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financial
I
orlinurria ;*
INCLUDING
Railway& Industrial Compendium
State & Municipal Compendium
tomtit,
Public Utility Compendium
Railway Earnings Section
SATURDAY, NOVEMBER 20 1926
VOL. 123.
he Thronicit
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WILLIAM B. DANA COMPANY, Publishers,
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The Financial Situation.
The most conspicuous,feature of the security market during the past week, and in fact now for some
time past, has been the persistent demand for high
grade securities at either steady or advancing prices.
This demand is evidenced by the eager way in which
new offerings are taken up and is also reflected in
the almost steady advance in the average price of
high grade bonds. The Dow-Jones average of 40
bonds has advanced another eighth during the week.
The attitude of investment houses toward the prospective offering of $120,000,000 Standard Oil of New
Jersey 20-year 5% debentures, which are shortly to
be offered through J. P. Morgan & Co., would have
seemed astounding even a comparatively short time
ago.
As soon as it became known that the company intended to call its issue of V00,000,000 7% preferred
stock and replace it in part by a new bond issue, investment houses made tentative subscriptions to
make sure of obtaining a liberal proportion of the
offering, and many houses have communicated with
their customers offering in advance their facilities
in handling the reinvestment of the proceeds of the
preferred stock. The preferred stock is to be paid
off at the call price 115, on March 15 next, thus removing one of the most conspicuous and sought after
high rate investment issues that was characteristic
of the disturbed period of adjustment that followed
the war.
The advance in investment bonds has been all but
continuous since the middle of 1920. At that time
the Dow-Jones average of 40 investment bonds
reached a point just above 72. The advance of the
first few months was quite rapid, the average going
Bank and Quotation Section
Bankers' Convention Section
NO. 3204.
to about 79. Then there was a hesitant period of
nearly a year occasioned by the adjustments of 1921,
followed by a rapid and persistent advance which
reached a temporary culmination in the latter part
of 1922 at approximately 92. This was succeeded by
a comparatively short decline to approximately 86
in the early part of 1923, and subsequently by an advance checked only by short and small declines to
the present level around 96. Furthermore, there
seems to be a very general expectation among investors and bond houses that prices will go still higher
and yields still lower.
The situation in stocks is in some contrast. The
advance of the averages from the low point in 1921
has, of course, been relatively far greater than the
advance in bonds, but during the past year there
have been enough cross-currents to prevent any great
change in the averages. The Dow-Jones industrial
average stood at 147 a year ago. During the past
week it fluctuated around 155 and 156 until driven
below 153 by heavy liquidation or short selling on
Friday. On the other hand, during the past year
there have been somewhat extensive movements up
and down, the low point of 135.20 having been recorded on March 30, and the high point of 166.64 on
Aug. 14. Since then the average has been down 21
points and up 11.
One news development during the week has been
of a very reassuring nature. Officials of the Ford
Motor Co. on Saturday, Nov. 13, stated that 1926
had been a period of almost ideal operating conditions for that company, production being practically
at a dead level of 6,500 cars daily, five days a week.
This would work out a probable production in 1926
of 1,625,000 cars, as against 1,775,000 in 1925 and
1,790,000 in 1924. Stabilization of this most important industry at this comparatively high level is of
great importance and the knowledge of it is of value,
inasmuch as there has been much uncertainty as to
the present volume of Ford production.
That it represented a smaller proportion of the
entire automobile production than a few years ago
has been generally recognized, but the fear has been
abroad that the decline in Ford production had been
quite precipitate. The economic statistician of one
of the largest automobile companies, in a recent review of the industry, estimated total production of
automobiles, trucks and buses in 1926 at between
4,500,000 and 4,600,000, this figure comparing with
4,336,000 in 1925, 3,640,000 in 1924 and 4,095,000 in
1923. His estimate was based upon a production of
3,726,000 during the first nine months, an estimate
of 365,000 for October and 500,000 for November and
r
2558
THE CHRONICLE
[Vox.. 128.
December.. He figured the demand for cars in tion of October of these two years, merchandise ex1927 at 4,000,000,'.hased upon a'replacement denfand ports last month Ivere larger than for'any preceding
of 2,000,000, exports at 400,060 and'demand from' October since 1920. As noted above, *however, the
new buyers at 1,600,000, the latter being a figure decline in exports last month as compared with a
very materfally less than that of 1926. This esti- year ago was due almost entirely to the much lower
mate, while not indicative of a.boom, and figuring range of cotton prices this year. The value of cotproduction next year about 10% lower than in 1926, ton exports last month constituted nearly 25% of all
is nevertheless reassuring, as against the fear of merchandise exports; in October 1925 the ratio was
many investors who are constantly expecting a sud- 36%. Cotton exports last month were 1,369,820
bales and a year ago 1,421,482 bales, a loss in quanden falling away of the demand for automobiles.
Call money opened the week at 4/
2%,reached 5% tity of only 3.6%. The value of cotton exports last
1
on heavy Liberty bond and other mid-month require- month, however, which, as noted above, was onements and declined again t'o 4/
2% on Tuesday. The quarter of all exports, was $115,240,000, whereas for
1
price of cotton has seemed fairly well stabilized dur- October 1925 it was $176,184,000, the loss in' value
ing the week, increasing the courage of those who this year being 34%. Omitting cotton exports, other
are expecting improvement in mill operations, a exports last month amounted in value to $342,000,process that already seems well under way. The 000, and in October 1925 to $314,373,000, an increase
price of sugar has advanced during the week, stimu- this year of 9%.
Making the same analysis of the figures for Octolating activity and leading to higher prices for the
sugar stocks. The franc has risen sharply during ber 1924, it is found that exports other than cotton
the week, affording further evidence of the probable in October this year were 15% less than for October
ultimate success of the Poincare financial recon- two years ago. Another feature to be considered is,
struction program now under way. The weekly re- that while exports last month were higher than for
port of brokers' loans announced by the Federal Re- any month this year, especially in comparison
serve Bank on Monday showed a drop of $37,373,000, with the months since April, the growth in
practically compensating for the rise which occurred October was due to the heavier cotton exports.
the previous week. Looked at in perspective, these For the ten months of the current year, the value of
loans stood on Nov. 10 at $2,603,006,000, as com- merchandise exports has been $3,866,488,076, as
pared with a recent high on Sept. 15 of $2,820,382,- against $3,993,737,985 in the ten months of 1925, a
000, a decline of more than $217,000,000, following loss this year of $127,249,909. The decline the presan expansion of more than $400,000,000 between ent year was in the first five months, January to
May, inclusive, and in October, and in the main reMay 19 and Sept. 15.
Freight loadings for election week ended Nov. 6 flects the loss in the country's cotton shipments.
dropped off 79,222 cars from the previous week, With the exception of 1925 the value of merchandise
which had established a new high record, but showed exports for the ten months of this year is considera gain of 74,564 cars over the same week last year and ably higher than for any preceding year back to
•
141,931 cars over the corresponding week in 1924. 1921.
As to the merchandise imports, the value of these
The Irving Fisher index of wholesale commodities
last week showed a slight decline, that is from 153.5 last month was $383,000,000, which compares with
to 152.9. On the whole, the developments of the week $374,073,914 in October 1925, an increase of $9,000,have given indication of the continuation of busi- 000. This year's figures exceed any previous Octoness as usual,including the probable maintenance of ber back to 1919, and are larger than for any month
favorable and improving conditions for high grade since April last. The balance of our foreign trade
for October is still on the export side, amounting to
investments.
$74,000,000. In October 1925, however, the balance
At this time of year the foreign trade of the of trade was on the export side in the sum of $116,United States reflects the usual heavy movement of 492,200. For the ten months of the current year
merchandise incident to autumn shipments, and this merchandise imports are valued at $3,705,092,062, as
year is no exception. Merchandise exports for the against $3,453,518,164 in the corresponding period
month of October are large, and if raw cotton is ex- of 1925, an increase this year of $251,573,898. The
cluded, regarding which some special considerations tact is that in only one year has the value of merare to be given, the value of exports last month ex- chandise imports exceeded those of the current year,
ceeds the value of merchandise exports in October and that was in 1920, when the imports were in exlast year by nearly 10%. On the other hand, mer- cess of $4,000,000,000. For the first ten months of
chandise imports for October this year are larger in 1919, for which period merchandise imports were
value than for any preceding October back to 1919, much the highest of any year in the country's hisand if allowance is made for the difference in com- tory up to that time, the value was $3,098,845,000.
modity prices between October in that year and this The balance of trade this year to date on the meryear, a variation that is equivalent to fully 25%, chandise movement is on the side of the exports in
prices in October 1919 being that much higher, it is amount of only $161,396,014; in the corresponding
probable that, in volume, merchandise imports last period of 1925 the excess of exports was $540,219,month exceeded those of any preceding October on 821. For the current calendar year, the export trade
balance promises to be smaller than in any year back
record.
Exports in October this year were valued at $457,- to 1910, due to the marked increase in imports.
Exports and imports of gold last month were much
000,000. This is higher than for any month since
Dec., 1925. It compares, however, with $490,566,814 reduced, compared with many months in the past
for October last year, a decline this year of $33,500,- two years or more. Gold shipments abroad in Octo000, and with $527,171,781 in October 1924, a differ- ber were only $1,115,004, while imports amounted to
These figures are quite insignifience against 1926 of $70,000,000. With the excep- but $8,443,866.
V. 20 1926.]
THE CHRONICLE
cant as compared witl other recent years. For the
ten months this year gold exports have amounted to
$100,743,771, and imports to $179,349,361, an excess
of imports of $78,605,590. For the same period in
1925 there was an excess of exports of $121,710,939.
The,October foreign trade in silver was $6,876,315
for exports and $4,351,097 for imports.
2559
• The additional fact was brought out in a special
London cablegram to the New York "Herald Tribune," also on Nov. 13, that "the results of the district voting will be reported back to the delegate
conference on next Thursday, when it is expected
that a formal order will be made sending the men to
the pits. One other possible source of trouble remains, namely, a clash between the Government and
the mine owners over drawing up the peace terms
which the miners accepted." According to the same
dispatch,"the opinion was expressed in Government
circles that the owners will not resort to obstructionist tactics by refusing to enter into district agreements for the purpose of defeating the proposal to
establish an arbitration tribunal."
• The strike of British coal miners, which has been
in progress for more than six months, has not been
settled. It had been expected until Thursday that
the miners would vote favorably on the terms which
had been accepted by their delegates at a conference
last week and recommended by them to the men. At
least two federations of miners were reported to have
accepted, but toward the end of the week London
The Executive Council of the South Wales Miners'
cable advices indicated that there would be quite a
"controlling one of the biggest coal
large adverse vote. This became definitely known Federation,
the first organized body to report a
yesterday. It was stated in an Associated Press fields," was
of the plan of settlement. The signifidispatch from London last evening that "official vote in favor
nce attached to the vote of this
importa
figures on the result of the coal miners' district vote cance and
as striking. The London repregarded
show that the Government's terms for settlement of group were
ed Press said in a disAssociat
the
of
ive
the strike were rejected by a majority of 147,606. resentat
South Wales miners,
"the
that
15
Nov.
on
The vote was 460,806 against acceptance and 313,200 patch
been looked upon as
have
250,000,
about
ng
numberi
in favor of the terms." It was reported in other Lonand now that they have given in, the
don cable dispatches last evening that a renewed the 'die hards,'
districts will follow suit
effort would be made by representatives of business likelihood is that other
preparing to take votes on
organizations, in co-operation with the Government, immediately. These are
to settle the strike. Until Thursday the strike acceptance."
Notwithstanding all this, the situation looked surhad been regarded as as good as settled since
y unfavorable by Thursday of
last Saturday, according to London cable ad- prisingly and decidedl
in part as follows in an
forth
set
vices early in the week. At that. time "the this week. It was
from London. that evedispatch
Press
miners' delegate conference, after a long and anxious Associated
the miners' Secretary,
Cook,
J.
"A.
:
18)
(Nov.
debate, decided by a narrow majority to refer the ning
of the men was
vote
the
that
to-day
ed
announc
Government's coal peace proposals to the districts
strike settleent's
Governm
the
of
ce
acceptan
against
. with a recommendation for acceptance. The voting
the large
.
All
majority
large
a
by
s
proposal
ment
was 432,000 in favor of and 352,000 against the proable
by
consider
ce
acceptan
against
were
districts
posals." The London correspondent of the New
there
where
e,
margins, he said, except in Yorkshir
York "Times" cabled that evening, Nov. 13, that
was a very small majority in favor of acceptance.
as
circles
"the decision is regarded in Government
The members of the miners' executive meeting this
meaning that the strike is virtually at an end, as it
afternoon to consider the situation, were gloomy and
is almost inconceivable that the men should reject
perplexed. The delegate conference which last week
the recommendation of their delegates."
nded that the miners accept the terms will
It was admitted that "difficulties may arise in recomme
orrow in an endeavor to solve the diffito-m
meet
connection with the owners, and the Government
culty."
indifference to their wishes made it clear to the
miners to-day that the wages which the coal owners
According to a later cable message the same evewere understood to be ready to offer were on a basis
from the New York "Times" correspondent,
ning
of increated hours and. that the Government could
vote of the coal miners on the Governdistrict
"the
The
give no guarantee about working conditions."
s for a settlement of the coal strike
proposal
ment's
"apart
that
correspondent added, on the other hand,
of over 100,000 against accepta
majority
show
will
a
in
declared
from these revisions, the Government
Federation met
letter sent by the Secretary for Mines to the Presi- ance. The Executive of the Miners'
The unlookedreturns.
dent of the mining association to-day that it was here to-day to receive the
but the
length,
great
at
prepared to set up a national arbitration tribunal for position was discussed
to-morto
ndation
recomme
whether the owners agreed to it or not." He likewise Executive will make no
ilresponsib
the
which
on
ce,
made it known that, "briefly summarized, the Gov; row's delegate conferen
was
It
fall."
will
step
next
the
ernment proposals are as follows: District settle- ity of determining
returned to work toments, involving longer hours. Standard district added that "9,000 more miners
is 366,000. Depunow
d
employe
total
the
agreements for a period of not less than three years. day and
to-day asked the
owners
coal
the
ting
represen
• A national tribunal to sit for six months only to tations
regulations forthe
remove
to
Mines
of
y
Secretar
deal with appeals from either side against agreetold definitely
were
but
coal,
of
export
the
bidding
ts.
ments not conforming to the standard agreemen
to home ince
thinks
preferen
ent
Governm
the
that
proceeds
The owners' proportion of the distributable
s
come first. Statistic show that
of the industry not to exceed 15% and be not less dustry should
has been paid for imported fuel
,000
$150,000
nearly
des
delegate
four
hours the miners'
than 13. For
seven months. In view of the rejecbated the terms. They had before them the docu- during the last
peace proposals, the Government has dement from the Government elucidating some points tion of its
cided that all the emergency powers and regula.
about which doubt was expressed."
2560
THE CHRONICLE
[VOL.125.
tions must be renewed when they expire on Sat- of the British miner longer
by from a half hour to
urday."
an hour than that of the miners of any Continental
coal fields of importance, except in Upper Silesia."
The strike of British coal miners has meant more
to Great Britain, Continental Europe, and even the
So much for the last. Happily, industrial leaders
United States, than can be realized on this side of in Great Britain already
have been looking to
the Atlantic. Apparently assuming that the strike the future and have
been reported as being distinctly
was practically settled at the conference of miners' hopeful, and even
optimistic with 'regard to the outdelegates last Saturday, the London representative look. According to
a special London cablegram to
of the New York "Herald Tribune" cabled that, the New York "Herald
Tribune" on Nov. 16, "four
"with the declaration of peace in Great Britain's developments to-day
elicited from the British press
coal field war there ends a tie-up, longest and cost- an almost unanimo
us display of optimism over
liest in the record of this country's basic industry, chances of a trade
revival. They are: 1. The award
which is destined to have important consequences in to a British firm of a
£1,200,000 contract for the Adthe development of this nation's political and eco- miralty's floating
drydock at the Singapore naval
nomic history. For more than six months nearly base. 2. Procurem
ent by another firm of £1,000,000
250,000 workers, representing, with their families, machinery contract
from'Australia. 3. Announceone-twelfth of the total population, have tied up the ment that a contract,
obtained a few days ago by
industry on which the whole industrial prosperity of London contracto
rs to enlarge the Buenos Aires subthis country has in the past been built up."
way system, will mean orders for millions of pounds
Commenting further on the effect of the strike on worth of British machinery.
4. Acceleration of busiindustry, and also politically, that correspondent ness over the ending of
the coal strike."
said: "The col strike has already made history in
Still other features of the situation were given by
more than one direction. It began in May with the the London representative of
the New York "Eveshort-lived nine days' general strike, which was then ning Post" in a dispatch on
Nov. 17. In part he
attempted for the first time in this country, and said: "British industry will be in
the grip of a firstprobably has thrown the use of this hitherto untried class boom by the turn of
the New Year and may
weapon in industrial warfare into the discard, at enjoy the period of the highest
prosperity since the
least for several years. It ends in November with war, according to present
indications. There are
the registering of the most severe industrial defeat even prophets who say
the boom is going to comthe organized labor movement in this country has mence as soon as work is
resumed in the coal fields.
ever suffered. Paradoxically, however, it ends with Inquiries among
experts to-day, however, reveal
the political stock of labor in the ascendant and the that, while everything is
set for the resumption of
Conservative,Government of Stanley Baldwin badly work at high speed, this
condition will not be reached
discredited. Incidentally, the general strike, which immediately. The reason
for the delay is the railwas the first phase of the coal strike, started the roads are not in a position to
deal with the traffic,
quarrel between the Earl of Oxford and Asquith and particularly coal shipments. Their
coal cars are
David Lloyd George, which before the coal strike scattered all over England, and some
of them are
ended led to the disappearance of the former veteran still full of foreign coal for which there
is no marleader from British political life and probably ket at the present prices."
cleared the way for a new line-up of the political
forces of this country in the near future."
Ireland, after a long period of unusual political
quiet, has been heard from again. Dispatches from
As to the causes of the strike and the effect of the Dublin and London have told of
disturbances last
proposed settlement upon the miners, the "Herald Sunday night, in the nature of "raids
on the Civic
Tribune" correspondent added: "The root cause of Guard barracks in the south of
Ireland." On Nov.
the coal tie-up was, by universal consent, economic. 16 "President Cosgrave of the Irish
Free State introThe British coal trade came to a standstill because duced a bill at the opening session
of the Dail
at the level of costs prevailing it could not continue. Eireann to arm the Government with
drastic powers
Whether or not it can continue on the new basis of for the suppression of disorders,"
such as those just
longer hours and lower wages remains to be seen. noted. Announcement was made
also that "PresiThe wages of the miners have been regulated since dent Cosgrave declared there was
little doubt that
1921 on the basis of a seven-hour day by national a conspiracy had been formed for the
purpose of subagreements which embodied two main principles— verting order in the State. The
attacks on these
that of a minimum wage and that of an economic unarmed police officers in many places
simultanewage to be determined scientifically. These agree- ously indicated that there must be
some centre from
ments called for a division of the net proceeds—that which instructions were issued. The
Government
is to say, the proceeds, after a deduction of other believed that the force behind
these raids was not
than labor costs—in the definite ratio of 87 to 13 as strong enough to make a sustained
attack on the
between wages and profits, with a minimum guaran- forces of order, but felt that it was
entitled to such
teed, below which wages should not fall. The new powers as asked for to deal with
these murderous
local agreements which are now to supersede the attacks."
former national agreement will be on the basis of an
eight-hour day. The minimum wage will be lowered
While the vote of confidence-365 to 207—given
and the ratio of division of the proceeds will be 85 Premier Poincare by the French
Chamber of Deputo 15. In practice the wages for three-fourths of the ties on Nov. 12, did not
represent an overwhelming
miners who are re-employed will be the same as be- majority, it was regarded in
Paris and in cable disfore the tie-up and for the others 10% less. The patches from that centre
as meaning that the Preeight-hour day, however, will make the working day mier was safe in his seat
for some time. The ques-
Nov. 20 1926.]
THE CHRONICLE
tion on which the vote was taken seems more significant than the number of votes in its favor. The
New York "Times", representative in the French
capital cabled on the evening of Nov. 12 that, "by
365 votes to 207 the Chamber of Deputies at its first
meeting to-day gave sanction to the Government's
request that it abstain from all controversial, timewasting and extraneous discussion during the coming short session and,devote all its energies to passing the budget." He suggested, "that vote shows
clearly the position of Poincare's Government of national union. Against it have been ranked the communists, the Socialists and the extreme radicals, and
a few wild men who belong to no party. But its 365
supporters are solid. With that majority there is
neither danger nor doubt."
Only four days later (Nov.16) the situation looked
correspondingly bad for the Cabinet, according to
Paris cable advices on that date. The New York
"Times" representative said that "Premier Poincare's Cabinet, of all opinions and all parties, came
to-day very near disruption. It held together only
because the majority,of its component parts foresaw
the disaster which would follow a split and it survived in the Chamber for much the same reason."
It ,was explained that "Louis Mann, Minister of
Pensions, was responsible. His speech last Saturday has caused such a storm of political rancor that
the Cabinet had to do something abgut it." Announcement was made also that at a Cabinet meeting
on the morning of Nov. 16 "a joint statement was
drawn up to be read by the Premier. It somewhat
frankly disavowed the Minister of Pensions, laying
emphasis on the fact that the opinions he expressed
last Saturday were his personal opinions, not his
opinions as a member of the Cabinet, and stating
that he had no intention to wound his colleagues
either in reputation or in party pride." The "Times"
correspondent added that "if a vote had been taken
on the simple issue of M. Mann's speech, without
involving the existence of the Government, there is
no doubt that the majority would have been strongly
against the Minister of Pensions. No one, however,
is anxious just now to cause any upset and the radicals abstained from taking part in the vote so as to
permit the-matter to be buried. The incident served
to show very clearly the depth and keenness of po-litical party division, however united the Cabinet
may be."
The following- day (Nov. 17) the situation looked
better again for the Premier and his Cabinet. It
was stated in an Associated Press dispatch that
'Premier Poincare received another vote of confidence to-day when the Chamber of Deputies, at his
request, defeated an amendment to the budget, offered by the radicals, 330 to 135."
M. Berenger, who as French Ambassador to the
United States, negotiated the war debt funding
agreement, which the French Parliament never has
ratified, offered his resignation recently to Foreign
Minister Briand. According to an Associated Press
dispatch from Paris on Nov. 13, the latter would
not accept it, "and M. Berenger consequently soon
will return to Washington." It was explained that
"M. Berenger's appointment runs for six months at
a time, in order that he may retain his seat in the
Senate. His third six-month term will begin next
month." The Associated Press representative like-
2561
wise stated that "the.Ambassador has been exerting
his great personal influence in Parliament, especially in the Senate, in favor of ratifying the Washington debt agreement, appearing before committees and having long individual conversations with
the members."
Much was made in Paris cable dispatches at the
beginning of the week of a call of Reginald McKenna,
former British Chancellor of the Exchequer, on Premier Poincare of France in Paris on Nov. 13. The
former was quoted in a special Paris cable dispatch
to the New York "Times" the next day as saying "it
was merely a courtesy visit." He added that "on
the Premier's side the same reticence was maintained." He asserted, nevertheless, that "to-day,
however, a different character is being put on the
visit at least to the extent that the courtesy has been
enlarged. Mr. McKenna came on a mission and not
as a tourist. He came as spokesman, not only of
British, but also of American banks, not to give M.
Poincare advice, but to-indicate to him what would
be done in the happy event of France seeing fit to
ratify the debt agreements with her creditors and in
the other happy event of her stabilizing her money."
Continuing, the same correspondent declared that
"Mr. McKenna's visit was made to lay before the
Premier an outline of the help which France could
count upon in the event of her stabilizing the franc,
as the Belgians have done. He has denied that there
was any question of a loan discussed between the
two, and this, of course, is perfectly accurate. The
matter has not yet reached that point. The message
which he did, however, leave with the Premier, to
be communicated in interested quarters was that
both British and American financiers were prepared
to make large and continuous investments in French
industries if and when the franc was stabilized, investments which would enormously help in the debt
payments." The correspondent readily admitted
that "what influence the conversation will have on
the Premier's policy it is far too early to guess. He
is anxious that, so far as possible, stabilization of
the franc should be done by France alone, without
too great a recourse to foreign credit, and it will be
some time before he will be able to see his way clear.
Nothing certainly will be done until after the passage of the budget toward the end of December."
Paris apparently expects important developments
with regard to Government financing. Its attitude
may be based somewhat on an announcement at that
centre on Nov. 14. The Paris representative of the
New York "Times" said that "an announcement today by the Government of a 7% sinking fund consolidation loan to replace the 6% Credit National
bonds of 1922, maturing in February next, is considered in financial circles as an indication that the
Government intends to proceed in this manner with
the remainder of the short-term debt, and therefore
no forced consolidation is expected." Further details of the plan were given in part as follows: "The
interest on the new bonds will be based on the nor
mal value of 500 francs, but as the issue is offered at
460 and is payable in ten years at 525, actual interest
will be about 8.1%. The issue will be free of all
special taxes and can be exchanged for the maturing
1922 bonds or purchased for cash—but only to the
amount of bonds presented for redemption, approxi-
2562
THE CHRONICLE
mately 1,350,000,000 francs.
The total outstanding is 3,040,000,000. The balance matures
in February 1932. A safety clause provides that at
least 20% from the fourth to the sixth year and 50%
from the seventh to the tenth year is the minimum
of the annual portion that must be withdrawn.
Therefore if the Government is pressed in other
directions it reserves the right to retire less than
the maximum annual portion. As the 1922 bonds
are redeemable at 507 francs 50 centimes and the
new bonds are issued at 460, those who choose consolidation will be paid 47 francs 50 centimes cash."
The "Times" representative added that "it is understood that the Treasury could have met the February
maturity of 1,350,000,000, but preferred to consolidate the bonds and provide an annual sinking fund
in the budget which must be used each year in retiring a maximum of one-tenth of the total issue of 525
francs or purchase bonds in the open market. In
this manner the whole issue can be retired in ten
years easily in the ordinary normal process."
128.
The Government has refunded 200,000,000 francs to
the bank, the report showed. The Chamber meantime, is continuing its work on the budget and,
goaded by Premier Poincare's repeated declarations
that 'time is precious,' is approving one division
after another. It now appears that the Premier will
be able to get the entire budget rushed through before the Christmas holidays." The franc had another sharp advance yesterday.
Judging from Paris cable advices the speech of
President Coolidge at Kansas City last week, in
which he discussed at considerable length the payment of international obligations and made it clear
that the Administration will insist upon the reservations, without the acceptance of which by Europe,
the United States would not enter the World Court,
has caused wide comment on the other side of the
Atlantic. At any rate, on Nov. 12, the Paris representative of the New York "Times" cabled that
"President Coolidge's Kansas City speech has been
read in France with amazement and an effort at
The sharp advances in the French franc have comprehension which has failed. That it should not
caused a correspondingly sharp decline in stocks on be appreciated in a debtor country when it sets forth
the French Bourse, according to a special Paris dis- clearly the President's conception of the importance
patch to the New York "Herald Tribune" on Nov. in international relations of keeping financial obli17. It was said that "the Paris Bourse closed to- gations, is perhaps not incomprehensible." He also
night amid scenes of turmoil as a result of a plunge claimed that "where it does pass beyond the underduring the session of virtually all stocks, especially standing of Frenchmen is that financial obligations
international issues. Many stcks registered losse,, should be so highly considered beyond other obligaof more than 12% from yesterday's figures. The tions, which Europe holds are binding—moral oblidownward movement almost amounted to a collapse gations and the obligation to take a common part
as the prices fell and the losses piled up. With the and no isolated interest, in helping to rebuild the
wholesale slide in stock values and the great unload- foundations of a new Europe, which were largely
ing on the market, the franc continued its recent modeled by another President of the United States."
stubborn gains, closing at 29.13 to the dollar—the Continuing his comment, the "Times" correspondent
highest point in more than six months." According said: "So far is the President's conception removed
to the dispatch also, "the situation to-night was de- from the European conception on all matters on
scribed by a conservative financial expert as 'very which he touched that to-night's 'Temps' says: 'We
bad,' the chief problem being whether a feverish un- are forced to wonder whether permanent and active
loading of stocks by French investors will follow. co-operation between Europe and America in the
This drop was attributed by Bourse officials to a same work of international solidarity is feasible in
big speculative move from the United States, sup- the present situation of affairs.'" He added that
ported by German and Austrian speculators. A '"for the first time there is found in the French press
further cause was said to be the tendency to favor an admission that, perhaps, after all, the two repubFrench stocks with a fixed interest rate, notably the lics (if President Coolidge is a faithful interpreter
French Government stocks. The belief among trad- of his own) do not think alike, have not the same reactions and are, perhaps, further apart in every way
ers here is that the franc will continue to gain."
Conditions on the Bourse improved only moder- than are even the much criticized nations of Europe.
ately the next day, according to another Paris dis- There are some sneers at the President's speech, at
patch to the New York "Herald Tribune" that eve- his contrast of the wealth of the United States, with
ning. It was stated that "the Paris stock market emphasis on the burden that the war left, at his atticontinued to be demoralized to-day after yesterday's tude toward the World Court, which, if adopted by
heavy losses by the international stocks, although any other country toward an American proposed
the declines registered by the issues were less than tribunal of arbitration, would provoke suspicions
yesterday's plunges. The weakness appeared to have and accusations at his seeming representation of the
been stemmed, but French financial circles admit United States as a banker and not as a Government."
that neither mental nor financial equilibrium has
The Preparatory Committee for the International
been reached and the danger of the franc gaining too
rapidly, with a corresponding drop in stock quota- Economic Conference opened another session in Getions, still exists." It was added that "how far the neva on Nov. 15. It is the second meeting of its
franc may safely rise is the big question on which kind. The first was held in Geneva last April, and
statesmen and economists are divided. Watching at the time it seemed, acccrrding to Geneva cable
the franc gain on one hand while high prices remain dispatches, that little of importance was accomon the other, is disquieting. .While this problem re- plished. The purpose of the second gathering is "to
mains unsettled, the monetary progress continued to lay the foundations for the economic peace of the
be evidenced in the publication of the balance sheet world and contribute to the security of nations."
of the Bank of France to-day, showing that 862,000,- The first, according to a special Geneva dispatch to
000 francs had been withdrawn from circulation. the New York "Times," was "devoted to procedure
Nov. 20 1926.)
THE CHRONICLE
and methods of the committee and to the principles
to be followed in collecting information." It was
explained in greater detail that "the second meeting,
in accordance with the instructions of the Seventh
Assembly of the League of Nations, which noted that
the general economic situation called more imperiously than ever for an effort toward international
co-operation, will be devoted to selection from the
information already collected the essential points on
such problems as may be solved by international discussion. The problems thus selected will form the
agenda for the approaching conference." The
"Times" correspondent called attention to the fact
also that "the Preparatory Committee was established last year by the Assembly following a resolution presented by Louis Loucheur of France."
will meet at regular stated intervals to examine the
situation. It is generally considered that the organization could best be established under the
League of Nations, but out of respect to Washington's fear of all things of League character, it will
probably be wholly independent of Geneva."
At Tuesday's session of the Preparatory Committee," Chairman Dubois of the sub-committee on
financial problems suggested that certain new questions be added to the potential agenda of his section
and asked that the League of Nations financial documents be used as a basis of information. M. Dubois
urged the necessity of stabilizing the purchasing
power of gold. Discussing the economic situation
in Europe, he said high discount rates were one of
the causes of economic difficulties. Central banks
by có-ordinating their work had made a good step
forward, but capital should be made more available
in order that the difficulty of discount rates might
be overcome. While he stated that public finance
was really outside the limits of an economic conference, which despite financial aspects should not take
up work belonging to a financial conference, M. Dubois pointed out the danger of short-term public
debts. When such debts comprise big sums Governments risk demand for repayment, with possible disastrous effects. At present these debts exist in such
tremendous amounts as to prevent a reduction of
discount rates."
Announcement was made in a special Geneva cable
message to the New York "Times" on Nov. 18 that
"the draft of the agenda for the International Economic Conference was approved to-day by the Preparatory Committee, and instead of being agenda
for a constructive conference it is merely a program
for a general consultation by Government representatives. It may be hoped that this consultation,
when it comes, will pave the way for a real conference at which agreements and recommendations for
improving world economic conditions will be
adopted. Next May 4 is suggested as the meeting
day."
The opening session, as usual at such gatherings,
"was given over to formalities." M. Theunis of Belgium presided. It was noted in a special Geneva
dispatch to the New York "Times" that "38 experts,
representing the industrial and economic thought of
23 nations, were present." The same correspondent
added that "the meeting, which was given over to
formalities, none the less exposed the tremendous
grip which the proposed conference has taken on the
world. Approbation of world-wide industry has become a great force for economic betterment of the
world." Continuing his outline of the possibilities
of the conference he said: "A score of the world's
greatest industrial organizations have prepared for
the committee exhaustive reports on phases of the
industries with which they are familiar and the International Chamber of Commerce has presented an
important document on tariffs through Sir Arthur
Balfour. Organizations which aided in the first step
of the work include the German iron and steel industries, the American Iron & Steel Institute, the
French Comite des Forges, Italian Metallurgical Industries, the German mining industry, the French
National Federation of Underground Workers, the
Comite des Houilleres de France and the Mining
Association of Britain. From Secretary Houston of
the United States came a document on rationalization and standardization of industry, who at the
same time wrote an interesting letter on the effects
of the non-existence of barriers-on the economic development of the United States. Eighty documents,
representing perhaps the greatest collection of industrial and economic information ever compiled,
has been prepared for the committee by experts, by
industries and by Governments."
