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The.
olliturra31
financial.
runtrie
INCLUDING
Railway& Industrial Compendium
Public Utility Compendium
Railway Earnings Section
State & Municipal Compendium
VOL. 125.
SATURDAY,NOVEMBER 19 1927.
Eh Thronitle
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of redemption. To what extent these have been presented and paid off will not be known until the
twelve Federal Banks make their reports late this
week. Washington dispatches, however, indicate
that $298,000,000 were presented on the 15th and
$55,000,000 on the 16th, leaving less than $300,000,000. The turnover of funds in connection with midmonth payments and Government transactions, particularly those of the payment of the Second Liberty
Loan bonds, did not sufficiently disturb the money
market to affect the call rate which remained at
3/
1
2% during the week. Brokers' loans, however,
have continued to increase, as is noted further below.
The stock market did little more than substantially hold its level during the early part of the
week, but advanced sharply on Friday, disregarding
the heavy addition to brokers' loans. Trading has
been in large volume. Investors and speculators
alike seem to be operating on an assumption of a
continuation of easy money. In stock market circles there has been no discussion of late of probable
changes in re-discount rates of the Federal Reserve
Banks. These were reduced from 4% to 3/
1
2% early
in August, the Reserve Board stating at that time
that they were lowered with a view to holding rates
low during crop moving season. It might have
been assumed at that time that late in November or
possibly in December or January the Reserve Bank
re-discount rates would be moved back to 4%, but
apparently no one looks for anything of the kind
now.
The Financial Situation.
The progressive ease in the money situation continues to be reflected in the bond market. The DowJones average of forty investment issues has made
several new highs in recent days, passing 99 on Monday, Nov. 14, and reaching 99.17 on Thursday,
the 17th. This advance in the bond level has been
perhaps as marked as any during the long period
of generally advancing bond prices which lies behind, but it has not been accompanied by a particularly heavy offering of high grade investment issues
such as occurred a few weeks ago. It reflects perhaps a pressure of funds for investment in volume
larger than can be satisfied by current offerings, but
The story regarding brokers' loans does not vary.
even more than this it reflects an appraisal by in- Indeed there is a monotonous regularity about
it.
vestors of a probable continuation of easy money This week's return of the Federal Reserve Board
conditions into 1928.
again records expansion and establishes once more
Among the more prominent issues of the week a new record-breaking total. Nor is there anything
were the following: On Wednesday Bonbright & to indicate when the upward movement is to be perCompany offered *10,000,000 Electric Bond & Share manently arrested—in the near or remote
future.
6% Cumulative Preferred Stock at 109, yielding The report issued after the close of business on
5.50%. On Thursday $20,000,000 Norwegian Hydro- Thursday, and the nature of which seems to have
Electric Nitrogen Corporation 5/
1
2s, 1957, were of- been divined beforehand, inasmuch as the stock
fered at 95, yielding 5.85% by the National City market in the closing hour on Thursday suffered a
Company and $16,000,000 General Cable Corporation downward reaction on rumors or apprehensions
that
5/
1
2s, 1947, by Dillon, Read & Company and Kissel, a further increase was likely, verified the
predicKinnicutt & Company at 99, yielding 5.58%.
tions to that effect. These weekly reports, as freThe week saw the first passing of a great Liberty quently pointed out by us, relate to the 52 reporting
Loan—the Fifth or Victory Liberty Loan having member banks of the Federal Reserve in New
York
been retired in 1922-23. The Second Liberties, which City, and are for the close of business on Wednesday.
were first offered on a 4% basis and later converted As compared with the previous Wednesday the fur4% basis, were redeemed on Tuesday, Nov. 15. ther addition to the total is found to be no less than
to a 41/
The bonds were dated Nov.15 1917 and were original- $71,586,000, and it follows an increase the previous
ly outstanding to the extent of $3,807,865,000. They week of $12,824,000 and an increase the week before
had been reduced by sinking fund, purchase and ex- that of $27,928,000. In other words the grand aggrechange, to about $650,000,000 outstanding on the day gate of these loans to brokers and dealers
(secured
2712
THE CHRONICLE
by stocks and bonds) stands now for Nov. 16 at
*3,456,115,000, against $3,384,529,000 Nov. 9, $3,371,705,000 Nov. 2 and $3,343,777,000 Oct. 26.
The previous record total was reached Oct. 19
when the amount was $3,434,107,000. From that
figure there was a reduction to the amount just
named of $3,343,777,000 on Oct. 26. This having
been the first notable decline in a period of about
two months it was hailed with great satisfaction as
marking (so it was believed at the time) a definite
turn in the upward tide, to be followed (as it was
then supposed) by a longer or shorter series of declines from week to week until the total once more
got back to levels that could no longer be considered
inordinately high. But these anticipations were
quickly disappointed, and in the three weeks since
then the upward movement has again been in full
force and latterly has been, it would appear from
the latestfigures, gaining momentum, with the result
that a new high for Nov. 16 at $3,456,115,000 leaves
the former record-breaking total of $3,434,107,000
on Oct. 19 fully $22,000,000 behind.
The loans made for account of out-of-town banks
fell off a little during the latest week, declining from
$1,277,331,000 Nov. 9 to $1,260,215,000 Nov. 16, but
at the latter figure comparison is with only $1,055,529,000 on Nov. 17 last year. The other two groups
of loans further increased during the week and as
compared with 12 months ago record even greater
expansion than the loans for the out-of-town banks.
In other words, the loans made by these reporting
member banks for their own account are now (Nov.
16) $1,202,833,000 against only $799,296,000 on Nov.
17 1926, and the loans "for account of others" (the
third group) $993,067,000 against $754,199,000. The
grand total for the whole three groups at $3,456,115,000 for Nov. 16 1927 compares with $2,609,024,000 on Nov. 17 1926, showing an augmentation during the year in the huge amount of $847,091,000. The
augmentation is almost entirely in the loans subject
to call, which characterizes it as being for speculative account, wherein lies the occasion for anxiety.
The time loans are only $814,318,000 this year as
compared with $702,271,000 twelve months ago, but
the demand loans aggregate $2,641,797,000 against
only $1,906,753,000 on Nov. 17 last year, the increase
in this last instance, it will be seen, being close to
three-quarters of a billion dollars.
The returns of the Federal Reserve banks themelves for the week under review show changes about
as would be expected, having regard to the operations of the U. S. Treasury. The Government made
extensive payments in redemption of the Second
Liberty Loan bonds ($298,000,000 having been paid
Nov. 15 and $55,000,000 Nov. 16) and this enabled
the member banks to reduce their borrowings at the
Federal Reserve Banks and also very decidedly to
add to their reserves kept on deposit with the Reserve institutions. On the other hand, the Government was obliged to indulge in a considerable
amount of temporary borrowing in order to make
the redemptions referred to, of the Second Liberty
Loan bonds—the proceeds of the $419,770,000 allotted on the new issue of Treasury certificates floated
8% interest eviduring the month and bearing 31/
dently not yet having been fully realized. From the
comments of the Federal Reserve Board accompanying the weekly report it appears that the U. S.
Treasury to meet its immediate needs issued $164,
[VoL. 125.
500,000 of temporary certificates of indebtedness to
the twelve Reserve banks, of which $76,000,000
were taken by the Federal Reserve Bank of New
York.
It follows from what has been said that the fea
ture of this week's return of the Federal Reserve
Banks is that it shows the discounts on behalf of
member banks heavily reduced, but the holdings of
Government securities further greatly enlarged. The
holdings of discounted bills are down to $367,436,000
Nov. 16 from $460,641,000 on Nov. 9. The holdings
of acceptances are very little changed at $333,807,000
against $336,413,000. Holdings of U. S. Government
securities, however, stand at $704,794,000 Nov. 16
against $530,210,000 Nov. 9 and comparing with no
more than $308,130,000 Nov. 17 last year. The net
result of all these changes is that total bill and
security holdings the present week are $1,406,652,000
against $1,327,864,000 a week ago, showing an increase during the week in the aggregate of Reserve
credit employed of $78,788,000. As compared with
twelve months ago, when the total of bills and securities was only $1,225,533,000, the increase is $181,119,000. During the week member bank reserves
with the twelve Reserve institutions increased from
$2,368,905,000 to $2,499,978,000, while deposits
(made up almost entirely of these reserve accounts
of the member institutions) rose from $2,423,332,000
to $2,565,993,000. The volume of Federal Reserve
notes in actual circulation was at the same time reduced from $1,734,696,000 Nov. 9 to $1,706,436,000
on Nov. 16. Gold reserves, however, during the
same interval fell from $2,909,921,000 to $2,889,440,000 with the result that the ratio of total reserve
(including reserves other than gold) to deposit and
Federal Reserve note liabilities combined is this
week 70.8%, against 73.1% last week. The Federal
Reserve Bunk of New York by itself shows discounts
reduced during the week from $154,569,000 to $103,260,000, acceptance holdings slightly higher at
$92,084,000 against $91,233,000 and holdings of
U. S. Government securities up to $182,365,000
against $107,650,000, making the total of Reserve
credit employed (as represented by the combined
holdings of bills and securities) $377,709,000 against
$353,452,000 last week. A year ago the amount was
only $225,100,000. Member bank reserves with the
New York Federal Reserve Bank rose from $957,694,000 to $987,847,000 and total deposits from
$981,655,000 to $1,006,058,000. The amount of Federal Reserve notes in actual circulation here at New
York fell during the week from $373,629,000 to
$366,570,000.
Last Saturday's statement of the New York Clearing House Banks and Trust companies showed comparatively slight changes. Loans and discounts
diminished $5,718,000, net demand deposits decreased $3,633,000, but time deposits increased $11,743,000. Member banks' reserves decreased $2,991,000 (to be followed to-day by a considerable increase,
judging by the addition to member bank reserves
shown by the Federal Reserve Bank of New York
in its statement for Wednesday night as reviewed
above) offset by an increase in cash in own vaults
of $1,807,000, which latter, though, does not count
as reserve. As a result of these various changes
excess reserve last Saturday was $5,355,490, against
$7,532,640 Nov. 5 and $29,561,460 Oct. 29. U. S.
Government deposits fell further from $48,830,000
Nov. 191927.]
THE CHRONICLE
2713
Although the value of rubber imports is very
Nov. 5 to $37,851,000 Nov. 12. On Oct. 1 these Govmuch
less this year than it was a year ago, in quan$114,687,000.
ernment deposits aggregated
tity there has been a gain for the nine months this
The foreign trade statement of the United States year of 6.5 per cent. Coffee imports are lower in
for the month of October, which was issued by the value this year; they have also been smaller in quanDepartment of Commerce at Washington early in the tity. Imports of silk, as noted above, show an inweek, shows quite an improvement as to the value crease in value this year and the same is true as to
of merchandise exports for that month. At the the quantity, but while the value of sugar imported
same time imports continue to fall off. The increase is higher for the nine months of 1927 as compared
in the value of exports over a year ago is in some with 1926, there has been a loss in quantity of 6.8
measure due to the higher prices now prevailing for per cent.
Other merchandise imports show some falling off
certain farm products, cotton, wheat and corn
among them, while the decrease in imports reflects in value this year, but the loss is small alongside
in large part the lower prices this year for rubber. the figures just given. The decrease in imports
I crehandise exports last month were valued at for the ten months this year as compared with 1926
H90,000,000. This is the highest value for exports is 5.1 per cent. and exactly the same ratio of loss
of any month for two years, or back to October 1925. appears for the nine months. Deducting from the
These figures compare with $455,301,000, the ex- total value of all imports for the nine months, the
ports in October of last year, and show an increase value of imports of rubber, coffee, silk and sugar,
the remaining amount, which covers all other merthis year of $34,699,000.
chandise imports for that period, Ahows a decline
$125,652,contributed
Cotton exports last month
this year of only 2.0 per cent. It will be recalled
in
ago,
year
a
while
exports,
total
all
of
000 to the
that the greater part of the decline in value above
were
exports
cotton
month,
corresponding
the
valued at $115,240,000, an increase this year of referred to was in rubber, of which the actual im$10,412,000 or 9 per cent. As to quantity, however, ports for the nine months this year exceed those of
exports of cotton last month were 1,126,500 bales 1926 by 6.5 per cent.
The merchandise export balance this year is very
and in October 1926, 1,369,800 bales, a decrease this
amounting for the ten months to $489,450,000;
large,
year of 17.8 per cent. This reflects the higher price
same period of 1926 it was only $165,446,000.
the
for
month
for cotton the present season. Imports last
exports last month were valued at $10,698,Gold
$376,868,000
were valued at $356,000,000 as against
imports at $2,056,000. In September gold
and
000
ago.
in October 1926, and $374,074,000 two years
amounted to $24,444,000 and imports to
exports
was
month
The excess of merchandise exports last
whereas in October 1926 gold exports
$12,979,000,
In
$134,000,000.
quite heavy, the amount being
and imports $8,857,000. For
$1,156,000
only
were
$83,597,000,
was
September the excess of exports
year the exports of gold have
this
of
months
ten
the
exports
of
excess
an
was
while for October 1926 there
imports $195,022,000, an
the
and
$68,340,000
been
of $78,433,000.
Merchandise exports for the ten months of the cur- excess of imports of $126,682,000, while in the prerent year stand at $3,998,458,000, or larger than for ceding year exports were somewhat higher in value
any corresponding month back to 1920. These fig- and imports slightly lower, the excess of imports
ures compare with $3,862,991,000 for the first ten amounting to $78,979,000. Silver exports last
months of 1926, and show an increase this year of month showed little change from the earlier months
$135,467,000 or 3.5 per cent. Of this amount cotton of the year, the value having been $5,938,000; silver
contributed an increase of $73,332,000 or a gain of imports were $5,069,000.
13 per cent. As to the number of bales of cotton
A series of occurrences in Great Britain in the
exported, the gain for the ten months this year over
last year was 27.8 per cent. Exports of wheat this past week showed clearly that the cause of interyear are fully 15 per cent. above those of a year ago, national naval limitation is not nearly so hopeless as
and considerable gains also appear in six of the it appeared to be after the failure of the Tripartite
eight leading classifications into which the detailed Conference in Geneva last summer. The most sigstatement of merchandise exports from the United nificant of these occurrences was the announcement,
made in the Commons Wednesday by W. C. BridgeStates is divided.
Imports, on the other hand, as already stated, man, First Lord of the Admiralty, that two of the
show a considerable loss for the ten months this year three cruisers which should be laid down this fiscal
as compared with 1926. Including October, there year under the 1925 British naval program would
have been seven months in 1927 in which the value of not be proceeded with. One of the three cruisers
merchandise imports have been smaller than in the will be ordered laid down, Mr. Bridgeman told the
corresponding months of the preceding year. The Commons, but he added that "the Government has
total value of imports for these ten months this year decided, in the light of the situation disclosed at the
is $3,509,008,000, as against $3,697,545,000 for the Geneva Naval Conference, that it is not necessary
same time last year, a decrease of $188,537,000. De- nor desirable to proceed with the laying down of the
tails as to imports are available at this time for nine other two this year." This statement, it was pointed
months only, and for that period there was a decline out in a London dispatch to the New York "Times,"
of $144,200,000 in the imports of rubber and of does not preclude the possibility of the two vessels
$39,300,000 in imports of coffee. On the other hand, being constructed next year. It was added, howimports of silk for the nine months this year were ever, that there is a growing belief in London that
larger by $23,600,000 than they were a year ago, for reasons of economy, world-peace and a better
while imports of raw sugar were $34,500,000 in ex- Anglo-American understanding, the British Governcess of the preceding year. These four commodities ment has decided to postpone any increase in naval
supply nearly 30 per cent. of the value of all imports armament as long as possible, in the hope that the
efforts which failed at Geneva will be renewed later
into the United States.
2714
THE CHRONICLE
nrou 125.
and with more success. Moreover, it appeared that Major Hills, Lord Rothermere, Lloyd George, Lord
the one cruiser to be built will be of 8,000 tons, while Robert Cecil, Earl Grey and Sir William Robertson,
the two delayed would have been 10,000 tons each.
the "Guardian" said in a leading article: "It may
This announcement was followed, Wednesday be an outraged sense of economy [in naval expendievening, by a debate on disarmament in the House ture] or the breakdown of the Naval Conference, or
of Lords, wherein Viscount Cecil delivered a long, Lord Cecil's resignation, or the ominous first steps
detailed statement as to why he resigned from the in ruinous competition of armament building with
Cabinet shortly after the failure of the Geneva Con- America—whatever the reason, there is abundant
ference. His remarks were of exceptional interest evidence of a growing conviction that adherence to
owing to his earnest labors in the cause of disarma- the narrow old-fashioned policy of naval defense
ment and to his position as one of the chief British would be one of the costliest and most disastrous
negotiators at Geneva. "No resignation," said Vis- blunders this country could make."
count Cecil,"is an isolated act. It is usually related
to a string of events of which it is the culmination.
An acrimonious discussion of the serious unemI shall therefore touch briefly upon what led up to ployment and continuing depression in the British
it." Lord Cecil recalled the proceedings at the first coal industry caused wild disorders in-the British
League Assembly and launched a fiery attack on the House of Commons Wednesday, resulting in several
British Admiralty. He declared that the Admir- temporary adjournments of the Parliamentary sesalty's representatives scarcely concealed their in- sion. The disorders arose after former Premier
difference, if not hostility, to the work of the League Ramsay MacDonald had demanded a vote of censure
Disarmament Commission and said that as a result of the Baldwin Government for its neglect of the
of their interference and influence he was continu- unemployment situation. Mr. MacDonald's resolually called upon at Geneva as the British represen- tion called attention to the growing difficulties in
tative to defend positions he considered indefensible. the coal industry and increasing distress and unemHe declared that Mr. Bridgeman agreed with him at ployment among the miners. Immediate construcGeneva, but that the section of the Baldwin Minis
: tive action was demanded by the former Labor Pretry headed by Winston Churchill preferred the fail- mier to bring about efficient organization of the inure of the Geneva Conference to any acknowledg- dustry. Sir Philip Cunliffe-Lister, President of the
ment by Great Britain of "the principle of mathe- Board of Trade, attempted to answer for the Govmatical parity of naval strength" with the United ernment, but the Laborites howled him down with
States. Lord Cecil revealed that he had threatened loud shouts of "Baldwin!" "The Prime Minister:"
to resign unless the Cabinet compromised on the "We want a responsible Minister!" The Speaker
American demand for eight-inch guns on cruisers. of the House attempted to restore order and reHe considered the "American attitude on this mat- marked that he was under the impression that the
ter entirely wrong and the reasons for it unconvinc- proponents of the censure motion wanted a reply.
ing," but it seemed to him "madness to allow the But the Laborites merely responded with a reiteraproceedings to break down at such a point." The tion of their demand for a "responsible Minister."
Cabinet, however, persisted in its refusal to compro- The Speaker thereupon suspended the sitting for a
mise on this question and thus, Lord Cecil declared, few hours. When the session reopened the scenes
caused the Conference to fail. "What was I then to were repeated, Government and Opposition ranks
do?" he asked. "If I had remained in office I would facing each other angrily. The situation was saved
not only have taken responsibility for this decision, by a Labor member who turned the excitement into
but defended it."
laughter by taking a mock vote on the motion of cenLord Balfour replied to these remarks for the sure. The Labor Opposition succeeded in getting PreGovernment. Expressing regret that he should be mier Baldwin to talk before the House of Commons
!orced to criticize Viscount Cecil,he said he could not Thursday, but his remarks, according to an Assoyet see why the former Minister was unable to work ciated Press dispatch, were by no means satisfacwithin the Cabinet, unless he allowed the differences tory to the Laborites. Mr. MacDonald drew a reply
of opinion expressed by independent minds to accu- from the Premier by asking if he would not take
mulate in their effect "until the noble Lord's temper an early opportunity to make a statement on the
gave way." Speaking as a negotiator of the Wash- general intentions of the Government in regard to
ington agreement, Lord Balfour minimized the the coal and unemployment questions. Mr. Baldbreakdown of the Geneva Conference and declared win answered that the Government's position would
that his view was that the parley was not ended, but have been fully explained at the previous session by
merely interrupted. He defended the Admiralty's the President of the Board of Trade if it had not
proposals at Geneva as "so closely allied to the been for the "unfortunate incident" that silenced
avowed object of President Coolidge that they him. Under the circumstances,Mr. Baldwin said, he
thought they would be welcomed and accepted with- could not promise to afford any opportunity for furout difficulty."
ther Parliamentary discussions. Mr. MacDonald
Additional point was given to these ministerial countered with a formal notice that he would ask
declarations by the widespread observance of Armis- the House to name a day to discuss the action of
tice Day throughout the British Empire and by a the Government and the responsibility of the Prime
very general concurrent demand for disarmament Minister in this connection.
voiced in British journals. A symposium of London
newspapers of Nov. 12 showed what was declared to
A temporary decree restoring normal tariff conbe "a striking unanimity in favor of radical disarma- ditions on French imports of American merchandise
ment." Perhaps the most searching review of the was published in the Paris Journal Officiel, Wedquestion was made by the highly influential "Man- nesday, President Doumergue having affixed his
chester Guardian" on Nov. 12. After citing the signature on the previous Saturday. The decree befavorable pronouncements of the previous week by comes operative Nov. 21 and is to continue in ef-
Nov. 19 1927.]
THE CHRONICLE
feet until such a time as a permanent commercial
treaty is signed between France and the United
States. By means of it, America, according to a
special dispatch to the New York "Times," will be
accorded most-favored-nation treatment on 471 items
out of a total of 900 enumerated in the document.
French officials made clear, however, that a decree
of this character can be revoked at any time, provided that France feels there is sufficient justification. Coincident with the publication of the decree,
the French Foreign Office presented the American
Embassy with the tenth note of the protracted discussions regarding the new tariff rates which
France suddenly applied on Sept. 6 after the conclusion of a commercial accord with Germany. This
note was said, however, to be only in the nature of
a formal notification of the restoration of the old
rates in so far as the Franco-German accord made
it possible to restore them. The decree was understood, dispatches said, to leave open several knotty
problems for the consideration of the American
Commercial Attache's office. One relates to the
most popular brand of tractors made in the United
States, the Franco-German accord having been so
framed as practically to exclude their importation.
In addition France was said to be expecting the
removal, or at least the substantial reduction, of
the countervailing duties automatically established
on imports of French merchandise in the United
States. The promulgation of the new French decree
was called by Maurice Bokanowski, French Minister of Commerce, a "happy termination" of the
Franco-American tariff controversy.
A definite linking of the political and military
concerns of France and Yugoslavia occurred Nov.
11, when Foreign Ministers Briand, of France, and
Marinkovitch, of Yugoslavia, affixed their signatures to a treaty of co-operation and mutual defense.
The ninth anniversary of Armistice Day was chosen
by the signatories as a fitting occasion for placing
the final seals on the new treaty, which completes
the French system of alliances. The French bloc
now includes Belgium, Poland, Czechoslovakia, Rumania, and Yugoslavia. According to Edwin L.
James, Paris correspondent of the New York
"Times," the treaty signed on Nov. 11 engages
France and Yugoslavia:
First, not to make war on each other, with the exception
noted of their duties as members of the League of Nations.
Second, to examine together all questions threatening
their security or disturbing the status quo as fixed by the
peace treaties.
Third, in case of attack against either of them, the two
nations pledge themselves to act conjointly to safeguard
their interests.
Fourth, they fix a ten-year limit to the treaty and engage
themselves to work together for the solution of all European
problems
A separate act is said to provide for the arbitration of all issues arising between the two countries
which are not settled by ordinary diplomatic
methods. Both France and Yugoslavia were said
to contend that no alliance in the old sense of the
word is intended in the new treaty, which is directed
against no third power. M. Briand, when affixing
his signature, expressed the hope that the treaty
would "become the basis of a new Locarno in Southern Europe."
In Rome, however, the new Franco-Yugoslav accord caused considerable chargin and resentment.
Italian circles were said, in a Rome dispatch of Nov.
2715
12 to the New York "Times," to consider its conclusion at this time as a blow aimed directly at Italy. It
was pointed out that Italy and Yugoslavia have
just had a violent quarrel, culminating first in the
notorious Treaty of Tirana with Albania, whereby
Italy assumed guardianship over the tiny State
across the Adriatic, and secondly, in the Italian denunciation of alleged Yugoslav schemes to foment
a revolution in Albania. France, it was said,
could not enter into any treaty of friendship with
Yugoslavia at this time without laying herself open
to Italian accusations of backing Yugoslavia against
Italy. The latent irritation in Rome took more
definite shape Wednesday, when attempts were made
at hostile demonstrations against the Yugoslav
Legation and the French Embassy. University
students started the demonstrations, which were
said to be interesting chiefly as showing the state
of mind created in Italy by the Franco-Yugoslav
step. The Fascist police promptly dispersed the
mob and orders were issued by the Government to
prevent a repetition of the incident. On the other
hand,it was stated in a Rome dispatch of Thursday
to the New York "Evening Post," that partisans of
M. Briand's projected three-power pact—France,
Italy and Yugoslavia—have increased in Italy, with
newspaper comment discreetly favorable.
The suppression of universal suffrage in Italy was
proposed Nov. 11 as one measure of Parliamentary
reform at a meeting of the Fascista Grand Council
over which Premier Mussolini presided. The new
plan was said to restrict the vote to those who, because they belong to one of the Fascista guilds, or
to certain other categories of producers, are considered to be active contributors to the advancement
of the nation. Only one ticket is to be presented
to these voters, this ticket to be representative of
the FasciSta Party, combined with the thirteen
great Fascista guilds, or corporations, into which
the country is divided and which include both capital
and labor. According to the new scheme, the
Fascista corporations will designate a certain number of candidates, mostly technical men well fitted
to speak for the particular art, craft or profession
they represent. Their names will then be submitted
to the Fascista Grand Council, which is empowered
to eliminate any candidate whose Fascista fervor
or technical capacities do not measure up to the
standards required for representing the nation in
Parliament. To the list -Mils expurgated the Grand
Council will then add the names of a certain number
of its own candidates, who will represent mostly
the political interests of the Fascista Party. Then
the list will be submitted to the electorate, which
will have no other party one to choose from. The
Grand Council at the same time proposed a reduction
in the total number of Deputies from 560 to 400
The composition of the Senate and the method of
nominating Senators is left unaltered by the proposals. They will continue to be appointed by the
King on the Government's designation. A bill incorporating the changed principles is to be framed
by the Minister of Justice and submitted to the
Grand Council at its next session.
The objects of the proposed reforms were made
clear in the preamble to the Grand Council's resolutions, which stated: "Any system of national representation must be based on the de facto situation existing in Italy, namely, the abolition of all political
2716
THE CHRONICLE
[VoL. 125.
parties contrary to Fascismo, the existence of only
one political party which acts as the organ of the
Fascista regime, and the juridical recognition of
the nation's great productive economic organizations
which are the basis of the Fascista syndicalist corporative State. The Fascistization of these syndicalist organizations, owing to the short period of
time elapsed since their foundation is not sufficient,
however, to permit them to assume the political
functions of the Fascista Party by taking over the
task of representing the nation in Parliament. It
• is possible for the present to permit them to proceed
only one step along this road." It was remarked
in a Rome dispatch of Nov. 11 to the New York
"Times" that the system would appear to be an
oligarchy with the Grand Council holding all power.
"When it is remembered," the dispatch added, "that
Premier Mussolini himself nominates the Grand
Council, it is seen that he has all the strings in his
hands."
be retained as the "Soviet's punitive arm," while
Bukharin indicated that the hostile attitude of the
Bolshevist Administration toward the insurgent
leaders, Trotsky and Zinovieff, would remain firm
and unbending. "The dictatorship of the proletariat
is impossible," M. Bukharin said, "unless the Soviet
power remains one and indivisible. In attempting
to divide the party or to form a second party,
Trotsky and Zinovieff fatally became the center of
attraction in all the anti-Soviet forces. That is the
fact of the case—no matter what they thought
about their Marxist duty or historical mission."
Moreover, M. Bukharin's verdict was said to be supported by 99.3% of the votes of the party members
consulted on the subject throughout Russia. Most
of these members, incidentally, addressed resolutions to the Central Committee roundly condemning
the Opposition leaders. It was pointed out that the
whole affair will have the effect of giving the "Left"
the appearance of dictating Soviet policies, if only
to refute the Opposition charge that the. AdminisApprehension over Polish intentions has again tration was "swinging in the direction of the Petit
become widespread in Soviet Russia, according to Bourgeoisie."
a special dispatch of Nov. 13 from Walter Duranty,
Moscow correspondent of the New York "Times."
The movement in Rumania for the return of former
Not, it was said, that the Russians fear direct ag- Crown Prince Carol, at present an exile in Paris,
gression, but because they are convinced that seems to have made a substantial gain through the
Premier Pilsudski has plans for the absorption of acquittal on Tuesday by a court-martial of Mihail
Lithuania which are on the eve of execution. Re- Manoilescu, former Under-Secretary of Finance, on
ports from Poland were cited in the dispatch as in- a charge of Carolist plotting. When the trial opened
dicating "ominous military preparations." These on Nov. 11, it was generally thought that the Governreports allege further that the Polish munitions ment of Premier Bratianu would rapidly prove M.
factories were virtually idle last Spring, with their Manoilescu guilty of conspiring against the Dynastic
shares almost without sale on the Warsaw Bourse, law of January 1926. The former Under-Secretary
whereas now they are working in double shifts, with was arrested late in October while carrying letters in
their shares selling above par. News from Dantzic which Carol appealed for a referendum on his own
was said to be of similar purport, with 'arrivals re- return to his country. At the trial, however, M.
ported of a stream of cargoes of military equipment Manoilescu protested that the former Crown Prince
and airplanes. The Polish plans were considered in did not seek the throne he had renounced, but only
Moscow to be either to provoke a revolution in Lithu- membership in the regency. "The Prince is too loyal
ania in which the revolutionaries would appeal for and decent to think of dethroning his own son,"
the aid of Poland and an invasion would follow with- he declared. Characterizing the present Governout more ado, or,if that proves impossible,to provoke ment as a disaster to Rumania, M. Manoilescu desome sort of anti-Government movement near the clared that the country is in "a state of political
Polish frontier where the citizens of Polish blood, abnormality without issue or hope," for which "the
declaring their lives in danger, would appeal to only solution is the return of Carol through the joint
Poland for protection, and the result would like- action of opposition leaders and persistent moral
whe be a military invasion. Publication of the dis- pressure on the country." He insisted that it was
patch on Monday evoked a sweeping denial of any impossible to attribute to himself any intentions
aggressive intentions on the part of the Warsaw other than those entertained by Carol, and therefore
Government from the Polish Minister in Washing- that there never was any question in his mind of
ton. "The Polish Government," the statement said, changing either the King or the Constitution as
"is energetically pursuing the peaceful work of in- charged against him. M. Manoilescu also denied
ternal reconstruction and stabilization of Poland's that there was any deep and unsolved mystery beeconomics and finances and it will not be deterred hind Carol's voluntary renunciation of the throne.
from its hitherto successful activity by any pro- This was due, he said, to a question
of dignity and
vocative and unfounded statements."
was totally unconhected with stories circulated about
The end of the Opposition Party within the Soviet
Regime was predicted with considerable assurance
in a Moscow dispatch of Nov. 15 to the New York
"Times." The long struggle between the more moderate group, headed by Joseph Stalin, and the Opposition group, headed by the fiery and drastic Leon
Trotsky, was said to have eventuated in the Waterloo
of the Opposition. Several statements by Soviet
leaders in the official Pravda were cited as indicating that the strong-arm methods of the dominant
faction will silence the Opposition. Stalin asserted
that the Ogpu would not be dissolved, but would
the Prince's private life The defense was conducted
by the Opposition leader, General Averescu.
The government, meanwhile, added to the rigor
of the censorship. Bucharest newspapers were described in an Associated Press dispatch of Nov. 13 as
"appearing with great gaping white spaces, reminiscent of war days." The government also prohibited
a gathering of the National Peasants Party at Alba
Julia unless it should agree that the dynastic question
be avoided there. M. Manoilescu, when acquitted,
said "This is the beginning of a new era of liberty
in Rumania." Immediately after the close of the
trial, nine Independent and Opposition newspapers
Nov. 19 1927.]
THE CHRONICLE
2717
joined in a vigorous demand upon the government for out in Washington that four similar decisions by the
abolition of the censorship. It is a sad delusion for court will be necessary before the petroleum law
the government, the protesting papers declared, to becomes unconstitutional, as five decisions by the
think it can impose peace upon the country by means Supreme Court on the same question are required in
of censorship. A cabinet meeting also was held after order to put an act of the Mexican Congress outside
the close of the trial, and a communication issued the constitution. Should the present decision be
which declared: "In placing M. Manoilescu on trial followed by enough similar decisions, a Washington
the government felt it was desirable to make an dispatch of Thursday (Associated Press) said, it
example of the first attempt to upset public security would result in a legal defeat for the Mexican Governand thus discourage further dangerous attempts. ment in its own courts in the effort to give retroThe court martial, disregarding these eventual con- active application to the nationalization of natural
sequences, did not think it necessary to apply the resources provisions of Article XXVII of the Confull vigor of the law. It will, however, soon be seen stitution. It was indicated in Mexico City that
from the conduct of those whose machinations im- the Supreme Court would go into vacation in a few
peril the future of the State whether this leniency was days and that no further decisions in similar cases
justified. The fact that the trial did not end in con- might be expected immediately.
viction will not deter the government from enforcing
An attempt to assassinate General Alvaro Obregon,
the law against any one attempting to disturb public
order or threatening the State's security." The former President of Mexico, and a candidate for
fact is, an Associated Press dispatch of Nov. 15 said, re-election to that office, was made in Mexico City
that the trial has broken wide open again the trouble- last Sunday morning. Several bombs were thrown
some question of the claims of Carol to the throne. by the assailants at the car of the former President
"More than that, it has made Carol and M. Manoil- as he was riding through the gardens of Chapultepec
escu heroes in the eyes of many impressionable and Castle. One of these exploded inside the car,
wrecking it and wounding General Obregon very
•sentimental Rumanians."
It was apparent, nevertheless, that the exceed- slightly in the face. The General joked about the
ingly firm hold of the Bratianu government on Ru- matter shortly afterwards as he attended a bull fight.
mania was not substantially affected by the Carolist His assailants were pursued by another car in which
agitation. The Rumanian Senate on Nov. 14 passed friends of General Obregon were riding. Two of
a bill increasing the penalties for any attempt to them were caught after an exchange of numerous
interfere with the Constitution as created in 1926. pistol shots.
On the following day the National Security bill, givReports, seeping across the border into Texas ining the government power to fine and imprison dicate, meanwhile, that Obregon may possibly have
anyone who by word or deed seeks to overthrow the at least one rival for the office of President of Mexico
throne or government, passed the Chamber and was in the elections which will be held next summer. A
sent to the Senate.
San Antonio dispatch of November 12 to the New
York Times said that Luis Morones, leader of the
A decision of some importance, relating to the new Mexican Labor Party and Secretary of Industry,
Mexican petroleum laws, was handed down by the Commerce and Labor, will be a candidate, according
Mexican Supreme Court Thursday and was generally to late arrivals from the Mexican capital. The
interpreted as favorable to the appellant, the Mexican selection of Morones to oppose former President
Petroleum Company, which is a subsidiary of the Obregon was said to be due to a fear on the part of
Pan American Petroleum Co., an American corpor- Mexican politicians that Obregon's declaration in
ation. The case was the first to come before the highest which he stated that when elected he would carry out
Mexican tribunal in which the question of the con- the policies of President Calles, had injured Obregon
stitutionality of the Petroleum law, promulgated in the United States. Moreover, there was said
under Article XXVII of the Constitution, was raised. to be a growing sentiment against the re-election of
The effect of the Court's ruling, dispatches said, was Obregon among the Agrarians, who saw in the
to declare unconstitutional the important Articles growth of the Obregon properties in the State of
XIV and XV of the new law so far as the suit of the Sonora a return to the feudal system of the Porfirio
Mexican Petroleum Company was concerned. Arti- Diaz regime.
cle XIV in effect, substitutes fifty-year concessions
The National Bank of Belgium on Nov. 16 reduced
for oil land titles acquired before 1917. Article XV
declares forfeited those titles to oil lands for which its discount rate from 5% to 432%. This the fourth
no applications for confirmatory concessions have reduction of the year by this Bank. On Jan. 12
been made within one year from the going into the rate was marked down from 7% to 63/2%, on
effect of the new law, which came into force at the Feb. 9 to 6%, on April 27 to 53/2% and on June 22
firSt of this year. The decision, an Associated Press to 5%. Other than this official discount rates at
dispatch from Mexico City said, is not one declaring leading European centres have undergone no change
the entire Petroleum law constitutional or uncon- during the week. They remain at.7% in Germany
stitutional. Furthermore, the two sections declared and Italy; 63/2% in Austria; 5% in Paris, Denmark,
unconstitutional in this suit are not declared uncon- Norway, and Madrid; 432% in London and Holland;
stitutional for all purposes, but only as they apply 4% in Sweden and 332% in Switzerland. In Lonto this case. Thus the court's decision does not don open market discounts continue at 43% for
once and for all answer the question as to whether short bills, the same as on Friday of last week, and
the new oil law is constitutional, but those well at 4 5.-16@,4%% for long bills, the same as a week
informed think that it is an entering wedge for a ago. Money on call in London on Tuesday was
series of similar decisions, which, if made, would 37A%, but gradually declined thereafter and yesterremove the features of the law which have been most day was VA% against 3ht% on Friday of last week.
objectionable to foreign interests. It was pointed At Paris the open market discount rate has advanced
2718
For,. 125.
THE CHRONICLE
from 2Y
1 to 27
4%, but in Switzerland has remained Steadiness and ease featured the New York money
unchanged at 3 7-16%.
market the past week. This,in the face ofexceptionally heavy mid-month Government and corporation
The Bank of England in its statement for the settlements, was regarded as significant of the existing
week ending Nov. 17 showed a loss in gold of £40,065. situation. Funds were reported in plentiful supply
There was, however, expansion in the reserve of gold in the call money department on all trading days.
notes in the banking department of £682,000, the The rate for demand funds was maintained throughresult of contraction in note circulation of £722,000, out at 33% on the Stock Exchange, while in the
while the proportion of reserve to liabilities rose to outside market overflow funds were offered at WI%
31.35% from 31.13% last week and 28.48% last concession Tuesday and Thursday. No heavy
year. There was a decline of £1,814,000 in public calling of loans by the banks was reported. Brokers'
deposits but other deposits gained £3,245,000. loans against stock and bond collateral, as given
Loans on Government securities increased slightly by the Federal Reserve Board, for the fifty-two
(£25,000) and loans on other securities increased New York reporting member banks, again showed
£768,000. Gold holdings now total £151,596,982 as a very heavy increase over the previous week in
compared with £152,999,634 in 1926 and £147, 680,- Thursday's statement. The increase amounted to
115 in 1925. Reserve aggregate £36,140,000. This $71,586,000, carrying the total of such loans to a new
compares with £34,640,634 and £26,227,465 in high record. The upward march of brokers' loans
1926 and 1925 respectively. The total of notes in has been virtually uninterrupted throughout the
circulation stands at £135,206,000 as against £138,- present calendar year and increasing concern is ex109,000 last year and £141,202,550 in 1925. The pressed over the magnitude of the total.
Dealing in detail with the rates from day to day,
Bank's official discount rate remains the same(43/2%).
Below we furnish comparisons of the various items of the story as to call loan rates is the same as last week,
namely that all transactions on each and every day
the Bank of England returns for five years.
1
were at 34%
including renewal. Rates for time
BANK OF ENGLAND'S COMPARATIVE STATEMENT. •
loans on Stock Exchange collateral have remained
1926.
1927.
1923.
1924.
1925.
Nov. 16.
Nov. 18.
Nov. 17.
Nov. 21.
Nov. 19.
virtually unchanged though some brokers yesterday
g
g
Circulation-12
135,206,000 138,109,000 141,202.550 122,235,025 123,869.000 quoted rates for 90 days and longer somewhat lower.
Pubis deposits
16,598,000 20,482,488 15.149,961 18.977,557 17,236,346
3 @3%% for 30 days, 4@)4
Other deposits
98,713,000 100,217,687 106.631.663 107,063.146 106,232,174 Quotations are 34
for
Governm't securities 41,336,000 34,407,539 40,247,794 41.768,443 43.438,506
43@4h%
days,
for
60
90
days
with
some
brokers
Other securities
55,621.000 69,422,801 73.061.558 75,994,814 74,143,346
Reserve notes dt coin 36,140,000 34,640,634 26,227,465 26,012.338 23,647,336 yesterday making the range
4@43,3% and 4
Coln and bullIon_a-151,596,982 152,999,634 147,680,115 128,497.363 127,766,336
43,4% for all other periods from four to six months.
Proportion of reserve
31.35%
to liabilities
28.48%
2134%
2034%
1934% Some choice commercial paper has sold this week at
Bank rate
434%
4%
5%
4%
4%
33i. Prevailing rates for four to six months' names
• Includes, beginning with April 29 1925, £27,000,000 gold coin and bullion
Previously held as security for currency notes Issued and which was transferred to the of choice character are 3%@4%. For names less
Bank of England on the British Government's decision to return to gold standard.
to Beginning with the statement for April 29 1925 Includes £27.000.000 of Bank well known the quotation is 431%. For New Engof Eagland notes Issued in return for the same amount of gold coin and bullion
land mill paper the range is still 4@4X%.
held up to that time in redemption account of currency note b3sue.
In the market for banks, and bankers' acceptances
the posted rate of the American Acceptance CounThe Bank of France in its statement as of Nov. 16
cil for call loans against acceptances has again reshowed a decrease in note circulation of 465,704,000
1
francs, leaving the total of this item 54,399,204,190 mained unchanged throughout the week at 34%.
francs. This compares with 54,064,188,750 francs in Nor has the Council made any change in the rates
1926 and 47,943,223,555 francs in 1925. Gold for acceptances, the posted quotations on prime
holdings remained unchanged, the total now being bankers' acceptances eligible for purchase by the
Reserve banks remaining at 33/8% bid and
5,544,829,327 francs at home and abroad as com- Federal
3% asked for bills running 30 days; 33,1,% bid and
pared with 5,548,797,096 francs and 5,547,625,925
1 8% asked for bills running 60 days; 3H% bid and
3/
francs in 1926 and 1925 respectively. The State
33.1.% asked for 90 days;34%
1
bid and 34
3 % asked for
repaid 500,000,000 francs to the Bank reducing its
5
%
bid and 332% asked for 150 and
120 days, and 34
total indebtedness to 24,850,000,000 francs. Changes 180
days. Open market rates also remain unchanged
in other items of the Bank's report were: Silver holdas follows:
ings increased 4,000 francs; general deposits 66,388,SPOT DELIVERY.
—180 Days-- —150 Days-- —120 Dart—
000 francs. Bills discounted decreased 95,723,000
Bid.
Asked. Bid.
Asked.
Bid.
3,4
835
834 Asked.
834
334
8j4
francs, treasury deposits 17,342,000 francs and trade Prime eligible bills
—90Days— —60 Days— —30Dais—
Bid.
Asked. Bid.
Asked.
Asked. Bid.
advances 32,037,000 francs. Divers assets rose to Prime eligible bills
834
834
314
334
334
3
DELIVERY WITHIN THIRTY DAYS.
24,489,303,000, an increase of 30,488,000 francs over Eligible memberFOR
banks
335 bid
gm bid
last week. A comparison of the various items for the Eligible non-member banks
last 3 years is shown below.
There have been no changes this week in Federal
Reserve Bank rates. The following is the schedule
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Chanoes
Stahu as o
of rates now in effect for the various classes of paper
for Week.
Nov. 16 1927. Nov. 17 1926. Nov. 18 1925.
at the different Reserve banks:
Francs.
Gold Holdings—
Francs.
Francs,
Francs.
In France
Abroad available
Abroad non-avail
Unchanged
Unchanged
Unchanged
3,680,508,414 3,684,476,188 3,683,305,017
462,771,4781 1,864,320,907 1,864,320,907
1,401,549,4251
Unchanged
Total
5,544,829,327 5,548,797,096 5,547,625,925
4,000
Inc.
Silver
342,941,133
339.064,506
312,263,016
Dec. 95,723,000 2,274,679,956 4,259,752,453 3,392,767.524
Bills discounted
Dec. 32,037,000 1,732,758.726 2.168,820,089 2,633,337,821
Trade advanCea
Note circulation. _Dec. 465,704.000 54,399,204,190 54,064,188,750 47,943,223,555
Treasury deposlts_Dec. 17,342.000
28,945,434
30.703.931
30,302,708
General deposits_ _Inc. 66,388,000 10,459,107,381 3,740,611,442 2,484,999,730
Advances to State-Dec. 500,000,000 24,850,000,000 35,850,000,000 31,100,000,000
Inc. 30,488,000 24,489,303,000 4.866.497,898 1,241,328,503
Divers assets
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES
AND MATURITIES OF ELIGIBLE PAPER.
Federal Resale Bast.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
Ban Francisco
Rate In Riled
on Nov. 18.
133.5
335 '
835
334
33.4
834
335
334
334
33.4
33.4
834
Date
Established.
Aug. 5
Aug. 5
Sept. 8
Aug. 6
Aug. 16
Aug. 13
Sept. 7
Aug. 4
Sept. 13
July 29
Aug. 12
Sept. 10
1927
1927
1927
1927
1927
1927
1927
1927
1927
1927
1927
1927
Previous
Rate.
4
4
4
4
4
4
4
4
4
4
4
4
Nov. 191927.]
THE CHRONICLE
Sterling exchange continues remarkably firm.
This week it touched another new high since 1914,
when on Wednesday cable transfers sold at
4.87 11-16. The range for the week was from 4.867A
to 4.87 9-16 for bankers sight, and from 4.87 11-32
to 4.87 11-16 for cable transfers. The demand for
exchange on London dropped off on Thursday with
the result that there was a fairly sharp reaction from
the high mark of Wednesday. Nevertheless the
major part of Thursday's transactions were concluded
around 4.87 3-16 for bankers sight and 4.873/ for
cable transfers. The unseasonal rise in sterling has
convinced many authorities that official measures are
being taken to place sterling at a point that will
minimize further loss of gold by the Bank of England.
It is not believed possible that England would lose
gold to the United States, but the exchanges of
Holland, Belgium, Germany and Sweden, are all
above dollar parity, and unless sterling were to sell
high, there would be a strong probability of a gold
movement to these countries, none of which are over
anxious to add to their gold holdings. In fact, the
action of central bank authorities and official statements frequently made in the past few months indicate that banking opinion quite generally favors a
strengthening of the position of the Bank of England, on the conviction that a firm sterling market
is favorable to the exchanges of all countries. The
Bank of England and other central bank authorities
look with favor upon the purchase of gold by central
banks in the London open market, but not to a
transfer of gold arising from purely exchange operations. The steady, if unseasonable, rise in sterling
has caused the New York bankers to compute exactly
the point at which it would be profitable to ship gold
instead of buying exchange. Some time ago the
shipping point was estimated to be around 4.884.88%. These points are now considered too low.
With the present levels of interest, freight, and
insurance rates, gold could hardly move from New
York unless sterling were to reach 4.89%, which is
about 1% cents above present ruling quotations.
However, since gold shipments are looked upon with
considerable favor by the steamship lines, it is not
improbable that some special concessions might be
made in freight charges which might lower the profitable shipping point to perhaps 4.89.
The Bank of England in its return for the week
ended Wednesday night reported a loss of £40,065
in its gold holdings. On Tuesday the Bank of Eng\land exported £10,000 in sovereigns to Germany.
On Wednesday the Bank sold £7,000 in gold bars
and exported £7,000 in sovereigns to Egypt. On
Thursday the Bank exported £5,000 in sovereigns
to Spain. Yesterday the Bank sold £16,000 in gold
bars to an unnamed buyer. London advices state
that the "unnamed buyer" of the open market gold
during the past few weeks is believed to be the Bank
of Belgium. At the Port of New York the gold movement for the week ended Nov. 16, as reported by the
Federal Reserve Bank, consisted of imports of $221,000, chiefly from Latin America, and of exports of
$11,315,000, of which $11,000,000 went to Brazil,
making a total shipment to Brazil in the past two
weeks of approximately $2,000,000; $180,000 was
sent to Java, and $135,000 was sent to Mexico. The
Federal Reserve Bank compilation does not include
$3,000,000 of gold which was sent to Canada by the
New York agency of the Canadian Bank of Commerce. Canadian exchange contiues at a premium,
2719
the prevailing quotation this week having been 11-64
of 1% premium.
Referring to day-to-day rates, sterling last Saturday displayed firmness. The range was 4.867
4(6
4.873/i for bankers sight and 4.87%©4.87 for cage'
transfers. On Monday the market was irregular.
Demand ranged from 4.86 15-16 to 4.87 5-32, and
cable transfers were 4.87 13-32@4.87 17-32. On
Tuesday bankers sight ranged from 4.86 15-16th
4.87 3-32, and cable transfers from 4-.87 11-32 to
4.87 15-32. On Wednesday the market was firm
with sterling in demand. The range was 4:87
4.87 9-16 for bankers sight, and 4.87/@4.87 11-16
for cable transfers. On Thursday there was a reaction and sterling sold down slightly. The range was
4.873@4.87% for bankers sight and 4.873@4.875
/
for cable transfers-7On Frid the range was 4.87 1-16
@4.87% for- bankers sight, and 4.87 7-16@4.873/
for cable transfers.
Closing_
quotations yesterday
_
were 4.87Ys for demand and 4.873/ for cable transfers.--Coinmercial sight bills finished at 4.86%, 60day bills at 4.83, 90-day bills at 4.81 5-16, documents
for payment (60 days) at 4.83, and seven-day grain
bills at 4.863
/s. Cotton and grain for payment closed
at 4.86%.
The Continental exchanges show firmness, largely
in sympathy with the rate for sterling exchange.
French francs finished this week at 3.92% for bankers
sight, in comparison with 3.925
4 last week. The
Bank of France current statement shows sundry
assets at 24,489,303,000 francs, an increase over last
week of 30,488,000 francs. Interest attaches to this
item, as it embraces the foreign exchange holdings
of the Bank of France, which are its principal means
of maintaining the franc at present quotations.
There is no news of importance regarding French
affairs which has any bearing on exchange. The
Belgian currency is practically stabilizbd around
13.93M, although quoted fractionally firmer this
week, a sympathetic reflex of the sterling market.
It is revealed that the Bank of Belgium figures as
the "unnamed buyer" of gold in the London open
market during the past several weeks. This is not
to say that some other central bank might not also
figure in that category, but it is clear that the
Belgians have ,been taking open market gold. The
Bank of Belgium gold holdings have increased from
3,223,437,043 francs on June 30 to 3,418,917,369
francs as of Oct. 27. Money rates have become quite
comfortable in Brussels with the result that the Bank
of Belgium reduced its rediscount rate on November
16 from 5% to 43/
2%.
German marks have recovered from the shock
received by the publication of the memorandum of
the Agent General for Reparations questioning
the financial operations of the Reich. It is believed that State and municipal loans to Germany
will tend to drop off as a consequence of the Agent
General's comments, but it is quite improbable
that there will be any material reduction in private loans to industry. Marks are in demand,
largely for these financing operations. The money
situation is slightly better than in several weeks,
with the result that there is less talk of an increase in
the rediscount rate of the Reichsbank. In fact,
Berlin dispatches are more positive in asserting that
there will be no further increase in the Reichsbank's
rate. German trade is holding up very well, which
is a factor favoring mark exchange. The iron and
2720
THE CHRONICLE
steel output is at the year's highest point. Italian
exchange presents no new features of interest. The
lira continues to fluctuate very narrowly within the
de facto stabilization point of 89-90 to the pound,
or around 5.44 cents. The Bank of Poland acquired
$15,000,000 in gold in New York from the proceeds
of the recent stabilization loan. The metal will be
shipped sometime during this month and will be
added to the Bank of Poland's gold reserve.
The London check rate on Paris closed at 124.03
on Friday of this week, against 124.05 on Friday of
last week. In New York sight bills on the French
centre finished at 3.923', against 3.92% a week ago;
cable transfers at 3.9338, against 3.92%, and com/
8. Antmercial sight bills at 3.92%, against 3.923
werp beiges finished at 13.943/ for checks and at
13.95% for cable transfers, as against 13.93% and
13.94% on Friday of last week. Final quotations for
Berlin marks were 23.86% for checks and 23.87%
for cable transfers, in comparison with 23.84 and
3
23.85 a week earlier. Italian lire closed at 5.434
transfor bankers' sight bills and at 5.43% for cable
fers, as against 5.43 and 5.433/ last week. Austrian
8. Exschillings have not been changed from 143/
change on Czechoslovakia finished at 2.963', against
2.963/8f; on Bucharest at 0.62, against 0.61; on Poland
at 11.15 against 11.20, and on Finland at 2.52,
against 2.52. Greek exchange closed at 1.33 for
checks and at 1.333 for cable transfers, against
1.323/ and 1.32% a week ago.
[VOL. 125.
successful, so that immediate gold resumption seems
quite probable. Spanish pesetas have been under
pressure this week as the result of bear selling, but
the market in New York was rather inactive.
Bankers' sight on Amsterdam finished on Friday
at 40.373', against 40.33 on Friday of last week;
cable transfers at 40.393', against 40.33, and commercial sight bills at 40.32, against 40.28. Swiss
francs closed at 19.283' for bankers' sight bills, and
at 19.29 for cable transfers, in comparison with
19.283/ and 19.283
4 a week earlier. Copenhagen
checks finished at 26.80 and cable transfers at 26.81,
against 26.793' and 26.803. Checks on Sweden
closed at 26.923 and cable transfers at 26.933/2,
against 26.90 and 26.91, while checks on Norway
finished at 26.57, and cable transfers at 26.58,
against 26.40 and 26.41. Spanish pesetas closed at
17.00 for checks and at 17.01, for cable transfers,
which compares with 17.01 and 17.02 a week
earlier.
The South American exchanges are firm, although
there is only a very light demand in New York for
exchange on either Rio de Janeiro or Buenos Aires.
The outstanding news of the week as far as these
currencies are concerned is the shipment of $11,000,000 in gold to Brazil. This,as noted above, makes a
total shipment of $22,000,000 in two weeks. It is
stated in authoritative quarters that Brazil will
draw in all $36,000,000 in gold from New York.
These shipments follow as a result of the recent flotation of the $41,500,000 loan for stabilization and
currency reform. Argentine paper pesos closed
yesterday at 42.69 for checks, as compared with
42.67 last week, and at 42.74 for cable transfers,
against 42.72. Brazilian milreis finished at 11.94
for checks and at 11.95 for cable transfers, against
11.99 and 12.00. Chilean exchange closed at 12.17
for checks and at 12.18 for cable transfers, against
12.17 and 12.18, and Peru at 3.74 for checks
and at 3.75 for cable transfers, against 3.74
and 3.75.
The Far Eastern exchanges continue to show firmness in quotations on the Chinese centers, resulting
largely from the improved prices quoted for silver.
Japanese yen are slightly lower. This week the yen
has sold as low as 45.50 for sight bills, off 30 points
from Saturday's market. This is a new low for the
year. A recovery to 46 took place yesterday. The
net loss so far this month seems to be about 64
points. The simultaneous rise of the silver units
leads to the suspicion that Chinese bear speculation
has something to do with the lower price of the yen.
Chinese speculators would expect to reap a profit
later, as there would be a heavy demand after the
turn of the year, when Japan begins to meet import
payments which are a major problem in the first
half of the year. Closing quotations for yen checks
yesterday were 45.90@46, against 45.85(4)46% on
Friday of last week; Hong Kong closed at 50.00@50%
against 49.95@49 15-16; Shanghai at 63 9-16@63%,
against 633@.63%; Manila at 49 9-16, against
49 9-16; Singapore at 563@56 9-16 against 56%@
563'; Bombay at 36%, against 36 9-16, and Calcutta
at 36 8, against 36 9-16.
In the exchanges of the countries neutral during the
war, interest this week has centered in Holland
guilders and Norwegian kroner. The guilder rate
ranged from around 40.29 for bankers sight last
Saturday to 40.40 in Thursday's market. Guilders
sold as high as 40.42 for cable transfers on Thursday.
Guilders are in very light supply and in considerable
demand, which of course is an important factor in
the higher quotations. Gold was shipped from
Holland to New York early this year when the guilder
was quoted around 39.96 for cables. According to
New York bankers a reverse movement of gold
would take place if the guilder quotation were to go
to 40.44. This is, however, a disputed point and
some authorities state that gold could not profitably
be shipped to Holland unless the guilder were quoted
nearer to 40.60, unless there were some competitive reductions by steamship interests to secure
gold consignment. The Scandinavian exchanges
continue strong. There has been strong buying of
Norwegian this week, and the rate moved up in
Wednesday's trading to 26.63, the highest since 1919.
It is confidently stated in New York that the buying
is from Norwegian sources acquainted with the
probable trend of finance developments in Norway.
The Norwegian Government, it is said, is planning
to refund one of its outstanding loans here. Norwegian industries are seeking money in the New York
market. It is believed that Norway's re-entrance
into the New York money market is in some way
coincident with plans for the return to the gold
standard. Norway has been preparing for fully a
year for the return to gold and the banking authorities there have frequently announced their favorable
attitude in the matter. The Government's policy
Pursuant to the requirements of Section 522 of the
this year has been largely devoted to stabilizing
Tariff
Act of 1922, the Federal Reserve Bank is now
speculative
liquidation
of
inducing
business andY to
daily to the Secretary of the Treasury the
certifying
that
believed
It
is
currency.
Norwegian
holdings of
rate
for cable transfers in the different counalthogether
buying
been
have
respect
this
in
its policies
THE CHRONICLE
Nov. 19 192.7.]
tries of the world. We give below a record for the
week just past:
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RES
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
NOV. 12 TO NOV. 18 1927, INCLUSIVE.
,I
Noon Buying Rate for Cable Transfers to New York,
Value in United States Money.
Country and Monetary
Unit.
I
, Nov. 12. Nov. 14. Nov. 15. Nov. 16. Nov. 17. Nov. 18.
1
$
$
EUROPE8.14083 3.14090
Austria,schIlling
.1395
.1394
Belgium, belga
Bulgaria, ley
.007242 .007215
Czechoslovakia, krone .029626 .029628
.2680
Denmark, krone
.2680
England, pound ster4.8755
4.8740
ling
.025189 .025106
Finland, markka
.0393
.0393
France. franc
Germany, reichsmark. .2386
.2385
013202 .013204
Greece. drachma
.4039
.4037
Holland, guilder
.1747
.1746
titingarY. Peng°
.0545
.0544
Italy, lira
Norway, krone
.2650
.2648
.1123
.1120
Poland. riot
.0495
.0493
Portugal, escudo
.006182 .006187
Romania.leu
.1701
.1702
Spain, peseta
.2692
.2891
Sweden,krona
.1929
.witzerland. franc.- .1929
Yugoslavia, dinar____ .017608 .017603
ASIAI'bine.6650
.6680
Chefoo tadl
.6529
.6548
Hankow tadl
Shanghai tad.6372
.6378
.6715
Tientsin tool-I .6700
.5004
.5003
Bong Kong dollar
.4601
Mexican dollar._
.4605
Tientsin or Pelyangi
4567
.4552
dollar
.4519
.4533
Yuan dollar
.3642
3844
India. rupee
.4560
4562
Japan, Yen
.5604
Singapore(S.S.)dollar. .5604
NORTH AMER.1.001498 1.001512
Canada, dollar
.999344 .999406
Cuba, peso
.478833 .478333
Mexico, peso
Newfoundland. dollar. .999125 ; .998875
SOUTH AMER..9706
Argentina. peso (gold) .9707
.1194
Brazil, milreis...... .1195
.1218
.1218
Chile. peso
1.0366
1.0358
Uruguay. peso
;
$
$
$
8.14089 5.14090 ; .14090
.1394
.13941 .1395
.007225 .007260 .007225
.029630 .029629 I .029629
.2680
.2680
.2681
.14091
.1395
.007215
.029631
.2680
4.8744
4.8741
4.8750
4.8747
.025193 .025190 .025199 .025197
.0393
I .0393
.0393
.0393
.2386
.2387
.2386
I .2385
.013214 .013209 .013266 .013263
.4035
.4036
.4040
.4038
.1746
.1746
.1747
.1746
.0543
.0543
.0545
.0544
.2644
.2643
.2659
.2657
.1123
.1118
.1121
.1120
.0493
.0493
.0494
.0494
.006174 .006186 .006185 .006172
.1699
.1698
.1702
.1701
.2691
.2691
.2693
.2693
.1929
.1928
.1929
.1929
.017604 .017605 .017615 .017610
.6627
.6485
.6340
.6671
.4988
.4568
.6613
.6417
.6321
.6667
.4982
.4525
.6621
.6508
.6344
.6671
.4993
.4575
.6617
.6488
.6334
.6671
.4987
.4563
.4542
.4508
.3842
.4575
.5604
.4517
.4483
.3641
.4585
.5604
.4529
.4496
.3644
.4573
.5604
.4517
.4483
.3643
.4585
.5604
1.001526 1.001401 1.001480
.999375 .999375 .999250
.478000 .478000 .480167
.999000 .998750 .998938
.9703
.1193
.1218
1.0343
.9700
.1194
.1218
1.0344
.9704
.1193
.1218
1.0361
.001576
.999156
.479500
.999031
.9704
.1192
.1218
1.0361
Owing to a marked disinclination on the part of two
or three leading institutions among the New York
Clearing House banks to keep up compiling the figures
for us, we find ourselves obliged to discontinue the
publication of the table we have been giving for so
many years showing the shipments and receipts of
currency to and from the interior.
As the Sub-Treasury was taken over by the Federal
Reserve Bank on Dec. 6 1920, it is also no longer
possible to show the effect of Government operations
on the Clearing House institutions. The Federal
Reserve Bank of New York was creditor at the Clearing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BAPt
AT CLEARING HOUSE.
'blurb,,
Nov.
•-
-ruesdau, Wednesd4. Thursday, Friday.
Nov. 15
Noe 16. Nov. 17. Nov. 18.
Mondas.
Nov. 14.
79.000.000 131.000,000 108,000.000
133.000,000 100.000,000 116,000,000
Aggrermte
for It'eek.
Cr 651 000 000
Note.-The foregoing heavy credits reflect the huge mass of checks which come
to the New York Reserve Bank from all parts of the country in the operation of
the Federal Reserve System's par collection scheme. These large credit balances,
however, reflect only a part of the Reserve Bank's operations with the Clearing
House Institutions, as only the items payable In New York City are represented in
the dally balances. The large volume of checks on Institutions located outside of
York are not accounted for in arriving at these balances, as such checks do
not pass through the Clearing House but are deposited with the Federal Reserve
Bank for collection for the account of the local Clearing House banks.
Re-W.
The following table indicates the amount of bol
lion in the principal European banks:
November 17 1927.
November 20 1926.
Banks ofGold.
I
E
England.. 151,596.9821
France a._ 146,220,3241
Germany b 89,236.3501
Spain __ ._ 104,126,000
46,929,0001
Italy
Netherl'ds. 32,175.0001
Nat. Beig. 19,746.000
Switzerl'd_ 18.457,000
Sweden_ _ 12.826,000
Denmark.
- 10,118,000
Norway - - 8,180.000
Sliver.
£
I
Total.
Gold.
Silver.
I
Total.
I
E
£
1
151,596,982 152,999,634
152,999,634
13.917,320160,137,644 147,379,048 13,560,000 160,939,048
c994,600, 90,230.950 80.110,000 c994,600 81,104,600
26,991.000 131,117.000 102,263,000 26,550,000128,813,000
3,732,000„
45,510,000 4,157,000 49,687,000
2,254,000, 34.429,000 34,860,000 2,255,000 37,115,000
1.197,000 20,943.000 18.180,000 1.073,000 17,253,000
2,611,000 20,968.000 17,718,000 2,908,000 20.626,000
I 12.828.000 12.551,000
12.551,000
801.000 10,777,000 11,814,000
881,000 12.495,000
1 8,180,000 8,180,000
8,180,000
Total week 639,608,656 52,257,920692,866,578629,384,682 52,378,600681,743,282
prey, week 639.437.721 52.203,600691,841.321628,230,478 52,513,846680.744.324
a Gold holdings of the Bank of France are exclusive of gold held abroad, amounting
the present year to £75,572,836. b Gold holdings of the Bank of Germany are exclusive of gold held abroad, the amount of which the present year is £3,375,800.
c As of Oct. 7 1924.
2721
he Policy of the Comptroller of the Currency
Regarding Bank Calls.
We have seen no comment on the fact that the
Comptroller of the Currency in calling last month
for a report of the condition of the National Banks
as of October 10 departed from the practice inaugurated for the first time in 1926 of having no call
in the interval between June 30 and December 31,
and returned to the former practice h that respect,
which latter practice may be said to have been the
custom since time immemorial. Yet in doing this
he took a step in the right direction, unquestionably
from a high sense of public duty, and deserves to be
commended for it. The law as amended by Congress
late in 1922 makes only three calls a year obligatory
upon his part as against the previous requirement
(running back to 1869) of not less than five reports
annually on such dates as the Comptroller might
name in his discretion and good judgment.
Prior to 1869 the Nation Banking Law required reports of condition from the banks on the first Monday of January, April, July and October. The
country was then still in the paper money era. In
1869 it began to be realized that to 'require returns
at stated dates, known in advance, was not the best
way for ascertaining how the banks were being administered and to determine whether they were being conducted in accordance with sound banking
principles. The law was accordingly changed, and
changed not merely so as to leave it entirely within
the power of the Comptroller to require reports of
condition for some past date, not known in advance
to bank officials, but changed also so as to make it
incumbent upon the Comptroller to issue calls not
less than five times a year instead of the previous
four quarterly calls at prescribed dates named,in
the law itself and known of course to the banks themselves.
In this early period, the banks, knowing that they
would have to file returns as of the dates named in
the statute, were able of course to prepare for the
occasion-to indulge in the practice known as "window dressing"-and thus the reports failed to throw
the needed light upon the way the banks were conducting business in the intervals between the quarterly dates, in which intervals they might (and did)
deviate far from sound practice. As a matter of
fact, in the three-month intervals the banks could
do very much as they liked and with no intermediate
condition statements the Comptroller would be none
the wiser even if the banks did indulge in excesses
of one kind or another. In other words, immediately
after the report date had passed, the banks were free
to resume practices objectionable in themselves and
possibly involving a great deal of menace to them.
selves and the entire banking world.
This was back in 1869, as already stated, when
the change to five calls a year was made, at dates
which were never supposed to be known in advance.
The. new system worked well and the requirement
of five calls a year was continued until 1922 when
Congress thought it best to reduce the number of
obligatory calls from five to three, but left the
dates still at the option of the Comptroller, and leri
him free also to increase the number if he thought
best. The truth is he possessed the same freedom
of making additional calls when five statements
year were required by statute. And during the war
period, when John Skelton Williams was at
2722
THE CHRONICLE
helm in the Comptroller's office, this privilege of
additional calls was availed of very freely. The
banks objected to the frequency with which calls
were coming, and the Comptroller's office found the
incidental work of compiling the returns, laborious
and burdensome; so when Comptroller Crissinger
succeeded to control he voiced the demand for some
limitation. Congress, responding, reduced the number that the Comptroller had to issue from five a
year to three a year.
But while the law was amended in 1922 it was
not until 1926 that the Comptroller's office allowed
the number of calls to fall below four—that is one
extra in addition to the three obligatory ones. In
the calendar year 1925, for example, there were four
calls altogether, the dates being April 6, June 30,
Sept. 28 and Dec. 31. There were four also in 1924
and 1923, but five in 1922 and 1921. In 1926, on the
other hand,the Comptroller confined himself strictly
to the three calls a year absolutely required as a
minimum under the amendment of 1922. The dates
of these calls were April 12, June 30 and Dec. 31.
The Comptroller, it will be observed, omitted any
call for the six months between June 30 and Dec. 31.
As we said on a former occasion, we believe that
never previously in the history of the National Banking system was so long an interval allowed to elapse
between two bank calls. And it did not seem to us
that an interval of that length, should ever be permitted to pass between two calls.
In justice to the Comptroller, it is proper to state
that with only three calls a year obligatory on his
part he really labors under considerable difficulty
in carrying out the legislative intent as expressed
by the change made in 1869 and from which there
was, we take it, no desire to depart by the amend.
ment of 1922. Under the statute the dates of the
calls remain under his absolute control. In practice, however, outside considerations, which he cannot well ignore, greatly restrict the degree of freedom he is supposed to enjoy in choosing the dates.
If he limits himself rigidly to the three calls which
the law makes imperative, he finds two of the three
dates virtually pre-empted at the start. We refer
to June 30 and Dec. 31. As to the first of the two
dates, he has virtually no option but to include that
date among his calls, since it has long been the custom of the Comptroller to require a statement of
condition as of June 30 inasmuch as the Comptroller always includes in his annual report very
elaborate statistics regarding all the banks in the
country, State, National, trust companies, savings
banks and private institutions, and the aim is to
have these statistics all of the uniform date of June
30 as far as possible. The same remark applies to
the Dec. 31 call. It is the end of the calendar year,
very convenient for statistical purposes, and it has
become pretty well the practice to ask a return as
of that date or some date close thereto. Accordingly
it does not seem desirable that that date should be
eliminated.
But since the two dates mentioned cannot well be
excluded from among the list of calls, it follows
that if the Comptroller limits himself to the three
calls actually required by statute he has only one
call open to him of the date of which the banks will
not have knowledge beforehand. This is what made
it a matter of so much regret, that last year the
Comptroller after his call of April 12, should have
required no other calls than the preordained ones
[VOL. 125.
of June 30 and Dec. 31. In saying this we do not
have in mind the banks in the large cities, as to the
course of whose affairs there is rarely occasion for
anxiety, but the thousands of other banks throughout the country knowledge regarding the status of
which is gained mainly from the condition statements to the Comptroller of the Currency.
The Comptroller's action now in again reinstating
the Autumn call indicates that he did not intend
last year's omission to mark a permanent change of
policy. Thereby he also gives notice to the banks
that they will always have to be on their guard—
that while he does not mean to harass them with
unnecessary calls, the vigilance of the Comptroller's office is not to be relaxed in the slightest
degree.
As a matter of fact the call of Oct. 10 the present
year came as a great surprise to the banks generally.
Very few among them were looking for it. They
counted upon a repetition of the experience of last
year when the Sept.-Oct. call was omitted. They
thought. that the omission might be regarded as a
precedent for the future. The Comptroller has now
made it plain that in last year's action he did not
mean to commit himself as to his subsequent course.
There is to be no six months interval during which
bank managers wedded to dubious policies may play
fast and loose. Great encouragement is undoubtedly
to be derived from the fact.
The Comptroller gave some expression of his reviews regarding bank calls in an address which he
delivered on June 10 last before the District of
Columbia Bankers Association at Washington. In
this he warned that too great a tendency toward advance preparations by the banks might result in a
change in the future regarding the policy of issuing
calls on June 30 and December 31. He well said
that the purpose of the call is to ascertain the normal condition of the banks at a given time. As to
how truly this has been reflected, he stated, was
sometimes open to question, for the reason that
banks being guided by the newspapers, or acting
on the result of their own calculations, anticipate
the date on which the call is to be made, and shape
their affairs accordingly. He had sometimes wondered what the figures would develop should a comparison be made between the date of the c,all and
say, ten days or two weeks later. He added that
he expected to follow the precedent of the Comptroller's office in making the June 30 call (which
he did), but if it should appear that "window dressing" was being indulged in, it might be necessary
in the future to break away from well established practice, which he trusted would not be
necessary.
Altogether we are thus afforded a pretty clear
idea of the purposes animating the Comptroller in
this matter of national bank calls. There is not
to be any striking out on any new paths, but the
high traditions of the office are to be maintained,
even though circumstances may often dictate the
immediate course of action. The latest call as of
Oct 10, together with the two preceding calls—
that of June 30 and that of March 23, completes for
the current year the three calls which are absolutely required by the statute. It would hence be possible for him to omit the Dec. 31 1927 call. It were
to be regretted if he did. But at least there need
be no further misgivings as to possible jeopardy
from the entering upon new lines of policy.
Nov. 191927.]
THE CHRONICLE
2723
ical party which acts as the organ of the Fascist
Dictatorship and Parliamentary Government regime, and the juridical recognition of the nation's
in Europe.
great productive economic organizations which are
The recent celebration of the fifth anniversary of the basis of the Fascist syndicalist corporative
the march of the "Black Shirts" upon Rome, and the State." The short time that has elapsed since the
establishment of the Fascist dictatorship, afforded creation of the syndicates, the preamble continues,
an occasion for another characteristic review by is not sufficient "to permit them to assume the politPremier Mussolini of the achievements of Fascism, ical functions of the Fascist Party by taking over
and an aggressive appeal for the defense and en- the task of representing the nation in Parliament,"
largement of the national gains that have been made. and the action which is now proposed is, accordingly,
only one step toward the ultimate goal, but it is
New railways and roads, new aqueducts and public
possible that "step by step, as the corporations
buildings, new schools, gardens and parks, the ex(syndicates) become consolidated and perfected, it
tensive reclamation of waste lands, an important may be found advisable to arrive, after experience
housing program, a vigorous support of the lira, with the next Legislature, at an exclusive form of
and widespread economic recovery, were some of national corporative Fascist representation."
the more important accomplishments which MussoThe plan then directs that each of the thirteen
lini and his supporters were able to recite. The syndicates, or economic organizations, which bereception which greeted the public appearance of tween them include all producers and workers in
Mussolini at Rome on Oct. 30 was as vociferous and Italy, shall propose to the Grand Council a certain
apparently as whole-hearted as ever, and the news quota, -to be fixed later, of candidates for Parliapaper accounts of the episode indicated no weaken- ment. The Grand Council, after purging the lists of
ing of the extraordinary hold which the Fascist those who are not sufficiently well grounded in the
Fascist faith or sufficently representative of naleader has established over his adherents, and
tional interests, will add other names of its own
offered no evidence that the system of government
selection, and the completed list, given a national
which he has set up, and which he personally dom- character by disregarding all territorial divisions,
inates, is likely soon to disappear.
will be presented as a bloc to the voters and be the
Yet the echoes of the tumult and the shouting had only list of candidates for which the electors may
hardly died away before disturbing reports of dis- vote. Incidentally, "the old democratic system of
sension in the Italian Ministry became rife, and in universal suffrage" is to be done away with, and
a few days there followed an announcement of fur- the suffrage will hereafter be exercised by those
ther constitutional changes in the direction of autoc- only who "show that they are active elements in the
racy The usually well-informed correspondent of life of the nation" by paying their dues to the syndithe New York "Herald Tribune," cabling from Nice cates, and upon certain others who, although not
on Nov. 1, reported that a Cabinet shake-up of com- specifically mentioned in the recent labor law, are
Deputies
prehensive proportions was imminent, the most im- deemed useful to the State. The number of
under the new system will be reduced from 560 to
portant of the approaching changes being the trans400, and the specific duties of the Chamber are to
fer to the diplomatic field of Count Volpi, the be fixed by some later pronouncement. The comFinance Minister. It was Count Volpi, it will be position of the Senate remains as at present, but
remembered, who negotiated the Italian war debt the decree forecasts "some reforms relating to its
settlement with the United States, and it is under internal organization."
his administration that the financial rehabilitation
As there is virtually no opposition press in Italy,
of the country has been carried on. Precisely what the comments of Italian newspapers on this extraorthe dissatisfaction with Count Volpi, if there be dis- dinary proposal are of course mere reflections of
satisfaction, consists in is not clear, and the charge the opinion of the Government. The "Giornale
that he has exercised official favoritism in the mat- d'Italia," while admitting that the proposed change
ter of industrial or business enterprises in which he is "profoundly revolutionary," nevertheless insists
"remains within the spirit of the
is personally interested, and out of which he is said that the reform
Constitutions of modern civilized States."
great
to have acquired considerable wealth, is one very
The "Tribuna" hails the innovation as doing away
likely to be lodged, sooner or later, against any man
with the agitation and expense which has hitherto
in his position. It seems more probable that there attended elections, and declares that "above all this,
are other elements in the Fascist party that need to in the new organization of the State, there is to be
be satisfied, as there have been on other occasions the leader who cannot be confined within any law,
in the past, and a Finance Minister, especially if but who is given to us by the will of God." To most
he has held the reins during a period of financial observers who are not Fascists, on the other hand,
crisis and radical reorganization, is proverbially a and to whom Fascism has not become, as it appears
to have become in Italy, something near akin to a
target for criticism.
The proposed Constitutional changes were offi• religion, the new experiment will appear as one
daily announced on Nov. 11. The crux of the plan more step, and a long one, toward the complete obliteration of parliamentary government in Italy, the
is a drastic reorganization of the electoral system
eradication of political parties and political discusand the composition of Parliament. "Any system of
sion, and the substitution of a merely formal Legisnational representation," so runs the preamble of lature whose members will be the nominees of the
the resolutions adopted by the Grand Council, dictatorship, and whose acts will be only the regis"must be based in the de facto situation existing in tration of the dictator's will.
Italy, namely the abolition of all political parties
Whatever one may think of the merits of the Muscontrary to Fascismo, the existence of only one pont- solini regime, there seems little reason to believe that
2724
THE CHRONICLE
it is not, on the whole, acceptable to Italy, and the
substantial benefits which it has conferred are not
to be dismissed as of no special consequence. A
nation of 43,000,000 or more, especially one with the
warm blood which prevails in Italy, is not to be kept
in subjection year after year by a handful of selfconstituted rulers unless the policy of the Government, taken as a whole, meets with more or less general approval, and unless there are tangible evidences of economic advantage and political prestige.
Nor is Italy the only European State in which a
dictatorship has supplanted the time-honored parliamentary forms. The Spanish National Assembly,
which has been in session for several weeks, appears,
at this distance, to be little more than a formal
agency of Primo de Rivera, who since September
1923 has exercised in Spain a dictatorial rule, and
the brief outlines of the proposed Spanish Constitution which have been cabled to this country
indicate a further long step away from parliamentary government in any proper sense of that term.
The Bratianu regime in Rumania has long been a
hard and fast dictatorship and the unexpected acquittal by a court-martial of Mihail Manoilescu on
the charge of plotting to restore to Prince Carol his
right of. succession to the throne, was immediately
followed by the announcement of the passage by
Parliament of a bill increasing still further the penalties for interfering with the succession as regulated, under Bratianu's direction, by the Constitution of 1926. On Nov. 3 the Sejm, the lower House
Of the Polish Parliament, was adjourned by decree
of Premier Pilsudski five and one-half minutes
after the session had been declared open, in order
to prevent discussion of the budget, and the rigidity
of the press censorship has been increased.
Outside of the States which remained neutral during the World War, and whose Governments are in
general models of democratic efficiency, the task of
upholding the parliamentary tradition seems to
have devolved principally upon Great Britain,
France and Germany. In Italy, Spain, Rumania
and Poland we find either open or thinly disguised
dictatorships. It is a grave question which of the
two systems is likely, in the immediate future, to
prevail. The stress of economic pressure, particularly that which results from debt, depreciated currency, unemployment, and a struggle for markets,
the multiplication of offensive and defensive alliances with their inevitable accompaniments of military and naval preparedness for war, the eager
desire for territorial enlargement at the expense of
weaker States or peoples, and the failure of the
League of Nations to accomplish anything useful
that could not have been accomplished without it,
have combined to strengthen the demand for efficiency in government, and to relegate the slower
and more cumbersome processes of representative
democracy to a secondary place in public esteem.
It is a curious commentary upon the fallibility of
human provision that a great war which many believed was to mark the end of arbitrary rule over a
nation's destiny should have been followed, in less
than ten years after the peace, by the reappearance
of the same problem of arbitrary authority in an
even more acute form. It is the increasing urgency
of this problem that makes the future course of
Italy, the country in which dictatorship has magnified itself the most, a matter of profound interest
to the whole world.
[vol.,. 125.
The Time Element in the Development of
Popular Government.
Lord Atorley's Life of Gladstone might well have
supplied all that is to be said about that great statesman were it not that his career brings to light certain principles that underlie all national life. In
this lies the value of a new book, Gladatonc, and
Britain's'Imperial Policy: by Prof. Paul Knapluud
of the University of Wisconsin, published by MacMillan.
It is a clear and interesting account of the way in
which Mr. Gladstone's opinions and position changed
step by step with the development of the British
Kingdom during the long and most constructive
period of its existence; leaving the story to find
its own wider application. Nations must partaka
of development along the lines in which the world
is advancing and which witness to underlying pri:.ciples and existing forces, whose combined action
only appears with the lapse of time. The statesman, however wise, will fail in his task unless he
recognizes that his country has to undergo this development. It cannot be hurried or hustled. its
manhood may be visualized but its leaders must
adapt their ideals to present reality and be content
to advance not only a step at a time, but pari passn,
with the particular step which corresponds with
existing conditions
Recognition of this truth proves to have been the
secret of Mr Gladstone's long public career People wonder how he who at the outset was so sane
and sure a Conservative should end as a leader
too liberal for the Liberals! The account of his
change of position and aim as events unfolded in
the constant development of the Nation, here recounted in interesting detail, gives the book permanent value as a political and historic document.
When fresh from Oxford William E. Gladstone,
not yet 23 years old, entered public life England
was just entering the period which, introduced
by the Great Reform Bill and embracing the long
reign of Queen Victoria, was to make it at the end
of a century the greatest in her history. None
questioned the right of Parliament over her extending, as over her immediate domain, but her colonies
were looked upon merely as conveniences, necessary, perhaps, but costly and generally of ill repute.
Englishmen migrating to them sacrificed accustomed advantages and were likely not to be welcomed. There was no colonial system; administration of dependencies was loose and irregular; abuses
were little regarded and occasionally Temedicd
only by rebellion. England had passed through a
succession of great wars and barely emerged from
the severe economic consequences. A new spirit
was abroad in the world, but England had reason
for being content with the rule of what Macaulay
called "stern and unbending Tories."
The young Gladstone was of this stock; and
though his father's vision had been enlarged by
some colonial experience, the son's Oxford career
had not tended to strengthen the home influence.
That had to abide as a silent and somewhat unconscious presence.
No sooner had he entered the House of Commons
than the bill to abolish slavery in the Empire was
introduced, and an incidental attack, made on the
management of his father's estate because of cruelty
to his slaves moved the new member to speak in de-
Nov. 19 1927.]
THE CHRONICLE
2725
fense. This led to his acceptance as spokesman for leagues could not always apply the principle of
the Liverpool planters, with his careful study of the freedom, but within the limits imposed by the conwhole subject, and his call to a position in the ditions, Gladstone's first ministry applied the true
Colonial office. Three months later a change tenets of the Liberal creed. He had committed himin the administration threw him out, but his feet self wholly to freedom of self-determination.. With
were set in the line of his career. His eyes were the reawakening of British imperialism under
opened to the question of the colonies, and the im- Disraeli's leadership he recognized that Britain had
pulse given to impres.sions gained in his earlier outgrown her brain food and animal strength by the
studies. He had learned to love ancient Greece. She enlargement of. her territory and the consequent
also had colonies; but Greater Greece was founded diversity of her problems, but on his return from
in freedom. Athens was truly a mother city, and political retirement in 1874 he returned to the ather ties proved stronger and more enduring than tack, and held to his convictions to the end. He
any legal bond. The significance of this dawned on believed that the highest duty of the statesman was
Gladstone when he began to appreciate the value not to annex new „lands, but to increase the happiness
of liberty, and to gather- and use illustrations as he and wellbeing of the United Kingdom. In 1882 he
sketched new methods for the British colonies.
recognized that while the present responsibilities of
By degrees his early Toryism, from close contact time Empire were sufficient to exhaust its strength, it
with Sir Robert Peel gave place to a Conservatism was beyond his power to check its expansion. The
open to modification, and in 1846 he took a leading tendency was irrepressible and the policy of the
part in destroying what had been held the corner- Government must be shaped to meet individual cases.
atone of his party's policy. On political and eco- Britain's title to a territory should -rest on the connomic issues he was not yet a Liberal, but he had sent of the inhabitants; but as put into practice for
gained a mental flexibility which led him to test instance in the retrocession of the Transvaal in
existing methods and institutions by their utility, 1881, it failed to heal the wounded of South Africa,
and prepared him to urge freedom as a 'remedy for and seriously injured the Government at home. A
the ills afflicting Britain's colonial relations.
dozen years of controversy and struggle seemed to
England herself continued to change. Here mer- leave no room for peace. His efforts for a concantilism died. Co-operation based on equality federation and local self-government served only to
among the members of the Empire had gained in encourage the Boers to a firmer antagonism. Again,
him a hearing when he came to be made Colonial in Borneo the Government had no choice but to folSecretary. Though it had little support at home he low up the pioneers in order to restrain and to prowas able to use it effectively in appeasing trouble tect them.
which had arisen in. Canada. He appliedit in her
With regard to the expansion of the Empire he
domestic. problems and approved it in her relations retained the Conservatism of his youth, but he faithwith the United States. Within six months he was fully followed the developing conditions, and the
relieved from office, but he had become foremost consequent need of open-minded intelligence even
champion of the new Commonwealth creed. Free in the application of principles to which he was
from office he studied the subject, and by 1850 be- wholly coffimitted. He lived to see the great period
came a true Colonial reformer with a British Com- of constitution granting to the colonies passed; and
monwealth of Nations as the goal of his efforts. The when the application of the principle came home
movement of the Government was slow, and not and it was demanded for Ireland he could plead with
until the early 70's were troops withdrawn from the his countrymen to practice what they preached, in
colonies.
so often inculcating upon others as they were doing,
• His fundamental conviction was • that colonies the concession of self-government as the way to
could not be loyal while discontented. The idea consolidate unity. In 1893 in his great speech on
had originated with Burke; and the American the Home Rule Bill he could recur. his own excolonies had confirmed it in the preceding century; perience in the Colonial office in 1835, and the change
but the necessary legislation was hard to obtain. wrought in the relations between Britain and her
Friends had to be won gradually; and the colonies colonies since then. She had become a "Mother
themselves had to be shown that the privileges of Country," and they were "almost extravagant in
freedom and the burdens of freedom are inseparably their feelings of loyalty and devotion to the Crown."
joined; while. he pressed upon all the fact that the Fifty years later, when a war threatened, Canada
colonies would never attain maturity so long as and Australia vied with one another in offering aid.
they depended upon the Mother Country for de- Now the time had come for winning Ireland, and
fense against the native tribes in their own. terri- he would have no federation.
tory. He said "I have not the least doubt that in
He watched with pride the growth of the Dominthe proportion that responsibilities are all accepted ions. The country had gmown as had he. He was
by communities they will be more disposed to go be- not to live to see his ideal attained by all; but his
yond the bare idea of self-defense and to render principles, that the tendency toward equality of
loyal and effective assistance in the struggles of the status is both right and inevitable, and that free
Empire." And should he have to accept possible institutions are the life blood of the British Emmaterial loss of millions gained under the existing pire, were to be put on record as formally acsystem, he would still be against it. His faith was cepted by the representatives of both Britain
such that he could assert that if the colonies accepted and of the Dominions in the Imperial Conference
the proposed responsibility of freedom and voluntary- of 1926.
At his death in May 1898, Sir Wilfrid Laurier, the
ism, "the Imperial Govermnent would acknowledge
the reciprocal obligation of defending every portion Canadian Prime Minister, said: "Mr. Gladstone
of the Empire with all the sources at its command." gave his whole life to his country; and not his
The subsequent history is long and enlightening, country alone, but the whole of mankind benefited
Events everywhere moved rapidly. He and his col- by his work."
2726
THE CHRONICLE
His life had gained that scope. He had given pertinence and strength to the spirit and principles of
the group of great leaders of the Victorian era,
Wilberforce, Cobden, Bright, Samuel and John
Moreley, and the rest; principles of government so
intelligently carried over by the lamented Bryce
into the 20th century, when for Britain at least
they are established.
Debating the Tenure of Democracy.
A recent debate at Mecca Temple, New York City,
under the auspices of the Discussion Guild, by Dr.
Will Durant, author of "History of Philosophy,"
and Bertrand Russell, English philosopher and
scientist, on the subject "Is Democracy a Failure?",
while no doubt interesting was, as are all such discussions, wholly inconclusive. Dr. Durant took the
affirmative, holding that democracy, as a Government by the people for the people, is a failure because the people- do not rule while the politicians
and the invisible government do. Dr. Russell
took the negative, holding that the people in the
democratic countries of the world are on the whole
happier, more intelligent and progressive, than
they are in undemocratic countries of today as they
were in the more oppressive governments of the past.
The difficulty with all these debates lies in the
fact that the "rule of the people" does not end and
has not ended. Now, it has always existed, even in
monarchies,oligarchies and autocracies. And though
it is often said, "republics are shortlived," there is,
notwithstanding, in all peoples that inherent power
of revolution and reform that ultimately makes all
governments conform to certain ideals of human
liberty and human rights inherent in the human
race. Consequently there can be no definiteness in
assertions of failure or success. Democracy, like
Beauty, is its own excuse for being.
Democracy alone can render a verdict upon its
own accomplishments. Our freedom today to debate the question is one proof that democracy is
not a failure. In Russia under the rule of Communism, in growing degree in Italy, as shown in
another article, under the rule of Mussolini, the
public assertion of the claims of democracy are prohibited. But in the masses everywhere is imbedded
the famous assertion of our Declaration that "all
men are created free and equal" and throughout history all efforts at betterment have been based upon
this immortal truth. Of course it must be defined.
Our own present form is not a pure democracy, but
a representative republican rule which we ourselves
have erected. Ours, the last and best experiment,
can only be judged by ourselves. In a word there is
nowhere a disinterested umpire to pass upon results.
Comparisons with conditions in the past while instructive are not finally conclusive; an enumeration
of faults is no more determinative than one of
benefits. The experiment continues, the trial is
not ended, the verdict cannot now be rendered. The
evolution of free government is in process; we cannot sit in judgment; we are part of that which is
to be judged.
The people are the judges of monarchies, autocracies, and democracies; thought is free; and no
tyranny can suppress its power. Nations may "rise
and fall like bubbles on the ocean," but the thinkers remain. A people may become indifferent to the
rule under which they live, but the power to remove
[VOL. 125.
oppression and to rebuild government cannot be
suppressed indefinitely. The military rule of
tyrants in the past has been overthrown by force.
But in the evolution of the human mind the necessity for taking this road to the freedom to be and
to do has diminished. If a despotism in Russia was
overturned by a bloody revolution, the creation of
the British Commonwealth of Nations was attained
by peaceful means. There is growth in government
as in all things. "Liberty, Equality and Fraternity," are one thing today, another tomorrow.
To judge democracy by ideals that are non-existent
is to discover faults and failures where none exist.
That in the United States we still question our own
form of government is proof positive that we are on
the road to betterment.
What the edueated few declare is no more the last
word than is the voice of the masses. That the people in the United States, taken as a whole, are happier, more intelligent, more progressive than other
peoples, confirms but does not prove that our form
of democracy is a permanent success. On the other
hand the present indifference of half the voters to
the saving power of the ballot and the undoubted
trend of government toward bureaucracy does not
prove that our experiment is a failure. No people
can correct faults until they perceive them. War,
it is true, still threatens civilization; but peace is
burgeoning in the hearts of men everywhere. In
the Western hemisphere republics are in the ascendant. Even in the old world the captains and the
kings depart. There may linger in Germany a class
that would return to monarchy—but the one ideal
that peoples seek is democacy, not monarchy or
autocracy. Perfection is not found therefore in
the millennial theories of the few, but in the mastery
by the masses, though imperfect.
But democracy is deeper than government. A
benevolent despot, wise, tolerant, loving, might rule
better than "the people." He must come, however,
from outside the race. If men cannot trust themselves whom can they trust save the Divine? Democracy must succeed, or despotism will prevail. It is
difficult to envison the return of the Kings—or even
the Conquerors. Apathy enervates, but it does not
destroy either consciousness or conscience. After
sleep, the waking; after waking, sleep. Not
always is progress evenly continuous. There is
toil and Test, light and darkness, health and disease,
awareness and indifference,'but always there is the
advance. And in the advance there is the infinite
purpose. Unto man was given Dominion. He is
his own destroyer, his own savior, always—the
"best is yet to come." When peace comes, which
is on the way, democracy will have no cause to
suffer the destruction of civilization, the return of
barbarism, whence sprang the mighty man of
valor, the prince and ruler, who made the sword his
sceptre. What now seems failure, is thus in the
functioning, not in the principle; forms may
change but democracy can only be temporarily
eclipsed. Naturally it is coeval with mankind. We
are passing through a period of change.
Physical environment makes for the perpetuation
of the 'rule of the people. Mechanical invention
brings leisure and rest. These give opportunity for
free thought. The slaves that built the pyramids
and prisoners that felt the lash of the taskmaster,
that were the minions of force and the pawns of the
past, are supplanted by those who have time and
Nov. 19 1927.]
THE CHRONICLE
ability to see the light. If invention does not destroy war, it still will show the way toward higher
things. There is no reason to fear the downfall of
democracy. In the United States we may modify
our form to some extent, but our chief duty seems
now to hold the government to the intent and limitation of the Constitution.
The spirit of that charter of liberty, justice and
right burns as brightly in the mind and heart of
2727
the American people as ever before. We are as far
from embracing the Commune as the King. Not the
"invisible government" of the power of wealth and
the pride of politics is our danger, but an insensible
fastening of excessive laws and unrestrained bureaus upon ourselves through too great an access of
idealism before the time is ripe. That we question
our present conditions is warrantfor confidence that
reaction is at hand.
Surrender of Control of Wheeling & Lake Erie Recommended to
Inter-State Commerce Commission.
Advised in Report that Baltimore & Ohio, New York Central and New York Chicago & St. Louis
Proceeded without Proper Authority in Acquiring Control.
A recommendation that the I.-S. C. Commission deny
the application of officers and directors of the Baltimore &
Ohio, New York Central and New York, Chicago & St.
Louis railroads for authority to serve also as directors of the
Wheeling & Lake Erie Ry., in which the three trunk lines
had each purchased a large stock interest in the early part
of 1927, was made Nov. 16 by C. V. Burnside, Assistant
Director of the Commission's Bureau of Finance, and Examiner 0. D. Weed,in a report made public by the Commission.
The conclusion reads as follows:
Interlocking Directors of Wheeling& Lake Erie and Trunk Lines.
Recommended that applications of P. E. Crowley, W.S. Hayden, A. H.
Harris, Newton D. Baker. Daniel Willard, Geo. M. Shriver, and Walter
L. Ross for authority to act as directors of the Wheeling & Lake Erie Ry.
while continuing to hold positions as officers or directors of certain other
railroad companies be denied. Further the Commission was given the
recommendation that the three trunk lines combining in the purchase
should be required to retrace their steps immediately "in such manner as
to secure the continued management and operation of the Wheeling as an
independent carrier." Whiletherecommendations madeto the Commission
are not final they incorporate conclusions reached by the Commission's
assistant director offinance as to the legality and advisability of the attempt
to take over control of the Wheeling road by the three trunk lines. The
recommendations must be passed on by the Commission and accepted
before they can become effective. The preferred and common stock of
the Wheeling was purchased early in the year by 0. P. Van Sweringen,
in the open market, who later transferred them in equal parts to the New
York Central, Nickel Plate and Baltimore & Ohio. At the same time the
prior lien stock held by John D. Rockefeller. Jr., was purchased by the
carriers acting in unison and this was likewise shared among the three roads.
Thereafter officials of the roads asked the Commission for authority to
become directors of the Wheeling.
The report proposed by Assistant Director C. V. Burnside
and Examiner 0. D. Weed follows in part:
By applications filed April 16 1927 Patrick E.Crowley, Warren S. Hayden
and Albert H. Harris have applied for authority under paragraph (12)
of section 20a of the Inter-State Commerce Act to hold positions as directors
and officers of the Wheeling & Lake Erie Ry. and of its affiliated carriers.
while continuing to hold similar positions previously authorized by us with
the New York Central RR and other carriers. By applications filed
April 28 1927, Daniel Willard, George M. Shriver and Newton D. Baker
have applied for authority under the same paragraph to hold positions as
directors and officers of the Wheeling and its affiliated carriers in addition
to the positions which they have heretofore been authorized to hold in the
Baltimore & Ohio RR and its subsidiary and affiliated companies. By
application filed April 21 1927, Walter L. Ross has applied for similar
authority to hold the position of director and officer of the Wheeling and
any of the companies subsidiarty thereto or affiliated therewith in addition
to the official positions which he has been heretofore authorized to hold
with the New York, Chicago & St. Louis RR. and other carriers.
A hearing was held on June 20 to 25 1927 on all the applications Jointly.
Notice of the hearing was given to the governors and utilities commission
of Ohio and West Virginia. The Pittsburgh & West Virginia By. and the
Wabash Ry. intervened in the proceedings and opposed the granting of the
applications. No other formal opposition was made to the applications,
although several witnesses representing industries expressed opposition
thereto.
The Wheeling owns and operates about 512 miles of railroad, all in the
State of Ohio. It has two main lines, one extending from Toledo southeastward about 210 miles to Terminal Junction on the Ohio River, opposite
Wheeling, W. Va.. and the other extending from Cleveland south to Zaneville, 144 miles. By these lines and its several branches it reaches many
Important industrial centers in the northeastern part of the state and crosses
and recrosses the lines of the Central, Baltimore & Ohio, Nickel Plate,
Pennsylvania, and Erie railroads. It has trackage rights for freight traffic
over the Big Four from Cleveland to Wellington and by its subsidiary,
the Lorain & West Virginia Ry., it reaches Lorain on Lake Erie.
The outstanding capital stock of the Wheeling on April 23 1927 consisted of 811.882.600 of prior lien, $10,344,958 of 6% preferred, and $33,641,300 of common capital stock. Under the Wheeling's articles of incorporation dated Dec. 12 1916 the holders of its prior lien stock have the right
to elect a majority of its directors whenever the corporation has failed to
pay dividends of 7% per annum on the prior lien stock for 5 consecutive
years neat preceding. No dividends have ever been paid on the prior lien
stock. Its holders, therefore, at present can control the directorate. The
Central, Baltimore & Ohio and Nickel Plate own stock of the Wheeling,
including qualifying shares of common stock standing in the names of the
applicants, as follows
Prior Lien.
Preferred.
Common.
• 38,398 shares
4,933 shares
58.000 shares
Central
38,397 shares
4,934 shares
56,000 shares
Baltimore & Ohio
38,398
shares
4,933 shares
58.000 shares
Nickel Plate
This stock was purchased in Feb. and March 1927. The prior lien stock
carriers,
acting
three
in
unison, from John D. Rockewas bought by the
feller, Jr., for $184.90 per share, being the redemption price plus accrued
dividends, and the common and preferred shares were purchased in the
market by 0.P. Van Sweringen, representing the Nickel Plate, and divided
with the Central aneBaltimore & Ohio in accordance with verbal agreements made at the time. The average cost per share of the common stock
was $41.66 and of the preferred $64.03. Therefore, the total cost of the
Wheeling stock to each of the three trunk lines was about 89.749.000.
As nearly all the prior lien stock Is owned by those trunk lines in equal
shares, any two of them, apparently, can control the Wheeling directorate
so long as no dividend is paid on that stock. Having these large holdings
of its stock, the Central. the Baltimore & Ohio and the Nickel Plate wish
to have representation on the Wheeling's board. The applications herein
are to obtain authority for such representation.
The interveners, opposing the applications, claim that the purhcase of the
Wheeling stock by the three carriers gives them jointly the control of the
Wheeling and will result in a dtcontinuance of the co-operation of the
Wheeling as part of a through route with interveners; that its necessary
effect will be to eliminate or reduce competition between applicants' lines
and the Wheeling; that such purchase is therefore in violation of the Sherman Act and of section (7) of the Clayton Act and is against the public
Interest, which requires that competition be preserved as fully as possible
in the consolidation of railway properties. They also claim that the control
by three carriers of a third carrier, as here proposed, is not clearly within the
let`er or spirit of paragraph (2) of section 5 of the Inter-State Commerce
Act, and question the power of the Commission to authorize such control.
The Wheeling is in competition for a large part of its traffic with one or
more of the three trunk line carriers concerned in these applisations, particularly with the Central and the Baltimore & Ohio. This competition exhits
at nearly all the stations of the Wheeling. An exhibit introduced in evidence shows that every community of more than 2.500 population on the
Wheeling, except Steubenville and Coshocton and four other smaller places.
Is served by one or more of the three trunk lines. Of a total of 440,063
carloads of freight handled by the Wheeling in 1926. the competitive status
is given by a witness for that carrier as follows:
Total competitive
323,179 carloads, or 73.4%
Total non-competitive
118,884 carloads, or 28.6%
Competitive with the Baltimore & Ohio
213,913 carloads, or 48.8%
Competitive with the Central
129,275 carloads, or 29.4%
Competitive with the Nickel Plate
57.101 carloads, or 13.0%
Competitive with the Pennsylvania
194,000 carloads, or 44.0%
Competitive with other lines
32,174 carloads. or 7.3%
It is apparent that many carloads are included in more than one item.
It was also shown that of the Wheeling's local traffic 29% was competitive with the Baltimore & Ohio. 4.7% with the Central and 2.4%
with the Nickel Plate; that of its interline traffic 45.9% was competitive
with the Baltimore & Ohio. 23.2% with the Central, and 10.8% with the
Nickel plate: and that of its overhead interline traffic 73.4% was competitlive with the Baltimore & Ohio, 68.8% with the Dentral and 28.4%
with the Nickel Plate. . . .
While applicants admit that each of the carriers represented by them
is in competition to some extent with the Wheeling.they claim that much
of the so-called competition is theoretical rather than actual, by reason of
conditions which operate to give one route advantage over another. Such
circumstances are the location of tracks, shorter haul, facilities for loading
or delivering, and the like. It is not claimed, however, that the limiting
conditions are peculiar to the competitive situation here under consideration,
and it may be assumed that they are general in character and are present
in some degree in every teritory served by competing lines. Applicants
also seek to distinguish between railroad competition and market competition, claiming that Congress in requiring the preservation of competition
had in mind the former. Competition between carriers, within the purposes
of section 5 of the act, exists wherever there is such possibility of election
of routes as may have an influence upon service or rates. If, as asserted
by the applicants, a majority of shippers do make such an election, the fact
emphasizes rather than detracts from the importance of competition. In
many cases, as stated by the applicants, although a choice of routes is
possible, circumstances of transportation may greatly affect the influence
which a carrier exerts In the territory it serves. It is impossible to gauge
accurately the effect upon other carriers of the service of the Wheeling
as an independent line, but it may be said with confidence that as to much
of its traffic there is substantial competition with applicants' lines, within
the meaning and intent of the act.
The Pittsburgh & West Virginia Ow129 56,800 shares of the common and
8.400 shares of the preferred stock of the Wheeling, and three of its directors
have been authorized to act on the 'Wheeling's board. It has a large interchange with that road, which is its principal outlet to the west. The officers of the Pittsburgh & West Virginia fear that the control of the Wheeling by the Central, Baltimore & Ohio and Nickel Plate may depress the
value of its stock and destroy or injure its trade relations with the Wheeling.
As the Pittsburgh & West Virginia purchased its Wheeling stock in Jan..
Feb. and March 1927 at about the time the three trunk lines acquired their
Wheeling stock, and presumably with knowledge of such acquisition, the
applicants think it has no reason to complain because those trunk lines want
representation of the Wheeling board.
The Pittsburgh dr West Virginia has an agreement with the Wheeling
under which there is joint operation by those carriers between Brewster,
49 miles west of Pittsburgh Junction, on the Wheeling, and Rook. 55 miles
east of Pittsburgh Junction. on the Pittsburgh & West Virginia. This
joint operation over 104 miles, which has been in effect for the last three
2728
THE CHRONICLE
years, Is very advantageous to both carriers. Since it has been in force
the interchange between the Wheeling and the Pittsburgh dr West Virginia
has more than doubled, the carload traffic interchanged between them having been 21,557 cars in 1923 and 49.028 in 1928.
A witness for the Pittsburgh & West Virginia testified that over 70%
of its freight revenue was derived from through business participated in
by the Wheeling, competitive with the Baltimore & Ohio, the Central or
the Pennsylvania; also that 54% of the total revenue of the l'ittsburgh &
West Virginia came from the transportation of freight other than coal.
nearly all of which moved over the Wheeling. This business, he said, had
more than doubled in the last three years. The Pittsburgh & West Virginia also has an arrangement which amounts to a pooling of freight cars
with the Wheeling. As the former is very short of certain classes of freight
equipment it finds this arrangement very advantageous.
It appears that since the three trunk lines secured their interests in the
Wheeling, agents of the latter have been actively soliciting eastbound
traffic against the Pittsburgh & West Virginia and in favor of the Baltimore
& Ohio. Representatives of the Wheeling say that the route in connection
with the Baltimore & Ohio, under the agreement of Feb. 1 1927 gives the
Wheeling a longer haul, i.e., from Pittsburgh Junction to Terminal Junction. some 28 miles, which accounts for their preference.
The Wabash fears the inJury of its traffic relations with the Wheeling
through the control of the latter by the three trunk lines. The use of the
Wheeling as part of a through route in connection with the Pittsburgh
& West Virginia and the Wabash dates back some 23 years to the time
when these roads were a part of the Gould system and under the control
of the Wabash. The control ended a few years later in the bankruptcy
of the Wabash and of the Pittsburgh & West Virginia, then called the
Wabash-Pittsburgh Terminal Ry. Co., but the route is still largely used.
The Wabash and its subsidiary, the Ann Arbor, poth connect with the
Wheeling at Toledo and, as shown by the foregoing table, there is an extensive interchange of traffic between them, amounting, in the case of the
Wabash to 546.441 tons in 1925 and 543.477 tons in 1926. Almost all of
this traffic is competitive with the Central. the Baltimore & Ohio or the
Nickel Plate, and much of it is competitive with all of them. Should their
route to the east by way of the Wheeling be discontinued, the Wabash
and Ann Arbor would have to depend on one of the trunk lines for an outlet
to the east, and they fear that they may suffer from the change, due to the
fact that the trunk lines also serve the territory west of Toledo and could
not reasonably be expected to join the Wabash effectively in a through
Conte for traffic which they are in position to haul from origin to destination.
The principal connections for Pittsburgh & West Virginia traffic to and
from the west beyond the Wheeling are the Michigan Central for the Toledo
and Detroit gateways. the Wabash for the Chicago gateway, and the Northern Ohio and Clover Leaf (Toledo, St. Louis & Western, now a part of the
Nickel Plate system) for the St. Louis gateway. The Wabash may also
be used for St. Louis business but the Clover Leaf route is the faster.
Representatives of the Weirton Steel Co., having plants at Steubenville,
0., and at Clarksburg and Weirton, W. Va., of the Central Alloy Steel
Co. of Massillon, 0., and of the National Tube Co. of Pittsburgh, testified
to the very efficient service given to them by the Wheeling and the fast
freight routes furnished by It in connection with other lines. The route
from Pittsburgh to St. Louis via the Pittsburgh & West Virginia-WheelingNorthern Ohio-Clover Leaf, and the route from Lorain to Baltimore via the
Wheeling-Pittsburgh & West Virginia-Pittsburgh & Lake Erie-Western
Maryland were mentioned as particularly expeditious. One of these witnesses also stressed the greater facility of dealing with a relatively small
carrier like the Wheeling as compared with a large system.
Representatives of the Central, the Baltimore & Ohio. and the Nickel
Plate state that there was and Is no agreement between these carriers regarding the control of the Wheeling; that the stock was purchased in accordance with the suggested four-system plan, which was presented to the
Commission by the three trunk line carriers In 1924 as a possible solution
of the consolidation matter; and that the plan was informally discussed by
several railroad executives with a committee of the Commission but no action was taken thereon. The plan provided that the railroads In eastern
trunk line territory should be divdied into four systems or groups, the New
York Central group, the Pennsylvania group, the Baltimore & Ohio group,
and the Nickel Plate group, with operated mileage as follows:
l'ennsylNickel
Baltimore
New York
Plate.
rania.
& Ohio.
Central.
15,432
12,690
Railroads wholly owned
11,518
miles 14,307
614
Railroads jointly owned
1,130
1,086
460
161
452
345
Trackage
308
16,237
13,465
13,056
15,745
Under the proposed plan, control of 17 of the smaller carriers in the
district is to be divided between two or more of the four groups. The
New York Central, Baltimore & Ohio and Nickel Plate are each to have
one-third interest in the Wheeling and one-third interest in the Pittsburgh
& West Virginia west of the Ohio River. Control of the last-mentioned
carrier east of the Ohio River is to be allotted to the four groups, one-fourth
to each. The Pennsylvania did not join with the other three trunk lines
in presenting the plan, but expressed some opposition thereto, as it was
not allotted all the lines that its officers thought it should have. The
Pennsylvania, however, has indicated no opposition to the control of the
Wheeling by the other three trunk lines. Those lines each wanted the
Wheeling, but no two of them were willing that the other should have it.
The purchase of about 51% of the Wheeling's outstanding capital stock,
and nearly 97% of the presently controlling prior lien stock, by the three
carriers in unison and at this particular time is explained by the president
and vice-president of the Baltimore & Ohio substantially as follows:
The Baltimore & Ohio had Borne negotiations with the Western Maryland RR in Dec. 1926 or Jan. 1927 regarding the establishment of through
train service between the two roads, which it was thought would result in
economy of operation. The Baltimore & Ohio officials anticipated that
this increased operating efficiency would enhance the value of the Western
Maryland stock, and, as the Western Maryland had been allotted to the
Baltimore & Ohio group under the four-system plan, they thought it advisable to acquire the stock and to make the purchase promptly. John I).
Rockefeller, Jr., had a large block of Western Maryland stock and also
115.193 shares of the prior lien stock of the Wheeling, all of which was
understood to be for sale. On negotiating for the purchase of this Western
Maryland stock, Baltimore & Ohio officials found that Rockefeller would
not sell it unless he could sell the Wheeling stock at the same time. They
therefore arranged with the Central and the Nickel Plate for each to take
one-third of the Rockefeller holdings of Wheeling stock. The Baltimore
& Ohio then bought the Western Maryland stock and the three carriers
together bought the Wheeling prior lien stock, as aforesaid. Shortly
thereafter the three trunk lines were offered the opportunity to share in
the same proportion, the Wheeling common and preferred stock which
0. P. Van Sweringen had purchased in the open market, and the offer was
accepted in anticipation of the possible adoption of the four-system plan,
which would oecessarily involve their acquisition of all of the Wheeling stock.
The applicants urge that neither public nor private interests will be
adversely affected by their holding the positions of officers and directors
[VOL. 125.
of the Wheeling. They allege that the stock interests In the Wheeling of
the carriers represented by them will inure to the advantage of the Wheeling
and of the communities and interests which it serves; that those carriers
now have a pecuniary interest in the prosperity of the Wheeling, which will
cause them to afford it every assistance in their power. They further say
that no one of the carriers could injure the Wheeling if it wished to do so,
as any attempt by one of them to divert traffic from the Wheeling would
naturally be opposed not only by the stock interests other than those of
the three carriers but by the other two carriers, since the three are in strong
competition among themselves in the territory served by the Wheeling.
and no one of them would allow another to secure an advantage at its expense if it could prevent it. They also call attention to the competition
of other carriers, particularly the Pennsylvania and the Erie,at all important
traffic points served by the Wheeling, and show that, even though competition between applicants'lines and the Wheeling were entirely eliminated.
only 11.31% of the traffic of the latter would be left without competition.
The applicants further maintain that the danger of the elimination of
competitive through routes and of other measures detrimental to the Wheeling is greatly magnified by the interveners, in view of the powers now vested
in the Commission in the matters of routing, rates and service of carriers:
and that. under these circumstances, it would be practically impossible
for the trunk lines to carry into execution any of the oppressive measures
which the interveners fear. That Congress did not rely solely upon these
powers, is evidenced by the fact that it sought to provide for the retention
of the influence of competition among the carriers, although it Is clear that
some modification of competition was anticipated as a result of consolidation.
As already shown, the present applications are made pursuant to the
acquisitions of Wheeling stock by the three trunk lines, and those acquisitions. In turn, were an Important step in the carrying out of a plan for the
consolidation of all of the carriers in eastern trunk line territory into four
great systems. It is further apparent that, although the purchase; already
made are sufficient to give the trunk lines control of the Wheeling. it is
their purpose ultimately to secure all of its stock. Therefore, notwithstanding the form of this proceeding, the Issue of the most advantageous disposition of the Wheeling in a general consolidation is presented. The applicants, in effect, tender this issue and have placed in the record facts and
argument in support of their proposed four-system plan.
In his report to the Commission, Professor Ripley divided the carriers
in eastern trunk line territory into five systems, referred to as the Pennsylvania system. the New York Central system, the Baltimore & OhioReading system, the Erie-Lehigh Valley-Wabash system, and the Lackawanna-Nickel Plate system. In the last named he included the Delaware.
Lackawanna & Western, the Nickel Plate, the Buffalo Rochester & Pittsburgh, the Lake Erie & Western. the Zanesville & Western, the Toledo
St. Louis & Western, the Western Maryland, the Pittsburgh & West
Virginia, and the Wheeling. In discussing this system he suggested the
connection of the Pittsburgh & West Virginia and the Western Maryland
by the construction of a new line between Pittsburgh and (3onnellsville.
Such construction, he said, would complete a direct route to the third
greatest port in the United States (Baltimore). Such a through route would
be a natural competitor of the through routes of the trunk lines here involved, as well as of the Pennsylvania. The Commission, in its tentative
plan, 63 I. C. C. 455, at page 458, included the Wheeling in system No. 5,
which also included the Lehigh Valley, the Nickel I'late, the Toledo St.
Louis & Western, the Detroit & Toledo Shore Line. the Lake Erie & Western, the Pittsburgh & West Virginia and the Bessemer & Lake Erie. It
assigned the Western Maryland to the New York Central group
The four-system plan proposed by the carriers, as already mentioned,
provided for the division of control of the Wheeling and other of the smaller
carriers in the territory among two or more of the four systems, the understanding being that, although under joint control, they would continue
to be operated separately. The wisdom of providing joint control instead
of single control of important lines, with the possible exception of terminal
lines, seems very questionable. In this plan the Western Maryland Is
assigned to the Baltimore & Ohio system. The four-system plan has never
formally presented to or considered by the Commission. It was opposed
by the Pennsylvania, as already stated, and the record shows no change in
the attitude of that company, which is not a party to these proceedings.
Other important interests have not been heard. Obviously, the Commission is not in position upon this record to render a decision upon the important questions involved, or to take any unnecessary step which might
be construed as an approval of this plan or any other. Although it has
recommended changes in the governing statute, it is still under obligation
to recommend a complete plan of consolidation
A further difficulty is found in the manner in which this issue is presented
In those proceedings. Paragraph (2) of section 5 of the act provides for the
acquisition of control of one carrier by another with the approval of the
Commission. It is not shown that the trunk lines have performed any acts
of control of the Wheeling since their acquisition of its stock, but It is necessary to conclude that the law aims at the acquisition of controlling power,
and does not await an actual demonstration of the power. Although the
statue is silent regarding the acquisition of control of a carrier by two or
more other carriers, it is reasonable to assume that Congress had no intention of thus restricting the application of the provision, the general intent
of which must be held consistent with the remainder of section 5. There
would seem to be no sound reason for believing that the restrictions upon
carrier control were intended to apply only to individual control: and it
cannot be admitted that the statute could be evaded by the co-operation
of two or more carriers In an acquisition of control. In Clinchfield Ry•
Lease, 90 I. C. C. 113, and in other cases, the Commission has taken jurisdiction of joint applications under paragraph (2) of section 5. Although
there is no suggestion that the trunk lines in this instance intended an
evasion of the law. the Commission should not, either expressly or by Implication. disclaim its jurisdiction of such acquisitions as are here under
consideration.
The record does not afford ground for a conclusion that the granting of
these applications will not adversely affect public or private interests.
It is therefore recommended that the applications be dented. Denial
alone, however, would not leave the matter in satisfactory condition. The
President of the Baltimore & Ohio, in discussing the situation, said:
"We feel that if eventually the Commission In carrying out the order
of Congress should accept the four-party plan, or sonic modification of it.
then it would be found that what we have done so far is simply a step in
that direction. If some other decision should be reached by the Commission, nothing that we are doing at this time or propose to do Is beyond the
possibility of retracement."
Should the Commission accept the view that the acquisitions of Wheeling
stock in sufficient amount to give control, and the applications for representation on the Wheeling directorate, are premature, if not Illegal, the
trunk lines in interest should be required to retrace their steps immediately
and in such manner as to secure the continued management and operation
of the Wheeling as an independent carrier, without trunk line affiliation'.
until, in appropriate proceedings under section 5, the issues presented may
be considered in their entirety.
Nov. 19 1927.]
THE CHRONICLE
The London Economist on the Priority of
German Reparations Payments.
To the Editor of the "Economist":
Sir,—The fact mentioned in your issue of Oct. 29 that the
"priority" of Reparations transfers is "still being vigorously
discussed" is the excuse for this letter. As the originally
used term "priority" was discovered to mean nothing without
definition, it is now defined as: rationing (in the interest of
Reparations transfers) of exchange demanded for the service
of non-Reparations debts to abroad.
• "Vigorous discussion" of this problem is indeed justified,
but only for the same reason as would induce vigorous discussion of a performance of "Hamlet" without the role of
the Prince.
A contributor to your issue of Oct,22, a writer in the
Manchester "Guardian," and many Germans have given
minor, and in some cases good reasons why there can be no
question of rationing exchange. While these reasons satisfactorily represent the roles of Ophelia, Horatio and Polonius, the writers ignore the existence of the not wholly
unimportant role of Hamlet; that is, the emphatic prohibition in the Experts' Plan and by the Bank Law of the rationing of exchange.
According to the Experts' report, "the Plan contemplates
that as a permanent policy the notes of the Bank (the new
Reichsbank) shall be redeemable." According to Annex 1,
Section xii., the notes "shall be payable to bearer at the
head office of the Bank in Berlin on presentation" in, at the
option of the Bank, German gold coins, gold bars, or demand
drafts payable in gold or in foreign currencies at current
market gold prices. The Bank law of Aug. 30 1924. §31,
enacts that "the Bank is under obligation to pay its notes
to the bearer thereof . . immediately on presentation"
at the Bank's option in German gold coins, in gold bars,
or in cheques or orders to pay in foreign currency equivalent
in value to the market value of the currency concerned.
The Reichsbank, that is, must deliver to anyone who
tenders equivalent mark notes the foreign exchange (unless
it prefers to deliver gold) required for any purpose whatever.
This prohibition of "rationing" is inevitable. A central
bank which "rationed" gold, and which also (where the
option is given) "rationed" exchange would not have a convertible currency.
Now this c.ompulsion on the Reichsbank to convert has not
yet been put into force. The Experts expressed the view
(Annex 1, Section xii.) that "at the inception of the Bank
conditions will be unfavorable for the application of the
above rule of convertibility; in this event, this rule may
therefore be temporarily modified." The Experts proceeded
to describe the means of modification, and in accord therewith
52 of the Bank Law enacts that "the coming into force of
the rules of §31 (i.e., the rules enforcing conversion) requires
concurrent resolutions of the Reichsbank managing board
and of the general council."
2729
The resolutions have not yet been passed. But this delay
has no bearing upon "rationing" in connection with the
normal and permanent regulation of transfers under the completed Plan. The normal or (again to quote the Experts) the
"permanent" rule is convertibility—that is, unrestricted delivery of gold or exchange to all persons,including non-Reparations debtors to abroad, who can pay for it in mark
notes. This normal system,according to the Experts(Annex
1, Section xii.), "will be permanently established as soon as
possible," that is it will come into force within the term during
which the Plan and the transfer system are to operate, and
once put in force it will be impossible to put it out of force
again; impossible, that is, to "ration" exchange.
It is because of the compulsory convertibility of notes and
of the fact that the supply of exchange (or gold) may in consequence threaten to run short that the Transfer Committee
(Annex 6) is required to limit Reparations transfers "to the
exfent to which . . . the foreign exchange market will
permit without threatening the stability of the German currency." According to the mere Bank I aw, the accumulations of Reparations marks are convertible equally with any
other marks, but the Plan provides that in case of threat to
the exchange market they shall not be tendered for conversion, and provides machinery for ensuring this, whereas it
provides that all other marks shall be convertible without any
qualification.
So long as §31 of the Bank Law is not in force, the Reichsbank is not obliged to sell exchange or gold to anyone. It
can decline to sell without formally "rationing" and without giving any explanation. For the present that means that
any German who wants absolute security that he will be able
to pay foreign-currency debts must, before his liability
matures, make sure of a supply of exchange from some other
source than the Reichsbank.
So much for the formal side. There is, however, a practical side which shows the unwisdom of discussing "rationing" without first asking what that means. The Reichsbank does not manufacture exchange. Exchange comes into
Germany in payment of exports, as yield of foreign loans,
and in many other ways. Nobody is obliged to sell exchange
to anyone. Exchange is voluntarily sold to the Reichsbank
(even by persons whose foreign-exchange liabilities have
nearly matured) simply because of confidence that the
Reichsbank, though not compelled will continue to sell back
exchange voluntarily and as a matter of policy, until the
time comes when, through the putting into force of §31, it
becomes compelled to sell it. Meanwhile, should the Reich.bank "ration," or cease selling, exchange, it would cease to
receive exchange, and it would soon have none to "ration."
The possession of exchange, which at present is no more an
advantage than the possession of marks, would become an
enviable advantage; in other words, the foreign exchanges
would rise and the mark's stability would come to an end.—
Yours faithfully,
YOUR BERLIN CORRESPONDENT.
Indications of Business Activity
STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, Nov. 18 1927.
Abnormally warm weather has told against trade here
in the East and in some other parts of the country, although
in parts of the South and Southwest and some of the northwestern States the temperatures have been seasonable
anough to promote business. Holiday buying is already
felt to some extent in wholesale and jobbing lines and
reaches a fair total. But retail business has not been
good. It has been too warm, although within the last
24 hours temperatures here have fallen some 20 degrees
and this, no doubt, will cause some improvement in retail
sales in this section of the country. The cooler weather
at the South has caused some increase in retail business,
especially as cotton is some 7c. per pound higher than
at this time last year. With grain noticeably higher than
at this time in 1926, farmers are buying merchandise more
freely, including wire products both at the Northwest and
the Southwest. In textiles rayon and silk mixtures have
made the best exhibit. There is a tendency towards a
reduction in the output of soft coal with trade dull and
prices inclined to sag. The tendency of coke prices also
seems to be downward.
Wheat has advanced with some Argentine crop news unfavorable, European markets higher and an evidently oversold condition on this side of the water. Canada has had
large receipts, but there is a large quantity of wheat being
shipped down the Lakes. Export sales have been moderate,
but the North American exports for the season thus far are
close to 200,000,000 bushels, or some 6,000,000 bushels
larger than up to this date last year. Corn has advanced
sharply at times, owing to unfavorable husking returns from
parts of the West. Moreover, there have been some reports
of export inquiry. It is feared that the last Government
report overestimated the crop, as has often happened in the
past in the November statement. There has been a sharp
demand for cash corn the supply of which is some 5,600,000
bushels smaller than a year ago. The proportion of contract
corn in the crop, judging from present appearances, will be
relatively smaller than that of last year. Rye has been in
some demand for export, though the sales latterly have not
been large. Still there has been an advance of a couple of
cents during the week and it would not be surprising if the
export business should later on improve materially. There
are persistent reports that the crop in Germany is unsatisfactory. Provisions have declined. Hogs are at the lowest
prices seen for five years past. Cattle are at a high record.
2730
TFrE CHRONICLE
Coffee is noticeably lower, owing to lower foreign markets,
that is, not only Rio and Santos, but also Hamburg and
Havre. Europe has latterly been selling here. Sugar advanced with a very good business at one time. It appears
that the Cuban representative in Europe is having considerable success in enlisting the co-operation of sugar-producing
countries there in the policy of restricting crops and exports.
The Paris meetings looking to the adoption of this policy
seem to have been very successful. Rubber has advanced
about 1M cents during the week, with higher markets in
London and Singapore and a reawakened demand here. No
attention was paid to rumors from Berlin that a process of
producing synthetic rubber had been discovered which would
perhaps compete seriously with the natural product. Steel
has been quiet, except for rails, which are reported to be
in good demand. The output of steel in some sections is
said to be increasing somewhat. Still there is no disguising
the fact that, taken as a whole, the steel trade is not in a satisfactory condition. Lighter products of steel are said to be
tending downward, if heavy are steady. Pig iron is as dull
as ever, though perhaps a little steadier at Buffalo. The export demand for copper has noticeably increased and the price
has risen. Various minor metals have been steady or firm,
with a fair business.
Cotton has declined about half a cent owing to a growing
disposition to believe that the crop is 13,000,000 bales or over
in contrast with the last Government estimate of 12,842,000
bales. One estimate during the week was as high as 13,572,000 bales. While this is higher than most people believe the
crop to be it strengthened the impression that it is 200,000
to 300,000 bales larger than the last Government estimate.
A pressure to liquidate December cotton has been an outstanding feature with the fear that the ginning returns on
November 21 might be larger than the generality of people
had been expecting. Cotton goods have been quiet and resellers have been cutting prices 3o. Sheetings have declined
slightly, and the sales of fine goods were small at irregular
prices, implying some reduction now and then. It is said
that curtailment among the print cloth mills of Fall River is
increasing, with a hint that the Thanksgiving vacation in
parts of the South may be longer than usual. In Lancashire the yarn trade is disorganized, with the mills losing
money heavily. Its cotton cloths have sold rather more
freely to India at very low prices and there are intimitations
of financial difficulties in Lancashire, probably the aftermath
of over-capitalization during the war when London syndicates bought up mills in expectation that the war would
continue longer than it did with its abnormal profits in that
branch of industry. The consumption of cotton in this
country in October made a very favorable exhibit, though
the exports of raw cotton are far behind those up to this
time last year. Wool has been quiet and steady. Australian auction sales have shown a ready demand at firm
prices. Woolen goods have been dull during the week owing
to the abnormally warm weather and the same may be said
of the fur business. Broad silks have been more active,
partly for the holiday trade. Raw silk is quiet and steady.
In the jewelry trade there is quite a good business, though
it is not so large as a few weeks ago. The shoe manufacturing business is less active, but it is as good as it was a
year ago. There is a better business in some building
materials than at this time in 1926 and in others it is quite
as good as it was then. The hardware sales are as large as
they were at this time last year, and the same may be said
of leaf tobacco, groceries and the paper trade.
Stocks have latterly shown an upward tendency, though
it is to be regretted that specialties have played a conspicuous part in the upward movement. Money has been
easy in spite of large Government transactions. Sterling
exchange is at the highest price seen since the beginning of
the World War, but it is not high enough for England to
get gold from this side, though it seems to be within about
2 cents of that point. Dutch exchange has been an outstanding feature, though latterly somewhat easier. Secretary of the Treasury Mellon is quoted in substance as seeing
no reason for any serious recession in business, but, on the
contrary, takes a hopeful view of the general outlook. This
and President Coolidge's optimistic speech had an effect.
The motor stocks, utilities and high-priced specialties were
noticeably higher to-day. Money was 334%. Bank loans
have reached a new high level with an increase for the week
of $72,000,000. It is noticeable, too, that where temperatures have been seasonable trade during the past week has
shown a tendency to increase.
[VOL. 125.
Fall River, Mass., reports curtailment increasing. In
Rhode Island while part time schedules continued in the
textile industry, the number of released workers is materially reduced. In Connecticut there is short time in the
mills at certain centers, but they are working overtime
in others. In New Hampshire, while part-time operations
continued in the textile industry in some sections, mills in
other cities are working overtime. Southern mills may
observe the Thanksgiving holiday more generally than
usual. An effort is being made to bring this about. In
North Carolina many mills were operating overtime in
October with large forces. In South Carolina some cotton
mills were also on overtime. In Georgia in October textile
mills worked nights. In Tennessee increases in mill forces
are reported and practically all mills are on full-time
schedules. In Alabama some cotton mills are working
overtime. In Mississippi full-time operations have prevailed.
Manchester, England, reported that, although buyers are
still rather cautious, the general demand was broadening
and many traders consider their prospects considerably
brighter with less expectation of lower raw cotton prices.
Further financial difficulties were reported in Lancashire,
however. In Germany cotton mills ran at a very high rate
during October, their operations being estimated at 97%.
A year ago German mills were running at only 75%. Still,
the German spinning mills were not quite as active in October
this year as they were in September, and there seems to be
some indication that the trend is towards lessened activity,
owing partly to French competition favored by a bounty.
A year ago trade was rising.
Late last week the Middle West had a cold wave from the
Canadian Rockies with a stiff and icy wind. The advance
of the first real winter weather of the season appeared with
snowfall in parts of Kansas, Nebraska and Iowa. Cold wave
warnings were issued for the Dakotas, Minnesota, Wisconsin, Iowa, Nebraska, Kansas, Oklahoma and Missouri
with near zero temperatures forecast for the northern belt.
Eastward of the Mississippi river it was also colder. Snow
storms prevailed in Montana and Wyoming. But this week
there has been a return to unseasonably warm weather at
least in this part of the country. On the 15th inst. the
thermometer here was 65 degrees at 1.20 p. m., the highest
for Nov. 15 since 1879, when it was 70 degrees. In Chicago
on the 14th it was 56 to 64, in Cincinnati 60 to 72, in Cleveland 56 to 66, in Kansas City 30 to 66, in Milwaukee 44 to
46, in St. Paul 26 to 38, in Boston 50 to 58, in Philadelphia
52 to 60,in Pittsburgh 56 to 62,in New York 50 to 56.
On the 16th inst. here another new high record was
reached in a temperature of 70 deg. The summer-like
weather excited general remark hero and caused not a little
complaint as be'ng injurious to business. On the 17th
inst. it was still is. high here as 66, though later the temperature fell as rains came with thunder and lightning
even at this late date. In Boston it was 70 to 72,in Chicago
28 to 32, in Cleveland 36 to 38, in Milwaukee 28 to 30,
in Kansas City 30 to 36, in Philadelphia 66 to 70, in Minneapolis 14 to 16, in Montreal 38 to 46, in Winnipeg 10 to 12.
There was a tornado at Washington, D. C., and its environs, causing damage of $1,000,000. To-day it was
much colder here; it was 44 deg, this afternoon and it is
colder to-night. The forecast for to-morrow is colder.
Vermont is warned of a new flood coming. Secretary of
Commerce Hoover is there to take remedial measures for
damage done by recent floods.
Continued Upward Course of Wholesale Prices in
October.
A slight continued upward movement of wholesale prices
is shown for October by information collected in representative markets by the Bureau of Labor Statistics of the U. S.
Department of Labor. The Bureau's revised index number,
computed on prices in the year 1926 as the base and including
550 commodities or price series, stands at 97.0 for October
of
as compared with 96.5 for the month before, a rise of
1%. Compared with October 1926, however, with an index number of 99.4, a decrease of nearly 23% is shown.
The Department further says:
Farm products declined somewhat from the September price level, due
mainly to decreases in corn and cotton. Cattle, eggs, hay,and wool on the
other hand averaged higher than in the preceding month.
Foodstuffs rose sharply in price, with increases reported for butter,
cheese, fresh and cured meats, coffee, and rye flour. Small increases took
place in the groups of hides and leather products and chemicals and drugs.
Practically no change in the price level is shown for textile products and
housefurnishing rooms, while slight decreases are shown for fuel and light-
THE CHRONICLE
Nov. 19 1927.]
ing, metals and metal products, building materials, and miscellaneous
commodities.
Of the 550 commodities or price series for which comparable information
for September and October was collected, increases were shown in 165 instances and decreases in 139 instances. In 246 instances no change in
price was reported.
Comparing prices in October with those of a year ago, as measured by
changes in the index numbers, it is seen that farm products and hides and
leather products were considerably higher, while textile products were
slightly higher. Decreases are shown for all other groups of commodities,
ranging from less than 1% in the case of foods and housefurnishings, goods,
to 8% in the case of building materials,and 17% in the case of fuel and lighting.
INDEX NUMBERS OF WHOLESALE PRICES BY GROUPS AND SUBGROUPS OF COMMODITIES (1926=100.)
1927.
Groups and Sub-Groups.
1926
October
September
All commodities
Farm products
Grains
Livestock and poultry
Other farm products
Foods
Butter, cheese and milk
Meats
Other foods
Hides and leather products_ _
Hides and skins
Leather
Boots and shoes
Other leather products
Textile products
Cotton goods
Silk and rayon
Woolen and worsted HoodsOf he/textile products
Fuel and lighting
Anthracite coal
Bituminous coal
Coke
Manufactured gas
Petroleum products
Metals and metal products
Iron and steel
Non ferrous metals
Agricultural implements
Automobiles
Other metal products
Building materials
Lumber
Brick
Cement
Structural steel
Paint materials
Other building materials
Chemicals and drugs
Chemicals
Drugs and pharmaceuticals
Fertilizer materials
Fertilizers
Housefurnishing goods
Furniture
Furnishings
Miscellaneous
Cattle feed
Paper and pulp
Rubber
Automobile tires
Other miscellaneous
"Data not yet available.
99.4
97.9
97.4
102.2
95.1
100.8
102.9
101.3
99.7
101.0
106.2
99.2
99.8
100.0
97.7
97.3
97.6
98.3
99.2
101.3
98.4
104.3
96.3
99.0
100.9
101.0
99.9
100.5
100.0
'02.3
99.4
99.5
98.2
97.7
99.4
102.1
101.1
100.8
99.1
99.3
101.1
95.8
100.0
99.4
99.5
99.3
93.4
93.5
92.1
87.7
91.4
99.8
96.5
105.9
102.9
104.9
107.6
96.3
105.6
92.2
95.8
112.5
128.4
115.4
105.6
104.9
. 98.5
106.1
86.6
97.3
95.9
84.2
96.5
102.4
94.0
98.2
66.4
97.6
94.7
90.7
99.3
102.2
100.7
92.1
91.0
93.2
96.5
93.2
90.0
92.3
98.4
101.4
86.7
92.1
91.7
98.6
97.6
99.3
89.2
117.7
92.4
69.2
87.7
100.2
October
97.0
105.0
99.2
105.5
106.7
100.0
107.2
100.0
97.2
113.0
128.0
116.5
105.6
108.9
98.4
106.0
85.4
98.0
95.7
83.8
96.0
99.6
93.9
•
67.5
97.1
94.0
89.9
98.9
102.2
100.7
91.6
91.2
93.3
96.5
91.9
87.0
91.7
97.1
101.8
86.2
94.1
92.5
98.5
97.0
99.4
88.3
116.7
91.6
70.5
74.9
99.9
Purchasing
Power of the
1926 Dollar
in October
(Cents).
103.1
95.2
100.8
94.8
93.7
100.0
93.3
100.0
102.9
88.5
78.1
85.8
94.7
91.8
101.6
94.3
117.1
102.0
104.5
119.3
104.2
100.4
106.5
14-811
103.0
106.4
111.2
101.1
97.8
99.3
109.2
109.6
107.2
103.6
108.8
114.9
109.1
103.0
98.2
116.0
106.3
108.1
101.5
103.1
100.6
113.3
85.7
109.2
141.8
133.5
100.1
Increase in Retail Food Prices in October as Compared
With Preceding Month.
The retail food index issued by the Bureau of Labor Statistics of the United States Department of Labor shows
for Oct. 15 1927 an increase of about 1%% since Sept. 15
1
2% since Oct. 15 1926; and
1927; a decrease of nearly 2/
an increase of a little more than 50% since Oct. 15 1913. The
index number (1913 equal 100.0) was 160.0 in October
1926; 154.0 in September 1927; and 156.1 in October 1927.
The Department's advices, under date of Nov. 18, also state:
2731
Norfolk, Pittsburgh, Portland, Me., Providence, San Francisco, Scranton,
and Seattle, 1%; Boston, Newark, Portland, Oreg., and Rochester, less
than five-tenths of 1%. In Fall River and New York there was an increase of 1% in the year.
As compared with the average cost in the year 1913, food on Oct. 16
1927, was 66% higher in Chicago, 65% in New York and Washington;
63% in Baltimore, Detroit, and Richmond; 62% in Atlanta and Scranton;
61% in Birmingham and Philadelphia; 60% in Boston, Buffalo, Pittsburgh, and Providence; 59% in New Haven and St. Louis; 58% in Cincinnati, Fall River, and Milwaukee; 56% in Charleston, S. C., and
Cleveland; 55% in Dallas and Manchester; 54% in Newark, New Orleans,
and San Francisco; 53% in Louisville; 62% in Indianapolis; 51% in
Kansas City and Minneapolis; 50% in Jacksonville; 49% in Little
Rock; 48% in Omaha; 47% in Memphis; 44% in Los Angeles and
Seattle; 41% in Portland, Oreg.; 39% in Denver; and 34% in Salt
Lake City. Prices were not obtained in Bridgeport, Butte, Columbus,
Houston, Mobile, Norfolk, Peoria, Portland, Me., Rochester, St. Paul,
Savannah, and Springfield, Ill., in 1913, hence no comparison for the
14-year period can be given for these cities.
Col. Ayers of Cleveland Trust Co. Predicts that Present
.
Slowing Down of Business Will Shortly Be Fol
lowed by Increased Activity.
Col. Leonard P. Ayres, Vice-President of the Cleveland
Trust Company, in the latter's Business Bulletin dated Nov.
15, makes the statement that "the general situation may be
summarized by noting that business is slowing down under
conditions that make it appear much more probable that
it will in the not far distant future increase its activity
again than that it is likely to continue into a protracted decline." We quote as follows his comment:
Shortages are in the making in iron and steel, and automobiles, and
railroad equipment. In these important lines production has fallen below
normal consumption, and there are no large stocks on hand from which
consumption can draw. This means that before very long production
must start up again, for buying demand is surely accumulating.
This condition is an unusual one, for in the past the downward swings
of the more important items of industrial production have usually followed periods of inventory accumulation induced by advancing prices.
During this year, on the contrary, the trend of wholesale prices has until
recently been a declining one for most commodities, and notably so
far iron and steel products. As a result there has been but little
accumulation of speculative inventories, and so the current low rates
of output mean that shortages are developing rather than that surpluses
are being worked down.
The conclusion that industrial activity is more likely to increase again
in the not far distant future rather than to go into a protracted decline
is reinforced by the fact that the new bond issues in October reached
record high totals. It is true that unusually large amounts of these
were for foreign account, but even so the new domestic industrial and
utility issues were so great as to insure very large volumes of expenditure for construction and equipment during the months that lie ahead.
New construction continues to go forward in large volume, although
building is slow in a good many individual localities. The highest
levels of activity appear to have been reached and passed some months
ago, but the important fact is that building construction has not reached
a peak of volume and apparently is not going to, for a peak implies
a steep decline on the other side. It worked upward on a long sustained
advance from 1920 to 1925, and since then it has been on a sort of a
high plateau which lately has shown some indications of slanting down a
little. There is not, however, any indication that new building is going
to slump off, and the prospects are rather that it will continue in truly
large volume as long as funds for new construction can be obtained on
easy terms and at low rates.
The general situation may be summarized by noting that business is
slowing down under conditions that make it appear much more probable
that it will in the not far distant future increase its activity again than
that it is likely to continue into a protracted decline. Industrial production in some important lines has slowed down, but consumption continues on so great a scale that it promises to require increased output before long in view of the fact that there are no important stocks of goods
to be worked off. The crops are better than it appeared possible a few
months ago that they could be. Funds are pressing for investsnent, and
they are finding it largely in expansion of constructive enterprise. Building holds up in volume remarkably well. Export trade is large.
The fundamentally important fact behind all these elements of the
general situation is that our credit supply is so vast and so flexibly
available, and the Federal Reserve System operates so efficiently and
smoothly, that we no longer have to fear a recurrence of the wide swings
from prosperity to depression that formerly afflicted business in this
cluntry. Our banks are stronger than ever before. Our industrial corporations have reserves in cash and securities far in excess of those they
held in former years. The generally healthy condition of our credit
structure extends down even to conditions in the field of instalment
financing, where the dangerous developments that were apprehended
a year or two ago have not come into being.
Industrial profits are going to be somewhat smaller in the aggregate
this year than they were in 1926, and the production records of the
year will be rather less in a number of important lines than they were
last year. These facts illustrate the important truth that we cannot
expect always to have an unbroken succession of years of record-breaking
prosperity. It is doubtful if they signify more than that.
During the month of Sept. 15 1027 to Oct. 15 1927, 19 articles on
which monthly prices were secured increased as follows: Strictly fresh
eggs, 16%; oranges, 5%; butter, 4%; plate beef, pork chops, cheese,
and lard, 2%; chuck roast, hens, canned red salmon, fresh milk, baked
beans, canned corn, and bananas, 1%; rib roast, bacon, olemargarine, tea,
and coffee, less than five-tenths of 1%. Twelve articles decreased:
Onions, 9%; potatoes, 6%; cabbage, 5%; prunes, 4%; cornmeal, 2%;
round steak, leg of lamb, evaporated milk, rice, and raisins, 1%; sirloin
steak, and ham, less than five-tenths of 1%. The following eleven articles
showed no change in the month: Vegetable lard substitute, bread, flour,
rolled oats, cornflakes, wheat cereal, macaroni, navy beans, canned
peas, canned tomatoes, and sugar.
Changes in Retail Prices of Food by Cities.
During the month from Sept. 15 1927 to October 15 1927 the averincreased in 49 of the 51 cities as follows: Baltimore,
food
of
cost
age
Kansas City, Minneapolis, New York, Pittsburgh, and Rochester, 3%;
Atlanta, Boston, Bridgeport, Buffalo, Cincinnati, Denver, Fall River,
Indianapolis, Little Rock, Louisville, Newark, New Haven, Norfolk, Philadelphia, Portland, Me., St. Paul, Salt Lake City, San Francisco, and Scranton,
; Birmingham, Chicago, Cleveland, Columbus, Dallas, Los Angeles, Mil- Industrial Activity in
October, Based on Consumption
waukee, Omaha, Portland, Oreg., Providence, Richmond, St. Louis, Savanof Electrical Energy, Slightly Above 1926-Upward
nah, Seattle, Springfield, Ill., and Washington, 1%; Charleston, S. C.,
Detroit, Houston, Manchester, Memphis, Mobile, New Orleans, and Peoria,
Trend of Activities in Automotive Industry.
less than five-tenths of 1%. In two cities food decreased: Butte, 1%;
General industrial activity in the United States during
1%.
less
than
five-tenths
of
Jacksonville,
and
For the year period Oct. 15 1926 to Oct. 16 1927 49 cities showed October, as indicated by the consumption of electrical energy
decreases: Jacksonville, 8%; Omaha, 6%; Houston, 5%; Butte, by some 3,000 large manufacturing plants, was 1.2%
over
Charleston, S. C., Cincinnati, Cleveland, Denver, Kansas City, Mobile,
September, and about 0.8% over the rate of activity for
Peoria, Richmond and St. Paul, 4%; Birmingham, Buffalo, Chicago,
Columbus, Indiana, Los Angeles, Memphis, Milwaukee, Minneapolis, St. October of last year, reports received by "Electrical World"
Louis, Savannah, and Washington, D. C., 3%; Atlanta, Baltimore, Detroit, show. This is the first time since July that the monthly
Little Rock, Louisville, Manchaster, New Orleans, Philadelphia, Salt
productive activity has been above that reported for the
Lake City, and Springfield, Ill., 2%; Bridgeport. Dallas, New Haven,
2732
THE CHRONICLE
same month of last year. Conditions in general industry
in October, however, were spotty, some industries reporting
an increase in activity while others were operating materially under September and under last year. It is further
stated:
The various sections of the country also reported varying tendencies.
