds from the sale of these debentures will be
r the distribution of the guaranteed first mortgage 534% participation
used for the retirement of the entire $8,334,000 outstanding issue of gen. certificates issued by the Mortgage Guarantee Co. of America.
mtge. sinking fund 7% gold bonds, series C. of Steel & Tube Co.of America
—Earle A. Miller & Co.. 2 Rector Street, New York, announce that
(now a lien upon the properties acquired from that company in 1923), and
Charles L. Babcock, Jr., has retired from their firm.
for other corporate purposes.
•
F 2536
[VOL. 123.
THE CHRONICLE
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE
-GRAIN-PROVISIONS
PETROLEUM-RUBBER-HIDES-METALS
-DRY GOODS
-WOOL
-ETC.
COMMERCIAL EPITOME
(The introductory remarks formerly appearing here will now be
found in an earlier part of the paper immediately following the
editorial matter, in a department headed "INDICATIONS OF
BUSINESS ACTIVITY.")
Final prices on futures were 25 to 28 points lower than
a week ago. Prices were as follows:
Spot unoMcial___ 16% I March
December
15.73 May
15.16 July
14.68 September
14.23
13.65
SUGAR.
-Prompt Cuban raws were held at 2 5c., but
Friday Night, Nov. 12 1926.
early in the week this
COFFEE on the spot was in fair demand and steady early came sales at a drop prevented business at first. Later
to 2 13-16c. British cables were
in the week, with cost and freight offers higher. Santos, firmer. The United Kingdom was firmer with Perus selling
4s, 20 2-3 to 21c.; Rio 7s, 163/i to 16/sc. To-day spot trade at 13s. 6d. it was said. British refiners bid 16s. 73d. for
5
'
was quiet; Rio 7s, 169zc.; Santos 4s, 21 to 21(c. Cost and preferentials. The Far East wanted old and new crop
freight prices were unchanged to 15 points lower. Offerings Cuba. The statsitics took on a still more bullish aspect.
M. A. Himly figured
of the better grades were small. Santos 4s were quoted at of Cuba at 421,158 raw sugar stocks on hand in the Island
tons, against 445,626
anywhere from 19.15 to 19.50c. Fair to good Cucuta, 233. receipts at six ports, 5,857 tons, outports, tons a year ago;
42,980 tons; total,
to 243c.; Laguayra, washed Caracas, fair, 26 to 2632c.; 48,337 tons; exports at six ports, 15,912 tons; outports at
4
Porto Cabello, natural, 223/i to 23c.; washed, 26 to 27c.; 38,905 tons; total, 74,817 tons; stock at six ports, 209,394
Colombian Ocana, 233/i to 24c.; Bucaramanga, natural, tons; outports, 211,764 tons; total, 421,158 tons. Sales on
the 8th and 9th inst. for November shipment reached 85,000
263/i to 280.; washed, 27 to 273e. Honda, Tolima and bags at 2 13-16e. c. &. f. basis.
Giradot, 27 to 273/204 Medellin, 29 to 293/2c.; Manizales, Islands centrifugals, December Some 3,000 tons Philippine
-January shipment, sold at
273 to 28c.; Aukola, 34 to 39c. On the 10th inst. prompt 4.58c. c.i.f., which was equivalent to 2 13-16e. c. & P. basis
shipment Bourbon 2s here, 21 to 213c.; 3s at 20.30e.; 3-45 Cuban. Europe was unchanged to %d. net lower. British
4
at 193 to 20.35c.; 3-5s at 193i to 20.200.; 4-6s at 19 to 19.50c. refiners advanced home-grown beet sugars 3d. Sales of
4
Penis were made to the United Kingdom at 13s. 6d. c.i.f.;
5s at 183 to 19.10c.; 5-6s at 18.30 to 19.20c.; 6s at 17.85 to refiners
4
bid 13s. 43d.
2
18.45c.; 6-7s at 17.85c.; 7-8s at 17.15 to 17.65c.; separations erentials. Futures werefor more and 16s. 73/d. for preffairly active within narrow limits
at 18.80c.; 7-8s at 123'c.; part bourbon or flat bean early in the week. Cuban interests bought July. Other
5-6s
2-3s at 21.90 to 22.50c.; 3s at 21c.; 3-4s at 20.60c.; 3-5s at prominent interests sold. The sales on the 8th were 25,250
19.20 to 20.10c.; 4-5s at 19c.; 4-6s at 18.70 to 19c.; 5-6s at tons, but on the next day rose to 50,000 tons. Cuba bought
19.100.; Santos peaberry 2-3s at 21c.; 3-5s at 19.35 to 19.90e.; July at 2.99 to 3c. in removing hedges, as sales were made of
actual
Rio 2s at 153/i to 15%c.; Victoria 7-8s at 154c. Future crop. sugar. Some sold July as a hedge against the next
Refined was quiet at
shipment Santos, December 3-5s, part Bourbon, at 19.35c. estimate on sugar beets in 5.70 to 5.90. The Government
Colorado was 2,642,000 tons,
FUTURES declined on the 8th inst. 25 to 27 points with against 1,117,000 tons last year. The condition is 95,
sales of 53,350 bags despite a higher run of prices on cost against 65 a year ago and 90 the 10-year average. Heavy
yields are reported especially in northern Colorado. Present
and freight coffee. The Rio crop is estimated at 3,000,000 indications
are for
bags. Santos was 125 reis lower to 125 higher. Exchange The crop is mostly a State average of 12 tons per acre.
in excellent condition in the northern
was 1-32d. lower at 6 57-64d.; dollars 20 reis higher. Rio section, though prospects are less favorable in the southern
closed 125 to 325 reis higher; exchange remained at 6 29-32d.; and western sections. Later it turned out that some 100,000
dollars 7$180. Realizing sales here following an advance on bags in all had sold at 2 13-16o.; 7,000 tons sold, it is said,
to the United Kingdom
the 6th inst. On the 9th inst. prices fell 20 to 25 points more shipment at 2.73e. f.o.b. for February or February-March
and 1,000 tons of Natal to United
with cost and freight coffee in the main lower and the Kingdom at 16s. 73'd. Old and new crop Cuba sold,
it
regular cables irregular. The trade sold here. Lower was asserted, to the Far East at equal to about 2.70e. f.o.b.
exchange had its effect. The transactions here dropped to Recent weather on the Continent has been reported un38,000 bags. Santos exchange fell 5-64d. to 6 25-32d.; favorable to beet sugars in Germany, Czechoslovakia and
dollar rate 120 reis net higher; term prices 250 to 150 reis Poland.
The United States Department of Agriculture as of Nov.
lower. Rio Exchange down to 6 25-32d.; dollar rate 140 1st estimated the United States beet production at 7,213,000
reis higher; term prices 50 to 175 reis off. It is argued that tons of beets equal to 837,500 long tons of granulated, which
Brazil does not appear to be forcing sales as it was a few compared with their Oct. 1st estimate of 789,286 long tons
weeks ago. Some are inclined to buy moderately on granulated. An outstanding fact is that despite the bullish
reactions. Prices recently have fallen sharply and while the crop estimated by Willett & Gray, i. 0.; 1926-27 world's
crop of cane and beet sugar 23,855,000 tons against 24,360,prospects for the next crop are favorable, the distant positions 150 tons last year, profit taking and December
.
liquidation
none the less are already at good discounts under spot have depressed prices. There is no general pressure in the
prices. Short selling to some therefore looks risky. But spot market. Some decline may follow the settlement of the
they prefer to confine their purchases to the more distant British strike. But lower ocean freights some think would
revival
months on the idea that sooner or later they will rise to a cause a out that of foreign demand for Cuban raws. It is
most of the United States statistics for 1926
pointed
closer parity to the present spot quotations.
differ little from those for 1925. They suggest about the
Some point out that Dr. Washington Luiz, who will same consumption in this country as last year. The total
become Brazil's President on Nov. 15, has expressed his receipts at all our refining ports from Jan. 1st-to the end of
intention of stabilizing exchange. If this can be done much Oct. were 4,683,000 tons against 4,633,000 a year ago. The
total quantity melted and delivered
of the uncertainty involved in the present situation will be was 4,583,000 against 4,591,000. in the same 10 months
American imports
removed. Invisible supplies both here and in Europe are Cuban sugar were 3,244,000 against 3,147,000 in the of
corconsidered small. Deliveries during the past four months responding 10 months of 1925. Up to the end of September
have certainly been smaller than in the corresponding period we had received 42,000 tons of full duty sugars, 29,000 tons
of last year, regardless of the fact that consumption is, to of which came from Mexico with practically all the remainder
all appearance, undiminished. Only a moderate carry- from Central America.
over is expected at the end of the season. The next crop
The condition of the cane crop of Louisiana is given by the
will be considerably larger, but to some it looks as though Government as 50% on Nov. 1,against 78% on the same date
it had been discounted. Near positions in the opinion of last year. This condition figure is 1% under that ansome have inherent strength. Brazilian cables opened on nounced as of Oct. 1 and 21% under the 10
-year average for
the 11th inst. with the Santos terme market 275 to 400 reis Nov. 1. A yield per acre of 10.7 bushels of sugar beets this
.
higher. Rio terme market was 275 to 500 reis higher. The year is estimated on the basis of the Nov. 1 condition, comexchange and dollar rates were unchanged in both markets. pared with 11.4 bushels last year and a 10
-year average of
To-day futures closed 5 to 10 points lower with sales of 9.8 bushels. December liquidation was noticeable in an27,250 bags. Santos exchange fell 3-16d. and Rio 13-64d. ticipation of first notice day on the 24th of this month. This
That was largely the cause of the weakness here, offsetting. has served to widen the difference somewhat between Decemhigher prices for Rio and Santos futures. Santos rose 400 to ber and other months. With a good supply in licensed ware425 reis but London exchange was down to 63'd. Dollar house and differences unsatisfactory for exchange operations
exchange was 200 reis higher at 7$600. Rio futures ad- by the holders of these sugars, heavy tenders are expected.
vanced 375 to 450 reis, with London exchange 7$600. The It is urged that these differences must increase.
stock of Brazilian coffee in store and afloat to-day was,
Receipts at United States Atlantic ports for the week were
for the United States, 1,009,981 bags, against 1,028,742 bags 69,774 tons, against 36,873 in the previous week, 56,239 in
at the same time last year and 1,162,068 two years ago. the same week last year and 33,882 two years ago; meltings,
Nov. 13 19261
THE CHRONICLE
53,000, against 62,000 in the previous week, 57,000 in the
same week last year and 45,338 two years ago; stock, 202,010
tons, against 185,236 in previous week, 62,392 last year and
45,338 two years ago. A cable from Java to Willett & Gray
put the estimate of the crop now being harvested at 1,970,000
tons, against their previous estimate of 1,936,000 tons. Exports during October were placed at 165,000 tons, all to Far
Eastern destinations. To-day futures ended unchanged to
2 points higher with sales of 36,300 tons. The Italian consumption for the year ending Sept. 1 was said to have been
345,303 long tons, an increase for the year of about 5%.
Cuban interests bought December for a time, but later there
was Cuban selling. Refined was quiet though withdrawals
were good. Prompt raws were firm at 2 13-16c., but rumors
of sales were not confirmed. If the British coal .strike is
settled, it is evident that a better foreign market is opened
.
up to Cuba, stimulated by declining ocean freights. Final
prices on futures for the week are unchanged to 1 point lower.
The prompt price is the same as a week ago. Prices closed as
follows:
Spot unofficial-2 13-16 March
2.78 May
December
2.81 July
2.90 September
2.9
3.06
LARD on the spot was steady but quiet early in the week.
Prime Western c.a.f. New York, 13 to 13.10c.; refined Continent, 143.c.; South America, 153.c.; Brazil, 163e. Today spot lard was weaker. Prime Western, 12.650.; refined
Continent, 14c.; South America, 15%c.; Brazil, 163e.
Futures declined 18 to 25 points on the 8th inst. in sympathy
with a drop in corn prices. Stop orders were caught. The
position was short. Cheapness of substitutes like cottonseed
oil hurts the sale of lard. Hog receipts on the 8th inst.
were 125,000 and the next day, 115,000. Cash trade was
slow. Hogs fell 10 to 15e. on the 9th inst. New lows
for the season were reached on the 9th inst., on renewed
liquidation due partly to the dullness of the cash trade and
a lower hog market. It was off 25 points. Buying of January supposedly for foreign account and covering on the
decline steadied prices later. Western hog receipts were
115,000 against 109,000 last year. To-day futures broke
15 to 25 points net and cottonseed oil ended 3 to 13 points
lower the latter on December. There was considerable
selling of May, and Chicago was noticeably depressed. In
lard new low prices for hogs and grain naturally counted as
a bearish factor. Also cash demand was poor. Liquidation
was the order of the day. Packers were selling. On the
other hand commission houses bought as prices fell. Hogs
too after all closed 10 cents higher than yesterday if 25 cents
under the top of the day, ending at $11 80. Western hog
receipts were 77,000 against 85,000 a.year ago. Chicago
expects 7,000 on Saturday. Final prices on lard show a
decline for the week on December of 65 points.
2537
white was obtainable at 103/2c. and prime white at 103e.
on a firm bid. Big refiners generally were quoting %c.
above these prices. Water white in the Gulf section was in
good demand at 9 to 93(e. and prime white was steady at
73/2o. Cased kerosene steady at $1 75 for prime white and
$1 85 a case for water white in cargo lots. Gasoline has been
Lc.
rather quiet at 11A to 11% for U. S. Motor in tank cars,
/
at refineries and 125/2 to 123 0. for U. S. Motor in ta k cars
delivered to the trade. In the Gulf 105c. for bulk U. S.
Motor was asked and 11%e. for 64-63 gravity 375 e. p.
Bunker oil firmer at $1 75 for grade C. and $1 813/2 f. a. s.
New York harbor refineries. Diesel oil steady. Gas oil
quiet. Colder weather helps trade in kerosene. Fuel oils
are steady. Gulf gasoline was said to be rather firmer.
United States Motor 103, to 103e. Considerable California gasoline is arriving here. It has a tendency to weaken
prices as some view it. New York refined export prices:
Gasoline, cases, cargo lots, U. S. Motor specifications,
deodorized 27.15c.; bulk refinery 11%c.; Kerosene, cargo
lots, cases 19.15e.; water white 150 degrees 20.65c.; Gas oil,
28-34 degrees, 5 Mc.; 36-40 degrees 65e. Bayonne, tank
cars; Petroleum, refined, tanks, wagon to store 18e.; Kerosene, bulk 45-46-150 water white delivered New York tank
cars 103ie.; motor gasoline, garages (steel bbls.) 210.;
up-State 21e.; Naphtha, V. M. P., deodorized in steel bbls.
21e.
Elk Basin
$2.40
Oklahoma. Kansas and Texas2.25
$1.65 Big Muddy
28-28.9
2.40
1.97 Lance Creek
32-32.9
1 85
3.57 Homer 35-35.9
52 and above
-Caddo
Louisiana and Arkansas
1.40
1 70 Below 28 deg
-32.9
32
1 70
1 8n 32-R2 9
35-35.9
2.00
9 00 38-38.9
38 and above
$34§
Buckeye
$3.05 Eureka
$3.40
Pennsylvania
2.37
3.40 Illinois
2.45 Bradford
Corning
2.43 Crichton 40-4.09-- 2.10
2.40 Lima
Cabell
1.90
2.25 Plymouth
omerset. light_ - _ 2.65 Indiana
2.37 Baynesville.33deg. 1.75
2.25 Princeton
Sock Creek
2.80 Gulf Coastal "A"- 1.40
27 deg. 1 Canadian
11,9mackover,
1.15 De Soto 44-41.9.- 2.30
Corsicana heavy
RUBBER was higher at the close on the 8th inst. with
London prices up, but earlier in the day New York was
lower. The outside market was quiet with some sales of
4
%
spot and November sheets at 415 c., but some quoted 413 e.
The day's sales on the exchange were 365 tons, against 575
tons last Friday. Para grades fell 1 to 2c. Off grade plantations were steady in company with the standards. At the
Exchange, November was 41.20 to 41.50c., closing at
41.40c.; December, new, 41.60 to 41.90c., closing at 41.90e.;
December, old, 41.60e., closing at 41.90c.; January, new,
41.80 to 42.10c., closing at 42.10c. Ribbed smoked sheets,
,
spot, 4130.; November, 413/2 to 4134c.; December, 41% to
/
/
%
425/2c.; January-March, 425 c.; April-June, 4358c. First
latex crepe, 413/20.; clean, thin, brown crepe, 393(c.; light,
4
/0.; specky brown crepe, 3630.; No. 2
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO. clean crepe, 393
amber, 405jc.; No. 3 amber, 3934c.; No. 4 amber, 383/2e.;
Mon.
Wed. Thurs. Fri.
Sat.
Tues.
roll brown, 36%c. Paras, Caucho-Ball-Upper, 263/2 to
December
Roll- 11.67
cts_12.20
11.90
12.07
12.05
January
12.32
day 11.72
12.07
11.92
12.12
27e. Up-river fine, spot, 37 to 373/2c.; coarse, 2534 to 26c.;
May
11.87
12.25
12.20
12.02
12.45
Island fine, 32 to 323/ie. London on the 8th inst. was Nd.
PORK dull; mess, $.37; famly, $40 to $42; fat back pork, higher. The official average price was announced at 20.089d
$30 to $32. Ribs, in Chicago, steady; cash, 13c., basis an advance of .298 point over last Wednesday's official
40 to 60 lbs. average. Beef dull; mess, $18 to $20; packet, quotation. Spot November and December, 2034d. to
$18 to $20; family, $21 to $22; extra India mess, $33 to $34; 203 1.; January-March, 21d. to 213/sd.; April-June., 21%
3
4
No. 1 canned corned beef, $3; No. 2, $8 25; 6 lbs., $150; to 213/2d. Singapore on the 8th inst.: November, 19%d.;
pickled tongues, $55 to $60 nominal. Cut meats stPady; December,20d.; January-March, 20%d.; ex godowr, Singa,
pickled hams, 10 to 20 lbs., 233j to 253jc.; pickled bellies, pore. The stock in London increased last week 904 tons.
6 to 12 lbs., 20 to 203c.; bellies, clear, dry salted, boxed, It was 43,045 tons, against 42,141 in the previous week,
18 to 20 lbs., 173 0. Butter, lower grade to high scoring, 36,065 last month and 4,931 last year.
/
37 to 503/2c. Cheese, 24 to 27c. Eggs, medium to extras,
On the 9th inst. New York was somewhat irregular but
32 to 61c.
on the whole higher, with London showing an advance.
OILS.
-Linseed has been in rather better demand and November here was 41.30 to 41.50c., closing at 41.30e.;
steady at 11.1c. for raw oil in carlots, cooperage basis. January,42.10 to 42.20c., closing at 42.10c.; February, 42.30
Boiled, tanks, 10.7e.; raw, tanks, 10.3c.; November-Decem- to 42.40c., closing at 42.30c. Spot ribbed smoked outside,
%
ber, 11.1c. Consumption is heavy. Spot supplies have 413c.; November,413 to 41%c.; December,4134 to 41%e.;
4
decreased considerably owing to the rather heavy contract December, 413/2 to 42 No.; first latex crepe, 41%c. London
withdrawals during the past month or so. Later on lino- spot, November and December, 203 to 203/8e. Singapore
%
leum interests were reported to be purchasing rather more spot, W.higher; spot, 193/8d. On the 11th inst. New York
freely. Paint makers were also taking more than an- was dull partly owing to the fact that the report of the
ticipated. Bunker oil later on was more active at $1 75. Rubber Association in regard to October imports, consumpGasoline was quiet. Cocoanut oil, Ceylon coast, tanks, tion and stocks is shortly to be issued and many are awaiting
834c.; Manila, spot, tanks, 8 8c.; Manila, coast, tanks, it. It is supposed that the imports will have amounted to
Sc. China wood, N. Y., spot barrels, 16ic. Corn, about 30,000 tons. November was 41.40e.; December,
crude, tanks, plant, high-acid, 8c. Olive, Den.,$1 50 to $1. 41.700.; Ribbed spot November, 413 0.; December, 4134c.
/
Soya bean,coast, tanks, 103/2c.; blown barrels, 14%c. Lard, First latex crepe, 425/2c.; Para, up-river fine, 373/2 to 38e.
prime, 163/sc.; extra strained, winter, N. Y., 133jc. Cod, London was dull; spot November and December,20 to 203/8d.
domestic, 62e.; Newfoundland, 65 to 66c. Turpentine, Singapore was closed on the 11th inst. for Armistice Day.
To-day, January closed at 41.70e. at New York, February,
893/2 to 94c. Rosin, $13 05 to $16 60.
420.; March, 42.20c.; May, 4.60e.; December, 41.50c.,
Cottonseed Oil.
-May was sold on the 9th inst. by refiners. Also there was liquidation and local selling due to against 41.70e. on Thursday.
HIDES.-Frigorifico were in some demand. Russia is
lower crude markets, and weakness in lard. Cottonthe
seed oil on Tuesday fell to a new low level for the season. expected to renew its buying before long. Sales of late
Trade was active. aggregating 25,000 barrels. Southeast have included 2,000 Artiga steers first half November at
crude made a new low, selling at 63/c. Texas was 63 0. $41, or 18%e., and 2,000 Argentine second half October at
8
/
Cottonseed oil sales to-day, including switches, 21,700 $32 25,or 15 1-16c. c.&f. A sale of 2,000 La Blanca extremes
barrels. P. Crude S. E., 63/2 bid. Prices closed as follows: averaging 15 kilos second half October salting, was made at
17 5-16e. & f. Some 900 native bulls sold at 10c. Common
§
8.00
January
lApril
o
7.93§
snot
,
8.15 R18.
vember-8.15 8.20 February-_--7.95 7.98 May
8.18(§8 20 hides were in somewhat better demand. Orinoco, 203/2e.;
--- March
December- _ _7.91
June
8.07
8.2008.40 native steers, 163/pc.; butts, 1534c. New York City calfPETROLEUM.
-Consumption of kerosene is steadily skins weaker. All weight skins, $1 55 to $1 60; $1 90 to
increasing. Export and domestic buyers are more inclined to $1 95, and $2 673/2 to $2 70. In River Plate frigorifico the
fill their winter requirements. On the whole there is a better later trading was generally small. But 8,000 Armour steers
%
%
feeling in the trade. Stocks are of fair volume and less talk it was reported,sold at 163 c.,and 1,500 Anglo also at 163 c.,
of shading prices is heard. Yet it was reported that water basis $37.
2538
THE CHRONICLE
[VOL. 123
price was 14.25c. c.i.f. Hamburg. The Lake district
reported that shipments were holding up fairly well to Detroit
but that there was a considerable falling off in consumption
in Chicago., The movement of copper by boat is expected
to be heavy during the next few weeks or until Dec. 15,
CHARTERS included coal from Atlantic range to west Italy, $7 50, when navigation closes on the Great Lakes. Standard copper
end December; from Hampton Roads to River
$7 25. January; in London on the 10th inst. advanced 2s. 6d. to £57 15s.
from Hampton Roads to United Kingdom, $6, Jan.Plate, canceling; Atlan15-31
tic range to United Kingdom, 35s., Nov. 30 canceling; Atlantic range to for spot and £58 12s. 6d. for futures; sales, 200 tons spot
United Kingdom, 35s., November-December: Atlantic range to United and 700 tons futures' electrolytic
unchanged at £65 15s.
Kingdom.35-., Dec.5 canceling:from Hampton Roads to United Kingdom.
23s., Dec. 10-20 canceling; from Hampton Roads to United Kingdom, for spot and £66 5s for futures. Latterly trade has been
37s. 64., November;same, 62s., first half December; same. 35s. 6d., option quiet with most producers asking 13/e. Connecticut Valley.
wes Italy, 36s. 6d., November; Hampton Roads or Baltimore to Naples,
$7 50, Dec. 1-15 canceling; Hampton Roads or Baltimore to United Mng- Export business this week has been better on the basis of
dom. $9: option Manchester, $9 25 spot; from Hamfaton Roads to Palermo. 14.25c. c.i.f. Hamburg. London late in the week fell
option United Kingdom, $8 prompt; Hampton Roads to United Kingdom, 5s on standard;
spot, £57 10s., futures, £58 7s. 6d.; elec35s., end November; Hampton Roads to Rio de Janeiro, $7 25, December:
Hampton Roads to United Kingdom, His. 3d., Nov. 20 canceling; Hampton trolytic, spot, £65 15s.; futures, £66 5s. The exports from
Roads to United Kingdom, 26s., December; grain from Atlantic range to New York on Thursday
were 2,170 tons. That was the
Antwerp or Rotterdam, 30c. heavy, option full cargo
men, Dec. 1-1$ canceling; Atlantic range to Hamburg or barley. 32c. to Bre- largest for some time past.
Bremen,31c. heavy,
option full cargo barley, 32c., to Bremen. Dec. 1-15 canceling: grain from
TIN early in the week advanced on a higher London
Vancouver to United Kingdom-Continent, 40s., option Puget Sound or
Columbia River Is. 3d. extra, December: from Montreal to Lisbon or market, covering of shorts and
speculative buying. Ton
Leixoes, 5-. 714d., or about 43c.. November: from West St. John to Mediterranean, 36c., option Adriatic 38c., December: Atlantic ranee to west higher prices checked the demand. Here on the 9th inst.
Italy, 35c., December: Vancouver to United Kingdom-Continent, 45s., prices were "Nc. higher than on the prvious day.
A sale
Dec. 31'canceling; Vancouver to United Kingdom-Continent, 45s., November; option Columbia River or Puget Sound. Is. 3d. extra: lumber from one of spot Straits was made at 703 c., which was above the
4
port Gulf to Buenos Aires or Rosario, 230s.Jan. 5 canceling: same. 200s. general level of the market. It was reported that
a London
Jan. 15 canceling; North Pacific to three ports Japan. $11, December; time house with New
York connections had virtually cornered
charter, 870 net, 12 months in Wert Indies trade. $2. January; time charter,
1,008 net, 3 to 4 months West Indies trade, $1 80, February; 1.440 net. the spot market. Straits here on the 9th inst. sold at
12 months West Indies trade, at or about $1 80. January; Tankers, Gulf 663
/
'gc. for November, 673o. for December, 66%c. for
and (or) Venezuela to north of Hatteras, at 38c.. one year's conseecutive
voyages, beginning January; boat from North Atlantic to United Kingdom- January and 663ie. for February. Spot standard in London
Continent, 42s. 64., lubricating oil; from Gulf to north of Hatteras, 455., on the 9th rose £6 15s. to
£309 15s. and futures advanced
November; fuel oil from Gulf to United Kingdom-Continent, 45s., Decem- £5
to £297 15s.; sales, 100 tons of spot and 1,400 tons of
ber; clean, Gulf to United Kingdom- Continent, 50s., December.
futures;
COAL has been less active and tending downward, notably London spot Straits rose £6 15s. to £310 15s., Eastern c.i.f.
on gas and steam coal. Ocean freights have declined. Octo- On the advanced £2 10s. to £301 5s. on sales of 125 tons.
ber coal hauling on the railroads was the largest in eight years. early in 10th inst. prices advanced £2 at London. Here
the
The American Railway Association's car service survey said: somewhat. day prices were higher but later on eased
Spot Straits sold at 71 Y but later dropped to
lc.
"Coal shipments have been the greatest this fall that they 70310. Trading was
have been for this season except in 1918." The gains were ber 675.ic., January small. November was 693e., Decem66c. and February at 65%e. The tin
both in bituminous and anthracite loadings, of which from dealer who holds
Aug. 30 to Oct. 23 totaled 313,701 cars, the largest number had cornered the most of the spot supplies denied that he
market and claims that he is selling spot
loaded in the fall since 1917." In the last week of October tin every day
at a "fair price." Spot standard in London
the tonnage mined reached 13,430,000 net tons, which the advanced
£1 15s. to £311 10s. and futures advanced £2 to
National Coal Association says "is the highest total since £299
15s.; sales, 100 tons of spot and 800 futures; spot
weekly records of output have been kept." November and Straits
rose £2 5s. to £321, Eastern c.i.f. London was up
. December tonnage was offered,it was said, at$6 50, a decline £4
to
of 75 cents, was the report for West Indies shipments. Re- been £305 58. on sales of 150 tons. New York of late has
active. It has been a rather lively week in the tin
cently $12 f.o.b. piers at Hampton Roads, Navy standard trade.
Late in the week, however, London dropped £2 58.
there sold down to $9 on the 10th inst. London expects a on
prompt and £1 5s. on futures. New York prompt was
settlement of the strike but reported deadlocked conditions Mc.
lower on the 11th inst., with a larger busmess at the
in the spot terminal market inside the Virginia Capes had
decline,
most to do with the decline. Navy standard, or best low 693 0. namely, 200 tons. Straits were 693/20 bid and
/ asked; December 68 to 683ie.; London spot standard
volatile, was $1 off. Steam and gas coal still tended down- £309 5s.;
futures £298 10s.; Straits £318 5s. spot;Eastern
ward.
c.i.f. advanced 15s. on the 11th inst., touching £306 with,
TOBACCO. New Sumatra has been in fair demand. sales of 125 tons.
Trade in it has been noticeably larger than recently. ConLEAD early in the week was in better demand, especially
necticut leaf has been selling more readily. Northern Wisconsin binders 1925 packing is said to have been in excellent in the Middle West. At New York 8c. was quoted and at
demand. In general there has been rather more life in the East St. Louis 7.80c. London was higher. Lead ore was
trade and prices have been reported steady. Wisconsin cut $5 per ton in the tri-State district and in a few instances
Binders, 22 to 250.. Northern, 38 to 50c.; Southern, 25 to to $95. Very little ore was sold last week. London on the
35c.; New York State, seconds,45c.; Ohio, Gebhardt binders, 9th inst. rose 5s. to £29 6s. 3d. for spot and £29 us. 3d. for
20o.; Little Dutch,21 to 22c.;Zimmer Spanish,28e.; Havana, futures; sales, 750 tons of futures. There was a good demand
1st Remedios, 850. The total crop of American tobacco late in the week, with prices firm at 8e. New York and 7.800.
for 1926 was estimated at 1,293,918,000 lbs. by the Crop East St. Louis. There was good buying of November.
Reporting Board, United States Department of Agriculture. London advanced is. 3d. on the spot to £29 7s. 6d., and
This shows a decrease of approximately 12,500,000 lbs. from futures rose 2s. 6d. to £29 13s. 9d.; sales, 100 tons spot and
September indications, and is 80,482,000 lbs. below the 1925 2,000 tons futures. Late in the week trade was brisk and
harvest. Recently in the cigar leaf districts late season prices steady. Corroders were the best buyers. Battery
conditions have been good to excellent. Connecticut Valley makers came next. London on the 11th inst.fell 3s. 9d. on
crops were in better condition at harvest than appeared the spot to £29 3s. 9d.;futures dropped 2s. 6s. to £29 us.3d.,
earlier in the season. Havana seed still showed some effects with sales of 400 tons of spot and 400 of futures.
ZINC was firmer early in the week in sympathy with a
of wind and rain damage. Yield and quality are more
promising than for several years past. Pennsylvania to- higher London market. For prompt lead 7.20e. East St.
bacco is better than usual. About 96% of the Wisconsin Louis was asked and 7.1734c. for later deliveries. There was
.
crop was harvested in time to escape the heavy frosts that a better inquiry. Ore in the tri-State district was lowered
occurred during the last week of September, but continued $1 per ton to $47. London on the 9th inst. advanced 6s. 3d.
wet weather threatens to cause some house-burn. Particu- to £33 3s. 9d. for spot and £33 6s. 3d. for futures; sales
larly heavy damage from wet weather is reported in the 1,100 tons of futures. A fair demand for prime Western slab
Miami Valley and the same conditions have damaged the zinc was reported on the 10th inst. Prices were about 50o.
tobacco generally in Ohio, Indiana, Kentucky, Tennessee higher at 7.22c. East St. Louis for spot and Nov. and
and Maryland. There was too much rain in practically 7.200. for Dec. Some producers quoted 7.25e. for spot.
all parts of Kentucky throughout September and into October Spot zinc in London on the 10th inst. advanced 3s. 9d. to
to allow best development, ripening and curing of crops. A £33 7s. 6d. and futures rose 2s. 6d. to £33 8s. 9d.; sales
considerable amount of early burley was cured before the 1,350 tons futures. Surplus stocks of zinc increased 210
wet weather set in. More than usual of the Henderson tons in Oct. according to the American Zino Institute.
district tobacco will be fired-cured on account of the unfavor- Stocks at the end of the month were 15,909 tons against
15,699 at the beginning of Oct. Production for the month
able curing weather.
COPPER early in the week was steady and usually at was 54,979 tons; shipments 54,769. The amount shipped
13%c. Business was quiet, however, and it is hinted from plants for export was 4,160 tons, stored for customers
that small dealers and producers made sales at around 50 tons. Retort operating at the end of the month totaled
13.80c. The official price of Copper Exporters, Inc., was 87,028. J. H. Wadleigh of the Joplin Globe wired: "Stocks
12.25c. c.i.f. Hamburg. A good business was done at that of zinc concentrates in the tri-State district on Oct. 31st
price. Reports from London stated that dealers outside were 26,287 tons of which 18,000 were sold; stocks on Oct.
of the Copper Export Association were doing most of the 1st were 19,100 tons with 14,000 tons sold." Latterly a
business recently, owing to the fact that the official export good business has been done although there is not mulish
price of 14.400. was much higher than the American. noise made over it. Prompt 7.226c. East St. Louis;
-Dec. 7.200. London spot advanced 2s. 6d. to £33
Standard copper in London on the 9th inst. advanced 10s. Nov.
to £57 12s .6d. for spot and £58 10s. for futures; sales, 100 10s. and futures rose is. 3d. to £33 10s.
tons of spot and 900 tons of futures; electrolytic was unSTEEL.
-There is the usual falling off in the demand at
changed at £65 15s. for spot and £66 5s for futures. Later about this time of the year. The October business, it turns
on a better demand appeared and the price was firmer at out, was the smallest for about a year and a half. For sev133/8e. delivered Connecticut Valley. The offcial export eral weeks there has been a gradual decrease in the amount
OCEAN FREIGHTS.
-All eyes have been on the apparently more hopeful negotiations to end the British coal strike.
Rates have been weaker. Business has been smaller. Many
believe that the British coal strike is nearing its end. Coal
went at $9 to the United Kingdom.
of buying. Earlier in the year the buying of bars, shapes
and sheets was so large that consumers for a time became
pretty well supplied. The U. S. Steel Corporation indeed
reported an increase in bookings of 90,156 tons on Oct. 31
over those of a month previous. The American Sheet and
Tin Plate Co. has made no change in sheet and tin plate prices
for the first quarter of the year. Sheets are quoted at 3.15c.
Pittsburgh for black, 3.95c. for galvanized and 4.25c. for
automobile or full-finished sheets. Tin plate is still $5 50
per box of 100 pounds. Tbere was some buying of locomotives and steel rails but not on a large scale. Pittsburgh
reports a pretty good business in sheets at firm prices. Billets are tentatively quoted at $25 for the first quarter and
sheets at $36. Automobile specifications have decreased.
It was reported that structural steel has latterly been more
active.
-About 50,000 tons, it is said, sold recently
PIG IRON.
at Buffalo at irregular prices and 15,000 tons at New York.
In general sales are small. The tendency of prices is believed
to be downward. The settlement of the British coal strike
would make that fact plainer than ever. It is said that
throughout the United States last week the total sales were
some 200,000 tons, including 50,000 tons in the St. Louis
district to radiator companies. But in New York trade has
dragged. Eastern Pennsylvania has been quoted nominally
at $22 50 to $23 on foundry; Buffalo is quoted at a wide
range, namely, $19 to $21, but more generally $19 to $19 50
is considered a pretty accurate view of the situation as it
appears at the moment. Birmingham reports prices firm
and the business is entirely in small lots. Coal has declined,
and this, naturally, tends to undermine the price of pig iron.
WOOL has been dull and largely unchanged as to prices.
Foreign markets have declined aside from the higher grades
of merino in Australia. They have been conspicuously firm,
so much so as to excite remark. Yorkshire has bought little.