He likewise declared that "the same ideas are held
by most European Governments. Therefore it seems
that what the committee will do is to suggest agreement between the nations to stop irrational and erratic changes in tariff schedules, which are the greatest impediments to continental trade. Probably they
will be asked to give a year's notice of changes. At
the same time it will suggest the extension of the
most favored nation's treaties between European
countries. The second most important question
probably is that of private industrial agreements.
This forms the basis of a recommendation rather
than a convention. The recent agreement in the steel
industry is a good example. The form of agreement
can be extended to all industries with a big financial basis and standard products. There also will
be an effort to establish an economic council which
2563
Premier Mussolini continues in the limelight as
much as ever. Apparently he has no fear of the
assassin, although six well-defined attacks have been
made on his life publicly within a comparatively
short time. The Associated Press representative in
Rome cabled on Nov. 13 that "Premier Mussolini,
who preaches the doctrine 'live dangerously,' is living up to it by mapping out a program for the future
which will carry him more than ever before the public, despite pleas that he protect himself by seclusion
from further attempts at assassination. Protection
by keeping out of the public eye, the Duce feels, according to those close to him, would be treason to
the Italian people, who see in him a symbol of the
nation's spirit of indomitable fearlessness. Keeping in the limelight may be an optional privilege for
the ordinary Mortal, but it is an obligation and a
duty for a generalissimo who preaches the doctrine
'Live dangerously! Risk should not be the spice but
the staff of life for a weak nation which dares hope
to be strong.' Practicing what he preaches, the Premier, since the recent attack upon him at Bologna,
has shown himself in public at every opportunity.
He has walked through the streets and driven daily
in hi§ limousine from his home through the crowded
2564
THE CHRONICLE
[vols. 123.
ernment was not anxious to be oversevere, but that
extreme criticism had to stop and there would be no
toleration of a vote on the floor killing the Presidential press decree. The Marshal intimated that if
such a vote were taken the Diet would be summarily
dissolved, whereupon the Government would have
the right to run the nation by decree until the next
session, which would only be after elections three
months hence. Haiing ironed out the situation for
the present, the Government insists on approval of
its budget program, and four months of dreary disHowever reckless MUssolini may appear as to his cussions are likely,interspersed with intrigues which
own safety, apparently he intends that his soldiers have been increasing since the May revolution, nearly
shall be prepared for all emergencies. Word came exhausting Marshal Pilsudski's patience."
The latest development in the political situation
from the Italian capital on Nov. 15 that "every memapparently
was given in the following excerpt from
ber of the 'Fascist militia will be equipped with a
rifle, Premier Mussolini said to-day, directing the a Warsaw dispatch to the New York "Times" under
distribution of rifles at the rate of 6,000 a month. date of Nov.18: "Prince Janusz Radziwill returned
The Premier imparted these instructions,to 21 gen- to-night from Lodz, Poland's industrial centre, with
erals of the Blackshirt Militia, of which he is Com- the pledge of the financial princes of Poland to join
mander-in-Chief." It was added that "the Premier the movement which started with the conference on
said he was personally studying important modifi- Oct. 26 of the group of monarchists who urged Marcations of the regulations governing the militia. He shal Pilsudski to assume the throne of Poland. The
also gave instructions concerning the performance enlistment of the industrial barons, irrespective of
of duty of the newly-formed political police, whose birth or religion, coincides with similar conferences
importance in defense of the regime he emphasized." at Cracow of Central Poland landholders and practically all the genuinely titled personages of the
The Italian Senate resumed its sessions on Nov. country. Among the long list of persons engaged in
16. It was called, according to a special wireless this new political enterprise are Germans, Jews,
message to the New York "Times" the same evening, 'Roman and Orthodox Greek Catholics and members
"to vote on the bill re-establishing the death penalty. of all minorities of the Polish State."
A special committee appointed to report on the bill
Official discount rates at leading European cenwill sit to-morrow and probably complete its work
in one•day. It is therefore thought that the present tres continue to be quoted at 7/
1
2% in Paris; 7% in
session will not extend beyond the end of this week." Belgium, Italy and Austria; 6% in Berlin; 51/
2% in
1
2% in SweIt was noted in several Rome dispatches to Ameri- Denmark;5% in London and Madrid;4/
1
2% in Holland and Switzcan newspapers on the same date that "Premier den and Norway, and 3/
Mussolini did his best to switch the limelight onto erland. In London the open market discounts were
Guglielmo Marconi and Major Mario de Bernardi, easier and there was a decline to 4%@4 11-16% for
winner of the Schneider Cup race, for their recent short bills, with the closing at 4 11-16%, against
/
4%, and to 4 11-16@4 13-16% for three months'
accomplishments contributing toward the enhance- 43
bills, as compared with 43
/
4% the previous week.
ment of Italian prestige."
The proposed comprehensive consolidation loan, Call money, on the other hand, was first strong and
/
4%, but closed at 3%%, unchanged from
of which an outline was given in our issue of last rose to 43
week, has been formally offered by the Italian Gov- last week. At Paris open market discounts ranged
2@7/
1 4%, against the flat rate of 7/
ernment. It is known as the "Lictor Loan," as it from 61/
1
2% last
was named after the bearers of the fascii in Ancient week, while in Switzerland they advanced from
/
8%.
Rome. It was offered to the public on Nov. 17.at 211-16% to 27
87.50 and bears interest at the rate of 5.62%. FurA substantial addition to gold holdings was rether details appear on a subsequent page in our Deby the Bank of England statement for the
vealed
partment of Current Events and Discussions.
week ending Nov. 17. This amounted to £939,100,
The Polish Diet, or Sejm, resumed its sessions on while the reserve of gold and notes in the banking
Nov. 16. Marshal Pilsudski appeared in support of department expanded no less than £1,665,000, owing
his recent decree "gagging" the press. According to to a decrease in note circulation of £725,000. Morea special wireless message from Warsaw to the New over, the proportion of reserve to liabilities advanced
York "Times' on the opening day, "Marshal Pilsud- to 28.70%, as against 27.30% a week ago and 27.01%
ski, after threatening to invade the Sejm this after- for the week of Oct. 27. In the corresponding week
1
2% and a year earlier
noon to deliver his ultimatum,.won another of his of 1925 the ratio stood at 21/
Public
at
20%%.
his
over
radical
oppodeposits
victories
two-sided
expanded £1,845,000,
famous
nents of the Left, who opened the session of the Diet while "other" deposits decreased £1,946,000. The
with a terrific onslaught on the new press decree. Bank's temporary loans to the Government fell
The decree puts power in the hands of the Govern- £1,803,000, but loans on other securities showed a
ment officials to punish persons who displease any small increase, namely,£56,000. Gold holdings stand
one, either in private or public speech, there being at £152,999,634, against £147,680,115 a year ago and
no appeal from the original prison sentence and £128,497,363 in 1924 (before the transfer to the Bank
fine." It was added that, "seeing that the law had of England of the £27,000,000 gold formerly held by
more drastic possibilities than was believed at first, the Redemption Account of the Currency Note
Marshal Pilsudski hinted to the Sejm that the Gov- Issue). Reserve aggregates £34,641,000, in comportCentre of Rome; has reviewed troops and Fascist
• militia; has shown'himself on the famous balcony of
the Chigi Palace; has presided at'a public session,of
the Chamber of Deputies, and in a dozen other ways
has offered an easy target for bullet or bomb. And
now he has- mapped out a program for the future
which entails more rather than fewer direct contacts
with the people.
am confident,' he repeated on
several occasions this week, 'that nothing and nobody can harm me until my task is completed.'"
THE • CHRONICLE
Nov. 20 1926.]
son with £26,227,465 in 1925 and £26,012,338 a year
earlier. Note circulation is £138,109,000. A year
ago it stood at £141,202,550 and in 1924 at £122,235,025. Loans amount to £69,421,000, in comparison
with £73,061,558 and £75,994,814 one and two years
ago, respectively. Clearings through the London
banks for the week totaled £796,407,000, which compares with £863,972,000 last week and £739,997,000
a year ago. No change has been made in the Bank of
England discount rate of 5%. We append comparisons of the different items of the Bank of England
return for a series of years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1922.
1924.
1923.
1925.
1926.
Nov. 22.
Nov. 21.
Nov. 18.
Nov. 19.
Nov. 17.
£
138,109,000 141,202,550 122,235,025 123,869,000 121,407,130
Circulation _ b
20,482,000 15,149,961 18.977,557 17,236,346 16,039,966
Public deposits
100,217,000 106,631,663 107,063 146 108,232,174 107,374.952
Other deposits
Governm't securities 34,407,000 40,247,794 41,768,443 43.438,506 49,864.512
69,421,000 73,061,558 75,994,814 74,143,346 66.841,031
Other securities
Reserve notes le coin 34,641,000 26,227,465 26,012,338 23,647,336 24,488,131
Coln and bullion_a_152,999,634 147,680,115 128.497,363 127,766,336 127.445,261
Proportion of reserve
19.84%
28.70%
2054%
1954%
213%
to liabilities
3%
•
4%
4%
4%
5%
Bank rate
a Includes, beginning with April 29 1925, £27,000,000 gold coin and bullion
previously held as security for currency note issues and which was transferred to the
Bank of England on the British Government's decision to return to the gold standard.
1, Beginning with the statement for April 29 1925, includes £27,000,000 of Bank
of England notes issued in return for the same amount of gold coin and bullion held
up to that time in redemption account of currency note issue.
According to the weekly Statement of the Bank of
France a further contraction of 862,715,000 francs
occurred in note circulation, therefore bringing the
total of that item down to 54,064,189,046 francs.
.This compares with 47,943,223,555 francs at the
corresponding date last year and 40,530,277,515
francs the year before. Advances to the State also
showed a favorable change. The Government repaid
200,000,000 francs during the week; reducing its indebtedness to the Bank to 35,850,000,000 francs.
At the same date in 1925, advances to the State
stood at 31,100,000,000 francs and in 1-924 at 22,900,000,000 francs. The usual small gain in gold
• of 2,600 francs brought that total up to 5,548,797,100
francs. Gold holdings last year at this time aggregated 5,547,625,925 francs and in 1924 5,544,600,794
francs. Other changes in the Bank's weekly report
were: Silver increased 10,000 francs; bills discounted
66,533,000 francs, and general deposits, 519,813,000
francs. On the other hand advances to trade decreased 75,514,000 francs and treasury deposits fell
off 17,049,000 francs. Compalisons of the various
items in this week's return with the statement of
last week and with corresponding dates in both 1925
and 1924 are as follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
Status as of
for Week.
Nov. 17 1926. Nov. 19 1925. Nov. 20 1924.
Gold Holdings—
Francs.
Francs.
Francs.
Francs.
Inc.
2,600 3,684,478,193 3,683,305,017 3,680.279,886
In France
Unchanged
Abroad
1,864,320,907 1,864,320,907 1,864,320,907
Inc.
Total
2,600
Inc.
10,000
Silver
Inc.
66,533,000
Bills dlscounted
Trade Advance_Dec. 75.514.000
Note circulation_ _Dec.862,715,000
Treasury deposits_Dec. 17,049,000
General deposits_ _Inc. 519,813,000
Advance to State_Dec. 200,000,000
5,548,797,100
339,065,875
4,259.752,185
2,168.819,899
54,064,189.046
30,704,262
3,740,611,189
35,850.000,000
3,547,625,925
312,263,016
3.392,767,524
2,633,337,821
47,943,223,555
30,302,708
2,484,999,730
31,100,000,000
5,544.600,794
304,262.005
4,726.535,783
2,779,995,853
40,530,277.515
17,181,907
1,936,564,590
22,900,000,000
Further curtailment in rediscounts was revealed
in the weekly statements of the Federal Reserve
banks, issued on Thursday afternoon. Moreover,
gold holdings continue to expand. For the System
as a whole, there was an increase in gold of $9,300,000. Rediscounting of Government secured paper
increased slightly, $800,000, but rediscounts of other
bills fell $15,200,000, so that total bills discounted
2565
for the week were reduced $14,400,000. Open market purchases increased $7,900,000. Total bills and
securities (earning assets) rose $1,400,000, while
member bank reserve accounts were augmented by
$19,600,000, and deposits moved up $36,300,000. The
amount of Federal Reserve notes in actual circulation remained practically stationary, declining $500,000, so. that the total amount still is over $1,750,000,000, as against $1,708,000,000 last year. The report
of the New York Bank was along closely parallel
lines. Gold increased $29,700,000. Rediscounting
of all classes of paper fell $26,800,000, which brought
total bills discounted down to $90,233,000, as against
$147,977,000 a year ago. Holdings of bills bought in
the open market, however, increased $10,300,000.
Total bills and securities declined $9,000,000. Increases occurred of $13,900,000 in member bank reserve accounts and $16,100,000 in deposits. The
amount of Federal Reserve notes in actual circulation increased by $13,000,000. As to reserve ratios,
larger deposits served to nullify the effect of gains
in gold reserves, so far as the report of the System is
concerned. Consequently, the reserve ratio for the
combined banks declined 0.3%, to 73.7%, although
at New York a gain of 0.4%, to 84.9%, occurred.
Last Saturday's statement of the New York Clearing House banks and trust companies showed a small
addition to surplus reserves, notwithstanding heavy
expansion in deposits. The loan item declined $12,961,000. Net demand deposits were increased $54,615,000, and time deposits $2,941,000, the latter to
$627,619,000. The total of demand deposits was
$4,363,683,000, which excludes Government deposits
amounting to 427,806,000, a falling off in the latter
item for the week of $4,906,000. Cash in own vaults
of members of the Feder-al Reserve Bank declined
$1,897,000, to $46,112,000; this, however, does not
count as reserve. State bank and trust company reserves in 'own vaults decreased $720,000, and the reserves of these same institutions kept in other depositories declined $353,000. An expansion in the
reserves of member banks in the Federal Reserve institution of $12,033,000, was sufficient to offset enlarged deposits and bring about a gain in surplus of
$3,675,420; thereby increasing excess reserves to
$16,281,630, as compared with $12,606,210 a week
ago. Surplus reserves are calculated on the basis
of the requirement of 13% legal reserve, against demand deposits for member banks of the Federal
Reserve System, but do not include $46,112,000 cash
in vault held by these members on Saturday last.
Loans were called to a great extent and rates on
demand accommodations higher at the beginning of
the week than had been predicted. The payment of
from $20,000,000 to $25,000,000 on each of those two
days is said to have been asked for. The maximum
loaning rate was 5%. Beginning with Wednesday,
and with the larger disbursements coming back to
the usual channels, offerings were larger and the
2%, which was the ruling
1
quotation dropped to 4/
rate the rest of the week. Little or nothing was said
in advance as to the probability of either the Boston
or New York Federal Reserve rate being advanced
this week. The official announcement that no
change had been made in either was taken largely as
routine news. At the moment there is little or nothing to indicate a material change in money rates
2566
THE CHRONICLE
(you 128.
until near the end of the month. Comparatively of rates now in effect for the various classes of paper
high money rates in December and until after the at the different Reserve banks:
turn of the year are looked forward to as an annual DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT
NOVEMBER 19 1926.
occurrence. Prominent men in the industrial and
railroad worlds continue to predict a continuance
Paper Maturing—
of business on a large scale during the remaining
After 90 After 6
Within
Days, but
but
weeks of this year, and also next year. Bank clear90 Days.
Within 6 Mats 9
FEDERAL RESERVE
Months. Months.
ings have been decreasing, however—last week
SANK.
Corrercial Secured
sharply. Car loadings for the week ended Nov. 6
Aorta ck by U. S. Bankers' Trade Agricut.. A!pieta.
Livestock Ooverron't Accep.
Accepand
and
decreased 72,222 cars from the preceding week. This
Payer. Oblige- lances. tances. Livestock Livestock
n.e.s.
lions.
Paper. Paper.
showing was attributed largely to the intervening Boston
4
4
4
4
4
4
New York
4
4
of Election Day. The automobile industry continues Philadelphia
4
4
4
4
4
4
4
4
4
4
Cleveland
4
4
4
4
in a somewhat uncertain state. There are increas- Richmond
4
4
4
4
4
4
4
4
Atlanta
4
4
4
4
4
4
ing indications of coming mergers and the disap- Chicago
4
4
4
4
4
4
Louis
4
4
4
4
4
4
pearance of some of the smaller companies. The St.
Minneapolis
4
4
4
4
4
4
City
4
4
4
4
4
4
heavy bidding for the new Standard Oil of New Jer- Kansas
Dallas
4
4
4
4
4
4
San Francisco
4
4
4
4
4
4
sey debentures has been mentioned as convincing •Including bankers acceptances
drawn for an agricultural purpose and secured
evidence of the large amount of money seeking in- by warehouse receipts. &o.
vestment. The general investment market has been
The market for sterling exchange this week flucencouraging.
tuated in accordance with reports from England on
• Referring to money rates in detail, loans on call' the status of the British coal strike, which for a time
covered a range during the week of 4@5%, as seemed to be nearing a settlement. In the early
against 41
/
1@432% last week. For the first half of dealings demand retained all of the gains reported at
the week, Monday, Tuesday and Wednesday, the the close of last week, and there was a further adhigh was 5%,the low 43/2%, with 43/2% the renewal vance to 4 84 11-16 on what was interpreted as a
basis, unchanged. On Thursday only one rate was virtual ending of the dispute between mine owners
quoted-43/
2%—and this was the high, low and and miners. News that the miners' representatives
ruling figure for the day. Similar conditions pre- had accepted the terms laid down by the mine operavailed on Friday, when call funds loaned at 432%, tives created a highly favorable impression and the
tone of the market was consequently buoyant. Tradthe only quotation named.
In time money a firm undertone was maintained, ing was,quite active for a while, blocks of exchange of
so that quotations were slightly higher for the longer as much as £100,000 changing hands at the higher
maturities. Sixty and ninety day money remained figures, while predictions began to be circulated of a
at 432@4%%, but four, five and six months ad- speedy resumption of normal business, which would
vanced to 4%@49%, against 43/2@4%70 a week naturally react favorably on sterling values. On
ago. Funds were in fairly liberal supply, but the Thursday, however, announcement of the rejection
by the miners themselves of the settlement agreed to
market was quiet and featureless.
Mercantile paper was inactive, owing to a scarcity by their leaders exercised a dampening influence on
of offerings. There was a good demand, however, market sentiment and rates at once sagged, albeit the
for the best names, especially from country banks. decline was confined to a fraction, with the week's
Slightly easier conditions prevailed which led to a range 4 8434A4 84 11-16for demand bills. Improvelowering to 43@.4% for four to six months names ment in franc values had a strengthening effect, but
of choice character, against 4% a week ago, with the dominating market factor was the labor struggle
names not so well known at 432@4%%, against in Great Britain, and financial authorities showed con43
%7
0-last week. New England mill paper and the siderable divergence in their views as to the probable
shorter choice names are now being dealt in at course of sterling exchange during the next few weeks.
That the end of the strike is actually in sight seems
4%%, against
Banks' and bankers' acceptances remain at the inevitable, but bankers of the more conservative sort
levels previously current. Trading has been ex- point out that although a widespread broadening out
ceptionally dull. Interior institutions absorbed most in trade activities may be expected to follow upon
of the offerings, which, however, were light. For resumption of the mining of coal, enormous losses
call loans against bankers' acceptances the .posted have been suffered in the abrupt breaking off of trade
rate of the American Acceptance Council remains at relations with foreign countries and a consequent dis4%. The Acceptance Council makes the discount ruption of various trade arrangements which may not
rate on prime bankers' acceptances eligible for pur- be easy to recoup. On the other hand, there are
chase by the Federal Reserve banks 39.% bid and some who predict confidently that a speedy return
3%% asked for bills running 30 days, and the same to normal conditions with an era of nation-wide activfor 60 days; 378% bid and 3%% asked for 90 days; ity and prosperity will follow the setting in motion of
4% bid and 338% asked for 120 days, and VA% bid the wheels of industry.
As to day-to-day rates, sterling exchange on Saturand 4% asked for 150 days and 180 days. Open
last was easier and there was a fractional lowering
day
market quotations follow:
84 9-16 (one rate) for demand and to 4 85 1-16
to
4
SPOT DELIVERY.
60 Days.
30 DOS. for cable transfers; trading was more active than
9000w..
3h(431f
Prime eligible bills
3%@3%
MGM
usual, however, for a half-day session. On Monday
FOR DELIVERY WITHIN THIRTY DAYS.
moved up a trifle, partly in sympathy with the
rates
Prime eligible bills
3% bid
Eligible non-member banks
8)( bid strength in francs and partly on better coal strike
news; the range was 4 84 9-16@4 84 11-16 for deThere have been no changes this week in Federal mand and 4 85 1-16@4 85 3-16 for cable transfers.
Reserve Bank rates. The following is the schedule Increased firmness developed on Tuesday on better
Nov. 20 19261
THE CHRONICLE
buying and demand bills advanced to 4 84%@
4 84 11-16 and Cable transfers to 4 85%@4 85 3-16.
Wednesday's market was inclined to be reactionary,
chiefly on freer offerings, and quotations eased off to
4 84 9-16@4 84 11-16 for demand and to 4 85 1-16
@4 85 3-16 for cable transfers. Rejection of the
proffered terms of settlement by the striking British
coal miners had a depressing effect on Thursday arid
2, with cable
demand rates lost Ysc. to 4 84%@4 843/
transfers at 4 84%@4 85. Friday irregular weakness
developed and there was a further slight recession in
quotations to 4 84%@4 84 5-16 for demand and
4 84%@4 84 13-16 for cable transfers; trading was
dull and narrow. Closing quotations were 4 84 5-16
for demand and 4 84 13-16 for cable transfers. Commercial sight bills finished at 4 84 3-16, sixty days at
4 80 3-16, ninety days at 4 78 5-16, documents for
payment (sixty days) at 4 80 7-16, and seven-day
grain bills at 4 83 9-16. Cotton and grain for payment closed at 4 84 3-16.
No gold was engaged for export or import, although
it is understood that the Belgian National Bank has
bought here,in New York the sum of $2,500,000 gold
bullion for the purpose of strengthening its reserve.
This is the first step in carrying out the recently arranged plan for supporting Belgian stabilization measures. The Bank of England was less active in the
transfer of gold. Reports showed the sale of 00,000 in gold bars and exports of sovereigns to India
and the Straits Settlements of approximately L40,000.
In the Continental exchanges, while trading was
little more than intermittently active, the undertone
of the market was generally buoyant and new high
records were established in Frefich currency, as well
as in Norwegian krone. As a matter of fact most of
the week's activities centered around these two exchanges, while the remainder of the list was neglected.
French francs, after opening at 3.3032, rose to 3.36;
2, the highest
lost 3 points and then shot up to 3.623/
This
is especially
April.
point touched since last
interesting when it is remembered that less than four
months ago francs were selling at a record low level
of 1.96. The strength was due primarily to the
steady return of funds, that had previously been
withdrawn, to the French capital, which movement
was in turn based on the encouragement felt over
the prospects of satisfactory debt adjustment and
the lack of really serious friction in the debates in
the French Parliament. However, not a few of the
more experienced market observers are showing alarm
over the sensational rise in francs, pointing out that
this gait cannot be maintained and that it is likely
to work grave hardship tp French business interests.
Paris cable despatches intimate that the rise is causing uneasiness in trade circles, particularly as regards
exports. Prices have shown a declining tendency
but not enough to warrant so drastic an adlately,
•
vance in exchange values, and exporters are already
are complaining of cancellations, while tourist traffic
has fallen off materially of late. No hint has been
received of the nature of Premier Poincare's valuation
• plans, though it is believed they will involve extensive
deflation. Local bankers are of the opinion that the
franch should have been stabilized on a much lower
basis. Heavy buying by a bank that usually acts
as agent for the Bank of France, sent prices to the
top for the week, and led to the belief that the Government was not altogether opposed to the rise.
2567
Italian lire opened up barely steady at around 4.13
but later rose to 4.25 in response to the issuance of the
so-called Lictor Loan, which is perhaps more generally known as the famous forced 5% consolidation
loan of 20,000,000,000 lire. This created an inquiry
for Italian exchange with consequent strength in
quotations, although before the close there was a drop
to 4.17 on realizing sales. Belgian francs were inactive and a trifle easier, ruling at close to the equivalent of 13.90 for the belga. Inquiry among bankers
and foreign exchange dealers reveals the fact that
there has been a gradual return to the use of the
Antwerp belga. Following the creation of this new
unit, a general outbreak of dissatisfaction arose, principally over bookkeeping difficulties because of the
fact that the Belgian authorities were maintaining
of franc quotation for home use. It develops, however, that practically all of the New York houses are
now quoting Belgian exchange in the new belgas.
For this reason it has been deemed expedient to quote
the belga in place of the franc. German marks sustained a further fractional decline to 23.713/2, although actual trading was very light. Greek drachmae remained stationary at around 1.23, while the
minor Central European division was practically unchanged and exceptionally dull.
The London check rate on Paris finished at 137.00
against 145.50 last week. In New York,sight bills on
the French centre closed at 3.59, against 3.303/2; cable
transfers at 3.60, against 3.313/
2, and commercial
sight bills at 3.58, against 3.293/2 a week ago. Antwerp belgas finished the week at 13.91% for checks
and at 13.913/
2 for cable transfers. Reichmarks closed
at 23.72 for checks and at 23.74 for cable transfers,
against 23.73 and 23.75 a week earlier. Austrian
schillings finished at 143/8, unchanged. Lire closed
at 4.17 for bankers' sight bills and at 4.18 for cable
transfers, in comparison with 4.14% and 4.15% last
week. Exchange on Czechoslovakia finished at
2.96% (unchanged); on Bucharest at 0.54%, against
0.55%; on Poland at 11.50 (unchanged), and on Finland at 2.52% (unchanged). Greek exchange closed
at 1.23% for checks and at 1.234 for cable transfers,
Last week the close was 1.22 and 1.223/
2.
• Attention once more reverted to movements in the
former neutral exchanges, as a result of .another
kaleidoscopic outburst of strength and activity in
Norwegian currency. Following an opening quotation Of 25.00, Oslo remittances shot up sensationally
to 25.96, or the highest level since 1919, and less
than 1 cent under parity. The advance in reality
occurred abroad and was said to be due to heavy
buying by German interests. It is understood that
the Norwegian Government disapproves the advance
at this time, but is unwilling to take the necessary
steps for curbing the movement. It is now rumored
that Norway will likely be upon a gild basis by the
turn of the year. Lcical trading was only moderately
active. Danish and Swedish currencies were well
maintained, but not ,essentially altered. Dutch
guilders were heavy, though slightly above the low
levels of last week until Friday, when there was a
slump to 39.95. Swiss francs remain at very
close to 19.28. Spanish pesetas showed signs of
renewed speculative activity and moved up from
15.14 to 15.27, although before the close considerable of this gain was lost. The same is true of
the Norwegian krone,which declined to 25.58011 profittaking sales.
2568
THE CHRONICLE'
Bankers' sight on Am4terdam finished at 39.95,
against 39.98; cable transfers at 39.97, against
40.01, and commercial sight bills at 39.91, against
39.95 last week. Swiss francs closed at 19.27 for
bankers' sight bills and at 19.28 for cable transfers.
Last week the close was 19.283/ and 19.293/2.
Copenhagenchecks finished at 26.61 and cable transfers at 26.65, the same as last week. Checks on
Sweden closed at 26.65 and cable transfers at 26.69,
against 26.66 and 26.70, while checks on Norway
finished at 25.58 and cable transfers at 25.62,
against 24.99 and 25.03 a week ago. Spanish
pesetas closed easier at 15.15 for checks and at
.15.17 for cable remittances. This compared with
15.14 and 15.16 a week earlier.
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
NOV. 13 1926 TO NOV. 19 1926, INCLUSIVE.
Noon Baying Rate for Cable Transfers in New York.
Value in United States Money.
Country and Monetary
Unit.
Nov. 13, Nov. 15. Nov. 16. Nov. 17. i Nov. 18. Nor. 19.
EUROPE$
$
$
$
I
Austria. schIlling____ 8.14079 $.14090 8.14097 8.14096 8.14083 , 3.14092
Belgium. belga.
.1391
.1391
.1392
.1391
.1391
.1391
Bulgaria, lev
.007239 .007303 .007292 .007278 .007325 .007278
Czechoslovakia, kron. .029617 .029620 .029622 .029618 .029621 .029618
Denmark, krone
2664
.2683
.2664
.2664
.2664
.2664
England. pound sterling
.8503
4.8509
4.8513
4.8514
4.8493
4.8477
Finland, markka
.025209 .025206 .025208 .025207 .025206 .025205
France,franc
.0330
.0336
.0334
.0343
.0345
.0357
Germany, reichsmark. .2375
.2376
.2374
.2374
.2373
.2373
Greece, drachma
.012275 .012307 .012316 .012328 .012314 .012318
.4000
Holland, guilder
.4000
.4000
.4000
.3998
.3997
.1755 . .1758
Hungary. new)
.1759
.1758
.1756
.1758
Italy. 1Ira
.0413
.0412
.0410
.0424
.0419
.0421
2503
Norway. krone
.2502
.2570
.2591
.2586
.2566
1136
Poland, zloty
.1125
.1131
.1128
.1133
.1131
.0510
Portugal, escudo
.0511
.0511
.0511
.0511
.0511
Rumania.leg
.005506 .005485 .005514 .005522 .005502 .005478
Spain, peseta
.1515
.1515
.1522
.1522
.1521
.1518
Sweden,krona
.2669
.2669
.2669
.2669
.2669
.2668
.1929
Switzerland, franc
.1929
.1929
.1929
.1929
.1928
Yugoslavia, dinar
.017663 .017662 .017661 .017663 .017658 .017652
ASIAChina.6350
Chefoo, tadl
.6271
.6371
.6379
.6458
.6321
Hankow,tael
.6234
.6175
.6278
.6281
.6347
.6216
Shanghai. tael
.6025
.5970
.6071
.6091
.6143
.6034
Tientsin, tael
6379
.6300
.6392
.6408
.6483
.6350
Hong Kong, dollar_ .4800
.4755
.4805
.4829
.4881
.4827
Mexican dollar
.4400
.4363
.4422
.4444
.4481
.4406
Tientsin or Pelyang,
dollar
4313
.4279
.4358
.4371
.4404
.4363
Yuan, dollar
4271
.4242
.4321
.4333
.4367
.4325
India, rupee
3603
.3604
.3604
.3602
.3601
.3603
Japan, yen
4904
.4905
.4894
.4899
.4903
.4910
Singapore(S.S.),dollar .5598
.5598
.5598
.5596
.5596
.5598
NORTH AMER.1.001372 1.001343 1.001362 1.001416 1.001367 1.001460
Canada, dollar
.999813 .999500 .999500 .999250 .999188 .999188
Cuba, peso
.474000 .472667 .472667 .472833 .473333 .471333
Mexico. peso
Newfoundland, dollar .998867 .998938 .999063 .998867 .998867 .998984
SOUTH AMER..9241
Argentina. peso (gold) .9248
.9241
.9236
.9214
.9221
.1298
.1310
Brazil, milreis
.1333
.1296
.1266
.1236
.1205
1205
.1205
.1205
.1204
Chile, Peen
.1204
1 rim a
1 111159
1 001.5
1 twin
I rinnst
1 nniv,
•On Oct. 26 1926 the Belgian Government adopted the "belga" as their unit of
currency. A belga is equal to five francs.
As regards the South American exchanges the trend
was downward on a small volume of trading. Argentine pesos declined to 40.55 for checks and to 40.60
for cable transfers, then rallied and closed at 40.63
and 40.68, in comparison with 40.68 and 40.73,
while Brazilian milreis were forced down to 12.25
for checks and to 12.30 for cable transfers, against
13.15 and 13.20 the previous week. Chilean exchange, after advancing to 12.10, softened and closed
at 12.05 (unchanged), while Peru was easier at 3.57,
against 3 61 last week.
Far Eastern exchange was quiet and inactive.
The Chinese currencies, however, again _made good
gains on the improvement that has taken place in the
price of silver -metal. Japanese yen remain at or
near the recent high point. Hong Kong closed at
49IA@4932, against 47%@48 1-16; Shanghai at
60/@613, against 59@60 last week. Yokohama finished at 49.15@49.25, against 493/24)49%;
Singapore closed at 563@56%, against 5634@56%.
Manila finished at 49%©49%, against 49%@50;
Bombay at 36 3-16@36% (unchanged), and Calcutta at 36 3-16@)36% (unchanged).
• The New York Clearing House banks, in their
operations with interior banking institutions, have
Vox.. 123.
gained $5,677,067 net in cash as a result of the'currency movements for the week ended Nov. 18.
Their receipts from the interior have aggregated
$6,717,567, while the shipments have reached $1,040,500, as per the following table:.
CURRENCY RM.:is:11
,
1S AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
Week Ended November 18.
Banks' interior movement
Into
Banks.
Out of
Banks.
86,717,567
Gain or Loss
to Banks.
$1.040,500 Gain $5,677.067
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec. 6 1920, it is no longer
possible to show the effect of Government operations on the Clearing House institutions. The FedGoal Reserve Bank of New York was creditor at the
Clearing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE
BANE
AT CLEARING HOUSE.