The Southern States recorded an increase in activities during October
of 14.3% over 1926 and the Western States showed a gain of 3.6%.
On the other hand, New England general productive activities were 4.2%
under those of last year. Manufacturing plants of the North Central
States were operating at a rate 3.4% under October 1926, while activity
In the Middle Atlantic States was approximately at the same level as
in October of last year.
6
Activities in the metal industries group were higher in October than in
the preceding month, but materially neder October of last year. Productive eperations in the textile plants of the country gained over September as well as October a year ago.
The upward trend in activities in the automobile industry which started
in August was continued through October. The rate of activity, based
on consumption of electrical energy, was 5.5% higher than in October
a year ago. This is the first time since September 1926 that the rate
of operations in these plants exceeded that of the corresponding month of
the year previous. The figures on activity in the automobile industry
Include the production of parts, and do not necessarily represent actual
production of motor cars.
The rate of industrial activity for October, compared with September
of this year, and October 1926 all figures adjusted to 26 working days,
and based on monthly consumption of electrical energy by manufacturing
plants-monthly average 1923-25 equals 100-follows:
Oct.
Sept.
Oct
1927.
1927.
1926
All industrial groups
119.9
118.4
119 0
Metals industries group
110.8
107.4
1'43.0
Rolling mills and steel plants
111.8
109.6
123.2
Metals fabricating plants
109.7
105.2
122.9
Leather and its products
111.0
105.9
103.3
Textiles
125.4
121.2
123.4
Lumber and its products
139.2
141.3
118.8
Automobiles.....
114.2
109.5
108.2
Stone, clay and glass
111.0
118.2
130.7
Paper and pulp
127.7
122.7
133.4
Rubber and its products
115.6
114.4
113.8
Chemicals and allied products
115.8
122.6
120.2
Food and kindred products
120.8
127.4
107 9
Shipbuilding
117.2
106.6
117.0
Dr. Haney, Director of the New York University Bureau
of Business Research in Analysis of Business Conditions Finds Grounds for Moderate Optimism.
In his monthly analysis of business conditions, Dr. Lewis
H. Haney, director of the New York University Bureau of
Business Research, finds grounds for moderate optimism.
He expresses the opinion that the favorable factors outweigh the unfavorable. Among the favorable conditions,
Dr. Haney lists the following: Commodity prices averaged
higher on Nov. 1; farm purchasing power continues to gain;
money continues very easy; chain store sales increased .more
than usual in October; building contracts awarded gained;
caution and curtailment prevail where required; manufacturers physical inventories, though large, were reduced in
September; unfilled steel orders increased; Ford resumes
production; prospects of tax reduction. He adds that Ills
P-V Line, which is a ratio of commodity prices to the physical volume of trade, forecasts improvement.
Among the unfavorable factors, are mentioned the following: Retail trade in general failed to show a seasonal
gain in October, department store and mail order sales
show a downward trend, and October postoffice receipts
declined and were below a year ago; railway freight traffic
failed to make the usual seasonal gain in October; automobile production and residential building continue backward (building permits and contemplated new construction
declined in October); the fundamental position of bank
credit has gradually tightened (gold exports, declining
reserve ratio, high brokers' loans); German difficulty in
making r:qntration payments is beginning to loom; politieal
disturbances exist, such as prOspects of disturbing reports
on utility holding companies, serious doubts on railway
mergers.
Dr. Haney says:
[VOL. 125.
month last year. J. C. Penney Co., Inc., again leads all
other chain stores in point of dollar gain with an increase of
$3,908,357 for last month. J. J. Newberry Co. and Safeway
Stores, Inc. lead in point of percentage gain, with increases
of 55.7% and 38.8%, respectively. A comparative table
follows:
Month of OctoberF. W. Woolworth
J. C. Penney
S. S. Kresge
Safeway Stores
National Tea
S. II. Kress
W.T. Grant
McCrory Stores
Childs
Sanitary Grocery
J. J. Newberry
J. R. Thompson
F. & W. Grand
David Ponder
McLellan Stores
Metropolitan Stores
G. C. Murphy
Peoples Drug
Loft, Inc
Neisner Bros
Isaac Silver Bros
Fanny Farmer
Total
Ten Months Ended Oct. 31F. W. Woolworth
J. C. Penney
S. S. Kresge
Safeway Stores
National Tea
S. If. Kress
W.T. Grant
McCrory Stores
Childs
Sanitary Grocery
.J. R. Thompson
J. J. Newberry
David Ponder
F.& W. Grand
Metropolitan Stores
McLellan Stores
G. C. MurPIO,
Peoples Drug
Loft, Inc
Neisner Bros
Isaac Silver Bros
Fanny Farmer
% Inc.
1927.
1926.
4.9
$26,031,788 $24.802,195
17,164,840 13,256,483
29.4
12.084,135 10,935,382
10.4
6,860,269
4,940,348
38.8
5,565,004 4,868,141
14.3
4.260,119
5,069,421
18.9
4,274.594
12.5
3,798.933
3.313,229
13.6
2.915.596
2.378,175
2.9
2,310,291
1.658,349
1.747.806
5.3
1,408,311
55.7
904,224
1.223,890
*1.6
1,243,868
19.3
1,222,976
1,024.586
16.3
1,173,220
1,008.107
1,164,350
23.1
945,562
1.120,188
6.9
1.047,746
14.1
875.218
766.838
25.1
731,436
584,481
*12.0
674,983
767,729
25.4
442,105
554,655
9.6
463,929
508,527
3.1
320,171
310,391
14.6
$95,467.186 $83.235,403
1927.
1926.
% inc.
$
$
8.1
205,118,179 189,756,515
30.9
113,094,370 86,363,624
12.6
98.711.155 87,810,654
37.2
62,092,386 45,246,727
5.6
46,284,924 43,809,962
11.3
41,606,057 37,379,060
19.4
30,751.411 25,754,110
18.7
29,228,321 24.621.736
11.9
24.039,365 21,475,706
5.8
13,939,597 13,174,849
*0.2
11.901.551 11.927.316
52.5
10,470,632 6,682,964
16.9
10,136,603 8,668,723
22.5
7,725,750
9.470,186
12.4
7,857,275
8.833,099
30.4
6.224,385
8,122,574
23.1
5,931,869
7.305,127
30.5
4.974.771
6.493,151
*4.8
6,248,378 6,556,565
57.7
2,930,931
4,622.637
21.2
4,070,720 3.357,379
12.7
2,536,534
2,858,795
755.399,218 650,767.414
16.0
*Decrease.
New York State Factory,'Employment Remained Stationary in October.
The advance of fall activity and the seasonal movements
In manufacturing industries in October wrought relatively
little change in the volume of employment in New York
State, according to the survey issued Nov. 12 by Industrial
Commissioner James A. Hamilton. The most prominent
Ins in employment were recorded by manufacturers of
holiday goods, says Commissioner Hamilton, who adds:
The fall season usually reaches He height in October, but the total
acceleration of employment was less this October than in any year since
1921. The employment index remained at 96, or over four points lower
than last year.
This comparative quiet or stability was characteristic of such seasonable products as clothing and textiles, and also of chemicals and metals.
Consumers deferred their fall buying partly on account of the unusually
wami weather in October. Although the weather reacted unfavorably
to some extent on manufacturing activity, on the other hand, it did improve the crop situation. The improvement in purchasing power in agricultural sections of the country is helping to sustain industrial production.
This statement was based on the monthly reports received from a fixed
list of over 1,350 firms, which are located in various parts of the State
and which report regularly to the State Department of Labor. These
firms in October employed approximately 428,000 wage earners.
Holiday Goods.
With the approach of the Christmas holidays, and as the season in many
varied types of manufactures draws to a close, the manufacturers of holiday goods employ a growing proportion of the wage earners in New York
State factories. They permeate the whole of manufacturing from mobile
to food products. Jewelry, metal, wood, leather and boudoir novelties
wool felts for bedroom slippers, umbrellas, candy and smokers' accessorie;
indicate their wide range. Increases in employment occurred in all these
products in October. However, a comparison with last year revealed that
the gains were not as large as they were in October 1926, and that ap•
parently employment was slower in gathering momentum.
• Increase in Textiles and Clothing.
The textile and clothing groups continued to report small net percent"The favorable factors appear to be sufficiently strong and numerous age increases in October. Calls for woolen
and worsteds and heavier cotton
to prevent any considerable further recession in business. Indeed they fabrics
used for fall and winter lines, rayon, and silks in cloth and yarn,
make an early recovery highly probable. It is reported that the Ford and
also the opening of new spring lines caused many of these firms to
Company has already placed ordeal; for considerable volume of steel sheets increase the number of employees
on their payrolls. In cotton knit, underand as this great industry gets under way, its operations will have a wear,
although production as evidenced by employment was generally
stimulating effect on business. With commodity prices at least firm and
higher than last year, many firms laid off scone of their halp In October.
money rates very easy and with farm conditions showing improvement, Factories
niaking heavier lines of underwear alai woolen sweaters were
we see grounds for moderate optimism."
more 'consistent in reporting increased forma.
Among women's clothing and millinery shops forces were enlarged,•
notably among the modistes' establishments. Dress, and cloak and suit
Chain Store Sales Still Continue to Show Increase. houses in a number of instances reduced their forces.
Employment receded
Sales of 22 chain store companies during the month of in woolen's underwear shops, in contrast to last year when there was a
large gain in October.
October amounted to $95,467,186, an increase of $12,231,783,
Men's shirt factories up-State and in New York City, now in the midst
or 14.6% over total sales for the same month in 1926, ac- of their fall season, were generally reporting increased employment.
cording to figures compiled by Merrill, Lynch & Co. of this Neckwear manafachirers were similarly busier. A portion of their activity represented production for Christmas
The fall and wincity. Sales of these same companies for the 10 months ending ter season for men's clothing was drawing consumption.
to a close, and outside of custom
Oct. 31 1927 were $755,399,218, an increase of $104,631,804, tailoring shops in New York City and some plants in Rochester, most
or 16%, as compared with figures for the corresponding firms were letting out some of their workers.
Nov. 19 1927.]
Furs and Shoes Decline.
Sharp cuts in the fur shops in October terminated the upward swing
the
of employment which had been mounting steadily since the first of
year. The difference in the course of employment is striking when compared with 1926. Then owing to the strike, employment was depressed
In the first half of the year and activity was accordingly piled up in the
second half. Except for a few manufacturers of women's high wade
shoes, employment fell in shoe factories throughout the State. This drop
probably marked the end of the fall season.
Slight Recovery in Iron and Steel.
Employment in the pig iron and rolling mills in October recovered the
in September and thus stood at about the point
occurred
loss which
reached in August. The gain was concentrated chiefly among the mills
The
manufacturing steel and iron track supplies for the railroads.
railroad locomotive and equipment shops on the contrary were laying off
their employees.
Large Gain in Radio.
The winter season and the popularity of the radio caused a great influx
of workers into these factories, and into auxiliary metal, rubber and
other industries which supply the products which go into the finished
Agricultural implement makers working on their spring lines
article.
also increased the number of their employees. Cooking, heating and ventilating apparatus firms added to their forces.
These increases were particularly noticeable in face of the prevailing
quiet in most metal industries. With few minor exceptions, automobile
factories and machine shops were holding back, and employment remained
at the low level of earlier months.
The biggest drop in the manufacturing groups in October came amrng
the firms making building materials, cement, brick, lurnber and house
trim. The decrease was largely seasonal and to be expected in October.
Further Increase in Canneries.
October was a peak month for many of the canneries putting up the
later summer fruits and vegetables and employment advanced over the
very large gains made in September. Other changes in the food products
group were small for the most part and canceled each other.
Instead of the increased employment in the candy factories which
ordinarily comes in October, some firms were reducing their forces. On
the other hand, a few cigar and cigarette manufacturers were reporting
unusually large increases.
G. A. Coulton of Union Trust Co., Cleveland, Recognizes Dependency of Industry upon Agriculture.
The importance of the farmer to the manufacturer and to
the banker is graphically set forth in an article appearing in
the November issue of "Trade Winds," a business magazine
published monthly by the Union Trust Co. of Cleveland,
Ohio. The article, by George A. Coulter, Second Vice-President and Executive Manager of the Union Trust Co., Cleveland, is entitled "Where Is the Farmer?" The writer calls
to the attention of the manufacturers of the Ohio district
the fact that Ohio is one of the greatest agricultural States
of the Union, and that farming is in reality the largest
single industry within the State. With the experiences of
the past twelve months, says the article, industry has become keenly aware of the fact that the state of the farmer's
pocketbook has a vital bearing upon the general level of
manufacturing and trade. Many a general manager of a
corporation has waked up to the fact that the farmer is
after all a mighty important person, and that he holds in
his hands not merely hoes and plow handles, but the destinies of many a business. The significance of Ohio as an
agricultural State is pointed out by a number of statistics,
among them the fact that Ohio ranks tenth among the States
In value of all farm property, and third in value of farm
property per square mile of area; that Ohio farms rank
sixth among the States in average income per acre; that in
1925 Ohio ranked sixth in production of wheat, corn and
oats, fourth in production of grapes, fifth in production of
hay, fifth in production of milk, and fifth in production of
wool. The article concludes with a summary of the importance of the Ohio farm market to the maufacturers of Cleveland and the Ohio district.
Decline In Employment and Increase In Wages In
Pennsylvania During October as Compared With
Same Month Last Year-Wages and Employment
Declined in Delaware.
The report of employment conditions in Pennsylvania for
October, compiled by the Federal Reserve Bank of Philadelphia, showed a decline of .2% in the number of wage
earners employed and an increase of 2.2% in total wages
paid, a much smaller gain than occurred at the same time
last year. The textile products group had the largest increases-2%-in employment and about 9% in wage payments. In this group says the Bank, the industries showing
the largest gains were carpets and rugs, and knit goods
and hosiery. Other industries reporting large gains were
iron and steel blast furnaces, miscellaneous iron and steel
products, and paints and varnishes. Among the industries
which declined considerably from the previous month were
iron and steel forgings and leather products. The Bank
also states:
2733
THE CHRONICLE
Over half of the total number of reporting firms also furnished data on
the number of employe-hours worked. This tabulation showed practically
no change from September.
Delaware industries declined about 2% in employment and .6% to wage
payments. The food industries had the largest decreases, owing to the
termination of the canning season.
Nine city areas showed decreases in employment and eight showed Increases, while 7 cities had decreases in wage payments and 10 had increases.
The Reading-Lebanon area, Scranton and New Castle all showed considerable increases. The change for Philadelphia was a gain of .1% in employment and 2.2% in wage payments.
The compilations follow:
EMPLOYMENT AND WAGES IN PENNSYLVANIA
Compiled by the Federal Reserve Bank of Philadelphia and the Department of
Labor and Industry. Commonwealth of Pennsylvania.,
Increase or Decrease
No. of
Oct. 1927 over Sept. 1927.
Plants
EmployTotal
ReAverage
Wage.s.
Wages.
merit.
porting.
Group and Industry+2.4%
-0.2%
825
+2.2%
All Industries (46)
-1.4
+0.6
+2.0
273
Metal manufactures:
-3.8
-4.7
19
-8.8
Automobiles, bodies and parts
+2.3
19
-1.4
+0.8
Car construction and repair
+9.7
+3.2
+6.3
16
F.lectrical machinery and apparatus_
+9.1
+8.0
+1.0
37
Engines, machines and machine tools
54
+3.1
-0.6
+2.5
Foundries and machine shops
-2.8
-3.1
15
-5.8
Heating appliances and apparatus
+5.7
+4.5
11
+10.5
Iron and steel blast furnaces
9 -11.8
-16.7
-5.6
Iron and steel forgings
-0.4
-2.5
35
-2.9
Steel works and roiling mills
17
-0.4
+12.7
+13.2
Structural iron works
-1.6
+1.5
-3.0
24
Miscellaneous iron and steel products
+4.3
-0.4
8
+3.8
Hardware
+3.1
9
+5.0
+1.8
Nonferrous metals
169
+6.7
+2.0
+8.9
Textile products:
9
+10.9
+29.4
+16.6
Carpets and rugs
32
-2.1
-3.0
+0.9
Clothing
-2.4
5
-0.9
+1.6
Hats, felt and other
16
+1.1
+0.5
+0.6
Cotton goods
42
+6.7
+6.9
Silk goods
14
+6.1
+3.4
+2.7
Woolens and worsteds
41
+16.6
+11.2
+4.8
Knit goods and hosiery
10
+11.8
+1.2
+10.5
Dyeing and finishing textiles
+1.5
104
+2.9
+1.4
Foods and tobacco:
29
+1.7
+2.4
+0.7
Bakeries
-1.7
+2.8
24
+1 0
Confectionery and ice cream
+0.2
15
+2.1
+1.9
Slaughtering and meat packing
+0.9
36
+5.1
+4.1
Cigars and tobacco
Building materials:
Brick, tile and terra cotta products
Cement
Glass
Pottery
65
25
14
23
3
-0.7
-1.5
-3.6
+3.1
-4.0
+0.2
-3.7
--3.6
+6.4
+2.8
+0.9
-2.3
Construction and contracting:
Buildings
Street and highway
General
33
18
4
11
+0.1
-3.5
+1.6
+0.9
-2.8
-5.9
-5.2
+2.0
--2.9
--2.5
-6.6
+1.1
33
13
3
9
5
3
148
25
19
17
8
22
15
38
3
3
+1.7
+1.2
-0.7
+0.2
-0.5
+7.8
-0.1
+4.1
+3.1
+8.7
+12 5
+0.9
+7.8
-0.9
-0.2
-3.3
+4.0
-29.7
+0.6
-0.5
+2.1
+3.4
+5.1
+2.4
+1.8
+9 5
+12.3
+1.4
-0.1
+1.0
+0.4
-0.2
+1.9
-1.9
+0.8
-0.7
+0.8
+4.2
+1.6
Chemicals and allied products:
Chemicals and drugs
Explosives
Paints and varnishes
Petroleum refining
Coke
Miscellaneous Industries:
Lumber and planing mill products
Furniture
Leather tanning
Leather products
Boots and shoes
Paper and pulp products
Printing and publishing
Rubber tires and goods
Novelties and Jewell-7
-3.1
+2.0
-28.4
+0.5
+0.2
+1.3
-3.7
+3.4
+3 2
+7.1
MAN-HOURS AND AVERAGE HOURLY WAGES IN PENNSYLVANIA.
(Complied by the Federal Reserve Bank of Philadelphia and the Department of
Labor and Industry. Commonwealth of Pennsylvania.)
Increase or Decrease
Oct. 1927 over Sept. 1927.
No.
of
A Wage
Total
Plants
Man.
Hourly
Reporting.
HOW'S.
Rates.
Group and Industry-0.0%
480
+0.2%
All Industries (40)
--1.3
192
+0.5
Metal manufactures
-9.7
15
+1.3
Automobiles, bodies and parts
-1.4
13
+0.2
Car construction and repair
+7.2
12
+0.8
Electrical machinery and apparatus
+8.0
28
+2.6
Engines, machines and machine tools
+4.0
-1.8
43
Foundries and machine shops
-14 0
7
+2.7
Heating appliances and apparatus
-2.4
9
+3.4
Iron and steel blast furnaces
5
-15.3
-8.3
Iron and steel forgings
-3.8
-0.2
20
Steel works and rolling mills
+4.4
10
+2.3
Structural Iron works
+0.8
17
+0.8
Miscellaneous iron and steel products
+5.6
0
6
Hardware
7
+4.8
+0.4
Non-ferrous metals
+5.8
+0.9
75
Textile products
5
+18.7
+4.3
Carpets and rugs
+1.5
-5.4
11
Clothing
7-2.3
+10.8
13
Cotton goods
+1.9
+1.6
23
Silk goods
-7.0
+8.3
8
Woolens and worsteds
+6.9
-6.7
10
Knit goods and hosiery
+14.1
-0.6
5
Dyeing and finishing textiles
-1.6
+0.4
43
Foods and tobacco
+1.9
+0.2
17
Bakeries
--3.6
+0.9
12
Confectionery and ice cream
-0.7
-0.8
9
Slaughtering and meat packing
-1.1
-3.5
5
Cigars and tobacco
-1.1
-1.0
34
Building materials
-1.3
-7.5
13
Brick, tile and terra cotta products
-2.1
-2.2
8
Cement
-0.5
+3.9
13
Glass
-0.2
-2.6
28
Construction and contracting
-3.4
-3.6
15
Buildings
+0.4
-5.5
4
Street and highway
+1.2
+2.1
9
General
0.0
+7.4
Chemicals and allied products
16
00
-0.9
10
Chemicals and drugs
-0.7
+15.9
Paints and varnlahes
6
Miscellaneous Industries
Lumber and planing mill products
Furniture
Leather tanning
Leather products
Boots and shoes
Paper and pulp products
Printing and publishing
Rubber tires and goods
92
18
15
9
5
10
9
23
3
+1.6
+3.8
-3.1
+3.9
+0.6
+4.5
-0.9
+3.5
+1.5
+0.6
+2.4
+0.6
-0.7
-2.1
+1.8
-0.4
+0.6
+1.9
2734
THE CHRONICLE
[VOL. 125.
EMPLOYMENT AND WAGES IN DELAWARE.
The following statistics are supplied by the Bureau:
[Compiled by Federal Reserve Bank of Philadelphia.]
No. of
Increase or Decrease.
NUMBER AND ESTIMATED COST OF BUILDINGS AS STATED BY
Plants
Oct. 1927 over Sept. 1927.
PERMITS ISSUED IN 28 ILLINOIS CITIES IN OCTIBER 1927,
ReportTotal
EmployAverage
IndustryBY CITIES.
sag.
meat.
Wages.
Wages.
All industries
29
-1.9%
-0.6%
+1.4%
Foundries and machinery products_ __ _
4
+10.6
.
.
October 1927.
Other metal manufactures
September 1927. October 1926
4
+2.6
+7.9
+5.1
Cities.
Food industries
4
--47.3
--44.6
+5.2
Estimated
No.
Estimated Estimated
No.
Chemicals, drugs and paints
3
+8.1
+3.9
.-3.9
Mo.
Cost.*
Cost.
Bldgs.
Leather, tanned and products
Cost.
3
-4.4
--2.3
Printing and publishing
4
-1.0
+7.5
+6.4
Whole State
4,262 .$34,253,803 3,869 $35,929,246 $60,076,542
Miscellaneous industries
7
-0.6
-1.2
-0.6
Metropolitan DistrictChicago
2,251 26,400,605 2,207 28,935,125 51,139,045
EMPLOYMENT AND WAGES IN CITY AREAS.
Compiled by the Department of statistics and Research of the Federal Reserve Berwyn
146
617,400
136
424,200
944,100
Blue Island
33
88,885
45
77,747
Bank of Philadelphia.
143,321
Cicero
206,513
35
39
336,590
658,552
No. of
Increase or Decrease.
Evanston
161
758,150
106
950,380 1,784,550
Oct. 1927 over Sept. 1927. Glen Ellyn
23
87,320
19
65,465
81,050
Report:EmployTotal
Average
Highland Park
60
381,750
39
175,285
264,150
Areasmen:.
Wages.
fag.
Wages.
Maywood*
50
91,850
29
108,400
261,165
Allentown-Bethlehem-Easton
79
-0.4%
+4.2%
+4.6% Oak Park
111
601,721
107
655,145
Altoona
543,628
14
-1.7
+1.0
Wilmette
34
347,659
29
41,635
Erie
115,220
14
-1.2
-0.8
-0.4
Winnetka
23
328,475
20
137,250
234,875
Harrisburg
34
-1.2
+0.3
-1.5
Outside
Metropolitan
District
Hazleton-Pottsville
19
+4.5
+5.2
Aurora
87
208,165
103
208,340
290,777
Johnstown
13
-6.6
-5.1
Bloomington
16
75,500
11
71,500
Lancaster
85,000
31
+1.1
+4.6
+3.4
Canton
2
2.100
5
New Castle
3,358
1,455
9
+3.7
+9.2
+5.2
Danville
37
118,688
19
77.038
Philadelphia_
66,900
249
+0.1
+2.0
+2.2
Decatur
140
1,134,135
156
386,140
Pittsburgh
535,475
99
-1.7
+0.2
East St. Louis
131
289,203
126 1,402,738
Reading-Lebanon
474,510
63
+3.4
+15.4
+11.6
Elgin
89
150.325
88
120,905
Scranton
358,845
34
+5.7
+2.2
+8.0
Freeport
18
54,500
15
43,400
Sunbury
77,850
26
-4.1
+6.1
+1.8
Joliet
59
585,000
44
Wilkes-Barre
113,150
146,375
21
-0.8
+3.3
+4.1
Moline
97
207,294
80
Williamsport
165,134
116.880
23
+1.9
-5.8
Murphysboro
1
Wilmington
2,000
40,000
29
+0.2
+0.4
+0.2
Peoria
110
175,405
130
York
528,935
304,050
45
+0.4
-6.3
--6.7
Quincy
41
98,750
43
162,762
124,510
Rockford
216
648,585
164
392,802
397,470
Rock Island
68
167,036
104
83,508
179,557
Springfield
127
183,584
115
217.960
164,815
Continued Decline
in Building Activity in Illinois
During October.
The monthly survey of building operations in Illinois
states that building activity continued to decline in October,
as shown by permits issued in 28 Illinois cities. The total
estimated value of building authorized in these cities during October was $1,675,433 less than that authorized during September. The contract offered by October of this
year with October 1926, is striking, for the estimated value
of building in October 1927 was only $34,253,803, while the
value of building authorized in October a year ago was
$60,076,542, showing a decline for the State of $25,822,739
or 43.0%. It should be mentioned, however, that the amount
of building authorized in October 1926 was extraordinarily
high and that most of it is to be credited to Chicago alone.
Most of the decline in October of this year is also to be
attributed to Chicago, and the decrease for the rest of the
State is much less than that for Chicago. Fifteen cities
reported gains, however, in October of this year over the
preceding month, and 13 showed increases during October
over October a year ago. Sidney W. Wilcox, Chief of the
Bureau of Labor Statistics of the Illinois Department of
Labor, who presents the survey, also has the following to
say under date of Nov. 17:
Chicago building decreased from $28,935,125 in September to $26,400,605 in October. Compared with October 1926 which was a banner
month in the value of permits issued, Chicago suffered a decline of $24,
738,440, or 48.4%. New housekeeping dwellings were planned for 3,281
families.
In the metropolitan area outside Chicago, Evanston again leads in value
of building authorized during October with $758,150. Berwyn is second with $617,400, and Oak Park is third with $601,721. In homebuilding within the same region, Berwyn takes the lead with provision
for 111 families, Oak Park is second with accommodations for 75 families,
and Evanston is third with 61 families.
Decatur ranks second in the State and first outside the metropolitan
area in the value of building authorized during October with a total of
$1,134,135. Rockford is second outside the metropolitan area with $648,585, and Joliet is third with $585,000. In home-building outside the
metropolitan area, Rockford leads with accommodations for 86 families,
Decatur is second with provision for 48 families, East St. Louis and
Waukegan rank third, each providing for 41 families.
The total value of building authorized in all the reporting cities
during the first 10 months of 1927 is $397,159,506, exclusive of Joliet
for which no figures are available before April 1928. This amount
represents a decrease of $14,196,050 compared with the corresponding
months of 1926. The decline in October of this year, contrasted with
the great increase in building shown in October a year ago, accounts
for this decrease; for the first 9 months of 1927 showed a gain of
$12,063,214 over the first 9 months of 1926. Only 9 cities report an
increase for the first 10 months of 1927 over the first 10 months of
1926. They are Evanston, Oak Park, Wilmette, Winnetka, Decatur, East
St. Louis, Rockford, Rock Island and Waukegan.
Chicago building totals $316,879,215 for the first 10 months of this
year, a decrease of $9,176,050 from its total for the first 10 months of
1926. Home-building in Chicago for the first 10 months of this year
provides for 35,050 families.
In the metropolitan area outside Chicago, Evanston, with a total of
$13,728,925, leads for the first 10 months of 1927. Berwyn is second
in this region with a total of $6,692,900, and Oak Park is third with
$6,618,786. In home-building within the same area during the first 10
months of this year, Evanston ranks first with housekeeping dwellings for
1,276 families; Berwyn is second with provision for 1,133 families, and
Oak Park is third with 663 families.
Outside the metropolitan area, Waukegan leads in value of building for
the first 10 months of this year, with a total of $6,040,296. Rockford
is second with $5,895,946; Decatur is third with $5,510,785; and East
St. Louis is fourth with $5,282,539. In home-building for the first 10
months of 1927 outside the metropolitan area, Rockford ranks first with
provision for 792 families; Decatur is second with 569 families; and
East St. Louis is third with 640 families.
Iv,
OAX OAK
Ael0,4V0
en
nnonmA
4V0,11Y
wyn no,
•Total figure exceeds details by $91,850, since detailed f gures are not obtainable
for Maywood.
NUMBER AND ESTIMATED COST OF BUILDINGS AS STATED BY
PERMITS ISSUED IN 28 ILLINOIS CITIES FROM JANUARY
THROUGH OCTIBER 1927, BY CITIES.
Cities.
Jan.-Oct. 1927.
No.
Bldgs.
Whole State
Metropolitan DistrictChicago
Berwyn
Blue Island
Cicero
Evanston
Glen Ellyn
Highland Park
Maywood*
Oak Park
Wilmette
Winnetka
Outside Metropolitan DistrictAurora
Bloomington
Canton
Danville
Decatur
East St. Louis
Elgin
Freeport
Joliet
Moline
Murphysboro
Peoria
Quincy
Rockford
Rock Island
Springfield
Waukegan
Estimated
Cost.*
Jan.-Oct.
1926.
Estimated
Cost.
43,104 •$399,673,156 $411,355,556
24,140
1,413
412
524
1,292
221
352
508
873
298
223
316,879,215
6,692,900
1,011,804
4,026,102
13,728,925
1,234,115
1,965,148
1.696,670
6,618,786
1,853,120
2,067,755
326,055,265
7,861,700
1,254,597
4,942,770
13,568,520
1,473,000
2,109,380
4,037,270
5,487,041
1,328,582
1,373,075
931
154
33
218
1,501
1,221
966
193
521
810
13
1,332
364
1,931
814
1,063
783
2,354,286
809,200
125,353
964,976
5,510,785
5,282,539
1,653,231
862,801
2,513,650
1,052,451
60,500
2,873,975
925,786
5,895,946
1,321,740
3,651,103
6,040,296
3,622,363
1,019,150
142,930
1,320,700
5,044,052
4,191,342
3,059,314
1,400,852
1,241,027
261.400
5,441,680
1,232,598
4,807,149
1,065,600
3,946,280
4,057,919
•Total figure exceeds details by $1,696,670, since detailed figures for Maywood
are not available.
Business Conditions in Richmond Federal Reserve District-Favorable Factors Outnumber Unfavorable
Ones-Labor Conditions.
The Federal Reserve Bank of Richmond finds that favorable factors outnumber the unfavorable ones, the Bank in
its October 31 Monthly Review of Business and Agricultural
Conditions stating:
September trade in the Fifth (Richmond) Reserve District, while
perhaps somewhat less in volume than in September last year,
was probably
up to the average for several masons. A marked
decrease in construction
work in most sections of the district, a considerably
larger amount of
unemployment, and an exceedingly poor cotton crop in
Southern, Eastern and Central South Carolina are unfavorable elements
in the present
situation, but favorable factors outnumber the
unfavorable ones. On
the whole, returns from agricultural operations this
year are better than
those of 1926, better prices compensating for decreased
yields in some
crops and abundant supplies of food and feed stuffs
making the farmer
more nearly independent of money crops than in
other recent years. An
increase in the demand for Reserve Bank credit during
September indicates
that Fall trade is developing normally, and higher
deposits in member
banks show a continuation of good aggregate
purchasing power on the
part of the banking public. Debits to individual
accounts totals for four
weeks ended Oct. 12 1927 exceeded totals for the
preceding four weeks
this year by 17% and were nearly 5% above the totals
reported for the
corresponding four weeks in 1926. Insolvencies in
the Fifth District
were fewer in number in September than in any other
month since September last year. West Virginia mines continued to
lead the United
States in coal output during September. The outlook
in the textile
Industry is better than a year ago, with forward
orders much easier
to obtain. Retail trade in September was seasonally in
larger volume
than in August, and except in Baltimore was also in larger
amount than
in September 1926 while wholesale trade last month was
larger in four
of six reporting lines than during the corresponding
month last year.
On the whole, the outlook for a normal volume of business during
the
Fall and early Winter seems to be better than it was
at this time a
year ago, when the collapse of cotton prices had unsettled the
business
structure of the District.
Nov. 19 1927.]
THE CHRONICLE
2735
ers to continue working, employment conditions should improve in the
As to employment conditions the Bank states:
next fifteen days.
Labor conditions continue unsatisfactory in the Fifth Reserve District,
Chicago.—There has been a gain of employment in every major branch
but unemployment did not broaden beyond seasonal expectations during of the metal industry in Chicago.
Meat packers have also increased
the past month. In Baltimore many workers in building and automobile their working forces. These industries are
to be credited with the
trades are idle, and in Richmond the American Locomotive Company is gain of 0.9% in Chicago
employment. They are also to be credited with
still shut down, a number of garage men are idle, railroad shop workers the 2.9% gain in the
total factory payroll. Seasonal reductions of workare mostly on part time, and several other less important industries are ing forces are reported by
shoe manufacturers, printers and men's
either closed or running part time. In Newport News the ship yard clothing makers.
Manufacturers of women's clothing report that that
is using only a part of its full quota of employees. The tobacco and test- the same
number of names appear on their payroll as a month ago. A
tile industries are both operating full time, and coal mines in West sharp
decline in the number of jobs offered to the free employment
Virginia are seasonally busy. There is some shortage of farm and dairy
office resulted in a less favorable ratio than in September or in previous
workers, and in the women's division there is a scarcity of domestic
Octobers. Fewer jobs were offered to the Chicago free employment
servants. It is interesting to note that practically all unemployment is
office than during any October in the last five years.
among men workers, about the only idle women being among clerical and
Cicero.—Increases in all major industrial groups in Cicero are restenographic help. Recent surveys by Federal agencies appear to indicate
ported. Employment gains were especially great in the metal industries,
prospects for improvement in employment conditions in the near future.
and correspondingly heavy increases in wages have also been made.'
Chemicals showed slight employment declines. The unemployment situation
has failed to reflect the industrial improvement. Two hundred and
Industrial Conditions in Illinois During October—
twenty-five workers applied for every 100 jobs in comparison with
Slight Decrease in Employment in Manufacturing 219 in September,
and 140 in October 1926. There has been a falling
Groups—Gains in Coal and Metal Industries.
off in the number of jobs offered, and an increase in the demand for
In his review of the industrial situation in Illinois, by them.
Danville.—Danville manufacturers reversed their usual October policy
Industries, in October, Sidney W. Wilcox of the State Bu- of adding names to payrolls by a 4.3% reduction of working forces.
Unusually early employment declines in the brick industry are responsible
reau of Laber Statistics, says:
for the drop. Other leading industrial groups in Danville show very
The reopening of the coal mines and a sharp pickup in two major little change. Both paper and metal manufacturers
have approximately
metal groups has resulted in an increase of 1.8% in employment. It has the same number of names on their payrolls that they had a
month ago.
also brought a gain of 3.7% in the total State payroll. Employment Thedecline in factory employment is also reflected in the free employIn all manufacturing groups followed its seasonal trend with a decrease ment office ratio which reports that 141 people applied for every 100
of 0.5%. There have been unseasonal reductions in the building industry jobs. Last month 139 applications for every 100 openings were received,
and in meat packing plants. Iron foundry owners also laid off workers and in October 1926 the ratio was 132. It is reported that the arrival
in contrast to their usual October policy of increasing their working of the corn husking season will furnish jobs to many of those who are
forces.
now unemployed.
Decatur.—A 4.4% drop in employment is reported by Decatur manuReviewing the industrial situation by cities, Mr. Wilcox
facturers. There was a similar drop in total earnings of employees.
has the following to say:
The decline is in line with previous experiences in October. As is usual
Factory employment has scored a gain in nine of the fourteen lead- for this month. food products factories and metal establishments reing Illinois industrial centers. But the total number of workers in Illi- duced their working forces. Unemployment conditions have changed
nois factories has declined because of reductions made in canning centers very little in comparison with a month ago, although they are conand in brick yards. Iron foundries, printing ebtablishmenta and cloth- siderably poorer than they were in October 1926. Building activity
ing factories afro report fewer workers than a month ago.
is very brisk at the present time. Farmers are also very active, and
There has been considerable outside activity during the past month. are increasing their working forces rapidly.
Building of residences and small structures has been stimulated by the
East St. Louis.—.Working forces have been reduced in all major lines
resumption of coal mining. Contractors are hurrying to complete several of industrial activity in East St. Louis. Foundry owners and operators
large projects in downstate centers. Farmers have been encouraged by of chemicals factories made especially great reductions. The present
warm weather to begin corn husking earlier than usual.
trend is similar to the one which was experienced in October 1926. A
The unemployment situation is less favorable than it was a month general employment reduction is also reflected in the free employment
ago, or in October 1926. Fewer jobs have been offered to the free em- office ratio which shows that 138 people asked for every 100 jobs
ployment office than during any October since 1921. The decline is open. This figure compares with 125 in September, and 133 in October
due largely to a falling off in the number of requests for help in the 1926. There is a high degree of building activity in East St. LOUIS
Chicago area, for in nine of the thirteen employment offices jobs have at the present time. Road builders also are very active.
been easier to obtain than in September. It is generally true, however,
Joilet.—Twenty-eight leading Jolliet manufacturers report a 2.2%
that jobs are more difficult to obtain throughout Illinois than they live increase of working forces. The gain was not a general one. More
been during the last five years.
metal workers have jobs than was the case in September owing to inThe following is the analysis for October by industries: creases in the larger plants, but taking metal working plants as a whole,
there has been a reduction of working forces. The rush to complete
Farm Implement Manufacturers Report Greatest October Gain
buildings and other outside projects before cold weather has resulted
in Five Years.
in an increased demand for outside laborers. In spite of this comparatively
Unusual gains in the farm implement industries led to an increase in high demand for help, unemployment conditions are less favorable than
metal employment. The advance was supported by slight pickups in the they were a month ago.
Moline-Rock Island—The trend of employment in the Moline-Rock
electrical equipment and machine products groups. Although changes
In employment in metal industries correspond generally with previous Island district was upward during the last month. The greatest gains
October experiences, the figures for these industries continue to be on a have been scored by automobile accessory and farm lmplement manufacturers, though automobile factories are working part time. Foundries
lower level than in 1926.
are also working on short schedules. Building activity has declined
Building and Building Products Firms Report Unseasoned Drop.
Employment declined in groups allied with the building industry. during the past month, although it continues on a higher level than
Stone, clay and glass manufacturers report a drop of 3.6%. There has was the case in October 1926. The unemployment situation fails to reflect
been a loss of 5.3% in employment in lumber mills. There are 9.6% the general improvement, however. During the past month 129 applicafewer workers employed by building contractors than in September, and tions have been received for every 100 jobs in eomparison with 119 in
23.5% fewer than in October 1926. In all instances excepting in the September. This increase is of special significance when it is noted
that it is due to the falling off in the demand for help.
mill industry the drop has been unseasonal.
Peoria.—A slight gain in Peoria factory employment resulted from an
Textiles Gain: Clothing Drops.
The textile and clothing groups have followed their usual October increase in the working forces of paper products manufacturers. More
trends. More workers are employed by textile workers, and fewer have workers are also reported by metal manufacturers. The reopening of
jobs in clothing factories. The drop is due largely to layoffs in the the coal mines will probably be reflected by larger working forces
men's clothing industries. A decline of 1.9% is reported by women's in factories which supply the local market. It has not influenced the
general unemployment situation, however. The competition for jobs
clothing makers.
Is higher than in any October during the last five years. The large
Meat Packers Report Unseasonal Drop.
The usual October recessions have been experienced in the food industrial and building expansion program in Peoria should result in
manufacturing groups. An unseasonal drop in the meat packing industry better conditions, especially if the bridge and hospital projects material.
Is the most significant change which has occurred. The volume of ire. It is reported that excellent weather has enabled contractors to
employment in the entire food group is 8.0% below that of a year ago. continue several large jobs which they hope to complete before cold
weather.
Furniture Industry Gains After Months of Dullness.
Quincy.—All available information indicates that employment condiAfter some months of dullness, the furniture industry is again betions In Quincy have improved. The free employment office reports
coming active. During the past month, 4.4% more workers have been that
jobs have been easier to obtain than was the case in September.
added to the payrolls of manufacturers in this group.
Manufacturers' payrolls show that more workers have jobs than was
Trade Becomes More Active.
the case a month ago. They also report that 13.0% more money was
Employment reports also indicate that trade is experiencing its paid in wages. Shoe manuaacturers are to be accredited
with the
usual October pickup. More employees are reported by retail stores and major part of the improvement. A slight decline is noted in metal
mail order houses.
establishments and very little change in other branches of Quincy industry. Building permits indicate that contractors will be less busy
The analysis by cities follows:
in coming months. At the present time, however, there is an abundance
Aurora.—Twenty leading Aurora manufacturers report a 1.7% re- of outside
activity. The arrival of the corn husking season will probably
duction of working forces. They also report 2.5% more money was bring a
gain in employment if good weather continues.
paid in wages than was the case in September. The free employment
Rockford.—A sharp pickup in both the number of employed workers
office ratio shows considerable improvement in the unemployment sit- and the total payroll
reflects heightened industrial activity in Rockford.
uation although jobs are still scarce in Aurora. The general industrial Every major group reports
improvements. Many notable gains were made
situation has changed very little from last month or from last year. by furniture makers and
there are instances in the metal industry in
With very few exceptions the firms who have reduced working forces which no less than 50 additional names appear on
the payroll. Building
during October also reduced them in 1926 and in previous years. Build- activity is very high for October. An increase in the
free employment
ing contractors are active, although building permits indicate that the office ratio from 107 in September to 121 in October reflects a greater
volume of building is declining in Aurora.
number of applications for work, and not the reduction in the number
Bloomington.—The volume of employment has declined in Bloomington. of available jobs.
The completion of canning activities is largely responsible for the drop.
Springfield.—An increase in the working force of a printing firm led
More workers are employed in the metal industry than in September. to a gain in Springfield factory employment. The trend of
employment
Other manufacturing groups also report improvements. A drop in em- in the majority of firms has been downward, however.
Ordinarily employment is also reflected in the free employment office figures which ployment in Springfield factories declines during October.
The present
Indicate that jobs are more difficult to obtain than they were in Sep- Increase is tha first gain in four years. The unemployment
situation
tember or a year ago. If good weather allows farmers and road build- Is less favorable. During Dctober 161 people applied for every
100 jot*
2736
THE CHRONICLE
[VOL. 125.
Comparison with 112 in September. The present ratio is higher than
any October ratio in the last five years.
outstanding year of prosperity in the nation's history. The year 1927 will
be recorded as a period of normally good times.
The Bureau supplies the following statistics:
Indications are that business activity will remain at a fairly good level
during
the coining winter months, to be followed by increasing prosperity
courtsE OF EMPLOYMENT AND EARNINGS IN ILLINOIS DURING
lasting well into the fall of 1028. Factors which support this conclusion
OCTOBER 1927.
(Bureau of Labor Statistics, 300 W. Adams St., Chicago-By Sidney W. Wilcox.) are numerous. Industry, as a result of curtailed production during recent
months. light inventories and an absence of inflation of raw material
prices, is in a good position to expand. There is an abundance of money
Employment.
Earning.? (Payroll). at attractive rates to facilitate
the production and distribution of goods
Per Cent
Index of Employment
Total "Average" and to support a building program of large proportions. Another potent
Change
(Average 1922 100)
factor pointing towards a revival in business in 1928 is the return to
Earnings, Weekly
Industry,
from
Per Cent of Earnings
production of that great industrial giant, the Ford industries, the psycho.
a
Change
for
logical effect of which over the next few months will be quite as great
Month September October
October
from a
October
Ago.
as the far-reaching material results. Still another wholesome element in
1927.
1927.
1928. .1f'nth Ago 1927.
the general outlook is the return of farm prosperity and the broad and
All Industries
+1.8
97.8
99.6
108.9
+3.7 329.23
unimpaired
purchasing power of the non-agricultural group.
All mfg. Industries.
-0.5
94.2
93.7
102.4
+2.6
28.59
Stone, clay. glass pr.
There are, of course, unfavorable elements in the present business situa-3.6
125.4
120.9
133.7
+1.6
28.92
Miscell. stone prod.
-3.8
105.1
101.1
119.4
-2.5
tion, one of which, inflation in the stock market, sticks up like a sore
27.96
Lime,cement. plas'r
-1.8
110.3
108.3
134.2
-6.2
31.02
thumb. The volume of brokers' loans is dangerously high. Commercial
Bri,
k, tile pottery
-5.8
113.5
108.9
126.1
-0.9
32.70
continue to exceed those in 1926 both in number and in amount.
failures
G1ail$
-0.6
147.2
148.3
142.5
+11.0
24.43
Metals, machinery,
The oil industry still suffers from overproduction. Building construction,
conveyances
+1.0
98.6
99.6
111.8
+4.8
29.40
employment, steel and automobile production, railroad car loadings and
Iron and steel
-0.0
114.3
114.3
117.7
-2.8
29.88
corporate earnings are under the figures of a year ago. More serious
Sheet metal work,
hardware
-4.6
consideration must be given to the subject of profits. In the drive for
08.8
94.3
108.2
25.79
+2.7
Tools and cutlery .. _
-1.5
71.1
70.0
+12.5
95.8
31.41
mass production and expending markets, the tendency lately has been to
Cook., heat. spear_
-0.6
110.2
109.5
111.3
+19.5
31.35
give altogether too little thought to adequate profit margins, the primary
Brass, copper, zinc,
purpose for which business is conducted.
other metal
136.3
+1.6
138.5
150.3
+2.1
30.16
Cars & locomotives_ -12.4
43.3
37.9
52.8
-11.3
Manufacturing plants in Michigan by and large were moderately well
30.23
Autos, accessories
+3.8
100.9
104.7
116.5
+14.0
29.78
occupied during October. Eighty per cent, of the reporting cities stated
:Machinery
125.8
+2.8
129.3
139.9
+7.2
31.17
industrial activity was normal. The remaining cities, with two exthat
Electrical apparatus
+2.8
98.7
101.5
119.7
+15.2
28.28
As-lieu!. implements +11.8
110.0
123.0
ceptions, reported operations below normal. Spottiness prevailed in the
132.3
+28.4
29.52
InstruMts, appirces
59.3
+10.4
59.2
27.69
+7.8
55.0
automobile and motor accessory factories, production in some plants runWatches & Jewelry_
+0.3
109.8
110.1
121.9
-1.3
26.01
ning well above normal and in others at or below normal. The fact that
Wood products_
+2.0
92.9
91.1
104.5
+5.0
28.85
Saw planing mills
the Ford industr es have resumed production is of supreme importance
-5.3
111.2
105.3
127.1
-5.4
30.84
Furniture, cabinet
to Detroit and the State of Michigan. The resumption of activities by this
work
+4.4
106.4
111.1
118.6
+4.8
28.72
large company not only has removed the uncertainty surrounding the
Pianos, musical Met.
+2.4
80.6
82.5
32.18
+11.2
95.7
Miscall. wood prod_
bringing out of the companys' new mcdel, which has had a deterring
+3.8
61.3
59.1
+12.6
75.5
23.37
Household furnish's
-0.8
107.5
106.6
113.5
26.03
effect on the business of other manufacturers of low-priced cars, but also
+5.6
Furs & leather goods
-0.8
117.8
116.9
118.4
-0.1
20.17
has :mproved the employment situation and has helped business generally.
Leather
-1.6
103.4
105.1
+4.5
27.92
102.7
Chevrolet Motor Co. is making preparations to bring out a new model
The
Furs and fur goods_
-1.1
87.5
86.5
48.94
+18.3
80.6
Boots and shoes_ _ _ _
-1.1
120.8
within the next month. During recent weeks several manufacturing
119.5
120.2
19.14
-2.3
Miscell. leather g'ds
+3.8
72.7
82.7
75.3
14.92
+9.5
companies have moved to Detroit.
7.hem., oils, paints_
-0.3
117.0
116.6
130.2
+3.8
28.01
Automobile output for October, as estimated by the National AutoDrugs, chemicals._
+3.3
103.8
107.2
22.51
100.5
+4.8
Paints, dyes, colors
-0.5
mobile Chamber of Commerce, was 210,465 cars and trucks. Despite the
130.6
129.9
29.38
139.8
+8.0
Vlineral, veg. oil.....
-2.6
108.7
105.9
148.5
+0.9
31.82
fact that the Ford production for 1927 is about a million and a quarter
Miscell. chemicals_ _
-1.0
136.2
134.8
136.9
28.20
+2.5
units below the number of v2hicles produced in 1926 total production of
Printing, paper g'ds
+1.0
118.2
117.0
115.8
35.10
+4.9
Paper boxes, bags,
all makes for this year is expected to exceed 3,600,000 cars and trucks
tubes
143.0
+4.2
149.0
149.2
+9.5
26.20
as compared with 4,219,442 vehicles turned out during 1926. Production
diseell. paper g'ds.
+1.4
123.5
125.2
122.5
+4.0
25.97
in the majority of motor plants will taper off from now until the close
Fob printing
-1.4
112.9
111.3
112.3
+2.3
36.71
of the year.
gewspapers, periodicals
129.6
133.7
+3.2
141.7
47.13
+8.1
Those who have ridden in the new Ford car speak very highly regarding
Mition bookbinding
+0.7
30.31
+1.5
its appearance and performance. Daily production schedules are approachTextiles
106.1
109.0
113.1
+2.7
+11.0
16.51
ing the 100 mark and preparations are being made to triple or quadruple
3otton& wool. g'cls_
153.2
0.0
148.9
153.2
21.49
+9.3
Knit goods, hosiery
91.2
+2.9
93.8
that number by December 1st. Shipments to the more remote distributing
101.8
+12.3
14.34
Thread <4 twine._ _ _
+4.6
74.2
70.9
72.5
+8.9
20.62
centers have already started, but it will be at least several weeks before
Nothing, millinery.
dealers will be able to make deliveries to purchasers.
laundering
-1.5
66.5
65.5
-0.4
67.0
26.95
den's clothing__ _
Employment during recent weeks has decreased slightly. Six cities,
-2.4
55.4
56.8
57.2
-2.3
30.86
den's shIrts,furnish.
+2.3
103.0
105.4
105.6
+18.7
19.10
however, report an increase compared with a month ago. Sugar beet
)veralls.work cloth. +25.5
62.9
78.9
+18.5
83.2
16.61
factories have been making additions to their payrolls. Favorable weather
den's hats& caps
52.0
0.0
58.4
52.0
30.71
-7.5
conditions during October made possible a large volume of outdoor work,
Vomen's clothing._
-1.9
112.4
110.3
115.4
26.51
+4.6
Vomen's underwear
-2.0
91.4
93.3
101.1
+7.3
17.20
especially public improvements, and furnished employment for a considerVom en's hats
-8.5
83.8
67.9
76.7
-6.5
26.13
able
number of workers. A gain in employment during the first week in
Aundering. cleanNovember is reported by the Employers' Association of Detroit. There
ing. dyeing
-3.3
126.8
122.4
121.8
-2.9
22.12
rood, beverages,
are now as natny men at work in Detroit an there were a month ago,
tobacco
-5.4
101.6
96.1
103.9
-3.6
28.47
whereas there was a decrease of over 12,000 in the same period last year.
lour, feed, other
The total tonnage passing through the Sault canals up to Oct. 31
cereals
116.7
-5.8
109.9
127.0
-2.6
25.13
Yid t. vegetable canamlunted to 75,287,488, which was 834,985 net tons less than for the
ning
-53.5
71.4
33.2
58.7
-50.6
16.04
corresponding period of 1926.
4Iscell. groceries._
-0.2
105.2
105.0
98.8
29.01
+9.8
Michigan wholesalers in practically all lines report improvement in
laughtering, meat
packing
distribution of merchandise, also in collections. Trade at retail is also
-1.1
89.5
88.5
92.8
-2.5
26.07
)airy products.
+0.1
99.2
111.0
99.3
-3.9
44.78
more brisk and merchants are optimistic over the outlook for holiday
tread, other bakery
business.
products
90.9
+5.1
92.9
95.5
+15.6
30.72
The banks throughout the State, with very few exceptions, are in an easy
lonfectionery
86.1
-6.6
80.4
113.6
-7.6
21.38
leverages
-4.3
-10.3
31.30
68.8
65.8
89.0
condition, the supply of loanable funds being sufficient to take care of
:tsars, other tobaclocal needs. Borrowings are reported fair to good.
co products
90.8
92.4
+1.8
+6.2
18.66
83.7
Mild, summerlike weather in October was ideal for fall work on the
lanufactured ice.._ -35.6
-18.4
49.52
132.6
85.4
98.4
ye cream
farms. To quote one of our correspondents: "The fine weather which
-23.1
-14.9
50.09
'cafe, wholesale.
slowed up business for the merchant has saved the farmer." As a whole
retail
71.1
22.95
75.0
77.3
+5.7
+3.1
the agricultural situation is looking brighter than it has for several
120.4
118.9
+4.4
iepartment stores_
22.32
124.6
+3.5
years.
21.92
61.0
+6.6
Vholesale dry goods +19.7
64.6
54.0
Tholesale groceries
-3.1
tall order houses..
+2.8
_0,6
%Mlle utilities
later, light, power
-03
'elephone
0.0
-1.9
treet railways.. _ _ _
'allway car repair
shops
+0.5
eal mining
+360.2
ullding, contract's
-96
Midi= construc'n -11.2
-30.1
.oaf construction_
f iliPPii rantrsaptina
4- 17.1
98.2
85.3
138.2
134.6
131.2
114.1
95.2
87.7
137.4
134.2
131.2
111.9
103.7
92.2
139.7
136.8
128.2
114.2
+11.7
+5.6
-0.9
+1.4
0.0
-4.9
27.48
22.92
31.15
35.99
28.78
33.87
57.5
11.2
149.0
103.1
832.6
238.5
57.8
51.5
134.7
91.6
582.0
279.3
64.7
89.9
176.1
129.7
433.0
269.5
+5.7
+303.7
-5.7
-7.4
-11.0
+25.3
29.22
26.72
44.41
44.28
30.82
51.20
Review of Business Conditions by W. W. Putnam of
Union Trust Co., Detroit-Status of Employment
in Michigan.
According to Wayne W. Putnam, Assistant Secretary of
the Union Trust Co., Detroit., lower temperatures have
brought about a decided improvement In trade during the
past fortnight after two months of dullness due largely to
unseasonable weather. Under the stimulus of Christmas
buying and delayed purchases of fall merchandise this ripward trend should gain momentum rapidly during the next
few weeks, says Mr. Putnam, who adds in part:
Industrial activity, which has been lacking in vigor for several months,
Is experiencing the usual tapering off preliminary to inventory-taking
and year-end change's. As a whole the general business situation is moderately good. Those who think otherwise, with some exceptions, are comparing the current volume of business activity with that of 1926, the most
Improvement in Crop Yield in Atlanta Federal Reserve
District-Gains in Wholesale and Retail Trade.
In its district summary, presented in its Oct. 31 Monthly
Review, the Federal Reserve Bank of Atlanta says:
September showed improvement in the estimated production of corn,
oats, tobacco and cotton, but a slight reduction in the potato
crop.
Compared with yields in 1926, prospects continue for smaller crops
of
corn, wheat, oats, tobacco and cotton, but a larger crop
potatoes.
of
The estimate of cotton production in the Sixth
District increased Materially during September because of weather conditions
favorable to the
development of the crop.
The distribution of merchandise through retail and
wholesale channels
was in greater volume in September than during August. Sales
during
September by reporting department stores located
throughout the District
averaged 9.6% greater than in the corresponding month
last year.
Stocks increased over August, and over September a year
ago, and the
rate of turnover in September was slightly better than in the same month
last year. Sales by wholesale firms during September were greater in
all reporting lines than for August. and four lines reported increases over
September last year, the other four reported decreases.
Savings deposits
at the end of September were 1.4% greater than a month earlier, and
7.7% greater than a year ago. Debits to individual accounts were 6.7%
greater than in September last year. An increased demand for credit is
reflected in the growth of loans and discounts at reporting member banks
between Sept. 14 and Oct. 12, but discounts and investments of the Federal Reserve Bank declined during this period. Commercial failures in
this District were smaller than in August, but were greater than in September last year.
Nov. 191927.]
TELE CHRONTCLE
2737
Building permits issued during September at reporting cities of the
District were 11.3% smaller than in September last year. Contracts
awarded were 9.7% smaller than in August, and 16.9% smaller than
in September 1926. Consumption of cotton in the cotton-growing States
continues greater than a year ago, and increased production of cotton
cloth and yarn over September last year is indicated in confidential reports from mills in this district.
Further impetus was given to the discussion of the new
Ford car by the publication of two pictures and a description
of the new model in the weekly newspaper of a small town,
Brighton, fifty miles from Detroit, some time prior to
Nov. 14. From the New York "Evening Post" of Nov. 14
which quoted the article we repeat herewith the descripThe Bank's review of retail and wholesale trade follows:
tion of the new model which up to this time has not been
Retail Trade.
denied by any of the officials of the Ford Motor Co.:
The volume of sales during September reported by 47 department
"The new car that appeared in this city (Brighton, Mich.) was of the
stores in the Sixth District was seasonally greater than during the
previous month, and was also greater than in the corresponding month Tudor style, but vastly different from the Model T Tudor.
"This car was carrying a pea-green body, completely equipped with
last year, and stocks of merchandise also showed increases over both of
those periods. September sales were larger than in the same month a five wire wheels, speedometer, oil pump, water pump, bumpers, four.
year ago at all reporting cities except Savannah, the average for the wheel brakes, standard gear shift, and bullet shaped headlights. The
District being an increase of 9.6%. Total sales by these firms during car has a wheelbase which we believe to be at least six inches longer
the first nine months of 1927 were less than one-tenth of 1% smaller than the old model T. It is generally understood this is only one of the
than during the same period of last year. Stocks of merchandise in- many models that the Ford Motor Oo. will produce, and one can truly
creased over those at the end of August at all reporting cities, and were say that the waiting public will receive the surprise of their lives when
larger than a year ago except at Birmingham and other cities. Turn- the car is finally released for sale through the local dealers."
over for the month averaged better than in September last year for the
The Chandler-Cleveland Motors Corp. has introduced a
District but was slower at New Orleans, Savannah and other cities.
The index number of retail sales, computed frosts figures reported by new model, to be known as the "special six de luxe sedan."
39 of these reporting stores, rose from 94.2 in August to 106.5 in Sep- It is equipped with the Chandler special six motor.
tember, and is higher than for September of any other year in the
•
series which began in 1920. Outstanding orders at the end of September declined 2.1% compared with those outstanding a month earlier. Deliveries of Tires During September Exceed Output.
but were 0.7% greater than a year ago. Accounts receivable at the end
According to statistics compiled by the Rubber Associaof September were 6.4% greater than at the end of August, and 6.4%
greater than at the same time last year. September collections were 4.3% tion of America, Inc., from figures estimated to represent
greater than in August, and 18.9% greater than in September 1926. The 75% of the industry, shipments of automobile casings—
ratio of collections during September to accounts outstanding and due at
the beginning of the month for 27 firms was 36.1%. In August this balloons, cords, fabrics, solids and cushion—for September
ratio was 34.2%.
exceeded the total production for that month. Shipments
Wholesale Trade.
during September amounetd to 4,333,536 casings, as comSales statistics reported to the Federal Reserve Bank by 118 whole- pared with 3,652,044 casings
produced. During the first
sale firms in the Sixth District show increases in September over August
In all of the eight reporting lines of wholesale trade. Stocks of merchan- nine months of this year a total of 38,541,599 casings were
dise on hand at the end of September reported by films dealing in gro- delivered, an increase of 3,629,260 casings or 10.3% over
ceries, dry goods and furniture were smaller than for August but small
the same period in 1926, while 38,457,900 casings were proIncreases were shown in stocks of hardware and electrical supplies. Accounts receivable and collections were larger in each line than for August. duced as compared with 35,951,174 casings for the first
Compared with September 1926. sales figures for September this year nine months last year. The Association, in its bulletin
show increases in dry goods, shoes, stationery and drugs, but decreases
In groceries, hardware, furniture and electrical supplies. Stocks were dated Nov. 10, gave the following figures:
smaller than a year ago in each line which reported three statistics,
—1927—
—1926-and accounts receivable and collections were also smaller than a year
Month of August—
Production. Shipments. Production. Shipment*.
Tires—
ago except in dry goods. The tables which follow show percentage comBalloons
1,807,924
2,132,318
1.968.229 2.090.799
parisons of sales in each line, divided by cities where three or more
.firms
Cords
2.143.498 2,182.732
1,755.119 2,031.117
report a single city, and comparisons of the other items.
256.655
Fabrics
104.220
167,868
53,347
------.•.
Agricultural and Financial Conditions in Minneapolis
Federal Reserve District—Increase in Income from
Crops Marketed.
The following preliminary summary of agricultural and
financial conditions was issued Nov. 18 by the Federal Reserve Bank of Minneapolis:
Total pne.casingsx-- 3,616.390
Solid and cushion tires
35,654
4.287,655
45.881
4,279.595
42,572
4.530.186
54.625
Total
Inner Tubes—
Low pressure
High pressure
3,652,044
4,333,536
4,322,167
4,584,811
1,599.987
2.638,606
1,956,234
2.046,955
3,021,458 . 3,736.578
2,128.619
3,692,619
Total
First 9 Months—
Tires—
Balloons
4,238,593
5,068.413
5,692,812
5,821.238
20,928.409 19,979,278 17,169,827 15,897.145
Cords
16.493,641 17,098,736 16.231.596 16,538,664
Marketing during October of cash crops raised in this district were
Fabrics
2.070.591
575,150
2.119.462
1,014,240
valued at $100,000,000, as compared with $53,000,000 in October 1926.
For the first three months of the present marketing season the income
Total pneu.casings_ x37,997,200 38,092,254 35,520.885 34,506.400
Solid and cushion tires
405,939
460,700
449.345
430,289
from crops has been $220,000,000, as ocmpstred with $121,000,000 in
the corresponding period last year.
Total
38,457.900 38.541.599 35.951,174 34.912,339
Farm product prices showed more declines than advances in October, Inner Tubes—
Low pressure
21,421.939 20,341.743 18.992,016 16,844.388
as compared with a year ago. The income from the sale of hogs in OcHigh pressure
20.588,036 23,485,638 26.218,021 25,612.313
tober was 16% smaller than the income from this source in October on
account of lower prices and smaller marketings. Although the marketTotal
42.009,975 43,827.381 45.210.037 42.456,701
ings of cattle were smaller than a year ago, the profits of those farmers
Ballons, cords and fabrics.
who marketed fat cattle in October were large.
Debits to individual accounts at representative cities during October
1927 were the largest on record, with the exception of October 1924,
and were 26% larger than the volume in October 1926. New high re- Tanners Standardize Raw Hides and Leather—National
cords for all time were made in the debits to individual accounts at
Council Creates an Inspection Bureau—Will Work
Aberdeen, Billings, Fargo, Jamestown, Minot and St. Paul.
with Packers.
Carloadings of freight in the Northwestern district during the four
After years of study. Amer!ean tanners for the'first time
weeks ending Oct. 29 were 7% smaller than in the corresponding period
last year. All classes of freight moved in smaller volume, except grains have taken steps toward standardizing both hides and finand merchandise in less-than-carlots. Shipments of flour and linseed products from Minneapolis in October were larger than in October a year ished leather so as to eliminate waste and reduce the cost
ago. Building permits and building contracts were in smaller volume of handling and manufacturing leather, according to a disthan last year.
patch from White Sulphur Springs, W. Va., to the New
EL
York "Times" Oct. 28, which went on to say:
New Automobile Models And Pices.
A four-speed transmission is now being offered by the
-Chevrolet Motor Co. for use in its one-ton commercial car
at $65 installed. According to a description of the transmission, it provides 107% greater application of engine
power than the usual three-speed transmission. Provision
also is made in it for a power take-off, so that power from
the engine may be applied to various devices such as
hydraulic hoist, pressure units for sprayers, pumps, etc.
The Willys-Overland Co. has added two convertible
cabriolet coupes to the Whippet line. The car on fourcylinder chassis is priced at $745 and that on the six-cylinder chassis at $8.75.
An announcement made by the Jordan Motor Car Co. in
Introducing the Little Custom Jordan says that the Little
Custom is the first to combine quality of the highest type
with the convenience of small sizes. The motor is the most
powerful six-cylinder one for a car of its size and weight.
The tanners' council, representing the entire industry, to-day created
a hide inspection bureau, with a director at its head, and the sole and
belting leather group within the council set up a committee under
Ernest Howes of Boston, to present a plan about Feb. 1, by which the
hundreds of selections of finished leathers that now sell under thousands
of class names may be reduced to less than fifty.
President Frazer M. Moffat declared it was "one of the most constructive things the industry has ever done."
The hide inspection bureau was planned with the accord of the American Meat Packers' Association by a council committee under the chairmanship of A. M. Pierce of Philadelphia. BY a uniform system of renorts
from buyers, the packers are to be aided in standardizing the trimming
and treating of raw hides so that heavy tonnages of ears, noses and other
untannable material no longer will be shipped to tanners along with the
hides, only to be reshipped' to glue factories, an item of freight waste that
has added much to the ultimate coat of leather. Also uniformity of
hide treatment will be secured to improve the quality of the raw material from which American shoes harness, belting and luggage are made.
The directors reelected all officers, headed by Chairman Laird a
Simons of Philadelphia and President Moffat of New York. The resignation of Secretary E. A. Brand of Washington was accepted New directors at large are Frank G. Allen, Burt W. Rankin and Ralph L. Pope of
Boston; Frederick Oarlisle of Saginaw, Mich.; Robert B. Deford of Beltimore; Victor G. Lumbard of Girard, Ohio; Ansley R. Salz of San Friusdace, and August H. Vogel of Milwaukee, Wis.
2738
THE CHRONICLE
Seasonal Contraction Occurs In Current Lumber
Movement but Industry Generally is Ahead of
Last Year.
The organized lumber industry showed season decreases
in shipments and new business, and a slight increase in production, for the week ended Nov. 12, when compared with
reports for the preceding week, according to telegraphic
reports received by the National Lumber Manufacturers
Association from 501 of the leading commercial lumber mills
of the country.
The 337 comparably reporting softwood mills showed a
slight increase in production and decreases in shipments and
new business this week, when compared with reports for
the previous week. In comparison with the same period
a year ago, when twenty-three more mills reported, this
week shows increases in all three factors.
There is apparently, little change in the hardwood operations this week, when compared with the week earlier.
In comparison with the same week last year, this week showed
some increases in production and shipments and a decrease in
in orders, adds the "National Association" which we quote
further as follows:
[VOL. 125.
The Hardwood Manufacturers Institute, of Memphis. Tenn., reported
from 125 mills (22 more mills than reported the previous week) increases
in all 3 items.
West Coast Lumbermen's Association Weekly Report.
One hundred nineteen mills reporting to the West Coast
Lumbermen's Association for the week ended Nov. 5 manufactured 122,445,757 feet, sold 126,649,048 feet and shipped
111,831,248 feet. New business was 4,203,291 feet more
than production and shipments 10,614,509 feet less than
production.
COMPARATIVE TABLE SHOWING PRODUCTION, NEW BUSINESS,
SHIPMENT AND UNFILLED ORDERS.
Week EndedNov. b.
Oct. 29.
Oct. 22.
Oct. 15.
Number of mills reporting
119
118
118
118
Production (feet)
122,445,757 124,994,506 120,416,234 123,756,274
New business (feet)
126,649,048 111,525,054 104,065,856
97,233,334
Shipments (feet)
111,831,248 109,764,708 111,003,002
99,602,435
Unshipped BusinessRail (feet)
124,477,301 123,043.813 124,031.437 120,425,677
Domestic cargo (feet)_
103,968.768 104,440,398
98.959,506 103,749,438
Export (feet)
130,937,266 113,007,403 113,069,028 125,731,478
Total (feet)
359,383,335 340,491,614 336,059,971 349,906,493
First 44 Weeks of1927.
1926.
1924.
1925.
Average number of mills_
93
106
123
115
Production (feet)
4,132,659,513 4,669,740,823 4,447,468,870 4,145.956.488
New business (feet)
40,76.393.412 4,719,899,250 4,529,976,944 4,123,592,892
Shipments (feet)
4,057,686,183 4.708,696.877 4,601,465,452 4,256,392,250
Unfilled Orders.
The unfilled orders of 229 Southern Pine and West Coast mills at the
end of last week amounted to 571,562,787 feet, as against 569,434,995
feet for 230 mills the previous week. The 111 identical
Southern Pine Lumber Production and Shipments During the Month
mills in the group showed unfilled orders of 208.160,784 feet last week,
of September.
as against 210.051.660 feet for the week before. For the 118 West Coast
mills the unfilled orders were 363,402.003 feet,as against 359,383,335
The "National Lumber Bulletin," published monthly by
feet
for 119 mills a week earlier.
Altogether the 337 comparably reporting softwood mills had shipments the National Lumber Manufacturers Association of Washington, D. C., and Chicago, Ill., on Nov. 7 issued the fol88%, and orders 83%, of actual production. For the Southern Pine
mills
these percentages were respectively 98 and 93; and for the West
Coast mills lowing statistics regarding production and shipments during
84 and 78.
Of the reporting mills, the 318 with an established normal production the month of September:
for the week of 230,244.348 feet, gave actual production 105%. shipments LUMBER
PRODUCTION AND SHIPMENTS AS REPORTED MONTHLY
91% and orders 87% thereof.
BY MEMBER ASSOCIATIONS TO NATIONAL LUMBER MANUThe following table compares the lumber movement, as reflected by the
FACTURERS ASSOCIATION FOR SEPTEMBER 1927.
reporting mills of seven softwood, and two hardwood, regional associations,
for the three weeks indicated: 000's omitted:
Production.
Shipments.
Association.
Mills. Hardwds. Softwds. Hardwds. Softwdi.
Corresponding Week
Preceding Week 1927
Past Week.
1926.
(Revised).
t
M.Ft
M.Ft.
M.Ft
16
35,145
34,377
Softwood. Hardwood. Softwood. Hardwood. Softwood. Hardwood. California Redwood
California White & Sugar Pine Mfrs 18
126,509
100,066
Florida Dense Long Leaf Pine Mfrs
6
9.304
Mills
8,839
337
144
360
126
336
121
North
Carolina
Pine
48
27,521
Production. 243,182,000 21,785.000 223,767,000 18.401,000 240,774,000 18,396,000
27,550
Northern Hemlock and Hardwood
Shipments 213,059,000 19.061,000 209,183,000 19,629,000 229,937,000
17,565,000
Manufacturers
38
18,536
14,277
26,475
Orders
19,187
202,663,000 19,280,000 184,738,000 22,771,000 230,746,000 17.614,000
Northern Pine Mfrs
10
53,234
42,422
The mills of the California White and Sugar Pine Association make Southern Cypress Mfrs
8
2,030
5,195
2,448
7,377
Southern
Pine
125
313,555
326,873
weekly reports, but not being comparable, are not included in the foregoing West Coast
Lumbermen's
108
434,550
394,874
tables. Twenty of these mills. representing 65% of the cut of the California Western Pine Mfrs
35
118,495
124,034
pine region, gave their production for the week as 19,725,000, shipments Lower Michigan Mfrs
10
4,257
2,617
6,830
2,855
Individual reports
19,634,000 and new business, 18,599,000. Last week's report from
26
11,928
37,878
10,877
38.137
19
mills. representing 60% of the cut was: Production, 21,929,000
Total
feet; ship448
36.751 1,178,280
48,830 1.124,391
ments, 27,911,000, and new business 18.211.000.
West Coast Movement.
The West Coast Lumbermen's Association
wires from Seattle that new
business for the 118 mills for the week ended
Nov. 12 was 22% below
production, and shipments were 16% below
production. Of all new business taken during the week 50% was for future
water delivery, amounting
to 48.998.095 feet, of which 30.925,210 feet was for
domestic cargo delivery
and 18,072.885 feet export. New business by rail
amounted to 45,000,466
feet. or 46% of the week's new business. Forty-seven
per cent of the
week's shipments moved by water, amounting to
40,177.164 feet, of which
33,182,966 feet moved coastwise and intercoastal, and
16,994.198 feet
export. Rail shipments totaled 51.672.688 feet, or 49%
of the week's
shipments, and local deliveries 4,536,560 feet. Unshipped domestic
cargo
orders totaled 100.324,791 feet. foreign 144,654.234 feet, and rail
trade
118,422,978 feet.
Southern Pine Reports.
The Southern Pine Association reports from New Orleans that
for 111
mills reporting, shipments were 4.24% below production and
orders were
7.05% below production and 2.93% below shipments. New business
taken
during the week amounted to 62,563,332 feet (previous week,
58,884,345);
shipments, 64,454,208 feet (previous week. 62,419.461); and
production,
67,308,027 feet (previous week, 64,296,220). The normal
production of
these mills is 74.553,270 feet. Of the 110 mills reporting
running time, 60
operated full time, 19 of the latter overtime. Two mills
were shut down,
and the rest operated from two to six days.
The Western Pine Manufacturers Association of Portland,
Ore., with
one less mill reporting, shows some decrease in production and
shipments
and new business somewhat below that reported for the preceding
week,
The California Redwood Association of San Francisco,
Calif., reports
production about the same; a heavy decrease in shipments
and a slight
increase in orders.
I The North Carolina Pine Association of Norfolk,
Va., with one less mill
reporting, shows some decreases in production and shipments
and new
business about the same as that reported for the week earlier.
The Northern Pine Manufacturers Association of Minneapolis,
Minn.,
reports considerable decreases in production and shipments and
a slight
increase in new business. (Northern Pine mills show more than
twice the
production of similar November weeks of 1926, because this year
several
mills are still operating contrary to their custom of years past of closing
their sawing season or shutting down for repairs in November.)
The Northern Hemlock and Hardwood Manufacturers Association
of
Oshkosh, Wis., (in its softwood production) with one more mill
reporting,
shows increase In production, and some reduction in shipments and now
LUMBER PRODUCTION AND SHIPMENTS AS REPORTED MONTHLY
BY MEMBER ASSOCIATI-ONErTO-NATIoNAL
MANU-LUMBER
FACTURERS ASSOCIATION FOR SEPTEMBER 1926.
Production.
Association.
Shipments.
Mills. Hardwds, Softwds. Hardwds. Softwds.
California Redwood
15
California White & Sugar Pine Mfrs 18
Florida Dense Long Leaf Pine Mfrs.
7
North California Pine
53
Northern Hemlock and Hardwood
Manufacturers
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
M. Ft.
15,653
2,999
M. Ft. M. Ft.
28.242
130,490
6,291
30.246
M. Ft.
26.575
100,924
6,097
29,717
23,219
31,484
10,288
347.036
441,888
146,357
1.803
26,823
22,109
48,879
7.154
355,121
431,600
160,419
2,701
26,997
35,842
2,716
6,039
8.169
13.958
15,326
Total
499
38,649 1,224,165
82.053 1,218.293
Total production: Sept. 1927. 1 215,031,000 ft.: Sept. 1926, 1,262,814,000 ft.
Total
shipments:
1927,
1
Sept.
171,021,000
ft.; Sept. 1926, 1,280,348,000 it.
„...
LUMBER PRODUCTION AND SHIPMENTS AS REPORTED
BY STATES
BY MEMBER ASSOCIATIONS,
September 1927.
hfills.
Production,
Feet.
Shipments,
Feet.
Alabama
17
27,008,000
28,118,000
Arkansas
15
32,422,000
30,876,000
California
30
145,307.000 117,883,000
Florida
13
23,023,000
24,278,000
Georgia
5
2,023,000
3,003,000
Idaho
14
52,387,000
55,648,000
Louisiana
35
88.034.000
87.628,000
Michigan
19
20,823,000
17,572,000
Minnesota
5
28,083,000
28,102,000
Mississippi
27
91,173,000
85,542,000
Montana
15,348,000
15,988,000
North Carolina
12
0,577,000
5,513,000
Oklahoma
2
10,415,000
6,264,000
Oregon
49
196,148,000 184,758,000
South Carolina
14
7.232,000
8,228,000
Texas
33
71,479,000
67,577,000
business.
Virginia
14
13,339,000
12,944,000
Washington
79
302,248,000 282,379,000
Hardwood Reports.
Wisconsin
30
35,498,000
24,176,000
The Northern Hemlock and Hardwood Manufacturers Association of °them*
zo
72.876,000 80,180,000
Oshkosh, Wis.,reported from 19 mills (one more mill than reported for the I
Total
448 1,215,031,000 1,171,021,000
week before) a nominal decrease in production, a noticeable decrease in I
shipments and a fair gain in new business.
• Includes mostly individual reports, not distributed.
2739
THE CHRONICLE
Nov. 19 1927.]
Census Report on Cotton Consumed in October.
Under date of Nov. 14 1927 the Census Bureau issued its
report showing cotton consumed, cotton on hand, active
cotton spindles, and imports and exports of cotton for the
month of October, 1927 and 1926. Cotton consumed
amounted to 612,935 bales of lint and 73,193 bales of linters,
compared with 568,361 bales of lint and 75,401 bales of linters
in October 1926 and 627,321 bales of lint and 78,260 bales
of linters in September 1927. It will be seen that there is an
increase over October 1926 in the total lint and linters combined of 42,366 bales, or 6.5%. The following is the statement complete:
is gathering from its own members and in collaboration with
The Cotton-Textile Institute, Inc. Heretofore the consolidated statistics were compiled from 20 reporting groups.
In October they were tabulated from 23 groups, and include
additions from both the Association and the Institute. The
report includes yardage statistics on the production and
sale of more than 300 classifications of standard cotton cloths
and represents in many cases more than 90% of the production of these fabrics in the United States,
Cotton consumed, cotton on hand, active cotton spindles, and imports
and exports of cotton for the month of October, 1927 and 1926, with statistics for the three months ending Oct. 31. (The statistics are in running
hales, counting round as half bales, except foreign cotton. which is in equivalent 600-pound bales.)
Cottonseed Oil Production During October.
On Nov. 12 the Bureau of the Census issued the following
statement showing cottonseed received, crushed and on hand
and cottonseed products manufactured, shipped out, on hand
and exports during the month of October 1927 and 1926:
COTTON CONSUMED AND ON HAND IN SPINNING MILLS AND IN
OTHER ESTABLISHMENTS, AND ACTIVE COTTON SPINDLES.
(Linters not included.)
COTTON SEED RECEIVED, CRUSHED AND ON HAND (TONS).
Received at Mills 5
Aug. 1 to Oct. 31.
1926.
1927.
Cotton consumed
during (bales)Locality.
Year
Octo-
Cotton
Cotton on hand Oct. 31spindles
3 Mos. In consuming In public stor- active during
October
ending establishments age & at compresses (bales) (number).
(bales).
Oct. 31.
United States__ 1927 612,935 1,873,690
1926 568.361 1,639,184
1,327,095
1,213,199
5,433,129
5,471.533
32,497,504
32,604,764
Cotton-growing
1927 449,040 1.375,451
States
1926 404,196 1,174,903
New England 1927 135,420 412,710
1926 136,374 386,245
States
85,529
All other States_ 1927 28,475
1926 27,791
78,036
971,909
841,027
299,461
316,927
55,725
55.245
5,146.462
5,270.930
74,121
94,894
212,546
105,709
17,770.442
17,313.370
13,240.156
13,800,598
1,486,906
1,490.796
61,430
61,325
20,680
17,171
4,115
4,958
45,949
40,135
22.337
16,715
3,490
4,807
17,030
7,383
7,905
10,973
5,311
4,198
Not incl. above.
1927 73,193
Linters
225,440
142,174
46,514
75501
992 720
00005
50751
Included above.
1927 19,345
Egyptian
1926 20.812
Other foreign.- 1927 6,873
1926 6,203
Amer.-Egyptian 1927 1,526
1926 1.838
1095
3 Mos. End. Oct. 31.
October.
Country of Production.
1927.
1926.
1927.
1926.
Total
19,235
30,877
75,822
54,153
Egypt
Peru
China
Mexico
British India
All other
13,620
787
2,826
176
1,736
7,616
1,942
252
18,872
1,981
214
48,384
9,072
5,677
230
11,576
684
19.014
4.105
544
24,292
5,896
302
oe
Exports-Running Bales (See Note for Linters).
October.
3 Mos. End. Oct. 31.
Country to Which Exported.
Total
United Kingdom
France
Italy
Germany
Other Europe
Japan
All other
1926.
1927.
1926.
1927.
1,126,509
1,369,820
2,097.861
555,699
164,116
166,746
73.657
385,942
94,759
197,910
43,379
369,782
159,285
98,404
361,726
126,178
191.930
62,515
273.069
294,229
121,775
732,338
309.626
289.477
77,347
608.644
278,979
182,351
740,632
342,521
299,434
103,138
Note -Figures Include 13,491 bales of linters exported during October n 1927 and
10,948 bales in 1926 and 42,636 bales for the 3 months ending Oct. 31 in 1927 and
22,288 bales in 1926. The distribution for October 1927 follows: United Kingdom.
1,861; Netherlands. 701; France. 1,840; Germany, 7,114; Belgium. 286; Italy, 100:
Canada, 1,583; Mexico, 2; Japan, 4.
WORLD STATISTICS.
The estimated world's production of commercial cotton, exclusive of linters, grown
in 1926. as compiled from various sources. Is 27,900,000 bales of 478 pounds lint.
while the consumption of cotton (exclusive of linters in the United States) for the
year ending July 31 1926 was approximately 23,940,000 bales of 478 pounds lint.
The total number of spinning cotton spindles, both active and idle, is about 164,000,000.
Cotton Cloth Production, Sales, Shipments Etc. In
October.
Statistics on the production and sale of standard cotton
cloth during October were made public Nov. 10 by the
Association of Cotton Textile Merchants of New York.
The report covers a period of four weeks and includes data
on three additional types of cloth not previously included
in this statistical summary. Sales during the month
amounted to 225,560,000 yards, or 68% of production which
was 331,854,000 yards. Shipments were 293,411,000 yards,
or 88.4% of production. Stocks on hand October 31st
amounted to 257,011,000 yards, as compared with 218,568,000 yards on October 1st. This was an increase of 17.6%.
Unfilled orders at the beginning of the month amounted
to 500,298,000 yards. On October 31st they were 432,447,000 yards, a decrease of 13.6%.
The report for October it is pointed out again reflects the
more complete:statistical information which the Association
United States
Alabama
Arizona
Arkansas
California
Georgia
Louisiana
Mississippi
North Carolina
Oklahoma
South Carolina
Tennessee
Texas
All other
1927.
1926.
1926.
1927.
2 580,3082,616,590 1,619,143 1,485,516 1,050,949 1,153,247
188,093
15,815
152,333
15,106
257,483
106,122
318,049
115,917
185,497
101,578
106,274
990,137
27.904
160,123
18,495
194,371
32,872
269,424
121,133
321,562
157,424
166,421
112,109
149,110
858,492
55.054
117,246
13,684
104,878
12,183
184,082
67,199
187,455
69,003
100,976
72,632
68,824
602,298
18.683
98,749
15,298
106,332
19,217
168,290
67.210
159,637
73.842
99,968
72.324
85,049
493,196
26.404
71,630
2,304
49.138
5,692
75,783
49,551
143,265
47,668
106,077
30,261
38,566
421,770
9.248
61,577
3,242
88.609
13,655
102,556
54,052
168,102
84,103
66,833
40.397
65,882
375,573
28.666
• Includes seed destroyed at mills but not 89,784Itons and 23,249 tons on hand
Aug. 1, nor 17,906 tons and 27,648 tons reshipped for,1927 and 1926, respectively.
COTTONSEED PRODUCTS MANUFACTURED, SHIPPED OUT AND ON
HAND.
Item.
IMPORTS OF COTTON AND EXPORTS OF DOMESTIC COTTON AND
LINTERS.
Imports (50O-Pound Bales).
On Hand at Mills
Crushed.
Oct. 31.
Aug. 1 to Oct. 31.
State.
Season.
On Hand
Aug. 1.
Produced
Aug. 1 to
Oct. 31.
Shipped out
Aug. 1 to
Oct. 31.
On Hand
Oct. 31.
Crude oil (pounds). 1927-28 *16,296,641 496,776,580 400,930,817 *146,567,455
8,280,561 442,721,964 383,106,358 102,309.319
1926-27
a310,330,472
Refined oil (lbs.).- 1927-28 a378,612,700 b327,735,245
133,343.353
1926-27 145,670,884 306,444.193
186,997
599,016
722,381
63,632
1927-28
Cake and meal
170,324
639,965
667,445
142,844
' 1926-27
(tons)
250,888
380,108
462,951
168,045
1927-28
Hulls(tons)
237,541
273,975
419,183
92,333
1926-27
136.117
194,293
284,233
46,177
1927-28
Linters (running
138,626
182,381
255.254
65,753
1926-27
bales)
22,162
15,604
15,836
21,930
Hull fiber (500-1b. 1927-28
13.021
16,051
11.737
17,335
1926-27
bales)
6,422
4,800
9.380
1,842
Grabbots. motesofte 1927-28
7.958
6.582
7.757
6.763
1926-27
mon-th ushou
• Includes 6,235,454 and 8,626.295 pounds held by refining and manufacturing
conestablishments, and 4,638,300 and 36,672.510 pounds in transit to refiners and
sumers Aug. 1 1927 and Oct. 31 1927. respectively.
a Includes 9,784,634 and 8,182.391 pounds held by refiners, brokers, agents and
warehousemen at places other than refineries and manufacturing establishments.
and 10,818,983 and 6,799,035 pounds In transit to manufacturers of lard substitutes,
oleomargarine, soap, &c.. Aug. 1 1927 and Oct. 31 1927, respectively.
S Produced from 356,518,332 pounds crude oil.
EXPORTS OF COTTONSEED PRODUCTS FOR TWO MONTHS ENDING
SEPT. 30.
1926.
1927.
Item495.759
1 902,600
Oil, crude (pounds)
588,280
1 573,734
Refined (pounds)
48,872
41,428
Cake and meal (tons)
11,840
29,145
Linters (running bales)
Agreement Between Cuban and European Sugar Industries
Designed to Stabilize Production.
The signing of an agreement in Paris on Nov. 15 by
representatives of sugar exporters of Cuba, Germany, Poland and Czecho-Slovakia, was announced in Associated
Press cablegrams from Paris. The object of the agreement is said to be "to stabilize production and exportation
so the industry will be able to wait for consumption to
catch up with the present overproduction." The agreement
is effective for one year and is renewable at the end of
that period, according to the Associated Press accounts
which state:
It provides for admission of all sugar exporting countries. Only
the general outlines of the agreement were given out, it being explained that there are some details which it was desired to reserve for
explanation to other sugar interests likely to come into the combination before they are given to the general public. All of the leading
delegates, however, declared there was nothing in the agreement that
could be interpreted as tending toward establishment of a trust or a
combination in restraint of trade.
The basis of the organization for control of production and exportation is an international committee of two members from each
country adhering to the agreement. Their mission will be to apportion exportation so as to avoid useless competition between members
and as far as possible furnish a steady output for everybody in
proportion to present consumption.
As far as could be discovered, there is no clause in the agreement
fixing prices, the arrangement being devoted rather to rational distribution of output, irrespective of what producers get for it. Some
of the delegates pointed out that with a surplus on the market it is
a bad time to try to control prices.
They explain the object was rather to prevent the glutting of any
market, thereby bringing about conditions that would be bad, first
for the capital invested in the sugar industry and second for the
consumer, who would pay higher prices when the industry became
demoralized and production fell below requirements.
2740
TH I CHRONICLE
[VOL. 125.
The Associated Press also stated on Nov. 15 that Cuba
Paris Sugar Conference—Proposal of Cuba for Coltook effective lead of the world's sugar interests today
laboration of Sugar Exporting Countries.
when suggestions of Col. Jose Tarafa, head of the Cuban
The
following cable received from a Paris correspondent
Sugar Defense Committee, were incorporated in the agreeof H. Bentz & Co. contains official communication from the
ment. It further stated:
Paris Sugar Conference Committee:
Tarafa, who was a leading figure in the negotiations with represent-
"In conformity with the direction given by the recent world economic
atives of Germany, Poland and Czecho-Slovakia was given a vote of
congratulation by the European delegates when the agreement was conference held at Geneva concerning the re-establishment of the equisigned. They were quite as pleased as the Cuban representative librium between the world production and consumption disturbed by the
because they realized they could not cope with the Island, which is great war, and following the initiative of the Government of the Cuban
the greatest producer in the world, if it came to a fight for the Republic, a conference has been held in Paris in which Colonel Tenth&
as representative of the President of Cuba, Gen. Gerardo Machado, and as
world's market.
The Cuban was highly gratified by the iesults of the arduous work chairman of the National Committee for the Defense of Cuban Sugar, took
he has done here in the past few days. He said immediately after part, as well as did competent personalities elected among the sugar prothe agreement was signed that he would take a brief rest and then ducers of Cheehoslovakia, Poland and Germany.
continue his mission which is to get other sugar exporting interests,
"Colonel Tarafa was in the chair. The initiative of Cuba for a colsuch as those of Java, to join the agreement. He will go to Amster- laboration of the principal sugar exporting countries in order to
obtain
dam the last of the week to take up that part of his task.
an equilibration of the world sugar production and consumption and to
intensify the latter has been considered by the Conference with full symUnder date of Nov. 14 the cablegrams from Paris (Asso- pathy. Notwithstanding the difficulties naturally
resulting from the problem in question the discussion and the means suitable to obtain concrete
ciated Press) said:
results are continuing in a spirit of real cordialities."
A crisis in the sugar industry that would affect the consumer
as well .as the producer probably has been averted by an agreement
now virtually completed between the Cuban and European sugar Representatives of Producers of
Industrial Alcohol
industries, in the opinion of Colonel Jose Tarafa, head of the Cuban
Agree to Restrict Production.
Sugar Defense Committee, who has just had several long and arduous
sessions with representatives of European sugar interests.
Representatives of nearly all of the industrial alcohol
"The principal European Exporters of sugar," Senor Tarafa told the
producers
in the United States have agreed to the GovernAssociated Press, "have realized that abnormal conditions prevailing
at present are likely to cause disaster somewhere in the sugar in- ment's proposal to restrict industrial alcohol production to
dustry and that it would be better not to play a game of the survival 85,000,000 gallons during 1928 according to an oral
amiounceof the fittest. Present production is now so far in excess of consumption that refineries somewhere will have to shut down if the ment Nov. 4 by the Assistant Secretary of The Treasury,
situation continues. So in our own interest, and in the eventual Seymour Lowman. This means that the output next year
interest of the consumer, it has been agreed to take measures to will be more than 10,000,000 gallons less than
the expected
gauge yield to demand.
"If many refineries shut down many growers will cease planting, production this year, Mr. Lowman said: The "United
and then production will become deficient. Prices would soar, but States Daily" from which the foregoing is taken, added:
that is not what the Cuban sugar interests want; they want only
The announcement followed a meeting between the Assistant Secretary
stable conditions that will enable them to work steadily.
and the Commissioner of Prohibition, Dr. J. M. Doran, and the members of
"Cuba over developed its sugar industry in order to comply with the Industrial Alcohol Advisory Council. That body, Mr. Levi-man said.
the pressing demands of the Allies to produce all the sugar possible was in accord with his view that there has been a isoduction beyond the
during the war. Senor Tarafa explained, the result was that after legitimate necessity and that the surplus has been filtering into illegitimate
hostilities ended and the Allies began to supply themselves else- channels.
where the Cuban refineries felt the pinch of lowered demand.
Mr. Lowman declared that he had been assured by the Advisory Council
"In three or four years," said Senor Tarafa, "consumption will that the restriction would not result in creased prices to consuming inagain have caught up with installations, but if overproduction con- dustries.
Coincidentally with final agreement between the Treasury officials and the
tinues then there will be such a crisis that the industry will be
demoralized, with a subsequent reaction that ivill cost the consumers Advisory Council, Dr. Doran issued an order to prohibition administrators
a pretty penny.
and others, carrying the arrangement. This order makes it possible for
"I know that the tendency is to suppose that negotiations such as the Commissioner to indicate on applications for permits the amount of
we have been engaged in are intended to control prices. As far as alcohol that may be produced thereunder.
Dr. Doran said that there was a common interest evinced between those
sugar is concerned this supposition is entirely erroneous, because an
agricultural product of that sort cannot be controlled. There are too seeking to enforce the irohibition laws and those engaged in le•Itimate
many uncertain factors. Planters and refiners are only too glad to industry because the latter group were beginning to feel the effect of the
legitimate profits reaped from the excess of production.
have a steady market at reasonable prices.
"The leigitimate manufacturers have been carrying an excess in their in"The point had been reached where Cuba was faced with the
alternative of getting cooperation with other sugar-producing countries ventories," Dr. Doran said. "The carrying charge naturally is heavy,
in the stabilization of the industry, or on relying on the doctrine besides the losses that may come otherwise. We believe that legitimate
of the survival of the fittest, but that is not a good doctrine for sugar." Industry is going to join hands with us in a sincere effort to eliminate the
Senor Tarafa said that in his opinion the present conditions were bootleg traffic."
temporary and that in due time normal development would regulate
The Bureau of Prohibition, in conjunction with the Advisory Colincil, is
now studying the apportionment of production by plants and will soon be
relations between production and consumption.
to inform individual plants what their output may be next year. All
Experts of the sugar conference were reported in Paris able
will be treated alike, Dr. Doran said, and the calculations will be based
press accounts Nov. 16 as working out the details of the on previous average sales. This rule, however, will not be
hard fast.
application of the agreement. It was added that when the according to the Commissioner who referred to the terms of the order
respecting permits which allow for alteration of the amounts upon a showing
work of the experts is completed, Colonel Tarafa will go of cause. Following is the full text of the order.
on with negotiations to bring other sugar exporters into
All applications for renewal of outstanding permits to operate
alcohol plants for the calendar year 1928 are required to be filedindustrial
the
the agreement. It is said that the European producers proper Prohibition
Administrators, and submitted by them with
to
of Prohibition When received by the Commissioner,the
he
probably will hold a conference at Berlin in December to Commissioner
will indicate on each application his approval of the quantity
of alcohol
which may be produced in the industrial alcohol plant described
pass on the work of the experts and to check up on the during
therein
the ensuing calendar year and return the application to the Administrator for the necessary action in connection with the issuance of renewal
reaction which the agreement has caused.
permits. Where renewal permits are issued by Administrators pursuant
to
It was stated on Nov. 17 that efforts to induce Dutch such applications, there shall be inserted
in each such
provision that
the quantity of alcohol which may be manufactured permit
thereunder shall not
• sugar interests to come into the sugar export control agree- exceed
the quantity approved in the application by the Commissioner,
which
ment signed by Cuba, Germany, Poland and Czechoslo- amount shall be noted in the permit by the Administrator.
In any case where it appears, after operations have been
conducted under
vakia will be made today (Nov. 19) when Colonel Tarafa a permit
issued as above indicated,that correction of the
authorized
arrives in Amsterdam. These advices (Associated Press) to be manufactured is necessary in order to provide an quantity
adequate supply of
alcohol
or denatured alcohol for industrial purposes, the
add:
Commissioner
may, upon proper showing of the facts, make such
The Dutch interests declined to come to Paris to negotiate with warranted in the quantity which may be produced adjustment as he deems
under the permit during
the others, but said that if the combination went through they would the calendar year.
consider the matter.
Colonel Tarafa's success thus far has given
confidence to the sugar people here that he will get the Dutch
Few Changes Made in Crude Oil and Gasoline Prices.
interests in.
The few comments printed in the French press on the agreement
The market for crude oil showed little change in prices
until
indicate skepticism as to the possibility of controlling the production the
latter part of the week, when on Nov. 17 the
of beet sugar. Colonel Tara fa today said that it was an economic
Humble
question that would work itself out to the detriment of everybody if Oil posted prices on a gravity basis for oil below 28 gravity
both the farmers and refiners did not realize the situation.
in North and Central Texas. Previously a flat
price of
He said that lie thought that the French farmers will understand
that they cannot oblige the world to take more beets than the sugar $1.12 a barrel was paid for all oil below 28 gravity. The
new price provides a two-cent differential for degree
market requires.
of
According to the "Wall Street News", Department of
Commerce officials at Washington on Nov. 16 expressed the
belief that the price of sugar in the United States will be
higher than at present as the result of the Paris agreement.
Robert L. Purdon, chief of the Sugar Division of the Department, declared that such curtailment of production
would be bound to result in higher prices. Cuban sugar,
he said, which supplies the major portion of the United
States demand, has been selling at a loss since the World
War.
gravity between 28 and 25, making 25 gravity
oil $1.06 a
barrel, a reduction of 6 cents from the former flat
price.
On the following day, the 18th, the Louisiana Oil & Refining Co. reduced the price of Urania crude oil 15o. barrel,
a
making the new price 75e. per barrel. The last
previous
change was 10c. a barrel on Sept. 14.
Bunker fuel oil was reduced in price on the Eastern seaboard as well as along the Gulf coast. The Standard Oil Co.
of N. J. on Nov. 12 reduced bunker fuel oil 5 cents a barrel
at Baytown, Tex., to $1.25, and at Texas City, Tex., to
$1.30. These cuts followed a similar reduction on Nov.
Nov. 191927.]
THE
2741
CHRONICLE
hat New Orleans and Baton Rouge, La., to $1.30 and $1.25
a barrel, respectively. On Oct. 28, the price at Panama
Canal was reduced 10 cents to $1.40 per barrel.
Effective Nov. 16, the Standard Oil Co. of N. J. reduced
bunker fuel oil 5 cents a barrel in New York harbor, Baltimore and Norfolk to $1.40 a barrel. In Charleston, S. C.
the same reduction to $1.35 a barrel was made, all prices
exclusive of handling charge. This makes the fourth successive price cut in fuel oil since last May when the price
was $1.75 a barrel.
In the gasoline market, only one reduction of note was
reported when it became known on Nov. 16 that on Nov. 10
the Standard Oil of Kentucky had reduced gasoline 2c. in
the City of Atlanta, Ga. The new price is 140. tank wagon
and 16c. service station, including the 4c. State tax.
In the wholesale markets at Chicago on Nov. 18 quotations stood as follows: U. S. motors grade gasoline 6(4)6%c.;
kerosene, 41-43 water white 4i(4)4gc.; fuel oil, 24-26
gravity 80(4485c.
OklahomaNov.12 Nov. 5
North Braman
2.900 2.900
South Braman
2.100 2.150
Tonkawa
16,750 16,900
Garber
10,200 10,150
Burbank
39,350 38,850
Bristow Stick
24,950 24,950
Cromwell
11,250 11,100
Wewoka
12,200 12,750
Seminole
61,850 63,700
Bowlegs
127,200 119,200
Smiright
26,300 26,150
Little River
44,500 45,850
Earisboro
162,500 149,700
Panhandle TexasHutchinson County
60,900 62.000
Carson County
7.600 7.850
Gray
14,800 15,600
Wheeler
1,200 1,200
West Central Texas-Brown County
19,250 19,500
Shackelford County
5,150 5,200
West TexasReagan County
22,350 22,750
Pecos County
35.950 32,450
Crane & Upton Counties 129,450 13.550
Winkler
17,250 17.650
East Central TexasCorsicana Powell
13,300 13,400
Nigger Creek
2,650 2,500
Southwest TexasLunn
14,900 15,000
Laredo District
8,000 8.100
Nov.12 Nov.
North LouisianaHaynesville
Urania
ArkansasSmackover, light
Smackover. heavy
Coastal TexasWest Columbia
Blue Ridge
Pierce Junction
Hull
SpindietoP
Orange County
WyomingSalt Creek
MontanaSunburst
CaliforniaSanta Fe SOringa
Long Beach
Huntington Beach
Torrance
Dominguez
Rosecans
Inglewood
Midway Sunset
Ventura Avenue
Seal Beach
6,950
9.100
7,150
9.150
9.800 9.550
75,350 76,260
9,200 9,000
4,000 2,300
10,500 10,800
15,100 15,800
50.500 52,800
4,400 4,200
33,300 3r3,400
11,500 11.600
39,000 39,000
100,000 100.500
62,000 61.000
20,000 20.000
14.800 15.000
7,800 8,000
32.500 32.500
83,000 84.000
52,400 53,600
50,000 51,000
Colombia Emergency Oil Legislation.
Names Committee to CoPrivate cable advices from Colombia, according to the E. W. Clark of Petroleum Institute
operate With Government in Devising Federal Legis"Wall Street News" of Nov. 17, state that the emergency
lation for Conservation of Oil-Correspondence Bepetroleum bill has passed both Houses of the Colombia
tween Secretary Work and H. L. Doherty.
Congress and has gone to the President for his signature.
The Secretary of the Interior, Hubert Work, Chairman
Regarding the legislation, it also said:
Since the bill has been sponsored by the President and his Ministry his of the Federal Oil Conservation Board, received on Nov. 14
signature is a foregone conclusion. The emergency petroleum bill was a letter from E. W. Clark, President of the American Pesubstituted for the Sanchez bill when it was seen that this bill could not be
troleum Institute, announcing that he had selected three
passed before Congress adjourned.
The emergency bill states that the oil industry is a public utility and as former Presidents of the Institute to constitute a committee
such the nation has the right to construct use and exploit all pipe lines
representative of the oil industry to co-operate with the
and refineries as well as the right of permit for all such work. It authorizes
the government to builld a refinery to handle its royalty oil and enables Government in studying possible legislative steps designed
the government to levy a royalty from 8% to 18% on all oil produced on to effect greater conservation of the country's natural petroprivately owned lands, depending on the distance from tide-water.
The oil producing properties of the International Petroleum Co. will not leum resources. The committee consists of Thomas A.
be affected by this law since it is operating on a government concession. O'Donnell, of California, identified with various oil interests
It is believed, that its refinery and pipe line operations will be handicapped.
the Pacific Coast; J. Edgar Pew of the Sun Oil Company
The companies principally affected by this legislation include those holding on
leases on privately owned lands. These companies will have to pay a of Texas; and W. S. Farish, President of the Humble Oil
government royalty in addition to the regular royalty to the private land and Refining Company of Texas.
owner. Companies in this class include Colombia Syndicate, Magdalena
At the same time Secretary Work received a communicaSyndicate, Gulf Oil Corp., Standard Oil of Claffornia, Leonard Oil. Transcontinental Oil and others.
tion from officials of the American Bar Association announcing the appointment of a general committee which has been
A previous item in the same paper (Nov. 14) stated:
The emergency bill is an attempt by the government to collect an addi- empowered to select three representative lawyers to act for
tional royalty from the lessees of 10% to 20% in addition to the royalty
The chairman
to be paid the landowners. The situation in Colombia is similar to that in the Bar Association in a similar capacity.
Mexico in that the Colombian government is attempting to pass retroactive of the Federal Oil Conservation Board, when the American
legislation nationalizing subsoil rights on lands owned by private individuals
Bar Association committee designates its spokesmen, will
whose titles antedate 1873.
The present government of Colombia in sponsoring the emergency bill announce the personnel of the Government's three repreand Indications are that it will be passed by the House of Deputies and
Conservation Board, in stating this,
become a law. In this event practically all of the oil companies will have sentatives. The 011
cease
their
to
exploration work for the profitable production of crude oil added:
under such heavy royalty payments would be almost impossible.
Increase Recorded in Crude Oil Production.
Crude oil output took a sudden upturn during the week
ended Nov. 12, increasing 16,050 barrels per day over the
production in the preceding week, according to statistics
compiled by the American Petroleum Institute. The estimated daily average gross crude oil production in the United
States for the week ended Nov. 12 amounted to 2,469,500
barrels as compared with 2,453,450 barrels for the preceding week. The daily average production east of California was 1,849,000 barrels, as compared with 1,830,350
barrels, an increase of 18,650 barrels. The following are
estimates- of daily average gross production by districts
for the weeks shown:
(In barrels.)Oklahoma
Kansas
Panhandle Texas
North Texas
West Central Texas
West Texas
East Central Texas
Southwest Texas
North Louisiana
Arkansas
Coastal Texas
Coastal Louisiana
Eastern
Wyoming
Montana
Colorado
New Mexico
California
DAILY AVERAGE PRODUCTION.
Nov. 12 *27. Nov.5'27. oa. 29 '27. Nov. 13'26.
768,950
751.350
757,700
546,600
107.800
107,150
105,350
114.000
84,550
86.750
89,550
162,200
78,300
78.100
78,650
97.800
58,800
58,900
58.750
60,600
219,250
218,400
210,950
53,050
28,650
28,700
28,750
56,100
26,200
26,050
26,550
42,600
50,050
49,950
50,850
56,900
99,150
99,100
100,050
144,400
122,600
123,150
125,050
162,500
16,050
15,100
14,800
11,100
115,000
115.000
115,000
111,000
51,400
50,950
52,000
62.050
13,700
13,700
13,700
17,850
6,250
6,450
7,000
7,300
1,700
2,150
2,250
4,600
620,500
623,100
629,600
633,200
Total
2,489,500
2,453,450
2,466,550
2.343,850
The estimated daily average gross production of the Mid-Continent
field including Oklahoma. Kansas. Panhandle, north, wed central, west
Texas, east central and southwest Texas, north Louisiana and Arkansas,
for the week ended Nov. 12 was 1,521.550 barrels, as compared with
1.504.600 barrels for the preceding week, an increase of 16,950 barrels.
The Mid-Continent production, excluding Smackover, Arkansas, heavy
oil, was 1,446,200 barrels as compared with 1,428,350 barrels, an increase
of 17.850 barrels.
The production figures of certain pools in the various districts for the
current week compared with the previous week follow (figures in barrels
of 42 gallons):
The creation of this committee of nine, representative of the Government. the oil industry, and the legal profession is the result of a suggestion advanced by Secretary Work in an address before the
American Bar Association in Buffalo last August. At that time the
Secretary explained that the Government board had repeatedly been
petitioned by leaders of the oil industry for such relief as might be
extended by the Federal Government concerning what was termed
"menacing overproduction," from the present great physical waste of
natural gas in the production of petroleum, and from the general disarranged economic condition of the industry.
Various agencies and individuals, the Secretary explained at the
time, had suggested that legislation, Federal and State, is essential
if the oil industry ever is to attain proper equilibrium. As custodian
of the public domain and Indian lands producing about one-tenth of
the annual output of petroleum in the United States, the Secretary
of the Interior long has felt the necessity for definite measures which
would afford ample and full protection to governmental and Indian
rights, that will prevent the needless waste of gas and the improvident
exploration and exhaustion of known petroleum deposits. Recognizing, therefore, the conditions which confront both the industry and the
Government, and with the desire to advance every constructive
measure that will bring aquitable relief to all concerned, the oil
hoard chairman ventured the suggestion that the oil industry, the
lawyers of the country, and the Federal Government cooperate in a
study of legislative needs present and prospective that might produce
the best results.
Secretary Work explained that the oil industry has cooperated
fully and helpfully in the past and now that the legal world has likewise evidenced a willingness to assist in the solution of a problem
that has ever been complex, he is confident that much good eventually
will come out of the conferences that are expected soon to be held.
The Secretary expressed the opinion that the committee of nine, before
undertaking to arrive at any definite conclusion or submitting any
report Concerning their decisions, might decide it to be wise to conduct
several public hearings to which would he invited the best minds in
the petroleum and legal world.
The committee of lawyers which will select three members of the
American Bar Association to participate in the deliberations of the
committee of nine, is as follows:
Former Senator Chester I. Long, chairman; James A. Veasey,
General Counsel, The Carter Oil Company, Tulsa; Warren Olney,
Junior, San Francisco, formerly Associate Justice, Supreme Court of
California; James NV. Finley, Bartlesville, Oklahoma, General Counsel,
Empire Oil Company; F. C. Proctor, Houston, Texas, formerly
General Counsel, Gulf Petroleum Company; Henry M. Bates, Ann
Arbor, Dean, University of Michigan Law School; Paul M. Gregg,
Los Angeles, General Counsel, Union Oil Company of California;
Clarence E. Martin, Martinsburg, W. Va.; and John P. Gray, Coeur
D'Alene, Idaho.
2742
THE CHRONICLE
Secretary Work also this week made public the following
correspondence between himself and Henry L. Doherty:
[VOL. 125.
that the gentlemen whom the Bar Association selects naturally will
be men who have no material interest in the active oil world, but
instead will be men eminently versed in basic law, and the petroleum
industry will, I assume, name practical oil men who are conversant
with all branches and all phases of the industry. I am informed that
this latter committee is to be named by the President of the American
Petroleum Institute after he has consulted with the important men
representative of the entire industry. This board will designate three
representatives of the Government when the names of the six gentlemen
to be selected by the oil industry and the legal fraternity are decided
upon. This board has had no present opportunity to consider conservation measures involving other minerals.
In view of present conditions in the oil industry together with the
discovery and development during the past two years of pertinent
facts concerning the production of petroleum, definite action and lasting
good in the interest of Government and industry alike very properly
should grow out of the conference under discussion.
Very truly yours,
HUBERT WORK,
Chairman.
Battle Creek, Michigan.
November 9, 1927.
Hon. Hubert Work,
Chairman of the Federal Oil
Conservation Board,
Washington, D. C.
Dear Mr. Chairman:
There seems to be a great deal of confusion regarding your proposed Committee to plan and draft legislation to prevent the waste
of oil. As I understand it, there was no action taken by the Mineral
Section of the American Bar Association in direct response to your
suggestion but there was a Committee of Nine appointed on the
general subject of mineral conservation. This Committee, in my
opinion, can not possibly represent your views and I most vigorously
dissent from an attempt to expand this oil investigation, which has
now covered a period of three years for your Commission alone, into
the consideration of other minerals.
There is also a feeling on the part of some of the oil men that
they are to have three of the business leaders of the industry represent
The appointments made by President Clark of the Pethe Oil Industry, and then the Bar Association is to appoint three
troleum
Institute are criticized by Mr. Doherty in the follawyers who represent the Oil Industry. I do not think that it was
your thought that there should be more than three representatives from lowing telegram addressed by him to Secretary Work:
the Oil Industry whether they were lawyers or business leaders.
Battle Creek, Michigan.
Let me say at this point that such work as I have done regarding
November 15, 1927.
this matter of oil conservation has been prompted primarily as a
citizens of the United States, and my object has been the conservation Hon. Hubert Work,
of our oil resources and immediate legislation to prevent huge and Chairman of the Federal Oil
needless wastes. Every step that I have taken in this matter has at Conservation Board,
first been disputed and contested by the business leaders of the Industry Washington, D. C.
I have just read in the New York Times of the appointment of
and their lawyers. We have wasted years of time over disputed
points as to the science of the production of oil, the engineering Mr. E. W. Clark, President of the American Petroleum Institute, of
features of the production of oil, the economic features of our present the men to represent the petroleum industry on the committee as
system and the proposed plan of unit operation of pools and also a suggested by you in your address before the American Bar Association.
great many different legal questions. I am sorry to be compelled to These men by being made Presidents of the American Petroleum
say it, but as a citizen I feel I must say to you that in my opinion Institute have been glorified into real importance and I say to you
you will make much greater progress the fewer oil men you have on that these men are equal to the most reactionaries in the whole business
your Committee; and I for one would greatly regret seeing the and they do not represent the present thought of the petroleum industry.
majority of the men on the Committee called from amongst those who I note that Mr. Clark states that the Federal Government is without
have so vigorously opposed every step in the President's program power in this matter. Whether right or wrong in this matter, Mr.
and have disputed and denied many points that were obvious and Clark has prejudged one of the fundamental and important facts that
incapable of being disproved. Let me respectfully state that in my the committee is supposed to pass upon. Therefore it seems to me
opinion none of the lawyers appointed on this Commission should be he would appoint only men who hold this same view. I am compelled
the representatives of oil companies, but should be three of the to say that any man who has prejudged any feature of this matter of
ablest men the American Bar Association can find within its member- petroleum conservation is not suited to serve on this committee. I
also want to reiterate again and most emphatically in spite of all the
ship.
The oil men have taken a position regarding this specific matter oil lawyers and their distinguished counsel Judge Charles Evans
Hughes,
that there is no question but that the Federal Government not
which can not possibly be sustained by them, except that we admit
that the Federal Government is powerless to take whatever steps may only has the power to prevent the huge needless wastes which now
be necessary to provide for the National Defense and to carry out charactrize the petroleum business but it is its plain and unescapable
the pledge made to the separate States to protect them in event of war, duty to do so.
Therefore, this present controversy regarding the powers of the Federal
HENRY L. DOHERTY.
Government is a much broader one than could be properly handled by
the Mineral Section.
We have seen how vigorously every industry protests against any Production of Zinc in
United States During October.
attempt to reform it; and if other minerals are given consideration
Stocks of Slab zinz on Oct. 31 amounted to 36,233 short
at this time, we will be acting without proper investigation and, on
the other hand, we can not delay curbing the huge wastes of the tons, compared with 34,277
at the beginning of the month,
country's most important munition of war until an investigation
an increase of 1,496 tons, according to the American Zinc
has been made of the situation regarding other minerals.
My
study of the powers of the Federal Government have been confined Institute, Inc. Production in October totaled
50,185 tons,
entirely to the question of oil. I have never had the slightest
hesita• compared with 47,735 tons in the previous month.
Shiption or timidity in stating and restating my views that the Federal
ments amounted to 48,239 tons, of which 46,602 tons went
Government is not only clothed with ample and complete
powers to
prevent this waste but it can not carry out the obligations it
assumed to domestic consumers and 1,637 tons were exported. The
in the framing of the Constitution without doing so.
When I see the amount of metal sold but not yet
delivered at the end of
many conflicting opinions that have been carelessly flung
out by the
various lawyers in their opposition to my position,
it makes me very October was 15,928 tons. Total retort capacity Oct. 31
cautious to say anything about other minerals to which
I have given was 131,484 tons; the number of idle retorts available within
no intensive study; and for me to make any
positive statement might 60 days, 44,001; the
average number of retorts operating
be like some of these lawyers who are all ready
to tell you all about
the whole thing before they know the facts; and while
all of the during October, 76,168; the number of retorts operating at
oil lawyers are trying to sustain the opposite position
to the one I the end of the month, 76,067. The monthly figures
are as
hold, nevertheless, there are various opinions and reasons why
the
Federal Government is without power that are in complete conflict below:
with each other. However, it is my opinion, for what it may be worth, PRODUCTION,SHIPMENTS
AND STOCKS AT END OF PERIOD(FIGURES
that the Federal Government has no power to deal with any
of our
IN SHORT TONS).
other minerals or natural resources. It is only a combination of facts
Domestic
Total Stocks at End
that gives this power to the Federal Government in regard to oil,
Production. Shipriants. Exports. Shiptneras.
of Month.
and in my opinion this combination of facts exists regarding no other October
50,195
46.802
1,837
48,239
38,223
September
47,735
44,038
4,007
mineral or natural resource.
48,045
34.277
August
49,012
49,739
4,009
53,748
34,587
In view of information I received today which leads me to believe July
47,827
43,359
4,803
58,182
39,329
that the American Bar Association does not have the same under- June
49,718
43,122
4.784
47,1008
43,858
51,298
45,580
standing of this matter that I have, I am taking the liberty of sending May
4,898
50,458
42,048
April
51,628
44,821
1,876
a copy of this letter to Hon. Silas H. Strawn, President of the March
48,897
41,208
58,546
48,107
5,098
53,205
38,279
American Bar Association.
February
51,341
43,555
4,780
48,315
32,938
January
58,898
45,884
Yours respectfully,
2,989
48,873
29,912
(Signed) HENRY L. DOHERTY.
Total
510,984
458,787
38,881
497,848
FEDERAL OIL CONSERVATION BOARD
Washington
Orders Increase for Some Forms of SteelNovember 14, 1927.
Dulness
Mr. Henry L. Doherty,
Prevails in Pig Iron Market.
The Battle Creek Sanitorium,
Battle Creek, Michigan,
Steel market reports gathered by the "Iron Ago"
this week
My Dear Mr. Doherty:
ndica to that buyers accept as timely, and perhaps reasonable,
I have your letter of November 9, in which you express your view.
point concerning the appointment of a committee to consider possible the $1 a ton advance in plates, shapes and bars in which the
legislative action in the interest of proper conservation of our natural Carnegie Steel Co. took the lead last
Thursday. There are
petroleum resources.
signs they are ready to welcome definite establishment of
As you doubtless are aware, when I addressed the Minerals Section
of the American Bar Association in August last I suggested that a stability for its reaction on ultimate consumers. The price
committee of nine be appointed, consisting of three members of the change was announced in turn by other makers,
but not
petroleum industry, three representing the American Bar Association, without giving purchasers
opportunities to cover at the old
and three officials of the Federal Government, to consider what best
might be done from a possible legislative viewpoint to check the waste quotation. The result was a spurt in bookings, particularly
attending the present methods of producing petroleum, and to suggest in bars, followed by a lull, observes the "Ago" on Nov.
17,
further what should or could be done at this time to insure the practical adding:
and actual conservation of our known and potential oil resources.
In the lighter forms of steel, including sheets, strips and wire products.
I have since been advised that my suggestion has been favorably business has remained quiet and prices
are in some cases quotably lower.
acted upon and that within a brief period three lawyers will be named
Counting all forms of steel except rails, which are active, orders for the
to cooperate with the Government's representatives and the committee
first fifteen days of November are about equal in tonnage to those of the
to be named by the petroleum industry. My impression was, and is,
first half of October. Little or no expansion of buying is expected until
Nov. 19 1927.]
THE CHRONICLE
the first half of December, when needs for 1928 may be covered without
affecting year-end inventories.
Rolling mill activity shows a gain, maintained by drawing from recently
stored stocks of ingots and semi-finished material. With present signs of a
disposition to specify rather fully against orders, some stepping up of ingot
production will be required inside of ten days to meet releases against rail
orders.
Three railroads have added over 70,000 tons to rail mill bookings, the
Frisco increasing its order by 40,000 tons, the Grand Trunk placing one
lot of 11,000 tons and the Wabash distributing 20,000 tons. Fresh inquiries
Include 94,000 tons for the Southern Pacific, 37.500 tons for the Missouri
Pacific, 14,400 tons for the Texas & Pacific and 10,000 tons for the International Great Northern. Track accessory business, which is slow in closing, amounts to fully 50,000 tons, including 20,000 to 25,000 tons of tie
plates for the New York Central Lines.
Railroad car builders have submitted figures for some 15,000 cars for
consideration under 1928 budgets.
The general run of structural steel projects booked was considerably below
the recent average, but the award of 18,000 tons for a bridge at Cleveland
raised the week's total to over 29,000 tons. Although fresh inquiries
amounted to only 10,000 tons, reports are that a large tonnage will reach
the market early next year. A bridge at San Francisco will require 8,500
tons of concrete reinforcing bars.
Oil tanks continue to take plates in quantities which help sustain production in the absence of railroad car demand. The Atlantic Refining Co. has
bought 7.000 tons for tanks in western Texas.
The Steel Corporation's export subsidiary sold 300,000 base boxes of
tin plate for Canadian plants of the American Can Co. The naming of next
season's domestic price on tin plate is expected shortly, and the trade is
looking for a reduction of at least 25c. a box partly in recognition of lower
pig tin. Canners look for heavy demands in 1928.
In the advance from 1.75c. to 1.80c., Pittsburgh, for the heavy tonnage
products, which was followed by a like advance in Chicago and Birmingham.
it appears that the effort is to make the condition of preference lie with the
size of the order and not the size of the company,so that the new quotation
is to apply only on orders of 100 tons and larger, smaller ones taking $2
a ton more.
Extreme low prices of sheets and strips seem generally to go with grades
and sizes calling for extras sufficient to help bring up the net return to the
mill, but the fact remains that in the absence of automobile orders, for one
thing,irregularities are marked. Prices of sheets have given way in Chicago
and galvanized sheets are $1 down, on a Pittsburgh basis. Automobile
fender stock has been reduced $4 a ton to 4.30c., Pittsburgh, for Nos. 17
to 21 gage, following a $5 reduction last month.
Sales of sheets by the independent sheet makers fell off 24,000 tons in
October from September. They amounted to 68.4% of capacity, compared
with 73.3% in September. Production represented 71.7% of capacity,
compared with 62.6% in the month preceding, and the percentages of
shipments were 67.9 and 65.3 for the two months
Low pig iron prices fail to hasten covering for first quarter requirements.
A general belief persists that no advance in prices is imminent. However,
one large Pittsburgh sanitary ware company is inquiring for 13,000 to 19,000
tons, and may buy more, for the first half. Many large consumers have
measured requirements to Jan. 1 and are not buying for delivery beyond
that date. Water shipments from Lake Erie furnaces continue to depress
the Chicago market, but conditions are somewhat improved at St. Louis,
with sales of 14,000 tons in the week. Alabama producers are well sold up
for the remainder of the year.
The "Iron Age" ph;iron composite price due to some stiffening at Buffalo.
Is now $17.63. in place of the $17.54 of two preceding weeks. Finished
steel is unchanged, the composite remaining at 2.293c. a lb. for the fourth
week, as indicated in the following tables:
Finished Steel.
Pig Iron.
Nov. 15 1927, 2.2930. a Lb.
Nov. 15 1927, $17.63 a Gross Ton.
One week ago
2.2930. One week ago
$17.54
One month ago
17.84
2.307o. One month ago
One year ago
2.453o. One year ago
20.13
10-year pre-war average
15.72
1 689c. 10-year pre-war average
Based on steel bars, beams,tank plates,
Based on average of basic iron at Valley
plain wire, open-hearth rails, black pipe furnace and foundry irons at Chicago,
and black sheets, constituting 86% of the Philadelphia, Buffalo, Valley and BlrUnited States output.
minghtun.
Low.
High.
/fish.
Low.
1927...2.453o. Jan. 4 2.2930. Oct. 25 1927_819.71 Jan, 4 517.54 Nov. 1
1926_2.453o. Jan. 5 2.403c. May 18 1926_ 21.54 Jan. 5 19.48 July 13
1925-2.560o. Jan. 6 2.396o. Aug. 18 1925._ 22.50 Jan. 13 18.96 July 7
1924_2.789o, Jan. 15 2.460o. Oct. 14 1924._ 22.88 Feb. 26 19.21 Nov. 3
1923_2.824c. Apr. 24 2.4460. Jan. 2 1923._ 30.86 Mar. 20 20.77 Nov.20
Expanding order books of many steel producers continue
to contrast sharply with the difficulties of maintaining a
65% average operating rate says the "Iron Trade Review"
of Cleveland in its market summary of Nov. 17. Further
heavy rail and pipe business has been placed and the advance
of $1 per ton in bars, shapes and plates has driven in considerable tonnage, but specifications for immediate rolling
show little change.
With the larger users of heavy steel covered for the rest
of the quarter at 1.75c. Pittsburgh, and 1.85c, Chicago,
carload and larger orders are now being entered at 1.800.
and 1.90c., respectively. Another advance may be promulgated next month, establishing the current increase for
the first quarter. Prices on light products, such as sheets
and strip, still are irregular, observes the "Review" in
extending its remarks from which we quote the following:
pig iron is tinged slightly brighter. A more active market is developing
at Cleveland, as carry-over iron is exhausted and interest in the rest of this
quarter and the first quarter grows. The melt is slightly heavier at Chicago
and 8t, Louis and more first quarter feelers are out. Sales at New York
and Buffalo are lighter, with one merchant stack at Buffalo out. A sanitary ware manufacturer seeks 5,000 tons for Louisville, Ky. Southern
fUrnaces have booked well over 100.000 tons in their recent drive.
Increased demand for heavy steel products, stimulated by the $1 rise.
is not generally taken to denote a turn in consumption. Many users have
anticipated their requirements for the remainder of the quarter, and prospects of a further advance may prompt somewhat heavier stocks. Bookings and consumption, therefore, may not run parallel the next few weeks.
Producers of track material and steel pipe will shortly swing into heavier
schedules and help neutralize the customary year-end contraction in other
lines.
coke is generally weaker. By-product is off 75 cents at Chicago, to $9,
ovens, and 50 cents at Birmingham, to $5. Standard beehive furnace
coke at 02.75 attracts only occasional carload orders at Pittsburgh. Some
2743
beehive foundry, standard in analysis but not hand drawn, is offered at
$3.50. Beehive prices in eastern markets are down 25 cents.
Many of the larger carriers having distributed their 1928 rail needs,
are now giving attention to track fastenings. Inquiry current at Chicago
approximates 45,000 tons. Rail orders of the past 10 days, including
177,140 tons by the New York Central, 94,000 tons by the Southern Pacific
and 35,000 tons by the St. Louis-San Francisco, total fully 300,000 tons.
Fresh rail inquiry at Chicago, totaling 55,000 tons, brings pending tonnage
there to over 100,000. The Louisville & Nashville RR is expected to buy
2,500 freight cars, while the Southern Pacific may build 1,000 in its own
shops.
A light week in structural steel is featured by the award of 18,200 tons
for the new terminal approach at Cleveland to the American Bridge Co.
From 50,000 to 75,000 tons of steel for the new Hudson river bridge at New
York is being distributed among Pittsburgh district mills. Some bridge
work Is being placed by New England railroads to repair flood damage.
Reinforcing concrete bars may shortly reflect the $1 rise in the mill price
of bars.
Some quiet closing of steel line pipe has supplemented the 150,000 tons
placed last week. Pipe orders thus far in November have undoubtedly
set a new high mark. Well over 50,000 tons Is pending and as the larger
lines are laid, smaller ones tapping them will develop. Cast iron pipe
projects in the East, requiring 461500 tons, are near placement.
Ford Motor Co. has bought sheets for 15,000 cars and further orders
are expected, but producers of sheets, like those of strip and cold finished
bars, continue to languish on account of slack automotive buying. Black
and galvanized sheets are being shaded $I to $2 at Chicago. Buying of
sheets in all districts is desultory, and independent production the Mahoning valley is not over 45%.
Speculation concerning the tin plate price for the first half of 1928 names
$5.25 and $5.35, compared with the nominal $5.50 price this half.
Bolt, nut and rivet demand in the Pittsburgh. Buffalo and New York
districts is better and prices are firmer.
A cargo of nickel steel scrap direct from Birkenhead, England, has arrived at Chicago.
Increased bar, plate and shape prices proved inadequate to stem the
downward trend in other products and the 'Iron Trade Reivew" composite
of fourteen leading iron and steel products declined 9 cents this week, to
$35.45.
Production and Shipments of Portland Cement During
October Show Usual Seasonal Decline from the
Summer Peak.
Production and shipments of Portland cement in October
1927 show the usual seasonal decline from the summer peak
but were greater than for any preceding October and 3%
higher than a year ago, according to the Bureau of Mines,
Department of Commerce. Portland cement stocks continue to decline and are a little lower than those at the end
of October 1926. The output of three new plants, located
respectively in Florida, Texas and West Virginia, is included
in these statistics, which are compiled from reports for
October 1927, received direct from all manufacturing plants
except two, for which estimates are necessary on account
of lack of returns. The Bureau also issued the following
statistics:
PRODUCTION, SHIPMENTS AND STOQIIS OF FINISHED PORTLAND
CEMENT, BY MONTHS. IN 1926 AND 1927 (IN BARRELS).
Production.
Shipments.
Month.
1926.
1927.
1926.
ranuat7 _ 7,887,000 8.258,000
rebruary _ 7,731,000 7,377,000
darch_ ___ 10,390,000 11,452,000
Stoats at End of Alonth.
1927.
1926.
1927.
5,674.000 5.968,000 20,582.000 22,914.000
5,820,000 6,731,000 22,385,000 23,560,000
9,539,000 11,083.000 23,236,000 23,922,000
1st cm._ 26,008,000 27,087.000 21,033.000 23,782,000
dull
day
line
12,440,000 14,048,000 12,965.000 14.350,000 22,710,000 23.854.000
16,510,000 16,701,000 17,973,000 16.865,000 21,255,000 23,503,000
16,866,000 17,224,000 19,134.000 19,761,000 19,000,000 20,972.000
2d guar_ 45.816,000 47,973,000 50.072,000 50,976,000
17,134,1 i i 17,408,000 18,812,000 18,984,000 17,301,000 19,397,000
luly
kugust__ 16,995,i i i 18,315,000 18,583,000 21,411,000 15,718,000 16.292.000
teptember 16,571,000al7,505,000 18,087,000 19,828,000 14.188,000913,996,000
3d guar_ 50,700,000 53,228,000 55,482,000 60,223,000
/ctober __ 16,596,000 17,174,000 17,486,000 18,028,000 13,334,000 13,043,000
govember 14,193,000
11,276,000
16,243,000
3ecember.a10,757,000
6,432,000
20.679,000
4th qu__ a41,546,000
35,194,000
Total. __ a164070000
161.781,000
PRODUCTION, SHIPMENT'S AND STOCKS OF FINISHED PORTLAND
CEMENT,BY DISTRICTS, IN OCTOBER 1926 AND 1927 (IN BBBLS.).
Commercial
District.
Eastern Penn.,
N. S. dr Md..
New York_-.._
Ohio, Western
Pa.& W Va.
Michigan
Wis., Ill., Ing.
and Kent'ky
Va..Tenn.,Ala.„
Ga.Fla.&La.b
EastMo.,lowa,
Minn.AS.D.
West.Mo..Neb.,
Kan.& Okla.
Texas
Colo., Mont. de
Utah
California
Ore. dr Wash
Production.
October
1926.
October
1927.
Shipments.
October
1926
October
1027.
Stoats at End of Meath
October
1926.
October
1927.
In Barrels.
3,986,000 3,799,000 4,272,000 3,924,000 2,437,000 3,369,000
999,000 1,143,000
921,000 1,171,000
685,000 1,142,000
1,795,000 1,746,000 1,668,000 1,964,000 2,062,000 1,518,000
1,338,000 1,557,000 1,385,000 1.560,000 1,025.000 1,077,00()
NIII
2,160,000 2,280,000 2,656,000 2,579,000 1,296,000
840,000
1,430,000 1,567,000 1,391,000 1,505,000 1,067,000 1,188,000
1,458,000 1,572,000 1,842,000 1,811,000 1,609,000
1.032.000 1,109,000
428,000
532,000
966,000
984,000 1,208,000 1,455,000 1,215,000
444,000
535,000
406,000
270,000
275,000
187,000
252,000
258,000
1,381,000 1,388,000 1,359,000 1,191,000
314,000
294,000
312,000
322,000
406,000
480,000
406,000
313.000
901,000
346,000
Total
16,596,000 17,174,000 17,486.000 18.028,000 13,334,000 13,143,000
a Revised. b Began producing June 1927 and shipping July 1927,
'2744
THE CHRONICLE
[Vol,. 125.
BITUMINOUS COAL.
The total production of soft coal during the week ended Nov. 5,including
lignite and coal coked at the mines, is estimated at 9,037,000 net tons, a
decrease of 982,000 tons. or 9.8%, from the revised estimate for the pre8
ceding week.
192of Bituminous Coal (Net Tons) Ind. Coal Coked.
Estimated United VA, Production
1926----1--- -.
Cal. Year
Cal. Year
to Date. a
Week.
CoDate.
Week.
445,592,000
426,152,000
10,285,000
12,712,000
Oct.22
1,785,000
1,707.000
2,119,000
1,714.000
Daily average
459.078,000
436,171,000
10,019,000
13,486,000
Oct. 29_b
1,796,000
2,248,000
1,670,000
1,706,000
Daily average
472,182,000
445,208,000
13,104,000
9,037,000
Nov. 5..c
1,807,000
1,506,000
1,701,000
2,299,000
Daily average
a Minus one day's production first week in January to equalize number of days
n the two years. b Revised since last report. c Subject to revision.
The total quantity of soft coal produced during the calendar year 1927
to Nov. 5 (approximately 262 working days) amounts to 445,208,000 net
tons. Figures for corresponding periods in other recent years are given
below:
19
484,192,000 net tons
net
923
2
320:1
0n
e tonal 192
47
25
2:118
Under such circumstances it is not surprising that average prices 1926
336,985,000 net tons
tonal
in the open market continue to work toward lower levels. "COAL 1925
net
1924
398,695,000
tonal
.AGE News" index of spot bituminous prices yesterday was 157 and the
As already indicated by the revised figures above, the total production
.corresponding weighted average price was $1.90. These figures,
amoun,which are preliminary, showed a decline of 1 point and lc. from the ofsoft coal for the country as a whole during the week ended Oct. 29
from the
levels for Nov. 9. A year ago the index was 275 and the average ed to 10,019,000 net tons, a decrease of 266,000 tons, or 2.6%.
output in the preceding week.
$)tice $3.32. Two years ago the figures were 190 and $2.30.
The following table apportions the tonnage by States and gives comPossibly the most signficant feature of the current price situation
:is the weakness which has developed in Franklin County (Illinois) parable figures for other recent years:
dump prices. While some tonnage is still held at $3.50, coal is
Estimated Weekly Production of Soft Coal by States (Net Tons). October
Total Production for Week Ended
offered at 25c. less despite the fact that continued refusal of industrial
Average
Oct. 31
2.2
Oct.
1926.30
Od
192
.7
2.
9
W
192
.7
ronsumers to absorb the output of steam sizes is hampering general
1923.b
Stat- gr4-29V'
e
380,000
production. The only section of the Illinois-Indiana region in which Alabama
923
481,000 14
6;0
600
361,000
351,000
ocreenings display any signs of strength is in the Belleville district, Arkansas, Kansas, Mis273,000
310.000
souri
and
Oklahoma
284,000
280,000
where normally the contrary might be expected.
Colorado
92,000
178,000
248,000
1,558,000
Although the steam situation is the major depressing factor in the Illinois
1,111,000 1,249,000 1,687.000
general situation, high-volatile West Virginia slack has recovered Indiana
542,000
331,000
324,000
613108:009
861193,0009
somewhat from the distress basis which ruled a few weeks back.
764,000
921,000 1,013,000 1,005,000
Low-volatile slack in the Cincinnati market, on the other hand, is Kentucky-Eastern
23369:000000
308965:009
370.000
Western
324.000
359,000
weaker and the situation at tidewater is unfavorable to the seller. Maryland
65,000
81,000
61,000
61,000
582828:,000000000
21,000
17,000
18,000
Kentucky quotations are soft. The only section in which there is Michigan
11,000
81,000
75,000
72,000
genuine firmness in mine prices is in the Colorado area, where strike Montana
63.000
63,000
New
Mexico
69,000
37,000
conditions have made a special market for Utah and Wyoming coals. North Dakota
41,000
52,000
58.000
The trade at the Head of the Lakes continues to be one of the Ohio
182,000
162,000
765,000
64
8
595
798:.""°00
2,503,000 2,435,000 3,520.000 3,218:0TO 3,1I75:06r0
brightest spots in the market picture. Shipments from the docks Pennsylvania
117,000
110,000
124.000
90,000
96,000
the first half of the month lead factors there to believe that the Tennessee
21,000
28,000
Texas
21,000
25,000
November totals will equal or exceed the October figures. During Utah
117.000
97,000
98.000
98.000
,000
0
900
122
35
1:
2
276,000
the week ended at 7 a. m. Nov. 14 cargo dumpings at the Lake Virginia
297,000
250,000
256,000
67.000
54,000
67,000
53,000
55.000
Erie ports totaled 827,521 tons and vessel fuel was 34,186 tons. This Washington
1,521,000
2,035.000
VIrginia-Southern_c_
2,033,000
2,003,000
2,417,000
brought the total cargo dumpings for the season to 31,031,577 tons- W.
772,000
878,000
953,000
868,000
877,000
Northern_d
184,000
breaking all previous records.
208,000
171.000
191,000
186,000
Wyoming
4,000
5,000
4,000
3,000
3,000
On the anthracite side of the market chestnut coal has jumped Others
into the lead in popularity and independent quotations at New York
11,312,000
12,415,000
13,486,000
10,019,000
10,285,000
Total
have advanced 15 to 25c. per gross ton. Notwithstanding this there
a Revised. b Weekly rate maintained during the entire month. c Include
still are some shippers who are long on this particular size. In operations
on the N.& W.; C. & 0.; Virginian: K. & M.; B. C. Cit O. and Charles
fact there has been a complete reversal of what was once considered ton Division of the B.60. d Rest of State, Including Panhandle.
normal in the storage situation, with the tonnage of domestic sizes
ANTHRACITE.
now stored by the mines greatly overshadowing the stockpiles of
junior sizes held. The steam-coal market, however, has lost all
The total production of anthracite during the week ended Nov. 5 is estimarks of tightness. No. 1 buckwheat declined at both Philadelphia and mated at 1,564.000 net tons. In comparison with the output in the preNew York and rice, too, was easier.
ceding week, this shows a decrease of 163,000 tons, or 9.4%. While much
the loss was probably due to certain religious observances early in the
Portions of the review of the market issued Nov. 17 by of
week, daily loadings indicate that the trend of production was generally
the "Coal and Coal Trade Journal" indicate that while the downward throughout the week.
Bituminous Coal Markets Are Unsettled With Weakening
Prices-Anthracite Steady.
In its usual weekly summary of conditions affecting the
coal trade of the country, the "Coal Age News" of Nov. 17
observes that the spot bituminous markets are in a state
of flux with definite indications of major trends lacking.
Publication of the government stock report last week showing reserves in the hands of consumers far above the level
at which a sellers' market begins has killed any hope of
a sharp upturn in the near future-even were a more radical program of curtailment of production to be adopted
than current output at the soft-coal mines suggests. Changes
which now are taking place in regional markets are wholly
the result of local conditions, declares the "News" in its
review, from which we quote portions as follows:
anthracite trade shows a slight betterment, the status of
the bituminous coal market remains about the same as last
week. The "Journal" says in part:
In the anthracite fields of Pennsylvania, during the past
week
all hi-ways and by-ways led to Mt. Carmel. The results of that
borne coming and gathering of the anthracite clans are yet to be
forthcoming through the forming of a permanent organization by
a committee of which Daniel T. Pierce, vice-chairman of the
Anthracite Conference, is chairman.
In the meantime there has been an improvement in orders through
better temperature conditions, and prices have held remarkably well
during the prolonged Indian Summer.
The bituminous trade has not yet announced its Mt. Carmel.
Instead there have been several defices thrown into the situation,
the primary one as cot:tinning an unprofitable and below-cost market
through greater overproduction. To the uninitiated, 9,175,000 tons
in one week as compared with several ten million tons plus for several
weeks previous looks like a reduction of about one million tons.
But how about the holiday, Make a working day of that, and you
have a big jump in tonnage, the biggest so far this season; and
many mines in the West have not yet gotten into their stride.
Neither will they unless "Old Boreas" comes to the rescue, as there
is not sufficient demand to absorb a war tonnage that has never been
adjusted to normal times. Gopher holes that have become mines
through the war appeal to patriotism plus war and after-war prices
have not resumed their prewar status.
Estimated United Slates Production of Antracite (Net .71Ms),
1926
1027
Cal. Year
Cal. Year
to Date.11
to Date.
Week.
Week.
Week Ended68,214,000
1,799,000
65,694,000
2,062,000
Oct. 22
70,019,000
1,805,000
Oct. 29_b
1,727,000
67.421,000
71,584,000
1 564,000
1,565.000
Nov. 5_c
68,985,000
production
first
week
number
of days
a Minus one day's
In January to equalize
In the two years. b Revised since last report. c Subject to revision.
BEEHIVE COKE.
During the week of Nov. 5 the output of beehive coke rose from 85,000
to 95,000 net tons, a gain of 10,000 net tons in one week, according to the
table presented by the Bureau of Mines, as follows:
Estimated Production of Beehive Coke (Net Tons).
Week Ended
1926
1927
Nov. 5 Oct. 29 Nov. 6
to
to
1927.b 1927.c
Date.a
Date.
1926.
United States total
95,000 85,000 192,000 6,327,000 9,990,000
Daily average
16,000 14.000 32,000
38.000
24,000
a Minus one day's production first week in January to equalize number of daYS
In the two years. b Subject to revision. c Revised since last report.
The estimated total production of bituminous coal in the
United States during the week ended Nov. 12, according
to figures prepared by the National Coal Association from
prelhninary shipping reports from the railroads, was about
9,300,000 net tons. Curtailment of bituminous coal mine
operation on Tuesday, election day, and Friday, Armistice
Decline Continues in Output of Bituminous Coal Day, resulted in a loss of
production of about 14,000 cars.
and Anthracite-Coke Makes Slight Gain.
Shipping totals for the remaining days of the week, howAnother decline occurred in the output of bituminous coal ever, were at about the same level as those of the week
during the week of Nov. 5, braigaig production down to of Oct. 29, for which the Bureau of Mines reported the
9;037,000 net tons for the week, a loss of 982,000 tons total output as 10,019,000 net tons. The tonnage mined
when compared with the output of the preceding week, de- during the week of Nov. 5 was 9,037,000 net tons.
clares the current bulletin issued by the United States
Bureau of Mines. Anthracite output also declined in the
Settlement of Kansas Coal Strike.
ame period, the total being 1,564,000 net tons for the week
The Columbia National Bank of Kansas City, Mo., in its
of Nov. 5, or 163,000 tons less than the output of the week
review of Western Business Nov. 8, prints the following
efore. The production of coke made the slight gain of
paragraph anent the settlement of the Kansas coal strike:
0,000 net tons during the week of Nov. 5, the Bureau of
The Kansas coal strike has been settled by the agreement of the SouthMines reports, adding further details as follows:
western InterState Coal Operators Association to reinstate for a time the
began. Under
1924 scale of wages, which was in effect when the strike
the
that scale it is necessary to ask about $2.25 per ton for coal at
mines, a price which so curtails demand that no record production is
looked for. Industry has suffered in the past year from heavy expense
ratios, so that one writer on business topics has referred to the present
time as a period of "profitless prosperity." Something has been out of
joint, perhaps the farm situation, perhaps excessive sales experience incurred in the effort for volume.
Pittsburgh Terminal Coal Corporation Reduces Wages.
On Nov.9 the "Wall Street Journal" announced the following from Pittsburgh:
The Pittsburgh Terminal • Coal Corporation has made effective wage
reductions averaging 10%. Under new rates pick miners receive 85
cents a ton, compared with 94 cents on the old scale, machine loaders
58 cents, compared with 65 cents; cutters 12 cents, compared with 15
cents, and day laborers $4.50 to $6.25 a day, compared with $5 to 6.50
formerly.
Country's Foreign Trade in October-Imports and
Exports.
The Bureau of Statistics of the Department of Commerce
at Washington on Nov. 15 issued its statement on the foreign
trade of the United States for October and the ten months
ending with October. The value of merchandise exported in
October 1927 was $490,000,000, as compared with $455,301,000 in October 1926. The imports of merchandise are
provisionally computed at $356,000,000 in October 1927, as
against $376,868,000 in October the previous year, leaving a
favorable balance in the merchandise movement for the
month of October 1927 of $134,000,000. Last year in October there was a favorable trade balance on the merchandise
movement of $78,433,000. Imports for the ten months
of 1927 have been $3,509,008,000, as against $3,697,545,000
for the corresponding ten months of 1926. The merchandise exports for the ten months of 1927 have been $3,998,458,000, against $3,862,991,000, giving a favorable trade
balance of $489,450,000 in 1927, against a favorable trade
balance of $165,446,000 in 1926. Gold imports totaled
$2,056,000 in October, against $8,857,000 in the correponding month in the previous year, and for the ten months
they have been $195,022,000, as against $179,764,000.