The Continent was buying freely at the recent Australian
sales. A settlement of the British coal strike would no
doubt stimulate the British demand for wool. The rail and
water shipments of wool from Boston from Jan. 1 to Nov. 4,
inclusive were 174,089,000 lbs. against 149,588,000 for the
same period last year; receipts from Jan. 1 to Nov. 4, inclusive, were 305,315,667 lbs. against 273,525,900 for the
same period last year. Ohio and Pennsylvania fleeces in
Boston: Delaine unwashed, 45 to 46c.• 34 blood combing,
'
45 to 46c.; % blood combing, 45 to 46c.. 3.1, blood combing,
45c.; fine unwashed,38 to 40c. Standardization of Canada's
wool production on a quality basis through development of
a Government grading system has increased exports of the
product to the United States by 600% in the last four years,
according to a bulletin issued by the Canadian Co-operative
Wool Growers. Such shipments in 1926 totalled 6,416,562
lbs. against 1,034,000 in 1922.
At Sydney, Australia, on the 8th inst. the third series of
sales opened. Selection average. Demand poor. Compared with the close of the preceding series, best merinos
were unchanged; other merinos, 7%% lower; greasy comebacks and crossbreds about 5% lower. The present series
closes on Dec. 1 and the total offerings scheduled are estimated at 165,000 bales. At the Melbourne sale on the 9th inst.
8,114 bales offered and 7,500 sold. Selation good.Compared with the sale of Nov. 1 crossbreds were noticeably
higher; others unchanged. Recent declines stimulated trade
with Yorkshire. America and Japan were also good buyers.
At Perth on the 9th demand was good, from Bradford, the
Continent and America. Topmaking sorts active and
unchanged, compared with those ruling in the Eastern
States. Withdrawals much smaller than in October. On
Nov. 11 at Perth the sales closed with a sharp demand for
all grades except the poorest. They were neglected.
COTTON.
Friday Night, Nov. 12 1926.
THE MOVEMENT OF THE CROP, as indicated by
our telegrams from the South to-night, is given below. For
the week ending this evening the total receipts have reached
488,446 bales, against 508,763 bales last week and 535,376
bales the previous week, making the total receipts since the
1st of August 1926, 5,571,600 bales, against 4,300,774 bales
for the same period of 1925, showing an increase since Aug. 1
1926 of 1,270,826 bales.
Receipts at-
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
1926.
Stock.
1925.
Receipts to
This Since Aug This Since Aug
Week. 11926. Week. 11925.
Nov. 12.
Galveston
Texas City
Houston*
Port Arthur,&c__
New Orleans
Gulfport
Moblle
Pensacola
Jacksonville
Savannah
Brunswick
Charleston
Georgetown
Wilmington
Norfolk
N'port News. &c_
New York
Boston
Baltimore
Philadelphia
1926.
1925.
124.455 1.415,766 143,828 1,360.088
9,166
47,715 •
148,361 1,910.153 47,990 791.302
652.140 541.558
26,919
763.711
101,847
920,727 81.747 1,000,467
592,188 427,495
18,387
20,759
182.271 10.497 124,753
9,298 1,959
8,921
194
__ _
14,909
561,373 21.267 529,129
400
275,715 8,485 151,696
3,356
25,509
49,252 3,780
168,646 22,035
66,742
232,682
4.317
4.120
10,263
985
48
32,543
150
707
3,108
50
3,748
4,742
21.401
599
138
59
1,151
435
64,020
32,857
533
189,501
421
132,221
121.572
53.141
21,257
112,304
29,788
132,673
95,800
1,352
1,785
7,958
43,533
892
790
4,28
488.446 5.571.600343,371 4,300,774 2,651,040 1,400.297
e arechalonforcompiled on an interior basis, but only
tg
* Houttgnsisatistiosare no
a pors a st
accordingly.
on
Totals
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
1924.
1923.
Galveston____ 124,455
Houston. &c* 148,361
New Orleans.. 101,847
18,367
Mobile
32,543
Savannah
Brunswick_
20,759
Charleston...
3,356
Wilmington..
25,509
Norfolk
N'port N.,&c.
13.229
All others_ __ _
143,828
47,990
81,747
10,497
21,267
159,492
62,558
86,470
4,960
21,192
115.381
69.701
53,034
1.228
20,977
97,322
36.286
67,905
3.513
11,427
8,485
3,780
22,035
11,120
4,689
21,349
11.637
6,509
23,452
4,385
3,863
19,495
3.742
1,772
5,548
7.382
78,165
3,477
38,490
2,211
17,427
2,585
1.229
2,577
15,670
28
8,563
Total this wk_
343.371
373,602
307,467
251.578
170,422
Receipts at-
1928.
488,446
1925.
1922.
1921.
Since Aug. 1_ _ 5.571,600 4,300,774 3,782,528 3,212,759 2,981,807 2,616.166
* Houston statistics are no longer compiledfon an interior basis, but only
on a port basis. We are changing accordingly.
The exports for the week ending this evening reach a
total of 196,476 bales, of which 59,887 were to Great Britain,
26,202 to France, 37,765 to Germany,8,394 to Italy, 47,905
to Japan and China and 16,323 to other destinations. In
the corresponding week last year total exports where 205,104
bales. For the season to date aggregate exports have been
2,980,592 bales, against 2,832,642 bales in the same period
of the previous season. Below are the exports for the week:
Exported to
Week Ended
Great
GerNov. 12 1926.
Exports from- Britain France. many.
Japan&
Italy. Russia. China. Other.
Total.
14,076 2,029 15,588--- --_ 4,824 7,462 43,979
Galveston
____ 8.375
800 3;371
900 57,656
27,379 16,831
Houston
--------16,523 2,258 41,742
44
New Orleans__ _ 15,773 7,142
--------13,000
500 22,154
8,654
Savannah
____
____ 11,880
--- _
2,000
---- 9,880
Charleston
Wilmington4,538
iii
615
Norfolk
--------4,538 7,281
485
200 1,399
659
New York
50
50
2,406
Seattle
Total
Total 1925
Total 1924
____
2,406
8,394
____ 47,905 16,323 196,476
59,886 28.879 47,210 20,959
83.643 20.527 55.188 6.565
____ 30,767 17,403 205,104
____ 16.700 19.007 201.630
59,887 26,202 37.765
From
Aug.1 1926 to
GerNov. 12 1926. Great
Exportsfrom- Britain. France. many.
Exported to
-
Galveston_ _ _
Houston..- -Texas City__
New Orleans
Mobile
Pensacola.
Savannah.. _.
Charleston_ _
Wilmington _
Norfolk
New York
Boston
Baltimore
Philadelphia
Los Angeles_
San Fran_
Seattle
63,734 37,417 67,148 114.424 816.613
86.550 62,950 77,984 53,670 862,708
11.718
45,454 17:/66 111,651 32,616 403.850
51,617
2,500 1,003
500
6,298
4,452
22;566 11,658 336,625
4;566
9,388 2,377 152,388
22,300
8;566
67,180
16;55a
3,200
"103 36,439 139,339
11,447
1,358
938
1,727
-466
1,945
1;iii
14,562
2:6i6
42,687
8
42,679
47,679
200
47,479
Total
Total 1925_ _
Total 1924_
215,781 128,177 189,932
241,618 157,697 182,239
11,718
86,708 37.976 71;555
26.916 2,030 18,668
2,685
3,313
95,551
"100 201,146
32,685
331 105,123
3.000
10,500
28.377
34,236
28,067 17;545 30,382
.
320
100
52
1;ii5
718
5,512 1;555 4:6Ri
Japan&
Italy. Russia. China. Other.
Total.
779.656 346,376 852,580 224,385 117,873 384.082 275,640 2,980,592
792,679 313,324 840,197 195,006 96,323 315,330 279,815 2,832,642
806.996 321,886 574,771 189,777 53.295 220,536 246,059 2.413,320
Total.
Galveston
Texas City
Houston *
New Or1eans
Mobile
Jacksonville
Savannah
Charleston
Wilmington
Norfolk
New York
Boston
Baltimore
PhlladelPhia
14,358 14,226 46,252 17,758 15,279 16,582 124,455
9,166 9.166
17,138 43,069 31,587 23,506 17,180 15,881 148.361
13,333 13.897 21,442 17.057 24.552 11,566 101,847
4,910 1,513 2,974 2,388 5,264 1,338 18,387
48
48
6,309 10,147 5,247 3,797 4,335 2.708 32,543
3,043 3,604 4,253 2,765 3,981 3.113 20,759
959
49
717
766
783
82 3,356
3,768 2.171 6,955 2,932 3,172 6,511 25,509
24
42
34
50
150
135
420
116
36
707
3,108 3,108
50
50
Totals thLs week_ 63.953 89,120 119,684 71,022 74.514 70.153 488,446
* Houston statistics are no longer compi ed on an interior basis, but only
on a port basis. We are changing accordingly.
Male following table shows the week's total receipts, the
total since Aug. 1 1926 and stocks to-night, compared with
last year:
2539
THE CHRONICLE
Nov. 13 1926.]
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
On Shipboard, Not Cleared for
Great
Ger-
Other • Coast-
Nov. 12 at
- Britain. France. many. Foreign wise.
Galveston ____ 19,100 13,009 15,000 32,100 7.500
New Orleans__ 7.669 19,013 16,277 47.316 2,094
900 1,000
3.000
Savannah
18.000
730
Charleston_
285
24.466
6:•166
Mobile
1,500
Norfolk
2,000 1:666 4;666 8:666
Other ports*
Total.
Leaving
Stock.
86.700 565.440
92.369 499,819
22,900 166,801
730 120.842
31.085
32.935
1.500 110.804
15.000 904,315
Total 1926_ _ 54.669 33,013 62.677 88,316 11.609 250.284 2,400,756
50,021 21.036 45,113 83.776 12,997 212.943 1,187,354
Total 1925
Total 1924_ _ 45.677 34.474 48,720 91.478 12.150 232.499 1.106.834
* Estimated.
2540
THE CHRONICLE
[Vox,. 123.
Speculation in cotton for future delivery has been un- very general that Saturday's figures would show a large
eventful. Much of the time it has been very small. Prices domestic consumption for the month of October.
To-day prices advanced 27 to 34 points, owing largely to
early in the week were firmer. They even advanced in the
teeth of a Government crop estimate on Nov. 8 of 17,918,000 a more hopeful outlook for a settlement of the British coal
bales, against 16,104,000 last year. The increase from the strike. Also, Liverpool was higher. Manchester reported
last report was 464,000 bales. It marked an increase, a better business. What is more, the Southern spot marroughly, since Oct. 1 of 1,300,000 bales. Yet prices ad- kets were notably strong, especially on the higher grades.
vanced early in the day some 25 to 32 points and held much They were not at all freely offered. It is said that some
of the rise at the close. The ginning up to Nov. 1 was 11,- exporters find it diff,cult to fill their contracts, though
259,038 bales, against 11,207,197 for a like period last year ocean freights were lower. Spinners' takings for the week
and 9,715,643 two years ago. But there was a demand from made a good exhibit. December was in demand. That took
the mills, investors and shorts which for a t.me acted as a care of the liquidation in that month. Differences between
brake on any downward tendency of prices. Also, the Gov- months are narrowing. That is said to be the effect of the
ernment report said that while the farmers were finding strong spot situation at the South. It was announced that
more cotton than they expected and a very large crop was the movement to withdraw 4,000,000 bales from the market
assured, there remained an uncertainty as to the quantity is gathering headway. Wall Street and Liverpool bought
that will be left unpicked; that there was some disposition more freely. Mills were calling. Hedge sales were small.
to let the lower grades remain in the fields. The weekly Final prices show a rise for the week of 34 to 43 points.
report, too, though in many respects favorable, said that Spot cotton closed at 13.05c., a rise for the week of 40 points.
some open cotton in Texas had been blown out by high
The official quotation for middling upland cotton in the
winds on the 8th inst. In western Oklahoma, moreover, New York market each day for the past week has been:
there is a serious shortage of pickers. In Georgia late
Not). 6 to Nov. 12Sat. Mon. Tues. Wed. Thurs. Fri.
12.60 12.75 12.75 12.70 12.70 13.05
cotton has opened slowly and more bolls have been killed Middling upland
by frost. In Alabama some of the cotton will probably not
MARKET AND SALES AT NEW YORK.
be picked. Considerable in Mississippi will be abandoned.
This refers to remnants. In Arkansas killing frost and
Futures
SALES.
freezing temperatures in nearly all portions of the State on
Spot Market
Market
Closed.
Closed.
Spot. Conteed Total.
the 4th and 5th lasts. stopped growth. Mills continue to
call cotton. Investors bought on a scale down. Bears were Saturday___ Quiet, 5 pts. dec__ _ Barely steady-200
200
Monday
4,500
not aggressive. Prices are much lower than for years past. Tuesday ___ Steady. 15 pts. adv. Steady
4,500
_ Quiet, unchanged __
400
400
That is well known. Raw cotton has declined far more Wednesday Quiet, 5 pts. dec.... Barely steady_ _ 3,300
Quiet
3,300
Thursday
Quiet, unchanged
than cotton goods. That increases its attractiveness, theo- Friday -- steady, 35 pts. _ _ Steady
900
900
adv. Firm
1400
1400
retically at least, to many spinners at home and abroad.
Total_
Some German mills are said to have bought cotton for five Since Aug. 1
10,700
-.- 10,700
211.168 73,200 284,368
years ahead. Those in other parts of Europe are reported
to have done the same thing. More cotton could be sold on
FUTURES.
-The highest, lowest and closing prices at
such long deliveries if the South were disposed to contract New York for the past week have
been as follows:
so far ahead. In other cases spinners abroad have bought
for delivery for three years ahead. Some of the spinners of
Saturday, Monday,
Tuesday, Wednesday. Thursday,
Fr Y.
this country are understood to have bought for a considerNov. 6.
Nov. 8.
Nev. 9.
Nov. 10.
Noo..11.
No . 12.
able time in advance. They are not so eager to buy as their Noy.
brethren across the water. Russia and Japan have bought
Range__
Closing.. 12.09 ---- 12.24 ---- 12.25 ---- 12.18 ---- 12.21 ---- 12.5
considerable and France and Italy not a little. The mills
,
in this country are said to be operating on a scale 12 to 15% Dec.
Range _ _ 12.18,12.22 12.10-12.44 12.35-12.50 12.27-12.34 12.27-12.3312.4( 12.65
Closing_ 12.19-12.20 12.34-12.37 12.35-12.36 12.28-12.29 12.31-12.3312.5 12.65
greater than a year ago. The tendency of the higher grade
,
basis is said to be upward. Offerings of such cotton are Jan. _ _ 12.29-12.34 12.27-12.54 12.45-12.60
Range
12.37-12.43 12.39-12.44 12.41 12.71
none too abundant. Farmers are reported to be holding
Closing.. 12.32-12.33 12.48,12.49 12.45-12.46 12.39-12.40 12.43,12.44 12.71 12.71
back their better grades. Some moneyed planters are un- Feb.
Range __
Closing_ 12.44 ---- 12.58 ---- 12.57 ---- 12.51 ---- 12.54 ---derstood to be buying the poorer sort and storing the cotton
12.8]
as an investment. The cotton mills, to revert to the textile March
Range._ 12.52,12.57 12.53-12.76 12.68,12.86 12.60-12.67 12.62-12.67
12.71 12.95
situation for a moment, are not pressing goods on the marClosing_ 12.55-12.56 12.70-12.72 12.69-12.70 12.63-12.84 12.66 ---12.91 -12.95
ket. Worth Street has reported a broadening demand for April
Range_ this year's delivery at least. Fall River has done a fair
Closing_ 12.67 ---- 12.82 ---- 12.81 ---- 12.74 ---- 12.77 ---- 13.0
,
May
business. The same may be said of Charlotte, N. C.
Range _ - 12.74-12.8112.77-13.02 12.92-13.07 12.85-12.9112.86-12.92 12.91
13.16
On the other hand, there is the big crop. There is no
Closing- 12.79 ---- 12.94-12.96 12.92-12.93 12.85,12.86 12.89-12.90 13.1/ 13.16
rubbing it out. It is overhanging the market. It has a June----- ---- 13.02,13.02
Range _
deadening effect on speculation. Many believe that the
13.0513.04Closing- 12.9012.97 ---- 13.0013.21
decline has not culminated. Naturally, they dislike to buy July
Range_ _ 12.98,13.03 12.98-13.30 13.15-13.32 13.07-13.13 13.08,13.13 13.11 13.39
on a declining market or one which might decline in the
Closing_ 13.00- 13.16
13.1513.0813.12-13.13 13.31 -13.38
near future. There has latterly been an increase in hedge August
-.
Range _ _
13.22-13.22
selling. Mill buying has not been large. There is a certain
Closing_ 13.1013.25 -13.20 -13.1813.19 -13.4,
amount of it on declines. In fact, there are said to be Sept.
Range __ 13.18-13.21
13.3E 13.38
large orders on a scale down. But the market does not
Closing_ 13.1513.3013.2513.23 -13.2413.5(
move much. It does not reach such orders. Investors buy October
Range_ - 13.18,13.24 13.22-13.50 13.30-13.50 13.25-13.30 3.27-13.30 13.31 13.56
also as the market drops, but for pretty much the same
on
Closing_ lq 151 -- 122R -12Rn _1.10Q -I, lo nn lin.r A
.
reason their trading is not of conspicuous importance. The
Range of future prices at New York for week ending
outside public is not buying. Speculation is down to a
minimum. Now and then Liverpool and Wall Street have Nov. 12 1926 and since trading began on each option:
bought to a certain extent, but not on a large scale. MeanRange for Week.
Range Since Beg nning of Option.
while not only here but at the South there are those who Option for
doubt the wisdom of adopting artificial measures to check Nov. 1926
12.10 Oct. 26 1926 18.20 Feb.
1926
1926.._ 12.10 Nov. 8 12.65 Nov. 12 12.00 Oct. 25 1926 18.50 Jan. 5 1926
Dec.
a decline in prices. It is perfectly natural that the South Jan. 1927__ 12.27 Nov. 8 12.71 Nov. 12
4
12.10 Oct. 25 1926 18.28 Sept. 8 1926
should wish to escape a great decline in its chief staple. Feb. 1927
12.50 Nov. 4 1926 18.10 Sept. 1 1926
Mar.
The question is what is the best means of meeting the situa- April 1927_ _ 12.52 Nov. 6 12.95 Nov. 12 12.35 Oct. 25 1927 18.50 Sept. 8 1926
1927
12.60 Oct. 22 1926 16.10
1926
tion. Rightly or wrongly, there are those who think that May 1927__ 12.74 Nov. 13.16 Nov. 12 12.56 Oct. 25 1926 18.65 July 6 1926
Sept. 8
1927_ _
It would have been better on the whole for the South to June 1927__ 13.02 Nov. 13.02 Nov. 8 12.92 Oct. 27 1926 16.00 Sept.23 1926
13.39 Nov. 12 12.75 Oct. 25 1926 18.51 Sept. 2 1926
12.98 Nov.
July
have disposed of the cotton up to a certain point and let Aug. 1927_ _ 13.22 Nov. 1 13.22 Nov. 10 13.22 Nov. 10 1926 14.25 Oct. 14 1926
1927_ _
cotton prices seek their economic level with a certainty that Sept. 1927__ 13.18 Nov. 13.38 Nov. 12 13.15 Oct. 22 1926 14.50 Oct. 15 1926
13.56 Nov. 12 13.18 Nov. 6 1926 13.75 Nov. 11026
13.18 Nov.
Oct.
there would be a pronounced upward turn at a later stage.
Speculation would have returned to cotton. Cotton would
THE VISIBLE SUPPLY OF COTTON to-night,
have probably been widely advertised as a bargain. It is up by cable and telegraph, is as follows. Foreign as made
stocks, as
cheaper now than it has been for years past. But the well as afloat, are this week's returns, and
much
consequently
Idea of buying it for an advance does not appeal at this time all foreign figures are brought down to Thursday evening.
to the popular imagination. The British coal strike has not But to make the total the complete figures for to-night
been settled. The strike has tended to paralyze Lancashire's (Friday), we add the item of exports .rom the United States,
trade. Ocean freights continued relatively scarce and high including in it the exports of Friday only.
in this country, though lower now. To a certain extent the
Nov. 121926.
1925.
1924.
1923.
Stock at Liverpool
bales_ 899,000 558,000 371,000 359,000
high rates have hampered exports of cotton.
Stock at
slightly, owing to more en- Stock at London
2,000
2.000
On Thursday prices advanced
Manchester
79,000
40,000
32.000
22,000
couraging reports in regard to the prospects of settling the
Total Great Britain
978.000 598,000 395.000 393,000
betBritish coal strike. The cables, moreover, were rather
Stock at Hamburg
10,000
1,000
ter than due. The weather was rather cold over much of Stock at Bremen
241.000 241,000
43,000
74.000
the South; in fact, killing frost and freezing prevailed over Stock at Havre
151,000
104,000
89,000
92,000
Stock at Rotterdam
4,000
3,000
5,000
3,000
a wide expanse of territory. There was more or less mill Stock at Barcelona
25,000
69.000
42,000
42,000
calling and investment buying. And contracts were rather Stock at Genoa
29.000
29,000
12.000
40,000
Stock at Ghent
1.000
scarce here as well as in Liverpool. On the other hand, Stock at Antwerp
1.000
2.000
2.000
there was no speculative life. Hedge selling continued.
Total Continental stocks
248,000
450,000
Some of the reports about the holding back movement at the
255,000
402,000
South seemed rather less confident. The expectation was
Total European stocks
1,428.000 1,000.000 650,000 641,000
2541
THE CHRONICLE
Nov. 13 1926.]
1923.
1925.
1924.
1926.
The foregoing shows the week's net overland movement
30,000 101,000
27.000
68,000
India cotton afloat for Europe.__
has been 35,531 bales, against 51,86 bales for
American cotton afloat for Europe 789.000 853,000 752,000 520,000 this year
Egypt,Brazil,&c.,afloat for Europe 124.000 144,000 131,000 131,000 the week last year, and that for the season to date the
295,000 233,000 215,000 261.000 aggregate net overland exhibits a decrease from a year ago
Stock in Alexandria. Egypt
264.000 293.000
220,000 347,000 '
Stock in Bombay..India
2,651,040 1,400,297 1,339,333 824.173 of 142,932 bales.
Stock in U. S. ports
1925
1926
Stock in U. S. interior towns_ _ _ -1,349.950 1,646,178 1,411,260 1,119,333
Since
13,683
3,200
In Sight and Spinners'
Since
U. S. exports to-day
Aug. 1.
Takings.
Week.
Aug. 1.
Week.
6.883,990 5.705.158 4,795.793 3.950,506 Receipts at ports to Nov. 12
Total visible supply'
4,300.774
488,446 5,571,600 343,371
415.908
272,976
54,986
Of the above, totals of American and other descriptions are as follows: Net overland to Nov. 12
Southern consumption to Nov.12 110,000 1,488,000
90,000 1,360.000
American267,000 236.000 175,000
bales_ 537.000
Liver000l stock
29,000,23,000
63,000
Manchester stock
Total marketed
633,977 7,332,576 488,357 6,076,682
408,000 373,000 226,000 192,000 Interior stocks in excess
Continental stock
85,500
782,027
78,175 1,481,410
789,000 853,000 752,000 520,000 Excess of Southern mill takings
American afloat for Europe
2,6.31,040 1.400,297 1,339,333 824,173
140.990
over consumption to Oct. 1_
*79,328
U. S. port stocks
1,349,960 1,646,178 1.411,260 1,179,333
U.S. interior stocks
13,683
3,200
Came into sight during Week._ _719,477
566,532
U. S. exports to-day
7,699,082
Total in sight Nov.12
8,035,275
5.797.990 4,582,158 3,982.793 2,913,506
Total American
641.109
North.spinn's's takings to Nov.12 62,090
673,780 101,121
East Indian, Brazil, &c.
362.000 291,000 135,000 184,000
Liverpool stock
*Decrease.
2,000
2,000
London stock
9,000
7,000
11,000
16,000
Manchester stock
Movement into sight in previous years:
56,000
29,000
29,000
42,000
Continental stock
30.000 101,000
68,000
27,000
Bales. I Since Aug. 1Bales.
Indian afloat for Europe
Week124,000 144,000 131,000 131,000 1924
&c., afloat
Egypt, Brazil,
-Nov. 14
618,967 j 1924
6,269,649
295,000 233,000 215,000 261.000 1923
423.014 1923
Stock in Alexandria, Egypt
5,402,907
-Nov. 16
220.000 347,000 264,000 293,000
Stock in Bombay, India
1,086,000 1,123,000 813,000 1,037,000
5.797,990 4,582,158 3,982,793 2.931,506
Total East India. &c
Total American
6,883,990 5,705.158 4,795.793 3,950,506
Total visible supply
6.954. 10.58d. 13.874. 19.89d.
Middling uplands, Liverpool.. _ _ _
34.80c.
24.80c.
20.90c.
13.05c.
Middling uplands, New York_
16.55d. 21.654. 26.50d. 22.954.
Egypt,good Sakel, Liverpool_
Peruvian, rough good, Liverpool_ 13.25d. 23.004. 21.00d. 21.00d.
9.754. 13.054. 17.034.
6.30d.
Broach, fine, Liverpool
Tinnevelly, good, Liverpool
6.854. 10.25d. 13.604. 17.90d.
Continental imports for past week have been 192,000 bales.
The above figures for 1926 show an ir crease over last
week of 222,911 bales, a gain of 1,178,832 over 1925, an
increase of 2,088,197 bales over 1924, and an increase of
2,933,484 bales over 1923.
-that is,
AT THE INTERIOR TOWNS the movement
the receipts for the week and since Aug. 1, the shipments for
the week and the stock to-night, and the same items for the
corresponding periods of the previous year, is set out in detail
below:
Movement to Nov. 12 1926.
Towns.
Ala.,BirmIng'm
Eufaius
Montgomery
Selma
Ark., Helena
Little Rock....
Pine Blutt
Ga., Albany
Athens
Atlanta
Augusta
Columbus
Macon
Rome
La., Shreveport
Miss.,Columb
Clarksdale
Greenwood._
Meridian
Natchez
vleksburg -'Yazoo City
Mo., St. Louts_
N.C.,Oreensb•ro
Raleigh
Okla., Altus___
Chickasha___
Oklahoma___
S.C.,Greenville
Greenwood_
Tenn.,Memphis
Nashville.___
Tex., Abilene__
Brenham____
Austin
Dallas
Houston
Paris
San Antonio_
Fort Worth
Receipts.
Ship- Stocks
menu. Nov.
Week. Season. Weak. 12.
3,818
1,500
6,548
5,816
5,393
11,781
10,011
540
1,500
15,512
11,433
1,740
3,409
4,219
12,664
3,281
8,398
10,000
1,914
1,573
945
4,137
27,394
1,221
1,499
15,634
11,509
11,390
9.603
603
96,344
21
7,178
440
1,000
15,910
39,691
16,193
84,260
62,498
50.866
122,517
86,735
7,766
18,860
123,55
191,81
23.93
60,45
25,86
95,37
26,31
102,09
98,61
35,51
24,32
20,89
24,47
171,82
15,40
9,51
43,61
51,44
47,46
82,00
3,36
730.59
3,26
42,82.
17,270
23,127
75,891
2,987
1,349
8,626
28,481
49,464
47,123
Movement to Nov. 131925.
Receipts.
Ship- Stocks
fr010-1. Nov.
Week. Season. Week. 13.
2,235 14,140
1.500 7,500
4,966 26,957
4,657 35,725
3,807 41,437
8,119 71.705
5,612 66,545
515 3,968
1,000 10,422
12,310 81,008
9,049 113,306
3,300 6,243
3,629 15,570
2,300 20,209
10,886 43,363
2,912 9,617
6,840 96,208
8,000 90,000
2,323 15,740
1,771 10,073
669 20,188
1,040 23.939
27,466 7,979
1,430 14,381
9,424
8.735 18,677
7,704 16,649
7,824 21,675
7,111 36,643
282 2,289
72,866326,251
232
606
5,777 4,544
160 7,227
1,000 3,077
6,853 35,14
5,335 50,368 6,324 11,554
2.000 34,791 2,000 17,000
2,043 77,526 1,189 27,576
1,806 70,337 2,894 30.323
2,295 50,818 2,750 28,079
9,913 123,838 7.253 46.725
8,548 92,047 5,263 56,205
41 2.466
50
7,568
484 18.001
650 12.214
8,403 102,500 6,161 51,517
10,416 201,985 6,837 108,234
2,82
41,129 3,658 15,190
1,45
48,019 1,023 27,364
26,097 1,850 12.241
2,06
5,574 122,673 5,749 37,727
28,729 1,282 10.169
1,55
4,86 114,735 6.774 57,107
6,084 124,199 9,355 53,907
42,639 1,442 15,876
2,09
39.689 1,862 15,536
1,81
1,710 35,902 2,040 15,520
36,043 1,566 19,762
1,24
40,06 220,913 35,626 6,175
21,044 1,642 8.902
2,94
401
7,918
300
13
44,035 8.440 12,755
9,70
63.100 12,212 15,131
12,44
55,681 7.443 18,273
12,77
9,084 84,801 7,655 37,756
4,187
4,498
84
86,96 591,666 68,367176.316
46
1,952
705
21
46,996 7,401 2,519
8,16
23 4.247
3,315
4
6,875
1,603
12
82,036 5,795 23,448
9,01
199,22 2,558,503 156,982644,450
2,455 4,34
79,413 6,052 7,318
0,61
1,332 3,67
638 2,540
19,714
51
5,644 13,05
36,369 3,450 7,160
2,90
QUOTATIONS FOR MIDDLING COTTON AT
-Below are the closing quotations
OTHER MARKETS.
for middling cotton at Southern and other principal cotton
markets for each day of the week:
Closing Quotations for Middling Cation on
Week Ended
Nov. 12.
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
Galveston
New Orleans_
Mobile
Savannah
Norfolk
Baltimore
Augusta
Memphis
Houston
Little Rock_ _ _ _
Dallas
Fort Worth_
12.25
12.32
11.65
11.84
12.06
-----1926
.Noe.12
Shipped
Week.
27,466
Via St. Louis
14,740
Via Mounds, &c
521
Via Rock Island
2,348
Via Louisville
7,373
Via Virginia points
9,581
Via other routes, &c
Total gross overland
62,029
Deduct Shipments
Overland to N. Y., Boston, &c..._ 4,015
727
Between interior towns
21,756
Inland, &c.,from South
Total to be deducted
26,498
Since
Aug. 1.
176,518
99,485
3,257
15,644
82,943
146,440
524,287
30,493
6,771
214,047
251,311
35,531 272,976
Leaving total net overland*
*Including movement by rail to Canada.
12.40
12.43
11.75
12.07
12.19
12.40
12.13
12.30
12.35
12.00
11.45
11.40
12.35
12.43
11.75
12.00
12.13
12.30
12.13
12.50
12.30
12.00
11.35
11.35
Holiday 12.70
Holiday 12.71
Holiday 12.00
Holiday 12.34
12.13
12.50
Holiday 12.45
12.13
12.44
12.00
12.00
Holiday 12.65
12.00
12.25
Holiday 11.70
Holiday 11.70
-The closing
NEW ORLEANS CONTRACT MARKET.
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
Saturday.
Nov.6.
Monday,
Nov. 8.
Tuesday, Wednesday, Thursday.
Nov. 9.
Nov. 10. Noy. 11.
Friday,
Nov. 12.
November
December_ 12.32-12.33 12.49-12.51 12.43-12.44 12.39-12.40 '
12.68-12.72
January.... 12.37-12.38 12.54-12.55 12.46-12.47 12.45-12.47
12.76 ---_
_
February March....._ 12.52-12.55 12.70 ---- 12.63 ---- 12.61-12.63
12.89-12.92
-April
12.81
12.89- 12.76-12.78
May
12.7013.07HOLIDAY
-June
12.87-12.8913.04 ---- 12.99 ---- 12.95-12.97
13.23 ---July
-August
-September
13.1613.21 13.07-13.09
13.36-13.37
October
13.04-Nov. 1927
Tone
Steady
Steady
Steady
Steady
Steady
Spot
.......
AtAarly
Stondv
WA:way
Rtasyly
r.........--
-The Bureau of the
COTTON GINNING REPORT.
Census,on Nov.8 issued the following report indicating the
number of bales of cotton ginned in each of the cotton-growing
States in the present season up to Nov. 1, in comparison
with corresponding figures for the preceding seasons. This
report shows that for the present season 11,259,038 bales of
cotton have been ginned, comparing with 11,207,197 bales
'ast year and 9,715,643 bales two years ago.
State.
Running Bales (counting round •as
half bales and excluding linters).
1926.
Alabama
Arizona
Total, 40 towns339,4422,785,890254,471 1349950 484,3905,418,462400.035 1646178 Arkansas
* Houston statistics are no longer compiled on an intertor basis, but only California
Florida
on a port basis. We are changing accordingly.
Georgia
Louisiana
NEW YORK QUOTATIONS FOR 32 YEARS.
Mississippi
13.05c. 1918
29.40c. 1910
14.80c. 1902
8.384. Missouri
1926
20.80c, 1917
29.45c. 1909
14.75c. 1901
1925
7.94c
New Mexico
24.60c. 1916
19.40e. 1908
1924
9.81c. North Carolina
9.35c. 1900
34.25c. 1915
11.80c. 1907
10.884. 1899
7.62c. Oklahoma
1923
26.15c. 1914
1922
1906
10.30c. 1898
5.31c. South Carolina
16.70c. 1913
1921
13.60c. 1905
5.88c. Tennessee
11.65c. 1897
19.40c. 1912
12.20c. 1904
10.25c. 1896
8.12c. Texas
1920
39.20c. 1911
9.584. 1903
11.20c. 1895
8.62c. Virginia
1919
All other
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.
11.88
12.50
12.25
11.90
11.25
12.40
12.50
11.75
12.11
12.19
12.25
12.00
12.50
12.35
12.00
11.45
11.40
United States
1925.
1924.
1,127,798
50,600
971.660
59.558
27.474
1 ,101.877
614,831
1,285,031
116,314
24,937
714,488
631,591
676,143
267,771
3,565,451
17,723
5,791
1,175,957
44,512
885.736
32.903
37,317
1,114.333
744,825
1,334,592
111,327
29,601
855.673
828,601
818.879
301,275
2,852,535
30,958
8,173
815.506
52,958
754,985
37,820
17,494
813,042
418.747
886,937
73,505
24,425
374,754
907,914
533,035
203,543
3,791,628
6.082
3,268
11.259,038
11,207.197
9,715,643
The statistics in this report include 358,327 round bales for 1926: 184.706
-1925
Since for 1925, and 240,661 for 1924.
Week. Aug. 1.
The statistics for 1926 in this report are subject to slight corrections when
35.626 215.661 checked against the individual returns of the gInners being transmitted by
14,430
98,400 mail. The corrected statistics of the quantity of cotton ginned this season
2,153
8,350 prior to Oct. 18 are 8,732,264 bales.
-Cotton con-United States.
Consumption, Stocks, Imports and Exports
2,875
17,249
5,316
62,209 sumed during the month of September 1926 amounted to 571,105 bales.
9,445 160,086 Cotton on hand in consuming establishments on Sept. 30 was 937,129
bales, and in public storage and at compresses 3,293,217 bales. The
the
69,845 561,955 number of active consuming cotton spindles for1926month was 32,134.682.
were 10,007 bales and
The total imports for the month of September
linters, were
1,763
19,665 the exports of domestic cotton, including production of 794,584 bales.
commercial cotton
-The estimated world's
World Statistics.
656
7,172
12,440 119,210 exclusive of linters, grown in 1925, as compiled from information secured
through the domestic and foreign staff of the Department of Commerce is
14,859 146,047 26,504.000 bales of 478 pounds lint, while the consumption of cotton
(exclusive of linters in the United States) for the year ending July 31 ..928
54,986 • 415,908 was approximately 23,720,000 bales of 478 pounds lint. The total number
of spinning cotton spindles, both active and idle, is about 164,000.000
2542
THE CHRONICLE
(V oL.
AGRICULTURAL DEPARTMENT'S REPORT ON second picking have been improved and the results so far are better than
were expected.
PRODUCTION AND CONDITION OF COTTON.