Saturday, Monday,
Nov. 13. Nov. 15.
Tuesday, Wednastry, Thursday
Nor. 16. Nov. 17. Nov. 18.
Friday.
Nor. 19.
Aggregate
for Week.
$
$
$
$
$
$
$
103:00 000 100,000000 98,000,000 91.000.000 89.000.000
81 000.000 Cr.55,3,000.000
Note.-The foregoing heavy credits reflect the huge mass of checks which come
to the New York Reserve Bank rom all parts of the country
in the operation of
the Federal Reserve System's par co.lection scheme. These large
credit balances,
however, reflect only a part of the Reserve Bank's operations
the Clearing
House institutions, as only the items payable in New York City withrepresented
in .
are
the daily balances. The large volume of checks on institutions
outside of
New York are not accounted for in arriving at these balances, located checks do
as such
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.
The following table indicates the amount of bullion in the principal European banks:
Nov. 18 1926.
Banks of
Gold.
Silver.
Nov. 19 1925.
Total.
Gold.
Silver.
i
Total.
8
8
2
I152,999,634
2
England_ _ 152,999,634
147,680,015
147,680,016
France a_ _ 47,379,048 13,560,000160,939.048 147,332,201 12,480,000159,812,201
Germany b 80,110,000 c994,600 81,104,600 51,342,300
52.338,900
c994,600
Spain ____ 102,263,000 26,550,000128,813,000 101,466,000
25,804,000 127,270,000
Italy
45,510,000 4,157,006 49,667,000 35.845,000
39,003,000
Netifland 34,860,000 2,255,000. 37,115,000 38.007.000 3,358,000
1,939,000
Nat. BOB_ 16.180,000 1,073,000 17,253,000 10,918,000 3,852.000 39,946,000
14,570,000
Switeland. 17,718,000 2,908,006 20,626,000 18,424,000
3.565,000, 21,989,000
Sweden_
12,551,000
I 12,551,000 12,825,000
I
12,825,000
Denmark _ 11,614,000
881,060 12,495,
11,830,000 1,050,000 12,880,000
Norway __ 8.180,000
I 8.180,000 8,180,000
I 8,180,000
Total week629,364,682 52,378,600681,743,282 583,449,516 52,842,600636,292,
118
Prey. week628,230,478 52,513,846680,744,324 584.382,367 52,950,600637,332,967
a Gold holdings of the Bank of France this year are exclusive of 874,572,838
held abroad. b Gold holdings of the Bank of Germany this year are exclusive of
86,735,000 held abroad. c As of Oct. 7 1924.
The British Empire in Conference.
The meeting of the British Imperial Conference,
the ninth in order of time and the second since the
World War, which began at London on Oct. 19, was
looked forward to in some quarters with a good deal
of apprehension. In spite of the impressive demonstration which such a conference always affords of
the extent, variety and political resources of the
Empire, some fear was felt lest the decisions of the
Conference, when its deliberations should have been
concluded, might be found to have weakened the
Imperial bond and dimmed British world prestige.
It was pointed out that Great Britain alone had adhered to the Locarno 'pacts, and that none of the
Dominions had .as yet shown a disposition tO join
the mother country in those agreements. The spectre of Imperial disunion had been raised when General Hertzog, Premier of the Union of South Africa,
had pictured South Africa as "a free and independent State, with the right to international recognition by foreign Powers, but with a common connecting link between itself and Great Britain centred in
the King." The controversy between Mr. Mackenzie
King, Liberal Premier of Canada, and Governor- •
General Byng, over a constitutional isue, followed by
a general election, the defeat of the short-lived Conservative Government, and the triumphant return
to power of Mr. King, was fresh in mind, and its
political implications were variously interpreted.
Nov. 20 1926.]
THE CHRONICLE
British statesmen and publicists have tried hard,
during the past few years, to replace the term British Empire with the term British Commonwealth of
Nations, but there were those who doubted whether
even this phraseology, suggestive of a federation of
self-governing States, would, long accurately describe the situation if disintegrating tendencies
were to continue to operate.
Although the sessions of the Conference have been
secret and an adjournment has not yet been reached,
enough is known of the decisions of the Conference to
permit a preliminary judgment of the accuracy of
these predictions. The Empire is still intact, loyalty
to the King has not been jeopardized, and the vast
contribution of Great Britain to Imperial naval defense has been effectively exhibited in a review of
the fleet. For such evidences of political solidarity
the friends of the Empire will be grateful. Indications are not lacking, on the other hand, that the
Imperial bond has been further eased under pressure
of the demand of the Dominions for greater autonomy, and that at a number of points the hopes of the
home Government have apparently not been realized.
If, as has been intimated, the Conference has been
unable to agree upon a formula which should reconcile the historical conception of an Empire with such
advanced views of Dominion independence as are
held by General Hertzog, certain decisions of the
Conference suggest that, in practice, the Dominions
may hereafter largely determine their own policy.
Three decisions in particular invite comment.
Article IX of the Locarno treaty of mutual guarantee provides that "the present treaty shall impose
no obligation upon any of the British Dominions, or
upon India, unless the Government of such Dominion, or of India, signifies its acceptance thereof."
While the action of Sir Austen Chamberlain, the
British Foreign Secretary, in signing the treaty, appears to have been approved by the members of the
present Imperial Conference without dissent, the
Dominion Premiers are reported to have agreed that
it would be better, in the interest of Imperial unity,
not to give their adherence. The most pronounced
reluctance appears to have been shown by Canada,
Australia and the Irish Free State, neither of which
saw anything to be gained by signing, although Australia was reported as willing to sign if the otbprs
did. New Zealand and Newfoundland, while willing
to sign, were prepared to do sO only with material
reservations. The decision, which appears to have
been anxiously awaited in the Dominions as well as
in Great Britain, marks an important step in the
development of British Imperial policy in Europe.
The only interpretation that can be put upon the
action of the Conference is that the Dominions, although ready to give their moral support to the
course of the British Government in an international
matter of considerable importance for Europe, are
not disposed to allow themselves to be involved in
European i)olitical arrangements with which they
are not directly concerned. In other words, they
have asserted a right of independent judgment as to
what is or is not an Imperial affair.
Most political propositions'have their corollaries,
and the corrolary in this case is evident. If the Dominions are to reserve to themselves the right to refrain from giving formal adherence to an international agreement to which Great Britain is a party,
;they may with equal propriety claim the right to con-
2569
dude diplomatic agreements of their own with foreign States, independently of the home Government.
Such a contention has already been indicated by the
course of the Irish Free State in filing copies of
treaties with the League of Nations on its own account, and not through the intermediary of the British Foreign Office. To...this extent, then, the demand
of General Hertzog for "the right to international
recognition by foreign Powers" appears to have been
conceded in principle, as it has already been clearly
foreshadowed in the recognition of the Dominions
and India as signatories of the Treaty of Versailles.
A further step in the direction of greater autonomy,akin, indeed, to independence, has been taken in
the appointment by the Mackenzie King Government
of a Canadian Minister to the United States. It is
reported that a similar appointment by Australia is
in contemplation. The question of a Canadian Minister at Washington has been discussed off and on
for several years, and although the Washington Administration appears to have taken no steps as yet
to appoint a Minister for Canada, the wishes of Canada in the matter will doubtless be met in due course.
The action of Canada is even more significant than
the decision of the Conference to refrain from signing the Locarno pact, as evidence of the extent to
which the old idea of the Empire has changed. With
the Irish Free State already represented at Washington, the British Ambassador will hereafter be
only one of several spokesmen for British interests,
and the opinion of the Empire will be the collective
opinion of its various self-governing parts.
A third step, economic rather than political in
character, appears in the reported intention of Canada, Australia and New Zealand to adopt the American plan of restricted immigration. As long as free
migration within the Empire obtained, unemployment in Great Britain could be in some measure met
by migration to the overseas possessions, but with
restricted immigration in force, that means of
relief.will no longer be so fully available. The decision may bear hard upon the present acute unemployment situation in Great Britain, where the majority of the unemployed are industrial laborers, and
where it has been hoped that immigration overseas
might afford substantial relief. Canada, however,
is reported to desire only agriculturists, and only
selected persons, presumably with some capital or a
record of efficiency, within that class, and the labor
needs of Australia and New Zealand appear to be
much the same. Once more the old conception of the
Empire is to be modified, this time by the erection of
immigration bars and the establishment of quotas or
admission standards. It may very well turn out that
Canada, to the extent to which it is able to draw
agriculturists from England, may increase still further the difficulties of the British farmers and the
dependence of Great Britain upon imported food,
unless the British Government can devise a means
of inducing its unemployed industrial workers to go
upon the land, but the policy of Canada seems to be
that of caring first for the needs of its own people
and the development of its own resources.
These are some of the larger fruits of the Imperial
Conference as thus far made known. They indicate
further substantial progress in the direction of independence within the Empire, and a widening of the
field of Dominion self-government. A common race,
a common speech, a common law and a common his.
2570
THE CHRONICLE
tory still suffice to insure essential unity, and cooperation in Imperial business may be counted upon
to -operate as Imperial problems arise, but the Empire itself undergoes continual change. For most
purposes the British Dominions have become autonomous States, free of obligations save such as inhere in loyalty and good-will. It is to the credit of
British common sense that it accepts the inevitable
with good grace, and that the political children of
the Empire do not seem to lose affection for the common mother as they more and more pursue their
several ways.
The Trend Indicated by Labor Banks.
Mr. Frank Parker Stockbridge, writing on what
he terms "The New Capitalism" in the "Saturday
Evening Post" of Nov. 6, finds a significant trend
in the establishment of labor banks. As the basis of
his claims he sets out in the beginning of his article,
that "there are in operation in the United States 37
labor banks, with resources ranging individually
from $200,000 to nearly $27,000,000, and aggregating more than $120,000,000. There are eleven investment corporations entirely owned and controlled by
organized labor, with aggregate paid-in capital of
$34,000,000. Besides that pool of more than $150,000,000, which labor absolutely controls, there are
banking resources of more than $100,000,000 in the
investment of which labor has a not inconsiderable
say. . . . New labor banks are being projected
and organized at the rate of dozens a year. I was
told in one place of 50 which are expected to be in
operation before the end of 1927. The whole movement is less than six years old, most of the institutions less than three. Only a small portion of the
cirganized workers in the United States and Canada
are as yet participants in the new capitalism, probably fewer than 10% of the important labor groups
included in the membership of the American Federation of Labor, the railroad brotherhoods and the
Amalgamated Clothing Workers. Yet they are already operating in the field of big business with
somewhere around $250,000,000 of capital, operating
successfully, making money collectively and individually, converting their constituencies into investors, and through their collective investing power
sitting at the table with capital in its most concentrated forms and finding capital not only not aloof
but genuinely friendly."
• We shall later refer to other points made by this
writer, but as his main argument is based on the
fact that labor has entered the banking business, we
now quote his conclusion: ". . . There is no doubt
whatever that American labor is headed toward the
goal'of the control of American industry, not alone
in the indirect sense in which its collective purchasing power already makes it largely the dictator of
what industry shall produce, but by such a degree
of actual ownership, as shareholder and bonded creditor,as to insure the stability of its own job, to make
the payroll rather than the dividend the first financial objective of business. The road on which labor
has started, with its conversion of workers into capitalists, leads definitely in that direction. Unless an
at present unthinkable letting down of the immigration bars or some unforeseeable cataclysm blocks the
path, that is where labor seems bound eventually to
arrive." The growth in the number of workingmen
who are becoming investors in stocks and bonds of
[Vol,. 123
railroad, public utility and other corporations, Mr.
Stockbridge does not pass by, but there is confusion
in classing these with actual ownership of 51% of
shares in labor banks by the unions. Several of the
significant points brought out by this writer are that
these labor banks have been started by individual
unions, such as the Brotherhood of Locomotive Engineers and Amalgamated Clothing Workers, and not
by the A. F. of L., which has taken no position in the
matter; that they have not confined their business in
deposits and loans to members of these unions, as
evidenced in the case of the Cleveland bank, the
largest and most successful of all of them, "while
nearly two-thirds of the Cleveland bank's deposits
are in savings accounts, only about 14% of the total
of these are in the names of members of the Brotherhood; that while these labor banks are controlled in
majority ownership of stock and in the directorate
by the unions, in their early administrative direction they were manned by experienced bankers hired
for the purpose; that they have "played the game"
from the standpoint of capital rather than labor socalled, obeying the financial rules of sound banking;
and that by reason of the chain bank system they
have been enabled to take part in large banking enterprises and to become dealers in stocks and bonds
by virtue of easy access to their memberships.
We see no reason why this adventure into business
should not take place. If these unions have the
money they may enter the banking or any other business: It is for the unions to decide whether it is
politic or not, whether this is the real purpose of
unionization. It is proper to wish them well, and as
stated in the article they find no antagonism voiced
by what is termed "entrenched" capital. But we
find in the major fact not revolution but evolution;
not confirmation of many of the claims and activities of the historic unions, but abandonment of radical claims and the adoption of established business
principles. Saying this we do not foresee the early
control of "industry" by the unions. Two hundred
and fifty millions, whether in resources or in capital stock alone, the author is not quite clear on the
point, is not a formidable amount in industry as a
whole. There is a long road ahead before "labor"
will sit around all the boards and exercise a directing voice. There are forty million workers, between
three and four millions organized. The profits and
savings extended over one hundred and fifty years
in the United States constitute the capital of the
country. Organized labor in six or sixty years can
secure but a small portion of it. While labor is saving existing capital is adding to its own stock. It
will continue to do so alongside "labor's" investment
enterprises, unless Leninism does take the helm and
destroy all. Leaping at conclusions is an easy *ay
to reap the harvest. More, banking and bonding investments, are only one way in which capital works.
Manufactures, agriculture, mining, and in a less degree, transportation, for all of workers' investments
in stocks, are far from being owned by labor shareholders, welcome as these are.
This writer himself notes the fact that at the outset the Cleveland labor bank promised the "depositors of savings accounts a share in the profits in
addition to their regular 4% intereSt," a practice
which he says has been "discontinued." Now, there
have been "mutual"savings banks for scores of years,
limited in scope and investments and distributing
Nov. 20 1926.]
THE CHRONICLE
practically all gains over the costs of operation.
Labor has not only introduced no new principle in
banking, but has adopted the old and time-tried principles, and largely thereby has succeeded. But is it
to be supposed that it can, by buying control of manufacture, exercise the same powers? What is to become of the old capital in light of the new? Will it
be any different sort of capital because new or because of new owners? We find in this advent into
new fields surrender rather than triumph.
The idea is advanced that when labor does obtain
financial control it will consider wages first and
profits afterward. But can there be any wages without first profits? Can enterprise and industry pay
wages by devouring its own capital? Again, and
the dilemma is patent, if labor ownership should be
superimposed, can management fatten by leaning on
the consuming power of labor employed and nothing
else? And there are many obstacles to be overcome.
The future of industry cannot be entirely divorced
from its past. Continued depressions may affect
even well-regulated labor banks. Six years in an
upward trend is a short time. Old capital is, as it
always has been, welcoming to new enterprise; it
will help when it can, and also when it must. Only
alarmists talk otherwise; only extremists see revolution in the dust of whirlwinds.
River Transportation.
Improvement of interior waterways is a subject
over which the whole people may enthuse. There are
present signs of fulfillment, but we think it impolitic to promise the benefits in a few years. Time
is necessary and hundreds of millions o money.
No pork barrel scheme of haphazard expenditures
should be tolerated. Congress in the last quarter of
a century has wasted more than enough in this way.
There are two principal objects involved—reclamation of lands subject to overflow and the deepening
and controlling of the channels and currents of the
rivers. These objects dovetail -together. And if the
farm relief agitation accomplishes the purpose of
starting into activity this mighty and useful work it
will have performed some service to the country at
large. But ,it is not wise to promise an immediate
help from so gigantic an undertaking. To resolve
to do it thoroughly is the first step.
You cannot sit for half an hour at Riverside Drive
without noting the barge traffic on the Hudson.
Viewing the Mississippi from the Eads Bridge is, by
contrast, a woeful disappointment. There is no
barge traffic worth mentioning. A few small sternwheel steamboats and a modicum of freight piled up
on the levees, shows how little these streams, the
Missouri, Mississippi and Ohio, serve the people, and
especially the farmers, of these vast valley territories. Yet it is possible, subject to difficulties inevitably to be encountered, to put some action upon
these waters prior to the main accomplishment. The
Government, however, should be wary of entering
upon this work of actual transport. Its chief, and
we may say imperative, duty is to make feasible the
floating of freights by private companies. Congress
should see the project as a whole and act accordingly.
And may we suggest at this point that Congress
should not•become alarmed at the magnitude of the
task and its costs. We have got used to talking in
millions and even billions. Senator Reed of Mis-
2571_
souri is reported as estimating the needed appropriation at a billion dollars; Mr. Hoover, it is said, has
mentioned a hundred millions. Doubtless the right
figure lies between these two extremes. Of course,
the sum is to be paid out as the work proceeds under
Government supervision and by private contracts,
and only under a comprehensive plan as outlined by
our best engineers. Nor need taxes be very materially increased at present.
When the Government undertook the building of
the Panama Canal it was regarded as a Quixotic
project. Now, it pays. We do not know whether
tolls are possible in this adventure. It makes no
difference. The benefits will naturally spread themselves over the whole country. What would it mean
to the trade of New York City and the Eastern seaboard States to double or treble the prosperity of a
section as large as that between the Alleghanies and
Rockies? Cheaper freights, reclaimed acreage, intensified production, new towns and cities, increased
wealth, a larger inward flow of population, more
mining and manufacturing, a general development
of resources hardly understood, much less appreciated—and money to spend at the great ocean gateways, East, West and South, for the exchanges of
the world!
In view of possible depression and unemployment,
what a boon to the country, the expenditure of fifty
millions annually for, say, ten years! Is this not a
purely business proposition—improvement to the
plant during a temporary lull? This work might
begin at once—it might be carried forward simultaneously on several rivers. There are plans already
in the archives at Washington, for there have been
"river commissions" for lo, these many years. It
would appear altogether possible to put barge lines
in operation in five years by giving immediate attention to well-defined obstacles. But not one dollar of
this money should be lost—every wall and dam
should be permanent. It is a mighty task, with a
mighty outcome. And not the least of the objects
is the development of water power.
Increasing indebtedness by .nation, States, municipalities and subdivisions should be frowned
upon. But this long talked about improvement is a
thing apart. Ought it not, in reason, to have been
done before the Panama Canal was built? No matter, the time is ripe now! Why mourn and moan
over farm surpluses and neglect natural highways
that offer cheap transport-egress to the world? Why
provide for co-operative marketing with only limited
means of reaching markets? Rapidly, and too rapidly, many think, we are paying off the war debt.
The "Chronicle" has at other times expressed its
approval of this needed national improvement. It
believes there is no more opportune time to begin the
w-ork. Again and again, it has been stated that the
railroads will not oppose. Why should they? A
prosperous interior valley of contented people,
stirred to endeavor by the lure of world markets of
easy access, will increase the kind of freights they
haul to-their own greatest advantage. There is nothing visionary in the scheme. It is not a subsidy to
States along these rivers, for cheap transportation
links East, West, North and South together. As in
case of a concrete highway, others may use it more
than those who live along its path. The idea is practical. The Government is competent to supervise.
And no "pork barrel."
2572
THE CHRONICLE
Put upon a sound business basis it will save the
millions annually frittered away by piecemeal construction that washes out almost as soon as the installment is finished. But it'is a difficult task, one
not to be entered upon lightly. Congress should
rise above all politics in providing it. Sectionalism
should not be invoked anywhere in its consideration.
And it is a huge task, but one entirely within the
power and scope of our national Government. This
interior valley system is forever the pride and potency of the nation. Let us have done, then, with
this talk of the East profiting at the expense of the
West, the North at the expense of the South. But
as unity lies in the heart of our territorial greatness,
let us acclaim this project with one voice!
[V.i3.
1,23.
us. When the war was over we were in a position
to deal with the situation with idealistic aims. We
desired no territory and we sought no reward. We
were but imperfectly acquainted with Europe's
internal conditions. With unhesitating charity
we had come to the help of the needy and the suffering, and we are continuing to do so. With boundless admiration and eager gratitude all eyes were
turned toward us. And our response was proportioned to the need, and individual assistance was
lavish. And yet, when our allies were taking possession of their new acquisitions and writing their mutual obligations of debits and credits they wondered
why we should foot up their obligations for advances
made by us in order to enable them to buy the supplies here which were necessary for their very existThanksgiving Day.
ence. Private parties were hastening to adjust their
It will be remembered that the series • of our na- obligations and losses
in such ways as would permit
tional Thanksgiving Days was unconsciously inaug- new intercourse. War
claims in the past had always
urated in 1621 by the Pilgrims in Plymouth. As been settled with transfer
of territory. Cash indemtheir first year drew to its close in the autumn the nity in addition had only
been demanded in 1871 in
half hundred of their original number who had sur- the settlement by Germany
after the war with
vived the first pitiful winter found their future as- France. It was reasonably
to be expected as we
sured. The forest had furnished them game, and the sought no spoils from
the enemy, while our allies
fields a bountiful harvest. The "Mayflower" had all took their share and
presented their further degone back in the spring and there was prospect of mands, that our account
with the Allied nations,
others coming to their aid, so they set apart a day large as it was, should be
presented.
for thanksgiving and praise to God.
Adjustments quickly began. Great Britain soon
It is a long day from that Thanksgiving Day to came over to arrange terms
and in promptly acceptthis. The land has seen many vicissitudes and a ing those that were
agreed upon established her own
great nation has arisen which has not been unmind- world credit and
greatly stimulated the efforts of
ful of its origin. Whatever the experience of the Europe in similar
direction and toward reconstrucyear, it approaches its close with a day of thanksgiv- tion. Since then
other nations from the Baltic
ing which, however long the series, has each its own States to Italy have done the
same and have been met
reason for being; and.this one is no exception.
with terms adjusted to their differing needs and
First of all is the unbroken continuence of our ability. It was inevitable that early
expectations
past. Change is everywhere. The new world which should be disappointed and harsh judgment
s should
all are talking of is the justification if not the cause take the place of adulation. A larger understa
nding
of the new spirit that prevails. The eagerness for is taking place on both sides of the Atlantic.
The
new experience, the independence, the restlessness, London "Times" in August last said: "The
United
the ambitions of the young, the readiness for new States and Great Britain have been closely associmethods and new -fields, with more opportunity and ated as principals in the work of systematic
reconmore knowledge for all, mark a fulness of life which, struction in Europe, first in Austria and
later in
as with a great river, declares its unbroken connec- Hungary and Germany, and in this work
they have
tion with its original sources. It has the sustain- together acquired a joint authority and
inspired a
ing strength of primitive forces which determines growing confidence that neither could
have acquired
its distinctive character and general course. The or inspired alone." We may gladly
welcome this
America of to-day is the America of the past, the testimony and accept it as indicatin
g that harsh feeldream and the vision of the old world realized and ings toward us in Europe will graduall
y give way
perpetuated in the United States, the country and to juster and kindlier ones to which
we will certainly
the home for which the nation will give thanks to respond.
God next Thursday.
Meanwhile we must admit that the contest to "inThe immediate blessings of the year are suffi- herit the earth" goes on and is not in
the hands of
ciently well known to all. They are in continuance "the meek"; still, there has been real progress in
of the peaceful and abundant prosperity of recent abandoning the resort to force and in creating acyears. Unsolved national problems exist; there is cepted agencies for establishing peace. In
this conalways cause for sufficient anxiety and ground for nection the chief feature is the value of face to face
change with hope for the better. In private life intercourse of individual leaders of opposite interthere is the universal and endless experience of trials ests when in mutual confidence they can devise comand sorrows, of disappointment and defeat, but in mon action which will assure harmony. The old
recognition of the general well-being these will be diplomacy was evil so far as it was selfish and defor the hour wrapped up in the prevailing thankful- ceitful. As the sphere for the service of sincere and
ness of the day which has something of cheer for all. wise leaders it is indispensable and never more imThen there are our relations with Europe, ot portant than to-day.. The same applies to the new
which much has been said, and in which there is and now widely opening field of business men, inmuch misunderstanding and much to be regretted. dustrial and commercial, as well as financial, in
It is difficult for people in different conditions to getting together to develop their common interests,
understand one another. With open arms and full which are their common service of all. It is prehearts we went to the aid of those who greatly needed eminently the day of co-operation and combination;
Nov. 20 1926.]
TN 144 CHRONICLE
a method so promising and already so prevailing
that many are afraid at least of its possibilities, but
which is so manifestly in the line of progress and so,
of social and human betterment, that it also may
have place in the national thought of thanksgiving.
If we need to be reminded that, as is true, "war
is not caused by armaments, but is caused by a conflict of ideas or interests, and is only the occasional
instrument of a policy that is, or should be continuous," that policy is obviously the security of the
State and its citizens upon which depends their common progress. As we gather in thanksgiving for our
blessings we have to recognize that the leaders,
statesmen and captains of industry alike, who guide
the policy of the nation and determine its particular application are powerless for permanent good
unless they are upheld by the people. President
Angell of Yale University has recently said "Democracy is likely to go on the rocks almost as soon as
launched if educated intelligence be not diffused
• among its members and if its administrators have
not by heredity or training some special gifts for
their task." Of the truth of this there is abundant
fresh European testimony.
A visiting foreigner asks, as he observed the delight of the crowds over the silliest plays and the
ingenuous sentimentalism in purely scenic effects:
"Is what one sees the superabounding energy of
youth or is it a fictitious rejuvenation of Old World
decadence?" If on Thanksgiving Day we would
answer: It is the result of the abundance of general
prosperity and of the light-hearted spirit that comes
from the common consciousness of living under a
Government proclaiming "the right of all not only
to liberty but also to happiness."
This has to-day confirmation in the awakened interest of our people to the need of education. It is
demanded for use in every department of life. The
citizen wants it as a voter; and the young people
want it for themselves. Our universities and colleges are thronged by a multitude for which they
2573
have not room. New departments of instruction are
opened on all sides in lines hitherto unthought of.
Improvements are everywhere pressed in our publa
schools. More and better teachers; larger and better buildings with improved sanitation and cleanliness; more play grounds; amended courses in the
high schools with special reference and direction of
the pupil's subsequent life and occupation; collecting the children in rural districts into new central
buildings to ensure better advantages for all; attendance up to 16 years enforced by law; continuation schools for those over 16; and already in many
States divorce of the schools from politics.
These all point to a better citizenship and a more
assured stability of the State, no less than to a steady
and general uplift of the individual members in happiness and well-being. Progress is necessarily slow,
but each year the knowledge of it will enter with
growing significance into the thoughts of Thanksgiving. We may look forward to the day when the
young people with us will look back upon their
schools with something of the affectionate pride with
which scholars in older lands salute their Alma
Mater:
Here is a House that armors a man
With the eyes of a boy and the heart of a ranger,
And a laughing way in the teeth of the world,
And a holy hunger and thirst for danger.
Balliol made me, Balliol fed me,
Whatever I had she gave me again;
And the best of Balliol loved and led me;
God be with you, Balliol men!
A national Thanksgiving Day will then stir
the
hearts of man and of women who, remembering their
own schools, will share with those about them
the
consciousness of the advantages which in their youth
America sought to provide for all her sons and
daughters, unting them in a citizenship in which
there shall be no room for the unseemly jealousies
and strife which at times cast dishonor upon even
the best.
Gross and Net Earnings of United States Railroads
for the Month of September
In the results disclosed, our September compilation of the earnings of United States railroads is
like that for the months immediately preceding—
that is, if we take the roads collectively. The totals
run well above those for the corresponding month
of the preceding year, both in the gross and the net,
with a relatively larger improvement in the net than
in the gross, reflecting continued growth in operating efficiency and no let-up in efforts at increasing
economy. The further additions to revenues during
the month under review are more noteworthy than
those of preceding months, since in certain sections
of the country there is now a quite pronounced trend
towards diminished trade activity as a result of less
favorable conditions in those sections.
The great drop in the price of cotton is making its
influence felt in trade affairs in the South, even
though the effect of the unprecedented cotton crop
the present season may be to add eventually to the
tonnage in that item of freight transported by the
railroads. The collapse of the real estate boom,
which a year or a year and a half ago had
obtained
such a strong hold on special districts in the
South
is also exercising a restraining influence on
trade
in that part of the country, and during Septem
ber
the Florida hurricane was an additional unfavorable development. These drawbacks are finding expression in diminished earnings on quite a number
of prominent Southern roads, as we shall see further
along in this article.
In the spring wheat sections of the Northwest,
more particularly Minnesota and the two Dakotas,
the wheat crop the present season has been heavily
reduced and as a consequence here also some
roads have suffered losses. In the Southwest,
too, the low price of cotton has been an adverse
influence in the case of many of the roads running
through or connecting with Arkansas, Oklahoma- and
Texas, though here an offsetting favorable influence
has been the very bounteous harvest of winter wheat
2514
THE CHRONICLE
[VOL. 123
raised in 1926 in contrast with the very poor crop in these earlier months of 1921 the loss in gross revethat part. of the country the previous year. On the nues because of diminished traffic had been in large
other hand, the very large export demand for coal, part offset by the additional revenue derived from
owing to the coal strike in Great Britain, has been a higher rates on the traffic which the carriers acboon of large proportions to many of the roads car- tually did handle and transport. In September this
rying coal to the seaboard, especially those in the was no longer the case, for in that month compariPocahontas region, with the result of huge gains in son was with a time in 1920 when the higher rates
earnings by such roads as the Norfolk & Western, the authorized by the Inter-State Commerce Commission in the summer of that year were already in
Chesapeake & Ohio and the Virginian Railway.
Altogether there have been strong conflicting cur- .effect. It was estimated at the time when these
rents with the unfavorable ones predominating, and great increases were made that on the volume of
that is what makes the showing for the roads as a traffic then being handled they would add $1,500,whole, with an increase in gross and net alike, espe- 000,000 to the annual gross revenues of the roads, or,
cially encouraging. As will be seen from the fol- roughly, $125,000,000 a month.
Deprived of the advantage--in the comparisons—
lowing comparison of the grand totals, the gain in
the gross over a year ago for the whole body of roads of these higher rates, the naked fact of a tremendous
is $24,192,009, or 4.28%. This has been attended by Shrinkage in the volume of business then being moved
an augmentation in expenses of only $9,195,091, or (1921) stood out in all its grimness. The loss ac2.37%, leaving, therefore, a gain in net of $14,996,- cordingly aggregated no less than $120,753,579, or
not far from 20%. But by dint of great effort the
918, or 8.48%.
Inc.(+)or Dec.(—). roads managed to cut down their expenses in the
Month of September—
1925.
1926.
+802 0.34%
Miles of road (185 roads)
236.779
235,977
$588,948,933 $564,756,924 +524,192,009 4.28% prodigious sum of $132,126,103, leaving a gain in
Gross earnings
+9,195,091 2.37%
397,015,785 387 820,694
Operating expenses
net of $11,372,524. The 12% reduction in the wages
67.41%
Ratio of expenses to earnings
68.67%
$191,933,148 5176.936,230 +514,996,918 8.48% of railroad employees which had been in effect since
Net earnings
Another point to remember as giving additional July 1, under the authorization of the Railroad Lasignificance to the present year's increase is that bor Board, was one fact in the big reduction in exthese increases follow moderate increases, too, in the penses; the shrinkage in traffic was yet another
previous year, our tabulations for September 1925 factor and of much larger magnitude, in addition to
having shown $24,381,004 gain in gross, or 4.51%; which railroad managers skimped and pared in every
and $18,0.26,891 increase in net, or 11.32%, notwith- direction, in particular cutting the maintenance outstanding that at that time the anthracite carriers lays to the bone, little repair work of any kind being
had to contend with the strike at the anthracite' done that could be deferred.
As against the gain in net in 1921, however,
mines, which served to cut off completely all traffic
in hard coal. Even in 1924, which was a period of brought about in the way indicated, it is important
trade reaction, there was in September of that year to note that in preceding years very large additions
only a relatively slight falling off in the gross earn- to gross revenues arising either from an increased
ings (no more than $5,116,223), while in the net volume of traffic or from higher rates failed to yield
there was no loss at all then, but rather improvement any substantial additions to the net. This remark
in the large sum of $29,947,793 (expenses having applies to the result for many successive years, operbeen reduced in amount of $35,064,016 at that time). ating costs having steadily risen at the expense of
Moreover, this followed $44,549,658 improvement in the net. In that respect the exhibit for September
gross in September 1923, or 8.91%, and $37,441,385 1920 was particularly disappointing. Great expecimprovement in net, or over 40%. It is true, that tations had been built on the benefits to be derived
this notable improvement in 1923 was due in part from the noteworthy increase in passenger and
to the poor exhibit made by the carriers in Sep- freight rates that had then just been put into effect.
tember 1922, when they had to contend at once with Gross earnings did reflect the higher rates in an inthe shopmen's strike and the strike in the unionized crease of no less than $113,783,775, or 23.68%, but
coal mines. And yet there was no actual loss in $104,878,082 of this was consumed by augmented
gross even in September 1922, but an increase,. expenses, leaving hence a gain in net of only $8,905,than 10%. In the years preceding, the
though this increase amounted to only $1,723,772, 693, or less
as
to the net was equally unsatisfactory.
showing
and was accompanied by $29,046,000 decrease in the
September
1919 our tabulations registered
Thus
for
net, due to the increase in operating costs occasioned
in
gross,
gain
but $18,828,861 loss in the
$9,252,922
by.the labor troubles referred to. Furthermore, this
September
1918
In
the gain in the gross revenet.