Gold exports in October 1927 were $10,698,000, against
only $1,156,000 in October 1926. For the ten months of 1927
the exports of the metal foot up $68,340,000, against $100,785,000 in the ten months of 1926. Silver imports for the
ten months of 1927 have been $46,201,000, as against
$61,225,000 in 1926, and silver exports $62,798,000, as
against $79,853,000. Following is the complete official
report:
TOTAL VALUES OF EXPORTS AND IMPORTS OF THE UNITED STATES.
Preliminary figures for 192T, corrected to Nov. 13 1927.1
MERCHANDISE.
October.
1927.
Exports
Imports
2745
THE CHRONICLE
Nov. 191927.]
10 Mos. Ending Oct.
1926.
1927.
1926.
Inc. 1+)
Dec.(-).
1.000
1.000
1,000
1,000
1.000
Dollars,
Dollars.
Dollars.
Dollars.
Dollars.
490,000
455,301 3,998,458 3,862,991 +135.467
356,000
3713,868 3,509,008 3,697,545 -188.537
Excess of exports
Excess of imports
134,000
78,433
489,430
165,446
•EXPORTS AND IMPORTS OF MERCHANDISE-BY MONTHS.
1927.
1926.
1925.
1924.
1923.
1922.
1,000
1,000
1,000
1.000
1,000
1,000
Dollars. Dollars. Dollars. Dollars. Dollars. Dollar:.
419,402 396,836 446,443 395,172 335,417 278,845
372.666 352,905 370,676 365,782 306,957 250,620
408.973 374,406 453.653 339.755 341.377 329,980
415.374 387,974 398,255 346.936 325,492 318,470
393,140 356.699 370,945 335,089 316.359 307,569
356,966 338,033 323,348 306,989 319,957 335.117
341.809 368.317 339,660 276.649 302,186 301,157
374,816 384,449 379,823 330.660 310.966 301,775
425.312 448,071 420,368 427,460 381.434 313,197
490,000 455.301 490,567 527,172 399,199 370,719
480,300 447,804 493.573 401.484 380,000
465,369 468,306 445,748 426,666 344,328
ExportsJanuary
February
March
April .
May
June
July
August
September
October
November
December
10 mos.ending October 3.998,452 3,862,991 3,993,738 3,651,664 3.339.344 3,107,452
4,808,660 4,909,848 4,590,984 4,167,493 3,831,772
12 mos.end. December
ImportsJanuary
February
March
Apr11
May
June
July
August
September
October
November
December
416,752
387,306
442.899
397,912
320,919
336,251
338.959
336,477
343,202
376,868
373,881
359,462
356,841
310,877
378,331
375.733
346,501
354.892
319,298
368,820
341,715
358,000
346,165
333,387
385,379
346.091
327.519
325,216
325,648
340,086
349,954
374,074
276,431
396,640
295.506
332,323
320,482
324,291
302,988
274,001
278.594
254,542
287,144
310,752
296,148
333.192
329.254
303.407
397,928
364,253
372.545
320,234
287.434
275,438
253,645
308,291
291,333
288.305
217,185
215,743
256,178217,023
252.817"
260.461
251,772
281,375
298,493
276,104
291,805
293,789
3,697.545 3,453,519 2.980,623 3,212,429 2,527,152
10 mos.ending October 3,509,008.
.--.---,
-•
,
•
-------•
•
GOLD AND SILVER
10 Mos. Ending Oct.
October.
1927.
1926.
1,000
Dollars.
10,698
2,056
GoldExports
Imports
Excess of exports
Excess of imports
1927.
Inc.(+)
Dec.(-).
1926.
1,000
1,000
1,000
1,000
Dollars.
Dollars.
Dollars.
Dollars.
1,156
68,340
100,785 -32.445
179,764 +15.255
195.022
8.857
8,642
SilverExports
Imports
7,701
126,682
78,979
5,938
5,069
7,279
5,098
62.798
46,201
79,853
61.225
869
2,181
16,597
18,628
Excess of exports
ryroas4 a Imnnrtst
-17.055
-15,024
EXPORTS AND IMPORTS OF GOLD AND SILVER-By MONTHS.
Gold.
ExportsJanuary
February
March
April
May
June
July
August
September
October
November
December
1927.
1926.
1,000
Dols.
14,890
2.414
5,625
2,592
2.510
1,840
1,803
1,524
24,444
10.698
1,000
Dols.
3,087
3.851
4,225
17.884
9,343
3,346
5.069
29,743
23,081
1,156
7,727
7,196
1925.
Silver.
1924.
1927.
1926.
1925. 1924.
--•
1,000 1,000 1,000 1,000 1.000 1,000
Dols. Dols. Dols.
Dols. Dols. Dot:.
73,526
281
7.388 9.763 11.385 8,200
50,600
505 6,233 7,752 6,833 8,877
25,104
817 6,077 8.333 7.917 8,355.
21,604 1,391 6,824 7,612 9,323 7,802
13,390
593 6.026 7.931 6,536 9,682
6,712
268 5,444 7,978 8,522 8,6413.
4,416
327 6,650 7,921 8.349 9.190
2,136 2,397 5,590 8,041 8,285 8.632
6,784 4,580 6.627 7,243 7,487 10,345,
28,039 4,125 5,938 7.279 8,783 9,465'
24,360 6,689
____
6,794 8,118 9,401'
5,968 39,675
____
5,610 7,589 11,2801
10 mos.end.Oct. 68,340 100,785232,311 15,284 62,798 79,853 83,420 89,21012 mos.end. Dec.
____ 115,708 262,640 61,648
____ 92,258 99,128 109,891
ImportsJanuary
February
March
April
May
June
July
August
September
October
November
December
59,355
22,309
16,382
14,503
34.212
14,611
10,738
7,877
12,979
2,056
____
____
19,351
25.416
43,413
13,116
2.935
18,890
19,820
11,979
15,987
8,857
16,738
17,004
5,038
3,603
7,337
8,870
11,393
4.426
10,204
4,862
4,128
50,741
10.456
7.216
45.136
35,111
34.322
45,418
41,074
25,181
18,834
18,150
6,656
19,702
19,862
10.274
5,151
3,849
4.308
3.815
5.083
4.790
4.288
4,856
4,992
5,069
____
__
5,763
8,863
5,539
6,322
4.872
5,628
5,949
5,988
7.203
5,098
3.941
4,430
7,339
4,929
6,661
4,945
3,390
4.919
5,238
7,273
4,504
5,602
4,049
5,747
5.980
7.900
6,221
3.905
5,640
4,870
7,128
7,042
7.083
5.829
6.481
5,864
10 mos.end.Oct. 195,022 179.764 110,602 289,584 46,20 61,225 54,800 61,601
12 mos.end. Dec.
____ 213,504 128,272 319,721
____ 69.596 64,596 73,945
Current Events and Discussions
The Week with the Federal Reserve Banks.
Largely as a result of the Treasury's financial operations,
the consolidated statement of condition of the Federal Reserve banks on Nov. 16, made public by the Federal Reserve
Board, and which deals with the results for the twelve Federal Reserve banks combined, shows a decrease for the week
of $93,200,000 in holdings of discounted bills and increases of
$131,100,000 in member bank reserve deposits and of $174,600,000 in Government securities, holdings of which on Nov.
16 included $164,500,000 of Willi orary certificates issued by
the Treasury to the Federal Reserve banks. Total bill and
security holdings increased $78,800,000 and total deposits
$142,700,000, while cash reserves declined $14,900,000 and
Federal Reserve note circulation $28,300,000. After noting
these facts, the Federal Reserve Board proceeds as follows:
All of the Federal Reserve banks report smaller holdings of discounted
bills with the exception of At ants and Kansas City, which show increases of
$4,100,000 and $3.300,000. respectively. The principal declines in discounts for the week were: New York, $51,300,000; Chicago. $14,000,000;
Boston, $8,400,000; St. Louis and Cleveland, $5,400,000 each; Richmond
and Sart 14'rancisco. 14.600.000 each. The syste n's holdings of acceptance
urchased in open market declined 82,600.000, of Treasury notes 142.300,500. and of United States bonds $16.900,000, while holdings of Treasury
certificates increased $233,700,000, the amount held on Nov. 16. as pro-
viously stated, including 8164,500.000 of temporary certificates issued by
the Treasury to the Federal Reserve banks.
The principal chances in Pe i
.es•c•ve note circulation for the week
were declines of $7,100,000 reported by the New York bank. $6.200,000 by
Philadelphia, $4,000,000 by Chicago, $3,900,000 by Cleveland, and $3,200,000 each by Boston and Atlanta.
The statement in full, in comparison with the preceding
week and with the corresponding date last year, will be
found on subsequent pages-namely, pages 2778 and 2779.
A summary of changes in the principal assets and liabilities
of the Reserve banks during the week and the year ending
Nov. 16 1927 is as follows:
Total reserves
Gold reserves
Total bills and securities
Bills discounted, total
Secured by U. S. Govt. obligations
- Other bills discounted
Bills bought in open market
'weans(+)or Decreases (-)'
'During
Week.
Year.
-314.900,000 +341.900.000
-20,500,000
+38,400.000
+78.800.000 +181.100.000
-93,200,000 -199,600,000
-49,500.000
-61.200.000
-43,700.000 -138,300,000
-2.600,000
-14.100,000
U. S. Government securities, total
Bonds
Treasury notes
Certificates of indebtedness
Federal Reserve notes In circulation
+174.600,000 +396,700-.000
-16.900,000 +217.200,000
-42.300,000
-61,13111.000
4- 233,700,000 +240,500,000T
-28.300,000 -43,890,900-
Total deposits
Members' reserve deposits
Government deposits
+142,700,000
+131.100.000
-19,000.000
+264.900.000
+261,800500
-28,100,001P
2746
THE CHRONICLE
Thursday, Nov.24, being a holiday, the weekly statement
of condition of the Federal Reserve banks for Nov.23 will be
issued on Friday, Nov. 25, and released for publication on
Saturday, Nov. 26.
Returns of Member Banks for New York and Chicago
Federal Reserve Districts—Brokers' Loans.
Beginning with the returns for June 29 last the Federal
Reserve Board also began to give out the figures of the
member banks in the New York Federal Reserve District
as well as those in the Chicago Reserve District, on Thursdays, simultaneously with the figures for the Reserve banks
themselves, and for the same week, instead of waiting until
the following Monday, before which time the statistics
covering the entire body of reporting member banks—now
660—cannot be got ready.
The following is the statement for the New York member
banks and that for the Chicago member banks thus issued
in advance of the full statement of the member banks, which
latter will not be available until the coming Monday. The
New York statement, of course, also includes the brokers'
loans of the reporting banks, which this week rose to a new
high, the grand aggregate of these loans for Nov. 16 being
$3,456,115,000 against $3,384,529,000 for Nov. 9. This
weeks total represents a substantial increase ($22,000,000)
over the previous record of $3,434,107,000 established on
Oct. 19.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York-52 Banks.
Nov. 16 1927. Nov. 9 1927. Nov. 17 1928.
$
Loans and Investments—total
8.987,762,000 8,875,985,000 6,145,597,000
Loans and discounts—total
5 157.473.000 5,078.478,000 4,436,205,000
Secured by U. S. Govt. obligations_ 39.556.000
41,183,000
41,675,000
Secured by stocks and bonds
2,421.646,000 2,337,367,000 1,823,399,000
All other loans and discounts
2 676,271,000 2,699,928,000 2,571,131,000
Investments—total
1 850,289,000 1,797,487.000 1,709,392,000
U. S. Government securities
Other bond's, stocks and securities
Reserve with F. R. Bank
Cash in vault
943,202,000
907,087,000
900.090.000
897.397,000
881,483,000
847.929,000
791,877,000
58,038.000
780,489.000
65,113,000
690,929,000
59,502,000
Net demand deposits
Time deposits
Government deposits
5 481.548,000 5,338,050,000 4,982,268,000
1.057,203,000 1,049,663,000
876,513,000
74,581,000
43,984,000
21,875,000
Due from banks
Due to banks
105,769,000
102,960,000
99,248,000
1,325,388,000 1,272,217,000 1,032,987,000
Borrowings from F. R.Bank—total
Secured by U.S. Govt. obligations_
All other
84,818,000
106,890,000
44,795,000
49,550,000
15,268,000
73,600,000
33,290,000
26,800,000
17,995,000
Loans to brokers and dealers (secured
by stocks and bonds):
For own account
1 202,833,000 1,125,439,000
799,296,000
For account of out-of-town banks_ _1,260,215,000 1,277,331,000 1,055,529,000
For account of others
993,067,000
981,759,000
754,199,000
Total
3,456,115,000 3,384,529,000 2,609,024,000
On demand
On time
Loans sad investments—total
LOMB and discounts—total
2,641,797.000 2,576,738.000 1,906,753.000
814,318.000
807,791,000
702,271,000
ChIcago-45 Banks.
1,873,804,000 1,857,272,000 1,783,221,000
1 452,850,000
Secured by U.S. Govt. obligations_ 13,992,000
Secured by stocks and bonds
778,175,000
All other loans and discounts
882,683,000
1,455,939,000 1,389,302,000
14,321,000
759.012.000
882,606,000
12,626,000
669,390,000
707,288.000
420,954,000
401,333,000
373,919,000
U.S. Government securities
195,901,000
Other bonds, stocks and securities_ 225,053,000
175.948,000
225,385,000
163,392,000
210.527,000
189,183,000
19,528,000
187,256,000
21,183,000
Investments—total
Reserve with F. R. Bank
Cash in vault
Net demand deposits
Time deposits
Government deposits
183,826,000
18,335,000
1 267,788.000 1,259,168.000 1,208,333,000
565,427,000
583,728.000
521,075.000
7,712,000
27,252,000
5,397,000
Due from banks
Due to banks
Borrowings from F. R. Bank—total__
161,730,000
377,850,000
152,633,000
355,556,000
166,301,000
351,127,000
8,486,000
6,107,000
20,800,000
Secured by U. S. Govt. obligations_
5,686,000
3,360,000
13,530,000
All other
2,747,000
2,800,000
7,270,000
Thursday, Nov. 24. being a holiday, the statement for Nov. 23 win be issued on
Friday; Nov. 25.
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above, the statements for the New York and
Chicago member banks are now given out on Thursdays,
simultaneously with the figures for the Reserve banks themselves, and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks, now
660, cannot be got ready.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ending with the close of business Nov. 9:
[VoL. 125.
The Federal Reserve Board's condition statement of660 reporting member
banks in leading cities as of Nov. 9 shows increases for the week of $54.000,000 in loans and discounts, $24,000.000 in investments, 267,000,000 in
net demand deposits, $50,000,000 in time deposits, and $78,000,000 in
borrowings from the Federal Reserve banks, and a reduction of $58,000,000
in Government deposits.
Loans on stocks and bonds,including U. S. Government obligations, were
about 2600,000 lower than a week ago, the principal changes including an
Increase of $21,000,000 in the New York district, and reductions of 210.000,000 and $8,000,000 in the Chicago and Boston districts, respectively.
"All other" loans and discounts were $55,000,000 above the Nov. 2 total,
the principal increases being $27,000,000 in the New York district. $17,000,000 in the Chicago district and $11,000,000 in the Boston district.
Holdings of U. S. securities declined 26.000,000, only relatively small
changes being reported in any of the districts. Holdings of other bonds,
stocks and securities increased 229,000,000 during the week, of which $13,000,000 was reported by banks in the New York district.
Net demand deposits were $67,000,000 above the previous week's figure,
the New York district showing an increase of $53,000,000 and the San
Francisco and Dallas districts $10,000,000 and 39,000,000, respectively,
while the Boston district showed a decline of $24,000,000. Of the increase
of $50,000,000 in time deposits, $21,000,000 was in the New York district
and S9,000,000 each in the Boston and Cleveland districts.
Borrowings from the Federal Reserve banks increased $78,000,000,
increases of $79,000,000 in the New York district and $12,000,000 in the
Cleveland district being offset in part by small reductions in some of the
other districts.
A summary of the principal assets and liabilities of 660 reporting member
banks, together with changes during the week and the year ending Nov. 9
1927 follows:
Nov. 9
Increase or Decrease During
1927.
Week.
Year.
Loans and investments—total
21,171,883.000 +78,149.000+1.315359.000
Loans and discounts—total
15,083,582,000
+54,448,000 +771,296,000
Secured by U.S. Govt.obligations
125,048,000
Secured by stocks and bonds
6,121,880,000
All other loans and discounts
8,836,654.000
+104,000 —15,416,000
—701.000 +748,910,000
+55,045,000 +37,802.000
Investments—total
6,088,301,000
+23,701,000 +543,863,000
U.S. Government securities
2,578,488,000
Other bonds, stocks and securities_ 3,511,813,000
—5,594,000 +143,445,000
+29,295,000 +400,418,000
Reserve with Federal Reserve banks_ 1,756,218,000
Cash in vault
287.285,000
+23,447,000 +115,044,000
—5,784.000
+28,408,000
Net demand deposits
Time deposits
Government deposits
+68,928,000 +594.880,000
+50.186.000 +634,923.000
+4,618,000
—58,471,000
13,530,480,000
8,405.155,000
120,034,000
Due from banks
Due to banks
1,223,822,000
3,570,213,000
—30,133,000
—39.880,000
Borrowings from F.R.banks—total_
310.438.000
+78,427,000
—70,886,000
Secured by U.S. Govt. obligations
All other
205.623.000
104,815.000
+83.473,000
+14,954,000
+2,252,000
—72,938,000
Summary of Conditions in World's Market According
to Cablegrams and Other Reports to the Department of Commerce.
The Department of Commerce at Washington releases for
publication to-day (Nov. 19) the following summary of conditions abroad, based on advises by cable and other means
of communication:
ARGENTINA.
The first warm days of the summer season were rather late, causing a
spurt in the demand for all kinds of summer goods. Conditions for all
crops continue to be good. During the first ten months the volume of
exports was 16,284,000 metric tons and their value 857,768,000 gold pesos.
The former represents an increase of 58.4% and the latter an increase of
26.5% over the same period of last year. The greater part of this rise
has been brought about by the cereals and linseed, whose total tonnage
increased 72.3% and value 50.1%.
AUSTRALIA.
Business conditions in Australia show little change from the preceding
week and continue to reflect the tightness of money. Purchases in country
districts are being restricted owing to the unfavorable crop outlook and
city sales are reported from most centers to be only moderate. Further
beneficial rains have fallen in some of the droughty sections. Arrivals
of high grade wools in the market have caused record season prices to be
reached during the past week. Merinos have been firm, maintaining recent
advances. Japan and the Continent were the chief buyers during recent
sales, but Yorkshire and American buyers were active.
BRAZIL.
Although exchange has been steady, the general trend of business is dull
uncertainty
as to the future value of the milreis.
because of prevailing
The coffee market has been steady with Santos stocks increased to a little
more than a million bags.
CANADA.
Wholesalers and retailers throughout Canada report business generally
good and prices remaining steady, with a few exceptions. Quotations for
lead pipe have dropped one cent per pound. Prices of cheap grades of
harvest tools are advancing. Continued good weather is responsible for
the volume of paints sold, which is said to be far in advance of last year's
total. According to the crop report issued Nov. 11 by the Dominion
Bureau of Statistics this year's wheat crop of approximately 444,282,000
bushels is the second largest on record and 8% larger than the 1926 bar.
vent. Other crops were reported provisionally as follows: Oats, 452,421,000
bushels (18% larger than list year); barley, 28,242,000 bushels (2%
smaller); rye, 16,070,600 bushels (33% larger); buckwheat, 11,016,000
bushels (10% larger); mixed grains, 34,707,000 bushels (no appreciable
change), and flaxseed, 4,735,000 bushels (20% smaller). With an estimated yield of 35,000,000 pounds, this year's tobacco crop in Ontario bids
fair to establish a new record. Canada's mineral production during the
first half of 1927 was valued at $99,037,814 as compared with $98,395,788
a year ago, according to a preliminary official report. The metallic group
decreased by $4,781,070 (7.8%), but the non-metallics increased by
$5,423,096 (14%). The Canadian Government has ordered 36 new
airplanes at a cost of $550,000 to be used for civil air operations. A contract has been concluded between the Post Office Department and the
Transcontinental Airways, Limited, which will insure a weekly mail serv-
Nov. 191927.]
THE CHRONICLE
ice this winter to remote places on the north shore of the St. Lawrence,
Anticosti Island and the Magdalen Islands. Permission has also been
granted to the Yukon Airways & Exploration Co. at White Horse to carry
mail between White Horse and Dawson. Car loadings for the week ended
Oct. 29 set a new high record of 90,685 cars (a week ago, 87,613; a year
ago, 83,360). Traffic through the Welland Canal in October amounted
to 1,130,277 tons. Canada's net debt decreased by $78,500,000 during the
seven months ended Oct. 31 1927. For the same period total revenues
Increased nearly twenty million dollars to $257,031,841, owing to a gain
of ten million from taxes and eight million from customs duties.
CHILE.
General business conditions in the Central region have shown no noticeable changes during the past two weeks. A slight improvement in merchandising in the northern cities has been reported. Congress, which has
been in recess since Sept. 16, reconvened on Nov. 14. There are about
twenty-five measures to be discussed, among which are the Insurance bill,
the new import tariff, the coal bill, the Ship Subsidy bill, and the national
budget for 1928. A bill against usury has been submitted to Congress,
which, if passed in its present form, may materially retard installment
sales in Chile.
CHINA.
The China Import Tariff Revaluations Commission will resume sessions
at Peking on Dec. 1. The Chinese Ministry of Communications reports
that traffic has now been resumed on a part of the Peking-Hankow Railway, and that the early resumption of freight traffic between Peking and
Kaigen is anticipated. The Peking-Mukden line is operating on regular
schedules and railway traffic continues between Peking, Tsinan and Tsingtao. Owing to early frosts, a decrease of 10% is expected in former estimates of North Manchuria crops. The wheat crop of North Manchuria is
estimated at 28,000,000 bushels, an increase of 17% over last year. Shantung suffers more severely than any other North China region because of
excessive tax impositions. The Consul General at Tientsin reports that
imports of foreign merchandise at that port during September were valued
at $6,800,000; during August, $6,100,000; July, $8,700,000; and June,
$5,100,000. Principal decreases were recorded in imports of cotton piece
goods, iron and steel, and motor vehicles, while increases occurred in imports of gasoline and kerosene, dyestuffs, and particularly In foodstuffs.
Upon resumption of operation in August of the foreign cigarette factory
in Tientsin, September imports of cigarettes should decrease. Imports of
cigarettes during the first nine months of the year show an increase of
10% over figures of that period last year, and 30% over 1925 figures.
Imports of kerosene during August and September increased over figures
of previous months, but the total for the first nine months show only a
slight increase above figures of that period last year and a decrease of
40% compared with figures for the nine months of 1925. Compared with
figures for that period last year, imports of aniline dyes for the first nine
months of this year increased by 50%, artificial indigo by 70%, and sulphur
black by 200%. Declared exports at the Tientsin Consulate during October were valued at approximately $4,000,000, compared with $4,300,000
during October of the previous year. Principal items in October exports
N6re raw cotton, $1,400,000; sheep's wool, $950,000; skins and furs,
$450,000; wool carpets, $270,000; walnuts, $180,000; sausage casings,
$170,000; and bristles, $150,000. Exports of raw cotton at Tientsin
during the first nine months of the year were the highest on record, totaling 64,000,000 pounds. Of this amount, Japan took 73%.
2747
work in the fields and have damaged the quality of the potato and sugar
beet crops. The walnut crop has been harvested under good conditions
and the quality and quantity are generally satisfactory. Quotations on
prunes are advancing as it becomes evident that the proportion of the good
quality product is below expectations.
GERMANY.
Both industry and trade continued to maintain their earlier high levels
of activity throughout October, but with increasing difficulty. Indications as to possible falling off in trade may be seen in rising living cost
levels, in strikes and lockouts, in the over-extended credit position of the
banks, particularly the Reichsbank, and in the marked weakness of the
stock exchange. At the end of October Reichsbank's note circulation
amounted to 4,430,000,000 marks, representing the highest point since
stabilization and a level considerably above that of pre-war. The Reichsbank is limiting the conversion of foreign loan proceeds into German
marks to the minimum requirements of the exchange market in order to
avoid any further expansion of the currency in so far as possible. The
existing credit strain is reflected chiefly as yet in the over-expanded loan
portfolio of the Reichsbank and in the diminishing reserve in ratio to
the currency, while market rates, although high, continue relatively stable.
German foreign long-term borrowing in October was the highest on record,
totaling $135,000,000, of which $122,000,000, or 90%, were floated in
the United States. Unemployment showed a further decline from 355,000
receiving doles at the end of September to 329,000 at the middle of
October.
INDIA.
The Indian market continued to maintain a steady tone during the week
ended Nov. 11. Imports during September reached the total of 211,800,000 rupees, as compared with 197,438,000 rupees for September a year
ago, and exports increased from 255,900,000 to 279,200,000 rupees over
the same period. The source of imports in September remained about
the same as a year ago, the United States supplying 6% of the total, while
Germany's declined from 8 to 6%. Of the September exports, 13% went
to the United States as against 10% for the corresponding month of 1926.
JAPAN.
The Matsui and Yasuda Company of Osaka are said to have agreed to
underwrite a loan of 15,000,000 yen to the City of Tokyo, following
refusal of the Industrial Bank of Japan to make the loan. (Par value of
yen $0.4985.) One of the large banks of Tokyo and Osaka has also tentatively agreed to loan 10,000,000 yen to the Kawasaki Dockyard Co. The
Japanese Government is purchasing 500,000 koku (2,560,000 pounds) of
rice, beginning Nov. 17. Rice prices are now the lowest since mid-year
of 1923.
LATVIA.
•
Business in general during recent months has been fairly active, in spite
of continued money stringency. The credit attitude of the Bank of Latvia
and of the Ministry of Finance has forced a number of firms and agricultural banks into difficut positions; but it may be said, in general, that
the reaction has had a generally salutary effect on business. It is possible
that the financial advantages gained from the excellent timber export
trade will be largely counteracted by a tightening of money as the result
of crop failures. Recent trade reports indicate that the cereal crops for
1927 are practically a failure. It is estimated locally that the summer
grain harvests will be at least as bad as those in 1926, which was considered a very had year. A large increase in grain imports will be necesEGYPT.
sary and a shipment of 500 tons of rye is expected from Soviet Russia to
Preliminary returns for the first nine months of 1927 show a further meet immediate demands. Industrial conditions show no change, but in
Improvement in the foreign trade situation of the country. Exports general a feeling of comparative optimism prevails in business circles.
totaled £E32,688,000 as against £E28,786,000 in 1926, while imports
MEXICO.
were valued at £E34,071,000 against £E38,412,000 in the previous year,
Business conditions in Mexico, with the exception of one or two lines,
Indicating an adverse balance for the first nine months of 1927 of
£E1,383,000 as against £E9,616,000 for the same period of 1926. The such as agricultural machinery, failed to show any noticeable improveimprovement in the foreign trade position is accounted for by reduced ment during the week ended Nov. 11 1927. However, a spirit of optimism
prevails and prospects appear somewhat better. According to official
imports and better prices obtained for cotton. (£E—approx. $5.)
figures just issued, 4,774,430 barrels of petroleum were produced during
ESTONIA.
September as compared with 5,392,000 barrels in August 1927, and
Preliminary data of the realization of the State budget for 1926-1927 6,455,949 barrels in September 1926. Petroleum exports amounted to
3,833,786
barrels during September as against 4,197,000 barrels in August
Indicates that although actual revenues, which totaled 8,571,000,000 emits
(1 marl=$0.0026), were 2% below budget estimates, a larger reduction 1927, and 6,144,044 barrels in September 1926.
in expenditures resulted in a budget surplus of 264,000,000 emks, or 3.1%
NETHERLAND EAST INDIES.
of the revenue budget. Actual expenditures totaling 8,307,000,0000 sinks
The leading import market of Netherland India, cotton piece goods,
were 8.9% lower than estimates. With practically all items showing inwas dull during the past week. Importers are now buying cautiously and
creases, revenue was 10% higher than in the previous fiscal year. The
below normal stock requirements.
largest increases were in customs duties, the alcohol monopoly, the railPANAMA.
roach; and posts and telegraphs. Revenues from forests and lands, the
operation of the State Bank, and sales of State property were lower. Total
A new record was attained for transits and tolls through the Panama
expenditures were 13% higher than in the previous year, the most impor- Canal during October, when 567 commercial vessels passed through the
tant increases being for construction and restoration of railways, debt Canal. A new record was also established for banana shipments when
amortization and for defense purposes.
360,000 bunches of bananas were exported. The Treasury Department has
issued a resolution refusing to accede to the petition of the Association of
FRANCE.
Commerce for a reduction of the import duties on necessities and the
There has been practically no change in the unsatisfactory industrial and
,payment of a tax on articles brought from Zone commissaries. It is
commercial conditions that have prevailed in France for several months.
reported that the Association will continue to urge the proposed reduction.
However, some slight improvement is noted in iron and steel buying and
The Panama Government has withdrawn $130,000 of the $150,000 deprices. The output of pig iron in September was slightly lower than in
posited in the United States to guarantee the parity of the Panama curAugust, but that of steel ingots and castings showed no change. September
rency. The money withdrawn is to be devoted to road construction.
exports of pig iron were below the average of preceding months of this
PERU.
year, but iron and steel exports maintained the satisfactory level of earlier
month. Total exports of all iron and steel products from January through
With domestic trade and collections prompt, a satisfactory business outSeptember were 40% higher than those during the similar period of look prevails at present, and replacement orders for American merchandise
1926, but their value rose by only 9%. The machine wire entente between are numerous. Production activities of American mining, oil and construcproducers in Germany, France, Belgium and Luxembourg which has been tion enterprises continue uninterruptedly. The steadiness of exchange at
operating for the past four months has now signed and has been made $3.72 to the Peruvian peund is being helped by talk of a proposed refundretroactive to Oct. 1. The coal market is still dull with stocks high, in ing loan. Total sugar exports during August amounted to 15,132 long
spite of a reduction in output. Imports of coal during Septetnber showed tons, as compared to 14,304 tons exported during July. Of this total
a marked decline as compared with the preceding month. It has been for August, 7,004 tons went to Chile, 6,728 tons to Great Britain, 1,115
decided to remove the prohibition on imports of coal, coke and lignite, tons to Bolivia, 256 tons to Belgium, and 29 tons to Colombia.
which were placed on a licensing basis June 1. Conditions in the wool
PHILIPPINE ISLANDS.
Industry continue fairly satisfactory with new orders •higher following a
Seasonal improvement was inaugurated in Philippine business during
stiffening in prices of raw wool. The cotton industry is less active and
the past week. The copra market was steady with very light arrivals.
prices are unprofitable and weakening. Stocks of raw cotton at Havre
Three oil mills operated intermittently and the others full time. The
are unusually heavy. There has been a further reduction in working hours
provincial equivalent of resecado (dried copra) delivered at Manila remains
in the cotton mills. Silk mills are buying yarn only for immediadte needs at 12.75
pesos per picul of 139 pounds, while the Cebu and Hondugua
and are hesitating to book German and Briitish orders for January delivery prices have fallen
slightly to 11.25 and 12% pesos, respectively. (1 peso
owing to fluctuations in prices of yarn. Average daily car loadings equals
$0.50.) A further price decline marked the week's abaca trade.
recently have been much higher, but the decline in railway receipts conProduction was heavy, but transactions were very light. Grade F is now
tinues. There has been a marked improvement in the unemployment situa- 34.50
pesos per picul; I, 30.50; JUS, 23.50; JUK, 19.50, and L, 17.75.
tion, which, however, at no time reached a serious state. Both wholesale
PORTO RICO.
- and retail prices registered an encouraging decline during October. DisThe unusually heavy rains of the past two weeks have damaged the
cussion of the 1928 budget in the Chamber of Deputies began on Nov. 8
and its final passage is expected before Jan. 1. Cold rains have retarded tobacco seed beds and some of the fields so that a decrease in tobacos
2748
THE CHRONICLE
acreage is now expected. The flooding of the cane fields has also harmed
the sugar cane, but the extent of the damage is not yet known. No important transactions reducing the surplus from the last tobacco crop have
been reported lately. Fruit shipments were 11,288 boxes in the week
ending Nov. 5, and 14,681 boxes in the past week. About half of each
week's shipments were composed of grapefruit.
Wholesale merchants
continue to complaint of difficult collections, but banks report the
situation as somewhat improved over that of October, especially in the
coastal
region, but less satisfactory in general than was the case a year ago.
Bank
clearings for October were $20,836,861 as compared with $16,538,860
in
October 1926. Clearings for the first nine days of November amounted
to
$7,306,396, or $1,249,148 in excess of those for the same period
of 1926.
PORTUGAL.
The rise of about 2;42% in the exchange value of the escudo has been
occasioned principally by the abundance of agricultural returns. The
forecasts of a good agricultural year have been fully justified, as the
wheat and maize crops have proved to be bumper and grapes in most parts
of the country are plentiful and of good quality. The olive crop is reported
as being particularly fine in every way and the fruit harvest in general
has been abundant in quantity and above the average in quality. The
banks' buying rate for escudos has since Sept. 20 been 19.65 to the dollar.
Other contributing causes to the rise in the exchange value of the escudo
are stated to be stricter enforcement of the decrees forbidding the exportation of capital and further talk concerning a foreign loan.
SPAIN.
The month of September brought with it a resumption of normal business activity following upon the summer dullness. Imports increased in
anticipation of the demands of foreign trade and the export trade in agricultural products showed renewedd activity. The shipments of iron
ore,
however, were less than during any other month of the present year.
Bank
clearances and security transactions showed a sharp increase over
the
month of August and the exchange value of the peseta made considerable
gain. Conditions in the mining industry were generally unfavorable with
lower prices prevailing and exports falling off. Agricultural conditions
are reported as average with the olive crop particularly favorable.
The
labor situation was tranquil with some unemployment in the coal,
iron,
lead and other mining regions. The outstanding event of importance
in the
mining industry was the lengthening of the working day to eight
hours in
the coal industry. Satisfactory conditions prevailed in the
shipping and
shipbuilding industry. Shipping shares were strong and the
tonnage of
Spanish shipping tied up was lower than it has been over a
considerable
period.
UNITED KINGDOM.
The Board of Trade has announced the reappointment of a
committee to
consider the matter of imposing duties on the importation of
cotton and
(Vol,. 125.
wool hosiery and knitwear, under the Safeguarding of Industries Act.
New hearings on the subject are expected to begin toward the end of
November. The action is taken as a result of the renewal of an application by manufacturers, who claim that competition in the English market
is difficult on account of increased imports of the goods. Efforts were
initiated in 1926 to persuade the Government to protect the hosiery and
knitgoods industry by placing a duty on imports of the above•mentioned
items, but the request was disallowed without prejudice to renewal in the
event that competitive conditions became worse. October trade returns
show imports at £105,031,000, exports of United Kingdom goods
at £51,167,000 and re-exports at £9,447,000. The comparable valuations
for September were £101,427,000, £60,488,000, and £8,054,000, respectively. Compared with the same month of 1925, October imports show
a decrease of 3.5%, exports a decrease of 8.8%, and re-exports a decrease
of 29.3%. The adverse merchandise balance was £34,417,000 in October
as compared with £32,890,000 in September, £47,476,000 in October
1926, and £28,377,000 in October 1925. The adverse merchandise balance
for the first ten months of 1927 amounts to £325,000,000, as against
£364,000,000 in the like period dot 1926 and £302,000,000 in the first
ten months of 1925.
UNION OF SOUTH AFRICA.
The Precious Stones (Diamond Control) Bill has been finally adopted
by
the Union Parliament in substantially the same form as when introduced.
The Iron and Steel Bill has been held over until the next
session, which
is scheduled for Jan. 28.
Stock of Money in the Country.
The Treasury Department at Washington has issued the
customary monthly statement showing the stock of money
in the country and the amount in circulation after reducting the moneys held in the United States Treasury and by
Federal Reserve banks and agents. The figures this time
are for Nov. 1. They show that the money in circulation
at that date (including, of course, what is held in bank
vaults of member banks of the Federal Reserve System)
was $4,843,500,841, as against $4,850,471,632 Oct. 1 1927 and
$4,933,167,057 Nov. 1 1926, and comparing with $5,628,427,732 on Nov. 1 1920. Just before the outbreak of the European War, that is, on July 1 1914, the total was only .$:3,402,015,427. The following is the statement:
CIRCULATION STATEMENT OF UNITED STATES NOVEMBER MONEY- I
MONEY HELD IN THE TREASURY.
KIND OF
MONEY
Stock of
Money. a
Total.
--
And. Held in Res're Against
Trust Against United Stater
Gold & Silver
Notes
Certificates(S. (and Treasury
Treas'y Note'
Notes
of 1890).
of 1890).
Gold coin and
S
5
$
bullion
54,547,774,049 3,661,128,688 1,617.675,029
Gold certificates c(1,617,675.029)
3tan.sliver dolls
537.944,446
477,462,005 467.869,199
Oliver certifs.__ c(466,550,349)
Treasury notes
of 1890
c(1,318,850)
Oubsitry silver_
297,255.036
3,975,480
U.S. notes.....
346.681,016
2,784,313
Fed, Res. notes
2,115,393,395
1,262,065
F.R.Bank nFtes
4,539.138
151.950
Nat. bank notes
702,992,694
16,367,123
Tot.Nov.11927
:',ornparative
total:
Oct. 1 1927_
Nov. 1 1926.
Nov. 1 1920.
April 1 1917_
July 1 1914_
8,552,579,774 44.163,131,624 2,085,544,228
•
8,572,136,593 44,205,586,925 2,093,820.007
8,438,136,239 44,245,288,425 2,151,604,733
8,326,338.267 42,406,801,772 696,854,226
5,312,109,272 42,942.998.527 .684.800,085
3.738,288.871 41,843.452,323 .507,178,879
‘,./1
1,6
L I Or 1.1,11,1.1
Held for
Federal
Reserve
Banks
and
Agents.
$
3
155,420,721 1.722,354,906
All
Other
Money.
Total.
Held by
Federal
Reserve
Banks
and
Adents.f
155,420,721 1,772,869,836
154,188,886 1,726.598.814
152,979,026 1,206,341,990
152.979,026
150,000.000
Population
of
contInenta.
United
Per
States
Capita.(Estimated).
In Circulation.
Amount
$
886,645,361
1,617,675,029
9,592,806
60.482,441
466,550,349
S
$
497,923.308 388.722,053
549,260,155 1,068,414,874
11,812,646
48,669.795
74,258,686 392,291,663
3
3.31
9.10
.42
3.34
1,318.850
3,975,480 293,279,556
2,784,313 343.896,703
1.262,065 2,114,131,330
151,950
4,387.188
16,367.123 686,625,571
1,318,850
11,747.583 281,531,973
45,405.599 298,491.104
402,924,292 1,711,207.038
29,118
4,358,070
38,130.150 648,495,421
.01
2.40
2.54
14.57
.04
5.52
3
165.678,032
155,420,721 1,722,354,906 el99,811,769 6,474,992,378 1,631,491,537
4,843,500,341
183.476,361 6,460.369,675 1,609,898.043 4.850,471,632
212,895,992 6,344.452.547 1.411.285,490 4.933,167.057
350.626,5306.616,390,721 987,962,989 5,628,427,732
105.219,416 5.053,910,830 953,320.126 4,100.590.704
186.273,444 3.402.015.427
3,402.015.427
MLR, lr1.11/ IAA/
a Includes United States paper currency In circulation in foreign
and
the amount held by the Cuban agency of the Federal Reserve Bank countries
of Atlanta.
S Does not ineltide gold bullion or foreign coin outside of vaults of the
Treasury,
Federal Reserve banks and Federal Reserve agents
c Thaw amounts are not included in the total since the money held in trust
against
gold and silver certificates and Treasury notes of 1890 Is Included under gold
coin
and bullion and standard silver dollars, respectively.
d The amount of money held In trust against gold and silver certificates
and
Treasury notes of 1890 should he deducted from this total before
combining it with
total money outside of the Treasury to arrive at the stock of money
In the United
States.
e This total includes $17,253,764 of notes In process of redemption. 8151.516.054
Of gold deposited for redemption of Federal Reserve notes. $10,099,639 deposited for
redemption of national bank notes, 82,630 deposited for retirement of additional
Circulation (Act of May 30 1908) and 86.428.700 deposited as a reserve
against
postal savings deposits.
f Includes money held by the Cuban agency of the Federal Reserve
Bank
of
Atlanta.
Note.-Gold certificates are secured dollar for dollar by gold held In the Treasury
for their redemption; silver certificates are secured dollar for dollar by standard
dollars held In the Treasury for their redemption: United States notes are silver
secured
by a gold reserve of 8155,420,721 held In the Treasury. This reserve fund may
be used for the redemption of Treasury notes of 1890. which are also secured also
for dollar by standard silver dollars held In the Treasury. Federal Reserve d•dlar
notes
are obligations of the United States and a first lien on all the assets of the Issuing
Federal Reserve bank. Federal Itoierve notes are secured by the deposit
with
Federal Reserve agents of a like amount et gold or of gold and such discounted
or
purchased paper as Is eligible under the terms of the Federal Reserve Act. Federal
Reserve banks must maintain a gold reserve of at least 40%. Including the
gold
redemption fund which must be deposited with the United States Treasurer, against
Federal Reserve notes in actual circulation. Lawful money has been
With the Treasurer of the United States for retirement of all outstandingdeposited
Federal
Reserve hank notes. National bank notes are secured by United States
bonds
except where lawful money has been deposited with the Treasurer of the United
States for their retirement. A 5% fund is also maintained in lawful money
with
the Treasurer of the United States for the redemption of national bank notes
secured
by Government bonds.
1927,
MONEY OUTSIDE OF THE TREASURY.
$
41.25 117,416.000
41.35 117,297,000
42.53 115,996,000
52.36 107.491.000
39.54 103.716,000
34.35 99,027,000
.11)92 48.21! 000
J. G. Geddes
of Union Trust Co. of Cleveland Finds
Rapid Progress Being Made by European Countries
in Industrial and Financial Stability-Benefici
al
Effect on United States.
European countries are making marked progress
toward
Industrial and financial stablity, but this fact
carries no
serious threat of destructive competition for
American business. This is the view of J. G. Geddes, Vice
-President of
the Union Trust Co., Cleveland, who has just
returned from
a business trip abroad. "In cons:dering the possible
effect
of European recovery upon trade In this country
two questions are uppermost," said the banker in discussing
the foreign situation. "One is whether or.not revival
abroad will
mean a flooding of the world's markets with goods.
which
American producers cannot meet. The other
question involves the gold outflow from the United
States, and its
probable effect upon credit conditions here."
Continuing
he says:
"As for the first question, Europeans naturally will try
to sell as much
of their production as possible. Some things they
are better able to
manufacture than we are, but in a vast number of
lines American goods
are so strongly entrenched and so fairly priced that we
should be able to
hold our markets.
Nov. 19 1927.]
THE CHRONICLE
"It is interesting to note that there is an impressive tendency abroad
toward adoption of American mass production principles. This is particularly true of Germany, and to a lesser extent of France and England.
Powerful syndicates or combines also are being formed in Europe for the
purpose of exploiting world markets.
"But none of these developments need to alarm American producers.
We are many leaps ahead of Europe in the art of cheap unit production
costs through mass output. Moreover all these manifestations of activity
mean the dawning of prosperity for immense populations in Europe,
which have known nothing but great poverty and distress in recent years.
As production expands abroad, employment will increase and wages will
tend to rise. It logically follows that consumption will mount and that
broader markets will develop for everyone.
"When one observes how few automobiles there are abroad, relative to
those in America, and how scarce are the luxuries and conveniences that
are commonplace here, it is difficult to doubt that vast untouched markets
lie right at tilt door of European industry. In addition they beckon
America.
"As for the effect of an outflow of gold as Europe recovers unquestionably there wil lbe an outward movement of the metal from this country.
That outflow has already begun on a larger scale. But the United States
holds fully one-half of the world's monetary gold stocks. Huge surplus
supplies are impounded in the country's banking system and much of it
could be spared without any effect on credit conditions. Moreover the
gold movement outward is most unlikely to take any one by surprise. It
will take place gradually and allow ample time for adjustment"
2749
times to find a majority in the present Chamber for ratification, the
prospects of this step are not bright for the moment with the elections
due in six months.
The Socialist leader Blum takes the stand that France has already
in effect ratified.the Mellon•Berenger agreement in making payments on
the basis of its schedules. Probably if Washington had agreed to the
French request the jurists would have had additional argumen for the
theme that the agreement thus entered into force.
Had the agreement been ratified the war stocks debt would have been
swallowed up in the total of $30,000,000 France undertakes to pay
next year and the whole amount applied to liquidation of the general
debt. As it is, only $10,000,000 will, as already indicated, be devoted
to the latter purpose.
Bank of Poland Contracts for $15,000,000 in Gold in New
York Market—Purchase in Furtherance of Stabilization
Plan.
An announcement cabled to this city Nov. 12 from the
Bank of Poland in Warsaw made known the fact that the
Bank has contracted to buy $15,000,000 of gold in the New
York _market to be shipped this month. In the announcement authorized by the Bank, it was further stated:
This is the second large gold movement from this country in
November and will bring the total for the month to date to $51,000,000.
The outward movement of gold from this country since September
has reached such proportions that it is believed that it will result in
Gold Movement to Brazil—Second Shipment from U. S. an export surplus for the last quarter of the year for the first time
The second shipment of gold in the transfer from this since 1919.
The Bank of Poland will use the $15,000,000 gold shipment in
country to Brazil of $36,000,000 of that metal went forward its reserve. The purchase is made in connection with the Stabilizaon Nov. 12. This consignment, which amounted to $11,- tion Plan adopted by the Republic of Poland at the time of the recent
Loan of $72,000,000, of which 47,000,000 was floated
000,000, follows one of similar size shipped on Nov. 5, and Stabilization
in this country by an American banking group headed by the Bankers
referred to in these columns Nov. 12, page 2607. The sec- Trust Company and including Blair and Company, Chase Securities
ond shipment left New York on the Lamport & Holt Corporation and the Guaranty Trust Company of New York.
The Plan provides among other things that the Bank of Poland
steamship Van Dyke. The "Herald-Tribune" of Nov. 15 shall
be the sole source of issue in the Republic and that it shall
said:
consignment
referring to the latest
maintain a minimum reserve in gold or gold exchange against both
The $22,000,000 of yellow metal that has moved to Brazil to date has note and deposit liabilities of 40%, at least 30% in actual gold.
all gone in the form of twenty-dollar godl pieces, and it is the plan of Substantially the entire foreign exchange resulting from the recent
the bankers to transmit the entire $36,000,000 in this form. When the loan has been placed at the disposal of the Bank of Poland, giving
last of the gold will go has not been definitely arranged, but it is it one of the largest reserve ratios of any bank of issue in the world.
probable that the bulk of it will leave at the end of the present week.
The next sailing to Brazil is that of the Munson Line steamship
Have Large Reserve—Paper Money Covered by 111%
Western World, on Saturday. It was this line which carried the first Poles
Gold and Foreign Currency.
$11,000,000 shipment.
Since 1919 the net importation of gold into the United States has
averaged about $160,000,000 each year. As a result the country's
$3,000,000 Gold to Canada—First Shipment Since Dollar gold stock has increased by over a billion and a half dollars since
Rose Last Week.
January 1, 1920, and the United States which held $1,813,000,000 in
gold in 1914 now owns $4,582,000,000, or nearly half the world's
The first shipment of American gold to Canada since total.
With the exception of the period between December 1924
1%
of
11-64
or
the Canadian dollar went to the gold point,
and June 1925 the inflow of gold into this country has been unpremium last week, was made on Nov. 17 when $3,000,000 broken.
Warsaw (Poland) advices Nov. 16 to the New York
was consigned by the Canadian Bank of Commerce to the
head office in Montreal. The New York "Times" points "Imes" (copyright), state:
Polish gold reserve is proportionately the largest
out that the shipment was in connection with the move- in WARSAW.—The
the world, it was pointed out today in the report of the Bank of
ment of a large export shipment of Canadian wheat Poland. It shows that a large part of the $60,000,000 stabilization
through the Port of New York. The "Times" also had the loan has been used to buy more British and American gold.
During the past ten years the gold reserve has increased from
following to say regarding the gold movement:
102,000,000 to 431,000,000 zloty. At the same time the note circulaOutward Movement of Gold.
The shipment of $3,000,000 gold to Canada arranged yesterday, as a
result of the premium on Canadian exchange, increased to more than
$26,000,000 the exports of gold which have been made from New York
so far this month, with an additional $14,000,000 still to go to Brazil
and the possibility that $15,000,000 of gold recently purchased here by
the Bank of Poland will be sent to Warsaw this month. These shipments will constitute by far the largest outward movement of gold this
year and are doubly interesting because of the possibility that further
exports will be made. The continued strength of sterling exchange has
led many bankers to believe that gold will move from New York to
London, if not at once, then later in the Winter, and that a similar
situation exists with regard to Holland.
In its issue of Nov. 15 the same paper said:
Gold Situation Confused.
Probably no recent subject of dismission has caused so much confusion in Wall Street as the possibility of gold shipments from New
York to London. The gold shipping point is variously calculated at a
little below or a little above $4.89 for sterling, but special conditions
may easily cause a shift in these estimates. Individual shipments, it
was pointed out are the subject of barter, and it is possible that a
bank may be able to have some items of cost removed or reduced if a
particular shipment is considered desirable. If gold does not move at
this time, it is considered almost certain that some will go next February, when sterling should be further strengthened by seasonal influences,
provided money in the American market remains on its present easy
basis.
France Again to Pay $30,000,000 on U. S. Indebtedness—
Washington Declines to Credit Amount to MellonBerenger Agreement.
Copyright advices Nov. 17 from Paris to the New York
"Times" said:
The French Government has notified Washington that it will pay
again the coming year, as in the past year, $30,000,000 toward liquidation of French indebtedness to the United States. This sum represents
$10,000,000 in addition to $20,000,000 annual payment due for war
stocks. In analgous manner France will pay Great Britain 17,000,000
in 1928, as she did in 1927.
It is learned that the French Government recently asked Washington to give receipts for this money as being paid on account under
the terms of the Mellon-Berenger agreement. The reply of Washington
is said to have been that this could not be done until France had
ratified the agreement. Inasmuch as Premier Poincar6 has tried several
tion has decreased more than 50%, with the result that every paper
zloty is now covered by 111% gold and foreign currency.
Lack of Long and Short Term Capital Problem Facing
Poland, According to Institute of International Finance.
The lack of long and short term capital is still the most
important problem facing the Republic of Poland, a study
of the credit position of that country prepared by the
Institute of International Finance shows. The institute
is a fact-finding body established by the Investment Bankers Association of America to study foreign securities.
Copies of this study have been sent to all members of the
Institute, who are mainly members of the association. The
study points out that steps have already been taken to
relieve this capital shortage through the import of capital
from abroad. "The flotation of the stabilization loan," it
Is stated, "should result in an improvement in this situation." The study has been made public by Dean John T.
Madden of the School of Commerce, Accounts and Finance
of New York University, who is a director of the Institute
of International Finance. The study states that "Although
the progress made by Poland since the middle of 1926 is
notable and the efforts made by the Government to
strengthen the economic and financial position of the country have met with considerable success, Poland is still
confronted with a number of economic problems. Chief of
these is the shortage of long as well as short-term capital,
as best evidenced by the paucity of deposits held by all
Polish banks. On December 31, 1926, the total deposits of
all Polish credit institutions including the Bank of Poland,
all other state banks, joint stock banks and various classes
of co-operative associations and savings banks, amounted to
only 1,114,800,000 zloty, or about $125,747,440 at the then
prevailing rate of exchange. This was equivalent to about
$4 per capita."
2750
THE CHRONICLE
[VOL. 125.
The study also points out the great improvement that tion loan recently floated was referre
d to by Mr. Wankohas been brought about in the budget of the Republic. wicz.
Actual equilibrium, it is shown, was achieved after the
stabilization of exchange in 1926. The future position of
Review of Financial Condition of Belgium by
the currency is discussed as follows:
Col. E. M. House.
"The combined gold and foreign exchange reserves of the Bank of
There is not unemployment in Belgium and labor probPoland has increased rapidly with the improvement in industrial
conditions. The total at the end of August amounted to 410,000,000 lems at present are at a minimum, declare
s Colonel Edward
gold zloty, an increase of 146,000,000 gold zloty since the end
M. House in the December issue of McCall's Magazine.
of 1925."
With regard to recent developments in the textile indus- In his review of Belgian economic and financial stabilization, Colonel House says:
try the bulletin of the Institute 'states:
"The general
"The economic depression which occurred after the stabilization of
the currency in 1924 adversely affected this industry but considerable
recovery has taken place and the textile industry is at present enjoying prosperity. Before the war only part of the production of
the textile industry was consumed in what constitutes the Poland
of today, the rest being shipped to Russia. The condition prevailing
at the present time in Russia has cut off the Polish textile factories
from their former principal market. However, a certain amount
of
Sugar Defense Committee, who has just had several long and arduous
reorganization has been carried out and the textile factories have
been adapted to present conditions."
economic situation is much better than was thought
possible a few years ago. The stabilization of
the Belgian franc
has been successfully accomplished on a basis of about thirty-six
to the dollar. Perhaps stabilization came too soon,
for if it had been
known that France would come out of her
financial troubles as well
as she has, Belgium might have waited and
the franc probably could
have been stabilized at a better figure.
There is no unemployment
and there is but little dissatisfaction among
the laboring people as
to the question of wages and living condition
s."
On the part which American engineering is playing in
the development of Belgium, Colonel House reports
:
"In 1925 the Governme
nt granted a concession to utilize the hydraulic
Poland's History, Industry and Agricultural Production, power of the River Warche, situated in the Belgian Ardennes, close
to the German frontier. A pressure tunnel
three miles long has
Etc., Outlined by W. Wankowicz, Commercial Coun- been driven through the mountain
and the project will insure a
capacity of. 25,000 horse-power, and will be
selor of Legation of Poland.
capable
of producing fifty
million
a year. The output will be transmitt
ed twenty-nine
Witold Wankowicz, Commercial Counselor of the Lega- miles to units
the large industrial region of Liege. It
may be of interest
tion of Poland in Washington addressed the Graduat
to Americans to know that this undertaki
ng, as well as many
e
School of Business Administration of New York Univer- others throughout Europe, was initiated and is being directed by
D. N. Heineman whose achievements are but
little known to his
sity on Nov. 3, briefly outlining Poland's history,
geo- fellow countrymen, but who in fact is one of the most remarkable
Americans of today."
graphical position, area, climate, population, industr
y and
agricultural production. He pointed out that Poland
covers
slightly more area than New York, Pennsylvania, Maryla
nd T. W. Lamont and Charles E. Mitchell Confer With
and Ohio combined, that it has a population of
Secrerary Kellogg—Bankers Said to Be Seekin
thirty
g
million people, 65% of them engaged in agricult
$40,000,000 Financing for Manchurian Line.
ure. Poland, he said, produces annually forty million tons of
Regardi
ng
a
visit to Washington this week by T. W.
coal,
6,600,000 barrels of crude oil, 314,000 tons of iron
ore, Lamont and Charles E. Mitchell, a Washington dispatch
124,000 tons of crude zinc, 207,000 tons of potassium
salts, Nov. 17 to the New York "Journal of COMM6r6O,"
85l5,000 tons of salt and quantities of cement, clay,
lime, part:
Amid the procession of reported loan negotiations
lead and other products.
between American
bankers and certain foreign countries, Thomas W.
Mr. Wankowicz pointed out that Poland has existed
Lamont. of the firm of
J.
P. Morgan & Co., and Charles E. Mitchell.
as
President
of the National
an organized nation for more than a thousand years,
one City Bank, held a conference at the State Department this morning with
hundred and fifty years of which was under the domina- Secretary Kellogg, Undersecretary of State Olds and Nelson T. Johnson,
Assistant Secretary of State in charge of Far Eastern
affairs. Speculation
tion of Russia, Prussia and Austria, from which bondage concerning the purpose
of their visit ranged from loans to countries of the
Poland emerged only after the conclusion of the World War. Far East to the projected $75,000,000 Cuban loan.
Neither the New York bankers nor the officials of
the Department would
At that time, he said, Poland's renewed existence was im- reveal
what had been discussed, but it is understood that
their conversation
mediately threatened by attacks on virtually all her
fron- dealt with impending financial transactions in the Far East. Mr. Lamont
tiers. With no army, no machinery of government, with recently returned from Japan and it has been reported that the result of
his trip would be the flotation of a $40,000,000
loan in this country for the
farms and factories ruined, no national currency, Mr.
Wan- South Manchurian Railway.
kowicz said, Poland still managed to repel an
Mitchell
Visits
Coolidge.
enemy suDespite the customary secrecy which veils the
perior in number, organized her national life,
missions of New York
established bankers when visiting here, newspape
rmen were able to learn of the
her frontiers, concluded necessary treaties with
presence
of
the
two
bankers
neighborin Washington yesterday, first through Mr.
Mitchell's paying a call at the White House, where
ing States, building up her financial system,
he insisted his
her national was merely
to convey his respects to the President, and within purpose
defence, creating a currency and in a short
the hour
space of eight Mr. Lamont's visit to the Treasury, where he conferred with
Undersecretary
years became a national and political unit
of sufficient Mills.
It is believed that Mr. Lamont's visit to the
Importance to be classed as a great power.
State Department was to
ascertain the Department's attitude with regard to
such a loan. While a
The speaker said that Poland has the lowest
loan
to Japanese interests would not be contrary to the
per capita
generally recognized
debt in Europe and is blessed with rich natural
policy of the State Department, since it does not
fall within that category
resources, of
loans
which
have
been
opposed
which have been explointed but very little.
by the department, the question of a
He pointed loan to be applied to further Japanese developm
ent in Manchuria would be
out that next to Great Britain, Poland was the
first to certain to be studied with more than usual care in connection with the policy
of equal opportunity and the open door in
fund her war debt to the United States. This
China.
Loans to which the
consolida- State Department has made known its
opposition in the past include loans
tion of Poland's debt, he said, was affected during
the to countries which have not funded their debt to the United
States, loans
period of monetary reform, the country having no nationa for monopolistic purposes affecting the United
States, and
l purchase of armamen
ts where competitive armament might loans for the
currency until 1924, when the zloty was fixed as the
result.
unit,
Its value equivalent to the Swiss franc, which at
par is
worth 19.3 cents. Exceptionally unfavorable economic con- Austrian Government Budget Definit
ely Financed,
ditions in 1925, largely due to the bad crop of that year,
According to Rudolf Hahn,
deRepresentative of
Wiener Bank Verein.
preciated the zloty, which fell as low as 8 cents.
This,
he said, brought to the attentiou of the nation the
The Austrian Government has
faults
definitely balanced its
In its economic and financial policies.
budget and is building its credit upon
a solid foundation,
Mr. Wankowicz reviewed the political history of Poland Rudolf Hahn, New York
representative of the Wiener Bank
since 1918 and declared that the Government of Poland
has Verein, declared on Nov. 10 before the Conference on Fornever departed from the provisions of the Constitution.
He eign Investments of New York University, held in the Govrecited the events which made it necesary for Marshal ernors' Room of the New
York Stock Exchange. Dean A.
l
Pilsudski to take the reigns of Government in
May 1925 W. Taylor presided at the discussion. Mr. Hahn declared
and pointed out that while the influence of Pilsudski
is that the financial pre-eminence of Austria in Central Eupredominant in the present Government, that his
powers rope remains. He mentioned this as an important item in
are not dictatorial, contrary to assertions that are often the invisible balance of trade of
the country. He said:
"Considerable efforts have been made by
made.
the
their
own
international financial centers and succession States to develop
Mr. Wancowicz described the mission of Dr. E. W. Kemmarkets in competition with
Vienna. I believe it can be stated with
safety
to-day that these efforts
merer, Professor of Economics at Princeton University who, have practically failed and that the
struggle for the financial supremacy
with the aid of several experts spent three months study- has been decided in favor of Vienna.
"Vienna has the human element, trained
ing the economic and financial conditions of Poland, makthrough centuries in Western
and cosmopolitan ideas, which by its thorough
knowledge of all real as
ing many recommendations, which have supported to a well as psychological factors
and circumstances in the political and ecolarge extent the stabilization program recently adopted. nomical life of the succession States, the Balkan and Turkey,
can properly
judge the development in these countries and
The international significance of the $72,000,000 stabiliza- the
can participate therein to
extent indicated for the investment of
foreign
capital.
THE CHRONICLE
Nov. 19 1927.]
2751
Under Mexican law, however, four similar decisions by the courts
would be required to declare the petroleum law unconstitutional, as it
requires five decisions by the Supreme Court on the same legal question to declare an act of the Mexican Congress outside the constitution.
The diplomatic correspondence which brought relations between
Mexico and the United States close to the breaking point ended in
Mexico's demand that specific cases of violation of American rights,
through confiscation of property under retroactive application of the
provisions of the constitution of 1917, be cited by the Washington
The future of Austria is predicated on sound developments government. The State Department answered by warning Mexico that
in agriculture, industry and trade, and in the development it expected all American rights to be safeguarded.
The new petroleum law and the regulations for its enforcement went
of a number of invisible credit items in her balance of trade into effect on Jan. 1, 1927. The first application to American comto overcome the normal excess of commodity imports, Mr. panies of those provisions of the act held by the Washington governHahn pointed out. Agriculture, he stated, was in a sound ment to be confiscatory came through the denial to certain companies of
drilling permits because of their failure to comply with the regulations
condition. "It seems to me," he said, "that agriculture can for
enforcement of the law. The American companies promptly chalexconsiderable
a
country
shows
a
suffer
in
which
hardly
lenged the legality of the act of the Mexican government by seeking
still
what amounts to injunctions in the District Courts and these proceedcess import for food supply. Farming in Austria can
ings are now before the Mexican Supreme Court in a number of cases.
counEuropean
Western
improved
to
reach
the
yields
of
be
The first legal test of Article 27 came in the Texas Oil Company
tries or Germany, and this will undoubtedly be done with cases before the announcement of the present Mexican Petroleum law.
good effect on the trade balance of the country through In those cases, the Mexican Supreme Court, by five similar decisions,
declared the attempted retroactive application of Article 27 to be in
capital supplied by the domestic and foreign markets. The violation of other provisions of the constitution.
"Around the central bank, the Austrian National Bank, which owes its
existence to the requirements of the reconstruction scheme and enjoys the
exclusive privilege of the issue of currency, we find four powerful Austrian institutions, internationally known for their importance, which
possess a net of branches and affiliations covering the succession States
and often going beyond the borders of the former Austro-Hungarian empire. Many smaller banks and private bankers also play an important part
in international finance."
loan floated by Upper Austria in the New York market was
partly for this purpose."
Mexican Supreme Court Upholds Americans in Controversy
Over Oil Drilling.
Copyright advices from Mexico City Nov. 17 to the New
York "Herald-Tribune" stated:
A most important development affecting one of the major contro-
versies that have strained relations between the United States and
Mexico was a decision by the Mexican Supreme Court today granting
an "amparo," or suspension, against certain acts of the Secretary of
Industry, Commerce and Labor in applying the organic law of Article
XXVII of the Constitution, otherwise known as the petroleum law.
The decision sustains the contention of the Mexican Petroleum Company, a subsidiary of the Standard Oil Company of Indiana, against
the revocation of three drilling permits on properties which the company
owned in titles acquired prior to May, 1917, when the present constitution went into effect.
Ruling May Affect 18 Cases.
In addition, the court in effect held that Article XIV of the petroleum
law, which provides that the oil companies shall exchange for their
titles for fifty-year confirmatory concessions, was unconstitutional. It
is this article which the United States government has maintained is
retroactive, and if today's decision invalidates it one of the principal
obstacles to an understanding between Mexico and the United States
has been overcome and a precedent seemingly has been established
which will govern rulings in some eighteen or more cases still to be
heard by the Supreme Court.
Satisfaction was expressed in oil circles here today when the Supreme
Court's decision became known, the petroleum men feeling that the
ruling has removed the chief point of dispute that has existed between
themselves and the government since the law became effective on
January 1 last.
•
•
A full attendance of the eleven magistrates of the court was present
at today's session, with the galleries filled with a distinguished gathering of oil men, lawyers, internationalists and intellectuals in general,
who followed the discussions closely. The session opened at 10 o'clock
this morning, and the decision, by a vote of 9 to 2, was rendered at
3 p. m.
Asociated Press advices from Mexico City had the following to say regarding the conclusions of the court:
The Meixcan Supreme Court today ruled in favor of the Mexican
Petroleum Company, an American corporation, in the first decision
involving the new petroleum law. The court granted the appeal restraining the Department of Industry, Commerce and Labor from canceling certain of the company's drilling permits.
The court also declared unconstitutional the important sections 14
and 15 of the new law as far as this suit was concerned.
Section 14 in effect substitutes fifty-year concessions for oil land
titles acquired before 1917.
Section 15 forfeits titles to oil land for which no application for
confirmatory concessions had been made within one year from the
effectiveness of the new law.
The decision is not one declaring the entire petroleum law constitutional or unconstitutional. Furthermore, the two sections, which are
declared unconstitutional in this particular suit, are not in blanket
terms declared unconstitutional for all purposes, but only as they apply
to the Mexican Petroleum Company in the issues presented in this case.
Thus, the court's decision does not once and for all answer the
question as to whether the new oil law is constitutional, but those
well informed think that it is an entering wedge for a series of similar
decisions, which if made would remove the features of the law which
have been most objectionable to foreign interests.
The new Mexican petroleum law, which went into effect Jan. 1 last,
is based on the theory of the Constitution of 1917, that natural resources belong to the state.
The law required that foreign oil operators should apply before
December 31 of last year for concessions confirming rights and titles
acquired before 1917. Foreign owned oil lands for which concessions
were not asked before Jan. 1 may be assigned to other claimants.
The American government has held that the law is confiscatory, and
the foreign oil companies have opposed it from its inception.
It was noted in Associated Press dispatches from Washington Nov. 17 that the action of the Mexican Supreme
Court in granting the appeal of the Mexican Petroleum
Company is the first definite developments since the diplomatic correspondence between the two countries was
abruptly broken off nearly a year ago. The dispatches
went on to say:
Yesterday (Nov. 18) advices (Associated Press) from
Washington commented as follows:
A distinctly hopeful impression in regard to the prolonged controversy with Mexico over the oil laws in that country was apparent in
Administration circles today, arising from the decision of the Mexican
Supreme Court in the Mexican Petroleum Company drilling permit case.
The State Department was without detailed official reports, Ambassador Morrow having merely informed it that the court was reported
to have upheld the appeal of the company against the refusal by the
Mexican Government to issue drilling permits. The decision held
unconstitutional the provisions of the oil law involved.
Although the full significance of the court's action will not be discernible until the decision is available in Washington for examination,
it was clearly evident that Washington officials, on the basis of press
reports, believe a way may have'been opened to adjustment of the difficulties between the two Governments on the oil law cases.
Whether the attitude of the Mexican Supreme Court is clearly
enough defined in the Mexican Petroleum case to warrant a further
effort to reach a diplomatic settlement without awaiting the four additional decisions in similar cases which, under Mexican law, constitute
a final determination of constitutionality of the oil act, was not apparent.
In some official quarters, however, there seemed today to be a feeling
that it might be possible for Ambassador Morrow to negotiate an agreement of some sort that would permit resumption by the American oil
companies involved of complete operations on their properties.
The following statement was issued at the State Department:
The only information available at the State Department is what
appears in the press and a very brief telegram from Ambassador Morrow
saying the decision is reported to hold Articles 14 and 15 of the
petroleum law unconstitutional.
The Department understands that the text of the decision is not yet
available.
If these preliminary reports are accurate, the decision of the Supreme
Court of Mexico would seem to be one of great importance. It may
open the way to an adjustment of the entire controversy by the two
Governments. The Department sincerely hopes that this is the case.
Republic of Salvador Customs Collections and Debt
Service.
The following relative to Republic of Salvador and customs
collections and debt service comes from F. J. Lisman & Co.:
October collections
Service on "A"and "B" bonds
Available for series "C" bonds
Interest and sinking fund requirements on "C" bonds
January-October collections
January-October service on "A"and "B" bonds
1927.
$489,357
87,494
$401,863
70,000
5,222,320
874.940
Available for series "C" bonds
Interest and sinking fund requirements on "C" bonds
14,347,380
700,000
Collections for the first ten months of 1927, after deducting service
requirements for the period on the "A" and "B" bonds, were equivalent
to over 6.21 times interest requirements on the series "C" bonds.
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 specifically pledged for that purpose.
Dawes Plan Must Undergo Revision, says M. Caillaux—
Believes Whole Post-War International Debt Status
Needs Restudy—Advocates General Cancellation
Policy.
The following article by Joseph Caillaux appeared in the
New York "Journal of Commerce" of Nov. 14:
The Dawes Plan has worked fairly smoothly until recently, budits future
Is causing grave concern in France as well as in England and Germany.
Three years' practical experience of the working of the plan reveals grave
problems which some foresaw and formulated in advance, but which the
public either ignored or misunderstood.
Between Sept 1926, and August 1927, the deliveries in kind, which, as is
well known, constitute the greater part of German payments, have been
strongly opposed by certain interests who considered themselves injured
by the introduction into France of German goods in the form of reparations.
For instance, the contract for the new Paris-Bordeaux cable, granted to
the Siemens Company, aroused much protest from French manufaoturers, who were only appeased by receiving State orders larger than the
contracts placed in Germany. The economic depression in France and
the slackening in French production renders, and will continue to render,
more delicate the utilization of goods received from the other ide of the
Rhine.
•
2752
THE CHRONICLE
French Government Credit Involved.
On the other hand, the Minister of Finance has already had to deal
with another aspect of the question. The majority of the deliveries in
accordance with the Dawes Plan are supplied to private firms. These
firms tend more and more to demand a considerable amount of credit
In the payment they have to make to the State. If the State agrees to
give these firms several years credit, it deprives itself momentarily of an
important part of the resources which it rightly counts upon from reparations. It is proposed to remedy this inconvenient situation by the formation
of a Large syndicate of banks which would discount the bills drawn by the
State on its subjects in receipt of reparation supplies. It is easy to imagine
all the criticisms which would be aroused by the organization of a gigantic
banking speculation affecting both national industry and the State revenue.
These are but a few of the difficulties inherent in the working of the
Dawes Plan. In fact, many of them have already shown themselves
in practice, since, of the 745,000,000 marks so far allotted to France,
out of the total she has only been able to absorb 640.000,000 marks. But
difficulties of this sort are almost negligible in comparison with the two
unknown factors which weigh upon the future of the Dawes Plan, viz.
the capacity of Germany to pay, and still more, the question of transfer.
Several months ago Parker Gilbert demonstrated the excessively delicate
equilibrium of the German budget. The deficits are covered by borrowing, and the continuous influx of foreign capital daily increases the external
debt of Germany. For example, from May to August 1927 the total of
foreign loans amounted to 575,000.000 reichsmarks. The increase in
the discount rate made by the Reichsbank on Oct. 4 has again stimulated
the influx of foreign capital to Germany and in itself constitutes a rather
disquieting symptom of the defects of the German economic system.
Serious German Crisis Threatens.
Moreover, the danger of a financial and economic crisis in Germany is
not only revealed by the reports of the Agent-General for Reparations,
it is manifested by several facts, the significance of which will not escape
informed persons—the increase of investments and new issues, the locking
up of capital, the rise in prices and the stringency in the money market.
But even if we admit that the serious criticisms made by Parker Gilbert
of the financial and monetary policy of Germany are likely to have any
effect, and that the crisis may be avoided or postponed, the increasing
difficulties of transfer constitute an equally grave obstacle to the operations
of the Dawes Plan. The figures just published for the last year, although
they relate to a period of reduced annuities, already prove the error of
those who ordained large movements of capital across frontiers for the
settlement of reparations and inter-Allied debts. These figures show that
while the receipts from the Dawes Plan amounted to 1,480.000,000 marks.
it has not been possible to transfer more than 1.183.000.000 marks. What
will the margin be in the forthcoming years when annuities of several
milliards of marks are involvedg
It is also necessary to point out that 617,000,000 marks were transferred
only through the medium of deliveries in kind and 290.000,000 marks by
the "Reparations Recovery Acts" process. As is known, in the latter case
percentages are retained based on the value of Gorman exports. This means
that nearly eight-tenths of the payments are the result of the competition
of German merchandise with products from Allied States.
Payments Depend on Exports.
The arrangements of the Dawes plan for the protection of the mark
compel me to think that deliveries in kind and the "Reparations Recovery
Acts" are destined to furnish in the future, as now, the greater part of the
payments, and, as Mr. Keynes declared, we must anticipate an increase
of German exports up to 40 or 50% of the present figures.
We have already remarked upon the difficulties created in France by
deliveries in kind when they reach a considerable figure. What will the
consequences be for England as well as France of an invasion of German
goods in all their markets_
But this impaese is not only reached by the nature of the Dawes plan
but also by war debts agreements. In international financial settlements,
when large sums are involved, payments in specie can never play more than
an outside role unless, as in the "Reparations Recovery Acts," they represent an export of products. Just as the Dawes plan presumes a development
of German exports, the war debt payments of France to Great Britain and
America, the payments of Great Britain to New York can only be translated into figures of a transfer of merchandise and of the labor embodied in
raw materials. It is generally believed in France that English rubber exports
have luckily and temporarily eAved the problems of England's payments to
America, but the problem of French payment remains without any apparent
solution.
It cannot be stated positively that France will be able to pay these debts
in full, nor that Germany will be able to maintain the full Dawes scheme,
but It Is certain that neither can ever hope to do so except by developing
exports up to the point of displacing their competitors in the leading markets
of the world.
Attempting "Unrealizable Payments" Hazardous.
Moreover, if this were possible, it could not occur without damage to
France or Germany. I believe that the efficiency of German industry will be
greatly impaired when it becomes accustomed to these abnormal exports
deprived of all risk of competition and paid unquestioningly by its own
Government. I should be very gravely concerned to see France accustoming itself after the preliminary dislocation caused by deliveries in kind to
receiving from abroad under abnormal commercial conditions, products
which are likely to sap the self-reliance of its industrialists. Indeed. it may
well happen that after a number of years French industry would learn to
depend entirely upon Germany for many products essential to France and
hitherto produced within her boundaries.
The discussion which is taking place in many quarters on the future of
the Dawes plan will not be sterile if it draws attention to all the questions
I have enumerated. The time is, perhaps, approaching when a more
enlightened world opinion will admit that financial settlements of the war
must be placed upon new foundations.
I do not believe we can find a better basis for discussion than that suggested by a German economist, M. Hirsch, in the "Berliner Tageblatt."
He advises his compatriots to seek for a revision of the Dawes plan in conjunction with that of interallied debts. I am most definitely of opinion
that it is only by a general cancellation of all the debts resulting from the
war that the world can regain security and financial equilibrium. There is
no doubt that endeavors to secure unrealizable payments must provoke
economic and commercial crises which would be at least as serious for the
creditors—for all the creditors—as for the debtors.
Reparation Payments Will Not Dominate Exchange
Market, According to Colonel Castle of First Federal Foreign Investment Trust.
Fear that German reparation payments will take precedence over payment of interest and sinking fund require-
[VOL. 125.
ments on German State, municipal and industrial issues,
which has gained credence in some parts of the country, is
unfounded, Benjamin F. Castle, Vice-President of the First
Federal Foreign Investment Trust, declared on Nov. 11.
Colonel Castle sap,:
Four years ago there appeared to be a fairly comprehensive understanding
of the Dawes Plan but to-day many of its most important features seem to
have been forgotten. The Dawes Plan was drawn up to ensure Germany's
progress and the restoration of her credit. It protects the industrial and
financial stability of the country in every way, particularly in the transfer
of reparation payments into the moneys of the creditor countries, which
seems to be the chief cause of the apprehension here.
The fear has been expressed that purchase with German marks of sol arge
an amount of foreign exchange as the reparations involve would have a
depressing effect on the mark. Section 12 of the Dawes scheme was framed
to avoid just such a calamity. It states that Germany's obligation in the
matter is met by the payment of the gold marks to the Reparation Agent.
It is then the duty of a Committee appointed by the Allies to effect the
transfer "without threatening the stability of the German currency."
Amounts that cannot be remitted under this limitation,
Colonel Castle explains, are held in Germany up to a limit
of five billions of marks.
State Department at Washington Announces Appointment of W. P. Cumberland to Make Financial
Survey of Nicargua.—Prospective Loan.
The Department of State at Washington announced on
Nov.15 its plan to have a financial survey made of Nicaragua
by Dr. William W. Cumberland, formerly financial adviser
to Haiti who will make recommendations regarding the
advisability of a loan to the Nicaraguan Government. The
"United States Daily" in reporting this said:
The department announced that the proposed loan is to be used to cover
the cost of the presidential elections, for payment of claims arising out of the
recent revolution, for maintaining the National Guard and for the construction of a railway between Managua and the Atlantic Coast.
Furthermore the Department of State will pay Dr. Cumberland's salary
and expenses, which establishes a precedent according to the records of
the Department. Any loan that may be recommended must be approved
by both political parties in Nicaragua and it has been suggested that its
proceeds are to be spent under bi-partisan control.
The announcement by the Department of State follows in full text:
Dr. William W. Cumberland has been designated by the Department or
State, at the suggestion of the Nicaraguan Government and with the approval of both parties in Nicaragua, to make a financial and economic
starve} of Nicaragua and to investigate the country's resources and requirernents in order that the Nicaraguan Government and the Department of
State may have the benefit of Ins recommendations regarding the advisability of a loan to provide additional revenues for the payment of
claims arising out of the recentrevolution, for establishing and maintaining
an efficient National Guard to preserve order in the country, for the expenses of holding presidential elections next year and for the construction
of the long-contemplated and apparently much-needed railway between
toe capital and the Atlantic coast and for other public works.
Dr. Cumberland, who has had wide experience in such matters,
endeavor -to ascertain how much money is really needed, how largewill
a loan
could and should be contracted for, how the national revenues can best
be increased with the least strain and disarrangement of business and commerce, what recommendations can be made for an adequate accounting
system and for expending the revenues with a minimum of waste.
Bi-Partisan Approval.
It M well understood that any comprehensive financial program which
might be adopted under present conditions would of course have to be
approved by both political parties in Nicaragua, and the Nicaraguan
Government has already suggested that the proceeds of any loan contracted
in the near future should be spent under id-partisan control.
Dr. Cumberland's expenses and salary are being paid by the Department
of State.
Dr. Cumberland was employed by the Peruvian Government in 1921 and
introduced notable reforms in the customs administracion of that country.
In 1923 he was appointed Financial Adviser and Customs Receiver for the
Haitian Government and has remained in that office where he nas been
signally successful until last month when he resigned to enter private business. The Department is glad that It has succeeded In persuading him to
undertake this work in Nicaragua before entering upon his new occupation,
and feels that the people of Nicaragua are to be congratulated in being
able to obtain his services.
In its a.dvices from Washington, Nov. 8 the New York
"Journal of Commerce," said:
The Nicaraguan Government,acting through its Legation in Washington,
has opened negotiations with a group of American bankers for a new loan
to be applied particularly to claims resulting from the recent revolution, it
was disclosed in Nicaraguan circles here to-day. The amount of the loan
is said to be in excess of $2.000,000.
Bankers interested in the loan include the Bankers Trust Co. of New
York and 3. & W. H. Seligman. The firm of Brown Bros. Co.. which
as participated in floating previous loans in Nicaragua. will not concern
hself with the present financial
arrangement.
Offering of $20,000,000 Norwegian Hydro-Electric Nitrogen Corporation Bonds.
The National City Co. on Nov. 17 offered at 95 and interest to yield over 5.85% a new issue of $20,000,000 Norwegian Hydro-Electric Nitrogen Corp. (Norsk HydroElektrisk Kvaelstofaktieselskab) refunding & improvement
5/
1
2% gold bonds, Series A due Nov. 1 1957. A substantial
portion of this issue has been reserved for sale in various
European markets, including $2,500,000 to be publicly offered in Sweden by the Stockholms Enskilda Bank. The
company, sometimes referred to as Norsk Hydro, together
with its principal, wholly-owned subsidiary, Aktieseiskabet
Rjukanfos, owns one of the outstanding water power systems in the world located in Southern Norway, 130 miles
west of Oslo. The company's hydro-electric power stations,
with a continuous production capacity of 375,000 h. p.,
generate electric energy at an exceptionally low cost. Since
Nov. 19 1927.]
TUE CHRONICLE
2753
Foreign and Do-
"According to the latest figures of the Bureau of
1907, the company, without interruption, has utilized this mestic Commerce our trade in Latin America rests on a solid triangle
low-cost energy in the manufacture of nitrogen products of investments wherein a billion and a half dollars is invested in Cubs,
and Central America, and more
(technical nitrates and fertilizers) by the electric arc another billion and a half in Mexico
than a third billion and a half in South America making a total of
process, being the first enterprise which has exploited these between four and a half and five billion dollars of American money which
products on a commercial basis.
we have now invested to our account throughout Latin America. Since 1919
business loans in Latin America in this
As a result of the recent ,agreement with the German flotations of Governmentto and
about $200,000,000 a year and have approxicountry have amounted
chemical concern, I. G. Farbenindustrie, A. G., the com- mated the very substantial sum of $2,000,000,000 of new post war investpany will adopt the electrolytic production of hydrogen in ment.
"This is a very solid reason why our trade grows and continues to
combination with the Haber-Bosch ammonia process, the
grow. Another contributing cause is the improvement and maintenance
of
reconstruction
the
adoption of which will necessitate
in that improvement of our shipping lines, particularly to South America.
part of the company's plant and acquisition of new equip- Now United States vessels operate to all points of the continent offering
British vessels—eighteen days from New York to
ment, toward which items the proceeds of this bond issue faster service thantwenty
days from New York to Valparaiso, with corBuenos Aires and
The
will be directed.
responding fast time to other South American ports on both coasts.
and
For the five years ended June 30 1927 the consolidated merchant marine of the United States has risen to the emergency
accommodain passenger and freight
earnings of the company and its principal subsidiaries, at matches and exceeds itsin competitors
business.
getting and holding
tions and in alertness
acknowledged
prevailing rates of exchange at the close of each fiscal year,
"In the essential matters which make for trade, it must be
achievements without any knowledge of them,
our
depreciation,
for
question
by those who
available for interest before provisions
steadily from year to year while our rivals are
obsolescence and charges for taxes based on income and on that we are gaining
imlosing ground. In Cuba, for instance, our share of the republic's
annually;
$3,480,000
over
dividends paid, have averaged
ports have increased from 53.7% in 1913 to 83% in 1925, while that of
we supplied 70%
equivalent to more than twice the combined annual interest England has decreased from 11.5% to 4%; in Mexico
republic's imports in 1925 as compared with 50.6% in 1913;
requirements on the outstanding underlying first mortgage of theEngland's
share fell during the same period from 13.9% to 8%.
while
bonds and the bonds of this issue. According to calcula"But it is in the most intensely competitive markets in South America,
in Brazil and Chille, where
tions, under the new process annual earnings available for particularly in the Argentine, as well as
comes. In all these three countries the United States was
test
true
the
interest payments after the completion of the new installa- considerably behind both England and Germany as an exporting nation
tions, should amount to approximately six times such com- in 1913. It is a remarkable symptom of our growth that in each one
combined trade amounts to one-third of that
bined annual interest requirements. Further data in con- of these countries, whosecontinent
we are now first, and are increasing
the South American
of
nection with the offering are given in our "Investment News rather than relinquishing our lead.
"The figures graphically tell the story. Our export trade to Argentina
Department," page 2809.
has increased from 14.5% of the republic's imports in 1913 to 23.4%
in 1925, while England's share has decreased in the same period from
31% to 21.6%; Germany's proportion in the same interval has dropped
Venetian Bank Arranges Loan of $5,000,000.
from 16.9% to below 13%. In Brazil our superiority is even more
The following is from the "Herald Tribune" of Nov. 15:
definitely established. Between 1913 and 1925 we increased our share
24.8%, while England's share deThe Mortgage Bank of the Venetian Provinces has arranged with E. H. of Brazil's imports from 15.7% to
to 22.5%, and Germany's
Rollins & Sons and J. & W. Seligman & Co. for a loan of $5.000.000 the creased during the same period from 24.5%
of Chile's imports inbonds to run for twenty-five years at 7%. Public offering is expected here from 17.5% to less than 10%. Our percentage
creased from 16.7% in 1913 to 27.5% in 1925. while England's was deshortly. The $5,000,000 is part of an authorized loan of $20.000,000.
24.6% to 13%.
The headquarters of the bank are in Verona and it operates in sixteen creasing from 29.9% to 20.7%, and Germany's from
"In the northerly South American countries our margin of precedence
provinces in northern Italy with a population of 6.000.000. Its principal
Ecuador
functions are the making of loans on non-industrial, agricultural, or urban as an exporter is even more marked. In Venezuela, Colombia,
real estate. Proceeds of the American financing will be lent on first mort- and Peru our proportion of the imports of these countries ranged from
39% in the case of Peru up to 54% in the case of Colombia fer the
gages.
our
The Mortgage Bank of the Venetian Provinces was established under spe- year 1925, aggregating for the group of countries more than that of
cial charter approved by royal decrees, organized by the saving banks of two leading competitors combined.
the cities of Verona, Padua, Bente°, Udine, Treviso and the Federal Credit
"Our growth of trade in these Northern countries of South America is
Bank for the reconstruction of the Venetian provinces. It took over the of primary importance, for there is no contiguous group of countries in
business of the real estate mortgage department of the Savings Bank of the the world that has more substantially increased its foreign trade since
City of Verona established in 1900, the savings banks of Trento, Trieste, 1913 than the five republics of Central America and six of Northern
Polo. Fiume and Gorzia.
South America, with Mexico, Cuba, Haiti and Santo Domingo. The
According to advices from London, strong influences are at work in Italy fifteen countries in this progressive trade belt have increased their exto obtain the removal of the present embargo on foreign loans. In some ports from about $505,000,000 in 1913 to about $1,125,000,000 in 1925,
instances, Count Volpi. the Minister of Finance, has found it impossible a growth of almost 125%, or substantially in excess of the corresponding
to refuse requests to borrow outside the country, and the Venetian loan is a growth of United States exports of a little less than 100% during the
case in point.
same period. The growth of the American share in their import trade from
less than 50% in 1913 to over 65% at the present time (1926) is a sufforeign
Secretary of Treasury Mellon Optimistic Regarding ficient commentary on the enterprise and success of American
trade in this rapidly growing field.
Business Conditions.
"These countries are certainly vital to our trade for we sold them in
Secretary of the Treasury Mellon is reported as stating 1926 more than $600,000,000 worth of goods, 13% of our total exports
compared with an annual average of sales of about $225,000,000 before
on Nov. 14 that he sees no factor in the present economic the war. Our export gains in this period aggregate over 160% since
situation that should lead to a business depression, and as the war, and there is no field anywhere in the world where the likelihood
declaring that present conditions were not unfavorable to a is greater that this growth will be held.
"The experts who have told us that our Latin American trade was a
continuation of satisfactory results in the business world. post-war
opportunity which would soon lapse neglected to consider such
According to the "United States Daily" Mr. Mellon ex- trifles as the Panama Canal, which has quadrupled the exports of our
and has produced an
plained, however, that there are conditions which might be West Coast to the East Coast of South America
corresponding effect from our own East Coast to the West Coast
termed "spotty" and mentioned that the steel and coal almost
that our cable comconsidered
of South America. They have also not
industries are somewhat weak, although he expects a better munication with Latin America is now almost twice as extensive as it
cables in Latin America totaled
turn in each of these. The account of Mr. Mellon's views, was before the war. In 1913 European ownedoperate
24,000 miles of cables
25,000 miles to our 14,000; today we
in that paper, went on to say:
while European cables remain about the same. In other words, American
business men
the
American
whole,
Secretary said, he is optimistic about conditions and news is now transmitted by American cables;
On the
believes that the present degree of prosperity is likely to be maintained, communicate with hcane quickly and much more cheaply than before
with some falling off as a result of conditions in those industries where the and the result on business has been extensive and permanent
trade is spotty.
While the income to those industries may not be so large as in other years,
it was the Secretary's view that there has not been a sufficient downward John Nickerson Sees Consolidations in Ice Industry
trend in any of them to warrant an expectation that Federal tax receipts
as Aid Thereto.
will be reduced as a result. He said, however, that the Department of the
Treasury cannot ascertain accurately yet what the effect will be, but it is
John Nickerson, head of John Nickerson & Co., of New
his personal belief that any loss now indicated will be offset by greater York, specialists in public utility securities, speaking on the
income in other industrial lines so that the total of Federal taxes will not
subject of ice consolidations before the annual convention of
be reduced to any great extent.
the National Association of Ice Industries at Atlanta on
Nov. 4 stated that the past two years have demonstrated
0. K. Davis of National Foreign Trade Council Declares
practical advantages of large groupings of ice properties
the
Our Exports to Latin America Exceed Those of
that the industry now faces a period of expansion along
and
Combined.
England, Germany and Franca
lines. Mr. Nickerson said:
these
In depicting the change which our relations with Latin
"The ice ir.dustry, because Its product is so vital to the health and
America have undergone in the past few years, 0. K. Davis, welfare of the public, should exert every influence to render a larger
Secretary of the National Foreign Trade Oouncil, declares and more efficient service. Consolidations in the industry effected during
the past few years have aided in completely revolutionizing the type
that "we are selling the twenty republics South of us of
service which the modern ice company renders. Recognizing that
a hundred million dollars' worth of goods a year more than they must sell refrigeration service rather than just ice, these comconception of its job. ExEngland, German and France combined and that practically panies are bringing to the industry aice,new
uniform delivery schedules and
tensive advertising campaigns, scored
market
a
finds
trade
now
export
entire
our
of
-fifth
one
modern sales merchandising have enabled progressive companies to mainbetween the Rio Grande and Cape Horn." In part Mr. Davis tain a high volume of sales in 1927 despite summer temperatures
below normal.
says:
2754
THE CHRONICLE
"From a financial standpoint, consolidations are making possible substantial economies through elimination of duplicate
delivery services
and office personnel. The large company, furthermore, has the resources
to employ the best available engineering, sales, and research forces.
For the investor, the large organization, serving many communities with
various types of refrigeration service, provides greater stability of
earning power through diversification of territory and services.
"Mechanical refrigeration has ceased to be a concern of
ice industry. The past two years have definitely established thethefact
that
both industries have separate and distinct fields for expansion. The continued increase in sales of ice during the past two years despite the competition of millions of dollars spent in merchandising merchanical refrigerators, has established the fact that the ice industry occupies
the
dominant position of stability and importance and will continue
furnish
the major part of the nation's refrigeration requirements Intothe
face
of these obstacles, the ice industry has been able to maintain its tonnage output and sales volume at a record peak."
[VOL. 125.
sources reported by 7,796 associations on June 30, 1927,
the date of the previous call, and $1,529,975,000 the total
figures shown for the call at the close of business on
December 31, 1926, when there were 7,912 national banks.
In his announcement of Nov. 17 the comptroller also says:
Loans and discounts, including rediscounts,
banks on October
10, 1927, amounted to $14,366,926,000, and of the an
increase since
June of $411,230,000, and an increase since showed
December last of $793,651,000. Investments in United States Governme
nt securities of
$L,675,542,000 were increased since June and December
$79,364,000
and $392,971,000, respectively. Other miscellan
eous
and securities totaling $3,941,438,000, exceed the June figures by bonds
$144,398,000, and
were $433,617,000 more than reported in December, 1926.
Balances due from correspondent banks and
including lawful
reserve and items in process of collection withbankers
reserve banks,
totaled $4,378,517,000, and showed decreases Federal
of
$45,005,0
00 and
$158,787,000 in the amount of those items reported in June of this
year
and December last year, respectively.
Paid in capital stock of $1,499,384,000 was $25,211,000 in excess of
the amount in June, and exceeded the
in December by
$86,661,000. Surplus and undivided profits capital
aggregated $1,844,511,000,
and were $79,145,000 more than in June, and
$150,315,000 more than
in December.
Liabilities for circulating notes outstanding amounted to $649,886,000,
which were $1,060,000 less than reported in June but $3,437,00
0 more
than in December, 1926.
Deposit liabilities were $22,287,238,000, exceeding bq $512,115,000
the
amount reported in June, and showed an increase of $1,423,24
since
December. In the classification of deposits are included7,000
balances
due correspondent banks and bankers of
9,000, which showed
an increase of $120,432,000 since June and$3,516,35
December
an
increase
since
of $92,718,000; demand deposits, including United States deposits,
totaling $11,179,935,000, exceeding the amount in
June by $116,363,000,
and showed an increase since last December
000, and tune
deposits, including postal savings, amountingofto$273,027,
$7,590,944,000, which
showed increases since June and December of
$275,320,000 and
$1,057,502,000, respectively. Total individual deposits
and demand) were $18,515,255,000 on October 10, 1927, and (time
United States
deposits on the same date aggregated $256,624,000.
Liabilities for money borrowed, on account of bills payable of
$235,759,000, and rediscounts of $80,571,0
00, totaled $316,330,000, and
showed a decrease of $51,712,0
00 since June, and a decrease of
$213,979,000 since December.
The percentage of loans and discounts to total deposits
on October
10, 1927, was 64.46, compared with
64.09 on June 30, 1927, and 65.06
on December 31, 1926.
Securities Taken, But Not "All Sold"-Goldman,Sachs
& Co. in United Biscuit Financing Drop Customary
Label-New Policy Expected to Spread in Accordance with Views of I. B. A.
The omission from the advertisement of public offering
of securities of the United Biscuit Co. of America by Goldman,Sachs & Co. on Nov. 16 of the familiar "all sold" clause
provided a topic for discussion among investment bankers,
said the New York "Evening Post" of that date, continuing,
it said:
The banking firm's decision not to include the usual announcement of
oversubscription of the issues marks a departure
line with suggestions
advanced at the last annual:meeting of the Investmein
nt Bankers' Association.
As a matter of fact, the offering was heavily over subscribe
d,according to
members of the firm, and evidence of this was
in the fact that the
preferred shares sold at a premium of more than found
points above the offering
price of 103 when the shares were introduced 5trading
on the New York
Curb market. The common stock advanced 5 to
points
to 33from the offering
price of 28.
Goldman, Sachs & Co. has been considering for some time adoption of
the new policy. because it was felt the "all sold" clause,
although technically
correct, gave the public an erroneous impressio
n. In financial circles it is
understood the words mean the issue in question
has been sold to dealers.
who undertake to distribute it at retail to the public.
As often as not,
the retail distribution is not accomplished for several
days after the "all
sold" notice appears in advertisements.
Several other banking firms, it is understood, are likely to follow the
new policy, believing the term has become meaningle
ss because of its indis- Five-Eighths of World's Deposits in American Banks
criminate use.
According to W. Randolph Burgess of Federa
l
Reserve Bank of New York.
Average Price of 113 Stocks Representing 13 Industries
At a luncheon and inspection on the new Fifth
Declined in October.
Avenue
Branch of the Chatham Phenix National Bank and
During the month of October the average price of
Trust
113 Compan
y on 55th Street on Nov. 10 attended by a number
stocks representing 13 different industries declined
over nine
of bankers and representatives of trade and civic
iiiaccording
index of iecurity-pricesiuTcOM
associa.
piled
by,theyew YorirTrust Co. The
.fall in price was felt in tions, Dr. W. Randolph Burgess, Assistant Federal Reserve
Agent
almost every indatryof the New York Federal Reserve Bank, cited figures
sa was particularly marked in the
showing the remarkable growth of America as a banking
stock of ten New York-bank-and -trust companies
which
continued the trend of the previous month with
a decline of nation. "Total bank deposits of the world at large," said
86 points. The stock of 25 railroads declined 6.72
Dr. Burgess, "were $84,000,000,000 at the end of 1926.
Of
points
and of 10 iron and steel convanies 7.45poi
nts. The stock this amount $52,000,000,000 were on deposit in American
prices in-the-lealheraird-shoe-indlistry and the tobacco banks. This means, as I was surprised to learn, that
industry advancedlightl--y. The listOf-66-bonds five-eighths of all the world's deposits are placed in Amerishowed an increase of .08 during the month
of October. can banks."
The trust company's index of security prices, average
The statement of Dr. Burgess follows:
bond
and stock prices, follows:
"The ,pening of this branch is an illustration of
extraordinary
development of banking in this country and city. In the
the Federal Reserve Bank of New York we have had in
recent
months
number of
c
Increase or Decrease
visitors from foreign countries. and as we
Average
as Compared to
with them our mutual
Bondsbanking problems the difference between discuss
banking here and in foreign
Oct. 31'27 Sept.3017. Dec. 31'26. countries is constantly emphasized.
Bank credit serves in general a
wider
function
in
this
5 Liberty and Treasury
country.
The
use
of
103.92
+.24
bank check particularly
+42
18 Foreign Government and City
is much more widespread. In most foreign the
104.65
-.99
+61
countries they make a far
20 Railroad
higher percentage of their payments in currency.
98.05
+.6O
+3.74
10 Public utility
97.10
+.33
+1.30
"One result of this difference is that
10 Industrial
101.77
deposits in this country
+27
+65
are probably larger than in all the rest ofbank
5 Telephone and telegraph
104.10
+05
the world put together. The
+1.98
available
records
do
not
admit
of
a
completel
y
Average
101.59
but from the figures which can be procured, satisfactory comparison,
+08
+1.45
the League of Nations
statistical office has recently made a tabulation
Stocksof bank deposits in 41
25 Railroad
principal
countries.
119.29
When
this
-6.72
+13.63
tabulation is converted into dollars at
10 Iron and Steel
55.87
current rates of exchange, it shows
-7.45
-1.60
that
5 Railroad equipment
the end of 1925 the United
121.10
-2.82
+25.05
States apparently had a total of 52 billionat dollars
9 Motor (incl. accessories)
53.91
-1.81
of bank deposits, out
+4.23
5 Rubber (incl. tires)
of a world total of 84 billion. These
44.55
-5.40
+12.75
figures
5 Shipping
United States has something like five-eighths ofwould indicate that the
45.45
-2.52
+3.85
5 Sugar
the
world's total bank
29.40
-6.67
-7.10
deposits, and to support these deposits she has a
5 Leather and shoe
31.75
+1.00
little less than half of
+7.88
the
world's
5 Tobacco
momentar
y
gold.
This
new
95.57
branch of the Chatham & Phenix
+02
+13.77
10 Public utility
Bank, set down at the doors of the business
125.20
-1.03
+16.94
men of this community, ready
10 Copper
49.90
-1.26
to serve them, illustrates the reason why we
+3.27
9 Oils
have had in this country
48.97
-1.23
-3.97
so huge a development in banking.
10 N.Y. bank and trust companies
871.30
-88.30 +126.50
The rapidity of development of branch banking
in New York city Is
Average
130.15
shown by the fact that as recently as
-9.39
-18.53
there was only one branch
In New York City, whereas at the close 1898
of
1926 there was 365 branches,
and the number has been increased since then.
Meanwhile, however, the
total number of banks in the city has remained
National Bank Resources October 10 Largest Ever
In the year 1889 there were 142 commercial bankspractically stationary.
Reported.
in the city, whereas
at the close of 1926 there were 143.
increase in banking facilities
Comptroller of the Currency McIntosh announced Nov. in recent years has been provided almostThe
wholly through the establishment
17 that the total resources of 7,804 reporting national of branches. This of course, does not mean that there have
been no new
independent banks
'
darted,
but
they
have
been more than compensated
banks in the continental United States, Alaska and Hawaii for by bank mergers and
consolidations."
on October 10, 1927, the date of the last call, aggregated
In commenting on the northward march
of his institu$27,213,824,000, the largest amount ever reported in the tion, Louis G. Kaufma
n, President of the Bank, who acted
history of the system, exceeding by $631,881,000 the re- as host, predicted
that the territory In and around the
Nov. 19 1927.]
THE CHRONICLE
2755
identified a number of well-known and highly reputable
"fifties" would become the financial center of New York.
banking houses.
He said:
Of the remainder, the so-called "bankers' share" organizaby
"If sane statistician could clock the hours that are wasted each
their travels tions are in a very different category. They generally proby employes and employers living in uptown New York in
of hours
to down-town New York he would find that many thousands
way of purchasing as few as ten well-known stocks
of ceed by
were consumed unnecessarily in transit, and thus many millions
(frequently all arising out of a single industry)
bonds
or
dollars worth of energy lost."
them with a corporate trustee, which prodepositing
and
Mr.
Branch,
Avenue
Of the opening of the new Fifth
this collateral either trustee shares,
against
issue
to
ceeds
Kaufman said:
shares, or investors' certificates. Apart
bond
shares,
bankers'
pioneer
the
was
Phenix
"This is a dream cane true. The Chatham
is organized,
national bank to operate branches; this represents the latest step in our from the narrow basis on which the whole
program to provide the most modern and complete series of branch offices difficulty is frequently experienced in changing the colthat long experience, adequate resources and the best of technical facilities
lateral security, and the element of constant alertness for
can make possible."
which is so marked an attribute of the
Among the representatives of trade and civic organiza- new possibilities,
company management, is almost entirely
trust
British
best
tions present at the luncheon were: J. E. Gratke, Managing
is the "Massuchsetts trust," managed
type
third
A
Director of the Broadway Association; Herman Irion, Vice- absent
agent, and a fourth the "common law
fiscal
a
or
trustees
by
MarPresident of the Board of Trade and Transportation;
company, which either participates
a
by
managed
trust,"
tin Dodge of the Merchants Association; Thomas W. Hughes,
a fixed fee for management. The
receives
or
earnings
in
and
Horace
Association;
The
of
Fifth
Secretary
Avenue
a co-operative organization. Inlargely
is
named
last
Holt Griswold, Vice-President of The Park Avenue Assovestors may withdraw their money at any time, and no
ciation.
corporation taxes are paid on earnings. So far only four
Mr. Higgins believes that
W.C. Wood, State Superintendent of Banks, on Finan- such trusts have been formed.
the rapidity with which the whole movement has developed
cial Development of California.
conducive to much mistaken policy. He
"California now ranks as one of the leading States in the may have been
that the investment trust has come
consider
to
seem
would
Nation in financial development," says Will C. Wood, State
financial machinery, but that
America's
of
part
a
as
stay
Superintendent of Banks, under date of Nov. 10. "According to
the fringe of many problems, the
touched
scarcely
has
it
to figures compiled by our Research Division," says Superof which is vital to its success.
intendent Wood, "there has been a continued investment of solution
next year it should be possible to form an idea of
Early
of
capital in California banks and a remarkable growth
results of some'80 different American trusts,
financial
the
surplus and undivided profits during recent years. "The
should make interesting reading, in view
figures
the
and
to
in
on
he
this
goes
banking
State,"
in
total Investment
many have issued debentures and preferthat
fact
the
of
say, "has grown from $42,462,000 in 1880 to 0368,749,000
while about 5% is a fair average present
6%,
at
stock
ence
annual
an
average
This
represents
present
time.
at the
stocks in the American investment
common
good
on
yield
Increase of 5% since 1880, or of 6% since 1920. The sum
for 1880 comprised the paid up capital. surplus and un- market
divided profits of 10 savings banks, 54 State commercial
States Shares Corporation
banks, 32 private banks, 4 branches of foreign banks and 10 H. L. Rackliff of United
Investment Will Reach Billion DolTrust
Predicts
national banks, making a total of 120 banks. We now have
lars—More Than 350 Trusts in England and Pos240 national banks with approximately 436 branches, and
sibilities Are Greater Here.
804 State banks with 441 branches; in all 544 parent organiCommenting on the fact that the number of investment
zations with 877 branches, or 1421 separate banking estabtrusts in operation in this country has tripled during the
lishments."
last seven months, Herbert L. Rackliff, President of the
United States Shares Corporation, expressed the opinion
Investment Trusts in America
that it would not be surprising to see the total investment
[Editorial from London "Economia" of Nov A 1927]
Among the by-products of America's attainment of the in this type of security reach a billion dollars in the near
status of a great creditor nation has been her virtually new future. Mr. Rackliff added that while the number of investdiscovery of the British Investment Trust. To those whose ment trusts now doing business in this country was over 150,
memories of conditions in Great Britain go back even a it was still far behind that of Great Britain, where there
moderate number of years, there is an element of intense are 350 investment trusts in operation.
personal interest in the spectacle of a virile and wealthy
people, who received their financial schooling as inhabitants Under Secretary of Treasury Mills Reiterates that Corof the most influential debtor nation in the world's history,
poration Tax Is Out of Line and Should Be Lowconfronted with dramatic suddenness with the responsibiliered—Advocates Amendment to Liberty Loan Act
ties and perplexities inseparable from their new position,
Exempting Bonds From Surtax as Well as Normal
and compelled to proceed by the method of trial and error
Tax.
along the path trodden by Englishmen forty or fifty years
Speaking before a joint meeting on Nov. 11 of the stock
ago.
holders of the Federal Reserve Bank of Boston and the Eeon
American financial knowledge and psychology, American omic Club of Worcester, under Secretary of the Treasury
money market machinery, and American law itself, have Ogden L. Mills, reiterated his views respecting the corporaall been built up in response to the necessities of the tax of 13%%, stating that "certainly there is no economic
"debtor regime" when the nation's prime task was the justification for postponing the reduction of a rate admittedly
finding, by some means or other, of sufficient new capital out of line." Mr. Mills also stated that "the Treasury Deto ensure the continuous exploitation of the resources Nature partment believes that Congress should give serious conhad so lavishly provided. To-day the position is reversed. sideration to an amendment of the Second Liberty Loan
New money is constantly seeking fresh channels of invest- Act, as amended, authorizing the Secretary of the Treasury
ment, and in the process of somewhat hastily extemporizing in issuing securities in the future to make them exempt from
the necessary technique, that peculiarly British institution, the surtax as well as the normal tax." Mr. Mills' speech,
the inveStment trust, has come in for a large share of atten- in full, as given in the "United States Daily", follows:
tion.
For the fourth time in seven years the state of Federal finances is such as
the country,
According to Edward Higgins, an American observer who to permit a substantial reduction of taxes. The prosperity ofmanagement
a sound policy of debt retirement, and wise and economical
has done much valuable pioneer work in this respect, there of public affairs have combined to produce this favorable situation.
The causes are obvious enough, yet in their eagerness to avail themselves
are to-day just over 100 investment trusts in the United
the fruits, some people seem inclined to overlook the facts, and to create
States, with resources of approximately $500,000,000, some ofsituation
which will make difficult like efficiency in the future. As I
a
been
have
formed
during the last three years. shall point out a little later, excessive or ill-advised tax reduction is not
95 of which
Many of these companies, however, would scarcely be recog- without its serious consequences.
nized as legitimate investment trusts in Great Britain, nor
Tax System Believed Just.
Rather from accident than from design, out Federal tax system is, on
would their methods receive universal approbation. Rather
a well balanced and equitable one. By that, I mean that direct
less than half the total companies are, in fact, investment the whole, as
taxes—or, I use this term, those taxes that are not, generally speaking,
trusts properly so-called--corporations which have issued passed on to the consumer—and indirect taxes—or those that are passed
debentures, preferred and common stocks to the public, and on—are fairly well apportioned.
As a consequence, there is a reasonable distribution of the burden in
Invested the proceeds in a large number of securities cover- accordance with ability to pay. We received last year in direct taxes—that
ing many sections of the American field. With them are is. income or estate taxes—approximately $2,320,000,000, and in indirect
2756
THE CHRONICLE
taxes—that is,customs and miscellaneous Internal
revenue—approximately
$1,150,000.000.
It is obvious that the scales lean very definitely
in favor of those who
are not subject to direct taxes; and, while such
lack of balance is unquestionably proper, yet inequalities do exist that
are hard to justify,inequalities
that will necessarily be accentuated should
some of the existing excise taxes
be repealed.
They are traceable, in the main, to two causes:
First, the number of
direct taxpayers making a real contribution to the support
of Government
Is too limited; in the second place, the rates imposed
on some classes of
direct taxpayers are out of line. Under the first head,
I classify individual
Income taxpayers; under the second, corporations
or their stockholders.
Under the Revenue Act of 1926, more than 44%
of the individual taxpayers were relieved from income tax payments.
In 1924. 4.489.698 individuals returned taxable net income; whereas, in 1925 the
number had
had fallen to 2,501,166. For 1926, 9,560 taxpayers returning
net income
in excess of $100.000 returned about 49% of the total
tax returned, and
327,018 individuals returning net income of $10,000 and over
returned
$701.497,726 out of a total of $734,555,183.
[VOL. 125.
There are,to be sure,other desirable changes,
such as the revision ofrates
applicable to the intermediate individual income
tax brackets and the
repeal of the Federal estate tax.
In undertaking, however, this or any other
tax revision, there are two
outstanding factors which must be kept constantly
in mind—first, the
revenue needs of the Government; and secondly,
strict adherence to the
sound financial practices that have hitherto
prevailed. Substantial tax
reduction is assured in any event, and even
if it were not, after three tax
revisions downward our present situation is
by no means intolerable.
Under these happy circumstances, there can
be no conceivable excuse for
abandoning the sound principle of a balanced
budget, and by a balancedbudget I mean that revenues shall be adequate
to cover all expenditures In
any given fiscal year, so that It will be
unnecessary to resort to borrowing
in order to meet expenditures chargeable against
ordinary receipts.
We have been pretty critical of foreign
countries when they, under most
difficult circumstances, have failed to oberve the
principle of a balanced
budget, and have prided ourselves on our strict adherence
to this principle.
It is surprising, therefore, to see responsible business
men advising the
Congress to follow a course that will almost inevitably
lead to an unbalanced
budget. I am referring to those gentlemen who, without
detailed and careful study of either expenditures or probable receipts, are urging tax
reductions that in the aggregate far exceed the figures indicated
as possible by
the official estimates.
They do not criticize the estimates in detail, they do not point
out in
what respects, if any, they err—they satisfy themselves
and expect others
to be satisfied with the argument that in the past surpluses
have exceeded
estimates, and on the strength of that argument alone they urge the Congress to reduce taxes by $400,000,000. with a continuing surplus of only
$275,000,000 in sight. They would not run their own businesses on any
such haphazard basis, and they should not advice public servants to
run
the public business along lines less conservative than they observe in protecting their private interests.
Few Individuals Pay Most of Tax.
In other words, of those reporting taxes due, 2.174,148 individuals
returned approximately $33.000,000 of tax, while 327,018 individuals
returned
$701,000,000 of tax. According to these returns less than 0.3
of 1% of
our population returned 95M % of our total income tax; about
1.9% returned
4h% and the remaining 97.8% of the population returned
no tax whatever. For those returning taxable net income not in
excess of $5,000.
the rate was 0.29 of 1%. For those returning taxable income,
in excess
of $5,000, but not in excess of $10,000. 0.58 of 1%.
These figures make it only too clear that, in so far as
individuals are
concerned, the income tax has ceased to be a national
tax and has become
a class tax of very limited character. This is a situation which
must be
accepted. The water is over the dam. But, as between
individual income taxpayers, some of the inequalities should be ironed
Large Surpluses Ascribed to Extraordinary Receipts.
out by revision
of the rates applicable to the so-called intermediate brackets.
Just a word about these so-called excessive surpluses of the past few years
Turning, now,to our second group,that is to say,the corporation
interesting
It
is
s or their
to note that if we exclude back tax collections, less internal
stockholders, you will have noted that I treat the corporation
income tax as revenue refunds, and the receipts from the disposal of such capital assets as
a direct tax, which, according to the definition I have given,
implies that it railroad securities, Farm Loan bonds, assets of the War Finance Corp., and
is not passed on to the consumer, and must, therefore,
be paid by the surplus war material, in the year 1923. there would not have been a surplus,
stockholder.
but a deficit of $89,000,000; in the year 1924, a surplus of but $169,000.00
0;
I know that many business men will challenge such a conclusion,
but, In the year 1925, a deficit of $93.000,030; in the year 1926 a surplus of
leaving aside the indirect, effects of such a tax, more especially
when levied $162,000,000; and, in 1927, of $221,000,000. instead of $635,000,000; while
at high or excessive rates, and admitting that there are
exceptions to the the surpluses of 1928 and 1929, exclusive of special receipts from the above.
rule, ray Individual r pinion is that except under unusual
circumstances, a named sources, are estimated at 5137,000,000 and $199,000.000, restax on net income cannot be shifted by the person on whom
it is laid in the pectively.
form of an add,tion to price. This, I repeat, is simply my
Of the $2.000,000.000 approximately of debt retired from surplus during
own personal
conclusion. Mt it is supported by competent authority.
the five fiscal years ending June 30 1927. no less than $1,700,000,000 is
It is in agreement with the work of the Committee on
National Debt accounted for by these special temporary items, and no less than $1.700,and Taxation of Great Britain, charged with the duty
of investigating 000.000 is accounted realization of capital assets. It must be conceded
that
the incidence of income tax. That Committee decided
that the issue there could be no better application of the proceeds of the sale of capital
could be reduced to a question of fact subject to statistical
study. Such assets than to the reduction of the national debt.
a study was made by them for the two fiscal years 1920-21
These figures present a pretty complete answer to those people who, far
and 1922-23,
the income tax returns of a sample of all public companies or
corporations from rejoicing over the existence of these surpluses, and our consequent abilbeing used as a source for the necessary data. The tabulated data
indicated: ity to reduce the burden of the national debt,deplore them as evidences of an
(1) A significant proportion of the total sales in each
industry were imaginary injustice to taxpayers.
made at no profit or at a loss during each quarter of the
two years studied.
For my part. I am confident that the great body of the American
people
(2) The medium range of sales were made at no profit
or at small profit desire to see the finances of the Federal government so conducted
that a
ratios.
policy will be maintained which without fail will insure a balanced budget
(3) The trend of profits during the quarter periods
studied followed year in and year out, and at the same time permit the steady reduction
of
the trend in prices.
the national debt at a reasonably rapid rate.
The conclusion of the committee was that prices are
determined in the
There is no immediate danger in so far as the second policy is concerned,
Immediate market, and that the marginal producers—
those making no but the day is not far distant when,in the name of tax reduction
and ofrelievprofits—control a significant proportion of the volume
of sales at any ng the present generation, we may be urged to reduce the amount
applicable
time. Under such circumstances, it would be impossible
to shift the tax. o sinking fund retirements or to change the provision of law whereby
the
The committee stated: "We conclude that
the broad economic argument epayment of the principal of our foreign debts is
applied
to
reduction
the
is true over the whole field, and for approximate
ly the whole of the time, f our national debt. Indeed, the second proposition has
already been
any exceptions being local or temporary and
insufficient to invalidate it." dvanced in responsible quarters.
Conditions in this country do not seem
to be essentially different. PreSuch suggestions do not take into consideration how heavy debt servicp
liminary Statistics of Income for 1926
show that, whereas 249,000 cor- charges are—we had paid some eight billions in interest on
our war debt ut
porations reported a profit, no less than
164,000 reported deficits aggre- to June 30 last—and how rapidly they increase with the length
of the life o
gating over two billion dollars.
the debt. Thus, for instance, if we retire a debt of $25,000,000,000 uniIt seems probable, therefore, that in the
main our present tax of 1335% formly over a 25-year term,and pay an average rate of interest
of 4 %,the
on the net income of corporations ultimately
comes out of the pockets of total interest cost will be $16,000,000,000. If the term
is made 30 years,
the owners of the corporations, the stockholder
s. Certainly there is no over 3% billion is added to the total interest. If 62 years is taken,
as
economic Justification for postponing the reduction
of a rate admittedly some persons have urged, total interest would be $46.282,000,000, or
out of line, on the theory that the entire tax
nearly
was passed on to the con- twice the original principal. So, whereas a 25-year program would
cost a
sumers last year and that an immediate reduction must,
therefore, neces- total of $41,000,000.000. a 62-year program would cost $71,000,000
,000.
sarily spell a bonus to the corporations.
Special Attention Given to Problem of Debt.
Deficits Are Reported by Many Companies.
Along with tax reduction, the economic and orderly management of the
It has been estimated that there are some 3,000,000
stockholders in the public debt has been the special problem of the treasury since the close o
United States. There are probably more. These 3,000,000
stockholders the war. I wish now to direct your attention to a particular phase of thP
pay more than their just share of taxes not only as compared with other problem, namely, the tax-exempt feature
of Federal bonds.
income taxpayers, but as compared with all other classes of taxpayers.
As early as 1921 the treasury favored an amendment to
In
the Constitution
so far as the individual income taxpayers are concerned, it
must be permitting the United States to tax incomes derived from securities issued
remembered that there are only 2,500,000 of them; that the average
rate by the States and their political subdivisions after the ratification of the
of tax on their ircome has been reduced to 4.20%; that less than
9,000 pay amendment, and conversely, permitting each State to tax the income
at the rate of 13%% on their taxable income; and that that rate
applies derived by its residents from securities issued under the authority of the
only to net Incomes in excess of 5110.000, whereas the 3,000.000
stockholders United States.
are taxed at the rate of 13%% on their proportionate share of
As recently as 1925 the Treasury Department has
the income
called the attention of
of the corporation, and this irrespective of whether their individual
income the Congress to the evils arising from the existence of great masses of taxIs sufficiently great to subject them to the individual income
tax as that exempt securities which offered to the wealthy the means of avoiding the
rate, or, for that matter, to any individual income tax at all,
payment of income taxes to the Federal Government.
Comparing the tax paid by corporations, that is, by their
In the Sixty-seventh Congress a resolution providing
stockholders,
for an amendment to
with all other classes of taxpayers, it will be found that last
the
Constitution along the lines above indicated passed the
year. exclusive
House, but was
of back taxes, the former as such contributed $1,125,000,000 to the
not
acted on by the Senate. In the Sixty-eighth Congress
Federal
a similar resoluGovernment, as contrasted with 5763.000,000 paid by individual
income tion was defeated in the House by 41 votes. No further action looking
to
taxpayers, many of them, of course, stockholders, and with
$1,150,000.000 the submission of such an amendment to the States has been taken.
paid through indirect taxes by our entire population of
It is probable that the time when such an amendment
114,000,000 people.
been
could have
There is no logic or justice in such a discrimination.
There are, to be effective has passed. There are now outstanding $15,946,000,000 of wholly
sure, many advantages in the corporate form of conducting
business, but tax-exempt securities, of which $11,841,000,000 have been issued by the
these certainly do not constitute sufficient justification for
such a dispro- States and their political subdivisions, $145,000.000 by territories and inportionate tax burden.
sular possessions, $2,165,000,000 by the United States Government
, and
31.795,000.000 by the Federal Farm Loan System. Since
Continuance Favored of Indirect Levies.
these securities
are being issued at the rate of over a billion dollars a year is apparent that
it
Looking, then, at the whole picture, and not just selfishly
at some so many will be in existence before the Constitutional amendment in question
• particular part, the most important feature of any tax
revision program could be submitted and accepted by the necessary number of States that
should be a reduction of the corporate tax rate, and,
form a negative it would be ineffective.
standpoint, if we desire to retain some measure of
balance between direct
Moreover,the Revenue Act of 1926 reduced surtax rates
to such an extent
and indirect taxes, there should be no further repeal at present
of existing that the inducement to avoid them by resort to investment in tax-exempt
excise or indirect taxes. It must • not be fogotten that,
whatever the securities has to a very large extent disappeared. The Statistics of Income
intentions of the framers of the 1926 Revenue Act, the
result as shown by for 1925 show that the total amount of tax-exempt securities returned
the first full year of its operation were that indirect taxes
yielded $197,- by individuals was $5,041,000,000. The income received from these secur000.000 less and direct taxes $192,000,000 more. Automobile
taxes were ities amounted to $230.000,000. Had these securities been fully taxable,the
educed about $72,000.000
revenue to the Government would not have been in excess of $11,000,000.
I.
Nov. 191927.1
THE CHRONICLE
Given all these circumstances. I have reached the conclusion that the
reasons which led the Treasury to urge the adoption of a Constitutional
amendment relating to tax-exempt s ecnrities have been so modified by
time and subsequent events, including the failure of two separate Congresses
to act in the matter, as to justify a reconsideration of the problem and the
following conclusions:
Advocates Relieving U. S. Bonds from Sur Taxes.
If States and their political subdivisions are to continue to issue
tax-exempt securities at the rate of a billion doihrs a yetr, there is no
logical reason why the Federal Government should continue to issue its
securities under a provision of law which only permits exemption from
the normal tax.
This puts the Federal Government at a serious disadvantage which
is very considerably mitigated, however, owing to the fact that corporations are subject only to the normal tax and that United States securities
held by corporations are therefore tax-exempt.
On the other hand, this very situation makes it difficult. if not impossible,
for the United States Government to sell new issues of its securities to individual Investors. United States securities are sufficiently attractive
to corporations so that the latter are more than willing to take the entire
block of new issues offered from time to time. This being the case, the
price which corporations are willing to pay Inevitably fixes the price at
which the United States is able to market its securities, and since the corporations are wholly tax-exempt on their income from such securities,
whereas the individual income derived from these securities is subject to the
surtax, the former are in a position to pay a price which might well make
the securities unattractive from the standpoint of the individual investor.
Thus, for instance, the Treasury 3%% bonds were selling on Oct. 4 on a
On that basis they would have yielded to a man
basis to yield 3.25%
with an income of 1100,000 from other sources, after tax payment, but
2.60%; to a man with an income of $50,000, 2.83% ; and to a man with an
income of $25,000, 3.02%; whereas, the corporation would get the full
yield of 3.25%.
Three and one-half per cent 3-5 year Treasury notes were selling on Oct.4
on a basis to yield 3.51%; they would yield but 2.81, 3.05, and 3.26 to individual investors with incomes of $:00,000. $50,000 and $25,000, respectively, as compared with a yield of 3.51 to the corporation.
The corporations were thus able to obtain the full advantage of the extraordinary quality of a United States security from the standpoint of safety,
and because of this tax-exempt feature obtain a return equivalent, in so
far as the 3 % Treasury bonds are concerned. to 3.76% on a taxable
security, and insofar as the 33i% Treasury notes are concerned, equivalent
to 4.06 on a taxable security. But this obviously is not true of the individual investor.
2757
Matter Is Laid Over.
There was an opinion expressed that the loss in revenue might not be as
much as $4,000.000 as estimated by the Joint Committee as a result of the
opinion as to earned income recommended by the Joint Committee. We
talked for more than an hour and a half without reaching any conclusion on
this subject. The matter was then laid over, pending the receipt of the estimate from the Treasury as to the effect of the Joint Committee's provision.
Next we took up the Joint Committee's proposal regarding capital gains
and losses. The Joint Committee had recommended no change as to this
provision in the existing law.
After the committee had debated the subject. the Chairman announced
that since there had been no motion for entertaining the Joint Committee's
recommendation, it would be considered as adopted.
Evasion of Surtaxes.
Then the committee passed on to Section 220. relating to evasion of surtaxes. We talked on that subject without coming to any conclusion. The
subject will be resumed when the committee meets Nov. 15. The Joint
Committee did not agree on that subject and the Ways and Means Committee could not agree at their meeting. If the Ways and Means Committee does not take any action, I personally favor that the section remain as
it is. I do not think that it is entirely ineffective. On the contrary, I
think it has had considerable effect.
The committee passed the resolution that the Chairman should give a
brief summary of what the committee does. That was accepted in accord
with the previous practice of the committee.
The committee will meet at 10 o'clock Nov. 15.
Wide Distribution of United States Securities Impossible With a Continuance
of Surplus Taxes.
The Treasury Department is sometimes criticized for not making a
greater effort to distribute its securities more widely. The situation above
described under which United States securities are wholly tax exempt when
held by corporations, but not wholly tax exempt when held by individuals,
makes it Impossible to do so. Such a situation is undesirable.
During the War, Government securities were very widely distributed, as
the result of vigorous campaigns conducted in every community, and which
reached almost every home. At the time, it was held, and ri2htly held,
that it was desirable, If Government securities were to be issued in large
blocks, that they should be held by as many separate individuals as possible
rather than in the hands of a few large holders.
Such a feeling was sound. It is still sound to-day. But under existing
circumstances, as the war loans are gradually being refunded into securities
bearing a lower rate of Interest---and there would be no justification, of
course, for not refunding them—the number of holders of United States
securities tends constantly to become more limited.
How could it be othtrwise, when States and municipalities are In a
position to issue their securities free from all taxation_ The average rate
of interest paid by all States on their total indebtedness during 1926 was
about 4.14%. New York State municipal stock with a life of 30 Years
sells on a basis to yield 4% to the individual investor, while the man with
an income of $25,000 will receive but a net yield of 3.02% on a 16-20-year
3 % United States Government bond. Moreover, even after Federal
taxes, he can re.dve approximately 4% on the highest grade of public
utility bonds.
These figures make it perfectly apparent that in so far as the individual
investor is concerned, the United States government is at a serious disadvantage to-day in marketing its securities because of the provision in the
Liberty Loan Act which limits the tax-exempt privilege to the normal tax.
Under these circumstances, the Treasury Department believes that the
Commas should give serious consideration to an amendment of the Second
Liberty Loan Act, as amended, authorizing the Secretary of the Treasury
In issuing securities in the future to make them exempt from the surtax
as well as the normal tax.
The enactment of such an amendment would not in any way interfere
with the adoption of an amendment permitting the taxation of so-called
tax-exempt securities, should Congress and the States deem this to be
desirable. But, pending its adoption, there is no reason why the Treasury
Department should be put at a disadvantage in the marketing of its securities as compared with States and their subdivisions, or why individual
investors who desire to acquire United States Government securities should
be discriminated against.
Taking the long-time view of the situation, I believe that the enactment of
such a Constitutional amendment is desirable, for I consider it inconsistent
with our principles of democratic government that our laws be so framed as
to permit any class of our citizens to escape their Just tax obligations.
These executive meetings of the committee follow the
public hearings which were held by it from Oct. 31 to Nov. 10,
and which have been referred to each week in these columns,
the item in our issue of Nov. 12, having appeared on page
2627. It was pointed out on Nov. 13 by the Washington
correspondent of the New York "Journal of Commerce"
that the Congressional Joint Committee on Internal Revenue
Taxation has passed on to the House Ways and Means
Committee and the Senate Finance Committee the resp3nsibility for effecting any changes in the provisions of the
present tax law dealing with evasion of surtaxes by incorporation. The article quoted continued:
The joint committee yesterday concluded its consideration of the report
of its staff, approving practically all its recommendations aside from the
evasion provision, and will submit the same to the Ways and Means Committee at the executive sessions of the latter beginning to-morrow afternoon.
The specific subjects dealt with in this report included earned income,
capital gains and losses, installment sales, consolidated returns. Federal
tax liens, transferees of property, the bar of the statute of limitations, the
periods of limitation, basis for gain or loss on sales by an executor. Interest
on overpayments and underpayments, deductibility of estate and inher.tance
taxes and extension of time for payment of deficiencies.
Surtax Evasion a Problem.
While each of these is of considerable interest, the big outstanding feature
was that of surtax evasion by incorporation as covered In Section 220 of
the present revenue law.
The text of the staff report was substantially as follows:
"The Congress has recognized since 1913 that corporations could be
formed, or availed of, for the purpose of avoiding surtaxes on the stockholders of such corporations. If a corporation permits its earnings to
accumulate instead of declaring dividends, which are subject to surtax.
the stockholders will escape such surtax as would have been payable if a
distribution had been made.
"In order to prevent avoidance the present revenue Act, in Section 220,
provides for a tax of 50% on the net income (including dividends received)
of a corporation which permits its gains and profits to accumulate for the
purpose of preventing the imposition of the surtax upon its stockholders.
It is further provided that 'the fact that any corporation is a mere holding
or investment company, or that the gains and profits are permitted to
accumulate beyond the reasonable needs of the business,shall be prima fade
evidence of a purpose to escape the surtax.
"A careful investigation of this subject and of individual cases which
appear to come within the scope of the provision has been made, resulting
in the conclusion that the present statute is obscure and difficult of administration. The provision has been effective only in so far as it has deterred
the formation of personal holding companies or has stimulated distributions.
Difficulties of Application.
"The two greatest difficulties facing the Administration in applying the
present provision consist, first, in proving the 'purpose' to evade, and,
second. In proving what constitutes the reasonable needs of the business.'
The evidence necessary to prove the first point is almost always unobtainable, and the definition of the reasonable needs of a business, required in
the second case, is generally beyond the power of the Bureau, at least in
the case of operating companies.
"The incentive to incorporate in order to avoid surtaxes has largely disappeared. In fact, there is now noted a tendency to disincorporate. Today a resident of New York, subject to the maximum surtax, who holds
property through a corporation, pays in Federal and State taxes on the
insuStatxe htaexwaonutildnpoarmy
eohuala xfaivhe
enw
:ta :Tat:
,
arr issnisho
t;
corporate
as
individual;
an individual and he remains liable to thatsurtax on the amounts distributed
by the corporation as dividends.
"A provision is suggested which will tend to give some incentive to corporations to make reasonable distributions, without going to the extent of
Drafting of New Revenue Legislation Begun by House forcing
unwise distributions. The principle can be stated as follows:
"Allow the corporation a deduction in computing net income equal to.
Ways and Means Committee—Joint Committee's say,
20% of the excess of dividends paid over dividends received, the deduction in no case to be more than, say, 25% of the corporation's taxable net
Report on Taxation.
income before such deduction. In the computation no account should be
The first of a series of executive meetings to consider the taken of stock dividends.
"Another very important advantage of this method consists in the fact
revision of Federal taxes was held on Nov. 14 by the House that
the full benefit of the deduction could be secured by small corporations.
which
are now at a distinct disadvantage in comparison with partnerships.
by
Means
conferences
held
following
and
Committee,
Ways
Would Repeal Section 220.
its Chairman, Representative Green (Republican) of Council
"If such a deduction in respect of distributed dividends is approved, we
Bluffs, Ia., and the Chairman of the Senate Committee on recommend the repeal of Section 220."
It was explained that the members of the Joint Committee could not
Finance, Senator Smoot (Republican) of Utah, with Presicome to a common agreement on methods for dealing with this matter.
dent Coolidge at the White House. And the meetings have Some of them approved the above recommendations, others opposed that,
been in progress from day to day since then. At the con- because, they alleged, it would penalize companies that built up a needed
There were suggestions that the provisions be made more definite,
clusion of the meeting on Nov. 14, according to the "United surplus.
particularly by removing the word "intent" from the clause providing
the
oral
made
following
Green
Chairman
Daily,"
States
where an unreasonable surplus has been accumulated there was involved
ntent to defraud the Government of taxes. The suggestion also was
s tement:
that the language should be such as to compel the Treasury to Beek
made
rearThe committee adopted as the basis of our program the proposed
pointed out that
rangement of income tax titles as reported to the Joint Committee on In- the imposition of penalties for evasion. Some members
and investment companies formed to
ternal Revenue Taxation and applied to that the recommendation of the they would like to "reach" holding
sources.
like
The Treasury
other
and
income from rents, securities
Joint Committee. This rearrangement was in Volume II of the Joint Com- receive
never has made an effort to collect penalties. There has never
mittee's report. We took up in committee, first the earned income pro- Department
case tried out in court.
vision,and reached no conclusion. Some of the members of the committee been a
The Joint Committee was informed by its experts that the Bureau of
wanted to get a Treasury estimate on the loss of revenue which would result
Internal Revenue appears to be in doubt as to the constitutionality of sec_
rom the proposal on earned income.
2758
THE CHRONICLE
tion 220 of the present law "and has evidently pursued the policy
of not
pressing these cases rather than forcing them into the courts
for a decision
on such constitutionality."
"I believe that something ought to be done with Section
220 at this session
of Congress because I believe that there is a large amount
of tax evasion
by companies that are merely holding and investment companies
carrying
on no regular business other than that," declared Representativ
e William
It. Green. who is Chairman of both the Joint Committee and the
Ways
and Means Committee. "As the matter now stands tax
evasion by the
many one-man corporations runs into many millions
of dollars annually."
Tax on Capital Gains Favored.
The staff report recommended that no change in the existing
law pertaining to the capital gains and losses section be recommended
to the
House. The reasons given were that the Government receives
from the
tax on capital gains a very considerable revenue over the credit
allowed for
capital net losses, having obtained in 1924. $39,567,328. and in 1925
$109.912.033, a two-year total of $149,479,361; that to eliminate the tax would
shift the tax burden from those taking gains to those taking losses; that
while eliminating some complications from the computation of taxes, new
complications would be created making it doubtful if there would be any
material gain in simplicity.
This report seemingly denies the contentions of witnesses appearing before
the Ways and Means Committee during the public hearings that dealers
selling merchandise on the installment basis were subject to discriminator
y
double taxation.
"The double-taxation feature in the past has not, in our opinion,
imposed
any seriously unjust burden." the staff report declared. "This conclusion
is strongly supported by the fact that the original regulations embodied
this
feature, yet the option was freely availed of under those regulations.
The
substance of the grievance of complaining taxpayers in regard to
the past
in reality seems to be that under amended regulations, for
a time in force,
other taxpayers of the same class received much more favorable
treatment.
It does not, however, seem that this inequity as between taxpayers
in the
same class should be remedied by a further concession for the class
at the
expense of the general body of taxpayers. Where, however, returns
have
been filed and accepted on the basis of regulations more favorable
than the
original regulations or the present law no additional tax
should, in our
opinion, now be assessed by reason of the subsequent change
of regulations
or law."
Consolidated Return Opposed.
The consolidated returns provisions of the law have given
trouble in the
way of interpretation and administration, and so the
report recommends
the discontinuance or abandonment of the consolidated
retwrn. Where
one corporation owns 95% or more of the stock of
another corporation it
•in accordance with both equity and sound policy to
charge the loss of one
against the profit or gain of the other, the report added.
This beneficial
feature, however, can be preserved without retaining
the manifold complications and difficulties of consolidated returns and
accounting, as follows:
"In any case in which an affiliated corporation sustains a
loss for a given
taxable year, such loss, with the written consent of
the corporation sustaining it, may be offset or charged against the net income
of any other corporation or corporations with which it is affiliated, provided
that such loss be
not thereafter carried forward to any subsequent year or otherwise
"That affiliation be confined to so-called class A affiliations availed of.
by repealing
clause 12) of Section 240 (d), which 'Provides that
two or more domestic
corporations shall be deemed to be affiliated if at least
95% of the stock of
two or more corporations is owned by the same interests.
"That a reasonable interval of time be given affiliated corporations
to
adjust themselves to this change—the amendments
should not take effect
before Jan. 1 1929."
The present law has no provision for releasing a tax lien on
the giving of
a bond, so it is recommended that the Commissioner
of Internal Revenue
be authorized, where he is satisfied as to the security to
file the lien against
specific parcels of real estate or other property or, where
there is reasonable
doubt as to the security, against all property by a
general lien as under
the present law.
Quick Action Urged on Appeals.
Until recently gain or loss on an executor's
sale was measured by the
value at the decedent's death of what was sold. As
a result of a Court of
Claims decision the rule was changed so as to provide
that gain or loss on
such a sale would be measured as though the decedent
had sold the property
during his life. The rule of that case in inconvenient,
it was complained,
for it is often impossible to determine the decedent's
cost or other basis.
Moreover, as a practical matter, it results in taxing the value
of bequests,
devises and inheritances as income. The old rule seems
preferable, the
report said, and recommended its inclusion in the new law.
Section 204
(a) (5) prescribes the basis when the beneficiary sells the property
as the
value at the time of "acquisition." Some doubt has arisen as
to what is
meant by the date of acquisition. The report recommends the
"date of
death" to make the basis certain and definite.
Another recommendation was that the date to which interest is to run
on a refund be a date determined by the date of the repayment rather
than
the date of allowance.
The report suggests that the Bureau of Internal Revenue should approach
the cases that come to it with a desire to put an end to disputes rather than
with a disposition to decide all doubtful points in favor of the Government,
even though it is probable that many such decisions would be reversed
on
an appeal. It also recommends that the fullest possible WM be made
of
closing agreements. since those constitute an important means of terminating tax disputes.
In lieu of the present provisions of the law dealing with "earned
income."
the recommendation is made that the following be adopted in the new law:
"In computing taxable net income allow a deduction equal to 10% of the
amount of earned net income, subject to maximum and 111111111111121 limits
equivalent to those fixed by the present Act."
In dealing with the problem of simplification, the report states that the
arrangement of sections in the Act is not satisfactory. A taxpayer cannot
find at any one place a simple statement of the basic principles of the income
tax. A rearrangement is recommended, with the elimination also of references made in the new to provisins contained in the old law with the
simple statement that cases subject to the latter should be considered under
the 1926 Act.
[VoL. 125.
passed on to the latter and to the Senate Finance Committee the responsibility for making any changes in the law that might be found desirable.
Green for Surtax Provisions.
The present revenue act, in section 220, provides for a tax of 50% on the
net income (including dividends received) of a corporation which permits
Its gains and profits to accumulate for the purpose of preventing the imposition of the surtax on its stockholders. It is provided that "the fact
that any corporation is a mere holding or investment company, or that the
gains and profits are permitted to accumulate beyond the reasonable needs
of the business, shall be prima facie evidence of a purpose to escape the
surtax."
There have been some proposals to repeal the above on the ground that
the provision has been ineffective. This assertion is denied by Chairman
Green, who pointed out that its mere inclusion in the law has the effect of
discouraging some corporations from withholding dividends to avoid the
payment of surtaxes by stockholders.
The committee failed to come to any agreement upon the earned income
tax provisions with respect to the recommendations made by the Joint Committee. The latter suggested that in lieu of the present provisions of law
dealing with this matter the taxpayer, in computing taxable net income, be
permitted a deduction equal to 10% of the amount of the earned net in
come, subject to present maximum and minimum limits. The loss o.
revenue estmated as a result of this change is $4,000,000. The committee
desired to have the Treasury give figures on this and so postponed further
consideration.
Code Regarded Desirable.
The committee accepted the recommendations of the Joint Committee
with respect to the rewriting of the administrative provisions so better to
group the various subjects instead of having each spread all through the
law.
"A code of Federal tax administration appears desirable," the Joint Committee declared, adding that its compilation is discussed in a separate report
and it was this report that the Ways and Means Committee adopted to-day.
"It will result in collecting the administrative provisions relating to all
kinds of revenue taxes in one act. At the present time some are in the
revenue acts and some in general statutes. Most taxpayers have no great
interest in these provisions and they seriously complicate the successive
revenue laws. Simplification, uniformity and other advantages will result
from the compilation recommended."
On Nov. 15 the Ways and Means Committee turned down
the recommendation of the Joint Committee on Internal
Revenue Taxation for Revision of Section 220, carrying a
penalty for evasion of surtaxes by corporations who permit
profits to accumulate instead of distributing them. The
New York "World" in noting this stated:
For evasion a taxpayer can be fined an additional sum equal to 50%
of the amount he should have paid.
To soften this the Advisory Board would "allow the corporation a deduction in computing net income equal to, say 20% of the excess of dividends
paid over dividends received, the deduction in no case to be more than.
say.25% of the corporation's taxable net income before such deduction. In
the computation no account should be taken of stock dividends.
Offered as "Inducement"
This Is offered as an "inducement" to keep corporations from evading
the tax.
The Advisory Committee, in commenting on this proposition, said the
greatest difficulties facing the administration in applying the present provision consists: first, in proving the "purpose" to evade, and second, in
proving what constitutes "the reasonable needs of the business."
"The evidence necessary to prove the first point," it added, "Is almost
always unobtainable, and the definition of the reasonable needs of a business
is generally beyond the power of the Bureau of Internal Revenue, at least
In the case of the operating companies."
The section proposed, it was argued by the Advisory Committee, would
give some incentive to corporations to make reasonable distributions.
Present Law Inoperative.
The present law says: "If any corporation, however, created as organorganized, is formed or availed for the purpose of preventing the imposition of the surtax upon its shareholders through the medium of permitting
Its gains and profits to accumulate instead of being divided or distributed.
there should be levied, collected and paid for each taxable year upon the
net income of such corporation a tax equal to 50 per centum of the amount
thereof, which shall be in addition to the tax Imposed. etc."
This law has not been enforced It is held unenforcable by Treasury
officiate. Members of the Ways and Means Committee want to make it
workable, and have it carried out.
According to the "Journal of Commerce" the recommendations of the Joint Committee for the abandonment of
the consolidated return were adopted, on Nov. 15 as was
also the proposal that authority be provided for the release
of a tax lien on the giving to the Commissioner of Interna
Revenue of a surety bond satisfactory to him in an amounti
not more than twice the tax due. The same paper said:
After some little discussion the Joint committee's suggestions for the
revision of Section 280 (transferees of property) were accepted. Under
existing conditions the transferee is subjected to tho same collection procedure although he were the taxpayer and the constitutionality of the law
has been questioned, a Kentucky district court having held it unconstitutional.
Income of foreign central banks of issue received in the
United States upon bankers' acceptances would be made free
of income taxation under the provisions of an amendment
to the present tax law agreed upon on Nov. 16 by the Ways
and Means Committee says the Washington advices to the
It was stated in the Washington account Nov. 14 to "Journal of Commerce", this account adding:
committee also agreed upon higher salaries for the tax personnel of
the New York "Journal of Commerce" that the Ways and theThe
Treasury Department and gave its approval to suggested provisions
Means Committee spent some time floundering around with dealing with closing agreements,
which will speed up the work of the Treasthe provisions dealing with evasion of surtaxes by incorpora- ury Department to a considerable extent. At the same time the Instalment
provisions
sales
of
tax
the
law
were
broadened in the interest of real estate
tion but came to no conclusion. In part it added:
dealers.
Quite a number of suggestions have been made in regard to these provisions, known as Section 220, and on Saturday last the Congressional Joint
Committee found themselves unable to agree on any course to pursue
n their recommendations to the Ways and Means Committee. They
These matters were discussed with the committee this afternoon by Undersecretary of the Treasury Ogden L. Mills, while the personnel problems
were presented by C. R. Nash, assistant to the Commissioner of Internal
Revenue.
Nov. 19 1927.1
THE CHRONICLE
When Secretary of the Treasury Mellon presented his recommendations
to the Ways and Means Committee he stressed the desirability of exempting from taxation the income received from bankers acceptances held by
foreign banks of issue. He explained that under the provisions of Section
230 of the Revenue Act of 1926 a tax of 13 % Is imposed upon discount
received by any foreign corporation on American bankers' acceptances.
Sections 233 and 217 of that act, however, exempt from taxation any interest on bank deposits received by a foreign corporation not doing business
within the United States and not having an office therein. Under the terms
of Section 236 interest upon obligations of the United States is not subject
to tax.
Mills Explains Matter.
To-day Under-Secretary Mills explained the matter further,substantially
as follows: An increasing number of countries have adopted the gold
exchange standard. This means that banks of issue in those countries
must carry large balances abroad, largely In the American market. Unless
appropriate investments are available, however, these balances will be
lost to London or to some other gold standard country.
Generally speaking, the chief ways in which a foreign bank, especially a
foreign bank of issue, employs its surplus funds in this market are: (1) on
deposit: (2) in short-time government securities, and (3) in bankers' acceptances. At the present time the law exempts from taxation income derived
from the first two, but taxes the third.
Foreign banks of issue with surplus funds to invest must seek the most
liquid short time investments available. Many banks of issue are prohibited by law from investing their funds for longer than three months.
Others are prohibited from investing their funds in any government securities which are not issued on a discount basis. In such cases as these,
where funds cannot be invested in government securities for one reason
or another, a bank of issue must invest its funds either in bankers' bills.
subject to the tax, or else place its funds on deposit at materially lower
rates of interest.