-The
The Meteorological Service of the Brazilian Ministry of Agriculture
Agricultural Department at Washington on Monday of this reporting on crop conditions in Brazil for the last ten days of September
Wilson at
week (Nov. 8) issued its report on production and condition states the following, acc:rding to Consulthe north Rio de Janeiro. Warm,
dry temperature prevailed throughout
and central part of the
of cotton as of Nov. 1, making the crop 17,918,000 bales of cotton-growing zone. The south was favored by irregular rainfall and
milder
Land
is being prepared
500 pounds gross weight, or 464,000 bales more than the for the weather. while in the central and southern StatesSao Paulo.
next crop
planting is already under way in
Department's estimate for Oct. 18 1926 and 1,341,000 bales
Prospects based upon recent conditions indicate an average cotton crop
season, according to local cotton merchants, states Commore than their report of a month ago. Last year at this in China for thisJulean Arnold at Shanghai.
mercial Attache
time the Department of Agriculture placed the crop at
Cotton acreage will probably be reduced in Peru for this season according
to a
15,386,000 bales and the actual crop turned out to be crop report received from Consul Maldnson at Callao-Lima. Last season's
was large and of a
received for the Tenants
16,103,679 bales. The present estimate is 2,550,000 bales variety, a long staple superior grade but the priceabout 85% of the total
variety which represents
more than the first estimate of the Department for the cotton production, was said to be below the cost of production even on the
best
situated valleys. Last year's
present crop given out on July 16 this year. All of these crop managed estates in the most favorable 500 pounds.
is estimated at about 200,000 bales of
Crop conditions in the Mexicali district of Mexico are generally favorable
figures deal wholly with the production of lint cotton. If
according to a report from Consul Bohr at Mexicali. Ginnings up to
we add linters to the present estimate we will have a Crop Oct. 8 amounted to 13,969 bales or about 1.500 bales more than for the
of over 19,000,000 bales, and if, as in previous years, the same period last year.
actual crop turns out to be larger than the Department's
NORTH CAROLINA
-The United
estimate at this time, the crop (including linters) may States Department of COTTON REPORT.
approach 20,000,000 bales. But what the final ginning its cotton report for Agriculture at Raleigh, N. C., issued
the State
report will show remains to be seen. The following is the as of Nov. 1. Below is the of North Carolina on Nov. 9
report:
complete official text of the present report:
Just as the Cotton Convention called by the Governor was opening its
A United States cotton crop of 17.918,000 bales(500 pounds gross weight)
in 1926 is indicated by reports as of Nov. 1 to the Crop Reporting Board of
the United States Department of Agriculture. The Board's report is based
upon data concerning condition, probable yields, ginnings. &c., from crop
correspondents, ginners, field statisticians, and co-operating State boards
(or departments) of Agriculture and Extension Departments.
Upoh the 47,207.000 acres for harvest in 1926 (preliminary estimate),
the crop of 17,918,000 bales would approximate a yield of 181.4 pounds of
lint cotton per acre.
The final total ginnings for the season will depend upon whether the various Influences, affecting the maturing and harvesting of the portion of the
crop still in the field, will be more or less favorable than usual.
Production in 1925 was 16.103,679 bales; in 1924. 13,627,936 bales; in
1923. 10,139.671 bales; in 1922, 9,762,069 bales; and in 1921, 7,953,641
bales.
The yield in 1925 was 167.2 pounds; in 1924. 157.6 pounds: for the five
years 1921-1925. 144.2 pounds; and for the ten years 1916-1925, 153.7
pounds.
Details by States follow:
•-•
m..R ...eiMat..04ClCO:100ga. I
Acres.
91,000
2.036,000
2,677,000
3,927,000
110,000
473.000
1,167,000
3,730,000
3,724,000
1,916,000
18,001,000
4,954,000
3,888,000
129,000
168,000
167,000
49,000
c
.ic4
Virginia
North Carolina
South Carolina
Georgia
Florida
Missouri
'Tennessee
Alabama
Mississippi
Louisiana
Texas
Oklahoma
Arkansas
New Mexico
Arizona
California
All other
00
'..4% ..S.P.V.WWONNWCWOI
,
C.NOW.N.400 0...4WW...1W4
,
State.
Production.
Yield per Acre.
(500 Pounds Gross We phi Bales.)
far indicated..
Final
Left
Indica'ed.
EstiHarvest,
Final
Hoof Oct. mate
1926.
Ginning,
Oct. 18
18 1925. Nov. 1
(Prelintin- 1
Census
ary.)
1926.
1926. 1926. b
1926.
1925.
Lbs.
250
261
160
155
180
275
210
185
275
232
113
155
205
298
350
340
214
Bales.
48,000
1,210,000
1,160,000
1,490,000
28,000
250,000
480,000
1,450,000
1,830.000
760,000
5,550,000
1,780,000
1,550,000
75.000
112,000
124,000
21,000
Bales.
45,000
1,200,000
1,170,000
1,470,000
28,000
235,000
410,000
1,400,000
1,750,000
760,000
5,400,000
1,660,000
1,530,000
79,000
105,000
122.000
20,000
Bales.
53,000
1,102,000
889,000
1,164,000
38,000
294,000
517,000
1,357,000
1,901,000
910,000
4,165,000
1.691,000
1,605,000
64,000
119,000
122,000
24,000
session in the State's Capitol, the Government crop report was being
released from Washington for 17.918.000 bales expected production.
North Carolina's share was 1.210.000 bales. This was much in line with
the expectations of those famittar with tin crop. Several farmers and
bankers attending the convention stated that they had never seen such a
yield in their lives and that there are large numbers of fields which have
not been touched and which are now hanging full of cotton that looks like,
there haa been a snow.
As to what per cent of the crop that is already opened that will be picked.
Is in doubt. If the rain watch occurred on the 8th is the beginning of a
season and if the labor is as difficult to get as during the past two weeks,
quite a large percentage of this cotton will not be harvested in North Carolina. As to whether the State's crop is overestimated, suffice it to say that
of 19 basic indications, the lowest was for 1,044.000 bales and the highest
1,365,000. Most of the estimates were close around 1,200.000. The
basis of these estimates were such factors as boll counts, condition estimates. yield estimates, ginners' figures, county bale estimates, formulae
comparisons and other statistical determinations.
North Carolina's production indicates 284 pounds of 1Int per acre, as
compared with 261 a year ago: 714,488 bales ginned, as compared with
855,673 a year ago, with the acreage to be harvested given as 2,000,000.
which is about the same as a year ago. As evidence that the United States
production will be very heavy, 11.260,000 betas were ginned to Nov. 1.
as compared with 11.207,196 a year ago. This crop is recognized as being
much later than last year's. The national yield was given at 181 pounds
per acre, which is appreciably more than the 167 pounds estimated for
last year. The crop Is not nearly picked in this State, as shown by the
ginners'reports, which indicate that 57% of the crop has been ginned, while
the per cent picked will probably be 10% more than this.
The weather has been unusually favorable for picking prior to Nov. 8.
yet there is a tremendous amount of cotton that is still In the field. In
spite of this tremendous cotton crop several farmers have written In that
the recent frosts have damaged their crops heavily.
'
As every one well knows, the price of cotton cannot be expected to improve until there is a good basis for expecting a large reduction in the
acreage next year. While the meeting held here yesterday was made up
of representative farmers and those interested in the farmers' welfare, and
who devised some very admirable resolutions and plans for acreage reduction, it will be several months before confidence in the results of this program can be gained. As one member said, "This is no time to talk about
doubt as to the effectiveness in reducing the acreage, for if it is not reduced,
the cotton farmer might as well call for the undertaker.'
GEORGIA.COTTON REPORT.
-The State Department
of Agriculture at Atlanta, Ga.,issued on Nov. 9 its report for
the State of Georgia as of Nov. 1. The report is as follows:
The cotton crop in Georgia is estimated at about
U.S. total
47,207,000 181.4 176.7 176.2 17,918,000 17,454,000 16,104,000 estimate is about 20,000 bales, or 1%, above the 1,490,000 bales, which
total crop indicated on
Lower California
Oct. 18. The estimate, which relates to prospects on Nov. 1, is based on
Ian non 904 204 90A
5011(10
80 000 (110.000 reports of about
Mexico)
.c
(Old
1,500 crop correspondents, covering yield per acre, per cent
a On area left for harvest. b Per harvested acre. c Not included In California or crop picked and ginned, per cent of acreage abandoned, and other
figures. nor in United States total. d Estimate of U.S. Department of Agriculture. material available as of that date.
A yield of 181 pounds per acre is indicated, compared with 179 pounds
CROP REPORTING BOARD,
Indicated two weeks ago; 155 pounds harvested in 1925. and 157 pounds In
Approved:
W. F. Callander, Chairman,
1924. Falr to good yields are being realized in all districts.
R. W.Dunlap,
S. A. Jones,
J. A. Becker,
Weather conditions during the period from Oct. 18 to Nov. 1 were
Acting Secretary.
H. H. Schutz.
D. A. MeCandliss,
generally favorable for picking and ginning, and only a small percentage in
F. 0. Black. •
the central and southern territory was yet to be picked on Nov. I. The
COMMENTS CONCERNING COTTON REPORT.
- late bolls in the northern territory are opening very slowly, making the final
outturn in that territory
The United States Department of Agriculture, in giving out amount of late cotton thatsomewhat uncertain and dependent upon the
will open.
The Census report shows 1,101,877 bales of the Georgia crop ginned
its cotton report on Nov. 8 also added the following comprior to Nov. 1, compared with 1,114,333 for 1925 and 813,042 for 1924.
ments:
•
The indicated production of 17,918,000 bales of cotton, ginned and to be
WEATHER REPORT BY TELEGRAPH.
-Reports to
ginned, in the report for Nov. 1 Is greater than the indication for Oct. 18
by 464,000 bales. Crop conditions during the intervening period have us by telegraph this evening indicate that with the exception
generally been favorable to the picking and development of the late bolls. of the cold weather in the eastern part of
the cotton belt,
The first frosts, confined mostly to the northern half of the belt, have come
at about the usual time and have been light. Rains in Texas in the latter which checked the opening of bolls, the weather in general
part of October wasted a small fraction of the crop remaining to be picked has been favorable for the cotton crop. Picking made
and reduced the quality of what was open.
Reports continue that farmers are finding more cotton than they had satisfactory progress in most parts. Much cotton still
expected. A very large crop Is assured, but there still remains uncertainty remains in the northern and northwestern sections and late
with regard to the quantity that will be left unpicked. There is some bolls are opening nicely in
the central sections.
disposition to leave the lower grades in the field.
Rain. Rainfall.
Thermometer
Galveston, Texas
1 day 0.02 in. high 72 low 46 mean 59
CONSOLIDATED COTTON REPORT.
-The Bureau of Abilene
dry
high 78 low 32 mean 55
the Census and the Agricultural Department made public Brownsville
dry
high 82 low 48 mean 65
dry
Monday (Nov. 8) their consolidated cotton report, which is Corpus Christi
high 80 low 46 mean 63
:
Dallas
dry
high 76 low 34 mean 55
as follows:
Del Rio
dry
high _
low 40 mean -Palestine
Nov. 1 1928, Consolidated Cotton Report.
1 day 0.34 In. high 78 low 36 mean 57
San Antonio
11,259.038
Running bales
dry
°Innings to Nov. 1
high 78 low 38 mean 58
17,918.000
Bales. 500-lbs. gross Taylor
Indicated total production
dry
high __ low 34 mean -New Orleans, La
181.4
Pounds per acre
2 days 0.77 in. high __ low __ mean 53
Indicated yield of lint cotton
2 days 0.68 In. high 68 low 34 moan 51
Census Bureau.-Consus report shows 11,259,038 running bales (counting Shreveport
2 days 3.11 in. high 71 low 33 mean 52
round as half bales) ginned from the crop of 1926 prior to Nov. 1, compared Mobile, Ala
Savannah,Ga
1 day 0.39 in. high 77 low 36 mean 56
with 11.207.197 for 1925 and 9,715,643 for 1924.
-A United States production of 17.918,000 Charleston,S.0
7 days 0.62 in. high 76 low 36 mean 56
Agriculture Department.
-pounds gross weight), based upon Nov. 1 indications, Is shown
bales (500
The following statement we have also received by teleby the Crop Reporting Board of the U. S. Department of Agriculture.
graph, showing the height of rivers at the points named at
-A report of 8 a. m. of the dates given:
FOREIGN COTTON CROP PROSPECTS.
the latest available information received up to Nov. 8 as to
Nov. 12 1926. Nov. 13 1925.
Feet.
Feet.
cotton production in foreign countries has been compiled by New Orleans
Above zero of gauge_
4.4
9.3
Above zero of gauge_
the Foreign Service of the Bureau of Agricultural Economics Memphis
16.9
21.2
Nashville
Above zero of gauge_
29.6
11.8
as follows:
Shreveport
Above zero of gauge_
17.8
12.3
A cable to the United States Weather Bureau, dated Oct. 30, states that
the monsoon has been mostly satisfactory this season in India and that
crop conditions at the close of the monsoon season are, on the whole,
fair to good.
The Egyptian Ministry of Agriculture has Issued its second cotton
crop estimate for this season, placing the crop at 1,417,000 bales of 478
pounds, compared with 1,629.000 bales for 1925-26, according to press
reports. The yield of Sakellarides is reported at 570.000 bales of478 pounds
against 728.000 bales last year. The Ministry states that the pink bolt
worm attack is more severe tnis year than last. It is reported that growing
conditions for the cotton crop improved during the last of September and
the first of October. Temperatures were fairly high and prospects for the
Vicksburg
Above zero of gauge_
30.0
21.7
RECEIPTS FROM THE PLANTATIONS.
-The following table indicates the actual movement each week from
the plantations. The figures do not include overland receipts nor Southern consumption; they are simply a statement of the weekly movement from the plantations of that
part of the crop which finally reaches the market through
the outports.
2543
THE CHRONICLE
Nov. 13 1926.]
Stocks at Interior Towns. Receiptsfrom Plantations
Receipts at Ports.
Week
Sado 1926. 1925. 1924.
1925.
1926.
1924. I 1926. 1925. I 1924.
Aug.
13- 73,869 43.254 49.702 522,013 164.545 158,959, 53,631 57,252 24,923
20_ 87,880 93.836 35,004 511,748 191,601 164,199 77.615120.892: 40,244
186,946 97,800227,659136.161
27-113,19 148.666113.414 496.117 270,9
Sept.
3-187.891 250,017165.180 488,127 357,322 224,720 179.901336.359202,954
10-208,801 211.619 222,121 490,340 525,502 306,499 211,014 379,797 304.900
17--330.427 358.650276,460 533.485 643,99 .415,060373,572473,097 384,961
24__ 410.234326.890,291.228 631.415 872,105 544,092508,164 554.001420,260
Oct.
14
1 567.704494,293366.406 744,323 957.762 603,5351680,612580,130 25.849
8-622,656 367.670320,698 869.7931,137,618 796,030748,126547.516 513,193
15.-618,810423,813,441,485 975.402 1,267,36 898,351,724.419553,5601543,800
22....587.297 383,026'339,292 1,076,1251,385,0451,057,209688,020500.706498,150
29--536,376 376.061388,465 1,166,683 1,516,099 1,196,181 625,934507,115527,437
Nov.
&_ 508.763437.549'383.258 1.264.450 1,568,0031,307.376606,530489.453494.453
12_ _ 488,446 343,371 373,602 1,349,950 1,646,178 1,411.260573,946421,546477.486
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1926 are 6,154g478 bales:
in 1925 were 5,780,232 bales, and in 1924 were 5,009,737
bales. (2) That although the receipts at the outports the
past week were 483,446 bales, the actual movement from
plantations was 573,946 bales, stocks at interior towns
having increased 85,500 bales during the week. Last year
receipts from the plantations for the week were 421,546
bales and for 1924 they were 477,486 bales.
MANCHESTER MARKET.
-Our report received by
cable to-night from Manchester states that the market in
cloth is steady and in yarns firm. Demand for India is
good but for China poor. We give prices to-day below and
leave those for previous weeks of this and last year for
comparison.
1928.
32a Cop
Twist.
Aug.27-Sept.-
1925.
SX Lbs. Shirt- Cotton
ings, Common Middrg
to Finest.
Uprds
32. Cop
Twist.
d.
d. s. d.
s. d. d.
d.
d.
14,(@16% 13 0 @l3 2
9.35 20 (821
1534@163( 13 2 @13 4
9.58 20 @21
15%@1.6M 13 2 @l3
10.17 20 621
115,(@17 13 4
10
.-- 15341817 13 4
1534@17 13 4
15 616% 13 8
Oet.14%
(815% 12 6
13%614% 12 0
13%614% 12 2
13 (814% 12 0
12%614% 12 0
Nov.
12%614% 120
12... 12341514 120
834 Lbs. Shirt- Cotton
ickIPg
ings, Common
to Finest.
UPrds.
s. d.
a. d. d.
12.93
16 3 616 6
13.07
16 3 616 7
16 2 616 6
12.60
613 6
(4113 6
(813 6
013 5
10.07
10.16
9.52
8.43
19%6203( 15 5
20 621 15 4
20%622 15 8
20%(822 15 6
@16 1
(616 0
016 2
(816 2
12.51
13.01
13.57
12.91
613 2
(4,12 4
(§12 6
(812 3
012 3
7.79
7.09
7.35
6.70
6.85
19341521 15 5
18%(82034 15 2
18 619% 14 6
18 619% 14 6
17341819 14 2
616 1
(815 6
@15 2
615 2
014 6
12.72
11.53
11.54
11.27
10.35
@122
@122
6.88 17 @1834 14 1 614 5
6.95 1734 OF 1834 14 2 (814 6
10.49
10.58
-As shown on a previous page, the
SHIPPING NEWS.
WORLD SUPPLY AND TAKINGS OF COTTON.
- exports of cotton from the United States the past week have
The following brief but comprehensive statement indicates reached 196,476 bales. The shipments in detail, as made
at a glance the world's supply of cotton for the week and up from mail and telegraphic returns, are as follows: Bales.
since Aug. 1 for the last two seasons, from all sources from NEW YORK-To Liverpool-Nov.5
-Cedric, 127; Scythia. 532_ 659
-Nov. 5-Muenchen, 45O ..Nov. 9-Derflinger,
To Bremen
which statistics are obtainable, also the takings or amounts
849; Republic, 100
1.399
gone out of sight for the like period.
-Nov. 8-Gripsholro, 100
100
To Gothenburg
Cotton Takings.
Week and Season.
1926.
Week.
1925.
Week.
Season.
Season.
5,482,168
Visible supply Nov.5
6,561.079
2,342,887
3,646,413
Visible supply Aug 1
American in sight to Nov. 12_.... 719,477 8,035,275 566,532 7,699,082
231.000
Bombay receipts to Nov.
44,000
172,000
8.000
134,000
4,000
Other India shIpls to Nov. 11_..
107.000
Alexandriareceipts to Nov. 10...
571,200
70.000
456,400
68,000
Othersupply to Nov. 10-*_b__ _
299.000
30,000
279,000
20,000
Total supply •
Deduct
Visible supply Nov. 12
7.376,556 12,696,088 6,196,700 11,277,169*
8,883.990 6,883.990 5,705,158 5,705.158
Total takings to Nov.12a
492.566 5,812,098 491,542 5.572,011
Of which American
385,566 4,481,698 361,542 4.229,811
Of which other
107,000 1.336.400 130.000 1,342,200
•Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
pr a This total embraces the estimated consumption by outhem mills,
1,488,000 bales in 1926 and 1,360,000 bales in 1925
-takings not being
available-and the aggregate amounts taken by Northern and foreign
spinners, 4,344,098 bales in 1926 and 4,212,011 bales in 1925, of which
2.993,698 bales and 2,869.811 bales American. b Estimated.
INDIA COTTON MOVEMENT FROM ALL PORTS
The receipts of India cotton at Bombay and the shipments
from all India ports for the week and for the season from
Aug. 1, as cabled, for three years have been as follows:
1926.
Nov. 11.
Receipts at
-
8,000
Bombay
Bombay
1926
1925
1924
Other Ind
19/6
1925
1924
Total all
1926
1925
1924
Since
Week. Aug. 1.
172,000 44.0001 231,000 11,000
Great
Great Conti- Japan&
Britain. nent. China. Total. Britain.
6,000 8,000 14,000
1,45515 6,000 13,000 20,000
1,000 4,000 12,000 17,000
4,000
3,000
102.000
Since Aug St 1.
For the Week.
Exports
from
-
1924.
1925.
Since
Since
Week. Aug. 1. Week. I Aug. 1.
4,000
3,000
6,000 8,000 14,000
1,055 10,000 13,000 24,000
1,000 7,000 12,000 20,000
Continent.
Japan &
China.
Total.
1,000 73,000 142,00
10,000 106,000 116,
15,000 45,000 183,
216,000
232,000
243,000
7,000 100,000
28,000 106,000
5,000 35,000
107,000
134,000
40,000
8,000 173,000 142,000 323,000
38,000 212,000 116.000 366,000
20,000 80,000 183,000 283,000
According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's receipts of
36,000 bales. Exports from all India ports record a decrease
of 10,000 bales during the week, and since Aug. 1 show a
decrease of 43,000 bales.
-Nov.8
-Waukegan, 200
To Havre
200
-Arabic,738 -Nov.5-Pennland,550- 1.288
To Antwerp-Oct.29
2,950
To Barcelona-Nov.6-Hellen.2,950
-Nov.6
-Cabo Santa Maria, 200
200
To Gijon
.485485
To Genoa
-Oct 28--City.of St. Joseph,
,
Colombia
-Nov. 3.
-Aetna, 140
-To Porto
NEW.ORLEANS
es;
Nov. 6-Heredia, 191-Nov. 10-Turrialba, 69; Buena
412
Ventura, 12
-Nov.6
14,117
To Liverpool
-Westland,6,569; Bolivian. 7.548
1,656
To Manchester-Nov.6
-Westland, 1,436; Bolivian,220
To Rotterdam-Nov.9-Maasdam, 1,508
1,508
7,142
To Havre
-Nov. 5-Syros, 3,675---Nov. 7
-Texas, 3,467
To Ghent
-Nov. 5-Syros, 50
50
To Porto Barrios
-Nov.6
-Suriname,100
100
-Nov. 4
-Patrick
To Japan
-Sheaf Mead, 11,475__-Nov. 6
15,525
Henry,4,050
To China-Nov.6
-Patrick Henry. 1.000
1.000
To Bremen-West Gambo, 44 additional
44
To Cristobal
-Nov. 3
-Aetna, 188
188
11611STON-To Liverpool-Nov.8
-Eglantine,8,537_ -Nov.9
Governor, 17,325
25.862
To Manchester
-Nov. 9
--Governor, 1,517
1.517
To Havre-Nov. 8--Greystoke Castle, 2,300_--Nov 10
De la Salle, 14,531
16,831
To Antwerp-Nov. 8--Greystoke Castle. 50
50
-Nov.8-Greystoke Castle, 650
To Ghent
650
-Louisiana, 200
To Gothenburg-Nov.5
200
-Nov. 4-Jadden, 1,750-Nov. 5
To Japan
-Silver Pine,
3.550
5.300
-Nov. 4-.ladden, 3,075
To China
3,075
-Nov.10
-St. Andrew,800
To Bremen
800
-Marina Oder°, 2,971
To Genoa-Nov. 10
2.971
-Nov. 10
-Marina Odero, 400
To Naples
400
GALVESTON-To Liverpool
-Nov. 8-Novian, 13,346
13.346
To Manchester
-Nov.8-Novian, 730
730
To Bremen-Nov.7--Sinasta, 15.588
15.588
To Japan-Nov.5-Jadden, 1.925; Silver Pine. 1,999
3,924
To China
-Nov. 5-Jadden, 900
900
To Havre
-Nov.4
-West Quechee, 2.029
2.029
To Antwerp-Nov.4
-West Quechee, 200
200
To Ghent
-Nov. 4
-West Quechee, 1.100
1.100
To Barcelona-Nov. 4-Cardonia, 4,800
4,800
-Nov. 4-Cardonia, 500
To Malaga
500
To Gothenburg-Nov.5
-Louisiana.862
862
NORFOLK
-To Rotterdam-Nov. 9
-West Eldora. 615
615
SAVANNAH-To Japan-Nov.7
-Havre Mani,5,500 ..Nov. 10
-City of Bedford. 5.500
11,000
To China
-Nov. 10
-City of Bedford. 2,000
2,000
To Bremen-Nov.6
-Bremerton. 8,654
8.654
To Rotterdam-Nov.6
-Bremerton. 200
200
To Antwerp-Nov.6
-Bremerton,300
300
CHARLESTON
-To Bremen-Nov. 10
-Tulsa, 5,950
5.950
To Liverpool
-Nov.8-Magmeric, 2,000
2.000
-Nov. 11-Talfun, 3.930
To Hamburg
3,930
PEDRO-To Bremen-Nov.6
SAN
-Justin, 1,400
1.409
WILMINGTON
-To Genoa-Nov.9-Maddalena Oder°, 4,538
4.538
BAN FRANCISCO
-To Japan-Nov.6
-President Hayes, 275.....
Nov.8-Taiyo Meru. 1.700
1,975
To China-Nov. 6
-President Hayes, 25; Nov. 8-Taiyo
Meru, 775
800
PHILADELPHIA
-To Leixoes
-Oct.28-Chelma,50
50
PORT TOWNSEND-To Japan-Nov.3-Asuka Meru, 1,930- 1.930
To China-Nov. 3-Asuka Meru, 476
476
Total
196.476
COTTON FREIGHT.
ALEXANDRIA RECEIPTS AND SHIPMENT S.
-We New York, as furnished -Current rates for cotton from
by Lambert &
now receive weekly a cable of the movements of cotton at as follows, quotations being in cents perBurrows, Inc., are
pound:
Alexandria, Egypt. The following are the receipts and
High StandHigh StandHigh Standshipments for the past week and for the corresponding week
Density. ard.
Density. ard.
Density. ard.
Liverpool 1.00 1.30
Oslo
.60c. .750. Shanghai .6734c. .8234c.
of the previous two years.
.75c.
idanchester1.00
.70c. Bombay
90c.
Alexandria, Egypt,
Nov. 10.
Receipts (cantars)This week
Since Aug. 1
Exports (bales)-
1926.
1925.
1924.
340,000
1.176,570
350,000
2,861.910
390.000
3.077,363
This Since
This Since
This Since
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
Antwerp
Ghent
Havre
Rotterdam
Genoa
1.30
Stockholm
.450. bc. Trieste
.52%o. .6734c. Flume
.450. .60o. Lisbon
.70e. .85c. Oporto
.40o. .550. Barcelona
Japan
8,000 54,350 7,250
9,0.,0 43,.92
___ _
20.000 88.29 20,750
24,127
100
53,050
42.272
92,109
20,840
8,250 60,406
9,000 66.200
18,250 103,213
13.250 23,744
50c.
80c
.750.
.75e.
.80c.
65c.
.75c.
.90c.
.90c.
.75e.
LIVERPOOL.
-By cable from Liverpool we have the following statement of the week's sales, stocks, &c.,at that port:
Sales of the week
Of which American
Actual exports
Forwarded
Total stocks
Of which American
37,000 210.228 28.100 208,271 48,750 253.563
Totalexports
Total imports
Of which American
-A cantar is 99 lbs. Egyptian bales weigh about 750 lbs.
Note.
This statement shows that the receipts for the week ending Nov. 10 were Amount afloat
Of which American
340,000 cantors and the foreign shipments 37.000 bales.
To Liverpool
To Manchester. &c
To Continent and India
To America
.55c.
.60c. .750. Bremen
.60c.
.71c. Hamburg
.40c. .550. Piraeus
.65c.
.80c. Salonica
.30c. .46c. Venice
.6234c. .7734c.
Oct. 22. Oct. 29.
52,000
41.000
30,000
22,000
000
000
69:000
65 :000
768.000 821,000
380.000 434.000
67.000 125,000
44,000
97,000
360,000 .317.000
289,000 243,000
Nov. 5. Nov. 12.
44,000
40.000
24,000
23,000
3,000
54 :000
59.000
841,000 899,000
479,000 587,000
94,000 134,000
87,000 111,000
437.000 366.000
331,000 279,000
2544
THE CHRONICLE
(Vol. 123.
The tone of the Liverpool market for spots and futures 112,000,000 bushels. And the flour trade was quiet in this
each day of the past week and the daily closing prices of country. Shipping directions were scanty. The decline in
spot cotton have been as follows:
corn had some effect. So did a Canadian crop report. Cash
prices were lower. Bears argue that with the coal strike
Saturday. Monday. Tuesday. Wednesday. Thursday.
Spot.
Friday,
settled Liverpool is liable to break. Final Chicago prices
show a decline for the week of 3%c.
Quiet
Market, I
A fair
A fair
Quiet,
and noGood
12:15 1
business
Quiet.
business
CLOSING PRICES OF DOMESTIC WHEAT AT NEW YORK.
changed, demand,
P. M.
doing.
doing.
Sat. Mon. Tues. Wed. Thurs. Fri.
December
cts_145$ 146$ 1463% 1443% 1453% 1413%
May
150
151
1503% 147
1513% 150
July
143
144
14434 14334 1433% 141
4,000
Sales
5,000
10,000
8,000
5,000
8,000
CLOSING PRICES AT NEW YORK FOR WHEAT IN BOND.
Futures.
Steady
Quiet
Steady
Steady 7 to
Steady
Quiet
Sat. Mon. Tues. Wed. Thurs.Fri.
Market { 2 to 4 pts. 2 to 4 pts. 3 to 5 pis. to 7 pis. 2 pts. adv 9 points
December
cts_14934 1503( 15034 1493% 1493' 14634
decline,
decline.
opened
advance,
May
decline. to 1 pt.dec. advance
14934 150% 1503% 1493% 1493 14634
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Quiet
Market, I
Quiet
Quiet
Steady
Quiet un- Steady 5 to
Sat. Mon. Tues. Wed. Thurs. Fri.
4
2 to 3 pts. 3 to 5 pts. to 7 pts. to 6 pts changed to 10 points
No. 2 red
cts_152% 15434 154
decline.
P. M.
advance, advance.
150
decline. 1 pt. dec. advance
15234
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Prices of futures at Liverpool for each day are given below;
Sat. Mon, Tues. Wed. Thurs. Fri.
December delivery in elevator_cts_140$ 142
141
140
loll- 137
May delivery in elevator
145
1463% 146
day 142
145
Sat.
Mon.
Fri.
Tues.
Thurs.
Wed.
July delivery in elevator
137
138% 138
134'
137
Nov. 6
to
1234 123% 1254 4: 1254 4:00 1234 4:11 1234 4:00 1254 400 DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Nov. 12.
p. m.p. m.p. m.p. m
in.p. m.p. m.
m.p. m.p. m.p. m.p. m.p.
Sat, Mon. Tues. Wed. Thurs. Fri.
November delivery in elevator_cts_144
1453% 1437 143
1403%
December delivery in elevator
d.
d. d.
5.
d.
d.
d.
d.
d.
d.
d. d.
139
Holl- 1413% 139
139
1363%
November --------6.62 6.62 6.66 6.75 6.72 6.66 6.66 6.70 6.66 6.7 6.76 May delivery in elevator
1433% day 1453% 1433% 143
14034
December
-- -_ 6.63 6.63 6.67 6.76 6.74 6.68 6 . :.' 6.72 6.68 6.77 6.76 July delivery in elevator
1433% 1423% 142
1393%
January
6.70 6.69 6.73 6.83 6
6.7 6.7 6.78 6.74 6.8 6.82
February
6.72 6.71 6.75 6.8 6.82 6.7 6.7 6.80 6.76 6.8 6.83
Indian corn declined. The drop on the 8th inst. was to
March
6.78 6.7 6.81 6.91 6.87 6.83 6.8 6.86 6.82 6.90 6.88 a new
low level for the year. It was the eleventh consecuApril
6.80 6.7 6.83 6.9 6.8 6.8 6.84 6.88 6.54 6.92 6.90
May
6.86 6.8 6.90 7.00 6.96 6.92 6.91 6.9 6.91 7.00 6.97 tive day of declines. Buyers held aloof. New No. 4 yellow
June
6.88 6.87 6.92 7.02 6.98 6.95 6.94 6.98 6.94 7.03 6.99 corn in the sample market
which is deliverable on DecemJuly
6.94 6.94 6.9 7.08 7.0 7.0 7.01 7.04 7.00 7.0! 7.06
August
6.97 6.97 7.01 7.11 7.08 7.04 7.04 7.07 7.03 7.12 7.09 ber contracts at 4%e. a bushel under the future price sold
3eptember....... __ _ 7.00 7.00 7.04 7.14 7.10 7.07 7.06 7.09 7.06 7.14 7.11 at 69c. a bushel on the 8th
inst., or 10c. a bushel under the
Dctober
7.03 7.02 7.07 7.17 7.1 7.10 7.08 7.12 7.08 7.17 7.13
November 1927.. __ 7.03 7.027.07 7.17 7.14 7.1 7.0: 7.12 7.08 7.17 7.13 option. Low grades in some instances dropped 3c. Prices
Mid.Uprds
6.82
6.82
6.95
6.86
6.90
6.95
dropped on the 8th inst. 1% to 2c. from the early high,
when it was found that the United States visible supply last
week had increased no less than 4,074,000 bushels, against
an increase in the same week last year of 287,000. The total
Friday Night, Nov. 12 1926.
No change whatever has appeared in the general flour now is 26,382,000 bushels, against only 2,077,000 a year ago.
It is the largest supply at this date in many years. A fore- '
situation. A fair business is being done in the aggregate,
cast of rain or snow for the 9th inst. throughout the corn
reckoned week by week or month by month. But it is made belt fell flat.
up of small lots. There is a rigid adherence to the old polThe crop this year was placed at 2,693,063,000 bushels
icy, now noticeable for two years or more, of buying only by the Department of Agriculture on the 10th inst. in the
for immediate wants or for those only a short distance preliminary estimate, against 2,679,988,000 a month ago and
ahead. There is no buying for what is termed forward de- 2,905,053,000 last year. The carry-over of old corn on farms
on Nov. 1 was estimated at about 181,000,000 bushels,
livery, meaning by that for some time to come. Export
against 58,000,000 last fall. The carry-over in the 12 North
business has still been hampered by high ocean freights. Central States was 159,000,000 bushels,
against 44,000,000 a
Even if the coal strike is settled in the near future it is be- year ago. A crop of 211,000,000 bushels less than last year's
lieved that freight rates will remain relatively high for per- is offset by the fact that the carry-over of old corn on farms
haps several weeks. The Millers' Federation report for is treble that of a year ago, and in the 12 Northern Central
Sept. 30, covering activity of mills which last year produced States not very far from four times as large as that on
Nov. 1 last year. The quality was given in the Government
56.6% of the total flour produced, shows total sales for report at 72.6%, compared
with 83.6% at this time last year.
three months of 33,282,597 bbls. Flour produced was 19,- It was figured that the report generally was a stand-off,
564,404 bbls., with unfilled orders on hand of Sept. 30 coming within the ideas of the private estimates made the
amounting to 24,819,355 bbls. Against these unfilled orders first of the month.
the mills have stocks of wheat of 83,706,000 bushels and
Arrivals in Chicago on the 8th inst. were only 237 cars, in
were long net 25,729,000 bushels of futures, making a total contrast with 750 the day before. Low prices checked shiplong interest of 109,431,000 bushels. At the rate of 4.55 ments from the country. Iowa farmers were said to be
bushels per barrel, the unfilled orders would represent receiving barely 35c. a bushel at loading stations, the price
about 113,000,000 bushels.
being based on the 50c. for sample grade corn in Chicago.
Wheat advanced at one time on unfavorable reports from Also, it was said that the movement of old corn from farms
Argentina and Australia and wintry weather in Canada. was about over. Stormy weather all over the West and
Frost reports were received from some sections of Buenos small receipts and an oversold condition of the market
Aires and Pampas Provinces, Argentina; also, that wheat caused a rise at one time of 1%c. in May corn.
was ripening prematurely in parts of Australia. Later reTo-day prices ended 2c. lower. Again, new low levels
ports told of bad crop prospects for wheat in the western were reached for the season. General liquidation was the
part of North Argentina. They seemed to mean Cordoba, outstanding factor. Stop-loss orders were a feature. Back
the most important province having 5,500,000 acres in wheat. of it all was good weather over the whole belt. The GovBut later prices reacted lc. from the early top, owing to ernment report was considered bearish. Cash demand was
realizing and a break in the corn market. The United small. Cash markets were all depressed. The break in
States visible supply increased last week 397,000 bushels, wheat was not without some influence. And a discouraging
against a decrease in the same week last year of 722,000 factor is that with prices down 90 low, there is no export
bushels. The total is 72,431,000 bushels, against 43,198,000 demand. Final prices show a decline for the week of 2
a year ago. Nat C. Murray's estimate of the Argentine crop to 2%c.
was 223,000,000 bushels, as against 191,000,000 last year,
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues, Wed. Thurs. Frt.
which would leave about 148,000,000 for export. On the 9th
cts- 863% 8534 863% 8631 863% 843%
No. 2 yellow
inst. wheat declined. Liverpool prices were disappointing.