$11,372,524
gain
in
loss in the net in 1922 came after
reached
enormous
nue
proportions,
the war being
September
1920.
the net in 1921, as compared with
progress
and
the
in
still
volume
of
traffic
extremely
1921
gain
in
the
this
about
The noteworthy feature
which
besides
decided
large,
advances
in
passenboth
tremennotwithstanding
a
net was that it occurred,
rates
freight
had
and
ger
been
a few
made
only
that
year
in
revenues
gross
dous shrinkage in the
before.
The
months
addition
to
no
the
was
gross
industry
and
trade
slump
in
arising out of the great
than
$129,367,931,
or
less
36.16%.
was
But
this
year
of
the
whole
the
of
which marked the course
accompanied by an augmentation in expenses of
1921. The improvement in net came as a result of
$126,177,381,
or 51.82%, leaving net larger by only
prodigious curtailment of the expenditures which
or
2.79%-. The year before rising ex$3,190,550,
was forced upon the carriers in order to offset the
played
a
similar part in contracting the net
penses
great loss in traffic. In previous months the extent
In
that
year (in September 1917) there was
results.
colof the shrinkage in traffic consequent upon the
increase
in gross, but $7,699,654 loss in
$33,901,638
conmeasure
lapse in trade had been in considerable
an
to
expansion
owing
of 41% million dollars in
net,
then
were
cealed owing to the fact that the roads
In the following we furnish the Septemgetting very much higher transportation rates both expenses.
comparisons back to 1906:
for passengers and for freight. In other words, in ber
•
THE CHRONICLE
Nov. 20 1926.]
Net Earnings.
Gross Earnings.
Year.
Year
Inc.(+) or I
Year
I Preceding. Dec.(-).
Year
Given.
I
Inc. (+) or
Year
Preceding. Dec.(-).
$
'
$
$
$
Sept.
I
I
1906 _ 136,839,986 126,782,987 +10,056,999 48,341,798 45,653,884
1907 .141,220,009128.047.787 + 13,172,222 41,818,855 45,413,358
1908 _ 218,929,381 234,228,778 -15.299,397 81,615,313 77,531,878
1909 - 246,065,956 219,013,703 +27,052,253 95,443,956 81,858,560
1910 _ 256,647,702246,335,586 +10,312,116 91,580,434 95,449,517
1911 _ 249,054.036249,014,234
+39,801 90,720,548, 89.398,733
1912 _ 272.209,629 252,318,597 +19,891,032 96,878.558 90,842,946
1913 _ 285,050,042 275,244,811 +9.805,231' 92,847,193 98,000,260
1914 _ 272,992,901 285.850,745 -12,857,844 92,022,9471 91,274,033
1915 _ 294,241,340 276,458,199 + 17,783,141 111,728,276 93,181,915
1916 _ 332.888.990294.333,449 +38,555,541 124.447,839111,875.296
1917 _ 364,880,086 330,978.448 +33.901,638116.086.103123,785.757
1918 _ 487.140,781357.772,850 + 129,367,931 117,470,621,114,280,071
1919 _495,123,397485.870.475+9,252.922 98,302,598 117,131,459
1920 _ 594.192,321480.408,546 +113,783.775 102,329,0841 93,423,391
1921 496,784,097617,537,676-120,753.579 120,604,462 109,232,938
1922 -498.702,275496,978.503 +1,723,7721 91,384.503 120,428,552
1923 -544.270,233499,720.575 +44,549,658 129,300,309 91,858,924
1924 .539.853,860544.970.083 -5,116.223159,176.504 129,228.711
1925 _ 564,443,591 540.062,587 +24.381.004177.242,895159,216,004
1926 -588.948.933564,756.924 +24,192,009 191,933,148 176,936,230
$
. +2.687,914
-3,594,503
+4,083,435
+ 13.585,396
-3,869,083
+ 1,321,815
+6,035,612
-5,153,067
+748,914
+18,546,361
+12,572,543
-7,699,654
+3,190,550
-18,828,861
+8,905,693
+11,372,524
-29,046,959
+37,441,385
+29,947,793
+18,026,891
+ 14,996,918
Note -In 1906 the number of roads Included for the month of September was 9
In 1907.84;In 1908 the returns were based on 231,367 miles; in 190900 236,545 miles;
In 1910 on 240,678 miles; in 1911 on 230,918 miles; In 1912, 237,951 miles; in 1913.
242,097 miles; In 1914, 242,386 miles; In 1915, 245,132 miles; In 1916, 248,156 miles;
In 1917,245,148 miles;in 1918, 232,186 miles;In 1919, 232.772 miles;in 1920,226,955
miles; in 1921, 235,155 miles; In 1922, 235,280 miles; in 1923, 235,611 miles; in
1924, 235,178 miles; In 1925, 236,752 miles; In 1926. 236,779 miles.
•
The part played by the conflicting influences the
present year, to which we have referred further
above, is well shown when we examine the returns
of the separate roads. Taking first the Southern
roads, we find that the Florida East Coast (as compared with September 1925) has fallen behind
$1,548,354 in gross and $286,727 in net; the Atlantic
Coast Line $688,354 in gross and $1,222,861 in net;
the Seaboard Air Line $386,493 in gross and $78,827
in net; the Louisville & Nashville $251,662 in gross
and $325,588 in net; the Georgia Southern & Florida
$127,663 in gross and $155,496 in net, and the Texas
& Pacific $209,964 in gross and $140,365 in net. The
Southern Railway is an exception to the rule and
is able to show $26,376 increase in gross, though having $51,796 loss in net. This has reference to the
Southern Railway proper. For the whole Southern
Railway system,including the Alabama Great Southern, the Cincinnati New Orleans & Texas Pacific, the
Georgia Southern & Florida (already separately
mentioned), the New Orleans & Northeastern and
the Northern Alabama, the result is a decrease of
$5,429 in gross and of $251,225 in the net.
Some of the roads in the Northwest also make a
relatively poor showing. Thus the Northern Pacific
has lost $1,007,932 in gross and $289,224 in net and
the Milwaukee & St. Paul $662,960 in gross and $320,971 in net. The "Soo" road has been a particularly
heavy sufferer, reporting $1,152,934 loss in gross and
$873,163 loss in net. The Burlington & Quincy
shows $209,119 decrease in gross and $4,228 decrease in net. On the other hand, several other systems in much the same territory are able to give a
very good account of themselves, but .in those instances heavy ore traffic to Lake Superior evidently
furnishes the explanation. This ore traffic was very
much heavier in the month this year than in the
month last year, the movement having been delayed
the early part of the season by the late opening of
navigation and the ore movement itself having been
increased by the activity of the iron and steel trades.
The Great Northern is able to show an increase of
$392,945 in gross and of $724,824 in net; the Chicago
North Western has added $35,187 to gross and $32,654 to net, though its St. Paul & Omaha division has
fallen behind $179,814 in gross and $61,427 in net.
The influence of the larger ore traffic upon earnings
is, however, most clearly shown in the case of such a
distinctively ore-carrying line as the Duluth, Missabe & Northern. This reports $781,042 increase in
gross and $717,507 increase in net. When we come
2575
further south in the western half of the country, we
find very satisfactory resultA in the case of all the
big transcontinental systems. The Atchison Topeka
& Santa Fe has $3,155,378 gain in gross and
$2,985,262 gain in net; the Union Pacific $866,758
gain in gross and $1,091,379 gain in net; the Southern Pacific $192,290 gain in gross and $286,756 gain
in net,. while the Chicago Rock Island & Pacific has
added $435,007 to gross and $411,664 to net.
Coming east very heavy gains for the month of the
present year are met with in the case of all the anthracite roads, the reason being that given further
above, namely that comparison is with the period
of the anthracite miners' strike in 1925. There are
'also very large gains in the case of the soft coal
•roads in the Pocahontas region, due to the heavy
export shipments of coal, also already alluded to.
Thus the Chesapeake & Ohio shows $793,570 gain in
gross and $1,260,917 gain in net; the Norfolk & West:820 gaih in net
ern $882,836 gain in gross and $634
and the Virginian Railway $603,133 gain in gross
and $470,383 gain in net. As far as the great East
and West trunk lines are concerned, there is general improvement, following improvement, too, in
the previous year. The New York Central has enlarged its gross by $970,725 and its net by $114,061.
This is for the Central itself. Including the various
auxiliary and controlled roads, the gain in the gross
is raised to $1,910,786, but there is a decrease of
$78,248 in the net. The Pennsylvania RR. on the
lines directly operated east and west of Pittsburgh
is able to show $3-,009,579 addition to gross and
$1,364,174 addition to net. The Baltimore & Ohio
has enlarged its gross by $1,248,603 and its net by
$577,999, while the Erie and the Lehigh Valley likewise are favored with substantial gains, in part by
reason of the anthracite miners' strike a year ago.
In the following we bring together all changes for
the separate roads for amounts in excess of $100,000,
whether increases or decreases, and in both gross
and net:
PRINCIPAL CHANGES IN GROSS EARNINGS FOR SEPTEMBER.
Increase.
Increase.
Atch. Topeka & S. Fe (3)_$3,155,378 Internat. Great Northern_ $254,711
228,120
Pennsylvania
a3,009.579 C. C. C.& St. Louis
E
Del.
.Lackawanna
(3)
& West.. 1,858,204 Chicago & Eastern Illinois 227.404
222.257
1,713,523 Duluth & Iron Range_ _
Lehigh Valley
1,692.710 N.Y. N. H.& Hartford
197,925
Reading
1,362,787 Southern Pacific (7)
192.290
Baltimore & Ohio
171.357
1.248,603 Lehigh & New England__
Central of New Jersey.
166,476
1.199.918 Central New England.
New York Central
Western Pacific
136,854
Delaware & Hudson
"
90
70
2:54
119,606
723
5 Elgin Joliet & Eastern_
Norfolk & Western
882.836 Detroit(3rd. Hay.& Milw 112,870
Union Pacific (4)
111,506
866.758 Union RR.(Penna.)
Chesapeake & Ohio
793,570 K.C. Mex.& 0.of Texas.. 107,760
Duluth Missabe & North.. 781,042
Missouri Pacific
$30,064,680
659.841
Total (63 roads)
Virginian
603,133
Western Maryland
Decrease.
585,114
Yazoo & Mississippi Valley 551,678 Florida East Coast
$1,548,354
Bessemer & Lake
1,152,934
_ _ .. 512,321 Mimi. St. P. & S. S. M
Chicago R.I. & Pacific
Erie-(2) 435,007 Northern Pacific1,007,932
688,354
Great Northern
392,945 Atlantic Coast Line
Pere Marquette
391,266 Chicago Milw.& St. Paul_ 662,960
Wabash
386,493
374,196 Seaboard Air Line
251,662
Illinois Central
354.940 Louisville & Nashville_ _
220,980
Pittsburgh & Lake Erie_ _ - 344,649 Minneapolis & St. Louis__
N. Y. Ontario & Western_
209,964
333,651 Texas & Pacific
Michigan Central
325,939 Chicago Burl. & Quincy.... 209.119
179.814
Colorado & Southern (2)- 313.223 Chicago St. P.M.& Om__
Long Island
300,143 St. Louis-San Fran. (3)_- 137,453
Grand Trunk Western_ _ _
127,663
311,984 Georgia Southern & Fla__
Mo. Kan.& Texas (2)
294,454
New Or!. Tex.& Mex.(3). 292,884
$6.783.682
Total (15 roads)
(including the former
a This is the result for the Pennsylvania RR.,
Pennsylvania Company, the Pittsburgh Cincinnati Chicago & St. Louis
and the Grand Rapids & Indiana).
S The New York .Central proper shows $970,725 increase. Including
the various auxiliary and controlled roads, like the Michigan Central, the
"Big Four," &c., the whole going to form the New York Central System,
the result is a gain of $1,910,786.
c This is the result for the Southern Railway proper. Including the
Alabama Great Southern, the Cincinnati New Orleans & Texas Pacific,
the Georgia Southern & Florida, the New Orleans & Northeastern, and the
Northern Alabama, the whole going to form the Southern Railway System,
the result is a decrease of $5,429.
Note.-All the figures in the above are on the basis of the returns filed
with the Inter-State Commerce Commission. Wbere, however, these
returns do not show the total for any system, we have combined the
separate returns so as to make the results conform as nearly as possible to
those given in the statements furnished by the companies thenvPlves.
2576
THE CHRONICLE
PRINCIPAL CHANGES IN NET EARNINGS FOR SEPTEMBER.
Increase..
Increase.
Atch. Topeka & S. Fe_ _$2,985,262 Western Maryland
$ 118,289
Del. Lackawanna & West_ 1,389,239 New York Central
5114,061
Pennsylvania
01.364,174 Mo. Kan. Texas (2)
114,1110
Chesapeake & Ohio
1.260.917 Colorado & Southern (2).._
112.929
Union Pacific (4)
1,091.379 Detroit Ord. Hay.& Milw 107,839
Lehigh Valley
1,037,102 Denver & Rio Gr. Western 107,646
Delaware & Hudson
791.781 Spokane Portl. & Seattle. 104,679
Great Northern
724,824 Los Angeles & Salt Lake.._
104.107
Reading
718.857 N. Y. Ontario & Western- 100.743
Duluth Missabe & North_
717,507
Norfolk & Western
634,820
Total (53 roads)
$19,611,404
Erie (3
Decrease.
Central of New Jersey.._ _ _
594,029 Atlantic Coast Line
$1,222,861
Baltimore & Ohio
577.999 Minn. St. P. & S. S. M__
873.163
Bessemer & Lake Erie_ _
473,931 Louisville & Nashville...... 325,588
Virginian
470.383 Chicago Milw.& St. Paul_
320,971
Chicago R. I. & Pacific(2) 411,664 Northern Pacific
' 289,224
Southern Pacific (7)
286.756 Florida East Coast
286,727
Missouri Pacific
254,704 Michigan Central
265,429
Long Island
249,181 Boston & Maine
255,305
Pittsburgh & Lake Erie__
239,281 N. Y. Chicago & St. Louis 247,044
Pere Marquette
235,988 Minneapolis & St. Louis__
175,173
Chicago & Eastern Illinois 230,
Georgia Southern & Fla__
155,496
Grand Trunk Western.- 222,363 Texas & Pacific
140,365
N.Y. N. H.& Hartford__
206,146 Gulf & Ship Island
136.566
Lehigh & New England__
198.615 Richmond Fred. & Pot- 119,676
Duluth & Iron Range_ _ __
195,069 Chicago & Alton
113.235
Central New England_ ___
164,428 Detroit Toledo & Ironton_
110,847
Western Pacific
159,841
Yazoo & Mississippi Valley 134.944
Total (16 roads)
$5,037,670
a This is the result for the Pennsylvania RR. (including the former
Pennsylvania Company, the Pittsburgh Cincinnati Chicago & St. Louis
Rapids
gt
These
Grand
ea
l 5;Ii
cover
gilng
the
. operations of the New York Central
itself. Including the various auxiliary and controlled roads,like the MichlCentral, the
ult
gait'
iforFauer§.
olfticteritthAlarga
Great Southern, the Cincinnati New Orleans & Texas Pacific, the
Georgia Southern & Florida, the New Orleans & Northeastern, and the
Northern Alabama. the whole going to form the Southern Railway System,
the result is a decrease of $251,225.
iiasroapeirecreIan. Including
When the roads are arranged in groups, or geographical divisions, according to their location, further evidence is furnished of the part played by the
various influences reviewed above. For instance,
the Southern region shows a decrease in both gross
and net. The Northwestern region has a decrease in
gross, but a trifling increase in the net. The Pocahontas region, as would be expected, stands out with
exceptionally large gains in gross and net alike,
while the Great Lakes region and the Central Eastern region are likewise distinguished for the extent
of their improvement in both gross and net, they
having been favored the present year in a double
way, first by the heavy ore traffic and secondly by
reason of the fact that comparison is with the period
of the strike in the anthracite regions last year. Our
summary by groups is as follows:
SUMMARY BY DISTRICTS AND REGIONS.
Gross Eantings-----District and Region1925.
Inc.(+)orDec.(-)
September1926.
Eastern District24,075.757 23,600,019
+475,738 2.02
New England Region (10 roads)
105,671.620 95.730.262 +9,941,358 11.04
Great Lakes Region (33 roads)
134,284,3 3 125.395,274 +8.889,059 7.10
Central Eastern Region (31 roads)
Total (74 roads)
Southern DistrictSouthern Region (30 roads)
Pocahontas Region (4 roads)
264,031,710 244,725,555 +19,306,155 7.00
72,752,588 74.847,699 ---2,095,131 2.80
26.075.929 23,837.537 +2.238,392 9.39
Total (34 roads)
Western DistrictNorthwestern Region (18 roads)
Central Western Region (22 roads).Southwestern Region (37 roads)
Total (77 roads)
98,828,497 98.685,236
+143,261 0.14
74.100,699 75,678,354 -1,577,6.55 2.08
90,753.509 98,330.468 +3.423,041 3.55
52,234,518 49.337,311 +2.897,207 5.87
226,088.726 221,346.133 +4,742,593 2.15
588,948,933 564.756.924 +24,192,009 4.28
Total all districts (185 roads)
DistrictdkRegion -----Mileage
Net Earnings
1926.
1925. Inc.(+) or Dec.(-).
September1926. 1925.
$
Eastern District
%
7,361 7,582 6,724,805 6,394,102
+330,703 5.16
New England
Great Lakes Region. 24,921 24,946 31,835,467 27,056,218 +4,779,249 17.70
Central East Region- 27,073 26,966 40,000,157 35,538,088 +4,464,071 12.56
59,355 59,495 78.560,429 68,988,406 +9,574,023 13.88
Total
Southern District38,771 38,390 19,928.483 22,259,357 -2,330,894 10.47
Southern Region
5,554 5,544 10,576,878 8,330,234 +2,246,444 26.97
Pocahontas Region
Total
Western DistrictNorthwestern Region
Cent. West. Region_
SouthwesternRegions
Total
44,325 43,934 30,505,141 30,589,591
-84,450 0.27
+224,111 0.62
48,451 48,463 27,430,838 27,206,727
51,072 50,657 39,238,498 35,120,771 +4,117,727 11.72
33,576 33,428 16,198,242 15,032,735 +1,165,507 7.78
133,099 132,548 82,867,578 77,360,233 +5,507,345 7.12
Total all districts_236,779 235,977 191,933,148 178,936,230 +14.998.918 8.48
NOTE.-We have changed our grouping of the roads to conlorm to the classification of the inter-State Commerce Commission, and the following indicates
the confines of the different groups and regions:
EASTERN DISTRICT.
New England Region.-This region comprises the New England States.
Great Lakes Region -This region comprises the section on the Canadian boundary
between New England and the westerly shore of Lake Michigan to Chicago. and
north of a line from Chicago via Pittsburgh to New York.
Central Eastern Region -This region comprises the section south of the Gres
Lakes Region, east of a line from Chicago through Peoria to Bt. Louis and the
Mississippi River to the mouth of the Ohio River, and north of the Ohio River to
Parkersburg. W. Va., and a line thence to the southwestern corner of Maryland
and by the Potomac River to its mouth.
Ivor.. 12:4
SOUTHERN DISTRICT.
Pocahontas Region -This region comprises the section north of the southern
boundary of Virginia, east of Kentucky and the Ohio River north to Parkersburg.
W. Va., and south of a line from Parkersburg to the southwestern corner of Maryland
and thence by the Potomac River to its mouth.
Southern Region.-This region comprises the section east of the Mississippi River
and south of the Ohio River to a point near Kenova. W. Va., and a line thence
following the eastern boundary of Kentucky and the southern boundary of Virginia
to the Atlantic.
WESTERN DISTRICT.
Northwestern Region.-This region comprises the section adjoining Canada lying
west of the Great Lakes region, north of a line from Chicago to Omaha and
thence
to Portland and by the Columbia River to the Pacific.
Central Western Region -This region comprises the section south of the Northwestern region, west of a line from Chicago to Peoria and thence to St. Louis. and
north of a line from St. Louis to Kansas City and thence to El Paso and by the
Mexican boundary to the Pacific.
Southwestern Region.-This region comprises the section lying between the
Mississippi River south of St. Louis and a line from St. Louis to Kansas City and
thence
to El Paso and by the Rio Grande to the Gulf of Mexico.
As has already been indicated, Western roads
(taking them collectively) in September suffered a
severe contraction in their grain traffic, the receipts
at the Western primary markets having heavily declined. This followed, too, a heavy diminution in
the movement in the corresponding four weeks of
last year. The falling off, moreover, was not confined to wheat alone, but extended to nearly all the
other different grains. Of the five cereals, wheat,
corn, oats, barley and rye, corn is the only one which
fails to show a decrease, the receipts in that instance
having been 11,545,000 bushels for the four weeks
ending Sept. 30 1926, against 11,067,000 bushels in
the four weeks of 1925. The wheat receipts at the
Western primary markets for the four weeks of 1925
aggregated no more than $46,802,000 bushels, as
against 53,558,000 bushels in the corresponding pe- •
Hod last year; the receipts of oats were 17,572,000
bushels, against 28,339,000; of barley 6,592,000 bushels, against 14,111,000, and of rye 3,502,000 bushels,
against 5,974,000. Aggregate receipts for :the five
cereals combined were only 86,013,000 bushels, as
against 113,049,000. In the following we give the
details of the grain movement in our usual form:
WESTERN FLOUR AND GRAIN RECEIPTS.
4 Weeks
Ended
Flour
Wheat
Corn
Oats
Bosley
Sept. 25. (bbls.)
(bush.)
(bush.)
(bush.)
(bush.)
Chicago1926 ___ 1,017,000 4,251,000 2,966,000 6,012,000 1,060,00()
1925 ___ 967,000 2,525,000 4,941,000 3,084,000
994,000
Milwaukee1926 ___ 188,000
724,000
272.000 1,652,000
673,000
1925 __ - 237,000
350,000
393,000 1,311,000 1,007,000
St. Louis1926 __ - 496,000 3,544,000 1,460,000 1,666,000
145,000
1925 -_. 466,000 1,875,000 1,097.000 1,768,000
168,000
Toledo1926 --1,247,000
166,000 1,096,000
5,000
1925..,.809,000
113,000 1,250,000
2,000
Detroit1926 312.000
26,000
179,000
1925 --100,000
30,000
162.000
.1,000
Peoria1928 .... 235,000
135,000 1,902,000
496,000
152,000
1925- 166,000
• 226.000 1.425,000
534,000
81,000
Duluth1926 9,598.000
5,000
822,000 2.614,000
1925 20,062,000
43,000 8,306,000 7,028,000
Minneapolis15,083,000 1,221,000 3,441,000 2,033,000
1926 1925 19,255,000
294,000 6,701,000 4.830,000
Kansas City'6,223,000
1926 574,000
391,000
4,578,000
629,000 1,813,090
IndianapolisOmaha 1
2,982,000 2,090,000 1,523,000
1925 10,000
1925 1,992,000 1,414,000 2.524,000
Sioux CBI/1926184,000
344,000
126,000
1925 215,000
155,000
490,000
2,000
St. Joseph1926 -.-873.000
481.000
134,000
1925 -648,000
478.000
258,000
Wichita1,668,000
1926 48,000
34.000
925,000
1925.
55.000
118,000
Total all-1,936,000 46.802,000 11,645.000 17,572,000
19213
1,836,000 53,558,000 11,067,000 28,339,000
1925
Wheat
Jan. 1 to Flour
Corn
Oats
Sept. 25. (bbls.)
(bush.)
(bush.)
(bush.)
Chicago1926 -- 9,315,000 33,887,000 57,510.000 35,623.000
1925 __- 967.000 2,525,000 4,941,000 3,084,000
Milwaukee1,441,000 5.985,000 6,141,000 9,358,000
1926
1925 -__ 237,000
350,000
393,000 1,311,000
St. LouU3,928.000 26,572,000 19,065,000 20,615,000
1926
1925 --_ 466.000 1,875,000 1,097,000 1,768,000
Toledo9.743,000 3,314,000 5,287,000
1926 809,000
1925 113,000 1,250,000
Detroit1,247.000
1926
480.000
922,000
100,000
1925.
30,000
162.000
Rye
(bush.)
298,000
313,000
148,000
53,000
60.000
83,000
23,000
7,000
57,000
13,000
2,000
3,000
2,302,000
3,247,000
610,000
2,254,000
2,000
1,000
6.592,000 3,502,000
14,111,000 5,974,000
Barley
Rye
(bush.)
(bush.)
6,671,000 1,171,000
994,000
313,000
6,436,000
1,007,000
813,000
53,000
578,000
166,000
323,000
83,000
21,000
2,000
183,000
7,000
3,000
1,000
195.000
13,000
Nov. 20 1926.]
THE CHRONICLE
Flew.
Wheat.
Corn.
Jan. I to
(bbls.)
(bush.)
:et. 1.
(bush.)
Peoria1926 _._ 1,911,000 1,246,000 18,452,000
1925 -- 166,000
226,000 1,425,000
Duluth31,071,000
1926 122,000
1925 _
20,062,000
43,000
Minneapolis1926 70,380,000 7,686,000
1925 19.255,000
294,000
Kansas City1926.
68,262,000 13,466,000
1925 4,578,000
629,000
Omaha & Indianapolis.1
1926 19,046,000 25,655,000
1925.
1,992,000 1,414,000
Sioux City1. 1926 1,933,000 2,153,000
P1925.
215,000
155,000
St. Joseph1926 7,261,000 8,385,000
1925 646.000
478,000
Wichita1926 21,332,000 1,468,000
1925 925.000
55,000
Oats.
(bush.)
Barley.
(bush.)
Rye.
(bush.)
6,847,000 1,081,000
554,000
81,000
35,000
3,000
9.616.000 3.897,000 6,644,000
8.306.000 7,028,000 3,247,000
17,870,000 11,130,000 3,411,000
6,701,000 4,830,000 2,254,000
3,174,000
1,813,000
12,774,000
2,524,000
1,830,000
490,000
-
1■11illir wo
10,000
2.000
22,000
2,000
2,000
1,000
1.571.000
258.000
333.000
118,000
4,000
Total all1926 -16,595,000 297,775,000 163,887,000 125,798,000 29,853,000 12,779,000
1925 -16,772,000 250,057,000 163.350,000 184,678,000 47,576,000 18,094,000
2577
Treasury Department May Seek Legislation for Closer
Control of Land Banks-Reported Investigation by
Attorney-General Sargent.
A statement was contained in Associated Press advices
from Washington, Nov. 17, that a general investigation by
the Department of Justice into the administration of joint
stock land banks is under way. The dispatch went on to say:
The inquiry, which has been going on for some time, has spread into several Western cities, but developments are being closely guarded by officials
here. Attorney-General Sargent has taken over personal supervision of the
proceedings.
Regarding these reports the "Wall Street Journal" of
Nov. 18, through its Washington Bureau, stated:
Attorney-General Sargent refused to deny or affirm published reports
that the Department of Justice was investigating Federal Joint Stock Land
banks at Kansas City and St. Paul.
The Treasury makes plain there is no question that the value of any bond
Issued by any Joint Stock Land bank has been injured. They have been
Impaired in no respect either as regards principal or interest.
Several months ago reports of irregularities in one Joint Stock Land bank
were circulated here. In looking into these, Treasury officials are said to
have found that there was no system of adequate examinations of the banks
and that some of them had not been examined for long periods.
A force of examiners drawn from national bank examiners was recruited
and examinations of a number of banks started simultaneously.
The great majority of the banks were given a clean bill of heatlh and in
none of them was there any suggestion of practices which would endanger
their bonds. However, there were some cases of what examiners considered
loose practices, and some of these were: Too generous dividend payments;
too generous values being placed on farm lands; and loose and unstandardized accounting methods.
Some of the remedial steps already taken are: Creation of new methods
of examination and a new force of examiners drawn from the presonnel of
national bank examiners; new regulations to bring about standardized
accounting methods have been promulgated; methods of doing business were
brought closer in line with what the Treasury regards as sound practice.
Offsetting in a measure the heavy diminution in
the grain traffic, the live stock movement in September showed a substantial increase over that of last
year. At Chicago the live stock receipts for the
month of September 1926 were 22,517 carloads, as
compared with 19,377 cars in September 1925 and
21,477 cars in September 1924; at Kansas City 13,721
carloads, against 12,850 in September 1925, but 17,920 in September 1924, and at Omaha 11,556 cars,
The New York "Journal of Commerce" in Washington
against 10,368 in 1925 and 12,551 in September 1924. advices, Nov. 18, had the following to say in the matter:
Congress is to be asked for new legislation bringing in closer affiliation
It is needless to say that Southern roads had the the Farm Loan Board with the Treasury Department. This was offiically
indicated to-day when Secretary Mellon announced that there is exadvantage of a larger cotton traffic the present year, pectancy
that some additional legislation may be required. The matter
the South having been favored with a banner crop has just been brought to him, he said, and he has not considered it at all.
Fully cognizant of the situations that have made it apparent that Congress
the present season, which is the reason for the de- should
vest more power in the Treasury, from the point of view of the
Secretary, Mr. Mellon's statement that he has not considered the matter
cline in the price of the staple. Gross shipments is
taken to refer only to the details of the legislatoin. Back of all of this
overland in September 1926 were 125,751 bales, is the matter of the operation of the 57 joint stock land banks, which
been under investigation during the past few months.
against 116,429 bales in September 1925; 99,983 have
Great care has been exercised to keep the investigation and the general
consideration of these operations from becoming a public scandal. Loose
bales in September 1924; 72,299 bales in 1923, and talk,
it was realized, would drive down the value of the stock of the joint
59,424 bales in 1922. The receipts of the staple at stock land banks, jeopardize the safety of the money already invested
them by the public, and hamper the banks in securing additional funds.
the Southern ouIports during the month the present in
Secrecy was.in part broken when Commissioner A. C. Williams was apto head the Federal Farm Loan System upon ousting of Comyear reached 1,493,881 bales, as compared with pointed
missioner R. A. Cooper.
It was rumored that the group headed by Mr. Cooper bad called on
1,351,277 bales in 1925, 1,132,993 bales in 1924 and
the Joint Stock Land banks to observe a time limit n the carrying of
900,947 bales in 1923. Details of the port receipts unfavorable loans as assets, this action requiring the charging off of bad
from the surplus. Protest was made against this move on the
for the last three years are shown in the subjoined paper
part of the Board and strong representations were placed before the
Treasury in an effort to back up assertions that compliance with the
table:
them. It is said that
RECEIPTS OF COTTON AT SOUTHERN PORTS IN SEPTEMBER AND
FROM JAN. 1 TO SEPT. 30 1926, 1925 AND 1924.
1926.
Galveston
Texas City, dm
New Orleans
Mobile
Pensacola, dre
Savannah
Brunswick
Charleston
Wilmington
Norfolk
Total
Since Jan. 1.
September.
Ports.
1925.
359,722 368,535
509.576 252.201
192,256 335,185
38,386
51,712
1,917
5,990
232,908 220,362
300
111,330
61.651
16.863
22,174
30.923
33,167
1924.
1926.
1925.
1924.
568,389 1,475,427 1,434,301 1.354.798
178,060 1,587.050 1.224,223 471,835
173.859 915,565 1,040,454 779.083
79,739
92,258 108,597
21.709
8.092
9,371
6.610
2,477
148,669 488,912 510,026 361,029
183
713
413
74.515
23,151 266,530 216,851
73,955 41,048
7,648 68,644
9,031 197,599 183,699 124,811
1,493,881 1,351,277 1,132,993 5,099,008 4,805,190 3,295,131
motion of the Board would work a hardship upon
the proposa was reconsidered at a second meeting of the Board and it
is to be noted that Mr. Mellon is a member ex-officio, with the result
that the motion was confirmed and then came the change of working
heads of the Board. It is understood that since that time the requirement
has been liberalized by a lengthening of the time limit within which loans
of the undesirable type may be consdiered as assets.
Just as the Tariff Board with its six members has been found unwieldy,
both because of the number of members and the fact that they are politically divided, so has the Farm Loan Board been found by the Administration to be not subject to disciplide or inclined to observe the same
courtesies that would be incumbent upon it if in truth a part of the Treasury
Department. Looked upon as a bureau of the Treasury, it Is just another
one of those independent bureaus of the Government that the Administration is so desirous of placing under Cabinet officers. How this is to be
accomplished is thought to be provided for in the contemplated legislation,
a draft of which now is in the possession of Mr. Mellon.
The New Capital Flotations in October and for the
Ten Months to October 31.
There was a further growth in the total of new capital
emissions during October. The aggregate of these new offerings dropped to relatively small proportions during August, this being a usual occurrence during the midsummer
dulness, but there was quick recovery in September and now
for October the total has risen to still higher figures, the
immediate occasion for the expansion in this instance having
been the extent of the offerings of foreign Government securities. The result is that the appeals for new capital are
rapidly getting back to the large dimensions to which we
have been becoming accustomed during the last two years.