The serious effect of this is the resulting tendency to withdraw funds
from this market for investment either in London or elsewhere. In other
words, the present law places a serious handicap on the free development of
our dollar acceptance market. In effect it tends to keep foreign funds out
of our market and to force American merchants to finance their transactions
abroad rather than through the dollar acceptance.
One of the main purposes of the Federal Reserve Act was to authorize and
foster the development of the American acceptance market as an effective
and economincal means of financing our foreign trades.
2759
Under another agreement a taxpayer who has a hearing before a division
of the Board of Tax Appeals is precluded from demanding a second hearing
before the entire board. Another provision in effect states that the board
may decide cases on the record presented to it without being required to go
outside the record tO conduct investigations of its own.
Sales of real estate, where the amount received by the seller within the
taxable year is 40% or less of the purchase price, exclusive of notes or
evidence of indebtedness of the purchaser, may lie reported on the Instalment basis, under provisions adopted by the committee. The double
taxation of merchandise instalment sales will be considered at a later date.
Reviewing the House Committee's progress on Nov. 17
the New York "Times" Nov. 18 said:
Adopt Holding Company Draft.
A new provision of law affecting what are described as "personal holding" companies was adopted to-day by the House Ways and Means Committee. It amplifies Section 220, which provides that a corporation
holding surpluses with a view to aiding stockholders to evade payment of
surtaxes to an amount in excess of the "reasonable needs" of a business
may be assessed 50% of such sums.
The amendment approved to-day provides that a personal holding
company which retains 30% or more of its income for a year shall be taxed
25% of its net income for the yeat, minus dividends actually declared the
Federal income tax which it has paid.
The committee also reach an agreement on the question of double taxation as involved in Section 1208 of the existing law. This section provides that taxpayers may change from an accrual basis to an instalment
basis in reporting incomes from certain classes of business transactions.
Different regulations have been issued by the Treasury Department on
on this subject from time to time,some of them providing that even though
the taxpayer amends his return to change from the accrual basis to the
instalment basis, he would be compelled to pay taxes on both bases.
The committee decided that all cases originating prior to 1920 shall
be subjected to double taxation. All cases subsequent to 1920 and prior
to the act of 1926, during which period regulations providing for only
single taxation were in effect, will be subjected to only a single tax.
All cases subsequent to the 1926 act will be subjected to double taxation, with the exception that no amended returns will be permitted to
apply to back taxes unless filed before Nov. I 1927. MI changes from
accrued to instalment bases in the future will be subjected to double taxation, but no amendments can apply to past returns.
•
Agreement System Discussed.
Existing law provides for the definite closing of tax cases by the execution
of a written agreement making a given tax determination final and conclusive, except on a showing of fraud, malfeasance, or material mistepresentation of fact. The making of these closing agreements is hampered by a
requirement in the statute that any additional tax found to be due must be
assessed and paid, and any abatement credit or refund must be formally
accepted before the agreement can be executed. The report of the experts
recommended that the fullest possible use of closing agreements be availed
of as constituting an important means of terminating tax disputes. Possibilities of establishing a system by which agreements would be reached in
the field subject to proper confirmation or rejection by the Commissioner of
Internal Revenue, with the approval of the Secretary of the Treasury
within a specified or limited time, were discussed.
Another factor in preventing the execution of these agreements in the
past has been a feeling on the part of taxpayers, which perhaps, the experts declared, has been justified, that cases were subjected to intense reaudit when closing agreements were requested. They pointed out that
practically every tax case contains certain elements which can be made
the subject of difference of opinion on an intensive re-examination.
Under the provisions adopted by the Ways and Means Committee to-day
the Government and the taxpayers can enter into an agreement as to the
taxpayer's liability to the Government, or his liability under any particular
Item, and if that agreement is approved by the Secretary of the Treasury
within the time specified in the agreement if is to be final upon all administrative officers and upon the courts—upon both the Government and the
taxpayer. The usual exception of fraud, malfeasance or misrepresentation
of a material fact is made.
In a survey made of the activities of the Internal Revenue Bureau it was
found that for the years 1917 te 1921 incl.. 1,109.939 cases once closed
by the Bureau have been reopened. It was declared that the opposition
to reopening must be brought to an end if an intolerable situation is not
to continue.
Aid for Treasury Favored.
It was brought out also that the difficulty in the past in closing big cases
and in settling cases without litigation has arisen largely as a result of the
attempt of the bureau to settle with mathematical accuracy and with pure
logic questions which by their nature are not susceptible of mathematical
or logical decisions. It was admitted that there has been a failure on the
part of the personnel of the bureau to assume responsibility for the disposition of cases. Final decisions have been shifted from place to place
In the bureau and from the bureau to the Board of Tax Appeals. This is
In most instances, the investigators found, merely a consequence of the inability of the Treasury to retain individuals competent and willing to assume
responsibility and to make final decisions. A changing personnel it was
found, cannot grasp adequately vital and far-reaching problems of policy
and law involved in final decisions of tax cases.
The committee today provided for the fixing of compensation of persons
appointed under the civil service law without regard to the requirements of
the classification law, which latter law has caused some of the trouble within
the Treasury Department. In the general counsel's office there will be
twenty-three assistants, each of whom may be paid a salary of not to exceed
$7,500 a year, the present average salary being about $4,500. and there are
only three men receiving in excess of $6,000 per annum. In the Bureau of
Internal Revenue twenty-six administrative technical officers are to receive similar compensation, with fifty more eligible to receive not to exceed
$6.000 each. No new positions are thus to be created, for the Treasury be'Loves it can get along even with its present appropriation by cutting down
the number of men, with the majority of the men kept in the service proving
thoroughly efficient.
Other Changes Advocated.
A delegation representing motor car manufacturers visited
President CT(r e on Nov. 17, urging upon him the repeal
of the sales tax on automobiles. TE47"rin'ie7s"Thraivises
. 16
from Washington reported that in a statement on Nov—
Representative Treadway of Massachusetts, a Republican
ati
and Means Committee, indicatedtih—
member of
the tax cut to be reported to the House might be fixed at
,000, instead of $225,000,000, as recommend7Tir
$2507600
--r—
Secretary Mellon. The dispatch also said:
"The committee will undoubtedly be very much divided as to the amount
of tax reduction," said Mr. Treadway. "For one. I prefer to follow the
advice of the Administration and the Treasury. I do not look to see a
bill reported carrying more than $250,000.000 reduction."
Speaker Longworth spent some time in conference to-day with Republican
members of the Ways and Means Committee. The Speaker was informed
that the tax bill undoubtedly would be ready for the House early in December.
The committee will spend the rest of the week in further consideration
of administrative changes in the law. An informal count of nooses, It was
said to-day, disclosed a majority of the committee opposed to the Mellon's
recommendation that the inheritance tax be repealed.
As to the views of Representative Longworth we quote
the following from the Washington dispatch Nov. 17 to
the "Times."
Speaker Longworth favors a reduction in taxes of about $300.000.000 as
against a cut of $225,000,000 recommended by Secretary Mellon and $400.000,000 urged by the United States Chamber of Commerce. He believes
that the Mellon program should be extended by repeal or reduction of the
tax on automobiles, by repeal of the tax on admissions, except for prizefights, and is opposed to the Treasury proposal for repeal of the Federal
inheritance tax.
Mr. Longworth is in accord with the recommendation of Secretary
Mellon that the corporation tax should be reduced from 1355 to 12%.
His opinion is that this cut, which would save the corporations $135,000,000
a year, according to the Mellon estimate, is more likely to be adopted than
the recommendation for a reduction to 11% made by House Democrats led
by Representative Garner of Texas, or the cut to 10% advocated by the
United States Chamber of Commerce.
He agrees with Secretary Mellon that there should be a readjustment of
the surtax rates applicable to incomes ranging from 817,000 to $80,000, a
change which,it is estimated, would result in a loss in revenue of $50,000,000
a year.
Speaker Longworth has not formally prepared a program of tax reduction
of his own. He remarked in an interview to-day, however, that he was
of the opinion that the reduction would go beyond the Mellon figure of
$225,000,000 and fall below that of $400,000,000 asked by the Chamber of
Commerce.
Predicts Early Passage.
The opinion was expressed by Mr. Longworth that the tax bill would be
the first measure of major importance to be passed by the House in December, and that it would be sent to the Senate before the holidays.
It is the wish of the House leaders, he indicated, that Congress should
finish its session by the first week in June, so that the members could
be ready for the Presidential campaign.
"In my opinion some of the so-called 'nuisance' taxes should be repealed," Mr. Longworth said. "There is an insistent public demand that I
do not think should go unheaded for repeal of the tax on automobiles,
A State inheritance tax is deductible under existing law only by the bene- which yields more than $66,000,000 a year. If the Treasury cannot stand
ficiary and an estate tax only by the executor or administrator. The dis- the loss of this amount, the tax, if not repealed, should be reduced.
tinction has been found to be troublesome and has no compensating merit.
"There is also a public demand for repeal of the tax on theatre admisThe committee to-day agreed upon a new provision, operating retroactively, sions and club dues. The Treasury estimates place the yield on these items
which gives the deduction to either the beneficiary or the administrator under at close to $28,500,000. Certainly we should repeal the tax on tickets
certain conditions. If both enter claim, the deduction will be allowed to the of admission to places of amusement, although I would retain the levy
assessed against tickets to fistic encounters.
one actually paying the tax.
In computing net income of an estate an allowance is made against gross
"I am in favor of the inheritance tax as a principle. The Federal Gov
income for taxes paid or accrued within the taxable year. Provisions ernment should not abandon its right to collect this tax. It should r
main in the law.
similar to those dealing with inheritance and estate taxes were provided.
2760
THE CHRONICLE
[vol.. 125.
"we in the industry estimate that two-thirds of all automobiles produced are sold on credit through installment payments. If this credit
were not available we would have no motor industry as we know it
in this country today. Today it is the greatest industry in the world
and can be credited almost wholly with the prosperity our country and
its people are enjoying.
"This is a bold statement. but let us state and analyze the facts
on which it is based.
Subscriptions and Allotments for Offering of 3% "In 1926 the retail value of automobiles, trucks and parts produced
at six billion dollars. If to this we add the cost of buildTreasury Certificates of Indebtedness—Second is estimated
ing and maintaining garages all over the country, the cost of new roads
Liberty Loan Bonds of $2,336,600 Tendered in built and old roads maintained to meet automobile demands, we quickly
reach a total of ten billion dollars of wealth created by what? by the
Payment.
ability of the American people, through consumers' credit, to buy autodetailed
Secretary Mellon announced on Nov. 15 the
mobiles and thus satisfy their inherent human desire to go on wheels
figures of subscriptions received and allotted for the offering and go fast.
"It is difficult for me to appreciate what the creation of ten billion
of 33/i% Treasury certificates of indebtedness, series TJ- dollars
of new wealth annually means unless it is related to something
192s, dated Nov. 15 1927 and maturing June 15 1928. Cash I understand. Ten billion dollars is just about the average annual value
subscriptions for the offering aggregated $1,103,261,400, of farm crops in this country during the past four years, and only about
twenty per cent less than the total value of all form products including
and the total of such cash subscriptions allotted was $419,- crops, live stock, dairy products, wool etc.
This ten billion dollars
770,000. Subscriptions for which Second Loan bonds were of goods and services annually attributable to the automobile industry,
tendered in payment aggregated $2,336,500, which amount is wealth created almost entirely within the United States, practically
the only material imported being rubber for automobile tires.
was allotted in full. The offering of Treasury certificates,
"Does the creation of wealth by the dirt farmer differ in any way
referred
was
thereabouts,
from that created by the automobile maker? A farmer digs a hole,
to the amount of $400,000,000 or
seed, watches it grow, cultivates and harvests his crops, and
plants
to in these columns, Nov. 12, page 2626. The subscriptions thus creates
ten billion dollars of wealth. And from childhood we
Federal
and allotments were divided among the several
all have been taught the importance of good crops to the prosperity
of our country. The automobile producer too is a farmer who digs
Reserve districts as follows:
FAUTECK a hole, pulls out a bit of ore and coal, fells a tree and creates autoSIX B RACK
good roads etc., to the value of ten billion dollars.
mobiles,
Subscriptions
Total Cash
Exchange Cash
Subscriptions Allotted (AllotFederal Reserve and Exchange
"Both farmers have created great wealth through nothing but adding
Total
Allotted (Full ment on a GradSubscriptions
their energies to that of the sun—one to produce things necessary to life
Allotment.
sated Scale).
Districts—
Received.
Allotment).
$45,290,800 —namely, ,food, and the other to things necessary to happiness and
Boston
$45,243,800
$47,000
$108,248,200
110,899,600
York
110,412,600
New
335,683,100
487,000
progress, namely automobiles, good roads, etc. And in the last analysis
43,109,100 from an economic standpoint, isn't this the
43,100,700
Philadelphia
101,383.300
8.400
principal difference be27,486,000
26,949,400
Cleveland
537,500
72,063.700
agriculture and industry?
tween
15,241,700
14.831,700
Richmond
35,902,500
410.000
27,995,500
"The vital importance of the automobile industry to the prosperity
Atlanta
27,970,000
59,705,500
25,500
57,308,100
57,561,200 of this country is particularly evident when considered in the light
129,349,400
163,100
Chicago
10,198,000
128,500
10,069,500
. St. Louis
25,667,000
6,259.100 of the employment this industry affords. Three and a third million
6,252.400
14,481,300
6,700
Minneapolis
7,181,800
7,409.000 persons are employed directly in this industry and nearly 400 thousand
Kansas City
15,500,200
227,200
'Dallas
18,752.300 indirectly, a total of nearly 3% million people whose livelihood depends
42,714,700
192,800
18,559,500
Ban Francisco
164,899,000
102,800
51,800,500
51,903,300 upon this one industry. Picture what it would
mean if the automobile inTotals
$1,105,597,900
$2,336,500
$422,106,500 dustry were suddenly to be effaced from our national life and these 3%
$419,770,000
million people were thrown out of productive employment. That would be a
reduction 'n employment almost as great as occurred in the depression of
Second Liberty Loan Bonds Totaling $353,000,000 1921, which the National Bureau of Economic Research calculated to be
Turned In During Two Days Following Date Fixed about four million persons. Or picture it in another way; what an enormous
increase in the prosperity of the United States it would cause if we could
for Retirement—Interest on Bonds Ceased.
set in our midst an additional industry employing 3% million people and
Treasury
Under-Secretary of the
Mills stated on Nov. 17 producing goods and services having an annual value of ten billion
that of the Second Liberty Loan bonds called for redemption dollars! Anyone who predicted such a thing would be laughed at—just
as anyone who had predicted even ten years ago that the automobile
Nov. 15 approximately $298,000,000 were turned in on industry would reach its present size and importance would have been
Nov. 15 and about $55,000,000 on Nov. 16, a total for laughed at. Ten years ago few could foresee the possibility of 25 milthe first tv o days of $353,000,000. It was impossible to lion automobiles being in use in this country. And without the sound
development of installment selling it would have been impossible.
make a more definite statement, he said, as the receiving
"If every motor car buyer had been obliged to accumulate enough cash
banks were cluttered up with them. The New York "Times" to pay the entire purchase price before beginning to enjoy the use of
in advices from Washington Nov. 17, also had the following his car, I doubt if there would now be even five million cars in use in
this country. And certainly no such stimuiaion of the country's prosperity
to say:
as has resulted from the growth of the automobile industry could have
There were about $732,000.000 of the bonds outstanding on Nov. 15 been possible.
and against this maturity the Treasury sold about $400,000.000 of 33i%
"Other evidence of the great importance of the automobile industry
short-term certificates of indebtedness. It was felt that this sum, along is found in he fact that it ranks first among the manufacttiring industries
with money in the Treasury's general fund, would be sufficient to meet of the United States in the value of its annual output, and also in the fact
payment on all of tha bonds turned in at this time.
that it uses as its raw materials very considerable proportions of the
Some officials now,however, estimate $450,000,000 or even $500.000.000 products of other important industries. Last year the automobile inwill come in within a very short time. If this should prove to be the dustry used 11g of the iron and steel produced in this country, 50%
ease, it is probable that Treasury borrowings In December, when a new of the plate glass, 03% of the upholstery leather, 11% of the hardwood
Issue of some sort, probably a short-term certificate or note issue, must lumber, 25% of the aluminum, 13% of the copper, 14% of the lead, 21%
be sold to obtain money with which to meet about $335,779,000 of 434% of the tin consumed in the United States, 28% of the nickel, and 85% of
Treasury notes which mature Dec. 15. will have to be heavier than had the rubber, while 80% of the gasoline consumed was used by motorists.
been planned.
"In 1927 the industry will produce about 3,600,000 automobiles and
Treasury officials are gratified by the fact that the volume of the Liberty trucks in the United States and Canada against 4,600,000 which I feel
bonds turned in has more than met expectations. Every effort was made should have been produced had the Ford Motor Company been in full
by the Department to get to the holders of the bonds the information that production.
they had been called for redemption on Nov. 15,and that interest payments
"Everything indicates that 1928 will witness the greatest prosperity our
would cease on that date.
country has ever enjoyed. There is little, if any, inflation anywhere, an
abundance of credit, great farm purchasing power as a result of good
my predicion is that with Ford in production the
Professor Seligman Praises Installment Selling—John crops and prices: andwill
produce 5,000,000 units as against 3,600,000
automobile industry
J. Raskob of the General Motors Cr,rporation Dwells this year and this gain of about 40% will add
tremendous impetus to
Importance
of
the
Automobile
an
otherwise
prosperous
condition.
the
upon
Industry.
"The purpose of any remarks is not to sell the automobile industry,
John J. Raskob, Chairman of the Finance Committee of but to indicate what can be aceomplished through the
proper developGeneral Motors Corporation, tendered a dinner to Edwin ment of a latent power available to man known as Credit. During the
we have developed thoroughly safe rules to govern
R. A. Seligman, Professor of Political Economy at Columbia past hundred years
the extension of credit to producers,
we now are evolving rulee to
University, Thursday evening at the Ritz Carlton Hotel, govern he safe extension of credit to and
consumers. It is an opportunity
New York. The guests included over five hundred promi- to assist a man to help himself which makes man ambitious to have a
the chunk of bread and bottle of wine which has
nent bankers, leading Industrialists and students of business bit more than peasants
of European
satisfied many
for countless generations.
economics. At the dinner Professor Seligman reviewed the The prosperity of a country depends countries
entirely on the productivity of Its
results of his recently completed studies of the economic people and the opportunities given them to produce that which they want.
Given unlimited raw materials, productivity depends entirely on the wileffects and conditions surrounding the installment selling lingness
of people to work and willingness to work in turn depends largely
device, a phrase of consumer credit which is employed to so on desire for better things and ability to buy them.
"These thoughts and facts formed the basis of our confidence in the
large an extent in this country and particularly in the merselling system in our industry. We checked and analysed
chandising of motor cars. The research work done by Pro- installment
our experience as we progressed but could find no fundamental weakness
fessor Seligman occupied, it is stated, over fifteen months in the system. And yet it was continually subject to attacks from various
of effort aided by a large staff of economists of Columbia quarters which tended to retard its proper development.
"One day some two years ago our very good friend Seward Prowler
University, who in their research embraced not only the suggested
that we endeavor to interest one of our foremost economists
automobile industry but all lines of business in which con- in a study of installment selling, in order to get an outside, independent
and unbiased analysis of the system and its effects. If we were wrong
sumer credit plays an important part.
we wanted to know it. If we were on fundamentally sound economic
J. J. Raskob, in his remarks leading up to the introduction ground we wanted to know that also. Profess& Seligman
was very reProfessor
Seligman,
said in part:
luctant to undertake the task, but finally after much persuasion he
of
"Relief should be accorded those paying surtaxes In the intermediate
brackets. Persons in the groups between $30.000 and $80.000 gained no
benefits from cuts made in the income tax heretofore. They should not
be overlooked in the impending revision."
All the leaders, regardless of party he said, are agreed in principle on
tax revision and merely differ as to the extent of the reduction.
Nov. 19 1927.]
THE CHRONICLE
on the part of himconsented and after fifteen months of hard work
treatise on the subject.
self and his staff has completed an exhaustive
address us and
Professor Seligman has very graciously consented to
I am sure we will all appreciate what he has to say."
2761
the
Installment credit is beginning to do for the consumer what
gradual development of the commercial banking system has done for
the producer. If the credit is restricted to the proper commodities,
under proper management, it will gradually throw off its abuses and
will stand forth as one of the most signal contributions of the twentieth
century to the potential creation of national wealth and national welfare.
conclusions
In his address Professor Seligman brought out
of considerMore than 500 guests were present at the dinner.
on many questions which have been the subject
particularly
considered
are
findings
His
able discussion.
important because of the widespread use of installment sell- Speech of President Coolidge Before Union League of
almost
ing in so many important lines, some of which depend
Philadelphia—Tax Reduction Dependent on Economy—
ts—Opentirely on the installment credit system for their success
Flood Control and Other Internal Developmen
Tariff.
in
In distributing their product. Such industries are naturally
posed to Material Reduction
17
keenly interested in the economic soundness of the system.
Noting, in a speech delivered in Philadelphia on Nov.
Professor Seligman first pointed out that the principle that the work of restoring the national finances since the
of partial payments is very old. He traced the development war has met with large success, President Coolidge on Nov.
of credit from the early days of the money lenders, through 17 called attention to the fact that "well over $18,000,the banking system; the development of credit science and 000,000 of debt still remains," constituting "a menace to
Its application to producers' credit and finally to consum- our credit." -"It is," he said, "the greatest weakness in our
ers' cred:t, of which he points out, installment selling is line of defense. It is the largest obstacle in the path of
merely a part. The same principles followed in all credit our economic defense. It should be retired as fast as pospractice apply to credit advanced to the consumer, the in- sible under a system of reasonable taxation." "This," he
stallment payment device being simply a practical means added, "can only be done by continuing the policy of rigid
of liquidation of the credit to make it available and possi- Government economy." The President further said that
blt of use by the ultimate consumer. "Individual credit," "because of the past insistence on economy in National exsaid Professor Seligman,."is now going through precisely penditures, we are in a position to have further moderate
the same phases which every preceding form of credit went tax reduction. But," he added, "let it be remembered that
through, winding up with an acknowledgment of its un- tax reduction is possible solely on 'account of economy."
questioned value as a part of the machinery of modern The President's speech was delivered before the Union
economic life. There is not a single doubt expressed today League of Philadelphia, upon the occasion of the celebraby some as to consumption credit which cannot be matched tion by the League of Founders' Day. It is noted in the
In the history of banking and production credit."
New York "World" that the President's visit was in accord
Many people question the propriety of selling goods with a custom begun by Abraham Lincoln. That paper
which they term "luxuries" on installment credit. On this also said:
subject Professor Seligman pointed out that luxury is a
The League was founded Nov. 2, 1862. From its inception every
of the United States has at some time been its
relative thing and that a high standard of living such as Republican President
guest, with the exception of the late President Harding, who died
luxura
with
confused
we are enjoying today must not be
before the date set for his visit.
Mr. Coolidge was made an honorary member of the League at the
ious standard. "Economists," he said, "have in modern
evening and was given the League's gold medal for distimes, been making intelligible what is known as the econ- ceremony this
tinguished public service.
omy of high wages. High productivity, high efficiency,
In addition to what he had to say regarding tax reduchigh standard- of life, go hand in hand with inventive
the President in referring to the proposals for internal
tion
ingenuity, with increase of capital, and with augmented
developments said:
prosperity. In this process no small part is played by the
Flood control must be completed.
gradual transition of commodities from the category of luxfor the Mississippi Valley and its tributaries,
system
waterway
A
of
luxury
The
and
necessities.
uries to that of comforts
probwith one arm reaching to the Gulf, and another to the Atlantic,
one age becomes the necessity of the next. While it is un- ably through the St. Lawrence, is only a question of time.
far
The Colorado River project is pressing, the Columbia Basin not
doubted that in the case of the automobile there have in
distant.
yet
on
individual cases been very decided resultant evils,
and
On the sea we shall round out our Navy with more submarines
the whole we cannot regard the automobile as a type of more cruisers, and private ownership should provide it with an auxilfoolish and wasteful consumption. Few would dispute the iary merchant marine of fast cargo boats. air forces, especially by enOn land we shall be building up our
statement that the advent of the automobile has marked a couraging commercial aviation. We wish to promote peace. We hold
that
to
life
comparable
social
and
a great treasure. It must be protected. .
revolution in economic
Our relationship with the vast territory between the Rio Grande and
produced by the introduction of the railway; and that in
Cape Horn in a commercial way will become more intimate. Much
the
evils
up
weigh
must
we
other,
In
the
as
case,
one
the
of that country could be greatly benefited by lines of aviation, which
with the benefits, with the conclusion that there is little we should hasten to assist them to open.
A good system of highways should join the principal points in
doubt as to where the balance of advantage lies."
North and South America. While their own governments must necesIn the pursuance of his study Professor Seligman en- sarily build these, we can assist in their firiancing. These will be some
judicious management of the national finances.
deavored particularly to find direct answers to the most of the rewards of a
stand against reduction in tariff rates,
his
In indicating
important questions of controversy in connection with in"Any material reduction in our genstated:
President
the
and
findings
his
of
Some
of
selling
.
stallment
automobiles
ultimately result in a drastic deflawould
rates
tariff
conclusions, which he amplified in his address, were briefly eral
industrial values, in the rate of
and
agricultural
tion
of
follows:
as
of living." IThe President destandards
the
in
and
The usual estimates or guesses of 75 to 80% as the proportion of auto- wages
is
mobiles sold on Installments are wrong. Actual compilation of figures clared that "the test which now confronts the Nation
provided by thousands of dealers accounting for hundreds of thousands prosperity." He went on to say:
of sales in all price classes show that a little less than 80% represents the
true proportion of automobiles sold on installment.
Theer are no greeter risks attending consumers' credits than producers'
credits if properly administered; and they are in fact more liquid.
Frozen credits are not a concomitant of installment selling. The theory
that a business depression would • be considerably aggravated by outstanding consumers' credits is not confirmed by investigittion. An
elaborate study of the situation in a period of almost complete depression
caused by the coal strike in Eastern Pennsylvania a few years ago
showed that there was even an advantage in installment credit over general
bank credit. It showed that it is precisely in bad times that bankers are
compelled to continue to extend credits of doubtful soundness, whereas in
installment credit the volume of outstanding paper diminishes constantly.
Protracted investigations showed that the losses connected with In
stallnicnt paper are very small ; that in the proper administration of
the system the finance company should be a dispenser of credit and not
a seller of automobiles, which lends force to the principle, and brought
forth the conclusion, that the only legitimate system is the "recourse"
one, that in which the seller accepts responsibility for the credit.
Installment selling has increased production, stabilized output, reduced
production costs and increased purchasing power.
There is no used saturation point in progressive society: no limits
to the growth of demand. If the possibilities of output are boundless,
the possibilities of consumption are still more so.
The installment plan induces the consumer to look ahead with greater
care and to pine, his economic program with a higher degree of intelligence. It not only tends to strengthen the motives which induce an
Individual to pay but also influences his capacity to do so.
There is nothing more likely to reveal the soul of a people. History
is littered with stories of nations destroyed by their own wealth. It is
true that we have accumulated a small but a blatant fringe of extravagance and waste, nourished in idleness, and another undesirable class
who seek to live without work.
A successful people are always a mark for the vicious and the
criminal. But these are conspicuous mainly by contrast.
The great mass of our people, whatever their possessions, are conscientious and industrious, seeking to serve humanity. They know
that the doctrine of ease is the doctrine of surrender and decay.
To the effort which built this country, they are giving increased
effort to maintain it. The heart of the nation is sound.
The speech in full follows:
Members and Guests of the Union League:
Both because of the conditions that brought the Union League of
Philadelphia into existence, and the patriotic devotion which has characterized its history for more than threescore years, it is especially
gratifying to me to receive the mark of approbation of my public services which it has bestowed. Because it has so seldom used this
method in the expression of its sanction; it is the more precious to
those upon whom it is conferred. The knowledge of your favor publicly declared will add increased force to the well-known admonition
not to be weary in well-doing in the discharge of my office.
Beginning its course in this very month, in the perilous days of the
-ation before the Emancipation bad been proclaimed, this League has
rendered most distinguished service during the conduct of three wars
and in the long intervals of an even more glorious peace.
2762
THE CHRONICLE
Those three conflicts have demonstrated that our Union was not to
be broken asunder, that the reaches of liberty were to be extended to
include the Spanish islands of the Atlantic and the Pacific oceans, and
that the standards of the free nations of the world were to remain
supreme.
While each of these wars has marked most important eras in our
national development, and has laid a new foundation of sound and
firmly established principles, yet it has been the activities of our people
in the pursuits of peace that have raised our country to the high
position which we hold in the world at large.
[VOL. 125.
exigencies of frontier life, many of our native-born have found
themselves in a similar situation.
To form all these people into an organization where they might
not merely secure a livelihood, but by industry and thrift have the
opportunity to accumulate a competency, such as has been done
in this country, is one of the most marvelous feats ever accomplished
by human society. It could never have been done without the utmost
if private and public attention to the business side of life. Yet
it has been done. The task is by no means complete, but the framework has been erected and no one can deny that the construction
is making steady progress.
Union League's Long History.
The object of this economic endeavor
The Union League represents a history long enough, and a series of money for its own sake. It certainly has not been the making of
has not been for the purpose
events important enough, so that you may well gather once in each of endowing an aristocracy
with wealth. It has been fostered and
year to commemorate its foundation.
encouraged by the Government in order to provide the people at large
Everybody is ready to come to the support of Abraham Lincoln now. with sufficient incomes to raise their
standards of living to a position
Everybody is for the Union now. But in the Autumn of 1862 the worthy of a free and enlightened
nation.
situation was far different. Not only were the Southern States in
In the carrying out of this mighty project, which in its conceparms and winning many victories, but there were very considerable tion and its execution has
never been surpassed by any effort for
elements in the North in sympathy with them and loudly opposed the human advancement,
our inhabitants
prosecution of the war.
It required not only conviction, but no of a corresponding development of have found the added benefit
character. The results have
small degree of courage openly and publicly to resist their influence. reached into the humblest
home in the land, carrying hope and cheer
The most patriotic efforts were required to fill the ranks of the army, with the knowledge
that
the
door of opportunity has been opened
carry the weight of taxation, finance the cost of equipment and supto them.
plies, and bear all the other burdens of fraternal strife. In that time
Present
Position
Country
of
Developed From Carefully
of deep distress a little band of less than a score of men met and
Thought Out Policy
determined to associate themselves together to support the Government
It would be entirely wrong to assume that our present position has
of their country and further the cause of national defense. They bebeen secured as a result of accident. It has come from a carefully
came an example to be followed in many other sections.
From such beginnings this great institution has been created. It thought out policy, which has been for the most part consistently
now represents a membership Dunning into the thousands, holding an followed. We have always held very strongly to the theory that in
extensive property and exerting a profund influence for sound princi- our country, at least, more could be accomplished for human welfare
pies of government. If we seek for the main motive which has pro- through the encouragement of private initiative than through Governduced these marvelous results we shall find that it is an abiding faith in ment action. We have sought to establish a system under which
the people would control the Government and not the Government
America.
control the people. If economic freedom vanishes, political freedom
America More Than Geographical Location.
becomes nothing but a shadow.
I do not mean by America merely that territory stretching from
It has therefore been our wish that the people of the country
ocean to ocean between the Great Lakes and the Rio Grande. That should own and conduct all gainful occupations
not directly concountry has lain there throughout the ages with its rich plains and nected with the Government service.
When the Government once
mighty forests, its vast deposits of minerals, the far reaches of its enters a business it must occupy the field alone.
No one can comwatercourses and all its other natural resources. But, as such, it cast pete with it. The result is a paralyzing
monopoly. It was in pursuit
no influence over the lot of humanity. It was only with the coming of of this policy that we disposed of the national
domain.
The Federal
the white races of the seventeenth century that it began a career which Government endowed the agriculture of the nation
with a vast empire
has raised it to its present place in the world. It physical attributes at a merely nominal cost. To serve the
needs of those regions it
lay dormant until their power was released by the hand of man.
granted great land subsidies, sometimes accompanied with credits
America is much more than a geographical location. It is a com- for the construction of their railroads.
It
is even now spending
bination and a relationship. It is the destiny of a masterful, pioneer- large sums for the building of highways,
especially for the benefit
ing people, enduring all the hardships of settling a new country, de- of those localities.
termined to be free.
Opposed to Material Reductions in Tariff Rates
It is the Declaration of Independence and the Federal Constitution,
In order that we might be something more than a nation of agriwith a system of local self-government. It is the development of the culture without any domestic markets for farm produce,
where each
farm, the factory and the mine, the creation of a surpassing commerce, family merely provided the means for its own
subsistence, compelled
and the opening of vast lines of travel by sea and land, with broaden- to pay tribute to foreign manufacturing centres,
that we might be a
ing opportunity for education and freedom for religious worship. Our self-sustaining community receiving
those benefits which come from
country is the result of incomprehensible triumph, conferring upon its a diversity of occupation and interests
so desirable in the building
own people untold material and spiritual rewards and indirectly raising of national character, capable of supplying
our own means of defense,
the standards of the world. It is a combination of all these elements, we have adopted and very generally
maintained for a period of
with their past history and their present aspirations, that we
more
than 100 years a system of protective tariffs. This has enabled
refer to
as America.
us to develop our natural resources, build up our great industries,
This nation today cannot be compared with what it was in 1862. furnish employment
for our increasing population and markets for
Rocked with war, the South clinging to slavery, parts of the
North our various products of farm and factory. This policy has lately
tinged with disloyality, Europe saying that the bubble
Republic was been extended to include restriction upon immigration.
about to break, and in many quarters openly rejoicing in
Without the influence of a protective tariff it would never have
that
our country presented anything but an attractive appearance. prospect,
It could been possible for our country to reach its present stage of diversinot be denied that under such conditions there was
some reason for ap- fied development with its liberal rate of wages, its unprecedented
prehending that the Government, the institutions
and
distribution of wealth and its high standards of living. If these
of society, which had been established here were not the organization
sound and could conditions are to be maintained, that policy will have to be connot gather sufficient force for their perpetuation.
Yet, notwithstanding tinued. In some few lines we can compete with all the world, but,
this appearance, which shook the confidence of
so many, the founders in general, our agriculture and our industry are compelled to make
of this League looked beyond the disorders
of the hour, and, deter- a larger outlay to provide their establishment, pay a very much
mining to support what was sound and right
and reform what was higher rate of wages, and therefore find their costs of production are
wrong, kept their faith in their country.
greater than in foreign countries.
Any material reduction in our general tariff rates would ultiCountry Abiding Place of Peace.
mately result in a drastic deflation of agricultural and industrial
At present our land is the abiding place of peace,
universal freedom values, in the rate of wages and in the standards of living.
and undoubted loyalty, holding the regard of all the world
Under our present system our foreign commerce has reached the
as a mighty
power, stable, secure, respected. The people are prosperous, the
stand- highest peace-time record, and our national income has steadily inards of social justice were never so bight, the rights of the individual
creased to the enormous proportions of $90,000,000,000 for the last
never so extensively protected. If the founders of this League,
under calendar year. This represents a volume of production and trade far
the circumstances of their time, were able nevertheless to
believe in in excess of that which any other country ever reached. It is the
their country and raise a standard to which those who were determined
zenith of our prosperity. All of this should be considered
in any
upon its defense might repair, how much more ought we of
this day appraisal of the worth of our long-established policy.
and generation, the inheritors of all the advantages which their
While we have placed the enterprise of the country unreservedly
sacrifices secured, the most fortunate people on the face of the
earth, not in private hands, we have adopted a system of Government regulation
only to have, but by our actions constantly proclaim
our faith in and denounced by law restraints of trade and unfair practices in trade,
America.
in order that the public might have the full benefits
comNo one would claim that our country is perfect. No
petition and the opportunities of our commerce be of all fair
equally free to
proper sense of proportion, or even a limited knowledge one with a all. Privilege has no place
in either our political or economic
of
the
world,
is likely to make it the object of vainglorious boasting.
system.
Yet a
endowment of such sense and such knowledge ought to be moderate
Those are some of the economic results which
sufficient
have accrued from
not only to silence most of our critics and apologists, but
the
American principle of reliance upon the
to
fill them
initiative and the freewith a wholesome respect and admiration.
dom of 'the individual. It is the very antithesis
of communism, but
A nation which has raised itself for a struggling
it has raised the general welfare
leading power in the world, without oppressing its dependency to a even the promises of the extremists.of the people to a position beyond
own
Arising
people
and
from
this same principle
without injustice to its neighbors, in the short
space of 150 years, is popular education, the right to justice, free speech and free
needs little in the way of extenuation or excuse.
religious worship, all of which we cherish
under the general designaBut having faith in our country does not mean
tion of liberty under the law.
that
oblivious to or neglectful of its problems. Thc human we should be
We rest on these foundations. They have
race
is
finite.
been the supports of an
By its very character it is necessarily subject to
We may unexampled progress, prosperity and general enlightenment. All of
have sound principles of government, but they limitations.
will be administered these look rather large to us now. It is probable that in the coming
only imperfectly. We may have wise laws, but they
generations they will appear small. It is always
necessary to keep in
only partially. We may have judicous institutions of will be obeyed mind that we have not reached this
society, but they
point in our development without
will be supported only incompletely. But because we
world of struggle and effort, accompanied
a
cannot
expect
by
many disappointperfection is no reason why we cannot expect progress.
In that field ments and many temporary recessions. We have demonstrated that we
our success is unrivaled. The pre-eminence of America
able
are
to
meet
adversity
and
overcome it.
is unchallenged
in the advance which it has made in promoting the
general welfare
Prosperity the Test Which Confronts
of its people.
Nation
The test which now confronts the nation is
While we have not neglected religion and education,
prosperity. There is
we
sidered our welfare in the past mainly on its economic have con- nething more likely to reveal the soul of a people. History is littered
side. Our with stories of nations destroyed by their
population has increased rapidly over a considerable
own wealth. It is true that
We have received large number of foreign people. Forspace of years. we have accumulated a small but a blatant fringe of extravagance and
the
most part waste, nourished in idleness, and another
they were vigorous, enterprising and of good
undesirable class who seek
character, but almost to live without work. A successful
always without money and too often without learning.
people are always a mark for
But to the the vicious and the criminal. But these
are conspioious mainly by
Nov. 191927.]
THE CHRONICLE
2763
contrast. The great mass of our people, whatever their possessions, Wage Increase Awarded Clerks and Freight Handlers
are conscientious and industrious, seeking to serve humanity. They
of Chicago & North Western RR.
know that the doctrine of ease is the doctrine of surrender and
Wage increases were granted on Nov. 5 to 8,000 clerks
decay. To the effort which built this country, they are giving
increased effort to maintain. The heart of the nation is sound. and freight handlers of the Chicago & Northwestern RailNothing has more completely demonstrated the character of America
than the experience of the last few years. Unexpectedly we were road by a Federal Board of Arbitration, according to Ascarried into the war. Without faltering, with a wonderful spirit, sociated Press accounts from Chicago, which said:
we met the requirements of those perilous days. We not only conTo the clerks who have received 84.40 a day, a 7% raise was granted,
quered the enemy, but we conquered ourselves. In the hour of and to the freight handlers, paid by the hour at the rate of 47 cents;
victory we required no spoils; we exacted no reprisals.
4% was given. The award is effective as of Nov. 1.
In the reaction from war-time exaltation the moral power of the
Victor S. Clark, Boston editor, was Chairman of the Board.
and
restraint
With remarkable
nation suffered little diminution.
extraordinary self-control, refraining from excesses, we turned to the
peace-time problems of restoration and reconstruction. The people
Trainmen As Wage Increases on 55 Western Roads.
bore the shock of deflation with small complaint. They have pressed
Railway conductors and trainmen on fifty-five Western
steadily forward with their faces toward the dawn.
Success in Work of Restoring National Finances
railroads have requested wage increases ranging from 50
The work of restoring the national finances has met with large
2% for men in yard service to $1 a day
success. The burden of taxation has been extremely heavy, but it cents a day or 81/
has been borne with great courage. Three times it has been materially or 19% for those in freight and passenger service, said the
reduced. Millions of taxpayers have been entirely relieved and heavy New York "Evening Post" of Nov. 11, from which we quote
reductions granted to others, saving the nation between $6,000,000
and $7,000,000 each day. The enormous debt has been partly further as follows:
The request represents a renewal of a similar demand that was denied
refinanced at progressively lower rates and increasingly diminished
in amount. At the end of this fiscal year almost one-third of the by a board of arbitration June 25. In ruling against the increase for
is
alone
interest
have
will
men in freight and passenger service, the arbitrators granted an increase
been paid. The saving in
entire debt
2% to yard men, retroactive to March 1 1927. The present wage
/
of 71
about $1,000,000 for each day.
agreement ends March 1 next.
Tax Reduction Possible Solely on Account of Economy
A reply to the request by December 1 was asked by the brotherhoods.
But well over $18,000,000,000 of debt still remains. It is a menace The employees ask the following minimums: Passenger service—Conto our credit. It is the greatest weakness in our line of national ductors, $7.75 a day or $23.50 a month; assistant conductors, $6.84 and
defense. It is the largest obstacle in the path of our economic de- $205.20; baggagemen, $7.18 to $6.16 and $215.40 to $184.80; flagmen
velopment. It should be retired as fast as possible under a system of
and brakemen, $6 and $180.
reasonable taxation. This can be done only by continuing the policy
Freight Service—Local rates $7.74 a day for conductors and $6.24
of rigid Government economy.
for brakemen; through freight $7.34 for conductors and $5.84 for brakeThese results have not been easy to accomplish. They have been
men.
extremely hard. They have been anything but commonplace. They
Yard service $5.72 a day for switch tenders to $8.44 a day for OW
mark a new epoch and set a new record in successful Government
operators.
retarder
financing. The great burden of the work will be indicated when it
The employees ask that mountain, desert and other differentials remain
is remembered that the Congress was called in extra session in the
present.
Spring of 1921 and remained in session for nearly two years. The as at
task is not yet completed, but we have reached the point where we
can see the end. We are turning toward a new era.
Demands of Locomotive Firemen on Western Roads
Because of the past insistence on economy in national expenditures,
Declared III-Advised.
we are in a position to have further moderate tax reduction. But let it
Journal" in advices Nov. 14 from its
Street
"Wall
The
be remembered that tax reduction is possible solely on account of
economy. Anybody can spend the money somebody else has saved.
Chicago Bureau said:
Demands of locomotive firemen on Western railways for increased
Consideration of Internal Developments
to brief filed by counsel
We can begin to consider internal developments. Each year $75,- wages are ill-timed and ill-advised, according
hearing the ease.
000,000 goes out of the Federal Treasury for constructing roads. for Western railways with the Board of Arbitration
This wage movement, brief states, is directly against current of declinFlood control must be completed.
improved working conA waterway system for the Mississippi Valley and its tributaries, ing living costs, reduced hazard of employment,
continual inwith one arm reaching to the Gulf and another to the Atlantic, prob- ditions, increased earning power of individual firemen and
creases in real wages of such firemen.
ably through the St. Lawrence, is only a question of time.
The Colorado River project is pressing; the Columbia Basin is
not far distant.
Schedule to
On the sea we shall round out our navy with more submarines and Reading Shop Change from Four-Day
Five and Half Days.
more cruisers, and private ownership should provide it with an
auxiliary merchant marine of fast cargo boats.
Effective at once, said the "Wall Street News" of Nov. 9,
On land we shall be building up our air forces, especially by enReading Railroad shops at Reading, Pa., have changed
the
couraging commercial aviation. We wish to promote peace. We hold
a great treasure. It must be protected.
from a four-day-a-week schedule to five and one-half days.
Our relationship with the vast territory between the Rio Grande and
shops, employing 2,000 men, are affected.
Cape Horn in a commercial way will become more intimate. Much The locomotive
of that country could be greatly benefited by lines of aviation, The new schedule is for an indefinite period, it is stated.
which we should hasten to assist them to open.
A good system of highways should join the principal points in
North and South America. While their own Governments must New York News Bureau to Open San Francisco Branch
necessarily build these, we can assist in their financing.
—Operation of Page Tickers in Pacific Coast City
These will be some of the rewards of a judicious management of
To Begin Nov. 21.
the national finances.
Our rise in the world has given us new problems, new responsibiliThe New York News Bureau Association, which operates
ties, both domestic and foreign. The web of our affairs is extremely
cities of the East, Middle West and
delicate, extremely intricate.
Producing, transporting, marketing, news tickers in fifteen
financing, all require a higher skill, a more intelligent organization, South, has established a direct wire between New York
than under a less developed, less prosperous people. It is, in fact,
and San Francisco and will begin operation in the Pacific
that skill and that intelligence which have been the measure of our
success. The entire life of the nation, all its economic activities, Coast city on Nov. 21. Pace tickers similar to those with
have become so interrelated that maladjustment in any one of them is which bankers, brokers and corporation officials are familsufficient to cause serious disarrangement in all the rest.
Philadelphia, Pittsburgh, Detroit
We have become one nation. We can only survive through the iar in New York, Chicago,
most elaborate system of concerted action. Any part which fails and other business centers will be operated in San Franto function is chargeable with disloyalty to the whole people. We cisco. While especial attention will be paid to Pacific
have been drawn into close relationship with other nations, As
inventions have closed up the intervals between different countries Coast news, the service will print in entirety all items which
they have been brought nearer together, not only physically, but appear on the tickers in New York. News will be "flashed"
economically and morally.
coast. The addiConcern With Foreign Affairs
We are more concerned than ever with our foreign affairs. The
wealth of our people is going in a constant stream of record
dimensions for restoration and development in all parts of the world.
We want our moral influence to be on the side of liberty, of education, of fair elections and of honest and constitutional government
Where our obligation to our own citizens under international law have
required it, we have extended our help to those who were attempting
to secure these results. But we have refrained from meddlesome
interference, because we recognize not only the right but the necessity
for each people to work out their own destiny.
This, I believe, is a fair representation of what has been taking
place in the immediate past, and what we may hope for in the
immediate future. Rightly understood, there is no more sensational
story of human experience. Society is made up of constants and
variables. The variables attract us by their contrasts and are always
appearing in the headlines. But the constants always predominate,
always push ahead in the march of progress.
We hear enough of criticism, we hear enough of the evil; but we
must not forget commendation, we must not forget the good. This
is our Government. This is our society. This is our country. It
is solid, sound, secure. It is for us to put forth sufficient effort to keep
it so. It is for us to maintain inviolate that profound faith so
grandly exemplified by the founders of this league in all things that
are American.
simultaneously to the cities from coast to
tion of San Francisco emphasizes the New York News Bureau's position as a distributor of financial news. In addition to the sixteen cities which will be served in the
United States, the News Bureau supplies news to Central
News, Ltd., of London, an affiliated company and one of
the leading press associations of Europe. In turn, Central
News cables to the New York News Bureau all important
financial and business information which its correspondents
gather in the European capitals.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
Five New York Stock Exchange memberships were reported posted for transfer this week as follows: Lucius
Greve to Jack C. Ottenheimer, consideration $295,000,
a new high record price; Neville G. Higham to Robert
Manning McKeon, consideration also $295,000; Charles A.
Newcombe to Benjamin H. Bruton, consideration $285,000;
E. Lowitz to John J. Lowitz and that of Charles A. Otis to
2764
THE CHRONICLE
William L. Thompson, the two last for a nominal consideration.
The New York Curb Market membership of Arthur
Rodewald was reported sold this week to F. S. Wildnauer
for $34,000, an increase of $1,000 over the last preceding
sale.
The New York Cotton Exchange membership of Charles
W. Bradshaw was reported sold this week to Paul Schwarz
for another, the consideration being stated as $30,000.
Last preceding sale $32,500;
. Three Chicago Stock Exchange memberships were reported
sold this week at $10,500, $12,000 and $12,500, respectively.
The last preceding sale was at $10,500.
Baltimore Stock Exchange seats are now $2,700 bid, $3,500
asked with the last sale at $3,000.
The Board of Directors of the Central Mercantile Bank
& Trust Co. of New York at its meeting Nov. 17 voted
unanimously to increase the capital stock of the bank from
$2,500,000 to $3,500,000. A meeting of the stockholders to
take action on the recommendation of the Board respecting such increase will be held on Dec. 2, 1927. The new
or increased stock consisting of 10,000 shares will be offered
tO such stockholders at $250 a share. President Mitchell,
commenting on the increased stock, said that such increase
becomes imperative by reason of the growth of the bank
as reflected by the increased deposits. Deposits to-day
amount to approximately $51,000,000 while the present
capital is $2,500,000, surplus $1,500,000 and undivide
d
profits $670,921, making a total of $4,670,921. The earn
ings, Mr. Mitchell stated further, have kept pace with
the
Increased deposits.
•
Plans calling for the merger of the Hamilton National
Bank of New York and the Interstate Trust Company
were approved at special meetings of the Boards
of Directors of both institutions held Nov. 17. The consolid
ation, to be ratified by stockholders of both institutions,
will
give the Interstate Trust Company total resources
exceeding $50,000,000. The following statement regarding the
proposed consolidation was issued jointly by the Intersta
te
Trust Company and the Hamilton National Bank:
[VOL. 125.
'e cornerstone of the new 38-story home of the Chase
National Bank of New York, now being erected at the corner of P.ne and Nassau Streets, was formally laid Nov. 14
at a pr.vate ceremony attended by senior officers of the
bank and the Chase Securities Corporation. In the absence
of Albert H. Wiggin, Chairman of the Board of Directors
of the bank, who is abroad, Reeve Schley, Vice-President,
and James T. Lee, of New York, to whom the Board of
Directors has entrusted the planning and erection of the
building, placed in the cornerstone a copper box containing important records and documents dealing with
the Listory of the bank during its fifty years of existence. Following the laying of the stone, officials of the bank inspecte
d
the construction work now in progress, observing the
massive
steel structure which will support a vast pyramid
of stone
and brick towering above the historic Sub-Treasury
building
in the heart of the financial district. Ground for
the new
building was broken early in 1927—a year which
marks the
fiftieth anniversary of the founding of the Chase.
The
structure is scheduled for completion next May. Among
the
interesting items which were sealed in the cornerst
one
were the following:
Pint Report of The Chase National Bank of the City of
New York,
dated Dec. 27 1877.
Cmaparative statement 1877-1927.
Last report to the Comptroller of the Currency at the close of business Oct. 10, 1927.
Report of the Chairman of the Board of Directors at the Fiftieth
Annual Meeting of shareholders Jan. 11 1927.
Statement of condition of the Chase Securities Corporation at the close
of business Dec. 31 1926.
The 1877-1922 History of The Chase National Bank.
A full set of coins minted in 1927 (one cent to one dollar).
Trade Dollar bearing date, 1877, which was the year in which the
bank was organized.
One sheet of four Chase National Bank five dollar notes containing
facsimile signatures of John McHugh, President of the Bank ;
W. P.
Holly, Cashier, Series of 1902, A, B, C, D all bearing the
Serial
number 323444, Charter number 2370.
A reproduction of the original etching by Anton Schutz
showing
the
proposed new building.
Certificate of laying of cornerstone to which the Seal
of Bank was
attached.
Fascimile signatures of the Officers of the Bank.
Gordon S. Rentschler, assistant to the President of the
National City Bank of New York, returned to his desk
on
Nov. 14 after a two months' trip through Latin
-America,
during which time he visited the branches of the
bank in
Brazil, Argentina, Uruguay. Chile, Peru, Panama
and Cuba.
"Simultaneous meetings were held today by the
Boards of Directors
of the Interstate Trust Company and the Hamilton
National Bank.
At each of these meetings, it was unanimously
decided that there
should be a merger of two banks to be ratified
by the stockholders at
The Nat:onal City Bank of New York on Nov. 14 exmeetings shortly to he held. The basis of the
merger is an exchange
of six Hamilton units for 5)
,
2' shares of the stock of the Interstate tended its branch banking system directly into two of New
Trust Company.
York's most important business centers, opening branches
at
"The banks will be merged in the name
of the Interstate Trust Com- the Southwest
corner of Canal Street and Broadway and
pany. This consolidation, when completed,
will
give the Interstate
Trust Company not only its main
office at 59 Liberty Street, but at the Northeast corner of Thirty-second Street and Fourth
seven branches well located in New York
City with resources of over Avenue in the No. 1 Park Avenue Building. Their
$50,000,000."
opening,
The last official statement of the Intersta
te Trust Company issued as of Sept. 30, 1927 showed
total resources of
• $32,983,588 which total represented an
increase of about
400% within less than a year, the Interstate
having opened
for business on Oct. 14, 1926. On Sept. 30,
1927, Interstate
reported total deposits of $25,124,304, which total
represented an increase of 685% within less than a
year. The
latest statement of the condition of the Hamilton National
Bank, as of Oct. 10, 1927 showed total deposits of $17,456,500 compared with $13,223,100 reported on June 30, 1926.
Total resources at the present time exceed $20,000,0
00,
while capital stock amounts to $1,500.000 and surplus
and
undivided profits, $313,000, according to the last statemen
t.
The capital of the Interstate Trust Company now
amounts
to $3,800,000 and surplus and undivided profits
$1,524,777.
Upon completion of the proposed consolidation
the Interstate Trust Company's seven banking offices will be
located
as follows: Mn in office, 59 Liberty Street;
with other
offices at 130 West 42nd Street, the present main
office of
the Hamilton National Bank, in the heart of
the Times
Square District ; the Franklin Branch at
Franklin and
Hudson Streets. the Bloomingdale Branch
at Lexington
Ave. and 60th Street: the University Office at 110th
Street
and Broadway: the Bronx Branch at 96 East 170th
Street;
the Washington heights Branch at 181st Street and
Wadsworth Avenue: and Queens Village Branch, Jamaica
Avenue at 217th Street.
which will give the Bank twenty-one branches in Greater
New York, is in accordance with the Bank's policy of establishing branches in the more active commercial districts
of
the city. The Canal Street branch is located within
a few
blocks of the Manhattan terminus of the
Holland Vehicular Tunnel, opened to traffic at midnight
Saturday.
The Thirty-second Street branch is in the
heart of the silk
trade which, during recent years has made
Fourth Avenue
its headonn ,ters. While fn11 Nations) eltr
PP
will be
extended through this branch, special
emphasis will be
placed on import and expoit letters of
credit it
on credit
information. Each branch will constitut
e a complete banking unit through which the banking,
fiduciary and other
services of the bank will be made
immediately available.
Each branch will have a compound
interest department and
will offer the investment service of the
National City Company.
The newly organized Midtown Bank
of this city opened
for business on Nov. 1 at Seventh
Avenue and Twenty-seventh Street. Tile bank is under the
management of Peter
E. Kassier, president; Robert E.
Wilson, and Isaac Ross,
vice-presidents; Clifton Stanton, cashier
and George W.
Slyer, assistant cashier. The following
are the directors
of the bank: Peter Schmuck. chairma
n: Herbert A. Brennan, Stromberg-Carlson Tel. Mfg. Co.,
Eastern distributor;
James .J. Dooling, attorney; Herman M.
Gidden, importer
and exporter; Max Hyman, silks and
woolens; Peter B.
Kassler, president; 3latir'ce Itelnitz,
vice-president and
James Bruce was elected a. Vice-President of the
Na- general manager, Consolidated Laundries Corp.; Max
tional Park Bank of this city on Nov. 15. Mr. Bruce
is a Rosenwald, drugs and chemicals; Isaac Ross, Ross ManuVice-Presider.t of the American Acceptance Bank.
facturing Co.; Dr, Charles H. Siegelm
an; Carl NV. Stern,
president, M. J. Corbett & Co.; and George
V. S. Williams.
Nov. 19 1927.]
THE CHRONICLE
2765
president, Macoy Publishing Co. An item regarding the on Nov. 25 1864. He attended the public schools of that
bank appeared in our issue of Oct. 8, page 1923.
city and at the age of 19 entered the office of the Syracuse
Chilled Plow Co. of which his father, Col. Austin P. Chase,
At the regular meeting of the Board of Directors of the was President at the time. Mr. Chase advanced
step by
Chemical National Bank of New York, Leonard St. C. In- step in the business until in 1903 he
became President. He
grams was appointed Assistant Vice-President. Mr. In- continued to head the concern until 1920 when he
retired to
grams is the Chemical Bank's London representative. The assume the Presidency of the First Trust & Deposit
Co.,
Chemical National Bank also announces that Kerwin H. the position he held at the time of his death.
Under the
Fulton, President of the General Outdoor Advertising Com- management of Mr.Chase, the First Trust & Deposit Co.was
pany, has been added to the Advisory Board of the branch extended to include branches in nearly every part of Syraof the Chemical which is located at Fifth Avenue and 29th cuse. At one time he was also President of the Bank of
Street. The other members of the Advisory Board of that Eastwood (Onondaga County) and at the Bank of East
Branch are as follows: Chairman, Darwin P. Kingsley, Syracuse.
President N. Y. Life Ins. Co.; C. Morton Whitman, V. P.
Clarence Whitman & Sons; A. E. Winger, President AmerThe New York State Department of Banking has authorican Lithographic Co.; Arthur Stern, President Metropoli- ized the Citizens Bank of Dansville, N. Y., to increase its
tan Tobacco Co.; Robert Lynn Cox, Vice-President Metro- capital from $50,000 to $100,000, and the increased capital
politan Life Ins. Co.; Walton H. Marshall, President will become effective Nov. 21. The additional stock was
Vanderbilt Hotel Co.; A. Lawrence Phillips, President authorized by the shareholders Sept. 20. It is offered to
Valentine & Co.
stockholders at $200 per $100 share.
On Nov. 8 Edward T. Garvan, heretofore Vice-President
and Secretary of the Riverside Trust Company of Hartford, Conn., was elected President of the company to succeed the late Gen. Albert P. Day, according to the Hartford
"Courant" of Nov. 9. At the same meeting the directors
appointed Salvador A. Andretta, Secretary and Trust OffiAt a meeting this week of the Board of Directors of cer. Continuing the "Courant" said:
Bankers Trust Company of New York, John J. Raskob,
Mr. Garvan is one of the prominent young bankers of Hartford. After
Vice-President of General Motors Corporation, was made a graduation from the West Hartford High School in 1902 he was employed
as
a bookkeeper at the Hartford-Connecticut Trust Co. When the Windsor
member of the Executive Committee.
Co. was organized in 1914 he was elected Secretary-Treasurer. servArthur Greningen, Secretary of the Central Savings Bank Trust
ing in that capacity until elected Vice-President of theRiverside Trust
of this city died suddenly at the bank on Nov. 15. Mr. Co. in 1918. He is a director of the Riverside Trust Co., the Windsor
Greningen, who was 48 years of age, had been in the bank's Trust Co. and Treasurer of the Farmers' Loan & Mortgage Co.
Andretta, the new Secretary-Trust Officer, is a native of Hartford
employ since 1900, when he started as a clerk and rose in indMr.
son of Mr. and Mrs. A. S. Andretta. He is a graduate of the Hartsuccessive steps to the post of Secretary of the bank.
tord Public High School and Dartmouth College. In 1923 he graduated
The Comptroller of the Currency on Oct. 25 authorized
the Public National Bank and Trust Company of this city
to establish a branch office in the vicinity of 204th Street
and Decatur Avenue. The new branch will be opened about
Jan. 1.
The statement of condition of the Guaranty Trust Company of New York as of Nov. 15, 1927, published Nov. 18,
shows deposits of $590,272,326 and total resources of
$748,764,153. As compared with the statement of Nov. 15.
1926, these figures show an increase of $79,164,922 in deposits and of $109,867,120 in resources. The present statement shows an undivided profits account of $3,979,955, an
increase of $322,871 since the date of the last published
statement, Sept. 30, 1927.
Clarence C. Howard has res-igned as Vice-President of the
American Exchange Irving Trust Company, of this city.
having been appointed passenger traffic manager of the
Erie Railroad Company. His resignation from the bank
will become effective Dec. 1.
The Comptroller of the Currency on Oct. 24 authorized
the Bowery & East River National Bank of this city to
establish branch offices at mast Tremont Avenue and Eastern Boulevard; Westchester and Buhre Avenue, Bronx, and
Kings Highway and West 8th Street, Brooklyn.
E. P. Maynard, President o- f the Brooklyn Trust Co., has
issued the following notice to depositors, stockholders and
beneficiaries of trusts of the company under date of Nov.
12:
At my request the Trustees of the Brooklyn Trust Company have
created the office of Chairman of the Board of Trustees,
and at the
November meeting will accept my resignation from
the Presidency and
elect Mr. George V. McLaughlin, President as my successor,
and elect
me Chairman of the Board of Trustees.
I shall remain a trustee and as Chairman of the Board of Trustees
actively participate in the affairs of the company with
the new President.
For the greater part of his life Mr. McLaughlin has been
connected
with banks and the banking department, rising to be
Superintendent of
Banks of the State of New York.
He will bring to our company a ripe experience,
and great knowledge
of banking and trust affairs and through the co-operation of all
of us
the usefulness and Prestige of the company will be
greatly increased.
I very earnestly ask that you will give to Mr.
McLaughlin and to me
in our new relations with the trust company and with
you the same
loyal support I have had from you during the thirteen years
I have served
the company as President. For that support I give you my
hearty
thanks.
from Tale Law School ape' was admitted to practice in Connecticut.
dating in the office of Judge Francis A. Pallotti.
ILSE.0-
At a special meeting on Nov. 14 of the stockholders of the
Harvard Trust Co. of Cambridge (Boston), Mass, it was
voted to increase the capital stock of the institution from
$500,000 to $750,000 and distribute the new stock in the
form of a 50% dividend to shareholders of record Nov. 16,
according to the Boston "Transcaript" of Nov. 14, which
continuing, said:
This is the third increase in the capital structure of the Trust company
since 1920. In that year capital was $200.000: raised to $400.000 in 1921
by the sale of stock on rights and in 1925 was increased 25% by the IMMO
method. Deposits of the company In 1920 were $9.621,830 and surplus
and undivided profits totalled $383.279. The lamed (Entree, according to a
statement issued to-day, disclose deposits of $31.003.870 and surplus and
undivided profits of $953,317.
The Totowa National Bank of Paterson. N. J., was
voluntarily liquidated on Nov. 1 and taken over, on that
day, by the Hamilton Trust Company of Paterson; it will
be known as the Totowa Branch of the Hamilton Trust
Company. In its advices to us the latter says:
We increased our own capital from $600,000 to $750.000; $80,000
if the increase was used to purchase the assets of the new Branch on
a basis of 2IA shares of the Totowa National for one of the Hamilton
Trust Company, at $300 per share for our stock. The $60,000 of
the increase was used as a 10% stock dividend to be paid about
December 20th and $10.000 was used to make the capilization an even
$750,000. All the available stock which we have as a result of taking
over the Totowa Bank is being offered to our stockholders at $300
per share.
The stockholders of the Ne-w Jersey Title Guarantee and
Trust Company of Jersey City, N. J., on Nov. 2 approval
the plans to increase the capital of the institution from
$1,300,000 to $2,000,000. President Daniel E. Evarts, in his
letter to the stockholders with regard to the increase said,
"It is intended to issue Rights to the Stockholders to subscribe for said stock, in their respective proportionate interests, at $250 per share and that the proceeds of said
stock, namely, $1.750.000 be allocated and credited as follows: $700,000 to capital account, $1.000.000 to surplus account and $50,000 to profits and loss account." Stockholders
of record Nov. 12 are given the right to subscribe to the new
stock in proportion to their holdings as of that date at the
The proposed changes were noted in these columns
Oct. price indicated, $250 per share. The new capital stock will
15, page 2068.
become operative Dec. 12.
Carleton A. Chase, President of the First Trust &
Deposit Co. of Syracuse, N. Y., and one of the city's prominent
citizens, died suddenly of heart disease on Nov. 16 in Philadelphia where he had gone to consult experts as
to his
physical condition. The deceased banker had been in poor
fur
some
health
time. Mr. Chase was born in Syracuse
The directors of the Mapl-ewood Bank and Trust Company of Maplewood, N. J., voted on Nov. 3 to increase the
capital of the institution frotn $100.000 to $200,000. The
new stock will be offered to present shareholders at $150
per $100 share on a basis of one share for each now
held.
The bank opened its new quarters at Inwood Place
and
2766
THE CHRONICLE
Maplewood Avenue on Nov. 5. The increase in capital will
become effective at the end of December.
The application to organize the West Branch National
Bank of Jersey Shore, Pa., was approved by the Comptroller of the Currency on Oct. 14. The institution will
have a capital of $125,000 and a surplus of $12,500. The
application to organize the bank was noted in our issue of
July 23, page 475.
A plan looking towards the consolidation of the Tenth
National Bank of Philadelphia and the American Bank &
Trust Co. of that city was approved by the respective directors of the institutions on Nov. 15, according to the Philadelphia "Ledger" of the following day. Special meetings
of the stockholders of the two banks will be held in the
near future to ratify the action. The Tenth National Bank,
it was stated, will surrender its charter and the enlarged
bank will be operated under a State charter. Thomas S.
Boyle, President of the American Bank & Trust Co., it is
understood, will head the new bank which will have resources in excess of $15,000,000. The Tenth National Bank
has its main office at 1645 North Broad Street and a central
city office at 116 South 15th Street. The institution is
capitalized at $500,000 and has total resources of approximately $9,750,000. Its officers are John F. Bauder, President; Edward A. Murphy, Vice-President; Herbert L.
Shaffer, Vice-President and Cashier, and Raymond M. Rau
and Harold C. Young, Assistant Cashiers. The American
Bank & Trust Co. is located at Broad Street and Passyunk
Avenue. It also has a capital of $500,000, while its total
resources exceed $5,500,000. The officers in addition to
Mr. Boyle, the President, are George W. Young and Robert
Killough, Vice-Presidents; Elwell Whalen, Secretary and
Treasurer; Lee M. Kelly, Assistant Secretary and Assistant
Treasurer, and Harvey McCourt, Title Officer. The paper
mentioned furthermore stated that the last public sale price
of Tenth National Bank stock (par value $100 a share)
was at $421 a share, while American Bank & Trust Co.
stock (par utlue $50 a share) recently sold at $195 a share.
(VOL. 125.
George D. Edwards, heretofore First Vice-President of the
Commonwealth Trust Co. of Pittsburgh, was elected President of the institution by the directors on Nov. 9 to succeed
A-. J. Kelly, Jr., whose death occurred recently, according
to the Pittsburgh "Post Gazette" of Nov. 10. At the same
meeting C. W. Orwig was elected First Vice-President of
the company and Toward Irish, Second Vice-President.
Nelson C. Stone, Chairman of the Board of the National
City Bank of Akron, died in that city on Nov. 10 after a
prolonged illness. Mr. Stone, who was 73 years of age, had
been in the banking business for more than 40 years. He
became President of the National City Bank upon its
organization in 1903 and held the office until January, 1926,
when he became Chairman of the Board, the position he
held at his death.
Stockholders of the Contin- ental and Commercial Banks
of Chicago at a special meeting on Tuesday of this week
(Nov. 15), approved the consolidation of the Continental
& Commercial Trust & Savings Bank with the Continental
& Commercial National Bank, under the title of the Continental National Bank & Trust Company of Chicago.
Issuance of a 40% stock dividend, to stockholders of record
Nov. 20, was authorized. Present officials of the two banks
were elected to take office in the consolidated bank Dec. 1,
1927, the date the consolidation becomes effective.
The name of the Continental & Commercial Company, the
investment securities company affiliated with the Continental & Commercial Banks, was changed to the Continental National Company. The name of the Continental
and Commercial Safe Deposit Company was changed to
Continental National Safe Deposit Company.
The capital of the consolidated bank will be $35,000,000;
surplus will be $30,000,000 and undivided profits will
exceed $3,000.00. The stock ownership of the two banks
was identical and the managements were interrelated. The
action of the stockholders was the last step in the complete
unification of the two commonly owned banks. Reference
to the proposed consolidation of these important banks was
made in our issue of Sept. 24 and Oct. 8, pages 1665 and
Arthur W. Jones has been elected President and Manager 1926, respectively.
of the Savings Fund Society of Germantown, Philadelphia,
John M. Dwyer, who has been elevated to the position of
to succeed the late Joseph L. Woolston, according to the
of the Board of the Detroit Savings Bank, in his
Chairman
election
whose
Mr.
5.
Jones,
Nov.
of
"Ledger"
Philadelphia
was unanimous, was born in Germantown and is a grandson new capacity announces the election of Walter L. Dunham
of Isaac C. Jones, a former President of the Savings Fund as President, and James H. Doherty as First Vice-President
Society. He began his business career in 1900 with the cot- of the institution. Mr. Dunham's resignation as Vice-Presiton goods firm of William Simpson & Co. He is a director dent has been rceived and accepted by the Board of Direcof the Market Street National Bank of Philadelphia, a tors of the First National Bank in Detroit, Commenting
manager of the Germantown Hospital, and a graduate of on this change, D. Dwight Douglas, President of the First
National Bank, said:
the University of Pennsylvania.
"Mr. Dunham's election to the presidency of the Detroit Savings Bank
A meeting of the stockholders of the Oak Lane Trust Co. is a splendid and well deserved compliment to him and indirectly to us.
good wishes of the First National organization.
of Philadelphia has been called for Dec. 7 to take action He goes with the warmest
His former associates, I know, will miss him personally as well as offibank's
capital,
the
in
$250,000
of
on a proposed increase
cially. We are happy that this honor has come to him and he will continue to have cur heartiest co-operation."
raising the same from $500,000 to $750,000.
Mr. Dunham is a director in the Detroit Trust Co., the
National
City
organized
recently
the
to
With regard
Industrial Bank, and the McCord Radiator Co., all of Deof
issue
Bank & Trust Co. of Philadelphia (noted in our
troit. He is First Vice-President of the Michigan Bankers'
Oct. 29 last, page 2346) the Philadelphia "Ledger" of Nov. Association as well as Michigan Chairman of the Save-to1505
at
business
for
open
11 stated that the new bank will
Travel Association.
Walnut Street in the near future. Contracts have been let
the
for
and
-in Detroit on Nov. 9 that
building
the
in
Announcement was made
alterations
for the necessary
installation of a vault. The institution will be capitalized Charles R. Talbot, President of the People's State Bank of
at $1,000,000 with surplus of like amount. The organizers Pontiac, Mich., had, in addition, accepted the Presidency of
of the new bank, all of whom, it is said, will be directors the Standard Trust Co. of Detroit, according to the Detroit
of the institution, were named in the "Ledger" as follows: "Free Press" of Nov. 10. Until recently Mr. Talbot was a
Walter Moses, president, Pennsylvania Indemnity Corporation.
Vice-President of the National Bank of Commerce, Detroit,
John C. Slape, president, Atlantic City, (N. J.) National Bank.
charge of the Boulevard branch in the General Motors
in
J. E. Whitesell, treasurer, Electric Power Equipment Corporation.
Building, and was associated with that institution for
Frank A. Taylor, president, Maryland New River Coal Company.
E. R. Sabin, president, Edward R. Sabin & Co.
twenty years. He assumed his new duties on Nov. 9. The
Elmer G. Parsly, of Parsly Brothers & Co., investment bankers.
paper mentioned, continuing, said:
Clarence Illingworth, president, John Illingworth Steel Company.
The Standard Trust Company has made an outstanding contribuJoseph H. Reilly, president, Duncan-Spangler Coal Company.
tion to the development of Detroit's expansion in home building by
Frank Bows, treasurer, Hajoca Corporation.
specialization in loans secured by the smaller type of home investment.
Stephen H. Lesher, vice-president, Lesher-Raig Knitting Company.
Mr. Talbot's plans contemplate the extension of this phase of the
Charles 0. Beaumont, Joseph Cot & Sons.
Trust company's business and the enlargement of their operations with
R. W. Green, president, W. B. Saunders & Co.
a view to offering outstanding trust organization facilities in the broadGeorge Lincoln, Jr., president, Keystone Cap Company.
est possible sense.
Joseph W. Henderson, of Rawle & Henderson.
George S. Stauffer, formerly a vice-president of the Franklin Fourth
Charles F. Pfister, prominent in the affairs of the First
Street National Bank.
Wisconsin National Bank of Milwaukee and its affiliated
senior
Vice-President
of
the
formerly
William J. Casey,
one of the leading capitalists and philanContinental Trust Co. of Baltimore, has been elected Presi- institutions and
dent of the institution to succeed the late S. Davies War- thropists of that city, died in Milwaukee on Nov. 12. Death
field. At the same meeting of the directors Robert Foster, was due to pneumonia which followed a stroke of paralysis
a Vice-President, was made a member of the executive on Nov. 6th, the second to be suffered by Mr. Pfister since
committee of the bank.
April last. He had never entirely recovered from the first
Nov. 19 1927.]
THE CHRONICLE
stroke. Mr. Pfister was born in Milwaukee on June 17,
1859, and received his early education in the old Peter
Englemann school in that city and later in the GermanEnglish Academy, now the Milwaukee University school.
11e began his business career as a salesman in his father's
leather business, now the Phister & Vogel Co., one of the
largest tanning organizations in the United States. Eventually Mr. Pfister became one of the leading factors in the
business. In later years, however, his numerous other interests kept him from taking an active part in the executive
work of the company, but he remained a director until his
death. As a director and one of the largest stockholders
of the First Wisconsin National Bank, Mr. Pfister devoted
much of his time to its affairs. He was a member of the
executive and the finance committees and served on its
building committee when the bank's present building was
erected. He was originally one of the principal stockholders
in the First National Bank. Later he acquired control of
the old Merchants' Exchange Bank and consolidated this
institution with the First Nation. In in 1919, when the
First National and Wisconsin National were amalgamated
to form the present First Wisconsin National Bank, Mr.
Mister continued his active interest in the new organization. Among his numerous other interests, Mr. Pfister was
a director of the North American Co., a director and member of the executive committee of the Allis-Chalmers Co.,
a director of the Milwaukee Mechanics Insurance Co., President of the Western Leather Co., Milwaukee, President of
the Calumet Land Co., President of the Raven Mining Co.
of Utah, and a Vice-President and director of the Northwestern Lithographing Co. In February, 1901, Mr. Pfister
purchased the Milwaukee "Sentinel" and for twenty-three
years gave his close personal attention to the publishing of
the paper. Following the change of ownership on June 1,
1924, Mr. Pfister remained actively interested in the detail
of its production, as Vice-President and a director of the
publishing company headed by August C. Backus. In politics Mr. Pfigiter was a Republican. Although he held no
official office, for more than twenty-five years he was the
recognized head of his party in Wisconsin.
2767
Jaw. Now that the National Banking Law and the Federal
Reserve Act have been amended by the McFadden Act this
condition no longer exists and banking groups that have
been operating under two charters are in many cases unifying their operation's by consolidation under a national charter, thereby making important economies possible. The
Citizens' was established in 1890 with a capital of $100,000.
The directors have always maintained a policy of independence and have developed only in Los Angeles, not opening any branches in other cities, and the bank is controlled
entirely by local interests without any affiliation by stock
ownership with other institutions.
The Citizens' National Company, the investment arm of
the Citizens' Banks, will remain unchanged by the consolidation. This was originally the bond department of the
bank and was incorporated separately in 1924. J. Dabney
Day, President, issued the following statement:
"We believe that the bank will be enabled to render better service to
the public as a result of this change. The Trust Department is growing
rapidly and needs more space and we plan to give them the entire second
floor of the Citizens' National Bank Building at Fifth and Spring. All
branches of the bank will be retained and the staffs of both banks upon
whose loyal service our business has been built, will remain with us. By
this consolidation we shall be able to effect important internal economies and co-ordinate our various activities so that the banking public may
have a well-rounded and comprehensive service. The bank will be a
member of the Federal Reterve System and the same conservative and
sound policies that have always been maintained by the Citizens' Banks
will be upheld."
Effective Sept. 20, 1927, the First National Bank of
Modesto, Cal., capitalized at $150,000, was placed in voluntary liquidation, the institution having been absorbed by the
Bank of Italy National Trust & Savings Association, with
headquarters in San Francisco.
The following, under date of Nov. 11, was received this
week from the Los Angeles-First National Trust & Savings
Bank of Los Angeles, of which Henry M. Robinson is the
President:
Following the regular monthly meeting of the Board of Directors of
the Los-Angeles-First National Trust & Savings Bank, Henry M.
Robinson last night (Nov. 10) announced the consolidation of Stevens,
Page,& Sterling with the First Securities Co., the election of James R.
Page as a vice-president of the Los Angeles-First National Trust &
Savings
and of E. C. Sterling as vice-president of the First
Closing of the Carolina Bank & Trust Co. of Red Springs, SecuritiesBank,
Co. Announcement was also made that T. C. Stevens reN. G. (a small institution), was reported in the New York tires from active business life.
For the past twelve years, Stevens, Page & Sterling has been an
"Journal of Commerce" of Nov. 10, which said:
outstanding financial organization covering Southern California, and
The Carolina Bank & Trust Co. of Red Springs, N. Cf., has
closed its has been active in handling the highest type of investment securities.
doors, caused, it is said, due to a draft for $80,000 for cotton
alleged to The relations between Stevens, Page & Sterling and the First Securihave been given by M. C. McQueen, at one time cotton buyer for Anderson. ties Company have always been very close,
and the present consolidaClayton Co., cotton factors of Charleston, S. 0. The bank is capitalized tion is simply an amalgamation of
long established relations.
at $30,000. Officials of the bank said that they have been forced to
Mr. Page announced last night that the consolidation in no
way
suspend business temporarily as the repudiated draft had tied up all
the affects the Stevens, Page & Sterling personnel, but affords additional
bank's assets.
facilities by which the interests of their clients can be more
efficiently
served, since Mr. Sterling, through his election as
a vice-president
The following in regard to a proposed consolidation of of the First Securities Co., will have direct
charge of the connections
already
existing.
the First National Bank of Fort Lauderdale
, Fla., with the
Fort Lauderdale Bank & Trust Co., under the title of the
The Bank of Italy opened a branch of its library at
latter, was contained in a special dispatch from Fort Lau- the Los Angeles Main Office
on Nov. 14. Miss Marjorie
derdale on Nov. 12 to the "Wall Street Journal":
Robertson, who has been assistant librarian at the Head
First National Bank will be merged with the Fort Lauderdale
Bank Office Library in San Francisco, is in
& Trust Co. Fort Lauderdale Bank Sr Trust Co. will
charge. This
retain its own
name and continue with the same board, W. C. Kyle,
library will not only serve the Los Angeles branches, but
Stranahan, vice-president, and J. D. Camp, cashier. president; Frank it will give
to the 181 branches of the Bank of Italy located
The merger will
lessen cost of financial accommodation. Officials of the
Fort Lauder- in the Southern division the same
service as they have been
dale Bank & Trust Co. say the transaction will bring the
bank's reserve
up to $4,500,000.
giving from the San Francisco library. The collection in
the Los Angeles library will be in some respects a duplicaThe Alexander National Bank of St. Petersburg
, Fla., tion of the library in San Francisco,
with this difference,
with capital of $200,000, went into voluntary liquidation
on that the Head Office Library will always
house the hisOct. 19 last. The institution was taken over by the
First torical material and the collection
of bank reports and
National Bank of St. Petersburg.
directories.
Announcement is made of the approaching
consolidation
The 95th semi-annual statement of condition of the Yokoof the Citizens' National Bank of Los Angeles and the Citihama Specie Bank, Ltd. (head office Yokohama), covering
zens' Trust and Savings Bank. The unified institution
will
be called the Citizens' National Trust and Savings Bank the six months ending June 30, 1927, and presented to the
shareholders at their 95th half-yearly ordinary general
and will have capital, surplus and undivided profits
of meeting on Sept.
10, has just been received. Net profits
$11,000,000 and total resources exceeding $115,000,00
0. It for the period,
the report shows, after providing for all bad
will rank among the sixty largest banks of the
United and doubtful
debts, rebate on bills, etc., amounted to yen
States. The two banks are under the same ownership
and 15,179,45, inclusive of
yen 6,142,358 brought forward from
management and It is therefore anticipated that
formal the preceding half
year. Out of this sum the directors proratification of the stockholders will be forthcoming
in due posed to pay a
dividend at the rate of 10% per annum, callcourse. This and the approval of the Comptroller
of the ing for yen 5,000,000,
and to add yen 4,000,000 to the reserve
Currency are necessary before the consolidation is
effected fund, leaving a balance of
yen 6,179,045 to be carried forearly in the new year.
ward to the current half year's profit and loss account.
Since the passage of the McFadden Act by Congress
The
last bank's total assets are given in
the statement as yen 1,234,February a number of consolidations of this character
have 554,660, of which cash in hand
and at bankers amounted to
been announced. It is pointed out that prior to this law the
yen 74,612,462, while total deposits are shown at yen
605,national charter was less flexible than a State charter,
and 617,446. The paid-up capital is yen
100,000,000 and its
many banking functions such as trusts and branch operareserve fund (including the yen 4,000,000 just added) yen
tions could be carried out to better advantage under State
96,500,000. Kenji Kodama is President of the institution.
2768
THE CHRONICLE
[VoL. 125.
which declined. Texas Pacific broke into new high ground
THE WEEK ON THE NEW YORK STOCK EXCHANGE. at 103% and New Haven preferred sold up to 113. Atlantic
Except for the short period of irregularity on Tuesday the Coast Lino gained 43 points on the announcement of the
stock market has shown strong recuperative tendencies the road's usual $1.50 extra dividend. As the day advanced
present week. Railroad stocks have been in active demand speculative activity was directed toward the specialties,
surpassing
at improving prices, especially Southern Railway which Adams Express and American Express both
The
4 points
records.
up
former
moved
high
previous
their
has repeatedly moved to higher levels. Steel industrials have
to 199 and the latter at 183 had improved 3 points. At 72
States
Steel
slowly risen under the leadership of United
American Can was again back at its record high for the
common and both mercantile stocks and specialties have in shares, and Union Carbon & Carbide reached top figures
numerous instances, moved to their highest levels in all above 147.
The market continued to forge ahead on Friday, and
time. The outstanding features of the week have been
the marked increase in brokers' loans carrying the total to a numerous speculative favorites broke into new high ground
for the present recovery and in all time. Norfolk & Western,
new high record for the year, the further advance in exchange
lifted its top to a new high in all time around 197, followed
on London which reached 487 11-16 and the favorable report by Erie 1st and 2d preferred, Atchison, Lackawanna and
of October trade figures as announced by the Department of North Western pref. The outstanding strong stocks were
Commerce indicating a trade balance of $134,000,000, the the so-called specialties group, Radio Corporation bounding
largest excess of exports over imports in many months. upward to the highest peak since it was listed and InternaUnited States Steel common resumed its position as the tional Paper reached its top for the present stock. Union
new high ground above 149
market leader during the short session on Saturday, the Carbon & Carbide reached
Cast
& Foundry had a spectacuIron
Pipe
States
United
and
closing price touching 1393, as compared with the previous lar advance of 11% points to 220. The feature of the mercanfinal at 1373-i. Independent steel stocks moved upward tile stocks was the brisk advance of Montgomery-Ward,with the leader, Colorado Fuel & Iron, Bethlehem, Sloss- which sold up to 893/i at its high for the day. The final
Sheffield and Youngstown Sheet & Tube all making sub- tone was strong.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
stantial gains.
DAILY. WEEKLY AND YEARLY.
Railroad stocks also were in strong demand, the feature
United
State,
Railroad,
Stocks,
being the strength of Atchison, which ran up 3 points to a
States '
Municipal &
Number of
Week Ended Nos. IS.
4c.•
Bonds. .
Bonds.
Foreign
Shares.
Bonds.
parity with Union Pacific. American Can and Corn Prod$778.0Q0
$1,407,500
83,745,000
977,350
ucts were in special demand and were established at the Saturday
616,500
2,627.000
6,710,000
2,120,280
Monday
1,252.740
3.045.000
8,749,000
2,522,310
Tuesday
Harvester
International
history.
their
highest records in
1,383.500
3,307.500
9.828,000
2.218.146
Wednesday
1,544.000
3.410.000
9,397,000
2.463.040
soared to the highest in all time as it crossed 140. Warren Thursday
636,000
2,164.000
8,700,000
2,619,000
Friday
Brothers sold up to 178, as compared with its previous
$6,210.750
$15,961,000
$47,129,000
12,920,126
Total
close at 1743/2. Mercantile stocks were buoyant, particuWeek Ended Nov. 18.
Jan. I to Nog. 18.
Sales at
New York Stock
larly Montgomery-Ward, Sears-Roebuck, Arnold, Constable
1926.
1927.
1926.
1927.
Exchange.
& Co. and Woolworth all of which reached their top prices Stocks-No,of shares_ 12,920,126 7,923,731
399,767.492
493,019,102
Bonds.
for the year.
$227,834,500
$257,862,050
Government bonds._ _ 16,210.750 $3,452.150
616,267.450
738,733.700
and foreign bonds 15,961,000 21,556,500
On Monday the demand for stocks was the broadest since State
Railroad & misc. bonds 47,129,000 43,196,000 1,898,512,900 1,753,580,700
from
to
ranging
2
gains
and
September
the high prices of last
$69,300,750 $68,204,650 $2,895.108,650 $2,597,682,650
Total bonds
5 points were scored all along the line. Speculative attention
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
was focused for a time on the mercantile stocks, both SearsRoebuck and Montgomery-Ward again lifting their tops to
Battimore.
Boston.
Philadelphia.
Week Ended
the highest prices for the present shares. American Express
BondSates.
Share..
Sales.
!Bond
Balm.,
Shares.
1Bond
Shares.
18
No,,.
1927.
3.
bounded forward 6 points„to its highest in all time at 173%
$24,000
a3,868
20,533
824,600
825,000
17,778
Saturday
In the railroad list, interest centering to a large extent in Monday
23.000
a4,162
37.000
27,184
34,250
28.237
16.800
a4,478
47,200
28,600
30.419
43,871
Chesapeake & Ohio, which shot upward 4 points to 214, Tuesday
21,000
a5,826
125.100
6,100
15.753,
38,708
Wednesday
27.800
a6,874
96.600
20,100; 19.966,
54,826
followed by New York Central, Reading, Rock Island, Thursday
31,400
a4,501
34,000
12,222!
7,000i
35,728
Delaware & Hudson, Canadian Pacific &o. Southern Rail- Friday
126,577, $364,500 a29.709 $144,400
$121,050,
219,148
Total
International
141.
above
way broke into new high ground
Harvester closed at a new high at 247. Buying of the copper Prey, week revised 130,054 $66,850 94,725 $96,300 19,199 $106,000
a In addition, sales of rights were: Saturday, 15; Monday, 77; Tuesday. 17'
issues continued strong, Anaconda, Kennecott and Calumet
Wednesday, 3; Thureday, 549; Friday, 995.
& Arizona closing with sizable gains. Railroad stocks assumed the leadership during the greater part of the session
THE CURB MARKET.
on Tuesday. Norfolk & Western was conspicuous for its
Trading was very active in the Curb Market this week and
% and Northern Pacific
brisk run-up 33% points to 1933
sharp gains were made in many issues, especially in the oil
reached its highest since 1919 as it crossed 98.
Motor stocks were in moderate demand, General Motors shares. Standard Oil (Indiana) was the outstanding feature
/s and sizable gains were recorded by Hud- and on heavy tran.action advanced about five points to 803'I,
selling up to 1343
Trucks, Hupp Motors, Pierce Arrow and the close to-day being at 80. Eureka Pipe Line sold up from
Mack
son Motors,
Dodge Bros. preferred. United States Steel common had 623. to 66% and reacted finally to 64. Humble Oil & Re% and ends the week at
intervals of strength and sold up to 144 and Gulf States Steel fining moved up from 633/s to 673
scored a gain of over 2 points to 50%. American Can made 673j. Illinois Pipe Line gained 53,6 points to 17734, and
a new top at 72. Oil shares displayed considerable improve- sold finally at 176. Indiana Pipe Line rose from 84% to
ment, Lago Petroleum reaching a new high for the year at 893,fell back to 86% and recovered finally to 88. National
37, followed by Atlantic Refining, which moved briskly for- Transit was up 3% points to 233..-, the close to-day being
ward 4 points to 122. In the final hour the market turned at 233/g. New York Transit advanced from 3932 to 4434
irregular and a number of stocks strong in the early trading and sold finally at 433.. I mine Pipe Line moved up from
180 to 190 and reacted to 1863- finally. Solar Refining was
yielded from 1 to 6 points.
Most of the market leaders lost ground on Wednesday, coaspicuous ior an advance irom 184 to 19 3,6 with the
though there were a number of special issues that moved final transaction to-day at 192. Standard Oil (Kentucky)
against the trend and closed with substantial gains. Mis- from 1213,6 reached 130 and finished to-day at 128. Vacuum
souri Pacific bounded forward to a new high above 116. Oil sold up from 142% to 147 and down to 144 with a final
%. Gulf Oil jumped from 963
% to 104,
Oil stocks were in good demand at improving prices, particu- recovery to 1473
American
larly Texas & Pacific, which moved briskly up and closed and ends the week at 103. Among indust:ials,
reacted
Mill,
common,
933/s,
advanced
Roiling
unusuwas
to
from
Linseed
843
American
points.
%
with a net gain of 4
and closed to-day at 89%. tlas Plywood improved
ally active and moved rapidly forward 4 points to above 71. to 893/8
and finished to-day al 57. Celanese Corp.
to
The outstanding feature of the railroad group was Norfolk & from 52 573
% to 963/
8 and ends the week at
Western, which rose to a new high in all time just below coin, dropped from 1043
up from 2243/g to 242 and reacted
sold
Co.
&
Deere
963.
remarkable
its
continual
preferred
Pacific
Missouri
196.
55% to
forward movement and lifted its top to a new high at 118. finally to 232. General Ice Cream improved f:om
Ile corn. sold
ny
to-day
64
common
and
closed
at
Johns-Ma
633..
the
to
extend
however,
not,
did
improvement
The
9
THE CHRONICLE
Nov. 19 1927.]
up some five points to 118/, reacted to 115 and finished
to-day at 1l53.-. Midland Steel Products from 74 reached 91,
the closing trans•iction to-day being at 893's. Tubiz Artificial Silk, el. B, moved up from 346 to 408 and ends the
week at 400. United Biscuit new stock we:e traded in for
and at 32
the first time, the corn. up from 313.t to 32
finally and the pref. up from 105N to 109, the close being at
108.
A complete record of Curb Market transactions for the
week will be found on page 2798.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
STOCKS(No. Shares).
Week Ended Nov. 18
Ind& Misc
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
tuning.
97,790
205,285
292,955
258,390
250,410
247,355
51,900
69,710
135,020
170,490
83,900
76,710
1,351,685
587,730
17,330
67,720
32,825
44,810
32,910
82,800
BONDS (Par Value)
Domestic.
Foreign Goof
$1,013,000
1.808.000
2,719,000
2,786.000
2,864,000
2,890,000
337,000
394,000
515.000
.522,000
638,000
720,000
278,395 $14,080,000
$3,126,000
Curb Market Transactions-Concluded from page 2800.
Bonds (Continued)Phila Electric 6s
1941
Phlla Elec Pow 540..1972
Mlle Rap Transit 68._1962
Plilla Sub-Counties G&E
1st & ref 439s
1957
Phillips Petroleum 5.45 39
Pirelli Co (Italy) 7a_ _A952
Pitts Screw & Bolt 519s '47
Potomac Edison 6s_ _1956
Potrero Sugar Co 1st 79'47
Pure Oil Co 648
1433
Queensboro 0 & El 54052
Reliable Stores Gs_
1937
Rem Anna 5 4%, notes 1930
Richfield 011 of Cal 68_1941
St Louis Coke & Gas 681947
Sauda Fans Co 55
1955
Schulte R. E Co 68.... _ _1935
(is without warrants 1935
Servel Corp 68
1931
Serve] Inc (new co) 511_1948
Shawinigan %V dr P 434s '67
Shawsheen Mills 7s _193i
Shell Pipe Line 5s _ _ __1952
Sheridan-Wyo Coal (38 '47
Shubert Theatre 6s_ _ _1942
Sloss-Sheffield S & I 6s 1929
Purchase money 68.1029
Snider Pack 6% notes_1932
Solvay-Amer Invest bs 1942
Southeast P & L 68___2025
Without warrants
Sou Calif Edison 58 _1951
Refunding mtge 58.1952
Gen & ref 55
1944
Sou Calif Gas bs
1957
Southern Dairies 68_1930
Southern Gas Co 6398_1935
B'west Gas & El bs A_1957
Southwest P dr I. 6s. 2022
Staley (A E) Mfg 65..1942
Stand Invest be wit h war'37
Stand 011 of N Y 645.1933
Stinnett (Hugo) Corp7s Oct 1 1936 without war
78 1946 without warrants
Stutz Motor 734s
1937
Sun Maid Raisin 6348.1942
Sun 011 5398
1939
Swift & Co ba Oct 15 1932
Texas Power dr Light bs '56
New
Trans-Cont 011 7s. _ _ .1930
Trans-Lux Daylight Plc Scr
Co 6 398 with warrs_1932
Tyrol Hydro-Elec 7s__1952
United Biscuit ba____ 1992
United El Serv (Unes) 713'56
Without warrants
United Gas Utilities
6 345 with warr__1937
United Indus 6395____1941
United Lt & 11343 549_1952
Un Porto Rican Sue 630'37
United Steel Wks 6%s 1947
With warrants
U S Rubber 635% notes'29
Serial 634% notes_ _1930
Serial 639% notes__1931
Serial 64% notes_ _1932
Serial 639% notes_ _1933
Serial 639% notes.-1934
Serial 634% notes 1935
Serial 619% notes_ _1936
Serial 64% notes__1937
Serial 64% noteg__1938
Serial 64% notes_ _1939
Serial 634% notes__1940
U S Smelt & Ref 5395_1035
Utilities Pow & L 548.47
Valvoline Oil Os
1637
Warner Bros Pict 64s 1928
Warner-Quinlan Co 68 1942
Webster Mills 63-4s__1933
Western Power 5%s....1057
Westvaco Chlorine 534s '37
Wisconsin Cent Ry 58_1930
Friday
Last Week's Range Sales
.Sale
of Prices.
for
Price. Low. High Week.
Low.
High.
107% 107% 6,000 107
June 10839 Sept
1054 10534 1054 67,000 1024 Feb 106
Aug
10439 104% 105% 10,000 9931 Jan 106
Oct
9834 9834 98%
9531 94,‘ 9511
99
99
9931
100
100 100
99
9839 99
• 98
99
102% 103
10434 102% 1044
9839 9839
9531
95
9511
9734 9635 9731
9634 97
97
1004 100 10034
9554 98
97.36
884 884 894
16
1739
16%
66
66
66
9534 96
96
9939 100
98
98
98
96
96
97
97
9751
1024 10231 10211
1024 10239
105 10531
105
99
9834 99
15,000
176,000
53.000
21,000
75,000
171.000
32.000
27,000
1,000
31,000
26,000
17.000
20,000
148,000
64,000
71,000
12,000
269.000
20.000
27.000
6.000
201,000
7,000
4,000
58,000
29,000
9454
94
9531
100
95
98
102%
100
9839
93
91%
9634
97%
924
85
16
66
9539
9434
98
92
96
10131
10231
99
96
July
Oct
July
June
Mar
Nov
May
May
Oct
Nov
Apr
Oct
Jan
Mar
Mar
1064 10531 106%
10131 102
102% 10139 102%
1024 103%
1004 100 1004
994 9831 99%
105
105 105
96% 97
97
109
1064 109
99
99
1054 105%
104)4 1044 10434
171.000
83.000
108,000
6.000
25.000
48,000
3.000
12,000
35,000
5,000
8,000
71,000
54,000
81,00
14,00
16.00
13,00
56.00
101,00
20,000
348,000
9111
9031
97
96%
91
92
90% 91
9639 97
96
96%
1004 10131
10039 10034 100%
0934 98% 9934
994 984 99%
117
11231 118%
98
95
94
10019 10039
9939
93
984
9019
9939
Nov
Oct
Mar
Nov
July
Jun
Jan
Jan
Jun
Jun
98%
100%
10234
101
9934
99
104
1043.4
9819
974
9939
9711
101
98
914
74
69
9639
101%
98
99
9731
103
103
112
9931
Oct
Nov
June
Nov
Oct
Apr
Mar
Sept
Aug
Aug
Sept
May
Oct
Oct
Oct
Nov
May
Nov
June
Slay
June
Jan
9634
9731
10034
99%
99%
9634
1014
94%
9934
99
100
104
Jan
Jan
Sept
Apr
Nov
Sept
Jan
May
Jan
Sept
Mar
Sept
106%
102
102%
103%
10031
100
111
102
109
9939
111
105%
Nov
Oct
Nov
Nov
Nov
June
Sept
Jan
Nov
Oct
Sept
Feb
90
89
88
9434
9939
99
9531
98
9731
Nov
Nov
Jan
May
May
Jan
June
Oct
Jan
944
9439
103
99
102
10034
C994
9939
119
Oct
Oct
Oct
Sept
Sept
Sept
Nov
Nov
Aug
Nov
Sept
July
Apr
Aug
98
7.000 98
Nov 101% Aug
27.000 92
95
July 98
Apr
1,000 10039 Nov 1004 Nov
10039
1004 33.000 93
Jan 103% Apt
93
1,000 89 Jun
9439 Oct
9831 98% 6.000 9839 No
90
9139 68,000 90
No
9939 9934 130,000 994 Sep
100 10035 2,000 100
Oc
9334 93
9319
100% 100% 100%
101
100 101
1004 1004
100
100 101
100% 1004
100
100 10031
10014 1004
100% 10039
10014 10039
10011 101
10039 10034
101
1004 101
1034 1034
9231 92% 93%
10431 10431
91
91
93
97% 97
9739
.953( 95%
9914 99% 9931
10234 10131 1024
97% 98
98% Nov
J9.0
99
9934 Nov
10039 Nov
62,000 93
Nov
99
July
20,00(
9951 June 102
Feb
11,000 984 July 103
Jan
8,000 9734 June 103
Feb
17,000 974 June 10334 Apr
• 3,000 9734 June 1034 Apr
14.000 9734 June 1034 Apr
4,000 U734 June 1034 May
3.000 9739 June 1034 May
3,000 9739 June 103
Feb
5,000 97
June 103
Jan
June 104
1,000 97
Mar
9,000 9739 June 10434 Mar
3,000 101% Jan 104
Apr
175,000 9234 Nov 944 Aug
1,000 1044 Jan 10634 Apr
139,000 804 July 11134 Feb
9331 Aug 10031 July
5.00
1,000 9139 Apr 9939 Oct
33,000 9634 June 100
Oct
0834 Mar 10234 July
24,00
June 99
12,000 96
Jan
Foreign Government
and Municipalities
Agricul Mtge Ilk Rep of Col
20-year sink fund 78 1946 9734 97% 98
10,000
20-year 7s. _ _Jan 15 1947 9739 974 9834 23.00
Baden (Germany) 78_ _1951 97
9531 97
30,00
Bank of Prussia Landowners Assn 6% notes_ _1930 95
94% 9531 15,00
Brazil(U 8)6348 Oct 15'57 9331 9231 9334 552,000
Brisbane (City) 58.._..i957
9431 95 104,00
Buenos Aires(Prov)7 413'47 10034 10019 101% 105.00
1936
101% 10234 34,00
78
1952 9734 97% 9939 46,00
78
Cent 13k of German State &
Prov Ilks let 6sser A1952 9334 934 9431 45,000
1961
9431 9431 943( 30,000
58
993( 9935 20,000
Danish Cons Munic 5398'55
Range Since Jan. I.
954 Mar 9934
9634 Apr 9939
954 Nov 102%
9434
9234
93
97%
1)53-4
9439
June 9931
Oct 934
June 96%
Jan 1014
Jai 1023-4
Feb 9939
933.4 Nov 9639
9434 Nov 9431
974 Jan 10034
2769
Bonds (ConcVded)-
Friday
Lan Week's Range Sales
Sale
for
of Prices.
Price. Low. nigh. Week.
Range Since Jan. 1.
Low.
High.
Danzig P & Waterway 13d
External s f 639s__1952 85
85
85
2,000 85
Nov 9034
Denmark (King'm)5955 10031 10034 10131 102,000 9934 Oct 10234
1970 10014 1004 10094 24,000 100
138
Mar 102
German Cons Munic 713 '47 97
97
9834 109.000 97
Nov 102
Hamburg (State) Ger 68'46 93
924 9374 98,000 9139 Oct 9934
Hungarian Land Mtge Inst
734s series A
1961
9839 99
7,000 97
June 101
Indus Mtge Bank of FinI'd
let mtge colts f 7s.,1944
1004 101
14,000 994 Jan 102
Medellin (Colombia) 7s '51
22,000 91
9359 9334 94
July
96
8s
1034 1034 2,000 1024 June 10534
1948
Mendoza (Prov) Argentina
739s
June 994
1951 9639 9634 964 12,000 95
Montevideo (City) 68.1959 914 9139 9331 46.000 9139 July 9439
Mtge Ilk of Bogota 78_1947 9231 924 93 162,000 914 Sept 9534
Mtge Bank of Chile 68.1931
July
9931
954 9631 15,000 94
Mtge Bk of Jugoslavia 7s'57 854 8531 8539 81.000 82 June 9254
Neth'ds(King'm)65 B 1972
10631 10634 4,000 1054 Sept 109
Nuremberg (City)6s_ _1952 9219 9131 924 56.000 914 Nov e9551
Peru (Republic of) 78_1959
974 994 125,000 9531 May 102
Poland (Repub) 78_ _ _1947 92
Oct 023.4
92
92 585.000 92
Prussia (Free State) 634s'51 964 954 97 180,000 9534 Nov 10034
Extl 6a (of '27)Oct 15 '52 93
Oct 5964
92
9634 665,000 94
Rio Grande do Sul (State)
Brazil ext 78 (of 1927)'66 9731 97
July 9831
97(4 33,000 96
Extl of 78 (of 1927)_1967 9619
Aug 073,6
9639 964 25.000 96
Russian Govt 639s__ _1919
1634 1734 15,000 12 June 2019
619s etfs
1919 1511 1531 17
59,000 1139 July 2034
1921
25.000 1134 July 2034
1631 17
534s
June 2034
8,000 12
534s certificates_ _ _ 1921
17
17
Santa Fe (City) Argentine
Republic extl 75_ _ _ _1945 933-4 934 934 12,000 9134 June 954
Saxon State Mtge Inv 78'45 97
Nov 1024
19,000 97
97
99
639s
Nov 101
1946
9534 9534 6,000 95
Serbs Croats & Slovenes
June 924
(King) ext sec 78 ser B '62 8631 864 864 113.000 86
‘s.....--o--.• Al....A r EA- •n0n In• ... In. t.• In11, 1•7 nnn Irri
,,, arioLe
Sept
Aug
Apr
Jan
Apr
Mar
Jan
Feb
June
Jan
Feb
Aug
Feb
Apr
Jan
Oct
Sept
Oct
Feb
Nov
Jan
June
Sept
Sept
Sept
Sept
May
Feb
Sept
Apt
P.....
• No par value. k Correction.
Listed on the Stock Exchange this week, where
additional transactions will be found. m Sold under the rule
n Sold for cash.
r Amer. Cigar corn. Is ex 33 I-3% stock My.: sold at 14s% on Jan. 3 1927 with
stock dividends on. s Option sale. I Ex-rights and bonus. u Cumberland Pipe
Line ex special dl.,. of 33% and regular dtv. of 2%. tr when Issued. r Es div.
y Ex rights. z Ex-stock My. p 85.000 Midwest Gas 78 sold at 1(11 on Sept. 7
-under the rule." o Sales of National Power dr Light pref. were made on Sept. 30
at 10934 "under the rile."
c Sale of Texas Power & Light 5s. 1956, on Oct. 14 at 994 "under the rule."
Piggly Western chase A sold on Oct. 17 at 254 "under the rule."
e Nuremberg Os 8o1d Oct 17. 81.000 at 96 for rash
S Sales of Prussia 68 of 1952 Nov.4 at 100 under the rule and on Nov. 11 at 9891
"under the rule."
it New Eng. Gas & Elec. 5s sold Nov. 18 at 9939 "under the rule."
COURSE OF BANK CLEARINGS.
Bank clearings this week will show a satisfactory increase
over a year ago. Preliminary figures compiled by us, based
upon telegraphic advices from the chief cities of the country,
indicate that for the week ending to-day (Saturday, Nov. 19),
bank exchanges for all the cities of the United States from
which it is possible to obtain weekly returns will be 17.7%
larger than for the corresponding week last year. The total
stands at $11,915,114,041 against $10,124,094,743 for the
same week in 1926. At this centre there is a gain for the
five days of 31.8%. Our comparative summary for the
week is as follows:
1927,
1926.
Per
Cent,
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
55,866,000,000
695.595,500
570,000,000
541,000,000
142,693,422
162,000,000
239,284,000
195,391,000
163,372,939
161,853,312
131,626,210
112,526,815
63,361,576
$4,451,000,000
591.406.960
521,000.000
435.000.000
159,125.424
138.500.000
181,680,000
166,850,000
167.369,854
158,894,556
111,614,556
95,941,901
71,620,601
+31.8
+17.6
+9.4
+14.4
-10.3
+17.0
+31.7
-F17.1
-2.4
+1.9
+17.9
+17.3
-11.5
Thirteen cities,5 days
Other cities, 5 days
$9,044,704,774
1,167,890,260
57,250,003.852
1,204.421.895
+24-8
-3.0
Total all cities, 5 days
All cities, I day
510,212,595,034
1,702,519,007
58,454.425.747
1.669,668,996
+20.8
+2.0
Clearings-Returns by Telegraph.
Week Ended Nov. 18.
otalIl cities for
Wee
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has in all cases had to be estimated.
In the elaborate detailed statement, however, which we
present further Delow, we are able to give final and complete
results for the week previous-tne week ended Nov. 12. For
that week the increase is only 0.4%, due to the fact that
Election holiday fell in this week the present year, while
last year it came in the previous week, the 1927 aggregate
of clearings being $9,310,863,825 and the 1926 aggregate
$9,272,413,010. Outside of New York City, however,
there is a decrease of 6.8%, the bank exchanges at this
Oct
Oct centre having increased 6.2%. We group the cities now
J80
according to the Federal Reserve districts in which they
Mar are located, and from thii it appears that in the New
Nov
Mar York Reserve District (including this city) there is a 5.9%
Nov
Nov increase, and in the Boston Reserve District 2.0% increase,
Nov
but in the Philadelphia Reserve District 19.8% decrease.
Aug The Cleveland Reserve District shows a loss of
18.8%,
Nov
Oct the Richmond Reserve District of 11.5% and the Atlanta,
[VoL. 125.
Tali CHRONICLE
2770
Reserve District of 6.8%, the latter due largely to the
falling off at the Florida points, Miami having a loss of
55.1% and Jacksonville of 35.9%. In the Chicago Reserve
District the clearings are smaller by 1.9%; in the St. Louis
Reserve District by 4.8%, and in the Minneapolis Reserve
District by 3.1%. The Kansas City Reserve D strict
shows a loss of 6.2%, and the San Francisco Reserve District
of 4.2%, but the Dallas Reserve District has a gain of 3.0%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
InC.07
Week End, Non. 12 1927.
1926.
1927.
Dec.
1924.
1925.
Federal Reserve [lists.
let Boston _ _ _ _12 cities
2nd New York_ 11 "
3rd Philadelphia'0 "
dth Cleveland _ _18 "
6th Richmond _16 "
6th Atlanta_._.13 "
7th Chicago_ _ .20 "
8th St. Louis...18 "
Ilth Minneapons17 "
10th Kansas C15y12 "
110 Dallas
15 "
12th San Fran._17 "
$
563,057,703
5,587,506,114
433,448,895
320,563,316
170,470,455
187,395,162
887,129,458
202.727,263
144,382,868
240,296,838
85,614,818
488,271,935
$
552,070,44
6,275,305,343
540,738,110
394,912,627
192,593,155
200,998,091
904,770,174
213,037,791
148,985,664
256,191,320
83,098,096
509,712,192
S
%
573,931,242
+2.0
+5.9 6,222,168,753
-19.8
607,217,444
411,654,234
-18.8
221,864,236
-11.5
-6.8
260,484,265
952,373,402
-1.9
228,681,190
-4.8
-3.1
147,174,526
-6.2
253,708,945
88,838,713
+3.0
-4.2
535,631,884
$
588.761,551
5,758,638,215
546,242,327
379,356,543
196,378,400
211,494,802
906,684,732
243,787,378
177,513,509
259,054,070
86,887,280
477,926,454
129 cities
Total
Dutelde N. Y. City
9,310,863,827
3,834,700,731
9,272,413,010 +0.4 10,503,698,834
4,115,420,305 -6.8 4,416,009,068
9,830,725,257
4,194,658,204
RI eftlara
£41011 A.17
no/
147 440 494
147 991 FAA 4-07 1
190 IRS
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Clearings at1927.
Week Ended November 12.
Inc. Or
Dec.
1925.
1926.
1924.
Seventh Fader al Reserve D istrict-Chi cagoS
I
314,824
Mich.-Adrian.,
308,177
223,119
292,101
Ann Arbor_ _ _
1,173,058 -23.1
902,487
942.081
1,116,220
152,173,835 163,460.989
177,710.122 147,337.517
Detroit
7.964,589 -2.2
Grand Rapids
7.789.305
9,012.883
8,114,157
2,793,001 +5.1
Lansing
2,935,037
2,338,013
3,503,607
3,473,565 +0.5
3,492.588
Ind.-Ft. Wayne
2,961,023
2,935,858
25,261,000
24,766.000
Indianapolis__
19,736,000
20,035.000
South Bend_ _ _
3.407,400 -13.4
2,949,460
2,628,000
3,485,700
Terre Haute_ _ _
5,862.220
5,624,407
6,639.654
6.124.441
Wis.-Milwaukee
47,666.371 -3.7
45,904,509
42,187,849
44,572,517
2,394,813
Iowa-Ced. Rap
2.362,819 +1.4
2.547,010
2,548,700
9,251,217
Des Moines__
10,053,630 -8.0
9,955,485
10,895,300
Sioux City....
5,933.365 -16.5
4,952,684
5,871.947
6,307,006
Waterloo
1,106.364
1,226.932 -9.8
1,319,994
1.672,341
Ill.-Bloomington
1,492,061
1,493,193 -0.1
1,555,299
1,588,887
Chicago
610,458.755 610.422,357 +0.1 649,936,905 639,703,717
Danville
a
a
a
a
a
Decatur
1,207,975
1,425,887 -15.3
1,338,421
1,345,730
Peoria
3,880,199
4,639,127 -16.4
4,486.528
5,332.478
Rockford
3.413,229 +2.6
3,503,170
2,543.845
3,119,209
Springfield....
2,036,415
2,422,668 -15.9
2,415,479
2,639,989
Total(20 cities) 887,129,458 904,770.174 -1.9
Eighth Fedora Reserve Dia trict-St. IA/ U isInd.-Evansville_
d 5,969,892
5.597,120 +6.7
Mo.-St. Louis.. 115,100,000 129,700,000 -11.3
Ky.-Loulsville_ _
33,161,250
32,265.901
+2.8
__
304,936
308.655 -1.2
Tenn.
Owensboro_-Memphis
29,310,477
26,654,711 +10.0
Ark.-Little Rock
17,289,576
16,473.504 +5.0
Ill.-Jacksonville
314,699
333,604 -5.7
Quincy
1,276,433
1,704,296 -25.1
9.52,373,402
906.684.732
5,203,998
145,900,000
31,732,473
373.156
28,026.163
15,667,926
364,161
1,413,314
6.176,747
149,987,078
33,753,091
394.129
33,029,353
18,749,298
326,377
1,371,305
Total(8 Cities). 202,727,263 213,087,791 -4.8
Ninth Federal Reserve Dia trIct-Minn eapolis
Minn.-Duluth.. d19,135,117
14,853,188 +28.8
Minneapolis. _ _
85,099,641
95,305,152 -10.7
St. Paul
31,779,509
31,010,763 +2.5
N. D.-Fargo._
2,156,993
2,072.379 +4.1
S. D.-Aberdeen.
1,413,022
1.547,981 -8.7
Mont.-Billings
881.586
818.693 +7.7
Helena
3.917,000
3,377.508 +16.0
228,681,190
243,787,378
14,756.468
91,855,797
33,133.003
2,078,248
1,661,818
691,132
2,998,060
20,048.268
113,805,251
34,990,319
2,702,219
1,633.945
717,364
3,616,152
Total(7 cities). 144,382.868 148,985,664 -3.1
Tenth Federal Reserve Dis trict-Kane as City
Neb.-Fremont _
d383,372
319,963 + 19.8
Hastings
455.413
487,933 -6.7
Lincoln
4.266.976
4.310,975 -1.0
Omaha
37,074.925
39,828.928 -8.9
Kan.-Topeka _
3.061,442 +16.8
d3,575,245
Wichita
d7,876.887
6,919,642 +13.8
Mo.-Kan. City. 116,962,412 133,064,803 -12.1
St. Joseph... _
d6,249,178
6.452,794 -3.2
Okla.-Muskogee
a
Oklahoma City d417374,317
40;26,784 +1.3
Tulsa
a
a
a
Colo.-Col. Bogs.
1,163,910
1.205,972 -3.5
Denver
19,707,980
18,475,681
+6.7
Pueblo
1.205,223
1,236,403 -2.5
147,174,526
177,513,509
296,877
554.354
4,850.637
39,902,201
3.019,721
6.406.274
136,086,208
6,034,433
a
31,962,228
a
1,174,615
22,166,553
1,254,844
402.024
524,534
4,081,229
39,606,868
2.803,316
6,706,371
136,884,191
6,844,325
a
38,111,124
a
1,182.411
20,804,259
1,123,433
253,708.945
259,054,070
1,916,196
56,290,899
13,592,523
11,137,000
a
5,872,095
1,763,784
52,646,055
15,985,023
11,218,721
a
5,273,697
88,808,713
+3.0
Francl sco-10.7
46,008,256
12,326,000
-6.4
a
a
2,367.283
+10.7
38,873,796
-19.4
19,901,381
a
a
a
a
5,901,321
-16.7
6.364,576
-1.4
+0.1 163,774,000
-14.6
21,103.992
-10.0
6,011.400
-8.4
8.099,814
-31.0
5,741,977
+1.1 189,139,000
-20.1
3,451,217
+ 12.1
1,817,913
-17.3
1,950,558
-15.2
2,799,400
40,297,372
11,708,000
a
1,924,409
38,919,471
16,644,591
a
a
5,295,222
6.239,186
137,066,000
16,758,533
6,157,931
9,395,930
4,626,812
173,500,000
3,135,086
1,302,963
1.995,753
2,961,200
Week Ended November 12.
Marinas al1927.
1926.
Inc.or
Dec.
$
8
%
First Federal Reserve Dist rict-BostonMe.-Bangor_ _
768,813 -2.9
746,465
Portland
2,941,153
3.479.478 -15.5
Mass -Boston... 513,000,000 496,000,000 +3.4
Fall River_
.
2,465,592
2.377,444 +3.7
aa
Holyoke
a
Lowell
1,424,321
1,471,968 -3.2
a
Lynn
a
a
1.187.939
New Bedford _ .
1,412,400 -15.9
4,860,103
Springfield....
5,344,265 -9.1
3,759,752
Worcester......
3.897,621 -3.5
14.776,882 -14.3
12,662,478
Conn.-Hartford
6,732,752
7,202,465 -6.5
New Haven._ .
12,451.400
14,607,900 -14.8
R.I.-Providen40
825,748
731,211 +12.9
N. H.-Manche'L'
Total(12 cities
563,057,703
552,070,447
+2.0
1925.
1924.
$
$
746,037
3,247,646
509,000,000
3,016,734
a
1,887,009
a
1,898.584
6,083,631
3,930.466
19,240,224
8,181,498
15,877,600
821.813
711,019
3,607,603
531,000,000
2,466,722
a
1,613,211
a
1,964,567
5,843,995
3.612,000
14,206,533
7,301,801
13,483,000
951,100
573,931,242
586,761,551
Second Fede al Reserve D istrict-New
5,375,662
6,432,160
N. Y.-Albany. •
Binghamton.. •
1,591,438
1,161,141
47,497,687
Buffalo
52,401,344
Elmira
936,249
940,389
Jamestown_ _ _ .
d1,485,826
1.531,850
New York_ _ _ 5,476,163,094 5,156,992,705
Rochester
12,940,288
13.108,375
•
Syracuse
6,752,481
5.956,474
Conn.-Stamfor I
c3,506,909
3,389.648
N. J.-Montclal 7
573,533
685,075
Northern N. J •
30,678,807
32.710.322
York
-16.4
6,363,792
6.341,672
+37.1
1,188,300
1,056,500
-9.4
67,948,578
52,337,437
+0.4
998,442
844,933
-3.0
2,157,731
1,520,087
+6.2 6,087,689,766 5,636,067,053
-1.3
13.107,995
13.827,866
+13.4
6,721,572
4.811,039
+3.5
3,579,377
2,909,435
-16.3
689,813
609,434
-6.2
31.723,387
38,312,759
Total(11 cities 5,587,506,114 5,275,305,343
+5.9 6,222,168,753 5.758,638,215
Third Federal Reserve Dist rict-Phllad elphiaPa.-Altoona....
1,478,001
1,689,363 -12.5
1,522,231
Bethlehem _ _
3,961,641
*4,000,000 -1.0
4,300,433
Chester
1,095,060
1,399,907 -21.8
1,428,909
Lancaster
1,985,118
2,187,626 -9.3
2.559,684
Philadelphia._
405,000,000 .509,000,000 -20.4 574,000,000
Reading
3,663,273
4,636,145 -21.0
4,391,109
Scranton
4,973,858
6,599,106 -24.6
6,034,055
Wilkes-Barre.
d3,466,915
4,775.148
3,162,740 +9.6
York
1,670,253
1,848,723 -9.7
1,784,901
N.J.-Trenton.
6,420,974
6,214.500 -1.0
6,154,776
a
a
Del.-Wilming'n
a
a
Total(10 cities)
1,418,783
3,950,775
1.187,570
2,742,555
515,000,000
3,785,218
5,901,027
4,106,336
1,977.304
6,172,755
a
540,738,110 -19.8
607,217,444
546,242,323
Fourth Feder 1 Reserve Dis trict-Clevel andOhio-Akron....
4,245,000 +25.5
d5,337,000
4,779,460 -14.4
4,091,407
Canton
72,464,163 -15.5
61,208.166
Cincinnati _ _ _ _
93.730,794 121,031,240 -22.5
Cleveland
17,386,300 -14.7
1.4,834,600
Columbus
a
a
a
Dayton
a
a
a
Lima
1,646,671 -23.1
1,266,581
Mansfield
a
a
a
Springfield_
a
a
a
Toledo
4,654,120
5,552,284 -16.2
Youngstown
a
a
a
Pa.-Erie
135,440,648 167.807,509 -19.3
Pittsburgh__
5,709,000
4,397,823
76,014.042
121,944,074
17,917,900
a
a
1,843,854
a
a
7,107,300
a
176,720,241
8.846,000
5.643,176
67,822,191
114,604,074
16,024,200
a
a
1,884,488
a
a
5,526,219
a
159,006,195
394.912,627 -18.8
411,654.234
379,356,543
Fifth Federal Reserve Dist trict-Rich mood1,081,228
W.Va.-Hunt'g'
1,470,707 -26.5
7,661,469 -20.6
d6,080,462
Va.-Norfolk
45,590,000
Richmond
50,776,000 -10.2
2,319,799 -13.8
*2.000,000
S.C.-Charlene
88.438,736 101.570,405 -12.9
Md.-Baltimore D.C.-Washing'
27,280.029
28.794.775 -5.3
1,825,046
9,011,927
66,988,000
2,153,919
112,734,065
29,151,279
1,894,322
8,188,808
59,337.363
2,915,774
99,051,002
24,991,131
192.593,155 -11.5
221,864,238
196,378,400
Sixth Federal Reserve Dist rict-Atlant a7,663,131 +17.1
8,973,849
Tenn.-Chatt'ga
3,144,961 -11.0
*2,800,000
Knoxville
+9.4
21,052,731
23,039,286
Nashville
48,249,401
52,299,574 -7.7
Ga.-Atlanta _
2,136,038 -12.8
1,862,879
Augusta
2,270,198
1,913,693 +18.6
Macon
a
a
a
Savannah
21,446,128 -35.9
13,741,035
7,249,757 -55.1
3,252.000
Miami
24.037,509
Ala.-Birming'm.
23,228.467 +3.5
2,042,207 -19.6
1,642,797
Mobile
1,755,000
Miss.-Jackson..
1,868,689 -6.1
498,969
Vicksburg.
446,350 +11.8
56,506,365 -0.4
55,272,239
La.-New Orleans
6,719,734
2,892,000
21,551,380
74,763.944
2.369.200
2,012,320
a
31,057,590
24.576,244
25,189,879
2,159,359
1,880.000
523,600
64,789,015
6,550,024
3,261,625
21,704,632
63,410,260
2,470,985
1,751,674
a
16,484,786
5,413.601
26,582,475
1,881,804
,1659,261
466,865
59,856,810
260.484.265
211.494.802
Total(8 cities).
Total(6 cities).
Total(13 cities)
433,448,895
320,583.316
170,470,455
187.395.162
200.998.091
-6.8
Total(12 cities) 240,295,838 256,191,320 -6.2
Eleventh Fade rat Reserve District-IS atlasTexas-Austin..
1,747,400
1,927,568 -9.3
Dallas
53.878,767
49.963,020 +7.8
Fort Worth._
d17,416.740
14,998,143 +16.1
Galveston
7,246,000
10,785,000 --32.8
Houston
a
a
a
La -Shreveport.
5,325,911
5,424.365
Total (5 cities).
85,614,818
83,098,096
Twelfth Feder at Reserve D IstrIct-San
Wash.-Seattle..
40,030,002
44,833,158
Spokane
11,946,000
12,768,000
Tacoma
a
a
Yakima
2,042,089
1,844,882
Ore -Portland..
35,291,984
43,806,087
Utah-S. L. City
17,260.788
18,035,488
Nev.-Reno
a
a
Ariz.-Phoenix.
a
. a
Calif.-Fresno...
6,476.435
5,394,444
Long Beach_
5,845,483
5,765,782
Los Angeles... 154.500,000 154,412,000
Oakland
18,906,028
16,137,208
Pasadena
5,971,548
5,375,155
Sacramento...
8,626,477
d7.898,981
San Diego....
6,423,210
4,429.984
San Francisco. 173,155,000 171,280,000
San Jose
3,560.857
2,843,701
Santa Barbara.
1,372.931
1,539.102
Santa Monica.
2,065,828
1,708,815
Stockton
3,483,800
c2,952,900
86,887,280
Total(17 cities) 488,271,935 509,712,192
Grand total (129
9.310,863.825 9,272,413,010
cities)
-4.2
Outside New York 3,834,700,731 4,115,420,305
-6.8 4,416,009,0684,194,658.204
535,631,884
477,926,454
+0.4 10503,698,834 9,830,725,257
Week Ended November 10.
Clearings al1927.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William....
New Westminster
Medicine Hat _
Peterborough _ _ _
Sherbrooke
Kitchener
Windsor
Prince Albert....
Moncton
Kingston
Chatham
Sarnia
Total(31 eltleS)
$
141,576,834
13.1,805,837
79,761,160
18,495,559
9,238,509
7.595,003
3,284,035
5,951,831
12,741,323
2,187,627
2,569,099
4,236,831
6,264,410
7,109,339
887.791
1,035,420
2,776,054
1,749,537
1,089,673
1,103,036
725,018
569,202
1,031,836
900,392
1,228,009
4,765,648
449,927
864,423
919.389
696,598
622,297
1926.
$
110,338,097
87,712,254
72,308,141
18,593.842
7.333.509
8,072,608
3,046,321
5,111,357
10,078.438
2,471,246
1,973.906
2,370,34.3
5,044,797
6,300,948
811,557
710,386
2,461,040
1,537,434
981,443
1,248,893
615.688
381,258
1,027,281
951,156
905,084
3.974.533
465,238
878,889
630,453
571,792
415.739
Inc. Or
Dec.
%
+24.9
+50.3
+10.3
+11.5
+26.0
-5.9
+7.8
+16.4
+26.4
-11.5
+30.2
+78.7
+24.2
+12.8
+9.4
+45.8
+12.8
+ 13.8
+ 11.0
-11.5
+ 17.8
+49.3
+0.4
-5.3
+35.7
+ 19.9
-3.3
-1.6
+45.8
+21.8
+49.7
1925.
$
103,959,712
88,056,813
62,042,674
14,462,354
6,880,994
6,276,616
2,872,285
4,685.678
7.281.446
2,518,808
1,794,330
2,450,537
4.282,381
6,698.788
680.952
425,393
2,187,819
1,372,575
876,517
722,800
537,028
319,261
866,140
769,162
929,143
3,368,860
365.757
784,349
719,870
1924.
$
104,912,469
108,865.176
76,255,099
16,425,309
7,582,487
6,882,643
3,481,947
4,601,883
8.085,413
2,596,352
1,449,579
2,405.200
4,081.042
4,878,662
774,742
547,709
1,898,219
1,365,402
852,194
1,137,021
592,451
317.153
829,422
703,570
823,163
3,105,386
321,503
708.206
600.197
454.231,647 357,321,666 +27.1 329,189,022 387,059,575
a No longer report clearings. b Do not respond to requests for figures. c Week
ended Nov.9. d Week ended Nov. 10. e Week ended Nov. 11. *Estimated.
Nov. 19 1927.]
THE CHRONICLE
2771
Condition of National Banks June 30.-The statement of condition of the national banks under the Comptroller's
call of June 30 1927 has been issued and is summarized below. For purposes of comparison, like details for previous calls
back to and including Dec. 31 1925 are included.
ABSTRACT OF REPORTS OF CONDITION OF NATIONAL BANKS IN THE UNITED STATES ON DEC. 31 1925, AND APRIL 12,
JUNE 30 AND DEC. 31 1926 AND MARCH 23 AND JUNE 30 1927 (in Thousands of Dollars.)
Figures are given in thousands of dollars.
Dec. 31 '25 Apr. 12 '26 June 30'26. Dec. 31 '26 Mar. 23'27. June 30'27.
8.054 banks. 8,000 banks. 7,978 banks 7.912 banks 7.828banks. 7,796 banks.
Resources-Loans and discounts (including rediscounts)_a
Overdrafts
United States Government securities owned
Other bonds, stocks, securities. !kc
Customers' liability account of acceptances
Banking house,furniture and fixteres
Other real estate owned
Lawful reserve with Federal Reserve banks
Items with Federal Reserve banks In process of collection
Cash in vault
Amount due from national banks
Amount due from other banks, bankers and trust companies
Exchanges for clearing house
Checks on other banks in the same place
Outside checks and other cash items
Redemption fund and due from United States Treasurer
United States Government securities borrowed
Bonds and securities, other than United States, borrowed
Other assets
$
$
$
$
$
13,535,278 13,301,306 13,417,674 13.573.275 13,647.640 13.915.696
10,953
10.554
9.719
9.332
12,662
9.788
2.522.810 2.540,823 2,469.268 2,282,571 2.652.367 2.596.178
3,252.016 3,269.027 3,372,985 3,507.821 3,671.313 3,797,040
277.513
265,066
232,460
255.464
246.250
253.131
621,825
663.959
606.474
644.880
632,842
680.218
113.987
113,741
114,108
117.571
115,869
115.817
1,376.992 1.288,664 1,381.171 1,359.386 1,400.317 1.406,052
443,145
572,090
543.268
487,345
496.916
501,409
390,116
352.709
367.573
373,905
359,951
364.204
1.192,948 1,062,811 1,080,617 1.124,188 1,026,760 1.044.653
393.174 , 426,381
423.766
388.932
400.822
425,518
1,127,241
947,848
969,432
774.989
626.687
899,901
109,679
101.574
83,095
74,304
117,264
97.179
71,320
89,480
68.809
47.126
69,316
72,928
32,505
33,008
32.917
32,810
32,905
33,023
17,721
16,986
23.787
24,442
---- -3.826
3.299
4.646
3,173
235,114 - 215,515
247.830
242,405
273,561
213,803
Total
25,852,412 24.893,665 25.315,624
LiabilitiesCapital stock paid in
1,379,101 1,410.434 1.412.872
Surplus fund
1,166,601 1,188,704 1,198,899
Undivided profits, less expenses and taxes paid
500,519
476.207
477,587
Reserved for taxes, interest, &c.. accrued
83.327
64.618
59.170
National bank notes outstanding
644,461
649.452
651.155
Due to Federal Reserve banks
35.785
33,794
38.321
Amount due to national banks
987,311
1,076.397
979,814
Amount due to other banks, bankers and trust companies
1,885,848
1,779.579
1.897.555
Certified checks outstanding
241,813
258,034
217.123
Cashiers' checks outstanding
223,885
288,669
414.
Demand deposits
11,151,126 10,456,694 10.778,603
Time deposits (including postal savings)
6,047,370 6.199.806 6.313,809
United States deposits
234.704
144,504
193,222
Total deposits
20,175,798 20,642,164
21,080,660
United States Government securities borrowed
25.611
24.442
32.718
Bonds and securities (other than United States) borrowed
4.053
3.173
3.625
Agreements to repurchase United States Government or other securities sold
2.497
3,489
1.984
Bills payable (including all obligations representing borrowed money other than
redLwounts)
384,377
265,590
253.807
Notes and bills rediscounted
{ 150,73
168.149
Acceptances of other banks and foreign billsof exchange or drafts sold with
264.505
endorsement
107,982
100,652
Letters of credit and travelers' checks outstanding
7,760
12,880
7.525
Acceptances executed for customers and to furnish dollar exchange lees those
purchased or discounted
246,199
221,131
257,929
Acceptances executed by other banks
39,505
39.493
29.801
Liabilities other than those stated above
55.515
50,805
49,954
Total
25.852,412 24.893.665 25,315,624
Details of Cash in VaultGold coin
18.328
17.869
18,212
Gold certificates
54.155
Clearing house certificates based on gold and gold certificates
76
Clearing house certificates based on other spade and lawful money
23
Standard silver dollars
7.129
36.016
40.449
,
Subsidiary silver and minor coin
29,724
Silver certificates
30,457
Legal tender notes
331.229
26.740
, 331.455
National bank notes
67,123
Federal Reserve and Federal Reserve Bank notes
126.655
Details of Demand DepositsIndividual subject to check
9.528.673
9.754.457
10,271.178
Certificates due in less than 30 days
218,289
253,854
217,106
State and municipal
622.005
586.981
480,334
Deposits subject to less than 30 days notice
21.670
19,280
26.339
Dividends unpaid
2,630
38.673
35.273
Other demand deposits
98,451
80.757
130,482
Details of Time DepositsCertificates due on or about 30 days
1.260.685 1.228,223 1,271.807
State and municipal
119.636
134.443
108,648
Postal savings
72.255
70.094
68.720
Other time deposits
4,609,317 4,719.692 4,837.465
Percentages of ReserveCentral Reserve cities
12.037
13.37
12.45%
Other Reserve cities
9.89
10.04
9.99 0
All Reserve cities
10.80%
11.52%
11.09
7.385
7.38y
7,57,
7.42 ,
a Includes customers' liability
1.410.723 1.460,491 1.474,173
1,216.979 1.239.810 1.256,945
508.421
477,217
519.670
70,326
70,409
61.308
646.449
650.946
642.558
35.281
36.379
38,179
976,119
980.891
983.661
1,816,955 1.764,982 1.844.439
219.759
200,381
223.884
315.106
201.921
365.087
10.768,669 10,430.341 10,923.729
6,533.442 7,056,467 7.315.624
139,843
138,239
241.445
20,863,991 20,912,209 21,7711,123
17,746
17.011
23.787
3.826
3.299
4.646
18,485
3.529
4,480
391.593
138.716
306,203
92,840
248,018
120,024
95,349
7,778
95,035
9,812
111,010
15,442
250.361
23,268
54.546
242,265
17,636
64.072
248,184
20.353
57.870
25.683.849 25.699.147 26,581,942
17.121
47,629
28
159
6.832
30.722
30.122
27.276
67.981
136,323
17.237
17.470
38.166
37,592
297,306
318.843
9,855.073
218.385
542.715
14,086
38,834
99,566
9.449,783
192.156
638.004
14.772
3.084
132,542
9,787,512
205.074
693.833
11.701
36,55(
189.051
1.265.364
131.076
71,438
5.065.564
1,295.199
211.781
76.476
5.473,011
1.137.995
224.841
77.119
5.875,671
12.78%
10.19%
11.330
I•ta J
13.68
10.28
11.71
7
'
48,y
0
1211
13.03%
9.89%
11.24%
0 FJVZ
under letters of credit.
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Nov. 2 1927:
GOLD.
The Bank of England gold reserve against
notes amounted to £150,286,780
on the 26th ult., as compared with £149,671,940
on the previous Wednesday.
About £447,000 bar gold was available
yesterday in the open market.
The home and continental trade absorbed
E174,000, and India and the
Straits £49.000, the balance-£224,000-being
taken for a destination
not disclosed.
The following movements of gold to and from
the Bank of England
have been announced:
Oa. 27. Oct. 28. Oa.29. Oct. 31. Nov.
1. Nov. 2.
Received
Nil
Nil
Nil
Nil
Nil
Nil
Withdrawn
£15,000 £508,000
Nil
Nil
Nil £23,000
The £539,000 sovereigns withdrawn were
destinated as follows: Set
aside account South Atrial, £500,000: India,
£16,000:
anci-rhe Straits, £10.000. During-the week under- Holland, £13,000;
review
been withdrawn from the Bank, increasing the net efflux 1.546.000 has
this year to
£1,278.000 and since the resumption of an effective
gold standard to
£6,602,000, as set out in the daily bulletins it the Bank.
The following were the United Kingdom imports and exports
of gold
registered in the week ended the 26th ult.:
Imports.
Exports.
British West Africa
430.885 Sweden
£10,600
British South Africa
648,430 Germany
67.070
countries
Other
5,464 Netherlands
9,937
France
14,300
Switzerland
109.453
Spain
40,000
Austria
17,600
British India
40,000
Other countries
4,081
25.683.849 25.699.147 26.581,943
£684,779
£313,041
The Southern Rhodesian gold output for September 1927 amounted
to 45,838 fine ounces, as compared with 47,298 fine ounces for August
1927 and 48,350 ounces for September 1926.
SILVER.
During the week the market has quietly gained strength. On recent
like occAsions China has met rising prices by making sales which increased
in quantity at each advance. This check has not been in evidence this
week to the same extent. Hence, though America has usually been a
seller, and buyers as a rule have been satisfied by the close of each day.
a renewal of demand next morning, chiefly from the Indian Bazaars.
has revivified the markey. To-day India again sent orders with some
freedom and the cash price was carried to 26 Yid., the highest quotation
since July 20 last. As the orders which came to-day were mostly for prompt
shipment, the forward price was fixed at 1-168. discount.
The following were the United Kingdom imports and exports of silver
registered in the week ended the 26th ult.:
Exports.
Imports.
£91,300
United States of America_ __ £12.567 Germany
43.567
Other countries
12,124 British India
12.227
Other countries
--£147,094
£24,691
INDIAN CURRENCY RETURNS.
(/n Lacs of Rupees)Oct. 7. Oct. 15. Oct. 22.
18,301
Notes in circulation
18,122 18.252
11.537
Silver coin and bullion in India
11.387 11,516
Sliver coin and bullion out of India
2.976
2.976
---Gold coin and bullion in India
2,976
--Gold coin and bullion out of India
3,643
3,642
Securities (Indian Government)
125
Securities (British Government)
117
117
No silver coinage was reported during the week ended the 22d ult.
The stock in Shanghai on the 29th ult, consisted of about 61,000,000
ounces in sycee, 75,800,000 dollars and 3.980 silver bars, as compared
with about 60.900.000 ounces in sycee, 74,900,000 dollars and 4,140 silver
bars on the 22d ult.
Statistics for the month of October last are appended:
[VOL. 125.
THE CHRONICLE
2772
-Bar Silver per Oz. Std.2 Mos.
Cash.
26 1-164.
26 1-16d.
25 WI.
255d.
25.812d.
25.7764.
QuotationsHighest price
Lowest price
Average price
Quotations During the Wweek25 13-16d.
Oct. 27
25Iid.
Oct. 28
25iid.
Oct. 29
26 1-164.
Oct. 31
•
26%d.
Nov. 1
261d.
Nov. 2
26d.
Average
The silver quotations to-day for cash and
respectively 7-16d. and 5-16d. above those fixed
Bar Gold per.
Oz. Fine.
84s. 1135d.
84s. 1030.
84s. 11.2d.
The destination of these exports for the week and since
July 1 1927 is as below:
Flour.
Exports for Week
Since
Week
and Since
Noo.12. July 1
July 1 to1927.
1927.
84s. 11d.
25%d.
25 15-16d. 84s. 11 sid
25 15-164. 84s. 1130.
1d. United Kingdom_
84s. 113,
26 1-16d.
Continent
84s. 1130. So.& Cent. Amer_
2630.
84s. 11;id. West Indies
263-16d.
845. 11.24. Brit. No.Am.Col
26.012d.
Other countries
two months' delivery are
Total 1927
a week ago.
Total 1926
Corn.
Wheat.
Week
Nov. 12.
1927.
Since
July 1
1927.
Week
Non. 12.
1927.
Since
July 1
1927.
Bushels. Bushels. Bushels.
Barrels. Barrels. Bushels.
71.714
129,264 1.484,400 2,428,430 38,932.564 46,000
23.365
81,164.438
5,893.411
2,416.150
283.571
175.000
126,000
165,555
11,000
354,000
22,000
16,000
187,000
18,000
____
225,263
288,003
441,835 4,478,368 8,321,841 120,527,005
346.787 5.049.087 5.256.177 125.252.958
624.079
68,000
44.000 1,762,610
National Banks.-The following information regarding
ENGLISH FINANCIAL MARKETS-PER CABLE.
national banks is from the office of the Comptroller of the
The daily closing quotations for securities, &c., at London, Currency, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED.
as reported by cable, have been as follows the past week:
Fri.,
Thurs.,
Wed.,
Tues.,
Mon.,
London. Week Sat.,
end. Nov. 18. Nov. 12. Nov. 14. Nov. 15. Nov. 16. Nov. 17. Nov. 18.
265i
Silver. per oz.d. 26 11-16 26 13-16 26 11-16 26 11-16 205
843.11I4d. 848.11;0
Gold. p.fine oz. 84s.11S4d. 848.11I5d. 848.11 yid.
55
55
55
55
55
Consols. 2 si %.
100X
100%
100%
100%
100%
British. 5% _ _ ____
9634
9634
91334
British. 454%. ____
9614
9634
French Rentes
57.30
58.10
57.80
56.05
55.30
(In Paris) ft
French War L'n
74.50
75.10
75
75.40
74.52
(In Paris) fr. ____
The price of silver in New York on the same days has been:
Silver in N. Y., per oz.(cts.):
Foreign
57.34
5734
5731
5734
5734
5714
(Commercial andPliscellaneonsBents
le.•••••*•.
Breadstuffs figures brought from
page 2838.-All
statements below regarding the movement of grainreceipts, 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 Sattrday and since Aug. 1 for
each of the last three years.
the
Receipts at-
Flour. I
Wheat.
Corn.
Oats.
Barley.
Rye.
bbls.1661bs. bush.60 tbs.bush.56 lbs bush. 32 lbs. bush.481bs lrush.561bs.
992,000 140,000 155,000
898.000 1,951.000
260,000
Chicago
86.000
88,000
1,883,000
407,000 297,000
Minneapolis,
133,000
17,000 632,000 583,000
4,334.000
Duluth
106.000
187,000 144,000
20,000
90.000
87,000
Milwaukee_ __
32,000
54,000
6.000
293,000
Toledo
25,000
10.000
32.000
7,000
Detroit
434,000
50,000
194,000
Indianapolis_
131.000
310,000
90,000
389.000
45,000
6,000
St. Louis_ _ _
17,000
205,000
177,000
67,000
54.000
1,000
Peoria
212.000
83,000
• 1,437.000
Kansas City_ _
249,000
154,000
326.000
Omaha
150,000
205,000
22,000
St. Joseph_ _ _
8,000
249.000
6.000
Wichita
36,000
34.000
Sioux City_ _
92,000
1,000
Tot. wk . '27
week '26
Same week '25
Same
491,000 10,239,000 3,756,000
460.000 7476.000 6,136,000
390.000 7.178,000 2.826,000
2,705.000 1,326.000
2,509,000 792,000
3.115,000 1,179,000
866,000
584,000
718,000
Since Aug. 11927
7,467,000246,831,000 65.260.000 59.591.00037,721,00022,650,000
1926
7.466.000172.870,000 72,287,0001 59,524,000 2,496.000 16,989,000
7,233,000161,876,000 51,928,000 110.034.000 35,686,000 12,732.000
1925
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, Nov. 12, follow:
Receipts at- I
New York. _ _
Philadelphia_ _
Baltimore. _
Newport News
Norfolk
New Orleans.
Galveston
Montreal __ _
Boston
Flour. I
Wheat. I
Corn.
I
Oats.
Barley.
Rye.
Bushels. Bushels. I Bushels.
Bushels.
Barrels. I Bushels.
90.000 879,000
23,000
67.000
285,000 1,670.000
131,000
59,000
122.000
54,000
78,000
8,000
18,000
12.000
331,000
16,000
1.000
12,000
1,000
18,000
60.000,
79.0001
54.000,
54,000
I
35.0001
80.000 995,000 2,040,000
31,000,
208.000 8.697.0001
10,000 158.000
1,0001
13,000
239,000
337,000 2,110.000 2,125,000
Tot. wk.'27 632.000 10,947.000'
SinceJan. 127 19,555,000253.598,000 8,735,000 21,291.000 17.735,000 14,223,000
Capital.
$1.000.000
Nov. 9-The Eighth National Bank of New York, N. Y
Correspondent, John W. H. Crim, 27 William St.,
New York, N. Y.
Nov. 12-The Commercial National Bank of Hammond,Ind--- 100.000
Correspondent, W. II. Rippe, 133 Hohman St., Hammond, Ind.
25,000
Nov. 12-First National Bank in Shelton, Neb
Correspondent. B. F. Parks, Shelton, Neb.
Nov. 12-The Third National Bank & Trust Co.of Camden,N.J. 200.000
Correspondent, Harold F. Stephenson, 2637 Westfield
Ave., Camden, N. J.
CHANGE OF TITLE.
Nov. 1-The Prospect National Bank of Brooklyn in New York,
N. Y. to the Prospect National Bank & Trust Co. of
Brooklyn in New York.
Nov. 12-The First National Bank of Bay Shore, N. Y.. to
"The First National Bank & Trust Co. of Bay Shore."
Nov. 12-The Army National Bank of Camp Lewis, Wash., to
"The Army National Bank of Fort Lewis," to agree
with change in name of place in which the bank is
located.
CHARTERS ISSUED.
Nov. 1-The Washington National Bank of Vancouver, Wash_ -.1100,000
Convention of the Washington Exchange Bank of Vancouver, Wash. President, Lloyd DuBois. Cashier.
0. F. Zumsteg.
$25.000
Nov. 1-The First National Bank of Springview, Nobr
Conversion of the Farmers & Merchants Bank, Springview, Nebr. President, G. II. Thorley. Cashier,
H. G. Thorley.
$50,000
Nov. 1-The Commercial National Bank of Ainsworth, Nebr
Conversion of the Commercial State Bank of Ainsworth.
President, G. H. Thorley. Cashier, W. H. Williams.
Nov.5-The Fifth Northwestern National Bank of Minneapolis,
$100,000
Minn
President, C. E. Hill. Cashier, C. R. Sheridan.