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Argentine crop news was better, though Liverpool stocks
Sat. Mon. Tues. Wed. Thurs. Frt.
December delivery in elevator_cts_ 70
69
70
7034 Holt- 683i
are only 410,000 bushels, against 984,00 a year ago. Ex- May delivery in elevator
79
78
79
79
day
77H
porters were good buyers of wheat in the Winnipeg mar- July delivery in elevator
813% 80% 813% 813%
80
ket on the 11th inst. for Continental account. The CanaOats after some advance 'on the 8th ihst. declined with
dian Bureau of Statistics at Ottawa estimated the total
production of wheat this year at 404,507,000 bushels, com- other grain, notably corn. Liquidation was on a fairly large
pared with 411,375,000 a year ago. This includes 385,015,- scale. The United States visible supply last week decreased
56,000 bushels, as against an increase in the same week last
000 spring and 19,592,000 bushels of fall wheat.
4c.
To-day prices here wound up 3Y lower, in Chicago 2%c. year of 92,000 bushels. The total is 48,041,000 bushels,
to 3c. lower, in Minneapolis 2%c. lower, and in Winnipeg against 65,038,000 a year ago. Later prices advanced with
2%c. to 3%c. lower. Export sales were only 200,000 bushels. those for corn.
To-day prices closed % to %c. lower. The decline in other
There was some buying in England, France and Italy, but
it was small. The foreign markets were lower. Argentine grain had its usual influence. There was no aggressive buyand Australian crop reports were understood to be more fa- ing. The receipts were fair. There was only a moderate
was a market devoid of striking features.
vorable. One conspicuous factor was the persistent reports cash demand. It
/
that the British coal strike is on the eve of settlement. That Final prices show a decline for the week of 112c.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
would mean lower ocean freights, larger shipments, and
Sat.' Mon Tues. Wed. Thurs. Frt.
presumably, lower foreign markets. This had a tendency to No. 2 white
cts- 5334 5334 5355 53
63
5234
check export inquiry. Stop orders were caught on the way DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sar. Mon. Tues. Wed. Thurs. Fri.
down. Professionals were selling on the coal news. Buenos
423% loll- 42
4334 423% 42
Aires prices fell. Exporters are awaiting lower freight December delivery in elevator_cts_ 4731 47
May delivery In elevator
4734 4734 day
46%
rates. The Australian wheat pool estimated the surplus at July delivery in elevator
463% 46
48
46
4534
BREADSTUFFS
cuitorricuc
1925.
Five-Year
Average
1921-1925.
1926 TenTenPre- Year
Year
Jim. Aver- 1926. AverNov. age.
age.
Bush. Bush. P. C. P. C.
§t§8§§§=§§§Mgc§§§§§§§t§§§
M.0.0MCIMMM.IMNIINN..00NM....NN .......
24,876,000
10,712,000
72,471,000
177,936,000
201,318,000
388,080,000
65,680,000
99,556,000
156,852,000
483,062,000
201,338,000
24.816,000
83,405,000
236,600,000
104,643,000
25,560,000
36,058,000
18,469,000
42,014,000
19,483,000
41,676,000
84,800,000
63,240,000
37,760,000
35,586,000
28,084,000
22,050,000
19,185,000
26,809,000
22,410,000
v'clq,-1.‘"P"."1,..?,0!..clvo!
o'imo6touimo6.1mo6cOncoconceomn.o.emoir:cocOco
25,308,000
9,200,000
62,524,000
142,641,000
175,275,000
326,620,000
54,162,000
70,898,000
152,592,000
410,041,000
185,640,000
20,142,000
95.726,000
135,053,000
62.822,000
22.386,000
46.712,000
16.533,000
50,468.000
24,552,000
52.519.000
102,400,000
85,222,000
44,404,000
36,826,000
37,167,000
19.722,000
61,178,000
107,836,000
10,668,000
NNNqN
Corn
New York
New Jersey_ _ _ Pennsylvania
Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri
North Dakota
South Dakota
Nebraska
Kansas
Maryland
Virginia
West VirginiaNorth Carolina_
South Carolina_
Georgia
Kentucky
Tennessee
Alabama
Mississippi
Arkansas
Louisiana
Oklahoma
Texas
Colorado
COCCCON
......NN
mOva.mmcov3m,oN.....mc4mci....NN ,
1
Closing quotations were as follows:
1926.
Preliminary.
(November.)
1
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
Holi- 96%
December delivery in elevator_cts_ 97
98% 98% 98
104
105% 105% 104% day 103
May delivery in elevator
102% 102%
101
102%
July delivery in elevator
Principal
Producing
States-
Yield per
Acre.
I
Rye advanced with wheat. Shorts covered. No export
business was reported. The United States visible supply
increased last week 303,000 bushels, against an increase
last year of 299,000 bushels. The total is now 13,131,000
bushels, against 10,275,000 a year ago. A better demand for
rye was reported at the seaboard on the 10th inst., with
export sales 200,000 bushels. There were numerous inquiries. The Canadian Bureau of Statistics at Ottawa estimated the crop at 19,592,000 bushels, and spring rye at
2,426,000 bushels. The total crop of rye a year ago was
approximately 13,600,000 bushels. The production of barley
was figured at 105,086,000 bushels, compared with 112,668,300 bushels last year.
To-day prices closed % to 1%c. lower. July showed the
most steadiness. Export demand was unsatisfactory. The
decline in wheat affected rye. Liquidation and short selling characterized the trading. Near months were bought
only by the shorts. Final prices show a decline for the week
/
2
of 11 to 1%c.
Total Production.
Ic
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
59% 59% 59%
November delivery in elevator_cts_ 64% Holi- 623.
58% 56%
56% 56%
in elevator
59% day
December delivery
57% 57%
59%
58% 57%
May delivery In elevator
2545
.-.0.o,moc.w...accooll womwwwolomoto-4
,
THE
Nov. 13 1926.]
GRAIN
Oats, New York
Wheat, New York1 50
No. 2 white
52%
No. 2 red f.o.b. new
No. 3 white
1 59
51
No. 1 Northern
Rye, New York
No. 2 hard winter, f.o.b.__1 52
No. 2 f.o.b
106%
Corn. New YorkNo. 2 yellow (new) N. Y___ 84% Barley, New York
.
83%
Malting as to quality-8134@83%
No.3 yellow (new)
FLOUR.
$7 60©$7 90 Rye flour patents
Spring patents
86 l0(4)36 40
7 00
735 Semolina No.2,lb
5 c
Clears, first spring
6 75 Oats goods
2 80
2 85
Soft winter straights__ _ 6 50
Hard winter straights_- 7 401 7 75 Corn flour
225@235
patents__ _ 7 75
8 00 Barley goods
Hard winter
Coarse
6 25
700
3 75
Hard winter clears
Fancy pearl Nos. 2.3
Fancy Minn. patents_ _ 9 30 10 15
7 00
and 4
925© 9 951
City mills
U. S. Total
68
85
77
77
80
73
55
35
55
74
70
27
50
77
73
77
77
71
85
87
85
81
83
83
85
72
78
82
89
7.2
77
86
83
80
80
82
74
73
78
85
80
67
84
87
78
84
84
80
86
84
82
81
83
82
80
75
75
72
74
82
2,693,963,000 2,905,053,000 2,849,189,000 26.7 27.4 72.6 81.8
Buckwheat
Maine
New York
Pennsylvania
Michigan
Minnesota
West Virginia
486,000
4,700,000
4,640,000
842,000
1,139,000
646,000
416,000
4,465,000
4,853,000
754.000
854,000
576,000
U. S. Total
15.249,000
14,542,000
Flaxseed.
Minnesota
North Dakota
South Dakota
Montana
7,858,000
6,864,000
2,593,000
798,000
7,600,000
8,768,000
3,801,000
1,220,000
5,414,000
8,083,000
2,807,000
1,083,000
9.4
5.3
5.8
4.2
9.7
7.0
8.3
5.3
18,779,000
22,018,000
17,839,000
6.6
7.4 85.6 90.6
Grain Sorgh urns.
Kansas
17,895,000
Oklahoma
24,318,000
Texas
48,276,000
18,590,000
14,216,000
30,875,000
21,996,000 16.6 16.4 ____ __ _
19,521,000 21.0 16.2 --__ ____
39,405,000 27.0 22.6 -___ ____
98,721,000
71,050,000
92,368,000
Potatoes (W hlte)
Maine
37,170,000
New York
31,702,000
New Jersey
7,000,000
Pennsylvania
23,408,000
Ohio
10,434,000
Michigan
30,378,000
Wisconsin
27,376.000
Minnesota
26,800,000
6,083,000
Iowa
North Dakota
7,360.000
South Dakota
3,300,000
Nebraska
5,460,000
Virginia
11,700,000
Montana
3,850,000
Idaho
16,198,000
K yoming
1,568,000
Colorado
11,440,000
Utah
2,465,000
Nevada
775,000
Washington
11,055,000
Oregon
4,560,000
California
6,665,000
34,170,000
23,994,000
6.042,000
25,461,000
11,978,000
24,411,000
23,632,000
26,772,000
5,229,000
7,280,000
3,965,000
6,300,000
11,340,000
3,780,000
14,381,000
1,680,000
14,190,000
2,700,000
900,000
8,120,000
4,368,000
6,510,000
34,790,000
35,703,000
9,868,000
25,199,000
10,401,000
31,810,000
28,659,000
37,668,000
7,166,000
12,540,000
6,304,000
8,552,000
15,299,000
4,223,000
12,863,000
1,875,000
14,859,0001
2,769,000
766,000
8,271,000
4,281,000
8,382,000
360,727.000
325,902,000
396,469,000
Sweet Potat ties.
New Jersey
2,698,000
Delaware
1,807,000
Maryland
1,800,000
Virginia
5,160,000
North Carolina_
7,872,000
South Carolina_
4,290,000
Georgia
9,718,000
Tennessee
5,535,000
Alabama
6,500,000
Mississippi
6,448,000
Arkansas
3,888,000
Louisiana
6,570,000
Texas
8,556,000
2,106,000
1,210,000
1,290,000
3,996,000
7,040,000
2.860,000
5,170,000
3,240,000
4,550,000
5,952,000
3,060,000
5,760,000
6,132,000
2,410,000
1,227,000
1,202,001)
4,773,000
9,526,000
6.566,000
9,741,000
3,704,000
9,264,000
7,681.000
3,695,00C
6.374.00(
6.783,000
U. S. Total...
300,000
4,325,000
4,713,000
740,000
735,000
628,000
27.0
20.0
20.0
15.3
17.0
19.0
24.4
18.8
19.7
13.0
15.0
19.6
93
81
78
SS
86
83
89
89
90
88
88
91
14,111,000 19.0 18.3 82.2 89.5
85
86
85
88
91
90
91
89
AGRICULTURAL DEPARTMENT'S COMPLETE OFFICIAL REPORT ON CEREALS,&c.
-The Crop Reporting Board of the United States Department of Agriculture
made public on Nov. 10 its forecasts and estimates of grain
crops of the United States as of Oct. 1, based on reports
and data furnished by crop correspondents, field statisticians
and co-operating State Boards (or Departments) of Agriculture and Extension Departments, as follows:
Acreage.
In Thousands of Acres.
Crop.
-Year
1926
5
(Prelim- 1925. Avg&
'Mary)
19211925.
3,137
778
1,757
377
212
20
3,710
929
1,692
421
339
22
102.1
106.9
04.4
103.2
138.7
102.2
Total Production in Thousands.
1926
(Preliminary).
83.6
89.0
91.7
88.1
86.5
87.0
90.4
81.8
88.6
88.8
87.2
90.3
89.5
90.6
86.7 87.2 91.6
85.3 87.4
84.0
85.7
89.8
89.6
86.3 84.8
89.6 88.1
98.0 80.1
92.4
86.7
94.9
76.6
84.1
85.7
89.8
85.4
79.6
77.3
71.4
83.7
87.1
00.3
87.5
86.8
82.0
U. S. Total....
Tobacco.
1925.
-Year
5
Average
1921-25.
84,346.000
Yield Per Acre.
1926
(Prelim).
1925.
-Year
5
Artie.
1921-25
bu 2,893,963 2,905,053 2.849,189 26.7
Corn
28.6
27.7
Wheat, all
bu 839,818 666,485 801,802 14.6
12.9
13.8
bu. 1,282,414 1,511,888 1,326,916 27.9
Oats
33.2
30.8
bu. 196,762 217,497 186,105 22.3
Barley
26.4
24.7
bu.
Rye
41,870
48,612
68,153 11.6
11.9
13.9
Buckwheat
bu.
15,249
14,542
14,111
19.0
18.9
19.1
Flaxseed
bu.
18,779
22,018
6.6
17,839
7.3
8.3
bu.
Rice
40,809
34,259
36,048 40.1
37.7
38.9
bu.
Grain sorghums a
98,721
71,050
92,368 22.5
17.2
19.7
tons
Hay, all tame
83,158
86,723
1.41
90,453
1.46 1.50
Cloverseed
bu.
864
1,029
1,244
1.5
1.3
1.4
Beans, dry edible a
bu.
16,970
19,534
9.7
14,552
12.4
11.5
lbs. 659.476 694,075 710,637
Peanuts
752
707
670
Apples, total crop
bit. 246,262 171,706 169,500
Apples, commerl crop_ Obis.
39,949
33,044
30,109
Peaches, total crop
ho.
67,242
46,565
46,904
bu.
Pears, total crop
25,269
19,820
17,707 • ____
tons
2,366
Grapes
1,967
c2,009
Mi. 360,727 325,902 396,469 112.7 103.9 106.9
Potatoes, white
potatoes
bu.
Sweet
84,346
62,494
84,457 101.4
80.3
90.9
lbs. 1,304,494 1,374,400 1,289,699
Tobacco
787
782
762
gals.
Sorghum sirup
34,903
25,492
33.157 89.7
67.6
78.7
tons
Broomcorn a
48
30
33 0324
d283
d312
lbs.
28,730
28,573
26,616 1,381
Dons a
1,404 1.215
a Principal producing States. b Revised. c Four-year average. d Pounds
per acre.
Details for leading crops In principal producing States follow (minor States included in "U. S. Total.")
U. S. Total
Pennsylvania_
Connecticut_.
Ohio
IN isconsin
Maryland
Virginia
North Carolina_
South Carolina_
Georgia
Kentucky
Tennessee
U. S. Total._
62,494,000
NNNNOW001000WWW00
3,202
832
1,658
389
294
21
72.6
92.6
78.9
84.3
87.4
82.2
85.6
90.7
225
106
120
100
81
96
100
96
80
81
78
80
109
107
174
117
140
172
171
143
108
143
IE
Croy.
101,074 101,735 102,744 99.4 98.4
57,584 51,847 57,977 111.1 99.3
45,945 45,490 43,102 101.0 106.6
8,842 8,227 7,530 107.5 117.4
3,601 4,084 4,895 88.2 73.6
803
771
738 104.2 103.8
2,842 3,013 2,143 94.3 132.6
1,018
908
926 112.1 109.9
4,395 4,120 4.685 106.7 93.8
59,080 59,425 60,134 99.4 98.2
590
789
889 74.8 66.4
1,754 1,575 1,266 111.4 138.5
13877
982 1,061 89.3 82.6
_
On.O.000M
N=00.300,
VV,ONM!..WN
00Z,M
Corn
Wheat,all
Oats
Barley
Rye
Buckwheat
Flaxseed
Rice
Grain Borghurns_a
Hay, all tame
Cloverseed
Beans, dry edible a
Peanuts
Apples, total crop
Peaches, total crop
Pears, total crop
Grapes
Potatoes, white
Sweet potatoes
Tobacco
Sorghum for sirup
Broomcorn a
Hops a
Quality.
1926
10
1926 P. C.
P. C. of 1926. 1925. Year
Avge.
of 5-yr.
1925. Arge. P. C. P. C. P. C.
19211925.
U. S. Total....
V.coc.^w,..-4,-molooevo.mm.".61m
cnocr.o.00tzm000coccoma^i4o..ut
For other tables usually given here, see page 2486.
96
82
90
82
79
87
81
85
83
89
84
84
81
82
90
88
85
87
81
75
72
92
92
86
87
88
85
89
86
86
84
91
89
85
87
88
92
90
90
92
93
86
88
90
84.8 87.5
90
90
88
90
86
85
88
92
88
89
85
87
88
91
89
89
88
88
86
85
87
86
87
86
84
83
84.457,000 101.4 93.2 88.1 88.8
Pounds,
31,625,000
43,230,000
38,025,000
36,250,000
28,480,000
137.080,000
371,580,000
60,060,000
39.933,000
368,490,000
104,520,000
Pounds,
Pounds.
Lbs. Lbs. P. C.P. C.
38,957,000 1,375 1,426 89
40,470,000
89
58,386.000 1,310 1.375 82
57,400,000
90
50,960,000
42,932,000 845 912 75
87
46,980,000 1,250 1,195 85
44,000,000
83
21.442,000 890 774 80
24,690,000
84
129,497,000 133,111,000 745 673 83
79
378,490,000 314,252,000 660 618 81
76
59,178,000 660 655 72
71,040,000
72
78
20,838,000 783 737 81
48,039,000
387,840,000 411,890,000 865 861 78
84
94,385,000 780 770 81
86
93,800,000
1,304.494,000 1,374,400,000 1,289,699,000 787 786 80.1 82.0
FOREIGN CROP PROSPECTS.
-The latest available
information pertaining to cereal crops of foreign countries
as reported by the Foreign Service of the Bureau of Agricultural Economics and made public on Nov. 10, as being of
interest to producers of grain crops in the U. S. follows:
Wheat.
-Wheat production for 32 countries of the Northern Hemisphere
reporting to date amounts to 2.944.113.000 bushels, compared with 2,938,927.000 bushels for the same countries last year, an increase of 0.2%. In
1925 these countries produced 99.1% of the Northern Hemisphere crop,
excluding Russia and China, and 88.1% of the total world crop, excluding
itussla and China.
Southern Ilernisphere.-Wheat area as now reported for three countries
of the Southern Hemisphere is 31,777.000 acres, compared with
30.980.000
last year and 30,039,1)00 for 1924-25.
The temperature in Argentina so far this season has been above the
mal, which has had a slightly detrimental effect upon the wheat crop. norThe
rainfall miring the first part of the growing period was
over-abUndant,
2546
THE CHRONICLE
iv ni
and this, together with the unusual warmth,
at the expense of the root. Since the middle caused the plant to develop
Other States.
of
deficient, which, however, will probably haveAugust the rainfall has been
Tennessee.
-The quality of all types Is reasonably
little effect upon the crop
good, althoughTnot
unless dry weather continues indefinitely
as good as was thought at
as
moisture in the soil. A correlation of weatherthe early rains left plenty of much of the crop to be the time harvest began. Too much rain caused
ber with wheat yields in Argentina shows that reports from May to Decem- the yield per acre and "bony." Horn worms, rust and wild-firetcut
lowered the quality. One Sucker and Paducah
through October is the most important factor the temperature from August appear to have lower
yields than Burley and the Clarksville and Hopkins- vBle type. A
turn. On the basis of a correlation of yield in determining the final out
yield of 770 lbs. per acre is reported
with rainfall in May
-July and
for the State.
August-Octobes and temperature in JuneKentucky.'-Yields are likewise low,
-October for the
period 1890-1919 with weather data for July and August
caused considerable shedding of the 865 lbs. for the State. Wet weather
lower leaves. Widely varying
chances are 68 to 100 that the yield will this }rear to date indicates that ditions as to quality are in
be 11.2 bushels per acre, or 1.7
evidence, early harvested crops showing conbushels above or below that figure. Last
high
year the yield was 10 bushels per quality and later crops showing ranker growth and low
acre and the average for the past five
quality. An
years was 12.1. During the 30 Years undetermined amount of damage has resulted from house
under review yields ranged from 5 to 18
-burn.
Maryland.
-The quality Is reported as fair to
bushels to the acre. With an acregood. Early
age this year of 19,275.000 acres, this
estimate would indicate a total pro- caped damage by worms and were well cured before the wetcrops esduction of 215.880,000 bushels, or
weather
began. Later crops, on
Last year the harvest amounted to32.800.000 bushels above or below it. of it was housed wet. the contrary, suffered worm damage and some
House-burn resulted. It is expected
for the past five years was 203.388.00 191341,000 bushels and the average crop will be light in weight.
that the
0 bushels. This estimate is subject to
weather conditions during November
Virginia.
-Theflue cured tobacco showed unusually
fine quality, althoTi
have also been factors in determiningand December, which in past years light in weight. Dark tobacco
g?
the
is generally considered a fair to good
No similar measure of conditions is at final yield.
present available for Australia. The sun-cured crop was very heavy, but some damage in curing crop.
Reports of weather and condition are
may
generally very favorable and a good reduce the yield.
harvest Is expected. The average yield
The Carolinas.
-The marketing season is nearly over
during
in South Carolina
12.6 bushels to the acre. On this basis average the past five years has been and is far advanced in the New
Belt district
conditions this year with an
acreage of 11.000,000 might be expected
quality of leaf and good prices characterize of North Carolina. Excellent
the situation.
bushels. Production last year amounted to produce about 139,000.000
TOBACCO.
age production during the past five years to 107,500.000 bushels. Averis
The excellent spring weather in Chile is 127.000,000 bushels.
favoring the crops throughout
the agricultural areas. Early reports
Total Production In
of acreage sown show Wheat the same
Yield
as last year.
Thousands of Pounds.
per Acre.
Quality,
Grain Threshing in Canada.
Slates.
-From 70 to 75% of the wheat had been
threshed in Manitoba by Oct. 25. In
Alberta 75% was threshed while
1926
from 85 to 90% had been completed in Saskatche
1928
Fire-Yr. Prelim Ten-Yr. 1926
wan. Early in October
It was expected that there would be
Prelim.
1925
Avge. (Nov.) Avge. Per Cent. Ten-Yr.
Avge.
quality throughout Canada, but later considerable lowering of grade and
(Nov.).
1921-'25. Lbs.
reports state that the damage is not
Lbs.
Per Cent,
turning out to be as much as expected.
Massachusetts._
The monsoon in India upon which the
8,850
10,676
11,748 1,475 1,422
production of crops depends Connecticu
90
89
closed with the month of October having
31,625
40,470
38,957 1,375 1,426
been mostly satisfactory during New York t
89
89
the season. Crop conditions are on
2,500
2,200
2,304 1,250 1,206
the whole from fair to good. In the Pennsylvani
84
86
past month three weeks of dry weather have
a_ _ _
43,230
57,400
58,386 1,310 1,375
been reported in the Punjab Ohio
82
90
with a rainless week in the United Provinces,
38,025
50,960
42,932
845
where only light rains had Indiana
812
75
87
fallen for two weeks previous.
14,875
18,284
17,053
875
895
78
86
Wisconsin
Co rn.-The corn crop of Rumania, the most important
36,250
44.000
46,980 1,250 1,195
corn producer of Missouri
85
83
Europe, is reported at 203,000.000 bushels, as compared
4,750
4,075
4,690
950
with 1'75,000,000 Maryland
963
85
88
last year. Samples of Rumania's new-crop corn are
28,480
24,690
21,442
890
said to be of
774
80
84
quality. No estimate is available for Yugoslavia. The Spanish very good Virginia
137,080 129,497 133,111
745
corn crop West Virginia__
673
83
79
Is unofficially reported to be small this year. A Royal Decree
_
8,650
6,975
6,868
865
dated Oct. 7 North Carolina.
790
77
86
has authorized the importation of foreign corn for cattle feeding
371,580 378,490 314,252
660
up to
618
81
76
maximum of about 5,900.000 bushels. Planting of corn is in progress a South Carolina.
60,060
71,040
59,178
660
in Georgia
655
72
72
Argentina. Thefirstestimate ofacreagelast year was not made until
39,933
48,039
20,838
783
Feb.9.
737
81
78
Florida
5.196
5,460
CEREAL CROPS
4,230
-PRODUCTION,AVERAGE 1909-13, ANNUAL 1924-26.
866
987
86
91
,Kentucky
368,490 387,840 411,890
865
861
78
84
Tennessee
104,520
93,800
94,385
780
770
81
86
Per Ct. Louisiana
400
504
454
400
442
Croy and Country.
so
86
Average
1924.
1925.
1926. 1928 is
1909-13.
U. S. total... 1.304.494 1,374,400 1,289,699
of 1925
787
786
0.1
82.0
Million Million Million Million
Per
COMMENTS CONCERNING CROP REPORT FOR
Wheat
Bushels. Bushels. Bushels. Bushels. Cent.
Canada
197.1
-The United States Department of Agriculture at
262.1
411.4
399.0
97.0 NOV. 1.
United States
690.1
862.6
666.5
839.8
128.0 Washington on Nov. 10 also furnishe
Total Europe reporting (23)
d the following com1,337.4 1,048.9 1,385.5 1,252.0
90.4 ments
Total North Africa (4)
on the domestic crops:
92.0
85.2
104.6
90.1
86.1
Other countries (3)
383.8
396.3
371.0
For the country as a whole the weather during
363.2
97.9
October was favorable for
late crops. As a result, the yields of corn,
cotton,
Total 32 countries
2,700.4 2,655.1 2,939.0 2,944.1
100.2 potatoes, sweet potatoes, and tobacco are all buckwheat, rice, apples.
Estimated world total excluding
running somewhat above
earlier expectations. Yields of flaxseed
and grain sorghums are not quite
Russia and China
3,006.0 3,101.0 3,336.0
up to expectations, but, considering
all
per acre now appear to have been 3% crops produced this season yields
above the average yields during the
Rye
last ten years and 10% above prospects
on July 1.
Canada
2.1
13.8
13.7
Using usual value per pound as a
13.3
97.1
basis for
United States
38.1
48.6
64.0
41.9
86.2 as hay and tobacco, the total production combining such diverse crops
of
Total Europe reporting (22)
948.5
634.6
918.6
783.3
85.3 appears to have been 2.9% greater than last all crops this season now
year and 7.3% above the
average production during the past 5
years.
Total 24 countries
988.7
712.4
980.9
838.5
85.5 is now increasing nearly 2 million per year. The population of the country
In proportion to population.
Estimated world total, excluding
total production of crops this season was
1.4% greater than it was last
Russia and China
1,033.0
743.0 1,019.0
year and 2.4% greater than the average
per capita production during the
last 5 years.
Barley
The quality of this year's crops has been rather
Canada
disappointing, with the
45.3
88.8
112.7
112.1
99.5 exception of winter wheat, fruits, and sweet potatoes.
Halted States
Combining the
184.8
178.3
217.5
196.8
90.5 figures of 15 important crops, not including cotton, the
Total Europe reporting (23)
composite quality
653.5
524.0
639.7
652.0
appears to be 5.2% below the average quality during
101.9
the last
Total North Africa (4)
103.7
85.3
103.6
67.8
Corn.
-The estimated production of corn is 2,693,963, 10 years.
65.4
000 bushels, or
Other countries (2)
115.4
121.8
131.8
113.0
85.7 14,000,000 bushels more than the October 1 indication. It
is 211,000.000
bushels or 7% below the production of last year, and
155.000.000 bushels,
Total 31 countries
1,109.1
991.8 1,205.3 1,141.7
94.7 or about 5% below the average production of the last five
Estimated world total. excluding
years. This
relatively low production is partly due to a lower acreage
RUB1318. and China
1,326.0 1,207.0 1,419.0
rather low yield of 26.7 bushels per acre, approximately and partly to the
2
less than that of last year and 1 bushel per aere below bushels per acre
the
Oats
during the last five years. About 68% of the United Statesaverage yield
Canada
351.7
406.0
513.4
459.3
89.5 1926 was produced in the twelve North Central States, corn crop of
while in 1925
United States
1,143.4 1,522.7 1,511.9 1,282.4
84.8 fully 78% of the crop was produced in these States.
Total Europe reporting (22)
1,382.2 1,152.3 1,284.4 1,395.2
108.6
During October there was slight improvement in the
corn crop of the
Total North Africa (3)
11.8
17.6
19.5
11.7
60.0 eastern portion of the Corn Belt, but deterioration in
Missouri and in the
States from North Dakota to Kansas where it had
Total 27 countries
previously been greatly
2,894.9 3,092.8 3,329.2 3,148.6
94.6 damaged by drought. In the Southern States the
Estimated world total, excluding
crop is a good one,
especially in North Carolina and Texas.
Russia and China
3,555.0 3,683.0 3,974.0
The total farm supply of corn,including both the
over from the 1925 crop, is approximately 3% less 1926 crop and the carryCorn
United States, but in the North Central States than a year ago for the
Canada
17.3
12.0
10.6
9.2
86.8 Indicated. Compared with the five-year average. a decrease of 12% is
United States
2,712.4 2,312.7 2,905.1 2,694.0
the total supply of corn
92.7 on farms is 4% less for the United States and
Total Europe reporting (8)
6% less for the North Central
391.5
372.9
413.8
447.0
108.0 States.
Total North Africa (2) a
3.7
4.1
4.0
3.8
The carryover of old corn on farms on Nov.
95.0
1 is
181,000,000 bushels in the United States as compared estimated as about
Total 10 countries
3,124.9 2,701.7 3,333.5 3,154.0
94.6 bushels last fall. The farm carryover of 159,000,00 with only 58.000,000
Estimated world total, excluding
North Central States is unusually large., especially 0 bushels in the twelve
Russia and China
4,045.0 3,721.0 4,361.0
when compared with a
carryover of 44.000,000 bushels on Nov. 1
1925, from the very short crop
a Egypt 76,846,000 bushels in 1926. no estimate for 1925, 67,572,000 bushels of 1924.
The low quality of this year's corn crop is
In 1924 and 84,273,000 bushels for 1909-13. average not included.
indicated by the fact that only
72.6% of the crop is of merchantable quality.
During the last ten
NOVEMBER TOBACCO REPORT.
-The outstanding the percentage of the crop of merchantable quality has averaged years
81.8.
The low quality this year results chiefly from too
feature of the tobacco production outlook of the present time Corn Belt States, drought in the
much rain in some of the
western portion
is the effect of late season weather on the quality of leaf in
Buckwheat.
-The buckwheat crop appears to and some frost damage.
have yielded about 19
bushels per
the Mississippi Valley. From the Miami Valley southward quality of acre, which is about the same as that usually secured, but the
reduced by unfavorabl
through Kentucky and Tennessee reports indicate crops dam- time, and the crop was seriouslyof high medium, whiche weather at harvest
averages only 82.2%
is the lowest buckwheat quality
aged in field and barn. The full measure of damage will larger than thatreported in some 20 years. The acreage was somewhat
is
not be known until stripping has been completed. Statistics bushels, which isusually grown and the cropthenow estimated at 15,249,000
8% above the average of
last
Potatoes.
-The production of potatoes appears 5 years.
for important States follow:
to have been somewhat
above the indications of a month ago, chiefly
because the loss from cold
Cigar States.
weather during October was less than is
ordinarily allowed for in earlier
-Some pole smut. Crop stunted and made little progress Indications. The quality
New England.
of
during first half of season, but made unusual progress later, which does than in any previous season the crop, however, averages slightly lower
in 25 years,
not lead to heavy weights or high quality.
the usual loss in sorting and In storage is so that somewhat more than
to be
York.-Quallty damaged late in season by wet weather.
New
mates aim to include all potatoes actually hauled expected. As the estifrom the fields, allowance
Pennsylvania.
-Crop came through growing season without serious must be made for potatoes that show
frost injury, which has been severe
damage except from hail in some localities. A few reports of thin crop, in parts of the Northwest and for
those showing blight, which
rust, and wild-fire are noted. Curing in southern district reported slow some locally in some Eastern States.
is troubleand unsatisfactory with reports of pole-burn general. Quality unusuallylow.
The crop is now estimated at 360.727,000
bushels, which is almost
Miami Valley.
-All reports indicate widespread damage from excessively exactly half way between last year's
short crop and the average production
wet weather. Many crops have been partially or wholly abandoned. of the last five years. The
Damage to tobacco in the field runs 36% among the growers of Zimmer chiefly to the fact that the smallness of this year's potato crop is due
acreage planted was the
Spanish, 40% in Gibhart, and 46% in Little Dutch. All these reports, with the single exception of last
smallest in 20 Years
season. The yield
it may be noted however, are for the locality, whereas damage to the to have been 112.7 bushels,
which is in excess of the per acre now appears
tobacco on farms operated by the reporters runs lower. Crops on well
yield in any previous
year except 1924 and 1912. As the weather
was not particularly favorsoil apparently escaped serious damage. Injury from shed-burn able for potatoes in a number of
important States, the relatively
Is high, from 10 to 20% of the crop being affected. Yield will be low, yield was probably due at
high
least
ranging probably from about 750 lbs. per acre for Spanish to 900 lbs. made In the strains of potatoesin part to the steady improvement being
developed for seed purposes and to the
or less for Dutch and Gibbart. Quality is reported at 66% for Spanish, extra care devoted to a crop
planted with high-priced seed.
68% for Dutch,_and 72% for Gibhart.
Tobacco -in the Mississipp
Wtsconsin.-The yield and quality are above the ten-year average, damaged by excessive rainfall i River Valley tobacco has been heavily
during the latter
although fears are expressed in some quarters as to the effect of weather which continued
through the harvesting season.part of the growing season,
Curing has been seriously
conditions upon the curing of the crop.
Interfered with, and reports of houseburn
are widespread. Conditions In
Nov. 13 1926.]
THE CHRONICLE
pounds per
eastern States are in general more favorable. The yield of 787
-year average, while
the 5
acre for the United States is 25 pounds above slightly below the 10
-year
of high medium is
the quality figure of 80.1%
70,000,000
average. Production is estimated at 1,304,494.000 pounds, or
below 1925.
pounds
WEATHER BULLETIN FOR THE WEEK ENDED
NOV. 9.—The general summary of the weather bulletin
issued by the Department of Agriculture, indicating the
influence of the weather for the week ended Nov.9,follows:
2547
Tennessee.—Nashville: Week cool and dry until last day, with some
heavy to killing frosts. Most winter wheat sown and progressing finely.
Rye and barley all in and clover in fair shape. Cotton about all open
and picking and ginning continue uninterruptedly; no top crop in some
sections.
THE DRY GOODS TRADE
Friday Night, Nov. 12 1926.
With but few exceptions, markets for textiles continued
the past week. For instance, in the silk diviin all quiet during
The first and middle parts of the week had generally fair weather
competition for business, lower raw prices and
section's of the country,except for considerable precipitation near the begin- sion, keen
ning in both the Northern and more southern States. The latter part had the issuance of disappointing trade figures had an adverse
general rains, or cloudy and unsettled weather, east of the Great Plains, effect upon sentiment. According to the Silk Association
with the rapid movement of a depression of considerable energy from
of of America, deliveries of raw silk during October totaled
the far Northwest to the South-Central States, central on the morning
the 8th over Oklahoma.
bales, the largest in three years. This total, a surcool, with
The first half of the week in the southeast was unseasonably interior of 47,768
freezing weather extending about the 6th as far south as the Mississippi prise to the trade, compared with 43,962 bales during Sepbut in the immediate
Despite
the South Atlantic and east Gulf States,
southern tember and 46,815 bales during October last year.
Valley the line of freezing did not extend farther south than unseasonthis indicated high rate of consumption, raw silk prices
Illinois and eastern Missouri. The latter part of the week was
following in the
ably warm in the East, but much colder weather was
have fallen off substantially. Imports declined slightly,
wake of the storm mentioned in the preceding paragraph. week averaged
bales in September.