Our tabulations, as always, include the stock, bond and note
Issues by corporations and by States and municipalities,
foreign and domestic, and also Farm Loan emissions. The
grand total of the offerings of new securities under these
various heads during October reached $571,941,700. This
compares with $535,218,705 in September and with only
$345,999,259 in August, but with $582,279,598 in July; with
$723,549,858 in June; with $660,747,562 in May; with $635,614,548 in April; with $650,595,075 in March; with $612,513,614 in February, which was a short month; with $731,844,584 in January; with $728,179,163 in December, and
with $589,119,381 in November.
As already indicated, foreign Government issues were unusually prominent during October. The two foremost of
these were the $50,000,000 Kingdom of Belgium Stabilization 7s, which immediately advanced to a large premium,
and the $42,500,000 Republic of Chile 6s. Besides these
there were several other offerings for smaller amounts,
which are detailed in our remarks further below. Altogether $118,000,000 of foreign Government loans were
brought out in this country during October 1926, as against
only $39,650,000 in October last year. If we go back, however, to October 1924 we find that the total of foreign Gov-
2578
THE CHRONICLE
[vol.
123
ernment issues placed here then was $214,000,000, the rea- at 99, to yield about 6.08%, and $6,250,000 Kentucky Utilison being that in that month the American portion ($110,- ties Co. 1st mtge. 5s, 1961, offered at 97, yielding about
000,000) of the German loan was negotiated in this country 5.20%.
as well as $50,000,000 on behalf of the United States of
There was but one sizeable railroad offering during OctoMexico.
ber, namely: $9,060,000 Seaboard Air Line Ry. Co. 1st
The offerings in October by corporations, domestic and for- lien equip. trust 4%s, series Z, 1927-41, offered at prices
to
eign, were large, and yet somewhat smaller than in the same yield from 4.60% to 4.90%.
month of last year, the comparison being $350,482,084
Eight separate foreign Government loans were offered in
In October 1926, against $371,304,559 in October 1925. The this country during October. They aggregated $118,000,salea of bonds by United States municipalities during Octo- 00 and were as follows: $50,000,000 Kingdom of Belgium
ber did not reach the proportions recorded in September, Stabilization Loan 7s of 1926, due 1956, offered at 94, to
but nevertheless, foot up $94,654,616, which compares with yield about 7.50%; $42,500,000 Republic of Chile external
$79,237,656 in October last year. As was the case in October Os, 1960, offered at 9314, yielding about 6.50%; $10,000,000
1925, a more than ordinarily large portion of the new flota- State of Hamburg (Free and Hanseatic City of Hamburg),
tions this year represented issues brought out to refund or Germany, 20-year 6s, 1946, offered at 91%, to yield about
replace existing issues and hence do not constitute dis- 6.75%; $6,000,000 Hungarian Consolidated Municipal Loan
tinctly new capital. Of $571,941,700 of new offerings the pres- 20-year sec. ext. 7s, 1946, offered_ at 93%, to yield about
ent year no less than $92,825,300 was for refunding, while in 7.65%; $3,000,000 Dept. of Antioquia (Colombia, S. A.) ext.
October last year, out of total offerings of $506,282,215, $80,- 7s, "A," 1945, offered at 93, to yield, depending upon date
321,703 was for refunding. This shows the value and im- when called for sinking fund,from 18.42% to 7.71%; $2,500,portance of this feature of our tabulations.
000 Dept. of Cauca Valley (Colombia, S. A.) sec. 7%s, 1946,
Industrial offerings during October totaled $190,980,700, sold at 96%, yielding about 7.90%; $2,000,000 City of Chemand for the fifth consecutive month led in volume among the nitz (Germany) 1-year Treasury 5%s, Nov. 1 1927, offered
corporate issues. This amount, however, shows a decrease at 99%, to yield 6%, and $2,000,000 City of Hanover (Gerfrom the total of $221,069,082 reported for industrials dur- many) 1-year Treasury 5%s Oct. 1 1927, issued at 99%, to
ing September. Public utility issues aggregated $147,311,384 yield 6%.
in October, as compared with only $45,930,231 during SepFarm loan financing was confined to two small issues
tember. Railroad financing amounted to only $12,190,000 in aggregating $1,000,000, the yields on them ranging from
Oct'ober, whereas in September the total reached no less than 4.25% to 4.60%.
$61,706,000.
Offerings of various securities made during the month,
Total corporate offerings in October were, as previously which did not represent new financing, and which therefore
noted, $350,482,084, and of this amount $275,214,000 com- are not included in our totals, included the following: 80,000
prised long-term issues, $16,778,500 were of short-term ma- shares of no par value common "A" stock of the Bon Am!
turity and the remainder, $58,489,584, consisted of stock Co., offered ht $55 per share, involving $4,400,000, and
issues. The portion used for refunding purposes was $73,- $1,000,000 Republic of Salvador Customs Lien 7s, "C," July
776,300, or over 21% of the total. In September $45,474,200, 1 1957, offered at 92, yielding about 7.68%.
or about 14% of the total, was for refunding; in August the
The following is a complete summary of the new financamount was $67,294,500, or over 38%; in July $59,748,000, ing-corporate, State and city, foreign Government, as well
or about 12%; in June $93,362,700, or almost 20%; in May as Farm Loan issues-for October and the ten months endonly $12,237,000, or less than 3%; in April $111,069,770, or ing with October. It should be noted that in the case of
over 25%; in March $37,168,000, or only about 7%%; in the corporate offerings we subdivide the figures so as to
February $33,095,000, or slightly over 8%, while in January show the long-term and the short-term issues separately and
$68,706,575, or 11% of the total, was for refunding purposes. we also separate common stock from preferred stock, and
In October of last year $70,310,089, or almost 19% of the likewise show by themselves the Canadian corporate issues,
total, was used for refunding.
as well as the other foreign corporate flotations.
The $73,776,300 raised for refunding in October of the SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN
AND MUNICIPAL FINANC NO.
present year comprised $29,388,800 new long-term to refund
New Capital. Refunding.
1926.
Total.
existing long-term; $750,000 new long-term to refund existing short-term; $30,000,0000 new long-term to refund exist$
MONTH OF OCTOBER5
.
$
ing stock; $1,549,000 new short-term to refund existing long- Corporate
30,138,800 242,714,000
Domestic-Long term bonds and notes 212,575,200
15,229,500
1,549,000
Short term
16,778,500
term; $5,552,900 new stock to refund existing long-term, and
32,151,084
12,088,500
Preferred stocks
44,239,584
10,470,000
Common stocks
$6,535,600 new stock to replace existing stock.
10,470,000
Canadian-Long term bonds and notes
30,000,000
30,000,000
Foreign corporate issues sold in this country during OctoShort term
Preferred stocks
ber amounted to $36,280,000 and comprised the following:
Common stocks
Other Forn-Long term bonds & notes
2,500,000
Canadian: $30,000,000 Montreal Light, Heat & Power con2,500,000
Short term
Preferred stocks
solidated 1st ref. coll. trust 5s, "A," 1951, offered at 99%, to
Common stocks
3,780,000
3,780,000
yield about 5.03%. ()the foreign: $2,500,000 Unterelbe
corporate
276,705,784
73,776,300 350,482,084
Power & Light Co. (Germany) 15-year mtge. 7s, 1941, of- ForeignTotal
Government
103,000,000
15,000,000 118,000,000
Loan issues
1,000,000
fered at 994, to yield about 7.08%, and 315,000 shares of Farm
1,000,000
War Finance Corporation
Venezuela.
no par value capital stock of Pantepec Oil Co. of
Municipal
93,605,616
1,049,000
94,654,616
Canadian
3,000,000
3,000,000
6,000,000
offered at $12 per share and involving a total of $3,780,000.
United States Possessions
1,805,000
1,805,000
group
industrial
issues
the
corporate
domestic
Among the
Grand total
479,116,400
92,825,300 571,941,700
was featured by the following new offerings: $25,000,000
TEN MONTHS ENDED OCT. 31International Paper Co. convertible debenture 6s, 1941, CorporateDomestic-Long term bonds and notes 2,059,411,530 440,489,970 2,499.901,500
brought out at 98, yielding about 6.20%; $12,000,000 CaliShoit term
214,914,795 38,413,900 253,328,695
424,878,700
Preferred stocks
22,716,000 447,594,700
fornia Petroleum Corp. 12-year convertible debenture 5%s,
491,199,583
Common stocks
12,569,875 50,769.458
Canadian-Long term bonds and notes 134,342,000
62,508,000 196,850,000
1938, issued at 98, to yield about 5.75%; $12,000,000 RichShort term
1,250,000
1,250,000
field Oil Co. of Cal. 1st mtge. & coll. trust convertible 6s,
Preferred stocks
4,000,000
4,000,000
Common stocks
990,000
990,000
$7,000,000
6.10%;
about
yielding
"A," 1941, offered at 99,
Other For'n-Long term bonds& notes 263,974,000
15,815,000 279,789,000
19,000,000
Short term
6,000,000
25,000,000
Mercantile American Realty Co. 1st mtge. 5s, 1951, offered
Preferred stocks
25,240,000
25,240,000
33,880,740
Common stocks
at 98%, yielding 5.10%, and $5,000,000 of the same com3,419,300
37,300,040
($100)
; $9,000,000
3,673.081,348 601,932,045 4,275,013,393
pany's 6% cum. pref. stock, placed at par
Total corporate
Foreign Government
409,519,000
32,873,000 442,392,000
American Furniture Mart Bldg. Corp. 1st (closed) mtge. 6s, Farm
Loan Issues
87,375,000
40,200,000 127,575,000
Corporation
Finance
War
York
Athletic
Club
New
$6,250,000
par;
(New
at
sold
1946,
1,086,988,752
Municipal
15,046,547 1,102,035,299
Canadian
York City) 1st & gen. mtge. fee 6s, 1946, offered at par and
56,792,000
49,000,000 105,792,000
United States Possessions
10,093,000
10,093,000
$6,189,300 Central Alloy Steel Corp. 7% cum. pref. stock,
PM Grand total
5,323,849,100 739,051.592 6,062,900,692
brought out at 106%, yielding 6.57%.
In the elaborate and comprehensive tables which cover
Public utility issues of importance were as follows: $25,000,000 The Western Union Telegraph Co. 25-year 5s, 1951, the whole of the two succeeding pages, we compare the foresold at par; $10,000,000 The Cleveland Electric Illuminat- going figures for 1926 with the corresponding figures for the
ing Co. gen. mtge. 5s, "B," 1961, offered at 102%, to yield four years preceding, thus affording a five-year compariabout 4.85%; $9,000,000 Gulf State Utilities Co. 1st mtge. son. We also furnish a detailed analysis for the five years
and ref. 5s, "A," 1956, offered at 96, to yield about 5.25%; of the corporate offerings, showing separately the amounts
$7,500,000 Standard Gas & Electric Co. deb. 6s, 1951, issued for all different classes of corporations.
2,500,000
73,776,300
15,000,000
1,049,000
3,000.000
92,825.300
3,780.000
356,-482.084
118.000,000
1.000,000
94,654.616
6.000,000
1,805.000
571.941,700
32,900,000
3.000,000
32.900,000
3.000,000
30,000.000
216,823,000
6,000,000
13,281,450
6,520,000
2.300,000
30,000,000
300,994,470
39.650,000
8,300,000
70.310,089
371.304.559
39.650.006
13.300,000
361.898,280
214.000,000
15,500,000
56,549,200
418,447.480
214,000.000
15,500,000
211,684,900
16,000.000
57.000.000
18,741,000
230,425,900
16,000,000
57,000,000
163.183,650
44,000,000
2,500,000
81,740,800
5,000,000
244,924,450
44.000,000
2,500,000
74,226.042
5,011,614
79.237.656
91.313.554
765,814
92.079.368
84.507.375
481,240
84,988,615
195.000
682.9067834
195.000
740.221.848
3.750,000
372,942.275
69.152,036
25,989,884
111.000
304.936,570
2,181.500
2.790.000
506.282.215
71,333,536
25,989,884
111,000
388,858.870
2.790.000
425,960,512
3,750.000
392.164.515
80,321,703
57.315,014
19,222.240
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE MONTH OF OCTOBER FOR FIVE
YEARS.
1926.
1926.
1924.
MONTH OF OCTOBER.
1923.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital.
Long Term Bonds and Notes—
8
Railroads
• 9,I09,000
12.190.000
2.881.000
1,000,000
13,734,000
14,734,000
96,118.000
96,118.000
50.915,000
2.870,000
53
.785,000
10,625,000
Public utilities
81,494,000
38.360.000 119.854.000
44,080,000
13,545,000
57.625,000
74.923.000
15.750,000
90.673.000
59,324,500
300,000
59,624.500
59,511.500
Iton,steel, coal, copper, Sic
3,900.000
30,500,000
3,900,000
12.500,000
43.000.000
9.200,000
10,000,000
19.200.000
1.250,000
1,250.000
18,800.000
Equipment manufacturers
6,300,000
6.300,000
Motors and accessories
600.000
600,000
700.000
Other industrial and manufacturing
31,025,000
31,025.000
9.540.000
5.450,000
14,990,000
17.510,000
800.000
18,310.000
24.882.000
668,000
25,550,000
14.802,700
Oil
11,972,200
12,027.800
24.000.000
5,205,800
7.494.200
1,200,000
12,700.000
1
.200.000
235,000
Land, buildings, it:c
61.675,000
5,870.000
75.529.000
67.545.000
15.310.000
90,839.000
30449.000
30,549,000
25,605,000
25,605,000
21,550,000
Rubber
5.000,000
5.000.000
Shipping
700,000
Miscellaneous
10.700,000
1.000.000
11.700,000
5,775,000
600.000
6,375.000
16,450,000
12,500,000
28,950,000
7.297,000
153.000
7.450,000
10,458,000
Total
60,138,800 275,214.000
215.
075,200
166.424,000
61,139,000 227.563,000 256.255,800
46,544,200
302.800.000
171.073,500
3.991.000 175.064,500 137.382,200
Short Term Bonds and Notes—
Railroads
150,000
9,850.000
10,000,000
Public utilities
5,200,000
5.000,000
5,200.000
4,000.000
9.000.000
9.490,000
5,000.000
14.490.000
5,310,000
4.200.000
9,510,000
Iron, steel, coal, copper. Itc
Equipment mlinufacturers
Motors and accessories
1.250,000
1,250.000
Other industrial and manufacturing
1,000,000
300,000
700,000
2,500.000
2,500,000
Oil
3.431,500
374,000
3,057,500
2.000,000
2.000,000
14.995,000
5,005,000
20,000,000
5,000.000
Land, buildings, &c
5.022,000
1.385,000
5.897,000
875,000
1.385,000
800,000
800,000
250.000
250,000
1,000.000
Rubber
Shipping
Miscellaneous
10.425,000
10,425.000
2.100.000
2.100 000
Total
18,810.000
15.229,500
16,778.500
1,549.000
4,000,000
22,810.000
27,385,000
10,005.000
8,210.000
37.390.000
14.050,000
22,260,000
6.000.000
Stocks—
Railroads
14,218,230
14,218,230
11,000,000
11,000,000
15,000,000
15.000,000
Public utilities
18,786,084
42,965,162
3,471.300
22,257.384
42,965,162
28.117.480
28,117.480
1,500,000
1,500,000
3,653 750
Iron, steel, coal, copper, Scc
1.250,000
8.617,200
8.617,200
1.250,000
6.250,000
6,250,000
1.2.0,000
Equipment manufacturers
5
,000,000
Motors and accessories
3.825,006
3,962,721
2,281,389
3.825,000
6,244,110
625,000
625.000
5,300,000
5,300,000
1,135,000
Other Industrial and manufacturing
5.500.000
32,845,157
5,500,000
1,589.700
34,434,857
5,880.000
5,880,000
3,430,000
700,000
4.130.000
1.542.700
Oil
3,780.000
500,000
3.780,000
500.000
250.000
250.000
Land, buildings, &c
6.700,000
4.405,000
6.700,000
4.405.000
1.135.000
1,135.000
Rubber
2,250.000
4,000,000
2,250,000
4,000,000
Shipping
Miscellaneous
5.560,000
11,614.200
5.560.000
1.300.000
12.914.200
25.000.000
25,000,000
7.171,400
7,171.400
7,220.000
Total
46,401,084
12,0-3-8,500
115.760,470 —57171;089 120.93-158.489.584
.559
78.257.480
78.257.480
32.401,400
700.000
33,101,400
19,801.450
Total—
Railroads
2,881,000
9,309,000
15.218,230
13.734.000
12.190.000
28,952,230
107,118,000
107.118,000
66.065.000
78.785,000
10,625.000
Public utilities
105,480.084
41.831.300 147,311,384
92.045.162
17,545.000 109,590,162 112,530,480
26:71K6(56 133.280.480 66.134,500 12,720,000
4.500,000
70,634,500
63,165,250
Iron, steel, coal. copper, &c
8.617,200
3,900,000
31.750,000
12,517,200
12.500.000
44,250,000
15,450,000
25.450.000
10.000,000
1,250.000
1,250,000
20
,05^.000
Equipment manufacturers
6,300,000
6,300,000
5.000.000
Motors and accessories
5,075,000
2,281.389
3,962,721
5,075.00
6,244,110
625,000
625,000
5,900,000
5.900.000
1.835,000
Other industrial and manufacturing
300,000
37,225.000
42,385,157
37,525.000
7,039.700
49,424,857
23,390,000
24.190.000
800.000
30,812,000
1.368.000 32,180,000 16,345,400
Oil
12,401,800
18,809,700
2,500,000
31.211,500
2,500,000
20,450,800
32.950,000
12.499.200
1,200.000
1.200.000
5.235,000
Land. buildings, Scc
73.397.000
6.745,000
81.319,000
80,142.000
15,310.000
96.629.000
32,484,000
32,484.000
25,855,000
25,855.000
22.550.000
Rubber
7.250.000
4,000.000
7.250,000
4,000,000
Shipping
700.000
:Miscellaneous
16.260,000
1.000,000
27,814.200
17,260,000
1.900.000
29.714,200
43.550.000
12,500,000
56.050.000
14.468,400
153,000
14.621.400
17,678.000
Total
-2767705:784
73.778,300 350.4-827084
300,994.470
70.310,089 371,304,559 361.898.280
56,549.200 418,447.480 211,684.900
18,741.000 230.425,900 163.183,650
Total.
83.922.300
1922.
Refunding.
$
4.500,000
28,851,500
Total.
15,125,000
88.363,000
18.800,000
12,297,300
35.000,000
700,000
27,100,000
35,235,000
21.550,000
1.09-2-,666
700,000
11,550,000
219,123,000
81,740,800
5,000,000
1,000,000
6,000,000
3,653,750
1.250,000
5,000,000
1.135,000
1,542,700
7.220.000
19.801,450
4,500,000
28.851.500
12,297,300
35,000.000
1,092,000
81,740,800
15,125.000
92,016,750
20.050.000
5.000.000
1.835,000
28.642,700
40,235.000
22.5e0,000
'ibb7655
18.770,000
244,924.450
['MT Og *A0IC
SUMMARY OF CORPORATE, FOREIGN GOVERNMENTFARM LOAN AND MUNICIPAL FINANCING FOR THE MONTH OF
OCTOBER FOR FIVE YEARS.
1926.
1926.
1924.
1923.
1922.
Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
$
$
8
30,138,800 242.714.000
126,024.000
61.139.000 187.163.000
220,255.800
46,544,200 266.800,000
165.688,500
3,991,000 169,679,500 135.084.200
81,740,800
1,549,000
16,778,500
15.810.000
4,000,000
19.810,000
27,385,000
10,005,000
37,390,000
8,210,000
14,050,000
22.260,000
6,000,000
12,088,500
72,298.737
44.239.584
2.139,700
74.438,437
55,105,000
55,105,000
19,400,000
19,400,000
13,281,450
10,470,000
43,461,733
3,031.389
46.493,122
23,152,480
23,152,480
13,001.400
700,000
13,701.400
6,520,000
30.000.000
30,000,000
7.500,000
7,500,000
6.000,000
6,000,000
5,385,000
5.385,000
2,300,000
MONTH OF OCTOBER.
New Capital.
Corporate—
Domestic-Long term bonds and notes_ 212.575,200
Short term
15,229.500
Preferred stocks
32,151,084
Common stocks
10,470,000
Canadian—
Long term bonds and notes_
Short term
Preferred stocks
Common stocks
Other Foreign—
Long term bonds and notes_
2,500,000
Short term
Preferred stocks
Common stocks
3.780.000
Total corporate
276,705,784
Foreign Government
103,000.000
Farm Loan Issues
1,000,000
War Finance Corporation
Municipal
93,605.616
Canadian
3.000,000
United States P
ions_ _ _ _
1,805.000
Grand Total
479.116,400
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE TENIIMONTHS ENDED OCTOBER 31 FORIFIVE YEARS.
TEN MONTHS ENDED OCT. 31.
New Capital.
Corporate—
Domestic—
notes_
2.059,411.530
Long term bonds and
214.914,795
Short term
424,878.700
Preferred stocks
Common stocks
491,199,583
Canadian—
Long term bonds and notes_ 134,342.000
Short term
1.250.000
Preferred stocks
4,000.000
Common stocks
990,000
Other Foreign—
Long term bonds and notes_ 263.974.000
Short term
19,000,000
Preferred stocks
25.240,00
Common stocks
33.880,74
Total corporate
3,673.081.348
Foreign Government
409.519,000
Farm Loan Issues
87.375,000
War Finance Corporation
Municipal
1,086.988.752
Canadian
56,792.000
United States Possessions
10.093,000
Grand Total
5:323,849,100
1926.
1925.
1923.
1924.
1922.
Refunding. I
Total.
New Capital. Refunding.
Total.
New Capital. Refunding. I
Total.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
$ '
$
$
1,470,368,957
222.717.800
1,627.713.723
358,690.377
1,986.404.100
1,972,705,850
340,799,543
610,669,215
1,362.036,635
1,811,168,500
440,489.970 2,499.901.500 1,825.836,875
133.705,700
237,207.000
36,966.800 170,672,500
23,011.000 122,937,000
.896,000 277,103.000
99,926.000
38,413,900 253,328,695
83 580.000 254,998,750
171.418,750 396,880.9252'
541.746,522
239,398.847
253,880.327
68,609,839 308,008,686 244,572,550
30,300,000 274,872,550
26,900,223 280,780.55(1
22,716.000 447.594,700
33,733.200
'
508.013.322
234,672,674
434,340,419
5,500.000 439,840,419
235,133.332
3,966,760 238,639,434
10,291,625 245,424,957
12,569,875 503,769,458
51,733,200308,299 425,242,353
373.934,054
28,731,600
67,875,000
67.875,000
20,881,500
20,881.500
72.045,000
28,731,600
62,508.000 196,850,000
10,050,000
61,995,000
11,200.000
22,100,000
11.200,000
21.150,000
8.000.000
29.150,000
2,500.000
1,250.000
19.600.000
3.600,000
3,500,000
3,500,000
2.600,000
4.000,000
1,000,000
2,600,000
2,600,000
990,000
24,100,000
279.789,000
223.535,000
25,000.000
49.000.000
25,240.000
23.000,000
S:41-bWo 37,300.040
2,925,000
601,932,045 4,275.013.393 3,260.258.001
32,873.000 442,392,000
404,281.000
40.200.0001 127,575.000
119,097.100
106,680.000
223.535.000
49,000.000
24,200,000
23,000,000
2.925,000
583,252,424 3,843.510.425 2.773.046.469
457,945,555
103,000,000 507,281,000
169,900,000
19,527,900 138.625,000
448.986,600 3,222,033.069 2,130,977.778
161,845.000
177.059,445 635,005,000
312,118,000
169,900.000
15.046,5471,102.035.299 1.132,511,816
49.000.0001 105,792,000
38.658,000
10.093.000
6.965.000
—739.051,592 6.062,900.692 4 961 770 917
42,212,240 1,174.724.056 1,216,109.851
130,254.765
94,522,000 133.180.000
6,230,000
6,965,000
4,753,486,640
842 514.5645,804,285,481
834,491,920
14,395,118 1,230,504,969
26,308,000
16,650,000 146,904,765
7,211,000
6,230.000
3,472.951.698
657,091,163 5,410,577,803
15.815,000
6,000.000
10,000,000
116.680,000
24,200,000
24,100,000
80,445.000
450,342.942 2,581,320,720 2,057,695,017
56,000,000 217,845,000 398,305,000
55,032,000 367,150,000 314,540,000
16,460,480
14.941,679
850.952,400 964,667,660
93,984,534
41,249,679
29.737,000
7,211,000
592.777,101 4,065,728,799 3,858.929.211
1,250,000
81,695,000
675,521,840 2,733,216,857
15,000,000 413,305,000
42,000.000 356,540,000
990,188,429
201,119,534
24,7.17,400
865.177.609 4.724.106.820
25.520.769
107,135.000
MONTHS ENDED OCT. 31.
New Capital.
Long Term Bonds and Notes—
$
279.916.000
lailroads
882.195,330
'ublic utilities
121.631.000
ron, steel, coal, copper. &c
6.799.000
L'quipment manufacturers
66.000.000
dotors and accessories
)tber industrial and manufacturing 254.902.000
66.487.200
)11
524.291.000
..,and. buildings, &c
6.750.000
lubber
19.850,000
;hipping
226,514.000
discellaneous
2,455,335,530
Total
Short Term Bonds and Notes—
6,500.000
Railroads
69,953,100
E'ublic utilities
6.175,000
Iron, steel, coal, copper, &c
Equipment manufacturers
16.110,000
Motors and accessories
44.450,000
Other industrial and manufacturing
16,023.500
011
24.409.000
Land. buildings, &c
32.250.000
Rubber
500.000
Shipping
21,794.195
Miscellaneous
Total
238.164,795
Stocks—
10.240.000
Railroads
Public utilities
413.236.897
Iron, steel, coal, copper, .tc
40,525.000
Equipment manufacturers
5,628,500
46,985,650
Motors and accessories
Other industrial and manufacturing 154.880.224
106.067.140
Oil
Land, buildings, &c .
44,006,480
Rubber
3,714.537
Shipping
154.296,595
Miscellaneous
Total
979,581,023
Total—
296,656.000
Railroads
1.365,385,327
Public utilities
168,331,000
Iron, steel, coal, copper, eze
12.427,500
Equipment manufacturers
129,095.650
Motors and accessories
Other Industrial and manufacturing 454,232,224
188.577.840
Oil
592.706,480
Land, buildings,.kc
42,714,537
Rubber
20,350,000
Shipping
402,604,790
Miscellaneous
3.673.081.348
Total
1924.
1926. '
1925.
New Capital. Refunding.
Total.
New Capital.
Total.
Refunding.
Total.
New Capital. Refunding.
$
$
$
$
$
$
$
$
$
140,891,900
344,319,500
618.727.800
759,619.700
432.270.500
124.453.000
38,936.000 318.852.000
307.817.500
600,600.423 139,016.077 739.616,500 420,720,471
283.957.170 1,166.152.500
693.874.400 15 047.100 844,821.500
30,148,000 129.660,000 237,268,139
99,512.000
81.996.000
16,846,000
35.184,000 156.815.000
65.150.000
12,260,000
8,210,000
12,260,000
9,296.000
19,799.000
13.000,000
9.296.000
4,460.000
8,315,000
22,562,000
12,775,000
76.500.000
350.000
66,000,000
76.150,000
19.499.900 136,213.900
140,621,447
116,714.000
42,063,700 213,860.500
171,796.800
76.306,000 331,208.000
31,910,00 I
16.516,500 15,393.500
67.216.000
91,900,000
21,475,900
19,962.800
70,424.100
86.450.000
233,399.000
1,040,000 234,439,000
173,974,000
34,953.000 572,100.300
25.523,000 549,814.000
537.147.300
400,000
400,000
1.335,000
34.500,000
6,750,000
34,500.000
2,568,000
3,800,000
3,800,000
7.575.000
4,315,225
24,900.000
5,050,000
3.259.775
14.386.000 110,265,000
104.406.000
95,879,000
141.951.000
11,527.000 153.478.000
20,286.000 246.800,000
518,204:970 2,973,540.500 2.111.366,875 406,930,925 2,518,297,800 1,802,268,723 368.690,377 2,170.959,100 1,523,200,557
16,000,000
13,396.900
22.500.000
83,350,000
6.175.000
200.000
6,050.000
7,408.000
875,000
16,310,000
• 50.500,000
23,431.500
25.284.000
32,250.000
500.000
22.278.195
282,578,695
484.000
44,413.900
12,727,900
8,617,200
12,122.575
2,800.000
10.240,000
425.964.797
49,142.200
5,628.500
46,985,650,
167.002.7991
108.867.140
44,006.480
3.714,537
3,045,500 157.342.095
39,313,175 1,018,894,198
24.500,000
111.320.000
20,265,000
1,150.000
400,000
30.980,000
2,00,000
24.900,000
142,300,000
22.765,000
1,150,000
-17.693,750
19,000.000
22,940.000
52,200,000
17,693,750
71.200.000
22,940,000
56,250.000
98,232,000
1,675,000
1,000,000
9,000,000
5.160.000
75,345.000
4,510.000
5.000.000
18,150.000
326,098,750
31.385,000
282,557,000
5.000,000
18.150.000
240.011.-750
16,218.230
411.239.409
14,140.000
105,621.721
179.714.108
37.676.788
28,114,750
4.750.000
6.245,120
105.152.250
908,872,376
86,080.000
23.062,500
3.391,389
18,917,700
40,504.910
120.000
800,000
3.445.000
90,241,499
16,218,230
434.301,909
14.140.000
109.013.110
198,631,808
78,181.698
28.234,750
5,550,000
6.245,120
108,597.250
999,113,875
37,823,737
433.969.869
21.734,160
1,962,100
8.381,760
70.058,100
55,640,968
9,478.357
1,600.000
47,571,695
688.220.746
712,801,537
54,936.000 351,592,000
348,535.730 124,853,000 473,338,730
310,081.970 1,675,467.297 1,216,433.809 204,989,600 1,421.423,409 1,132,802,292
122,921,160
43,801,200 212.132.200
99,555.000
19,346,000 118,901,000
15,222,100
13,000,000
25,427,500
10,446,000
10,446.000
21.841,760
200.000 129,295,650
3,741.389 185,513,110
181.771,721
191,932,100
94,478,575 548,710,799
60.981,400 430.186,058
369.204.658
147,502,468
127,100.888 114.180.810 241,281,698
30,170,800 218.748,640
247,387.357
26,398,000 619.104,480
588,202,050
35.073.000 623,275,050
2,000.000
40,050.000
42,714,537
39,250,000
800,000
3,800,000
18,820,120
5.050,000
25,400.000
14,504,895
4,315,225
23,815.500 426,420,290
174,835,695
265.253.250
14.972.000 280.225,250
601.932.045 4.275.013.393 3.260.253;1001 5E13.252.424 3.843.510.425 2.773.046.469
19,000,000
20,041,000
650,000
3.200.000
5,005.000
47,896,000
22,855,223
200.000
9,345,000
32,400,223
75,250,000
118,273,000
2,325,000
1,000,000
9,000,000
8.360,000
80.350.000
4,510,000
9,237.500
42,112,200
9,850,000
830,000
15.496.000
5.500,000
44,814,000
1,330,500
31.385.000
330,453,000
1,000.000
3.535,500
133,705.700
15.300.000
130.556.506
28,012,246
37,823,737
456.825.092
21,734.160
1,962,100
8,581,760
79,403,100
55.640.968
9,478.357
1,600,000
24.455.325
128,339,183
60,249.013
11,148.000
350,000
47,571,695
720,620,969
75.661.248
474.071,521
159.891.900 872.693.437 368,857,000
181.912,300 1,314.714.592 593,389,177
30,798,000 153,719,160 275.130,385
9.040,000
15,222,100
62.513,325
30,356.760
8.515.000
32,044,900 223,977,000 274,460,630
172.279.013
20,398.500 167.900.968
186.452.500
1,040,000 248,427.357
1,685.000
2,000,000
3,568.000
3,800,000
183,602.748
14.386,000 189,221,695
448.986.600 3.222.033.069 2.130.977.778
1923.
Refunding.
Total.
New Capital.
$
s
$
29,943,000
165,619,629
46,806,861
374,262,500 439,111,380
586.340,100 394,235,539
110,585,000
284,075.000
8.210.000
4,288,000
12,350,000
26,850,000
144,353,581
25.807.053 166,428.500
30,084,000
97,300,000
73,384,300
1,250,000 175,224,000
120,144,000
665,000
2,000,000
3,600,000
107,000
19,810,000
2.675,000
36,229,000 140,635,000
145,789,335
340,799,543 1,864,000,100 1,463,363,135
9,850,000
15,712,800
32,351,800
18,245,000
404.200
19,087,500
57,825,000
9,850,000
830,000
25,100,000
7,300,000
44,814,000
1,330,500
16,700,000
800,000
35,400,000
3.510,000
36,966,800
1.000,000
3.535.500
170,672,500
215,000
3,500,000
111,126,000
11,076,000
4,896.760
15,300,000
141,632.506
32,909,006
26,968.100
234,190,420
38,186,250
9,006,000
12,660,000
49,756.702
41,820,410
5,480.000
4,175,000
9,604,000
1,800,000
1,335,000
17,659,149
984.690
1,000,000
35,625,000
72,576,599
25,790,325
145.998.332
61.233,703
11,148.000
350,000
1.000.000
111,286,248
546,648,120
60,963,000
483,205.882
408,650.000 498,431,280
785,797.606 646.670,959
149,175,450
326,834,006
9,006,000
9,040,000
41,710,000
77,740,325
15,227,000
194,910,283
45,266.202 319,726.832
150,604,710
31,068,690 203,347.703
129,134,000
1,250.000 187,702.500
7,775,000
2,350,000
665,000
20,025,000
4,675.000
1,107,000
71,854,000 255.456,748 210,252,335
450.342.942 2.581.320.720 2.057.695.017
39,793,000
192,408.429
51,703,621
1922.