50,000
Nov. 12-The Roslyn National Bank, Roslyn. Pa
President.,Perry Greenspan; Cashier,John W.Hagan.
VOLUNTARY LIQUIDATIONS.
$150,000
Nov. 1-The Iowa National Bank of Davenport, Iowa
Effective Oct. 311927. Lie. Agents, Charles Shuler and
Louis C. Dein, Davenport,Iowa. Absorbed by American Commercial & Savings Bank of Davenport.
$200,000
Nov. 2-The Totowna National Bank of Paterson, N.Y
Effective Nov. 1 1927. Liq. Agents, John R. Parmelee,
Ridgewood, N. J., and Leondard Wentink, Paterson,
________N,.1. Absorbed by Hamilton Trust Co. of Paterson.
$25,000
Nov. 9-The First National Bank of Bricelyn, Minn
Effective Oct. 25 1927. Lig. Agent, J. D. Armstrong,
Bricelyn, Minn. Absorbed by the State Bank of
Bricelyn. Minn.
50.000
Nov.9-The First National Bank in Hayward. Calif
Effective Nov. 1 1927. Lin. Agent. E. 0. Aldwell,
Italy
by
of
Bank
Absorbed
Calif.
Francisco,
San
National Trust & Savings Association, San Francisco,
Calif.
BRANCHES AUTHORIZED UNDER THE ACT OF FEB. 25 1927*
Nov. 10-The Security National Bank of Pasadena Calif. Location of
branch, vicinity of 722-72.1 East Colorado Street, Pasadena.
Nov. 12-Bank of Italy National Trust & Savings Association, San Francisco, Calif. Location of branch, vicinity of Pierce and Chestnut
Streets, San Francisco.
Auction Sales.-Among other securities, the following,
not actually dealt in at the Stock Exchange, were sold at auction
in Now York, Boston, Philadelphia and Buffalo on Wednesday of this week:
By Barnes & Lofland, Philadelphia:
11 per sh.
Shares. Stocks.
425
10 Broad St. Nat. Bank
804
6 Corn Exchange Nat. Bank
360
National Bank
• Receipts do not include grain passing through New Orleans for foreign ports 50 Union National
363
Bank
50 Union
on through bills of lading.
365
57 Union National Bank
700
Bank
National
Penn
20
The exports from the several seaboard ports for the week 2 Elkins Park Nat. Bank
11534
6 Guarantee Tr.& Bate Dep. Co 466
ending Saturday, Nov. 12 1926, are shown in the annexed 5
Guarantee Tr.& Safe Dep. Co_ 465
10 Guarantee Tr.& Safe Dep. Co._464
statement:
4 Mitten M.& M.Sank & Tr. Co.,
• 100
par $SO (stamped)
Flour.
Oats.
Rye.
Barley.
Corn.
Wheat.
Exports from1 United Security Life Ins. & Trust
280
Co
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels. 25 Aldine Trust Co
259
64,744
875,163 2 Bank of No. Am. 4c Trust Co__._447 Ii
95,835
1.277,841
New York
16,000
Boston
17034
5 Tioga Trust Co., par $50
5,000
Philadelphia
15 Logan Bank &Tr.Co., par 850.- 88
26,000 158,000 4 Northeastern Title & Tr. Co.. par
15,000
443.000
Baltimore
1,000
91
12,000
Norfolk
$50
1.000
Newport News
5 Continental Equitable Title & Tr.
4,000
21.000
290
81.000
68,000
430.000
Co., par $50
New Orleans
69,000
112.000
150 Allegheny Title & Trust Co.,
Galveston
75
158,000 87,000 1.499.000 1,178,000
5.943,000
par $50
Montreal
104,000
20 liohnsburg Trust Co., par $50._168
Quebec
90
25 Bankers Trust Co., par $50
68,000 441.835 172.744 1,529,000 2,211,163 5 Broad St. Trust Co., par $50____ 92
Total week 1927__ 8.321,841
II 000 632.294 i1111.721 20 mine Appliances Co.,common-55 lot
44.000 3411_707
5.256.577
Santa svw0k 1028
544.000 7,853.000
Week 1926_ _ _
SinceJan. 1'2622,306.000208.404.000
182,000
301,000 1,878,0001 263,000
6,588,000 40,341,000 30,418.000 29,126.000
$ per all.
Shares. Mocks.
20 Mine Appliances Co., corn
$5 lot
20 Hunts Theatres, Inc., pref.. par
6
$10
15 Hunts Theatres, Inc., common,
6
par $10
10 Independence Indemnity Co__ _325
7 Independence Indemnity Co
320
46
50 II. K. Mulford Co., par 550
25 Investment Bond & Mtge. Co- _ _112
500 Feaster Mfg. Co., Inc., pref.,
5110$
par $10
750 Feaster Mfg. Co., Inc.. COM$2 lot
mon. par SI0
100 Quaker City Apartment HOU40.
5
pref., par $10
$7 lot
10 Reserve, Inc., preferred
100 Shane Bros.& Wilson co..
110010$
4114
4 Phila. Bourse,com., par $50
20 Phila. Bourse, corn., par 550____ 4034
54 Phila. Bourse, pref., par 525____ 2514
50 New National 011. corn. v.t.e--Es
500 New Nat.011, pref. V. t.
$33.33 New Nat, 011 1st 75. Jan lot
1933 scrip
Per Cenl.
Bonds2800 New National Oil Co. Id 75,
81010$
Jan. 1933
Nov. 19 1927.]
UTE CHRONICLE
By Adrian H. Muller & Sons, New York:
Shares. Stocks.
$ per sh. Shares. Stocks.
$ per sh.
21,900 De Forest Radio Co. voting
198 H.B.Claflin Co., common__ .35 lot
trust and ctfs. of deposit_ _$1,000 lot 100 H.B.Claflin Co., 1st pref_ _ _355 lot
American
Bank
First
50
& Trust Co.,
6,670 Seminole Regent Mines Co.,
West Palm Beach, Fla
$3,000 lot
par $1
35108
38 First Bank & Trust Co., Lake
500 Chemical Products Co.of AmerWorth, Fla
$100 lot
ica, common, no par
$1 lot
10 Ocean City Bank. Delray, Fla_ $100 lot
BondsPer Cent.
166 Bryden Neverslip Co.,common,
$7,000 Brovard Invest. Co. 8%
no par
10c.
bond, of West Palm Beach, Fla.,
1,000 Internat. Cotton Refg.
$1,000 lot
Corp., common, par $1
$1 lot $7,000 Datura Holding Co., 8%
4,000 American Bosshardt Furnace
bond. of West Palm Beach,
Corp., interim receipts of BernFla
$1,000
hard, Schiffer & Co., no par __$30 lot $1,000 Congressional Country Club, lot
250 Kemp Bend Co., pref
Washington, D. C., 6% gold
530 Kemp Bend Co., common.
bond. Dec. 1 1938
40
no par
$1,500 Level Club 6% gold notes,
$2,000 Kemp Bend Co. let M. 3- $6
Oct. 15 1929
60
year 8s, Dec.1 1925
lot $275,000 Second Ave. RR. Co. of
$1,500 Kemp Bend Co. Inc. let M.
N. Y. 1st cons. M. 58, Feb. 1
5-yr. 85, July 1 1926
1948. Aug. 1908 and subsequent
180 Tenses Gravel Co., common... 1 lot
coupons attached. Guaranty Tr.
20 Edgewood Publishing Co., Inc./185 lot
Co. ctf. of deposit
$20 lot
50 City Nat. Bank, Miami____1 70-100 $8.000 Central Hudson Steamboat
40 Urban Motion Pictures, Inc.,
Co. 1st M.Is, Apr.1 1933. April
pref., par $25
$2
1927 and subsequent coupons at40 Urban Motion Pictures, Inc., lot
tached
38
common, par $25
$10,000 Wladikawkas By. 4% gold
125 St. Augustine & Atlantic corp.. lot
bonds, loan of 1900. Jan. 14
preferred
1919 and subsequent coupons at350 St. Augustine & Atlantic Corp.,
tached
$140108
common, no par
$25
2773
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced
current week. Then we follow with a second table,the
in
which we show the dividends previously announced, but
which have not yet been paid.
The dividends announced this week are:
Per
When
Cent. Payable
Books Closed.
Days Ina:urine.
Railroads (Steam).
Atlantic Coast Line RR.,common
3% Jan. 10 Holders of rec. Dec. 15
Canadian Pacific, common (quar.)
2% Dec. 31 Holders of rec. Dec. 1
Chestnut Hill RR.(quar.)
75c. Dec. 5 Nov. 22 to Dec. 4*
Cinc. New Orl. & Tex.Pao., pref.(qu.). 1% Dec. 1 Holders of rec. Novi
Consolidated RRs.of Cuba, pref.(quar.) 1% Jan. 3 Holders of rec. Dec. 21a
10a
Cuba RR., common
31.20 Dec. 28 Holders of rec. Dec. 28
Delaware & Bound Brook (quar.)
2
Nov.21 Holders of rec. Nov. 150
Gulf.Mobile & Nor., pref. (quar.)
'
134 Jan. 3 *Holders of rec. Dec. 15
Pref. facet accumulated dive.)
*1
Jan. 3 *Holders of rec. Dec. 15
Illinois Central, leased lines
2
Jan. 2 Dec. 13 to Jan. 4
Midland Valley, preferred
$1.25 Dec. 1 Holders of rec. Nov.23a
Phila. Germantown & Norristown (qu.)- $1.50 Dec. 5 Nov. 22 to Dec.
4
Public Utilities.
Amer. Telep. & Teleg.(qua:.)
2% Jan. 16 Holders of rec. Dec. 20a
Androscoggin & Kennebec, pref
3
Dec. 1 Holders of rec. Nov. 15a
Central Indiana Power, pref. (quer.).-. 1% Dec. 1 Holders of rec. Nov.
19a
Eastern Shore Pub.Semi., pref.(qua:.). 1.6234 Dec. 1 Holders of rec. Nov. 210
Eastern Texas Elec. Co., prof. (quer.)_ _ 1% Jan. 3 Holders of
rec. Dec. 50
Electric Public Serv.. pref. (quar.)
I% Jan. 1 Holders of rec. Dec. 15
Electric Public UM., pref.(qual.)
1% Jan. 1 Holders of rec. Dec.
Engineers Public Service $7 pref. (qu.)-- $1.75 Jan. 3 Holders of rec. Dec. 15
5a
By Wise, Hobbs & Arnold, Boston:
Gas& Elec. Securities, corn.(monthly)_
50c. Dec. 1 Holders of rec. Nov. 15a
Common (payable in corn. stock)
11( Dec. 1 Holders of rec. Nov. 15a
Shares. Stocks.
$ per sh. Shares. Stocks.
Preferred (monthly)
$ per sh.
5814. Dee. 1 Holders of rec. Nov. 154
19 Atlantic Nat. Bank
27934-280 67 Quincy Mkt. Cold Stor.& WareHackensack Water,common (quar.)- - 75c. Dec. 1 Holders of rec. Nov.
15
2 Federal Nat. Bank
house Co., common
7% preferred (quar.)
25034
23
87%e. Dec. 1 Holders of rec. Nov. 15
10 First Nat. Bank
472
2 units First Peoples Trust
Preferred class A (quar.)
25
*50c. Dec. 1 *Holders of rec. Nov. 17
5 Lyman Mills
169 8 Lockwood, Greene & Co., Inc.,
Kentucky Hydro-Elec., pref. (guar.).- '194 Dec. 20 *Holders of rec. Nov.
30
210 Saco Lowell Shope, corn
1%--1if
Laclede Gas dr Elec., prior lien (quar.)_ _ *31.75 Dec. 1 *Holders of rec. Nov.21
pre
2
279 Hamilton Mfg. Co
40.3.-55e. 16 Boston Woven Hose & Rubber
Lake Superior Dist. Pew.. pf. (qua!,).. *134 Dec. 1 *Holders of rec.
15
25 Appleton Co., common
2034
Co., common
Louisville Gas & Elec.(Del.) A & B (qu.) *4394c Dec. 24 *Holders of rec. Nov.
9094
Nov.30
58 Lancaster Mills, common---7if-8
40 Quincy Mkt. Cold Stor.& WareNational Power & Lt., pref. (qu.)
$1.75 Jan. 3 Holders of rec. Dec. 15
10 Saco Lowell Shops, 2d pref
house Co., pref
034
New England Pub. Ser., pr. lien pf.(qu.) •31.75 Dec. 15 *Holders of roe. Nov.30
62
10 Lancaster Mills, pref
New England Tel. & Tel. (quar.)
2634 58 Industrial Laboratories, Inc..
2
Dec. 31 Holders of rec. Dec. 10
36 Gordo Mfg. Co
129
common, class A
$700 Nor. Amer.Co.,corn.(qu.)(in com.stk.) 1234 Jan. 3 Holders of rec. Dec. 6
21 King Philip Mills
Preferred (quar.)
15134 116 Industrial Laboratories, Inc., lot
75c. Jan. 3 Holders of rec. Dec. 5
4 Nat. Fabric & Fin. Co., pref
75
common, class 13
Nor. Amer. Ut11. Sec. Corp., let pf.(qu.) $1.50 Dec. 15 Holders of rec. Nov.30
9 Lancaster Mills, pref
25
50 Hyde Engineering Co., comFirst pref. allot. ctfs. (quer.)_
$1.50 Dec. 15 Holders of rec. Nov.30
5 Otis Company
3834
mon. class A
$25 lot Northern Mexico Pow.& Dev.,com.(qu)
.
1
Jan. 3 Holders of rec. Dec. 15
8 Saco-Lowell Shops, let pref
834 700 Chinese Amer. Invest. Corp.,
Preferred (quar.)
•
1% Jan. 3 Holders of rec. Dec. 15
5 Saco-Lowell Shops, 2d pref
5
part paid
North. States Pow.(Del.) corn. A (qu.). 2
1
Feb. 1 Holders of rec. Dec. 31
4-8 Pepperell Mfg. Co
1434 20 Hyde Engineering Co., corn..
Preferred (quar.)
151 Jan. 20 Holders of rec. Dec. 31
15 Ludlow Mfg. Aesociates__17934 ex-div
class A
Pennsylvania Gas & Elec., Cl. A (tin.) '
37%c Dec. 1 *Holders of rec. Nov.21
25 Nonquitt Spinning Co
1934 21 Hyde Eng. Co.,corn.,el. B
Class A (extra)
$25
'394c. Dec. 1 *Holders of rec. Nov.21
10 Lancaster Mills, pref
2434 30 Hyde Eng. Co., pref
7% preferred (quar.)
lot
1% Jan. 1 Dec. 21 to Dec. 31
26 Arlington Mills
44
56 Johnson Educator Biscuit Co.,
Pennsylvania Water & Power (quar.)62%c. Jan. 3 Holders of roe. Dec. 16
6 Indian Orchard Co
124
class A
Peoples
Gag
1
Co.,
Prof
Dee. 31 Frolders of rec. Dec. 10a
3
11 Arlington Mills
44
24 units First Peoples Trust
San Joaquin Lt.& Pr., pref. A (quar.)_ _ •154 Dec. 15 *Holders of rec. Nov.30
25
10 Lancaster Mills, pref
2434 28 Plymouth Cordage Co
Preferred B (quar.)
85
*13.4 Dec. 15 *Holders of rec. Nov.30
105 Saco-Lowell Shops, 2d pref.... 434 10 Reed-Prentice Corp.,
6% prior pref.(quar.)
1st pref.,
*134 Dec. 15 *Holders of rec. Nov.30
24 Hamilton Mfg. Co
32c
7% prior prof. (quar.)
par $50
17
*154 Dec. 15 *Holders of rec. Nov.30
50 Arlington Mills
4334 15 Mass. Chocolate Co., pref
Standard Gas & Elec.(Del.), com.(qu.). 87340. Jan. 25 Holders of rec. Dec. 310
$4
lot
40 Arlington Mills
4334-4434 80 Wickwire Spencer Steel Co.,com7% prior preference (quar.)
87ifc. Jan. 25 Holders of rec. Dec. 31a
14 Everlastick Inc., common
$9 lot
mon (trust ctfs.) _..46 lot 50- .50c lot Twin City Rapid Trail., Minneapolis100 Western Man. Cos
5954-5934 46 7-10 Geo. W.Harvey Trust Co.,
Common (quar.)
$1
Jan. 2 Holders of roe. Dec. 12
20 Boston Casualty Co., par $25_.- 20
common
Preferred (guar.)
$100 lot
154 Jan. 2 Holders of rec. Dec. 12
10 E.E.Gray Co., pref., par $10- __ 734 5 Laconla Car Co.,common
Virginia
Elec.
&
(quar.)...
Pow.,
2%
1%
7%
Dec. 20 Holders of rec. Nov.300
Pt
10 Craton & Knight Co., pre!
60
10 Laconia Car Co., let pref
6% preferred (quar.)
4534
1% Dec. 20 Holders of rec. Nov.30a
10 Graton & Knight Co., corn
1134 10 Laconia Car Co., 2d pref
Banks.
534
16 Salem Gas Lt. Co., par $25
68
Mortgage note for $100,000 of the
Chelsea Exchange (quar.)
*2
Jan. 3 *Holders of roe. Dec. 16
2 Bangor Hydro-Elec. Co.,7% pfd.112if
Warwick Inc. to the Inman Tr.
Chemical National (bi-monthly)
2% Jan. 3 Holders of rec. Dee. 16
25 U. S. Envelope Co., pref
116
Co.. dated June 15 1926, secured
Port
Morris
(qua:.)
Dec. 1 Holders of rec. Nov.25
2%
50 West Boston Gas Co., v. t. 0.,
by mortgage on prop. at 1450Staten Island Nat. Bank & Trust Co._
2
Nov. 15
par $25
3934
1454 Beacon St., Brookline,
Trust Companies.
25 Lowell Elec. Lt. Corp., under),
Mass
$1,000 Equitable (qual.)
3
Dec. 31 Holders of rec. Dec. 19
par $25
7034
BondsFarmers'
Per
Loan
&
cent.
Trust
(extra)
*4
Dec.. 1 *Holders of rec. Nov. 18
16 Rockland Lt. & Pow. Co., com.,
$15,000 Sizer Steel Corp. 1st 7s,
v.t. o.. par 350
115
May 1937, ctf. of den
Miscellaneous.
$7 lot
25 Rockland Lt. & Pow. Co., cony.
Acushnet Mills (quar.)
1% Deo, 1 Nov.18 to Nov.30
pref., v. t. c., par $50
8634
Adams Express (quer.)
$1.50 Dec. 31 Holders of rec. Dec. 160
Preferred (quer.)(No.1)
$1.25 Dec. 31 Holders of rec. Dec. 15a
Alabama Cash Credit Corp.,corn.(qu.). 9c. Nov.25 Holders
of rec. Nov. 14
By R. L. Day & Co., Boston:
Preferred (quar.)
150. Nov.25 Holders of rec. Nov. 14
Preferred (extra)
9c. Nov.25 Holders of rec. Nov. 14
Shares. Stocks.
$ per sh. Shares. Stocks.
$ perch, Allen Industries, common
25c. Dec. 1 Holders of rec. Nov. 19
2 Webster & Atlas Nat. Bank
182
1 Twin States Gas & Elec. Co.,7%
Preferred (guar.)
75c Dec. 1 Holders of rec. Nov. 19
50 Nat. Shawmut Bank
328
prior prof
9734 American Arch (qua:.)
1% Dec. 1 Holders of rec. Nov. 190
15 Hill Mfg. Co
45 Amer. Invest. 13ecur. Co., corn.,
1234
Amer.. Brit. & Continental Corp.
12 Wamsutta Mills
6034 ex-div.
par $10
20
1st preferred (quar.)
lls Pepperell Mfg. Co
$1.50 Dec. 1 Holders cf roe. Nov. 15
1334 22 Maas. Ltg. Cos.. 6% pref.,
2d preferred
$3 Dec. 1 Holders of rec. Nov. 15
3 Everett Mills
1034
undeposited
111% Amer. Machine & Fdy.. COM.(extra) -- $1 Dec. 15 Holders
14 Quissett Mills, common
of rec. Dec. 1
94
1.000 Rival Oil Co., par $1
$6 lot Amer. Pneumatic Service, let pf.(MO *87% Dec. 31 *Holders of
25 Nashawena Mills
rec. Dec. 16
6134 20 Lockwood, Greene & Co., Inc.,
2d preferred (quer.)
*50o. Dec. 31 *Holders of rec. Dec. 16
2 Tremont & Suffolk Mills
22
preferred
American
(qua:.)
Naumkeag
Seating
.75e. Jan. 1 *Holders of rec. Dec. 20
1
steam Cotton Co__ -180% 3 Lockwood. Greene &
Co..
Inc.,
3100 American Spinning
5
5 Merrimack Mfg. Co..common-1603i
Dec. 31 Holders of rec. Dec. 24a
class 13
American Thread, preferred
I lot
103 West Boylston Mfg. Co.,com
'
12%c Jan. 1 *Holders of rec. Nov.30
534 10 Farmers Fund of Illinois
Anglo-Persian 011, Ltd., ord
30 Farr Alpaca Co
'73.4 Nov. 28 Holders of rec. Nov. 14
1743447534 31 E. E. Gray Co., pref., par $10.. 734 Atlas
Portland Cement, corn. (guar.)... 500. Dee. 1 Holders of rec. Nov. 18a
76 Arlington Mille
45 5 Gray Realty Co., Inc., pref., par
Auto Strop Safety Razor, class A (qtr.)- *75o. Jan. 1 *Holders of rec. Dee. 10
100 U.S. Worsted Corp., corn
25c.
$10
8
Baldwin Locomotive, corn. & pref
25 Indian Orchard Co
*334 Jan. 1 *Holders of rec. Dec. 3
125
4 Cambridge Elec. Secur. Co., $160
Beech-Nut Packing, corn. (extra)
60 U.S. Worsted Corp., 1st Pref..- 234
60c. Jan. 10 Holders of rec. Dec. 24
paid in liquidation, par $25
1634 Belding-Hemingway Co. (quar.)
49 Nat. Fabric & Finishing Co.,com.30
*50c. Jan. 3 *Holders of rec. Dec. 20
5 Savannah Sugar Refs. Co., pref. _112
if Bendix Corp., class A (quar.)
20 Nyanza Mills
'SOc Jan. 3 *Holders of rec. Dec. 15
2634 25 Great Northern Paper Co., par
Class B
10 Ipswich Mills, pref
*50c. Dec. 15 *Holderg of rec. Dec. 1
$25
3034
70% Best & Co.(quar.)
45 Lancaster Mills, common
75e. Dec. 15 Holders of rec. Nov.25a
834 8 Boston Insurance Co
855
Borg & Beck (quar.)
50 U.S. Worsted Corp., corn
Jan. 1 Holders of rec. Dec. 15
$1
240. 10 Greenfield Tap & Die Corp.,
Stock
dividend
10 Lancaster Mills, pref
Jan. 2 Holders of rec. Jan. 1
e20
2434
preferred
&
9534
div. Bristol Manufacturing (qua:.)
15 U. S.Worsted Corp., let Pref.-{ 2A 20 Algonquin Printing Co-310-312%
$1.50 Dec. 1 Holders Of MC. Nov.14a
Bucyrus Company, common (qua:.)_ _ 75c. Jan. 3 Holders of rec. Dec. 12
$45 U. S. Worsted Corp., pref. on 25 Olympia Theatres, Inc., pref.
Preferred (guar.)
scrip as bonus
154 Jan. 3 Holders of rec. Dec.
later.
deposit Ws
40
Burroughs Adding Mach., COCO. (C111111%). 75e. Dec. 10 Holders of rec. Nov. 12
55 Lancaster Mills, common... 8-834 4 Springfield Fire & Marine Ins. Co.756
26
Carter (William) Co.. pref. (quar.)
140 Nat. Fabric & Finishing CO.
154 Dec. 15 Holders of rec. Dec. 10
23 Post Office Square Co.. pref....5
Case (J. I.) Thresh. Mach., corn.(guar.) *31.50 Jan. 1 *Holders of rec.
COmfilOn
2 Merrimac Hat Corp.. common. 225
30
Dec. 12
Preferred
(guar.)
50 Arlington Mills
'154 Jan. 1 *Holders of rec. Dec. 12
4434 25 Magee Furnace Co., 2d pref._
10
Cello Corporation (qua:.)
20 Fort Dodge Des Moines dr Sou.
75c. Dec. 31 Holders of rec. Dec. 1
15 Springfield Gas Lt. Co., par $25_ 71
Extra
RR., pref
25e. Dec. 31 Holders of rec. Dec. 1
934 50 Mass. Inv. Trust, par 350.380 & div. Cheeebrough
Worcester
Consol.
Mfg.,
St. By. Co. 1734 12 Mass. Ltg. Coe., 6% pref. (unCons. (guar.)
90
$1 Dec. 28 Holders of rec. Dec. 10a
Extra
let pref., par $80
on
$1.50
Dee. 28 Holders of rec. Dec. 10a
deposited)
11134 Chicago Flexible Shaft. pref.(guar.)
$900 New Eng. Inv. Scour. Co., let 12 Mass. Ltg. Coe., corn., undep 143%
-- '154 Dec. 1 *Holders of rec. Nov. 19
Chicago
Yellow
Cab (monthly)
pfd., protective agreement.- Pfd. 20 Boston Belting Corp., pref., par
*33 1-3 Jan. 3 *Holders of rec. Dec. 20
Monthly
10 Rutland RR., pref
*33 1-3 Feb. 1 *Holders of rec. Jan. 20
57
$50
Monthly
5 Heywood Wakefield Co., 1st pref. 8434 137 Quincy Mkt.Cold Stor.& Ware- 40c.
*33 1-3 Mar. 1 *Holders of rec. Feb. 20
Christie. Brown & Co.,corn.(guar.)
30c. Feb. 1 Holders of rec. Jan. 15
5 Dennison Mfg. Co.,2d pref.-103 & div.
house Co., pref
6234
Preference (quar.)
5 Mass. Bonding & Ins. Co
154 Feb. 1 Holders of rec. Jan. 20
512
20 Laconia Car Co.,common
234 Chrysler Corp., common (qua:.)
*75c. Jan. 3 *Holders of rec. Dec. 15
20 Quincy Mkt. Cold Stor. & Ware10 Laconia Car Co., 2d pref
5
Cities Service, common (monthly)
•if Jan. 2 *Holders of rec. Dee. 15
house Co.. common
2434 5 Sullivan Machinery Co
5034
Common (Payable in corn. stock)
*fif Jan. 2 *Holders of rec. Dec. 15
2 Central Maine Power Co.. 7%
10 Laconia Car Co., let pref
4534
Preferred and pref. BB (monthly)._ •if Jan. 2 *Holders of
preferred
106 & dlv.
rec. Dec. 15
BondsPercent.
Preferred
B (monthly)
'Sc, Jan. 2 *Holders of rec. Dec. 15
Bost..
Nor.
Ltg.
pref.
Prop.,
25
$2,000 Post Office Square Co., gen.
Cleveland
Stone
(qua:.)
50c. Dec. 1 Holders of rec. Nov. 15a
v.1 0
61
& ref. mtg. 634s. Dec. 1943, °O.
Extra
50e. Deo, 1 Holders of rec. Nov. 15a
5 Northwestern Public Service Co.,
of deposit
50 flat
Quarterly
50c. Mar. 1 Holders of rec. Feb. 15a
preferred
98
Quarterly
50e. June 1 Holders of rec. May 15a
Quarterly
50c. Sept. 1 Holders of rec. Aug. 15a
Commercial Solvents Corp.(qua:.)
$2 Jan. 1 Holders of rec. Dec. 20
By A. J. Wright & Co., Buffalo:
Conservative Credit System,Inc., pref.- 4
Dec. 1 Holders of rec. Nov. 1
Mills Co
Shares. Stocks.
$ per sh. Shares. Stocks.
4
Dec. 1 Holders of rec. Nov. 14
$persli. Como
Crane
Company.
Power,
Nies.
East.
common
&
no par 38% 3 Buff. Mag. & East. Pow. pref
(quar.)
3 Buff.
1% Dec. 15 Holders of rec. Dec. 1
Preferred (qua:.)
10c.
500 Chaput Hughes, par $1
par $25
1% Dec. 15 Holders of rec. Dec. 1
2634 Crucible Steel, pref.
300 PoWerteWn Tire "B," par $10._ 1
(qua:.)
500 Night IIawk, par $1
1% Dec. 31 Holders of rec. Dec. 15a
50.
Name of Company.
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Cuban-American Sugar, corn.(guar.)-- 25c. Jan. 3 Holden of rec. Dec. 36
134 Jan. 3 Holders of rec. Dec. 36
Preferred (guar.)
Cuneo Press.,Inc.. class A (guar.)
*31 Dec. 15 *Holders of rec. Dec. 1
Dartmouth Manufacturing, corn. (qu.). 134 Dec. 1 Holders of rec. Nov. 14a
134 Dec. 1 Holders of rec. Nov. 14a
Preferred (guar.)
Decker (Alfred) dr Cohn,corn.(guar.)-*50c. Dec. 15 *Holders of rec. Dec. 5
Preferred (guar.)
*134 Dec. 1 *Holders of rec. Nov. 19
*144 Mar. 1 *Holders of rec. Feb. 20
Preferred (guar.)
*144 June 1 *Holders of rec. May 19
Preferred (guar.)
*144 Sept. 1 *Holders of rec. Aug. 20
Preferred (guar.)
25e. Dec. I Holders of rec. Nov. 196
Detroit Steel Products (monthly)
*50o. Dec. 1 *Holders of rec. Nov.20
Dinkier Hotels, class A (guar.)
Durham Duplex Razor, prior pref. (411.) $1 Dec. 1 Holders of rec. Nov.20
Eagle(C. K.)& Co.. Inc., pref.(gu.)-- 131 Nov. 30 Nov.20 to Nov.29
6234e. Nov.30 Holders of rec. Nov.15
Eitingon-Schild Co. (guar.)
Elec. Stor. Battery, corn.& p1.(cmar.)._ 31.25 Jan. 3 Holders of rec. Dec. 10
$1.75 Jan. 2 Holders of rec. Dec. 15
Equitable Office Bldg.. corn.(guar.).
144 Jan. 2 Holders of tee. Dec. 15
Preferred (guar-)
Erie Steam Shovel"201,sc. Jan. 1 *Holders of rec. Dec. 15
Common ctfs. of deposit
'58lre. Jan. 1 *Holders of rec. Dec. 15
Preferred ctfs. of deposit
• 134 Mar. 1 *Holders of rec. Feb. 15
Preferred (guar.)
Federal Mining & Smelting, pref. (qu.).,.. 144 Dec. 15 Holders of rec. Nov. 12
Finance Corp. of Amer.,corn.(guar.).- 15e. Jan, 16 Jan. 6 to Jan. 16
4234e. Jan. 16 Jan 6 to Jan. 16
Preferred (guar.)
$1 Dec. 1 Nov. 20 to Nov.30
Florence Stove, common
13( Dec. 1 Nov. 20 to Nov.30
Preferred (guar.)
3
Dec. 1 Nov. 16 to Dec. 1
French (Fred. F.) Companies, prat
III Dec. 1 Holders of rec. Nov.25
Gair(Robert) Co., pref.(guar.)
Gamewell Company,common (guar.)... $1.25 Dec. 15 Holders of rec. Dec. 6a
134 Dec. 1 Holders of rec. Nov.22a
Preferred (guar.)
Gleasonite ProductS Co.. corn. (quar.)_ 25c. Dec. 15 Holders of rec. Dec. 5
Globe Soap Co.lst, 2d and speo.pf.(qu.) 134 Dec. 15 Dec. 2 to Dec. 15
Goodyear Tire & Rub., let pf.(qu.)(No.1 81.75
Great Atlantic Jr Pacific Tea, corn.(qu.) 75c. Dec. 1 Holders of rec. Nov. 12
144 Dec. 1 Holders of rec. Nov. 12
Preferred (guar.)
*50c. Dec. 1 *Holders of rec. Nov. 15
Hale Bros. Stores (guar.)
25e. Dec 1 Holders of rec. Nov.23
Hamilton-Brown Shoe (monthly)
Jan. 15'Holders of rec. Jan. 2
*32
Hathaway Baking, class A (guar.)
134 Dec 15 Holders of rec. Dec. la
Preferred (guar.)
*31.50 Dec. 1 *Holders of rec. Nov. 17
Hathaway Mfg., pref. (guar.)
*15c. Nov.30 *Holders of rec. Nov. 20
Hawaiian Pineapple(monthly)
Dec. 31 *Holders fo rec. Dec. 20
•$1
Hood Rubber, common
*50c. Jan. 3 *Holders of rec. Dec. 15
Household Products, Inc.(extra)
•134 Dec. 1
Houston Gulf Gas. pref.(guar.)
Illinois Cash Credit Corp.. corn.(1110-- 8340. Nov.25 Holders of rec. Nov. 14
350. Nov.25 Holders of rec. Nov. 14
Preferred (guar.)
Dec. 1 *Holders of rec. Nov. 16
Imperial Chemical Industries. Ltd., ord. *3
Indians Limestone, pref. (guar.)
131 Dec. 1 Holders of rec. Nov.20
*3
Ingersoll-Rand Co., prof
Jan. 3 *Holders of rec. Dec. 12
International Cigar-Mach., corn. (extra) 50c. Dec. 15 Holders of rec. Dec. 1
International Harvester, corn. (guar.)._ *134 Jan. 15'Holders of rec. Dec. 24
*f2 Jan. 25 *Holders of rec. Dec. 24
Common (payable in corn.stock)
134 Jan. 2 Holders of rec. Dec. 15a
International Salt (guar.)
Johnson-Stephens-Shinkle Shoe (guar.)- 50c. Dec. 1 Holders of rec. Nov. 15
Kaufmann Dept. Stores, pref. (guar.).- *134 Jan. 2 *Holders of roe. Dec. 20
*50c. Dec. 1 *Holders of rec. Nov. 15
Kroger Grocery & Balsam (guar.)
Dec. 1 Holders of rec. Nov. 19
3
Lake of the Woods Milling, corn.(qu.)
134 Doe. 1 Holders of rec. Nov. 19
Preferred (guar.)
Legare(P.T.) Co_ Ltd., pref.(guar.)._ 144 Dec. 1 Holders of rec. Nov. 15
*50e. Jan. 3 *Holders of rec. Dee. 20
Ludlum Steel (guar.)
(gum.)
'650. Nov.20 *Holders of rec. Nov. 11
Marshall Mortgage Corp.
*80c. Jan
*Holders of rec. Dec. 15
Marvel Carburetor (guar.)
"20c. Jan. 3 *Holders of rec. Dec. 15
Extra
$1 Dec. 1 Holders of rec. Nov.22
May Hosiery Mills, pref.(guar.)
McCahan (W.J.) Sugar Refining &
134 Dec. 1 Holders of rec. Nov. 18
Molasses Co., pref.(guar.)
$1.25 Dec. 31 Holders of rec. Dec. 36
Mergenthaler Linotype (guar.)
250. Dec. 31 Holders of rec. Dec. 3a
Extra
50c. Jan. 2 Holders of rec. Dec. 15
Midvale Company (guar.)
Dec. 15 Holders of rec. Nov.30
Montreal Loan & Mortgage (quar.)
15c Dec. 15 Holders of rec. Dec. 1
Munyon Remedy Co.(guar.)
•31.25 Dec. 31 *Holders of rec. Dec. 16
National Lead,common (guar.)
*134 Feb. 1 *Holders of rec. Jan. 13
Preferred B (guar.)
214 Jan. 3 Holders of tee. Dec. 16a
National Surety (guar.)
*25e. Dec. 15 *Holders of rec. Nov.30
National Transit (guar.)
*5
Dec. 1 *Holders of rec. Nov. 18
New Bedford Cordage, corn.(quar.)
'134 Dec. 1 *Holders of rec. Nov. 18
Preferred (guar.)
134 Dec. 1 Holders of rec. Nov.22
Ogilvie Flour Mills, pref.(guar.)
Jan. 1
*5
Pacolet Manufacturing, common
*334 Jan 1
Preferred
Param. Famous Lasky Corp.,corn.(qu.) $2
Jan, 3 Holders of rec. Dec. 15a
*736. Dec. 27 *Holders of rec. Dec. 17
Paraffine Companies, corn. (guar.)
*50e. Dee. 27 *Holders of tee. Dec. 17
Common (extra)
Parker Rust Proof Co., corn.(guar.) -- 3734c Feb. 21 Holders of rec. Feb. 10
350. Feb. 21 Holders of rec. Feb. 10
Preferred (guar.)
'Sc. Dee. 1 *Holders of rec. Nov. 19
Peabody Coal, common (monthly)
*58e. Dec. 1 *Holders of rec. Nov. 19
Preferred (monthly)
*236
Peoples Drug common (guar.)
an. 2 *Holders of rec. Dec. 8
"31.50 lan. 3"Holders of tea. Dec. 17
Phelps. Dodge Corp.(guar.)
750 Dec. 1 Holders of reo. Nov. 17
Pines Winterfront, corn. A (guar.)
Jan. 16 *Holders of rec. Dec. 31
•$1
Quaker Oats. common (guar.)
*134 Feb. 29 *Holders of too. Feb. 1
Preferred (guar.)
Remington Rand Co., lot pref.(guar.)._ •144 Jan. 1 *Holders of roe. Dec. 10
*2 Jan. 1 *Holders of rec. Dec. 10
Second preferred (guar.)
Dec. 15 Holders of rec. Dec. 5
$2
Sanitary Grocery, common (guar.)
144 Dec. 1 Holders of too. Nov.23
Preferred (guar.)
•31.25 Dec. 15 *Holders of rec. Dec. 1
Shubert Theatre (guar.)
Dec. 20 *Dec. 1 to Doe. 11
"5
Solar Refining
50c. Jan. 3 Holders of rec. Dee. 10
South Porto Rico Sugar, corn. (guar.)..
2
Jan. 3 Holders of roe. Dec. 10
Preferred (guar.)
Standard 011(N.J.), corn., par $25(qu.) 236. Dec. 15 Holders of rec. Nov. 25
1234c Dec. 15 Holders of ree. Nov. 25
Common, par $25 (extra)
1
Dec. 15 Holders of tee. Nov.25
Common, par 3100 (guar.)
50e. Dec. 15 Holders of rec. Nov.25
Common, par 3400 (extra)
*32.50 Dec. 31 *Holders of rec. Dec. 15
State Title & Mtge. Co.(guar.)
3734c Dec. 1 Holders of rec. Nov. 15
Stlx-Baer & Fuller (guar.)
25e. Dec. 15 Holders of rec. Nov.256
Sun Oil, corn.(guar.)
Dec. 15 Holders of reo. Nov. 256
Common (payable in common stock)_. f3
Nov.30 *Holders of rec. Nov. 17
Taunton-New Bedford Corp. (guar.).- $2
*S8 Nov. 30 *Hloders of tee. Nov. 17
Extra
75e. Jan. 1 Holders of rec. Dec. 26
Texas Corporation (guar.)
Dec. 15 *Holders of rec. Dec. 1
*31
Texas Gulf Sulphur (quar.)
*40c. Jan. 2 *Holders of rec. Doe. 20
Thompson Products, cl. A &B (guar.)
134 Dec. 1 Holders of rec. Nov. 19
Preferred (guar.)
Jan. 2 Holders of rec. Dec. 20
4
1Jlen & Co..8% pref
334 Jan. 2 Holders of roe. Dec. 20
734% preferred
Underwood Comput. Mach., pref.(qu.)_ 144 Jan. 1 Holders of rec. Dec. 15a
*500. Dec. 1 'Holders of rec. Nov. 15
Union 5.,Ills, com.(guar.)
•134 Dec. 1 *Holders of rec. Nov. 15
Preferred (guar.)
- 20e. Dec. 30 Holders of rec. Dec. 9
United Cigar Stores, common (guar.).
f134 Dec. 30 Holders of rec. Dec. 9
Common (payable In corn. stock)
United Investors Securities, pf.(No. Q. "31.75 Dec. 1 *Holders of rec. Nov.30
Jan. 16 Holders of rec. Dec. 156
800.
corn
United Profit-Sharing,
United States Dairies, 1st pref.(guar.) •31.75 Dec. 1 'Holders of rec. Nov. 18
Dec. 1 *Holders of rec. Nov. 18
*$2
Second preferred (guar.)
•134 Dec. 1 *Holders of tee. Nov. 19
Vesta Battery, pref. (guar.)
134 Dec. 1 Holders of roe. Nov.24
Viau Biscuit, 1st pref.(guar.)
234 Jan. 3 Holders of tee. Dec. 166
Virginia Iron, Coal dr Coke, prof
Warner Gear, class A cony. pref.(guar.) *50e. Jan. 1 *Holders of rec. Dec. 15
Dec. 1 *Holders of rec. Nov. 10
Western Dairy Products, class A (guar.)'$1
White Rock Mineral Springs, corn.(qu.) 50c. Jan. 2 Holders of rec. Dec. 15
II Jan. 2 Holders of rec. Dec. 15
Common (extra)
131 Jan. 2 Holders of rec. Dec. 15
First preferred (guar.)
234 Jan. 2 Holders of rec. Dec. 15
Second preferred (guar.)
Jan. 2 Holders of rec. Dec. 15
5
preferred
(extra)
Second
Yellow Truck & Coach, pref.(guar.).- •131 Jan. 1 *Holders of rec. Dec. 15
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.
[VoL. 125.
THE CHRONICLE
2774
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
$1.75 Dec. 30 Holders of rec. Nov.25
Alabama Great Southern, ordinary
$1.50 Dec. 30 Holders of rec. Nov.25
Ordinary (extra)
$1.75 Feb. 13 Holders of reo. Jan. 13
Preferred
$1.50 Feb. 13 Holders of tee. Jan. 13
Preferred (extra)
Atchison Topeka & Santa Fe,eom.(qu.) 13( Dec. 1 Holders of rec. Oct. 286
75e. Deo, 1 Holders of rec. Oct. 286
Common (extra)
4
Dec. 31 Holders of rec. Dec. 19
Atlanta & West Point
134 Deo. I Oct. 16 to Oct. 17
Baltimore & Ohio, oom.(guar.)
1
Deo. 1 Oct. 16 to Oct. 17
Preferred (slum.)
870. Jan. 1 Holders of tea. Nov.30
Bangor & Aroostook, corn.(guar.)
134 Jan. 1 Holders of rec. Nov.30
Preferred (guar.)
234 Dec. 31 Holders of tee. Nov.806
Boston & Albany (guar.)
w 23‘ Nov.22 Holders of tee. Nov. 100
Catawlssa 1st & 2e1 preferred
334 Jan l'e5 Holders of roe. Dee. 8a
Chesapeake & Ohio, preferred
Chicago & North Western,common__ _ 2
Dec. 31 Holders of rec. Dec. la
334 Dec. 31 Holders of rec. Deo. 16
Preferred
134 Dec. 81 Holders of rec. Dec. 2a
Chicago R. I. dr Pacific, corn.(guar- _
334 Deo, 31 Holders of rec. Dec. 26
Seven per cent preferred
3
Six per cent preferred
Dec. 31 Holders of rec. Dec. 26
Chic. St. P. Minn. dr Omaha. pf.(cum.) 5
Dec. 31 Holders of rec. Dec. la
Cleveland dt Pittsburgh, guar.(guar.).- 8731c. Dec. 1 Holders of rec. Nov. 10a
Special guaranteed ((Masa
50e. Deo. 1 Holders of rec. Nov. 106
1
Cripple Creek Central, preferred
Dec. 1 Holders of rec. Nov. 15
3
Cuba RR.. preferred
Feb1'28 Holders of rec. Jan. 164
234 Dec. 20 Holders of rec. Nov.26a
Delaware & Hudson Co.(guar.)
Georgia Southern AL Fla., let ar 2d pref._ 234 Nov. 28 Holders of rec. Nov. 146
134 Dee. 1 Holders of rec. Nov. 166
Huason & Manhattan. common
134 Dec. 1 Holders of rec. Nov. 46
Illinois Central. common (qual.)
1
Maine Central. common (guar.
Jan. 2 Holders of rec. Dec. 15
134 Deo. 1 Holders of re*. Nov. 15
Preferred (guar.)
New Orleans Texas & Mexico (quar.)--- 134 Dec. I Holders of recs. Nov. 15a
N.Y. Chicago & St. L., corn. & pf.(on.) 134 Jan. 3 Holders of rec. Nov. 156
Dec. 19 Holders of rec. Nov. 306
Norfolk & Western,common (guar.).- _ 2
2
Dec. 19 Holders of rec. Nov. 30a
Common (extra)
1
Nov. 19 Holders of rec. Oct. 310
Norfolk & Western, adj. pref.(qual.)
$1
Nov.25 Holders of rec. Nov. 146
North Pennsylvania (guar.)
3
Deo. 1 Nov. 2 to Dee. 1
Ontario & Quebec, common
2)4 Deo. 1 Nov. 2 to Dec. 1
Debenture stock
87340 Nov. 30 Holders of rec. Nov. la
Pennsylvania RR.(guar.)
134 Jan. 3 Holders of rec. Dec. 10a
Pere Marquette, common (guar.)
134 Feb. 1 Holders of roe. Jan. 106
Prior preferred (guar.)
1;4 Feb. 1 Holders of rec. Jan. 106
Five per cent preferred (guar.)
•$1.50 Dec. 1 *Holders of rec. Nov.15
Pittsb. Bessemer & Lake Erie, prof
n20 Dec. 10 Holders of re0. Dec. 1
Pittsburgh & Lake Erie (In stock)
134 Dec. 1 Holders of rec. Nov.216
pref.
Ashtabula,
(qu.)
&
Pittab. Youngst.
50o. Dec. 8 Holders of tee. Nov.220
Reading Company, first prof (guar.) _
St. Louis-San Francisco Ry.,corn.(qu.). 134 Jan. 3 Holders of reo. Dee. 96
25c. Jan. 3 Holders of rec. Dec. 96
Common (extra)
134 Feb. 1 Holders of rec. Jan. 146
Preferred (guar.)
134 May 1 Holders of reo. Apr. 76
Preferred (guar.)
Preferred (guar.)
154 Aug. 1 Holders of rec. July 14a
1)4 Nov. 1 Holders of rec. Oct. 156
Preferred (guar.)
Pacific
134 Jan, 3 Holders of too. Nov.25a
Co. (guar.)
Southern
234 Jan. 3 Holders of rec. Dec. la
Union Pacific, common (guar.)
134 Nov.25 Holders of tee. Oct. asa
Wabash Ry., pie. A (guar.)
4
Dec. 31 Holders of Teo. Dee. 19
Western Ry.of Alabama
Public Utilities.
250. Dec. 1 Holders of rec. Nov.15a
Amerlean Power & Light, corn.(guar.)
Corn.(one-fiftieth share corn. stock)__ (I) Dec. 1 Holders of roe. Nov.160
Amer. Superpower, corn. A & B (guar.). 30e. dDeo 31 Holders of rec. Nov.30
Corn. A & B (pay.In cl. Acorn. stock) (5) /Dec 31 Holders of rec. Nov.30
'31.50 Jan. 1 *Holders of rec. Nov.30
First preferred (guar.)
American Telegraph & Cable (guar.).- 134 Dec. 1 Holders of rec. Nov. 300
Amer. Wat. Wks. dr Elec.$6 1st pf.(qu.) $1.50 Jan. 2 Holders of rec. Dec. 12a
Associated Gas dr Elec., $6 pref. (guar.). 131.50 Dec. 1 Holders of rec. Oct. 31
131.625 Deo, 1 Holders of reo. Oct. 31
$6.50 preferred (guar.)
181.75 Jan. 1 Holders of rec. Nov.30
37 preferred (guar.)
18734c Jan. 1 Holders of too. Nov.30
Original preferred (guar.)
154 Deo. 1 Holders of roe. Nov.256
Baton Rouge Elec. Co., pref. A (qu.)
Blackstone Valley Cask Elec.corn.(qu.) $1.25 Dec. 1 Holders of rec. Nov. 156
Dec. 1 Holders of rec. Nov.154
3
Preferred
Boston Elevated Ry., corn. (guar.)._ 134 Jan. d2 Holders of rec. Dec. 100
4
Jan. d2 Holders of rec. Dec. 100
First preferred
3.I4 Jan. d2 Holders of rec. Dec. 100
Preferred
Brazilian Tr. Lt. & Pow.. corn.(guar.)._ 1% Dee. 1 Holders of lee. Oct. 31
Dec. 1 Holders of rec. Nov. Ila
2
Brooklyn Edison Co. (qual.)
Fiklyn.-Manhattan Transit$1.50 Jan16'28 Holders of roe. Dee. 310
Preferred, series A (guar.)
$1.50 AprI678 Holders of rec. Apr 1'286
Preferred. series A (guar.)
1% Dec. 1 Holders of rec. Nov. 15a
(OUST.)..
&
Ry.
pref.
Light,
Ark.
Central
Central Illinois Public Sem, pref.(qu.). 31.50 Jan.d15 Holders of rec. Dec. 31a
Chic. Rap.Tran., pr. pi. A (monthly)..... 836. Dee. 1 Holders of rec. Nov. 156
60e. Deo, 1 Holders of rec. Nov. 156
Prior preferred B (monthly)
134 Dec. 1 Holders of rec. Nov. 156
Cleve. Elec. Illum., pref.(guar.)
Dec. 1 Nov. 22 to Dec. 1
Community Pow.& Lt.,8% prof.(qu.)- 2
Cone. Gas, El. L.& P., Balt., corn.(qu.) 736. Jan. 3 Holders of roe. Dec. 156
2
Jan, 3 Holders of roe. Dec. 150
Preferred series A (guar.)
131 Jan. 3 Holders of rec. Doe. 150
Preferred series B (guar.)
144 Jan. 3 Holders of rec. Dec. 150
Preferred series C (guar.)
114 Jan. 3 Holders of tee. Dec. 150
Preferred series D (guar.)
Consolidated Gas of N. Y.. corn.(qu.)-- $1.25 Dee. 15 Holders of roe. Nov. 9a
Consumers Power. 6% pref. (quar.).... 134 Jan. 3 Holders of tea. Dec. 15
1.65 Jan, 3 Holders of reo. Dee. 15
6.8% preferred (guar.)
134 Jan. 3 Holders of roe. Dec. 15
Seven per cent preferred (guar.)
50c. Deo, 1 Holders of rec. Nov.15
Six per cent preferred (monthly)
50c.
Jan, 3 Holders of reo. Dec. 15
Six per cent preferred (monthly)
550. Deo, 1 Holders of rec. Nov. 15
6.6% preferred (monthly)
55e. Jan. 8 Holders of rec. Dec. 15
6.8% preferred (monthly)
v$3
Dec. 80 Holders of rec. Nov.300
Continental Pass. Ry. (Phila.)
131 Dec. 15 Holders of roe. Nov. 150
Duquesne Light Co.. let pref. A (qu.)._
154
Deo, 15 Holders of roe. Nov.86
East Kootenay Power. pref. (guar.)
Empire Cask Fuel,8% pf.(monthly).* 662-3c Dec. 1 *Holders of reo. Nov. 156
• 58 1-3c Dec. 1 *Holders of too. Nov. 156
Seven per cent pref. (monthly)
Federal Light & Trac., common (qu.).. 20c. Jan. 3 Holders of too. Dec. 130
Common (payable in common stock). f150. Jan. 3 Holders of reo. Dec. 18a
114 Dee, 1 Holders of rec. Nov. 156
Preferred (guar.)
Federal Water Service, class A (guar.)_ _ P50c. Deo, 1 Holders of roe. Nov. 8
General Gas & El. Corp., com. A (qu.).. 53734c Jan. 1 Holders of roe. Dec. 126
531.50 Jan. I Holders of roe. Dec. 1_
20
Common class B (No. 1)
$2
Jan. 1 Holders of tea. Dec 1311
$8 preferred class A (quar.)
(guar.)
81.75 Jan, 1 Holders of too. Dee. 12a
A
class
preferred
$7
31.75 Jan, 1 Holders of reo. Doe. 126
$7 preferred class B (guar.)
Havana Elec. Ry., preferred (qual.)_...... 134 Dee, I Holders of rec. Nov. 106
$1.50 Doe. 31 Holders of rec. Dec. 106
Indianapolis Water. pref. (gnarl
Internat. Power Securities, pref. A (qu.) 83 Dec. 15 Holders of roe. Dec. 1
Kentucky Utilities, Junior pref.(guar.)._ 8734c Nov. 19 Holders of too, Nov. 16
Dec. 1 Holders of tee. Nov.186
Keystone Telephone of Phila., pref.(oh.) $1
2
Dec. 1 Nov. 16 to Nov.80
Massachusetts Gas Cos., pref
pref
334 Nov.21 Holders of roe. Oot. 31
Mexican Light & Power,
10e. Nov.21 Holders of reo. Oct. 81
Second preference
(qu.)._
lien
2
prior
Utilities,
Dec. 15 Holders of reo. Nov.39
West
Middle
$1.50 Dee. 15 Holders of res. Nov.80
$6 preferred (guar.)
Monongahela W.Penn, P.8.. pf.(qu.). 4354c. Jan. 2 Holders of rec. Dec. 15
National Power dr Light, common (qu.). 20e. Dec. 1 Holders of reo. Nov. 124
154 Dec. 1 Holders of roe. Nov. 19
Nebraska Power, pref. (guar.)
New England Pub.Set., pr. lien pf.(en.) $1.75 Deo. 15 Holders of roe. Nov. 30
North Amer. Edison Co.. pref. (guar.)._ $1.50 Dec. 1 Holders of too. Nov. 150
North Amer. Light dr Pow., pref. (qu.).. •134 Jan. 3 *Holders of too. Dee. 20
- 144 Dee. 1 Holders Of NO. Nfri. 20
.
Northern States Power, pref. (guar.)
Holders of too. Nov.20
Northwestern Public Service, pref.(qu.) 144 Dec.
(guar.)
pref.
Holders of rec. Nov. 15
8%
Co..
Edison
Dec.154
Ohio
134 Dec.
Holders of too. Nov.15
6.6% preferred (guar.)
144 Dec.
Holders of rect. Nov. 15
Seven per cent preferred (guar.)
500. Deo,
Holders of reo. Nov.15
Six per cent preferred (monthly)
Holders of roe. Nov. 15
55e. Dec.
6.6% preferred (monthly)
Oklahoma Gas dr Elec., pref.(qual.). 134 Deo, 15 Holders of rec. Nov.30
144 Dec. 15 Holders of rec. Nov.30
Ottawa & Hull Power, pref.(guar.)._
Penn-Ohio Edison Co., prior pref. (qu.). 134 Dec. 1 Holders of rec. Nov. 19
500. Dec. 15 Holders of rec. Nov. 160
Philadelphia Electric (guar.)
Philadelphia Suburban Water, pref.(qu ) 134 Dec. I Holders of rec. Nov. 126
Nov. 191927.]
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
2775
Per
When
Books Closed.
Name of Company.
Cent. Payable
Days Inclusive.
Public Utilities (Concluded).
Miscellaneous (Cont(nued).
Penn-Ohio Power & Light. $6 pref. (qu.) $1.50 Feb. I Holders
of rec. Jan. 20
Colorado Fuel & Iron, pref.(guar.)
2
Seven per cent preferred (quar.)
Nov. 25 Holders of rec. Nov. 10a
1% Feb. 1 Holders of rec. Jan. 20
Congoleurn-Nairn, Inc., prof.
6.6% preferred (monthly)
'134 Dec. I *Holders of rec. Nov. 15
550. Dec. 1 Holders of rec. Nay. 20
Cigar Corp.. Prof.
(quar.)Conslidte (quar.)_
131
6.6% preferred (monthly)
Dec.
1 Holders of rec. Nov. 15.0
55c. Jan. 1 Holders of rec. Dec. 20
Consol.Dairy Prod.new stk.(qu.)(No. 1) o50c. Jan. 1 Holders
6.6% preferred (monthly)
of rec. Dec. 15a
550. Feb. 1 Holders of rec. Jan. 20
Consolidated Ice (Pittsburgh). pref
750. Dec. 20 Holders of rec. Dec. ba
7.2% preferred (monthly)
60c. Dec. 1 Holders of rec. Nov. 20
Consumers Co.. prior pref. See note (k)
7.2% preferred (monthly)
60c. Jan. 1 Holders of rec. Dec. 20
Continental
Can
Co.,
Inc.. pref. (guar.) 131 Jan. 3 Holders of rec. Dec. 294
7.2% preferred (monthly)
60e. Feb. 1 Holders of rec. Jan. 20
Continental Oil (guar.)
250. Dec. 15 Holders of rec. Nov. 15a
Portland Electric Power, 2d pref. (qu.)
134 Dec. 1 Holders of rec. Nov. 15
Cooksville Shale Brick. pref. (gust.)_
1
Pub. Ser. Corp. of N. J.6% pf.(mthly.) 50c. Nov. 30
Dec. 15 Holders of rec. Nov.30
Holders
of
Nov.
rec.
4a
Cosgrove-ble
chan Coal, pref. (guar.)... 1% Dec. 21 Holders of rec.
Radio Corp. of Amer.. pref. A (quar.)_
Dec. 190
131 Jan. 1 Holders of rec. Dec. la Coty, Inc. (guar.)
Original preferred
Dec.
51.25
31 Holders of rec. Dec. 16a
7
Jan. 1 Holders of rec. Dec la
Extra
Rochester Gas & El., 7% pf ser.B (qu.) 131 Dec. 1
31
Dec. 31 Holders of rec. Dec. 16a
Nov.
15
to
Nov.
30
Crow's Nest Pass Coal (guar.)
6% preferred, series C (quar.)
'134 Dec. I *Holders of rec. Nov. 10
134 Dec. 1 Nov. 15 to Nov.30
Cumberland Pipe Line (guar.)
6% preferred, series D (quar.)
Dec. 15 Holders of rec. Nov.30
2
134 Dec. 1 Nov. 15. to Nov. 30
Cuneo Press. class A (guar.)
Sou. Calif. Edison, 6% pf. ser 13 (qu.) 3734c Dec. 15
51
Dec. 15 Holders of rec. Dec. la
Holders
of rec. Nov. 20
Cushman Sons, Inc., com. (guar.)
7% preferred sec A (quar.)
$1
Dec.
1 Holders of rec. Nov. 15a
4331c Dec. 15 Holders of rec. Nov. 20
Seven per cent preferred (guar.)
Southern Cities Utilities, $6 pref.(qu.)
131 Dec. 1 Holders of rec. Nov. 15a
Dec. 1 Holders of rec. Nov. 10
Eight per cent preferred (guar.)
Southern Colorado Power,corn. A (qu.)_ $1.50
Dec. 1 Holders of rec. Nov. 15a
2
50c. Nov. 2.5 Holders of rec. Oct. 31
Davis Mills(quar.)
Southern Colorado Power. pref. (quar.)
Dec. 24 Holders of rec. Dec. 100
1
134 Dec. 15 Holders of rec. Nov. 30
Deere & Co.. pref.(guar.)
Southwestern Power & Light, pref.(qu.) _
131 Dec. 1 Holders of rec. Nov. 15a
134 Dec. 1 Holders of rec. Nov. 10
Preferred (acct. accumulated diva.)
Standard Gas & Elec., 8% pref.(guar.) _ El
Dec.
1 Holders of rec. Nov. 15a
1153.4
Dec. 15 Holders of rec. Nov. 300 Detroit Steel Products (monthly)
Tennessee Elec. Power,6% let pref.(qu.) 134
250. Dec. 1 Holders of rec. Nov. 19a
Jan
3 Holders of rec. Dec. 15
Diamond Match (guar.)
7% first preferred (guar.)
2
Dec. 15 Holders of rec. Nov. 30a
15( Jan. 3 Holders of rec. Dee. 15
Dictaphone Corp., corn. (guar.)
7.2% first preferred (quar.)
50c. Dec. 1 Holders of rec. Nov. 18a
1.80 Jan. 3 Holders of rec. Doe. 15
Preferred (guar.)
6% first preferred (monthly)
Dec. 1 Holders of rec. Nov. 18a
2
50c. Den. 1 Holders of rec. Nov. 15
Dunhill International, corn. (quar.)____ Si
6% first preferred (monthly)
Jani5.2s Holders of rec. Jan.1'28a
50c. Jan. 3 Holders of rec. Dec. 16
Common (guar.)
7.2% first preferred (monthly)
$1
Apr15'28 Holders of rec. Apr.1'28a
60c. Dec.1 Holders of roe. Nov. 15
Eagle-Picher Lead, corn. (quar.)
7.2% first preferred (monthly)
400. Dec. 1 Holders of rec. Nov. 15a
60c. Jan. 1 Holders of rec. Dec. 15
Preferred (quar.)
Union Pass. By.(Phila.)
h54 Jan15 28 Holders of rec. Dec. 31
v$4.75 Jan. 2 Holders of rec. Dec. 15a Eastern Bankers
Corp..
Utility Share Corp.. partic. pref.(qu.)
pref. (guar.).-- $1.75 Feb. 1 Holders of roe. Dec. 31
30e. Dec. 1 Holders of rec. Nov. 140 Early & Daniels.
common (quar.)
Washington Wat. Pr., Spot., pref. (qu.)
62 34c Jan 128 Holders of rec. Dec. 200
134 Dec. 15 Holders of rec. Nov. 25a
Common (extra)
West Penn Electric Co., class A (qu.) _ _ 51.75
250. Jan 128 Holders of rec. Dec. 200
Dec. 30 Holders of rec. Dec. 150
Preferred (quar.)
West Philadelphia Pass. Ry
S1.75 Jan 128 Holders of rec. Dec. 200
t55
Jan. 2 Holders of rec. Dec. 15a Eastman Kodak. common (guar.)
Winnipeg Electric Co. (guar.)
$1.25 Jan. 2 Holders or rec. Nov. 30a
1
Jan. 16 Holders of rec. Nov. 30
Common (extra)
Wisconsin Power & Light. pref. (quar.). 134 Dec.
750. Jan. 2 Holders of rec. Nov. 30a
15
Holders
of
rec.
Nov. 300
Preferred (quar.)
Fire Insurance.
134 Jan. 2 Holders of rec. Nov. 30a
Ely-Walker Dry Goods, com.(guar.).__ 3134e. Dec. 1 Holders of rec. Nov.
Continental (stock dividend)
19
50
Subj, to stkholdrs' meet'g Dec. 1
Emporium Corporation (quar.)
National Liberty (stock dividend)
*50c. Dec. 24 *Holders of rec. Dec. 1
e33it Nov. 25 Holders of rec. Nov. 21
Erie Steam Shovel common (guar.)
623-4c Dec. 1 Holders of rec. Nov. 15a
Preferred
(guar.)
1% Dec. 1 Holders of rec. Nov. 15a
Miscellaneous.
Essex Company
Aluminum Manufacturers. corn.(quar.)_ •500. Dec. 31 *Holders
Dec. 1 Holders of rec. Nov. 10
3
of rec. Dec. 150
Extra
Amalgamated Laundries. pref.(m
Dec. 1 Holders of rec. Nov. 10
3
58lic. Dec. 1 HcIders of rec. Nov. 15a Fairbanks, Morse
& Co., COM.(goat.)..
Preferred (monthly)
750. Dee. 31 Holders of rec. Dec. 120
581,e. Jan 228 Holder* of rec. Deo 150
Preferred (guar.)
131 Dec. 1 Holders of rec. Nov. 131z
Preferred (morly)
581.c. Febl'28 Hold. 01 rec. Jan. 15 '28a Fair (The). com.
(quar.)
20c. Dec. 1 Holders of rec. Nov. 210
Preferred (rtiontaly)
bl'rl'28 Hold. of rec. Feb. 16 280
Common (guar.)
200. Jan. 2 Holders of rec. Dec. 22a
Preferred (monthly)
581.c. A pr 1'28 Hold. of rec Mar. 15'280
Common (guar.)
20c.
Preferred (monthly)
Feb. 1 Holders of rec. Jan. 210
584c. M'y 1'28 Hold, of rec. Apr. 15780
Preferred (guar.)
Preferred (monthly)
131 Feb. 1 Holders of rec. Jan. 21a
581 c. Jun 128 Hold,of rec. May 15280 Famous Players
Canadian
Corp.
Amer. Bank Note, common (extra)
•
Dec. 30 Holders of rec. Dec. 120
SI
1st pref. (guar.)
Common (payable In corn. stock)
2
Dec. 1 Holders of rec. Oct. 31
120 Dec. 30 Holders of rec. Dec. 12a Federal Motor Truck
(guar.)
American Chicle, common (guar.)
200. Jan. 2 Holders of rec. Dec. 17a
75c. Jan. 1 Holders of rec. Dec. 150
Stock dividend
Prior preferred (guar.)
234 Jan. 5 Holders of rec. Dec. 17a
1% Jan. 1 Holders of rec. Dec. 15a Fifth Ave. Bus
Securities
Amer. Home Products Corp.(monthly)_ 20c. Dec. I Holders
•16c. Jan. I *Holders of rec. Jan. 3
of rec. Nov. 14a Finance Service Co., corn (guar.)
American Mfg. Co.. corn. (quar.)
4
Dec.
Holders of rec. Nov. lb
131 Dec. 31 Holders of rec. Dec. 16a
Preferred (guar.)
Preferred (quar.)
13.4 Dec.
Holders of rec. Nov. 15
Dec. 31 Holders of rec. Dec. 16a Fisk Rubber,
2d pref. (quar.)
American Metal, common (guar.)
1%
Dec.
Holders
of rec. Nov. lba
75c. Dec. 1 Holders of rec. Nov. 19a Fitzsimmons dr O'Connell Dredge
&
Preferred (guar.)
1% Dec 1 Holders
Dock common (guar.)
American blultigraph, common (quar.)_ 50c. Dec. 1 Holders of rec. Nov. 21a
•50c. Dec.
*Holders
of rec. Nov. 19
American Radiator, common (guar.)-- 51.25 Dec. 31 Holders of rec. Nov. 15a Flatbush Investing Corp., corn.(No. 1)
134 Jan.
Holders of rec. Dec. 1
of rec. Dec. 150
Preferred
American Railway Express (quar.)
334 Jan.
Holders of rec. Dec. 1
$1.50 Dec. 31 Holders of rec. Dec. 15a Folmer-Graflex Corp..
7% pref
American Rolling 31111, corn. (quer.) _
334 Dec.
Holders of rec. Nov.21a
50c. Jan. 15 Holders of rec. Dec. 31a
Foote Bros. Gear & Mach.. corn.(qu.).. 30c. Jan 1'2 Doe. 21 to Dec. 30
Preferred (quar.)
1% dllec.31 Holders of rec. Dec. 15a
Preferred(guar.)
Amer. Smelt. & Ref., pref. (guar.)
131 Jan 12 Dec. 21 to Dec. 30
1% Dec. I Holders of rec. Nov. 40
Formica Insulation (guar.)
American Stores (extra)
250. Jan 12 Holders of rec. Dec. 15
50c Dec. 1 Nov. 16 to Dec. 1
Extra
American Sugar. corn. (guar.)
10e. Jan 1'2 Holders of rec. Doe. 115
13.1 Jan. 2 Holders of rec. Dec. la General Asphalt,
(guar.)
pref.
Preferred (quar.)
Holders of rec. Nov. 150
13.4 Dec.
13! Jan.
Ilolders of rec. Dec. la General Cigar. Inc.. prof. (quar.)
Amer. Sumatra Tobacco, pref. (quar.)_. $1.75 Dec. 2
131 Dec.
Holders of rec. Nov. 23a
1
Holders
of
rec.
Nov.
15a
General Development(guar.)
American Tobacco, corn. & corn. B (qu.) $2 Dec. I Holders
250
Nov.
2
Holders
or rec. Nov. 10
of rec. Nov. 10a General Motors, common (guar.)
Anaconda Copper Mining (guar.)
$1.25 Dec. 1
Holders of rec. Nov. 190
75c. Nov. 21 Holders of rec. Oct. 15a
Common (extra)
Armstrong Cork, common (guar.)
52.50 Jan.
Holders of rec. Nov. 19a
134 Jan. 3 Dec. 16 to Jan. 3
Six per cent preferred (quar.)
Common (payable in common stock) _ _ 5
Holders of rec. Jan. 90
134 Feb.
Jan. 16 Dec. 16 to Jan. 3
Seven per cent preferred (quar.)
Preferred (quer.)
131 Feb.
Holders of rec. Jan. 9n
134 Jan. 3 Dec. 16 to Jan. 3
Six per cent debenture stock (gust.).. 134 Feb.
Artioom Corp.. com. (Oust.)
Holders of rec. Jan. 90
Jan. 1 !folders of rec. Dec. 19
Gillette Safety Razor (quar.)
Preferred (quar.)
Si
Dee.
Holders of rec. Nov. la
1 31 Dec. 1
Extra
Associated Dry Goods. let pref.(quar.). 134 Dec. 1 Holders of rec. Nov. 18a
1234c Dec.
Holders of rec. Nov. la
Holders of rec. Nov. 120
Spesial extra
Second preferred (quar.)
50c. Dec.
Holders of roe. Nov. la
134 Dec. I Holders of rec. Nov. I2a Gold
Seal Electrical (guar.)
Associated 011 (quar.)
50c. Dec. 1
Holders of rec. Dec. 1
50c. Dec. 24 Holders of rec. Nov. 30a Goodrich
(B. F.) Co., corn.(guar.)
Atlantic Refining, corn. (quar.)
Si Dec.
Holders of rec. Nov. 10a
1
Dec. 15 Holders of rec. Nov. 21a
Preferred (quar.)
Atlas Powder. common (quar.)
134 Jan.
Holders of rec. Dec. 90
$1 Dec. 10 Holders of rec. Nov. 30a Goodyear Tire &
Rubber, 1st pref.(qu.)_
Babcock & Wilcox Co.(quar.)
131 Jan.
Holders of rec. Dec. la
134 Jan 1'28 Holders of rec. Dec. 200
Preferred (guar.)
Quarterly
131 Jan.
Holders of rec. Dec. is
1% Apr 1'28 Hold, rec. Mar. 20'28a Gorham Manufacturin
g, 1st pref. (q11.)Balaban & Katz, corn. (monthly)
131 Dec.
Holders of rec. Nov. 15a
25c. Dec. I Holders of rec. Nov. 19a Gossard(H. W.) Co.,
com.
Common (monthly)
(monthly)
33 1-3c Dec.
Holders
of rec. Nov. 180
25c. Jan. 2 Holders of rec. Dec. 20a
Common (monthly)
331-20
Preferred (quarterly)
Jan,
2
Holders
of rec. Dec. 2Ia
134 Jan, 2 Holders of rec. Dec. 20a Great Northern Iron Ore Properties__ __
Bomberger (1..) & Co.. pref. (guar.) _ _
750. Dec. 28 Holders of rec. Dec. 6a
134 Dec. I Holders of rec. Nov. 120 Greenfield Tap &
Die Corp.,6% pf.(qu.) 134 Jan. 2 Holders of rec. Dec. 15
Bankers Capital Corp.. prof.(quar.) _ _ _ _ $2
Jan16'28 Holders of rec. Dec. 31
8% preferred (guar.)
Bastian-Illeaslog Co., common (guar.)._ 50e. Dec.
2
Jan. 2 Holders of rec. Dec. 15
1 Nov. 16 to Nov. 30
Guantanamo Sugar, pref. (guar.)
Belding-Corticelli, Ltd. (guar.)
2
Jan. 3 Holders of rec. Dec. 155
Dec. 15 holders of rec. Nov. 30
134
Guenther Publishing Co.. pref. )quar.). 5
Bethlehem Steel, pref. (guar.)
Nov. 20 Holders of rec. Jan. 20a
Jan.
Bird Groc. Stores, Inc.. PT.(qu.)(No. 1) 134 Dec. 3 Holders of rec. Dec. 2a Gulf States Steel .1st pref. (guar.)
131 Jan3'2$ Holders of rec. Dee. 13a
134
1 holders of rec. Nov. 21
Harbison-Walker Refract., corn. (qu.)
Bloch Bros. Tobacco, pref. (guar.)
134 Dee. 1 Holders of rec. Nov. 210
Dec.
31
134
Dec.
25 to Jan. 2
Preferred (quar.)
Borden Company. Corn. (quar.)
134 Jan. 20 Holders of rec. Jan. 100
$1.2. Dec. 1 Holders of rec. Nov. 15n
Hartman Corporation, class Al(nuar.)_ _ - 50c. Dec. 1 Holders of rec. Nov. 17a
Common (guar.)
$1.50 Mar. 1 Holders of rec. Feb. 15
Class 13 (payable in class A stock)--- - (t) Dec 1 Holders of rec. Nov. 170
Boston Wharf
*3
Dec. 3 *Holders of rec. Dec. 1
Hart. Schaffner & Marx, Inc.(oust.).
Brach (E. J.) & Sons (quar.)
134 Nov. 30 Holders of rec. Nov. 15a
.30c. Dec. 1 *Holders of rec. Nov. 19
Hawaiian Commercial & Bug.(mthly.)... 25c. Dec. 5 Nov. 26 to Dec. 6
Brill Corp.. pref. (guar.)
Extra
British Columbia Fishing. cam. (quar.)- *134 Dec. 1 *Holders of rec. Nov. 16
250.
Dec. 5 Nov. 26 to Dec. 4
$1.25 Dec. 10 Holders of rec. Nov. 30
Hawaiian Sugar (monthly)
Common (quar.)
30c. Dec. 15 Dec. 11 to Dec. 14
$1.2 3-1O-'28 Holders of rec. Feb.28'28
Extra
Preferred (guar.)
20c. Dec. 15 Dec. 11 to Dec. 14
h Dec. 10 Holders of rec. Nov. 30
Hazeltine Corp.
Preferred (quar.)
25c. Nov 25 Holders of rec. Nov. 4a
134 3-10-'28 Holders of roe. Feb.28'28 Hecla Mining (guar.)
Brown Shoe, common (guar.)
25c. Dec. 15 Holders of rec. Nov. 15a
(guar.)
6231c. Dec. 1 Holders of rec. Nov. 19a
Hibbard, Spencer. Bartlett Co.(mthly.) 390. Nov. 25 Holders of rec. Oct. 18
Buckeye Pipe Line (guar.)
El Dec. 15 Holders of rec. Nov. 18
Monthly
Burns Bros., preferred (quar.)
30c. Dec. 30 Holders of rec. Dec. 23
131 Jan. 3 Ilolders of rec. Dec. 13a Higbee
Company, 2d pref. (guar.)
By-Products Coke Corp.. coin. (guar.) _ *50c. Dec. 20
2
Dec. 1 Nov. 20 to Dec. 1
*Holders of rec. Dec. 6
Hires (Charles E.) Co., corn. A (guar.). 50c. Dec. 1 Holders of rec. Nov. 15
California Packing (guar.)
$I
Dec. IS Holders of rec. Nov. 30n
California Petroleum (quar.)
10c. Dee. 2 Holders of rec. Nov. 16
25c. Dec. 1 Holders of rec Nov. 15a Hollinger Cons. Gold Mines
Homestake Mining (monthly)
Canada Foundries & Forgings, pref
50c. Nov. 25 Holders of rec. Nov. 190
HA Dec. 1 Holders of rec. Nov. 15
Hood Rubber Products, pref. (guar.) _ _ _
Canfield 011. coin.(quar.)
131 Dec. 1 Nov. 22 to Dec. 1
134 Dec. hI Dee 21
to Jan. 4
Horn & Hardart of N. Y., pref.(guar.) __
Common (guar.)
131 Dec. 1 Holders of rec. Nov. 121
*2
Mar. 31 *Holders of rec. Mar. 20
Household Products (guar.)
Common (quar.)
8734c Dec. 1 Holders of rec. Nov. 150
*2
June
30
*Holders
of
rec.
June
20
Illinois Pipe Line
Common (quar.)
6
Dec. 15 Nov. 15 to Dec. 7
*2
Sept.
30
*Holders
of rec. Sept. 20
Imperial 011, Ltd.(quar.)
Common (guar.)
25c. Dec. 1 kNov. 16 to Nov. 29
*2
Dec. 3 *Holders of rec. Dec. 20
Extra
Preferred (quer.)
1234c Dec. 1 kNov. 16 to Nov. 29
I%
31
Dec.
Dec
21
to
Jan
4
Indiana Pipe Line (special)
Preferred (guar.)
•1% Mar. 31 *Holders
515 Dec. 22 Holders of rec. Dec. 2
of rec. Mar. 20
Industrial Trustee Shares
Preferred (guar.)
77.090 Nov.30
*131 June 3 *Holders of rec. June 20
Ingersoll-Rand Co., corn. (guar.)
Preferred (guar.)
750 Dec. 1 Holders of rec. Nov. 12a
*134 Sept. 30 *Holders of rec. Sept. 20
Common (extra)
Preferred (guar.)
$I
Dec. 1 Holders of rec. Nov. 12s
•I% Dec. 31 *Holders of rec. Dec. 20
Inland Steel, common (guar.)
Casey-hedges Co., corn. (guar.)
623.60 Dec. 1 Holders of rec. Nov. 15a
234 Jan,
Preferred (guar.)
Preferred (guar.)
134 Jan. 2 Holders of rec. Dec. 15a
134 Jan.
Internat. Combustion Engineering (qu.) 50c. Nov. 30 Holders of rec. Nov. 180
Caterpillar Tractor (quer.)
35c. Nov. 25 Holders of rec. Nov. 15a International
Harvester, pref. (quar.)- Extra
131 Dec. 1 Holders of rec. Nov. 5a
35c. Nov. 25 Holders of rec. Nov. 15a Internat. Secur.
Celluloid CorporationCorp.. el. A com.(qu.) 55e, Dee, 1 Holders of rec. Nov. 15
Class B common (guar.)
1st pref. panic. & $7 pref.(guar.)
1234c. Dec. I Holders of rec. Nov. 15
_ 51.75 Dec. 1 Holders of rec. Nov.
15
Seven per cent preferred (guar.)
Century Ribbon Mills. pref. (quar.) ____
131 Dee. 1 Ilolders of rec. Nov. 15
I% Dec. 1 Holders of rec. Nov. 19
634% preferred (quar.)
Chicago Yellow Cab (monthly)
134 Dec. 1 Holders of rec. Nov. 15
33 1-3c Dec. 1 Holders of rec. Nov. 18a
Six per cent preferred (guar.)
Childs Company, common (quar.)
131 Dec. 1 Holders of rec. Nov. 15
60c. Doe. 10 Ilolders of rec. Nov.25a International Shoe,
Preferred (quar.)
34 Dec. 1 Holders of rec. Nov. 15
I% Dec. 10 Holders of rec. Nov. 25a International Silver,Prof. (monthly)--- corn. (guar.)
C0111111011 (payable In no par corn. stk.) 11
134 Dec. 1 Holders of rec. Nov. 15a
Dec. 30 Holders of rec. Nov. 25a
Interstate Iron & Steel, common (quar.) 51
Jan16'28 Holders of rec. Jan. 928
Chile Copper Co.(guar.)
6234c Dec. 30 Holders of rec. Dee. 2a
Preferred (guar.)
131 Dec. 1 Nov. 20 to Nov.30
Chrysler Corp., pref. A. (guar.)
$2
Jan 3'28 Holders of rec. Dec. 15a Jaeger Machine (guar.)
6231e Dec. 1 Holders of rec. Nov. 18s
Cities Service. common (monthly)
34 Dec. 1 Holders of rec. Nov. 15
Jones & Laughlin Steel. corn. (gust.)._ *I% Dec. 1 *Holders of rec. Nov. 15
Common (payable in common stockl_
134 Dec. 1 Holders of rec. Nov. 15
Joske Bros. Co. 'ot. tr. ctf.(No. 1) (qu.)
75c. Nov. 21 Holders of rec. Nov. 10
Preferred and preferred 13B (monthly)
34 Dec. 1 Holders of rec. Nov. 15
Kinney (G. R.) Co.. pref. (quar.)
2
Dec. 1 Holders of rec. Nov. 19a
Preferred It (monthly)
Sc. I)ec. 1 Holders of rec. Nov. 15
Kaynee Co., common (extra)
1
Ian 1'28 Holders of rec. Dec. 204
234c.
City Ice dr. Fuel (quar.)
50c. Dec. 1 Holders of rec. Nov. 10
Common (extra)
1234c Aprl'28 Holders of rec. Mar. 200
Extra
25c. Dec. 1 Holders of rec. Nov. 10
Common (extra)
1
Fly
1'28 Holders of rec. June 20a
234c
City Stores Co., close A (guar.)
8734c Feb. 1 Holders of rec. Jan. 15a
Kirby Lumber, common (guar.)
131 Dec. 10 Holders of rec. Nov. 30
Coca-Cola Co.(guar.)
$1.25 Jan. 2 Holders of rec. Dec. 12a Knox Hat, corn., class A
05
Jan. 3 Holders of rec. Nov. 10
Collins & Allman Corp., corn.(guar.)._ $1
Dec. 1 Holders of rec. Nov. 18a Kresge (S. S.) Co.. corn. (guar.)
30c Dec. 31 Holders of rec. Dec. 10a
Preferred (quar.)
154 Dec. 1 Holders of rec. Nov. 18a
Preferred (guar.)
131 Dec. 31 Holders of rec. Dec. 10a
Name of Company,
Name of Company.
When
Per
Cent. Payable
Books Closed
Days Inclusive.
Miscellaneous (Continued)
Jan. 3 Holders of rec. Dec. 24a
Kuppenheimer (B.) & Co., common _ _ 51
14 Dec. 1 Holders of rec. Nov. 23a
Preferred (quar.)
31.25 Jan. 1 Holders of rec. Dec. 120
Lambert Co., corn. (quar.)
Nov. 30 Holders of rec. Nov. 16a
$1
Common (extra)
Langton Monotype Machine (quar.)
134 Nov. 30 Holders of rec. Nov. 190
Nov. 30 Holders of rec. Oct. 31a
2
Lehigh Coal & Navigation (quar.)
A Nov. 30 Holders of rec. Oct. 310
Extra
75c. Dec. 1 Holders ot rec. Nov. 15a
Lehn & Fink Products, corn. (quar.)_ _
75c. Dee. 1 Holders of rec. Nov. 15a
Liggett & Myers Tob.,com.&com.B(qu.)
51 Dec. 1 Holders of rec. Nov. 15a
Lima Locomotive, common (quar.)
Dec. 10 Holders of rec. Nov. I7a
5
Lord & Taylor, corn. (Christmas div.)
134 Dec. 1 Holders of rec. Nov. 17a
First preferred (quar.)
Dec. 1 Holders of rec. Nov. 2
52.50
Ludlow Mfg. Associates(guar.)
50c. Dec. 1 Holders of rec. Nov. 17a
Manhattan Shirt, common (qlar.)
$1 Dec. 1 Holders of rec. Nov. 15a
Marmon Motor Car (quar.)
50c. Dec. 1 Holders of rec. Nov. 15a
Martin-Parry Corp. (quar.)
Dec. 1 Holders of rec. Nov. 15a
$1
May Department Stores, corn. (quar.)
50c. Dec. 1 Holders of rec. Nov. 15a
(quar.)
Maytag Company
250. Dec. 1 Holders of rec. Nov. 15a
Extra
40c. Dec. 1 Holders of rec. Nov.21a
McCrory Stores, corn. A & B (quar.)
250 Dec. 1 Holders of rec. Nov. la
McIntyre Porcupine Mines, Ltd
McLellan Stores corn. A and 11 (quar.)- 25c. lan2'28 Holders of rec. Dec. 20
Dec. 1 Holders of rec. Nov. 15a
14
(quar.)
pref.
Mengel Company,
234 Dec. 1 Holders of rec. Nov. 1
Merrimack Mfg.. corn.(quar.)
134 Dec. 15 Holders of rec. Nov.26a
Metro-Goldwyn Pictures, pref. (quar.)_
Metropolitan Paving Brick, corn.(ME)- - 50c. Dec. 1 Nov. 16 to Nov. 30
194 Jan. 1 Dec. 16 Ito Dec. 31
Preferred (quar.)
Mid-Continent Petrol. Corp., pf. (qu.). 14 Dec. 1 Holders of rec. Nov. 15a
Dec. 1 Holders of rec. Nov. 100
2
Miller Rubber, pref. (quar.)
$2 Dec. 1 Holders of rec. Oct. 31
Mohawk Mining (quer.)
1 Holders of rec. Dec. 12
Jan.
(quar.)_
51.75
Montgomery Ward & Co., el. A
IA Dec. 15 Holders of rec. Nov. 30
Montreal Cottons, Ltd., corn. (quar.)
15
Dec.
Holders of rec. Nov. 30
14
(quar.)
Preferred
75e. Dee. 1 Holders of rec. Nov. 17a
Munsingwear, Inc. (quar.)
14 Dec. 1 Holders of rec Nov. 210
National Belles Hess, pref. (quar.)
$1.50 Jan. 14 Holders of rec. Dec. 31 a
National Biscuit, common (quar.)
1h Nov. 30 Holders of rec. Nov. 17a
Preferred (quar.)
National Department Stores, 2d pf.(q11). I% Dec. 1 Holders of rec.Nov. 15a
I% Dec. 15 Holders of rec. Dec. 2a
Nacional Lead. pref. A (aear.)
*75e. 2e0. 15 *Holders of rect. Dec. 1
National Radiator. corn. (quar.)
14 Jan. 2 Holders of rec. Dec. 5
National Sugar Refining (quer.)
50c. Nov. 21 Holders of tee. Nov. 40
New Cornelia Copper Co. (quar.)
Dec. 10 Holders of rec. Nov 19
2
New Jersey Zinc (extra)
50c. Jan. 16 Holders of rec. Jan. 3a
New York Transportation (quar.)
I5c. Dec. 1 Holders of rec. Nov. 10
North Central Texas Oil (quar.)
Jan. 1 Holders of rec. Dec. 9
3
Northern Pipe Line
Jan. 1 Holders of rec. Dec. 9
2
Extra
*50c. Dec. 15 *Holders of rec. Nov. 21
Ohio 011 (quar.)
*25c. Dec. 15 *Holders of rec. Nov. 21
Extra
50c. Jan. 2 Holders of rec. Dee. 120
011 Well Supply corn.(quar.)
Jan. I Holders of rec. Dec. I6a
2
Omnibus Corp., pref. (quar.)
16 2-3c Dec. 1 Holders of rec. Nov. 19a
Orpheum Circuit, corn.(monthly)
134 lan15'25 Holders of rec. Dec. 31s
Otis Elevator. pref.((Mar.)
20c. Nov. 30 Holders of rec. Nov. 115a
Packard Motor Car. monthly
250. Dec. 31 Holders of rec. Dec. 15a
Monthly
15c. Dec. 31 Holders of rec. Dec. 15a
Extra
250. Jan. 31 Holders of rec. Jan. 14a
Monthly
250. Feb.d29 Holders of ree. Feb. 15a
Monthly
Page-Hershey Tubes, Ltd., COM.(au).. 75c. Jan. 2 Holders of rec. Dec. 20
14 Jan. 2 Holders of rec. Dec. 20
Preferred (quar.)
14 Nov.22 Holders of rec. Nov. 15
Paramount Oshawa Theatre. pref
25c. d Nov20 Holders of rec. Nov. 10
Parker Rust Proof Co.(quar.)
35c. d Nov20 Holders of rec. Nov. 10
Preferred
Dec. 1 Holders of rec. Nov. 10
Pathe Exchange, Inc.. pref. (quar.)--- 2
Ponder (D.) Grocery Co., pref. A (qu.)_ _ 8714e. Dec. 1 Holders of rec. Nov. 19
$1 Dec. 1 Holders of rec. Nov. 19a
Phillips-Jones Corp.. corn.(quar.)
Phoenix Hosiery, lot & 2d pref. (quar.)-. 1)4 Dec. 1 Holders of rec. Nov. 170
40c. Dec. 1 Holders of rec. Nov. 15a
Pillsbury Flour Mills, corn.(quar.)
1% Dec. 1 Holders of rec. Nov. 15a
Preferred (guar.)
14 Dec. I Holders of rec. Nov. 12a
Pittsburgh Steel. pref. (quar.)
6214c Dee. 1 Holders of rec. Nov. 15
Polar Wave Ice & Fuel (guar.)
Ian. 3 Holders of rec. Dec. I5a
_
75c.
(quar.)
corn.
Inc.,
Lambert.
Pratt &
Jan. 3 Holders of rec. Dec. 15a
$1
Common (extra)
Dec. 12
134 Dec. 3n nNov.23 to
Pressed Steel Car, pref. (quar.)
134 Dec. 15 Holders of rec. Dec. la
Pro-phy-lac-tic Brush. pref. (quar.)._ _ _
37 A e. Dec. 1 Holders of rec. Nov. 10a
Pure Oil. corn. (quar.)
750. Dec. 1 Holders of rec. Nov. 15a
Purity Bakeries Corp.. cl. A (guar.)
50c. Dec. 1 Holders of rec. Nov. 15a
Class B (quar.)
134 Dec. 1 Holders of rec. Nov. 15a
Preferred (quar.)
15c. Dec. 15 Holders of rec. Dee. la
Q R S Music Co.. corn. (quar.)
134 Nov. 30 Holders of rec. Nov. la
Quaker Oats, preferred (guar.)
50c. Dec. 10 Holders of rec. Nov. 29a
Reid Ice Cream, common
1% Dec. 1 Holders of rec. Nov. I2a
Preferred (quar.)
Remington Typewriter, lot pref (quer.). 1% Jan. 1 Holders of rec. Dec. 15a
2
Jan. 1 Holders of rec. Dec. 15a
Second preferred (quar.)
1
Dec. I Holders of roc Nov. I50
Republic Iron & Steel, corn. (quar.)_
Jan. 2 Ilolders of rec. Dec. 140
134
Preferred (quar.)
50c. Dec. 20 Dec. 10 to Dec. 20
St. Joseph Lead (quar.)
25c. Dec. 20 Dec. 10 to Dec. 20
Extra
Dec. 1 Holders of rec. Nov. 15a
Si
Savage Arms. common (quar.)
*14 Jan. 3 *Holders of rec. Dec. 15
First preferred (quar.)
Feb. 15 *Holders of rec. Feb. 1
0134
Second preferred (quar.)
Schulte Retail Stores. common (quar.)_ - 87 Ac Dec. 1 Holders of rec Nov. 15a
35c. Dec. 31 Holders of rec. Dec. 12a
Shell Union Oil, corn .(quar.)
Sherwin-Williams Co., pref. (quar.).._... 134 Dec. 1 Holders of rec. Nov. 15
14 Nov. 30 IIolders of rec. Nov. 18
Shippers Car Line Corp., pref. (quar.)
1% Dec. 1 Holders of rec. Nov. 18a
Simon (Franklin) Co., pref. (quar.)_
50c. Dec. 15 Holders of rec. Nov. 150
Skelly 011 Omar.)
134 Dec. 20 Holders of rec. Dec. 10a
Sloes-Sheffield Steel & L., corn.(quar.)_ _
Jan. 3 Holders of rec. Dec. 20a
1%
Preferred (otter.)
Dec. 20 Holders of rec. Dec. lea
20
Soule Mill, extra
Dec. 1 Holders of rec. Nov. 15
52
Line
Pipe
Southern
$1.25 Jan. 16 Holders of rec. Jan. 7
Spalding (A. G.)& Bros., corn.(quar.)
14 Dec. 1 Holders of rec. Nov. 18a
First preferred (quar.)
Dec. 1 Holders of rec. Nov. 18a
2
Second preferred ((Mar.)
1% Dec. 1 Holders of rec. Nov. 15a
Spear & Co. let & 2d pref. (quar.)
Standard Investing, $6 pref.(No. 1)(qu) SI 50 Dec. 15 Holders of rec. Nov. 26
6234c Dec. 15 Holders of rec. Nov. 15a
Standard 011 (Calif.). (quar.)
6234c Dec. 15 Holders of rec. Nov. 16a
Standard 011 (Indiana), (guar.)
25c. Dec. 15 Holders of rec. Nov. 16a
Extra
62c. Dec. 20 Nov. 27 to Dec. 20
Standard 011 (Nebraska)(quar.)
40e. Dec. 15 Holders of rec. Nov. lea
Standard Oil of N. Y. (quar.)
6234c fan. 2 Holders of rec. Nov. 25
Standard 011 (Ohio), corn.(quar.)
14 Dec. 1 Ilolders of rec. Oct. 28
Preferred (guar.)
$1.25 Nov. 20 Holders of rec. Nov. 3
(quar.)._
corn.
Mfg..
Sanitary
Standard
134 Nov. 20 Holders of rec. Nov. 3
Preferred (quar.)
Nov. 23 Holders of rec. Nov. 7a
$1
Sterling Products, Inc. (extra)
75c. Dec. 22 Holders of rec. Dec. 100
Smock (S.) & Co.. Inc
$1.25 Dec. 1 Holders of rec. Nov. 10a
Studebaker Corp., corn.(quar.)
135 Dec. 1 Holders of rec. Nov. 10a
Preferred (quer.)
134 Dec. 1 Holders of rec. Nov. 10a
Sun Oil Co.. pref. (quar.)
134 Dec. 1 Oct. 23 to Nov. 15
Swan Finch 011 Corp.. pref. (quar.)_ _
Tennessee Copper & Chemical (altar.) _ _ 1234c Dec. 15 Holders of rec. Nov. 30a
Thompson (J. R.) Co.. corn. Untidy J.._ 30c. Deo. 1 Holders of rec. Nov. 230
1% Dec. 1 Nov. 20 to Nov. 30
Timken-Detroit Axle, pref. (guar.)
Dec. 5 Holders of rec. Nov. 18a
$1
Timken Roller Bearing, corn. (quar.)
25c. Dec. 5 Holders of rec. Nov. 18a
Common (extra)
25c Dec. 15 Holders of rec. Dec. la
Transue & Williams Steel Forg. (quer.).
1% Dec. 1 Holders of rec. Nov.15a
Truscon Steel, preferred (Quer.)
Jan. 3 Holders of rec. Dec. la
Underwood Typewriter, corn. (quar.)... $1
14 Jan. 3 Holders of rec. Dec. la
Preferred (guar.)
Dec. 1 Holders of rec. Nov. 16a
13.5
(quar.)
Union Tank Car
Dec. I Holders of rec. Nov. 10a
51
United Biscuit, class A (quar.)
United Bond & oh., Seattle, com.(extra) 52.50 Dec. 1 Holders of rec. Nov. 15
50c. Dec. 1 Holders of rec. Nov. 15
Participating pref.(extra)
215 Dec. 1 Holders of rec. Nov. 150
United Drug, corn. (guar.)
Jan. 3 Holders of rec. Dec. 3
$1
(quar.)
United Fruit
134 Jan1618 Holders of rec Jan 2285
United Paper Board. pref.(quar.)
134 Apri6.28 Holders of ree.Apr 228 •
Preferred (quar.)
United Shoe Machinery120 Nov. 30 Holders of rec. Sept.:20
Common (payable in corn. stock).
[VOL. 125.
THE CHRONICLE
2776
Name of Company.
Books Closed.
Days Inclusive.
Per
When
Cent. Payable.
Miscellaneous (Concluded).
214 Dec. 15 Holders of rec. Dec. lo
U.S. Cast Iron Pipe & Fdy.. cons.(au.).
1% Dec. 15 Holders of rec. Dec. la
Preferred (guar.)
U.S. Gypsum,common (quar.)
40e. Dec. 31 Dec. 16 to Jan. 1
51 Dec. 31 Dec. 16 to Jan. I
Common (extra)
14 Dec, 31 Dec. 16 to Jan. 1
Preferred (guar.)
U.S. Hoffman Machinery (guar.)
Dec. 1 Holders of rect. Nov. 20a
51
51 Jan. 1 holders of rec. Dec. 21a
U. S. Playing Card, common (quar.)_
Common (extra)
$1 Jan. 1 Holders of rec. Dec. 21a
51 Dec. 15 Holders of rec. Nov. 250
U. S. Realty & Improvement (quar.)_ _ _
1% Dec. 30 Holders of rec. Nov. 30a
U. S. Steel Corp., corn. (qual.)
1% Nov. 29 Holders of rec. Oct. 31a
Preferred (quar.)
Vacuum Oil (quar.)
50c. Dec. 20 Holders of rec. Nov. 30
50c. Dee. 20 Holders of rec. Nov. 30
Extra
SI
Dec. 20 Holders of rec. Nov. 30
Special extra
13.4 Dec. 17 Holders of rec. Dec. 12
Valvoline Oil, common (quar.)
Si Dec. 15 Holders of rec. Dec. la
Vanadium Corp. special
Va.-Carolina Chemical, pr. pref. (quar.) 14 Dec. I Holders of rec. Nov. 16a
Jan. 3 Holders of rec. Dec. 15
Wabasso Cotton. Ltd. (quar.)
51
50e. Jan. 3 Holders of rec. Dec. 15
Bonus
52 Jan. 3 Holders of rec. Dec. 15a
Ward Baking Corp., corn. cl. A (quar.)_
14 Jan. 3 Holders of rec. Dec. 150
Preferred (quer.)
Watson (John Warren),com.(311.)(No. I) *50c. Dec. 15 *Holders of rec. Dec. 1
75e, Dec. 1 Holders of rec. Nov.15
Wayagamack Pulp & Paper (quar.)
25c. Nov. 30 Holders of rec. Nov. 21
Welch Grape Juice, corn. (qual.)
1% Nov. 30 Holders of rec. Nov. 21
Preferred (quar.)
14 Dec. 1 Holders of rec. Nov. 15
Wesson 011 & Snowdrift, pref. (quar.)_ _
52
Dec. 23 Holdere of rec. Dec. 13
Westland Oil Corp
Dec. 1 Holders of rec. Nov. 15
Wbeatsworth, Inc., pref.(quar.).(No. I) 2
134 Dee. 1 Holders of rec. Nov. 15
White (J. G.) & Co., pref.(quer.)
White (J. G.) Engineering Corp. pf.(q11.) I% Dec. I Holders of rec. Nov. 15
White (J. G.) M'g'nt Corp., pref.(quar.) 14 Dec. 1 Holders of rec. Nov. 15
50c. Dec. 31 Holders of rec. Dec. 150
White Motor (quar.)
14 Dec. 31 Holders of rec. Dec. 150
White Motor Securities, pref. (quar.)25c Nov. 15 Holders of rec. Nov. 1
Will & Hamner Candle. corn.(quar.) _ _
$1.75 Jan 1'28 Holders of rec. Dec. 20
Wire Wheel Corp., pref. (quar.)
$1.25 Dec. 1 Holders of rec. Nov. 100
Woolworth (F. W.) Co. (quar.)
25c. Nov. 30 Holders of rec. Nov. 140
Wright Aeronatulcal Corp. (quar.)
Wrigley (Wni.) Jr & co (monthiy)_ _ 25c. Dec 1 Holders of rec. Nov 20a
Dec. 1 Holders of rec. Nov. 10a
$1.
(special)
Mfg.
Yale & Towne
Youngstown Sheet & Tube, corn.(qu.)._ $1.25 Dec. 31 Holders of rec. Dec. 140
1% Dec. 31 Holders of rec. Dec. 14a
Preferred (Mier.)
• From unofficial sources. t The New York Stock Exchange has ruled that stock
will not be quoted ex-dividend on this date and not until further notice. 1 The
New York Curb Market Association has ruled that stock will not be quoted exdividend on this date and not until further notice.
a Transfer books not closed for this dividend. J Payable in preferred stock.
d Correction. e Payable in stock. f Payable in common stock. g Payable in
scrip. h On account of accumulated dividends.
O Holders of Class A and Clam B stock are given the privilege of subscribing to
the extent of the dividend to their respective stocks at $25 per share.
I North American Co. stock dividend is 234% • or at rate of one-fortieth of a abate
of COM,stock for each share held.
k Payable to holders of coupon No. 12.
/ Associated Gas & Electric dividends payable either In cash or class A stock
as follows: 3 70-100 of a share of class A stock on $6 preferred; 401-1(10 of a share
of class A stock on $6.50 preferred; 2 47-100 of a share of clam A stock on original
preferred; 4 32-100 of a share of class A stock on $7 preferred.
n Subject to approval by the Inter-State Commerce Commission.
o Contingent upon action of stockholders at meeting on Nov. 21 to reduce stock
from 400,000 shares to 80.000 shares.
I) Federal Water Service dividend payable in cash or class A stock. at rate of
1-50 of a share for each share held.
g Knox Hat dividend is payable In class A participating stock of the Long's
Hat Stores Corp. at 5100 per share.
r Payment date changed by company from Dec. 31 to Dec. 3 and holders of rec.
date from Dec. 110 Nov. 22.
corn. stock.
s American Superpower stock dividend is one-fiftieth share of class A
A etoek
I Hartman Corp. class B stock dive. are one-fortieth share or class
of corv Eleven cents to be deducted from Catawlssa RR. dividend on account
tax.
income
poration
quarterly
fourth
and
third
of
w The following amounts to be deducted on account
Installments of 11126 Income taxi Continental Pass. Ity., 50c.: Union Pass. RV..
75c.; West Phila. Pass Ity., 75c.
Weekly Returns of New York City Clearing House
Banks and Trust Companies.
The following shows tho condition of the New York City
Clearing House members for the week ending Nov. 12. 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 10001 omitted.)
New
Capital
Week Ending
Nov. 12 1927. Nat'l,
State,
(000 omitted.) Tr.Coe
Reserve
Profits Loans.
Time Bank
with
Net
Discount, Cash
De- Circe
Legal I Demand
in
Oct. 10 Investes.
io pio
il Deposits. posits. ation.
Sept 30 merits, Vault. Det
&c.
Sept 30
Members of Fed. Res Bank.
Bank of N Y &
Trust Co___ _ 6,000 12.477
Ilk of hlanhat'n 12,500 18,598
Bank of America 8,500 5,347
National City.. _ 75.000 68,079
Chemical Nat'l_ 5,000 18,954
NatBit of Comm 25.000 44.197
ChatPhNB&T 13,500 14,302
Hanover Nat'l_ 5,000 '26.322
Corn Exchange_ 11.000 16,514
National Park _ 10.000 24.696
Bowery & E Riv 4,000 7.051
First National.. _ 10.000 80,909
Am Ex Irving Tr 32.000 30.261
Continental Bk. 1.000 1,328
Chase National_ 40,000 40,820
500 3,169
Fifth Avenue...
Garfield Nat'l_ _ 1,000 1,898
Seaboard Nat'l_ 8,000 12,071
Bankers Trust.. 20.000 40,117
US Mtge & Tr. 3.000 5.288
Guaranty Trust 30.000 33.657
Fidelity Trust.. 4,000 3,389
New York Trust 10.000 23.095
Farmers].& Tr 10,000 21,264
Equitable Trust 30,000, 24,581
Average. Average Average'
$
80,601
429 7,843
188,462 4,238 19,990
90,350 1,055 11,804
882.213 4,365 87,3111
144,815 1,656 17,159
389.782
559 43,260
216,681 3,057 23,204
1.618 17,672
146,12
4,674 24.213
206,06
179,76
2.423, 6:071
79,067
516 31,361
326,466
439,133 3,573 50,914
8.611
117,
977j
641,318 6,617 72.392
27,818
807 3,480
484 2,217
16,497
782 16,351
136,600
367,042
940 38,568
985 6,942
57,927
475,810 1.657 50,433
560 5,349
45.546
187,723
801 18,399
708 14,964
144,018
300,079 1,228 30,286
5
I
Average. Average Avge
$
57,984 8,600
144,430 32,972
90,413 4,222
0873.478 148,515
130,040 5.025
324,236 34,036
166.456 43,141
132,919 2.899
,201 30,588
4
84
2:674
13
5 2
88
98
2:0
37
14
237,323
380,398
6,601
*563.333
24.857
15,712
125,057
*325,958
52,158
*444,338
40.379
135,918
*112,023
*336,285
16,394
48,014
5291
49,895
1,428
471
2.837
42.279
4,525
65.329
4,193
36.404
20.197
27,864
--- 98
348
-1i-ti8
13.
--2
78
64
2:0
4
6,782
-- -2.458
-45
-------- -----
Total of averages 373,000 578,360 5,778,513 44,683619,528 c4,581,750866,78523,514
Totals, actual co ndition1Nov.12 5,781.235 45.596 621.746 c4.591,639 679,08423.584
Totals, actual erudition Nov. 55.788.207 43.789624,737 c4,597,043667,096 23.646
Totals, actual condition Oct. 295.709,649 43,304 635,381 c4,508,53S 659.37123,578
1
State Banks Not Members of Fed'I Res've Bank,
1
1
38,507 62,512 --__
State Bank_ _ _ . 5,000 6,174 108,105 4,910 2,416
29,093 6,262 -35,083 3,807 1,852
Colonial Bank.. 1.400 3.431
9.605
141,188
8.717
4,268
67,600 68,7741
Totals, actual condition Nov.12
Totals, actual condition Nov. 5
Totals, actual co ndition Oct. 29
141,668
140.386
142,301
8,568
8,209
8,063
4,559
4,025
3,920
68,159 68,716j
66,113, 68,781
66,7721 69,82
Total of averages
13.400
Nov. 19 1927.]
THE CHRONICLE
I
New
Capital Profits. Loans,
Reserve
Net
Time Bank
Week ending
Discount, Cash
with
Demand
De- CircuNov. 12 1927. Nat'l June 30 Investin
Legal Deposits. posits. ation.
State. June 30 ments, Vault. Deposi1000 omitted.] 'Tr.Cos June 30
(to.
metes.
Average. Average Average Average. Average Aerie.
$
$
5
6
Trust Compan lea Not Members of Fed 'I Res v e Bank
Title Guar & Tr 10.000 20,357
68,262 1,763 4,462
41,302 2,035
Lawyers Trust_ 3,000 3,551
23,479
17,750 1,563
938 1,740
Total of averages 13,000 23.908
91,741 2,701 6,203
59,052 3,598
Totals, actual condition Nov.12
Totals, actual condition Nov. 5
Totals, actual condition Oct. 29
91,637
91,685
91,156
2,508
2,682
2,586
58,762
59,037
58,946
6,343
6,264
6,363
3,573
3,753
3,613
Gr'd seer.. arge. 392.400611,8736.011,442 56,101 629,999 4,708,402 739,157 23,514
Comparison with prey.week __ +36,646
+2,575 +2,408 +16,685 +3,011 +59
Gr'd tiger., act' cond'n Nov.12 6,014,540
56,672632,648 4,718.560 751,373 23,584
Comparison wit 11 prey.week
-5,718 +1,992-2,378 -3,638+11,7431 -62
Ord Neer., act'l contra Nov. 56,020,258 54,680635,0
4,722,193
23,646
Gr'd aggr., act'l cond'n Oct. 29;5,943,106 53.953645.662&h4.634,253739,630
732,809 23,576
4
Ur'd aggr., act cond n Oct 225,935.365
4,617,394
724.098 23,563
54,597570,30
71
Or'd aggr., actl coneVn Oct. 1515,925,33555,811 685,900
4.577.788 728.605 23,622
(led aggr.. act.lcond'n Oct.
5.916.489 53,183594,342' 4,548,792 720.650 23,730
Note.-U. S. deposits deducted from net demand deposits
In the general total
above were as follows: Average total Nov. 12, $41,502,000. Actual
totals Nov. 12.
$37,851,000; Nov. 5, $48,830,000; Oct. 29, $59,176,000;
$76,582,000; Oct.
Oct.
22.
15, $111,714,000: Oct. 8, $111,722.000. Bills payable, rediscounts, acceptances
and other liabilities, average for week Nov. 12, $747,361,000; Nov. 5, 1710,961.000
Oct. 29, 1718,939,000; Oct. 22, $69.0,764,000: Oct. 15, $720,694,000; Oct. 8, 5729,-;
027.000. Actual totals Nov. 12, $747.738,000
; Nov. 5, 520,012,880; Oct. 29, 5743,352.000; Oct. 22, 5685.205,000; Oct. 15, $795,118,000 Oct. $719,725,000
:
8,
.
• Includes deposits in foreign branches not included
in total footings as follows:
National City Bank. $246,651,000; Chase National Bank,
$13,057,000; Bankers
Trust Co., $39,750,000; Guaranty Trust Co.. $82,297,000; Farmers' Loan & Trust
Co., $2,437,000; Equitable Trust Co., $108,628,000. Balances carried In banks in
foreign countries as reserve for such deposits were: National City Bank,642,111,000:
Chase National Bank, $1,627,000; Bankers Trust Co., 6843,000; Guaranty
Trust
Co.. 55.540,000; Farmers' Loan & Trust Co.. $2,437,000; Equitable Trust Co.,
$6.917,000.
c Deposits in foreign branches not Included.
The reserve position of the different groups of institutions
on the basis of both the averages for the week and the
actual condition at the end of the week is shown in the
following two tables:
STATEMENT OF RESERVE POSITION OF CLEARING 110USE
BANKS
AND TRUST COMPANIES.
Averages.
Cash
Reserve
in Vault.
Members Federal
Reserve Bank.....
State banks•
Trust companies*
Total Nov. 12____
Total Nov. 5
Total Oct. 29
Total Oct. 22
Reserve
In
Depositaries
Total
Reserve.
Reserve
Required.
Surplus
Reserve.
619,528,000 619,528,000 615.631,050
4.268,000 12,985.000 12.168,000
6,203,000 8.904,000 8,857,800
3,696,950
817,000
46,200
11.418,000829.999.000 641,417,000 636,656,850
10,891,000 635,026,000 45,917,000 638,384,360
10,9:11,000 620,093,000 631,024,000 624.559.800
10,764,000 623,809,000 634,573,000 625.317,250
4,760,150
7.532.640
6,464,200
9,255,750
8,717,000
2,701,000
• 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 the amount of reserve required on net time deposits. which
was as follows:
Nov. 12, $20,003,550: Nov. 5, 219,890,510; Oct. 29, 519,569,780; Oct.
22, 519,485,330; Oct. 15, 319,667,760: Oct. 8, 519,270,170.
Actual Figures.
Cash
Reserve
In Vault.
$
COMBINED RESULTS OF BANKS AND TRUST
COMPANIES IN
GREATER NEW YORK.
Week EndedJuly 16
July 23
July 30
Aug. 6
Aug. 13
Aug. 20
Aug. 27
Sept. 3
Sept. 10
Sept. 17
Sept. 24
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Oct. 29
Nov. 5
Nov. 12
Loans and
Investments.
Demand
Deposits.
$
7,152,547.900
7.106,073,800
7.110.323,700
7,181.738.200
7.177.325,100
7,115,836,600
7,069,889.900
7.107.725,500
7.179,503,300
7,276.682,800
7,290.010,700
7.304.600,300
7,406.023.400
7,315,962.900
7,307,457.600
7.322.4:16.700
7,369,553.800
7.421.396.900
$
5,930,407.000
5,921,931.500
5.921,572,000
5,950,261.700
5.931,055,300
5,879,977,900
5.845.207.700
5.901,639.100
5,916,180,700
5,900.245.100
5,885,011,200
5,897,049.400
5,971,040.300
5,903,629,300
5,952,316,500
5,960.174.600
6,030.524,900
II (1511 Of17 POO
Total Cash
in Vaults.
Reserve in
Depositaries.
$
3
82,586,100 768,772.500
79,187,6007,65,494,700
80,246,400 758,805.100
80,359,900 776.669.200
80.989.500 768.301.300
79,489.400 763,241,000
78.875.900 751,445.600
78,364.200 765.329,600
82,029.500 763.450,100
83,361,800 771,680.400
81,144.800 760,449,506
82,314.800 760.172,500
83,304.200 774.359.100
86.248.900 770.304,400
82.589.990 777,194.400
84.457,300 773,177.400
83.515,500 791,129,000
8739r, Mil 778007 0011
New York City Non-Member Banks and Trust Cornpanies.-The following are the returns to the Clearing
House by clearing non-member insitutions and which are
included in the "Clearing House Returns" in the foregoingnot
:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW
YORK
CLEARING HOUSE.
(Stated in thousands of dollars, that (s, three ciphers [OW] omitted.)
CLEARING
NON-MEMBERS Capital
Week Ending
Nov. 12 1927.
Members of
Fed'l Res',e Bank.
Grace Nat Bank__ _
State Bank
Not Atember of the
Federal Reserve Bank
Bank of Wash Ms_
Trust Company
Not Member of the
Federal Reserve Bank
Meet Tr, Bayonne..
Loans,
DUNet
counts,
Profits. Investmeals,
Ac.
$
1,000
S
1,980
•
•
Cash
in
Vault.
$
14,926
Average. Average. Average Average.
$
$
$
$
80
1,181
8,140
4,058
•
•
•
500
701
9,261
411
Gr'd rimer_ Nov.12
1,500
Comparison with prev. week
2,682
24.187
--341
491
+86
Gr'd eget.. Nov.
Gr'd aggr., Oct. 29
Gr'd aggr., Oct. 22
Gr'd seer.. Oct. 15
2.682
2,682
2,658
2.658
24,528
24,565
24,142
23.853
405,
523,
448:
3701
1.500
1,500
1,500
1.500
Reserve
with
Net
Net
Legal Demand Time
Depost- Deposits Deposit..
tortes.
•
192
•
3,485
5,803
1,373 aii,625
--68
--6
9,861
-2
1,411
1,353
1.303
1.325
11,685
11,313
11,015
11.132
9,863
9.879
9.937
10.000
• Bank of Washington Heights merged with Bank of Manhattan
Co.
a United States deposits deducted. $57,000.
Bills payable, rediscounts. acceptances and other
liabilities. $2,693,000. Ewen
In reserve, $12,140 increase.
Boston Clearing House Weekly Returns.-In the
following we furnish a summary of all the items
the
Boston Clearing House weekly statement for a series of in
weeks:
BOSTON CLEARING HOUSE MEMBERS.
Total
Reserve,
Reserve
Required.
Surplus
Reserve.
Total Nov. 12_ _
Total Nov. 5
Total Oct. 29
Total Oct. 22
11.076.000 632,648,000 643.724.000 636,368.510
10.922,000 627,591,000 648.513.000 634,335,880 5,355.490
10,649,000 645,664,001) 656.313,000 626,751.540 4,177,120
10.429.000 570,307,000 580,736,000 624.319,650 29.561.460
-43.583.650
• Not members of Federal Reserve Bank.
This
is
the
a
reserve required on net demand deposits in
the case of State banks
and trust companies. but in the case of members of the Federal
Reserve Bank includes also the amount of reserve required on net time
deposits.
which was as follows
Nov. 12, $20,372,520; Nov. 5, 520,012,880; Oct. 29, 519.781,130;
Oct. 22, $19.535.370; Oct. 15, $19,644,540; Oct. 8, 619,401,030.
State Banks and Trust Companies Not in Clearing
House.-The State Banking Department reports weekly
figures showing the condition of State banks and trust companies in Now York City not in the Clearing House as follows:
SUMMARY OF STATE BANKS AND TRUST COMPANIE
S IN GREATER
NEW YORK, NOT INCLUDED IN CLEARING HOUSE
STATEMENT.
(Figures Furnished by Stale Banking Department.)
Differences from
Nov. 12.
Previous Week.
Loans and Investments
51,409,954,900 Inc. $15,197,100
Gold
5,499,400
24,800
Currency notes
25,795,100 Inc.
1,280,200
Deposits with Federal Reserve Bank of New York_
116,332,900 Dec. 3,298,600
Time depoeits
1,438.356.800 Inc.
9.786.700
Deposits, eliminating amounts due from reserve
depositaries & from other banks and trust companies in N.Y.City, exchanges & U.S.deposits 1,348,565,900 Inc.
9,758,000
Reserve on deposits
190,333,500 Dec. 3,194,000
Percentage of reserve, 21.5%.
RESERVE.
Stale Banks
- -Trust CompaniesCash In vault •
539,531,200 17.72%
1108,096.200 16.30%
Deposits in banks and trust cos...._ 11,108,800
4.98%
31,597,300
4.77%
Total
550,640,000 22.70%
$139,693,500 21.07%
• Includes deposits with the Federal Re.serve Bank of New York, which
State banks and trust companies combined on Nov. 12 was $116,332,900. for the
Capital
Surplus and profits. _
Loans, disc'ts & invest_
Individual deposits
Due to banks
Time deposits
United States deposits_
Exchanges for Cl'g use
Due from other banks
Res've in legal deposles
Cash in bank
Reeve excess in F R Ilk
$
77,150,000
97,638,000
1,132,365.000
713,268,000
165,204,000
285.090,000
18,582,000
37,931,000
92.440.000
86,959,000
9,516,000
090.000
Changes from
Previous Week.
53 6g„i666g,.;
$
4.460.410
858,380
36,700
Nov. 16
1927.
alt:14.e.°41a.e.a
$
$
$
621.746,000 621,746,000 617,285,590
8,568,000 4,559,000 13.127.0001 12,268,620
2.508,000 6,343.000 8.851,000 8.814,300
Banks and Trust Companies in New York City.-The
averages of the New York City Clearing House banks and
trust companies combined with those for the State banks and
trust companies in Greater Now York City outside of the
Clearing House are as follows:
Nov. 9
1927.
Nov. 2
1927.
$
$
77,150,000
77.150,000
97,638,000
97,638,000
1,135,609,000 1,123,916,000
711.363.000 719,134,000
168,059,000 169.895,000
279,335,000 274,164,00,3
13,377.000
17.535,000
33,601.000
45.357.000
87,252,000
92,368.000
87,931,000
87,313,000
9,324,000
9,200,000
1 349 000
765 nan
0..000000c
gg;,..2222gragz
Members Federal
Reserve Bank.
State banks•
Trust companies._
Reserve
in
Depositaries
2777
Philadelphia Banks.-The Philadelphia Clearing House
return for the week ending Nov. 12,with comparative figures
for the two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
are 10% on demand deposits and 3% on time deposits,
all
to be kept with the Federal Reserve Bank. "Cash in vaults"
is not a part of legal reserve. For trust companie
s not
!members of the Federal Reserve System the reserve required
is 10% on demand deposits and includes "Reserve
with
legal depositaries" and "Cash in vaults."
Two Ciphers (00)
omitted.
Week Ended Nov. 12 1927.
Membersof
Trust
F.R.System Companies
1927
Total.
Nov. 5
1927.
Oct. 29
1927.
Capital
53,300,0
7,500,0 60,800,0 60,800.0 58,300,0
Surplus and profits
166.526,0
Loans. disc'ts & investmls 985.313,0 15,000,0 181,526,0 181,424.0 184,430,0
Exchanges for Clear.11ouse 42,226,0 69,494.0 1054,807.0 1065.401.0 1048,839,0
350.0 42,576.0 42.558,0 34.720,0
Due from banks
113,283,0
13,0 113,301,0 103.653,0 96.834,0
Bank deposits
144,616,0
817,0 145,433,0 143,926,0 140.070.0
Individual deposits
645,082.0 37,632,0 682.714,0 688,563,0
Time deposits
176,766,0 16,494,0 193,260,0 189.216.0 670.085,0
Total deposits
966,464.0 54,943,0 1021,407,0 1021 705,0 176,C)67.0
988,824.0
Ites've with legal deposit'y
5,128,0
5,128,0
3.990,0
3.472,0
Reserve with F. R. Bank
70,555,0
70,555,0 71,654.0
Cash in vault
12,230,0
1,792,0 14,022,0 12,516,0 71,698,0
Total reserve & cash held_
82,785,0
6,920,0 89.705,0 89.160.)) 12.808,0
Reserve required
70,987.0
6,536,0 77,523,0 77,681.0 87.978,0
Excess res. & cash In vault_
11,798,0
384.0 12,182,0 11,279.0 76.139,0
11.839,0
•Cash In vault not counted as memo tor Federal
Rains tosobems.
[VOL. 125.
THE CHRONICLE
2778
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Nov.17 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 2745, 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 NOV. 16 1927.
Nov 16 1927 Nov 9 1927 Nov. 2 1927. Oct. 26 1927. Oct. 19 1927. Oct. 12 1927. Oct. 5 1927. Sept. 28 1927. Nov. 17 1926.
$
5
$
$
5
5
$
$
$
RESOURCES.
1,566,186,000 1,503,631,000 1,609,809,000 1,623,253,000 1,632,507.000 1,604,948,000 1,561,864,000 1.630,529,000 1,397,938,000
Gold with Federal Reserve agents
47,954,000
42,028,000
40,528,000
40,072,000
45,695,000
48,010,000
58,396,000
47,006,000
41,168,000
Gold redemption fund with U. B. Treas.
Gold held exclusively agst. F. R. notes 1,607.354,000 1.550,637,000 1,649,881,000 1,665.281,000 1,673,035,000 1.652,902.000 1,607,559,000 1,678,539,000 1,456,334,000
Gold settlement fund with F. R. Board._ 603,856,000 669,435,000 603,971,000 634,385.000 637,092,000 661,099,000 704,384,000 639,749,000 709,237,000
Gold and gold certificates held by banks_ 678,230,000 689,849,000 677,945,000 656,886,000 665,378,000 657,497,000 653.841,000 670,565,000 685,518,000
2,889,440,000 2,909,921,000 2,931,797.000 2,956,552,000 2,975,505,000 2,971,498,000 2,965,784,000 2,988.853,000 2,851,089,000
137,195,000 131,570,000 134,856,000 135,793,000 136,475,000 132,396,000 136,774,000 137,352,000 133,623,000
Total gold reserves
Reserves other than gold
3,026,635,000 3,041,491,000 3,096.653,0003,092,345,000 3,111,980,000 3,103.894,000 3,102,558,000 3,126.205,000 2,984,712,000
Total reserves
56,379,000
55.657,000
59,695,000
50,328,000
51,593,000
53,029,000
61,137,000
51,150.000
58,563,000
Non-reserve cash
Bills discounted:
Secured by U. S. Govt. obligations._ 226,958,000 276,454,000 208,723,000 236,428.000 224,821,000 192,753,000 242,557.000 228,011,000 288,198,000
140,478,000 184,187.000 170,498,000 165,970,000 192,776.000 237,496,000 219,928,000 202,301,000 278,789,000
Other bills discounted
Total bills discounted
Bills bought in open market
U. S. Government securities:
Bonds
Treasury notes
Certificates of indebtedness
367,436,000
333,807,000
460,641,000
336,413,000
379,221,000
334.576,000
402,398.000
301,111,000
417,597,000
282,503,000
430,249,000
274,361,000
462,485,000
262,165.000
430,312,000
242,148,000
566,987,000
347,882,000
264,800,000
52,529,000
387,465,000
281.656,000
94,800,000
153,754,000
277,478,000
102.852,000
146,046,000
261,876.000
124,941,000
123,813,000
255.075,000
124,710,000
120,608,000
258,780,000
133,114,000
118,235,000
255.972,000
126.624.000
122,277,000
253,515,000
134,559,000
106,278,000
47,630,000
113,544,000
146,956,000
Total U. 8. Government securities
Other securities (see note)
704,794,000
615,000
530.210.000
600,000
526,376.000
600,000
510,630,000
620,000
500,393,000
620,000
510,129,000
820,000
504,873,000
820,000
494,352,000
820.000
308,130,000
2,534,000
Total bills and securities (see note)....... 1,406,652,000 1,327,864,000 1,240,773,000 1,214.759,000 1,201,113,000 1,215,559,000 1,230,343,000 1.167.632.000 1,225,533,000
Gold held abroad
651,000
1,049.000
563,000
563.000
565,000
564.000
563,000
564,000
564,000
Due from foreign banks (see note)
899,416,000 669,962,000 715,124,000 688,277,000 851,251,000 775,265,000 724,370,000 653,183,000 854,986,000
Uncollected items
60,084,000
59.609,000
59.774,000
50,774,000
59,774,000
59,609,000
59,774,000
59,844,000
59,942,000
Bank premises
14,772,000
13,208,000
13,522,000
13,640,000
13,847,000
13,159.000
12,695,000
14,187,000
14,895,000
All other resources
Total resources
LIABILITIES.
P. B.. notes in actual circulation
DepositsMember banks-reserve account
Government
Foreign banks (see note)
Other deposits
5,466,667,000 5,166,941,000 5,152,393,000 5,130,015,000 5,297,071,000 5,218,905,000 5,182,233,000 5,072,479,000 5,197,117,000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
2,565,993,000 2,423,332,000 2,404,294,000 2.403,451,000 2,429,098,000 2,404.067,000 2,426,327,000 2,389,768,000 2,301,120,000
816,702,000 631,752,000 654,634,000 646,615.000 775.545,000 704,844,000 664,038,0001 602,290,000 777,322,000
131,623,000 131,381,000 131,388,000 131,2413,000 131,275,000 131,171,000 131.098,000 130,960,000 124,906,000
228,775,000 228,775,000 228,775,000 228,775,000 228,775,000 228,775,000 228,775,000 228,775,000 220,310,000
15,319,000
14,946,000
14,921,000
23,178,000
15,593.000
16,882,000
16,186,000
17,138,000
17,005,000
1,706.436,000 1.734,696.000 1,717,116,000 1.702,999,000 1,716,785.000 1,733,829,000 1,717,049,000 1,705,765,000 1,750,281,000
2,499,978.000 2.368,905,000 2.362,429,000 2,351,870,000 2,383.711,000 2,324.338,000 2,360,378,0002,336.548,000 2,238,208,000
29,226,000
37,215,000
24,507.000
19,294,000
8,808,000
12.806.000
6,123,000
3,096,000
22,048.000
12,973,000
5,369,000
5.382.000
5,791,000
5,572,000
8,359,000
12,383,000
7,000,000
6,637,000
22,922,000
20,713,000
23,352,000
62,454,000
23,928,000
24,196,000
30,170,000
56,282,000
25,379,000
5,466,667,000 5,166,941,000 5.152,393,000 5,130,015,000 5,297.071,000 5.218.905,000 5.182,233,000 5,072,479,000 5,197.117,000
Total liabilities
Ratio of gold reserves to deposit and
73.0%
70.4%
71.5%
71.8%
71.8%
71.1%
72.0%
69.9%
67.6%
F. R.. note liabilities combined
Ratio of total reserves to deposit and
73.7%
74.9%
76.3%
75.0%
75.1%
74.4%
75.3%
70.8%
73.1%
F. R.. note liabilities combined
Contingent liability on bills purchased
49,177.000
184,253.000 182,795,000 186,595.000 194,886,000 198,810,000 201,956,000 189,168,000 186,455.000
for foreign correspondents
Bistrihution try Maturities1-15 days bills bought in open market.
1-15 days bills discounted
1-15 days U. S. certif. of indebtedness.
1-15 days municipal warrants
16-30 days bills bought in open market.
16-30 days bills discounted
16-30 days U. S. certif. of Indebtedness
16-30 days municipal warrants
31-60 days bills bought in open market.
31-60 days bills discounted
31-60 days U. S. certif. of indebtedness
31-60 days municipal warrants
61-90 days bills bought in open market.
81-90 days bills discounted
61-90 days U. S. certif. of indebtedness
61-90 days municipal warrants
Over 90 days bills bought In open market
Over 90 days bills discounted
Over 90 days certif. of indebtedness..,.
Over 9() days municipal warrants
$
130,006,000
361,063,000
45,000
$
130,133,000
389.833.000
1,593,000
$
111,362,000
354,775,000
1,442,000
5
118,061,000
434,547,000
5,751,000
63,966,000
19,158,000
60,964,000
21,277.000
46,948,000
22,886,000
57,686,000
41,464,000
49,223,000
51,264,000
29,579,000
20,000
56,081,000
28,740,000
20.000
53,775,000
30,246.000
20,000
60,278,000
31,560,000
96,883,000
57,044,000
100.00(1
45,566,000
17,276,000
29,520.000
18,728,000
21,263.000
17,835,000
14,190.000
17,960,000
17,739,000
19,107.000
34,000
63,310,000
25,867,000
3,001,000
5,288,000
123,655,000
100.000
2,256,000
4.240,000
118,763,000
3,045.000
3.453.000
118,190.000
3,103.000
3.167.000
120,684,000
4,453,000
3,352,000
104.836,000
11,942,00()
8,065,000
91,982,000
64,157,000
20,295,000
$
125,700,000
330.843,000
158,000
20,000
66,361,000
17,524.000
$
141,989.000
344,124,000
1,845,000
20,000
57,474,000
20,926,000
69,864,000
32,612,000
62,167,000
34,175,000
59,583,000
31,467,000
115,000
70,578,000
11,273,000
100,000
77,645,000
15,404,000
100,000
66,033,000
17,054,000
2,978,000
221,925,000
6.842,000
3,144,000
6,532,000
153,754,000
2,761,000
6,052,000
146,046,000
3
117,708,000
301,989,000
165,540,000
5
120,217,000
374,863,000
5
139,458,000
301,645,000
65,940,000
19,447,000
65,543,000
31,230,000
76,603,000
27,885,000
F. R. notes received from Comptroller
F. R. notes bled by F. R. Agent
2,919,310,000 2,916,360,000 2,921,690.000 2,928,021,000 2.920.217,000 2,901,096.000 2,908.660,000 2,018,127,000 2,953,990,001)
814,120,000 811.745.000 800,395,000 803,235,000 798.205.000 795,225,000 806,250.000 806,165,000 866,761,000
Issued to Federal Reserve Banks
2,105,190,000 2,104,615,000 2,121,295,000 2,124,786,000 2,122,012,000 2,105,871,000 2,102,419.000 2,111,062,000 2.087,229,000
How SecuredBY gold and gold certificates
Gold redemption fund
Gold fund-Federal Reserve Board
By eligible paper
414,574,000 403,328.000 400,993,000 400.994.000 406,691,000 406,332,000 406,631,000 411,830,000
91,210,000
95,537,000 101,802,000 103.992,000 104,556,000
97,318,000 106,509,000
101,819,000
1,049,793,000 1,002,985,000 1,102,307,000 1,126,722,000 1,124,014,000 1,094,624,000 1,050.677,000 1327,489,000
679,014,000 769,536,000 686,383,000 674,931,000 669,786,000 674,592,000 705.356.000 634,517,000
307,554,000
100,101,000
990,283,000
891,338,000
2.245.200 000 2.273.167.000 2.290.192.000 2.298.184.000 2.302.293.000 2.279.540.000 2.267.220.000 2.20114404)4)0 2.289_276.000
separat ly the amount of balances held abroad and amounts due
NOTE.-Beginning with the statement of On. 7 925, two new items were added in order to show
Intermediate Credit Bank debentures, was changed to
to foreign correspondents. In addition, the caption. 'All other earning assets." previously made up of Foreign
Item was adopted as a more accurate description of the total of
latter
The
"Other securities," and the caption, "Total earning assets" to "Total bills and securities."
the discounts, acceptances and securities acquired under the provisions of Sections 13 and 14 of the Federal Reserve Act, which, it was stated, are the only Items included
therein.
BANKS AT CLOSE OF BUSINESS NOV. 16 1927.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACII OF THE 12 FEDERAL RESERVE
mt.(
Two ciphers (00) araided•
Federal Reserve Bank of-
Total.
Boston.
New York.
Phila.
Cleveland. Rkhmond Atlanta. Chicago. St. Louis. Minneap. Kan, City
Dallas. SanFratis
$
$
RESOURCES.
Gold with Federal Reserve Agents 1,566,186,0 111,699,0
41,168,0 3,175,0
Gold redo fund with U.S. Treas.
$
3
$
$
$
$
$
$
$
$
$
325,067,0 112,545,0 193.015,0 32,607,0 150,345,0 257,767,0 42,480,0 47,158.0 49,111,0 36,331,0 208,061,0
1,447,0 1,615,0 2.183,0 2,248,0 1,396,0 1,306,0
1,833,0
11,503,0 7,914,0 3,853,0 2,695,0
Gold held excl. agst. F.R. notes 1,607,354,0 114.874.0
Gold settle't fund with F.R.Board 603,856,0 33,527.0
678,230,0 37,255,0
Gold and gold certificates
336,570.0 120.459,0 196,868,0 35,302,0 152,178,0 259,214,0 44,095,0 49,341,0 51,359,0 37,727,0 209,367,0
227,303,0 27,701,0 51,284,0 35.164,0 7,258,0 91.396.0 29.337,0 11,967,0 30,304,0 13,448,0 45,167,0
436,129,0 26,786,0 41,035,0 7,604,0 8,065,0 54,420,0 12,158,0 8,669,0 7,530,0 7,149,0 31,430,0
Total gold reserves
1Reserves other than gold
Total reserves
son-reserve cash
3111s discounted:
See. by U. S. Govt. obligations
Other bills discounted
Total bills discounted
311Is bought in open market
J. S. Government securities:
Bonds
Treasury notes
Certificates of Indebtedness
2,889,410,0 185,656,0 1,000,002,0 174,946,0 289,187,0 78,070,0 167,501,0 405,030,0 85,590,0 69,977.0 89,193,0 58,324,0 285,964,0
24.873.0 8,518,0 12,194,0 5,605,0 13.780,0 18,750,0 12,859,0 4,352,0 5,410,0 8,658,0 7,792,0
137,195,0 14,404,0
293,756,0
3,026,635,0 200.060.0 1,024.875,0 183.464,0 301,381,0 83,675,0 181,281,0 423,780,0 98,449,0 74,329,0 94,603,0 66,982,0 3,007.0
888,0 4,701,0 4,442,0 4,202,0 6,066,0 3,427,0 1,468,0 2,455,0 2,131,0
18,973,0
58,563,0 6,803,0
226,958,0 14,187,0
140.478,0 9,521,0
367,436,0 23,708,0
333.807,0 35,244.0
264,800,0 13,799,0
52,529,0 2,944.0
387,465,0 31,612,0
,n,'et
n ee seen
75,109.0 20,678,0 40,457,0 6.377,0 6,611,0 21,106,0
28,151,0 13,889,0 9,214,0 12,325.0 23,220,0 16.990,0
8,293,0
3,834.0
222,0 8,247,0
1,802,0 12,299,0
103,260,0 34,567,0 49,671,0 18,702,0 29,831,0 38,186,0 12,127,0 2.024,0
92,084,0 30,730,0 17.663,0 48,114.0 2,617,0 47.844,0 5,297,0 20,227.0
47,357,0 16,047,0 33,793,0 5,931,0 5,733,0 46,043,0 18,224,0 13,173,0
811,0 2,419,0 4,532,0 7,431,0 4,440,0
7.326,0 5,919,0 8,830,0
127.682,0 36,528,0 32,445,0 8,675,0 6,693,0 48,835,0 17,062,0 13,302,0
tag 'seen
us
2,320,0 23,261.0
3,058,0 6,175,0
20,546,0 5,378,0 29,436,0
10,838,0 18,469,0 4,680,0
20,349,0 19,292,0 25,059,0
2,886,0 2,526,0 2,465,0
19,645,0 16,713,0 28,273.0
AnA n ,m MN n 15.417.0 14.045.0 99.410.1) 42.717.1) 30.915.0 42.080.0 31_531.0 55.787.0
Nov. 19 1927.]
RESOURCES (Concluded)Two ciphers (00) omitted.
Other securities
Total bills and securities
Due from foreign banks
Uncollected Items
Bank premises
All other resources
Total resources
LIABILITIES.
F. R. notes In actual circulation_
Deposits:
Member bank-reserve acc't
Government
Foreign bank
Other deposits
Total deposits
Deferred availability items
Capital paid In
Surplus
All other liabilities
Total liabilitle.s
Afemoranda.
Reserve ratio (per cent)
Contingent liability on bills purchased for foreign correspondls
F. II. notes on hand (notes reed
from F. R. Agent less notes In
circulation)
THE CHRONICLE
Total.
Boston.
New York.
2779
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis.
Minneap. Nan. Mg Dallas. San Fran.
3
3
$
615,0
100,0
515,0
1,406,652,0 107,307,0 377,709,0 123,891,0 142.402,0 82,233,0
47,293,0 185,440.0 60,141,0 53,681,0
564,0
74,264,0 62,378,0 89,913,0
36,0
213,0
47.0
51,0
25,0
20,0
67,0
21,0
15.0
899,416,0 86,831,0 227,252,0 79,420,0 83.428,0 75,215,0
18,0
17,0
34,0
34,825,0 107,799,0 44.280,0 19.313,0
59,942,0 8,946.0
53,294,0 36,357,0 51.402,0
16,276,0 1,749,0 7,118,0 2,689.0 2,901,0 8,710,0
3,957,0 2.774.0 4,476.0
14.895,0
103,0
4,722,0
1.827,0 3,519,0
249,0 1,192,0
456,0 1,391,0 1,374,0
762,0 2,632,0
606,0
478,0
930,0
5,466,667,0 405,086,0 1,670,020,0 389,708,0 540,273,0 248,735,
0 271,913,0 733,236,0 211,037,0 154,212,0 229.716,
0 170,170,0 442,561.0
1,706,436,0 135,134,0 366,570,0 131,473,0 209,496,0 76,602,0
151,825,0 232,434,0 53.208,0 62,681.0 65,796,0
50,274.0 170.943,0
2,499,978,0 159,307,0 987,847,0 147,958,0 206,265,0 79,002,0
69,764,0 345,116.0 90,474,0 60,445,0 96,023,0
3,096,0
318,0
69,067,0
27,0
34,0
188,710,0
733,0
43,0
11,0
332,0
478,0
380,0
6,637,0
141,0
413,0
2,659,0
78,0
528,0
583,0
521.0
286,0
226,0
759,0
237,0
165,0
56,282,0 3,563,0
203,0
193,0
15.525,0 2,868,0 7.029,0 3,006,0 1,052,0 4,893,0
385,0
4,105,0 1,556,0 7,258,0
856,0 4,571,0
2,565,993,0 163,601,0 1,006,058,0 151,388,0 214,610.0
82,337,0 71,053,0 351.000,0 95,294,0 62,546.0
816,702,0 78,683,0 191,560,0 71,564,0 76.746,0 70,174,0
103,625,0 70,194,0 194,187,0
33,460,0
131,623,0 9,401,0
40,070,0 13,269,0 13,956,0 6.249,0 5,136,0 97,470,0 45,949,0 17,368,0 46,198,0 36,521,0 51.009,0
228,775,0 17,606,0
61,614,0 21,267,0 23,746,0 12,198,0 9.632,0 17,362,0 5,324,0 3,014,0 4,231,0 4,273,0 9,338,0
31,881,0 9,939,0 7.527.0 9,029.0 8,215,0
17,138,0
661,0
4,148,0
747,0 1,719,0 1,175,0
16,121,0
807,0 2,989,0 1,323,0 1,076,0
837,0
693,0
963.0
5,466 667,0 405,086,0 1,670,020,0 389.708,0 540,273,
0 248,735,0 271.913,0 733,236.0 211,037,0 154,212,
0 229,716,0 170,170,0 442,561,0
70.8
67.0
74.7
64.9
71.1
52.6
81.3
72.6
66.3
59.4
55.8
55.6
80.5
184,253,0 13,727,0
51,923,0 17,571,0 19,401.0 9,518,0 7,504,0
25,258,0 7,870,0 5,491,0 6,772,0 6,406,0
12.812,0
398,754,0 29,852.0 121,118,0 36,072.0 37,682,0
12,519,0 30,747,0 52.548,0 6,217,0 6,054,0
8.562,0 8,361,0 49,022,0
FEDERAL RESERVE NOTE ACCOUN
TS OF FEDERAL RESERVE AGENTS AT CLOSE OF
BUSINESS NOVEMBER 161927.
Federal Reserve Agent at-
Total.
Boston. New York. Phila. Cleveland. Richmond Atlanta,
Chicago.
Two ciphers (00) omitted.
F.R.notes reed from Comptroller 2,919,310.0
231,186,
0
770,768,
0 207,545,0 279,008,0 117,675,0 235,297,0 444,482,0
F.R.notes held by F. R. Agent__ 814,120,
0 66,200,0 283,080,0 40,000,0 31,830,0 28,554,0
52,725,0 159,500,0
F. R. notes issued to F. R Bank_ 2,105,190,0
164,986,
0 487,688,0 167,545,0 247,178.0 89,121,0 182,572,0 284,982,
Collateral held as security for
0
F. It. notes Issued to F. R. Bk.
Gold and gold certificates_ .._ 414,574,0 35,300,0
215,150,0
40,000.0 29,831,0 18,118,0
Gold redemption fund
101,810,0 12,399,0
19,917,0 12,088,0 13,015,0 2,776.0 8.127,0
Gold fund-F.It. Board _ _ 1,049,793,0 64,000,0
2,767,0
90,000,0 100,477,0 140,000,0
Eligible Paper
124.100,0 255,000,0
679,014,0 58,952,0 185,391,0 57,230,0 65,917,0
64,825,0 32,347,0 85,880,0
Total collateral
9,245,200,0 170,651,0 510,458,0 169,775,0 258,932,
0 97,432,0 182,692.0 343,647,0
Si. Louis. Ifinneap. Nan. City
Dallas, San Fran.-
79,125,0 87,159,0 113.148,0 77,052,0
19,700,0 18,424,0 38,790,0 18,417,0 276,865,0
56,900,0
59,425,0 68,735,0 74,358,0 58,635,0 919,
965,0
7,500,0 11,372,0
17,303.0
2,480,0 1,286,0 4,251,0 3,528,0
32,500,0 34,500,0 44,880,0 15.500,0
17,332,0 21,970,0 31,291.0 23,802,0
40,000,0
10,205,0
148,856.0
34.077,0
59,812.0 69,128,0 80,402,0 60.133,0
242,138,0
Weekly Return for the Member Banks of the Feder
al Reserve System.
Following is the weekly statement issued by the
Federal Reserve Board, giving the principal items
and liabilities of the 660 member banks from which
of the resources
weekly returns are obtained. These figures are
those for the Reserve banks themselves. Definitions
always a week behind
of
the
differe
nt
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
for the latest week appears in our department of "Curre
Board upon the
s
nt
Events
and
Discus
sions," on page 2746, immediately followingfigure
we also give the figures of New York reporting
which
member banks for a week later.
PRINCIPAL RESOURCES AND
LIABILITIES OF ALL REPORTING MEMBE
R BANKS IN EACH FEDERAL RESERVE
DISTRICT AS AT CLOSE OP
BUSINESS, NOVEMBER 9 1927. (In thousan
ds of dollars.)
Federal Reserve
District-
Loans and Investments-total
Loans and discounts-total
Secured by U. S. Gov't oblige's
Secured by stocks and bonds
All other loans and discounts
Investments-total
U. S. Government securities_ _
Other bonds, stocks and securities
Reserve balances with F. It. Bank
Cash in vault
Net demand deposits
Time deposits
Government depoeits
Due from banks
Due to banks
Borrowings from F. R. Bank-total
Secured by U.S. Gov't obligtens.
AU other
Number of reporting banks
Total.
Boston. New York Phila, Cleveland. Richmond
Atlanta, Chicago.