The table on page 3 shows that the temperature for the Ohio Valleys totaling 48,403 bales, against 50,415
considerably below normal from the lower Missouri and
Storage stocks on hand Nov. 1 amounted to 35,094 bales,
Middle Atlantic States southward. The minus departures from
and
1. Although Japan has been
normal were especially marked in central Gulf districts where they ranged compared with 34,459 on Oct.
from 6 degrees to as much as 10 degrees. North of this area about normal making valiant efforts to maintain prices, there has been a
prevailed in most sections, while over an extended portion of the
warmth
that consumption in this counWest and Northwest the week was warmer than normal, and decidedly so great deal of apprehension
In the more western States where the weekly mean temperatures were 6 try may decline under the influence of low cotton prices.
higher than the seasonal average.
degrees to 10 degrees
not been anticipating requirements, and in
The table shows also that rainfall was light to moderate in most districts, Buyers have
although there were locally heavy falls in the central Gulf area and some view of the fact that they are between the fall and spring
and parts of the upper Mississippi
fairly heavy amounts in Tennessee
have been offering discounts on their fall
Valley. There were some good rains in the central Great Plains, but in seasons, factors
the south Atlantic area, where drought has prevailed, the amounts were goods to help liquidate them. On the other hand, the floor
nearly
again small, while over a large section of the Southwest, embracing
covering division has been relatively firm. Business was
one-fourth of the country, precipitation was inappreciable.
The generally fair weather was favorable for field work and good prog- said to be satisfactory. Owing to advances in the prices of
week
ress was made in seasonal farm operations until near the close of the
not a few producers were claimed to be considerwhen there was interruption over the eastern half of the country by wide- raw wool,
spread rains. Temperatures were also favorable for drying out crops. ing raising quotations after the first of the year. In all
especially for corn in much of the principal producing area, and husking retail channels of the textile trade, stores have been acprogressed. Frost damage was of minor occurrence. Conditions were
is expected to
especially favorable for livestock over the great western grazing districts; tively preparing for the holiday trade, which
because of the open weather in the northern Plains States they are still on be the largest on record. Consumer buying will probably
generally good in the southern Plains area.
the range, and pastures are
-central Great Plains get under way definitely after Thanksgiving.
Light to moderate rains were helpful in the west
where droughty conditions prevail, lint more moisture is needed in that
DOMESTIC COTTON GOODS.—Further evidence was
the Southeast for fall
area, and further rain would be helpful in much of
fundamental strength
crops and in conditioning the soil for plowing. In the more western States furnished during the week as to the
severe drought continues in the Great Basin, and more rain is still needed of the domestic cotton goods markets. Although conditions
in parts of the interior Pacific Northwest, but the warm and sunshiny
were generally quiet, the Government estimate of a cotton
weather was ideal wherever there was sufficient moisture.
SMALL GRAINS.—Early sown wheat is generally up to a good stand, crop of almost 18,000,000 bales failed to result in undue
but late-seeded is small in the eastern half of the belt where seeding of the
prices. As a matter of
intended acreage has been prevented because of unfavorable weather dur- liquidation or drastically lower
ing the sowing season. The week's weather was generally favorable for fact, quotations for the raw material registered an advance.
the crop, and seeding was still progressing in the lower Great Plains area. While buyers offered lower bids after the issuance of the
Wheat has a generally good stand in the eastern half of Kansas, but is
mostly poor in the west because of insufficient moisture, while it is too report, mills were firm in their conviction that prices had
dry in parts of the central Rocky Mountain area and locally in the North- already practically discounted the estimate and were low
west. Fairly good pogress was made in threshing rice in the central
Gulf area, and showers improved oats in the extreme southeast. Winter enough. Thus speculative interest was at a standstill.
rye is generally up to a good stand and color in the Central-Northern However, some business was put through, but this was
States.
In Argentina, seasonable temperatures prevailed; rainfall was rather mostly confined to purchasers in actual need of goods. Of
heavy in the northern wheat zone, but was light in the South. In Aus- course, some mills were willing to shade prices, but the
tralia, favorable conditions for wheat continued, with the crop ripening
majority held relatively firm. The Government report
satisfactorily.
Corm—Good drying weather for corn prevailed during most of the. issued on Monday placed the indicated cotton yield at 17,week, but there was rain or snow over much of the belt near its close.
bales over
In the upper Mississippi Valley, and from the Ohio Valley eastward- 918,000 bales. This showed an increase of 464,000
much of the crop is still too damp to crib, but this work progressed fa- the last previous estimate and was based on conditions as of
vorably in the Great Plains area. In Iowa there was interruption to
date 11,259,038 bales of this year's crop
husking because of snow or rain both at the beginning of the week and Nov. 1, to which
near its close, and corn in that State is generally too damp to crib, with had been ginned. Although factors have evidently become
considerable molding reported.
reconciled to the huge size of this year's crop, they have
Cotton.—The cool weather in the eastern cotton belt checked the opening
of
of bolls in northern districts, and there was some local killing and late maintained confidence in the industry. The principal reafor
favorable for the crop
bolls, but, in general, the weather was
son for this lies in its statistical strength. An example of
harvest, and picking made satisfactory progress in most sections. Picking
is well along in most northern districts, but much cotton is still out in this was supplied in the report of the Association of Cotton
considerable is unpicked
the extreme northwestern portion of the belt, and
Textile Merchants of New York, who claim that stocks of
in other northern sections. Some open cotton in Texas was blown out
- cotton textiles in the United States on Nov. 1 were the lowby high winds on the 8th. Late bolls are opening nicely in the central
northern portion of the belt.
est in the past five years. It was also pointed out that on
The Weather Bureau also furnishes the following resume the basis of present shipments less than a single month's
of the conditions in the different States:
supply exists. Print cloths, 28-inch, 64 x 64's construction,'
North Carolina.—Raleigh: Clear and cool until Sunday; several frosts,
4c., and 27-inch, 64 x 60's, at 4%c. Gray
at 5Y
killing in most of interior on 4th. Fine for digging sweet potatoes,threshing are quoted
peanuts, housing corn, and marketing tobacco. Picking cotton made good goods in the 39-inch, 68 x 72's construction, are quoted at
progress; harvest well along. Showers at close beneficial for small grains 7%c., and 39-inch, 80 x 80's, at 912c.
/
and hardy truck.
WOOLEN GOODS.—Influenced by alternate waves of
South Carolina.—Columbia: Cool most of week, with light to heavy frosts.
checked cotton opening, but picking continues slowly with one-third of crop warm and cold weather, markets for woolens and worsteds
in northwest not picked and some top crop still developing. Cabbage, turnips and spinach doing fairly well. Hard, dry soil unfavorable for plowing have ruled irregular. During most of the week it was too
and planting.
warm to arouse much interest in winter merchandise, which
Georgia.—Atlanta: Mostly favorable for harvesting, which is approaching
completion everywhere. Soil still rather dry, but seeding winter cereals in turn retarded orders for spring goods in both the women's
made fairly good progress. Late cotton in north opening slowly and many and men's wear divisions. However, the cold snap witbolls killed by frost; picking about completed, except in north. Grinding
nessed the latter part (if the week succeeded in stimulating
cane well advanced and seed cane being bedded.
Florida.—Jacksonville: Week mostly dry, but local showers improved seed increased sales of overcoatings, etc. Statistically, the Inbeds, growing truck, strawberries, and oats, and did not delay harvesting
position, with the
sweet potatoes and hay. Light frost in interior improved citrus, celery and dustry was said to be in an excellent
lettuce. Seeding and transplanting made some progress in south. Cane future prospects bright. Definite figures pertaining to this
grinding active.
soon. Since the organiAlabama.—Montgomery: Week mostly fair and unseasonably cold, except subject are expected to be issued
rain on opening and closing days; rain beneficial for growing crops. Cotton zation of the Wool Council of America a few months ago,
picking progressed slowly; finished in most sections and nearing completion
for the collection and disin others; some probably will not be picked. Harvesting corn and sweet good progress has been made
potatoes good progress. Sowing oats ;progressing slowly. Truck crops tribution of trade statistics and other correlated subjects.
doing well in south; elsewhere poor and frost-killed locally.
first of the new year and an
Mtssissippi.—Vicksburg: Mostly light to moderate precipitation. Pro- Actual work will start the
gress in housing corn and picking and ginning cotton fair to good; cotton initial report will probably be issued shortly thereafter.
mostly completed in south and central, except considerable remnants
picking
FOREIGN DRY GOODS.—A firm undertone continued
abandoned in fields. Pastures poor.
Lottisiana.—Ngw Orleans: Heavy frosts middle of week; damage slight to prevail in the linen markets owing to a steadily increasfor work, except rain at beginning and end. Fairly
generally. Favorable
ing demand. A goodly number of buyers were still in the
good progress in gathering cotton and corn, and threshing rice. Grinding
and their activity
sugar cane begun locally; fall cane planting mostly completed under favor market providing for their holiday needs,
able conditions.
expressions of satisfaction from factors and imTexas.—Houston: Persistently cool with light frosts nearly to upper elicited
continued to be centred in
coast on 5th; abundant sunshine and light showers generally favorable porters. Generally, interest
Progfor field work, although soil too wet for seeding in some sections. wheat merchandise suitable for gift purposes, such as handkerand condition of pastures, truck, citrus and early wheat good;
ress
items. In regard to the former, it
seeding not yet completed. Progress in cotton picking good; some open chiefs and household
cotton blown out by high winds of 8th. light to killing frosts; no ma- was said that handkerchiefs were going into consuming
Oklahoma.—Oklahoma City: Cool with
in channels as fast as they could be brought forward. Despite
open
terial damage. Practically all cotton fields and fairly good progress
in west where serious shortin
picking and ginning, but much still harvesting corn, grain sorghums and this spurt in buying, however, buyers generally have failed
Good progress in
age of pickers.
their orders for future requirements to any apfeed crops. Still sowing wheat; early-sown good to excellent. Pastures to increase
preciable extent, preferring to confine themselves to needs
generally fine.
Low temperatures first of week and moderArkansas.—Little Rock:
of week retarded cotton picking somewhat; late Immediately in view. Burlaps continued quiet with but few
ate precipitation lastpicking practically completed over large portion of
reported. Light weights are quoted at
bolls opening nicely; along elsewhere. Killing frosts and freezing tem- Inquiries or sales
hill country and well portions on 4th and 5th stopped growth.
7.10c., and heavies at 8.65c.
nearly all
peratures in
2548
THE CHRONICLE
tate antl Tity Pepartuxent
[VOL. 123.
awarded as 5s to E. P. McMaken & Co. of Chicago
at
equal to 100.47, a basis of about 4.96%. Dated Oct. a premium of $235.
11926. Due $2,000
Oct. 1 1927 to 1951 incl.
AINSWORTH, Brown County, Neb.-BOND SALE.
-James T.
Wachob & Co.of Omaha has purchased the following
two issues of refunding
bonds aggregating $52,500:
$26,500 5% sewer bonds. Due Aug. 1 1946. optional as
follows: $3,000.
1940 to 1945. inclusive; $2,000, 1939, and
$6,500, 1946.
26,000 4H% water bonds. Due Aug. 1 1946, optional as follows:
$2,000,
1928 to 1935, inclusive; $3,000, 1936 to 1938, inclusive,
and $1,000
1939.
•
Date Aug. 1 1926. Denom. $1.000. Principal
payable at the County Treasurer's office, Brown and interest (Aug. 1).
proved by Stout, Wells, Rose & Martin, a Omaha. County. Legality apThe above supersedes
the report given in V. 123, p. 2292.
NEWS ITEMS
California (State of).
-Wright Act Repeal Defeated
Only One Major Issue Carries.
-The voters of the State of
California defeated on Nov. 2 the initiative measure for the
repeal of the Wright Act. The total State vote on the
measure was 494,085 for to 550,451 against. The measure
was defeated in 12 southern California counties by a majority
of 111,069, while the measure carried in the northern counties
by a majority of 54,694. Initiative measure No. 28 for
Financial Statement.
Assessed
Federal reapportionment carried, receiving a total majority Total valuation
$1,266,520
indebtedness, including this issue
in the State of 59,546 votes. The 12 southern counties Less: bondedbonds
134,058
Water
$25,500
Special assessment
defeated this measure by a majority of 16,906, while it
49,000
39:000000
Sinking fund
received a majority of 76,452 for it in the northern Net bonded indebtedness
56,558
counties. The following measures were all defeated, No. 4
Population (1920), 1,508; present estimate,
2.500.
for an additional lc. per gallon gasoline tax by a majority
ALABAMA State of).
of 53,557 in the State. The southern counties defeated this
-BOND OFFERING.-Winiam B. Brandon,
Oovernor. will receive sealed bids until 12
measure by a majority of 223,752 votes, while in northern not exceeding 434% harbor improvement m. Nov. 16 for $1,000.000
, fifth series,
or reg
California it carried by a vote of 170,195. Measure No. 6 istered bonds. Date Dec. 1 1926. Denom. $1,000.coupon $25,000
Due
Dec. 1
to 1975. inclusive. Principal and interest J. & D.)
regarding race track gambling was defeated by a majority able at 1936State Treasurer's
Paythe
office or at the fiscal agency of Alabama
of 261,897. This is one measure both the southern and in New York City. A certified check, payable to the State Treasurer, for
2% of the amount of bonds bid for, required. Legality to
northern counties agreed upon, as they both voted heavily Storey, Thorndike,
be approved by
Palmer & Dodge, of Boston.
against it. Measure No. 8 regarding State highways
ALAMEDA COUNTY (P. 0. Oakland), Calif.
received a total count of 381,674 against it. The southern
-BOND OFFERING.
Sealed bids
Goo. E. Gross,
counties favored it by a majority of 79,839, while it was for $500.000will be received by Due serially County Clerk, until Nov. 15
5% tube bonds.
1936 to 1938 incl.
defeated by a majority of 461,513 votes in the northern
ALBANY COUNTY
-PRICE PAID.
counties. Measure No. 17 requiring the Bible in schools paid by Farson, Son & (P. 0. Albany), N. Y.
-The price
Co. of New York for the $45,000
% refunding
was defeated by a majority of 208,908, the southern bridge bonds purchased by them recently-V. 123, p. 2423-was 100.94.
a basis of about 4.12%. Date Nov. 1 1926. Due $3.000. Nov.
counties favoring it by a majority of 68,524, while the north- to 1941 incl.
1 1927
ern counties voted against it by 277,432. Measure No. 20
ALICE. Jim Wells County, Texas.
to create a reapportionment commission was defeated by a Nov.
-BONDS REGISTERED.
-On
of Texas registered an issue of $50,000
%
majority of 136,792, the southern counties giving it a street4 the State ComptrollerDue serially.
improvement bonds.
majority of 65,094 and the northern counties voting against
AMARILLO INDEPENDENT SCHOOL DISTRICT, Potter County.
it by a majority of 201,886. The figures used herein are Tex.
-BOND SALE.
-The $250,000 5% school bonds offered on Nov. 9
all taken from the Los Angeles "Times" of Nov. 7.
-V. 123. p. 2292
-were awarded to a syndicate composed of J. E. Jarrett
& Co., the Republic Trust & Savings Bank, both of Dallas, and C. W.
McNear
Colorado (State of).
-Eight Proposed Constitutional of about & Co. of Chicago at a premium of $6.350, equal to 102.54, a basis
4.83%. Dated Oct. 11926.
Amendments Defeated at November Election.
-On Nov. 2 all $6,000. 1938 to 1946 incl.; $8,000. 1947Due Oct. 1 as follows: $1,000, 1927;
to 1951 incl.; $9,000, 1952
eight of the constitutional amendments balloted on by the incl.: 310,000, 1957 to 1961 incl., and $36.000, 1962 to 1966 incl. to 1956
voters of this State were defeated. The following are the AMARILLO
INDEPENDENT SCHOOL DISTRICT, Potter County,
returns on the amendments, with complete Denver returns Texas.
-BONDS REGISTERED.
-On Nov. 1 the State Comptroller
included, as given in the Denver "Rocky Mountain News" of Texas registered an issue of $300,000 5% school bonds. Duo serially.of
Nov. 4:
AMITE, Tangipahoa County, La.
-BOND DESCRIPTION.
-The
No. 1.
-(To Fix Salaries of Judges).
-(Wet Amendment.
No. 5
(1,060 Precincts.
(1,086 Precincts.)
70,265 For
79,340
67,109 Against
107.290
Majority for
3,156 Majority against
27,950
-(Dentistry Licenses.)
No. 6.
No. 2.
-(Fees of County Officers.)
(1.040 Precincts.)
(1,040 Precincts.)
For
43,841
For
42,912 Against
136,612
Against
78,919
Majority against
92,771
Majority against
36.007
No. 7.-(Publ1c Utilities.)
(1,040 Precincts.)
No. 3.
-(Taxation of Autos.) For
24.320
(1.040 Precincts.) p.
Against
108,010
For
50,889
Against
85,948 Majority against
83,690
No.8(Gasoline Tax dr Auto Licenses)
Majority against
35,059
(978 Precincts.)
For
60,075
Against
91,678
For
Against
Majority against
31,603
.
330.000 6% coupon or registered street improvement bonds awarded to the
Amite Bank & Trust Co. of Amite at 100.33(V.
as follows: Date Oct. 1 1926. Denom. $500. 123. p.2423), are described
1944, inclusive. Interest payable A. & 0. Due serially Oct. I 1927 to
ANDERSON COUNTY ROAD DISTRICT NO. 8 (P. 0. Palestine),
-BOND SALE POSTPONED.
Tex.
-The sale of
bonds scheduled for Nov. 4 (V. 123, p. 2161) has the $500,000 5% road
been postponed.
ARENAC COUNTY (P. 0. Standish), Mich.
-BONDS OFFERED.Sealed bids were received until Nov. 10 by J. P. Baikie. County Drainage
Commissioner, for 38.865 6% drainage bonds.
ARKANSAS CITY, Cowley County, Kan.
-BONDS REGISTERED.
The State Auditor of Kancas registered during the month of April an issue
of $15,649 97 4X % paving bonds.
ASBURY PARK, Monmouth County, N. J.
-BOND SALE.
-The
Issue of coupon or registered public improvement bonds offered on Nov.9V. 123. p. 2292
-were awarded to Geo. B. Gibbons & Co.. Inc.. of New
York as 41,is taking $349.000 ($351,000 offered) paying 8.351,129 90.
,
,
equal to 100.61, a basis of about 4.64%. Date Nev. 15 1926. Due Nov.
15 as follows: $27.000. 1927 to 1938. incl. and $25.000 in 1939.
Massachusetts (State of).
-Additional BondsMade Legal
Investmentsfor Savings Banks.
-Roy A. Hovey, Commissioner of Banks,on Nov.9 added the following to the list of bonds
which are legal investments for savings banks in Massachusetts.
ASHTABULA COUNTY (P. 0. Jefferson), Ohio.
-BOND
ING.
-W. W. Howes, Clerk Board of County Commissioners, willOFFERreceive
sealed bids until 1 p. m. (Eastern standard time) Nov. 22 for $10.430
County Sewer District No. 2 bonds. Date Nov. 15 1926. Denom. 5%
except one for $430. Due Oct. 1 as follows: $930, 1928: $500, 1929 to$500.
1941
incl., and 31.000. 1942 to 1944 incl. Int. payable A. & 0.
check for $500. payable to the County Treasurer, is required. A certified
Queens Borough Gas & Electric Company.
Queens Borough Gas & Electric Co. ref. mtge.
Queens Borough Gas & Electric Co. ref. mtge. 6s, 1953.
5s, 1955.
Illinois Central System.
Illinois Central RR. equipment series N.. 34s, serially
4,
to 1941.
e' W7"
Maine Central SystemilMailltiatiko
Portland & Rumford Falls Ry. 1st 5s, 1951.
o'
vr
ATLANTIC COUNTY (P. 0. Atlantic City), N. J.
-BOND SALE.
The following 5% coupon or registered bonds, aggregating 542.000. offered
on Nov.5-V.123. p.2161-were awarded to Stephens & Co. of New York.
522.000 road improvement bonds at a premium of $276, equal to
101.25. a
basis of about 4.69%. Date Oct. 1 1926. Due Oct. 1 as follows:
55.000, 1928 and 1929, and $6.000, 1930 and 1931.
20,000 road improvement bonds at a premium of $257. equal to 101.28.
a basis of about 4.60%. Date Nov. 1 1926. Due $5,000,
Nov. I
1928 to 1931. incl.
am
Montana (State of).--Voters Approve Act to Repeal
Prohibition Laws of the State.
-The electorate of the State
of Montana voted favorably on the following two measures
submitted to them at the election held on Nov. 2:
Initiative No. 30 being an Act to repeal the present prohibition laws
the State of Montana, and Initiative No. 31 being an Act to provide of
a
-cent gasoline tax for the benefit of good roads in Montana.
3
The two following measures were rejected:7401440 WW1
00.
Referendum No. 29. being an Act to assess a 5
-mill levy for the benefit
of schools, and Chapter 91, proposed Constitutional amendment relative
to hail insurance. The official returns are not available as yet.
Texas (State of).
-Several Bond Validation Bills Vetoed by
Governor.
-Governor Ferguson has vetoed the following bond
validation bills passed by the last session of the Legislature,
due to the Speaker of the House failing to sign the bills before
adjournment. The bills vetoed were: Fort Bend County
Road District No. 9; Hill County Road District No. 4; San
Patricio County Road District Nos. 2, 4 and 6; Van Zandt
County Road District No. 1, and Wilbarger County Road
District No. 4.
BOND PROPOSALS AND NEGOTIATIONS
this week have been as follows:
ABERDEEN, Moore County, No. Caro.
-BOND SALE.
-The $50,000
graded coupon school bonds offered on Nov. 10-V. 123, p. 2292-were
AUSTIN, Travis County, Tex.
-BOND OFFERING.
-S. W. Mabry',..
Director of Finance, will receive sealed bids until Nov.
3
44% school bonds. Due serially July 1 1927 to 1956,15 for $150.000
incl. :Separate
bids may be submitted for a part of the issue amounting to 575.000 and
maturing July 1 1947. A certified check for $1.500, required.
These are
the bonds mentioned in -V. 123. p. 2423.
AUSTIN INDEPENDENT SCHOOL DISTROCT, Travis County,
-The State Board of Education has purchased an
Tex.
-BOND SALE.
Issue of $45,200 school bonds at par.
BACON SCHOOL DISTRICT (P. 0. Alma), Bacon County,
Ga.BONDS NOT SOLD.
-The 36,000 5% school bonds offered on
V. 123. D. 2162
-have not been sold. J. T. Altman, CountyNov. 1Superintendent of Board of Education.
•
BAXTER SPRINGS, Cherokee County, Kan.
-BONDS REGIS
TERED.-The State Auditor of Kansas registered during
the month of
May an issue of $30.000 43.4% city hall bonds.
BEACHWOOD VILLAGE SCHOOL DISTRICT (P. 0. Beachwood)
,
Cuyahoga County, Ohio.
-BONDS VOTED.
-At the election held on
Nov. 2-V. 123, p. 1785
-the voters authorized the issuance of $150,000
school building bonds.
BEAVER TOWNSHIP INDEPENDENT SCHOOL DISTRICT NO. 5
(P. 0. Grundy Center), Grundy County, Iowa.-BOND OFFERING.
Joseph Schuck, Secretary Board of Directors, will receive sealed bids until
5 p. m. Nov. 15 for $3.900 school bonds. Legal opinion
to be furnished
by purchaser.
BELLAIRE, Belmont County Ohlo.-BOND
'
,
-The $7.670
5;4% street impt. bonds offered on Oct. 25-V. 123. p.SALE.
-were award
1905
to W. L. Slayton & Co. of Toledo at a premium of $228 50. equal to 102.97.
a basis of about 4.83%. Date July 11926. Due $400, May 1 and Nov 1
1927 to 1935 incl.
1
Nov. 13 1926.]
THE CHRONICLE
2549
CALCASIEU PARISH GRAVITY DRAINAGE DISTRICT NO. 2
BELLINGHAM, Whatcom Couniy, Wash.-BOND.SALE.-The
-BOND SALE.
-The 5260.000 5% drainage bonds
following five issues of local improvement bonds, aggregating $22,300, were (P. 0. Vinton), La.
offered on Oct. 18-V. 123. p. 1531-were awarded to Howard Kenyon of
purchased by the contractors as follows:
Houston at par. Date Oct. 1 1926. Due Oct. 1 1951.
To C. G. Burnet & Co.:
$10,000 District No. 817 improvement bonds.
-BOND OFFERING.
CANAL FULTON, Stark County, Ohio.
3,800 District No. 839 improvement bonds.
C. E. Gainey, Village Clerk, will receive sealed bids until 12 m. Nov. 30
To Riddle & Watkins:
for $12,585,83 55' street 'rapt. bonds. Date Jan. I 1927. Denom.
• $3,800 District No. 829 improvement bonds.
$630. except one for $615 83. Due Jan. 1 as follows: $1,245 83, 1928
500 District No.846 improvement bonds.
and $1,260, 1929 to 1937 incl. Prin. and semi-ann. hit, payable at the
To J. Licle & Son:
Exchange Bank Co., Canal Fulton.
$4,200 District No.834 improvement bonds.
Denom. $100.
-Samuel
-BOND OFFERING.
CANTON, Stark County., Ohio.
p. m. Nov. 29 for
BENNET, Lancaster County, Neb.-BOND SALE.
-The State of Barr, City Auditor, will receive sealed bids until 12:30
bonds aggregat5%
Nebraska purchased during the month of September an issue of $5,300 the following 55: coupon special assessment improvement
5
43 % water bonds. Date Sept. 1 1926. Due Sept. 1 1946, optional 1931. ing $146,238
,
$81,277 30 Belden Ave. bonds. Date Sept. 1 1926. Denom. *1,000, exBENTONVILLE INDEPENDENT SCHOOL DISTRICT, Jim Wells
cept one for $1,277 30. Due Sept. 1 as follows: $9,277 30.
County, Texas.
1928, and $9,000. 1929 to 1936 incl.
-BONDS REGISTERED.
-An issue of $20,000 5% school
bonds was registered on Nov. 1 by the State Comptroller of Texas. Due
7.858 13 Carnahan Ave. bonds. Date Sept. 1 1926. Denom. 81,000.
serially.
$750 and one for $858 13. Due Sept. 1 as follows: $858 13.
1928; $1,000, 1929;$750, 1930:$1,000, 1931:$750,1932; $1,000.
BERTIE COUNTY (P.O. Windsor), No.Caro.
-BOND OFFERING.
1933; $750. 1934; $1,000, 1935, and $750. 1936.
S. W. Kenney, Register of Deeds, will receive sealed bids until 1 p. m.
32.935 51 Smith Ave. bonds. Date Aug. 1 1926. Denom. $1.000, exDec. 8 for $50,000 6% coupon Windsor Township railroad bonds. Date
cept one for $935 51. Due Aug. 1 as follows: 82,935 51, 1929;
Dec. 1 1926. Denom. $1,000. Due Dec. 1 as follows: $2,000, 1928 to
$4.000, 1930 to 1935 incl., and.3,000. 1936 and 1937.
1937. inclusive, and $3,000, 1938 to 1947. inclusive. Principal and interest
21,975 77 Dewalt Ave. bonds. Date July 1 1926. Denom. 51,000 and
(J. & D.) payable at the Chase National Bank, New York City. The bonds
$500,except one for $975 77. Due Sept. 1 as follows: $2,975 77.
will be delivered at a place designated by purchaser. Purchaser to
1928; $2.500, 1929 to 1934 incl., and $2,000, 1935 and 1936.
furnish the blank bonds and legal opinion. A certified check, payable to
2,191 84 Downing Court bonds. Date July 1 1926. Denom. $500, exthe Chairman Board of Commissioners, for 2% of the amount offered,
cept one for $191 84. Due Sept. 1 as follows: $191 84, 1928.
required.
and $500, 1929 to 1932 incl.
Prin. and int. payable at the office of the City Treasurer. Successful
BERTRAND, Phelps County, Neb.-BOND SALE.
-The State of
Nebraska purchased during the month of July an issue of $16,500 4 % bidder to print the bonds at his own expense. A certified check for 5% of
the amount of bonds bid for is required.
refunding bonds. Date July 1 1926. Due July 1 1946, optional 1927.
BLACKFORD COUNTY (P. 0. Hartford City), Ind.
-BOND SALE.
-The $9,587 85 6% drainage bonds offered on Nov. 5-V. 123, p. 2162
were awarded to the Fletcher American Co. of Indianapolis at a premium
of $13, equal to 100.13. a basis of about 5.96%. Date June 1 1926. Due
June 1 as follows: $1,587 85, 1927, and $2,000. 1928 to 1931 incl.
BLACKSBURG, Cherokee County, So. Caro.
-BOND SALE.
5,11. Hilsman & Co. of Atlanta have purchased an issue of $30,000 53(%
street impt. bonds at 100.33. a basis of about 5.73%. Dated Oct. 1 1926.
Due *3.000, Oct. 1 1937 to 1946 incl. Principal and int.(A. & 0.) payable
at the National Park Bank, New York City. Legality approved by I. N.
Nathans, Charleston.
Financial Statement.
Actual values
*3.500.000
Assessed values. 1925
487,359
Total bonded debt (including this issue)
$171,000
Less water and light bonds
$61,900
Less sinking fund
8.710
70,610
Net debt
100.390
Population, 1920 Census, 1,512.
This supersedes the report given in V. 123, p. 2292.
CANTON TOWNSHIP SCHOOL DISTRICT (P. 0. Washington),
-A.L. Farrar. Secretary
-BOND OFFERING.
Washington County, Pa.
Board ofDirectors, will receive sealed bids until 3 p. m.Nov.22 for $16.000
5% school bonds. Date Nov. 1 1926. Denom. $1,000. Due 51,000
Nov. 1 1928 to 1943, inclusive. A certified check for $250. payable to
J. W. McNulty, District Treasurer, is required.
-At an
-BONDS VOTED.
CEDAR COUNTY (P. 0. Tipton), Iowa.
election held on Nov. 2 the voters authorized the issuance of 81.229.000
road bonds by a majority of 4,218.
-The Chariton
-BOND SALE.
CHARITON, Lucas County, Iowa.
issue
& Lucas County National Bank of Chariton purchased on Oct. 19 an equal
of $5,500
% coupon fire equipment bonds at a premium of 5102,
Due serially, 1929 to
to 101.85. Date Sept. 1 1926. Denom. 51.000.
1935 incl. Int. payable M. & N.
-J. M'
-BOND OFFERING.
CLEARWATER Pinellas County, Fla.
Gilmore, City Auditor, will receive sealed bids until 7.30 p. m. Nov. 15
Due serially in
for 8500,000 6% improvement bonds. Denom. $1,000.
1 to 10 years. These bonds represent all street improvement bonds to
be issued for a period of 1 year from this date, and will be issued in amounts
approved for payment. Principal and interest payable in gold. A certified
0
BLACKSBURG, Cherokee County, So. Caro.
check for 27 a the amount of bonds bid for required. Legality approved
-BOND SALE.
-J. H.
r
Tinsman & Co. of Atlanta, have purchased an issue of $10,000 5% school by Storey. Thorndike, Palmer & Dodge of Boston.
bonds at a premium of $100, equal to 101.
-A. B.
-BOND SALE.
Pa.
CLIFTON HEIGHTS, Delaware County,
local impt.
BLOOMFIELD, Essex County, N. J.
-BOND OFFERING.
-T. Cory Leach & Co. of Philadelphia have purchased an issue of $20.000
Johnson, Town Clerk, will receive sealed bids until 8 p. m. Nov. 22 for bonds. Due $5,000. July 1 1931, 1936, 1941 and 1946.
an issue of 4)4% coupon or registered temporary impt. bonds not to exceed
-BOND SALR.-The Brown$634,000, no more bonds to be awarded than will produce a premium of
CLYDE, Callahan County, Tex.
$1„000 over $634,000. Date Dec. 1 1926. Denom. $1,000. Due Dec. 1 Crummer Co. of Wichita has purchased the following two lame of 6%
1932. Frin. and int. (J. & D.) payable at the Bloomfield Trust Co., bonds aggregating *60,000 at 96.40:
Bloomfield. Legality approved by Thomson, Wood & Hoffman, N. Y. 630,000 water works bonds.
City. A certified check for 2% of the bonds bid for, payable to Raymond
30.000 sewer bonds.
Edgerley, Town Treasurer, is required.
-BONDS REGISCOFFEYVILLE, Montgomery County, Kan.
BOLIVAR, Allegheny County, N. Y.
-BOND OFFERING.
TERED.
-An issue of 836.000 4 % refunding water works bonds was regisL. Wilber, Village Clerk, will receive sealed bids until 8 p. m. -Harry tered by the State Auditor of Kansas during the month of April.
Nov. 15
for $13,000 5% coupon or registered street impt. bonds. Date July 1
1926. Denom. $1,000 and $300. Due $1,300 July 1 1927 to 1936 incl.
-Harry
-NOTE OFFERING.
COLUMBUS, Franklin County, Ohio.
Prin. and int. (J. & J.) payable at the State Bank of Bolivar in New York H.Turner, City Clerk, will receive sealed bids until 7 p. m.(Eastern standexchange. Legality approved by Clay & Dillon, N. Y. City. A certified ard time) Nov. 15 for $280,000 promissory notes. Date Dec. 1 1926.
check for $500 is required.
Denom.$5,000. Due June 1 1928. A certified check for 19' of the amount
of notes bid for, payable to the City Treasurer, is required.
BOONE COUNTY (P. 0. Lebanon), Ind.
SALE.
-The three
-BOND
-An
issues of 434% coupon bonds offered on Oct. 26 (V. 123, p.2162) were
-BONDS REGISTERED.
CONCORDIA, Cloud County, Kan.
awarded to Breed. Elliott &Harrison of Cincinnati as follows:
issue of $10,000 4%% park impt. bonds was registered during the month
$18.000 Jackson Township road bonds at a premium of $290 25, equal to of May by the State Auditor of Kansas.
101.61. a basis of about 4.18%. Due $900 May and Nov. 15 1928
to 1937, inclusive.
COOS COUNTY SCHOOL DISTRICT NO, 66 (P. 0. Lakeside),
16.600 Marion & Union Townships road bonds at a premium of $259 40. Ore.
-P. W. Lerner, District Clerk, will receive
-BOND OFFERING.
equal to 101.56-a basis of about 4.23%. Due $830 May and sealed bids until 8 p. m. Nov. 13 (to-day) for $5,000 6% school bonds.
Nov. 15, 1928 to 1937, inclusive.
Dated Nov. 1 1926. Due $1,000. Nov. 1 1929 to 1933 incl. A certified
15.000 Marion Township road bonds at a premium of $234 40, equal to check for 5% of the amount of bonds offered required. Legality to be
101.56-a basis of about 4.23%. Due $750 May and Nov. 15 approved by Teal, Winfree & Johnson & McCulloch of Portland.
1928 to 1937. inclusive.
Date Oct. 5 1926.
-The following
-BOND SALE.
COWETA, Wagoner County, Okla.
three issues of bonds aggregating $71,000 were awarded as follows:
BRECKSVILLE SCHOOL DISTRICT (P.O. Brecksville), Cuyahoga
To the Piersol Bond Co. of Oklahoma City:
County, Ohio.
-BOND SALE.
-The $5,000 6% school bonds offered on $25.000 sewer bonds as 534s•
Nov. 4-V. 123. p. 2022
-were awarded to the State Teachers Retriement
25.000 sewer bonds as 5 Xs.
System at a premium of $149, equal to 102.98, a basis of about 4.90%•
To the Sinking Fund:
Date Oct. 1 1926. Due $1,000 Oct. 1 1927 to 1931 inclusive.
$21,000 water extension bonds as 5s at par.
BRONXVILLE. Westchester County, N. Y.
-BOND OFFERING.-Eaton &
-NOTE SALE.
CItANSTON, Providence County, R. I.
Jerry C. Leary, VMage Clerk, will receive sealed bids until 7:30 p. m.
notes on a
Dec. 7 for 310,000
% street impt. bonds. Date Dec. 1 1926. Due Howard of Boston were awarded on Nov. 9 $225,000 school
$1,000 Dec. 1 1927 to 1936 incl. Legality approved by Thomson, Wood 3.965% discount basis. Due May 10 1927.
& Hoffman, N. Y. City. A certified check for 2% of the par value of the
-The
-INTEREST RATE.
bonds bid for is required.
CROTON, Westchester County, N. Y.