Refunding.
s
112,723,570
171,072.661
1.750,000
Total.
$
551,834,950
565,308,200
112,335,000
2,500,000
14.850,000
68,761.419 213,115,000
143.220.700 216,605,000
8.530,000 128,674,000
26,200.000
29,800,000
21.310,000
1,500,000
75.660,865 221,450.200
611,919.215 2,075,282,350
3,000,000
20,011,000
35,351,80C
38,256,00C
404,20C
16,700,00C
800,000
35,400.00C
3,510.00C
23,011,000
26,3-18:625
1,393,000
_
_
4,-979-6:15450
7,980,000
40,591,625
arlDINOUED
rEN
aHI
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE TEN MONTHS ENDED OCTOBER 31 FOR FIVE YEARS.
215.000
3,500,000
134.137,000
26,968,100
260,509,045
38,186,250
10,399,000
12,660,000
54,656,702
49,800.410
5,480.000
4,175,000
60,963,000
523,797,507
115,723,570 614,154.850
217,402,286 864,073,245
1,750,000 150.925,450
1,393,000
10,399,000
2.500,000
44,210,000
73,661,419 268.571,702
151,200,700 301,805,410
8,530,000 137,664,000
26,200,000
33,975,000
1.500,000
21.525,000
75.660,865 285,913,200
1.84 0 2.733.216.851
0
Nov. 26 19261
THE CHRONICLE
258
DETAILS OF NEW CAPITAL FLOTATIONS DURING OCTOBER 1926.
LONG-TERM BONDS AND NOTES (ISSUES MATURING LATER THAN FIVE YEARS).
Amount.
Purpose of Issue.
Price.
To Yield
About.
Company and Issue, and by Whom Offered..
%;
Railroads249,000 Additions and betterments
881,000 Refunding
9,060.000 New equipment
98
101.17
2,000.000 Refunding
99.15
Kansas Oklahoma & Gulf Ry. let M.6s, 1976. Offered by W.H. Newbold's, Son & Co., Phil*
6.12
4.90 Portland & Rumford Falls Ry. Co. 1st M. 5s, 1951 Offered by Bond & Goodwin, me.
4.60-4.90 Seaboard Air Line Ry. Co. 1st Lien Equip. Tr. 434s, series "Z," 1927-41. Offered by Dillon:
Read dc Co., Latienburg, Thalmann & Co. and Freeman & Co.
5.05 Wheeling & Lake Erie Ry. Co. Ref. 56.58,"B," 1966. Offered by Otis & Co.
12,190,000
Public Utilities6.000,000 Capital expenditures
3,000,000 Refunding
98M
100
1,500,000 Additions and betterments
98%
10,000,000 Extensions and betterments
225,000 Capital expenditures
1,000,000 Acquire public utility securities
10234
100
9834
1,329,000 Capital expenditures
95%
9,000,000 Acquisitions; new construction_ _ _ _
96
2,400,000 Acquisitions
9634
6,250,000 Refunding; improvements, &c_ _
2,000,000 General corporate purposes
97
98%
30,000,000 Refunding
9934
2,100,000 Acquisitions
1,500,000 Additions, extensions, impts., &c_
9534
9934
1,000,000 Acquisitions; other corp. purposes_
93
1,200,000 Capital expenditures
9734
7,500,000 Acquisitions; other corp. purposes_
99
1,600,000 Development of property
99
2,500,000 Acquisitions, additions, &c
9834
2,500,000 Additions
25,000,000 Additions, improvements, &c
2,250,000 Extensions, betterments, &c
119,854,000
995'
100
92
5.10 Alabama Pr. Co. 1st M.Lien & Ref. 5s, 1956. Offered by Harris, Forbes & Co. and Coffin & Burr.
5.00 Central Maine Pr. Co. 1st Sc Gen. M.5s, "D," 1955. Offered by Harris, Forbes & Co. and coffin
& Burr, Inc.
5.60 Chicago North Shore & Milwaukee RR. 1st & Ref. Al. 5345, "B," 1956. Offered by Halsey.
Stuart & Co., Inc., and National City Co.
4.85 The Cleveland Electric Illuminating Co. Gen. M.55,"B," 1961. Offered by Dillon, Read & Co.
5.50 Eastern Oregon Lt.& Pr. Co. Ref.& 1st Coll. M.5345, 1951. Offered by Edgar Ricker & Co., Milw.
5.10 Electrical Securities Corp. Coll. Tr. 5s (22d series), 1056. Offered by Bankers Trust Co., Jackson
& Curtis and Parkinson & Burr.
5.40 Federal Light & Traction Co. let Lien Stamped 58, 1942. Offered by White, Weld & Co., Les,
Higginson & Co., Bodell & Co. and West & Co.
5.25 Gulf States Utilities Co. 1st M.& Ref. 55, "A," 1958. Offered by Stone & Webster, Inc., Blair
& Co. Inc., Brown Bros. & Co. and Blodget & Co.
5.80 Indiana Consumers Gas & By-Products Co. 1st M.530, 1946. Offered by Rutter & Co., N. Y.;
and First National Corp., Boston.
5.20 Kentucky Utilities Co. 1st M. 5s, 1961. Offered by Halsey, Stuart & Co., Inc.
6.10 Keystone Telephone Co. of Philadelphia let Lien 6c Ref. 68,"B," 1951. Offered by A. C. Allyn
dr Co., Inc.
5.03 Montreal Light. Heat & Power Consolidated 25-year let Ref. & Coll. Tr. 5s, "A," 1951. Offered
by Wood, Gundy & Co., Inc., Aldred & Co., and Harris, Forbes & Co.
5.95 Peoples Light & Power Corp. 1st Lien 5345, 1941. Offered by G. L. Ohrstrom & Co., Inc., N.Y.
5.03 Queens Borough Gas & Electric Co. Ref. M. 58, 1955. Offered by W. C. Langley dr Co. and
Bonbright & Co., Inc.
5.45 Shenango Valley Water Co. 1st M. 55, "A," 1956. Offered by W. C. Langley & Co. and H. M.
Payson & Co.
6.85 Southern Gas Co. 10-Yr. Deb. 6345, "A," 1936. Offered by G. E. Barrett & Co., Inc., R. B.
Wilsey & Co., Inc., and Frederick Peirce & Co.
6.08 Standard Gas & Electric Co. Deb. 6s, 1951. Offered by H. M. Byllesby & Co., Inc., Janney &
Co. Hambleton & Co., Inc., and Federal Securities Corp., Chicago.
6.07 Texas Power Corp. 1st (closed) M.6s, 1956. Offered by Emery, Peck dr Rockwood, 0. H. Walker
& Co., Paine, Webber & Co. and Taylor, Ewart & Co., Inc.
6.13 Tide Water Power Co. General Lien (3s, 1946. Offered by E. H. Rollins & Sons, Stroud & Co.;
Inc., and Otis .4 Co.
7.08 Unterelbe Power & Light Go.(Germany) 15-Yr. Mtge. 78, 1941. Offered by A. G.Becker & CO.
5.00 The Western Union Telegraph Co. 25-Yr. 55, 1951. Offered by Kuhn, Loeb & Co.
5.60 West Virginia Water Service Co. let M. 55, "A," 1951. Offered by G. L. Ohrstrom & Co., Inc.
Iron, Steel, Coal, Copper, &c.
3,500,000 Acquire predecessor company __
99
6.10 Scullin Steel Co. let M.tia, "A," 1941. Offered by Spencer Trask & Co., &Eel, Nicolaus & co.;
Inc., and G. II. Walker & Co.
400,000 Acq. stock of stockholders retiring
from business
101-100 4.95-6.00 Terre Haute (Ind.) Malleable & mtg. co. let M.68, 1927-36. Offered by Second Ward Securities
Co., Milwaukee.
3,900,000
Other Industrial & Mfg.1,000,000 Acquisitions; working capital. &c
100
1,150,000 Acq.cap.stk. of Alaska Rettig. Co.
9934
275,000 New plant; working capital
100
25,000,000 Development of properties
98
1,300,000 Capital expenditures; working cap_ 100
1,000,000 Completion of plant; working cap_ 99%
300,000 Additional capital
100
1,000,000 Acquisitions; other corporate purp_ 100
31,025,000
6.50 The Geo: E. Breece Lumber Co. 1st M. dr Coll. Tr. 6345, 1936. Offered by the Guardian Trust
Co.. Cleveland, Whitaker & Co., St. Louis, Geo. W.York & Co., Inc., Cleveland, and Mississipp
Valley Trust Co., St. Louis.
6.60 Coldak Corp. Coll. Tr. 7-Yr. Cony.6348, 1933. Offered by Redmond & Co., Howe, Snow & Bertke,
Inc., De Ridder, Mason & Minton, N. Y.; Mark C. Steinberg & Co., St. Louis; Brokaw & Co.,
Chicago; Plimpton & Plimpton, Boston, and Smith, Landeryou Sr Co., Omaha.
7.00 (Thomas) Henry & Sons, Inc. (Nashville, Tenn.) 1st (closed) M. 78, 1929-36. Offered by Caldwell & Co.
6.20 International Paper Co. Cony. Deb. 8s, 1941. Offered by Bankers Trust Co., Harris, Forbes &
Co., Lee, Higginson & Co., Blair & Co., Inc., The Union Trust Co. of Pittsburgh, Continental &
Commercial Co., Halsey, Stuart Sr Co., Inc., and Redmond & Co.
7.00 Rainier Pulp & Paper Co.(San Francisco) 1st M.75, 1941. Offered by Blyth, Witter Jr Co.
6.55 St. Helens Pulp & Paper Co. 1st M.6345. 1941. Offered by Blyth, Witter & Co.
6.50 Shaw Bertram Lumber Co.(Klamath Falls, Ore.) 1st (closed) M.634s, 1934. Offered by Freeman
Smith & Camp Co., Portland, Ore.
6.50 Tilden Lumber & Mills Co.(Oakland, Calif.) lot M.6345, 1946. Offered by Carstens & Earles,
Inc., Drake, Riley & Thomas, Wm. Cavalier & Co. and Dean, Witter & Co., San Francisco,
oil-
12,000,000 Refunding; working capital, dtc
12,000,000 Refunding; acquisitions
24,000,000
_
98
99
5.75 California Petroleum Corp. 12-Yr. Cony. Deb. 534s, 1938. Offerid by Blair & Co., Inc., and
Hallgarten & Co.
6.10 Richfield Oil Co. of Calif. 1st M.,k Coll. Tr. Cony.. (1s, "A," 1941. Offered by Bond & Goodwin
& Tucker, Inc., Hemphill, Noyes & Co. and Aronson & Co.
•
Land, Buildings,
9,000,000 Refunding; additions
100
6.00 American Furniture Mart Bldg. Corp. let (closed) M. 6s, 1946. Offered by National City Co.;
Harris, Forbes & Co. and Otis & Co.
600,000 Real estate mortgage
100
5.50 Ararat Shrine Ass' (Kansas City,Mo.) 1st 56.5345,1927-35. Offered by First National Co.,St.L.
230.000 Finance construction of building_
Ballard
Eagles Biog. (Seattle) 1st M.634s, 1928-38. Offered by S. W. Straus & Co.,
_
6.25-6.50
500,000 Provide funds for loan
Inc.
purposes_ _ - hie
5.50 Baltimore Mortgage Corp. Coll. Tr. 534s, "A," 1929, 1931 and 1936. Offered by the Baltimore
Trust Co.
600,000 Finance lease of property
Ben
Milan
Hotel
5.50-6.00
Bldg.
(Houston, Tex.) 1st M.Os, 1929-36. Offered by First National Co., St. L.
350,000 Finance construction of
6.50 Brinwood Apartments 1st M.04s, 1928-34. Offered by Garard &
200,000 Finance construction of apartment 106
Chicago.
1,650,000 Finance sale of propertyapartment Price on applicat'n Broadmore Apt. (Detroit) 1st M. Os, 1928-33. Offered by American Trust
Co., Co., Detroit.
(Wm.
Campbell
Z.)
6.50
Land Co. (Detroit) 10-yr. 1st M. 634s, 1936. Offered by Wm. L. Davis &
100
Co. Fidelity Trust Co., Joel Stockard & Co. and J. G. Holland & Co. Detroit.
290,000 Real estate mortgage
100
Apts.(Chicago) 1st M.634s, 1928-34. Offered by Gerard &'
6.50 Cecil Plaza
2,000,000 Real estate mortgage
Co., Chicago.
100
5.50 Illinois Merchants Trust Co.(Chicago Title & Trust Co.,as trustee) 1st Real Estate Mtge. Coll.
5348,"A," 1936. Offered by Illinois Merchants Trust Co., Chicago.
2,000,000 Real estate mortgage
100
5.25 Illinois Merchants Trust Co.(Chicago Title & Trust Co.. as trustee) 1st Real Estate Mtge. con.
5345,"B," 1936. Offered by Illinois Merchants Trust Co., Chicago.
95,000 Finance construction of
building_ _
5.50-6.00 (Peter J.) Christy (Detroit) 1st Mtge. 65, 1927-36. Offered by Union Trust Co., Detroit.
850,000 Finance construction of Hotel
100-98 6.50-6.71 (The) Detroit Hotel let (closed) M. 650, "B," 1929-41. Offered by Sweat, Fearey & Co.,
Inc.;
New York, and Chas. A. Floyd, Hall & Co., Detroit.
275,000 Finance construction of building_
_ 100
6.00 Diamond T Truck Service Bldg. (Van Buren & Morgan Bldg. Corp.). Chicago, 1st M. 65,
1929-36. Offered by Central Trust Co. of Illinois, Chicago.
345,000 Real estate mortgage
5.50-6.00 Education Board of the Southern Baptist Convention 1st M.6s, 1928-36. Offered by Stir &
Co., St. Louis.
1,350,000 Addition to building
100
6.25 Fabric Bldg.(Chicago) let M.Fee 634s, 1946. Offered by De Wolf & Co., Inc., and A. B. Leach
& Co., Inc.
175,000 Finance construction of building_ _ 100
6.00 First Methodist Episcopal Church South (Ashland, Ky.) 1st M.6s, 1929-41. Offered by Hibernia Securities Co., Inc., New Orleans.
225,000 Finance construction of building_ _ 100
6.00 First National Bank Bldg.(Salem, Ore.) 1st (closed) M.68, 1941. Offered by Blyth, Witter & co.
1,100.000 Real estate mortgage
100
5.50 45 West 81st Sc,(Standish Hall Apts.), N.Y. City, 1st gtd. 5345 etts., 1927-32. Offered by N.Y.
Title & Mtge. Co., New York.
400,000 Finance lease of property
10134-1005.70-6.80 (The) Fourth & Broadway Realty Co. 1st M.Leasehold 6345, 1928-43. Offered by the L. It,
Ballinger
Co., Cincinnati.
175.000 Finance construction of building_ _ 100
6.25 Galston Bldg. (Detroit) 1st M.64s, 1928-36. Offered by Guaranty Trust Co. of Detroit.
1,400.000 Finance construction of apartment 100
6.00 (The) Granada (Brooklyn, N.Y.) 1st M.Fee Oa, 1929-38. °tiered by S. W.Straus& Co.,Inc.
500,000 Acquisition and completion of busi- ---6.67-6.77 Harris Construction Co.,Inc.(Stamford, Conn.) Gen. M.634s, 1929-41. Offered by
E.B. Merness properties
ritt & Co., Inc., Bridgeport, Conn.; Wm. C. Simons, Inc., Springfield, mass.;
Richardson, Hill
& Co., Boston, and Northern New England Securities Co., Montpelier, Vt.
1.250.000 Acquisition de lease of property _ _ _ 97%
5.75 Hartman Realty Trust (Chicago) let (closed) M. 534s, 1941. Offered by Hallgarten &
Co. and
Ames, Emerich & Co.
100.000 Provide funds for loan purposes.
5.75 Hibernia Mortgage Co., Inc., 1st M. Coll. 6s, "J," 1929-32. Offered by Hibernia
Securities Co.'
Inc., New Orleans.
235,000 Finance construction of apartment 101.06-100 634-634 Junior Terrace Biog.(Chicago) 1st M.6348, 1929-38. Offered
by Geo. M.Forman & Co., Chicago.
100,000 Finance lease of property
100
5.50 Kraft Biog. (Des Moines, Ia.) 1st M. Leasehold 5345, 1927-32. Offered by
Ballard-Hassett-Co'
Des Moines, Iowa.
estate
mortgage
Real
325,000
100
6.00 Lee Warehouses. Inc.(Chicago) 1st M.65, 1928-37. Offered by Minton
1,000.000 Provide funds for loan purposes_ _ 100
6.00 Lloyds Finance Corp.of N.Y. 10-yr. Guar.65, 1938. Offered by M.-W. Lampert & Co., Chicago.
245 000 Finance construction of apartment 100
6.50 Logan Vista Apts. 1st M.634s, 1928-35. Offered by Gerard & co.. Braderman Co.,Inc N Y
Chicago.
THE CHRONICLE
2582
Amount.
Purpose of Issue.
Price.
To Yield
About.
(VOL. 123
Company and Issue and by Whom Offered.
Land, Buildings, &c. (Con.)750,000 Real estate mortgage
Price on applicat'n Marion Hotel (Little Rock, Ark.) 1st M. 534s and 6s, 1927-36. Offered by American Southern
Trust Co., Little Rock, Ark.
5.10 Mercantile American Realty Co.' 1st M. 58, 1951. Offered by Blyth, Witter & Co., Mercantile
7,000,000 Acquisition of properties
98X
.
Securities Co.of Cal., Peirce, Fair & Co.,E. H. Rollins & Sons, Bond & Goodwin & Tucker, Inc.,
' and Wm. Cavalier & Co.
5.11-6.00 (The) Miami Hotel(Dayton,0.) 1st M.Leasehold 65, 1927-45. Offered by the Well, Roth & Irving
. 550,000 Finance lease of property
Co.. the Fourth & Central Trust Co., A. E. Aub & Co., Bohmer, Reinhart & Co., Cincinnati.
and J. R. Woodhull, Dayton, Ohio.
Parcel Post Office (Twin Cities Properties, me.) 1st M. 6s, 1942. Offered by
Minneapolis
600,000 Real estate mortgage
6.00
100
Love, Van Riper & Bryan and Stix & Co. St. Louis.
'
Ctrs., 1927-37. Offered by company.
5.50-6.50 Mortgage Insurance Corp., Inc., 1st Mtge.
500,000 Provide funds for loan purposes
6.50 National Storage Bldg. Corp. 1st M.634s. 1940. Offered by Hunter, Dunn & Co., Los Angeles.
' 200,000 Real estate mortgage
100
3,000,000 Provide funds for loan purposes__ _ 100
6.00 National Union Mortgage Co.68, 1936 and 1946. Offered by Marine Bank & Tr. Co., New Orleans.
6,250,000 Finance construction of club bldg_ _ 100
6.00 New York Athletic Club (N. Y. City) 1st & Gen. M.Fee 6s, 1946. Offered by S. W.Straus & Co.,
Inc.
300,000 Finance construction of hotel
6.50 (The) Park Plaza (Chicago) 1st M.6)45, 1928-36. Offered by Leight, Holzer & Co., Chicago.
100
925,000 Finance construction of apartment 100.70-100 6).4-634 (The) Patrician Apts. 1st M. gyis, 1929-41. Offered by S. W. Straus & Co., Inc.
1.150,000 Real estate mortgage
100-98.51 64-6.40 Pershing Square Bldg. (Los Angeles) 1st M. Leasehold 65.1s, 1927-42. Offered by S. W. Straus
& Co., Inc.
250.000 Provide funds for loan purposes__ _ 100
6.00 Realty Mortgage Insurance Corp. Insured 1st M.6% Ctfe., 1929-38. Offered by Edw. R. Elliott,
Inc., San Francisco.
•2.000,000 Finance construction of hotel
6.00 Ritz & Arlington Trust (Trustees of) 1st (closed) M.6s, 1946. Offered by Hayden, Stone & Co.
100
and Spencer Trask & Co.
6.50 Rose Realty Co. (Fashion Square Bldg.), St. Louis, 1st (closed) M. Leasehold 6145, 1928-36.
435,000 Finance construction of building_ _ 100
Offered by Waldheim-Platt Ar Co., Inc., St. Louis, and Stern Bros. & Co. Kansas City, Mo.
5.00 St. Louis University (St. Louis, Mo.) 151 M. 5s, 1927-36. Offered by Federal Commerce Trust
200,000 Improvements to property
100
Co., St. Louis.
110,000 Finance construction of apartment 100
6.50 Saxer-Annex Apt. (Detroit) 1st M. Senior Series 6345, 1928-36. Offered by Guaranty Trust Co.
of Detroit.
6.50 Schulco Company,Inc., Guar. M.6345,"B," 1946. Offered by Lehman Bros. and Redmond & Co.
4,000,000 Acquisitions
100
6.50 Security Title Bldg., Inc.(Los Angeles) 1st M.(closed) 6345, 1931-41. Offered by Banks, Hunt850,000 Finance construction of building_ _ 100
ley & Co., Stevens, Page & Sterling and Bayly Bros., Inc., Los Angeles.
6.10-6.2 70 East Cedar Street Apts.(Chicago) 1st M.6548. 1929-41. Offered by S. W. Straus & Co., Inc.
750,000 Finance construction of apartment
1,350,000 Finance construction of apartment 100
6.5 South Shore Club Apts. 1st M.6345, 1929-38. Offered by Greenebaum Sons Inv. Co., Chicago.
400,000 Finance construction of building_ _ 100.77-100 6.10-.5 Stockton Medico-Dental Bldg.(Stockton, Calif.) 1st M.6345, 1928-41. Offered by S. W.Straus
& Co., Inc.
6.5 Strathmore Manor (Detroit) 1st M.6345, 1928-36. Offered by Guaranty Tr. Co. of Detroit.
180,000 Finance construction of apartment 100
5.5 Straus Bldg. 1st M.Bldg. & Leasehold 5)4s, 1929-46. Offered by Arthur J. Straus Co., Milwaukee.
420,000 Finance lease of property
100
6.0 Sun Realty Co.(Los Angeles) let M. Cs. 1941. Offered by Union Bank & Tr. Co., Los Angeles.
350,000 Real estate mortgage
100
6,0 320 East 57th Street Apt. Bldg. (57th Street Apts., Inc.), N. Y. City, 1st M. Fee Os, 1936. Of925,000 Finance construction'of apartment 100
fered by S. W. Straus & Co., Inc.
8.0 Times Publishing Co.(St. Petersburg, Fla.) 1st 51.85, 1927-36. Offered by St. Petersburg Baud
250,000 Finance construction of building_ _ 100
& Mtge. Co.
6.0 Twelfth & Washington Bldg. (Oakland, Calif.) 1st (closed) M. 65, 1929-36. Offered by Dean,
100
450,000 Real estate mortgage
Witter & Co., San Francisco.
6.5 2130-2132 Lincoln Park West Apt. Bldg.(Chicago) 1st M.6348, 1929-36. Offered by Greenebaum
760,000 Finance construction of apartment 100
Sons Inv. Co., Chicago.
6.50-6.39 2440 Lake View ,Ave. Apt. Bldg. 1st M. 6.4s, 1929-41. Offered by Greenebaum Sons by. Co.,
2,500,000 Finance construction of apartment
Chicago.
6.00 United States Mortgage Bond Co., Ltd. (Detroit) 1st coll. Tr. 68, "K," 1930-36. Offered by
1,000,000 Provide funds for loan purposes_ _ _ 100
United States Mortgage Bond Co., Ltd., Detroit.
5.00 Utica Gas & Electric Co. Bldg. 1st M. 55, 1956. Offered by Mohawk Valley Inv. Corp., Utica,
850,000 Finance construction of building_ _ 100
N. Y., and Kidder, Peabody & Co.
6.35-6.50 (Wm. N.) Young Hotel Co. (Little Rock, Ark.) 1st M.()Ms, 1929-38. Offered by Adair Realty
725,000 Finance construction of hotel
& Mortgage Co.. Inc.
67,545,000
Rubber5,000,000 Working capital
Miscellaneous3,000,000 Acquire predecessor company__ _
750,000 Add'ns, impts., other corp. purp
9834
98
1,250,000 General corporate purposes
1,200,000 Acquire predecessor company
1,000,000 Refunding
100
9934
650,000 Acquis.; pay existing mtges
100
300,000 Additions, improvements, &c
100
2,000,000 New constr.; working capital, &c_
99
1,250,000 New constr.; working capital, &c_ _
98
50,000 Capital expends.; working capital_
250,000 Improvements; working capital
100
5.70 Hood Rubber CO. 10-yr. Cony. 5345, 1936. Offered by Brown Bros. & Co.. Bankers Trust Co. and
Hornblower & Weeks.
6.20 Broadway Dept. Store, Inc.(Los Angeles), 15-Year Deb.68, 1941. Offered by Dillon, Read & Co.
5.50-6.25 Carstens' Packing Co. (and Thomas Carstens), Tacoma, Wash. (1st (closed) M • 68. 1927-41.
Offered by Merchants Trust Co., Wells-Dickey Co. St., Paul, and Lumbermen's Trust Co.,
Portland, Ore.
5.50-6.00 Connor Lumber & Land Co. (Wis.) 1st M. 6s, 1927-41. Offered by Baker, Fentress & Co.,
Chicago., and First Wisconsin Co., Milwaukee.
6.00 Cuneo Eastern Press, Inc., 7-Year Deb. 6s, 1933. Offered by Continental dr Commercial Co. and
J. A. Sisto & Co.
6.04 Georgia Marble Co. 1st NI. 6s, 1950. Offered by Townsend, Scott & Son and Mercantile Trust&
Deposit Co. of Baltimore.
7.00 Home Service Co. (Portland, Ore.), 1st & Col. Tr. 7s, 1936. Offered by Blyth, Witter & Co.
and Murphey, Favre & Co., Portland.
6.00 Palace Model Laundry Co. (Detroit), let M. 65, 1928-37. Offered by Harris, Small dr Co. and
Detroit Trust Co.
1951. Offered by Spencer Trask & Co.; Brown Bros.
6.08 Quaker City Cold Storage Co. 1st M. 65, Harrison, Smith & Co.
& Co.; Howe, Snow & Bertles, Inc., and
by Spencer Trask & Co. Brown
6.70 Quaker City Cold Storage Co. Cony. Deb. 6)45. 1941. Offered
Bros. & Co.; Howe, Snow & Berties, Inc.. and Harrison, Smith & Co.
D.Bush & Co.,Columbus,O.
7.00 (The) Roth & Hug Co.(Canton, Ohio) 7s, 1927-36. Offered by Frank
1927-36. Offered by First National
5.50-6.50 Schepps-Kleber Baking Co. (Dallas, Texas) 1st M. 6S45,
Co., St. Louis.
11,700.000
INCLUDING FIVE YEARS).
SH(iiiT-TERM BONDS AND NOTES (ISSUES MATURING UP TO AND
Amount.
Purpose of Woe.
Public Utilities2,000,000 Acquisitions; other corp. purp__
Price.
9834
2,000,000 Capital expends.; other corp. purp_ 100
1,200,000 Acquisitions
100
To Yield
About.
Company and Issue, and by Whom Offered.
6.05 Colonial Gas & Electric Co.(Del.)3-Year Sec. 5345, Aug. 1 1929. Offered by West& Co.; Pynchon
& Co.; W. S. Hammons 43c Co.: John Nickerson & Co., and Reilly, Brock & Co.
6.00 Commonwealth Lt. & Pr. Co. 1-Year Sec. 6s, Oct. 1 1927. Offered by R. E. Wilsey & Co. and
Pearsons- Taft Co., Chicago.
6.00 Indiana Consumers Gas & By-Products Co. 3-Year 6s, Oct. 1 1929. Offered by Rutter & Co.,
N. Y., and First National COP., Boston.
5,200,000
Motors & Accessories1,250,000 Expansion of business
Other Industrial & mfg.1.000.000 Refunding; capital expenditures_ _ _
011
.3,431,500 Refunding;additions,&c
Land, Buildings, &c.1,750,000 Refunding; other corporate purp_ _
550,000 Finance completion of building_ _ _
745.000 Provide funds for loan purposes_ 165,000 Real estate mortgage
200,000 Finance sale of properties
68,000
100,000
150,000
500,000
400,000
Finance construction of apartment
Provide funds for loan purposes...
Provide funds for loan purposes_
Real estate mortgage
Finance construction of building..
100,000 Provide funds for loan purposes...
144,000 Finance construction of building..
600,000 Finance construction of apartment
275,000 Finance construction of building..
150,000 Improvements; working capital__ _
5.897,000
9934
6.20 Auburn Automobile Co. 3-Year 65, Oct. 1 1929. Offered by Blyth, Witter & Co. and National
Republic Co., Chicago.
100
6.00 Waterway Paper Products Co. (Chicago) 1st M.5-Year 6s, Oct. 11931. Offered by A. C. Allyn
& Co., Chicago.
100
6.00 Simms Petroleum Co., Inc., 3-Year Cony. 68, Nov. 15 1929. Offered by company to stockholders
underwritten by Hemphill, Noyes & Co. and Luke, Banks & Weeks.
6.00 Beach Hotel Co. (Chicago) 1st M.6s. July 11928. Offered by A. G. Becker & Co.
7.00 (The) Beekman (575 Park Ave. Corp.), N. Y. City, Junior Mtge. 7% partic Certifs., Oct. 11927.
Offered by Spear Securities Corp., N. Y.
.y).
5-6 Guardian Trust Co. Of Detroit (certificates of participation in first mortgages held in trust 1;.
Series No. 3, due 1927-31. Offered by Guardian Trust Co. of Detroit.
6.00 Gulf Hills (Mississippi) 1st M.6s, 1927-29. Offered by Pyramid Securities Co., Inc., New Orl.
100
6.00 Metropolitan Trust Co. (Highland Park, Mich.) 1st Guar. Coll. 6s, "A," 1927-31. Offered by
100
Metropolitan Trust Co., Highland Park, Mich.
6.50 Raymond Apts. (Cleveland), 1st M. Fee 6348. 1928-31. Offered by S. Ulmer & Sons, Inc., Clev.
100
5.05-6.00 Standard Bond & Mortgage Co., Inc., 1st Coll. 68, 1927-31. Offered by company.
5.00-6.00 Standard Mortgage Corp. Guar. Notes, Series 2, due 1927-31. Offered by Bristol & Co., Chicago.
7.00 Subway Terminal Corp. 5-Year Sec. 7s, Oct. 11931. Offered by Frick, Martin & Co., Los Angeles.
ioo
6.00 251-255 West 30th St., N. Y. City, 1st M. Bldg. Loan Ctts., June 7 1927. Offered by Spear Securities Corp.
5.50-7.00 United States Bond & Mortgage Corp.(Richmond, Va.) Coll. Tr. 75, "0," 1927-30. Offered by
company.
100.24-100 51.4-6 Washington Egg & Poultry Co-Operative Association (Seattle, Wash.) 1st M. 65, 1927-31.
Offered by Marine National Co., Seattle, Wash.
6.50 Washington Hall Apts.(Washington, D. C.) 1st M.6345. 1928-31. Offered by the F. H. Smith
100
Co., Washingtn, D. C.
5.50 (Samuel W.) Weis (New Orleans) 1st M. 534,s Oct. 1 1929. Offered by Canal Bank & Trust Co..
100
New Orleans.
Co., Los
7.00 Whittier Extension Co. 1st M. 5-Year 75, Sept. 1 1931. Offered by Frick, Martin &
100
Angeles.
100
100
Nov. 20 1926.]
THE CHRONICLE
2583
STOCKS.
Par or
Shs
No.
of
*60,000
*10,304
*3,463
*25,000
she
shs
sits
shs
Purpose of Issue.
Public UtilitiesAcquire constituent companies_ _ _ _
Acquire constituent companies_ _
Refunding
Additions, extensions, &c
4,235,000 Capital expenditures
5.000,000 Refunding, additions, &c
*34,100 shs Refunding, additions
2,549,900 General corporate purposes
500,000 Additions, Improvements, &c
1,500,000 Acquisitions, additions, &c
(a) Amount Price
To Yield
Involved. Per Share. About.
5
1,560,000 26
989,184 96
346,300 100
2,337,500 933-0
4,235,000 100 (par)
5,000,000 50 (par)
3,239,500 95
2,549,900 100 (par)
500,000 95
1,500,000 9734
22.257,384
Iron, Steel, Coal, Copper. &c.
2,427,900 Refunding
6,189,300 Refunding
2,427,900 100
6,189,300 10654
*33,000 sh
Acquire constituent cos
*11,000 abs Acquire constituent companies__ _
_
Other Industrial & Mfg.1,500,000 Expansion of business
4,000.00 Acquisitions; working capital
3,000,000
97
7.22 Edward G. Budd Mfg. Co. 7% Cum. Prof., Series of 1925. Offered
by Lee, Higginson
& Co., Brown Bros. & Co. and Townsend. Whelen & Co.
825,000{1 Edo. "A" For Wilcox Products Corp.(Saginaw, Mich.)