$
$
$
$
$
$
$
$
21,171,883 1,532,0058,013,914 1,202,221 2,082.66
8 695,377 615,294 3,034.712
15,083,582 1,062,814 5,764.091 795.511 1,378,47
1 522,774 502,167 2,240,293
125,048
5,840
43,391
8,345
16,909
4,859
7,316
19,059
6,121,880 392,022 2,664,934 402,643
591,228 156,135 112,127 974,203
8,836,654 664,952 3,055,766 384,523 770,334
361,780 382,724 1,247.031
6,088,301 470,151 2,249,823 406,710 704,197
172,603 113,127 794,419
2,576,488 160,923 993,538
97,556 307,326
75,609
51,877 311,585
3,511,813 309,228 1,256,285 309,154 396,871
96,904
61,250 482.834
1,758,218 100,666 839,170
78,773 127.380
44,159
37,273 247,803
287,285
18,773
81,219
19,667
33,064
15,213
12,032
48,558
13,530,480 962,971 5,923,191 778,511
5 394,648 335.522 1,838,418
6,405,155 486,693 1.556.056 272,180 1,037,13
888,417 248,866 243,410 1,132,004
120,034
11,288
46,463
11,965
8,617
4,014
6,137
11,838
1,223,822
57,083 140,265
55,835 100,749
58,322
91,227
237,296
3,570,213 163,630 1,339,075 175,311
244,942 133,869 138,232 502,310
310,438
20.126 123,120
13,431
42,801
13,171
13,029
31,609
205,623
8,005
87.620
6,810
32,507
4,480
1,397
22,125
104,815
12,121
35,500
6,621
10,294
8,691
11,632
9,484
660
36
86
41
71
57
33
97
St. Louis. Afinneap. Nan. City Dallas, San Frash
$
717,606
S
394,181
$
630,534
•
S
438,427 1,813.984
517.572
270,582
418,339
343,340 1,267,628
4,782
209,051
303,739
2,394
87,068
181,120
4,048
118,608
295,683
2,802
84,396
256,142
200,034
123,599
212,195
95,087
546,356
73,461
126,573
65,562
58,037
94,858
117.337
04,105
30,982
279,998
266.358
50,102
8,053
28,270
6,093
54,685
12,902
33.922
10,173
114,015
21,538
420,717
237,541
2,841
256,301
132,529
523
487,968
158,924
1,490
306,197
112,743
4,099
788.901
935,792
10,759
58,417
152,805
65,227
112,495
119,192
209,846
68,436
136,334
171,773
261,364
5.303
329,465
932,860
9,040
8,763
7,457
27,891
8,027
1,013
3,712
5,051
4,715
2,742
26,225
1,668
435
45
52
31
24
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. 16, 1927
In comparison with the previous week and the
corresponding date last year:
ISUOUIT4d--
Nov 16 1927 Nov 9 1927 Nov. 17
1926.
()old with Federal Reserve Agent
Gold redemp. fund with 12. 8. Treasury_
325,067,000
11,503,000
280,312,000
13,370,000
343,410,000
8,529,000
Gold held exclusively agst. F. R.notes_
Gold settlement fund with F. R. Board_
Gold and gold certificates held by bank_
336,570.000
227,303,000
436,129,000
293,682,000
312,556,000
432,734,000
351,939,000
269,036,000
426,951,000
Total gold reserves
Reserves other than gold
1,000,002,000 1,038,972,000 1,047,926,000
24,873,000
22,262,000
24,843,000
Total reserves
1,024,875,000 1,061,234,000 1,072,769,000
Non-reserve cash
18,973,000
16,986,000
15,700,000
Bills discountedSecured by U. S. Govt. obligations___
75,109,000 101,019,000
61,119,000
Other bills discounted
28,151,000
53,550,000
29,114,000
Total bills discounted
103.260,000 154,569,000
90,233,000
Bills bought in open market
92,084,000
91,233,000
74,362,000
'
U. S. Government securitiesBonds
47,357,000
50,430,000
1,322,000
Treasury notes
7,326,000
19,861,000
18,436,000
Certificates of indebtedness
127,682,000
37,359,000
40,747,000
Total U.S. Government securities__ 182,365,000
107,650,000
60,505,000
Re.10141Cts (Concluded)-
Gold held abroad
Due from foreign banks (See Note)
Uncollected items
Bank premises
All other resources
Total resources
LialrilitiesFed'i Reserve notes In actual
circulation_
Deposits-Member bank, reserve acct__
Government
Foreign bank (See Note)
Other deposits
Total deposits
Deferred availability Items
Capital paid In
Surplus
All other liabilities
Total liabilities
Ratio of total reserves to deposit and
Fedi Res've note liabilities combined_
Contingent liability on bills purchased
for foreign correspondence
Nov 16 1927 Nov 9 1927. Nov. 17 1926.
$
S
S
213,000
227,252,000
16,276,000
4,722,0043
213,000
166,963,000
16,276,000
5,472,000
651,000
202,708.000
16,740,000
3,060,000
1,670,020,000 1,620,596,000 1,536,728,000
366,570,000
987,847,000
27,000
2,659,000
15,525,000
373,629,000
957,694,004)
3,484,000
3,023,000
17,454,000
391,141,000
853,123,000
3,885,000
3,749,000
11,437,000
1,006,058,000
191,560,000
40,070,000
61,614,000
4,148,000
981,655,000
159,839,000
39,823,000
61.614,000
4,036,000
872,194.000
172,472,000
36,661,000
59,964,000
4,296,000
1,670,020,000 1,620,596,000 1,536,728,000
74.7%
78.3%
84.9%
377,709,000 353,452,000 225,100,000
51.923,000
50,465,000
15,631,000
NOTE.-Ilegitining with the statement of Oct.
7 1925, two
foreign correspondents. In addition, the caption "All other new items were added In order to show separately the amount of balances held
abroad and amounts due to
earning assets," previously made of Federal Intermed
securities." and the caidion "Total earning assets" to "Total bills
iate Credit bank debentures, was changed
and securities.' The latter term was adopted
counts, acceptances and securities acquired under the provision
as a more accurate description of the total to "Other
s of Sections 13 and 1401 the Federal Reserve Act, which,
of the die.
it WAS kilted are the only items
included therein.
Total bills and securities (See Note)___
[VOL. 125.
THE CHRONICLE
2780
New York City Banks and Trust Companies.
,Zaniters' Oazette.
Wall Street, Friday Night, Nov. 18 1927.
Railroad and Miscellaneous Stocks.-The review of the
Stock Market is given this week on page 2768.
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 Ended Nov. 18.
Sales
for
Week.
Range Since Jan. 1.
Range for Week.
Lowest.
Highest.
i
Lowest.
Highest.
Par. Shares S per share. $ per share. $ per share.S Per share.
Railroads120 12034 Nov 14 1234 Nov 18 11734 Sept 12334 Nov
Alab & Vicksburg___100
Mar 734 Feb
100 614 Nov 16 64 Nov 16 4
Duluth S S & A pref_100
Feb 874 Nov
20 87 Nov 15 87 Nov 15 80
50
Essex
&
Morris
Nov
214
14
Nov
3834 Feb
100 2134 Nov 12 22
_100
Pac Coast 1st
Sept
Sept 50
100 50 Nov 15 50 Nov 15 50
pref_.50
pref.Phila Rap Tran
Feb
Nov
6534
45
18
Nov
4534
14
Nov
45
300
Twin City Rap Trans 100
Apr 10634 Mar
30 102 Nov 15 102 Nov 15 99
100
Preferred
Ask
Trust Cos, Bid
New York.
An, Ex Iry Tr. 410 415
Batik of N Y
& Trust Co 690 700
714
_ Bankers Trust 925 932
Bronx Co Tr_ 335
180 Central Union 1300 131-i
900 410
__ County
932 438
670 Empire
790 Equitable Tr_ 404 408
668 675
Tr.
205 Farm 1. &
615 Fidelity Trust 355 370
505 525
Fulton
Guaranty Tr_ 574 578
65 interstate.... 285 290
220 Lawyers Trust _ -Manufacturer 768 780
295 305
430 Murray Hill
Mutual(West_
285
chest-er)
i30
341 N Y Trust._ 673 (jig
424 Terminal Tr_ 260 275
430 Times Square 188 192
Title Ou & Tr 790 805
USMtg&Tr 605 615
United States. 2525 575
Westchest'rTr 1000
Brooklyn.
Brooklyn.._ _ 1050
Kings Co....2400 2E56
270 285
Midwood
Ask
578
626
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Industrial & 311scell.
700 944 Nev 14 9534 Nev 15 9434
Adams Express pref_100
100 8034 Nov 17 804 Nov 17 804
Austrian Credit Anstalt_
80 170 Nov 14 170 Nov 14 100
Bayuk Bros 2d pref 100
560 234 Nov 14 234 Nov 14 1
Brit Emp Steel 2d pf_100
20010334 Nov 1410434 Nov 17 10034
Cert-Teed Prod 2d p1100
50110 Nov 15 115 Nov 14 103
Cushman's Sons pf 8% ..,'
Devoe & Ray let pf_100
6010034 Nov 18 110 Nov 12 101
300 584 Nov 18 60 Nov 16 584
Gen Cable class A
Nov 18 3534
Nov 18 41
100 41
Gen Gas & Rlec class B....
Gulf States St'l 181 pf 100
12010034 Nov 14 103 Nov 18 9934
14 10334
Nov
14
108
Nov
100108
100
Intl Nickel pref
5 200 42 Nov 14 4334 Nov 18 34
Kurpenhelmer
10010634 Nov 1510634 Nov 1510634
McAnd & Forbes pref100
• 6,000 3734 Nov 15 3934 Nov 18 364
Nat Radiator
• 1,300 96 Nov 16 9734 Nov 17 96
Preferred
60 116 Nov 15 117 Nov 14 11434
100
pref
National Supply
100 300 113 Nov 1211334 Nov 15 107
Outlet Co pref
40 103 Nov 15 104 Nov 18,10034
Penick & Ford pref_ _100
60 66 Nov 16 67 Nov 161 55
Prophylactic Brush Co.*
' 7,400 1534 Nov 16 1734 Nov 14 74
Russia Co Os
10010654 Nov 1210654 Nov 12 10434
Sloss-Sheff St'l & Ir pf100
Universal Leaf Tob____• 8,400 6034 Nov 16 664 Nov 12 6034
110 4934 Nov 15 504 Nov 14 43
Warren Bros lot pref_ _50
Nov 954
Nov 804
Feb 70
Apr 24
Apr 10434
Feb12034
Jan 113
Nov 60
Apr, 46
Jan 10834
Mar 10934
Jan 53
Nov 10634
Nov; 3934
Nov, 9734
Jan 120
Jan 11434
Apr 106
Feb 71
Oct 24
Mar 10834
Nov 6634
Aug 50'4
Nov
Nov
Nov
Nov
Nov
Aug
Sept
Nov
Aug
Mar
June
Aug
Nov
Nov
Nov
May
Oct
May
Sept
Oct
Apr
Nov
Nov
• No par value.
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.Below we furnish a daily record of the transactions in Liberty Loan bonds and Treasury certificates on the New York
Stock Exchange. The transactions in registered bonds are
given in a footnote at the end of the tabulation.
Daily Record of U. S. Bond Prices. Nov. 12 Nov. 14 Nov. 15 Nov. 16 Nov. 17 Nos. 18
II Igli 1011432 101"3: 101213: 1011,32 101,43: 101,432
First Liberty Loan
1011,33 1012132 10124n
334% bonds of 1923-47-- Low 101143: 1011433 1011632
tCiosc 101143: 1011,32 1011632 101"32 101"32 1011,32
(First 334s)
38
164
110
77
30
Total sales in $1,000 units....10
____ 1011633
____
Converted 4% bonds ofI Hig
__ 1011,32
____
1932-47 (First 4s). _ _ _ Low_
_ _ .._
_ _ __
Total sales in 31,000 units_ _
44% bonds{High 10314,, 1031132 1031,32 103-1631 1033432 1011,32
Converted
rt
of 1932-47 (First 434s) Low. 1031232 10311,3 1031,33 1031232 1031032 103433
elle81. 103.32 1031,33 1031,32 1031433 1031,32 103,32
8
9
7
37
s
6
Total sales in $1,000 units .
------------ - _
____
Second Converted 44% High
- - -------------____
bonds of 1932-47 (First Low_
-----------Close
Second 44s
- - ----------Total sales in 51,000 unUs___
_-__
--_-----{High
Loan
Liberty
Second
(Second 4s)
Total sales in $1,000 units__
High
Third Liberty Loan
44% bonds of 1928_ _ _ _ Low.
Close
(Third 44s)
Total sales in $1,000 units...
High
Fourth Liberty Loan
44% bonds of 1933-38_ Low.
Close
(Fourth 44s)
Total sales in $1.000 units__
High
Treasury
1.0w_
434s, 1947-52__....
Close
Total sales in $1,000 units__
(High
Low.
4s, 1944-1954
Close
Total sales in $1,000 units_
High
Low_
34s, 1946-19545
Close
Total sales in $1,000 units__
High
Low_
34s. 1943-47
Close
Total sales in $1.000 units...
Btd
Banks.
Banks-N.Y. Bid Ask
820
America* ___ 355 365
Amer traion•.. 210 215 Manhattan* _ 570
775
Bowery Ea.stR 608 620 Mut lal.
dronx Bore._ 590 610 Nati nal City 709
Bronx Nat_ _ _ 650 675 New Neth'ds• 500
620
Bryant Park' 220 250 Park
Penn Exch.__ 170
Capitol Nat.
Bank & Tr_ 315 322 Port Morris.. 451)
665
Public
Cent Mere Bk
783
de Trust Co. 343 348 Seaboard
185
217 Seventh
Central
605
568 573 State.
Chase
260
Trade*
Chath Phenix
450
Nat Bk &Tr 527 533 United
Chelsea Exch• 303 310 United States* 560
955 965 Yorktown* _ _ 200
Chemical_
Colonial._ _ _ _ 1000 1200 ' Brooklyn.
Commerce... 572 576 Coney Island* 925
300
Dewey•
Continental_• 325
421
Corn Exch... 610 610 First
Cosmop'tan•_ 900 450 Mechanics'. _ 336
419
Fifth Avenue_ 2225 2325 Municipal*
410
z3575 625 Nassau
First
750
Garfield. ___ 490 510 People's
Globe Each'. 250 300
325
Grace
254 258 *State banks.
Hamilton _
1290 1310 I New stock.
Hanover
z Ex-dividend.
e Ex-stock dividend
.411 prices dolla rs per share. y Ex-rights.
-_ -1004132
1001,32
100"33
17
104
1031133
104
51
115,33
104,432
114,432
11
1091032
1092432
109,432
22
1013'433
106,433
106,033
23
102
101,631
101,133
619
- --100033
100.33
100.33
21
104'33
104
104,33
156
115
114,43
114,19
112
109,13
109,43
1092,3
31
106143
106,43
106",
147
102'n
101363
102
101
--- 1002,33
1009.33
10021 2
129
10113:
104
104
136
115,13
114,433
115,33
342
110,33
109,03:
110'32
241
107
106,032
107
225
102632
102,31
102,32
60
-_- --_- - - - -1001,32 100,932 100,133
100,432 100,432 100',32
32
.
100'
100"12
17
104433
104132
104,33
120
115432
115
115,33
209
110431
110132
1106,,
298
10743:
107
32
107,
139
1021,22
102,12
1021,33
8
16
104,33
104
104132
217
115143:
115
115,32
130
1101'32
110,33
110,33
11074
107"31
1071133
107"3:
151
102,432
102432
1021133
108
100",,
Maturity.
Int.
Rate.
Bid.
Asked.
-trawl/v.
lot.
Rate.
Bid.
3
99%
. 1004,2 Mar. 15.
Dec. 15 11127... 435% 1003
1930-2 3,2 0 1001 u
991,32 Sept. 15, 1928_.
June 15 1928_ 3%73 99,33
991132 100,32 Mar. 15 193(1-32 334% 100'n
Mar. 15 1928_ 334
Atiked.
994,12
100432
100,32
Foreign Exchange.To-day's (Friday's) actual rates for sterling exchange wero 4.87 1-1683
Commercial on
4.87/ for checks and 4.87 7-1604.8734 for cables.
banks, sight, 4.8634104.8634; sixty days, 4.83884.833-16; ninety days.
1-16. Cotton
4.81% ©4.81%, and documents for payment. 4.83884.83
for payment, 4.86/, and grain for payment. 4.86%•
To-day's (Friday's) actual rates for Paris bankers' francs wore 3.923488
for short.
3.93 for short. Amsterdam bankers'guilders wore 40.33640.38
trance
Exchange at Paris on London, 124.03 francs; week's range, 124.05
high and 124.03 francs low.
The range for foreign exchange for the week follows:
Sterling, ActualHigh for the week
Low for the week
Checks.
4.87 9-16
4.8634
Cables.
4.87 11-16
4.87 11-32
Paris Bankers' FrancsHigh for the week
Low for the week
3.9334
3.9234
3.9334
3.9234
Germany Bankers' MarksHigh for the week
Low for the week
23.87
23.8334
23.87%
23.85
Amsterdam Bankers' GuildersHigh for the week
Low for the week
40.40
40.29
40.42
40.34
The Curb Market.-The review of the Curb Market is
given this week on page 2768.
A complete record of Curb Market transactions for the
week will be found on page 2798.
CURRENT
NOTICES.
M.
-.L J. Stark & Co., 150 Broadway, N. Y., announce that Malcolm
with
Saunders, formerly with J. Roy Prosser & Co. has become associated
their bank and Insurance stock trading department.
_Gilchrist, Bliss & Co., members New York Stock Exchange, announce
43
Gilmore
101'32
the removal of their uptown Now York office of which James A.
103932
s manager, to 685 Fifth Ave.
104
112
-W. C. 11111, Arnold Markel, Harry E. Walker, and Malcolm A.
1151,31
Stevenson have joined the bond department of Thorckmorton St Co.,
115433
165 Broadway, N. Y.
115,32
111
-Bolt. Rose & Troster, 74 Trinity Place, N. Y., have issued a special
1101132
110,33
circular on chain stortN, insurance banking and industrial stocks.
110,32
-Raymond R. Read has recently become Associated with the trading
164
1071,33 department of the Atlantic Investing Corp., 67 Wall St., N. Y.
107,33
-Taylor, Ewart & Co., Inc., announce that Payson T. Lowell Jr.
107,32
12 has become associated with their Boston office at 31 Milk St.
102,33
1011432
-Cooke & Co., 50 Broad St., N. Y., announce that William Manatee
102,32
is now associated with them in their trading department.
4
-IIarris. Ayres & Co., 100 Broadway, N. Y., have puolished a special
letter analyzing Bank of United States capital stock.
coupon
of
sales
only
Note.-Tho above table includes
-Robert G. Ilsley has become a general partner of Matt H. Connell
bonds. Transactions in registered bonds were:
general bond brokers, 31 Pine St., N. Y.
1233 A. Co.,
104
1039132
to
4345
4th
127
33
,
103
to
103433
12 lot 4345
-Hewitt, Brand & Grtunet, 100 Broadway, N. Y.. have prepared
100,133 to 100,4331
53 3d 445
a special letter on tho insurance outlook.
and
-Zolider & Smith, 56 Pine St., N. Y., have p epared an analysis
New York City Realty and Surety Companies.
history of the Imperial Bank of Canada.
letter
Ail prices dollars Per shore.
-Fenner & Beane, 60 Beaver St., N. Y., have prepared a special
Ask
Bid
on Western Union capital stock.
-4s8
Bid
Ask
Bid
Assoc's
168 Realty
an analysis
60 Mtge Bond_ 160
killer:co R'Ity 52
-Prince & Whitely. 25 Broad St.. New York, are distributing
(Iiklynicom 280 295
315
kmer Surety_ 328 333 Nat Surety__ 305
98
tot prof.... 94
of Goodyear Tire & Rubber Co.
Eiond & M G. 405 415 N Y Title &
91
2d prof.... 88
prepared a circular
Mortgage-- 525 535
Lawyers Mtge 312 316
-Retry G. Ralston & Co., 30 Broad St., N. Y., has
US Casualty_ 370 380 Westchester
Lawyers Title
Title & Tr. 580 -on Chelsea Exchange Bank.
& Guarantee 318 322
NeN York
2781
Stock Exchange -Stock Record, Daily, Weekly and Yearly
OCCUPYING SEVEN PAGES
For sales during the week of stocks usually inactive, see preceding palle
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Nov. 12.
Monday,
Nov. 14.
Tuesday,
Nov. 15.
Wednesday, Thursday,
Nov. 16.
Nov. 17.
Friday,
Nov. 18.
Sales
for
the
Wee/c.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1927
On basis of 100-share lots
Lowest
Highest
$ per share $ per share $ per share $ per share $ per share $ per share Shares
Railroads.
Par $ per share $ Per share
1884 19212 19134 1933g 19138 19312 191 192
19038 193
19178 19278 36,800 Atcb Topeka & Santa Fe..100 16134 Jan 6 200 Aug 25
"10278 1034 10338 10338 10334 10418 10414 10438 10412 10412 10412 10412 1,100 Preferred
100 9938 Jan 5 10412Nov 17
192 19212 19014 19112 190 191
188 191
190 19512 193 19634 11,300 Atla..tic Coast Line RR
100 17478 Apr 6 20512 Aug I
11812 11912 11814 11912 11814 119
11818 11834 118 119
11738 118
26,100 Baltimore & Ohio
100 10612 Jail 4 125 Oct 4
.8078 8114 8034 8078 8034 81
81
*8034 81
81
81
8114
900 Preferred
100 734 Jan 3 83 June 7
7112 7212 7214 7212 .71
7112 71
71
728 71
*7012 71
2,900 Bangor & Aroostook
50 44 Jan 6 10312hlay 27
11112 11112 11012 11012 .11034 11112 11112 1 1534 *11312 11434 1147s 114%
160 Preferred
10112 Jan 10 122 June 22
100
5612 5734 537 5912 577 5878 5712 5814 5712 5712 5733 58
6,800 Bkln-hlatth Trac v t e..No par 53 Aug 3 7078 Jan 20
82
.82
.81
8212 *81
8312 .8114 8212 .81
83
82
82
500 Preferred v t e
No par 7818 Oct 29 88 Jan 4
3
,
91:: 9 4
014 958
978 1034
934 1014
1012 104 1012 1138 12,100 Brunswick Term & fly Sec.100
712 Oct 24 1518 Jan 7
*5112 52 .
5112 52 .5112 514 *5112 52
*5112 52
52
52
50 Buffalo & Susq pref
100 40 Apr
58 June 2
*7512 81
*91 101
76
76
*70
80 .
77
80
*77
80
Buffalo Rochester & Pitts.100 7212Nov 7 115 Mar 10
64 .62
6434 .62
.62
644 *62
644 644 6434 .62
10 Canada Southern
644
100 59 Jan 18 6434Nov 17
195 196
195 19638 194 1963, 194 195,2 193 19419 19313 19518 26,000 Canadian Pacino
100 165 Jan 8 20278 Oct 3
19112 1917 191 19212 19012 19034 *189 191 •18914 19012 19012 191
1.700 First paid
18214 Oct 22 198 Oct 4,
*94
*94
_ _ _ _ *94
_ _ *94
___
*94
*94
-Caro Clinch( & Ohio
100 83% Jan 4 9312 Oct 31
•10378 105
.103% 10434 .10378 10412 *10378 10413 1038 10378 .10373 10412
20 Centre stamped
100 9812 Feb 4 106 Oct 27
.295 304
30012 30012 .295 305 •295 305 .295 305 .295 305
100 Central RR of New Jersey.
_100 285 Jan 4 348 June
20834 210
21134 21434 21013 2123 21012 21214 210 211
21018 214
33,800 Chesapeake & Ohio
100 151,
4 Jan 25 21812 Oct 3
*714 712
77
77
714 712
7% 8
714 714
.6
2,400 Chicago & Alton
10
100
44 Jan 8 1038June 21
1078 107o
1114 104 104 1114 1238 1134 1238 .9
11
15
7.900 Preferred
100
712 Jan 5 1838July 2
1
44
.41
44
.41
.41
44
.40
43 .41
44 .41
44
,Chic dr East Illinois RR___100 3012 Jan 10 51 July 11
76
.75
76
.75
7512 757
75
76
73
7518 74
2,100' Preferred
747
100 43 Jan 6 844 Oct 10
•1212 13
1338 1338 124 13
13
14
1312 1334 1312 1312 8,900 Chicago Great Western
100
812 Jun 6 2212h1ay 2
2812 2934 2912 2978 2838 2934 29
2978 3078 2938 3018 12.800 Preferred
307
100
2314 Jan 7 4478June 2
1814 1614 .18
1614 *1534 16
16
1614 16,
1614
1534 157k
1.100 Chicago hfilw & St Paul
9 Jan 4
100
1033Sept 15
15
15
144 15
15
15
1514 151
1514 1514
15
1514 2,200 Certificates
9 Jan 4
100
1838Sept 18
30 .2912 3012 2938 30
.29
2878 291
2834 2938 2838 29
3,0001 Preferred
184
100
Jan
4Sept 13
3
343
.2812 2912 2814 29
2834 2878 2812 281
2812 2878 2813 2878 4,000 Preferred certificates_ _ _ _100 1378 Jan 3 343
38ep1 14
8912 9014 8978 9078 9034 9138 9012 9138 91
913
9038 9111 15,000Chicago & North Western.100 78% Jan 27 9712Sept 14
•146 14912 *14512 148 .14512 147 .14512 148 *14512 147
146% 1491
400 Preferred
:
100 12414 Jan 3 150 Oct 6
106 106
107 108
10712 109
10733 10814 10634 10734 13,700 Chicago Rock 181 &Pacific_ 100 6812 Jan 4 118 July
14
1101 11012 11038 11038 10034 111
11114 11114 *109 111
10973 110
900, 7% preferred
100 10234 Jan 4 11114June 2
•104 105 *10312 105
104 104 *103 105 *103 105 .103 105
100; 6% preferred
100 9514 Jan 28 104 Nov 11
119 119
120 120
121 121
122 122 .124 130 .
122 12412
400 Colorado & Southern
100 84 Jan 3 13734July 21
*7518 78
*7518 78
*7518 78
*7518 78
*7578 78
*75% 77
I First preferred
100 70 Jan 4 7712June 1
•70
.72
76
*71
76
76
.72
78
*72
76
.71
76
Second preferred
100 68 Jan 14 75 Oct 21
7078 7112 7012 714 7012 71
704 71
7034 72
7134 7212 8,600 Consol ItR of Cuba pref...100 65 Aug 13 77 May 6
*3112 8312 .8114 8312 .8138 8312 8138 8138 *808 82
*8138 82
100 Cuba RR pref
100 7914 Apr 11 85 June 14
18512 188
18614 18834 186 138
4
4 1*0 158
5,700 Delaware & Hudson ...I00 171 18 Jan 28 230 June 6
13734 1394 13612 13314 13734 13814 13712 133
13634 137
138 138
3,700 Delaware Lack & Western_ 50 13018 Oct 22 173 Mar 23
54
*53
5214 5214 53
5434 *5412 55
*53
5312 5312 5312
900 Deny & Rio Or West pref _100 41 18 Jan 5 6734June 9
6338 64
6334 6438' 64
6434 631 65,4 6318 6438 63
8434 34,900 Erie
100 3912 Jan 3 6'34 iept 30
6112 6134 6112 8178 6112 6212 61% 6212 62
6234 62
64
32,400 First preferred
100 5238 Jan 4 664 Aug 4
60
61
608 60781 60,4 60,4 *6012 61
*58,4 60
60% 623
2,300 Second preferred
180
9812 99,4 98% 9938 9938 10038' 9912 10038 100 10018 994 9938 7,800 Great Northern preierred..100 49 Jan 4 6412 Aug 4
7933 Jan 4 103788ept 7
9812 981
9614 97 1 9712 9814 98
9814 *97
98
•9714 98
3,600 Pref certificates
100 8518 Mar 28 101 Sept 15
2312 24
2334 24181 23% 2418 2338 24
2338 2414 2312 2378 16.100 Iron Ore Properties..No par
18 July II
234 Sept 21.1
7
571
' *55
*55
55
54
55
5418 5712 56
55
57
55
1,500 Gulf Mobile & Northern. 100 3518 Jan 8 7638July 21
•107 1081 107 107 .106 108 *106 10812 .106 10812 108 107
300 Preferred
100 105 Jan 14 11214 Apr 27
17
17 .
171 .17
17
171 .17
171 •17
171 .17
17,4
100 Havana Electric Ry__.No pa
17 Nov 12 3078 Jan 3
.7112 74
*7112 75
.7112 75
*7112 75
*7178 7412 407112 75
Preferred
75 Oct 29 8312.July 21
.401 411 .
401 411
401 401 .400 411 *39014 408. .
400 408
10 Hocking Valley
100
200
Jan
425 Oct 31
*54% 5514 5414 5514 5438 548 *5212 54
53% 2.000 Hudson de hlanhattan_ __ _100 41112 Jan 5
5234 537
53
3 657shlay 10
.85
87
88 1 .85
•85
87 1 86
86 .85
87
861s 86%
300 Preferred
100 73 Jan 8 9012May 10
131% 132
13214 13233 13234 13373 13312 134
1344 13414 .13312 134
3,000 Illinois Central
100 121 18 Jan 10 1394 Oct 3
•130 135 .130 135 I 13214 13214 .13213 136 .132 136 •I32 136
100 Preferred
100 120% Jan 12 140 Oct 3
*8112 821 *8112 82
.8112 82
.8112 82
*8112 82
.8112 82
Railroad Sec Series A _1000 74 Jan 4 83 Oct 20
.
39
41
41
41
*3334 4012 .40
4012 40
4134 40% 404 1,500 lot Rys of Cent America_ _100 23 Apr 20 4212
Oct 7
.71
72
7114 7114 71
71
7138 7118 7034 7034 .7034 72
600 Preferred
100 62 Apr 29 744 Oct 7
35
*34
3478 3638 34
36
3413 36
35
35
.34
36
3,200 Interboro Rapid Tran v t c_100 3012 Aug 31 5218 Feb 26
21
21
.2
27
*218 27
.2
278 •2
213 .2
212
20 Iowa Central
100
1 Jan 17
612 Feb 3
6212 6234 8212 8334 63
634 6234 6414 63
637
6234 6338 10,700.8/carsas City Southern
100 4114 Jan 4 7012July 18
7114 711 *7114 72
72
7218 72
72 .7114 7234 .7114 7234
600 Preferred
64%
100
Jan 7 727, Oct 21
7
94
9538 9418 9512 95
94
95
9612 974 9612 9612 6,400 Lehigh Valley
98
50
8313 Oct 29 13712June 9
153 154
•15212 153
153 15334 152 153
153 154
15412 15512 3,800 Louisville& Nashville
100 12838 Jan 14 159 , Oct 4
.83
84
84 .83
*83
84
84
84 .83
84
•83
84
20 Manhattan Elevated guar.100 80 Aug 2 90 Feb II
*4534 4812 4612 4634 4612 481 .4612 47
4618 4612 *4614 4612 2,700 Modified guaranty
100 44 June 14 5478 Feb 28
.5
6
5
5
54 8
812 63
633 633
534 614 2,800 Market Street Railway ___.100
438 Nov 3
878June 23
25
25 .22
25
.
22
25
•23
26
25 .20
.20
28
100 Preferred
100 18 Feb 10 2518June 22
56
55
55
54
54
553
55
5534 55
5538 55
5533 5.500 Pricr preferred
100 4114 Feb 7 594 Aug 5
18
.12
18
.12
14
14
.13
18 .13
18 .13
16
100 Second preferred
100 1112 Oct 27
1712June 22
*254 3
*24 3
234 24
234 23
.234 27
500 Minneapolis & St Louis...100
*234 27
133 Jan 13
431, Feb 3
4314 4312 437 437 *43
45
4314 431
44
44
*4214 44
1,000 Minn St Paul & 88 Marle_100 27 Jun 8 4778 Oct 14
7
•
73
75
.72
75
737
.72
*73
7333 7338 7278 7278
74
300 Preferred
100 50 Apr 28 76 Oct 14
.684 69 .8838 69
.6838 69
6838 884 •684 6978 .6838 69%
20 Leased lines
100 5814 Mar 25 70 Oct 27
4312 4312 4412 4312 441
4233 4338 42
4412 4338 4412 11,100 M,,-Kan-Texas RR____No par 31 12 Jan 8 5612June
44
17
106 106
10512 106
10618 107
10834 107,4 10878 107
10718 10712 7,600 Preferred
100 9534 Jan 4 108 Sept 3
5438 571
5338 5378 534 5434 54% 55
5438 5714 . 5412 55
81.400 Missouri Pacific
100 3773 Jan 4 62 Apr 23
1114 113
11034 11112 11012 113
11178 1171 115 11838 11514 11612 91,800 Preferred
100 9018 Jan 4 11838Nov 17
217 2'I
212 24
212 212
214
21
212
28
214
238 3.100 Nat Rys of Mexico 2d pref.100
118 Aug 25
314 Oct 21
*139 140
140 14034 x141 141
14014 14014 140 140 •139 140
130 New Oil Texas dr Mexico..100 121 Jan 8 15974une 3
16378 185 3 16318 16514 18312 164
1
163 164
16234 16412 16234 16414 53,200 New York Central
100
13714
27
Jan
17112
Oct 4
128 12814 12834 129 2125 127
12712 12712 12714 12734 127 12714 2,500 N Y Chic & St Louis
Co...100 5110 June 14 24012May 26
1074 10778 108 108 *1013 10714 10638 10638 1084 10631 10618 107
700 Preferred
100
102
8
Mar
10978.11ine
15
.18914
174
•16914
174
•188 174
.16912 1734.
16914 17334 17334 174
40 N Y & Harlem
50 16712 Nov 3 185 Apr 8
5234 5134 5214 517 5314; 5214 53
514 5212 52
5214 5234 43,900 NY N life Hartford
100' 41,
,, Jan 4 584 Feb 18
11214 11238 11213 11238 11218 11238 11218 112331 11238 113
1124 11314 10,500 Preferred
18
3512 36
35,
8 3618 35
35% 36
3738, 3614 3613 3533 3614 8,900 N Y Ontario & Western_ ..100 11038 Oct 31 11314Nov
2314 Jan 15 4184 Sept 16
*612 77
*612 712 •6i2 71.. *612 77
*614 714
612 81
100 N Y Railways pref etfa_No par
817
Nov
18
153
4
Jan
14
49
48
'48
48
1
49
*47
48
48 .46
49 .4612 48
200 Norfolk Southern
100 3718 Jan 14 6412June 10
18814 18912 18913 190,8 19018 19334 19014 19213 191 196
19414 193
29,100 Norfolk & Western
100 158 Jan 4 198 Nov 18
90 .88
90
v .87
38
89 .87
88 .88
90 .88
90
100 Preferred
100 83 June 23 90 July 25
97
9712 9718 9812
98% 9818 9738 977
9678 97
97% 0712 19,200 Northern Paelfic
100 78 Jan 3 9812 NOV 15
9514 954 96
95
9.5% 94
9512 96
954 9534 954 96
5,000 Certificates
100
84 July 1 96 Nov 15
21
•19
.18
21
21
*17
*19
20
*17
•I7
20
20
Pacific coast
100 1514 Feb 3 274 Feb 15
854 65% 6512 65
8518 8513 05
8514 65
65,4 6478 65
10,700 Pennsylvania
50 5834 Jan 3 63 Oct 4
.32
35
*33
3412 34
35
*33
34 .3312 35
•331: 35
100 Peoria & Eastern
100 20 Jan 25 46,
4July 20
129 129 512814 12912 .12814 12912 •129 12914 .12934 131 •130 131
1.400 Pere Ma quette
100 11412 Jan 6 1401,May 28
97
97
*96% 97
97
97
97
97 .9612 97
97
97
900 Prior preferred
100 93 Jan 22 9734hlay 28
*95% 9612 .9612 90 *954 974 .9533 9633 *954 9614 9613 9618
100 Preferred
1001 8934 Jan 4 9848ept 8
146 147
•142 148 .143 147 .142 146
148 1554 15334 15334 3,300 Pittsburgh & West Va
100 12212 Jan 18 174 May 24
108 1084 10812 1094 10712 10938 10734 10812 108 10913 10733 10312 6,000,Reading
50: 94 Jan 4 12334June 9
42
43
*42
42
43
.42
42 8 *42
42
.
43 .42
43
500 First preferred
50 4013 Jan 13 4234 Nov 17
.4438 455 *4412 4538 .4412 4538 *4412 48
*4412 45
4412 4412
500 Second preferred
50 4334 Jan 12 50 Feb 8
55 1 *51
56 1 .52
52
5434 .
55 .52
54
55 .52
55
300'Rutland RR pref
1001 43 Jan 7 69 May
110 111 1 110 1107 10934 111
10938 110
11012 111
11012 11012 8,600 St Louie-San Francisco....100, 10034 Jan 6 11714June 27
2
.9912 10012 *9934 10012 *100 10012 •100 10012 *100 10013 100 100
100 Preferred A
100, 96
75
7512 734 7534 75
*75
76
7634 784 784 7818 8178 11,500 St Louis Southwestern....l00 81 Jan 27 104 July 11
Jan 6 03 June 17
85,4 8512 8512 8512 88
88 .87
.85,4 86 .
8734 87
87
Preferred
603
100
7878 Jan 8 9078June 17
3114' 3014 3114 31
3018 3114 3034 3l78 3114 3112 31
3113 7,300 Seaboard Air Line
100 2818 Mar 31
41 14 Feb 17
3938 39
3938 3878 3918. 3813 3834 3878
374 3714 38
100 3213 Apr 28 4538July 25
39,2 8,000 Preferred
12012 12112 12034 12114 12033 121 I 12078 12138 12014 12114 12012 12078 14.500 Southern Pacific Co
100 10614 Jan 28 1253
,Aug I
1413
4
14014
14112
140
14114
13912
1407
8 13838 13934 138% 140
14012
32,300 Southern Railway
100 119 Jan 28 14134 Nov
1004 10038
,, .10014 10038 10038 10038 •100 10012. *100 10014 100.18 10012
600 Preferred
100 94 Mar 10 1004 Nov 1
9812 98 8 98 10212, 9812 10012 977 10212 10214 10378 10178 1024 27,800 Texas & Pacific
100 537 Jan 7 10378 Nov 1
3112 33 1 3314 3314 •31
34
31
3314 3314 3312 3313 1,500 Third Avenue
30
100 2814 Aug 31
41 Feb
19112 19212 192 1927 193 19312 192 19314 19238 19312 19218 19278 9,800 Union Pacific
100 15912 Jan 27 1973
,Oct
33 I 8314 8314 8312 84
•8214 8212 8212 8212 83
8418 85
1.180 Preferred
100
77
Mar
5
85 Nov 1
6312 654 64,3 65,4 6338 6414 12,500 Waba.sh
6434 654 6412 6534 6514 66
100 4012 Jan 4 81 June
9338 93% 9338 937
9338 9312 938 937
94
93
.
9319 93%
1,700 Preferred A
100 76 Jan 3 101 June
90 1 .88
*88
90
.38
90
90
88
*37
88 .88
00
1011 Preferred B
100 85 Jan 15 98 June
4812 4913 4314 504 4834 4912 4813 5038 4318 4938 47% 4834 22,600 Western Maryland
100 134 Jan 8 6778June
5012 517s 5018 5034 4912 5138 4934 50 .49
4912 51
51
2.400 Second preferred
100 2:' Jan 7 6712June
37
3924 •3712 33,2 38
35 .35,8 3538 3512 30
35
38
2,400 Western Pacific new
100 2a4 At,r 26 4712June 22
*8013 8112 •6012 8112 6114 6112 8112 6238 82
62
62
*61
1,100 Preferred new
100 55 Apr 28 7638 Feb 7
SO 1 .70
.70
80
80
.
80 .70
70
*70
80
•70
80
Wheeling & Lake Erie Ry__ 100 2712 Ian 3 13(1 Feb 8
77 ' 77
77 I 77
77
77
SO
*77
7712 7712 •77
80
100 4712 Jan 7 97 May 13
400 Preferred
• Bid and asked prices. 2 Ex-dividend. a Ex-rights.
PER SHARE
Range for Prertous
Year 1928
Lowest
Niches(
per share $ Per share
122 Mar 172 Dec
9418 Mar 102 Dec
18112 Mar 26212 Jan
8312 Mar 1094 Sent
6712 Jan 7378 Aug
33 Mar 46
Feb
9778 Feb 103 Deo
5418 Mar 7773 Dec
78 Mar 8934 Dee
812 Mar 184 Nov
40 Dec 50 Mar
6934 Mar 874 July
Jan 61 June
58
14612 Jan 1701.i Dec
iio- Kfai 305
112 Mar
414 Sept
618 May
30 Dec
3611 Mar
734 Mar
1614 Mar
814 Dec
7% Doc
1418 Mar
14
Apr
6514 Mar
11812 Jan
4012 Mar
96 Mar
8314 Mar
52 Mar
62 Mar
59
Jan
68
,
4 Nov
82 Sept
15014 Mar
129 Mar
3712 May
2212 Mar
3334 Mar
30 Mar
(3812 Mar
_
18 Dec
2518 Apr
95 Mar
30 Dec
9512 Dec
147 Mar
34% Jan
674 Mar
11312 Mar
11512 Mar
714 Jan
24 Dec
62 Ma
2413 Jan
1
Aug
3414 Ma
8038 Ma
7513 Ma
118 Ma
84 Ma
3818 Jan
4% July
1913 Oct
3918 Jun
11,
4 Oct
113 Dec
25% Dec
50 Dec
60
Oct
2913 Oct
82 Mar
27 hlar
7112 Mar
14 Oct
120 Mar
117 Mar
130 Mar
93 Mar
17012 Nov
3038 Mar
Jan
17838 Sept
1138 Feb
1814 Feb
37
Feb
514 Feb
1218 Sept
3138 Sept
1412 Jan
Jan
14
24 Aug
2338 Aug
834 Sept
12612 Apr
7114 Des
108 Dec
93 Nov
9614 Oct
74
Oct
72 Sept
7212 Dec
85 July
18313 Sept
15312 Jan
47
Jan
42 Dec
5514 Dee
51)14 Dec
8418 Dee
Feb
4114 Sept
109% Sept
3118 Dec
9718 Dec
214 Sept
4112 Dec
80 Dec
131 Sent
12912 Sept
77 June
31 Feb
66 June
534 Dec
312 Jan
5138 Sept
6833 Sept
106 Dec
144 Sept
9234 Apr
6178 May
10
Feb
40
Feb
5133 Feb
2212 Feb
37a Jan
5212 Feb
79 Feb
6878 Feb
47% Feb
9638 Dec
45 Sept
95 Sept
412 Jan
1321,. Jan
14712 Sent
20412 Sept
106 July
205
Jan
484 July
1934 Slar -2-8is Feb
Jan 2014 Feb
6
27% Apr 4438 Sept
13914 Mar 170% Oct
8312 Nov 854 Aug
65
,
4 Mar 8212 Aug
15
Oct
4838 Mar
1578 Oct
87 Mar
79 Mar
7034 Mar
35 Mar
79 Mar
3934 Dec
40 hiar
42 Apr
85 Mar
8312 Apr
5712 Mar
72 Mar
2712 Mar
3112 Mar
9618 Mar
103
,
8 Mar
8712 Apr
4218 Mar
1312 Jan
14112 Mar
7434 Jan
33% Mar
68 Mar
57 Mar
II Mar
1633 Mar
2712 Dec
72 Dec
18 Mar
37 Mar
48
5718
2034
122
96
91%
13514
10114
42
454
Jan
Oct
Jan
Dec
July
July
Dec
Dec
Apr
Dec
8114 Aug
10312 Dec
9712 Dec
74
Feb
8014 July
51
Deo
4833 Feb
11214 Doe
13114 Sept
9512 Aug
81% Jan
43
Apr
16838 Oct
814 Aug
52
Jan
7834 Jan
72
Jan
164 Jan
24,
8 Sept
3914 Jan
86,
4 Sept
32
Jan
5012 Jan
New York Stock Record-Continued-Page 2
2782
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. 12.
Monday, I Tuesday,
Nov. 14. 1 Nov. 15.
Wednesday, Thursday,
Nov. 17.
Nov. 16.
Friday,
Nov. 18.
$ per share $ per shareI $ per s hare $ per share $ per share $ per share
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Shares
Industrial & Miscellaneous.
11,000 Abitibi Power & Paper_No Par
13214 132/
1
4 13014 131341 13012 13214 13014 13112 13134 13512 13512 138
No par
4,700 Abraham & Straus
112 11258 112 112
110 110
10958 11012 111 11312 112 113
100
30 Preferred
11112 11112 *11118 H113 *111 11112 *111 11114 11114 11114 *11114 11112
100
Express
Adams
4,300
200
204
210
1983
4
183 195
183 183
176 176
176 182
100
1114 2,200 Advance Rumeiy
913 1278 1114 1178 11
914 978
94 934
8
9
100
3612 8,200 Advance Rumely pret
3112 *338 312 3512 3678 36
2678 2734 2712 3078 31
1
338 338 3.700 Ahumada Lead
338 312
3/
1
4 312
312 312 4338 358 *338 312
176 176
177 179
17634 179
175 17734 17514 17712 176 17634 6,200 Air Reduction, Inc____No p*r
Rubber,
Inc------No
par
17,300
Ajax
812
814
3
83
4
3
/
1
4
7
734 8
734 774
7 4 734
7 4 734
113 1,400 Alaska Juneau Gold Min__ 10
113 *138
113
158 *138
113
*14
14 1l
*114
138
22
300 Albany Pert Wrap Pap_No par
*20
22
2014 *20
20
22
*20
*20
22
20
20
100
70 Preferred
9712
*5714
.9714
9713
*9712 98
9712 9712 *9714 9713 9714 9714
15018 15234 150 15338 41,300 Allied Chemical &Dye.No par
1504 15134 14912 15414 15113 15414 151 153
12234 12234 1,300 Allied Chemical & Dye pret_100
12218 12218 12214 12234 123 123 *12212 123 *12212 123
100
1,800 Allis-Chalmers Mfg
113 11312 *11012 11334 113 11438
113 11312 *11218 11334 11212 113
100
Preferred
--__ ____ ___-___ ____
,Amalgamated
Leather_No
par
*12
/
1
4
13
13
*123
4
4
13
/
1
4
1274
*123
1213 1212 12
12
12
3001 Preferred
*75
80
30
*76
85
*7812 85
*78
78
75
*73
80
No par
12,8001 Amerada Corp
2934 30
2938 304 2958 30
294 2914 30
2938 29
29
10,9001 Amer Agricultural Chem_..100
1418 1358 14
14
1314 1314 1314 1312 1334 1478 144 1458
100
16.300 Preferred
4818 4738 48
4714 4834 4833 5112 4814 4912 48
4678 471
10
2,200 Amer Bank Note
7978 80
8034 8034 8018 81
7934 80
7934 80
7778 79
50
Preferred
50
*59
63
63
*59
4
603
60
6914 5914 *5814 6034 60
60
1,300 American Beet Sugar__No Par
1
4 1814 1814
18
1814 1812 1834 18/
*1614 1611 1612 1612 17
100
Preferred
*3714 46
*3714 39
*3714 45
*36
45
45
*35
45
*35
2313 23
2378 4,700 Amer Bosch Magneto_ _No par
2414 2313 2334 23
2318 23
*23
2314 23
4134 4114 4112 2,700 Am Brake Shoe & F newNo par
41/
1
4 41
/
4 4114 4112 41
4114 4114 411s 411
100
600 Preferred
123 123 *1213* 123 *12158 124 *1213* 123
123 123
*12014 123
5,300 Amer Brown Boyer! El_No par
812 834
84 10
813 9
9
834 914
9
*812 9
100
670 Preferred
4234 4234 4234 4734
4014 42
42
4214 3.714 4112 45
*41
25
7112 7234 348,800 American Can
7158 694 72"
7012 7018 7158 7034 7218 70
70
100
500 Preferred
13614 13614 *13513. - *13512 137 *13512 13612 13538 13513
136 136
American
Car
Fdy--No
par
16,300
&
1053
8
10312
10638
104
10434
102
102
102
1
02
-14
10014
100 100
100
100 Preterrea
__ *12758 _ ..'1273* ___
129 129
*1264 130 *127 129
100
400 American Chain pref
_- - *9934 10014
100 100
100 100 *100 10014 *100 10014
100 100
No par
7178 724 7112 7214 9,000 American Chicle
7434 7278 73
7012 7214 73
6934 70
No par
260 Prior preferred
10318 10318 *10314 10413 *10314 10412 *10312 10413 *10314 10413 10413 105
5,700 Amer Druggists Syndicate_ 10
14
1358 1334 1358 1358 1358 1418 14
1334 1378 1334 14
49
49
4814 4814 2,200 Amer Encaustic Tiling_ No par
45/
1
4 4512 4614 51
45
*42
4254 45
100
176 18034 23,800 American Express
179 183
173 17634 175 182
170 175
170 170
2714 2613 2714 18,600,Amer & For'n Power__No par
2778 27
2712 284 2713 284 274 2833 27
No par
*10414 10412 1044 10414 1043* 10478 10414 10458 10412 10512 10513 10512 2,500 Preferred
400 American Hide & Leather_100
*1134 12
*1134 12
1218 *1154 12
*1134 1214 *12
11
11
100
*58
5912
700 Preferred
57
5812 *5812 60
*5812 60
62
*5812 60
*58
68
6913 68
7014 6914 70
6874 694 25,900 Amer Home Products...No par
6734 6934 x6812 71
4,100
American
Ice
New
No
par
291
/
4
2854
283
4
297
4
28
/
1
4
2914
2912
30
30
2914
2912 30
100
800 Preferred
904 9012
91
91
91
9014 9014 91
*Willa 9012 *8934 91
5212 5234 543* 5414 5513 19,300 Amer Internet Corp___No par
5213 52
5112 52
50/
1
4 5113 51
1,800 American La France FE.. 10
6
6
6
64
6
54 6
618
6
6
614 014
100 Preferred
100
7712
7813 7812 *70
*7812 82
*7813 82
*75
85
*7812 82
100
6412 6512 6513 6738 6612 6734 6634 7138 6912 7212 693* 724 67,200 American Linseed
100
8978 8914 8978 3,900 Preferred
90
8714 9078 89
8974 *88
88
89
88
/
4 12,200 American LocomotIve_No par
10614 10834 10712 1081
10312 106
105 10514 10534 107
•10214 103
400 Preferred
100
12434 124/
1
4 12414 12414
1
4 10124 12412 124 124
•124 12413 *124 124/
1561
/
4 15912 15813 15912 6,500 Amer Machine & Fdy __No par
163 165
156 156
155 156
155 157
100
110 Preferred
210 210
215 220 *191 211 *209 211 *210 211
*208 215
*40
4012 1,100 Amer Metal Co Ltd_ __No par
4012 41
40
.3812 40
40
3854 391
/
4 3912 40
110 Preferred
100
110 110
*109 11012 110 110 *10813 110 *10813 110 *109 110
9,300 American Plano
No par
2734 2614 27
2753 2634 2872 2713 2818 26
27
2713 28
100
740
Preferred
89
894
89
9012
4
897
8
9114
893
89
8734 9134
88
88
10,600 Am Power & LIght____No par
6713 684 68
6858 z66
6712 6614 6733 6612 6738 6612 67
5,100 American Radiator
25
13434 135
1341
/
4 136
1
4 135 13612 135 136
13234 13574 136 137/
8,700 Amer Railway Expresa
100
1
4 112 11614 110 111
113 114/
109 10912 109 11434 112 114
481
/
4 4814 4954 18,000 American Republics._No par
4674 4834 47
5034 51/
1
4 4814 5014 4814 49
594 61
20,300 American Safty Razor.__100
5914 60
6038 584 60
5913 6012 59
59
58
No par
4252 42/
1
4 42
42
40
42/
1
4 3912 404 4038 4038 4012 4034 4,600 Am Seating v t e
2,300 Amer Ship & Comm....No par
2/
1
4 3
2/
1
4 2/
1
4 *274 3
27i 3
1
4 *274 3
2/
1
4 2/
70
American
Shipbuilding...
_100
108
109
107
*108
1083
4
*107
1073
4
107
10712
107
*106
107
51.000 Amer Smelting & Refining_100
1
4 17034 173
/
4 17034 172/
1
4 17054 172/
172 1734 17114 17418 17158 1741
100
700 Preferred
1
4 13054 *131 1315s
12912 12912 129 129 *12812 12912 130 13014 130/
American Snuff
100
•144 14412 *14312 14413 *14313 14112 *142 145 41143 145 *143 145
10014 101
220 Preferred
100
104 104 *101 104
*10012 10212 102 102 *101 104
474 4734 4778 5012 51's 5212 5118 5178 5058 5218 5158 5234 24,800 Amer Steel Foundrles__No par
500 Preferred
100
113 11314 *11212 115
114 114 *113 115 *113 115
113/
1
4 114
100
7534 7334 7412 21,900 Amer Sugar Refining
74/
1
4 7414 7554 75
70/
1
4 7074 6934 7012 71
100
107/
1
4 108
108 10814 10812 10812 10812 10858 10834 10834 2,200 Preferred
*10714 108
No par
5,900 Am Sum Tob v t c
64
6314 64
63
6312 64
63
6374 63
64
6234 64
533
341
/
4
400 Amer Telegraph & Cable.. 100
34
34
34
*33
35
34
34
*33
33
33
100
1
4 18014 22,300 Amer Telep & Teleg
1
4 177/
1
4 1774 18034 178/
177 17758 1774 17734 177/
1
4 177 177/
50
17734 17812 9,800 American Tobacco com
1
4 18114 176 17734 175 181
181/
1
4 18334 17912 18274 179/
50
1794 18234 179 18078 175 17878 175 18078 17834 17834 14,600 Common Class B
18114 184
100
400 Preferred
116 11612
*116 11614 *116 11614 11614 116'4'115'2 116 *11512 116
900 American Type Founders 100
12314 124 *123 1234
125 12534 123 124
12534 126
126 126
100
250 Preferred
/
4 11212 11214 11212 11212 11212
110 1101
/
4 110 11014 1111
11111014 111
6,800 Am Wtr Wks & Elc newNo par
6212 6112 62
6212 6312 6212 6318 6212 6253 6212 6234 62
1,000
1st
preferred
10114
10114
10113
101
101
100
/
1
4
1
4 101
/
4 101 *100/
100/
1
4 10012 *1001
100
2238 2212 2234 234 2275 2338 224 2258 2214 2212 2214 2318 4,000 American Woolen
100
54
2,200 Preferred
53/
1
4 53
53
54
54
53
1
4 5458 54
52/
1
4 52/
1
4 52/
ctfs_No
par
5,300
Am
Writing
Paper
8
21
213
8
2012
207
2114
191g
19
/
1
4
20
19/
1
4
19
*20'4 21
4912 4912 4912 4914 4912 2,100 Preferred certificates_ _ 100
4834 49
47
48
48
*48
50
25
Zinc, Lead & Stnelt
Amer
1,600
*6
7
*6
7
6
6
6
6
5
/
1
4
534 534
534
25
200 Preferred
/
4 3714 *3512 3712
3614 3614 *361
3513 3513 *3512 37
38
*36
1
4 4914 5012 128.500 Anaconda Copper Mining-50
/
4 49/
4912 4878 4912 4834 4912 491
4744 48/
1
4 48
584 58
6112 21,300 Archer, Deals, MicIrd_No par
55
504 5114 5334 Mls 55
50
50
50
100
200 Preferred
11014 112
110 11018 110 110 *110 1104 111 112
112 112
100
1,400 Armour & Co (Del) pref
8514
8412 85
1
4 8314 8254 8258 8278 824 84
8212 82/
82
of
6,100
Armour
Illinois
Class
A25
1018
8
97
1014
10
978 10
978 10
978 10
978 10
25
61
/
4 4,200 Class B
6
614
6
1
4
614
534 6
5/
1
4 6
5/
1
4 5/
445
3,100 Preierred
100
65
6578 66
6412 6412 65
6418 65
6334 6555 654 66
59,400
Arnold
Constable
Corp_No
par
/
4
541
523
4
52
4914 5214 4734 4934 4812
4814 53
47
44
300 Art Metal Construction ____10
*2458 25
52458 25
*2458 25
25
25
25
2518 25
*25
1,500 Artloom Corp
No par
*4414 4534 4412 4412 *4414 4534 4314 4314 4514 4514 4514 4514
30 Preferred
100
_
114 114
___ •114
*114
11412 11412 *114_ _ *114
No par
4 514 -5212 52 -5i3-4 5134 534 106,700 Assoc Dry Goods
4814 494 4953 -51-14 51 -523100
Ill
500
1st
preferred
111
110
110
*10912
41109
111
*109
109 109
0108 110
100
100 2d preferred
112 112 *111 114 *110 115
0109 112 *109 115 *110 115
4313
400
Associated
011
25
*40
*39
43
43
*40
43
41
41
*39
42
*39
39/
1
4 14.700 AV 0& IV I s S Line_ No par
3612 3612 3874 38
3454 3454 3454 3514 3474 3674 36
100
3712 3914 3834 3934 2,800 Preferred
37
3612 37
1
4 3474 34
3434 3434 34/
100
1
4 113 12034 39,200 Atlantic Refining
/
4 11934 122/
11814 11874 11734 11854 11812 12212 12054 1221
100
100 Preferred
*11614 11712 '116. 11612 *11614 11612 11612 11612 *11612 118 *11612 118
200 Atlas Powder
No par
65
*63/
1
4 66
65
64
64
65
*62
65
6634 *62
*62
10
100
Preferred
10313
*10312
10412
*10312
104
10312
*10312
10412
10412
*10312
*10312 10412
/
4 812
Atlas Tack
No par
1
4 812 571
1
4 57/
1
4 812 111754 8/
*738 812 *754 812 *7/
800 Austin. Nichols&Co vtcNo par
5
5
5
5
5
512
5
*5
5
5
512
*5
100
400 Preferred
42
27
27
2713 2713 274 2714
*29
27
*25
29
020
5,100 Autostr Sat Razor A _ _ _No par
4334 4378 44
44
44
45
44
4314 43
43
43
43
Baldwin
4,400
Locomotive
Wks_100
254
25013
*250
252
251
4
252
2553
250
25013
25012
251 251
100
122 122
600 Preferred
122 12212
*12132 12212 *12138 12212 *12138 12214 *12138 122
500 Bamberger (L) & Co pref. _100
1
4 11012 11018 11012 *110 11012 110 110 *110 11012
10914 109/
1
4 *109/
200
Barnett
Leather
No
par
47
*44
47
47
*44
*44
4412
4412
4414 4414 *4412 46
100
Preferred
P102 10512 *102 10512 *102 10512 *102 10514'102 10512 *102 10512
class A
Barnsdall
Corp
25
132,400
2512
2614
243
8
2513
2512
253
4
2434
2514
26
2414
2412 2434
400 Class B
25
26
1
4 2474 2434 2434 2512 2512 26
25/
1
4 24/
*24
25
4124
Cigars. Inc
No par
7,300
Bayuk
99
101
9912
10114
9914
994
*98
98
98
944
9313
93
100
250
First
preferred
10712
10713
*107
10714
10714
10712
10712
10712
1107 10712 107 107
No par
1
4 2,900 Beacon 011
1412 1458
141
/
4 14/
1404 1434 1434 1472 1412 15
15
1114
20
7973 69s 7034 10,400 Beech Nut Packing
6754 69/
1
4 70
6634 67
67
1.66
6634 67
Preferred
100
1
4 11614
1
4 11614 *115/
1
4 11614 *115/
111534 11614 *11534 11614 *11534 11614 *115/
3,600 Belding Hem'way Co__No par
2212
213
4
2112
217
4
211
/
4
223
4
22
217
4
217
4
4
217
211
/
4
L 211
/
4
No par
571
/
4 5713 5758 31,700 Best dr Co
8 5832 57
155'i 55'2 5518 5938 5758 5953 56,
46,100 Bethlehem Steel Corp
100
5458 5558 544 5514 5413 55
5312 5512 5458 56
1
4 54
II. 53/
•Bid and asked prices; no sales on ow day. s Ex-dividend. a Ex-righta.
PER SHARE
Range Since Jan. 1 1927
On basis of 100-share lots
Lowest
Highest
$ per share
$ per share
83 Jan 27
6214 Mar 26
109 Aug 11
124 Jan 5
758 Oct 24
2218 Oct 22
234June 2
13412 Jan 26
712June 15
1 June 18
18 Apr 21
96 June 2
131 Jan 25
120 Mar 11
88 Jan 25
109 Feb 9
113sNov 11
75 Nov 1
2758 Apr 28
818 Apr 6
2814 Apr 6
41 Jan 6
5612 Jan 4
151
/
4 Oct 22
36 Nov 4
13 Jan 20
351
/
4May 2
11714 Feb 7
514 Aug 26
40 Aug 19
4353 Mar 31
126 Jan 14
95 July 13
12454 Oct 6
100 Nov 12
36 Jan 26
90 Jan 13
933 Apr 20
3838 Aug 1
127 Jan 17
1874 Feb 17
14112 Oct 8
114 Oct 26
11312 Feb 20
210 Nov 17
1534 Feb 9
41 Feb 9
64Sept 6
19918July 18
1334 Mar 25
214 Feb 18
32 Sept 6
102 Sept 21
16914Sept 6
124 Aug 4
11838Sept 15
11212 Apr 21
2414 Feb 11
108 Feb 1
3758 Feb 7
1578 Sept 7
5134 Jan 10
8414 Oct 26
65 Sept 14
2334 Mar 14
6018 Jan 3
2634 Oct 4
46 July 25
128 Mar 12
3912 Jan 5
98 Feb 1
7234 Nov 18
13614 Nov 14
10914May 27
13134June 8
103 Sept 19
741
/
4 Nov 15
10534 Oct 21
1514June 9
51 Nov 16
183 Nov 17
3018Sept 28
108 Sept 12
1278 Oct 6
661s July20
71 Nov 14
32 Aug 22
9612May 7
6078 Oct 28
10 Jan 3
9018 Jan 6
7213 Nov 17
9212 Nov 4
116 May 18
127 July 23
167 Nov 1
225 Nov 1
46/
1
4 Aug 3
11212May 17
4314June 9
110141%lar 24
7334 Oct 10
14774Sept 16
11614 Nov 17
64/
1
4July 7
6112Mar 28
51 July 20
64 Jan 7
120 Oct 4
18012Sept 15
13214 sept 30
145 Sept 7
10612 Oct 13
5814 Aug 24
115 Jan 13
9534May 26
11612May 26
6834 Oct 13
36/
1
4 Aug 24
18512 Oct 11
189 Nov 10
186 Nov 10
118 Sept 9
146 Feb 18
116 Sept 29
724 Sept 2,4
10112Nov 18
33/
1
4 Jan 5
8612 Jan 7
2414 Oct 19
5714 Aug 23
1014 Feb 17
5114 Feb 18
5012Nov 18
6112Nov 18
112 Nov 12
961
/
4 Feb 16
15/
1
4 Jan 7
914 Jan 8
8614 Jan 27
541
/
4Nov 18
32 June 24
5434 Jan 5
11412 Nov 22
53',,Nov 18
11014Sept 23
112 Nov 16
5014 Feb 19
42 Jan 5
4114June 7
13133 Aug 5
119 Aug 20
70 June 9
107 July a
1214 Apr 7
1014 Jan 3
61 Jan 5
454 Oct 14
26534Sept 6
12514July 7
11012May II
59/
1
4 Feb
10114 Oct 31
35/
1
4 Feb 26
321
/
4 Feb 28
10114Nov 15
110 Aug 19
1814June 7
704 Nov 17
119 Mar 12
2714 Jan 7
WsNov 15
6812Sept 8
8612 Feb 15
738 Apr 26
48 Mar 1
3034 Jan 3
2554 Oct 21
84 Jan 7
37 Mar 23
4 June 4
13212June 7
2018 Apr 5
464 Mar 19
9914 Oct 22
11912 Feb 23
7314 Jan 3
12514 Jan 6
3614 Nov 3
108 Jan 6
26 Nov 17
8734Nov 14
54 Jan 27
11012 Jan 21
871
/
4 Apr 4
3514 Jan 4
42 July 23
3878 Oct 22
213 Oct 22
80 Jan 21
13258 Jan 25
11914 Mar 16
119/
1
4 Jan 17
9412 Jan 4
4114 Apr 29
11014July 5
6514 Nov 1
104 Nov 2
4112 Jan 3
26 Apr 1
149/
1
4 Jan 3
120 Jan 7
11914 Jan 5
11014 Jan 4
11978Nov 7
1074 Feb 6
46 Aug 8
93/
1
4 Oct 28
1612June 7
46/
1
4June 1
9/
1
4May 26
2534 Apr 7
534Sept 6
35 Oct 14
4114June 27
38 Mar 12
106 Jan 4
79 Oct 22
814May 4
518May 5
60 A pr 13
21 Apr 1
22 Jan 11
43's Nov16
11114May 31
3958 Feb 9
9712 Mar 3
105 Mar 23
35 Oct 20
3034 Mar 25
2934 Mar 25
107 Jan 28
1154 Feb 1
5613 Mar 17
98 Jan 6
7I4June 25
44 Mar 22
2618July 26
43 Nov 12
1434 Jan 18
116 Jan 14
10634 Mar 30
40 Jan 6
9514 Mar 31
20/
1
4 Oct 6
2012 Ott 7
484 Jan 25
101 Jan 10
14 Oct 14
6014 Apr 29
11412 Jan 17
1512July 7
4934 Aug 25
43
, J an4 27
PER SHARE
Range for Previous
Year 1926
Lowest
Highest
$ per share $ per shall
7034May
43 May
10418 Mar
994 Mar
8 Dec
2878 Dec
434 Nov
10714 May
714 Oct
78 Oct
2612 Oct
9614 Oct
106 Mar
11833 Mar
784 Mar
105 Apr
'1434 Oct
102 July
2414 May
Oct
9
3534 Oct
3454 Mar
55 Jan
2012 Sept
55 Nov
16 May
_ --I-1-0-14 Mar
3014 Mar
8612 Mar
3878 Mar
Jan
121
9112 Mar
12012 Oct
____ ---Oct
31
88 Dec
44 Jan
98 Sept
72 Dec
112 Dec
136 Sept
22 Sepl
6634 Sept
918 Jan
14634 Dec
Fell
16
278 Del
2734 June
102 Dec
Jail
148
12234 Dec
9458 Jac
11112 Dec
21 Sinn
115 Aug
3278 Aug
3438 Jan
9612 Jan
Oct
46
5812 July
3834 Feb
83 Feb
1
4 Jan
34/
-- =-12814 -Feb
50 Aug
9714 Jan
6318 Aug
13018 Dec
11478 Jan
13014 Dec
---- -Jam
$1
97 May
1034 Aug
Jar
10578 Mar 140
423s Jae
144 Nov
Oct 98 Feb
79
1712 Feb
7 May
331z May 6714 Feb
/
1
4 Dec
30
Oct
23/
1
4
--81-12 Oct -8834 June
3134 July 4634 Feb
978 Dec 1578 Jan
9418 Dec 103 May
2554 Oct 527g Jan
Jan
67/
1
4 Oct 87
9014 Mar 11978 Jan
116 Aug 12414 Dec
654 Oct 8012 Aug
114 July 125 Dec
434 Dec 5734 Feb
11312 Apr 120 Feb
9314 Mar 10412 Dec
5034 May 7212 Sept
10114 May 12234 Aug
7734 Mar 90 Dec
Jan
3974 Nov 74
42 Apr 70/
1
4 Aug
-538 Dec
11-7
;Mat
1095s -Apr
11274 Mar
12134 Oct
9534 Nov
40 May
11014 Sept
6514 Apr
100 June
2914 Aug
2512 July
139/
1
4 June
11138 Mar
1101
/
4 Mar
10614 Jan
Jan
114
10212 Aug
152 -Aug
12234 Dec
165 Feb
105 June
47 Aug
115 Feb
8714 Nov
11014 Nov
44 Dee
414 Feb
141 Dee
12434 Sept
124 Sept
113 May
135 Feb
10814 Dec
_ __ _--1-9 June
66 Apr
-- --8 -Jan
-4279014 Dee
-- 1-2 Aug
51
/
4 May
20 May
4112 mar
34/
1
4 June
100 Mar
9014 May
1318 May
534 May
80 Apr
18 Apr
191
/
4 Jan
46/
1
4 Sept
108 Mar
3714 Mar
96 Mar
102 May
4434 Jan
Oct
29
3314 Oct
97 Mar
-412 Jan
1214 Feb
54 Dee
5174 Aug
4434 Jan
108
Oct
97/
1
4 Jan
2512 Feb
Jan
17
93 Feb
3134 Jan
2334 Oct
6314 Jan
113 Deo
547s Jan
10212 Jan
110 Dee
60 Mar
883s Jan
5614 Jan
12833 May
120 June
64 Nov
9738 Deo
174 Jan
Jan
28
93 Jan
11518
54
94
8
718
54
Oct
Mar
Jan
Oct
Oct
Nov
9278 Mar 16734 -Dee
105 Mar 11914 Nov
--1-02 Apr 104 Ju y
2312 May 3312 Jan
2214 Oct 3914 Jan
39 Mar 5538 Nov
98 May 10234 Dec
- - ---=-52-14 Oct -71-7;-Feb
/
4 Apr
11412 Apr 1141
26 Dec 3934 Jan
5714 May -ilia Weil
New York Stock Record-Continued-Page 3
2783
For sales during the week of stocks usually inactive, see third page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Nov. 12.
Monday,
Nov. 14.
Tuesday,
Nor. 15.
Wednesday, Thursday,
Nov. 17.
Nov. 16.
Friday,
Nov. 18.
$ per share $ per share g per share $ Per share S Per share $ per share
11512 11534 11614 11614 116 11612 11658 11712 11638 11714 1164 11712
4738 474 49/
4378 4414 45
1
4 48
4778 4714 4712
4812 47
114 114 *11213 115 *113/
5113 114
1131
/
4 11334 *113 11312
1
4 115
*8614 88
*8814 90
88
90
*88
88
88
88
*8614 88
67
66
6614 6612 6518 6558 65
6612 67
6534 6518 6518
534
518 514 *5
534
534 *5
518 518 *5
534
*5
*39
48
45
*40
*39
50
541
*41
45
45
*39
48
*2212 2418 *223* 244 *2278 2312 52212 '23
23
2278 2278 23
2138 2112 2138 2214 2158 2218 2158 2178 2114 2134 21
2312
177 17912 178 178
•179 180
180 18134 181 18112 181 18334
13514 13534 135 13812 13734 13734 136 136
•135 136
137 1394
45
45
*44
*44
44
4478 4478 4478 4414 4434 4412 4434
3338 34/
1
4 3334 3438 33,8 34
3334 3334 *334 3334 3318 3318
*101 102
101 10114 101 101
101 101 *10012 10034 100 10012
*1814 1912 *1812 1938 1812 1812 1814 18,4 •1814 1812 *1814 1812
99
*9812 10012 *984 10012 *9858 10012 *9858 10012 *9858 10012
99
139 140
13934 140
13812 13912 13734 13734 132 13612 133 134/
1
4
*6412 6434 65
65
6513 6513 65
65
64/
1
4 6434 6412 64/
1
4
105 105
105 106
10512 10534 106 10618 10614 1061
/
4 107 110
•11512 11738 11758 11778 11734 11734 *115 11734 *115 117 *115 11612
4
4
378 378
378 4
Vs 378
334 37s
34 34
4512 4513 *4512 4712 45
*4512 48
4534 4534
4514 4534 46
814 814
8/
1
4 834
812 813
8/
1
4 834 •81
8/
1
4 9
/
4 858
7538 74/
1
4 744 *7314 7414 473
75
74
74
74
*73
74
83
83
/
4 83
8312 811
8434 8312 8418 8234 8318 83
844
1
4 11034 *110/
11034 11034 *110/
1
4 11034 *11018 11034 11012 11034 111 111
67
67
67
67,4 67
6812
6734 673* 6734 67
67
67
2314 2312 23,4 234 22318 24/
1
4 234 2438 2358 241
/
4 2312 241
/
4
114
114
11
/
4
11
/
4
112
112
113
113
112
112 *11
/
4 112
9012 9134 9012 9238 9012 92/
1
4 9014 9214 9118 93
9214 95,8
1678 1678 1638 17
1634 1718
1678 17
1718
17
1678 17
4913 494 49
49/
1
4 4912 4934 491
/
4 4938 4918 4978 494 5134
275 27812 27612 27812 27112 279
273 27612 268 27534 268 271
*11614 122 *11614 122 *119 122 *117 122
122 123
125 125
*2512 27
*2512 26
26
2614 26
26
264 2614 2614 2614
*2434 26
26
*24
*2434 25
*23/
1
4 *24
25
1
4 25
24/
1
4 24/
---- *97 10212 *97 10213 *97 10212 *97 10212 *97 10212 *98 102,2
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan,. 1 1927
On basis of 100-share lots
Lowest
Highest
PER SHARE
Range for Previous
Year 1926
Lowest
Highest
Shares Indus. & atiscel. (CO..) Par $ per share $ per share S per share S per share
5,800 Beth Steel Cwp pf (77) _100 10434 Jan 3 11734 Oct 17
99 June 10578 Dee
16.500 Bloomingdale Bros__ __No par 34 June 15 4958Nov 15
28 June 42 Dec
20 Preferred
100 10912 Jan 20 114 Nov 14 1041
/
4 June 110 Dee
60 Blumenthal & Co pref_ _ _100 44 Jan 17 93 Sept 16
40 Dec 60
Jan
4,100 Bon Ami. class A
No par 5318 Jan 5 6812 Oct 8
5312 Dec 5618 Dec
300 Booth Fisheries
412Sept 2
No par
838 Apr 14
418 Mar
934 Jan
1st preferred
100 36 Sept 20 5714May 27
3434 Oct 5112 Jan
900 Botany Cons Mills class A50 18 May 4 3012Sept 6
20 Slay 41 18 Jan
65,800 Briggs Manufacturing_No par
1912Sept 27 3638 Feb 23
24
Oct 3712 Jan
2,900 Brooklyn Edison, Inc
100 14812 Feb 11 18478 Aug 16 133 Mar 163 Sept
10,600 Bklyn Union Gas
No par 89/
1
4 Apr 4 15412 Aug 10
68 Mar 98 Dee
2,700 Brown Shoe Inc
No par 3012 Feb 1 4V8 Nov 1
2912 June 4838 Jan
3,900 Brunsw-Balke-Collan'r_No par 257s July 11 3878 Jan 10
2438 Mar 39/
1
4 Sept
1,100 Burns Bros new clAcomNo par 8512June 17 12534 Jan 20 121 Mar 144 July
300 New class B com __ No par
1614 Mar 18 3434 Jan 27
2612 Nov 44 Feb
100 Preferred
100 90 June 20 100 Jan 3
97 Mar 10312 June
4,600 Burroughs Add Slach_No par 290 Mar 2 140 Nov 12
7712 Apr 124 Dec
1,300 Bush Terminal new____No par 2934 Jan 12 6858 Oct 17
1634 Mar 3414 July
750 Debenture
100 9114 Jan 5 110 Nov 18
86
Apr 93 Aug
30 Bush Term Bldgs, pref
MO 10358 Feb 14 120 Aug 8
9912 Jan 104 Noy
2,900 Butte Copper & Zinc
334 Mar 19
6
518May 2
4 Dec
614 Feb
800 Butterick Co
100 44 Oct 13 6134 Feb 15
1734 Mar 71 Sept
1,900 Butte & Superior Mining
10
7/
1
4 Nov 2 1134 Jan 7
718 May
1614 Jan
By-Products Coke
No par 66 Jan 29 9212June 2
53 June 90 Sept
11,600 Byers& Co(AM)
No par 42 Jan 3 94 June 2
28 Mar 444 Nov
100 Preferred
160 10534May 3 11134Sept 19
9812 Mar 10212 Nov
8,900 California Packing____No par 6014 Apr 1 70 Jan 5
6614 Oct 17912 Feb
32,700 California Petroleum
25 20 Oct 11 3278 Jan 18
2934 Oct 3818 Feb
1.000 Callahan Zinc-Lead
10
24 Jan 17
114Sept 26
112 Mar
252 Jan
20.600 Calumet Arizona Mining
10 6112June 27 9538 Nov 4
5512 Mar 7358 Aug
6,200 Calumet & Beds
25 1414July 7 1714Sept 17
13/
1
4 Mar
1812 Aug
15,400 Canada Dry Ginger Ale.No par 36 Jan 5 6018 Aug 10
3213 Oct 49 Sept
14,300 Case Thresh Machine
100 132 Jan 27 28314 Oct 7
6212 Jan 176 Aug
1,300 Case Thresh /Mach pref
100 111 Feb 28 125 Nov 18
96
Jan 11812 Aug
1,400 Central Alloy Steel____No par 24 Apr 1 33 Apr 28
2812 Oct 3314 Aug
100 Central Leather
100
8/
1
4 Jan 3 2478 Nov 10
7 Nov
2012 Jar
Certificates
100
714 Jan 3 1512May 26
7 Dec
834 Non
Preferred
100 54 Jan 14 94 Oct 4
43/
1
4 Apr 6834 Jar
Preferred certificates_
1
4July 18
100 54 Jan 3 78/
50
5412
Nov
Dei
-ii" -fi- -13Ts -irics - 1314 -fil; rrii- "fir- -if 13 - ____ _ _
500 Century Ribbon MillsNo par
1012 Jan 26 1634 Aug 30
1014 Oct 3278 Jar
*83
85
85
*S0
*81
85
8112 8113 83
8112 -8112
83
30 Preferred
100 70 Jan 24 8412Nov 11
7814 Dec 90
Jar
6178 6214 62
6338 6212 6278 6214 6213 6238 63
6218 6312 12,900 Cerro de Paso Copper_No par 58 June 27 68 Sept 17
571
/
4 Jan 7312 Aug
5114 5112 5112 5258 5218 52/
51
51
1
4 53/
1
4 5278 534 13,100 Certain-Teed Products_No par 42 Jan 25 55341May 11
1
4 52/
3618 May 4912 Jar
•114 11518 *114 11518 11512 11513
__ •115 11912 *115 11912
100 1st preferred
100 106 Feb 1 11512Nov 15 100 May 10614 Non
*6814 70
*6714 70
.6812 70 *1156934 -70
6978 6978 6934 70
500 Certo Corp
No par 67 Oct 13 7878 Aug 23
412 44
6
5
*434 5
714
5
634 7/
1
4
7
718 9,500 ChandierCievelandStotNo par
412Nov 15 14 Mar 22
812 Nov
26
Fel
1818
17
16
17
16
16
1712 1913 19
211
/
4 20
2034 18.400 Preferred
13 June 27 261451ay 8
No par
2034 Dec 4514 Fel
8414 86
1
4 8414 86
8358 84/
1
4 83/
8324 84/
1
4 841
/
4 8313 8458 52,000 Chesapeake Corp
'ho par 643*June2O 8678 Oct 4
*127 130
129 129
130 13012 *128 131 *130 131 *12818 131
300 Chicago Pneumatic Tool_ _100 12012 Jan 3 13714 Mar 2
9412 Apr 12814 Del
45
*44
444 4478 4478 4478 43/
1
4 444 4212 4318 *43
490 Chicago Yellow Cab_ No par 38 July 15 47 Oct 19
45
43 Dec 49 Fel
55
57
564 56,2 5634 5612 5718 56
5512 551
/
4 5512 57
8,800 Childs Co
No par 48/
1
4 Mar 31 6532 Aug 25
4518 May 6638 Jay
3534 3618 3578 3612 3814 3612 364 3684 36/
1
4 371
/
4 3714 371
/
4 41,000 Chile Copper
391
25 3318June 2
/
4 Mar 21
30 Mar 3638 Jai
Chino Copper
5 224 Jan 7 24 Apr 11
16 Mar 26 No
;6812 -6:9-3-4 -.
611 -68
'
4 -673* -a - ;66i4 -67l4 -(iii, 161; -a- -tirlits -2i00 Christie-Brown tem ctfiiNo par 3478 Jan 5 7312Nov 4 2912
Oct 63/
1
4 Jai
5614 5634 554 5612 55/
1
4 5612 5814 5814 5614 5712 56/
1
4 5778 133,700 Chrysler Corp
No par 3818 Jan 28 6238Sept 8
28
/
1
4 Mar 5478 Jai
*113/
1
4 114
114 114
114 114
114/
1
4 114/
1
4 114,4 1141
/
4 11414 11412 2,800 Preferred
No par 10238 April11412Nov 18
93 Mar 108
Jai
*51
5112 5112 •5118 5112 *5118 5112 *5118 5112
5113 *51
52
200 City Stores class A
No par 4614 Mar 10 5112 Nov 14
54
54
54
5412 54
54/
1
4 54/
1
4 5534 5.400 Class 11
1
4 5534 5512 55'2 55/
No par 4112 Apr 5 5534 Nov 16
79
79/
1
4 7912 79/
1
4 78/
8012 7912 7912 3,700 Cluett Peabody As Co No par 51 June 17 8412 Oct 28
1
4 81
8084 8114 80
60 Dec 6812 Jai
41125 12514 125 125
12514 12514 12478 125
125 125
125 125
220 Preferred
100 11114 Jan 8 12514 Nov 15 10314 Jan 116 Sep
12238 1224 1214 12278 12238 12212 122 12278 122 12234 122/
1
4 12412 7,100 Coca Cola Co
No par c9612 Apr 27 19912 Apr 22 128 Mar 174/
1
4 De
9434 9538 941
/
4 9538 93/
1
4 9512 9258 9312 9214 9234 292
9514 21,700 Collins & Allman new_No par 88 Aug 26 101 Oct 19
10714 10714 10712 10734 108 10858 108 10818 *10712 108 210614 1061
/
4 1,800 Preferred
100 10212Sept 1 108/
1
4 Nov 15 -683-4 May 12812 De
72
7578 75,4 77/
1
4 771s 7834 7614 77/
1
4 7612 7778 764 7714 76,800 Colorado Fuel & Iron
lOOt 4258 Jan 4 9633 July 12
27/
1
4 Mar 49/
1
4 Oc
99/
1
4 10014 9812 10034 9758 991
/
4 97
9812 9413 9734 95
96
15,400.Columblan Carbon v t cNo par1 6114 Jan 3 101 14 Nov 11
5558 Jan 7034 De
8873 8938 884 /3854 8814 883
8834 9112 91
911
/
4 9178 9212 24,000 Colum Gas & Elee new _No par' 8278 Feb 11 98345taY 27
85
58 Nov 91 De
•10712 10734 10712 10712 107/
1
4 108
108 10812 10812 10834 10812 10812 2,000 Preferred new
100 9912 Jan 24 10834Nov 17
9878 Nov 1014 No
68
68
6738 68
6714 6734 66
67
65/
1
4 6634 6518 65/
1
4 12,300 Commonwealth Power_No par 485811,lay 25 7834 Oct 7
19' 191*
4 *1714 1934 1914 191
/
4 *1914 1912 *1914 1912 1912 1912
SOO Commercial Credit__ _ _No par
14 June 29 20/
1
4 Feb 21
-1612 Nov -4713 Ja
*2212 2278 *2212 2278 *2212 2278 2278 2278 23
23
*2278 23
30 Preferred
25
17 June 10 2412Sept 26
2114 Nov 2614 Ja
*2238 2314 2212 2258 2158 2212 *225* 2314 *225 2314 *227 2312
170 Preferred B
25 1878June 15 2314Sept 20
20 Nov 27/
1
4 Ja
8214 821
/
4 8214 8214 82
8214 82
82
82
82
8214 8214
180 1st preferred (894%)
100 69 July 8 86 sent 23
8512
Dec 991
/
4 Fe
5418 5578 54/
1
4 56/
1
4 57
5712 57
5713 5413 55
*55/
1
4 57
8,800 Comm Invest Trust___No par 4118May 4 5712Nov 15
5412 Dec 72
Ja
97 100
*98 100
100 100
98
98
*98
99/
1
4 *98
130 7% preferred
£934
100
20
9412Sept
100
Nov 12
97 June 104
Ja
9012 *88
90
89
*89
90
*89
90
894 8978 *89
90
600 Preferred (694)
100 86/
1
4July 5 95 Mar 14
89 May 100
Ja
17814 17034 164 17014 16812 16334 145 16312 152 15814 58,500 Commercial Solvents__
17012 172
No par 145 Nov 17 203 Sept 16
4678 464 4678 4678 46/
1
4 47
4612 4612 4613 4612 45
96
1,300 Conde Nast Publica._ _No par 39 Aug 12 47 Nov 15
2438 2414 2578 2538 2614 2538 2614 251
24
/
4 25/
1
4 2578 27/
1
4 178.000 Congoleum-Nairn Inc._No par
1714 Jan 26 27/
1
4 Nov 18
1212 Mai -ioi. Wei
681
/
4 6834 681
6812 69
/
4 6878 6812 72
7112 73
7014 7312 26,500 Congress Cigar
No par 47 Mar 11 73'z Nov18( 4012 May 57 De
*14
,
ii
*14
38
*14
38
*1
/
4
312
*14
38
Conley Tin Foil stpd_ No par
*14
/
1
4
14 Feb 1
/
1
4 Jan 51
/
1
4 Dec
1 Nts
784 7812 784 7812 7934 7834 7938 7812 781
/
4 78
794 791
/
4 5,800 Consolidated Clgar
No par 7414 Oct 29 86/
1
4July 7
4514 Apr 7814 De
10312 10312 *10112 104
*99/
1
4 104 *100 104
104 104 *100 103
200 Preferred
100 6978 Aug 11 10634 Aug 23
91 Mar 10738 Jul
/
1
4
12
12
kt
158
kt
53
58
*12
63
52 2.900 Consolidated Distrib'ersNo par
12
12 Oct 24
213 Feb 4
11
/
4 Aug
61 ,h,
/
4 115 1154 11434 1154 11412 11512 1134 1141
115 1161
/
4 114 11612 31,900 Consolidated Gas(NY)No par 94 Star 9 121'Sept17
87 Star 1153
:Au
100 10018 10018 10014 100 10018 10018 10038 10012 100/
100 100
1
4 5,500 Preferred
No par 93 Mar 18 10034 Nov 18
3/
1
4 34
3/
1
4 4
334 378
338 3/
1
4
358 334
3/
1
4 378 5,400 Consolidated Textile_ .No par
718June 18
318 Mar 14
1-14 May
41-4 NO
*52/
1
4 53
53
5334 521
53/
1
4 5234 5378 12,500 Continental Baking elANo
/
52/
4 53
1
4 5212 52
par
Apr
30
3312
7478 Jan 6
5012 Oct 9378 Au
512 55
558 51)4
5,2 534
513 54
512 54
51
/
4 54 18.700 Class B
4 May 19 1014 Jan 5
No par
738 Oct 151s Set
*9312 94
9338 9378 9334 93/
1
4 94
9438 94
944 94
95
3,600 Preferred
13
Jan
1
9714
100
Apr
87
72
Oct 9612 Au
7812 77
764 7712 76/
1
4 7712 76/
1
4 771
/
4 784 771
/
4 7612 771
/
4 17,900 Continental Can, Inc__No par 5834 Apr 9 7712July 26
70 Mar 921
/
4 Ja
1
4 *124 1243 *124 124/
•124 124/
1
4 *124 12434 *124 12434 *124 12434
Preferred
100 120 Jan 17 126 June 10. 117 Mar 126
Al
218 21912 22012 22412 *225 22712 230 230
23018 232
23212 234
2,400 Continental Insurance
25 135 Jan 27 242 Nov 9 122 Mar 14434 Ja
9/
1
4 912
9,4 912
912 912
9/
1
4 94
94 10
8,900 Continental Sletors__ No par
958 978
978 May
878 Nov 2 1334 Jan 6
1378 De
64
65
6434 65,4 64
6478 6312 644 64
6514 641
65i8
/
4
99,200 Corn Products Refining
_25 4678 Jan 12 6514 Nov 12
35/
1
4 Star 511
/
4 De
*13534 137 *13513 137
13634 13712 *13534
__ 13634 13634 .13534
.
500 Preferred
100 128 Jan 11 13712 004 12212 Jan 13014 De
1031
/
4 104
10358 10413 107 10812 1084 11018
-10934 11018 10914 11138 21.000 Coty, Inc
No par 56 Jan 3 11138 Nov 18
441
/
4 Mar 62 De
801
/
4 8212 80/
1
4 8234 8178 8278 8218 824 8214 8412 8338 841
/
4 14,500 Crucible Steel of America_ _100 7612 Oct 28 9634 Mar 4
84 Apr 8234 De
•110 112 *109 112 *110 114
110 110 *110 114 *110 114
100 Preferred
100 103 Jan 18 115 Sept 14
96 Mar 104 De
25
23/
1
4 244 241
241
/
4 2412 23
/
4 2512 2518 2618 25/
1
4 2612 14.200 Cuba Co
par
Aug
Jan
19
1812
No
8
28/
1
4 Oct 5338 Jun
3414
1
51
6
612
5,2 54
2
52
714 734
7/
1
4 71
/
4
738 712 10,700 Cuba Cane Sugar
No par
1034 Jan 5
8/
1
4 May
478 Oct 21
1112 Ja
2918 29
294 2978 3178 3178 3312 32 4 33
29
33
35
28,300 Preferred
100 28's Nov 4 5034 Jan 4
3512
June 50/
1
4 De
/
4 2114 21
22/
1912 1912 191
1
4 2178 22/
1
4 2012 2214 22
23
37,700 Cuban-American Sugar
10 1878 Nov 4 2813 Jan 3
2014 Aug 3038 Ja
100 100
102 102
.9833 100
102 102 *10013 102
102 102
400
Preferred
100 9712 Nov 1 107 Aug 11
97/
1
4 Jan 105 No
*1013 13
*11
*1012 13
13
12
1218 •12
124 *12
13
1,486 Cuban Dom'eanSugnewNo par
1512 Sept 2014 Jun
1012Nov 10 18 Jan 21
5412 5418 5558 55
66
54
55
5534 5414 551
/
4 5418 55
17,600 Cudahy Packing new
50 4312 Apr 8 5834Sept 26
5118 Nov 55 De
46
4634 4514 4612 4518 4518 4518 4518 *451
/
4 4512 4513 46
2.600 Curtis Aer & Mot Co_ _No par 4518 Nov 15 50 Oct 27
113 113 *110 114 *110 114 *110 114 *110
111 111
114
200 Preferred
100 111 Nov 12 113 Nov 1
145 145 *139 146
•140 146
142 142
142 142 *14218 145
300 Cushman's Sons
No par 103 Apr 4 152 Oct 17
7712 Star 108 Di
120 120 *11612 120 *11612 120 *1181
•11612 120
/
4 120
11612 11612
30 Cushman's Sons pref (7)_100 107 Apr 12 120 Sept 30
9978 Feb 10712 At
5112 5112 52
52
53
53
52
52
*521
/
4 53
5214 5214
700 Cuyarnel Fruit
No par 30 Apr 28 5512 Oct 11
32 Nov 51
1
4 33/
1
4 3334 33/
Ja
/
4 3312 3278 33/
1
4 3312 3338 3312 33
331
33
3,100 Davison Chemical v t e_No par 2614 Apr 28 4013Sept 24
2318 Oct 46/
1
4 Fe
123 12513 *116 117
122 123
11313 115
1141
/
4 11434 113/
1
4 115'l
830 Deere & Co pref
100 10512 Jan 3 12512Nov 14 10478 Mar 110 Nc
15718 15718 415718 160
158 158 *15712 159
15934 15934 15934 160
1,400 Detroit Edison
100 13312 Jan 21 18034Sept 10 12312 Star 14112 DI
1
4 3918 374 3734 37/
*3734 3914 37/
1
4 37/
1
4 3734 3812 3712 38
4,100 Devoe & Reynolds A__No par 361
/
4 Aug 13 424 Feb 2
*13418 135
31
135 13634 13618 13612 13614 13612 13612 13613 137
Oct 1044 Fe
140
670
Diamond
Match
100
115 Feb 28 14734Sept 20
14
1412
1414
14/
1
4 1434 14/
1418
1
4 15/
1
4 1512 171
/
4 161
/
4 17t 83,100 Dodge Bros Class
1314 Oct 19 2712 Jan 5 21-14 May liti -it;
5958 0018 5918 6012 Ws 6118 6034 6278 6258 6613 644 663 61,900 Preferred cent(A ____No par
No par 5812 Oct 19 85 Feb 14
79's May90 Jul
1034 1034 1034 1034 1012 1034 1012 11
11
1112 1112 12
21,400 Dome Mine3. Ltd
No par
7 June 30 12 Nov 18
8
Oct 20 Mt
---- ---- -3:,- -,.-..7- ---- ---- - -Douglas Pectin
No par 46 Jan 3 80 July 5
19 Star 48 Na
- --5614 584 5858 5834 5812
5714 5734 0078 011
584 5,400 Dunhill International_ _No par 49 Aug 3 6212 Oct 10
•117
11712 11712 1162*.
*115
_ _ 1171
/
4 11713 1171
/
4
1175
8
300
Duquesne
Light
1st
pref_
_100
11414
Mar
2 11758 Nov 18 111,2 Star 11834 At
170 17214 17112 17272 168 17134 16934 170-12 170 17012 10914 170
10.300 Eastman Kodak Co
/to par 12614 Jan 28 17514 Sept 20 10658 Mar 13634 Di
125 125
12512 12512 125 125
•125 127
1251
/
4 12514 *1251
/
4 127
100 Preferred
100 11914 Jan 10 13112 Oct 31 115 Apr 11712 0(
22
22
2214 2214 23/
2158 2214 22
1
4 2314 2312 23/
1
4 2338 4,700 Eaton Axle dr Spring_..No par 21 14 Oct 28 2934June 20
23
Oot 3234 Fe
31712 321
319 32714 31934 32634 323 32614 322 325
31714 320
33,300 El du PontdeNern new-No Par 168 Jan 25 34378 Oct 4 154/
1
4 Nov 18112 Di
•114 11412 *114 11412 114 114
11412 11412 11414 11414 11412 115
600 67 non-vet deb
100 10512 Feb 5 116 Oct 20 10034 Apr 11018 Di
1114 1114
1114 1114 *1113 1134 1114 1112 104 1114
*1114 12
Eisenlohr
800
& Bros
25 104 Nov IS
1034 Oct 2013 Fe
1612 Feb 15
96/
1
4 97/
1
4 9634 9712 97
99
9778 9812 97/
1
4 9878 9813 994 22,400 Electric Autollte
No par 6312 Jan 13 100 Sept 6
6134 Star 82 Fe
174 1758 16/
16/
1
4 17
1
4 173s
16/
1
4 1713 1558 164 15/
1
4 16
28,600 Electric Boat
1312 Mar 2 2212 Aug 15
No par
4 Star
18 Di
2712 2734 271
/
4 2734 27/
2714 274 2738 28
1
4 28,4 27/
No par
1
4 281s 33.500 Electric Pow dr LA
1612 Jan 27 2912 Oct 1
1514 Oct 341
/
4 Fe
•11812 120 *11812 120 *11812 120 *117/
1
4 120 *11812 12018 *11812 120
Allot ars tor ptef 40% pd._ 10378 Jan 28 119 Sept 30
9912 Mar 115 Fe
106 106 *105/
1
4 1011
10558 10538 105/
109 106
1
4 105/
1
4 10534 106
Preferred
1,000
No par 96 Jan 14 10812Sept 12
8912 Star 9814 Bei
888 918
9
9,4
84 9
838 9
813 834
8
878 25,000 Electric Refrigeration_No par
534 Nov 4 37/
1
4 Jan 3
33/
1
4 Dec 7812 Jur
,en
7074 7014 71
711, 7278 72
7110 711, 71
71
711, A Ann WU., Atornon Matta!, Itro nor 63141\144v 3 701. Inn it
711
/
4 Moro
• Bid and asked prices; no sales on this day, z Ex-dividend. a Ex-rights.
New York Stock Record--Continued-Page 4
2784
For sales during the week of stocks usually inactive, see fourth page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT. I Sales
for
the
Friday,
Tuesday, !Wednesday, Thursday,
Saturday,
Monday,
Week.
Nov. 17. I Nov. 18.
Nov. 15. I Nov. 16.
Nov. 12. I Nov. 14.
STOCKS
NEW YORK STOCK
EXCHANGE
Industrial & Misc. Par
$ per share $ per share $ per share $ per share S Per Share 3 per share Shares
Elk Horn Coal Corp...NO par
9
9
*4
9
*5
9
*5
*5
*5
9
50
80 Preferred
*1618 18
*1618 18
*1618 18
*1618 18
18
1814 *1618 18
612 678 2,100 Emerson-Brant Class A.No par
534 612
438 438 *418 412
412 518
2 4l..,
No par
Emporium Corp
32
*30
32
*30
*30
32 1 *3034 32
*29
32
*30
32
6,700 Endicott- iohnson Corp.__ 50
7612 7512 76
7414 74
7412 7378 7414 7414 7412 74
*73
100
100 Preferred
•124% 12434 *12418 12434 *12418 12434 *12418 12434.12418 12434 12418 124%
7,600 Englneera Public Serv__No par
3612 3678 3512 3612 3513 36
37
3738 37
3718 3634 37
par
No
1,400
Preferred
*107
10734 10734
107 107
10718
10714 107
•107 10712 107 107
5
3338 x3258 3314 3218 3378 3338 3334 3338 337s 9,400 Erie Steam Shovel
3234 3338 33
5
3
11,400
Certificates
333
4
3312
x325
8
323
4
323
4
333
4
3314
33
4
3318
327
8
327
8
325*
100
Preferred
*109 112 *110 112 *10834 111 1*10834 111 *108 112 *108 112
8.100 Equitable Office 11101r__No par
9138 9278' 9212 9338 9112 9214 9112 02
89
90
88
88
7278 7278 *7214 7234 1,100 Eureka Vacuum Clean_No par
7312 7334 7212 7312 7314 7314 *7212 73
Exchange Ituffet Corp_No par
19181 *1812 1918 *1812 1938 *1812 19
*1812 1.938 *1812 1912 182'*
No par
3114
3234 3312 34
3518 3,600 Fairbanks Morse
3114
3034
3318
3312
*33
3312 3312
100
100 Preferred
*108
____ 108 108 *103
*108
*108
____ *IN
28.100 Famous Players-Lasky_No par
10834 10978 1078* 10878 10712 103
10914 110
10912 110
10834 110
100
3,000
Preferred
(8%)
1203
4
1203
4
1207
8
1203
121
4
121
1203
4
1203
4
12112
•11934 12112 12112
15
39
3858 385* 3838 38% 1,500 Federal Light & Trac
39
3878 39
39
40
4014 39
No par
110 Preferred
9612 99
99
99
99
39834 99 I *97
99
99
*9818 99
500 Federal Mining & Smelt'g_100
144 144 *135 155
150 156 ,*135 150
156 156
151 151
100
Preferred
*9412 9612 9512 9512
*9412 9612 *9412 96
96
9512 9512 96
1818 1814 2,200 Federal Motor Truck_ .No par
18
1834 1834 1818 1814 18
*1812 1912 1734 18
V.
N
25
Phen
Fire
Ins
of
Fidel
3,000
165
4
165
1673
4
1673
169
1693
4
16114 16114 16234 16514 166 16812
No par
1238
Fifth Ave Bus
1238 *12
1238 *12
1238, *12
1314 *12
*12
1314 *12
700 First Nat'l Pic. 1st pref. _100
10312 10412 010434 107
102 102
10212 103
•10114 102 :3,10114 102
No par
27
27
2734 2714 2734 8,300 First Nat'l Stores
*26
2618 2538 263g, 26
26
26
No par
1518 1518, 1518 1538 1518 1538 1514 1512 1512 1578 1538 1534 9,900 Fisk Rubber
100
preferred
stamped_._
300
1st
90
90
90
9312
90
9312
*89
*89
92
9112' *89
*90
100
011 preferred cony
*92
96
96
9612 *92
9612 *92
9612 *92
9612 *92
*94
6778 67
67,
4 44,200 Fleischman Co new _ _ _.No Par
67341 67
6734 6814 6714 6814 67
6712 68
par
No
Foundation
Co
2,700
41
*393
4
40
40
40
40,8
41
4314 4014 41
4278 44
22,200 Fox Film Class A _ _ _ _No Par
7478 7634 7618 77
75
7433 74
74
7334 7418 74
743
100
180.Franklin-Slmon
pref
111
011018
11214
11278
11214
11212
113
1117
8
1117
8
*1103
4
1117
8
•11034
Aro par
91
9538 9314 95181 9312 9658 9534 98 124,600 Freeport Texas Co
92
91
92 1 91
No par
35
34
3434 34
3578 32,700 Gabriel Snubber A
36
36121 3112 3578 3234 3378 33
par
No
Gardner
Motor
12,500
9
10
93*
9,8
834 834
8121 *8
812
818 812
*8
6138 17,600 Gen Amer Tank Car__.No par
*5714 5834 5714 5814 5812 5834 5812 5812 5831 6012 60
100
Preferred
*110
111
111
111
*110
111
*110
*110
.*110
113
*110 111
100
62,600 General Asphalt
87 1 8312 8514 8214 8434 8212 85
83
8378. 8312 8714 85
100
200 Preferred
127 127 *125 130
*123 130 , 130 130 *125 130 *125 130
par
_No
Baking
pref.
General
20
*136
1373
4
1373
4
1373
4
*131 13734 *131 13734 *136 13734 *136 13734
7218 7278 7212 7334 6,000 General Cigar. Inc new_No par
7312 7358 7212 73Q 7212 7212' 7212 73
Mt
100 Preferred (7)
_ *125
*123
____ 123 123 *125
*5812
5912 5834 5914 2,600 Gel, Outdoor Adv A,..No par
597
8
5812 59
59
5812 59
*5812 -59
5634 5758 12,500 Trii*t certificates_ _ _ _No par
5658 5738 56% 57
58
5855 5658 5858 57
58
12958 131 1 12912 13178 131 13358 13014 132% 12934 13112 130 13178 86,700 General Electric New..No par
1114 1138 4,300 General Electric special....10
1114 1114 1114 1114 1114 1138
*1118 1114' 1118 1114
500 General Gas & Elec A..No par
3718 371s
38
38
37
37
37
37
*3612 38 • *3612 38
Gen Gas dr Eller DI A (7) No par
10912
*109
109
10914
10912
10912
*109
*109
10912
*109
10912
*109
No par
12312
12312
100 Preferred A (8)
*122 12312 *122
•121 12312 *12112 12312 121 121 *121
No par
200 Preferred 15 (7)
104 104 I 104 104 *104 105 •104 105
*103 104 *103 104
new.
.25
General
Motors
Corp
713,300
13178
312912
1347
8
133
134
1325
8
13114
1343g
13214
13112 13258 13013
loo
5,000 7% preferred
124 1243g 124 12438 124 12412 12438 12458 12412 12434 124% 125
Gen Motors Corp 6%deb pf100
*108
_ *108
____ *108
__ *108
*108_ *108
_
__
.No
par
Signal
new
46,800
Gen
Ry
123
11912
118
122
12018 12238 120 12238 12018 12334 12018 1221-4
6734 6618 6931 19.200 General Refractories__.No par
6334 65% 6454 6714 66
64
621 3 6212 63
96
98
9634 6,600 Gillette Safety Razor_No par
9618 968 96
9712 9758 9612 9738 9634 97
No par
39
40,4 46,000 Gimbel Bros
42
4034 421z 4134 4278 4112 4212 4158 4258 40
100
1,5001 Preferred
97
9714 9712 97
98
*9612 98
9512 9618 96
96
96
par
No
Gltdden
Co
1
16,100
173
4
177
177
8
8
175
8
18
17
17 4 1778
1734 18
17% 18
3501 Prior preferred
100
9078 90%
*9034 91
9012 91
9034 91
9034 9034 9034 91
.No
Dust
Corp
v
t
c__
par
30,000
Gold
6618
6712
66%
6612
677
8
677
8
6612
67
66
677
8
66
6512
8038 7814 79% 42,400 Goodrich Co (B F)____No par
,79
7512 7634 7612 7734 7718 7734 7658 80
100
700 Preferred
107 10712 *107 108
106 106
•106 107 *106 107 *106 107
PER SHARE
Range Since Jan. 1 1927
On basis of 100-share lots
Lowest
$ Per share
8 Oct 24
17 Nov 2
3 Oct 8
30 July 15
6434 Jan 28
11638 Jan 5
2134 Jan II
9334 Jan 8
2434 Jan 3
3012Sept 9
101 12 Jan 6
84 Sept 20
50 Aug 12
1518 Jan 25
3014 Nov 15
10718 Feb 7
92 July 28
11478July 28
3712 Jan 17
9112 Feb 23
60 Feb 9
7512 Jan 28
1734 Nov 14
9312 Feb 3
12 Oct 14
9712 Jan 13
1914May 11
1434 Oct 13
81 Jan 5
9412Juiy 5
4618 Feb 1
35 Nov 9
50 June 28
10912 Jan 17
3414 Jan 4
2918 Jan 3
612 Jan 27
46 Jan 3
10638 Mar
65 Aug 27
10714 Aug 27
11812 Apr 5
52 Jan 26
116 Jan 5
5458 Apr 11
37 Jan 18
81 Jan 27
11 June 21.
34 Apr I
100 Jan 3
11314 Mar 22
96 Jan 13
11314 Aug 19
11812 Slur 9
104 Mar 7
8218 Jan 14
38 Jan 14
9534 Nov 3
3712 Mar 24
91 Nov 2
1412May 21
86 Aug 17
42 Mar 9
4234 Jan 3
95 Jan 3
483* Aug 31
9212 Nov 2
5738 Jan 12
58 Jan 12
104 Jan 26
4 Oct 27
3118 Jan 27
36 Oct 22
11612 Feb 26
2914 Jan 27
7 Oct 18
957 Jan 24
40 Oct 11
22 Aug 2
56 Jan 31
2212 Oct 14
20 Aug 12
1512 Feb 15
7612 Jan 14
11814 Jan 11
22 Jan 31
3114June 3
60 Jan 25
4314 Jan 3
60,8 Jan 11
3134J1Ily 11
4814 Jan 24
16 Oct 20
1758May
13 Mar 30
92 Jan 17
712May 12
714June 20
99 Oct 18
87 ,
1 1.0, 15
10634July 27
41 Feb 15
III Jan 3
12/2June 27
LI Nov 2
618 Apr 23
33 Mar 20
5318 Jan 13
4514 Jan 21
100 Oct 21
4018 Oct 29
29,000 Goodyear T & Rub____No par
No par
5,800 131 imd
4,800 Gotham Silk Hosiery_No par
No par
3,900 New
500 Preferred New
100
7,200 Gould Coupler A
No par
10,200 Granby Cons M Sm & Pr_ 100
16,000,Great Western SugarnewNo par
2901 Preferred
100
36,300,Greene Cananea Copper.. _100
3,200,Guantanaino sugar.
._.No par
501 Preferred
100
100,
8,000 Gulf States Steel
25'
10 Hackensack Water
150 Hanna lot pref class A_ _ _ _100
100 Hartman Corp class A_No par
No par
2,000: Class Il
•
No par
Mayes Wheel
25
200 Helme (0 W)
*115 122 1 115 115 *115 120 *116 120 *114 124 •114 124
100
1 Preferred
*12212 130 *12212 130 1.'12212 130 *12212 129 *12212 129 *12212 129
No par
33
1,400 Hoe (RI & Co
2718 28
27
2714 2838 285* 30
*2814 30
28
28
3.5
3518 1,400 Hollander & Son (A)_ _ _No par
3518 3612, 3534 3614 *3518 3612 *35
36
*3512 36
100
300 Homestake Mining
4.71 7112 *71 7112 *71 7112 71 71 *7014 71 37014 7014
6712 6614 66,4 8,300IHouseh Prod.Inc tern ct(Nopar
6758 6778 67
68
6614 6712 6714 6938 x67
tern
gtIs100
Houston
011
of
Tex
8
1
132,900
1573
4
1627
16312 16514 16112 16414 16112 16378 154 16078 156 160 4
No par
4,000 Howe Sound
3812 39
3814 3814 3834 391, 3834 3918 3878 3878 3812 39
7214 114,200 Hudson Motor Car....No par
6914 68
6738 6812 6712 6858 6758 6934 6814 6914 68
10
2218 2234 2238 2418 2378 2618 258 2612 253* 2614 26% 2814 361,400 Hupp Motor Car Corp
15,100 Independent 011 & Gaa_No par
2638 2618 2634 2612 2634 26% 2658 2534 2618 2512 26
26
No
par
3284
Indian
Motocycle
33
1,200
33
33
33
33
33
331s
*3258 3278 3234 33
Preferred
100
98
*96
98
*9534 98 .96
*9534 98
*9534 98
*9534 98
10
9% 9% 4,400 Indian Refining
8
884 9,
9
9
834 9
9
9
834 9
10
87
*854 878 1,600 Certificates
834
73
834 *818 834 *8
*8
8
8
Preferred
100
*09 104 *101 104 *102 104 *101 104 *101 105
*101 104
new...
_
_No
par
Ingersoll
Rand
_
8712
500
8712
89
*86
92
I
*86
87
8612
89
*86
90
*87
Preferred
100
*11018 114 *11018 114 *112 114 1 *112 114 *112 114 *112 114
No par
*52
53
3,700 Inland Steel
53
5312 *52
5314 53
5314 353
5212 53
52
300 Preferred
100
116 116
116
116 116 I 116 116 !*____ 116
*____ 116
19
2014 6,600 Inspiration Cons Copper _20
1878 19
1878 1912 1918 1914 1812 19
*1834 19
Interco:WI
_No
par
Runner_
.
_
14
1*
35,200
153
4
1312
1314
14
1212
1214
*113
4
1218
12
1214 1214
1058• 1058 1,700,Internat Agricul
111g
No par
1134 1158 1158 *1112 1134 1038 1114 11
11
100
3,000 Prior preferred
53
5334 *52
5312 *52
5834 5334, 53,2 5334 *51
50
50
10038 10034 1003g 10038' 100 10014 9914 10038 9814 993: 9812 10034 10,100 Jut Business Machines_No par
5614' 5534 5638 5578 5614 3,300 International Cement. No par
56
5578 5578 5518 5514 553* 56
100
600 Preferred
111 12 11112 *111 12 112 1 11112 11112 11112 11112
11112 11112 *11012 112
4914 99,700 Inter Comb Eng Corp_.No par
347
475 49
488 4918 5()14 4814 50
461s 4658 46
Preferred
1013
8001
100 101 Oct 10
4 10178
*10134 10178 10158 102 *101 10172 *101 10178 10134 10134
41,400 International Harvester_ _100 13538 Jan 18
240 24672 242 24378 242 247
24418 249
241 12 249
236 242
Preferred
1,800
100 12634 Jan 12
13412 13434 13434 13434 135 135 *134 135 1 1345* 13412 13334 13384
4
1,000 Int Mercantile Marine__ _ 100
4
312 Oct 28
33* 378
331 334'
334 334 *334 37
334 334
Preferred
383
8
100
3212 Oct 28
393
8
377
8'
3714
28,6001
3814,
3712
383
4
37
37
3618 37 1 36,4
8934 9234 37,800 International Match pref. _35 62 Mar 2
9034 9218 9034 92,4 8958 91341 893g 9112 8912 91
6612 6832 6714 6818 58,000,Internationa. Nickel (The).25 3814 Jan 3
6678 6618 6714 6634 67141 6638 67
66
6814 7138 81,000 International Paper...No par a3912May 18
69
6914 6714 6858- 6734 6834 68
6838 6938 68
10 Preferred (6%)
100 8514July 22
9814
9614 9614 *97
_ _I *96_
_ _ *96
*9512 _ _- *96
100 9612 Jan 3
10618
10638 12,400 Preferred (7%)
106
1053
8
I
6
5
3
4
1057
8
10512
10514
1053
8
10472 10478 10512
50 International Salt
100 63 Sept 29
65
*66
68
65 I 6512 6512 65
*6312 66 I 6334 6334 65
International
Shoe__
234
*220
200
__No
par 160 Jan 21
234
232
240
*230
,
231
*210
234
*230
230
230
2,600 International River100 13512Mar 21
*190 19334 192 19612 x196 19712 195 198 *190 194 *190 195
50 Preferred
100 109 Mar 21
125 12514 *12534 126
126 126 *125 128 ,*12514 12614 *12514 126
Internet Telep & Teleg _ _ _ _ 100 12214 Jan 25
15012 15138 15058 15212' 151 15214' 15038 15178 15012 15214 15112 15178 13,400
No par
5001 Intertype Corp
1912 Jan 31
*27
28
30
30 I 2612 2612' 2712 27121 2712 2712 .27
*25
2,200
Island Creek Coal
I 4812 Mar II
62
6112
6112
6012
6012
6012
60121
I
60
63
*59
63
*59
Tea,
Inc
No par 5312 Jan 3
4,4001Jewel
7118
7014
70
71,2
7158 73
7234 73
73
7212 7212 73
11812 *115 11812
Preferred
100 111 12July 25
*115 11812 *115 11812 *115 11812 *115 11812 *115
Jones & Laugh Steel pref..8011117 Feb 2
12078 12078 12014 12014 12014 120141 12012 12012 *12014 12012 12014 1201,
105* Jan 3
2678 2678 2634 2858 5,900 Jones Bros Tea, Inc.._ .No par
26 1 2614 273* 2612 27
25% 26%, 26
No par
1258.1nly 6
1612 10,600'Jordan Motor Car
14121 1412 1458 1458 1712 1534 1612 16
*1334 14 1 14
City
P&L
lot
ANo
100
Kan
par
112
Feb 10
11534
pt
*115
*115
11534
•115i2 116 *11512 116 1 116 116 *115 116
• Bid and asked prices; no sales on this day. 3 Ex-dividend.
5512
93%
*7712
7834
•116
534
35
3618
11714
83 8
734
*100
44
*1934
*61%
*2312
2034
5812 5614
94
94
79
79
7834 78
118 *116
534
534
3514 355*
3612 36%
117'4F 11714
847
, 8338
784
734
10434 *100
4412 47
2334 *20
*6118
62
24
2312
2112 2078
5914
5718 -56
5714 56
9458 9514
94
9378 95
7758 78
79
7912 79
7812 7712 7758 77% 785*
11712 .116 11712 *116 11712
714 758
714 8
7 1
3558 35
3514
3534, 35
3778 3814
38
3713. 37
117141 11778 118 *11812 11934
823* 843* 8114 8334
85
784.
734 8%
812 878
104341 10434 105 *101 105
4812' 4938 5312 5018 52
2334
2334 32334 2334 *20
6178 62
*6112 62
62
*2318 24
2312 *2312 24
2178 2112 2112 207 2138
5814 5914 5814 5934
9458 055* 9534 9558
7734 7838 7718 7712
7714 78% 7634 7634
117 1171 2 *116 11712
1012
9
838 834
3534 3512 3634
35
3718 3778
3712 38
11812 11812 11812 11834
8212 8338
82
84
*814 9
878 9
105 105
101 105
4914 5078 4914 50
2334
*20
2334 *20
6112 6112 6112 62
*2234 2378 *2234 24
x2038 2078 2058 2178
2501
Highest
PER SHARE
Range for Previous
Year 1926
Lowest
Highest
$ per share $ per share $ 110r share
1558IMay 27
814 June 1638 Oct
2734May 27
21 Mar 3018 Oct
13 Apr 14
814 Dee
614 Dec
3712 Mar 16
758 Feb
72
80 Sept 8
6512 Mar -7
125 Sept 15 114
Jan 120 Sept
1914 Oct 2412 July
3958 Oct 8
10818 Sept 20
9214 Nov 9612 Aug
34",Sept 26
2112 Oct 2558 Nov
3478Sept 6
11358 July 22 100
Oct 102 Nov
9318Nov 16
9978 June 13214 July
77 Aug 6
43 May 6838 Dee
Apr
1934May 21
17
1434 July
4312May 11
3758 Dec 5934 Feb
112 Mar 2 10612 Nov 115 Feb
11434 Feb 24 10318 Jan 12712 June
12438 Jan 12 115 Mar 12412 Deo
47 May 3
28 Mar 4712 Deo
100 Aug 25
86 June 94 Dee
187 June 164 41 May 11134 Jan
Jan
97 Mar 12
61 Mar 105
3078 Jan 10
Oct 3438 Aug
23
193 Jan 6 160 Apr 20014 Jan
1478May 31
14
Oct 2158 Feb•
Feb
10412Nov 17
96 May 107
30 Feb 7
28 Nov 4938 Feb
20 Apr 20
1414 May 2614 Jan
100 Sept 19
7678 Apr 8414 Mar
102 Sept
94 June 107 Mar
6858 Nov 7
3214 Mar 5612 Feb
8858 Apr I
7314 Dec 17934 Jan
Jan
77 Nov 18
5518 Mar 85
115 Aug 5 106
Jan 10934 Nov
98 Nov 18
1.038 Jan 36 Dec
255,Nov 42 Feb
59 Aug 5
1214 July 20
9% Jan
5,
8 Nov
6238Sept 7
39 Mar 5538 Jan
9912 JULIO 109 Dee
1.1212Scpt 28
9634 Star 2
50 Mar 9414 Aug
u478 Mar 140 Aug
14478 Mar 2
140 Oct 18 107 June 120 Mar
46 Mar 5912 Feb
74 Nov 10
Jan 118 Deo
136 Sept 22 109
51 Mar 56% Aug
51(7s Nov 16
26% Mar 3978 Dec
5878 Nov 10
79 June 9512 Aug
14838clept 7
11
1134 Dec
Jan
1138 Jan 5
Jan
34 Star 59
4712 Feb 2
95 May 100 Dee
110% Oct 7
121 Nov 15 10512 Apr 113 Sept
Jan
9214 Apr 96
105 June 22
141 Oct 4
125,,, Oct 4 1-1-31-2 -Jan 12214 Dee
9814 Apr 105 June
10 112Sept 24
6012 Mar 9378 Aug
15314Sept 6
36 May 49
75 June 1
Jan
10912 Oct 1
Nov 787,
51 Sept 17
10812July 14 100 Nov 11138 Jan
1538 June 2534 Jan
22 Mar 10
101 June 14
4112 Mar 567* Feb
69% Oct 10
3912 Nov 7034 Feb.
8518 Sept 23
9412 Dec 100 Feb,
1093., Sept 26
-aa;
6538Sept 26
9714 Oct 5
8278 Sept 2 1
82 Sept 29
122 Sept 29
1012 Nov 18
45 May 26
4458Sept 21
123 Sept 7
86% Oct I
II14May 31
105 Nov 15
64 Feb 28
27 July 7
67 Jan 19
2714 Mar 29
2938 Apr 18
2812 Mar 31
125 Oct 5
130 July 6
4178July 6
4034 Oct 13
75 Oct 24
7018Nov 7
175 Oct 10
42 Sept 20
91 12 Aug 2
2814 Nov 18
3234 Feb I
3 78 Sept 30
100,8 Oct 7
1218 Sept 8
12 Sept 8
112 Star 11
9612 Apr 2
120 Mak 5
5512July 25
118 Oct 17
2512 Jan 12
1534Nov 18
1 25* Aug 23
6612May 26
101 12Nov 10
65385lay 31
112 scot 23
64 Mar 1
102 Oct 28
249 Nov 14,
135 Nov 15
834May 27
5538May 31
93 3 Nov II
75 May 31
71 Nov 18
9612Sept14
106 4N13V 18
72 Jan 21
239 Oct 27
198 Nov 1(1
128 Oct 17
15878 Sept 14
3912June 18
67 Sept 6
7334 Nov 7
12512 Mar 15
123 Oct 11
31.158June 27
2212 .1an 5
116 Oct 11
13.1-4 Kfai•
4712 July
8
Oct
1618 Mar
Nov
687 Nov
-2112 Jan
3672 Deo
it5W2 Kfai 11814 July
934
578
90
5138
Apr
Jan
Mar
Oct
3434
1078
9578
93%
Dec
Feb
Des
Jan
45 JUDO -6011 -he;
26
Oct 2812 Nov
2438 Dec 30 Sept
Jan
1718 Dec 46
68 Mar 88 Dec
115 May 119 Nov
1712 May 3512 Aug
471a Jan
-6"5" Oct
40 Mar
5014 Mar
27
Jan
4034 Oct
17 Mar
19,
8 Mar
1412 Dec
95 Dec
734 Oct
712 Oct
SO May
8014 Mar
102 Feb
3412 May
10834 Mar
2014 Mar
12 Dec
918 Dec
5638 Dec
3818 Mar
44% Oct
10178 Oct
3312 Mar
48% Jan
Jan
71
45 Sept
12314 Jan
2858 Jan
Jan
34
2414 Feb
100 Feb
13 Feb
1212 Feb
Jan
104
Jan
104
106 Sept
4334 Deo
115 Feb
28% Nov
2134 Feb
2614 Jan
95 Jan.
567s Deo
7178 Jan
Jan106
5l3 Jan
1124 1Mar
158's DeC
118
Jan 129 De0
6 Sept 1238 Feb
27 Mar 4638 Feb
5312 Mar 6638 Feb
3238 Mar 4614 Jan
4418 Apr 6334 Aug
89
75
135
May iso
Aug 75
May 175
Dec
Aug
Jan
133 -3;1;
Jan
1812 July 29
----fie;
Jan
25
11512 Jan 12712 Nov
Jan 12(1 Aug
114
1912 Feb
9 Dec
Feb
12 Nov 66
10714 Mar 115 Nov
ill" -Kitt',
New York Stock Record-Continued-Page 5
2785
For sales during the week of stocks usually inactive, see fifth page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Nov. 12.
Mondall, i
Nov. 14.
Tuesday, 1 Wednesday, Thursday,
Nov. 15.
Nov. 17.
Nov. 16.
Friday,
Nov. 18.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1927
On basis oil00-share lots
Lowest
Highest
g Per share $ Per share ! $ per share $ per share $ per share $ per share Shores Indus. & Miscel. (Con.) Par $ per share
S per share
6172 6212 63
64% 6212 637. 6112 6258 6152 6214 6112 6234 26.300 Kayser (J) Co v t c _ _ __No par 49 Apr 29 6438Nov 14
3052 3132 3052 317
25
32
3014 3114 3014 3052 73.500 Kelly-Springfield Tire
31
3214 31
912 Jan 27 3214 Nov 15
967 967 .93
97 .96
400 8% Preferred
97I .94
96
9534 9534 954 957
100 35 Feb 2 102 Sept 21
09012 92
9134 92
93
500 6% preferred
9234 9234 91
*903 02 .90
100 44 Jan 19 9712Sept 26
91
•20
204 20
2114
1,400 Kelsey Hayes Wheel_..No par 19 Oct 19 27 July 11
20
2114 *21
21
2012 21 I .21
22
785, 7918 79
8018 79% 80
No par 60 Feb 9 8018 Nov 14
8018 794 794 75.600 Kennecott Copper
79
794 80
Keystone Tire & Rubb_No par
I Mar 11
'*June 3O
'2914 30
2912 2912 361 -3-61-51 ;35T4 365, 30
300 Kinney Co
30 .30
1934June 28 45 Jan 5
36%
No par
82
8255 82
83% 8314 8312 8314 8312 8112 83
570 Preferred
7914 83
100 58 June 29 8412 Apr 8
1 50% 5012 5012 5012 50121 5012 5052 52
50,
2,100 Kraft Cheese
5314 5275 53
25 49 June 16 8278 Feb 25
7314 7412 73
74
1,700 Kresge (SI 5) Co new
73
7214 72% 7218 73
10 45% Jan 28 7714Sept 8
74 I 7214 73
11512 11552 11612 117
280 Preferred
118 118
100 11018 Feb 9 11,8 July 18
117 117 *11512 11634 *11512 11634
•1212 14
.1212 14
12
300 Kresge Dept Stores___ _No par
1212 12
1212 1212 .12
10 June 28 1712 Feb 8
1212 .12
*45
48
*45
150 Preferred
*44
45
46
*45
45
45
100 4.5 Nov 7 80 Jan 4
46 1 *45
47
*9434 95
95
95
1,000 Kress Co new
Vs par 59 Jan 28 10512SePt 8
94
9412 *94
9834 9634 98
96
95
4215 225 *210 218 *210 225 *210 225 *210 225 .210 225
Laclede Gas L (St Louts) __100 17334 Jan 27 26712June 2
•10278 105 *10278 105
10 Preferred
10278 10278 *102 105 *102 105 *102 105
100 95 Jan 5 130 May 7
3514 3614 355, 36
41,300 Lago 011 & Transport_No par 2012 Jan 13 37%Nov 15
3512 3734 3612 3734 3658 3714 3614 37
8138 8234 8218 8234 8312 845, 28315 8334 827g 83% 8112 82% 17.900 Lambert Co
No par 66 Jan 28 8812 Oct 28
01334 14
134 14
13 I 1,900 Lee Rubber dr Tire___ _No par
1358 13
*13
7 Jan 4 15 Sept 23
1312 1314 1318 13
3934 4055 3975 41
73912 4118 40
No par 3258 Apr 27 43 Nov 9
4012 3912 4018 397 40% 10,000 Lelin & Fink
*2112 2212 2212 23
2212
2218
227
5 2,900 Life Savers
2212
2014 Sept 16 24% F., 17
No par
22
2253 .22
22'l
122 122
12012 1227 r1205, 12114 12038 12114 120 122
12034 12214 3,200 Liggett & Myers Tobacco_ _25 *874 Feb 10 125 oept 30
12114 12272 120 1227 .121 1217 120 12152 11912 12314 12012 12214 31,700 Series 18
25 *8658 Feb 10 128 Oct 4
.13.3 135
134 134 *133 135 *133 135
200 Preferred
.100 12434 Jan 27 13412 Oct 14
13412 13412 *133 135
55
55
4.700 Lima Lot Wks
*57
5512 57 I 554 5614 5612 57
59
No par 41 Oct 29 76% Apr 26
5713 59
5212 527
53
54
525, 54% 534 54% 5234 5312 .53
53% 7,700 Liquid Carbonic certifs.No par 4534 Sept 19 5938 Feb 14
5512 5014 56
56781 553, 5618 5513 56% 5512 57% 5814 56% 29,000 Loew's Incorporated__.No par 4878 Jan 4 83% Mar 17
5
53
54
54 513' 54 54
No par
5 Oct 17
758 Jan 20
54 538
514
5% 534 3,900 Loft Incorporated
*8012 31
*3018 31 I 30
2934 294 2912 1,500 Long Bell Lumber A _ _No par 29 Nov 17 43 Mar 7
29
3012 277 30
50
504 51
5118 4912 5012 4918 504 4958 5234 5212 56,4 81,800 Loose-Wiles Illscult new..... _25 z3512July I 564 Sept 6
•12014 12013 12014 12014 •12014 12012
100 118 Jan 4 122 Sept 29
90 1st preferred
12014 12014 12014 12014 120 121
100 157 Mar 11 171 May 7
2d preferred
4034 4134 414 43
25 2312May 2 475,July 28
421-2 4434 4312 4514 4234 44% 4258 4334 180,400 Lorillard
•11212 113
113 11312 *11212 11312 •11212 11312 •11212 11312 *11212 11312
200 Preferred
100 107 June 27 11813 Jan 13
1058 1034 103 107
10 Oct 21 12 Aug 16
8,100 Louisiana 011 temp etfs_No par
1034 107
1058 11
1058 105a 107 11's
100 86 Oct 20 97 Feb 5
20 Preferred
*8812 89
8914' *88
.88
89
8914 *88
89 I 88
88 .88
2634 27
2678 26781 2634 26781 2653 267
26% 2678 2653 2634 2,300 Louisville & El A _ _ _No par 2358 Jan 3 28 May 10
2313 24
No par 20 Oct 28 3314 Mar 18
2412 2412 6,200 Ludlum Steel
2312 25
2412 25
24
2434 244 25
*4314 44
43
4318 *43
44 I 4418 4412 4414 4414 4412 4712 2,000 MacAndrews & Forbes_No par 43 Nov 14 4712 Nov 18
100 105 June 27 134 Aug 24
2,000 Mackay Companies
1204 12014 119 11934 11714 11714 11712 119 1 11913 120
120 120
*70
100 67 Aug 2 74 Aug 18
71
200 Preferred
*6912 71
*70
71 1 70
70 ' *6912 71 I *6912 71
10118 1017 10053 101341 10014 103781 10234 10475 10334 10512 104% 10812 127.900 Mack Trucks, Inc
No par 8814 Jan 24 11834May 23
*110 112 .110 112 *111 113 .11012 11212 .111 113 *11012 11212
100 109 Jan 25 I1318July 19
let preferred
me34 90912 *10634 108 *10634 1083 *10634 10734 *10634 10784 10634 106%
100 102 Jan 18 10712June 9
100 2d preferred
0925 233 *225 230
No par 124 Jan 6 242 Nov 16
1,100 Macy Co
235 24014 241 242
235 235
235 242
254 2534' 2538 2534 2512 2534 25
2412 24% 6,400 Madison Sq Garden__.No par 2013 Aug 3 2858 Oct 14
2534 2472 25
496g 5012 50's 5118 5012 5158 4912 5034 5012 51% 51
5134 35,000 ?Amnia Copper
No par 2912 Feb 9 5178 Nov 14
•16
16121 1512 1512 1434 1514 15
11 12 Apr 7 183413ept 8
15
1512 1,900 Mallinson (II R) dr Co_No par
15
15
15
*7614 79
100 8634 July 15 80 July 27
370 Preferred
80
*7612 79 I 78
8012
80
80
80
79
80
27
30
200 Manati Sugar
100 27 Nov 18 46 Feb 7
27
291 2934 *28
27
32
*29
32
32
*29
*47
65
*48
100 48 Oct 24 77 Feb 23:
67
*52
57
55 I *50
*52
Preferred
57
59
*52
4334 4334 4312 4371 44
No par 4078 Oct 28 49% Aug 17
4212 421
1,700 Mandel Bros
42
42
4434 43
431
4512 46
46
4612 4612 48
29,600 Mash Elec Supply___ _No par 43 Oct 25 132 Aug 5
47% 53% 5314 5434 5418 57
*3114 317
315, 3138' 31
34%July 21
25 2414 Jan 1
9,800 Manhattan Shirt
3112 313
33% 3234 3334 3134 32
.48
58
*48
58
60 Oct 19
Manila Electric Corp. No par 40 Jan 2'
*50
58
.48
58
58
.48
58 .50
•1234 13
1214 1214 1212 1212 .1252 13
12 Oct
224 Jan 18
12% 123
1300 Maractibo Oil Expl_ __No par
1212 1318
3552 3612 3575 3638 36
67,200 ?garland Oil
No par 31 June 27 5813 Jan 17
3614 36% 3618 37
3712 3635 37
.4214 43
4178 42 I 42% 4278 4212 454 443 454 454 461
53',July16
5,000 Marlin-Rockwell
No par 27 Jan 1
981g 19
•19
1658June 29 2434 Feb 24
1914 718
1,400 Martin-Parry Corp.__ No pa
1758 173
1818 18
17% 177
18
122 127
125 12838' 12014 1257 11914 12534 12134 12312 12112 1221 12,700 Mattileson Alkali Workallo pa
82 Jan 6 128%Nov 14
117 117 *111 118 .111 118 *111 118 1.111 118 *111 118
140 Preferred
100 103 Jan 7 117 Nov 12
, 8918 905, 18812 89
883 893
87
88
87721 8634 88
18,500 May Dept Stores new
2
6634June 28 90%Nov 14
87
*304 31
31
315, z3058 3034 3014 3034 3014 3012 301g 301
4,200 Maytag Co
No pa
23% Jan 15 3414 Aug 10
*8012 834 8014 83 I 8014 8014 181
831
83
*81
410 McCrory Stores class A.No part 55 Mar 3 86 Sent 7
8334 481
08512 8712 86
87
8613 87
85% 8634
86
8612 •857 86
1,2001 Class D
No-par 5612 Mar 4 91 Sept 7
'208 110 *10812 10918 *1084 10915 10918 109/2 110 110
110 110
3001 Preferred
100 97 Mar 9 11612Sept 4
*27
28
.2712 2812 .27
28
2712 2712 2734 2734 27% 27% 4,900 McIntyre Porcupine kitties_.5 2412 Mar 14 2834 Oct 6
.00- 1 Metro-Goldwyn Pictures pf_27 24% Jan 3 2614 Feb 21
*25
2514 25
2512 25
25
25
25 .25
2514 2518 2514
412 412
412 412
412 412 *414 5
94 Feb 16
3 Aug 23
7% 13,500 Mexican Seaboard 011_ _No par
*43
5
5,4
1518 1514 •15
1514 1514 153
5 1318June 21
155, 155, 154 1512 1514 15% 5,200 Miami Copper
1612 Feb 28
2834 2918 2834 29
2875 2912 287 2932 2812 29
2812 29
20,800 Mid-Continent Petro__No par 254 Oct 10 3938 Jan 21
010312 10384 10344 10334 *104 105 *104 105 *104 105 *104 105
Mid-Cont l'etrol pref
100 97 Apr 28 105 Feb 3
212 8,800 Middle States Oil Corp
214
218 214
24 24
214 23,
10
158 Jan 3
24 238
24 212
3114June 23
1%
158
15, 18
18
1,200
113
Certificates
13
*158
134
10
14 Jan 25
18
234June 23
180 18034 182 184
18814 191
184 1894 186 189
55- 116% 18,000 Midland Steel Prod pref___100 108 Apr 11 10934 Nov 18
204 2034 2012 2114 21
21
1712Nov 9 3634 Apr 12
1918 1934 3,300 Miller Rubber Mrs
1918 2038 194 19,4
No par
104% 10458 10312 10414 10312 1045, 10258 10234 10212 10353 10218 10334 3,500 Montana Power
101.1 8112 Jan 28 10912 Oct 18
85% 86% 8534 864 8518 8614 85
89% 94,700 Monte Ward & Co Ill corp...10 60% Feb 8 8938Nov 18
86
8514 8614 85
818 812
No par
6 June 23 1212 Jan 5
84 8%
818 1,34
7% 8,4 45,000 Moon Motors
8
812
8
84
•1%
14
112 Oct 29
14
17
17
178
1% 2
134
17
4% Jan 3
3,700 Mother Lode Coalltion_No par
14
14
613 Sept
*7
7%
712 712
1858 Mar 18
600 Motion Picture
No par
7
7
712
753 •7
*7
712
7
1913 184 1812 17
1912 1912 18
17 Nov 16 3834 Apr 18
18
20
8,900 Motor Meter A
1718 18
No par
18
28
26
26
2614 26
1,400 Motor Wheel
28
26
26
No par 2034 Jan 3 27% Mar 29
26
26
2618 26
5618 58
58
10 Jan 5 6a12Sept 20
5813 5814 60
593 60,2 6038 6312 6113 6238 8.000 Mullins Body Corp___ _No par
104 104 *10414 106
104 104
50 Preferred
100 80 Jan 14 107 Sept 15
105% 10578 106 106 *10512 107
50
51
50
5034 5012 52
15,400 Munshatwear Inc
No par 3534May 17 52 Nov 15
51
511 25634 51's 5012 51
*19
1914 1914 2152' 21
1614 Oct 11 43 Feb 23
No par
23
2218 2373 234 2434 2358 25% 30,900 Murray Body new
87% 8838 864 8814 873 8812 8714 88
8753 884 8814 901 74,200 Nash Motors Co
No par 6014 Apr 25 93,,Sept 23
5% 6
578 6
6
6
7
6
5 Feb 15
.6% 7,4 2,200 National Acme stamped_ __ .10
712 Oct 31
•54 6
38
3814 39
395
38
3814 *3814 381 *3814 3834 3812 411
5,500 Nat Bella, Hess
No par 31'. Sept 22 4414 Apr II
90
90
*9013 91
89
9012 •89
89
90
*89
90
891
700 Preferred
100 8514 Sept 16 97 Apr 19
152
1491 1 151
150
14914 1504 150 15218 15014 153
15112 153
9.800 National Biscuit
25 945 Jan 27 153 Nov 17
140 140 .140 141 •140 141 *1384 141 •13814 140
140 141
100 Preferred
100 130 Jan 10 141 Aug 25
44
44
44
4412 44
4434 4434 4638 45
14,100 Nat Cash Register A w'No par 3978 Jan 3 4838Sept 19
4 4512 46
6413 6553 64
6418 65
654 6414 64% 63% 6458 6375 641 28,800 Nat Dairy Prod
No par 5914May 3 6878 Aug 4
2112 2113 *2138 22
2114 2112 *2114 2112 214 2114 2112 211
1.100 Nat Department Stores No par 20!4June 27 2738 Mar 1
90
904 904 •90
*90
90
9014 90
92 .90
90
92
600
let preferred
100 8912July 26 9414 Jan 10
4634 47
4658 503
4912 5114 49
17 Feb 8 60 Oct 14
50% 494 511, 5035 5235 79.400 Nat Distill Prod ctfs_ No par
*59
6014 594 61
614 6218 8214 6234 62
6234 6214 641
4,700 Preferred temp ells..No par 43 Mar 22 69%Juoe 6
3014 29
30
297 *2812 294 *28
29
2834 283
2913 *28
2,600 Nat Enam dr Stamping_
100 1918 Apr 29 3538June 6
94
9112 911 *92
.9112 94
94
*91
*9112 94
94
.91
1001 Preferred
100 6918 Apr 29 9178July 5
11912 119% 1228 12234 123 12714 125 127
12412 126
3.000 National Lead
123 123
100 695 May 31 20234May 16
•13912 14014 137 141 •137 138 *137 140 *137 13912 •I37 140
100 11312June 2 13912 Nov 11
Preferred A
*112 11212 *112 114 *112 114 *112 114 *112 11214 •I12 113
106 104%June 7 11212 Oc 21
Preferred 13
2312 2378 2318 235
234 233
2318 23% 2314 23% 2312 23% 10,700 National Fr & Lt ctfs_ _No par
263 Sept 27
1914.1tine 2:
93
91
927
93
90
90
89% 90
5,300 National Supply
8934 9118 90
90
50 76 May 11 9534 Feb 18
290
28934 2043 29218 300
28412
296% 314
313 319
3154 32434 8,450 National Surety
100 a218 July 21 32.134 Nov 18
166 166
167 167
16612 167
166 166
165 166
165 16513 1.600,National Tea Co
No par 108 Apr 18 17438July 21
1618 1678 1658 1678
1614 16%
1613 1634
1612 1678 16% 17% 37,600'Nevada Consul Copper_No par
1712Sept 15
1234June 2
4012 4012 4118 411
*4012 41
41 18 4114 4118 4134 4134 4213 3,300 N Y Air Drake
No par 394 Oct 25 50 June 9
N Y Canners
1318 Apr 21
2178 Jan 3
No par
Preferred
No par 43 Mar 30 72 Jan 13
-sr
6053 61
4
11-11-4 80 60- 60 -66- _ -1-,456 New York Dock
100 34 Jan 14 13478Sept 12
*91
94 .90
93 .90
93
93
9312 .91
300 Preferred
9312
100 7218 Feb 9 9312Nov 16
9313 •90
3
0912 9912 974 99
*9712 99
9734 9912 9812 98% 9872 99
280 N Y Steam pref (6)___ _No par 9312 Feb 9 10212 Oct 6
•11014 11078 11014 11014 110 110
110 1104 1094 10914 10814 110%
280 First preferred (7)__ _No par 105 Jan 12 11412 Oct 1
•2834 294 *28% 2914 29,8 2918 •2812 29181 *284 29
200 Niagara Falls Power pf new_25 2744 Jan 31 2958May 2
2875 28%
, 5984 588 5938 5872 5912 5915 5914, 59
591
43,900 North American Co
10 455 Jan 14 8112 Oct 4
59,2 5932 61
54
*5334 55
543 54341 538 53% 5414 5452 1,300 Preferred
54
548 548
50 50 Jan 10 55 Aug
1510358 10418 •10312 105 z10.214 10234 *10214 103 I 10253 1025
600 No Amer Edison pref..No par 9658 Jan 6 105 Oct 4
, 103 10314
41542
_
85434 ---- •5434
*5434 ____ *5434
Northwestern Telegraph__ _50 472 Jan 15 56 Sept 13
_ _ .5434 _
*2
213
212 212
24 212 *2
212 •2
212 •2
5% Feb 10
212
700 Norwalk Tire & Rubber__ _ _10
178June 16
09
10
912 912 *9
10 1 .9
10 I *9
100 Nunnally Co (The)__ __No par
10
915 Nov 3 13 Jan 19
.111
10
33
33
3312 •3318 3353' •334 3312 3314 3314
25 3114 Jan 25 353erept 30
3214 3234 33
900 011 Well Supply
*105 10538 *105 10538 10538 1053
,•105 10538 10538 10538 10512 10512
70 Preferred
100 10234 Mar 1 110 June 3
1213 1212 1312 1314 1312 13
1212
•124 1212 *1214 1212 12l
11 Mar 25 1718June 11
1313 5,400 Omnibit8 Corp
No par
e. __ 88
89 •____ 89 I 8912 8913'•____ 8912
100 Preferred A
100 81 Jan 19 99i2May 23
7534 7534 " I 7634 7714! 757 Ws 7534 76% 22,600 Oppennetni Collins& CoNo par
75
75
5812 Feb 8 74 Nov 15
75
243 2434 243 25 I 243 2434 125
2434 25
1 2414Sept 2 35 Apr 7
25
3,000 Orpheum Circuit. Inc
2478 25
Preferred
100 10234 Nov 9 10812June 2
*95 102% •95 10234 .95 1025, •95 1023 *95 102% •95 10234
146 14634 145 148
50'x103 Feb 2 15534 Oct 3
4,7000t1, Elevator
13912 142 I 141 14214 141 14312 1434 148
100 108 Feb 18 124% Aug 2
10 Preferred
quilt 12334 *12112 123%, 12112 12112'12112 12334 *11914 122 .11914 122
77
77
73
8
773 773
8
8 ,
Na par
8
814
8
8
3,100 Otis Steel
74 Feb 10 1212June 6
•Bid and asked prices; no Wee on this day. z Ex-dividend. a Ex-rights.
-6-3-4 -61
PER SHARE
Range for Previous
Year 1926
Lowest
Highest
per share
3314 May
9
Oct
4313 Oct
45 Dec
per share
51% Dec
2112 Feb
74% Feb
7314 Feb
-4954 Kt-a;
12 may
39 Nov
85 Sept
5658 Dec
4234 Mar
11212 Nov
1518 Mar
704 Mar
485 Dec
146 Mar
86 Sept
1918 May
3912May
8453 Nov
218 Jan
8212 Jan
9914 Jan
88 Nov
82 Jan
11434 Feb
13% Jan
9314 Feb
545
Jan
196 Dee
10112 Dec
244 June
72 Nov
14
Jan
4118 Jan
25 Dec
103 Dec
7238 Dee
12914 May
6934 Jan
8878 Nov
4338 Dee
1114 Feb
504 Feb
84 Dec
3034 Mar
1714 May
7218 Mar
71 Mar
11914 Jan
5312 Mar
4312 Oct
344 Mar
Oct
6
41% Dec
112
12014
2734
11118
12
93
2234
2253
Jan 11914 Dee
Mar 175 Dec
Oct 424 Feb
Apr 130 Aug
Mar
19% June
Dec 98 Dec
Marl 2618 Feb
Oct 584 Feb
12
.2- Oct. 138 Feb
68 Mar 734 Feb
Jan
8958 Nov 159
10712 Nov 113 June
102
Oct 1085, Sept
8612 Mar 131 Dec
_-
Apr
Nov
71 Dec
27
Apr
55 June
34
1258
447
2818
7814
5018
82
Feb
Jan
Mar
Jan
Feb
44
Oct 87* Iu-1;
2178 Oct327 Jan
2712 Mar 4538 Sept
1613 Oct28 Feb
4914 Mar 6338 June
2412 Oct33 Mar
17 May 23 June
6212 May 10618 Jan
Dec 70 Dee
19 Mar 244 Sept
Feb
7014 Oct 117
Jan
72 Marl 121
Feb
Apr 110
105
2214 Oct 30 Feb
2214 Jan 2512 Nov
138 July
6 Feb
11 Mar 1758 Oct
Jan
2713 July 37
90 Mar 104,4 Dec
212 Jan
34 Nov
138 Dec
Oct
107 Mar 13312 Feb
30 May 443 Feb
6938 Mar 8612 Nov
Jan
56 May 02
924 Nov 373 Feb
712 Feb
4 Nov
1034 Dec 2312 June
3334 May 535, Feb
337 Feb
1918 Nov
8 Nov
1934 Feb
83 Aug 9418 July
343 Apr 3834 July
52
5
Mar
Nov
7078 Dee
124 Jan
----
---_
Jan MI -6;3
74
126
Jan 13112 Apr
Jan
3712 Oct 54
24
Oct 4214
8934 Oct 97
34
12'2 May
3712 Aug 733
214 July 4012
76 July 8934
138
Apr 181
Jan
Jan
Jan
Jan
Jan
Jan
Dee
-164 is.-fai 38¼ -Jr.;
5513 Jan 88 Dec
208 Mar 237 Dec
Jan
11612 Nov 238
164 Nov
1158 June
4612 Sept
3812 Jai
2018 Novl 84% Jan
7014 Dec 85 Apr
32
Oct 4578 Feb
69 May 77 Dee
9212 Dec 9212 Dec
9914 Apr 1050 Oct
2753 Mar 2912 Dee
Jan
42 Mar 67
Jan 5214 Aug
49
9118 Mar 97 Dec
-418 Oct
1234 Dec
30 July
1044 Apr
12
Oct
88 July
47
Jan
2712 Mar
101
Jan
108 May
10214 Jan
8
Oct
15's Ja
1712 Jan
3838 Oct
109
Oct
2214 Feb
9812 Feb
6353 Sept
3318 Nov
105
Apr
136 Dee
10912 Aug
141z Jan
2786
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. 12.