$15,000 street improvement bonds purchased on Sept. 21 by the Sunswick
-bear interest at the rate of 434%.
BROWN COUNTY RURAL HIGH SCHOOL DISTRICT NO.
Corp. at 100.25-V. 123, p. 2293
(P. 0. Hiawatha), Kan.
-BONDS REGISTERED.
-The State Auditor of
Kansas registered during the month of May an issue of $50,000 4'X %
CROW CREEK IRRIGATION DISTRICT (P. 0. Radersburg),
-The E30.000 6% refunding
school bonds.
-BOND SALE.
Broadwater County, Mont.
-were awarded to
irri6atlon bonds offered on May 17-V. 123, p. 2844
BURGAW SPECIAL TAX SCHOOL DISTRICT (P. 0. Brugaw), 0. M. Pierce of Portland.
Ponder County, No Caro.
-BOND OFFERING.
-T. T. Murphy, SuperBOND SALE.
-An issue of $72,000 debenture certificates was also purintendent Board of Education, will receive sealed bids until 11 a. m. Nov. 22
for $50.000 53:1% school bonds. Date Nov. 15 1926. Denom. $1,000. chased by the above Company.
Due Nov. 15 as follows: $1,000, 1927 to1936, inclusive, and $2.000. 1937 to
DearDEARBORN TOWNSHIP SCHOOL DISTRICT NO. 7 (P. 0. school
1956, inclusive. Principal and interest (M. & N. 15) payable at the
-The $200,000
-BOND SALE.
Hanover National Bank, New York City. The bonds will be prepared born), Wayne County, Mich.
awarded to the First
-were
under the supervision of the United States Mortgage & Trust Co., ew bonds offered on Nov. 4-V. 123. p. 2162
jointly. as Ois
York City, which will certify as to the genuineness of the signatures'of the National Co. and the Security Trust Co., both of Detroit.
Date Jan. 2
officials and seal impressed thereon. A certified check for 2% of the bid, at a premium of $65, equal to 100.03. a basis of about 4.49%.
812,000 1930 to
payable to the county, required. Legality to be approved by Caldwell & 1927. Due Jan. 2 as follows: $10,000 1928 and 1929,
1933,incl.; $15,000 1934 to 1937, incl.; $30,000 1938 and 1939. and 812.000
Raymond, New York City.
1940.
Financial Statement.
Assessed valuation 1925
-BOND SALE.-Benwell & Co., o
DE BEQUE, Mesa County, Colo,
S2.259,137
Estimated actual valuation
% refunding water bonds.
3.000,000 Colorado Springs, have purchased 520,000
Total bonded indebtedness, including this issue
Date May 11927. Due $500. 1929 to 1952, inclusive, and $1,000, 1953 to
50.000
debt
Floating
None 1962. inclusive.
Area of district, 80 square miles; population, 3,062.
DEPTFORD TOWNSHIP SCHOOL DISTRICT (P. 0. Woodbury
-The following two
-BOND SALE.
BURLINGTON COUNTY (P. 0. Mt. Holly) 'N. J.
-BOND OFFER- Heights) Gloucester County, N. J.
Adams, Clerk Board of Chosen Freeholders, will receive issues of 4j% bonds, aggregating $65,000, were purchased by the State
ING.-Altonza
sealed bids until 11 a. m. Nov. 26 for an issue of 5% coupon or registered at par:
refunding bonds not to exceed $120,000, no more bonds to be awarded $45.000 school bonds. DueUuly 1 as follows: $2,000. 1927 to 1941, incl..
and $3,000. 1942 to 1946, incl.
than will produce a premium of $1,000 over $120,000. Date Dec. 30
20,000 school bonds. Due $2,000. 1927 to 1936. incl.
1926. Denom. $1,000. Due $40,000 Dec. 30 1927 to 1929 incl. Prin.
and int. (J. & D.) payable at the Union National Bank of Mt. Holly.
-The Farmers Bank of Dover
-BOND SALE.
DELAWARE (State of).
The bonds will be prepared under the supervision of the Union National
Bank, Mt. Holly. A certified check for 2% of the bonds bid for, payable was awarded on Nov. 5 $250,000 4% coupon highway bonds of the total
-at 99.501, a. bast
-V. 123. p. 2293
issue of $600,000 offered on that date
to the Board of Chosen Freeholders, is required.'
2550
THE CHRONICLE
[Wu 123.
of about 4.03%. The remaining $350,000 were reserved for investment by
100,000 park series No. 48. Due July 1 as follows: 32,000, 1931 to 1938,
the State Sinking Fund. Date Jan. 1 1926. Due Jan. 11966. Redeemincl , and 33.000, 1939 to 1966, incl.
able at 105 on any interest date after Jan. 1 1927 upon due legal notice. _
70,000 recreation series No.49. Due July 1 as follows: $1,000. 1931 and
Following is a list of other_bidders:j
1932 and 32,000, 1933 to 1966, incl.
'
Bidder- {14
Date July 11926. Principal and int.(J.& J.) payable at the fiscal agency
Rate Bid.
W. A. Harriman & Co.,Inc., and Kean, Taylor & Co., Inc
of Fort Worth in New York City. Legalltrapproved by Reed, Dougherty.
98.779
Guaranty Co. of New York and Bankers Trust Co
96.86991 St Hoyt, New York City. The remaining issue of $500,000
% water
Eldredge & Co
and sanitary sewer bonds, series No. 45 has not been sold. These are the
97.341
Pulleyn & Co
bonds offered on July 20-V. 123, p. 231-at which time all bids were
98.81
The National City Co
rejected.
97.439
Redmond & Co. and Phelps, Fenn & Co
98.639
Hoffman & Co.and J. A. de Camp & Co
98.3325
FORT WORTH INDEPENDENT SCHOOL DISTRICT, Tarrant
Harris, Forbes Az Co.and Laird, Bissell & Meeds
96.819
County, Tex.
-BOND ELECTION.
-An election will be held on Dec. 4
Rufus Waples & Co. and Rutter Sc Co
98.333
for the purpose of voting on the question of issuing $750,000 school bonds.
Geo. B. Gibbons & Co., Inc
96.3942
DETOUR (P. 0. Sault Sainte Marie), Chippewa County, Mich.
BONDS VOTED.
-At the election held on Nov. 2 the voters authorized
the issuance of $9,000 lighting and power plant bonds by a count of 242
for to 15 against.
DONIPHAN COUNTY RURAL HIGH SCHOOL DISTRICT NO. 7
(P. 0. Troy), Kan.
-BONDS REGISTERED.
-An issue of $95.000 4
school bonds was registered by the State Auditor of Kansas duringSi%
the
month of May.
DONNA SCHOOL DISTRICT, Hidalgo County. Texas.
-CORRECTION.
-We are informed by J. E. Rice, Secretary Board of Education,
that the reported sale of 150.000 5% school bonds to Taylor, Ewart & Co.
of Chicago
-V. 123. p• 2424---is erroneous.
,
DULUTH, St. Louis County, Minn.
-At an
-BONDS VOTED.
election held on Nov. 2 the voters authorized the issuance of $500,000
municipal improvement bonds by a count of 14,582 for to 7,427 against.
EAST CHICAGO, Lake County,Ind.
,
-BOND SALE.
-The $150,000
% refunding bonds offered on Nov. 8-V. 123, p. 2293-were awarded
to the)Merchants National Bank of Indianapolis at a premium of $2,250.
equal to 101.50, a basis of about 4.19%. Date Nov. 1 1926. Due $15,000
Nov. 1 1927 to 1936, incl.
LK1AR-1 ..W)UNTY (P. 0.Goslie
.--'
tLE -The
-r77 1=-BOND
% road bonds offered on Oct.27-V.123,p. 1905
$6,400
-were awarded
to J. F. Wild & Co. of Indianapolis at a premium of$82 50, equal to 101.28,
a basis of about 4.26%. Date Oct. 15 1926. Due $320, May and Nov. 1
1928.„to 1937, incl.
GOODLAND, Sherman County, Kan.
-BONDS REGISTERED.
The State Auditor of Kansas registered an issue of $122,051 25 5% Paving
bonds during the month of April.
GREENBURGH.HARTSDALE SEWER DISTRICT (P. 0. Tarrytown), Westchester County, N. Y.
-BOND SALE.
-The 379,000 4%%
coupon or registered sewer, series No. 2 bonds offered on Sept. 23-V. 123.
-were awarded to the Hartsdale National Bank at 103.517. a
p. 1533
basis of about 4.22%. Date Sept. 1 1926. Due Sept. 1 as follows: $3,000,
1931 to 1955, incl., and $4,000, 1956.
GREENE COUNTY (P. 0. Catskill), N. Y.
-BOND SALE.
-The
1380.000 coupon highway bonds offered on Nov.9-V. 123. p. 2425
-were
awarded to Pulleyn Az Co. and Redmond & Co., both of New York, jointly,
as 4.20s, at 100.37, a basis of about 4.17%. Date Oct. 1 1926. Due
April 1 as follows: $5,000, 1928 to 1934. incl., 110,000. 1935 to 1942. incl.,
320.000, 1943 to 1949. incl., and $25,000, 1950 to 1954, incl.
HAMILTON. Butler County, Ohio.
-BOND SALE.
-The $3,254 6%
Tiffin Ave. Impt. bonds offered on Nov.4-V. 123, p. 2163
-were awarded
to A. E. Aub & Co. of Cincinnati at a premium of $166. equal to 105.10,
a basis of about 4.89%. Date Oct. 1 1926. Due $325 48, Oct. 1 1927
to 1936 incl.
HAMPTON TOWNSHIP SCHOOL DISTRICT NO. S (P. 0. Essexville) Bay County, Mich.
-BOND OFFERING.
-Sealed bids will be
received until 8 p. m. Nov. 15 by the Secretary Board of Education for
3110.000 school bonds.
HANCOCK COUNTY(P.O.Bay St.Louis), Miss.
-BIDS REJECTED
-All bids received for the $500,000 534% seawall bonds offered on Oct. 6
-V. 123, p. 1661-were rejected.
ELLINWOOD SCHOOL DISTRICT NO. 2. Barton County'
Kan.
--BONDS REGISTERED.
HANCOCK COUNTY (P. 0. Findlay), Ohio.
-The State Auditor of Kansas registered
-BOND OFFERING.
during the month of May an issue of $107,000 4 X % school bonds.
0. R. Morehart. County Auditor, will receive sealed bids until 12 in.
(Eastern standard time) Dec. 4 for 192,500 5% Lincoln Highway I.C.H.
ELLIS AND RUSH COUNTY RURAL HIGH SCHOOL DISTRICT No. 512 bonds. Date Nov. 1 1926. Denom. $1,000, except one for $500.
NO. 1 (P. 0. Hays), Kan.
-BONDS REGISTERED.-The State Auditor Due Nov. 1 as follows: 110.500. 1928; $11,000, 1929 and 1930, and $10.000.
of Kansas registered an issue of 325,0005% building bonds during the month 1931 to 1936 incl. Legality approved by Squire, Sanders & Dempsey of
of April.
Cleveland. A certified check for $1.000 Is required.
ELM CITY GRADED SCHOOL DISTRICT, Wilson County, No.
-At an
HARLAN COUNTY (P. 0. Harlan), Ky.-BONDS VOTED.
Caro.
-BOND DESCRIPTION.
-The 340.000 5% school bonds awarded election held on Nov. 2 the voters authorized the issuance of $400,000 road
to Braun, Bosworth & Co. of Toledo at 101.40-V. 123, p. 2424-a basis bonds.
of about 4.88%. are described as follows: Dated Nov. 1 1926. Denom.
HARRIMAN,Roane County, Tenn.
-Russell, Suther-BOND SALE.
$1.000. Due $1,000, Nov. 1 1929 to 1955 incl.
land & Co. of Los Angeles have purchased an issue of 340,000 5% school
bonds. Dated
1 1926.
1 as follows:
EMPORIA, Lyon County, Kan.
-BONDS REGISTERED.
-The State 31.000. 1927 to July incl., and Denom. $1,000. Due JulyPrin. and hat.
1944
32.000 1945 to 1955 incl.
Auditor of Kansas registered an issue of $22,000 431% park bonds during
(J. & J.) payable at the National Park Bank, New York City.
the month of April.
HARLAN COUNTY (P.O. Harlan), Ky.-BOND OFFERING.
-W.G
ENGLEWOOD, Arapahoe County, Colo.
-BOND OFFERING.
- Smith, County Clerk, will receive sealed bids until Nov. 27 for $400,000
Lenora Fogle, City Clerk, will receive sealed bids until 8 p. m. Nov. 29 for road bonds.
the following 5%, 53 % and 6% bonds, aggregating $39,500:
HARLINGEN, Cameron County, Texas.
$44,500 Sidewalk District No. 2 bonds.
-BONDS REGISTERED.On Nov. 3 the following seven issues of bonds, aggregating $250,000, were
amoo street grading and improvement bonds.
Denom. 31.000 and $500. Due serially in 1 to 22 years. A certified registered by the State Comptroller of Texas:
check for $500 required. These are the bonds originally scheduled for 3150,000 534% street improvement bonds.
water-works bonds.
50,000 5
sale on Oct. 25-V. 123. p. 2025.
35,000 534% sewer improvement bonds.
5,000 534% sidewalk bonds.
ENGLEWOOD,Bergen County, N. J.
-The two 414%
-BOND SALE.
5,000 53.6% incinerator bonds.
Issues of bonds, aggregating $849,000. offered on Nov.9-V. 123, p. 2293
3.000 534% city hall and fire station bonds.
were awarded to Bennett & Palmer of New York as follows:
2.000 534% park improvement bonds.
(1518.000 offered) school bonds, paying $518,521 63, equal to
3509.000
Due serially.
101.87. a basis of about 4.35%. Due Nov. 1 as follows: $14.000.
1928 to 1949, incl.; $15,000, 1950 to 1962, incl.. and $9,000. 1963.
-BOND SALE.
-The $65,000
HARTSELLE, Morgan County., Ala.
1340.000 ($345.000 offered) improvement bonds, paying 3345,194, equal water and sewer bonds offered on June 7-V. 122, p. 3244-for which all
to 101.52, a basis of about 4.34%. Due Nov. 1 as follows: bids were rejected have been recently awarded as 5348 to Caldwell & Co.
10,000, 1928 to 1930, incl.: $15,000. 1931 to 1950, incl.land of Nashville. Due in 30 years.
110.000. 1951.14.
-BOND
HART TOWNSHIP (P. 0. Hart), Ocean County, Mich.
Date Nov. 1 1926.1
OFFERING.
-W.H. McFarland, Township Clerk, will receive sealed bids
until 2 p. M. Dec. 1 for 315,000 5% highway impt. bonds. Date Nov. 1
ENNIS, Ellis County, Texas.
-BONDS REGISTERED.
-The Ste
-Fe
Comptroller of Texas registered on Nov. 1 an issue of $38,000 434% sewer 1926. Denom. $1,000. Due 31.000 Nov. 1 1928 to 1942 incl. Purchaser
to have bonds printed and furnish legal opinion. Prin. and int.(M.& S.)
bonds. Due serially.e
payable at any bank or trust company purchaser may desire. A certified
EXETER SCHOOL DISTRICT (P. 0. Wilkes-Barre)1
'
. r7=•ne check for $300 is required.
.
-BOND OFFERING.
County, Pa.
-John Trusko, Secretary Board of
HEMPFIELD TOWNSHIP (P. 0. Greensburg), Westmoreland
Directors, will receive sealed bids until 8 p. m. Nov. 17 for $95,000 5% County, Pa.
-H.F. Baer, Secretary Board of
-BOND OFFERING.
school building bonds. Date Oct. 11926. Denom. $1,000. Due Oct. 1 visors will receive sealed bids until 11 a. m. Dec.8 at the office of SuperCrowell
as follows: $5,00041927 to 1935, incl., and $10,000. 1936 to 1940, incl.
& Whitehead, Bank & Trust Building, Greensburg, for $40,000 4 Ji% townInt.11A. 0.
ship bonds. Date Dec. 151926. Denom.$1,000. Due June 15 as follows:
$6,000, 1928;34.000, 1929 to 1933,incl.;$5.000, 1934 and 1935, and $4,000,
FAIRFIELD COUNTY (P. 0. Winnsboro), So. Caro.
-BOND 1936. A certified check for $500 payable to James P. Hudson, Township
OFFERING.
-H.H.Heyward, Chairman Highway Commission will receive Treasurer, Is required.
sealed bids until Nov. 15 for $285,000 road bonds. Denom. $1.000.
HEMPSTEAD SCHOOL DISTRICT, Waller County, Tex.
-BOND
FMK VIEW TOWNSHIP (P. 0. Erie) Erie County, Pa.
-H. C. Burt & Co. of Austin have purchased an issue of $15.000
-BOND SALE.
SALE.
-The 19,500 5% road bonds offered on Nov. 3-V. 123, p. 2293
- 6% school bonds.
were awarded to Prescott, Lyon & Co. of Pittsburgh at a premium of $195.
HENDERSON, Rusk County, Tex.
-BONDS REGISTERED.
equal to 102.05. a basis of about 4.79%. Date Nov. 11926. Du. Nov. 1
-The
State Comptroller of Texas registered on Nov. 1 an issue of $160,000 5%
as_follows: 31,500, 1936 and 310)0. 1937 to 1944, incl.
refunding bonds. Due serially.
FLINT UNION SCHOOL DISTRICT(P.O. Flint), Genesee County,
HENDERSONVILLE, Henderson County, No. Caro.
-BOND DE-BOND OFFERING.
Mich.
-J. W. McCue, Secretary Board of Trustees, SCRIPTION-The following two issues
of ,
1
will receive sealed bids until 11 a. m.(Eastern standard time) Nov. 24 for gating $350,000, purchased by Caldwell & 53 % coupon bonds, aggreCo. of Nashville
-V. 123, p•
3650,000 434% coupon school bonds. Denom. $1,000. Due March 1 as 2425
-at 100.16, are described as follows:
follows: 3100.000. 1928 and 1929; 150.000, 1930 to 1935, inclusive, and
$75,000. 1936 and 1937. Principal and interest (M. & S.) payable at the $200,000 street improvement bonds.
150.000 water and sewer bonds.
District Treasurer's office. Legality to be approved by Wood & Oakley,
of Chicago. A certified check for $5,000 is required.
Date Oct. 1 1926. Denom. $1.000. Due serially, Oct. 1 1929 to
1956. Incl. Int. payable A. & 0.
Financial Statement.
Bonded debt (Including this issue)
HIGHLAND INDEPENDENT SCHOOL DISTRICT, Dallas County,
$7844,400
Assessed valuation. 1926
-BONDS REGISTERED.
-On Nov. 1 the State Comptroller of
164.169.950 Tex.
School tax rate (per 31,000) 1926
14 42 Texas registered an Issue of 824,000 5% school bonds. Due serially.
...ORD COUNTY (P. 0. Dodge City) Kan.-BONDS DEFEATED.At an election held on Nov. 2 the proposition of issuing 3000,000 highway
bonds failed to carry by a ratio of 2 to 1.
HILLSBOROUGH COUNTY SPECIAL TAX SCHOOL DISTRICT
NO. 91 (P. 0. Tampa), Fla.
-BOND OFFERING.
-W. D. F. Snipes,
Secretary of Board of Public Instruction, will receive sealed bids until
11 a. In. Dec. 9 for 3100,000 6% school bonds. Date March 1 1926.
Denom. 31.000. Due March 1 as follows: $3.000. 1928 to 1942 incl.:
94,000. 1943 to 1947 incl., and $5,000. 1948 to 1954 Incl. Prin. and int.
(M.& S.) payable at the U. S. Mtge.& Trust Co., N.Y. City. A certified
check for 2% of the bid required. Those are the bonds scheduled for sale
on Nov. 4 (V. 123. p. 2024).
FORT VALLEY CONSOLIDATED SCHOOL DISTRICT, Houston
-Sealed bids will be received by the
County, Ga.-BOND OFFERING.
Clerk Board of Trustees until 11 a. m. Nov.30 for $180,000 5% school bond.
Dated Jan. 1 1927. Denom. 31,000. Due Jan. 1 as follows: 33,000.
1928 to 1932 incl.; $4,000, 1933 to 1937 incl.; 35.000, 1938 to 1942 incl.;
36,000. 1943 to 1946 incl.:$7,000. 1947 and 1948: 18.000, 1949 to 1951 incl.:
HILLSBOROUGH COUNTY
99.000. 1952 and 1953, and 310.000, 1954 to 1957 incl. Principal and int: NO. 60 (P. 0. Tampa), Fla. SPECIAL TAX SCHOOL DISTRICT
-BOND OFFERING..
-W. D. F. Snipes,
(Jan. 1) payable at any bank in Fort Valley. All expenses to be paid by Secretary Board of Public Instruction,
will receive sealed bids until 11 a. in.
purchaser. A certified check for $3,000 required.
Dec. 2 for $25,000 6% coupon or registered school bonds. Date Oct. 1
1926. Denom. $1,000. Due $1,000 Oct.
Principal
FORT WORTH, Tarrant County, Tex.
-The follow- and int. (A. & O.) Payable at the United 1 1929 to 1953, incl.Trust Co..
-BOND SALE.
States Mortgage &
ing three issues of 434% bonds, aggregating $670,000 have recently been New York City. A certified check for 2% of the bid, required.
disposed of:
3500,000 street impt. series No. 46. Due July 1 as follows: $13,000, 1931
HOLMES COUNTY (P.O. Millersburg), Ohio.
-BOND OFFERING.
to 1934, incl. and $14,000, 1935 to 1966, incl.
T D. Glasge, County Auditor, will receive sealed ids until 1 p. m. Nov. 20
Nov. 13 1926.]
THE CHRONICTLE
2551
-The
-BOND SALE.
Tippecanoe County, Ind.
LAFAYETTE
for $37,350 5% road bonds. Due $3,735, March and Sept. 1 1927 to 1931
incl. A certified check for 5% of bid, payable to the County Auditor, $52,000 434% municipal parking ground bonds offered on Nov.8-V. 123.
-were awarded to Breed, Elliott & Harrison of Cincinnati at a
is required.
p. 2294
premium of $953.68, equal to 101.83, a basis of about 4.18%. Due Jan. 1
HOPE SCHOOL DISTRICT, Santa Barbara County, Calif.
- as follows: $5,000, 1929 to 1932. incl., $6,000, 1933; $5,000, 1934 to 1937.
-The Freeman, Smith & Camp Co. of San Francisco has incl., and $6,000, 1938.
BOND SALE.
purchased an issue of $36,000 534% school bonds at a premuim of $1,229,
equal to 103.41. The assessed valuation of the district is $802,590.
LAFAYETTE PARISH VATICAN GRAVITY DRAINAGE DIS-G. J.
-BOND OFFERING.
TRICT NO. S (P. 0. Lafayette), La.
HORACE, Greeley County, Kan.
-BONDS REGISTERED.
-The Melchotr, President Board of Commissioners, will receive sealed bids until
State Auditor of Kansas registered during the month of May an issue of Nov. 18 for $20,000 6% drainage bonds. Denom. $500.
$15.000 5% electric light bonds.
-J. H.
-BOND SALE.
LAKE CITY, Florence County, So. Caro.
HORTON. Brown County, Kan.
-BONDS REGISTERED.
-An issue Ullman & Co. of Atlanta, have purchased an issue of $24,700 69' paving
of $145.561 27 43i% paving bonds was registered during the month of April bonds. Date Oct. 151926. Denom.$1,000 and $100. Due $1,300 Oct. 15
by the State Auditor of Kansas.
1927 to 1945, inclusive. Principal and interest (A. & 0.) payable at the
National City Bank, New York City. Legality approved by Nathana
HUMESTON, Wayne County, Iowa.
-BOND SALE.-Geo. M. Bech- & Williams of Charleston.
tel & Co. of Davenport recently purchased an issue of $8,500 sewage disFinancial Statement.
posal plant bonds.
$5.000,000
Actual values
777,000
Assessed values 1926
HUNTSVILLE, Madison County, Ala.
-PRICE PAID.
-The price Total bonded debt
$177,500
paid for the $224.000 6% public impt. bonds awarded to Caldwell & Co. Less water bonds
90,000
of Nashville
-V 123, p. 1906
-was 101: a basis of about 5.81%. Dated
July 15 1926. Due July 15 1936, optional as follows: $22,000 in 1927 and Net debt
87,500
1928, $23,000 in 1929. $22,000 In 1930, $23,000 in 1931, $22,000 in 1932 Population (estimated)
3.000
and 1933. $23.000 in 1934. $22,000 in 1935 and $23.000 in 1936.
-The Brown-BOND SALE.
LAKE COUNTY (P. 0. Tavares), Fla.
INDEPENDENCE, Montgomery. County, Kan.
-BONDS REGIS- Crummer Co. of Wichita has purchased an issue of $30.000 6% school
TERED.
-An issue of $13,385 63 43 % paving bonds was registered during building bonds. Due serially 1929 to 1956, incl.
A
the month of May by the State Auditor of Kansas.
-The
-BOND SALE.
LAKE COUNTY (P. 0. Crown Point), Ind.
BONDS REGISTERED.
-The State Auditor of Kansas registered during
2 issues of coupon bonds, aggregating $48.000. offered on Nov. 10-V.
the month of April $9,215 64 4 % sewer bonds
-were awarded to the First National Bank of Crown Pointlas
123, p. 2294
IRONDEQUOIT NORTH ST. PAUL SEWER DISTRICT (P. 0. follows:
Rochester)Monroe County,N. Y.
-BOND SALE.
-Kean,Taylor & Co.. $20,000 4;4% Hobart Twp. gravel road bonds at a premium of $300, equal
to 101.50, a basis of about 4.19%. Date Oct. 15 1926. Due $1,000
and Pulleyn & Co., both of New York, jointly, purchased on Nov. 8 an
May and Nov. 15 1927 to 1936, incl.
Issue of $348,000 5% sewer bonds at 105.54. a basis of about 4.51%. Date
28,000 5% St. John Twp. gravel road bonds at a premium of $1.005,
Nov. 1 1926. Denom. $1,000. Due Nov. 1 as follows: 312,000, 1931 and
equal to 103.58. a basis of about 4.249'. Date Aug. 15 1926.
$14,000, 1932 to 1955, incl. Prin. and semi-annual int. payable at the
Due $700 May and Nov. 15 1927 to 1936, incl.
Union Trust Co., Rochester or at the Bankers Trust Co., New York, at
option of holder. Legality approved by Reed, Dougherty, Hoyt & WashL4KE COUNTY SPECIAL ROAD AND BRIDGE DISTRICTS
burn, New York.
-The following two
-BOND SALE.
NOS.8 AND 9(P. 0. Tavares), Fla.
IRVING INDEPENDENT SCHOOL DISTRICT, Dallas County, Issues of 6% bonds, aggregating $450,000 offered on Nov. 1-V. 123, p.
-were awarded to Wright, Warlow & Co. of Orlando at 95, a bads
-BONDS REGISTERED.
Tex.
-The State Comptroller of Texas registered 1787
of about 6.91%:
on Nov. 5 an issue of $7,500 6% school bonds. Due serially.
$250,000 Special Road and Bridge District No. 9 bonds. Due $125,000
ISLIP, Suffolk County, N. Y.
July 1 1931 and 1936.
-BOND SALE.
-The $45,000 5% coupon town bonds offered on Nov. 5-V. 123, p. 2293
200,000 Special Road and Bridge District No. 8 bonds. Due $100,000
-were awarded to
Sherwood SE Merrifield of New York at 103.07. a basis of about 4.39%•
July 1 1931 and 1936.
Date Nov. 1 1926. Due $4,500, Jan. 1 1928 to 1937 incl.
Date July 1 1926.
JACKSON, Jackson County, Mich.
-MA TUR/TY.-The two issues
LAKEVIEW CONSOLIDATED SCHOOL DISTRICT (P. 0. Battle
of bonds, aggregating $199,000, awarded on Nov. 3 to Morris Mather & Creek) Calhoun County, Mich.
-The $80,000
-BOND SALE.
%
Co. of Chicago at 100.68-V. 123, p. 2425
-mature as follows:
school bonds offered on Nov. 8-V. 123, p. 2426
-were awarded to the
$100,000 general obligation bonds. Due serially 1929 to 1947, incl.
Detroit Trust Co. of Detroit at a premium of $1,938, equal to 102.42. a
99,000 special assessment bonds. Due serially 1927 to 1935, incl.
basis of about 4.56%. Date Nov. 15 1926. Due as follows: $2,000, 1931
to 1936, incl., $3,000, 1937 to 1947, incl., $4,000, 1948 to 1952, incl., and
JEANNETTE, Westmoreland County, Pa.
-BOND OFFERING.
- $5,000, 1953 to 1955, incl.
Samuel C. Sorber, Borough Solicitor, will receive sealed bids until 12 m.
Nov. 24 for $100.000 434% borough bonds. Date Nov. 11926. Denom.
LANCASTER, Fairfield County, Ohio.
-BOND SALE.
-The 810.31,000. Due Nov. 1 as follows: $5,000, 1929: $4.000. 1930: $5.000 in 1932, 393 81 59' Wyandotte St. paving special assessment bonds offeredlon
1934. 1936 and 1937; $4,000, 1938: 33,000. 1939: $5,000, 1940: $4,000. 1941 Nov. 8-V. 123, p. 2164
-were awarded to the Guardian Trust Co. of
and 1942: $5,000, 1943 to 1947 incl.' $6,000. 1948; $5,000. 1949; $8,000, Cleveland at a premium of $212, equal to 102.03, a basis of about 4.82%.
1950. and $7,000. 1951. A certified check for $1,000, payable to Charles Date Sept. 1 1926. Due Sept. 1 as follows: $1,393 61, 1928 and $1,000,
'
T. Myers, Borough Treasurer, is required.
1929 to 1937, incl.
JOHNSON COUNTY RURAL HIGH SCHOOL DISTRICT NO. 2
LANCASTER COUNTY (P. 0. Lancaster), So. Caro.
-NOTE SALE.
(p. 0. Olathe), Kan.
-BONDS REGISTERED.
-The State Auditor of -The Bank of Lancaster has purchased an issue of $100.000 5% notes at
Kansas registered during the month of April an issue of $30,000 431t% a premium of $1,240. equal to 101.24. These are the notes mentioned in
school bonds.
V. 123. p. 2165, at which time the amount offered was incorrectly reported
to be $50,000.
KANSAS (State of).
-BONDS REGISTERED.
-The State Auditor of
Kansas registered during the month of April the following seven issues of
LAREDO, Webb County, Texas.-BOIDS REGISTERED.
-The State
bonds aggregating $12,262 60:
Comptroller of Texas registered on Nov. 1 an issue of $42,000 6% school
bonds. Due serially.
NameAmount. Kind. Interest Rate.
Miami Consul. S. D. No.69
$3,000 00 school bonds
5%
-The $20.000
LAUREL,Prince George County, Md.-BOND SALE.
Ellis Consul. S. D. No.49
2,400 00 school bonds
5%
Arkansas
2 510 6 resewenr0binog s s 4U% 5% water works bonds offered on Nov.8-V. 123, p. 2294-were awarded
1:202 0
0 fu
57 to the Mercantile Trust Co. of Baltimore at 100.51.
Pawnee County
bonds
Osborne Consol. S. D. No. 70
1,400 00 schoolbonds
LEAVENWORTH, Leavenworth County, Kan.
-BONDS VOTED.
Iola
1.25000 street impt. bonds'
5
Norton Rural High School Dist. No. 2
500 00 school bonds
5% o At an election held on Nov.2 the voters authorized the issuance of $530.000
water bonds.
BONDS REGISTERED.
-The same State registered during the month
of May the following 5 issues of 5% school bonds aggregating $19,500:
-BOND
LEXINGTON COUNTY (P. 0. Lexington), So. Caro.
NameAmount. OFFERING.
-George S. Steele. Secretary Board of County Commissioners,
Ellis County School District No. 36
4,O0 will receive sealed bids until Nov. 29 for $3300,000 road bonds. Denom.
Ellis County School District No. 20
4,000 $1,000.
Ellis County School District No. 53
4.000
Sedgwick County School District No. 95
LOGAN COUNTY CONSOLIDATED SCHOOL DISTRICT NO. 4
3.500
Seward County School District No. 3
3,500 (P. 0. Russell Springs), Kan.
-BONDS REGISTERED.
-The State
Auditor of Kansas registered during the month of May an issue of $100,000
KANSAS CITY, Wyandotte County, Kan.
5% school bonds.
-BONDS VOTED.
At the election held on Nov.2 the voters authorized the issuance of
000 free bridge bonds by a count of 75,789 for to 21,422 against. 31,350,LOS ANGELES (City and County of), Calif.
-BONDS DEFEATED.
-At the election held on Nov. 2 the proposition of issuing the following
bonds, aggregating $48.500,000, failed to carry:
KELLOGG, Shoshone County, Idaho.
OFFERING.
-Sealed
bids will be received by the City Clerk until -BOND Nov. 19 for $50,000 $26,000,000 flood-control.
7:30 p. m.
not exceeding 6% sewer system bonds. Dated Nov. 1 1926. Denom.
8,000.000 parks and beaches.
$1,000. Due in 1946, optional 1936.
5,000,000 grade-crossing elimination.
5,000,000 additional civic centre lands.'
KENMORE, Summit County, Ohio.
2,500,000 fire-fighting equipment.
-The $11,500
-BOND
% coupon water works extension bonds offered SALE.
1.500,000 playgrounds.
on Nov.
-were awarded to A. E. Aub & Co. of Cincinnati at 2-V. 123,
p. 2024
300,000 corral sites.
a premium
of $246, equal to 102.13, a basis of about 4.59%. Date Oct. 11926. Due
200,000 garbage-loading stations.
Oct. 15 as follows: $2,000, 1927 to 1930 incl., and $3,500, 1931.
The flood-control issue needed only a majority, the rest requiring twothtrds.
KENNETT SQUARE, Chester County, Pa.
-BOND DESCRIPTION.
-The $100.000 431% impt. bonds awarded on Oct. 26 to Boenning & Co.
LUCCA SPECIAL SCHOOL DISTRICT NO. 85, Barnes County,.
(successors to Schibener, Boenning & Co.) of Philadelphia at 100.29-V.123. No. Dak.-BOND SALE.
Dakota during the month
p. 2425-a basis of about 4.47%, are described as follows: Date Nov. 1 of October purchased an -The State of North
issue of $6,000 5% school bonds at par. Date
1926. Denom. $500. Coupon bonds with privilege of registration as to Sept. 1 1926. Due Sept. 1 1946. These bonds are not optional butprincipal only. Due $4,000, Nov. 1 1927 to 1951 incl.
may be redeemed two years from date of issue.
Kees
MCKEES
KENTUCKY (State of).
-BONDS DEFEATED.
-At the election Allegheny ROCKS SCHOOL DISTRICT (P. 0. Mc 43i% Rocks)
coupon
-The $300.000
-BOND SALE.
County, Pa.
held on Nov. 2-V. 123, p. 2164
-the proposition of issuing the following or
-were
registered school bonds offered on Nov. 8-V. 123, p. 2294
two issues of bonds aggregating $9,000,000, failed to carry:
awarded to the Bank of Pittsburgh at a premium of $181, equal to 100.06,
$5,000,000 penal, correctional and charitable institution bonds defeated a basis of
about 4.24%. Date July 1 1926. Due July 1 as follows: $25.000,
by a majority of 24.518 votes.
1932 and 1934:$15,000. 1935; $25.000, 1936, 1938, 1939 and 1941:$30.000.
4,000,000 funding bonds defeated by a majority of 51,156 votes.
1943, 1944, 1947 and 1949 and $15,000, 1951.
KINGMAN, Kingman County, Kan.
-BONDS REGISTERED.
-The
State Auditor of Kansas registered during the month of April the following
two issues of 5% bonds aggregating Mom;
$24,000 drainage bonds.
$24,000 paving bonds.
KINGSTON, Ulster County, N. Y.
-BOND OFFERING.-Willlam C.
DeWitt. City Treasurer, will receive sealed bids until 2:30 p. m. Dec. 1 for
$150,000 4% registered water works bonds. Date Dec. 1 1926. Denom. $1,000. Due Aug. 1 as follows: $30,000, 1941, and $40,000, 1942 to
1944 inclusive.
-BOND OFFERING.
MAMARONECK, Westchester County, N. Y.