Class"A" stock. Offered by Keane, Higble
& Co. and Nicol, Ford & Co., Detroit.
1-3 sh. "B" $25 Wilcox•Products Corp.(Saginaw, Mich.) Class
"B" stock. Offered by Keane, Higble
& Co. and Nicol, Ford & Co., Detroit.
3.825,000
1,500,000 100 (par)
4,000,000 100 (par)
5,500,000
Oil•315.000sh8 Development of property
Land.Buildings, &c.
300 ctfs Finance lease of property 400,000 Finance construction of
building_ _
2,000 slur Finance construction of
building_ _
.5,000,000 Acquisition of properties
800,000 Acquisitions; pay off mortgages_
Rubber45,000 sits Working capital
3.780,000
___
335,001 Improvements; working capital__
_
7.00 Dow Chemical Co. 7% Cum. Prof. Offered by company to stockholders.
7.00 (Albert) Pick & Co. (Chicago) 7% Cum. Prof. Offered by the Manuracturers Tru
Co., New York.
12
Pantepec Oil Co. of Venezuela capital stock
& Co., New York.
Offered by A. A. Housman-GwathmeY
300,000 1,000
6.0 Chas. J. McCullough Seed Co. (Cincinnati) Land Trust Ctts. Offered
by Herrick
& Co. and Fourth & Central
600,000 12 shs el"Al For Medico-Dental Bldg. Co. of San Trust Co.. Cincinnati.
Diego. Class"A"7% Cum.Prof. Offered by Wright
Alexander & Greeley, San Francisco.
11 sh. cl."B"J $300 Medico-Dental Bldg. Co. of San
Diego Class "B" Cum. Panic. Pref. Offered by
Wright, Alexander & Greeley, San Francisco.
5,000,000 100
6.00 Mercantile American Realty Co. 6% Cum. Pref. Offered by Blyth, Witter &
Co..
Peirce, Fair & Co., E. H. Rollins & Sons, Bond & Goodwin dr Tucker.
Inc., and Wm
Cavalier & Co.
800,00 100 (par)
Western Real Estate Trust (Mass.) capital stock. Offered to stockholder
s.
6.700,000
2,250.000
Miscellaneous200,000 Additional capital
500,000 Additional capital
3,000,000 Acquire predecessor company
•15,000 sh Acquire constituent companies.
%
Federal Water Service Corp. Class "A" stock.
Offered by Hale, Waters & Co., N. Y.
OT.2 Maine Gas Cos. $6 Series Cum. Prof. stock. Offered
Paine, Webber & Co.
6.00 Malone (N. Y.) Lt. & Pr. Co. $6 Pref. stock. Offeredby
by company to stockholders.
6.45 New York Steam Corp. Cum. Prof. $6 Div. Series Offered
by National City Co. and
Cassatt & Co.
Peoples Gas Light & Coke Co. capital stock. Offered
by
company
to stockholders.
Philadelphia Rapid Transit Co. 7% Prof. Offered by
7.99
company to car riders.
6.32 Public Service Co. of New Hampshire Pref. stock $6 Div.
Offered
Series.
by Tucker,
Anthony & Co. and Old Cciony Corp.
6.00 Public Service Corp. of N. J. 6% Cum. Pref. Offered
7.37 (The) Suburban Lt. & Pr. Co.(of Ohio)7% Cum. 1st by company to customers.
Pref.
by Vought & Co
7.17 Tide Water Power Co. 7% Pref. Offered by Stroud dr Co., Offered
Eastman, Dillon & Co.
and A. E. Fitkin & Co.
7.00 A. M. Byers & Co. 7% Cum. Pref. Offered by company to stockholder
s.
6.57 Central Alloy Steel Corp. 7% Cum. Prof. Offered by Otis & Co.,
the Cleveland Trust
Co. and Dominick & Dominick.
8,617,200
Motors and Accessories3,000,000 Addl equipment; working capital_
Company and Issue, and by Whom Offered.
50
Hood Rubber Co. Common stock. Offered by Hornblower & Weeks.
300,000 30
500,000 100
3,000.000 99
1,425,000
(A. S.) Aloe Co. Common. Offered by Mark C. Steinberg Sr Co., St. Louis.
7:00 (A. S.) Aloe Co. 7% Cum.Pref. Offered by Mark C.Steinberg & Co.. St. Louis.
7.07 Broadway Dept. Stores. Inc. (Los Angeles) 7% Cum. let Pref. Offered by Dillon,
Read & Co.
7.3 National Theatre Supply Co. $7 Div. Prof. Offered by West & Co., NV. S.
Hammoru3
& Co. and A. B. Leach & Co., Inc.
7.50 Schepps-Kleber Baking Co.(Dallas, Tex.)
% Cum. Prof. Offered by Mercantile
Trust & Savings Bank, Dallas, Texas.
95
335,000 100
5.560,000
FARM LOAN ISSUES.
Amount,
Issue.
500,000 First Joint Stock
Land Bank of New
Orleans 58, 193646
500,000 Illinois Midwest Joint
Stock Land Bank of
Edwardsville. Hi" 434s. 1936-56
1,000,000
Price.
To Yield
About.
Offered by
10310
4.60 Harris, Forbes & Co.
100
4.25 C. F. Childs & Co.
FOREIGN GOVERNMENT LOANS.
Amount.
Issue.
Price.
3:000.000 Department of Antioquia (Colombia
, S. A.)
7s, 1945
50,000.000 Kingdom of Belgium
Stabliziation Loan.
1926, External 7s, 1956
94
2,500,000 Department of Cauca
Valley (Colombia.
S. A.), Sec. 7345, 1946
2.000,000 City of Chemnitz
(Germany) 1-Year Treas.
% Partic. Certifs., Nov. .
1 1927
42,500,000 Republic of Chile Ext.
6s, 1960
9934
9310
10,000.000 State of Hamburg (Free and
City of Hamburg), Germany. Hanseatic
20-Year 68,
1946
2,000,000 City of Hanover (Germany), 1-Year
Treas.
534s, Oct. 1 1927
6,000,000 Hungarian Consolidated Municipal Loan.
20-Year Soc. Ext. 75 of 1926, due 1946
_
To Yield
About.
Offered by
93 18.42 (c)7.71 Blair & Co., Inc., and E. H. Rollins
& Sons.
96
7.50 J. P. Morgan & Co.; Guaranty Co.
of N. Y.: First National Bank; National
Bankers Trust Co.; National Bank of Commerce in N. Y.; the Equitable City Co.;
Trust Co.,
N. Y.; the New York Trust Co.; Harris, Forbes
& Co.; Lee, Higginson & Co.; Kidder,
Peabody & Co.; Dillon, Read & Co.: Halsey, Stuart
& Co., Inc.; Brown Bros. &
Co.; E. H. Rollins & Sons; Spencer
Trask & Co.; First Trust & Savings Bank,
Chicago; Illinois Merchants Trust Co.; Continenta
l & Commercial Co.; Central Trust
Co. of Illinois, Chicago, and the Union Trust
Co., Pittsburgh.
7.90
& W. Seligman & Co. and Baker,
Kellogg dr Co., Inc.
6.00 Blair & Co., Inc.
6.50 Hallgarten & Co.; Kissel, Kinnicutt
& Co.; Halsey, Stuart & Co. Inc.; Lehman Bros.;
J. Henry Schroder Banking Corp.; Cassatt & Co.;
Wm. R.'
Compton Co.: Continental & Commercial Co., Chicago; the Union Trust
Co., Pittsburgh; Northern
Trust Co. Chicago; Guardian Detroit Co.; E. H. Rollins
& Sons; Bank of Italy.
San Francisco; the Canadian Bank of Commerce;
Dominion Securities Corp..
Edward B. Smith & Co.; Merrill, Lynch & Co., and J. G. White & Co., Inc. Ltd.:
91%
6.75 Kuhn, Loeb & Co.; International Acceptance Bank, Inc.; Brown Bros.
& Co.; J. Henry
Schroder Banking Corp and Lee, Higginson & Co.
99;8
6.00 Blair & Co., Inc.
9354
7.6
Speyer & Co.
118,000,000
.Shares of no par value.
a Preferred stocks of a stated par value are taken at par, while preferred stocks of no par value
and all dames of common stocks are computed at their offering prices.
bl3onus of 2 shares of common stock given with each share of preferred.
tYleld on bonds called for redemption on July 1 1927.
2584
THE CHRONICLE
Fox.. 128.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, Nov. 19 1926.
The condition of trade still varies. Some things have made
for a better business. Cold weather naturally helps the
retail sale of seasonable goods, and it is cold all over the
West and in much of the South. A cold wage was to reach
New York to-night. In the Central West rains and snows
and bad roads have interrupted business to some extent.
Cotton has declined, but only slightly, strange as that sounds
in a season when the crop is supposed to be 18,000,000 bales
and when some estimates go as high as 18,300,000 bales, or
well over 2,000,000 bales larger than last year's yield. Mitigating things are found, however, in the excellent foreign
demand for American cotton. Even Asiatic markets seem
to prefer it to East Indinn. Russia, Japan and India have
been buying in this country. The world's consumption of
American cotton this season is expected to outrun any pre.
vious total. This, it is believed, will be assured by unexampled exports. Whether they will reach 12,000,000 bales or
not, as some predict, and whether the world's consumption
of the American staple will rise to such proportions as 16,000,000 bales, as some of the Southern merchants expect,
remains to be seen. But there will be no great surprise if
they are reached in a season when prices are the lowest for
years. The Southern farmer is supposed to be holding
back his best cotton, and therefore the spot basis on such
grades has been conspicuously firm. As for the crop, it
may be 18,000,000 bales, but a question of outstanding importance is whether the lowest grades will be picked or
not, and if not, how much the abandoned cotton will figure
up in bales. The marketed crop may not be 18,000,000 bales.
Wheat has declined owing to the dulness of export trade,
except for 48 hours, when there was a spurt that sent the
foreign purchases up to some 2,500,000 bushels. Lower
ocean freights contributed to this sudden increase. Indeed,
It is one of the features of the week that ocean tonnage has
been more plentiful as the prospects seemed to point to an
early ending of the British coal strike and rates thereupon
declined. There has been a better export trade in rye,
some 700,000 bushels being taken, by Europe in two days.
Corn has advanced some 3 cents per bushel, as it became
clearer that the husking returns were unsatisfactory, and
that the big receipts at Western points were dying down
because of farmers' refusal to accept the going prices.
Raw sugar has run up to 3 1-16c. for Cuban with the official announcement from Cuba that the crop would be restricted to 4,500,000 tons. How this will work out in the
end remains to be seen. Reduced grown crops would be the
suggestion of economic law as a reemdy for low prices, not
artificial restriction of the available crop out of that actually raised. The trading in sugar futures has been very
,active at a sharp rise in prices. Coffee, on the other hand,
has dropped some 40 to 50 points, coincident with falling
prices in Brazil, more or less irregularity in exchange and
rumors to-day of political disturbances in some parts of
that country. With coal prices falling, steel and iron have
been in less demand and the tendency of prices has been
downward. The output of soft coal in this country is very
large, and it is believed that the coal strike in Great Britain
is practically over. Even in Wales, where there was said to
be a heavy vote against the Government plan, large numbers of miners are returning to work. There are some London intimations that the end of the strike has really come,
although for purposes of bargaining some of the miners were
voting against the plan. There has been less building. In
the lumber country there are complaints of low prices, and
there may be some curtailment of output. Crude petroleum
prices have dropped about 30 cents per barrel. Rubber has
been declining here and in London, as prospects point to
ample supplies. Tire shipments for the last nine months are
somewhat smaller than during a like period last year.
In the textile trade there has been comparatively little
business except in cotton goods. The Southern mills are
said to be doing a good business. Worth Street has had a
fair trade in some descriptions of cotton. In parts of New
England mills are well engaged. Some consumers are buying cotton goods for January and February delivery on a
fair scale. A somewhat better business has been done in
print cloths and sheetings at firm prices. There is an effort
to promote the sale of cotton bagging, to take the place of
burlap in the cotton belt. In woolens and worsteds trade
has been light. The demand for spring dress goods, moreover, has been small. There is little spring trade in broad
silk. Raw silk has been dull and lower. Cotton goods, no
doubt, would be more active, but for the fact that the crop
Is so large and the impression so widespread that the decline
in raw cotton prices has not culminated. Wool has been
dull and practically unchanged. In the furniture business
reports vary; some are good and some not so good. Though
the flour trade is slow in the East reports from Kansas City
are to the effect that the mills there are working at close to
100%. There has been no material recent decrease in the
production of automobiles. That suggests the possibility
that the falling off in output has culminated. Automobile
tires have declined recently, and this has had more or less
effect on the price of rubber here and in London.
The stock market shows no marked net change for the
week, but of late has been somewhat irregular, and even at
times a little lower, coincident with some decline in most
of the grain and cotton markets. Money has been up to 5%,
but has latterly fallen to 4Y2%-on call. French francs have
been moving upward in spite of the efforts of the French
Government to check the rise. It is attributable partly to
speculation. Naturally, the rise tends to hurt the export
trade of French manufacturers, and to cau4e more or less
unemployment; that is partly where the shoe pinches. Paris.
has an idea now, however, that any expectation of a return
to the old-time par of 19.2 cents per franc is purely visionary. It would seem that official devaluation of the franc
may yet be the outcome, though this is conjectural. Here
bonds have been in excellent demand and in some cases have
risen to a new high level.
At Nashua, N. H., operations at the mills of the Nashua
Co. are being gradually increased. Trade is better than it
was a year ago. Fifteen per cent of the Nashua mills and
the Jackson mills are being operated nights. The production
at the Jackson mills is about 85% and the Nashua mills
75%. Manchester, N. H., wired that cotton mills there and
along the Merrimack Valley in Massachusetts, which had
been operating the past five months under serious handicap
because of the very low water in numerous rivers and
streams in the worst drought on record, now find it possible
to run on hydro-electric power after a rise of 5 feet in the
height of the Merrimack and other large streams. Many of
the small mills in New Hampshire had been obliged to curtail output sharply owing to the drought. It was broken in
the first ten days of this month with a rainfall of five
inches. The Pacific mills at Dover had suffered. At Pittsfield, on the Suncook River, the mills of the Exeter Manufacturing Co. had been obliged to work night on account of
low water. Now the outlook has changed greatly for the
better. Lowell and Lawrence, Mass., will be benefited by
the big rains occasionally causing floods.
The Amoskeag Manufacturing Co. at Manchester, N. H.,
is among the largest textile concerns of the country to adopt
the "long draft" spinning, a process in the production of
cotton yarns recently introduced in the United States. It
has long been in use in Europe, where it has been applied to
more than 4,000,000 spindles, but is just now coming into
practice in this country. It is regarded in many quarters
as the most revolutionary step in cotton cloth manufacture
since the introduction of the automatic loom. Manchester,
N. H., wired that the worsted department of the Amoskeag
Manufacturing Co. is working at about 75%. At Enfield,
N. H., night operations of the Baltic mills of the American
Woolen Co., usually one of the busiest units of the big company in that State making women's fabrics, have been discontinued for an indefinite period. The day staff is running
full time. At Rollinsford, N. H., the mills of the Salmon
Falls Manufacturing Co. will be closed down shortly, it was
said at the office of the State Labor Department at Concord, N. H. The New Hampshire "Labor Review," in summing up the present textile situation in New Hampshire,
says: "The solution of the conditions in every textile mill
Nov. 20 1926.]
THE CHRONICLE
In this State is increased production per man per hour to
offset the lower wage scale paid in the South. Two mills,
It is said, will move out of the State if taxes and costs of
labor become more burdensome." At Passaic, N. J., on
Nov. 15, between 75 and 100 striking employees of the Passaic Worsted Co., now members of the United Textile Workers of America, and recognized as such by the management,
were re-employed in the first step to restore normal conditions at the plant.
By a vote of 9,945 against 2,533, strikers in the New York
garment industry on Nov. 17 accepted the peace agreement,
already ratified by union leaders and manufacturers. Thursday, after 20 weeks, the strike was officially brought to an
end. Work began on the 18th inst. By Monday it is expected that the inside shops will be in full operation. The
union is still holding out, however, against the jobbers and
sub-manufacturers.
On the 16th inst. three persons were killed and many injured in a 70-mile gale from the South that caused high
seas, delayed the big ocean liners and swept over New York.
It passed upEite Eastern coast. More than a score of fishing
boats were sunk, two wharves were washed away and the
U. S. S. "Merrill" was washed ashore when the storm
struck Provincetown, Mass. The gale was accompanied
here by sudden and frequent squalls of rain. The temperatures were comparatively high, which added to the discomfort. They were 50 to 62 degrees. Chicago and Milwaukee
had snow; Boston rain. The West had snow, rain or cloudy
weather. Snow was reported later in Arkansas, Missouri
and the Central West generally. Relatively warm weather
prevailed on the 18th inst. in the Atlantic States, excepting
In New England and in some sections of the Rocky Mountain region, but gales were pushing the Central West storm
eastward and southward. New York on the 18th was 46 to
53, Chicago 28 to 30, Cincinnati 30 to 36, Cleveland 44 to 50,
Milwaukee 30 to 34, Kansas City 22 to 32, Winnipeg 20,
Minneapolis 24, Huron 18, Omaha 24 to 30. A cold snap is
on the way from the West. Freezing weather and high
winds are predicted for New York. The cold wave is coming from the Southwest. Snow is predicted for some of the
Eastern States, including up-State New York, but none here.
The Central West had a cold wave to-day that spread over
the country to the Gulf Coast and the seaboard States, and
blanketed the corn States with snow.
Business Conditions Sound According to Reports to
National Industrial Conference Board.
"Present business conditions are sound, and indications
are that industrial and commercial activity on the whole will
continue at a satisfactory momentum,as far as the immediate
future is concerned." That is the composite judgment of
leading industrial and financial executives of the country on
the basis of October reports, obtained in conferences on the
business outlook and weighed in the light of recent business
trends by the National Industrial Conference Board, 247 Park
Avenue, New York. Increasing stability is the outstanding
characteristic of business development during the past five
years, according to the Conference Board's analysis of conditions, and the achievement of this condition is ascribed in
large measure to the improved technique of distribution, the
better organization of our.credit and transportation systems,
the steadying influence of the Federal Reserve System, and
to better informed and hence more alert industrial and business management, says the Board under date of Nov. 14.
"Ignorance of general business trends, misinformation and
decisions based on unsubstantiated opinions and the lack of
a proper national banking system, such as we now have in
the Federal Reserve banks, have been mostly responsible for
the severity of the depressions of .the past," is the comment
of Magnus W. Alexander, President of the National Industrial Conference Board. "The widely diffused, better and
more prompt factual informatim regarding industrial and
commercial conditions at the present and improved credit
facilities," he declared, "are proving a powerful factor in
leveling peaks and depressions and in forestalling panics."
"Present-day knowledge is such that there should be no
further business panics," a widely-known industrialist says
in corroboration of this view. "If we have any more business
panics, they will be man-made rather than unavoidable
events."
That, however, Mr. Alexander cautions, does not mean
that American business has discovered a fool-proof formula
for permanent prosperity, but only that by rationalizing pro-
2585
duction and trade, the disturbing phenomena of over-expansion and resulting depressions may be minimized so as to
remain reasonably within control.
Characteristic of the new orientation of business is the
emphasis placed by the Conference Board on the importance
of a prosperous working class. The generally accepted view,
that good labor conditions depend on good business conditions, is characterized by one member of the Board as superficial. "The reverse is true," according to this industrialist;
"it is the experience of myself and of my associates in our
industry that good business conditions are based upon good
labor conditions."
It is pointed out as significant by the Conference Board
that business activity has not diminished but rather increased
with the tendency of declining prices underway during the
current year. The lower prices, according to Mr. Alexander,
are a symptom of greater economy in production and distribution and of credit economies and, together with the prevailing high wage levels, have resulted in the United States
in the highest purchasing power of wage earnings ever known.
"Real weekly earnings" are now about 29% higher than in
1914, 9% higher than in 1920, and nearly 1% higher than
a year ago." The Board's statement continues:
Rising Level of Activity in 1926.
While there has been an obvious continued increase in business activity
and production during the past few years,(and an apparent increase in
consumption power closely paralleling that of production, the Board
cautions that it must not be forgotten that new records of total production,
transportation and sales do not necessarily reflect increased business
activity per capita, but are due in large measure to the natural growth of
our industries and Commerce resulting from population increase. This
natural increase in the total volume of business is estimated by the Board
as amounting to from 3 to 4% annually at the present time.
No major signs of decline were found in the volume of production, which
In August of this year was 11% higher than in the same month last year,
and 17% above the 1919 average, which was the peak of war activity.
Consumption of electrical power, which closely parallels the movement of
production volume, last August was 15% greater than in the same month
a year ago.
That this volume of production is being distributed at a fairly even flow
Is reflected in the increasing volume of railroad traffic, total ton mileage
of all railroads for the first seven months of the current year showing a
% increase over the corresponding period In 1925. Railroad earnings for
the first half of the year show an 11% increase over the corresponding
period of the previous year. Goods apparently went Into the consumers'
hands at approximately the same pace, retail trade as measured by the
turnover in department stores, chain stores and other retail establishments
having increased from 8 to 10% since last year.
•
Credit Situation Good.
Bank rates, although slightly higher than a year ago, are not so high as to
hamper legitimate enterprise, the Board finds, current rates being about the
same as the general average before the Federal Reserve system was
organized. While there has been an approximate increase of 3200,000,000
in commercial loans as reported by Reserve member banks, an increase of
about $400,000,000 In loans on bonds and stocks and of about 3100,000,000
In investments during the year, this total expansion of approximately
$700,000,000 in bank credits has required not more than about $15,000,000
additional of reserve funds. This, according to the Board, reflects the
greater utilization of time as against demandi clans, and the more even flow
of manufactured goods resulting in smaller inventories.
Iron and Steel.
While unsold pig iron stocks were accumulating early in the year, they
have been moving since, and prices are hardening. The industry has been
suffering some from foreign competition. Only 60% of the merchant
furnaces are in operation, and there seems to be no encouragement for more
to operate.
The steel industry, on the other hand, which produced 44.000,000 ingots
during 1925,for the first nine months of the current year has been operating
on a basis of 48,000,000 ingots, approximately, the greatest production in
its history. The increase is accounted for not only by the demand from a
growing population, but to a large measure is due to the wider use of steel,
as, for instance, In building, where the use of steel has increased 375%
since 1900, while the increase in building footage during the same period
Increased only 60%. Return on actual capital inve3ted in the steel industry,
however, was declared as inadequate, amounting to only about 4%% for
the industry as a whole for the year 1925. This was accounted for as being
due in large degree to the rapid expansion and the high rate of depreciation
and obsolescence prevailing in the industry.
The Coal Industry.
A shift of activity occurred within the coal industry, the bituminous
branch of the industry gaining what the anthracite fields lost on account of
the strike in 1925. While anthracite production during the six months of
the strike was cut from 43,000,000 to about 3,000,000 tons, bituminous
production during the year increased by about 43.000,000 tons or by about
3,000,000 tons more than the 40,000,000 ton deficit in anthracite output.
This, it is pointed out, was,accomplished with an increase in price of only
12 cents a ton, the average price of bituminous coal at the mine during the
period of the anthracite strike being $2 18, as against $2 06 in 1924, a year
In which prices were much lower than they had been for several previous
years. The industry at present benefits from an unusually large volume of
export and bunker trade occasioned by the prolonged coal ruiners' strike in
Great Britain. No serious hardship to the country is anticipated in case of
a possible suspension of operations next spring when the present contract
of the industry with the union miners expires, because of the small proportion of union operated mines.
The anthracite industry has almost recovered from the effects of the 1925
strike, from a production standpoint, output for the first nine months of
the current year being 55,357,143 gross tons as compared with 54,704,464
gross tons in 1924. Operation of the industry is less profitable than in
former years, from the production standpoint, because 65% of the output
now goes to the domestic consumer, and very little of the balance into
industrial use. This. it is declared, has made the more profitable larger
sizes formerly used by industry obsolete and results in more of the very
small sizes than can be easily marketed.
2586
THE CHRONICLE
(VOL. 12::
Farm products in general were 1% lower than in September, due mainly
to declines in prices of cotton and cottonseed, onions, and potatoes. Corn
prices also averaged lower than in the month before, while other grants.
hogs, eggs, hides, tobacco, and wool were higher. Clothing materials,
owing to the crop in cotton goods and raw silk, were 2% cheaper than in
September. In all other groups also, except foods and fuels, prices were
slightly below those of the preceding month. Foods showed no change
Automobiles.
in the general price level, while fuels were 1 1-3% higher.
With the exception of seasonal let-up, and a moderate slowing up of sales
Of the 404 commodities or price series for which comparable Inforizalon
ascribed to unseasonable weather during a large portion of the year, the
automobile industry has recorded no unfavorable factor. While the credit for September and October was collected, increases were shown in 107
situation was declared to have been over-expanded somewhat in 1925, this instances and decreases in 114 instances. In 183 instances no chaolge in
condition has been corrected by the general adoption of requirements for price was reported.
larger first payments and for a limit of 12 months in which to pay the INDEX
NUMBERS OF WHOLESALE PRICES BY GROUPS AND SUBentire amount. The industry estimates that there is a renewal demand of
GROUPS OF COMMODITIES (1913=100.0)•
2,000,000, vehicles a year, and a standard market for about 43i million
Oct.
Oct.
Sept.
Groups and Subgroupscars and trucks a year. Credit losses despite the large proportion of time1926.
1925:
1928.
139.4
141.1
payment sales have been kept within a fraction of 1%. Total production Farm products
155.3
Grains
142.5
153.2
138.6
of passenger cars, trucks and busses in the United States and Canada
Livestock and poultry
142.0
145.3
141.0
during the first eight months of this year exceeded that of the corresponding
Other farm products
133.7
140.8
184.5
Foods
period in 1925 by 14%.
• 152.0
157.6
152.0
Meats
154.3
157.4
159.7
Electrical Manufacturing.
Butter, cheese and milk
152.6
157.8
150.0
Other foods
The outlook in the electrical apparatus and machinery industry according
151.7
157.6
151.1
materials
171.5
189.5
175.2
to the Board's analysis, is "very good," promising a continuation of a Clothing
Boots and shoes
184.3
184.3
186.7
satisfactory volume of business "for some time to come." The constant
Cotton goods
153.0
182.9
181.3
development of new industrial devices in all fields is continuing to bring in
Woolen and worsted goods
189.0
206.4
189.2
Silk, Acc
154.4
a steadily increasing amount of orders. The volume of orders for house181.0
182.2
184.4
171.7 As182.0
hold and industrial electrical apparatus is steady and good, and the market Fuels
Anthracite
coal
225.5
*
mw
225.4
for large apparatus, while showing a seasonal slackening reflecting the
Bituminous coal
214.6
200.9
202.3
lighter buying by the utilities during the fall season of the year,is anticipated
Other fuels
157.4
139.9
161.0
126.7
to be even better during the coming year than it has been during the past Metals and metal products
127.9
127.0
Iron and steel
135.0
134.2
134.5
year.
Non-ferrous metals
108.6
114.3
110.5
Railway Supply Industry.
Building materials
172.1
173.9
172.4
Lumber
181.8
182.4
The buying of equipment by the railroads has been lagging for months,
182.3
Brick
205.0
204.2
205.0
despite the general high level of activity in industry and commerce. This,
Structural steel
132.4
129.1
132.4
however, is attributed by the industry to the greater efficiency of railroad
Other building materials
163.8
168.2
1133.7
operations, the roads handling a much greater volume of traffic with much Chemicals and drugs
129.3
134.9
130.8
Chemicals
417.8
126.8
118.9
less equipment than they used to require for a similar volume a decade ago.
Fertilizer materials
103.6
109.8
108.2
Drugs and pharmaceuticals
Textile Industries Out of Line.
182.5
178.7
182.5
House
furnishing
goods
160.3
167.9
160.4
While the high level of business activity is fairly well distributed
Furniture
140.1
147.4
140.1
throughout industry and trade, the Board finds, naturally there are differFurnishings
228.5
234.7
226.5
ences in degree of activity between individual industries, and there is a Miscellaneous
138.0
118.6
120.4
Cattle
feed
107.1
122.3
109.5
shifting of activity among industries due to new inventions, changes in
Leather
136.0
140.3
135.9
buying habits, and similar causes. The instability of fashions is held
Paper and pulp
174.0
158.8
164.3
accountable in large measure for the relatively lower activity in the cotton
Other miscellaneous
103.9
129.4
104.5
industry, which showed nearly 450.000 less spindles in operation in 1925 All commodities
149.7
157.8
150.5
*Insufficient data.
than in 1920, and a shifting of about 2,000,000 active spindles from the
Northern to the Southern contingent of the industry. The total number of
spindles active in 1925 was 35,032,000 as against 35,480.000 in 1920.
Increase in Retail Prices of Food in October.
Similar conditions prevail in the woolen industry, where operations during
the middle of the current year had dropped to about 50% of loom capacity.
The retail food index issued by the Bureau of Labor
At present, the industry is operating at about 70% of total loom capacity. 'Statistics of the
United States Department of Labor shows
The silk industry, although it has profited to some extent from the same
vagaries of fashion which have meant loss to the cotton industry, has had for Oct. 15 1926, an increase of a little less than 1% since
Its own troubles because of the impossibility of predicting just what women Sept. 15 1926; a decrease of 1% since Oct. 15 1925; and an
will wear the coming season, a difficulty accentuated during the current
increase of a little more than 54% since Oct. 15 1913. The
year by unseasonable weather. While output of silk in 1925 has been the
greatest in history, its losses during the past year have been equalled but index number (1913 equals 100.0) was 161.6 in October
few times in recent years.
1925, 158.5 in September 1926, and 160.0 in October 1926.
The Chemical Industry.
The Bureau on Nov. 17 added:
The output of chemical products for a period of years has been Increasing
During the month from Sept. 15 1926 to Oct. 15 1926, 11 articles on
at a somewhat faster rate than production and trade generally, and has not which monthly prices were secured increased as follows: Strictly fresh eggs,
varied in this respect during the past year. While the production curve 13%; oranges. 10%; butter, canned tomatoes and granulated sugar, 3%;
of the heavy chemicals has practically paralleled that of railroad car- cheese, 2%; plate beef and bananas, 1%;and chuck roast, pork chops and
loadings, the newer products of the chemical industry have made much tea, less than 5-10 of 1%. Nineteen articles decreased: Onions, 6%; cabmore rapid progress. The industry is anticipating a volume of production bage,5%;canned red salmon,4%;potatoes,3%;leg of lamb,lard and flour,
increasing at a rate between 5 and 10% per year.
2%;sirloin steak, round steak, ham, hens, evaporated milk, vegetable lard
substitute,rice,canned corn and prunes, 1 %;and rib roast, bacon and coffee,
Boots and Shoes.
than 5-10 of 1%. The following twelve articles showed no change;
Foreign competition is making great inroads into the American shoe less
milk, oleomargarine, bread, corn meal, rolled oats, corn flakes,
Industry, the Board finds, European makers now being able successf lly Fresh
cereal, macaroni, navy beans, baked beans, canned peas and raisins.
wheat
to compete with American makers in quality and price because of their
lower wage scale and because of the longer working hours prevailing in
Changes in Retail Prices of Food by Cities.
European countries.
During the month from Sept. 15 1926 to Oct. 15 1926 the average cost
The Paper and Pulp Industry.
of food increased in 46 cities as follows: Denver and Newark, 3%; Chicago,
The paper industry in its various divisions shows an upward trend, and Fall River. Houston, Manchester, Milwaukee, New Haven, New York,
this is the case particularly as regards newsprint. Newsprint production San Francisco and Washington, 2%; Atlanta, Baltimore, Birmingham,
for the first nine months of this year in the United States and Canada was Boston, Bridgeport, Buffalo, Butte, Cincinnati, Cleveland, Jacksonville.
18% greater than in the corresponding period of 1925, and 24% greater Kansas City, Little Rock, Los Angeles, Louisville, Mobile, New Orleans.
than for the same period in 1924. Advertising in newspapers and magazines Norfolk, Omaha, Peoria, Philadelphia, Pittsburgh, Portland (Me.).
during the same nine months showed an 8% increase over the corresponding Portland (Ore.), Providence, Richmond, St. Louis, Salt Lake City, Scran1925 period, and 11% over that of 1924. Record production continues ton, and Springfield (Ill.), 1%; and Charleston (S. C.), Columbus, Dallas.
with mill stocks low. Other grades of paper show increased shipments in Detroit, Memphis and St. Paul,less than 5-10 of 1%. Three cities showed
a strong market. The per capita consumption of paper is increasing decreases: Seattle, 1%; and Indianapolis and Savannah, leas than 5-19 of
annually, and stands now at about 150 pounds per year. New production 1%. In Minneapolis and Rochester there was no change in the month.
records are anticipated, particularly in the newsprint division.
For the year period Oct. 15 1925 to Oct. 15 1926, 34 of the 51 cities
Wood pulp stocks are shrinking, with production showing an increase of showed decreases: Seattle, 5%; Boston and Los Angeles, 4%; Portland
and
August.
more than 600 tons per month for June, July
(Ore.), Salt Lake City and San Francisco, 3%; Buffalo, Dallas, Fall River.
Houston, Minneapolis and Providence, 2%; Bridgeport, Denver, Little
The Building Industry.