Monday,
Nov. 14.
Tuesday,
Nov. 15.
Wednesday, Thursday,
Nov. 16.
Nov. 17.
Friday.
Nov. 18.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1927
On basis of 100-share lots
Lowest
Highest
PER SHARE
Range for Previous
Year 1926
Lowest
Hight*,
$ per share $ per share $ per share
per share $ per share
ha
9r1e2 Shares Indus. & Miscel. (Con.) Par $ per share $ per share $ per share $ per share
per s6
6712 6734 6712 6712 6712 6712 68
68
100 6112 Feb 8 7938June 9
1,300 Otis Steel prior pref
68
'$68
68
63 Nov 74 Sent
84
8418 *84
85
*83
300 Outlet Co
85
8212 8212 *8212 85
*83
No par 5234_Jan 24 8418 Nov 12
85
44 May 5514 Dec
7834 7912 79
79
7918 7914 7858 7918 7812 7812 7878 7918 3,500 Owens Bottle
25 7518 Jan 18 8412 Mar 14
5334 Mar 9034 Dec
*117 118 *117 118 *117 118
117 117 *117 118 *117 118
100 107 Jan 27 117 Nov 16 112 Mar 117 June
50 Preferred
44
4412 4412 444 4434 4538 4518 46
4518 45% 45
4558 5,900 Pacific Gas - Elea new
25 31 Feb 18 46 Nov 16
'hg
411
124
114
114
14
118
138 3.800 Pacific 011
14
118
114
1 May 25
1,4
No par
iiiii Feb
178 Jan 7
n1 May ;3
15
13
14
2
13 15
680 Pacific Telep & Teleg
15034 15034 151 15212 *15034 15112 14914 151 149 151 :1151
100 124 Mar 7 161 Oct 3 117
5 Sep
Jan
*113
•11312
•113
*113
Preferred
•113
100 10312Alar 11 116 Oct 27 10112 June 107 Des
4878 -4-9-14912 5038 4934 5134 106,200 Packard Motor Car
4 484 1914 4858 -494 4834 50
10 3334 Apr 28 5134 Nov 18
3134 Mar 4514 JulY
1112 1178 42,100 Paige Det Motor Car_.No par
1014 1012 1014 1034 z1012 1118
1138 12
1114
11
778 Afar 22 1412Alay 4
9 Nov
2812 Jan
4834 4878 4812 4878 4834 4912 4918 49% 4812 4914 50
5138 9,400 Pan-Amer Petr & Trans
50 4518 Aug 29 6578 Jan 19
52318 Mar 764 Jan
49
4954 4912 504 504 5078 4978 5038 5114 5238 44.200 Class B
4934 49
50 4538 Aug 29 6638 Jan 20
5678 Mar 7838 Jan
2112 201
2058 21
2012 2112 21
21% 21
3,000 Pan-Am West Petrol B _No par
2158 21
1634 Oct 8 3778 Jan 24
8
Jan
30
Oct 46
1514 16,2 47,400 Panhandle Prod & ref _No par
1614 17
1614 1712 1678 1814 1614 173s
16%
15
8 Apr 29 1878 Jan 17
412 Jan 32 June
77
82
83
77
82
1,300 Preferred
83
7978 82
747s 78
100 54 Sept 8 83 Nov 16
51
Jan 9938 June
42
114 4
4178 4212 4258 4412 42% 444 42
83
2122 35,200 Park & TlIford tern ctfa_No par 20 Jan 27 4658 Oct 10
4278 4238 4338 *8
1858 Oct 2818 Jan
718 718
1.300 Park Utah C M
714 738
714
7,4
714
1
6 Jan 3
7,4
78 714
714 7%
812 Feb
8 Mar 4
54 Sept
412 412
412 434 1,200 Pathe Exchange
44 *4
4
4
4
•4
434
412
No par
4 Sept 23 12 June 17
*22
2212 2314 24
23
2412 2334 2434 6,500 Pathe Exchange A new_No par 20 Sept 22 4314June 17
2212 2278 2212 24
2012 *20
•1978 20
20
1978 20
20
2018 20
2,800 Patine, Mines dr Enterpr__ __20
2018 20
1812 Aug 1 2778 Feb 2
2114 2114 2114 2112 2178 22% 2312 2634 25
2558 14,600 Peerless Motor Car
2578 25
3113 Nov
50 20 Apr 20 32 Jan 8 -.2.
358 Nov
234 24
2278 24
23
2314 5,700 Penick & Ford
23
2314 2314 2312 2312 23
1912Sept 29 2778May 9
No par
1678 Jan 24 Dec
•12
*12
13
12
*1158 12
12
12
*115g 13
12
13
200 Penn Coal & Coke
50 1014 Jan 19 2512May 27
Oct
19
7 Aug
*2312 24
2212 2212 *2212 2234 1,900 Penn-Dixie Cement __ _ _No par 2212 Nov 16 3958 Jan 13
23
23
23
2212 23
23
38 Dec 41 Dec
*94
9618 *94
95
*9378 9712 *9358 9712 *9312 97
94
94
300 Preferred
100 91 Sept 7 100 May 14
99 Nov 10012 Nov
Penn-Seaboard SO vte No par
14June 25
118 Feb 14
214 Jan
Oct
15734 15812 16614 15734 155 15534 154 15414 15334 15384 1-55:2 1551
- -3;766 People's CI L & C (Chic)_100 126 Jan 14 1611 Oct 1 11759 Jan
131 Dec
•129 132 *129 12912 130 130
124 124 •125 130 *125 130
700 Philadelphia Co (Pittab). __50 8514 Jan 18 132 Oct 26
5918 Mar 91 Dee
•46
46
4678 46
*16
46
.46
46
46
4678 46
140 5% preferred
4612
50 40 Jan 12 47 Oct 21
Jan 3914 Doc
36
*5212 5234 5212 5258 5234 5234 5238 5238 *5212 5234 5238 5258 1,000 6% preferred
50 50 Jan 6 5312Sept 21
45
Oct 5114 July
4014 4112 4138 4238 4118 4218 4114 42% 4214 43% 43
4412 117,300 Phila & Read C & I____No par 374June 30 4758 Mar 4
3614 Apr 4838 Feb
40
4058 *41
*41
*42
43
43
41
43
42
43
43
500 Certificates of int __ No par 3714June 30 47 Mar 4
3634 June 4612 Jan
2034 2178 21
2018 2012 1918 20
10,700 Phillip Morris & Co. Ltd_ _ _10 18 Sept 27 4118 Jan 10
215t 2014 2014 *2012 21
Apr 41 Dee
16
41% 423
424 4258 4214 4314 4234 4318 4234 4318 423.1 4338 28,200 Phillips Petroleum
No par 3614 Oct 8 6014 Feb 16
40 Mar 5738 Dec
•4018 4058 405 4058 *38
3978 39% 40
*3834 40
400 Phoenix Hosiery
40
40
5 3812 Oct 25 527 Aug 2
31 Mar 4614 Nov
*103 10434 *103 10434 103 103
10314 10314 10314 10314 103 103
70 Preferred
Oot
100 103 Jan 5 1074July 9
94 Mar 103
1178 13
13
1612 17% 16
1458 16
61,100 Pierce-Arrow Mot Car_No par
4
17
1334 1312 14,
19 May 4318 Jan
94 Oct 17 2358 Mar 8
45
48
4712 49
52
57
19,200 Preferred
48
5714 60
4912 49' 52
100 3734 Oct 19 10212 Jan 3
7612 Apr 12714 Aug
14 Mar 25
18
*59
34
2,000 Pierce 011 Corporation
58
524
58
58
17 Jan
,8
25
58
12 Oct
llgJune 22
58
38
68
*17
19
*17
•1814 19
19
*16
•17
1814 1814
19
19
100 Preferred
100 1312 Mar 24 24 June 21
2718 Jan
1118 Nov
*314 334
358 378
312 334
34 334 7.900 Pierre Petrol'm tern ctfsNo par
312 312
Jan
7
3% 334
212 Mar 22
214 Aug
512June 20
324 3214 3154 32,8 z3078 3218 3138 3212 3134 3212 3238 3358 10.900 Pillsbury Flour A11113_ _No par 301,Nov 15 3712 Aug 25 ---*107 10812 *107 10812 *106 107 *10612 107 *10612 107
100 Preferred
10634 10634
100 104 Aug 27 109 Oct 13
5938 5938 5912 6058 5834 6012 587 6058 5412 5912 58
5934 18,900 Pittsburgh Coal of Pa
100 3234 Afar 22 7412June 7
39 June
•92
94
*93
94
*92
94
*93
92
*91
9312 3391
94
Preferred
70 June 8
45
212 Jan
100 7058 Mar 10 98 Sept 13
*95
97
*95
97
*95
97
*95
*95
97
*95
97
97
Pittsburgh Steel pref
100 9512 Apr 11 101 Jan 18
94 Mar 1004 Dec
*37
40
*37
40
*37
40
*38
42
*38
40
40
40
400 Pitts Terminal Coal
100 3012 Apr 2 55 Juno 7
Oct 6378 Jan
39
*7714 7912 *7714 7912 *7812 7912 7912 79,2 *7812 7912 *7812 7912
10 Preferred
100 74 Apr 29 83 Mar 17
8012 Oct 9214 Feb
*6812 75
*6812 72
*6812 75
7458 7434 1,400 Porto Rican-Am Tob el A_100 65 Aug 19 9112 Jan 5
7434 7434 7434 75
60
Jan
9334 Dec
*2112 23
*2012 22
*2012 2131 2058 2312 *22
22
23
235s 4,100
Class II
No par
15 Aug 23 2538Sept 15
11434 11578 11418 11934 11858 12014 11712 1188 117 118
117 11778 64,700 Postum Co. Inc
a
No par 9258 Mar 16 126 Sept 16
7512 Mar i.2478 -Fl;
7258 7312 73
73
7234 73
*7214 728 7112 734 7318 7338 1,500 Pressed Steel Car new
100 3612 Feb 5 78 Aug 26
3418 May
44 Nov
8934 89
*89
89
•87
89
*87
*87
89
89
100 Preferred
*8712 89
100 7612 Feb 5 9212May 12
7712 Dec 9534 Jan
2814 2812 2758 2812 2712 2838 2614 2814 2612 27,4 2634 2712 30,300 Producers & Refiners Corp 50 1634 Jan 5 3378May 16
11 Mar 2034 Oct
43
43
43
4234
42
4258 4218 4214 *42
4234 4234 43
560 Preferred
50 3678 Jan 8 50 Feb 9
3034 May 4154 Oct
424 43
4218 4212 424 4278 10,800 PubServCorp of NJ newNo par 32 Jan 8 4678 Sept 7
428 434 4213 4254 4212 43
3114 Oct 3338 Nov
10312 105
10358 10312 *104 10412 10414 10412 10338 104
104 104
1,600 6% preferred
100 9812 Feb 19 105 Nov 12
9612 Apr 101
Oct
119 119
11914 11914 119 119 *11912 12012 *11912 120
600 7% preferred
4 100 10812 Jan 5 11914 Nov 15 10318 Jan 110 Nov
*13312 - - - - *13334 140 *13334 13612 *134 13612 *134 13612 *134 131312
8% preferred
100 125 Jan 10 13514Nov 11 115 Mar 12434 Nov
10812 10812 *10812 109
109 109
10934 1094 110 110
109 109
700 Pub Serv Elec & Gas pfd_ 100 102 Jan 4 110 Nov 18
97
Jan 10418 Sept
7812 784 7834 7938 7914 8034 7934 8034 8014 8178 81
8178 42.500 Pullman Company new No par 7334 Aug 17 8278 Sept 30
2958 2958 2978 3078 3178 3314 33
33
3,400 Punta Alegre Sugar
3312 33
50 27 Oct 22 4678 Jan 3
33 Apr "i6i4 -15-eii
2578 2618 2578 26
26
36
3's 2
364
3:2 11,700 Pure 011 (The)
25 25 Oct 15 3312 Mar 4
2658 2618 2634 2614 2612 2
Jan
2514 Oct 31
•112 114 •112 114 *112 114
11338 11338 *112 114 *113 115
100 8% preferred
100 11138 Jan 11 114 May 25 106 Apr 11234 June
60,2 6012 *8012 614 602 601 35958 6058 60
60
600 Purity Bakeries class A
5934 5934
25 4234 Mar 31 63 Nov 3
Oct 4938 Nov
47
*9412 95,4 9518 9514 9412 95 195
95
3,000 Class B
9512 9578 9578 96
No par 4134 Jan 3 96 Nov 3
5112 Nov 44 Dec
109 110 *109 10934 210712 10818 *10714 10734 *10714 10734 10712 10734
400 Preferred
100 10114 Jan 8 110 Nov 12
Oct 103 Dec
99
7814 793s 7858 83% 8134 8334 8058 82
8438 204,500 Radio Corp of Amer_ _ No par 4118 Apr 13 844 Nov 18
8112 8424 83
32 Mar 6158 Nov
*5514 5612 5512 5612 5578 5578 564 5614 5512 5614 56
56
1,500 Preferred
50 49 May 3 5612 Nov 14
4458 Mar 5378 Dee
*4158 43
*4158 43
*4112 42
4138 4138 *4158 43
*4158 43
20 Rand Mines, Ltd
No par 40 Jan 5 46 Apr 25
3234 Apr 4154 Oct
Ray Consolidated Copper. 10 1318July 1
155854ept 26
104 Mar 1634 Nov
25 -2"i1; 2714 2878 27 -2-i- -66- 27
26
26
25
25
8,900 Real Silk Hosiery
10 2012 Nov 1 49 Apr 20
3712 Nov 5014 Oot
*8312 86
*84
85
8412 8412 *85
86
86
87
88
*86
30 Preferred
100 80 June 1 99 Mar 2
934 Dee 100 Nov
*6514 66
6534 67
6612 604 6658 67
67
6714 67
6718 5,400 Reid Ice Cream
Jan
No par 3812 Jan 24 6912 Oct 18
3934 Dec 56
*11014 11114 *11014 11012 *11024 1 1 114 11014 11014 *110 11014 *110 11014
100 Preferred
Jan
100 97 May 17 11012Nov 3
9512 Mar 100
*84, 7
618 618 *534 6%
814
7
612 612
714
614
700 Reis(Robt)& Co
538July 23
No par
1834 Feb
9 Jan 10
74 July
2214 23
2214 23
2238 2378 2234 234 224 2312 2234 2338 61,900 Remington-Rand
No par 2012 Nov 4 4714Ju1,e 9
*9038 91
90
91
9118 9118 9178 9212 944 9412 9412 95
1,700 First preferred
100 8712Nov 4 10212 Apr 25
*9038 91
90
91
*9112 9312 *9234 9312 9312 95
*914 95
700 Second preferred
100 90 Oct 29 110 Apr25-*102 110 *102 110 *102 110 *102 110 *102 110 *10212 110
Rem'g'tn Type 7% let 01_100 100 Oct 15 11712 Feb 10 106- -Ain. 118- -Oct
*10912 111 *10012 111 *10012 111 *10912 111 *10012111 *10012 111
8% 2d preferred
100 105 Oct 13 126 Apr 25 105 Apr 11514 Aug
Replogle Steel
No par
918 Apr 30 1312 Jan 10
8
Oct 1578 Jan
- 7T2 17.1-2 -66- -56i; z59 I9:3; -66- 60
_ 72-,7 66 Republic Iron & Steel
•i9T4 60
-6661100 53 Oct 28 754 Mar 11
44 May 6358 Jan
*99
9934 9934 9934 6674 100
10018 1004 10012
1 10078 100%
600 Preferred
100 964 Jan 3 106 May 25
9114 Mar 99 Sept
658 7
633 83 64 712 712 87 814 1009 2 814 812 55.800 Reynolds Spring
4 Feb 21
No par
1014July 11
414 Oct 1058 Jae
15212 15332 15218 1534 15212 15312 15218 153 15234 15512 154% 15678 29.400 Reynolds (ILT) Tob Class B 25 9818 Feb 24 1564Nov 18 90 Mar 12178 Nov
16212 16212 160 16534 z150 154
15018 15112 3.151 152 *147 151
2,501) Rossla Insurance Co
26 74 Jan 13 194 Oct 28
Jan
7618 Dec 100
4434 July 27 5412 Feb 9
4714 4738 464 4712 4758 4812 48
4838 4734 48
4734 4814 4,400 Royal Dutch Co(N Y ahareal_
4738 Oct 578 Jan
3714 37
37
374 1,800 St Joseph Lead
3714 3714 3718 3738 *37
10 36 May 23 4378 Mar 4
37,4 37,4 37
3658 May 4818 Feb
6778 69
259
5812 5812 11,300 Safety Cable
5812 59
60
58
5978 5812 59
No par 5234 Jan 3 7414 July20
4218 Mar 55,2 Nov
*4434 45
5114 5312 5212 55
4412 4818 x4918 51
4912 52
16,200 Savage Arms Corporation. 100 4312 Oct 25 7212 Mar 5
6714 Nov 10212 Feb
*114
112
112 •11.4
1%
114
700 Seneca Copper
1 June 30
No par
1,2
114 *114
112
112 *14
334 Jan 10
24 Dec 1014 Jan
6458 6512 6434 6714 64
673
4
6814
43,100
Shubert
6512
64
No
Theatre
par
6512
665,3
Corp
6558
55 Aug 13 6814 Nov 17
52 Mar 7058 July
5012 52% 5178 5212 23.500 Schulte Retail Stores__ _No par 47 Jan 18 57 Sept 8
5112 52
5112 52
z5714 5134 50% 51
4212 Mar 13812 Jan
•11912 _ _ _ _ *120
*120
*120
Preferred
*120
_ *120
100 11614 Jan 22 123 Aug 5 1124 Jan 120 Sept
•1212 13
12
1234 1312 13
1218 11% 114 1112 1258
No par
834Sept 9 1334 Nov 18
134 14,500 Seagrave Corp
1212 Mar 1434 Ma,
7918 8038 7912 8012 79
7914 7858 8078 68,800 Sears, Roebuck & Co new Nopar 51 Jan 17 8078 Nov 18
7912 7818 7914 78
4414 Mar 5838 Sept
9134 9578 93% 9578 9338 9434 94
9314 9378 15,600 Shatuek (F 0)
9412 9314 94
No par 564 Jan 17 10112 Oct 17
47 Mar 6958 Jan
44
*4314 4414
*4234 434 .4234 43% 44
*44
200 Shell Transport & TradIng...C2 4133 Oct 10 4778 Feb 10
44
4434 44
4012 July 484 Jan
2678 27
.2614 254 2612 27
13,700 Shell Union 011
2678 27% 2718 2712 264 27
No par 2458 Oct 21
3134 Feb 7
24 Mar 31 Nov
19
1938 19
19
1958 1912 1934 1934 20
19%
195s 1978 8,600 Simms Petroleum
10 1414July 16 2234 Feb 16
1518 Aug 2852 Jaw
55% 55
55
53
55% 32,100 Simmons Co
544 54% 5612 5558 5634 5414 56
No par 3312 Jan 6 6112Sept 9
2858 Oct 5412 Jan
Preferred
100 10714 Jan 4 11138 Oct 28 10512 Nov 10912 July
1512 157
154 1578 1534 1612 1614 1612 1614 1612 164 1612 29,800 Sinclair Cons Oil Corp_No par
15 Oct 29 2238 Jan 20
164 Oct 2478 Feb
*97
9814 59712 9818 *97
9814 9814 9812
98
300 Preferred
98
*97
98
100 97 Jan 6 10314 Jan 31
90 Afar 9912June
*2714 2712 2714 27% 22712 2734 2712 2734 2712 2758 2712 2758 10,100 Skelly Oil Co
25 2418June 27 3738 Feb 21
2658 Mar 374 June
115 115 *115 11734 *116 11712 117 117 *116 118 *116 118
400 Sloss-Sheffield Steel & Iron 100 11014 Nov 9 13414 Apr 6 103 Apr 14212 Anil
1278 1278 *1234 13
125 1234 1,700 Snider Packing
1234 1234 12% 1234 1258 13
No par
1158June 22 1634July 21
*45
4.5
46
4614 45
45
45
451
. 45
4512 1,100 Preferred
45% 45
No par
45 Nov 14 5214 July 23
_
_
4114 4058 4112 122,000 So Porto Rico Sag new_No par 3378 Aug 12 4258May 18
41% 40% 41% 40
373s 374 3712 384 39
--13014 13014 131 132
13514 136
280 Preferred
10734 10812 *13012 13514 *13012 135
100 11812 Mar 4 137 Nov 16 110 - -Oct 121 - DeC
3938 3938 3912 3918 3938 3938 3934 3958 4034 3934 40% 24,100 Southern Calif Edison
39
25 3158 Jan 3 41 Sept 26
30 Dec 33 July
1814 1814
*1838 184 1838 1834 1814 1812 *1814 1834 1814 1814
1,100 Southern Dairies cl A_No par
15 May 20 4538 Jan 13
41
Oct 5512 July
838 838
8
8
814 *738 812
8
1,200 Class B
814 8%
684 Oct 19 20 Jan 7
No par
814
814
1713 Oct 3534 Mar
•10912 111 *10912 11112 *10912 110
110 112 *111
*111
120 Spalding Bros 181 pref .... _ _100 103 Jan 4 112 Nov 16 101
Jan 10534 June
Spear & Co
*1014 1212 *1014 1212 *1014 1212 *1014 1212 *1058 1212 *1058 1212
No par
834Alay 13 15 July 20
1734 Feb
10 Dec
*7614 81
Preferred
81
81
*7614 81
•78
*7712 81
*78
*7614 81
100 73 Feb 24 8212 Oct 29
72
Apr 8212 Jan
10,500 Spicer Mfg Co
2658 27
2(314 2678 2612 2612 2633 2658 2614 2734 2612 27
No par 2012 Jan 27 2878May 25
1834 Apr 3138 Feb
Preferred
100 104 Feb 21 ituisent 13 101
*11012 11114 •11012 11114 *11012 111 *11012 11114 *11012 11114 *11012 11114
Jan 10714 Dec
9,600 Standard Gas & El Co_No par 54 Jan 25 6634June 16
61
6114 605 6138 6014 6034 6012 6078 6012 6034 6012 61
51 Mar 69 Feb
50 574 Jan 3 6612 Nov 17
6512 6612 6612 6612 1,400 Preferred
66
6514 6512 6512 66
65
65,4 *65
5334 Mar 5753 Feb
100 7014 Jan 4 9534 Aug 30
600 Standard Milling
90
89
*88
*89
89
*8712 89,2 8912 904 *88
90
90
674 Oct 9212 Feb
100 84 Jan 5 100 Nov 15
370 Preferred
9934 9978 98
9978 100
9938 9934 100
98
98
98
98
80 Mar 90 Feb
5512 5534 5558 564 25512 5614 554 564 5558 5618 5553 5(314 18,500 Standard 011 of Cal newNopar 50.38 Apr 28 6034 Jan 19
5258 May 1334 Sept
404 4078 4038 4034 65,700 Standard 011 of New Jersey_25 354 Apr 29 4138 Feb 5
4014 397 404 40% 41
3978 4018 40
3738 Dec 4638 Jan
3218 3238 324 3238 3214 3338 3234 3338 3234 3318 23212 3258 56,200 Standard 011 of New York _ _25 2934June 27 344 Jan 18
3212 Dec 3314 Deo
Stand
Plate Glass CO. No par
2 Mar 29
438June 9
1078 Feb
*214 212 *214 212 *214 212 214 214 212 212 212 212 400 Preferred
312 Nov
10 Mar 16 1578June 10
100
100
io34 1058 1034 1034 *1014 11
1114 1 158 *1134 1212 *1134 1212
45 Feb 45 Feb
4,600 Sterling Products
No par 9012 Jan 4 14312Nov 5
134 136
136 13858 136 13614 135 136
135 13518 135 140
75 Mar 9614 Nov
71
72
7258 7312 7212 7312 7234 7314 7212 7538 32,000 Stewart-Warn Sp Corp_No par 5414 Mar 15 755, Nov 18
7078 71
61 Nov 924 Jan
*3912 4012 3912 40
2,200 Stroniberg Carburetor_No par 2618June 1 60 Sept 9
40
3858 40
40
40
40
40
40
4734 Dee 7714 Jan
5612 5738 55,500 Studeb'reorp(The) newNo par 49 June 23 6312Sept 12
554 564 5512 5612 5518 564 5512 5678 5578 57
47 May 62 Bent
100 118 Feb 10 124 Nov 9 11412 Feb. 12212 June
100 Preferred
124 124 •123
123 123 *123 124 *123 124
*12314 124
10,700 Submarine Boat
212 Feb 28
No par
334 Feb
438
818May 12
414 412
44 418
414 44
418 433
112 July1
44 478
• Bid and asked prices; no sales on this day. a Ex-rights. z Ex-dividend.
New York Stock Record-Continued-Page 7
2787
For sales during the week of stocks usually inactive, see seventh page preceding.
111011 AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
Nov. 12.
Monday,
Nov. 14.
Tuesday,
Nov. 15.
Wednesday
Nov. 16.
Thursday
Nov. 17.
Friday.
Nov. 18.
Bales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. I 1927
On basis of 100-share lots
Lowest
8 per share $ per share $ per share 5 per share $ per share $ per share Shares Indus. & Niece'. (Con.) Par 8 per share
3278 327
3234 33
323 3278 3234 327s 8.400 Sun 011
No par 30 Mar 21
Ws 327s 3212 327
300 Preferred
*101 10112 *9914 10014 *9958 9934 9934 9934 *100 1003g 100 10014
100 99 Aug 11
*35
312 33
334
312 358 1,000 Superior 011
No par
312 Oct 19
334 334 *312 334
334 334
22
22
23
*20
500 Superior Steel
*20
23
*20
23
23
*20
2014 23
100 18 Oct 27
*912
1112 *958 111
1112
Sweets Coot America
*958 1112 *95* 1112
1112 *10
50 7 Apr 27
*10
514
6,200 Symington temp ctfc.__No par
478
218Sept 17
*338 334
412 434
4
334 334
4
58 6
912 10
9
8% 9
12
*812 8%
1134 1334 1334 1538 28,600 Class A temp Ws_ _ __No par
6 Oct 21
16
1678 1678 1612 1612 9.110 Telautograph Corp____No par 1112 Mar 9
1678 17
1653 1614 1658 1634 1714
918 018
918 91z
914 934
912 91
934 934
95* 1038 10,700 Tenn Copp & C
No par
818June 10
5238 524 5234 5258 5334 53
5338 62.900 Texas Corporation
5214 52
52
25 45 Apr 19
538 53
7358 7433 734 7434 723s 7418 713 73
7412 217.100 Texas Gulf Sulphur new No par 49 Jan 3
7153 7253 72
1314 134 1338 _1312 1334 14
1334 14
8,500 Texas Pacific Coal & 011----10 12 Apr 29
1334 1378
1358 14
2478 2514 25
2534 2518 2614 2512 2612 2512 2653 2553 26
37,500 Texas Pao Land Trust new_ _1 154 Jan 25
*194 1978 *1918 1978 *1918 197
1914 20
2218 2234 2,300 Thatcher Mfg
197 22
No par 1612 Aug 12
45
*4414 45
4618 4534 47
4912 2,300 Preferred
47
4712 48
*444 45
No par 43 Aug 8
3234 3234 33
33
3212 33
*3314 34
1,300 The Fair
3314 3314 3314 3314
No par 2414 Jan 11
*5812 59
*584 59
58
58
6014 5934 60
1.800 Thompson (J R) Co
5812 5812 59
25 47 Jan 26
1634
17.
1718
16%
164
1678 17
171a
23,300 Tidewater Assoc 011___No par 153* Oct 13
16% 1718 1612 17
8734 874
4 8784 8712 8712 8712 88
8712 873
*8734
1,300 Preferred
..100 85 Oct 5
2214 2214 *2214 23
*2212 23
*22
23
2218 2214 2218 2218
600 Tide Water 011
100 19 July 25
86
8614 8612 8578 86
*8512 8612 86
854 86
200 Preferred
*8512 8612
100 8512Nov 9
11512 11812 11653 11912 117 11938 z116 11712 50,200 Timken Roller Bearing_No par 78 Jan 3
11312 11438 11314 116
10334 10438 104 10514 104% 10514 104% 105% 10434 10514 51,200 Tobacco Products Corp_100 9234 Oct 4
10234 104
11478 115% 11512 11534 11558 11658 *115 11578 11512 11734 11612 11612 10,200 Class A
100 108 Apr 16
93
832 84
834 9
9
834 8%
914 1038
98 1038 39,800 Transc't'l Oil temcenewNo par
334 Apr 30
26
2512 2512 25
•25
2512 *25
2514 25
800 Transue & Williams St'l No par
25
25
10 May 4
2553
8212 6214 6234 6234 6312 6334 6538 6214 6353 21,600 Underwood Typewriter____25 45 Jan 29
6214 6234 62
*123 125 *123 125 *123 125 *123 125 *123 125
123 123
100 Preferred
100 120 Jan 5
445* 45
4412 445
*45
4512 45
4512 447 47
4712 48
2,900 Union Bag & Paper Corp 100 3812 Jan 25
13612 138
13634 14214 14034 14212 140 1474 1445* 14853 14634 15412 307.100 Union Carbide & Carb_No par 9918 Jan 26
*447 45
45
447 45
4534 45
4512 9.200 Union Oil California
25 3958June 27
455* 4514 4512 45
*109 110
110 12112 118 121 x120 120 "11612 120
118 118
4,400 Union Tank Car new_ __ _100 94 Jan 3
3438 35
3414 3412 34
343
34
3438 3414 344 2,700 United Cigar Stores new_ _ _ _10 3258Nov 4
3434 34
10634 10634 10618 107
1067 107
10678 10678 1068 10678 1065* 10658 1,900 Preferred
100 104 July 29
195 19514 19534 19812 x196 1984 195 196
194 1947 195 196
7,000 United Drug
100 159 Jan 25
*591a 5912 "594 5934 *5918 5934 '59% 595
5918 5214
5918 593
500 1st Preferred
50 5812 Jan 6
*42
45
*42
45
45
*42
*42
45
42
45
4218 "42
50 United Dyewood pref
100 3614July 12
13878 1387o 138% 142
141 14212 140 14112 141
14134 143
14378
4,400 United Fruit
No par 11312 Jan 26
*9858 994 9834 98% 99
9918 9834 99
9712 .99
670 Universal Pictures 1st pfd_100 9714 Nov 18
9714 99
2412 25
2412 24
24
25% 2514 2538 2514 2514 2512 273s 9,600 Universal Pipe & Rad--No par 244Sept 22
*86
91
"86
897 "88
8814 *88
88i 8812 8812
8978 88
200 Preferred
100 8134 Jan 27
1997 200
202 206
203 204
20214 20578 203 208%1 20812 22034 41,800 U S Cast Iron Pipe & Fdy_100 19012 Aug 30
*113 114 *113 114 *113 114
114 114 *113 11412 11512 118
800 Preferred
100 112 Mar 14
18
1812 1812 1878 183s 2014 1912 2053 1912 2012 20
2038 23,900 US Distrib Corp new__No par
1414May 5
927g92 9278 93
*9114 9212 9012 9114 91
*9212 9312 1,000 Preferred
93
100 81 May 5
4818 4818 4818 4938 4812 4918 48
48
48
49
34838 4878 2,600 US Hoff Mach Corp vteNo par 44 Oct 13
81
784 7914 7712 7834 783 798
814 29,300 U S Industrial Alcohol
785 8078 8014 82
100 69 Mar 30
*117 118 "117 118 *117 118 *117 118 *117 118 "117 118
Preferred
100 10714 Apr 4
25
2438 247
253* 2518 2512 2412 253
2434 25
2412 2478 8,200 US Leather
No par 14 July 21
5012 51
51
51
4933 504 4912 5153 5078 5212 525* 535 14,800 Class A
No par 2734.1wm 30
10512 106 *10512 10578 10512 10512 10512 106
10512 10512 *104 10512 1,100 Prior preferred
100 89 July 15
6012 61
6038 6214 613 8214 6178 6218 617 6218 6178 6218 6.900 US Realty & Impt new.No par 54 Apr 6
48
493
4914 5012 4934 505* 4934 5112 504 51
4912 5012 30,000 United States Rubber
100 3714June 16
94
95
96
9612 9534 9534 9512 9614 96
97
*95
96
2,100 1s1 Preferred
100 8534June 16
*38
3912 3812 3812 39
40
3834 3912 3938 39% 2,300 U S Smelting, Ref & Min___50 338 Jan 13
39
39
*4812 49
488 49
487 49
4812 49
*4812 49
700 Preferred
48% 4834
50 4558 Jan 18
States Steel Corp__I00 x15014 Sept 22
13814 1393-4 1381* 14314 iiii, iii- iiiiz iii- 146E8 1-4-3-1-2 iii- 1-4-35-8 4-56-,460_ United
New WI
1113* Jan 28
138 13812 13712 138
1374 13734 1374 13712 13718 138
13712 13712 4.400 Preferred
100 129 Jan 28
*9312 99
*93
97
"93
9712 *93
9712 *94
9712 .94
U S Tobacco
par 67 Jan 4
9712
No
*127 128 *127 128 "127 128 *127 128 *127 128 *127 128
Preferred
100 123 Jan 14
*120 145 *120 145 *120 145
13712 1374 13812 13812 "120 145
200 Utah Copper
10 111 Feb 11
3012 3072 304 30% 3014 3012 3018 30% 304 30% 304 3012 4,300 Utilities Pow & Lt A_No par 27 Jan 8
515 515* 518 52
524 5278 5278 53
527 534 53
5338 9,300 Vanadium Corp No par 37 Jan 20
*74 8
*712 8
*712 8
"7 12 8
*712 8
*712 8
Van Ftaalte
No par
534Sept 2
46
46
*45
47
*45
46
45
45
4514 *45
45
48
190 1st preferred
100 45 Nov 16
561s 564 56% 6114 60
6178 60
608 5938 6014 59% 597 26.400 Vick Chemical
No par 48 Jan 3
4312 4814 465 48
4534 467
46
4658 4514 4614 4434 457 70,200 Victor Talk Machine_ _No par 32 July 13
10018 1021z 10118 10212 10018 10114 99
99
100 10012 100 100
8,400 6% preferred
No par 87 Oct 14
100 100
100 100
99 100
100 10012 99
99
9812 9834 3,500 7% prior preferred
100 9614 Oct 7
1134 135* 1312 1378 1318 135
1134 12
1338 135
1218 13
10,500 Virg-Caro Chem
No par
712May 23
4112 437
*41
42
441 46
454 474 46
4612 45
4518 7,100 6% preferred
100 2618 Apr 4
864 864 8634 8818 8934 91
*88
90
89% 8978 8034 8934 4,200 7% preferred
100 73 June 8
•38
45 .36
40
*36
40
*36
40
3612 3612 *36
40
100 Virginia Iron Coal & Coke_ 100 361a Nov 17
*6912 80
*6912 80
*6912 70
*694 80 "694 80
*6912 80
Preferred
100 6912 Aug 10
2414 2312 2453 2312 2334 234 2312 234 2312 5,300 Vivaudou(V).
2312 2312 24
No par 2114 Oct 18
*99 100
*99 100
*99 100
"99 100
*99 100
100 100
100 Preferred
100 97 Oct 17
28
2812 2734 29
275 2812 2612 2712 2514 264 25
26
1,240 Vulcan Detinning
100 1612 Jan 5
101 101 *10014 107 *10014 107 *10014 107
*101 104
10014 10014
20 Preferred
100 90 Jan 4
27 *____ 2634 *___ _ 2654 *...._ _ 25
25
25
20
2318
40 Class A
100 16 Jan 27
195 195* 1912 204 20
1934 1934
20
20
20
1934 20
1,500 Waldorf System
No par
19 Oct 3
1853 1812 1878 1878 *1812 19
*1814 19
*1812 19
1812 1812
400 Walwcrth Co Ws
No par
1718 July 20
117 11718 116 116 *116 117
01174 118 "11718 118
11434 117
180 Ward Baking Class A No par 8918 Apr 13
317
8
3034 3214 3112 32
3118 315* 3034
3034 315* 31
324 30,200 Class B
No
par
1712June 14
975 978
9714 9712 9712 9758 9758 9758 9712 98
9812 100
2,100 Preferred (100)
No par 84 Apr 9
2512 2412 25
2412 2412 2514 2534 25
235* 2414 2214 24
10,300 Warner Bros Pictures A____10 20 July 5
*2512 2578 *2514 2578 2554 2534 2512 2512 257 257
2514 2578
700 Warner Quinlan
No par 24 June 6
176 17812 17014 17634 166 17114 16014 168
165 17018 168 168
8,600 Warren Bros
No par 65 Jan 14
1912 1912 1938 1938 193 2014 204 2012 1978 197
2018 2018 4,800 Warren Fndry & Pipe_ _No par
18 Oct 20
7453 7438 737 7438 735* 737
75
7212 73
7334 744 74
5,300 Weber & Beilbr, new e_No par 68 Oct 24
•101 102 *101 102 *101 102
10134 10133 10134 10134 *101 102
400 Preferred
100 10134Nov 16
16312 164
16412 1657s 165 165
166 169
16934 172
170 172
10,000 Western Union Telegraph_100 1444 Jan 8
4378 4318 4334 4334 44
4312 4378 4312 444 437 4438 43
25,600 Wstnghse Air Brake NewNopar 40 Oct 28
8212 8338 8253 8412 84
8434 8234 8333 83
831
8218 8414 36,300 Westinghouse Elec & Mfg_50 6733 Jan 4
8912 894 93
*8912- -- *8912 93 "90 . __
300 1st preferred
50 82 Mar 25
1-478 *13
14
1-4-78 134 14
1-4
*13
14
14
*1314 1-4
1,900 Weston Elea Instrum't_No par
11 Sept 23
*314 3312 "31
33
*31
32
3312 *3118 331 .31
32
334
200 Class A
No
par
30 July 14
*10712 10812+1074 1081 *10712 108 *10712 108 *10712 108
108 108
20 West Penn Elec CIA vtf No par 977 Jan 4
10814 10914 10814 111
108 109
110 11034 11034 11034 1,090 Preferred
10814 109
100 102 Jan 4
ii5t2 11512 *11518 11533 1154 11518 11514 11514 11512 1168 11512 11512
130 West Penn Power pref
100 111 Jan 15
__ 10814 109 *10814 1083 10834 109
*107 10734 10734 1073 *10712
100 6% preferred
100 10012 Jan 20
2258
1314
227
23
8
224
2312
23
231
23'z
*23
23
2314
800 White Eagle 011 &Refg_No par 2114 Nov 1
7
34
331.2 34% 34
344 3434 34
34'2 343 343
3414 3518 12,900 White Motor
50 3014 Nov 3
4.3.7
3758 37
3712 37
37
3614 37
37
385* 38% 3834 2.700 White Rock 1..11n Sp elf _No par 26 Jan 26
3814 38
3712 3814 38
38
37
371
37
3712 38
38
2.500 White Sewing Machine_No par 2112 Mar 24
"5412 55
55
554
5412 541 *5334 547
55
55
55
55
400 White Sewing Mach pf_No par 46 Feb 18
e._ _
__ ___. ---- ---- ---- ---- ---- ---- ------ -___ -- ___ Wickwire Spencer et& _No pa
Is Oct 25
1518 153
1538 1558 15% 163
151
1658 1712 80:500 Willys-Overland (The)__
iE _-1514 15 9253
5 1312 Oct 10
"92
9212 *9214 921
9212 931
9212 923*
934 9312 1,100 Preferred
*92
100
87
June 11
12
•
1218
11
1178
104
12
1178 12
"1114 12
1014 1014
1,400 Wilson & Co Inc. new_No par 10 May 5
21% 2112 217s 21
2012 21% 214 2118 *21
21
204 21
2,300 Class A
No par
1614May 5
63
6312 *64
644 6534 6534 6512 6512 655s 66
664 6618 1.200 Preferred
100 58 Apr 7
195 19734 19312 19514 191 19414 19012 19414 191 19284 191 195
48,700 Woolworth (F W) Co
25 11733 Jan 11
2684 26
2612 257 26
255 26
26
2612 26
2878 7,700 Worthington P & M
26
100 2012 Jan 27
50
"41
*4118
50
*4118
50
50
*414
*4118
50
50
*40
Preferred A
100
46 Jan 22
3812 3811 38'2 3912 40
381z 3812 38'2 3712 3712 "37
600 Preferred B
*36
100 37 Oct 24
5578 5414 563
534 5334 x5314 5612 54
5653 5784 57
583* 23,900 Wright Aeronautical__ No par 2412 Apr 5
64
6412
64
643
6412
6418
66
*6412 6412
6638 654 *64
900 Wrigley(Wm Jr)
No par 5078 Jan 4
•76
7612 77
77
7712 *76
771 *76
"71
77
200 Yale & Towne
78
*76
25 7014 Jan 8
2814 2812 3112 30% 3134 3018 31% 30
3078 70.600 Yellow Truck & Coach CI B_10 25 Jan 14
2814 285* 28
91
89
9034 9034 *894 903 *8912 9034 1,600 Preferred
88
88
87
87
100
8318 Aug 23
83,a 847, 85
85
85
85
85
86
8618 87
87
87
4,800 Youngstown Sheet & T _No par 804 Oct 24
575
568 572
*562 570 *575
577
57812 579
5.30
*530 531
*598 610 "596
417
415 415
*1275 1310 *1275
713
718 720
"610 615 625
579 *576
585 "575
57034 *577
529
532
607 "600
417 *413
1310 *1275
713
720
625 620
578
572
585
580
580
573
529
528
610 *603
415
410
1310 *1275
713
709
620
625
572
575
580
575
578
571
528
528
609 *600
410 *406
1300 '1275
715
705
625 620
575
571
575 *573
571
573
530
530
610 .600
410
407
1300 *1275
707
704
622
628
• Bid and asked pr ces, no sales on this day. a Ex-rights.
573
579
573
535
608
410
1295
7144
631
Highest
Lowest
Highest
$ per share 8 per share
$ per share
3478 Jan 17
304 Mar 4158 Jan
10038 Nov 4
612 Feb 18
1 July
54 -Deo
28 May 18
1912 Apr 3478 Sept
135 Feb 3
85 Apr 171 Sept
4 Nov
6 Jan 14
144 Jan
1538 Nov 18
1058 Oct 2078 Feb
1714Nov 15
11
Apr
147s J•11
13.14 Jan 13
1058 Dec 16 Feb
58 Jan 17
5312 Nov 577 Dec
81388ept 20
39
Oct 523s Nov
12
1878June 8
Oct 1912 Jan
40 June 7
2312Sept 18
4312 Nov18-38 Aug 5
2633 -Dec 34 Jan
4214 May 5012 Seri
61 Oct 3
1918June 9 ---- ---- --.---90341tun 1 ____ --- ----27 Nov 3914 Jan
2918 Jan 13
8714 Nov 103 JILD
9018Sept 12
4478 Mar 86E4 Nov
14212 Aug 3
954 Apr 11658 Sept
1103* Jan 5
118 July 13 103 Mar 1183 Sept
3 Mar
1038Nov 17
54 July
15 Aug 27 Jan
28 Oct 26
4314 Nov 6334 Jan
6734 Oct 21
124 Oct 26 11534 Sept 123 Jan
7314June I
35 May 7114 Jan
15412Nov 18
7712 Mar 100% Dee
5612 Jan 6
3714 Jan 68%&314
93 Dec 954 Dec
1211z Nov 14
3818July 26 - - - - ---- - - -- -109 June 24
20012N0v 5 134 -1.%lar 174 Dee
6034 Oct 17
5512 Mar 69 July
493 Dec 58
49 Jan 19
Jan
98
150 Sept 12
Apr 128 Nov
90 Mar 98% Dec
103% Apr 26
135 Mar 3412 Dee
3714 Mar 29
52 Mar 904 Dee
96 May 7
248 May 20 150 May 24818 Aug
118 July 1 10014 Mar 118 Des
2234July 7
96148ept 2 ____ ---- ---- -4578 Jan 593s -Feb
6338May 19
89 Feb 28
458 Mar 844 Dee
119 Aug 29
9914 Apr 1144 Nov
2512 Nov 14
535* Nov 18
10612 Nov 4
4818 Mar 7178 Jan
674 Aug 24
8718 Feb 28
5014 May 884 JO13
1113* Apr 8 10112 Mar 109
Jar
44 Aug 11
30
Oct 4972 Jan
42
5114 Oct 5
Oct 60
Jan
176 May 31 117
Apr 1604 Dee
1604Sept 16 11378 Dec 117 Dee
13812Nov 12 1244 Mar 13034 Dee
5612 Jan 67 Dee
9312 Oct 26
12634 Aug 11 112 Mar 123 Dec
13812 Nov 17
Apr 116 Nov
93
34 May 19
2758 Dec 37 Feb
29 Mar 43 Aug
5634 Aug 17
1438 Feb 8
1212 Apr 22 Feb
64 Feb 11
58 Aug 75 Feb
6358June 6
434 July 52 Aug
4812 Nov 11
10212Nov 11
10078 Nov 11
9
1512Sept 13
Oct 2512 -Feb
4714 Nov 16
3138 Oct 69
Jam
91 Nov 15
83
Oct 9818 Jan
51 Jan 4
40 May 6012 Nov
764 Aug 22
70 July 85 DeC
3914June 20
26 Mar 364 Dec
11812June 20
9434 Jan 11012 Dec
80 Aug 26
10 Sept 15 Dec
125 Aug 27
88 Apr 105 Dec
5934 Aug 26
25 Feb 7
17
Jan 23 -Dec
2412 Apr 1
1214 June 2314 JOE
11834 Oct 3
99 June 195
Jam
3358 Feb 18
2114 Oct 853 Feb
100 Nov 18
8818 Oct 11012 Jam
4512 Jan 8
12 June 6914 Berl
2812May 28
17812Nov 12
437
; Apr 69 Dec
27 June 1
7512 Aug 9 ---- ------- -___
10358 Aug 9
172 Nov 17 13412 Mar 1877 SIM
5012Sept15-8958Sept 7
65 May 7918 -Feb
93 Nov 17
7818 Oct 873 Feb
1334 May
1912 July
183 Feb 15
3434 Apr 20
2714 Jan 3218 Oel
111 Aug 22
8812 Jan 9812 Oct
112 Sept 13 ._ _ - May 10212 Dec
118 May 27
954 Mar 115 841P1
95 Mar 103 Dec
109 Nov 16
274 Feb 15 108
Apr 2934 Feb
2518 Apr 90 Feb
5838 Feb 28
5118 Oct 384 Feb
4112Sept 21
53% Aug 10
22 __- ---- -4612 Oct 6414 Oct
59 Jan 17
58 Dec
14 Feb 14
344 JOE
18 May 34 Jam
2434Mar 3
8812 Oct 99 Feb
98 Aug 22
6 May 143s Dec
175 Feb 21
3278 Feb 23
14 May 3058 Dec
8434 Feb 23
42 May 814 Dee
19734Nov 12 12014 Dec 128 Dec
46 June 7
19 Nov 4434 Jax
8112June 9
44 Nov 80 Yet
3714 Nov 65 Feb
544June 7
2412 Mar 393 July
6078 Sept 30
6712 Oct 27
47
Apr 593 Pet
8412 Aug 24
6012 Mar 7212 Aug
20 May 3958 Sept
40 Aug 10
9958July 20
9112 Apr 10712 Sept
69 May 9514 Aull
9714 Mar 24
Bank & Trust Co. Stocks.
150 Bank of Commerce
504 Oct 26 579 Nov 14
20 Bank of Manhattan Co___100 556 Oct 29 613 Oct 5
160 Chase National Dank
100 555 Oct 24 615 Sept 26
240 Chat Phen Nat Bk & Tr_ _100 495 Oct 25 540 Oct 6
Corn Exchange Bank
100 593 Oct 17 602 Oct 14
60 Equitable Tr Coot N Y
100 390 Oct 24 428 Oct 4
Hanover National 13ank__ _100 1270 Oct 26 1290 Oct 26
330 National City Bank
100 689 Oct 28 739 Oct 4
120 National Park Bank
100 593 Nov 2 655 Oct 3
z Ex-dIvidend
PER SHARE
Range for Previous
Year 1926
,.
____ ---- ---- ----__- ------ ---.
---- ---- ---- ------ ---- ---- ---.
---- ---- --.- --_.
2788
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
Jan. 1 1909 Ms Exchange method of quoting bonds was changed and prices are now
BONDS
N. Y. STOCK EXCHANGE
Week Ended Nov. 18.
`E3
Price
Friday.
Non. 18.
Week's
Range or
Last Sale.
15
U. S. Government.
Bid
Ask Low
Mph No.
First Liberty Loan314% of 1932-1947
J D 10121.2 Sale 101,44101 3n 429
Cony 4% of 1932-47
2
1011,411011044
.1 D 101
Cony 4;1% 011932-47
J D 10342 Sale 103"44 1031'44 70
2d cony 4)1 % of 1932-47
1021448cp'27
.1 la 10211.2
Second Liberty Loan48 of 1927-1942
100
Oct'27
MN
Cony
% of 1927-1942
99.1.2Nov27
MN
Third Liberty Loan434% of 1928
M S 100142 Sale 100"441001'44 243
Fourth Liberty LoanSale 1033,44 104'n 741
434% of 1933-1938
AO 104
1947-1952 AO 115..2 Sale 1143'44115,3n 905
Treasury 434o
1944-1954 J o 110.22 Sale 10934/211013n 2029
Treasury 48
1946-1956 MS 107..2 Sale 1063441071 n 695
Treasury 34121
1943-1947 .ID 102..2 Sale 101,444102u,, 900
Treasury 334a
State and City Securities.
2
NY City-44s Corp stock_ 1960 MS 10034
100,
8
1004
434s Corporate !Rock_ __ _1904 MS 10.114
10412 Nov'27 _
4148 Corporate stock _ _ _ _ 10216 AO 1043s
10238 Mar'27
1044 June'27
434s Corporate stock _ _ _ 1972 AO 10478
414s Corporate stock __ _ _ 1971 J o 10812
_ 10918 June'27
4348 Corporate inock_Ju171987 J
10814
_ 10834 Oct'27
4145 Corporate stock____1965 S D 10814 - - 10838
10838
4148 Corporate stock__1963
16814
10878
10879 15
1959 MN
4% Corporate stock
3
S 101 Sale 10012 101
4% Corporate etock
1958 MN 10012
1004
10078 25
4% Corporate Rock
5
1957 MN 1001.
10078
1004
1936 MN
48 registered
_ 9834 July'27
444% Corporate stock _ 1957 MN 1081: Sale 10812 10812 11
10734 Nov'27
434% Corporate Rock _ _ _ _1957 MN 10712
3)4% Corporate st __May 1954 MN
9238 _ _
93 Sept'27
314% Corporate st _ _Nov 1954 MN
9238
_ 93 Nov'27
New York State Canal 48_1960
1024 Nfar'27
1961 J J
Canal Imp 4s
10439 Oct'27
194 J J
Canal Term 434s
1054 Oct'27
Highway Improv't 4448_ - _1983 MS
11212 June'27
Foreign Gov't & Municipals
Antionula (Dept) Col 78 A _ _1945 J
9538 41
914 Sale 9412
24
External s f 7aser
1945 J J
95 Sale 9412
95
22
External 81 7s eerie*: C_ _ _1945 J J
95 Sale 9412
95
33
Ext of 79 ti rcts let ser_ _.1957 AO 94 Sale 94
95
Argentine Govt Pub Who 65.1960 AO
9914 Sale 984
9912 39
Argentine Nation (Govt of)8111k fund 6s of June 1925.1959• D
9934 Sale 99
994 40
Esti a f 69 of Oct 1925___ _1959 AO 9912 Sale 99
9912 41
Sink fund 68 series A
124
1957 SI S 9938 Sale 994
100
External 68 series B_ _ Dec 1958 J O
9938 Sale 99
9938 53
Extl 1 66 of May 1928_ _ _ 1960 MN
9878 Sale 9834
99'4 231
External s f 68 (State Ity)_1960 54 S 99 gale 984
99,4 120
Extl Os Sanitary Works_ _ _1961 FA
9914 Sale 984
99,4 79
Exti 68 pub w ka (May '27)1961 MN
9914 Sale 934
99,4 53
15
Argentine Treasury 59 £_ _ _1945 M S 9078 Sale 9034
914
Awitralla 30-yr 58 .July 15 1955 J J 9312 Sale 9818
9812 151
External 58 of 1927_ Sept 1957 M
9734 Sale 97
9734 480
40
Austrian (Govt) s I 7s
1943 J O 103 Sale 103
105
Bavaria (Free State) 6145_ _ _1945 F A
9411 Sale 94
9518 99
Belgium 25-yr ext of 7 ys 6.1946 J D 11418 Sale 11312 114,2 34
1941 FA 10938 Sale 109
20-year a f 89
1094
11
4
25-year external 6348
1949 MS 10334 Sale 10234 104
External a fee
1955 J J 994 Sale 99
994 179
External 30-year s f 78.__1955 J I) 107 Sale 10638
10712 119
Stabilization loan 75
65
1956 MN 10434 Sale 10412 105
3
Bergen (Norway) a f Ss
1945 MN 11334 114 11338
11312
15-year sinking fund 69._1949 AO 10138 10112 10138
101 12 14
Berlin (Germany) 13148
61
1950 AO 9738 Sale 9714
98
9
Bogota (City) ext'l f 8s .1945 A0 10412 105 10434
105
Bolivia (Republic of) 88_
1947 MN 10414 Bale 10418
10434 27
65
Extl sec 79 tern
1958 J J 0434 Sale 94,
4
9534
Bordeaux (City of) 15-yr 611_1934 NI N
9934 Sale 9914
9934 54
Brazil(US of) external Ss_ _1941 • D 10734 Sale 10634
10734 30
External s f 614s of 1926.1957 AO 9338 Sale 9234
9338 316
78(Central Railway)
1952 • D 9534 961: 96
964 48
734v (coffee occur) £ (fiat) 1952 AO 10614 10612 106,4
10612 13
Bremen (State of) esti 78_1935 M S 100 Sale 9978 1004 54
Budapest(City) extl of 68_..l962 J D 8533 Sale 853.4
8718 118
Buenos Aires (City) extl 634211955'
101 Sale 10034 10118 12
Buenos Aires (Prov) extl 79_1957 J I) 9578 Sale 9512
89
96
Esti a 1 79 of 1926
1958 Mr'. 9538 Sale 95
9534 69
Bulgaria (Kingdom) f 78..1967
17
9012 Sale 9012
J
91
Caldas Dept of(Col mbia)7345'48 J J
31
9734 Sale 974
98
Canada (Dominion of) Es_ ..193l O 0 1024 Sale 10214
10238 22
10-year 550
1029 F A 1014 Sale 10178
1024 42
524
72
11152.M N 108 Sale 107
108
44e
1936IF A 10112 Sale 100,
101 12 59
4
Carlsbad (City) I 88
5
1954 .2 j 10638 10712 107
10714
Cauca Val (Dept) Colom 73046 A 0 9378 Sale 9834
33
99
Cent Agric Bank (Germany)—
Farm Loan 9179
195(1 M S 9812 Sale 98,4
9914 47
Farm Loans f ris lot elf_ _ _ 1960 .1 _I
944 478
9212 Sale 9222
Farm Loans leo 1st etf w I 1960 AO 9234 Sale 9212
954 1279
Chile (Republic) extl f 88_ _1941 FA 110 Sale 10834
110
55
20-year external S f 75_
1942 MN 102 Sale 10112 102
42
25-year external s f 88_ _ 1946 MN 10914 110 10912 110
7
914 200
External sinking fund 65 1960 AO 91 Sale 9084
1961 FA
External s 68
91 Sale 904
9114 75
954 26
Chile Mtge Bk 6348 June 30 1957 • D 9.51: Sale 95
9612 32
8 f 6 3.49 of 1928_ _June 30 1961 J O 9612 Sale 964
23
Chinese(lukuang fly) 58- -.1951
26
D 2514 Sale 254
Chrietiania (Oslo) 30-yr et 691954 54 S 10238 Sale 10112 1024 16
Cologne (City) Germany65401950 MS 9514 Sale 9514
964 37
1961 J J
9212 129
92,4 Sale 924
Colombia (Republic) Gs
111
Copenhagen 25-year a f 5591-1944 J
10034
10012 Sale 100
1952• D 954 Sale 9534
External 58
158
96
Cordoba ((ity) esti 81 78_ _ _1957 FA
99 Sale 96
97
4
Cordoba (Prov) ArgentinaTs 1942 J J
983.4 Sale 9834
99
2
Coats Rica (Repub) extl 79_1951 SI N
9614 46
96 Sale 96
1944 M
Cuba 58 of 1904
10112 Sale 10112 10112 10
External 55 of 1914 aer A.1949 FA 10114
1024 Oct'27 - External loan 4(4s ser C._1949 FA
9612 Sale 9612
9612 10
1953 .1 .1 10212 Sale 10212 1024
Sinking fund 5548
16
Cundinamarea (Dept-Col) 78 '46 J o 9414 Sale 9319
941/ 13
Czechoiloyakla(Rep of) 88_1951 A 0 109 Sale 10834
10914 40
Sinking fund 88 ser B..._1952 AO 10834 Sale 10812 1084 37
External 81 7 %is series A _ _1945 S O 1044 Sale 10434
10512 76
Danish Cons NI unIcip Ss A _.1946 FA 11114 11138 111 14
11134
6
Series 11 a f 83
1946 FA 1114 Sale 111 12 1114
2
Denmark 20-year ext!68_ _ _ _1942
10514 89
J 105 Sale 105
Dominican Rep Coat Ad 634o42 M
100 Sale 100
10114 24
In ere 5.448 01 1926
1940 AO 984 Sale 98,
984
2
8
Dresden (City) external 76.-1945 NI N 100 Sale 100
10038 41
Dutch East Indies extl 69_ _ _1947 j j 105 Sale 10412 105
28
40-year external 65
1962 MS 105 Sale 10434 1054 73
30-year external 5345
1953 M
10334 Sale 1034 1034
6
1953 SI N 1034
30-year external 5348
10379
1
- 1034
El Salvador (Repub) Ss__ —1948 J J 108 1-(16 10814
4
10814
Finland (Republic) ext.) 65_ _1945 M S 9638 Sale 96
9612 30
External alnk fund 79-1950 MS 10012 Sale 100
10034 35
1956 MS 984 Sale 974
External s 63-58
9814 101
FlruaLsh Mun Loan 6 348 A _1954 AO 9734 981 9734
9834 14
External 63.4s series
99
1
- 1954 AO 9734 981 9812
French Repub 25-yr ext'l 88.1945 MS 1104 Sale 11034
111
412
20-year external loan 7348_1941 J D 11534 Sale 1I518
1184 141
External 79 of 1924
1949 J O 10634 Sale 106
10684 4
German Republic ext'l 78-1949 AO 10534 Sale 10534
1(.61 271
Gras (Municipality) 118.. ...1954 M N 10112 102 I0112 10hz
2
GO Brit & Ire'(UK of) 534/1-1937 FA 1064 Sale 10858
10719 172
1929 FA 11778 Sale 11778
10-year cony 53-58
11812 14
1=-4.
Range
Since
Jan. 1.
and interest"—except for income and defaulted bonds
BONDS
N. Y. STOCK EXCHANGE
Week Ended Nov. 18.
`s>3
Price
Friday.
Nov. 18.
Week's
Range or
Last Sale.
High
Bid
1;o
-to
Ask Low
High
3reater Prague(City) 730..1952 MN 10514 Sale 19412 10434
1964 54 N 9714 Sale 9612
,00144101'.44 Greek Government 713
9714
Haiti (Republic) s f 68
1952 A 0 100 Sale 100
'00,41102
10014
102".1031.34 Heidelberg (Germany) ext 7%050 J J 102 Sale 101
10212
102,44103
1,1-54 1946
Hungarian Munic Loan 7
9812 Sale 9812
5j
..1
984
Exrnal
te
s 175
9412 Sale 9438
9434
Hungary (Kingd of) s 17348.1044 F A 10112 Sale 10112
99,11n101
10212
99'44101'n Italy (Kingdom of) ext'l 7s..1051
D 974 Sale 97,
8
9834
Italian Cred Consortium 7s A1937 M
954 Sale 9519
96,4
1947M
Ext1 sec f 79 ser 13
100”.4101.144
95 Sale 9412
95
Italian Public Utility ext 78_1952
J 9434 Sale 9434
9538
103144104"n Japanese Govt £ loan 4s_ _ _ _1931 1 J 9134 92
9134
9178
110441151,n
30
1954 F A 10134 Sale 10114
-years
102
10644110"n
Oriental Development 69_1953 PA 8 96 Sale 96
9714
103441071'n Leipzig (Germany) a f 78_ 1947 F A 9912 Sale 9918
100
100..210211n Lower Austria (Prov) 7145_ _1950 J D 9712 Sale 9712
9818
Lyons (City of) 15-year 60_1934 51 N 9914 Sale 99
9912
10038 10114 Marseilles(City of) 15yr 85_ _1934 SIN 9914 Sale 9914
9912
1024 10512 Mexican Irrigat Aastng 4 468 1943
3418 Sale 344
3412
10258 10258 Mexico (U 8) extl 6s of 1899 r
94
45 Q."
4512
35 Sept'27
10258 10514
Assentlng Ss 011899
36 Sale 3518
3614
10712 10912
Amen ting 55 large
4438 Nov'27
10658 10218
Assenting 45 01 1904
244 Sale 2414
254
10638 108(4
Assenting 45 of 1910
J J 2512 2534 27:4 Jan'27
10638 109
Assenting 45 of 1910 large
2512 Sale 2434
2512
99 1014
Assenting 48 of 1910 small_ _
24 Sale 2334
2412
99 1005
Treas 6s of'13 assent (large)'33
40
39
38
3934
9878 10112
Small
3812 Sale 3818
3812
9834 9834 Milan (City. Italy) ext'l 8141)'52 5 0 9118 Sale 9118
92
1054 1084 Montevideo (City of) 79_ _ _ _1952 1 D 10334 Sale 10312
104,8
10534 10834 Netherlands fla (flat prices) _1972 M
107 Sale 10634
107
8978 93
1954 A 0 1027s Sale 0234
30-year external da
103
8978 93
New So Wales (State) ext 59 1957 F A
9512 Sale 9434
9534
10238 10238
Apr 1953 A 0 9518 Sale 9414
External 9 1 5s
9512
10438 10439 Norway 20-year extl 69 _____ 1943 F A 10234 Sale 10234
103
1053s 10533
1944 F A 10212 Sale 10212 103
20-year external 65
112,2 11212
1952 A 0 103 Sale 10212
30-year external 68
103
1965.8 1) 10034 Sale 10012
101
40-year s f 5348
(N38 9712 Oslo (City) 30-year s t 624. _ _1955 M N 10234 Sale 10234
103
924 9712
F A 9914 Sale 994
Sinking fund 5 1-69_
100
9212 9514 Panama (Rep) esti 5SO_ _1953 1 D 1034 Sale 10318
10312
93
9534
19111 J D 10112 Sale 101
Esti Bee I 6 Lis
1014
9738 100
9478
Pernambuco (State of) esti 715'47 M 8 9412 Sale 94
Peru (Repo()esti 89(of'24)_1944 A 0 10712 10812 10738 10812
9734 10018
1944 A 0 10712 10834 10714 Nov'27
Extl Ss (ser of 1928)
9734 101
Esti sink fd 734,
1040 M N 10434 Sale 10414
104,
4
974 101
Exti 8 f sec 7348 (of 1926)_1956 NI S 10334 Sale 1024 10334
9739 10039 Poland (Rep of) gold 6a___ _1940 A 0 8234 Sale 8214
8234
9734 100
1950.8 J 9912 Sale 9914
Esti sink fd g 88
9938
9834 9934 Porto Alegre (City oil 88-1981 J D 10512 10534 106 Nov'27
98 100
Esti guar sink Id 7 kis__ _ _1908 J J 10138 Sale 10138
10178
98 109
Queensland 'State) esti of 75 1941 A 0 11414 Sale 11414
114,2
89
9234
1947 F A 10634 Sale 10612
25-year external 69
10634
9878 9812 filo Grande do Sul esti a f 88_1946 A 0 10538 Sale 105,
8 106
9634 9814 Rio de Janeiro 25-yr a f 89
1946 A 0 105 10578 105
106
10114 106
25-yr esti 89
1947 A 0 10514 Sale 10514
10512
94 10014 Rome (City) esti 834o
92
1952 A 0 9112 Sale 9114
III 11434 liotterdam (City) extl 139... _1964 M N 10434 Sale 10478
105
108 110514 Sao Paulo(City) a f Sa__Nlar 1952 SIN 11112 Sale 11112 11234
9634 1054 San Paulo (State) ext.' a t Sa_1938 .1 J 106 10612 106
10612
924 100
External sec t Sa
1950 J J 10612 Sale 10612 10634
1024 10734
External s 78 Water L'n_1956 51 S 10014 Sale 100
10012
10138 105
Santa Fe(Prot,. Arg Rep)79_1942 M S 95 Sale 9412
0514
110 11412 Seine, Dept of (France) esti 78'42 J J 10314 10334 10314
10378
994 102
Serbs. Croats & Slovene!) 85.1962 NI N 99 Sale 99
9914
967a 10034 Soh:sons(City of) extl6s__ _1936 Si N 0714 9734 9734
984
10234 10:.12 Sweden 20-year 68
1939 1 D 104 Sale 10334
10414
1024 10512
External loan 514g
105
1954 M N 10412 105 10434
94
98
Swiss Confed'n 20-yr s I 88_ _1940 I 1 11212 Sale 112:2 113
9338 10034 Switzerland Govt ext 51;8_1946 A 0 10312 Sale 10312 1034
104 10812 Tokyo City 58 loan of 1912_.1952 NI 5 764 Sale 7614
7678
96
89
Esti sf534,guar
894
1961 A 0 8834 Sale 8838
9412 9912 Trendh(em (City) 1st 5348. 1957 M N 974 98
9818
9734
10234 10734 Upper Austria (Prov) 7s. _ _.1945 .1 D 97
97
9718 97
'J9' 105
Uruguay (Republic) ext.! 88.1946 F A 10878 Sale 10878
1094
8534 92
External s f8s
1960 M N
964
9612 Sale 9614
9914 10214 Yokohama ICIty) extl 68
196 I J
9438 Sale 9438
95,8
95
Railroad
964
9412 NI Ala (It Soil 1st eons A 55_ _1943 J D 10512 ____ 10434 July'27
8858 9414 Ala 511(1 lot guar gold 53_1928 54 N 10012 Sale 10013 10012
96
984 Alb & &Igo lot guar 3149_1946 A 0 9012 ____ 91
91
10014 10278 Alleg & %Vest lot g go 4a_
1998 A 0 9114
__ 914 Nov'27
1942 M 8 9734 99
1014 1024 Alleg Val gen guar a 4s
974
9734
Ann Arbor lag 45
104 103
July 1995 Q J 8412 85
85 Nov'27
9815 101 12 Atch 'lop & S Fe—Gen g 49_1995 A 0 9812 Sale 98
0834
1031s 108
Registered
A 0
9712
9712
96
99.4
Adjustment gold 4s.._July 1995 Nov 9312 Sale 9233
93,2
Stamped
July 1995,M N 94 Sale 93
9414
9814 103
1M N 884 ---_ 8912 Sept'27
Registered
9212 9534
Cony gold 49 of 1909
1955 J D 92 Sale 02
92
9212 9534
Cony 48 01 1005
905
1955.8 D 92 Sale 92
92
Cony g 49 Issue of 1910_ IMO 1
1064 110
87
9012 Sept'27
East Okla Div lot g 4s- - 192S 51 S 904 10014 994 Nov'27
9912 10212
Rocky Mtn Div lot 4a. _ _1965 J J 9212 Sale 921
10614 110
921
934
9312
Trans-Con Short I. lot 49.1958 ii
80
934
9338
Cal-Ariz lot & ref 4 1.6s A _ _1902 M
89
10218 10234 10134 Nov'27
93
9714 AtI Knoxv & Nor Ist g 50_ _1946 J o 10679 ____ 1074 June'27
96
9814 Ati & Chad A I. 1s1 A 4169_1944 J J 10012 ____ 9812 Aug'27
24
3014
1st 30-year 5s series IL...1944 J J 106
_ _ 10534
10514
9934 1024 Atlantic City lot eons 48. _ __1951 J
90
____ 9() Aug'27
9514 101 14 Atl Coast Line let eons 4s July'52 NI 8 984 Sale 983g
9878
92
9314
General unified 434.
1964 .1 D 10238
10212 10212
994 101 12
L & N coil gold 48...„Oct 1952 MN 9534 Sale 954
96
9514 96
Atl & Day 1st g 48
1(148 J J 8414 —__ 8234
84
9512 97
2d 46
1948 ii 76 Sale 75
7639
9612 100
Atl & Vad lot g guar 49
1949 A( 8712 ____ 8712
874
9312 0712 Austin & N tV lot go g 59_1941 J J 10214 ____ 10134 Sept'27
95, 104
Balt & Ohio 1st g 4s. _ _July 1948 A
9838 Sale 9738
99
10014 1024
Registered
July 1948 J J
95
9514 Sept'27
20-year cony 4348
934 9734
1933 MS 10018 Sale 0978
10018
1014 10438
Refund & gen Es series A 11195 J 0 10438 Sale 10412
105
lot g 55
9212 96
1948 A 0 11034 Sale 10914
111
105 110
10-year 69
1929 J J 10238 Sale 10238
10234
10434 109
Ref & gen 69 series C
1995 J 0 11134 Sale 11134
112
P E & W Va Sys ref 411_ _194 I 54 N 987s 9714 91378
104 10814
9712
Southw Div tel .58
10938 112
1950 J 1 10618 Sale 10638
107
Tol & Cln Div let ref 45 A_1959 .1 1 8914 Sale 8834
10914 11134
90
Ref & gen 518 series I)
10338 10578
2000 M S 10519 Sale 105
10511
9812 101 14 Bangor & Aroostook let ISs_ _1943 J J 104 105 105 Nov'27
Con ref 48
98 101
1951 J 1 8714 Sale 874
874
100 10412 Battle Crk & Stur 1st to 39_1980 J
July'27
10214 10538 Beech Creek lot go g 48_ _1938 J J 974 ____ 9112
lY 27
Registered
1024 105'8
J J
2d guar g 59
10038 10412
1936 ▪ J 1004.. 19
g:27
040'122 N
Atuar
Beech Crk Ext 1st g 3349_1951 A 0 8512 ____ 8512 Aug'27
100,
2 103
10614 1094 Big Sandy 1st 48
1944
D 9312 ____ 9312 Nov'27
93
9818 Bost & N Y Air Line lot 48_1955 F A 8534 Sale 8534
8612
Burns & W 1st go gold 4a _ 1938
9814 102
9734 ____ 97
Oct'27
95
,
8 1004 Buffalo R & P gen gold 58_1937 M S 104
Oct'27
____ 104
Consol 4 L68
96
9912
1957 M N 9912 Sale 984
100
954 9912
Registered
A N
O
10814 11214 Burl C It & Nor lot 58
1934"
lacI0V12172
10
9111
105 116's Canada Sou cons gu A 68_ _1962 A 0 110
110
____ 110
99 10711 Canadian Nat 4 kia_Sept 15 1954 M 8 100 Sale 9914
101
10534 10912
5-yiar gold 4148. _Feb 15 1930 F A 40034 Hale 9978
10034
19034 104
Canadian North deb 5 i 79_1940 J D 11534 Sale 115
11534
10312 1071g
25-year 8 deb 1334s
1948• / 12114 122 11934
121
11834 11918
10-yr gold 4 Ha.... _Feb 161935 F A 10014 Sale 9938
10014
Range
Since
Jan, 1.
No, Low
11428
23 1034 107
7
9314 99
25
99 10034
18 101 106
9758 1017s
10
17
94 99
27 100 105
400
9254 9912
35
9238 994
55
07
91
41
904 101
10
8814 924
148
984 102
65
9211 98
49
9918 10278
4
97 1004
9312 100,
511
4
45
9314 101
8
41
30
_
3234 50
12
3139 10
_
4438
31
344
30
21
2738 2739
29
311g
20
71
2838
20
354 46,8
22
2512 4811
129
94
89
11
9978 10418
17 10512 1084
72 10214 1044
170
9534
94
94
9512
235
62 10118 104
33 101 14 104
35 100 1044
77
9834 1024
13
9972 10312
43
97 10038
11 100 10414
28 100 10314
24
94
96,4
8 102 10912
_ 103 1004
33
994 106,9
118
9834 1054
7
764 85
934 1014
159
10314 106
2
9912 1024
2!) III 116
10 104 108
1034 10738
12 1024 10619
17 10214 106
131
894 94
11 10212 106
5 10712 1144
18 10412 107
30 10434 108
43
98 141134
16
9318 9658
76
9758 10478
54
9714 10234
15
91 14 9934
40 10318 105
34 10238 10514
16 111 14 1144
27 10259 105
13
7978
75
148
904
86
8
974 9872
99
5
94
15 10858 11238
131
0412 97
65
92
974
10258 10434
10011 101
8728 91
844 9118
9514 9734
5
7912 85
247
9234 9834
10
92
974
7
87,4 93,2
20
874 9413
85
8912
85
92
5
8734 9214
23
86
91
9914 10018
4
8811 9212
2
9012 934
9714 10174
10431 1074
98 100
2 10314 106
89
90
14
934 100
9634 10212
1
9112 96
27
7878 84
21
7612
38
70
824 874
1
10134 10.514
9312 99
178
92
95,4
97 1004
233
105 10038 1054
66 10434 Ill
121 10034 10338
06 1074 11211
9258 9811
56
45 10138 107
82
90
17
49 1004 10512
gs 105
84
8812
4
64
08
95
Mg
9412 9512
-99 10012
854
81
93,2
91
78
864
3
954 07
_ 101 10414
944 100
95
95
074
1 101 1024
2 105 110
95 101
140
994 101
160
51 114 1161e
30 1174 121
974 10014
32
BONDS
N. Y. STOCK EXCHANGE
Week Ended Nov. 18.
New York Bond Record—Continued—Page 2
14.
Price
I
Friday,
Nov. 18.
Week's
Range or
Last Sale.
Bid
High No.
Ask Low
Canadian Pac Ry 4% deb stock__ J J 8978 Sale 8778
9014 461
1946 M
10014 Sale 9912 100,
Col tr 4388
2 94
Carb dr Shaw lot gold 48_1932 M
97 Sept'27 -1949 J J 8612 89)4 8814 Nov'27 Caro Cent lot cons 845
Caro Clinch & 0 1st 30-yr 55 1938.3 D 10434
10434 10434
1
1952 J
let & con g 6s series A
10812 Sale 10812 10834 92
1981 J D
Cart & Ad 1st go g 45
93 Nov'27 - Cent Branch U P lot g 45_ 1948 J I) 8712 8838 8912 Nov'27 --Central of Ga 1st g 53_1Nov 1945 F A 10714 10812 107 Nov'27 -1945 M N 10618
Consol gold 55
_ 10558 Nov'27 -F A 10218 ____ 10212 Sept'27
Registered
_
10-year secured 68_ _June 1929 J D 10214 Sale 102
10214 37
Ref dr gen 54s series B___1959 A 0 10634 107 106,2 107
25
1959 A 0 10334 10478 10434 Nov'27 Ref & gen 58 series C
Chatt Div pur money g 48_1951 J I) 93
95
92
Oct'27 -Mac & Nor Div let g 581946 J 2 10512 ____ 10712 Oct'27
1947.1 J 102
MIci Ga & Ati div 5s
104
Oct'27
1946 J J 10578 10712 10518 Oct'27 -Mobile Division 58
1961 J
Cent New Eng 1st gu 48
8738 Sale 87
8838 26
Central Ohio reorg 4388_1930 NI
100
____ 100 Nov'27 -Central flit of Ga coil g 58 1937 M N 10118
101,2 10112 19
Central of N J gen gold 55......1937 J J 11814 11878 119
4
119
1937 Q J 11778 ___ 128
Registered
Oct'27 - 1949 F A
Cent Poe 1st ref gu g 4s
95,
2 Sale 9538
9578 28
F A 92 ____ 92,4 Oct'27
Registered
NItge guar gold 438sAug 1929 J D 99 Sale 99
99
Through Si L 1st gu 4s___1954 A 0 94
941, 9414 Oct'27
1960 F A 10478 Sale- 104% 105
Guaranteed g 58
45
Charleston & Ekivn'h let 75_1936 .3 J 11038
11938 Aug'27
Ches & Ohio fund & impt 55_1929 J J 101 Sale 101
10114 13
1939 M N 10738 ____ 10738
1st consol gold 58
10732
1
1939 M N 105 10512 105 May'27 -Registered
1992 M S 10238 Sale 10212 10234 33
General gold 4385
M S
Registered
99 Nov'27
1930 F A 10038 dides 10038
20-year cony 4385
loos 122
1940 J J 10n2 ___ 98 Sept'27
Craig Valley 1st 55
Potts Creek Branch 1st 4s_1946 J J
92
92
• 3
R& A Dly 1st con g 4s__ _1989 J
92 Sale 92
92
6
1989 .1 .1 94% 91
2d consol gold 48
90
90
2
Warm Springs V lot g 58..1941 M S 101 12 10212 100,8 Feb'27
May
15
1947
M
N
Cheese Corp cone 58
99,
8 Sale 9912 100
825
Chic & Alton RR ref g 3s_ _..1949 A 0 7318 74
7233
7314 14
Ctf dep stpd Oct 1927 lot_________
7158 Oct'27 - Railway first lien 33348-- —1950
6114 63
6112
62
5
CBs dep Jan '23 & sub coup
60
61
6112 27
6012
Chic Burl & Q—III Div 3345_1949
91
91
31
9112 904
J J
Registered
8714 Aug'27 - - 1949 J J .9812 Sale 9814
Illinois Division 45
9834 40
1958 AI 8 9833 9812 98,4
General 48
99
7
1977 F A 103 Sale 10238
1st & ref 4388 ser B
103
47
1971
F
A
let & ref 59 series A
10914 Sale 108,2 10914 31
Chicago & East III 1st 68_ _1934 A 0 107
____ 107 Nov'27
C & E III Ity (new co) con 53_1951 M N
94,4 Sale 9318
944 -.249
1982 M N 11058
Chic & Erle 1st gold 5s
110,8
11052
3
Chicago Great West let 45._1959 NI
73 Sale 7178
73
311
Louise—Ref
68_1947
„I
.1
Chic Ind &
117 _
118
Oct'27 --Refunding gold 58
1947 J .1 105
10458
10458
1
1947 J
Refunding 4s Series C
9112
91,4 May'27
General 5s A
1966 M N 104 Sale 104
8
104
May 1966 J J 110 11014 110,8 Nov'27
General 68 13
Chic Ind & Sou 50-year 413_1956 J J 9658 Sale 9633
9658
4
Chic LS& East 1st 438s1969
I) 10114 ____ 1001.2 Sept'27 -CM & Puget Sd 1st gu 4s_ _1949 .1 J 6578 Sale 6578
657
8
10
U S Tr certifs of deposit
6513 Sale 65
6512 30
Ch NI & St P gen g 48 Ser A..51989 -;/ 91 Sale 9014
91
35
Registered
1 J
841s July'27
_
General gold 3355 ser B--e1989 J J
79)4 20
7938 ____ 79
Gen 4385 series C__ _May 1989.1 J 10014 Sale 9912
10014 36
Registered
97
97
5
Gen & ref ser A 438a_Jan 2014 A 0 657 Sale 6578
6612
5
Guar Tr certlf8 of deposly
67 Sale 66,4
6714 62
Fen ref cony ser II 58 Jan 2014 F—A
6512 Sale 6338
66
81
Guar 'Cr certlfs of deposit_______
6538 Sale 65
1934
lst ser 65
104 Sale 104
10
86
4'4
58
29
1932 J I) 66 Sale 65,2
Debenture 434s
66
11
Bankers Tr certifs of deposit
66 Sale 6512
6618 127
1925
Debenture 49
66 Sale 6533
6558
7
U S Mtge & Tr ars of dep__
66 Sale 6512
6534 12
1934
25-year debenture 46
6533
6434
65
7
_
Farm L & Tr ctfo of deP--__
65% 6612 65
6514
11
Chic & N'west gen 8 834s1987 St
84,2 ___ 8412
95 8 17
Q F 7833 85
Registered
83
Oct'27
1987 M N
General 45
9758 98
97,8
9718
2
Q F 9618 ____ 96 Nov'27
Registered
Stpd 48 non-p Fed In tax '87 M N
9738 ____ 9738
9712
2
Gen 434 s stint Fed Inc tax.11)87 51 N 111
_ _ 109
Oct'27 ---„
Gen 5s stpd Fed Ins tax_ _ _1987 Itt N 11418 ____ 11412 115
7
1879-1929 A 0 10258 ____ 10233 10258
Sinking fund 6s
3
A 0 10214 ____ 1024
Registered
1879-1939 A 0 10034 ____ 100,2 May'27
Sinking fund 58
Nov'27
1879-1929 A 0 toOl2
Registered
10094 Oct'27
Sinking fund deb 581933 M N 10234 10314 10234 Nov'27 -M N 10218 ____ 101 Sept'27
Registered
J
78
g
1930
D
secured
10-year
105,4 10512 105
10512
0
/1- - - -1036 M S 11278 11414 11238
I5-year secured 6
10
1121
May2037 J I) 11278 Sale III%
let ref g 58
114
17
May
2037
.1 I) 104 8 Sale 10333 10412 63
1st & ref 1318
Chic It I & 1' Railway gen 48.1988 J j 9233 93
92%
17
927
J J 90,8 ____ 9012
Registered
1934 A 0 9558 Sale 9514 Nov'27 273
Refunding gold 45
96
A 0
Registered
9378 Oct'27
1962 M
Secured 4385 series A
967 Sale 96,
SOt
8
97
- Ch St L. & NI)Stein Die 48.1951 3 D 9018 ____ 91 Aug'27
A
0
58-1932
18t
CORM
g
Ch St &
4 ____ 102
Oct'27
-I) 10234 10314 10278
1930
Chic St P NI & 0 cons 6s
Nov'27
1)
Cons 68 reduced to 3 kis_ _ 1910
9658 ____ 961 May'27 - - 1930 M S 10014 10013 100 4
Debenture 58
Nov'27
Stamped
10014 10012 100 Nov'27 _ _
D
Chic '1' If & So East lot 58..1960
102 Salo 10158 102
23
Dec 1 1960 M S 9534 Sale 95,2
Incgu5s
9534 17
Chic Un Stan 181 gu 430 A_1963 J .1 102 Sale 102
10218 24
1963 2 21 13534
1st as series B
10872
1
.___ 10578
1944
0 10478
Guaranteed 1155
10478
10478 26
1963 J j 11714 118
1st 630 series C
12 118
5
117
j 10518
t1 M
52 j
Chic & West Ind gen g 68-1/3
10518 Nov'27 -Consol 50-year 48
9234 9314 92,4
9258 15
1062 NI
1st ref 5388 ser A
10558 Sale 10478 10532 40
Choc Mid& Gulf cons 58-1952 M N 105
____ 104% Nov'27 - - -11)37.3
43
85
J
gold
020
9918 ____ 9918 Sept'27 - - - CHI li
1936 Q F 08
9914 98 Nov'27 - - - C St L & C 1st g 4s- - -Aug
Aug 103(3 Q F 9718
Registered
994 June'27 --1942
M
N
gods
g
9214 9512 9312 Sept'27
Cln Leb & Nor
1929
J 100
100
ein s & ci cons 1st g 88
Oct'27
J
go
50_1943
J
1st
Mah
10078 ____ 9912 July'27 - - —
Clearfield &
D
48_1993
j
9814 Sale 9734
Cleve Gin Ch & St I. gen
9814 39
Registered
9312 May'27
_
1931 J J 1004
103%
20-year deb 4945
10012
3
1993 J I) 11378 _ _ _ 108,4
General 58 Series 13
Sept'27 - i
j
j
series
ds
10212 Sale 10212 10314 39
Ref & Inuit
107 108 107
107
5
fis series
1963 J J 10458 Sale 10438 10424 29
54; series D
1939
J
J
9612
Gairo Div 1st gold 43
96
Oct'27 - Ciu WA NI Div 1st e 48-.1991 .1 J
91,2 9114 9133
9132
1
9238 9414 917 Nov'27
St 1. Dly l ot roll tr 88 48_ -11(90 51 N
NI N
_
Registered
8714 May'27 _ _ _
Elpr & Col Div 1518 45._1940 51 S
97 Nov'27 _
9612 Apr'27 _
W W Val Div 1518 48__1940 J J
.._ _1934 J J 10834 Sale 10834
10834
C C (' & 1 gen cons g
11
A
0
.1933
SR_
1st
g
10312 Sale 10312 10313
Clev lay & W e0TI
11
ii
Due Feb. t Due Mn;. p 110e Doc
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Nov. 18.
2789
Price
Friday,
Nov. 18,
Week's
Range or
Last Sale.
Range
Since
Jan. 1.
Rid
High AO. Low
Low
Ask Low
High
High
8318 9014 Cleve & Mahon Val g 58____1938 J .1 10118 ____ 10012 Apr'27 -- 10012 10012
9534 10058
& Mar 1st gu g 438r3 _
_ 1935 NI N 9934 ____ 100 Nov'27 -9858 100
9558 9812 Cleve & P gen gu 430 ser B_1942 A 0 10158 ____ 9818 Aug'26 -8318 881 1
Series A 438s
1942.3 J 10212 ____ 101 Mar'27
IOW 101
102 10134
90% ____ 9014 Oct'27
Series C 3385
1948 MN
89
9014
107% 109
Series D 338s
1950 F A 90_
8918 Nov'27 - - 8918 8913
11
10418
1
0
6
1
2
1055
8
1055
8
0013 93
Cleve Sher Line lot gu 4386_1961 A 0
10118 106
3 108 11032
8912 Cleve Union Term 5388
83
1972 A 0 10914 Sale 109,4
10914
10412 106
4
let 1 5s ser 13
1973 A 0120
,
02
5% S.8,
44I!4 10
1v
06
,217
95
2,
32
4 IsT0
10312 10614
102 107
Coal River Ry 1st gm 45
1945 J D
8858 93
10034 102,2 Colorado & South 151 g 45_ 1929 F A
98
9934
10138 10314
9'78 -_-_-_-_ 991,4
Refunding & eaten 438s 1935 M N 99
92
9678 9934
99
9378
4 35°
9
10411 1073s Col & H V 1st eat g 4s___. 1948 A 0 96% ____ 9634 Oct'27 -9178 9634
102 105
9338 ____ 94 Sept'27 -Col & Tot 1st ext 48
1955 F A
9013 94
8815 Ws
8958 92
8818 Mar'27 --Conn & Possum My let 4s 1943 A 0
10118 10712 Consol Ry deb 4s
9212 ____ 96,4 Nov'27
1930 F A
95
9614
-103 104
2
7758
7758 Sale 7612
Non-cony 45
1954J
7012 7818
102 10518
6918 7814
7778 ____ 78
Non-cony deb 4s____J&J 19.15 J J
78
3
7813 89
Non.conv deb 4s_ ___A&O 1955 A 0 7773 ____ 7812 Nov'27
74
7812
99 100
77
1
Non-cony debenture 48
77 Sale 77
1956 1 J
6912
9912 10113 Cuba Nor Ry 1st 5385 g1
9712 42
195
9422 J D
0534 98
97,2 Sale 9612
112 119
Cuba RR 1st 50-year 58
.1 .3 9734 Sale 97
9412 98
9734 67
11238 120
1st ref 7385 ser A
10812
7 107 11012
1936 J D 1118 109 10814
9114 9572
1st lien & ref fis ser B
9934 101 10012 Nov'27 - 9932 10212
9032 924 Day & Mich lot cons 43_1
100
0 19
936
31 3
J 0
.1 100
98,,2 100
Oct'27 - - -9734 99
Del & Hudson 1st dr ref 4s_ _1043 M N
Sale
9312 9772
8938 9412
30-year cony 58
14
96
1935 A 0 9718
1% Sep9
C
7
277 63 11412 154
'
10112 105
15-year 594s
1937 M N
Sole 10453
10538 37 103 106
11814 119%
11 10512 108
10-year secured 78
10514 10538 1054 106
10018 10112 13 RR & lodge let gu 48 g
3 D 9714 ____ 96,4 Apr'27 -19
93
31 FA
98
9614
10338 108
Den & R G 1st cons g 4s___ _1936 J J 96
3 Sale
82341e
,
8934 94
06.1
0
93
6,4
72
5
10212 105
Consol gold 4 1-58
1936 .1 .1
94
97
9718 10234
Improvement gold 58
100 10014 100
10018 26
9834 10012
94% 99
SIN
) 85 Sale 8412
Den & R G West gen 5s_ Aug 192
955
8 31
7352 89%
8512 15
9918 10158 Des NI & Ft D let go 4s _ _1935 J
26
48.... 80 Nov'27
__
86
33
!,8 101
Del'
t em plora_ryi
_
26
of depo_s_it_s___
4e-fis
35
30
2612 Nov'27 - - 26
8938 92
80
8912 80
5ac
7014 8018
Oct'27 - cttien
Inf
8678 92
13
Gold 4s
; 70
70
62
70
Oct'27
8534 90
crris 102
Detroit River Tunnel 434s..1961 M N 102 Sale 10158 102
36
9978 10018 Dul Mtssabe & Nor gen 581941 J .1 104
____ 10378 July'27 _- 10334 10424
95 10012 Dal & Iron Range lot 5s__1937 A 0 101 Sale 104
104
10 10134 10418
71
7312 Dul Sou Shore & All g58. _ _1937 1 J
87
7
87 Sale 86%
7518 8834
71
7234 East Ry Minn Nor Div 1st 4s_'48 A 0 9358 ____ 9418 July'27 - --94
9418
61
6814 East T Va & Ga Div g 5a_
1 10024 102,2
•irvi i43 10078 ____ 10034 10034
60
67
Cons 1st gold 58
1956
10658 ____ 10834 10834
106 10s24
4
80% 1,1
Elgin Joliet & East Ist g 5s 1941 MN 10618 107 10778 Nov'27 -- 102 10778
1965 A 0 10732 ____ 109
8714 8714 El Paso & S W 1st 58
2 10434 109
109
9438 99
Erie let consol gold 75 ext_29
3161 ‘
.
11
11
2, 106 10773
10614 107 106,4
107
9312 99
hat cons g 4s prior
8912 Sale 885s
8112 8013
8912 68
9738 103
Registered
8412
1997 1 J
8412 Oct'27
79
10518 10914
1st consol gen lien g
.T
3
7312 83%
384
106 107
te
Regisred
1996 'I
83% Sale 8
79
73
9's Nov
72
83
•237
80% 0414
Penn coil trust gold 413.--i
10117 —3- S14 103
:
96
5
573
1 NIA
F N0
A 10112 gife- 0112
105 11034
50-year cony 48 series A _ _1953 A 0 _8
78% 8812
21
.8_ S8a71e23 13
88
5 se
6914 7412
Series B
79
8834
8878 8814 88
881° 25
113% 118
Gen cony 45 series D
8418 135
Sept'27
10314 10458
Ref & Impt 5a
9114 9812
9812 7
76-5
9838 Sale 9778
91
9114
Erie & Jersey 1st a f 58___ _11955
3 JA
1144 115 114%
116
16 11112 116
9978 10514
Genesee River 1st s f 58_1957
11 11158 115
11434 115 1144
115
10658 11018 Erie & Pitts gig 3388
J J
9014 9172
92
9312 9178 Nov'27 -921/4 9658
Series C 3943
1940 J
89
9114
9034
_ 91,4 Oct'27
9658 100,8 Not RI)extl f 75
9534 10314
10118 Sale 10034 10114 130
55% 68,2 Fla Cent & Penn 1st eat g 56_1914
0.11N
N J 10014 ____ 10012 July'27 -9978 10152
5534 esi2
J J 10214 ____ 10214
Consul gold 5s
10214
I 10138 103
85
91
Florida East Coast 1st 43-88_1959 .1 D
9734 100
24
8314 8418
1st & ref 58 series A
93 10118
93
,
8 Sale 93
814
93
8%78 163
7412 7914 Fonda Johns & Cloy 43.8s__ _119
95
74
2M N
S 5112 Sale 51,8
50
65
5134 16
9478 10014 Fort St U D Co 1st g 4(58-1941 J J
94
9718
9712
9712
5
95
97
FtW&DenCIst3594s...h96tJ D 108 10834 9912 Sept'27
10538 108
57
69,4 Ft Worth & Rio Or 1st g 4s_ _1928 J .1 99'4 9934 99% Sept'27
9752 Ms
_
56% 70
Frem Elk & Mo Val 18t 681933 A 0 10614 109 10794 Oct'27
10614 19818
5512 687, G II &SAM&P 1st 5s
I 10114 10134 101
1
192
931 1 N
1 10012 101114
101
5534 6813
2(1 extens 58 guar
10012 10213
10014 10113 101 12
10314 10612 Gale Hous de fiend 1st 5s_ 1933 A 0 100 10014 10014 Nov'27
9612 10112
3
100,
5912 69
Ga & Ala Ry 1st cons 58_0et 1945 J
98 10014
100
,
4
10014
Nov'27
_
56
69
Ga Caro & Nor bit go g 5e-10
98% 10052
946
29 JA 0
,1 10038 10038 10038 Nov'27 -5613 6812 Georgia Midland 1st 3s
7218 79
7712 784 78 Nov'27 -56,2 69412 GrR&textlstgug494s1941J J
97% 9914
9914 ____ 9914 Oct'27 -5612 68
Grand Trunk of Can deb 78_1940 A 0 11534 Sale 115 0
14
1;
;
23
9
16
4 11414 116
56% 68,4
15-year s f as
109,
8 Sale 10838
10938 70 10678 109
7818 9558 Grays Point Term 1st 58___ _1
19
4
.1
7 51
97
97%
9818 10112 97 Sept'27 -741z 83
Great Nor geo 76 series A _1936 J 1 11558 Sale 1 14
113 11534
5,14
9012 9713
J
.1
Registered
114 11414
92
96
1st & ref 43.5s series A __1961 J
97 10214
101 -34 102 101%
102
28
9012 9712
J 114 Sale 11312
General 5385 series 13
1952
114
7 108 114
105 109
General 58 series C
1973 J J 109 Sale 10812 109
10014 109
53
108,4 115
General 4388 series
J
9418 101
10934 Sale 10012 101
51
10114 105.11 Green Bay & West deb ctfs A _
Feb 85% ____ 8578
8312 86
Nov'27
101 10214
Debentures etfs 13
30
2312 24
24
24
4. 21
10014 10318 Greenbrier Ry 1st gu 45____1940 51 N
9412
9412
11 93
____ 9412
10018 102,4 Gulf Mob & Nor 1st 530_1950 A 0 9412
10658 ____ 10694
10612
11 105 10634
10033 10278
1st NI 5s series C
1950 A 0 1025 10412 103
10412 25 10013 10412
101 102
Gulf & 'II 1st ref & ter g 5s_b1952 3 J
7- 107 108
10734
10934 Sale 1004
105 10714 Hocking Val 1st coning 4 30.1999
9738 108
10633 10718 10678
107
9
11112 11313
Registered
1999 J
9534 9534
9514
Mar'27
10212 114
Housatonic Ity cons g 5s_ __ _1937 M N 1559812 100
100
Nov.'27
9712 111578 11.k T C 1st glut guar
1937 J
10311 ____ 1034 Sept'27 --- 10052 10374
8734 9278
Waco& N W die 1st 6s._ _1930 M N
10214 10312
86,2 9012 Houston 13elt & Term tot 55_1937 1 1 10378 ____ 10378 Nov'27 -9912 10118
4
10118
1004 1011,
9214 'J6
llooston E & W Tex 181 g 58_1933 M N 10112 Sale
____ 101 June'27 -- 10011 10134
92% 9378
1st guar 53 red
10018 10933
10212
We
102'2
10212
1
9434 97
Hu.1 & Manhat 55 series A 195
F N
A
9:1:7
1M
98 10234
1
10234 69
8914 91
F A 102 2 Sale 102
Registered
974 9714
97,4 June'27 - 10114 10258
Adjustment Income 5.-s Feb 1957 A 0
84
9314
2178 2_5_
pe3
§;10- 9213A9
10212 104
1010012 Central hat gold 4s__1951 1 3
94
9712
97,2 ____ 9712 Oct_______
96
9614
Registered
1951 .1 J
925
8
9258
9258
9212 98
9912 10013
1st gold 3 kis __
87
9012
,8 Oct'27
89%
91
90
99% 101
Extended tat gold 334s_ _1
3
A
0
3
)
1
195
95
8814 8914
88%
Apr'27
-1st gold 3s sterling
93% 102
1951 M S
73
7512
1
8734 9638
Collateral trust gold 48_1952 A 0 7514 ___ 75 3 June'27 -90% 9458
9458 13
9714 102,4
A 0 9112 ____ 94
Registered
88
8912
88
84-8
July'27
10312 106
bit refunding 48
1955 9.1 N
0318 9834
9912 Sale 9818
9834
12
10112 10538
Purchased !Meg 3 14s
85
1(218
9)' Slc 9018
9918
5
116% 11834
Collateral trust gold 48_1
195
95:
2
33
N1 34
1 9318 93'8 9253
88
93
93
2
105 106
M N
Registered
8612 8612
so;
Oct'27
86% 9258
Refunding 58
1655 M N 11013 Sale 11012 111
4 10652 112
10312 10.558
15-year secured (3124 g____1936
-1
11334 22 11112 11334
10314 10478
Aug 1 1966 F A 11334 Sale 1134
40-year 4345
9638 10214
102
Sale
1015
8
10214
88
97% 98%
Cairo Bridge gold 45 ____1950 J
9213 9413
95,4 99
Litchfield Div 181 gold 38_1951 1 J 95% -___ 9118 Sept'27
76949433
80%
____
1393
4
Oct'27
95,8 9614
Louise Div et: Term g 3383.1953 J
8212 85
85 Nov'27 - _
9014 9334
Omaha Div tat gold 35_ _ _1951 F A
76
7824
79% ___ 7834 Oct'27
100 10012
1)ly & Term g 35_195 J J
StLo
olid
ils3,is
7612 8013
8038 __ 80
Oct'27
99% 9912
Gold
85
,
2
983
8
1
8914
891 n
811
9814
J .1
1 89'4
95
511 3
Springfield Div 1st g 3348_119
88
88
0:1'27 - 92
9312
Western Lines 1st g 48_1951 F A 9234 __ 88
90/2 92%
923
4
Oct'27
98% 10012 111 Central & Chile St L & N ()—
l0734 113
Joint 1st ref 58 series A _ __1963 J D 103 Sale 108
10814 25 1031s 108%
10144 103,4
1963
D
ref 4388 ser C
u
lso
tld
etu
9314 102
102
193
1
11 p 101 Sale 10038
5:)
105 108,4
195
10838
10838 Nov'27
_ 10458 10811
10278 105,4
Registered
106
__
10312 Mar'27 _ _ 10312 10334
93,2 93
Gold 4 385
8, 85
85 Sept'27 _ _ _
86
9138 Ind Bloom & West 1st eat 48_1940 A C)
9318 933
93%
_ _ 9338 Sept'27 _ _
1950 J
87
91 . Ind III & Iowa 1st g 48
9338 9718
9618
9718
2
96%
3 8818
_1965j
J .1
87,4 8714 Ind & Louisville let gni 48_1956
84
9018
91
5
8812
88,2
91% 9714 lad Union Ity gen 58 eer A _
10212 10234 10134
10134
1 101% 103%
1965
J
91
9712
Gen & red 5s series li
10178 10314
Apr1 10234 10314 10314 Nov'27
10612 10918 Int & Grt Nor 1st So ser A._1952 J.1
10712 Sale 107
10712 13 10538 Ns%
Adjustment 85 ser A July 1952
10238 10312
9738 Sale 974
8358 98,4
9738 56
Tr,
2790
BONDS
N. Y. STOCK EXCHANGE
Week Ended Nov. 18.
New York Bond Record-Continued-Page 3
Price
Friday.
Nov. 18.
Week's
Range or
Last Sale.
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Nov. 18.
Price
Friday.
. Nov. 18.
^42
Week's
Range or
Last Sale.
g
01.2
Range
Since
Jan. 1.
High No. Low
High
Bid
Ask Low
High No. Low
High
Ask Low
Bid
_
8112 88% N Y Cent RR cony deb 6s...1935 M N 10834 Sale 10812 10878 25 wog 10972
98
8834 Oct'27
Int Gt Nor (cone]) Ad) Os stpd -- A prl 88
98
98
206 90
1998 F A 98 Sale 9634
Consol 4s series A
9814 103
102
67
1st Is series B
1956 J J 102 Sale 101
97% 10514
Ref & 'met 430 series A.2013 A 0 10434 105 10458 10514
8412 96
Int Rys Cent Amer 1st 5s
1972 MN 8412 Sale 8352
95 10514 111
111
2013 A 0 11059 Sale 11018
Ref &(mot 55 series C
75
91% 9
55
75g
975o 63
1st coll tr 6% notes
1941 MN 9612 Sale 9534
10512 105%
10512 Jan'27
A 0
Registered
90
92%
9214 111
15t lien & ref 830
1947 FA 9178 Sale 9178
9714 Sale 8614
874 80 8018 8714
5
4114
41
5812 N Y Cent & Ilud Riv M 310'97 J J
Iowa Central 18t gold 5s.....1938• D 4114 Sale 41%
1997 J J 8614 ____ 843 Oct'27 ---- 7855 8438
Registered
55
4114 Nov'27
40
4112 43
Certificates of deposit......
973
20 9614 9872
1934 M N 9834 Sale 9234
Debenture gold 45
1412 2112
1434
1434
3
1951 MS 1412 16
Refunding gold 45
96
96
Feb.27
96
Registered
MN
9134 96
94 Sept'27
James Frank & Clear 1st 43_1959 3D
10 9412 984
983
4
____
983
984
1942
debenture
4s
.1
_
30
-year
J
103
193
103
103
May'27
ii
1938
KaA&GRlstgug 5s
841
8414
5 7915 85
Lake Shore coll gold 330_1998 F A 8438 85
83
9,4
8
95
9%
14 10
8914
5
Kan &M 1st gu g 4s
1990 AO 8914 Sale 8914
1998 F A 8212 ____ 82 Sept'27
784 82
Registered
9 100% 102
1928 MN 1005g 10078 10034 10078
K C Ft & M cons g 6s
7954 8514
Mich Cent coil gold 330-1998 F A 85 ____ 8418 Oct'27
95%
7
92
9578
KC Ft S& M Ry ref g 4s-1936 AO 9578 9612 9534
7878 8214
1998 F A 8212 ____ 8118 July'27
Registered
99% 10214
1929 AO 10138 ____ 101 Nov'27
KC& M R&B latgu5s
9434 96%
9712 9612 Nov'27
795 218
7318 7952 N Y Chic & St L let g 48-1937 A 0 97
Kansas City Sou 1st gold 313-1950 AO 798 Sale 7734
9518
94
1937 A 0 9518 ___ 9438 Sept'27
103
44
Registered
Apr 1950 33 103 Sale 10218
Ref & 'rapt 55
2 9618 99%
991
1931 M N 984 9918 9918
94
26
25-year debenture 4s
9413
88
'
3 94 Sale 938
Kansas City Term let 4s_ __ _1960
21
10314
1033
10218
Sale
1027
8
1033
4
1931
M
series
A
B
C
N
Nov'27
2d
6s
81%
9238
923
9112
4
9112
J
.7
_1987
48__
Kentucky Central gold
Refunding 53.48 series A 1974 A 0 10634 Sale 10634 10712 56 10418 10713
8518 04%
8712 Oct'27
Kentucky & Ind Term 4303_1961 ii
107
7 10418 10712
Refunding 530 series B 1975 J J 1067 107% 10634
9058 Nov'27
8
88
6%
12 0
1961 33 913g
97
112
Stamped
1011
2 9438 10112
NY Connect let gu 430 A 1953 F A 1004 10114 10018
_
1981 J J 9658 ____ 9658 Sept'27
Plain
6 103% 105
let guar 55 series 11_
1953 F A 10412 10538 1044 105
10318
3 101 10315
Lake Erie & West 1st g 58_1937• J 10318 Sale 10318
Oct'2
_
_
964
let
ext
gold
48..1947
M
N
10212
104
Sept'27
_
N
Y
&
Erie
103
103
.1
J
10018
1941
2d gold 55
981, 11614
_
2
1933 M S 9934 10138 10014 Nov'27
8634
3d ext gold 4338
8012 8678
Lake Ethr & Mich 9 g 330...1997 J D 8634 Sale 8612
9838 ions
4111 ext gold 55
1930 A 0 100% ____ 10034 Oct'27
8313
80
- 8312 Sept'27
1997 3D
Registered
5
9914
____
99
Nov'2
_
995
1928
0
0
0
1
100
20
5th
ext
gold
4s
J
13
738
14
1
Sale
99
9
8
MS
1928
Debenture gold 4s
-1517112 10014
N Y & Greenw L gu g 5s
1946 M N 10018 10213 100 Nov'27
9934 178
1931 MN 9958 Sale 9938
25-year gold 45
8134 85%
9914 9914 NY & Harlem gold 334s...2000 MN 85% ____ 8458 June'27
MN 9718 ___- 9914 Oct'27
Registered
Nov'27
_
_
8212 82%
8538
--__
8212
1
Registered
N
Sale
10534
1054
M
10412 10734
Leh Val Harbor Term 5s_ __ _1954 FA 10534
_
1
101
9812 10134 NY Lack & W 1st & ref 58 __1973 M N 10314 ____ 80 July'26
Leh Val NY 1st gu g 434s__1940 3, 101....101
ioi" Rig;
First & ref 4 Ms
1973 MN 10734 ____ 1074 Nov'27
9218 12
8614 9218
Lehigh Val (Pa) cons g 4s__2003 MN 9218 9 78 9112
106 106
Feb'2
10714 106
1930 M S
NYLE&WIst7sext
89 May'27
MN
Registered
1011
10014 101%
10212
812 N Y & Jersey 1st 53
1932 F A 10112 102 101
9
84
7 102
82
2003 MN 10212 Sale 102
General cons 4348
91
91
91
Apr'2
Nov'27
NY
&
NE
98
Bost
Term
97
98
48_1939 A 0
MN
Registered
86
85i
2 74
7 103% 110% NY NH& Hn-cdeb48
1947 M 13 852 Sale 8512
Lehigh Val RR gen Is series_2003 MN 11072 -__- 11034 1108
81
8
_
723
81
7
Oct'27
87
7
1
8112
10212
10612
Non-cony
debenture
3%8_1947
1053
8
____
10612
8
0
M
8
AO
_1941
5s_
Lett V Term Ry 1st gu g
4 68% 7718
10312 10312
1 102% 10313
77's
Non-conv debenture 330_1954 A 0
AO
Registered
85
1 76
9112
8012
92
11
Non-cony debenture 4s_ 1955 J J 8612 Sale 8012
90
92
Leh & N Y 1st guar gold 4s_ _1945 53 S 9234 95
8584
76% 8512
6
21
__
85
115
1093
4
115
____
1133
4
85's
Non-cony
debenture
48_1956
M
N
116
Lex & East lst 50-yr 524 gu- _1965 AO
7713
4 68% 77,2
_
9212 Oct'27
Cony debenture 3348
86% 9212
1956 J J 77 ___ 77
Little Miami gen 48 Ber A..1962 MN 9212
34 10512 11418
1131
1 10834 109%
10912 10912
Cony debenture (la
1948 J J 11312 Sale 11238
1935 A0 10912
Long Dock consol g 68
103 111
110 Nov'27
008
1i:
% 108
Registered
928
099N
J J
Long Isld 1st con gold 5sJuly 1931 Q J 10112 ____ 10112 Oct'27
42 10272 106
106
9814 Oct'27
Collateral trust 6s
1940 A 0 15534 Sale 10514
let eons& gold 4s____JulY 1931 Q J
953
10912 109%
Oct'27
10912
95
Nov'27
3D
Registered
A 0
1938
General gold 45
7913 25 6912 7912
9614 Sept'27
iifs -8014 79
9312 9614
Debenture 48
1932 ID 9512
1957 M N
8814 9112
9112 Nov'27
Harlem R & Pt Ches 1st 451954 M N 9114 95
1949 MS 9132 -9212 9118 Nov'27
United gold 45
_ 99% 100
_
997 Aug'2
NY & Northern 1st g Ea_ _ _1927 A 0
1934 3D 10014 10112 10114 Nov'27
Debenture gold Is
24 7614 81%
801
3
_ 10014 100
4 80,8
9
888
10014
9
818 10
9
8E
82 NY 0& W ref 1st g 4s_June 1992 M S 8088 -8031937 MN
20-year p m deb 50
80
20 73
OZ 0234 9114 9212 22 8854 93
79
7872 Sale 78%
General 4s
1955 1 D
Guar refunding gold 48___1949 M
9059 Bept'2 _- 9052 90%
100 101
N Y Providence & Boston 48 1942 A 0 91%
Nor Sh B let con gu 58.0ct'32 Q J 10034 ____ 10034 Nov'27
89% 9371
937 Oct'27
89% 9278 N Y .4 Putnam 1st con gu 4s 1933 A 0 961
Lou & Jeff Bdge Co gu g Is_ _1945 MS 9412.... 9234 Nov'27
9138 20 87% 94%
90
1 2-9
84
1-7
388 8
90
114
107
3 10618 107
NY Busq & West 1st ref 56.19373 J 8
Louisville & Nashville Is...1937 MN 106 10712 107
80
3 724 8034
987
16
1940 J J 9834 Sale 9838
2d gold 430
1937 F A
9534 98%
Unified gold 45
76
767
10 7118 80
9638 May'27
767 76
J J
General gold 55
1940 F A
95
96%
Registered
9818 101
____ 101 June'27
10138 102
3 101 10234
Terminal let gold 55
1943 MN 100
Collateral trust gold 5s_ _1931 MN 10138
7812 90
90
26
10412 17 103% 108
NY W'ches & 11 ist ser I 430'46 J J 8878 Sale 8814
1930 MN 1043g Sale 10414
10-year secured 78
93%
10034
10014
110
100
Sale
993
4
46
1098
10934
AO
1950
A
0
110
5
A..2003
Nord
Ry
ext'l
s
f
630
105
110
1st refund 5348 series
9612 Sale 9614
967 234 9054 97
10834 17 10534 10878 Norfolk South 1st & ref A 55_1961 F A
2003 AO 10814 Sale 10814
1st dt ref 5s series B
10012 10238
__ 10214 Nov'2
9934 10512 Norfolk dc South 1st gold 56_1941 MN 10214
1st & re/ 430 series C..2003 AO 1053 Sale 10412 10512 25
106
1 10434 10638
2 10234 10458 Norfolk & West gen gold 88_1931 M N 106 Sale 106
1930 ii 10234 1035s 10234 1028
NO & M let gold 65
10818 110
Oct'2
_ 103% 10334
Improvement & ext 6E1_1934 F A 10918 10932 109
1930 33 10234 1033 10334 Aug'27
2d gold 68
10638
106 107
106
107
1061
_1932
A
0
_
_
New
(is_
__
953
4
Oct'27
FA
River
1st
gold
8
9612
4s..1946
935
Mem
Div
Paducah &
981
8 92% 9812
N & W Ry 1st cons g 4s__ _1996 A 0 9838-_ 982
6812 Sale 6813
6812
2
6612 69
St Louts Div 2d gold 35...1980 M
87
38
4 Nov
9278 9654
9
'
„;i4 9
968,2 96
6
2%
7
1996 A 0 _.
Registered
10014 101%
Mob & Montg let g 430_1945 MS 10158 104 10158 Oct'27
9638
25 93
93
95
9238
947
Div'l let lien & gen g 45.1944.9 J
9
8712 94%
South Ry joint Monon 48_1952 ..1
158 187
9_ 7_8 186
99,
71 184
9612 Sept'2
10-yr cony 6s
1929 51 5 __8
9734
1
All Knoxv ex Cln Div 45..1955 MN 9734 __ 9734
/
4
11 9278 961
961
Pocah C & C joint 4a
1941.9 D
9
9'
9
3314 10
90
8%
Loulay Cin & Lex Div g 4348'31 MN 10034.... 10078 10078 20
106% Sept'27
- 10558 107
_ 10234 1031a North Cent gen & ref Is A 1974 M 13 10718
1934 3, 10212 10412 10212 Oct'27
Mahon Coal RR let 55
97
9934
99 June'27
_
74 Nov'27
_
Gen & ref 430 series A...1975 M S
66
7813
Manila RR (South Lines)0_1939 MN
10078
4 9412 10078
8012 Nov'27
_
North Ohio 1st guar g as_ _ _ _1945 A 0 i0012 ___ 10078
7313 84
1959 MN 8038 81
1st 48
98
101 9114 98
North Pacific prior lien 4S
Oct'27
1997 Q J 97% Sale 9714
100 101
Manitoba SW Coloniza'n Is 1934 3D 10012 10112 101
98
98
965
7 90% 96%
Registered
88
1997 Q 3 96
87
Man GB & N W 1st 330_1941 ▪ 3 91-_ _ 88 Sept'27
7212 59 65% 7212
Gen'i lien gold 3s.. _ _ Jan 2047 Q F 724 Sale 71
10112 10134
Mich Cent Det dr Bay City 55.'31• M 10138 102.12 10112 July'27
6358 70
___ 70 Nov'27 _ _
Registered
Jan 2047 Q F 691
9534 Sept'27
9514 97
Mich Air Line 45
1940 J J 96
106
9 96 106
410514 105
Ref & impt 430 series A _ _2047 J .1 1044
1st gold 330
1952 MN 894.... 8934 Nov'27
8534 90
98
98
Registered
J J 9714 ____ 98 May'27 _ _
00
8,8
20-year debenture 4s
1929 AO 9934 9972 9978 Nov'27
9
9832 19
Ref & impt 65 series B.._ _ _2047 J .1 11534 Sale 11538 11612 150 111 11612
9734
1
Mid of N J 1st eat 5s
1940 AO 9734 Sale 9734
11514 11514
115,4 Oct'27
J .1 11118
101
1 10014 101%
Milw L S & West imp g 5s 1929 FA 10034 101 101
Registered
10938
1 10312 10932
__ 10932
Ref & itnpt Is series C__2047 J J 1091
9812 Dec'26
& Nor 1st ext 430(1880) 1934 3D 9758 99
17 10318 110
110 10938 110
Cons eat 4348 (1884)
1934 3D 9738 ____ 9712 Oct'27
-155is "ii" Ref & impt 55 series D...2047 J 1 109122-10934 July'27 _ _ _ _ 10934 109%
9512
Nor Pac Term Co 1st g 6s_-1933 J J 10934
9512 20
MU Spar & N W let gu 48_.,1947 MS
9214 96
103 106%
Nor Ry of Calif guar g 5s..1938 A 0 1064_ 10634 Oct'27
9718-91
_- 8318 Dec'26 - Maw dr State L let gu 330_1941• j 88
3 10212 103%
1930 J .1 10212 1-0312 1022 10212
49
49 Nov'27
49 57 North Wisconsin let 68
__
Minn & St Louis let cons 58_1934 MN 48
8612 8512
8612 30 8158 88
1948 J J 83
Og & L Chum 1st gu 4sg
48
47
4612 55
47
2
M N 47
Temp ctfs of deposit
94% 94%
9458 Nov'27
Ohio Connecting Ity 1st 0_1943 M S 924
1612 18
23
18 Nov'27
17
1st & refunding gold 45...A949 M
3 102 10418
1936 1 D 10334 ____ 10334 10334
1234 Nov'27
1234 1514 Ohio River RR 1st g 58
_
Ref dr ext 50-yr Is ser A _ _1962 Q F 1234 13
103
10114
0
1937
A
10212
____
10212
Is
Aug'27
-General
gold
91
91
Sale
903
4
j
8614
91
45
M St P&BEIM con g 45 int gu'38
9534 19 885s 904
Oregon RR & Nay con g 4s-1946 3 D 9534 Sale 95%
88
_
88
Oct'27
88
Registered
_10912 Nov'27
9934 Ore Short 1.1ne 1st cons g 58.19463 J 11018
- 1084 110
98
1938J J 9734 gale 9734
9812 16
18t cons 58
993
1 106 110
1946 1 J no 11612 no
no
Guar cons 55
9934 100
100
24
9614 100
1st cow 58 gu as to int__ _ _1938 j
1929 J D 9934 Sale 99%
Guar refunding 45
9978 60 9814 100
9712 i0234
Ill-year coil trust 630__ _1931 M S 10218 Sale 10134 10238 16
86% 9314
1st
&
ref
4s
1961
J
J
927
53
Oregon-Wash
4
8
9212
10212
1023
10234
9311
9314
10314
10314
14
9814
J
1946 J
1st & ref 6s series A
88
93
Pacific Coast Co 1st g 58....1946 1 D
94 Sale 94
9414 21
_8_8:4_ 899438 Nov:2277
8214 98
1949 M
25-year 530
9354 95
A
18t
ext
g
48..1938
F
Pac
RR
of
1510
99
983
2
Oct'27
973
4
983
2
9638
SIN
_
_1941
f
4s_
Chicago
Terms
1st
10284
102
55
1938J
J
2d
extended
gold
_
9778
9814
Nov'27
10234 Oct'27
_--- 9778
9512
Mississippi Central 1st 5e._ _1949 J J
98 10014
92% 32
8614 9218 Paducah & Ills 1st s f 43,45_1955 J .1 ion% ____ 10034 Oct'27 _ _ _ _
Mo Kan dt Tex 1st gold 4s..1990 J D 92% Sale 9138
1958 F A
105
47 101 10514 Parts-Lyons-Med RR 65
9512 Sale 9538
I56 8712 97
96
Mo-K-T RR pr lien 5s ser A_I962 3 J 10472 Sale 10434
1
4
Sinking
fund
external
78._1958
M
S
92
101 13 Sale 101%
102
64 9612 103/
8513 9314
15
1962 J J 92 Sale 9172
80-year 45 series B
Paris-Orleans RR s f 7s_. -1954 M S 10034 Sale 10012 101 12 17 9514 10234
10318 24 102% 104
1932 J J 103 Sale 103
10-year 6s series C
10312
10114
1st
El
Paulista
Ry
&
ref
a
3
78..1942
M
10814
108
1063
4
3
96
10814
312
0
102
102
1967
A
103 102
Cum adjust 55 ser A Jan.
95% 98%
9734 10258 Pennsylvania RR cons g 4s_ _1943 M N
99 10913 98
_
10238 13
Oct'27
Mo Pea 1st & ref 5a ger A_ 1965 F A 10212 Sale 102
Consol gold 48
1948 M N
8114 964
3 9414 99
7413 8134
1975 M S 8078 Sale 7934
98,2 _ _
987
99
General 45
48
sterl
stpd
dollar_May
1
1948
M
N
Sale
7 WS 9854
9734 102
588
1977M 9 10178
10038 102
9838
9882 99
1st & ref 5s ser F
9834
Consolidated 4948
1960 F A 10714 Sale 1074
- 95
Oct'27
16 10178 10714
92% 95
10714
Mo Pac 3d 75 eat at 4% July 1938 MN 9434
9914 106
General
430
series
A_
_
_1965
J
D
___
9734
June'27
973
4
99
J
J
41
1945
105
8
lien
g
5a
1053
Sale 10478
Mob & BR prior
10672 114
General Is series B
92
94
91
1968 J D 114 11458 11312
Oct'27
861s 0214
1945J .1 102114
let m gold 4s
10-year secured 7s
90
857 Oct'27
1930 A 0 106 Sale 10578
82
1045J J 88
85%
10618 III 10534 107%
Small
15-year secured 634s
1936 F A 113 Sale 112%
Oct'27
100 102
11312 62 11134 11312
Mobile & Ohio new gold 65_1927 J D 997 100 100
Registered
F A 111 12 ____ 11234 Nov'27
1
9238 9614
1938 3.1 S 9614 Sale 9614
9614
General gold 45
- 11118 111%
40-year secured gold 5s.. _ _1964 M N 10512 Sale 1045s
10414
7 100% 105
10414
Montgomery Div lst g 611-1947 F A 10414
10512 154 102 106
89
89
99% 10014 Pa Co gu 330 coil tr A reg_1937 M S 9018
99
1927 J D 987 Sale 9834
BC Louis Division Is
89 Nov'27
9918 "iii
9818
86
8912
Guar 330 coll trust ser 11_1941 F A 8814 ____ 8714 Oct'27
95
9918
1077 M S
Ref .3r Rapt 4348
85
971
874
trust
ars
C____1942
J
0
S
Guar
330
9114
9838
9812
981
0..1991
M
9812
gu
gold
Mar
1st
Mob &
8734 Oct'27 _ _ _ _
8454 8734
Guar 330 trust etre D_ - _ _1944 J D
11214 Oct'27
19373 J 113
11014 11312
Mont C 1st gu 6s
87% Oct'27
_;;7_4 180
168
158314
Guar 15-25-year gold 48_ _ _1931 A 0 9834
2N
r:6227
7
11111 11134
1510
av8
J J
Registered
9918
9912 22 9712 9912
93/
1
4
1952 M N
Guar 4s series E
10338 10614
1937 I J 105
let guar gold 55
9334 ___ 9318 Nov'27
- -88
Pa Ohio & Det 1st & ref 4345 A'77 A 0 10138 Sale 101 18
80% 86
33
Morris & Essex Ist gu 3Ms_ _2000 J D 8538
10112 72 9534 10112
811
/
4
91%
10014 10112 Peoria & Eastern 1st cons 48_1940 A 0 915
Nashv Chatt & Bt L 1st 5s_ _1928 A 0 10014 10012 10032 Nov'27
9
___ 9138
9159
414 53
April 1990 Apr. 40 8-4612 457 Nov'27
Income 4s
102% 104
1937 F A 10358 106 10334
1034
N Fla & lat gu g 5s
103% 10718
Peoria & Pekin Un let 530-1974 F A 10638 107 10659
30 Sept'24
Nat Ry of Mex pr lien 4345_1957 J J
10638
103% 107
ser
1212
13
Pere Marquette 1st
A 58-1956 J J 1044 105 10478 Nov'27
121
/
4
1012 20
1218
3
Assent cash war rct No 4 on
9314
89
let 45 series 13
1956 J J
1977 KIS
8712 Aug'25
Ouar70yearsf4s
9314 ____ 9314 Nov'27
Phila Bait & Wash 1st g 46..1943 M N
1914 21
217 Nov'27
26
17
2 95% 99
Assent cash war rct No 5 on _ _
9812 Sale 98%
9812
110,2 112%
1974 F A 11312 114 10
General Is series B
3812 July'25
Nat RR Mex pr 1 430 Oct_1926 J J
16
23
34
8
19
1912 19
11 -ii
1 4114 44
1918
Assent cash war rct No 4 on
2612 Philippine fly 1st 30-yr s f 4s 1937 J .1 41 13 42
42
10612 10634
1951
28 Apr'26
---- -- Pine Creek registered 1st 68_1932 J D 10634
consol 45
J
Ele
uri
P4
e
t'
2.27
99% 10234
1940A 0 102 1-13459
104 Sale 1012
1612 PCC&BtLgu 430A
Assent cash war rct No 4 on
1034 23
8 102 Nov'27
10014 10218
1942 A 0 10218 10314 10214 Nov'27
Series 13 430 guar
1954 1711-14 86,2
3
86% 87%
8652
Naugatuck RR 1st g 4s
8658
10054 10114
1942 M N 10218
19453
Series C 430 guar
10114
_ 10132 June'27
8912 10138
New England cons 58
_ 101 July'29
98%
1945 M N
Series D Is guar
1945 J J 8912
5 96
8712 8912
8918 Aug'27
Consol guar Is
9658 98
Series E 3345 guar gold_ _ _1949 F A
N J Jung RR guar 1st 4s_ _ _1988 F A 8814 _ _ 8512 Sept'27
8512 8512
9738 Sept'27
9714 10032
1953 J D
Series F 4s guar gold
9612 10112
NO&NE 1st ref & imp4303A'52 .1 3 10114 foils 10118
3
10112
1957 M N
Series G 45 guar
9112
New Orleans Term 1st 4s_ _1953 J J 9113 Sale 91
8718 92
8
9714 -_
9732 10 96% 9784
9732
9
97814
1960 F A 98
9
Series H con guar 4s
N 0Texas & Mex n-c Inc 58.1935 A 0 100
96
7
:
81448 A u
Pg
0'
r.8217 -- 97% 10013
7 100 10118
___. 101
101
Series I cons guar 4 Ms--1963 F A 10514 -__ 10512 10512
lift 58 series B
1954 A 0 102 Sale 10012 102
27 100 102
7 9512 10412
100 103%
430.-1964
M
N
guar
Series
J
cons
1st 521 series C
1956 F A 105 Sale 10432 105
10313 Sept'27
14 103 105
105
General M Is series A-- - _1970 1 D 1137 Sale
lert 530 series A
1954 A 0 10514 Sale 10518
11418 17 10634 114%
_- 11378
10514 20 10434 10614
8 10634 115
Gen mtge guar 5s series B.1975 A 0 11412 Sale 114
115
97
9834
& C Bdge gen guar 430_1945 J .1 9838 ____ 984 Sept'27
A 0 Oct'27.... 112 112
Registered
NYB&MBIstcong 58_1935 A 0 10282
9 10034 10318
112
0212
10212
1st
New York Bond Record-Continued-Page 4
BONDS
N. Y.STOCK EXCHANGE
Week Ended Nov. 18.
Price
Friday.
Nov. 18.
Week's
Range or
Last Sale.
Range
Since
Jan. 1.
BONDS.
N. Y. STOCK EXCHANGE.
Week Ended Nov. 18.
t
"t
2791
Price
Friday.
Nov. 18.
Week's
Range or
Last Sale.
*.a
Range
Since
Jan, 1,
Low
High No. Low
High
10918
10958 238 10212 110
104/
1
4
23 103 105
105
10334
5 100/
10334
1
4 103/
1
4
106%
36 1031
107
/
4 10712
103/
1
4 10412 90
9918 10412
83/
1
4 Feb'26 _
8834 Aug'27
-13512 8834
10418 _
103 Sept'27
103 105
91
9212 92
4
92
881
/
4 9312
86 Sale 86
2
86
83/
1
4 87
92/
1
4 _ _ 9218 Oct'27
90
9218
82/
1
4 Nov'27
8212 _
8314
80
2
9012 93
92
92
8714 92
881
/
4 8912 8812 Nov'27
8812
85
2
94/
90
1
4 96
90
8714 94
2
1
4
9934
9934 -- 99/
9814 100
373
8678 Sale 8618
87
7614 87
102/
1
4 Sale 10218
102/
1
4 140
99/
1
4 10234
2 10112 102/
10278
10212 10212
1
4
8
9214
911
88
/
4 ---- 9218
921
/
4
60
100 Sale 99
101
9812 101
_
102% Aug'27
1021s 10412
921g Sale 92
5 8618 9218
9218
911
/
4 Salo 911
/
4
9178
911
/
4
88
10018 ____ 100
10014
1001
/
4 Aug'27
9538 ___ 951
/
4 Nov'27
10134 ____ 1011
/
4 Nov'27
92,
8 ____ 92/
1
4
92/
1
4
7534 7712 76
76
103/
1
4 __ 104 Aug'27
9114 9212 9014 Nov'27
89 Sale 8712
89
9112 9234 92
9215
92
Oct'27
_1980 M N
2d g 4s Inc bond ctfe_Nov 1989 J J
Consol gold 4e
1932 J D
let terminal & unifying 55_1952 1 .1
Elt.Paul & K C Sh L let 4;26_1941 F A
St Paul & Duluth 1st be
1931 F A
let consol gold 4e
1968 .1 D
St Paul E Gr Trunk 4 Me _ _ _ _1947 .1 J
St Paul Minn & Man con 45_1933 J J
lot consol g 65
1933 J .1
Registered
J 1
ee reduced to gold 4,12s_ _1933 J J
Regletered
J J
Mont ext let gold 4s
1937 J D
Registered
1 D
Pacific ext guar 45 (sterling)'40 J J
St Paul Un Del) let & ref 58_1972 J J
B A & Ar Pass let gu g 4s._ _1943 J J
Banta Fe Pres & Phen 5s_ _ .._1942 M S
Say Fla & West let g 68-.--1934 A 0
let gold 55
1939 A 0
(Moto V & N 111 let gu g 45-1989 Si N
Seaboard Air Line g 48
19541 A 0
Gold 45 stamped
1950 A 0
Adjustment 58
Oct 1949 13 A
Refunding 4s
1959 A 0
let & cone Go series A
1945 81 S
AU & IiIrm 30-yr Mg 4s_d1933 M S
Seaboard All Fla let gu es A_1935 13 A
Series 13
1935 F A
Seaboard & Roan 58 extd___1931 J .1
Bo Car & Ga 1st ext 532EL...1929 M N
S& N Ala coils go g Os
1936 F A
Gen cons guar 50-yr be_ _ _1963 A 0
ficiPae coil 48(Cent Pac coil) k'49 J D
Registered
J D
20-year cony 45
Juno 1929 Si5
let 4348(Oregon Linea) A.1977 M S
20-year cony be
1934 J D
20-year gold bs
1944 MN
San Fran Terml let 4s_ _ _ _195(1 A 0
Registered
A 0
So Poe of Cal let con go g 5s_1937 NI N
Bo Poe Coast 1st go g 48...._111013
37
6 J .1
So Pao RR let ref 4s
J
Registered
J J
Southern Ity let cons g 53__1994 J .1
Registered
J J
Devel & gen 95 series A _ _ _1956 A 0
Develop A, gen /
11
4
1956 A 0
Devel & gen 63.213
1956 A 0
Mem Div let g 5.9
1996.3 .1
St Louis Div let g 45
1951 1 J
East Tenn reorg lien g 53._1938 M S
Mob & Ohio coil tr 43
1938 NI S
Spokane Internal let g 5s_ ..1955 J J
Sunbury & Lewiston let 48_.1036 J J
Superior Short Line let be_ _e1930 Si S
Term A8811 01St L let g 43.0_1939 A 0
let cons gold be
1944 13 A
Gen refund s f g 4s
1953 J J
Texarkana & Ft S let 512e A 1950 F A
Tex & NO con gold 5.5
1043.3 J
Texas & Pac let gold Ea
2000 1 D
2d Inc be(Mar'28 cp on)Dec2000 Ma
Gen & ref Os series 11
1977 A 0
La Div B I. let g 5s
1931 J J
Tel Pac-Mo Poe '1'er 53.8_1964 NI S
Vol & Ohio Cent let go 513_1935 3
Western Div let g be
1935 A 0
General gold 58
1935 J D
Toledo Peoria & West 1st 45.1917 3 1
Tol St L & W 50-yr g 4a_.,1950 A 0
1931 J J
Tol W V & 0gu 43.4e A
let guar 43.4s series B._ _1933 J 1
let guar 45 series C
1942 NI 5
Tor Ham & Buff let g 4s____1946 J D
Ulster & Del let cone g Ea_ _ _1928 1 D
1952 A 0
let refunding g 4s
Union Pacific let RR & Id gt 45'47J .1
J J
Registered
June 2008 M 5
let lien & ref 4e
19873 1
Gold 4148
June 2008 NI S
let lien & ref 55
1928.3 J
10-year secured 68
UN _i KB & Can gen 4e_ _ _ _1944 M 8
1933.3 J
Utah & Nor let ext 45
vandalla COM g 4e series A _.1955 F A
Vera (1r11e & P let gu 412e__1934
J J
July 1914 coupon on
1934
Almendro; let 41.0
Virginia NIld 5e3 series F____1931 M S
1936 M N
General 58
Va A Southw'n let gu 58_2003 1 J
1958 A 0
let cons 50-year 5s
92
9214 9112
93
8
8458 8712 8412
8478
3
9718 Sale 971
/
4
9714 16
10112 Sale 10112 102
18
97 Sale 9612
9634
16
10178 ____ 10218 Nov'27 ____
941
/
4 ____ 9418 Oct'27
10014 103 10014
10014
2
98
99
9818
9818 13
1071
/
4 109 1073
107/
1
4
2
10658
10658 Oct'27 _
10112 10112 101 Nov'27 ____
99
99 Nov'27 _
98
9838 98
98
0
9414
9512 Jan'27 _
1
4 ____ 93/
93/
1
4 Oct'27 ____
10812 ____ 10818 Nov'27 ____
04 Sale 9312
28
94
10214 ____ 102 July'27 ___
10834 110 108/
1
4 Nov'27 ____
10212 ----104 Nlay'27 _ _ _
9634 98
9634 Nov'27 ____
8414 85
84
12
8414
8212 83
82/
1
4
83
31
82 Sale 8112
82/
1
4 218
72 Sale 713
72
135
07 Sale 9612
97
178
93/
1
4 Sale 9314
9312
5
941
/
4 Sale 931
/
4
9434 170
94
9512 9314
9314
2
10058 ____ 10034 Oct'27 ____
102 Sale 102
102
1
10538 ____ 1053 Nov'27 ____
11414
114
114
1
95 Sale 9412
9518
7
90
90
0934 Sale 9958 100
84
1
10414 Sale 10312 104% 78
10218 Sale 1011
/
4 1021s 20
10314 Sale 103
10314 18
9412
__ 9478
941
/
4
1
871
/
4 91
91 July'27 ____
____ 108 10614 Oct'27 ____
9718 ___ - 971
/
4 Nov'27 ____
9818 Sale 97/
1
4
9814 37
97
Oct'27 ____
11335 -..- 112
,
4 11314 34
11012 112 11012 11011
3
9314 Sale 9212
93/
1
4 165
1201
/
4 Sale 119/
1
4 12012 61
1261
/
4 Sale 12612 12634 36
1
4 11214
11212 113/
11214
6
9411 ____ 94
7
941
/
4
10112 103 10118 Nov'26 ____
96 Sale 9512
96
13
85/
1
4 88
85
85/
1
4
6
9378 ___- 9312 July'27 ____
99/
1
4 ____ 10012 Aug'27 ____
10058 ____ 10078 Oct'27 ____
10478 ____ 10518 Oct'27 ____
9214 9212 9134
9178
3
10638 Sale 106,
8
10634 72
1011
/
4 ____ 10114 Oct'27 _ _ _
112 Sale 11112
24
112
100
_ _ __ 100 A'27
____
ug
10334 Sale 103
10378 84
100% 101 101 Nov'27 __
107
____ 10634 107
7
10218 ____ 102
Oct'27 ____
101 105 10012 June'27 ____
100/
1
4 Sale 10058 101
3
10
19
15 Nov'27
9278 Sale 9278
9278
1
99/
1
4 - --- 99/
1
4 Nov'27 ____
9978 ____ 99/
1
4 Aug'27 ____
9514 ____ 051
/
4 Nov'27 ____
9315
93/
1
4
93/
1
4
1
5934 Sale 06/
1
4
611
/
4 70
3214 37
43
43
2
9878 Sale 9834
100
34
9818
9818
3
97/
1
4 Sale 9715
99
48
10114 Sale 100/
1
4 10112 186
11514
11534 Nov'27 ____
10114 Sale 10114
101% 35
98
991
/
4 99/
1
4
99/
1
4
1
98
____ 9834 Nov'27 ____
9712 - --- 9712 Sept'27 ____
____ • ____
1914 Sale
10118 ____
1(13 Sale
1041
/
4 ____
99 100
Due May. * Due June. 2 Due Aug
8612 93
81
847,,
941
/
4 9712
95 10212
9212 961
/
4
1011
/
4 10218
91
9418
98 19014
9714 9812
10714 108/
1
4
1065g 10714
991
/
4 101
9812 9914
951 2 9814
9512 9512
91
93/
1
4
10514 10818
88% 94
102 10314
108/
1
4 109/
1
4
102/
1
4 104
91
9634
8118 8412
8012 871
/
4
8112 8812
6938 76/
1
4
94/
1
4 99/
1
4
9034 95
9312 98/
1
4
9314 9712
100 100/
1
4
1
4 102
100/
10318 10038
11014 114
881
/
4 9518
American Chain deb of 6s.1933 A 0
Am Cot 011 debenture Se_ _ 1103
936
1j
M N
J
Am Dock & Impt gu es
Am Mach & Fdy a 1 es
1939 A 0
Am Republic Corp deb 65.1937 A 0
Am Sm & R 1st 30-yr Os set A '47 A 0
let IQ 6e series B
1947 A 0
Amer Sugar Ref 15-yr 6s....1937 J J
Am Telep & Teleg coil tr 48_1192
039
6 ..1
66 0
.1
Convertible 4s
20-year cony 4128
1933 M S
30-year coil tr 5s
1946 J D
35-yr 5 f deb 5e
1960 .1 J
20-years f 53.2e
1943 NI N
Am Tyne Found deb es
1940 A 0
Am Wat Wks & El col tr 58_1934 A 0
Deb g es sec A
1
10
94
75
7J
NI N
J
Am Writ Pap let g es
Anaconda Cop Min let 6a._1953 F A
15-year cony deb 7s
1938 F A
Andes Cop Min cony deb 78.1943 J J
Anglo-Chilean 78 without war_'45 NI N
Antilla(Comp Azuc)7 I58_...1939 .1 J
Ark & Mem Bridge & Ter 58_1964 M S
Armour & Co let real eat 43039 J D
Armour & Coot Del 512s_ _ _1943 J J
Associated 011631 gold notes 1935 M S
Atlanta Gas L let 58
1947 J D
Atlantic Fruit 75 etre dep___1934 J D
Stamped ars of deposit
J D
Atl Gulf & WI SS L col tr 58_1959 J .1
Atlantic Refg deb 55
1937.3 .1
Baldw Loco Works let 5s___1940 MN
Baragua (Comp Az) 712e_ _1937 J .1
Ramsdell Corp 65 with warr..1940 J D
Deb es (without warrant).1940 J D
9
86
8/
4
1 1010012 Belding-Hemingway 65
1936.3 J
1001
/
4 104% Bell Telep of Pa 58 series 11__1948 .1 J
100 103
let & ref 5s series C
1960 A 0
100% 10314 Berlin City Elec Co 6 y2e____1951 J D
901s 9478 Berlin Mee El & Undg 6345.1956 A 0
87
93
Beth Steel let & ref .50 guar A '42 M N
10411 107
30-yr p m & imp a f 53.__ _1936 J J
941
/
4 98
Cons 30-year 6s series A _ _1948 F A
1
4
93% 98/
Cons 30-year 5;213 tier 11___1953 F A
9414 97
Bing & Bind deb 614e
1950 M S
10014 11314 Booth Fisheries deb 8 f 65__1926 A 0
10358 11012 Botany Cons Mills 63.4s.._....1934 A 0
911, Bowman-11dt hotels 78._ _ _1934
86
113/
1
4 125
Brier Hill Steel let 5Sis_ _ __1942 A 0
11914 1277g 11'way & 7th Av let c g 5s_ __1943 J D
10614 11214
C.tfs of dep tamed Dec 26 int ---89/
1
4 9412 Brooklyn City RR 151 5s____1941 J 1
liklyn Edison Inc gen Os A _ _1949 1 .1
92
96
General 68 series 11
1930 J J
9114 Ilklyn-Man R T sec 65
84
1968.3 .1
9212 9312 Bklyn Qu Co & Sub con gtd 55'41 51 N
1001
/
4 10012
let 58 stamped
1941 J J
98/
1
4 10078 Brooklyn It Tr let cony g 48_2002 J J
102/
1
4 10518
3-yr 7% secured notes ._ _ _1921 J J
8714 9212 Ilklyn Un El let g 4-08
1950 F A
10278 10714
Stamped guar 4-5s
1950 F A
99/
1
4 101 14 Bklyn Un Gas It cons g 5s. _1945 M N
10584 112
let lien & ref 6s series A.._1047
16J
03 PA N
j
100 100
Conv deb 63.48
9812 10378 Buff & Soso Iron s f 58
1932 J D
99 101
Bush Terminal let 48
1952 A 0
10414 107
C00801 58
1955J J
100 10212 Bush Term Bidge 5s gu tax-ex '60 A 0
1001
/
4 102
By-Prod Coke let 5528 A._1945 MN
10018 1011
/
4 Cal G & E Corp unit & ref 58_1937 M N
15
15
Cal Petroleum cony deb a f 581939 F A
89/
1
4 93
Cony deb s f 5SO
1938 MN
99
9978 Camaguey Sug lets f g 75.. __1942 A 0
9914 991
/
4 Canada S S L let 65
1941 A 0
94
95/
1
4 Cent Diet Tel let 30-yr be_ _1043 J D
90
9338 Cent Foundry lst e f 6e_May1931 F A
561
/
4 71
Cent Leather 1st lien s f Bs_ _1945 J J
38
43
Central Steel 1st g s 188
1941 MN
941
Cespedes Sugar Co 1st s f 7128'39 NI S
/
4 100
9378 9818 Chic City & Conn Rye 5slan1927 A 0
911
/
4 99
Ch CI L & Coke 1st gu g 5s__1937 J J
9614 10112 Chicago Rye let 59
1927 F A
108% 11534 Chile Copper Co deb 58
1947 J J
101 1021
/
4 Cincin Gas & Elec let & ref 5556 A 0
9418 99',.
Jan 1 1961 A 0
530 set 13 due
97
9834 Cities Serv Pow & L e f es_ _ _1944 MN
9211 9712 Clearfield Tilt Coal 1st 4s___1940 .1 J
Colo F & I Co gcn s f Ss__ _ _1943 F A
24
Apr'26 ............Col Indus 1st & coil 58 gu--1934 F A
1914
2014
t
5
74 Columbus Gas let gold 5.3_ __1932 J .1
10078 Sept'27 ____ 10034 1001
/
4 Commercial Cable 1st g 4e_ _2397 Q I
103
Commercial Credit e f 65___1934 M N
103
/
4 103
4 1021
10212 Nov'27 .___ 10134 10252
Col tr ef 53.4'7 notes
1935 J .1
99
9
991.