Prod T. Wilson, Village Clerk, will receive sealed bids until 8 p. m. Nov. 18
for $65,500 not exceing 5% coupon or.registered highway laonds. Date
Nov. 1 1926. Denom. $1,000, except one for $500. Due Nov. 1 as follows: $2,000, 1927: $3,000, 1928 to 1947 incl., and $3,500, 1948. Rate of
Interest to be in multiples of 3 of 1%. Prin. and int.(M. & N.)payable
,
/
at the Chase National Bank, New York City. Legality approved by Clay
& Dillon, New York. A certified check for $2.000 is required.
MARCELLUS AND SKANEATELES UNION FREE SCHOOL DISTRICT NO. 2 (P. 0. Marcellus), Onondaga County, N. Y.
-BOND
SALE.
-The $80.000 coupon or registered school bonds offered on Nov.
(V. 123. p. 2294) were awarded to Redmond & Co. of New York as 4.60s
at 100.26. a basis of about 4.57%. Date Oct. 1 1926. Due Oct. 1 as follows:$2,000, 1927 to 1933. inclusive;$3,000, 1934 to 1941,inclusive;$4.000.
1942 to 1949, inclusive, and $5,000, 1950 and 1951.
KNIGHT SVILLE, Clay County, Ind.
-BOND OFFERING.- Charles
Poff, Treasurer Board of School Trustees, will receive sealed bids until
p. m. Nov. 15 for $7,000 4Si% school bonds. Denom. $300, except two
Dated July 15 1926. Due $300, Jan. 15 1929 and Jan. 15 1930,
for $200.
WO,July 15 1930, and $300, Jan. and July 1931 to Jan. 1 1940 incl., and
MASON CITY, Cerra Gorda County, Iowa.
$200. July 1 1940, and $200. Jan. 1 1941. A certified check for $100,Pay
-BOND SALE.
-The
able to above named official, is required.
3179,000 funding bonds offered on Oct. 20 (V. 123, p. 2165) were awarded
2552
THE CHRONICLE
[Wu 128.
to Geo. M. Bechtel & Co. of Davenport at a
NESS COUNTYIRURALIHIGHISCHOOLIDISTRICTINO. 3 (P. 0.
100.15, a basis of about 4.37%. as follows: premium of $274 50, equal to Ness
City),
-BONDS REGISTERED.-ThelState Auditor of Kansas
$120.000 as 43s. Due as follows: $4.000, 1928 to 1932. Inclusive; $7,000. registered Kan.
during the montMof April an issue of $440,000
% school bonds.
1933 to 1937. inclusive: $10.000, 1938 to 1942, inclusive. and
$15,000, 1943.
BEDFORD, Bristol County,11Mass.-BOND OFFERINO.-John
59.000 as 4)s. Due as follows: $15,000, 1944 and 1945, and $29.000. IIII1NEW City
Morris,
Treasurer, will receive sealed bids until 12 m. Nov. 16 for
1946.
$150.000 4% coupon water supply bonds. Date Nov. 1 1926. Due $5,000
Date Oct. 1 1926. The above supersedes the report given In V. 123,
p. Nov. 1 1927 to 1956, incl. Prin. andtint. M.& N. payable at the First
2294.
National Bank, Boston. The bonds will be prepared under the supervision
of the First National Bank, Boston,
genuineness
MEIGS COUNTY (P.0. Decatur),
-BOND DESCRIPTION.
- of the signatures of the officials andwhich will certify as to the
'he $25,000 6% coupon highway bondsTenn.
the
awarded to Little, Wooten & Co., to be approved by Storey ThorndIke, seal Impressed thereon. Legality
of Jackson (V. 123. p. 2294), are described as
Palmer & Dodge of Boston. A
follows: Date Oct. 1 1926. certified check for 2% of the amount bid for is required.
Denom. $1,000. Due Oct. 1 1946. Interest payable A.
& 0.
,*
Financial Statement Nor. 1 1926711/1
MELBOURNE, B
d County, Fla.
-BOND SALE.
-The following Net valuation for year 1925
two issues of 6% special assessment bonds,
-$219,700.748 00
aggregating $271,000, offered Debt limit,
% of average valuation 3 preceding years__
on Oct. 26(V. 123, p. 1907), were awarded to
5,381,182 31
NI.W. Elkins & Co. of Little Total gross debt
Rock, and the Brown-Crammer Co. of
13,921.000 00
Wichita, jointly. at 95, a basis of Exempted debt
about 8.14%:
Water bonds
$233.000 street improvement bonds. Date Oct. 15 1926 Due
31.810,00000
Oct. 15
Other bonds (sewer, school, bridge, park
as follows: $46,000, 1927 to
4 .
and building. &c.)
38,000 street improvement bonds.1930. inclusive, and $49.000 to931
6,918,000 00
Due 37.600 Sept. 1 1927
1931,
inclusive.
8,728,000 00
Bonded debt within debt limit
MELROSE, Middlesex County, Mass.
$5,193,000 00
-The Municipal sinking funds
-TEMPORARY LOAN.
Old Colony Corporation of Boston was the successful
293.000 00
bidder on Nov. 8 for
the $100,000 temporary loan offered on that
Net debt
3.78% discount basis plus a premium of $2. date (V. 123, p. 2294) on a
$4,900,000 00
laS
Borrowing capacity
481,182 31
Water sinking funds
MELVILLE SCHOOL DISTRICT No.
648,000 00
0. Carrington),
County, No. Dak.-BOND OFFERING. 5 (P.McManus. DistrictFoster Municipal sinking funds
-J. B.
293,000 00
Clerk, All other
will receive sealed bids until 2 p.m. Nov.
sinking funds
504,274 10
15
Date Nov. 15 1926. Denom. $500. Due for $5,000 5% school bonds.
NAM
Nov. 15
check for 2% of the amount of tionds bid for, required. 1946.1gA certified
Total sinking funds
$1,445.274 10
MIAMI BEACH, Dade County, Fla.
NEW
-Wright, War- Beaver BREMEN UNION FREE SCHOOL DISTRICT NO, 7 (P, 0.
low & Co. of Orlando have purchased -BOND SALE.
Falls), Lewis County, N. Y.
--Jennie M.
-BOND OFFERING.
ssue
tation bonds at 97. Due serially 1927 ant1931. of $300,000 6% rehabili- Stelnhilber. District Clerk, will receive sealed bids until
Nov. 22
inIl.
to
10
for $100.000 not exceeding 4.4% coupon or tegistered schoola. m.
bonds. Date
MIAMI COUNTY RURAL HIGH SCHOOL DISTRICT NO,3(P. O. July 1 1926. Denom. $1,000. Due
52.000, July 1 1931 to 1980 incl.
Paola), Kan.
Rate of interest to be in multiples of 1 of
-BONDS REGISTERED.
-The State Auditor of
4
registered during the month of April an issue o1$60,000 43i% schoolKansas payable at the Lewis County Trust Co., 1%. Prin. an int. (J. & J.)
bonds.
Lowville. Legality will be anproved by Clay & Dillon. Now York. A certified check for $5,000. payable
ayable
MIDLAND, Midland County, Tex.
-BOND
-An election to M. P. Just, District Treasurer, is required.
will be held on Nov. 23 for the purpose of votingELECTION.
question of issuing
on
the following two issues of 534% bonds. aggregating the
NIAGARA FALLS, Niagare'County, N. Y.
$30.000:
-The
-BOND SALE.
$25,000 street bonds.
two Issues of coupon bonds, aggregating $346,000, offered on
$5.000 electric light bonds.
Due serially.
Nov. 10-V. 123, p. 2427
-were awarded to Redmond & Co. and Kean,
Taylor & Co.. both of New York, jointly, as 4.10s, at 100.01, a basis of
MILLCREEK TOWNSHIP SCHOOL DISTRICT (P. 0. Erie), Erie about 4.09%:
County, Pa.
-BOND SALE.
-The $27,000 4,4% school bonds offered on
Nov.8(V.123. p.2294) were awarded to R. M.Snyder & Co. of Pittsburgh $260.000 water, series A,bonds. Due $26,000 Dec. 1 1941 to 1950, incl.
86,000 sewer. series C. bonds. Due Dec. 1 as follows: $18,000, 1960
at a premium of $475, equal to 101.75, a basis of about 4.39%. Date
and 1961; 316,000. 1962, and $34,000. 1963.
Nov. I 1926. Due $9,000 Nov. 1 1946, 1951 and 1956.
Date Dec. 1 1926.
MILL SCHOOL DISTRICT(P.O.Los Angeles), Los Angeles County
NORTH BRADDOCK SCHOOL DISTRICT,Allegheny County, Pa.
Calif.
-BOND OFFERING.
-L. E. Lampton, County Clerk, will receive
-BOND OFFERING.
sealed bids until 2 p. m. Nov. 15 for $10,000
-A. G. Wallace. Secretary Board of Directors, will
% school bonds.
Nov. 1 1926. Denom. $1,000. Due $1,000, Nov. 1 1927 to 1936. Date receive sealed bids until 7.30 p. m. Nov. 26 for $500.000 434% school
incl. bonds. Date
Principal and interest(M.& N.) payable at the County Treasurer's office.
Dec. 1 1926. Denom. $1,000. Due Dec. 1 as follows:
A certified check payable to the Chairman Board of Supervisors for 2% of $17,000, 1932; $15,000, 1933 to 1935, incl.; 318,000, 1936; $5,000. 1937
the bid required.
to 1944, incl.,• $20,000, 1945; $30,000, 1946 to 1950, incl., and 835,000,
1951 to 1956, incl. Purchaser to furnish and pay for printing of the bonds.
MINERAL HILLS (P. 0. Iron River), Iron County, Mich.
-BOND A certified check for $10.000, payable to the District Treasurer is required.
SALE.
-The First National Bank of Iron River has purchased an issue
of $20,000 5% water bonds at a premium of $51, equal to
NORTH DAKOTA (State of).
-BOND SALE.
North
-The State
of about 4.94%. Due $2,000. Sept. 1 1927 to 1936, incl. 100.25, a basis Dakota purchased during the month of October the following 4of
issues of
5% school bonds aggregating $11,600 at par:
.
.
MISSISSIPPI COUNTY (P. 0. Osceola), Ark.
-BOND SALE.Amount,
Due=
Date.
Brown-Crummer Co. of Wichita has purchased an
Logu meont School District No. 74--- $3,500 Aug. 1 1926 Aug. 1 1948
Na road bonds. Due serially 1927 to 1946. inclusive. issue of $100.000 5% Snowem
School District No. 47
3,500 Sept. 1 1926 Sept.1 1946
Clark School District No. 22
3,500 Aug. 1 1926 Aug. 1 1946
MOFFAT COUNTY (P. 0. Craig), Colo.
1.100 Sept. 1 1926 Sept. 1 1936
& Co. of Denver have purchased an issue -BOND SALE.-Boettcher Vall2LSchool District No. 31
of $40,000 434% refunding F
-The above1 Is are not optional but may be redeemed two years from
=
court house bonds. Date April 1 1927. Due serially 1 to 10 years.
date of issue.
MOORE TOWNSHIP (P. 0. Bath R. D. No. 2), Northampton
NORTH MANKATO (P. 0. Mankato), Blue Earth County, Minn.
County, Pa.
-BOND OFFERING.
-Peter A. Warner, Secretary Board
-The State of Minnesota has purchased an
of Supervisors, will receive sealed bids until 7 p. m. Nov. 18 for $33,500 -PRE-ELECTION SALE.
435% coupon township bonds. Date Oct. 1 1926. Denom. $500. Duo Issue of $20,000 water system bonds.
Oct. 11956. optional Oct. 11936. Bids will be opened at 2 p. m. Nov. 19
NORTH YORK SCHOOL DISTRICT (P. 0. York), York County,
at a meeting of the Board of Supervisors. to be held at the office Herbert
-The $14,000 4.51% coupon school bonds offered on
-BOND SALE.
F.Lamb,Solicitor. Room 404.Easton Trust Co. Bldg.,Easton. ofcertified Pa.
A
-were awarded to the North York State Bank.
check for 10% of the amount of the bid, payable to the Board of Supervisors Nov. 1-V. 123, p. 2025
Date Nov. 1 1926. Due Nov. 1 as follows: $2,000, 1931; *5,000. 1936,
is required.
and 57.000, 1941.
MORROW COUNTY (P. 0. Mt. Gilead), Ohio.
-BOND SALE.
The $72.000 534% I. C. H. No. 111, Section "C" road bonds offered
on Aug. 19-V. 123. p. 878
-were awarded to Ryan, Sutherland &
Toledo at a premium of $3,283. equal to 104.55, a basis of about Co of
4.63%•
Date Sept. 11926. Due Sept. 1 as follows: $6,000 1928 and $8,250 1930
to 1936, inclusive.
MOUNT VERNON INDEPENDENT SCHOOL DISTRICT, Linn
County, Iowa.
-BOND SALE.
-The 3115,000 coupon school building
and site bonds offered on Nov. 10-V. 123, p. 2295
-were awarded to
Geo. M. Bechtel & Co. of Davenport as follows:
$65,000 bonds as 4;is at a premium of $37 50, equal to 100.03, a basis
of about 4.30%. Due Nov. 1 as follows: $8.000 1912, 1945
and $49.600 in 1946.
50,000 bonds as 434s. Due Nov. 1 as follows: $3,000 1928 to 1933. incl.,
and $4,000 1934 to 1941. inclusive.
Purchaser printed the bonds and furnished legal opinion.
MUSKEGON, Muskegon County, Mich.
-BOND OFFERING.
Ida L. Christiansen. City Clerk, will receive sealed bids until 11 a. m.
(Central standard time) Nov. 18 for the following four Issues of 43( or
% bonds, aggregating $126,500:
$38.500 Acorn Street Impt. District II 76 bonds.
Due Dec. 1 as follows:
$3,500. 1927: 34,000, 1928 and 1929; $3,500, 1930; $4,000. 1931
and 1932; $3,500, 1933. and 34,000, 1934 to 1936 incl.
28,000 Southern Avenue Impt. District H 69 bonds.
Due Dec. 1 as
follows: $2,500, 1927: 33,000 1928 and 1929: $2,500, 1930;
E3.000, 1931: 32,500, 1932; $3,600, 1933 and 1934: $2,500, 1935,
and $3,000. 1936.
21,500 Washington Avenue Impt. District H 196 bonds.
Due Dec. 1
as follows: $2,000. 1927 to 1930 incl.; $2,500, 1931; 32.000, 1932
to 1935 incl., and 33,000, 1936.
Due Dec. 1
1 38,500 Marquette Avenue Impt. District H 135 bonds.
as follows: $3,500, 1927: $44,000, 1928 and 1929: $3,500, 1930;
$4,000, 1931 and 1932:33.500. 1933, and $4,000, 1934 to 19361nel.
Date Dec. 1 1926. Prin. and int. (J. & D.) payable at the City
Treasurer's office. A certified check for 3% of the amount of bonds bid
for is required. These are the bonds origffially scheduled to be sold on
Nov. 8-V. 123, p. 2426.
NORTON TOWNSHIP RURAL SCHOOL DISTRICT (P.O. Barber.
-BOND SALE.
ton R. F. D. No. 4), Summit County, Ohio.
-The $120.-were awarded
000 55 school bonds offered on Nov. 4-V. 123, p. 2294
to the NVell, Roth & Irving Co. of Cincinnati at a premium of $3.916 60,
equal to 103.26. a basis of about 4.62%. Date Oct. 11926. Due $2,500.
April 1 and Oct. 1 1927 to 1950 incl.
NORWALK SECOND TAXING DISTRICT (P. 0. Norwalk), Fair.
-BOND OFFERING.
field County, Conn.
-Elmer F. Bracken, District
Clerk, will receive sealed bids until 8 p. m. Dec. 1 for the following bonds.
aggregating $175,000:
3105.000 water bonds. Due Dec. 15 as follows: $3,000. 1931 to 1964.
Incl.; E2.000. 1965. and $1,000, 1966.
70.000 water impt. bonds. Due Dec. 15 as follows: $2.000. 1929 to
1945. Incl., and 33.000, 1943 to 1956, Incl.
Date Dec. 15 1926. Denom. 31.000. Prin. and int. (J. & D.) payable
at the South Norwalk Trust Co., South Norwalk. The bonds will be
certified as to genuineness by the South Norwalk Trust Co. Legality to be
approved by John It. Light, ex-Attorney-General of the State of Connecticut. A certified check for 1% of the par value of the bonds bid for,
payable to the District Commissioners, is required.
OCEAN CITY, Cape May County, N. J.
-BOND SALE.
-The
*63.000 coupon or registered assessment. Series No. 7, bonds offered
-were awarded to the First National Bank
on Oct. 25-V. 123, p. 2025
of Ocean City as 5s at a premium of $157 50. equal to 100.25, a basis
of about 4.94%. Date Nov. 11926. Due Nov. 11931.
OCONTO FALLS, Oconto County, Wis.-BOND OFFERING.
M. D. Wagner, City Clerk, will receive sealed bids until 2 p. m. Nov. 23
for $22,500 5% bridge bonds.
OHIOWA, Fillmore County, Neb.-BOND DESCRIPTION.
-The
$27,500 water works bonds purchased by the First Trust Co. of Lincoln
at 102.03-V. 123, p. 2295-a basis of about 4.54%, bear interest at the
rate of 5% and are described as follows: Date Jan. 15 1926. Due Jan. 15
1926: optional Jan. 15 1931.
OLNEY INDEPENDENT SCHOOL DISTRICT, Young County,Tex.
-The State Comptroller of Texas registered on
-BONDS REGISTERED.
NATCHITOCHES PARISH SCHOOL DISTRICT NO. 8 (P. 0. No.4 an issue of 575.000 531% school bon s. Due serially.
-The $60,000 5% coupon school
-BOND SALE.
Natchitoches), La.
ORLANDO, Orange County, Fla.
-BOND OFFERING.
-J. A. Stin-were awarded to the Rapides son, City Clerk, will receive sealed bids
bonds offered on Nov. 2-V. 123. p. 2165
until 10 a. m.
Bank & Trust Co. of Alexandria at a premium of $800, equal to 101.33, a following two issues of 5% bonds, aggregating $410,000; Nov. 24 for the
basis of about 4.82%. Date Sept. 11926. Due Sept. 1 as follows: $2,000,
$230,000 series G bonds.
1927; $3,000, 1928 to 1931, incl.; $4,000, 1932 to 1936, incl.; $5,000, 1937
180,000 series B bonds.
to 1940, incl., and $6,000, 1941.
Dated Dec. 1 1926. Due serially in 1 to 10 years.
-During the
OTIS, Washington County, Colo.
NEBRASKA CITY, Otoe County, Neb.-BOND SALE.
-BOND SALE.-Benweb & Co.
month of July the State of Nebraska purchased an issue of $25,000 5% of Co.orado Springs hae purchased an issue of $20,000
5345'_ refunding
refunding bonds. Date July 1 1926. Due July 1 1946, optional 1931.
water bonds at par. Date Sept. 1 1927. Denom. $1,000. Duo $1,000
1928 to 1947, inclusive.
-The issue of 431%
NEWARK,Essex County, N. J.
-BOND SALE.
OTOE COUNTY SCHOOL DISTRICT NO. 75 (P. 0. Otoe), Neb.coupon or registered water bonds offered on Nov. 8-V. 123, p. 2025
-The State of Nebraska purchased during the month of July
were awarded to a syndicate composed of Roosevelt & Son. Remick, BOND SALE.
Hodges & Co. and Geo. B. Gibbons & Co., Inc.. all of New York and the following two issues of 434% bonds, aggregating $26,000:powmpogrIP.
J. S. Rippe' & Co. of Newark, taking $1,985,000 bonds ($2,000,000 $16,000 refunding school bonds. Dated Sept. 11928. Due Sept. 11946.
offered) at 100.80, a basis of about 4.19%. Date Nov. 15 1926. Due
optional 1931.
Nov. 15 as follows: $40,000, 1927 to 1946° incl.; $60,000, 1947 to 1965,
,
10.000 funding school bonds. Dated Aug. 1 1926. Due Aug. 1 1946,
incl. and $45,000, 1966.
optional 1927 to 1931 inclusive.
Nov. 13 1926.]
THE CHRONICLE
'PALM BEACH COUNTY ROAD AND BRIDGE DISTRICT NO. 90
-BOND DESCRIPTION.
-The $35,000
(P. 0. West Palm Beach), Fla.
coupon bridge bonds purchased by Prudden & Co. of Toledo at 95-V. 123.
-bear interest at the rate of 5;5% and are described as follows:
p. 2427
Date March 1 1926. Denom $1,000. Due serially March 1 1930 to
1949, inclusive:
2553
-BOND DESCRIPTION.
PIPESTONE, Pipestone County, Minn.
The $61.000 sewerage disposal plant bonds purchased bys the State of
-at par,' bear interest at the rate of 434%
Minnesota
-V. 123. P. 2166
and are described as follows: Date Junell 1932. Denom.k$100.1b,Due
June 1 1942. Interest payable J. & J.
PITTSFIELD, Berkshire County, Mass.
-BOND OFFER;i70.-P. M.
PAOLA, Miami County, Kan.
-BONDS REGISTERED.
-An issue of Platt, City Treasurer, will receive sealed bids until 11 a. m. Nov. 16 for
$40,014 67 455 % paving bonds was registered during the month of April $70,000 4% coupon school loan bonds. Date NOTie 15 1926. Due Nov. 15
as follows: 85,000. 1927 to 1936, inclusive, and Kvoo. 1937 to 1941, inclusbyithe State Auditor of Kansas.
ive. Principal and interest(M.& N.15) payable atthe First National Bank
PARSONS, Labette County, Kan.
-BONDS REGISTERED.
-The of Boston. The bonds are engraved under the supervision of and certified
al Bank of Boston. Legality to be
State Auditor of Kansas registered during the month of April an issue of as to genuineness by the First
approved by Ropes, Gray, Boy
Perkins. of Boston.
$18.683 55 455% improvement bonds.
Financial Statement Oct. 15 1926.
PASSAIC, Passaic County, N. J.
-FINANCIAL STATEMENT.
- Net valuation for year 1925
$54,632,530 00
We are now in receipt of the following financial statement of this city, Debtlimit
1,325,206 66
which is offering on Nov. 16 two issues of bonds aggregating $1,164,000 Total gross debt, including this issue
2,473.000 00
123, p. 2427:
Exempted debt,
Financial Statement as of Aug. 31 1926
Water bonds
$891,000 00
Sewer bonds
Prepared in accordance with the requirements of the New York Banking
161.000 00
Paving bonds
Law and computed to Aug. 31 1926 to include current issues of bonds.
243,000 00
School bonds
Gross debt
193,000 00
Playground bonds
Serial bonds outstanding
6,000 00
$6.992.810 59
1,494,000 00
Floating indebtedness for permanent improvements
2,585,940 00
Bonds to be issued:
Net debt
Improvement bonds
$979,000 00
31,100.000 00
Passaic Valley Trunk Sewer bonds
64.000 00
Borrowing capacity, $346,206 66.
ad still
1.164,00000
PLAINVIEW, Hale County, Texas.
--BONDS REGISTERED.":"The
State Comptroller of Texas registered on Nov 1 an issue of $216.000 555%
Total debt
$10,742,750 59 refunding
improvement bonds. Due serially.
Deductions
Water bonds
$1,569,000 00
PLEASANT RIDGE,
-BOND SALE.
Sinking funds other than for water bonds
939,280 09 $3,000 assessment districtOakland County, Mich. on Oct. I8 -The
No. 39 paving bonds offered
-V. 123.
Temporary indebtedness to be funded from current bond
p. 2166-were awarded to the Pleasant Ridge Sinking Fund as 55 at par.
Issues
1.160,209 26 Date Oct. 1 1926. Due $600, 1927 to 1931 incl.
Assessment funds collected and applicable to floating
Indebtedness
412,838 52
POINTE CLAIRE-PORTAGE GRAVITY DRAINAGE DISTRICT
NO. 4 (P. 0. St. Martinsville), St. Martin Parish, La.
-BOND OFTotal deductions
$4,081.327 87 FERING.-Anicet Berard. President Board of Commissioners, will receive
sealed bids until 11 a. m. Nov. 22 for $39,000 6% acreage tax drainage
Net debt
$6,661.422 72 bonds. Dated Dec. 1 1926. Denom. $500. Due serially Jan. 1 1930
Equalized assessed valuation for purpose of taxes for the
to 1964 incl. A certified check, payable to the President Board of Comyear 1926
$98,591,52n00 missioners for 234% of the bid, required.
Percentage net debt to taxable valuation
6.65%
Population, estimated, 75,000. Tax rate, 1926. $34 82 per thousand.
POINT PLEASANT,Ocean County, N.J.
-BOND DESCRIPTION.
0
The $90,000 5% coupon series A water bonds awarded to the First National
Debt Statement of the City of Passaic, N. J.
Bank of Toms River on Oct.
2295-are described
Compiled under the New Jersey Bonding Act (Chap. 252, Laws of 1916.) as follows: Date Sept. 1 1926.23 at 100.50-V. 123. p.serially 1927 to 1968
Taken from the supplemental debt statement filed prior to authorization Incl. Int. payable M. & S. Denom. $1,000. Due
of the current bond issues as required by statute.
Net debt Oct. 5 1926
84,194.84444
PONTIAC, Oakland County, Mich.
-The
-BOND DESCRIPTION.
Bonds authorized:
1,000 455% coupon fire department bonds awarded on Oct. 25 to A. C.
Improvement bonds
$1,100,000 00
yn & Co. of Chicago at 101.13(V. 123, P. 2427)-a basis of about 4.40%
Passaic Valley sewer bonds
64.000 00
-aro described asfollows: Date Aug.1 1919. Denom.$1,090. Due Aug.1
as follows: $1,000. 1935 to 1940, inclusive, and $3,000, 1941 to 1945, inclus$1.164.000 00
ive. Interest payable F. & A.
Teggrary
uliotes or bonds to be funded from
1,160,209 26
PORT CLINTON, Ottawa County, Ohio.
-The fol-BOND SALE.
3.79074 lowing 5349' Fifth Street improvement bonds, aggregating $12,000. offered
on Nov.9(V. 123. P. 2025) were awarded to A. E. Aub & Co. of Cincinnati
Net debt. including bonds to be issued
$4,198,635 18 at a premium of $392. equal to 103.26-a basis of about 4.82%.
Average assessed valuation of real property for the years
$10.000 special assessment bonds. Due Sept. 1 as follows: $1,000, 1928
1924. 1925 and 1926
$73,073,775 00
and 1929; 32.000, 1930; $1,000, 1931 and 1932; $2,000, 1933 and
Percentage of net debt as compared with average assessed
$1,000, 1934 and 1935.
valuation of real property
5.74%
2,000 village's portion bonds. Due $1.000 Sept. 1 1928 and 1929.
Date Sept. 1 1926.
PAWNEE COUNTY (P.O. Lamed), Kan.
-BONDS REGISTERED.
The State Auditor of Kansas registered during the month of April an issue
PRINCESS ANNE COUNTY (P. 0. Princess Anne), Va.-BOND
of $8,500 5% refunding bonds.
SALE.
-The following two issues of coupon road bonds offered on Nov.9BONDS REGISTERED.
-were awarded to Braun, Bosworth & Co. of Toledo as
-The State Auditor of Kansas registered during V. 123, p. 2025
5s at a premium of $1,100, equal to 101.80:
the month of May an issue of $19,000 5% improvement bonds.
$168,000 Pungo district bonds.
PERRY, Taylor County, Fla.
-J. E. Powell.
125,000 seaboard district bonds.
-BOND OFFERING.
Town Clerk, will receive sealed bids until 10 a. m. Nov. 20 for $134,000
Date Jan. 1 1927. Denom. $1,000. Due serially 1927 to 1956, incl.
6% special impt. bonds. Date Dec. 1 1926. Denom.$1,000. Due Dec. 1 Interest payable J & J.
as follows: $13.000, 1927 to 1932, incl., and $14,000, 1933 to 1936, incl.
Legality approved by Thomson, Wood & Hoffman, New York City. A
PROWIN COUNTY SCHOOL DISTRICT NO. 45 (P. 0. Lycon),
certified check for 5% of the bid required. The above supersedes the Colo.
-BOND SALE.-Benwell & Co., Denver, have purchased an issue
report given in V. 123, p. 2295.
of $2,000 5% school-building bonds. Date Oct. 15 1926. Due serially
1946, optional 1936.
PERTH AMBOY, Middlesex County, N. J.
-BOND OFFERING.RENO COUNTY RURAL HIGH SCHOOL DISTRICT NO. 4 (P. 0.
William C. Wilson. Director Department of Revenue and Finance, will
-An issue of $50,000 435%
-BONDS REGISTERED.
receive sealed bids until 2 p. m. Nov. 22 for an Issue of 5% coupon or Hutchinson), Kan.
more bonds to school bonds was registered by the State Auditor of Kansas during the month
registered series X water bonds not to exceed $90.000. no
be awarded than will produce a premium of $1,000 over $90,000. Date of April.
Dec. 1 1928. Denom. $1,000. Due Dec. 1 as follows: $2,000. 1928 to
-BOND SALE.
RICHLAND COUNTY (P. 0. Mansfield), Ohio.
1951. inclusive. and $3,000, 1952 to 1965. inclusive. Principal and interest
road impt. bonds
(J. & D.) payable at the City Treasurer's office. The bonds will be pre- The $9,000 534% coupon Mansfield Savings offered on Nov. 3-V. 123.
-were awarded to
Bank & Trust Co. of Manspared under the supervision of the United States Mortgage & Trust Co.. p. 2295
New York. which will certify as to the genuineness of the signatures of the field at a premium of $80, equal to 100.88, a basis of about 5.04%. Date
officials and the seal impressed thereon. Legality to be approved by Cald- Dec. 11926. Due $3,000, Oct. 1 1927 to 1929 incl.
well & Raymond, New York City. A certified check for 2% of the bonds
RICHMOND HEIGHTS (P. 0. South Euclid R. F. D.). Cuyahoga
bid for is required.
-Henry Schroeder, Village Clerk.
County Ohio.-BOND OFFERING.
Financial Statement Nos. 15 1926.
will receive sealed bids until 12 m. Dec. 6 for the following 534% coupon
j
General bonded debt
$3,080,500 00 special assessment bonds, aggregating $119 700:
Water bonded debt(not including thisissue)
-- 1,379,000 00 $5,500 GeriaTir3 Avel bonds. -WOCt. 1 as follows: $1,000, 1928.
and $500, 1929 to 1937 incl.
Total bonded debt
84,459,500 00
5,200 Donald Ave. bonds. Due Oct. 1 as follows: 8700, 1928, and
Floating debt
-Tax revenue bonds
11141
$460.000 00
$500, 1929 to 1937 incl.
-ASA
Temporary improvement bonds (trust)
1,174,000 00
Date Dec. 1 1926. Prin. and int. (A. & 0.) payable at the Village
Temporary lmpt. bonds (grade
Treasurer's office. A certified check for 10% of the amount bid for is
crossing)
-Elimination
$671.000 00
required.
Less credit Ch. 281 Laws 1926- 503,636 76
167.363 24
RIVERSIDE COUNTY ROAD IMPROVEMENT DISTRICT NO. 17
$1,801,363 24 (P. 0. Riverside), Calif.
-0. Brashears & Co. of Los
-BOND SALE.
Water temporary improvement bonds
$1,200,000 00 Angeles have purchased an issue of $138,000 6% improvement bonds.
Dated May 1 1927. Due $11,000 May 1 1932 to 1943 incl. Prin. and int.
67,460.863 24 (M. & N.) payable at the County Treasurer's office. Legality to be apTotal bonded and floating debt
-General
$4,881,863 24 proved by Arthur M.Ellis of Los Angeles.
Water
2,579,000 00
Financial Statement.
-$587,140 00
37,460,863 24 Assessed valuation ofland alone
793.320 00
Sinking fund general
Assessed valuation of land and improvements
$404,585 11
1,761.420 00
Water sinking fund
Actual value of land
259,001 44
138,000 0
Total bonded debt (this issue)
11,000 acres
Sinking funds
3663,586 55 Approximate area of district
1.35
Aver,annual charge (prin.& int. combined) per acre on this issue
Net taxable valuation 1925
-Real
334,939.737 00
Personal
9,950,319 00
ROANOKE ROAD DISTRICT NO. 3, Jefferson Davis Parish, La.
-John T. Hood, Clerk Police Jury, will receive sealed
Total
$44,890,056 00 BOND OFFERING.
bids until 2 p. m. Dec. 2 for $80,000 not exceeding 69' road bonds. Date
Population, estimated
48,000
Dec. 1 1926. Denom. $500. Due Dec. 1 as follows: $1,000, 1928 to 1931,
Ls City incorporated March 17 1870.
Inclusive; $1,500, 1932 to 1936, inclusive; 32,000, 1937 to 1940, inclusive:
-Homer L. Balti- $2,500, 1941 to 1943. inclusive; $3,000, 1944 to 1946, inclusive; $3,500, 1947
PERU, Miami County, Ind.
-BOND OFFERING.
$5,000.
more, City Clerk, will receive sealed bids until 10 a. m. Nov. 24 for $10,000 to 1949. inclusive: $4,000, 1950 and 1951; $4,500, 1952 and 1953; A certi1954; $5,500, 1955; and $6,000, 1956. Interest payable J. & D.
455% city bonds. Due in 20 years.
fied check, payable to the President of Police Jury, for $4,000, required.
-BOND DESCRIP- Legality to be approved by Wood & Oakley, Chicago.
PINELLAS COUNTY (P. 0. Clearwater), Fla.
TION.
-The $50,000 fair ground bonds awarded to Well. Roth & Irving of
ROUTT COUNTY SCHOOL DISTRICT NO. 3 (P. 0. Oak Creek),
1908), a basis of about 5.99%, Colo.
Cincinnati on Oct. 5 at 100.01 (V. 123. p.
-BOND SALE.-Benwell & Co., Denver, have purchased an issue
bear interest at the rate of 6% and are described as follows: Date Nov. 1 of $2,000 455% school building bonds. Duo in 20 years, optional after
1926. Denom. $1,000. Due Nov. 1 1936. Prin. and int. (M. & N.) 10 years.
City, or at the Ninth Street
payable at the National Park Bank, N. Y.
flank & Trust Co., St. Petersburg. Legality approved by Storey, ThornROYAL OAK TOWNSHIP SCHOOL DISTRICT NO. 6 (P. 0.
-BOND SALE.
dike Palmer & Dodge of Boston.
-The $871,000
Royal Oak), Oakland County, Mich.
-were awarded to a
school bonds offered on Nov. 4-V. 123. p. 2026
Financial Statement.
syndicate composed of the Detroit Trust Co., First National Co. and the
Actual valuation (estimated)
$350.000,000 Bank of Detroit, all of Detroit, as 434s at a premium of $24,200, equal
40,856,540 to 102.78, a basis of about 4.529'. Due $15.000, 1929 to 1931 incl.:
Asse.ssed valuation, 1926
4,397,000 320.000. 1932 to 1934 incl.; 325,000. 1935 to 1937 incl.; 330.000, 1938 to
Total bonded debt (including this issue)
321.426 1942 incl.: $35,000, 1943 to 1946 incl.; $40,000. 1947 to 1955 incl., and
Sinking fund (general)
Population, present estimate, 65.000.
341.000, 1956.
2554
THE CHRONICLE
ST.PAUL,Ramsey County, Minn.
-BONDS VOTED.
-At the election
STRONG, Chase County, Kan.
-BONDS REGISTERED.-DuriW
held on Nov. 2 (V. 123, p. 2296) the voters authorized the issuance of the month of May the State Auditor
of Kansas registered an issue of $31,000'
$500,000 water-works bonds by a count of 31,431 for to 11,255 against.
434% street improvement bonds.
ST. PAUL, Ramsey County, Minn.
-BOND OFFERING.
-William F.
SULLIVAN COUNTY (P. 0. Sullivan), Ind.
Scott, City Comptroller, will receive sealed bids until Nov.23 for $1.000,000
-BOND OFFERING:
not exceeding 434% permanent inapt. revolving fund bonds. Due Nov. 1 Ch. W. Hoffman, County Treasurer, will receive sealed bids until 12 m.
Nov. 12 for $10,190 434% Haddon Twp. gravel road bonds. Date Nov. 1
1946.