941
/
4 9912 Computing-Tab-Bee e f Ca_ _1941 J J
7
2
67
6
94/
1
4 Sale 921s
9424 19
106/
1
4 Sale 10634 107
4
3
6
478 Sept'27
3
6
4 Nov'27
94/
1
4 Sale 94/
1
4
9458 32
10414 Sale 1041
/
4 10412 61
8318 24
8318 Sale 801
/
4
10418 Sale 104
10434 37
100 10014 10018 10018
4
10618 ____ 10614 Nov'27
10414 10438 1041
/
4 Nov'27 _10158 102 1011
/
4 Nov'27 _10214 Sale 102
102/
1
4 73
109 Sale 108/
14
1
4 109
10512 Sale 105
105/
1
4 42
99 Sale 99/
99:2 140
1
4
99 Sale 98
62
99
102 Sale 102
102
3
105 Sale 10434
105
105
1061
/
4 Sale 105
10612 157
10914 Sale 108/
1
4 10934 150
10534 106 105/
102
1
4 106
10038 Sale 99/
1
4 26
1
4 100/
106/
1
4 Sale 106
1061
/
4 15
95
9478 Sale 94/
1
4
84
105/
1
4 Sale 105
10514 159
1091
/
4 Sale 109
10912 229
10712 Sale 107
10712 263
9514 Sale 94/
1
4
9514 161
95
9614 96
9614 113
10212 Sale 102
10212
3
9014 Sale 0018
9078 88
86/
1
4 Sale 8612
87/
1
4 180
10234 Sale 102/
1
4 10318 .51
103
____ 10318 Sept'27 __-____
20 Nov'27 __-____
18
Jan'27 _7114 Sale 6914
7112 85
103 Sale 10214
10312 28
10834 Sale 10834
2
10834
____ 107 107 Nov'27
_
102 Sale 9978
10218 572
91 Sale 9012
71
9114
9834 Sale 9838
9838 36
10534 Sale 10534
17
106
108 Sale 10734 1081
/
4 55
93 Sale 93
9412 67
9314 Sale 93
93/
1
4 108
10134 Sale 100/
1
4 102
23
10112 Sale 10))12 101
53
10412 Sale 103/
1
4 10412 150
10158 Sale 10112 102
80
95
26
9514 9414
95
101,8 Feb'27
102
83 Sale 83
8
85
1
102
102 10314 102
10434 Sale 104/
1
4 10434 14
8
7012 7112 71
711
/
4
75/
1
4 74/
_
1
4 Sept'27
92 Sale 8912
9234 167
10512 10.534 105/
1
4 10578 20
1041
/
4 Sale 10312 10434 14
95/
1
4 Sale 95/
1
4
9618 125
6
5612
5412 56
5612
70 Nov'27
7014 92
88
____ 88/
1
4 Aug'26
/
4 Nov'26
1361
911
/
4
901
/
4 91
9214 13
891
/
4 9012 9118
9
92
6
____ 10618
10612
106
11618 ____ 116 Nov'27
67
1
4 228
228 Sale 224/
1
93
93
9412 93
1
92,
8 ____ 9215
92/
1
4
100/
9914 100
1
4 15
9918
____ 10334 1041
104
/
4
10112 ----102 Nov'27
103
___. 10234
4
10234
9518 Sale 951
/
4
9512 55
100 Sale 9934
10014 57
100 Sale 9914
10038 17
10134 21
10158 Sale 101
10438 ____ 104/
1
4 Oct'27
99
99/
1
4 9954 Nov'27
10518 80
105 Sale 105
11914 11912 11912 Nov'27
100 10012 10014
10014
5
67
6312
64
631
/
4
103 Sale 103
3
10.453
38
8234 Sale 8213
83
9514 63
9434 Sale 9434
102
102 10214 102
/
4 Sale 105
8
10514
1051
10478 Oct'27
80/
1
4 --__ 8512 July'27
10118 10134 10118 Nov'27
96/
1
4 Sale 96/
1
4
9834 10
97/
1
4 98
98
Oct'27
7812 801
/
4 7812
8012
8
9812 9834 9613
9612
94
96
94
2
941
/
4
10512 Sale 10512 10512
6
9934 101
9912 10012
9012 9518
1001
/
4 10134
8714 9234
1
4
7214 80/
104 10458
1
4
8655 92/
89
80
1
4
8878 92/
89
9214
9512
89
1057s 109/
1
4
3
5/
1
4
3/
1
4 5/
1
4
911
/
4 9713
9718 1041A
8012 98
101 10434
95 10014
1
4
10512 106/
103/
1
4 105
99 10114
10012 10312
107/
1
4 10912
104 106
9818 100
1
4
9314 102/
981s 102
102 10512
101 10612
10534 1004
10234 107
98 10114
10034 10634
83
95
103/
1
4 10514
10613 10958
10314 10878
86/
1
4 9614
9312 100
10014 103
88
9318
8612 95%
/
4
10034 1041
102/
1
4 10358
15/
1
4 20
18
18
67
76/
1
4
10012 10312
106 10814
10611 10912
1
4
9612 106/
9412
89
94
99
10234 106
1027s 10858
9212 98
1
4
9212 97/
100 10272
981
/
4 10158
10158 10512
1
4
9714 102/
95
92
/
4
10118 1011
92
80
102 10313
1
4
1031
/
4 106/
70
791
/
4
7238 76
8678 95
10318 10638
10214 10515
951
/
4 10172
56
66
80
70
971
/
4
90
102% 107
11358 116
156 230
94
92
1
4
90/
1
4 92/
1
4
9512 100/
9914 1041e
10034 10212
1011a 10331
9112 96/
1
4
95 10214
96 10118
/
4
99 1011
10214 10412
9834
96
101 10518
11838 125
9814 10312
72
53
102 103/
1
4
7434 851s
92/
1
4 9614
101 10212
10414 10514
9738 10512
851
/
4 8.515
96 102
9312 9931
9638 9812
82
77
9934
93
9912 9512
10414 10612
2792
New York Bond Record-Continued-Page 5
BONDS
N. Y. STOCK EXCHANGE
Week Ended Nov. 18.
Price
Friday.
Nov. 18.
Week's
Range or
Last Sale.
4
Range
Since
Jan, 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Nov. 18.
Friday.
Nov. 18,
Week's
Range or
Last Sale,
CO
High
Bid
Bid
Ask Low
Ask Low
High NO.
High No. Lon,
_ 37 may•27
_
Conn Ry & L Ist & ref g 414s 1951 J I 98,
904 984 Lex Ave & F F let gu g 5s__1993 M S
8 _ _ _ _ 984 Oct'27
9434
Liggett & Myers Tobacco 70_1944 A 0 1:23 1-2-3-34 123
Stan:teed guar 444s
9918 Nov'27
12334
1951 .1 J 9913 100
3
A 0
9984384 109291188
108
Consolidated Cigars 6s_ _1936 A 0 10178 Sale 10178
102
Registered
8616
____ 10
14
718 Sept'27 17
1951 F A 1-0-Consolidated Hydro-Elec Works
4
55
F
A
of Upper Wuertemberg 78_1956 J J 96 Sale 9512
8534 24
954 101
Registered
8 --;6-6
10
09
7 4 Fe
1b
0
'
8
2,7
Cons Coal of MO 1st & ref 58.1950.
863, Liquid Carbonic Corp 65_1941 F A ii-yii",8 Fiii-e8414 20
78
1 13 8312 Sale 83
102
145 10512 1074 Loew's Inc deb Os with warr_1941 A 0 10534 Sale 105
Consol Gas(N Y)deb 5448_ _1945 F A 107 Sale 1064 107
106
Coot Pap & Bag Mills 644s_ _1944 F A 8512 Sale 8412
75
Without stock our warrants.
8534
994 Sale 99
8534 336
9912 77
Iii 11534 11778 11713 117,2
Consumers Gas of Chic gu 58 1936 J D 10178 ____ 10178 Nov'27 -- 10034 10214 Lorillard (P) CO 7s
7
55
Consumers Power 1st 58....1952 M N 10434 105 10438
10431
9 102 10434
9812 Sale 9814
99
130
9
11q94541 F A ____ ____ 9712 Apr'27 -97
99
98 Sale 98
Registered
Container Corp 1st 88
98
1946 11
7
19373 J 981e Sale 9738
9912 10212
102
Deb 544e
Copenhagen Telep ext 6s
1950 A 0 102 Sale 102
9878 244
26
Corn Prod Refg 1st 25-yr s 1 Es'34 M N 10212 Sale 10212 10212
5 101 18 10318 Louisville Gas & Elec(KY) 5.5.52 M N 10338 Sale 10312 104
10438 62
9334 104.3 Louisville Ry 1st cons 58_ _ _ _1930 J --------- 98 Nov'27 ___ _
Crown Cork & Seal Ist f 621_1942 F A 10418 Sale 104
26
10178 Sale 10112 102
9958 10212 Lower Austrian Hydro Elm PowCrown-Willamette Pee 65_1951 J
9514 23
1944 F A 8838 Sale 1100
91 12 9934
15.15
Cuba Cane Sugar cony 7s_ _ _1930 1 J 9514 Sale 9312
1st s f 6440
803
738
7
18
2 1100
83
8
1112 8
9838 175
9518 102
McCrory Stores Corp deb 54489
'
Cony deben stamped 8%4 _1930 J J 974 Sale 96
12 10712 10834 Menet! Sugar 151 s I 744s_ _ _1 42
1j
A D
O 1(913
Sole
Cuban Am Sugar let coil 88_1931 M S 10778 108 10778 108
°12
2 Sll
e
0878 102
maebat Ry(N y)coos g 48_1990 A 0 7014 7012 7014
68
704 18
Cuban Dom Sue 1st 7445...1944 M N 9978 Sale 994 100
2013 J I) 6211 Sale 6214
2d 48
Climb T & T 1st & gen 5s_1937 J J 10238 103 10238 Nov'27 -- -- 10012 103
10
6214
99
50
9334 1.912 Manila Elec Ry & Lt s f 5s _ _1953 M 9
9834 9834
Cuyanael Fruit let s f 6s A
1940 A 0 98
Oct'27
98
90 10131 Mfrs Tr Co ctfs of partic in
Davison Chemical deb 6448_1931 J J 10138 10134 10158 10158
5
Den Gas & E L 1st & ref 81 g 5451 MN 101 18 ____ 101
98 10112
Al Namna SI Son let 6s_ _1943 1 D 105 106 105
10118
9
10514
7
MN 101 10134 101
2
9814 10112 Market St Ry 75 ser A April 1940 Q J 9912 Sale 991'
, 100
31
101
Stamped as to Pa tax
Dery Corp(D G) 1st s f 78_ _1942 M S 49 Sale 49
49
81
NIetr Ed 1st & ref g (18 ser B.1952 F A 10978 Sale 10934
491 1
7
1097e
1:3
Detroit Edison 1st coil tr 58_1933 J J 10214 10234 1021z
lot & ref 58 series C_ ___ _1953 J J 10338 ____ 10334
10231
9 10138 10358
10414 10
1st & ref 58 series A_July 1940 M
16 10214 104
Metropolitan Power 1st 6f4 A 1953 J D 10713 _10312 Sale 10312 104
...:
7438 107( Nov'271 l0172
6 10218 1057s Metr West Side El(Chic) 48.1938 F A
Gen & ref 5s series A
9 A 0 10478 Sale 10458
40
105
194
,
7812
70
M S 108 Sale 10778
11 10714 100
let & ref 6s series B....July
10818
Min Mill Mach 7s with war.1956 J D 99 100 100
10012
J D 9014 Sale 8712
10 10138 105Without warrants
Gen & ref 5a ser B
10414 105 10414
1955 J
105
9014 26
Del United let cons g 4348_ _1932
9612 16
9212 97
MId-Cont Petrol 1st 8448_ _ _1910 M 9 10514 Sale 10514
6612 Sale 9612
10538 10
694
Dodge Bros deb 6s
87
Midvale Steel &0 cony s f as 1930 M 9 10014 Sale 994
1940 Al N 867s Sale 8434
8212 96
10038 141
fold (Jacob) Pack 1st 8e.__1912 M N 8134 Sale 81147
81
894 Milw El Ity & Lt ref &ext 440'31 J J 100.... 9938 100
82
8
1951 .1 D 10338 104 10338
Dominion Iron & Steel 55_1939 M
48
General & ref 5s
7138 7238 7212 Nov'27
76
10312 12
1961 .1 D 10212 Sale 10218
7112
8
1st & ref 58B
7112 72
7034
Certificates of deposit
10212 37
._1943
Power
1st
58
A_
J
Donner Steel 1st ref 7s
91'
75
9
4
5
98
Montana
J
2
95
9514 95
1942
10418 Sale 10334 1044 23
95
Duke-Price Pow let 138 ser A '66 M N 10578 Sale 10534
10614 74 1034 10614 Montecatini Min & Aerie
1937 1 J 100 Sale 100
East Cuba Sug 15-yr s f ir 7341137 M S 10434 Sale 10314
120 10234 108
Deb 7s with warrants_
105
10012 55
Ed El Ill Bkia lot con g 48-1939 J
Without warrants
95
9478 98
96
95
10
9714 Nov'27
95
Ed Elec III let cons g .50...J995 J J 11218 ____ 11158 Nov'27
10678 11158 Montreal Tram lot & ref 58_1941 j 1 100 10012 9834
Elec Pow Corp (Germany)644s'50 M S 9412 Sale 9412
Gen & ref s f Es series A __1955 A 0 9712 ____ 9678:
944 9912
9514 42
01 2
1 7 _ _ __s
Elk Horn Coal 1st & ref(3Hs 1931 J
9734 98
98 10014 Morris & Co 1st s f 444s_ __ _1939 J J 8612 Sale 86
98
98
/
Deb 7% notes (with warr ts 31
9012 0934 Mortgage-Bond Co 48 ser 2_1966 A 0 9814 9838 83
5
9012 Sale 9012
_
Oct'27
8 237 -.52
91
Equip Gas Light 1st con 55_ _1932 M 9 10118 102 1014
1932 J J 81
10-25-year 5s series 3
10118
5
9934 1013)
99
3
___- 9834
19341 D 94 Sale 94
Federal Light & Tr let 5s
6
1942 M S 9713 __-- 9638
95
9738 Murray Body 1st 644s
9714
1st liens f 5s stamped._1942 M
9734 43
95
9814 Mutual Fuel Gas let gu g 58_1947 M N 103
___ 10217 Oct'27
9712
__ 9714
9
_ __2
_
1st lien 6e stamped
1942 M
10412 Sale 10412 10412
1 102 10478 Mut Uu Tel Val 5s ext 4% 1941 M N 102
___ 103 June'27
30-year deb 68 ser B
1954 J
10.114
97 10414 Namm (A I) & Son-See Mfrs Tr
100 101 10414
3
,
1.)
1
6
9
guar
gold
48-...1951
Federated Metals s f 7a
4
.1 J 5618 Sale 58
193
9734 Sale 9658
9734 20
8878 9733 Nassau Elec
5638 182
Flat deb 78 (with warr)
10318 71
9212 10812 National Acme 1st of 7448-1931 J D 104 10414 104 Nov'27 __ _.
103 Sale 10218
Without stock purch warrants_-9112 99
Nat Dairy Prod 6% notes....1940 NI N 10338 Sale 1034
9418 Sale 9334
9412 20
10312 82
Flak Rubber 1st s f 88
Nat Enana & Stampg 151 55_1929 .1 D 102 104 102
118' Sale 118
11912 19 115 120
102
1
Ft Smith Lt & Tr 1st g Es_ 194
9361 M -S
8612 11
S 8814 Sale 8614
86
901) Nat Starch 20-year deb 58....1930 J J 10018 ____ 10014 June'27
Framerle Ind & Deb 20-yr 744842 1 J 10458 Sale 10414
10438 11
9812 10534 National Tube let 8 f 5s....„1952 IS N 105 Sale 105
10512
8
Francisco Sugar 1st sf 74-0_1942 M N 10734 10912 10712 Oct'27
Newark Coneol Gas cons 54.19483 D 104
106 110
___ 10312 Sept'27
Fr aach Nat Mall SS Lines 7s 19491
101 Sale 10078 10114 44
9434 10134 New England Tel & Tel 5s A 1952 1 D 10634 Sale 10638
10634
9
Gas & El of Berg Co cons g 581949 J D 1044 ____ 10338 Sept'27 - - 10238 10338
lag 444s series B
1961 M N 101 Sale 10034
10114 85
Gen Asphalt cony 68
1939 A 0 11634 111 111
112
16 106 11212 New Orl Pub Seta/ let 58 A__1952 A 0 9818 Sale 9734
9814 75
Gen Electric deb g 334s
1955 .1 D 9812 Sale 9738
1942 F A
9412 ___- 9438 Nov'27
91
9434
First & ref 58 series 11
9914 124
Gen Elec (Germany)7a Jan 15'45 J J 10212 Sale 10014
10212 22 10212 100
N Y Air Brake 1st cony 68 1928 M N 10014 10012 10038 1003.
1
f deb 644s with warr
1940 J 0 11312 114 11414 Nov'27
113 13814 NY Dock 50-year 1st g 4s._1951 F A 88 Sale 8734
8814 22
Without warets attach'd '40 J
641a
A
_1941
A
0
9934 Sale 9934 10034 27
994 10214 NY Edison 1st & ref
11658 117 11634
117
4
1937
F
A
Gen Mot Accept deb (is
10278 Sale 10234
9912 10358
First lien & ref 5813
1944 A 0 10514 Sale 10434 10514 16
103
167
Genl Petrol let s f 5s
102 Sale 10134
10 1004 102:8 NY Gas El Lt & Pow a 58..1948 j D 10938 Sale 10912 10958 12
10218
Gen Herr let f g
ser A_ 1952
4°
A 105 10534 105 Nov'27
Purchase money gold 48_1949 F A
961
___ 9578
- 10112 106
96
14
Good Hope Steel & I sec 73_ _1945 A 0 10014 Sale 100
9912 10312 NY LE & W C& RR 5448_1942 IS N 102 210112 47
105 10258 Oct'27 __ _ _
Goodrich (B F) Co lst 8448.1947 J J 10758 Sale 10738
10818 43 10458 10838 N Y L E & W Dock & Imp 58 1943 J J 103_ _ 102 Sept'27 _
MN
Goodyear Tire & Rub 1st 88 1941
11978 Oct'27 --- 11978 12212 N Y & Q El L & P 1st g 551_1930 F A 10034 10214 1004 Nov'27
10-years f deb g fis_May 19311 A
10978 11114 NY Rya 181 11 E & ref 4s _1942 J J ____ ____ 8712 Dec'26 -- =
11014 Aug'27
1975M N 9412 Sale 94
15t hf coll tr 5s
9178 9712
Certificates of deposit
9412 222
52412 Oct'27
Gotham Silk Hosiery deb 60_1936
10134 Sale 10112 10134 34
9714 10234
30-year ad) Me 58--Jan 1942 V-(7) -2-1-2 -312
Oct'27
Gould Coupler 1st a I Os. _.194)) F A
6812 87
77 Sale 69
Certificates of deposit
77
57
6
512 Mar'27 ___ _
Granby Cons MS & Peon Os A'28 M N 10038 10112 10038
8 102
N Y Rye Corp Inc 68__Jan 1965 Apr
10038
1 160,
1434 15
6
143
4
15
Stamped
10038 Sale 10038
Prior lien 6s series A.____1985 1 ./ 7534 Sale 7512
10038
2 10038 102
7534
3
Gt Cons El Power(Japan)7s_ 194
928
4 AI
F N
A 9858 Sale 9814
99
39
914 99'2 NY & Riches Gas 1st 6s.....1951 M N 1081 1 Sale 10778 10814
8
1st & gen s f 644s
1950 J J 9358 Sale 93
01
9478 NY State Rya let COM 440_1962 NI N _5_4_1_4 Sale 6
9334 63
58
4)4
5412 27
Great Falls Power 1st s I 5s 1941) M N 106 10634 106 Nov'27
1st CODS 6448 series Ii .....1962 NI N
_ _ 10234 10612
6834
5
Gulf States Steel deb 5448....1942 1 D 9614 Sale 9518
9314 NY Steam 1st 25-yr Baser A.1947 M N 10818 Sale 1118
9614 31
94
10838 29
Hackensack Water 1st 49_ 1952
NY Telco 1st & gen s f 4448_1939 NI N 10138 Sale 10078
9018
90 Nov'27
- 864 90
10112 59
Hartford St Fry let 45
1930 M S 9514 ___ 9018
30-year deben a f 68_ __Feb 1049 F A 111 Sale 11012 11118 32
9O .s 95
9018 - -10
Havana Flee cense! g 58_ ...195' F A 95
20-year refunding gold 68_1941 A 0 10834 Sale 10838
98
95
95
9878
95
1
10914 91
Deb 544s aeries of 1926
1951 M S 85
Me .1 D 10012 Sale 10014
9038 NY Trap Rock 1st 6s
86
85
2
85
85
10058 48
Hershey Choc let dr coll 5145 19404 J 103 Sale 103
932 -I
J2
:7119
A 0
.1 105
10318 42 1014 10334 Niagara Falls Power tat 5
2518 Sale_ 100
1027
24
11
Hoe(10 & Co let 634s eer A.1934!A 0 9834 Sale 9834
Ref & gen 88
98 10212
2
99
0638
8
Holland-Amer Line tis Wan _1947 M N 10012 Sale 10038 10012
Niag Lock & 0 pr 1st Is A__1955 A 0 10338 ____ 10338 10358 -1
3
9112 104
Hudson Coal let s f 58 ser A.1962 J
90
0834 Nor Amer Cern deb 6-35 A_ _1940 M S 8012 Sale 8012
97 Sale 964
97
119
8212 22
Hudson Co Gas 1st g Es_ ...1940 M N 10478
No Am Edison deb Ss ser A_1957 M 8 10138 Sale 10114
10478
105
2 102 105
10138 205
Humble 011 & Refining 5448.1932
Nor Ohlo Trac & Light 6a_ _ _1947 M 8 10118 10114 10038 101
1024 Sale 102
10238 47, 10138 103
47
Deb gold 58
1937 A „
us 100 Sale 9978
97 10014 Nor'n States Pow 25-yr 156 A.1941 A 0 10234 Sale 10214
100
2381
10278 17
Illinois Bell Telephone 58
1956 J u 10512 Sale 10518
lot & ref 5-yr Os series 11_1941 A 0 106,8 Sale 10034
10512 50 10234 10558
10618
19
1940 A 0 10078 Sale 10018
1111nols Steel deb 4448
1 34 North W T 1st fd g 4448gtd _1934 J J 994 - --- 994 Nov'27 ..._ _
9
,
63
4 102
101
50
Reeder Steel Corps f 78
100 Sale 9912 10012 70
Indiana Limestone lets 168_ 1941
94° MN
A 0 984 Sale 9812
O
A 1 1,
Ohio Public Service 7348 A_ -11Z
114 Sale 116
99
17
98 100
11634
6
1936M N 9811 992 .9912 Nov'27
Ind Nat Gas & 0115s
98
9912
1st & ref 7s eerles It
6
:136 11512 11512
2
Indiana Steel 1st 55
1952 M N 1047s 10518 - 2I- • 40342 1062.8- 01.144-11444er-E114aon 1st 6s10718 10712 20
Ingersoll-Rand 1st 58 Dec 3119351.1 1014 ____ 10012 May'27
19
94
48
41
, 41 "
912
7179
10012 10012 Old Ben Coa 1st 65
924 21
92
Inland Steel deb 540
1945 1 N 10314 Sale 10318
58_1943
Ontario
Power
N
F
lot
F
A
10.12 19 101 18 10414
103 10314 103
103 -- 1
Inspiration Con Copper 6445.1931 M
10014 Sale 10014
10012
8
9814 10158 Ontario Tratiernissiou be__ ._1945 IS N 1024 _.. 10278
3
103
Interboro IvIetrop coil 4345_ _1958 A 0
Otis Steel let Ni 08 ser A.__ _1941 IS S 94 tide
20
11
Arp'25
--iLi,
Interboro Rap Tran 1st 55_1966 .1 J
iii,
Pacifie
56_1942
Gas & El gen & ref
.1 J 10278 Sale 10
7734 Sale 7734
7814 112
92
3
3
1
4
2
10
94
3
%
3
6
(
2
)
J 7738 Sale 7738
7538 7934 Pac Pow & Lt let& ref 20-yr 5.9
Stamped
10
'3
3(71 JF A
.( 414
7814 119
08 S
La(
:
l0 100
,2_
t 3
3)34
1404
114
10-year 6s
77
8288 Pacific Tel .1., Tel 1st 514
7031 Sale 794
7934 34
1
0
-year cony 7% notes_ 1932 '11,1 2 9838 Sale 9812
Ref nage Is wrier' A
99
221
9638 9914
1952 M N 10512 Sale 10512 10538
le
tat Aerie Corp 1st 20-yr 55_ _1932 M N 91 Sale 91
93
(41 51
1. N
A
91
8138 9238 Pan-Amer P & T cony s f 64.119
1
Stamped extended to 1942. M N
1st lien cony 10-yr 75
79 Sale 76
83
69
79
7
1101.3
538
13 1:I: 10
°
5
2
3,4
4
1135112
2
61
r
Inter Merean alarine f 68_ _1941 A 0 105 Sale 1044 105
Pan-Am Pet Co(of(al)cony 68'4)) j 0 9631 Sale 9538
9538 105
158
97
160
International Paper 58
1947 /1
10012 10078 10018
07 1024 Paramouut-Ilvvay let 5418_1951 1 1 1014 10131 101
101
55
10138 24
Ref a f 68 ser A
1955 Al S 104 Sale 10334
Park-Lex st leasehold 644s_ _1953 j j 86
973
1z,
8 105
1
10458 61
3
88
87
8612
1941
Cony deb Os
974 111)7 Pathe Each deb 7s with war.1937 M N
11112 Sale 10938 11112 184
864 sale 8312
89 128
98
114 Pat & Passaic G .4 El coos Ss 1949 M s
Stamped
11114 Sale 10912 11114 78
1013
_
__
_
4
1043
4
1
lnt Telep & Teleg deb g 444s 1952 J
92
so, Penn-Dixie Cement 65 A.. _1941 IS S 9812 Sale
9638 Sale 9312
9634 559
9818
9912 37
Iurgens Works Os(flat price).1947 J 3 10512 Sale 105
Peop Gas &('lot eons g 6s. _ 10
947
3A
m (s 115
1043)
10512 69
_ _ 11414 Nov'27
7
5,2
7
Kansas City Pow & Lt 58___1(
58
Refunding
gold
3
111 1
10
15
1 )4
12
10518 Sale 105
10518 13
10434 Sale 10414
1st gold 444s aeries 18
Registered
NI S
10034
10034 Oct'27
9812 10034
_
,
9314 Apr'27
Kansas Gas A Electric 68._ _1952 M
10614 Sale 1054
10614 34 10334 10638 Philadelphia Co roll tr Os A_1944 F A 10,8 Sale 104)4
1044 09
Kayser (Julius) & Co let S f 7[4'42 F A
7
0(
35
eitrec
(
o7"o
nv18 dte4
b5
,8448____11,9
7112
2 phlityR
118
10712 Oct'27
963
5 4 10
_ 10
104
A 10434 10414
10434 04
Cony deb 544s
1947 M
IVI
N1 N8 9912 Sale 9914
16812 Sale 105
10712 894
9958 119
Keith (11 1,
)Corp 1st 65_ _ _1946 M S 10014 Sale 100
993
8
100)
2
PhIla
&Reading
C
&1
ref
5s_1973
.1 J 10178 Sale
10018
1
10218 24
Kelly-Seriner Tire 8% notes.1931 M N 10834 Sale 10812 10878 34
99 1094, Pierce-Arrow Mot Car deb 88.13 M 8 09 Sale 10114
109
944
99
Keyston Telep Co let 58_1935 J
93
978
8
Pierce
_Dee
15
011
deb
8
f
88_
1931
J
D
964 Sale 9612
9612
1
104 Sale 103
14
104
Kings County El & P g 515....1937 A 0 10418 ___- 10418 Sept'27
10312 10418 Pillsbury Fl Mille 20-yr Its. _1943 A 0 104 10478 105
105
3
Purchase money Os
1997 A
13038 _
1114
4 19
36
0 -.. Pleasant Val Coal let g a f 58_1928 j j 99
13038
24
13038 10 18
9912 9912 Nov'27
Kings County Eley let g 48 194:
Poeah
Con
Collieries
let
s
f
58
1
;
5
7
3
„I1
F
A
8134 -8338 8112
8138
2
944
0031314
4
2
it;
9312
Nov'27
___
1949
Stamped guar 48
Arthur Can &Port Ilk 85 A _1953 F A
8134 Sale 8114
86
81
8134 39
106 10434
10434
1
Jl
F A 10511
Kings County Lighting 5s,_ _
1st M 6a series 18
1953 F
____ 10512 Nov'27
10112 10512
Nov'27
19543 3
First & ref 641s
Portland Elec Pow 1st Os B_1947 M N 10212 Sale
_ 11878
1124 119
1187
8
1
102
10212 16
Kinney (GR)& Co 734% notes'36 J D 1187810358 10412
- - 10412 10412
974 10,511 Portland Gen Elec lot 5a...1035 J J 1003s Sale 1005810034
1
5
Kresge Found'n coil tr 8a_ _ _ 1936 1 D 10158 Sale 10414
10431 23 102 10514 Portland Sty 1st & ref 5a_ _ 193(1 54 N
98
3
Portland Ry L & P 1st ref 56.1942 F A 963
Lackawanna Steel 1st 5s A_ _1950 M S 10238 Sale 102
10238
9
811 __
99_1_2 96
9834
9634
8
Lac Gas L of St L rel&ext 58_1934 A 0 10214 Sale 10112 1021 1
F
A
e
Register
d
1(
03
9
)
0
938
114
4 106
2
314
Oct'27
Coil Or ref 5448 series C _ _ _1953 F A 10514 Sale 105
let lien & ref 6s
B___1947 M N i:o - Fiii-e- 10
10538 41
,--4
92
814 °Ico
v227
Lehigh C & Nav s f 440 A_ _1954 1 J 10012 Sale 10038
1st & refund 74-48 iterles A_1946 M N 1074 108 10712 10734
9712 10012
10012
2
3
Lehigh Valley Coal let g 5s_ _1933
102
101 102
Porto Rican Am 'rob cony 6811942
____ 102 Nov'27
10212
10214
217
Sale
993
4
1st 40-yr gu int red to 4% _1933 1 J 9412
9.512 97
Pressed Steel Car cony g 5s_ _1933 1 J 9812 sale 97
9512 Aug'27
1934 F A 101
1st & ref s f 5s
J
D
(with
war)_
1931
Prod
&
Ref
s
f
88
104
101
____ 101 Nov'27
115
. 11414 Nov'27 _2
_59
4 F A 1011
954
1st & ref s P5s
194
Without warrants acttabed... 1 D 112 gale 112
1014
9934 10112
10114
2
113
10
1st & ref 58
9912 10134 Pub Sera,Corp of NJ sec 68.1944 F A 107 Sale 10634
100344 105 10034 Nov'27
_
37
107
1964 F A 9918
1st & ref 5s
Sec g 544E41956 J J 10514 Sale 10412 10512 41
10118 Nov'27
99 1011,
1974 F A 10012 Sale 10013 10012
1St & ref s I Is
997 101
2
-
2
Range
Since
Jan, 1.
Lola
37
120
11718
10214
High
37
12411
1174
10614
0
17
21:
1a14
3
1:4
41
:100
10
0:6
115 120
954 10012
9634 9754
99
97
9958 1044
99
94
$712
97
10234
6714
5812
9334
9515
101
10984
7378
68
99
10412 10512
9014 101
10512 10978
100 10414
10514 10712
76
80
99 105
8712 934
1034 10538
9714 101
9818 10038
9914 10418
08 10212
101Io 105
9878
92
9538
9538
83
83
9634
94
10112
10134
102
951s
10018
10034
8934
83
9938
984
103
103
6213
49
9838 104
100 10354
1014 104
9934 10014
10338 10514
1024 1034
103 10634
9538 101
934 9914
9338 984
1004 10234
8438 8814
115 117
10258 10514
106 10958
924 9658
1024 10252
10112 102
1004 1024
.54
63
212 3
54 54
1438 3078
854
75
102 1084
5358 594
82
68
10514 10872
9838 10138
110 1114
10778 1104
9014 10134
10014 10432
10314 10558
10014 104
80,2 9514
9614 10178
954 102
100 10278
10412 10712
98 101
114 11714
11334 1154
10518 1074
9312
90
101 10334
10014 103
9312 9612
9934 10418
9984 1014
1014 10511
10112 106
102 1061s
10412 107
91 10011
98 102
9311
85
8313 10034
100 10434
9712 101
11312 115
10114 1044
9914 994
1034 1047s
10018 105
9838 9934
994 1024
9112 1074
9911 10411
10214 10513
99 100
9118 944
1034 10534
10438 1054
100 1034
994 1024
9412 984
911
/
4 88%
49114 964
99
10212
110 11414
II() 11314
:
10
8:
98
5
8a
834
4
:
1411,
0
9060
3
1(
/
42
3:1
4,
Nov. 19 1927.]
THE CHRONICLE
New York Bond Record-Concluded-Page 6
2793
Quotations of Sundry Securities
All bond prices are "and interest" except where marked"f".
BONDS
N. Y. STOCK EXCHANGE
Week Ended Nov. 18.
t
Price
Friday.
Nov. 18.
Week's
Range or
Last Sale.
Range
Since
Jan, 1,
Standard 011 Stocks Par /840 Ask
ublic Utilities
Bid Ash
Anglo-Amer 011 vot stock_ El •1938 20_ American Gas & Electric__t •116 117
Non-voting stock
El •1912 20
6% preferred
12 .10512 106
Rid
Ask Low
High NO, Low
100 118.34 119
High Atlantic Refining
Deb 6s 2014
MAN 10812 109
Pub Serv EIec&Gas 1st 5501959 AO 1054 10512 10478
10512 20 10414 106,4
Preferred
100 116 118
Amer Light dz Trac corn.100 173 176
lot & ref 5348
36 104 10634 Borne Serymeer Co
1984 AO 10514 Sale 1054
106
59
25 *57
Preferred
100 110 11212
1st & ref 58
91 10418 10514 13tickeye Pipe Line Co......50 .59
1905 JO 10478 Sale 10438 105
5914 Amer Pow & Light pref. _100 108 10812
Punta Alegre Sugar deb is. A937 J J 10612 Sale 10614
10612 56 106 11112 Chesebrough Mfg Cons 25 .120 125
Deb 6s 2016
MAS
10734 1084
97 Sale 97
Remington Arms 65
9712 14
1937 MN
Continental 011 v t c
95
10 •1858 1834 Amer Public Util corn...100 57
98
58
Repub I & S 10-30-yr 588 t.1940 AO 10212 Sale R1112 10212
3 1001g 108
96
Cumberland Pipe Line..100 93
prior preferred
7%
_
94
1
0
0
0
96
.4 102 Sale 101341
Re( & gen 5 tie series A
19
1953
102
98% 10318 Eureka Pipe Line Co_...100 6412 65
Partic preferred
00
Reinelbe Union 78 with war.1947 J J 10734 Sale 10734 10834 10 106,2 1204 Galena Signal 011 corn...l00
7,4
Associated Elec 5Sis'46A6r0 10234 10314
Without stk purch waets_1946
9834 Sale 9812
18
J
46
99
Preferred old
98 10412
100 45
Associated Gas & Elec coal.; •20
21
Rhine-Main-Danube 78 A _._1950 M S 101 Sale 101
34 10112 1(412
101
33
Preferred new
100 32
Original preferred
*5112 53
Rhine-Westphalla Elec Pow 78'50 NI N
9912 Sale 9912 100
47
.6714
Humble
6712
Oil & Refining. _ _25
1)912 105
86 preferred
9312 96
Direct mtge 68
9312
Sale 92
1952 SI N
176 17612
9334 52
92
9612 Illinois Pipe Line
100 .6014
.
98 100
6634 preferred
Rhea Steel 1st f 75
19
961
964 Sale 9614
1955 PA
Imperial 01.1
6(04
11334 98
10212 10412
37 preferred
Robbins & Myers 1st s t 75_ _1952 JD 39
3934 40 Nov'27
8612 8812 Blackstone Val G&E com_ 50 *131 135
Indiana Pipe Line Co____50 .
40
65
Rochester Gas & El 7s ser 13.1946 M
11134 Sale 11134
9 11038 11533 International Petroleum.. _ t •331g 3314 Com'w'Ith Pr Corp pref _100 101 10112
11238
Gen mtge 534s series C_1948 51 S 10714 ---- 107 Nov'27
National Transit Co..12.50 .2234 2314 Elec Bond A Share pret 100 109 10912
105 107
Roch & Pitts C&Ipm 5s. _1946 MN
9212 Sept'27
44 Elec Bond & Share Secur t *7412 75
90
9212 New York Transit Co_ ....100 42
Rogers-Brown Iron gen&ref 78'42 MN
9812 Lehigh Power Securities_ t •20I2 21
39 Sept'27
2478 4978 Northern Pipe Line Co..100 94
Stamped
MN _
42 Sept'27
Ohio Oil
6434 6514 Mississippi Riv Pow pret.100 10512
50
24
25 .
St Jos lty Lt & Pr let 58_..j937 SIN
9712 9812 98
98
Penn Mex Fuel Co
35
25 .32
9558 93
First mtge 58 1951__m
_JA
&N
J 10314 fif
St Joseph Stk Yds 1st 4;is_ _1930 J J
97,8 Oct'27
50
5038
975s 9734 Prairie Oil& Gas
25 .
Deb ba 1947
98
9834
St L Rock Mt & P58 stnapd.1956
70'2 8012 797s
8012 10
75% 81,2 Prairie Pipe Line
100 186 18612 National Pow A Light pref.' *109 110
St Paul City Cable cons 58. _1937
9538 _
953s
2
J
9538
100 190 11)4
North States Pow com_ 100 127 128
944 9634 Solar Refining
San Antonio Pub Serv let 68.1952 J J 1084 Sale 10814
4 10512 10912 Southern Pipe Line Co...S0 *22
10814
2212
7% Preferred
108 110
Saxon Pub Wks(Germany) is'45 PA 9934 Sale 9914
9934 64 9914 104
South Penn 011
39,2 Nor Texas Elec Co corn_ 100
25 539
_ 23
Gen ref guar 6 Sis
9338 Sale 9313
1951 MN
9514 83
9312 9912 Southwest Pa Pipe Lines.100 7512 78
65
&Mulct)Co guar 6%8
4
,6812
3
1946 J J 1(12'8 103 102,8
103
5614 OM efeurred
9938 10434 Standard 011 (California) _ _ t
11012
b
10912
Serv.
7%
Pref
10
0
Guar s f 8 Sis serits313
15
1946 AO 10212 Sale 10212 103
801b Pacific Gas & El 1st pref __25
98 10412 Standard 011(Indiana)_.25 •80
I *2612 2712
Sharon Steel 11000 let 89 ser A '41 M
10812 109 111812 Nov'27
•163
8
Standard
1714 Power Securities corn
Oil (Kansas)._ _25
1074 10912
*1214 14
Shell Union Oils I deb 55_......1947 MN
9912 Sale
Ws
9812 178
•50
9511 994 Standard 011 (Kentucky)_25 128 129
Second preferred
54
Siemens & Halske sf75
1935 J J 101114 Sale 10014
101
Standard 011(Neb)
10014 105
25 .4412 4434
Coll trust 65 1949.
.97
98
Deb it f 6 SO
1951 M S 10178 103 11/334 10334
Standard 011 of New Jer_ _25 *4038 408
100 105
Incomes
1949__F&A
June
.93
95
St 630 allot ate 50% pd.1951 MS 10234 Sale 10134 10234 138
3212 3238 Puget Sound Pow & LL.100 3612 3712
Standard 01101 New York.25 .
9812 106
Sierra & San Fran Power 53_1949 F A 10138 Sale 10114
10134 20
95 10134 Standard Oil (Ohio)
25 "7612 7712
6% preferred
89
91
Silesia Elec Corps f 634s._.1946 PA
9312 Sale 9312
7
94
Preferred
9212 9814
100 120 123
7% preferred
100 d10712 10912
Sllestan-Am Exp col tr 7s_. _194 I FA
98,8 9918 99
994 78
0512 10112 Swan & Finch
25 •19l2 20
let & ref 5345 1949_ _J&D 10212 10312
Simms Petrol 6% notes _.....1921) SI N 10134 Sale 1004
10134 36
118..4
119 South Cal Edison 8% pt. _25 .
Union Tank Car Co
9712 105
100
40
43
Sinclair Cons Oil 15-year 75_1937 M
9834 Sale 973a
189
99
9738 10234 Vacuum 011
25 *1473s 14734 Stand G & E 7% pr pf _ _100 110 111
let lien col 65 ser D
46
1930 NI S 9718 Sale 97
98
Washington 011
9714 99
10
Tenn Elec Power 1st prof 7% 109 110
1st lien 634s series 11
.11)
944
93
Sale
94
1938
71
9214 10238
Toledo Edison 7% prof _ _100 108,4 10912
Sinclair Crude 0113-yr 6s A.1928 PA 10018 Sale 100,8
10038 40
Other 011 Stocks
1/8 10118
Western Pow corn prof._100 10112 10212
Sinclair Pipe Lines t Se
1942 AO 9312 Sale 9312
9418 73
172 Chic Jt Stk Ld Bk Bonds
•131
914 9.538 Atlantic Lobos 011
Skelly Oil deb 534s
9418 Sale 9434
24
95
1939 M
•412 47s 514e Nov I 1961 opt 1031..
Preferred
953
937
4
8
50
01
smith (A 0)corp 1st 6148- -1933 MN 102 Sale 10134 102
2 10114 103
Gulf 011
25 *10312 104 Se
Nov 1 1951 opt 1931__
98
South Porto Rico Sugar 7s_.1941 JD 11018 Sale 1104
1104
3 107 11034 Mountain Producers
25
25,2 58 May 1 1952 opt 1932_ _
10 .
98
South Bell Tel& Tel let 81581941 J J 105 Sale 10434 105
4 10212 1053s National Fuel Gas
.3014 3034 4545 Nov 1 1952 opt 1932._
97
Southern Cob Power 65 A...1947 .1 .1 10412 Sale 104
10412
4 10018 105
Salt Creek Consol OIL ___10 *61
1534 43.4s Nov 1 1952 opt I932__
97
S'west Bell Tel 1st & ref 5.5._1954 PA 10538 Salo 10518
10512 75 10234 10512 Salt Creek Producers_
.3(.11 303a 4315 May 1 1963 opt 1933_
98
Spring Val Water 1st g 5s _A943 MN 10012 - - - 10038
10038
1
9812 10012
44..8405 511 Nov 1 1963 opt 1933..
98
Standard Milling 1st 58
1930 MN 10134 Sale 10112 10134
4.95
Railroad Equipments
0 100 103
43.4e Nov 11064 opt 1934..
98
let & ref 5145
1945 MS 10312
10312 10312
6 10112 10334 Atlantic Coast Line 68
4.50
98
Stand 01101 NJ deb be Dec 15'46 PA I0418 Sale 1033s
10412 173 10138 10 12
5.00
Equipment6 Sis
Stand 011 of N Y deb 4;is_1951 JD 9712 Sale 0612
9712 1805
4.40
r8508055 4P
9712 Baltimore & Ohio as
CCFaci
94
aae5e
iaa
sl
tais
O
lr
Ac
o
g515
s
tijau
19
1°
3
41
of1p9P
e
A5
pnt_d_11°9M3r5
-N- 9713 10012
t6°1
Stevens Hotel 1st 65 ser A._1945 J J 101 Sale 10012 101
29
Equipment 434s & 58._ - _ 4,70 4.50
99 102
58 1954 opt 1934_ __MAN 97 10012
Sugar Estates (Oriente) 78..1942 Id
1110 Sale 994
10014 21
Buff Roch & Pitts equip 68_ 4.0) 4.30
9812
101
Sugar
Stocks
Superior Oil 1st s f 78
1929 PA 102 103 101
Oct'27 _
Canadian Pacific 434s & 65. 4.0
9934 103
50 •1
3
Syracuse Lighting 1st g 58...195 I JD 10618
4.9
---- 10612 Nov'27
10234 10612 Central RR of N 2 63
rugar com_ _20 •119 120
ge:S
4.60 4.
Chesapeake
& Ohio 69
100 •160 162
Tenn Coal Iron & RR gen 58_1951 -I
105 Sale 105
1 103 1053a
105
4.45
Equipment 634s
25
33
Tenn Copp & Chem deb 6a_ _1941 A 0 10012 Sale
30
1001
5.00
9934
Equipment 55
984 10114
50
ao
Tennessee Elec Pow let 1313.. _1947 J D 10714 Sale 107
45 10518 10712 Chicago Burl & Quincy 6e
1071
5.00
4,1
3
Third Ave 1st ref 4s
1960.1 J 6818 Sale 6734
25
683
Chicago & North West
4.55 4.4444.1.9‘)934! G°dFedPre
71
63
ux8edugSlarugarterLfIco
Pre
- 100
17
ecrahAffe
10 nem-1 00I
eirr
rred
zo
Ad)Inc 5s tax-ex N Y Jan 1960 A 0 58 Sale 573s
5838 116
Equipment
4.45
49
63.48
5812
4:305
68
co....
PreferredHollySug
t .34
Sugar Corp
in
38
Third Ave lty 1st g 58
1937 J
100 101
10
99,4
Ude
9914
RI & Pac 430 & be_
5.05
97 100
100 80
Taho Elec Pow 1st 75
as
1055 M
9834 Sale 9838
9938 76
5.05 4.95 National Sugar Refining _100 •120 122
Equipment fla
941s 9934
6% gold notes. _ _ _July 15 1929 J J
97/8 Sale 9734
43
98
5.05 4.95 New Nlquero Sugar
9578 993s Colorado & Southern 68.
100 60
Tokyo Elec Light 8% notee.1928 F A
42
99,4 Sale 99
9938
Delaware & Iludson 88
5.00 4.90 Savannah Sugar corn
974 100
114 117
Toledo Edison 1st 78
1941 51 S 10834 Sale 10812 109
35 10734 1094 Erie 4,11e& 5.5
4.60 4.35
Preferred
100 113 116
Toledo Tr L & P
10012 Sale 10018
% mates 1930
17
1001
Equ1pment65
5.05 4.05 Sugar Estates Oriente p1.100 55
9834 10114
Trenton CI & El Ist g 5a
60
1949M
1644 Sale 104,4
10414 33 10238 105
Great Northern 64;
5.04) 4.90 Vertientea Sugar pf
100 BO
Trumbull Steel tat of 6a
70
1940 MN
98 Sale 974
2
98
96 10114
Equipment be
4.45 4.30
Twenty-third St Ry ref 5s
1982 J
504 Sale 5018
501
8
50
4.45 4..9
6712 Hocking Valley be
35
0 Am
pieri
efca
T
err
onb
eC
d
'
acigca
or S
co
tock
m_ _s_ _100 131 136
Tyrol Hydro-Elec Pow 7 lis_ 1955 M N
9912 Sale 9912
9
993
Equipment
5.05
974
10214
6s
Ujigawa El Pow sf78
100 102
1945 M
100 Sale 99,2
45
100
Illinois Central 43.48 & ba
9512 103
4.35 4.8
25 British-Amer
e
e ,mer Tobac ord._El •25
Underfed of London 434s_ .1933.1
26
95
951 9412 Oct'27
Equipment65
4.95
944 96
11 *25
Income 603
26
1948 _ _
9912 Nov'27
9512
Equipment
4.5(1
75
4.40
&
994
Imperial
Tob of GB & Irel'd .24
Union Elec Li & Pr(Mo)55.1932 M S 1024
26
10212 1021
8 1014 103
Kanawha & Michigan 68_
5.05 4.95 int Cigar Machinery new100 *81
Ref & ext 58
83
1933 M N 102 10212 10212 1021
2 1014 103
Kansas City Southern 634s
4.90 4
4.8
75
0 Johnson
hnsonT
c0
in Foil Met.
Un E L&P (111) lat g 5;is tier A'.54 .1 J 1034 10334 10212 1033
65
75
6 10114 105
Louisville
4.95
&
Nashville
68
Union Elev Sty (Chic) 5e
100 441 4%,
_1945 A 0
4
13
86,4
88
Equipment 63.68
81
4.50 4.40 Unlen Tobacco Co coin_ _
88,4
Union 011 1st ilen a f ba
27114 2834
1931 .1 J 10212 Sale 102,2
2 10112 10212 Michigan Central 58 & 65...
1021
4.62 4.55
Class A
30-yr 8s series A_..._May 1942 F A 1087s 10914 10834 1083
aa 89
20 107 109. Minn St PASS 51 4348 & 58 4.70 4.50 Universal Leaf
Tob com___t .61
lot lien a f bs serlee C Feb 1935 A 0 9878 Sale 9834
63
35
99
96
Equipment 634s dr 7s.... 5.00 4.75
9978
Preferred
United Drug 20-yr 65.Oct 15 1944 A 0 10712 Sale 1073
100 117 120
33 10612 10812 Missouri Pacific 66 & 345... 5.10 4.80 Young (J 5) Co
8
1071
100 90
United Rya
L 1st g 4s_ ___1934 J .1 8314 8.5
96
8258
6
83
76
8314 Mobile & Ohlo 58
4.60 4.45
Preferred
United 88 Co 15-yr 65
100 103
1937 M N
9414 Sale 94,4
11
95
90
974 New York Central 4168 tc 58 4.35 4.25 Rubb Stks (Meted e.otar/1!
Un Steel Worki Corp 654s A.1951 .1 D 94
100
.4,
9412 93,
10
943
93 106
Equipment68
4.8.5 4.70 Falls Rubber co
corn
Without stock our warrants___ .1 D 9438 Sale 94 4
89
95
93
Equipment 7s
4.50 4.40
9812
Preferred
25 •
Series C with warrants
19
.1 D
Sale 9312
9312 10578 Norfolk & Western 434s..
9434
4.30 4.25 Fireetonel'ire & Rub com.10 *158 160
Without stock our warm .5 D 9434
93
7
Northern Pacific 78
93
93 101
4.55 4.35
8% preferred
100 106 107
United Steel Wks of Burbach
Pacific
Fruit
4.45
4.55
Express
713
7%
preferred
100 10814
Each-Dudelange s t 713_ _ _ _1951 A 0 102 10234 10134
2
40
9914 10412 Pennsylvania RI?. eq 55 & 68 4.85 4
4..4305
Preferrednerai Tire & Rub corn_ _25
13 Rubber 1st & ref User A 19471.1 J 93 Sale 9212 102 4 162
17412
9312
88
9678 MUM & Lake Erie 63.4s.... 4.55
100 104 10712
9312
Sept'27
Reading
93
,
2
Co
9432
4.40
4
}is
&
4.30 Good y'r T & R of Can pf.100
bs
10-yr 734% secured notes.1930 FA 10338 Sale 10312
10414 58 102 10614 St Louis & Sao Francisco 5s_ 4.50 4.40 Blithe Tire & Rubber new ...1t •15
S Steel Corp(Coupon Apr 1963 MN 109 Sale 10834
1612
211 1061s 10912 Seaboard Air Line 534s A 98 5.00 4.75 Mason Tire A Rubber coin_ t
109
of 10-60-yr 5siregist __Apr 1963 SIN
*14
10534 10814 Southern Pacific Co 434s._ 4.35 4.25
Preferred
Universal Plpe & Rad deb fla 1936 JO 89 Sale 108 Nov'27
100
7
10
12
89
874 9012
Equipmen t 75
4.50 4.40 Miller Rubber preferred_100 90
Utah Lt & Tree 1st & ref 58__1944 AO 9738 Sale 8834
92
9634
9738 55
93bg 9734 Southern Ry 430 A 58
4.45 4.35 Mohawk Rubber
Utah l'ower & Lt 1st 58
100 17
1944 PA 1(118
10132 34
9732 10134
Equipment 644
5.05 4.95
Utica Elec L & P 1st s f g 58.1950 J J 10338 Sale 10078
Preferred
100 50
104 Aug 27
Toledo
103
104
&
Ohio
Central
68...
5.05
4.90
Rubber_
Selberling
_ t *34
Tire &
Utica Gas & Elec ref & ext 581957 .1.1 10618
3478
_
10614 10 10218 10612 Union Pacific 78
4.50 4.40
Preferred
Vertlentee Sugar 1st ref 75..1942 JD 9934 Sale 106
100 10112
9914
15
100
9834 101 14
Water Bonds.
Vlctor Fuel 1st a f 6a
1954 J J
5234 63
54
57
4
54
Short
65
Term
Securities
Arkan Wat let 544'56 A.A&O 974 9812
Vairon Coal & Coke lot g 68.1949 MS 914 9312 9214
Nov'27
91
954 Anaconda Cop Min 6s'29JAJ 10138 10134 Birm WW let 5 SisA'54.A&O 10312
Va IV Pow 1st & ref 58
1934 J J 101 Sale 10034 10112 25
10412
9838 10134 Chic R IA Pac be 1929_J&J 1001 10078
1st MM 1954 ser BJ&D 100 101
Wal worth deb 6
(with war)'35 AO 94
9412 94
2
94
89
5%
notes
9611
1929
51&13 1001 10038 City W(Chatt)5145'54AJAD 103 10312
let sink fund 6s aeries A _1945 AO 96 Sale 9512
6
9112 97
96
Federal Sug Ref 68'33.M&N 89
91
Warner Sugar Rein 1st 75..1941 Jo 10614 Sale 105%
1st 51
2.40 9712 9812
1064 27
9178 10712 Slum-Shelf S A I 118'29_F&A 102 102,2 City of 5.5 1954
Warner Sugar Corp 1st 7s...1939
New Castle Water
j 9012
85,2
7818 9814
9034 27
Wash Water l'ower of be _ _ _1939 j j 10338 Sale
bs
1941
Dec
2
..1.4
96
98
____ 10338 Oct'27
10234 10332
Indus. 8. MIscel
Clinton WW 1st 58'39.FAA 9812 9712
Weetches Ltg g ba stmpd gtd 1950 Jo
10418 Oct'27
10232 10412 American Ilardware
25 *79
81
Com'w'th Wat 1st 5;isA'4 1021! 10312
West KY Coal let 70
1944 MN 10478
105
105
4 10112 105
Babcock A Wilcox
100 127 130 Connellav W 5sOct2'39A6401 95
Weld Penn Power sec A 5s....1946 M
10338 Sa.e 10278
10338
8 10018 10384 Bliss(E W)Co
•1512 161 E St LA Int Wat 58'42.J&J 96
1st bs series E
1963 MS 10438 Sale 10412 10438 24 1004
Preferred
1041s
50 •58
65
1st 51 fle 1942
1953 AO 105 Sale 105
lot 534s aeries F
Jr4J 10212 10312
4 10412 10634 Borden Company eons. 50 •131 112
106
3
4
32
5 Huntington
E.
58
scrim
sec
1958
1st 844 '54_MAS 103
1st
CI
D 10414
10378
10412
9 100 10412 Childs Company prof __.100 118
1950 .1.1 50 Sale 50
Welt Vs CA C 1st 05
1954
97
98
44
5038 54
Ilerculea Powder
80
100 188 195
Mid States WW 65'36 MAN 103
Western Electric deb ba _ ...1944 AO 10412 Sale 10338
10412 54 101 18 10412
Preferred new
100 118 121
MonmCon W lat5e'56AJ&D 9412 9512
Western Union roll tr cur 55_19311 J J 10412 Sale 10438
10434
Internet
10134
Silver
10514
7% pref.100 125
5Ionm Val
Fund & real eat g 4)&s_. _1950 MN 10034 Sale 100
53.45 '50_184.1 10012 101
17
10078
95 10078 Lehigh Valley Coal Sales_50 89 -if Muncie WWWt
5.s Oct2'39 A01 95
1936 F A 11212 Sale 11212
15-year 6 lie g
13 11114 1137s Phelps Dodge Corp
11234
100 120 124 St Joseph Water M 1941A&O 98
1951
D 10614 Sale 10438
25-year gold 50
99
10812 64 10088 10612 Royal Baking Pow corn.100 265 275 Shenango ValWat
5s'56A&0 9412 9512
Wee'houae E & 51 20-yr g 50.1946 51 S 10514 Sale 104
Perferred
10514 85 101 10514
100 105 108 So Pitts Wat let 5s 1960.15.2 98
Westphalia Un El Pow 6 34s 19541 J
9412 Bale 9414
64
9514
Singer
94
Nlanufacturing
994
100 427 432
1st 51 be 1955
FAA 99
Wheeling Steel Corp 1st 5;is 1948 .1 .1 101 Sale 10012 101
64
9634 10112 Singer 51tg Ltd
El .5
51: Ter ii W W 68 '49 A._J&D 10212 10312
White Eagle Oil & Ref deb 5 kh 837
let 51 58 1958 ser B._ FAD 97
With dock purch warrants_ _ _ _ 54 S 05 Sale 95
95
96
5
964
Wichita Wat 1st Ce'49.M&S 102
White Sow Mach 6s(with war)'38 J J 128 12712 127
127
17
9734 148
1st 51 58 1956 ser B F&A
9612
Without warraota
101 Sale 101
10134 26
9934 10372
Wickwire Spen St'l 1st 78_ _1935 JJ 28
33
35 Nov'27
25
65
1935
MN
Wickwire Sp SP! Co 78 Jan
2514 Sale 23
2612 49
20
52
Willys-Overland
6145_ _ _ _1933 51 5 102 Sale 102
10212 13 10144 10372
WIlsou & Co 1st 25-yr a f 135_1941 AO 102 Sale 10118
10278 55
9714 10278
1941 AO 106 Sale 106
Winchester Arms 73.40
•Per share. 1 No par value. S Basis. 4 Purchaser also pays accrued dIvidena.
106
18 10412 10814
Young'n Sheet & T 20-yr 66_1943 J2 10514 Sale 105
New stock. !Flat price. 1 Last sale. a Nominal. s Ex-dividend. 11
10514 93 10314 10534
Canadian quotation. s Sale price,
t
PO P
68
9
BOSTON STOCK EXCHANGE-Stock Record
2794
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Nov. 12.
Monday,
Nov. 14.
Tuesday,
Nov. 15.
Wednesday, Thursday,
Nov. 16.
Nov. 17.
Friday,
Nov. 18.
Sales
for
the
Week.
SeeBar
STOCKS
BOSTON STOCK
EXCHANGE
Par.
Railroads.
$ per share Shares
100
390 Boston & Albany
18314 184
100
2,291 Boston Elevated
91
85
100
305 Preferred
10114 10114
- 100
55 let preferred
100
317 2d preferred
106 106
100
577 Boston & Maine
*5712 __ -100
Preferred
A
100
A 1st pref
*80Series
___ ____ ____ ____
;63
*82 _ ___ *82
____ *83
100
'120 ____ *120
120 1-20 *120 ____ *120 ---- --------10 Series B 1st Pre
100
1st
pref
Series
C
___
____
____
*110 ____ *110 ____ *110 ____ *110 ____ *110
100
Series D 1st pref
_ ____ ____ ___ __ _
_ *155
*155
*155... *155
*155
225 Prior preferred
____
--111 111
11212 1-1-3
*11014 1-1-3
11014 1-1014 112 1-1-2
100
____ ___ __ _ Boston & Providence
_ __
_ _ *207 209 *208
*208
*207
_ _ •207
--------151 East Mass Street Ry Co__ _100
*3614 3812
3614 37
•37 -3112 *37 -3-812 37 -37100
50 let preferred
_-_ ___
76
74
74 z 74
73
74
74
74 %71
•x70
100
Preferred B
____ ____ ____
74
74 z 72
74 *z70
74 •370
74 *370
•x70
100
--------30 Adjustment
54
54
*5414 55
5434 55
*5312 55
*53
55
100
200 Maine Central
6412 6412
65
65
65
65
6478 65
*64
65
100
781 N Y N H & Hartford
5258 528 517 5212 5134 5238 5134 5338 5258 5258 5212 5212
39 Northern New Hampshire_100
105 105 *105 ____ 105 105
105 105
*105 107 *105 107
pref_100
Norwich
&
Worcester
22
146
146
____
*147
____ *147
*147 ____ *147
*14713
100
136 1-36 *13518 ------------14 Old Colony
'135'8 ___ •13518 -_ *13518
50
1,571 Pennsylvania RR _
654 6438 65
,
8 65
,
8 6514 6512 6478 65
65 6514 65 65
38 Vermont & Massachusetts_100
121 121
121 121 *121 124
*119 12114 *119 121 *119 121
Miscellaneous.
--------227 Amer Pneumatic Service
*3
4
33
33
314 33
*338 4
*334 4
50
811 Preferred
22
22
__
*22
22
22
2212 22
22
4812 48
,
4 22
179 18038 1,778 Amer Telephone & Teleg_100
17634 17678 177 17778 17712 17818 17634 17734 17634 fio
par
No
48,317
Amoskeag
116
Mfg
10912
104 109
9934 100 104
8812 8912 8912 9184 91
No pax
600 Preferred
98
99
99
98
96
96
9234 9234 98
.391
9234 *90
1,050 Assoc Gas & Elec class A..___
4414
4439 4418 4434 4412 4412 44
4314 4314 4318 4358 44
Atlas Plywood tr ctfs
_
____ __
No par
Atlas Tack Corp
;712 r _ *711,_ ';i*2 r- 712 -7-12 *ii2 ------------50
Beacon 011 Co corn tr ctfs____
._ ___
51312 -1-512 •1312 -1512 *1313 -1112 .1312 1512 *1312 1512 ____
690 Bigelow-Hartf Carpet_ No par
94
94 -94
94
9412 94
94
04
94
95
94
94
Coldak Corp., class A T C___
*.10 .20 •.10 .20 *.10 .20 *.10 .20 *.10 .20 ____ ____ ___
--------145 DOM1111011 Stores, Ltd_No par
95
9312 94'2 95
*9112 95
*93
95
*9512 __
10
220 East Boston Land
21X6
214 2
2
3
*2
*2
3
*2
3
*2
1
5
250 DOWD Manufacturing
2% 2%
*212 312 *212 312 *212 312 *---3
3 *---9212 8912 9112 11,880 Eastern SS Lines, Inc
89
89
82
83
83
8334 83
83
84
No par
4413 4412 4339 4439 4412 4512 --------3,890 Preferred
45
*4334 4414 *44
100
--------395 1st preferred
*9934 100
*9934 100
100 100
998 100
*998 100
Economy Grocery Stores
*1112 12
*1112 12
•1112 12
*1112 12
*1112 12
100
331 Edison Electric Illum
24878 249
249 24984 249 250
249 250
249 249
24918 250
--------130 Federal Water Serv corn
34
3412 *x33 35 *z312 35
34
34
*z3312 34
605 Galveston-Houston Elec_100
3314 ---- ---33% 33
33
3358 34
35
*34
34
35
General Pub Serv Corp com
____ _ _ _
*16
17
*16
17
*16
17
*16
17
17
*16
Germ Cred & Inv let pref.__
21
21 *320
21 *x20
21 .3x20
21 *x20
3x20
No par
--------340 Gilchrist Co
35
35
35
35
3414 35
35
35
3412 35
No par
645 Gilette Safety Razor
9614 G712 9614 97
97
9712 9612 9714 96
97
9714 98
25
2,265 Greenfield Tap & Die
1134 12
1112 1112 1134 1134 1134 12
11
11
11
11
1234 --------500 Hathaway Baking Corn
.12
121 *12
12
1234 12
1234 *12
*12
No par
4414 4512 2,995 Hood Rubber
4312 45
3912 391
40
40
39
394 394 40
____ _ _ Kidder,Peab Accep A pref_100
_
____
*95
_
_ *95 _ _
_ _ *95
*95__ *95
984 _-93-4
934
9,4 --79 Libby, MzNelll & Libby_ _ _10
978 -978
*978 -10-18 *978 -1-0-4
3934 -1-0
25
80 Loew's Theatres
7
714 ---- ---718 718 •714 734
*71a
734
7
7
12112 12212 1,504 Massachusetts Gas Cos__. 100
120 122
12212 12312 121 123
1204 124
120 120
100
Preferred
201
805
8
80
794
8018
____
8014 8014 8014 8014 z7014 7814 *z7812
100 Mergenthaler LinotyPe-No par
10312 105
10912 111
11112 11112 11112 11112 *111
112 112
4 35x, --------740 National Leather
10
314 -314 35
314 314 .314 312 .314 312
5
2712 2712 2712 2712 --------295 Nelson (Herman) Corp
28
2712 2712 2714 2712 28
New Eng Oil Ref Co tr Ws__
.25 *.10 .25 *.10 .25 ____ ____
3%10 .25 .3.10 .25 *_
100
Preferred tr ate
312 ____
___
312 ____
312_
31 3...
312 *..
3,_ _
185 New England Pub Serv 17 pref
9912 9912 loo 100
55 99 98'2 9912 55i2 99 ;55
15 Prior preferred
____ ____
103 103
*10212 ____ 1024 10212 *103 ____ 104 104
New Eng South Mills_ _No par
.25 -___ ____
.25 *---_
.25 *-__ _
.25 •___•____
.25 *____
100
50 Preferred
*4
*4
414 414 *4
*4
100
626 New Eng Telep & Teleg
13712 fiii
4 138 1-39 139 139
13734 1-38
137 137
13612 1-37
Amer
UM
1st
pf
full
paid__
No
*9014___ *9014 _-- *9014 -- *9014 --- *9014
1st pref 50% paid
50
-50 %14 -50 .0:44 -50 *.x44
%44 -50 %44
100
4212 4412 4212 434 5,880 Paciftc Mills
43
394 3914 4112 41
3918 394 39
Plant(Thos 0), let pref._ _100
____
__ ___
*21
25
*21
25
*21
25
25
*21
*21
25
10
1514
130 Reece Button Hole
1212 _15
15% *1538 1534 *15
1514 *15
*15
1514 +15
Reece Folding Machine__10
112 *1
112 *114
112 *114
112 *114
*114
114
260 Swed-Amer Inv part pref__100
128 128
128 128
128 128
128 128
12714 130
128 128
100
12512 12512
165 Swift & Co
12418 12414 124 12412 125 12514 12412 125
125 125
25
413 Torrington Co
8514 8514 8514
85
84
85
84
8412 8412 8412 85
84
47
47
47
47
47
1,150 Tower Manufacturing
478 5
434 5
478
478 5
1912 1,610 Traveller Shoe Co T C
19
18
19
1778 1778 *1714 1778 *1714 1778 *1778 18
5
*10
1014 1014 1014 --------100 Union Twist Drill
*10
1014 *10
10
1014 10
7212 72% 73
1,956 United Shoe Mach Corp_ _ _ _25
7214
72
7238 7134 7214 72
7178 7214 72
25
345 Preferred
30
3012 3012 30
30
30
30
30
30
30 *30_
8978 2,020 U S & Foreign Sec let pref I pd
894 89
8812 8814 89
89 -8-978 89
88
*8814 89
let pref 75% paid
Holding Corp
834 15 -3.555 Venezuela
5 I
iii 114 512 112 532 I
6
1
490 WaldorfSys,Inc,new sh No par
20
20
*1958 20
20
20
1978 20
1984 20
1984 20
249 Walth Watch cl B eom_No par
60
6018
60
60
*53
59
*53
59
*53
59
+53
59
100
211 Preferred trust ctfs
83
83
7912,*z774 03
75 *z75
794 75
*z73
75 *z73
100
15 Prior preferred
104 104
103 104
103 103 +103 104,
*10212 104 *10212 104
Company
Walworth
200
19
19
1914 1914 1914
*1812 1912 184 1812 *1812 1912 19
50
2,759 Warren Bros
167 170
165 171
16014 170
167 172
170 177
175 179
50
43 let preferred
____ ____
4912 50
*4934 50
*49
50
50
4918 494 *49
50
80 2d preferred
____ ____
55
*52
57
*53
*52
57
55
55
54
54
50 WIII & Baumer Candle com___
184 ---- ---_
181 •18
181 •18
1812 *18
1812 1812 *z18
Mining.
Adventure Consolidated.._ _ _25
.25
.25 *____
.25 *____
.25 •____
.25 *____
.25 *____
•____
25
134 1% 1,505 Arcadlan Consolidated
134
178
184
178
134 17
134 2
134 178
5
514
1,450 Arizona Commercial
518
518 518
514 514
514 514
514 514
538
514
10
50 Bingham Mines
5734 5734 *5738 5812 *5739 5812
5734 5734 *5734 59
*5784 59
25
&
Hecla
Calumet
3.863
17
1714
17
163
4
17
.
17
17
168
1634 164 1634 17
1
Carson Hill Gold
25
925 Copper Range Co
1514 16
15 -1-515
145 15
1434 1512 1514 1512 15
Copper
Mlning_10
East
Butte
545
*15
8
17
8
2
*15
8
2
158 *158
158
134
1511
134 134
25
100 Franklin
.26 .26
•.26 .50 .3.26 .50 .3.26 .50 .3.26 .50 +.26 .50
25
290 Hancock Consolidated
1
.60 .60 3..50
3..50 .50
.3.50 1
1
.3.50
1
.3.50
1
300 Hardy Coal Co
1312
1312 *13
1312 1314 1314 *13
13% 1312 13% *13
•13
25
200 Elelvetla
.70 .70 .3.60 .75 .0.60 .75 +.60 .75
.3.60 .75 3..60 .75
1
Island
Creek
Coal
1,272
3
614
62
6112
60
61
60
59 4 60
60
5939 60
60
1
10 Preferred
3.105% 10712 *10512 10712 *10512 10712 10512 10512 *10513 106 *10512 106
Copper
25
Isle
449
123
4
Royale
1214
1214
1214
1214
113
4
12
12
1212
12
13
•12
25
800 Keweenaw Copper
214
214
218 218
214
Zs .2
218 218 *2
218 218
25
340 Lake Copper Co
114
114
1
1
114
114 •1
114 •1
114 •1
•1
25
92 La Salle Copper
.50 .60 •.51 .90 .3.55 .90 4..55 .90 +.55 .90
'.55 .90
Mason
Valley
Mine
5
.95
+.70
.95
3
..70
•.70 .90 .3.70 .90 .3.70 .90 3..60 .95
25
335 Maas Consolidated
.25 .26
.25 .25 •.25 .50 +.25 .50
.25 .25
.3.25 .50
Colony
25
Mayflower-Old
250
.60
.70
.75
*.60
.75
.3.60
%60
.75
3
.55
.55
.0.60 .75
25
530 Mohawk
*46
461
46
4512 45
4512 4534 45
46
45
45
45
5
23% 2318 234 2312 2312 24% 243 25'4 2,842 New Cornelia Copper
23
*x2318 23% 23
New Dominion Copper
100
New River Company
Ti
*15
.15 *-- 15
.15 •_-_
.15 •_-_
*____
.15 *____
100
200 Preferred
62
*59
58 *-___ 62
58
58
58
57
57
*_-_ 57
5
340 Niplselng Mines
64 634 *65s 7
612 612
638 6%
6% 6%
%Us 714
10
118 1,295 North Butte Mining
*1
1
1
118
1
118
118
118
118
118
lla
Mining
25
01Ibway
.99
4
%61
*.61.
.99
.99
3.61 .99 l'.81
*AU .99 •.61 .99 '
25
230 Old Dominion Co
1112 1134
1134
11
12
*11
12
1112 '11
*1012 1 112 11
875 P'd Cric Pocahontas Co Never
1534 151 1512
15% 1534 15
1512 151
16
151 1512 16
25
120 QuIncy
___
15_
1412 1412 1412 1412 *14
15
14
15
15
1,975 St Mary's Mineral Land--25
2612 -27
2612 27
26
251 2614 2614 2678 2612 2634 26
Mining
Seneca
*114
114
13
4
*1111
112
134 *1
112 *I
134 *1
*114
10
Shannon
3.32 .45
3.32 .35 '
3..30 .40 .3.32 .40 3..32 .40 .3.32 .40 '
Superior & Boston Copper 10
•.15 .25 •.15 .25 3..15 .25 3..10 .25 .3.15 .20 .3.15 .20
Mining
Utah-Apex
5
725
412
438
412 412
412 412
412 4% *439 439
412 412
1
178 3,400 Utah Metal & Tunnel
lls
118
*1
1
.99
1
1
118
1;f4 118 *49
25
Victoria
495
112
•14
112
112
112 114
114 *._ _ ____
'al
14 *a112
26
230 Winona
3.06 .151 *.06 .15 --------10 .10 '
*.06 .15 •.10 -.20 .
$ per share
18314 18314
83
83
*100 10114
115 115
10434 10434
5812 59
$ per share
18314 18314
8312 8334
100 100
115 115
10434 10434
5812 59
$ per share $ per share $ per share
18314 18314 18314 18314 18314 18314
8412 85
8312 84
8312 84
100 100 *100 10114 10114 10114
*115 ____ *11512 ___ *116
105 105
10434 105
19434 105
58
5812 58
5812 5812 58
dividend. I New stock- z
•Bid and asked pries% no males on this days a Ansteamena veld; S Ex-etoek
Page
PER SHARE
Range Since Jan. 1 1927
On basis of 100-share lots
Lowest
Highest
PER SHARE
Range for Previous
Year 1926
Lowest
Highest
171 Jan 7
81 May 10
9812 Apr 27
109 Mar 30
101 Jan 20
5118 Mar 7
56 Jan 22
7634 Jan 15
118 Oct 24
97 Sept 17
154 Aug 24
10412May 6
196 Jan 18
25 Feb 4
84 Feb 8
60 Mar 14
42 Apr 1
4713 Jan 13
4118 Jan 6
9212 Jan 13
127 Jan 4
122 Jan 4
63 July 1
107 Jan 6
188 May 27 159 Jan 17512 Dee
94 Jan 15
77 May 8513 Jul/
89 Feb 103 Dec
10312June 9
Jan
119 Sept 20 11212 Dec 122
Jan
110 Sept 8
9812 Jan 112
70 July 6
35 Mar 584 July
32 Apr 6112 Dee
6912July 13
59 Apr 86 Dee87 June 1
84 Apr 130 Deo
139 May 3
74 Apr 1.0 Sept
116 May 26
165 Apr 21 105 Jan 165 Dee
94 Apr 10713 Dee
113 May 21
212 Oct 25 217512 Mar 20713 Dee
Jan
Oct 61
4312Sept 16
28
Jan
5912 Apr 71
81 Oct 7
Jan
56 May 69
78 Oct 7
5912Sept 17
40 Apr 4914 Jan
74 Mar 29
49 Sept 60 Feb
3178 Mar 488 July
5884 Feb 16
81 Apr 9812 Dee
106 Nov 9
14612Nov 5 120 Apr 132 DeeJan 125 Sept
13613 Oct 4 111
684 Oct 4 ___
--- ---- -121 Nov 10
9934 Mar 107 -Dee
214 Jan 3
1513 Jan 12
14912 Jan 3
48 Jan 17
7358 Jan 10
3634 Jan 25
5314June 9
712 Oct 4
1512 Aug 25
77 Feb 17
.15Sept 15
67 Jan 26
114Jur3e 27
2%Nov 18
45 Jan 4
35 Feb 15
8734 Feb 17
10 June 1
217 Feb 18
27 Apr 26
2212 Apr 20
1134 Jan 11
19 Feb 2
3414June 28
8412Mar 22
7 Oct 15
12 Jan 17
3258July 6
94 Apr 26
7 Aug 25
6 Jan 3
84 Mar 25
70 Jan 3
10312Nov 18
214 Mar 24
2312 Feb 14
.15 Sept 9
312 Jan 11
91 Jan 18
9714 Jan 26
.20 June 29
2 Apr 1
11513 Jan 4
90 Jan 5
40 Jan 6
3512Mar 28
15 June 22
21414Sept 15
1 Mar 4
10512 Jan 5
115 Jan 3
66 Jan 3
4 Mar 3
16 Aug 9
912Sept 2
50 Jan 3
28 Jan 3
83 May 3
74 Apr 30
412July 5
19 Oct 1
4012 Jan 21
61 Jan 3
1001zJune 14
1714 Aug 11
6518 Jan 13
44 Jan 5
45 Jan 17
14 Jan 12
5 Jan
2 Nov
534July 30
18 Dec 2414 June
2612Sept 14
18512 Oct 11 13912June 15034 Feb
Jan
4812 July 71
116 Nov 18
99 Nov 17
7212 Nov 78 Feb
4484Nov 16
4 Jan
5212 -Ain. 63359 Feb 10
12 Apr 7
814 Oct 1714 Jan
2012 Jan 3
1418 May 2012 Jan
96 Nov 3
74 Nov 984 Jan
5 Jan 3
57 May 71 -Dee
98 Oct 5
313 Jan
112 Dec
384 Feb 3
738 Oct
312 Mar
754 Mar 17
9212Nov 17
44 Nov 8813 Jan
34 Nov 45 Jan
4558July 29
100 Oct 10
9014 Oct 9913 Jan
14 Nov 26 Feb
15 Sept 13
267 May 23 x207 Jan 250 Feb
3612 Oct 29
14 June 27
38 Nov 4
Oct
11 Dec 17 Jan
1713 Oct 8
22 Sept 22
3414 -Apr 4058 -Jan
38 Mar 15
8812 Mar 11313 Feb
10914 Oct 1
1212Mar 2
10 May 14 Sept
13 Mar 14
47 Jan 3
4 -Feb
4514 -Dec 6839584July 12 z93 Apr 96 July
1114Sept 8
612 Aug 1034 Dee
6 July 124 Jan
10 Jan 18
80 Apr 9412 Nov
124 Nov 14
7018 Feb
65
Jan
8112 Oct 20
116 Oct 4 1104 June t110 May
41 Jan
2 Aug
458 Jan 20
1513 Jan 2912 July
3118 Apr 16
.95 Apr
.25 May 7 .20 Ja
5 Mar 30
3 July 1012 Jan
10012July 2
95 Sept 101 'Sept
104 July 23
8 Feb
314 Feb 23 .50 Dec
2 Dec 28 Jan
8713 Feb 28
140 Aug 10 11078 Apr 11814 Feb
89 Feb 96 Feb
95 Feb 29
1434 Dec 27 Feb
50 Oct 1
3512 July 55 Jan
44 Sept 9
40 Mar 6814 Jan
4258 Jan 3
17% Aug
15 Feb
1612 Feb 10
2 Nov
14 Dec
158 Jan 11
98 May 110 null
132 Oct 27
Apr 11814 Dee
13012Sep1 26 111
54 Mar 72 Sept
8514 Nov 17
958 Jan31-1912Nov 18 __-- ____ ---- --7 Jan 1512 -Feb
14% Jan 24
47 Mar 534 Aug
73 Nov 15
28 Jan 30 June
3012Nov 17
82 Nov 135 Feb
92 Oct 5
60 May 90 Apr
86 Sept 8
11 Apr 30 -- - - ---- - - - -- 4 Oct
17 Jan 2232712 Feb 23
29 Jan 41 Dee
6018 Nov 18
481s Nov 61 Dee
83 Nov 18
118 May 20 101 Sept 112 Deo
2434 Apr 1
1234 May 23 Jan
179 Nov 12
44 Mar 69 Dee
39 Apr 46 Deo
50 Feb 16
42 Apr 47 Feb
55 Nov 14
1712 Jan
1812Nov 12
1034 Aug
.05 Mar .40 July
158 Aug
.25 Mar
94 May 1234 Jan
29 June 5534 Jan
1858 Aug
1314 June
.10 Dec 50 Jan
13 May 20 Jan
214 Oct
4 Feb
114 Jan
.25 Nov
114 July
.27 Dec
14 Mar 2114 Jan
2 Jan
.75 Oct
---- ---- - - -- -_ :99% Jan 105 illy
912 June 14 Aug
2% Bent
Jar
.50
las July
Oct
.60
21 Mar
.80 June
239 Sept
1% Jan
.15 Dec .75 .11117
1% Jan
.40 Dec
30 Mar 46 Oct
1813 May 24 Aug
Jan .20 JUDD
.05
18 Dec 25 Feb
45 July 72 Feb
5 July 1012 Dea
37 Sent
2 Apr
Jan .50 Nov
.50
,/uty
20
13 Dec
1012 Mar 15 Jan
1512 May 25 Jig)
25 Dec 38% Feb
939 Jan
239 Dec
.15 Dec 80 Jatl
1,4
1 Mar
.20 Nov
434 Oct1139 Feb
.25 Dee 2% Mal
.40 May .75 Feb
.10 Sept.40 Jill
_ . .._
en .Ex-rights. s Ex-dIvIdend ana rIgnes.
.05 Jan 14
.20 July 18
5 July 11
30 Jan 3
1418June 27
.10 Jan 7
117gMay 20
1% Oct 14
.05 Feb 1
1314 Nov 16
1312Nov 10
.32 Oct 17
47 Feb 26
10412Sept 23
9 July 13
1 July 21
.80 Jan 7
.50 Mar 28
.70 Oct 11
.05 Sept 29
.25 May 3
3458June 22
1812June 24
.05 May 26
15 Nov 7
56 Nov 5
5 Aug 16
50 June 28
.40 Oct 5
912 Oct 27
11 Jan 4
1314July 13
1812June 28
1 July 2
.15 May 9
.15 Mar 23
418July 14
.76 Oct 31
50 July 11
.03 Mar 9
.20 Feb 10
2 Nov 9
104 Jan 6
61 Sept 28
1714 Oct 4
.60 Apr 29
18 Sept 16
234 Jan 4
.80 Mar 17
1 July 1
1818 Sept 9
.85 Jan 6
67 Sept 6
107 Apr 13
15 Sept 16
24 Feb 4
114Nov 3
1 Nov 11
2 Jan 4
.85 Jan 3
112 Jan 11
4712 Oct 14
1514 Nov 18
.06 Feb 1
1978May 12
76 Feb 8
1018 Feb 2
339 Jan 5
114 Jan 26
15 Apr 1
1812 Aug 19
1918 Apr 22
27 Oct 5
312 Jan 14
.40 Jan 12
.50 Sept 6
778 Feb 24
2 Feb 2
2 Aug 24
.70 June 3
Nov. 19 1927.]
THE CHRONICLE
2795
r 1/11Wir
Outside Stock Exchanges
Boston Bond Record.-Transactions in bonds at Boston
Stock Exchange, Nov. 12 to Nov. 18, both inclusive:
Friday
Last Week's Range Sales
Sale
of Prices.
for
Price. Low. High. Week.
Bonds-
Amer Tel & Tel 5%0_1943
108% 10834
Chic Jct Ry U S Y 50.. _1940
10234 10234
East Mass Street RR:
1948 7234 7234 7334
4340 series A
1948
55 series B
77
78
1937
Hood Rubber Ts
10234 103
KC,M &B Inc 5s____1934
101 101
1929
Maas Gas 4.548
9954 9954
1931
9954 9934
4348
1946
10434 10454
5%0
New Engl Tel & Tel
1932
55 iv'
10154 101%
Norg. Hydro Elec 5%01957
95
95
Saarbrueckin Mtg Bk
1947
Co series B wi
95
95
1944 10251 10134 10234
Swift & Co
Westem Tel & Tel 50._1932
10134 10151
Wiggin Term 5hs_ _ _1945 10134 99 10134
Range Since Jan. 1.
Low.
High.
$1,000 10534 June 10834 Nov
3,000 100
Jan 10254 May
40,000 6454
1,900 69
4,000 101
21,000 98
2,000 9931
2,000 98
100 10331
Aug
Jan
Apr
Jan
June
Feb
Mar
75
82
104
101
10051
10134
10434
Oct
Oct
Jan
Feb
July
Aug
Aug
4,000 10034 Jan 10254 Sept
10,000 95
Nov 95
Nov
3,000 95
Oct 95
6,500 10034 May 10334
3,000 100 May 10234
8,000 97
Jan 10134
Oct
Apr
June
Nov
Philadelphia Stock Exchange.-Record of transactions
at Philadelphia Stock Exchange, Nov. 12 to Nov. 18, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
• 1554
Almar Stores
Alliance Insurance
10 63
Amer Milling
American Stores
. 6534
Bell Tel Coot Pa prat _100 117
50 4134
Cambria Iron
Consol Traction of N .11.100
Curtis Publishing Co com •
Preferred
•
Cramp Ship & Eng
Drexel & Co ctf of dep for
Pa El of Pa
Electric Storage Batt'y _100
10
Fire Association
Horn & Hard't(NY)com•
Preferred
Insurance Co of N A_ _ _ _10 80
Keystone Telephone.....50
Keystone Watch Case pref.
Lake Superior Corp_ _ _ _100
354
Lehigh Coal & Nay
50 106
Lehigh Pow Sec Corp com•
Lit Brothers
10
Mark (Louis) Shoes Inc__. 22
Preferred
100
Minehlil & Schuyl Hav_50
North Ohio Power Co_
•
North Pennsylvania R11.50 8634
Penn Cent L & P cum pt._• 7834
Pennsylvania RR
50
Pennsylvania Salt Mfg--50 91
Philadelphia Co (Pitts)5% preferred
50
8% preferred
50
Phila Dairy Prod pref
Phila Electric of Pa
25 5434
Phila Elec Pow :vets__ _ _25 2034
Phila Rapid Transit_ _50
7% preferred
50 50
Philadelphia Traction__ _50 5634
Phila & Western Ry__ 50
Preferred
50
Shreve El Dorado Pipe L 25
Stanley Co ef America_ • 5854
Tono-Beimont Havel___ _1
1
Tonopah Mining
Union Traction
50 3834
United Cos of N J
100
United Gas Impt
50 11034
Victor Talking Mach com •
6% cumul pref
•
7% cumul pref
.
Warwick Iron & Steel_ .10
West Jersey & Sea Sh RR50 4134
Westmoreland Coal
50
BondsAmer GM & Floc 58._ _2007
Consol Trac NJ 1st 551932
Elec & Peoples tr ctfs 4s'45
Keystone Telep ist 55_1935
Lake Superior In stpd 55_29
Leh Coal & N cons 454s '54
Leh Val gen con 4548 2003
Lehigh Val Coal 1st 50 1933
, Peoples Pass tr ctfs 45_1943
yhila Co stpd 8 f & red 58'51
Phila Elec(Pa) 1st s f 4866
1st lien & ref 5s....1960
1966
1st 58
1st lien & ref 5540_1947
1st lien & ref 5548-1953
1941
1st lien & ref 6s
1s1 4548 series D w 1_1967
BUR Elec Pow Co 5345'72
Phila & ReadingReading Term deb 50'41
I TnItarl RviztEl(Balt)48'49
Range Since Jan. 1.
Low.
High.
1534 165(
62
63
11
1154
6334 6631
11554 11734
4134 4151
56
57
208 208
11651 11651
34
%
122 10 May 1851 Oct
190 48
Feb 68
Oct
155 11
Nov 1134 Nov
4,572 6234 Oct 7354 Jan
336 11234 Jan 11754 Nov
270 4034 Mar 42
Mar
400 3534 June 6434 May
25 177 May 22034 Sept
22 11354 June 117
Feb
250
54 Nov
534 June
5854 5551
7034 7234
6254 64
54
53
110 110
77
80
231 251
49
49
254 334
106 10734
2034 2134
25
2534
22
2434
112 112
5734 5734
1534 1751
8634 8634
7834 79
65
6554
89
91
4,600 54
206 6334
385 51
350 5034
15 110
2,803 5134
25
231
50 49
5,380
131
685 105
8.800 1534
2,983 23
5,270 1234
100 9334
8 53
1,150 1534
10 8151
220 7534
9.300 5951
900 7434
Nov 5534
May 7954
Mar 67
Apr 5634
Nov 110
Jan 80
July
5
Nov 49
Jan
354
Oct 11954
Jan 2134
May 2854
May 2434
Sept 112
Mar 5751
Oct 1734
Mar 8634
Aug 80
Jan 6834
Aug 92
Nov
Jan
Oct
June
Nov
Nov
Jan
Nov
July
Jan
Nov
Oct
Nov
Nov
Nov
Nov
Nov
Oct
Jan
Sept
47
47
60 4034 Jan 47
5234 5254
110 4954 Jan 54
93
93
30 90 Sept 93
5434 5534 44,700 4634 Feb 5834
20
2034 1,325
9
Jan 2034
5354 5354
345 52
Apr 5551
50
5054
547 50 June 5254
5654 5634
490 53
Mar 69
85 1034 Oct 1554
1034 1034
34
34
50 33
Aug 39
2134 2234 1,583 16
Oct2434
58
5951 8,495 5534 Oct 9034
1
l',
525
1
Aug
234
135 2
298
1
Sept234
3834 39
659 36
Jan 3954
223 225
11 210
Feb 225
11034 11234 11,080 8954 Feb 11854
4551 4734 4,450 3234 July 4734
9954 10254 1,400 8755 Jan 10254
10054 10054
100 9634 Aug 10051
%
54
250
51 June
2
4134 42
85 40
Jan 4754
56
56
10 51
Mar 5834
Nov
Sept
June
Sept
Sept
June
June
Mar
May
May
Jan
Feb
Mar
Apr
Mar
Nov
Sept
Nov
Nov
Apr
Feb
Max
Jar
105
10034 105 $20,400
8634 8734 24,000
57
5754 22,000
9654 9654 3,000
10
12
6,500
101 101
7,000
10134 10154 1,000
10234 10234 7,000
6351 6334 14,000
102 10234 17,000
9234 9354 16,400
10554 10534 31,000
108
10734 10834 39,400
10734 10734 10734 2,000
10634 10734 3,500
10734 10734
500
9934 9954 9934 109,500
10534 10534 10534 33.000
5754
10534 10551
64% 841t
95
62
54
93
5
9834
10134
99
82
7934
8754
103
103
10334
105
10634
9834
103
Feb105
Jan 89
Jan 69
Feb98
May 12
Mar 101
Nov10134
Jan 10234
Aug 71
Jan 10251
Feb 9354
Jan 10634
Jan 109
Feb 10734
May 10734
June 10834
Oct 9951
Jan 106
1,000 10454 Feb 106
2.1100 aft
rve 70
Nov
May
May
Oct
Nov
Nov
Nov
Nov
Jar
Mal
Nov
Sept
Oct
Oct
Sep1
Ariz
Nov
Sept
i{113
Mal
•No par value.
Baltimore Stock Exchange.-Record of transactions at
Baltimore Stock Exchange Nov. 12 to Nov. 18, both inclusive, compiled from official sales lists:
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks-Par.Price. Low. High. Shares.
Am Wholesale pref.._ _100 106
• 4831
Arundel Corp
Allan Coast L(Cann)-50
Baltimore Brick Pref -100
Baltimore Trust Co....50 172
100 1354
Baltimore Tube
100 31
Preferred
Boston Sand & Gmvel_100
10
Central Fire Ins
50
Century Trust
Ches & Po Tel Bait Pr--100 117
Citizens National Bank_10
106 106
4854 49
200 200
85
85
164 172
13
1354
31
31
7951 80
35
37
230 238
117 117%
53
54
Range Since Jan. 1.
Low.
10 101
5,282 31%
30 200
4 8.5
332 12954
55
9
20 22
25 72
70 26
25 170
8 115
1911 49
June
Jan
Nov
Nov
Feb
June
Sept
Nov
Jan
Jan
Jan
Jan
High.
106
Nov
49
Oct
265
July
93 Sept
172
Nov
13% Nov
36% Jan
81
Sept
37
Feb
245
Nov
118
Sent
5934 Merit
P.M
Law Week's Range for ' Range Since Jan. 1.
Sale
of Prices.
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
Low.
High.
Commercial Credit
• 1954 1951 1954
350 1434 June 29
Feb
Preferred
25
2274 2234
10 1934 June 2334 Sept
Preferred B
25
23
23
50 1874 June 2334 Sept
654% 1st preferred_100
8254 8231
5 7154 Aug 84 Sept
Consol Gas E L & Pow_ .._• 6734 67
6834
366 51
Jan 71
Oct
8% preferred ser A_100
12851 129
15 127 June 13054 Aug
7% preferred ser B._100
114 115
66 11234 May 117
Aug
100 112
634% pref ser C
112 113
98 11034 May 11431 Aug
6% preferred ser D 100
111 111
55 111
Nov 1113.4 Nov
Consolidation Coal
_100
2954 3051
303 2934 Nov 3634 June
Continental Trust
100
365 370
39 240
Mar
370
Nov
Cook (J W)pref
51
51
5 50
July 52
Oct
Eastern Rolling Mill
* 27
2034 28
4,625 2034 Nov 33 may
Equitable Trust Co____25 108
104 107
515 71
Feb 115 Sept
Fidelity & Deposit
50 258
245 261
1,504 13535 Jan 278
Sept
Finance Co of Amer A_ _'
1134 1154
112
931 Jan 12
Sept
Finance Service com A__10
1651 isg
2
1851 Jan
Preferred
10
934
954 July 10
60
935 934
Jan
Houston Oil pref v t c_ _100 9754 9734 9734
157 86
Jan 9934 June
Hurst (J E)& Co 1st p1100
69
69
25 65
Aug 70
Feb
Mfrs Finance corn v L _ _25 26
2654
26
168 25
July 44
Jan
1st preferred
25 2054 2034 2154
143 18 Sept 22%'Sent
50 preferred
25 21
21
21
401 1654 API- 22
Jan
Maryland Casualty Co_25 17454 164 177
5,279 98
Jan 177
Nov
Maryland Trust Co__ _100
220 220
15 19854 Air 220
Nov
Merch & Miners Tramp_ _. 46
647 3735 Apr 48
4534 48
Aug
Merchants Nat Bank _10 313.4 3134 32
678 2651 Mar 3334 Oct
Monon W Penn PS pf__25 2654 2654 2634
17 2334 Mar 2654 Aug
Mortgage Security let pf 50
80
80
35 80
Oct 8254 Oct
Second preferred_ __100
75
75
50 71
Sept go
oet
Mt V-Woodb Mills v 1.100
23
24
350 1531 May 25
Nov
Preferred
100 101
101 102
175
7934
Jan
102
Nov
New Amsterd'm Cas Co_10 74
7154 7454 2,724 5231 Jan 76 Sept
Northern Central Ily_ _ _50 87
87
87
50 81
Jan
87
Nov
Old Town Nat Bank_ _ _ _10
554
534 6
920
574 Nov 1254 Jan
Penns Water & Power__ _• 68
67
68
20 4751 June 7334 Oct
Silica Gel Corp corn v t. _. 1554 15
1534
665 15
Jan 2051 Sept
Southern Bankers Unit w I_
111 111
3 111
Oct 113
Mt
Standard Gas EquipmentPreferred with warr_ _100
75
75
50 75
Oct 90
mu
lJn Porto Rican Sug corn..' 3934 3934 40
605 3634 May 51
Sept
Preferred
50
•
5054
170 49
Jan 51
Sept
Union Trust Co
309 309
10 240
Feb 310 Sept
United Rys& Electric_ _ _50 17
1654 1754
997 16
Oct 24 June
U S Fidelity & Guar_..50 369
360 376
1.182 205
Feb 376
Nov
West Md Dairy Inc pref__. 80
80
80
50 76
July 86
Apr
Prior preferred
50
5234 5254
10 50
Feb 634 June
RightsAtlantic Coast Line
48
48
4854 1,748 48
Nov 50
Nov
BondsBlack & Decker Mfg 6%s._ ______ 104% 10431 $1,00
99 May 115
Oct
Centml Ry ext & impt 5s'32
100 100
2,000 100
Oct 100
Oel
Commercial Credit 65_1934
9834 9834 2,000 94 May
Nov
9854
Consol Gas gen14)85_ _1954
1003410034 2,000 9854 Jan 10054 Nov
Consol G,EL&P 4540_1935
100%
2,000
10054
9834 Jan 10035 Sept
lst ref 68 ser A
1949
10731 107g 1,000 10731 Aug
10734 May
Elkhorn Coal Corp7% notes with war_ _1931
91
9134 5,000 91
Nov 98
Max
Georgia Marbles 68
10034 10034 10034 4,000 10034 Nov 10054 Nov
Hendler Creamery 65_1946
98
98
6,000 98
Aug
101
Jar
Houston Oil 6)4% notes'35
1035410354 2,000 103
Feb 104
Pet
Islands Edison 6340
102 102
1,000 102
Oct 10254 Oct
Md Electric Ry 1st 50_1931
9934 9954 3,000 97
Feb 9934 Ash
Un Porto Ric Sug 6%0 WW
100 100
8,000 100
Nov 10054 Nov
United Ry & El 1st 40.1949
7234 7234 4,000 7054 Jan 7954 Ma5
Income 45
1949 52
5154 52
10,000 5034 Nov 80
A0
Funding Ss
1936
7351 79
800 7551 Jan 84 Ma3
1st 60
1949 98
96
98
13.000 96
Oct
10134
Juni
Wash Balt & Annan 501941 8735 87
8754 62,000 65 June
NH A. Wakinn in.n SA 1412A
1n3S6 111214 21100 font( r..,.. 9051 Mal
1634 Oct
Si)
•No par value.
Chicago Stock Exchange.-Record of transactions at
Chicago Stock Exchange Nov. 12 to Nov. 18, both inclusive,
compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Adams Royalty Co corn_ •
All America Radio cl A _ _5
Am Fur Mart Bldg pf _100 100
American Pub Serv pref 100
Am Pub Utile° par pfd 100
Prior preferred
100
American Shipbuilding_100 10954
Amer States &cur Corp A •
454
Class B
*
434
Warrants
4
Armour & Co(Del) pref 100 86
Armour & Co pref
100 6554
Common el A v t c_ _ _25
934
Associated Investment Co•
Auburn Auto Co coin__ _25 10934
Bastian-Blessing Co, corn •
Beaver Board v t e __B"...
2
Pref vol tr ctfs
100 38
Bendix Corp el A
10 4954
Borg & Beck com
10 7134
Brach & Sons(E J) corn_ •
Bunte Bros corn
10
Butler Brothers
20 2235
Cent D Pa Corp "A" pref•
Celotex Co,com
• 66
Preferred
100
Central Ill Pub Sem pref.'
Cent Ind Pr ctf of dep_100
Central Pub Ser./ (Del)... 17
Central 13 W Util corn._ _ _. 7034
Preferred
• 9754
Prior lien pref
• 102
Chic City & Con Ry pt sh.
134
Participation pref
• 15
Certificates of deposit_ •
Chicago Elec Mfg "A" •
Chic NS & Milw corn_ _100 2854
Prior lien pref
100
Preferred
100
Chic. Rys pt Ws ser 2-100
3
Chicago Title & Trust_ 1 00 610
Club Aluminum Etin Co-. 3654
Commonwealth Edison_100 165
Consumers Co corn
5
8
Preferred
100
Crane Co corn
25 4854
Preferred
100
Cuneo Press A pref
50
Decker (Alf) & Cohn,Inc_• 31
Preferred
100
100
Deere & Co Pref
Diamond Match corn _100
Eddy Paper Corp (The).' 3434
El Household UM Corp_10 1234
Elec Research Lab. Ine_ •
Empire 0& F Co 7% pf100 9934
o or ..........rwl
MO
111251
Range Since Jan. I.
Low.
22
2334
250 18
Aug
654 734
346
5
Apr
9934 100
110 93
Apr
9854 10054
232 94
Jan
87% 8834
227 73
Jan
9434 9454
35 92
July
106 10934
765 9934 Jan
434 554 1,500
274 Apr
451 5
380
3
Apr
%
.%
220
51 July
82
86
555 79
Oct
86
63
3,594 5914 Apr
934 10
136
834 May
3374 3434
150 32 Sept
10554 110
5,430 6834 Jan
2334 2434
130 23 June
2
2
150
Apr
2
38
38
50 3531 May
4754 50
2,325 3834 Jan
6834 7151 16,800 53
Jan
1951 20
205 1834 Aug
1434 1454
125 14
Aug
2234 23
1,021 17
Jan
1,210 2331 Nov
2334 24
65
66
410 63
Oct
86
87
75 8351 Oct
9234 9334
318 8854 Jan
9434 9551
79 8554 Jan
17
17
65 1551 July
70
71
2,295 5651 Jan
97
98
1,260 9234 Jan
102 10231
287 9834 Jan
345
134 134
31 Jan
1434 17
4,650
334 Jan
13
450 10 June
1354
770 13
1434 15
Nov
2634 2634
87 2634 Nov
99
9954
235 9854 June
66
86
178 63
July
234 3
725
31 Feb
610 610
20 608
Nov
36
3654 1.825 33
July
160 167
648 138
Jan
7% 851 1,025
551 Apr
8254 83
150 6931 Feb
4654 4634
62 4634 Oct
119 119
30 117
Feb
55
55
285 4931 May
31
31
300 25
Mar
11134112
75 10454: Mar
123 125
176 106
Jan
138 136
10 116
Jan
3434 35
340 20
Apr
1234 1351 2.130 11
Jan
7
851
50
7
Nov
9954 100 yi
460 9254 Mar
1(171.4 10211
9/11 1 MI, 1s..
High.
3254 Feb
1074 May
100
Sept
104 May
90
Oct
98 June
12051 Oct
5% Oct
5% Oct
1
Jan
9751 Feb
8634 Jan
16
Jan
3854 Feb
12234 Sept
26
July
5 June
46 June
56 Sept
73 Sep5
3534 Jan
2034 Jan
2454 Oct
2734 May
8854 June
92 June
9534 Jan
9551 Nov
18 May
71
Nov
99
Oct
10454 July
2% Jan
1934 Jun5
1734 June
28
Mai
3634 Jar
10131 May
72
Pet
6 Junc
810
Nov
3851 Sept
171
Oei
854 Aug
8454 Oct
53 Sept
121
May
55
Nov
32 Sept
112
Nov
125
Nov
148 Sept
35
Oel
1531 May
15 May
10054 Not
_____ e•--.
Stocks (Concluded)
Thurs.
Sales
Last Week's Range for
of Prices.
Week.
Sale
Par Price. Low. High. Shares.
Range Since Jan, 1.
Low,
Sept
48
48
Sept
354 Aug
Apr 514 Nov
Jan 173( Nov
July
534 Feb
Jan
May 56
Mar 2294 Nov
Sept 4631 Nov
Nov
Jan 131
414
25 414 40
Illinois Brick Co
Inland Wire & Cable Co 10 274 274 2734
4754 4754
Indep Pneu Tool v t c_ *
13
15
Kell gg Switchb'd com.10 144
95
96
100
Preferred
KY Hydro-Elec pfd_ _ _100 1034 1023.1 104
5236 5256
Kentucky Util Jr cum pf 50
85
88
Keystone St & Wire corn 100 85
9834 99
100
Preferred
5136 524
Kraft Cheese Co corn_ .25
42
42
Kup'heimer & Co(B) Inc 5
100 110
Class"B" preferred _100
Sept 4336
Aug 2934
Oct 58
Sept 1934
July 98
Jan 104
Apr 524
Mar 88
Mar 99
Feb 63
Jan 50
Feb 110
July
Oct
June
Mar
Jan
Nov
Nov
Nov
Nov
Feb
Aug
Sept
Oct
June
Mar
May
May
9
114
24
21
514
Jan
May
Apr
Jan
Sept
June
Apr
Jan
Oct
Jan
Apr
Nov
Jan
Oct
Mar
Nov
Nov
Sept
Jan
Jan
31
12134
11834
9434
127
894
96
10734
9234
10334
334
101
9734
6854
244
Jan
Nov
Nov
Nov
Nov
Nov
Sept
Sept
May
Sept
Nov
Nov
Oct
Nov
Sept
20 13014 Feb 13931
1,295 22
Sept 284
25 9334 Jan 101
860
434
234 Apr
50 36
Oct 394
35 9654 Oct 98
1,065 3034 Jan 3811
335 2234 Jan 34
45 954 Sept 105
10 9434 Mar 101
200
931
8 June
155 2114 July 274
Aug
Oct
Nov
Jan
Sept
Sept
July
Aug
Oct
Oct
Sept
Feb
630
50
100
9,475
65
178
540
493
126
600
375
ao
34
264
37
114
9314
9431
5054
45
8854
41
36
105
800
331 414
2
La Salle Ext Univ com.10
1,920
10
104
834
Libby, McNeill & Libby _10 10
100
154 14
134
Lindsay Light corn
10
310 16
20
21
•
McQuay-Norris Mfg
Marvel Carburetor(Ind) 10 504 484 504 11,250 41
Mer & Mfrs Sec Co pr p(100
308 17
18
25
18
Part preferred
Middle West Utilities__ * 1204 114 12134 32,545 108
Preferred
100 11854 117 11814 2,056 11034
• 944 933.4 9431 2,300 9031
6% preferred
596 11754
12634 127
Prior Hen preferred_ _100 127
89
7236 894 3,940 38
Midland Steel Prod corn_
181 9154
Midland CHI6% pr lien100 9554 9156 954
159 974
104 105
7% prior lien
100
10 90
9156
90
Preferred 6% A
100
70 saq
100 10054
Pret 7% "A"
100
1,125 3254
Mole-Honeywell Reg._• 324 3236 324
120 9934
leo
Preferred
9934 1004
25 96
96
_ _•
96
Miss Vail CHI pr lien pf.
Morgan Lithograph corn.* 6634 664 674 1,092 58
179 11
22
23
Masser Leather Corp coin*
13534 1364
Nat Carbon pref
100
2714
Nat Elec Power A part_ • 2736 27
101
101
100 101
7% preferred
354
35( 314
National Leather coca._10
3854 3854
National Radiator
Preferred
9614 9634
3334 3434
National Standard corn. _* 34
3231
North American Car corn.• 324 32
1024 10351
Nor West UM pr in pre( 100
99
99
100
7% Preferred
9
834 9
Novadel Process Co corn_ _
26
26
Preferred
Omnibus v tC•
Penn Gas & Else"A"corn •
Pick, Barth & Co part pf_• 2114
Pines WIntergrant A corn 5 51
Pub Serv of Nor M corn _• 157
Pub Fiery of Nor Ill cons 100 157
100
6% preferred
100
7% Preferred
Q-R-S MUBIC Co corn._ _•
Quaker Oats Co corn
*
Preferred
100
Reo Motor Car Co
10
Ryan Car Co(The)com_25
Sangamo Electric Co
•
Preferred
100
Sears, Roebuck, corn. _ _*
So Cities Util class A corn.*
So Colo Pr Else A com.25
So-w G & El Co 7% pf_ 100
Southw Pr & Lt pref
•
Steel & Tubes Inc
25
Stewart-Warner Speedom *
Studebaker Mall Ord corn 5
Swift at Company
100
Swift International
15
404
112
25
3134
10634
8034
100
7411
934
12534
26
40
170
210
205
203
118
24
10
Jan
Jan
Mar
High.
Evans & Co, Inc, cf A,.5 454 4431 4534 2,185 3854
44
45
3,125 2414
5 45
Class "B"
895 2134
3234 33
Fair Co(The) corn
Fitz Simons & Connell
51;4
690 2636
44
Dk & Dredge Co com_20 44
174 4,255 12
16
Foote Bros(G & M) Co_ _5 1734
100
214
254 254
Gill Mfg Co
10
4234
1,135 314
°ward Co (11W) corn_ _* 4256 41
4,864 140
Great Lakes D & D_ _ _100 2284 217 22931
995 354
4634
Greif Bros CooD'ge A corn • 4536 45
100 100
131 131
Hart, Schaffner & Marx100 131
Hibbard. Spencer, Bart-..
64
245 59
60
25 60
lett Sr Co corn
2836 10,585 1736
Hupp Mot Car Corp corn10 2836 23
Aug
Oct
Jan
70
2834 Nov
Mar
Jan
Jan
May
Jan
Jan
June
Apr
17
21
28
554
1574
1614
11034
119
June
Feb
June
Oct
Nov
Oct
Nov
Nov
735 323( Jan
4054 4034
30 175 June
24214 24234
181 107
11014 112
Jan
244 2531 3,095 194 Mar
2043
8
814
Nov
8
400 29
3134 314
July
320 1004 July
10511 1064
22,390 52
78
81
Jan
20 2531 Jan
3234 3254
105 244 Nov
2414 25
306 9414 Jan
9836 100
479 87
884 904
Sept
50 50
51
51
Oct
23,650 544 Mar
71
75
550
534 June
934
9
810 1154 May
1244 1254
2554 263.4 5,190 184 Mar
43
250
113
274
15
344
1074
81
33
28
100
9034
52
75
1034
130
2734
Aug
Sept
May
Oct
May
Sept
Aug
Nov
June
Mar
Sept
Nov
Oct
Nov
July
Sept
Oct
12
20
21
51
156
156
11034
119
12
2034
2134
52
1574
157
11054
119
Thompson (J R) corn. _25 5931 584 6014
Union Carbide dr Carbon.* 15151 140 1514
573( 65
United Biscuit class A_ _• 64
United Light & Power9334
Class "A" preferred--• 9334 93
144 1436
Common class A new. •
zo 924 90 93
S Gypsum
120 123
100 121
Preferred
334 354
334
Unlv Theatres Cone cl A.6
114
19
1951
40
14054
132
10154
1124
Yates Machines part Pref-•
YellowTr & Coach Mfg B 10
Yellow Cab Co Inc (Chic)•
1734
4451
145( 1754
3034 3131
4234 444
19
Amer Wind G1131 com _ _100 19
10
934
9
Ark Nat Gas com
Bank of Pittsburgh(N A)50 190
190
Carnegie Metals Co par_10 12
12
Columbia Gas & El pret.100 100
10734
Duquesne Lt 7% pref _ _100 117
11554
19
934
190
12
1074
117
Exch. Nat Bank
100
Har'son-Walker ref corn100
Jones-Laughlin St'l pf _100
90
90
175
121
Lone Star Gas
25
May Drug Stores Corp_ •
Nat Fireproofing com _ _100
100
Preferred
5551
734
25
Bonds----
Stocks-
430
American Trust Co
Anglo & London P Ni ilk. 212
4,000
98
17,000 9554
5,000 100
10,000 96
1,000 79
1,000 973(
13,000 99
13.000 984
17,000 9634
3.000 100
June
Jan
Aug
Jan
Jan
June
Jan
July
100
884
88
733(
8434
71
515(
107
Aug
June
June
June
July
May
June
Oct
Nov 10031 May
Sept
Nov
Jan
Oct
Oct
Aug
June
July
July
9534
100
1104
80
98
9934
101
9954
100
June
Nov
May
Apr
May
Apr
May
May
July
111,•No par value.
Pittsburgh Stock Exchange.-Record of transactions
at Pittsburgh Stock Exchange, Nov. 12 to Nov. 18, both
inclusive, compiled from official sales lists:
5
370
460 9231
200
9
3
50
255 200
10 33
100 27
8
June
June 100
Sept 114
334
July
Oct 270
June 564
Mar 31
Sept
Nov
Jan
Feb
Jan
Sept
Apr
554
7834
17
32
11
33
404
9734
8
8
Oct
June 106
Apr 2614
Nov 40
Sept 174
Sept 43
Oct 494
Mar 1014
Aug 124
Feb
Oct
Mar
Apr
Nov
Feb
Sept
Nov
Nov
nn
Alot,
85
2,003
10
49
300
45
136
35
55
Jan
July
June
Oct
001.4
Alla'
400
205
430
212
Range Since Jan. 1.
Low.
2,946 300
220 195
High.
Jan 430
Jan 232
Nov
Feb
88
87
8854
85 80
Calamba Sugar, pref
82
80
131 68
82
Calamba Sugar com
275
250 300
1,050
2
California Copper
30 10214
Calif.Oregon Power, pref_ ..__ _ 10714 1074
694 6634 694 3,282 61
California Packing Corp
2331 2434 2,160 1954
24
California Petroleum corn
544 494 564 73,991 264
Caterpillar Tractor
93 94
964 98
98
Coast Co Gas & El 1st pref_
10 305
360 360
Crocker First Nat'l Bank_
Apr 8834 Nov
Nov
Apr 82
5
Jan
June
Jan 10754 Oct
Apr 694 Jan
Oct 33
Jan
Feb 564 Nov
Jan 98
Sept
Aug 360
Nov
9534
East 13ay Water A, pref._
East Ba Water B, pref _ _ _ ...... 106
Emporium Corp, The
3034
4354
Ewa Plantation Co
Fageol Motors, met
Common
Federal Brandeis
Fireman's Fund Insurance_
Foster & Klefter, common_
2334
10814
1334
7
225
2031
954
1334
97
1074
31
4314
3934
130 9554 Nov 99
15 10434 July 111
July 39
85 30
45 4034 Sept 45
200
5
7
200 225
226
934
2414 28,880
10936
5,795 88
510 12
14
8
Jan
Apr 350
Feb 2414
Mar 1094
Apr 15
Aug
Apr
Mar
Jan
Oct
Jan
Nov
Nov
Oct
338 101
1,315 30
225 48
863 4214
39 4054
5,025 2854
217 334
50 22
107 1231
June 1054 Aug
June 3654 Jan
Apr 534 Sept
Sept
Nov 58
July
Jan 45
Nov
Mar 40
Apr 424 Feb
Oct 264 Jan
Jan 144 May
3,595
170
405
40
314
10
54
984
Apr 404
Oct 65
July 3134
Jan 1044
45
1954
97
3934
7,300
1,015
43
3,215
20c
164
924
284
Aug
Apr
Jan
Apr
736 Feb
284 Jan
Sept
97
Feb
48
344 3534
10
10
405
30
344 Nov
Jan
8
39 June
124 May
Gt Western Power, met.._ _ .._-.. 1044 105
324 314 324
Hale Bros Stores
504
Hawaiian Com'l & Sugar ..--.. 50
4411 43
444
Hawaiian Pineapple
42
43
Hawaiian Sugar
40
354 40
Home Fire & Marine Ina_
39
374 39
Honolulu Cons011
224
...--.. 22
Hunt Bros Pack A,corn_.
1334 14
Hutchison Sugar Plantat'n 1334
3554
32.000 974
14,000 75
1.000 814
55,000 5214
15,000 7414
6,000 58
4.000 35
12,000 1024
Oct
Aug
Feb
Mar
374
174
6
1956
Aug 12534 June
Nov
May 290
Apr
Apr 687
Nov 9736 Aug
Oahu Sugar
Olaa Sugar
274 May
Aug
40
464 Oct
Aug
July 91
Oct
Mar 175
Jan 1224 June
12331 120 12331 40,757 8911
55 245
265
260 290
2204 216 22054 12,258 171
9554 954 954
50 954
Bancltaly Corporation _ _ _.
Bank of California. N A...
Bank of Italy
Booth, F E. pref
45
144 Nov
254 Mar
3714 Aug
Jan
July
Feb
Sept
Nov
Sept
554
214
9
304
6,763
25
400
670
Friday
Sales
Last Week's Range for
Week.
Sale
of Prices.
Par. Price, Low, High. Shares,
Magnavox Co
Magnin I,common
Nor Am Investment. prof..
North American 011
3.475
145
4,860
10 88
218 131
53 118
High.
Nov 52
Apr
934
Jan 200
Sept 1434
Jan 10736
Mar 117
San Francisco Stock and Bond Exchange.-Record of
transactions at San Francisco Stock and Bond Exchange
Nov. 12 to Nov. 18, both inclusive, compiled from official
sales lists:
Jan 974 June
Mar 17 June
Nov 1104 Sept
July
Mar 123
Jan
4
Sept
Jan
Nov
Nov
Nov
Feb
Feb
July
Oct
Low,
200 19
631
9,305
10 175
550 11
12 9936
82 115
nnl, nnl, or Ann
230
87
1251
86
115
10
254
Range Since Jan. 1.
•No par value.
38
sa
ss
53
5534
204 2034
74 754
2234 25
Salt Creek Consol 011_ _ _10
64
64 654
1024 106
3tand Sanitary Mfg corn 25 106
100
22
22
Tidal Osage 011
.
0
32
32
Union Steel Casting corn
United States Glass Co_25
1754
15
3354 3354
Waverly 011 Works cl A.
3334
444 444 444
West'house Air Brake new_
101
10154
100 101
West Pa Rys pref
1254 1236
•
Witherow Steel corn
Illinois Pacific Glass A
Key System Transit pr pref
Rev System Transit. pref.
Gas &Electric. p f-
4,780
90
175
121
754
74 8
Penn Federal corn
•
100
96 100
Preferred
934 914
Pitts Brew pref
50
Pitts Oil& Gas
5•
34 34
Pitts Plate Glass com _ _100 212
212 215
.5 49
Pitts Screw & Bolt Corp.
49
49
27
Putts Steel Fdy corn
* 27
27
40
Apr 604 Oct
99
Jan 1514 Nov
Nov
3934 Jan 65
Bonds
100 100
Cairo Bridge Sr Fy 64s'47
8554
84
Chicago City Ry 5s_ __1927 85
1927
8236 8256
Ctfe of deposit
634 66
Chic City & Con Rys 58'27
Chic Ry let 58 ctf deP-1927 8234 8214 8214
634
1927 6334 63
5a series A
43
43
1927
58 series B
Commonw Edison 56_1943 10634 1064 10634
Crown Willamette Paper
98
98
1951
let 89
Great Lakes Util Cori:11942 954 9534 9531
1n 5348
100 100
Ot Lakes Ter W'h'se 7s '37
HousG0Costg 64s 1931 1074 107 10714
7931 794
Metr W Side El 1st 43_1938
9714 9754
Sou United Ice let 6s A '47
9914
99
United Pub Ser 2-yr 6s 1929
9914 100
United Pub Utll 68 A.1947
984 9934
1929
2-yr 534s
100 100
Western Pt& T 2-yr 6s'29
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
935
1,305
4,535
570
1236
12
834 Jan 174
•
Wahl Co com
May 894
894 29,925 67
Ward(Montgomery)&Col0 884 85
290 1124 Mar 120
1194 120
• 120
Class A
3034 9,660 2734 Nov 3016
Warner Gear cony pf A.25 304 28
980
7
July
8
751 8
1634
Williams 0110 Mat com_•
800
1
634
1
134
Oct
•
Wolff Mfg Corp corn
73(
950
5
Feb
55(
531 6
Wolverine Portland Cem 10
427 51
Jan 67
Wrigley(Wm Jr) Co corn • 644 644 65
[VOL. 125.
THE CHRONICLE
2796
38
394
11
11
7
7
10334 104
35
1854
95
39
11
11
Paauhau Sugar Plantation
11
60 10
Pac Light Corp 6% pref... ------ 1014 102
310 97
------ 903.4 9056
Pacific Lighting 5%. prof
25 85
Pacific Tel & Tel. prof
11114 115
230 102
149 15156
Pacific Tel & Tel. common_
81 123
ParaMne Co's, Inc, corn... 7134 751( 78
14,995 5331
414 43
Phillips Petroleum,corn... 43
150 364
2334 24
Piggly Wiggly W States A.
132 194
31
Pioneer Mill
3134
250 2634
Oct
Feb
Jan
Mar
Mar
July
Oct
Jan
Apr
124
10314
91
116
160
1394
894
2454
324
Nov
Jan
Jan
Oct
Sept
July
Oct
July
Oct
Mar
Feb
Oct
Sept
243(
Richfield Oil
J Lt & Pwr. prior pref. _ 11334
SJ L&P B,6% pref
SI L &P A,7% pref
93
Schlesinger B F. pref
Schlesinger, B F, A corn... 214
27
Shell Union 011, common _
Sherman & Clay 7% pref. _
Sierra Pacific Electric, pref --935-4
1204
Southern Pacific
594
Sperry Flour Co.corn
Preferred
10754
Spring Valley Water
56
Standard Oil of Cal
224 25
26,353 143( Mar 2654 Jan
11236 1134
106 10636 Jan 11334 Nov
Sept
10134 1024
Jan 103
110 97
106 106
zo 103 Jan 107 July
Aug
914 934
498 89
May 94
214 214
Apr 234 June
645 20
3134 Feb
2634 274 2,935 244 Oct
9434 9434
20 904 Aug 9734 Apr
Nov
Jan 94
933( 94
15 87
Aug
12016 12054
85 1064 Jan 125
Sept
,tan 85
59
60
340 44
Nov
99 100
40 9254 Jan 100
105 1074
420 10154 Jan 10834 Mar
5534 5834 8,598 604 Apr 604 Jan
Tel Investment Corp
Texas Consolidated Oil _ _
Union Oil Associates
Union Oil of California__ _ _
Union Sugar, corn
Preferred
US Petroleum
29
50c
4354
4454
10
2356
135
65c
4334
453(
135
29
65c
4454
4554
10
2456
135
200 2514
1.925 40c
3,486 374
5,495 3936
9
900
285 234
400 1274
45
Wallua Agricult'l Co. Ltd_
245
4534
West Amer Finance, prof..
200
651 64
Yellow tIc Checker Cab_ _ _ _
330
8
836
834
Zellerbach Paper 6% pref.. 1034 1031( 104
170
39
Zellerbach Corporation _ _
3736 40
14,330
•No par value.
Jan
May
Apr
Apr
Oct
Nov
July
Oct
29
936 Feb
5634 Jan
5631 Jan
Jan
19
Mar
27
32
Mar
Oct
3716 Jan 47
914 Jan
5
July
934 Jan
74 Oct
Nov
9531 Feb 104
Nov
Jan 40
28
Nov. 19 1927.]
THE CHRONICLE
2797
gams
Last Week's Range for
Sots
of NUM.
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
J n &TO.
Aetna Rubber common._•
Amer Multigraph com_ •
•
Allen Industries
•
Preferred
Bess Unrest & Cern corn _ _*
Buckeye Incubator com_ •
•
Byers Machine "A"
33
384
40
25
27
15
33
384
48%
40
25
27
16
33
39
49%
40
Central Alloy Steel pref 100
108 108
City Ice & Fuel common._• 32
32
324
Cleveland-Cliffs Iron corn •
98% 100
Cleve Elec Illum pref _ _100 11234 112 1124
Cleveland Ry, corn. _ _ _100 105)1 105% 106
Cleve Secur pr lien pfd_ _10
1% 1%
Cleveland Trust
100 352
343 352
Clev Wors'd Mills Corn.100
25
26
Elec Control & Mfg com_•
Faultless Rubber corn _ _ _•
Firestone Tire & R com_10 158
100
6% preferred
100 107
7% preferred
Foote-Burt preferred_ _100 87
574
36)4
151%
106
105%
85
5754
37
158
106%
107
87
100
Glidden prior pref
90% 90%
Goodyear Tire & R pref 100
115 1174
Grasselli Chemical corn.100 1294 1293.4 13014
100
Preferred
106% 1074
Grt Lakes Towing corn _100
86)4 86%
Preferred
100
106 106
Greif Bros Coop'ge corn_ •
454 45%
150
Guardian Trust
390 390
100 103
Halle .Bros pref
103 103)4
• 154
Harbauer common
1531 15%
Har-Seyb-Potter corn_ •
29
29
100
Higble let pref
104% 104%
India Tire & Rub corn... _• 16)4
16% 164
Industrial Rayon "A"_ _•
144 15%
Jaeger Machine common_• 3034 30%
•
Kaynee, common
3234
100
Preferred
99
Kelley Isld L & corn.100 186
185
corn_
•
&
N
16
Lake Erie Bolt
Metrop Pay Brick corn. _ _•
Miller Rubber preterred100
Mohawk Rubber com____*
Murray Ohio Mfg corn.oo
Preferred
32
89
22
83.4
31
85
22
834
98
30%
33
99
188
174
32
89
22
8%
98
National Pump
•
42
42
National Refg common_25
33)4 33%
National Tile common_ _ _•
33% 35
Nineteen Hun Wash com_* 2744 2734 27%
Ohio Confection
•
27
27
Ohio Bell Telep pref. _ _100 111% 1114 112
Ohio Brass "B'
• 10734 100% 110
Preferred
100
106 107
Ohio Seamless Tube com_•
38
38
Otte Steel common
•
8
8
Packard Electric
•
Paragon Refining com_25
100
Preferred
Peerless Motor common_50
Richman Bros common_ _•
River Raisin Paper com_ •
Rubber S. V. C. Lab _ _.•
Selberling Rubber corn__ _•
Sherwin-Williams corn. 25
Preferred
100
Smallwood Stone corn. _ _ _•
Sparks-Withington corn
Stand Textile Prod A pf 100
25
Steel & Tubes
Telling-Belle Vernon corn _•
Thompson Prod corn _100
Preferred
100
•
Trumbull Steel corn
Preferred
100
Union Metal Mfg corn_ •
Union Mortgage Corn. _100
100
let preferred
100
2d preferred
Union Trust
100
Weliman-Seaver-Morgan
Preferred
100
White Motor Secur pref 100
Youngstown S & T pfd.100
270
45
45
8% 9
100 100
214 25
268 275
7% 7%
48
48
314 343.4
61%
61
1073-4 108
30
30
24
24
62
634
51
51
44
45
25)1 26%
102% 102%
104 10%
70
7334
46% 47
12
20
44
50
30
30
270 274
108
8931 89%
105 105
108 108
270
343.4
61%
108
24
62
26)4
10)1
44
Bonds—
Cleve S W Ry & Lt—
Divisional mtge 6s_ _1954
Range Since Jan. I.
Low.
High.
26
284
16%
34
39
53
42
Aug
Oct
Oct
Oct
Nov
Apr
Sept
Gibson Art common
•
Globe Wernicke com _ _ _100
Omen Watch common_ _ _.
Preferred
100
Hatfield-Reliance corn_ _ ..*
100
Preferred
Hobart Mfg
•
49 10634 Feb 109%
461 23% Jan 34
Feb 115
647 74
Feb 1124
178 108
1,449 964 Jan 106
1%
600
114 Sept
106 300 June 355
Mar 36
124 21
June
Aug
July
Nov
Nov
Mar
Oct
Sept
Jaeger Machine
Kahn 1st pref
Kodel Radio A
Kroger corn
Lunkenheimer
18 53
265 354
97 117
25 101%
435 99
70 35
Oct 674
Mar 45
Jan 165
Jan 107%
Feb 107%
Jan
95
June
June
Sept
Oct
Oct
Oct
12
84
175
30
40
41
100
5
Jan
Feb
Aug
Apr
Jan
Jan
Sept
Jan
100
122
134
109
95
107
45%
410
June
Sept
May
Sept
April
Oct
Nov
Oct
15 99% Jan 104
45 1234 Jan 15%
10 28
Aug 3011
101 102% July 106
60 16% Nov 314
1,895
44 Jan 15%
Nov
Nov
Feb
Nov
Jan
Nov
25
152
635
1,304
728
155
200
17
19)1
10
304
31%
43
35
June
Apr
Aug
Sept
Aug
Jan
Apr
84
100
127
102)4
75%
1004
3634
260
506 27)4 Feb 32%
375 23
Jan 33
7 90
Apr 100
104 13234 Feb 188
1,550 12
Feb 17%
384
415
44
55
30
Jan 32
Nov 106
Mar 22
Feb
8%
June 98
Nov
Feb
Sent
Nov
Sept
45 42
Nov 42
30 33% Nov 41%
855 33 June 38
485 25
Apr 29
185 254 Sept 28
185 105% June 114
2,034 76
Jan 110
84 101% Mar 107
10 25 June 383.4
50
74 Feb 124
Nov
Jan
Aug
Oct
Sept
Mar
Nov
June
Oct
June
30
862
10
30
452
50
110
1,890
1,256
239
100
102
177
32
2.448
1,033
138
645
421
251
18
285
25
11
22
85
15
5
94
May
Aug
Oct
Nov
Nov
35
6
66
21%
142%
6%
304
21
44
104
30
1134
25
49%
36
20%
97
94
70
40
12
44
30
218
Aug
Apr
May
Oct
Mar
Apr
June
Jan
Feb
Sept
Apr
July
Feb
Apr
Mar
July
Mar
Nov
Nov
Apr
Nov
Nov
Nov
Jan
45
94
100
32
290
834
48
38%
614
108
35)4
24
74
55
49
27%
102%
14
90
47
61)4
85
82
290
10 84
May 98
10 994 May 17
102 10634 July 111
76)4 76% $1,000
7334
Jan
Oct
July
Nov
Jan
Sept
July
Oct
Sept
Oct
Nov
June
Nov
Oct
Feb
Sept
Sept
Aug
Aug
May
Sept
Mar
Jan
Mar
Aug
Feb
Apr
May
7634 Nov
* No par value.
Cincinnati Stock Exchange.—Record of transactions
at Cincinnati Stock Exchange Nov. 12 to Nov. 18, both
inclusive, compiled from official sales lists:
Stocks—
Friday
Sales
Last Week's Range for
Sale
Of Prices.
Week.
Par. Price, Low. High. Shares.
Am Laundry Mach corn.25
Amer Products pref
•
Amer Roll Mill Corn.. _25
Preferred
100
Am Thermos Bottle A._ _ _•
Baldwin common
100
100
New preferred
•
Buckeye Incubator
•
Burger Bros
Preferred
50
Carey (Philip) corn._...100
100
Preferred
Champ Coat Pap corn. _100
Warrants
100
Champ Fibre prof
•
Chringold Corp
50
On Car Co
100
CNO&TP
100
On Gas & Elec
CN&CLt&Traccom.100
100
Preferred
50
On Street Ry
50
On & Sub Tel
Fuel•
City lee'
'
5
_100
Cooper Corp. new pref.
50
Dixie Ice Cream
111% 105% 113
244 24% 25
854 92)4
113 114
12
12
12
221
195 2254
1094 1094 110
47
47
493.4
12% 12%
56
56
229
226 226
124 124
115 115
2
2
109% 109%
41
36% 41
2734 27% 274
490 500
101
994 101%
98% 100
74)4 74%
474 46)4 474
112
i1134 112
32% 32
3234
99% 99%
58
58
58
Douglas (John) pref___100
108 108
Dow Drug corn
100 394 39
3934
Eagle-Picher Lead com_ _20 24
2434 2434
Fifth-Third-Union Tr_ _100
349 349
First National
100 365
360 365
Formica Insulation
*
26
2634
2.840
55
5,051
49
31
447
15
1.063
20
12
48
85
20
7
502
1,435
11
625
70
37
713
32
79
2
10
Range Since Jan. 1.
Low.
99%
21%
44
110%
7
182
1063.4
44
12
10 3.4
190
11334
115
2
103
34%
21)4
225
964
91
70
40)4
9034
22%
99%
53%
Jan
Jan
Jan
May
Jan
Jan
Jan
Jan
Sept
Feb
Jan
Jan
Nov
Nov
Jan
Jan
Feb
Aug
Jan
Mar
Mar
Jan
Jan
Jan
Nov
Jan
High.
108
27%
9254
114
1434
225%
110
53
22
58
230
125
125)4
3
109%
45
26%
500
101%
99%
78
48)4
1164
33)4
103
58
July
Aug
Nov
June
Sept
Nov
Sept
Apr
Feb
June
Sept
Sept
Jan
Sept
Nov
Mar
Apr
Nov
Nov
Nov
May
Sept
Oct
July
May
Nov
4134
96
564
11434
164
1014
4134
4134
96
573-4
115
19
10234
4354
• 30
30
100
100
• 764 75
10 13534 13434
* 28
28
30
10034
793.4
13934
2834
96
5754
19
42
Nash(A)
100 11234 107 11234
Meade common
• 62
6131 62
Mead Pulp special prof.
_100
1034 105
McLaren Cone
1554 16
•
Nat Pump
100 4134 4034 414
Ohio Bell Tel pref
100
11134 1124
Paragon Refining com_ _25
834
834 834
Preferred
100
97
97
Procter & Gamble corn. _20 23534 2264 238
8% preferred
100
186 187
Pure 0116% preferred_ _100 994 983-4 9934
100
113 11334
8% Preferred
Rapid Elec Co
• 27
Richardson corn
100 165
U S Can pref
100
U S Playing Card
10
U 8 Print & Litho corn.100
Preferred
100
U 9 Shoe corn
*
Preferred
100
27
165
1003.4
1174
693,4
99
7
56
2734
165
1003.4
118
70
99
8
58
Vulcan Last corn
Preferred
Whitaker Paper corn
47
102
60
inn
49
102
61
innyz
Prafarrarl
100
100
•
inn
47
6034
EnS
=LIMP.
422g4p
.10VP
AUS2gA
g22,t1NR* 49AWA1
00. m
.
C. el.
C.
..N .M .0
.
M
NNW
-;
a
a
Stocks—
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
1
Cleveland Stock Exchange.—Record of transactions at
Cleveland Stock Exchange ov. 12 to Nov. 18, both 'nelusive, compiled from official sales lists:
108
3334
24
30254
30234
19
Nov 109
Oct
Sept 42
Oct
Oct 31
May
Jan 349
Nov
Jan 360
Oct
Jan 2634 Nov
3954
85
4431
994
1331
101
2654
July 44
Jan 101
Feb 5634
Jan 116
Jan 1854
Jan 105
July 42
Feb
Sept
June
Apr
Apr
May
Nov
274
99
934
118
264
Apr 33
Jan 110
Jan 80
Jun 13454
Apr 30
Aug
May
Nov
Oct
Apr
100
61
983.4
15
38
Ian 125
Sept 62
Jun 124
May 18
Mar 41
Mar
Oct
Apr
Jan
Sept
1063.4
6
65
177
163
984
111
June
Apr
June
Feb
Jan
Nov
May
114
93.4
97
238
187 101
130
May
July
Nov
Nov
Nov
June
Nov
25
135
97
85
55
874
5
38
Sept
Oct
Apr
Jan
June
June
Jan
July
273.4
165
102
118
79
101
9
58
Nov
Nov
Mar
Nov
Aug
June
Aug
Nov
31
Aug 41
Sept
10134 Aug 10234 Aug
57
Jan 65
Mar
inn re
•"el
Int
Rm..
*No par value.
St. Louis Stock Exchange.—Record of transactions
at St. Louis Stock Exchange Nov. 12 to Nov. 18, both
inclusive, compiled from official sales lists:
Stocks—
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Banks—
100
Boatmen's Bank
First Nat Bank
100
Merchants-Laclede Nat 100 282
Nat Bank of Comm'ee_100 16434
United States Bank _ _ _ _100
16134 168
315 315
282 282
163 1643.4
130 130
Trust Co.—
100
American Trust
Mercantile Trust
100 555
Mississippi Valley Trust100 335
170
600
308
Street Ry.—
St Louis Pub Service
*
Miscellaneous.
American Credit Indem _25
100
Aloe preferred
Baer Stern & Cohen corn.*
Best Clymer Co
•
•
Blyd-Welsh Shoe
Burkart preference
•
Century Electric Co_ _ _100
Chicago Ry Equip corn._25
Preferred
25
Coca-Cola But Sec
1
Eisenstadt Mfg pref _ _ _100
E L Bruce common
•
Preferred
100
Ely & Walker D G corn._25
2d preferred
100
Elder common
•
100
Fred Medart Mfg corn....5
Hamilton-Brown Shoe__25
Hussman Refr common_ _•
Huttig S & D common_ _ ..•
Hydraulic Pr Brk com_100
Preferred
100
Independ Packing corn. _•
Internet Shoe common...•
Preferred
100
Common when issued_ ..*
Mo-Ills Stores corn
•
Mo Portland Cement_ _25
40% Paid
25
Moloney Electric pref.100
Nat Candy corn
•
Pedigo-Weber Shoe
•
Polar Wave I & F Co _ _•
Rice-Stix Dry Goods com•
1st preferred
100
Scruggs-V-B D G com__25
Securities Inv corn
•
Preferred
100
Sheffield Steel corn
•
Skouras Bros "A"
•
South Acid & Sulp Corn.
.5
Southw Bell Tel pref _ _ _100
St Louis Amusement "A".
Stlx-Baer dr Fuller
•
Wagner Electric com___.•
Preferred
100
Waltke corn
•
2834
61
15
333.4
22
43.4
110
1554
3854
2234
39
22
119
39
87
703-4
174
560
335
283.4 29
61
61
102)4 102%
21
21
26
26
393-4 3954
234 234
136 13634
15
15
19
19
20
20
99
99
40
40
9734 974
3154 32
91
91
204 204
7034 704
29
29
3034 3034
3334 3334
2134 2234
434 434
7634 754
19
19
227% 2304
10954 110
5734 583.4
15
16
38
3834
38
38
99
99
2234
22
38
3974
3154 3151
214 22
112 112
17
18
34
34
105 105
293-4 2951
38
38
45
45
11754 119
39
40
2834 283-4
31
31
87
87
6934 72
7
42
25
68
10
35
25
50
25
40
6
3
40
20
25
10
60
50
40
45
45
10
20
375
10
349
10
5
20
250
101
1,259
169
185
30
20
1.592
496
1.695
1.082
30
115
10
18
45
5
130
131
14
100
70
80
2,750
50
May
10034 Mar
19
Sept
20
May
37
May
23
Nov
114
May
15
Nov
19
Nov
1334 Apr
984 July
34
Aug
97
Nov
3034 July
87
July
18
Oct
624 Aug
28
Mar
30
Nov
3034 Sept
19
Sept
4
May
69
May
19
Nov
158
Feb
108
Feb
574 Nov
13
Aug
3754 Sent
37
Sept
983-1 Oct
21
Nov
35
Sept
2934 Aug
1934 June
10534 Jan
Oct
15
34
Nov
Apr
104
25 34 Feb
32
Aug
36
July
11434 Mar
39
Nov
26
Aug
1854 Jan
Feb
68
5134 Jan
11
8734
834
83
8754 8854 $13,000
8274 8334 26,000
15,000
8254 83
Miscellaneous—
Kinloch Telephone 68_1928
Merchants' Bridge 63_1929
1941
Scullin Steel 6s
9934
04, T.1”la Oar RA
•No par value.
102A
Mar
Jan
July
July
Oct
184 Mar
12
1004
10134
9834
inn
150
251
279
150
11254
243
Street Railway Bonds
St L dc Sub Ry gen mtge
5s C-D
1923
United Railways 4s... _1934
1934
48 C-D
1004
10134
99
inn
Low.
High.
169
Oct
320
Oct
Jan
284
169
Oct
1324 Nov
125 16354 Mar 174
765 427
July 560
130 285 June 335
Mining—
Consol Lead & Zinc Co A •
12
Range Since Jan. 1.
2.120
11
Nov
80
Feb
7534 Mar
754 Mar
3034
Nov
Nov
Nov
Oct
62
Oct
104
July
2234 June
41
Jan
42
Feb
26
Sept
162
Oct
30
Jan
2651 Apr
2134 Oct
101
July
40
Nov
9714 Jan
384 Apr
92
May
2034 Oct
72
Nov
313.4 Apr
Max
40
38
Jan
30
Jan
7
Jan
82
Sept
25
Feb
Oct
241
111
Aug
61
Oct
163.4 Sept
Apr
54
4131 Oct
1023.4 Mar
23
Oct
3934 No%
34
Apr
244 Sere
112
No%
2234 Fet
40
Fet
105
No%
304 Oct
48
Jar
47
Sept
119
No%
46
Mat
31% Jar
39% Mal
90 Juni
863-4 Ma
17
Jar
8834 No%
84
July
834 Sept
4,000 10034 Nov 10134 Sep
1,000 10134 Apr 10134 Noi
Ap
5,000 9834 Sept101
00
s..t 10011 AAR,
4 nnn
[VOL. 125.
THE CHRONICLE
2798
New York Curb Market-Weekly and Yearly Record
In clie following extensive list we furnish a complete record of the transactions on the New York Curb Market for the
week beginning on Saturday last (Nov. 12) and ending the present Friday (Nov. 18). It is compiled entirely from the daily
reportF of the Curb Market itself, and is intended to include every security, whether stock or bonds, in which any dealings
occurred duting the week covered:
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares
Week Ended Nov. 18.
Stocks-
Indus. & Miscellaneous.
Aeolian Weber Piano .1t
100
Pianola 7% pref
Aero Supply & Mfg Cl B- *
Ala Great South, ord___50 158
50 15834
Preferred
Allison Drug Store class A* 2031
• 164
Class B
• 9834
Aluminum Co corn
100 10454
Preferred
100 z63
American Arch Co
Amer Bakeries class A__ •
Am Brown Boyer! El Coro
•
7
Founders' shares
Founders sharesv t e-•
• 4334
Amer Chain Co con)
Amer Cigar Co corn_ i00 132
Amer Cyanamid corn -B.20 30
100
Preferred
Amer Dept Stores Corp_ •
American Hawaiian SS_ _10 144
Amer Laundry Mach corn * 11034
Amer Rayon Products....' 134
Amer Rolling Mill corn _ _25 8934
100
Preferred
9%
km Solvents & Chem v t c•
Cony partic preferred__' 2334
136
American Stove
American Thread firer_ _5
Arc oskeag Co
•
Anglo-Chile Nitrate Corp _• 294
Atl Birm & Atl Ry. pf_100
Atlantic Fruit & Sugar_ _ _• 750
• 57
Atlas Plywood
Atlas Portland Cement_ _ _• 241
Auburn Automobile com_• 10934
Babcock & Wilcox
100 13035
Bancitaly Corporation _25 12331
Bendix Corp. class A com10
Blaw-Knox Co com
25 96
Bliss (E. W.)& Co.„ corn.*
331
Blyn Shoes Inc corn
10
Holm Aluminum & Braes_• 2654
Borden Co common
50 1354
Borg & Beck
*
231
Bridgeport Machine corn.'
Brill Corp class A
*
• 164
Class B
•
Brillo Mfg corn
Brit-Amer Tob ord bear.£1 2554
Broadway Dept Store lst
pref with warrants
Brockway Mo Trk corn.*
25 784
Bucyrus Co corn
Bucyrus-Erie Cow I__ _10 254
Budd (Ed G) Mfg corn.... 24
20
Butler Brothers
Canadian Indus Alcohol_.* 4334
Carnation Milk Prod pf 100 27
Case Plow Wks el B v t c)_•
631
Caterpillar Tractor
• 56
Celanese Corp of Am corn.' 964
First preferred
100
Celluloid Co (new)
Common
• 126
$7 preferred
• 904
•
First preferred
Celotex Co common
•
100
7% Preferred
Central Aguirre Sugar_ _50 1204
Centrifugal Pipe Corp---• 12
0 M & St P(new co)New preferred w .
1 __-_ __ _ .
Chicago Nipple Mfg el A50
Class B
50
Childs Co, pref
100 124
Cities Service, common_20 51
100 9431
Preferred
Preferred B
10
Preferred BB
100
City Ice & Fuel (Cleve)..' 32
Cleveland-Cliffs Iron_ __ _• 10131
Club Aluminum Utensil _ _• 3631
Cohn-Hall-Marx Co
•
134
Colombian Syndicate_ _ _ _1
Columbia Graph, Ltd recs..
3531
Consol Dairy Products. •
• 15
Consol Laundries
Consolidation Coal corn 100 3034
Copeland Products IncClass A with warrants_ •
Li 35
Courtaulds Ltd
Cuban Tobacco corn v t c _•
10 834
Cuneo Press corn
Curtis Publishing com_ •
•
$7 cum preferred
• 48
Davega Inc
*
Davenport Hosiery
Deere & Co common_ __100 232
De Forest Radio v t (3._ •
134
Vol trust ctfs--ctf dep..
Dinkier Hotels class A
with purchase warrants *
Dixon (Jos) Crucible Co 101)
• 16
Doehler Die-Casting
Dominion Stores Ltd ._ •
Dubiller Condenser Corp.'
*
Dupont Motors
• 1034
Durant Motors Inc
Durham Dupl Razor pr pf
With clB com stk pur war• 50
• 27
Bastern Rolling Mill
Eastern SS Lines corn_ __5
Eitingon-Schild Co corn..* 35
234
Eetey-Welte Corp class A.•
•
Class B
gvans Auto Loading cl A.5
5
Class B common
231
?ogee' Motors Co com.._10
100 162
Fajardo Sugar
Fan Farmer Candy Shops.
Fansteel Products, Inc....' 3731
Fedders Mfg Inc, class A_• 2836
434
•
Film Inspection Mach _ _.
92
10%
158
1584
20
154
97
1044
6235
49
92
1031
162
162
204
164
994
10431
8535
4934
Range Since Jan. 1.
Low.
75 92
34
200
700 123
110 12434
2,200 1931
2,300 15
700 87%
900 10131
1,450 59
500 474
Nov
Apr
May
Feb
No
@FedFRASER