1926. Denom. $509 50. Due $509 50, May 15 and Nov. 15 1927 to 1936
ST. PETERSBURG SPECIAL ROAD AND BRIDGE DISTRICT Inclusive.
NO.13(P.O.Clearwater),Pinellas County,Fla.
-BOND OFFERING.
SUTHERLAND, Lincoln County, Neb.-BOND SALE.
IC. B. O'Quhin, Secretary Board of County Commissioners, will receive
-The State
sealed bids until 2 p. m. Dec. 7 for $1,275,000 6% road and bridge bonds. of Nebraska purchased an issue of $24,000 434% refunding bonds
Due serially 1932 to 1956 ind. These are the bonds scheduled for sale in during the month of September. Dated Sept. 1 1926. Due Sept. 1
1944, optional 1927.
V. 123, p. 2166. captioned Pinellas County.
SALEM RURAL SCHOOL DISTRICT (P. 0. Mt. Washington
TAMPA, Hillsborough County, Fla.
-W. E.
Rural Route 17), Hamilton County, Ohio.
-J. F. Duncan, City Clerk, will receive sealed bids-BOND OFFERING.
-BONDS OFFERED.
until 12 m.Nov.23 for $801,000
Cleary, Clerk Board of Education, received sealed bids until Nov. 9 for 5% permanent 'rapt.
$1,100 6% school bonds. Date Sept. 15 1926. Denom. $100, except one incl. Prin. and int. bonds. Denom. 31.000. Due serially 1933 to 1966
payable in gold in New York City. The bonds will
for $200. Due Sept. 1 as follows: $100, 1928 to 1936 incl., and $200. 1937. be prepared under
the supervision of the United
Prin. and hit, payable at the First National Bank, Mt. Washington.
Co., New York City, which will certify as to the States Mortgage & Trust
genuineness of
tures of the officials and the seal impressed thereon. Legality the signaSAN BERNARDINO COUNTY UNION JUNIOR COLLEGE
to be approved by Chester B. Masslich, New York City.
SCHOOL DISTRICT (P. 0. San Bernardino), Calif.
-BOND SALE.
The 3485,000
% coupon school bonds offered on Nov. 1 (V. 123. p.
TARRANT COUNTY COMMON SCHOOL DISTRICT NO. 35(P.O.
2167) were awarded to a syndicate composed of the Anglo London Paris
-BOND SALE.
-The $12,000 5% school bonds regisCo.. Dean, Witter & Co.. the Bank of Italy and Heller, Bruce & Co., all Fort Worth), Tex.
of San Francisco. at a premium of $7,149, equal to 101.474. a basis of about tered on June 7 (V.123, p. 3638). were awarded to the Sinking Fund Commission at par.
4.62%. Due serially in 5 to 28 years. Other bidders were:
BidderPremium.
TARRYTOWN, Westchester County, N. Y.
-BOND SALE.
E. R. Gundelfinger, Inc., of San Francisco; Wells, Dickey & Co., of
-The
following 3 issues of Benedict Park coupon or registered bonds, offered on
Minneapolis, and the Detroit Trust Co., Detroit
$7,011 Sept. 27-V. 123,33. 1664
-were awarded to the Tarrytown National Bank
Security Co. and R. H. Moulton & Co., both of Los Angeles
6,402 & Trust Co. of Tarrytown as 4345, at a premium
of $126 40, equal to
National City Co. of New York
6.372 100.39. a basis of about 4.42%•
William R.Staats Co.; California Securities Co., both of Los Angeles;
$15,000 drainage bonds. Due 51.000. May 1 1927 to 1941, incl.
E.H.Rollins & Sons. Boston,and Hunter, Dulin & Co.,Los Ang
6,231
10,000 street improvement bonds. Due $2,000, May 1 1927 to 1931,incl.
7,000 sidewalk bonds. Due $1,000, May 1 1927 to 1933, incl.
SANTA CRUZ IRRIGATION DISTRICT (P. 0. Espanola), Ria
Arriba County, N. Mex.-BOND SALE.-Butherlin, Barry & Co. of
TEKAMAH, Burt County. Neb.-BOND DESCRIPTION.
New Orleans have purchased an issue of $250,000 6% coupon irrigation
-The $32,bonds. Date June 1 1926. Due as follows: $12.500 1937, $15,000 1938 000 434% registered sewer refunding bonds awarded to Victor I. Jeep of
$17,500 1939, $20.000 1940. $22,500 1941. $25.000 1942. $27.500 1943. Omaha at par-V. 123, p. 2296-are described as follows: Dated Sept. 15
532.500 1944,$37,500 1945 and $40.000 1946. These are the bonds offered 1926. Denom. 52,000. Due Sept. 15 1945: optional Sept. 15 1927 and
on any interest date thereafter. Int. payable M. & S. 15.
on June 12-V. 122, p. 3115-for which no bids were received.
TODD SCHOOL DISTRICT (P. 0. San Bernardino), San BernarSANTA ROSA COUNTY SPECIAL ROAD AND BRIDGE DIS-BOND OFFERING.
TRICT NO. 5-A (P. 0. Milton), Fla.
-Sealed bids will be received
-T. W. dino County, Calif.
-BOND OFFERING.
Jones, Clerk Circuit Court, will receive sealed bids until 12 m. Dec. 1 for by the County Clerk until Nov. 15 for 35,000 6% school bonds.
$39,000 s% road and bridge bonds. Date Oct. 1 1926. Denom. $1,000.
TOPEKA, Shawnee County,Kan.
Due Oct. 1 1956. Principal and interest (A. & 0.) payable at the Bankers
-BOND OFFERING.
-Sealed bids
Trust Co., New York City. A certified check for 1% of the bid required. will be received until 10 a. m. Nov. 23 by Etta M. Covell, City Clerk, for
$143,799 56 434% internal improvement bonds. Date Nov. 1 1926.
SCOTLAND NECK, Halifax County, No. Caro.
Denom.$1.000,$500 and one for $299 56. Due Nov.1 as follows: $299 55.
-BOND OFFERING.
-Irwin Clark, Town Clerk, will receive sealed bids until 2 p. m. Nov. 23 1927: $3.500. 1927 to 1936, incl., and 311,000. 1927 to 1936, incl. A
for $30.000 sewer and water coupon or registered bonds. Date Oct. 1 certified check for 2% of the amount offered required.
1926. Denom. $1,000. Due 31,000, Oct. 1 1928 to 1957, incl. Principal
TOPEKA, Shawnee County, Kan.
and interest (A. & 0.) payable in gold in New York City. Bidders to
-BONDS REGISTERED.
-The
name the rate of interest bonds are to bear. The bonds will be prepared State Auditor of Kansas registered during the month of May the following
under the supervision of the United States Mortgage & Trust Co., New two issues of bowls aggregating 31.073.370 53:
York City, which will certify as to the genuineness of the officials' signatures $970,000 4% school bonds.
$103.370 53 434% school bonds.
and seal impressed thereon. A certified check for 27,, of the bid, payable
to Town Clerk,required. Legality to be approved by Caldwell & Raymond,
TOPEKA SCHOOL DISTRICT, Shawnee County,
-BIDS.
New York City.
Following is a complete list of the bids received for the Kan.
$300,000 4.31%
coupon school bonds awarded to the Harris Trust & Savings Bank of
Financial Statement.
Chicago and the Commerce Trust Co. of
Assessed valuation 1926
$2,032,060 a basis of about 4.35% (V. 123, p. 2428: Kansas City, jointly, at 101.11.
Actual value, estimated
3,000,000
BidderPrice Bid.
Guaranty Co. of N. Y.; Fidelity National Bank & Trust
Bonded debt outstanding
Co.,
Kansas City; Columbia Title & Trust
Refunding bonds herewith offered (to refund $30,000 long term $549,000
$302,664
Stern Bros., Kansas City; A. B. Leach &Co., Topeka
bonds included in bonded debt outstanding)
Co., Chicago
302,130
$30,000 Ames, Emerich & Co.. Chicago;
Deductions
Branch-Middlekauff, Wichita;
Prescott, Wright, Snider Co., Kansas City
Water bonds
302,130
$50,000
Central Trust Co., Topeka; Detroit Trust Co.; Taylor,
Electric light bonds
Ewart
75,000
8z Co., Kansas City
Uncollected special assessments
302,028
179,687
Continental & Commercial Co. and Illinois Merchants
Net debt
Trust
214,313
Co., both of Chicago
301,749
SCOTTSBLUFF, Scotts Bluff County Neb.-BOND OFFERING.- First Trust Co.. Wichita
301,620
C. C. Cross, City Clerk, will receive sealed bids until 8 p. m. Nov. 16 for
'
TRIMBLE COUNTY (P.0. Bedford); Ky.-BOND DESCRIPTION.
$70,000 swimming pool and water extension system coupon or registered
The $50,000 5% coupon road bonds purchageo by Seipp, 1
bonds. Denom. $1,000. Due in 20 years, optional after 5 years.
,
'rincell & Co., of
Principal and int. payable at the County Treasurer's office in Gering. These Chicago (V. 123, p. 2296)at par are described as follows: Date June 151926.
Denom. $1,000. Due June 15 as follows: 53.000, 1947 and 1948: $5,000,
are the bonds originally scheduled for sale on Nov. 9-V. 123, p. 2167.
1949 to 1951, inclusive: $6,000, 1952, 1954 and 1955; $4,000, 1953: and
SEDG WICK COUNTY(P.O. Wichita), Kan.
-BONDS REGISTERED 37.000, 1956. Interest payable J. & D.
-An issue of $20,000 434% road impt. bonds was registered by the State
TURLOCK IRRIGATION DISTRICT (P. 0. Stockton), Stanislaus
Auditor of Kansas during the month of May.
County, Calif.
-BOND ELECTION.
-An election will be held on Dec. 1
F SHAKER HEIGHTS (P. 0. Cleveland), Cuyahoga County, Ohio.
- for the purpose of voting on the question of issuing $514,000 irrigation Ms.
BOND OFFERING.
-E. P. Rudolph, Village Clerk, will receive sealed bids
UTICA, Oneida County, N. Y.
until 12 m.(to be opened at 8 p. Tn.) Dec. 2 for
-BOND OFFERING.
-William S.
special assessment bonds. Date Dec. 11926. $413,200 4%% street!amt. Pugh, City Comptroller, will receive sealed bids until 11 a. m. (Eastern
Denom. $1.000 except one
for $200. Due Oct. 1 as follows: $45.200 in 1928 and 546,000. 1929 to 1936 standard time) Nov. 19 for the following not exceeding 434% bonds aggreincl. Prin. and int. (A. & 0.) payable at the Village Treasurer's office. gating $83.547 84:
A certified check for 5% of the bonds bid for, payable to the Village Treas- $23,865 95 deferred assessment bonds. Dated
Aug. 3 1926.
urer, is required.
$1,000,except one for $865 95. Due Aug.3 as follows: Denom.
$3,865 95
and $4,000. 1928 to 1932 incl. Int. payable annually.
SHAKER HEIGHTS (P.0. Cleveland), Cuyahoga County, Ohio.
- 13,316 73 deferred assessment bonds. Date Sept. 16 1926. Denom.
BOND .SALE.
-The $362,516 4%% coupon street repair bonds offered on
31.000, except one for $1.316 73. Due Sept. 16 as follows:
Nov. 4-V. 123, p. 2026
-were awarded to the Guardian
$3,316 73, 1927, and $2,000, 1928 to 1932 incl. Int. payable
troit at a premium of $1,377 56. equal to 100.38, a basis Trust Co. of Deannually.
of about 4.61%.
Date Nov. 1 1926. Due Oct. 1 as follows: $90.516, 1928; $90,000,
21,365 16 delinquent tax bonds. Date Sept. 1 1926. Denom.
1929.
and $91,000, 1930 and 1931.
31.000,
except one for 51,365 16. Due Sept. 1 as follows:
$5,365 16.
1927 and 54.000. 1928 to 1931 incl.
SHAWNEE COUNTY SCHOOL DISTRICT NO. 27 (P. 0. Topeka)
12,00000 public impt. bonds. Denom. $1,000. Date
Kan.
-BONDS REGISTERED.
-An issue of $5,000 434% school bonds
Due $1.000, Nov. 15 1927 to 1938 incl. Int. Nov. 15 1926.
registered by the State Auditor of Kansas during the month of May. was
13,000 00 public impt. bonds. Date Nov. 15 1926. payable semi-ann.
Denom. $1,000.
Due $1,000. Nov. 15 1927 to 1939 incl.
SHUBERT, Richardson County, Neb.-BOND SALE.
-During the
Bidders to name rate of interest in multiples of 1-10 of
month of October the State of Nebraska purchased the following two issues
have the right to bid for 434% bonds. All bids must 1%. Bidders also
of434% bonds,aggregating 522,000:
interest for all of the bonds and will not be permitted state a single rate of
$19,000 water-works bonds.
of interest for separate issues or portions. Legality to bid different rates
3,000 water-works bonds.
Dillon, New York. A certified check drawn upon approved by Clay &
an
Date Oct. 1 1926. Due Oct. 1 1946, optional 1931.
or trust company in New York State for $1,670 96, incorporated bank
payable to the City
Comptroller, is required.
SILVER CITY INDEPENDENT SCHOOL DISTRICT,Mills County
Financial Statement Nov. 1 1926.
Iowa.
-BOND SALE.
-The $9,000 school bonds offered on Oct. 28-V.
-were awarded to the White-Phillips Co. of Davenport as Bonded debt, exclusive of this issue of bonds
123, p. 2296
$8,627 905 63
434s at a premium of $32, equal to 100.34. Due serially June 1 1928 to Sinking funds
953,369 50
1936 incl.
Net bonded debt
57,674.536 13
SOUTH EUCLID, Cuyahoga County, Ohio.
-BOND OFFERING.
Assessed valuation of real estate, less exemption
3125,886,878 00
Paul H. Prasse, Village Clerk, will receive sealed bids until 12 m. Nov. 22 Assessed valuation of special franchises
5,104,890 00
for $33,210 5% assessment street improvement bonds. Date Nov. 1 1926. Assessed valuation of personal property
335,700 00
Denom. 31.000. except one for $210. Due Oct. 1 as follows: $3,210.
1928: 54.000. 1929: $3.000, 1930: 34.000, 1931 and 1932: $3,000, 1933
$131,327,468 00
and 54.000, 1934 to 1936. incl. Principal and interest (A. & 0.) payable Assessed valuation of property assessable for
schools and
at the Cleveland Trust Co., Cleveland. A certified check for 5% of the
highways
255.135 00 •
bonds bid for, payable to the Village Treasurer, is required.
$131,582,60300
SOUTH MILLS SCHOOL DISTRICT (P. 0. Camden), Camden Valuation of property exempt from
taxation
14.965,625 00
County, No. Caro.
-The 320.0006% school bonds offered
-BOND SALE.
on Nov. 1-V. 123. p. 2296
-were awarded to W. L. Slayton & Co. of
Total valuation of all property
$146,548,228 00
Toledo at a premium of $138. equal to 100.69, a basis of about 5.92%. Water debt
None
Date Nov. 1 1926. Due $1,000, Nov. 1 1928 to 1947 incl.
Population, Federal Census, 1910
74,419
Pr SPARTA, Monroe County, Wis.-INTEREST RATE
-BASIS.- Population, Federal Census. 1920
The $20,000 water works system bonds purchased by the Second Ward Porlation, State enumeration, 1925
101604
ity of Utica incorporated 1832. Bonds are
Securities Co. of Milwaukee
-bear 5% interest. The
-V. 123, p,_2428
a general obligatioif:the
city.
price paid was 102.25,a basis of about 4.53%•
STANFORD INDEPENDENT SCHOOL DISTRICT, Jones County,
VENTURA COUNTY (P. 0. Ventura), Calif.
-BONDS DEFEATED.
Texas.
-BONDS REGISTERED.
-On Nov. 5 the State Comptroller of -At the election held on Nov. 2 the proposition of issuing $900.000
road
Texas registered an issue of $8,000 5% school bonds. Due serially.
bonds failed to carry.
STERLING, Rice County, Kan.
-The State
-BONDS REGISTERED.
VERMILLION COUNTY (P. 0. Newport), Ind.
-BOND OFFERING
Auditor of Kansas registered during the month of April an issue of $100.000 -Homer Fox, County
Treasurer, will receive sealed bids until 10 a. m
434% school bonds.
Nov.20 for 515,000 434% road bonds. Due semi-annually in 1 to 10 Years
2555
THE CHRONICLE
Nov. 13 1926.]
-BONDS DEFEATED.
YAKIMA COUNTY (P. 0. Yakima), Wash.
-the proposition of
-At the election held on Nov. 2-V. 123, p. 2297
issuing $850,000 court house bonds was defeated by a count of 1,669 for to
5,910 against with one precinct out.
YAVAPAI COUNTY CONSOLIDATED SCHOOL DISTRICT NO.
-The 82.500 5% school bonds
-BOND SALE.
55 (P. 0. Prescott), Ariz.
offered on Nov. 1 (V. 123. p. 1910) were awarded locally at a premium of
equal to 100.40. Due serially, 1927 to 1931 incl.
510,
YATES CENTER, Woodson County Kan.-BONDS REGISTERED.
-The State Auditor of Kansas registeredduring the month of May an ISS1113
of $32,194 43 4Si% paving bonds.
YUMA COUNTY SCHOOL DISTRICT NO. 24 (P. 0. Yuma), Ariz.
-Sealed bids will be received by Clara Smith, Clerk
-C. A. -BOND OFFERING.
-BOND OFFERING.
WILSON, Ellsworth County, Kan.
Ryner, City Clerk, will receive sealed bids until 6 p. m. Nov. 15 for Board of Education until 10 a. m. Dec. 1, for $8,000 6% school building
internal improvement bonds. Dated Jan. 15 1927. bonds. Date Oct. 19 1926. Denom. $500. Due 1946. A certified check
$19,667 33 44%
for 5% of the amount of bonds offered, required.
Due serially in 1 to 10 years.
31,236.000 special assessment impt. bonds. Date Oct. 1 1926. Due
Oct. 1 as follows: $135:000, 1928 to 1935 incl., and $156,000.
1936.
1,060.000 speci assessment impt. bonds. Date May 1 1926. Due
May 1 as follows: $100,000, 1928. and $120,000, 1929 to 1936.
inclusive.
-The
-BONDS REGISTERED.
WICHITA, Sedewick County, Kan.
State Auditor of Insas registered during the month of May an issue of
850.621 52 434% paving bonds.
-The BrownWILDWOOD, Sumter County, Fla.
-BOND SALE.
Crummer Co. of Wichita has purchased an issue of $75.000 6% impt. bonds.
Due serially 1930 to 1953, incl.
WINDSOR TOWNSHIP SCHOOL DISTRICT NO.6(P.O. Dimond-BOND SALE.
-The 850.000 school bonds
ale), Eaton County, Mich.
offered on Nov.8(V. 123. p. 2429) were awarded to the Detroit Trust Co.
of Detroit as 4 Ns. Due March 1 as follows:$1,000, 1928 to 1935.inclusive;
64500, 1936 to 1944. inclusive: $2.000, 1945 to 1951. inclusive; $2,500.
1952, and 63,000. 1935 to 1956, inclusive.
CANADA, its Provinces and Municipalities.
-Sealed bids will
Que.-BOND OFFERING.
BUCKINGHAM,Nov. 15 for the purchase of 5124,9005% bonds. be reDated
p. m.
ceived until 5
Nov. 1 1926 and redeemable serially from 1933 to 1955. Bonds are in
denominations of $100, $500 and $1,000 each, and are payable at Buckingham, Montreal and Toronto. H. J. Gorman, Secretary-Treasurer.
-The
-BONDS REGISTERED.
WINFIELD, Cowley County, Kan.
State Auditor of Kansas registered during the month of May the following
three issues of 434% bonds aggregating $73,620 33:
$21,868 77 sanitary sewer bonds.
$35,000 storm sewer bonds.
16,651 56 paving bonds.
-The issue of $8,814 534%
COLLINGWOOD, Ont.-BOND SALE.
-installment bonds offered on
-installment and $28,000 5% 10 and 30
10
-was sold to Macneill, Graham & Co. of Toronto
Oct. 22-V. 123, p. 2297
at 99.31.
-The ratepayers approved the
-BONDS APPROVED.
DIGBY, N. S.
$10.000 hydro-electric by-law.
-The folWORCESTER, Worcester County, Mass.
-BOND SALE.
.
lowing 4% bonds, aggregating $593,000, were awarded on Nov N)to Esta_
brook & Co. of Boston at 100.34, a basis of about 3.93%:
$259,000 trunk sewer coupon bonds. Denom. $1,000. Due July 1 as
follows: $26,000. 1927 to 1935, inclusive, and $25,000. 1936.
239,000 trunk sewer coupon bonds. Denom. 51,000. Due July 1 as
follows: $24.000. 1927 to 1935, inclusive. and $23,000, 1936.
The bonds will be certified as to genuineness by the Old Colony Trust
Co.. Boston. Principal and interest(H.& J.) payable at the First National
Bank, Boston.
$45,000 registered water supply bonds. Due July 1 as follows: $3,000.
1927 to 1931, inclusive, and $2,000. 1932 to 1946. inclusive.
25,000 registered water supply bonds. Due $5,000 July 1 1927 to 1931,
Inclusive.
25.000 water-main bonds. Due $5,000 July 1 1927 to 1931. inclusive.
The bonds will be payable at the office of the City Treasurer and registered interest will be payable at the Merchants National Bank, Boston.
Legality approved by Storey, Thorndike, Palmer .St Dodge, of Boston.
-Sealed bids were received
GANANOQUE, Ont.-BONDS OFFERED.
until 6 p. m. Nov. 9 for the purchase of approximately $250,000 bonds.
J. H. Sampson, Clerk.
-Sealed bids will be received until
HULL, Que.-BOND OFFERING.
4 p. m. Nov. 15 for 5136.500 5% bonds. Dated May 11926. and redeemable serially from 1931 to 1956 incl. The bonds are in $500 denomination,
and are payable at Montreal, Quebec and Hull. H. Boulay, Clerk.
Debt Statement and Borrowing Capacity Nov. 5 1926.
(Including the above bonds.)
Average valuation,less abatements for 1923. 1924 and 1925-$285,194.733 33
7.129,86833
Debt limit, 234% of the same
Total bonded debt
$12,696.500 00
Exempt
Abolition of grade cross. debt_ $200,000 00
-City Hall debt
350,000 00
Park debt
250.000 00
Public playground debt
50.000 00
Sewer debt
1,245.000 00
Water debt (funded)
2,405,000 00
Water debt (serial)
2.791,000 00 7,291,000 00
Total sinking funds
$4.239.758 49
LOSSAbol. Or. Cr. fd- $188,539 40
-City Hall Ln. fd_ 350,000 00
Park Loan funds_ 189,785 62
Pub.Play.Ln.fd50,000 00
Sewer Loan fund.1,174,879 28
Water Loan fund-2,019.505 73 3,972.710 03
$5,405.500 00
$267,048 46 85,138.451 54
Borrowing capacity within debt limit
$1,991.416 79
-An
-BOND ELECTION.
WORTHAM, Freestone County, Tex.
election will be held on Nov.30 for the purpose of voting on the question of
Issuing $140.000 6% bonds.
-BONDS REGISWYANDOTTE COUNTY(P.O. Kansas City), Kan.
TERED -The State Auditor of Kansas registered during the month of
May an issue of 5979.0004% court house bonds.
NEW LOANS
-BOND SALE.--Gillesple, Hart &
NORTH VANCOUVER, B. C.
Todd of Vancouver and Fry, Mills, Spence & Co. of Toronto, jointly,
purchased an issue of $194,100 5% 20-year inapt, bonds at 96.57, a basis
of about 5.28%.
-Sealed bids were
-BONDS OFFERED.
OLD KILDONAN R. M., Man.
-year bonds. Dated Oct. 1
received until 12 m. Nov. 6 for $10.000 6% 10
1926. S. H. Summerscales, Secretary-Treasurer, 212 Chamber of Commerce, Winnipeg.
-Sealed bids will be rePORT ALFRED, Que.-BOND OFFERING.
ceived until 8 p. m.Nov. 15 for $125,000 534% bonds. Dated Dec. 1 1926.
Denom. of $100 and multiples thereof, and payable at any branch of the
Banque Canadienne Nationale in Quebec Province and in New York.
Alternative bids are asked for bonds payable in 10 serial years, and payable
in 10 or 30 serial years. J. H. Bouchard, Secretary-Treasurer.
SCARBOROUGH TOWNSHIP (P. 0. Birchcliff), Ont.-BOND
DESCRIPTION.
-The $50.288 075% local inapt, bonds awarded on Nov.I1
to Wood, Grundy & Co. of Toronto at 99.20-V. 123. p.2429-a basLs of
about 5.11% are described as follows: Date Aug.9 1926. Denom. $1.000.
$500 and one for $288 07. Due serially Dec. 15 1926 to 1940, Incl. Int.
payable annually Dec. 15.
-The price
-PRICE PAID.
SOUTH VANCOUVER DISTRICT, B. C.
paid for the 5194.928534% 10.30 and 40 year bond issue reported sold to
-V. 123, p. 2429
-was
the Royal Financial Corp., td., of Vancouver
102.792. a basis of about S.32%. Other bidders were as follows:
Rate Bid.
Bidder102.729
V. W. Odium & Co
102.441
Canadian Bank of Commerce
J. Pilldngton, City
-BOND OFFERING.
-A.
VANCOUVER, B. C.
Comptroller, will receive sealed bids until 2 p. m. Nov. 15 for the following
5% bonds, aggregating $850,000:
6250.000 sewer bonds. Due Aug. 1 1966.
50.000 hospital bonds. Due Aug. 1 1966.
350,000 street bonds. Due Aug. 1 1941.
200,000 street bonds. Due Aug. 1 1941.
Date Aug. 1 1926. Alternative bids on the basis of principal and int.
payable in Canada only and in Canada and the United States are asked for.
A certified check for $10,000 payable to the City Treasurer is required.
FINANCIAL
FINANCIAL
We Specialize in
City of Philadelphia
$500,000
Exempt
From Federal Income Taxes
2
1/%
5
Municipal Trust
Ownership Certificates
Secured by
Tax Liens on Improved Property
St. Louis, Mo.
Oklahoma City, Okla.
To Yield 5.50%
3s
2
1
/
3 s
48
/8
41 4
/
41 28
5s
/
51 4s
2
1
/
5 s
Biddle & Henry
1522 Locust Street
Philadelphia
Private Wire to New York
Call Canal 8437
HENDERSON
HELM & CO., Inc.
V embers
Rubber Exchange
of Nets York.
Rubber Exchange
Clearing House.
Crude Rubber
Rubber Futures
HERBERT C.HUI:FR & CO.
INCORPORATED
Sixty Wall Street
New York
REBHANN & OSBORNE
Tel. Hanover 0267
27 William St., New York
USE AND CONSULT
All General Market
Municipal Bonds
Handled on a Brokerage Basis
44 Beaver Street
The Financial Chronicle
Classified Departme-at
Act as New York Correspondents for
Dealers in Other Cities
Phone BOWLING GREEN 62119
ASK US ABOUT OUR SERVICE
Weekly Markel Lett:r
upon request
New York
255
THE CHRONICLE
[Vol.. 123.
Y- VERNON Wilbarger County, Tex.—BOND
SALE.—T
5,000 Abington School District bonds. Due:$1,00
5;.6% park site bonds offered on Oct. 25 (V. 123, 2167) werehe $18,500
0:Jan. 111928to11932.
P.
Garrett 84Co. of Dallas at a premium of $370, equal to 104.83.awarded to
Date Nov. 1 1926. Denom. 31,000.
WAKE COUNTY (P. 0. Raleigh), No. Caro.—BOND OFFERIN
G.—
WASHINGTON RURAL HIGH SCHOOL
Srygley, Secretary School Committee, will receive sealed
bids until
DISTRIC
12 m. Nov. 29 for $400,000 Raleigh Township school bonds. Coupon bonds ington County, Kan.—BONDS REGISTERED.—Th T NO. 3, Washe State Auditor of
Kansas registered during the month of
but may be registered as to principal. Date Dec. 1 1926. Denom.
MayAaniissue/of $45,000 4
$1,000. school bonds.
Due Dec. 1 as follows: $10,000, 1929 to 1936. Incl.,
incl., and 319.000, 1949 to 1956, incl. Principal and$14,000. 1929 to 1936,
int.
WATHENA, Doniphan County,
in gold at the United States Mortagge & Trust Co., (J. & D.) payable
REGISTERED.—
New
Bidders to name rate of Interest which must be in multiples York City. The State Auditor of Kansas registeredKan.—BONDS
an issue of $41,000 4 if,% water
of 31 of 1% works bonds during the month
and must not exceed 6%. Bonds will be prepared under the supervision
of May.
of
the United States Mortgage & Trust Co., New York City, which will
WELLER SCHOOL DISTRICT NO. 15,
certify as to the genuineness of the signatures of the
Grant County, No. Dak.—
Impressed thereon. A certified check payable to theofficials and the seal BOND SALE.—The State of North Dakota purchased during the month of
Committee for 2% of the bid, required. Legality to beorder of the School October an issue of $15,000 5% school bonds at par. Date Oct.
approved by Reed, Due Oct. 1 1946. These bonds are not
1 1926.
Dougherty, Hoyt & Washburn, New York City.
optional but may be redeemed_two
years from date of issue.
WARRIOR RUN SCHOOL DISTRICT (P. 0. Peely)
WELLSVILLE, Franklin County, Kan.—BO
Luzerne
County, Pa.—BOND SALE.—The 380.000 5%
NDS VOTED.—At an
election hold
offered on Oct. 19—V. 123. p. 1909—were awardedcoupon school bonds works systemon Oct. 25 the voters authorized the issuance of $57,500,water
to Enoch Thomas at
bonds by a count of 228 for to 179
par. Date June 1 1926. Due June 30 as follows: $3,000, 1927 to 1952,
against.
WESTHAMPTON, Henrico County,
incl., and $2,000, 1953.
Va.—BONDS VOTED.—At the
election held on Nov. 2 the voters
authorized the issuance of 3400.000
WASHINGTON (State of).—BOND SALE.—The State Accident
sewerage and
Fund bonds will be water system bonds by a count of 176 for to 39 against. The
Commissionthas purchased andssue of $500,000 additional
issued for the sanitary district created
Capitol building last Legislatur
under an act of the
bonds at par. W. G. Potts. State Treasurer.
e of the Henrico County Circuit
Court.
WASHINGTON COUNTY RURAL HIGH SCHOOL DISTRICT NO.
WEST HEMPSTEAD, HEMPST
EAD GARDENS WATER DIST •
4 (P. 0. Washington), Kan.—BONDS REGISTERED.—During the (P. 0. Hempstead), Nassau County,
N. Y.—BOND OFFERING.—
Franklin C.
month of April the State Auditor of Kansas registered an issue of
$40,000 Nov. 16 for Gilbert, Town Clerk, will receive sealed bids until 12 m.
435% school bonds.
$300,000 4Si, 431 or 4it
Date Dec. 1 1926. Denom. 31,000.% coupon or registered water bonds.
WASHINGTON COUNTY SCHOOL DISTRICTS (P.
Due $20,000 Dec. 1 1931 to 1945,
incl. Prin.
Va.—BOND OFFERING.—W. Y. White, Clerk County0. Abington), The bonds and int. J. & D. payable at the First National Bank, Freeport.
School Board
will receive sealed bids until 10 a. m. Nov. 20 for the following not exceed- Mortgage &will be prepared under the supervision of the United States
Trust Co.,.New York City which will
ign 531% school bonds, aggregating $84,000:
certify as to the genuineness .of the signatures of the officials
$20,000 Goodson School District bonds. Due $2,000 Jan. 1 1928 to 1932, Legality to be approved by IIawkins, and the seal impressed thereon.
inclusive.
City. A certified check for 2% of the Delafield & Longfellow, New York
amount of bonds.bid for is required •
18,000 North Fork School District bonds. Due Jan. 1 as follows: $1,000. 1
111WEST PALM BEACH, Palm Beach
1928 and 1929 and $2.000, 1930 to 1937. incl.
County, Fla.—BO
The
17,000 Holston School District bonds. Due Jan. 1 as follows: 51,000, Oct. following two issues of 5% bonds aggregating $2,290,00ND SALE.—
0 offered on
7—V. 123, p. 1791—were awarded to a
1928 to 1930, incl., and 32.000, 1931 to 1937, incl.
syndicate composed of It. M.
Grant & Co., New York; Prudden &
13,000 Glade Sping School District bonds. Due serially.
Co., Spitzer, Rorick & Co. and Stran11,000 Kinderhook School District bonds. Due Jan. 1 as follows: 51,000. ahan, Ilarris & Co., Inc., all of Toledo: Kean, Iligbie & Co., Detroit: The
Well. Roth & Irving Co.Cincinnati,
1928 to 1935, incl., and 52,000, 1938.
and:Wright Warlow.&.
Co.of Orlando,
at 90, a basis of about 7.18%:
lamsifieb Obbertioements
Jfinantial
CHARTERED MU
SALES EXECUTIVE
Married man, 34, Yale graduate, with ten years' experience,
desires connection with investment banking house contemplating opening bond department or
out-of-town house desiring to
establish New York office. Highest references, Box V-8,
7=i
- Chronicle, 90 Pine
al
Street, New York.
We are seeking loans of
$1.-10,000,000
For Polish towns for
municipal buildings
on security through thelState.
Cable reply.
Agwa, Leipzig, Thomaskirchof 20
FINANCIAL TELEGRAPHEXECUTIVE
wishes connection with
Wall Street firm which is
at present operating its
own telegraph system or
is contemplating doing so.
Several years' experience gained with large
companies qualifies this
man to organize and manage any size system.
An interview can be arranged if a reply is sent to
Box F-361, The Financial
Chronicle, 90 Pine St.,
New York.
United States Trust Company of New York
45-47 WALL STREET
Capital, .
•
•
•
•
•
. $2,000,000.00
Surplus and Undivided Profits, .
$19,200,723.66
This Company acts as Executor, Administ
rator, Trustee, Guardian, Consalttee, Court Depositary, and in all other
recognized trust capacities.
It receives deposits subject to check and allows
interest on daily balances.
it holds and manages securities and other property
, real and personal, for
Istates, corporations and individuals, and acts as
Trustee
cages, and as Registrar and Transfer Agent for corporat under corporate morte bonds and stocks.
EDWARD W. SHELDON, President
WILLIAM M. KINGSLEY, 1st Vice-Pres.
WILLIAMSON PELL, Vice-Presiden
t
WILFRED J. WORCESTER, Secretary
FREDERIC W. ROBBERT, Comptroll
st
CHARLES A. EDWARDS, Asst. Secretary
ROBERT S. OSBORNE, Asst. Secretary
WILLIAM C. LEE, Assistant Secretary
THOMAS H. WILSON, Asst. Secretary
WILLIAM G. GREEN, Assistant Secretary
ALTON S. KEELER, Asst. Secretary
TRUSTEES
JOHN A. STEWART, Chairman of the Board
FRANK LYMAN
CHAUNCEY KEEP,
WILLIAM VINCENT ASTOR
JOHN J. PHELPS
ARTHUR CURTISS JAMES
JOHN SLOANE
LEWIS CABS LEDYARD
WILLIAM M. KINGSLEY
LYMAN J. GAGE
FRANK L. POLK
OGDEN MILLS
PAYNE WHITNEY
THATCHER M. BROWN
EDWARD W. SHELDON
CORNELIUS N. BLISS
WILLIAMSON PELL
etass5ificb Zbbcrti5sementE4
Investment Consultant with Profitable and
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A client of ours is thoroughly experienced
in the buying
and selling of railroad, utility and foreign bond
the management of bond department of investmen issues and in
t house.
He has developed a highly profitable and
growing clientele.
Many of his clients have depended upon him
for practically all
of their investments for ten, twelve or fifteen
years.
His present connection is permanent if he
chooses to make
it so. His relation with his associates is
friendly. His sole
purpose for making a change is prompted by
limited opportunity.
He will consider an offer, with prospect of
partnership in a
Philadelphia banking house or the manageme
nt of a Philadelphia office.
A letter addressed to us will be placed in
his hands immediately, after which we shall communicate with
you.
J. H.Cross Company, 1700 Walnut St., Philadelphia
@FedFRASER