Rock, Louisville, Manchester, Memphis, Newark, New Haven, New
While there are evidences of a slightlet-up in building activity, attention York, Portland (Me.), Rochester and
Scranton, 1%; and Baltimore, Biris called to the fact that much of the building done has been to replace old mingham, Butte, Charleston (S. C.), Kansas
City, New Orleans, Omaha.
buildings rather than in way of addition to existing accommodations. The St. Louis, St. Paul, and Savannah, less
than 5-10 of 1%. The following
whole,
however,
is
cited
as
declining trend of rents for the country as a
15 cities showed increases: Cincinnati and
evidence that the more acute phase of the housing shortage of post-war land, Jacksonville, Mobile and Norfolk, Milwaukee, 3%; Atlanta, Cleve2%; Chicago, IndianapoHs, Richyears has abated.
mond,and Washington. 1%;and Columbus,Peoria, Pittsburgh,and Springfield (Ill.), less than 5-10 of 1%. In Detroit and Philadelphia there was
no change in the year.
Slight Decline in Wholesale Prices During October.
As compared with the average cost in the year 1913,food on Oct. 15 1926
A slight decline in the general level of wholesale prices was 72% higher in Chicago; 71% in Washington; 70% in Richmond; 67%
Baltimore. Birmingham and Detroit; 66% in Atlanta; 64% in Buffalo,
from September to October is shown by information collected in
Cincinnati, New York, Philadelphia, and St.
63% in Cleveland,
in representative markets by the Bureau of Labor Statistics Jacksonville, Milwaukee. and Scranton; 62% inLouis;
Charleston (S. C.), Pittsof the U. S. Department of Labor. The Bureau's weighted burgh, and Providence; 61% in Boston and New Haven; 58% in Omaha;
River, Kansas City, Louisville, Manchester and New Orleans,
index number, which includes 404 commodities or price series, 57% ii Fall
54% in
56% in Dallas, Indianapolis, Minneapolis, and San
registered 149.7 for October compared with 150.5 for the Newark; 52% in Little Rock; 51% in Memphis; 48% inFrancisco;
Los Angeles; 46%
Lake
Compared
with
in
Denver;
42%
in
Seattle;
44%
1%.
in
Portland,
Salt
month before, a decline of one-half of
Ore.; and 37% in
Prices were not obtained in Bridgeport, Butte, Columbus, Houston.
October 1925, with an index number of 157.6, there was a City.
Mobile, Norfolk, Peoria, Portland (Me.), Rochester, St. Paul, Savannah,
decrease of 5%. Under date of Nov. 16 the Bureau reports and Springfield, Ill., in 1913, hence no comparison for the 13-year period
can be given for these cities.
further as follows:
Metal Trades.
Activity in the metal trades industry may be judged by the fact that the
earners
in
the
factories has been increased by about 10%
number of wage
during the year, while the productivity of the Industry per worker has been
increased considerably. There have been practically no labor disturbances
in the more than 1,100 plants reporting during the past year. Activity in
the machine tool industry closely parallels that of the metal trades.
Nov. 20 1926.]
Til h. CHRONICLE
Industrial Conditions in Illinois Analyzed by Cities.
The survey of factory operations in Illinois during October, as compiled by Reuben D. Cahn, Chief of -the Bureau of
Industrial Accident and Labor Research of the Illinois
Department of Labor, appeared in our issue of a week ago,
Nov. 13, page 2455. The analysis for the month by cities has
since (Nov. 16) been made available by Mr. Cahn, and we
give the same herewith:
Aurora.-The trend in industrial employment was downward, according
to reports of 19 firms. The net loss was 1.6% of the number employed in
September. The falling off is mainly attributable to lay-offs at the plants
in the metal and machinery group, 7 out of the 10 firms reporting in this
classification showing fewer workers than last month. Plants making
women's c'/thing have laid off a few workers. However, wage payments
increased 2.1% over the September figure, indicating that the slump this
month is of minor importance. The value of building permits issued was
$290,777-considerably below the September figure of $369,572, and much
less than the October 1925 figure of $552,306. The free employment
office made fewer placements and reports a slight increase in unemployment, with 126 workers per 100 jobs, as compared with 122 to 100 last
Month. The ratio for October 1025 was only 104 to 100.
Bloomington.-Industrial employment continues to boom, with 10 firms
reporting a net gain this month of 9.7% over September. This was the
largest gain made by any of the 14 major cities of the State. The candy
factories and metal shops have both made substantial additions to their
forces and minor gains were made at some other plants. Several more of
the metal plants have returned to a full-time schedule this month, and the
candy factories are working overtime. Building permits dropped in value,
with only $85,000 worth of new building planned. This is $100,000 less
than last month, but $20,000 more than for October 1925. The free employment office ratio also reflects the favorable situation, with only 109
persons registered for each 100 jobs, as against 115 per 100 in September,
and 132 in October 1925.
Chicago.-Industrial employment conditions remained substantially unchanged during the month. Six hundred and two firms reported fewer
persons at work this month than last-the change amounting to 1-10 of
1%. Wage payments increased 4.3%. Job printing showed the largest
and most consistent decline, as was to be expected at this season of the
year. The metal, machinery and conveyances group showed a mixed trend.
The iron and steel plants lost ground, as did also vehicles. Agricultural
implements and machinery gained. The trend in the men's clothing industry is downward. Meat packing again showed the biggest gain, with furniture factories next. The free employment office reported 133 persons
registered for each 100 jobs, as compared with 126 in September. There
was a drop of about 1,200 in the number of placements made this month
by the free employment office. The value of the building permits issued
rose sharply, with a total for the month of $51,139,045. This is a gain
of $23,995,100 over the September total and far ahead of the October total
of any recent years.
Cicero-The second largest gain made by any of the 14 major cities was
registered by 9 representative firms reporting 7.9% more employees this
month than last. The hiring of nearly 100 men by one of the machinery
plants accounted for this gain, although there were a few other scattered
gains. The value of the building permits issued, with a total of $658,562,
was about one-quarter of a million more than the total for September and
$223,020 more than in October 1925. The free employment office made a
few more placements this month than last, but the ratio of applicants to
jobs available was not as favorable, with 140 persons registered per 100
jobs, compared with 138 last month and 137 in October 1925.
Danrille.-Partial recovery from the slump of last month was made with
a gain of 2.9% in industrial employment reported by 14 firms. These gains
were well distributed among a majority of the plants reporting. Firms in
the clothing group showed gains, as did also paper and printing plants.
The trend in the metals and machinery group was mixed, but resulted in
no net change in either direction. Permits for buildings valued at $66,900
were issued during the month, a figure about $40,000 less than for September and only about one-half the total for October 1925. A decrease in
unemployment is also indicated by the ratio of 132 applicants per 100 jobs
at the free employment office, as against 138 last month.
Decatur.-Employment conditions remained at about the same level that
was reached last month. Reports of 21 representative firms showed a
decrease of 2-10 of 1% in employment. The trend in the metal and machinery group was mixed, but showed a net loss. Plants in the food group
gained and also those in the clothing group. Wood products showed a slight
loss. The value of building permits issued fell off noticeably with a total
of $535,475, less than one-half of the figure for September, but well ahead
of the $248,675 figure of October 1925. The free employment office
reports only 122 job seekers to each 100 jobs, as compared with 126 last
month.
East St. Louis.-A decline of 2.8% in employment was registered by 25
firms. This was due to lay-offs at the plants in the food group-nearly
every firm reporting in this group showing a loss. There also seemed to be
a definite downward movement in the chemical group. The trend in the
metal group was mixed, but showed a slight net gain. Earnings at the
plants reporting also showed a substantial drop, with the workers having
6.8% less in their pay envelopes than last month. The value of the building permits issued jumped to $474,510 this month, a total of about $80,000
more than in September and more than $100,000 in excess of the figure
for last October. The somewhat less favorable employment situation was
reflected in the ratio of applicants to jobs at the free employment office.
There were 133 job seekers to each 100 jobs, compared with 131 in September.
Joliet.-Reports from 30 firms show an increase of 1.5% in the aggregate employment during the month. This was mainly the result of substantial gains at the brick yards. The metal and machinery group showed a
mixed trend, with the gains just about offsetting the losses. This was
also the -case at the paper mills, and for the firms in the wood products
group. The free employment office reports numerous lay-offs at the car
shops and some of the foundries, with one large plant dispensing with its
night shift. Gains at the paper and printing plants are expected soon in
preparation for the holiday. The value of the building permits issued for
the month was only $146,375, a big drop from the $853,700 total of last
month. The employment ratio at the free employment office was also less
favorable this month, with 137 persons registered for each 100 jobs, compared with 133 in September and 129 in October 1925. There was a
scarcity of corn huskers and farm hands to work by the month.
Moline•Rock Island.-The employment situation remained practically
unchanged during the month. Twenty-one firms in Moline reported 3-10 of
1% fewer employees than last month. The metals and Machinery group
showed a net loss, the laying off of about 250 men at 4 plants not being
2587
quite offset by gains among the others. Plants in the food group were
the only ones showing consistent gains. Building continued to boom in
Moline, with structures valued at $116,880 issued during the month.
This is twice as large as the figure for last month. In Rock Island six
firms reported a net gain of 4-10 of 1% in the aggregate employment, and
wage payments increased 9.7%, indicating generally satisfactory conditions.
The value of the building permits also remained practically the same, with
a total of $83,508 for October and $83,694 for September. These are both
well ahead of the October 1925 figure. There were 132 applicants for every
100 jobs at the Rock Island free employment office. This shows a change
for the worse in the labor market since the ratio for September was 123 to
100.
Peoria.-Industrial employment continues to improve, with 32 firms reporting a gain of 3.9% in their aggregate forces. With one or two minor
exceptions, all the firms in the metal and machinery group added to their
.forces, one firm reopening that has been shut down for two months. .The
gains just about canceled the losses in the food group. The printing and
paper group showed a slight gain, as did also the wood products group.
Contracting and paving work are being rushed and the free employment
office reports that it is impossible to get enough men for this outdoor
work. Building permits valued at $528,935 were issued showing a gain
of more than $33,000 over last month. There were 138 applicants for
every 100 jobs at the free employment office this month, as against 137 in
September and 167 in October of last year. The demand for corn pickers
is good,
Increase in Employment and Wages in Pennsylvania
During October-Slight Declines in Delaware.
According to reports received by the Federal Reserve Bank
of Philadelphia, manufacturing'industries in Pennsylvania
were considerably more active in October than in September,
as evidenced by an increase of 5.3% in the total amount of
wages paid and of nearly 1% in the number of wage earners. The Bank, in its advices, made public Nov. 16,
goes on to Say:
The textile group continued to increase,showing the largest gains reported
by any group of industries; an advance of 3.5% for employment and 8.2%
for wage payments. The industries in this group reporting the largest
Increases were carpets and rugs, silk goods and woolen goods. Other
industries which reported large gains were electrical machinery and apparatus, iron and steel forgings, shipbuilding, pottery and leather products.
A decrease of 10.4% for employment and 7.6% for wage payments was reported by the manufacturers of automobile bodies and parts, and a considerable decrease in wage payments was reported by hat factories. The
construction and contracting group declined in every branch of its activities.
with street and highway construction showing the largest decrease.
Delaware industries showed slight declines in both emplonment and wage
payments. Seasonal recession in the canning industry was responsible for
the large decrease in the food industries group. The only group reporting
an appreciable increase was chemicals, drugs and paints.
Increases in wage payments were reported for all the city areas except
two-the Hazleton-Pottsville area and the Wilmington area. Scranton
showed the largest increase, a gain of 10.7%. In Philadelphia the gain was
2.4% for employment and 6.5% for 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 PennsYlvanla.)
--Increase Of Deeale
tT
No. of October 1926 orer September 1926.
Average
Plants EmployTotal
Group and IndustryWages.
Reporting. mess.
Wages.
All industries(45)
+4.5%
+5.3%
+0.8%
881
Metal manufactures
+0.4
290
+5.7
+6.1
Automobiles, bodies and Parts
19 -10.4
+3.1
-7.6
Car construction and repair
20
+0.4
+5.9
+6.3
Electrical machinery and apparatue
19
+22.7
+10.9
+10.7
Engines, machines and machine tools__.. 39
-0.3
+8.5
+8.2
Foundries and machine shops
-1.0
+4.8
+5.9
Heating appliances and apparatus
14
+6.8
+1.0
+5.8
iron and steel blast furnaces
12
+3.4
+1.6
+5.0
Iron and steel forgings
+16.2
+17.1
12
+0.8
Steel works and rolling mills
36
+2.8
+3.1
+0.3
Structural Iron works
17
+9.2
+5.9
-3.0
Miscellaneous iron and steel products.... 25
+6.4
-2.2
+4.0
Shipbuilding
+15.4
+24.0
+7.5
3
Hardware
8
+1.9
+0.1
-1.7
Non-ferrous metals
+6.1
+7.3
+1.1
8
Textile products
4-8.1
+4.4
171
+3.5
Carpets and rugs
+12.0
+12.7
+0.6
10
Clothing
+0.2
-0.7
33
-0.9
Hats, felt and other
-12.2
-12.3
-0.1
6
Cotton goods
+5.5
+3.1
+2.4
16
81Ik goods
+11.1
+14.6
42
+3.1
Woolens and worsteds
+7.4
14
+17.9
+9.8
Knit goods and hosiery
+8.6
+3.0
40
+5.5
Dyeing and finishing textUes
+9.0
+4.5
+4.3
10
Foods and tobacco
+3.2
+5.7
+2.3
111
+1.9
+4.3
Bakeries
+2.3
36
+1.1
+5.7
Confectionery and ice cream
+4.6
23
+7.7
Slaughtering and meat packing
+5.4
+2.2
14
Cigars and tobacco
+4.6
+5.9
+1.2
38
Building materials
Brick, tile and terra cotta products
Cement
Glass
Pottery
70
28
14
24
4
+0.7
+0.3
-0.9
+1.5
+10.7
Construction and contracting
Buildings
Street and highway
General
42
24
4
14
Chemicals and allied products
Chemicals and drugs
Paints and varnishes
Petroleum refining
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 JewelrY
+4.3
+3.1
+3.0
+6.5
+2.7
-5.7
-5.9
-7.3
-4.9
+5.0
+3.4
+2.1
+8.1
+13.8
-9.4
-6.7
-35.6
-5.4
-3.9
-0.8
-30.6
-0.5
35
21
8
6
-1.5
+3.2
-5.6
-1.7
+4.3
+5.8
+5.1
+3.9
+5.9
+2.5
+11.3
+5.8
162
28
20
18
9
23
19
39
3
3
-0.6
-1.1
+4.0
-5.2
+10.7
-0.0
+0.2
+1.0
-1.1
-0.1
+1.4
+1.8
+8.5
-2.8
+11.4
-0.4
+1.9
+3.4
-3.0
+1.7
+2.0
+2.9
+4.3
+2.5
+0.7
-0.4
+1.7
+2.4
-2.0
+1.8
2588
THE CHRONICLE
[voL. 128.
EMPLOYMENT AND WAGES IN CITY AREAS.
Changes in bank balance sheets during the last half of October reflect
(Compiled by Department of Statistics and Research of the Federal Reserve Bank tax payments and a belated demand
for commercial loans in the larger
of Philadelphia.)
cities.
Number
-Increase or Decrease
of
October 1926 over September 1926.
Plants
Average Building Permits Declining-Figures of S. W. Straus
Total
EmployAreasReporting.
meat.
Wages.
Wages.
& Co. for October and the Ten Months.
Allentown-Bethlehem-Easton
82
+5.5
-0.8%
+6.3%
Altoona
-1.4
15
+5.0
+6.4
Official building permit figures from nearly 500 cities and
Erie
16
+1.8
-0.3
+2.0
Harrisburg
39
+2.3
-0.2
+2.5
towns reported to S. W.Straus & Co. and made public this
Hazleton-Pottsville
22
-0.1
-0.7
+0.6
Johnstown
+2.1
13
+1.4
week show that the country as a whole is between 4 and 5%
-0.7
Lancaster
+1.1
31
+0.4
+0.7
New Castle
behind for the first ten months of the year. The 25 leading
+7.2
10
+1.0
+6.1
Philadelphia
+4.1
+6.5
263
+2.4
cities, where more than half of the country's building activity
Pittsburgh
+4.4
+4.1
108
-0.3
Reading-Lebanon
+1.0
70
+7.5
+8.6
is at present centred, show a loss of only about 2% during the
Scranton
+5.9
+4.6
35
+10.7
Sunbury
first ten months. New York City shows a gain in this period
27
+0.1
+7.4
+7.4
Wilkes-Barre
+1.7
24
+7.7
+5.9
of nearly 3%. Chicago and Detroit are also ahead of last
Williamsport
+0.0
-0.8
22
+0.8
Wilmington
-3.8
33
+3.5
-0.5
year.
York
+2.4
47
+0.2
+2.2
The ten months' total for all the cities and towns reporting
EMPLOYMENT AND WAGES IN DELAWARE.
to the S. W. Straus & Co. "National Monthly Building Sur(Compiled by Federal Reserve Bank of Philadelphia.)
-Increase or DecreaseNumber
vey" was $3,705,000,000. The 25 leading cities, selected
of
October 1926 over September 1926.
an a basis of volume reported, had a ten months' total of
Plants EmployTotal
IndustryReporting. meet.
Re
Wages.
Zageraease.
All industries
-4.8%
32
-0.8%
+4.0% -$2,232,000,000. New York City's total was $871,006,455,
Foundries and machinery products
+1.1
4
-1.8
+2.8
indicating that the Greater City will surpass its 1925 record,
Other metal manufactures
5
-1.0
+5.8
-8.2
Food Industries
5 -43.1
-13.1
which was more than one billion dollars. "The building in+52.7
Chemicals, drugs and paints
+10.2
+7.4
3
+2.6
Leather tanned and products
dustry," says the S. W. Straus & Co. survey, "as the year
5
-4.7
-0.8
-4.0
Printing and publishing
4
-3.2
0.0
-3.2
closes, is reasonable well-stabilized."
Miscellaneous Industries
+1.7
-0.4
6
• +2.2
.._
"In October 543 cities and towns had a total of $409,710,994, a decline of
about 4% from October 1925. The 482 places reporting comparable figures
Business Conditions in Cleveland Federal Reserve
for previous months showed an increase of nearly 24% over September
this year. This was a record gain for any October over September, and
District.
appears to reveal a strengthening of the winter building movement. In
According to the Nov. 1 number of the "Monthly Business former years October generally showed
a decrease in building permits from
Review" of the Cleveland Federal Reserve Bank,"conditions September.
"The
October
total
in
the
482
comparable cities and towns reporting was
in the Fourth (Cleveland) District on the whole are hardly $405,299,753,
compared to
as favorable as a month ago." We quote further the bank's In September this year. $422,365.881 in October 1925 and $327,861,837
"The twelve leading States in October were New York. with a total of
comments as follows:
Some manufacturing lines continue to operate at high levels-shoes, for $134,372,088, which brings the Empire State for the ten months well over
the
billion dollar mark; Illinois second, with an October total of $57,385,231,
example-and retail trade in September was 7% over last year. On the
other hand, declining tendencies have appeared in certain quarters. The giving this State a ten-months' total of $386.000,000; California, third, with
crops have suffered, as in most other sections of the country; the Important an October total of $31,062,923; Pennsylvania fourth, Michigan fifth, Ohio
Iron and steel industry slowed down in October; building permits in Sep- sixth,Massachusetts seventh, New Jersey eighth.Florida ninth,Texas tenth,
tember were 17% below last year; and the decline in automobile production Indiana eleventh and Wisconsin twelfth.
"In addition to New York, Chicago and Detroit, a few of the larger cities
in September from August affected the parts manufacturers in this district.
The coal trade is comparatively good at present, but this is caused by which showed October gains included Pittsburgh, New Orleans, San Francisco,
Milwaukee, Washington, D. C., San Antonio, Texas, Birmingham.
conditions peculiar to that industry.
Third quarter earnings of industrial corporations in the country, whose and Allentown, Pa., which place came into the list of the 25 leading cities
statements have been published so far, indicate that the excess of business for the first time."
profits over last year has been gradually declining. Thus the net earnings of 41 representative corporations, including some of the industrial Building Labor Conditions-Rising Tendency in Labor
leaders, were 11.2% greater than last year during the third quarter, while
CostalStayed-Wage Scales Highest in History.
In the second quarter they were 13.8% greater, and in the first quarter
scales of building craftsmen throughout the country
Wage
greater.
16.7%
It is interesting to note that there has been a gradual
Increase in net profits along with the decline in the percentage gain of such are generally holding firm and there is no indication of any
profits over last year, the explanation being found in the fact that there was immediate widespread
downward revision of rates, accorda sharper increase in profits by quarters in 1925 than in 1928. Comparaing to a national survey of labor conditions in the building
tive figures are as follows:
Net Profits (After All Deductions but Before Dividends) of 41 Representative industry just completed by the Building Economic Research
Industrials.
Bureau of the American Bond & Mortgage Co., and made
1st Quarter. 2d:Quarter. 3d Quarter.
9 Months.
public Nov. 13. Building labor conditions are summarized
1926
$48,581,000 $51,183,000 $55,658,000 $155,402,000
follows:
as
1925
41,634,000
44,940,000
50,045,000 136,619,000
leaa
l.t.Rising tendency in labor costs seems to be stopped for the present at
Per cent gain
+18.7
+13.8
+11.2
+13.7
Number gained_ _ _ _
35
30
28
31
2. Building crafts plan to maintain wages and working conditions atNumber lost
6
11
13
10
tained during building prosperity period.
3. Common labor plentiful and supply of skilled craftsmen adequate to
Preliminary Summary of Agricultural and Financial take care of present construction, except in a few localities.
Bonus payments and practice of contractors bidding against each
4.
Conditions in Minneapolis Federal Reserve Disother for men have practically disappeared.
trict-Iron Ore Movement Largest Since 1918.
5. Labor fairly tranquil and little interference to building operations
The following preliminary summary of agricultural and from strikes expected this winter.
6. Building unions with largest membership in history plan renewal of
financial conditions by the Federal Reserve Bank of Minne- campaign for five-day week.
7. Definite progress being made by labor officials in eliminating jurisapolis was made public Nov. 16:
strikes.
October business in the Ninth Federal Reserve District was good outside dictional
The survey contains the statement that "wage scales In
of the largest cities and portions of the spring wheat belt. Debits to indie
vidual accounts at the smaller cities in the southern part of the district the building trades as reported by the
National Association
were larger than a year ago. The iron ore movement was the largest for
October since 1918. Car loadings of merchandise and miscellaneous com- of Builders' Exchanges show that labor is getting the highmodities were the largest in our seven-year record. The movement of live est wages in history." We quote herewith from the survey:
stock to market was larger than last year, except for hogs. Receipts of
The building industry is now being favored by a more pronounced tensheep at South St. Paul were the largest in any month since 1911. The dency toward stabilized labor costs. Conditions of employment and labor
demand for stocker and feeder animals by corn belt live stock growers was rates generally during the last 60 days have shown but little change.
very heavy. Five times as many hogs were shipped from South St. Paul to
Wage readjustments reported have been very small and in a majority of
country points in October this year as a year ago, and the outward move- cases affected only a few of the so-called "key trades," such as plasterers,
ment of sheep was nearly three times as large as a year ago. The feeder bricklayers and carpenters. In a few cities where building operations are
demand relieved the market from some of the pressure of supplies, and large, they have asked and received small wage advances. The majority of
cattle and hog prices continued higher than last year, while the price of crafts, however, show a willingness to go along under present schedules.
lambs was moderately lower.
Few wage reductions have been reported, but there is nowhere any indicaThe smaller grain crops this year in the Northwest were reflected in tion of any radical downward revision.
reduced receipts of grain at Minneapolis and Duluth-Superior, and in a 3%
While contrictors in practically all the larger cities have decided against
reduction from last year in debits to individual accounts in the wheat higher wage rates, they are showing a disposition to co-operate ,with the
belt cities, although Billings and Grand Forks reported increases. The building trade unions and peacefully adjust wage disputes. As a result,
wheat movement to market in the Northwest was 24% smaller in August, labor conditions generally are quiet and no serious troubles have hindered
September and October than a year ago. The prices of durum wheat, oats, construction, except in a few localities, where an effort has been made to
barley and rye were higher than last year, and the price of bread wheat establish the "open shop," or the unions are engaged in inter-union strife.
was only 2% lower than last year.
Determination of labor to maintain indefinitely the high wage rates they
In the larger cities the volume of business was considerably smaller in have obtained during the last two years was expressed at the convention
October than in the corresponding month last year. Debits to individual of the Building Trades Department of the American Federation of Labor at
accounts were 12% smaller. Retail trade at department stores was 14% Detroit, Mich., last month. The building unions unanimously decided to
smaller. Shipments of flour and linseed products were nearly one-fifth hold their ground, 'and maintain to the utmost of their ability, the wage
smaller than a year ago.
scales and conditions which have required so many years of effort to obtain."
Building permits granted at 18 cities in thia district were 19% smaller They also declared that wage reductions were out of the question at this
In October than a year ago. What strength there is in the building situa- time.
tion appears in the smaller cities and towns of the wheat belt, mixed
The largest membership in history was reported by the 18 national and
farming regions and mining sections.
international unions represented at the convention. These unions, which
Nov. 20 1926.]
THE CHRONICLE
have a paid up membership of 574,497, gained 30,592 new members during
the last year. This was the largest gain reported in any one year since the
Building Trades Department was organized in 1908.
The United Brotherhood of Carpenters and Joiners the largest building
trades union, which is not affiliated with the Building Trades Department,
has a membership of 404,917, having gained 39,924 members in the last
twelve months. The combined membership of the 17 building unions affiliated with the American Federation of Labor now totals 979,407. Union
officials pointed out that jurisdictional troubles are beinig satisfactorily
adjusted and greater solidarity than ever before prevailed within the building trades organizations.
Notice was also served on the construction industry that labor would
strive for a shorter work-week. The 44-hour work-week now prevails generally throughout the country, and there are few cities with a 48-hour
week. In a number of cities the efforts of the painters and plasterers to
shorten the working week to 40 hours has already been successful.
Building trades employers are now generally taking cognizance
of the
shorter work-week movement and are planning organized opposition. They
contend that the shorter work-week would add to building costs and would
tend "to further create an artificial shortage of labor."
All building labor seems well employed, and there is an ample supply of
skilled and unskilled mechanics to meet present construction needs. Bonus
paymehts have entirely disappeared, except in a few isolated localities.
The
demand for apprentices is also reported to have subsided, although high
schools, universities and trade schools throughout the country continue
to
turn out considerable numbers of new building craftsmen. Indications
are
that the seasonal decline in building employment this winter will be
less
than in past years unless unusually severe weather is encountered. This is
due to the fact that builders are becoming better educated and equipped
to
cope with adverse weather conditions and are arranging their,
work in such
a way as to provide winter employment.
Leading labor officials have joined in an effort to eliminate
jurisdictional
disputes which have been a continual source of annoyance
to the building
industry for many years. The United Brotherhood of Carpenters
and the
Sheet Metal Workers' Union, which have been quarreling for the
last five
or six years over the installation of metal trim are reported
to have practically adjusted their grievances. The, controversy between the
bricklayers
and the plasterers' unions is also being settled by arbitration. Disposal
of
these two inter-union disputes would go far toward the re-establishm
ent of
united action and harmony in building trade circles throughout
the country.
Reports on wage changes from cities and towns throughout
the country
show that small increases, ranging from 134 to 1234 cents
an hour have
been granted in about 40 trades in 14 cities. These increases
were reported from Atlanta, Ga., Buffalo, Chicago, Cincinnati, Detroit,
Duluth,
Kansas City, St. Louis, Dayton, Nashville, Tenn., Norfolk, Va., Pittsburgh,
Philadelphia and Reading, Pa. Reductions were reported
from Philadelphia,
Salt Lake City and Atlanta. These were very small and
mainly due to a
surplus of common labor and some skilled craftsmen.
Few strikes were reported and labor conditions
generally were reported
quiet throughout the country, except in San Francisco
where the carpenters
strike against the "open shop" continues to interfere with
building activities.
In Cleveland, there has been some jurisdictional trouble
and the glaziers
and painters' strike has had its effect on building. In
New York there is
plenty of winter work in prospect and labor conditions
are quiet.
In Chicago there has been a shortage of labor and
some trouble has developed on building projects due to the effort of the
Building Trades Council to carry out its threat to enforce union conditions
on projects that are
now working under the Landis award. Although
the Landis Citizens Committee has up to date imported approximatel
y 19,000 building craftsmen, a shortage of carpenters, bricklayers and
others still remains.
Wage scales in the building trades as reported by the National Association of Builders', Exchanges show that labor is getting the highest wages
in
history. Bricklayers throughout the country are receiving from $1 to
$1 75 per hour; carpenters 60 cents to $1 50; plasterers 90 cents to
$1 871
/
2; building laborers 25 cents to 871
/
2 cents; structural iron workers
60 cents to $1 50; plumbers 80 cents to $1 50; electricians 65 cents to
$1 50; stone masons 85 cents to $1 75; lathers 75 cents to $1 62%; sheet
metal workers 80 cents to $1 00; painters 50 cents to $1 50 and hoisting
engineers 50 cents to $1 75.
Review of these wage scales shows that New York building mechanics
are receiving the highest wages of any city in the country. Bricklayers,
plasterers, hoisting engineers and stone masons are receiving $1 75 per
hour, and the majority of other trades $1 50 per hour. St. Louis, Chicago,
Pittsburgh and Philadelphia, where the prevailing rate is $1 50 per hour,
are about tied for second place.
Columbia, S. C., reported the lowest wage scale. Here laborers
receive
from 15 to 20 cents an hour; bricklayers 90 cents to $1; carpenters
40
cents to 60 cents; plasterers 90 cents to $1, and painters
60 cents.
Reports from Canada indicate that wages and conditions in the building
industry are well siabiliezd. Both skilled and unskilled labor is
well employed, and in the provinces of Quebec and Ontario there is
a shortage of
common labor. Only one or two labor disturbances have been reported
during the last 60 days.
Curtailment Continues Evident in Lumber
Industry.
Reports received Nov. 18 by telegraph from 374 of the more
important softwood lumber mills of the country indicate that
the lumber business is still in a seasonal decline, says the
National Lumber Manufacturers' Association. These reports cover the week ending Nov. 13 and show a slight decrease in production and nominal decreases in shipments
and new business, when compared with reports for the week
earlier. In comparison with reports for the corresponding
week a year ago, nominal decreases in production and shipments and a marked decrease in new business were noted.
The 126 reporting hardwood operations show production
and shipments about the same,and a big increase in new business, continues the Association's report, which we quote
below:
Seasonal
Unfilled Orders.
The unfilled orders of 234 Southern Pine and West
Coast mills at the end
of last week amounted to 562,966,504 feet, as against
579,911,729 feet for
234 mills the previous week. The 127 identical Southern
Pine mills in the
group showed unfilled orders of 219,531,148 feet last
week as against
226,870,276 feet for the week before. For the 107 West
Coast mills the unfilled orders were 343.435.356 feet, as against 353.041.453
feet for 107 mills
a week earlier.
2589
Altogether, the 360 comparably reporting softwood mills had shipments
93% and orders 81% of actual production. For the Southern Pine mills,
these percentages were respectively 92 and 82; and for the West Coast mills
86 and 72.
Of the reporting mills, the 334 with an established normal production for
the week of 226,273,518 feet gave actual production
96%. shipments 88%
and orders 76% thereof.
The following table compares the softwood lumber movement
as reflected
by the reporting mills of seven regional associations
for the three weeks
Indicated:
Mills
Production
Shipments
Orders (new business)
Past Week.
360
223,767,959
209,183,705
180,388,820
Corrosponding
Week 1925.
351
225,850,262
218,620,865
211.172,052
Preceding Flea
1926 (EssfrOf0.
352
230.306.359
224,826,102
196,530.354
The following revised figures compare the softwood lumber
movement
of the same seven regional associations for the first forty-five
weeks of 1926
with the same period of 1925:
•
Production.
Shipments.
Orders.
1926
10,744.746,772
10.926,608,300
10,841,096.048
1925
10,893,387,126
10,780,269,227
10,553,009,495
The mills of the California White and Sugar Pine
Association make
weekly reports, but not being comparable, are not included in the
foregang
tables, or in the regional tabulation below. Fourteen of these mills,
representing 39% of the cut of the California pine region, gave their production
for the week as 12,335,000 feet, shipments 10,950,000 and new
business
10,037,000. Four mills closed down. Last week's report from 16 mills.
representing 47% of the cut was: Production, 17,940,000 feet; shipments.
15,678.000, and new business, 14,387,000.
IVest Coast Movement.
The West Coast Lumbermen's Association wires from Seattle that new
business for the 107 mills reporting for the week ended Nov. 13 was 24%
below production and shipments were 14% below production. Of all new
business taken during the week 44% was for future water delivery,amounting
to 35,513,263 feet, of which 23,815,388 feet was for domestic cargo delivery,
and 11,697,875 feet export. New business by rail amounted to 39,762.820
feet, or 50% of the week's new business. Forty-five per cent of the week's
shipments moved by water, amounting to 40,826,316 feet, of which
23,797.041 feet moved coastwise and intercoastal, and 17,029,275 feet export.
Rail shipments totaled 45,730,712 feet, or 50% of the week's shipments,
and local deliveries 4,652,791 feet. Unshipped domestic
cargo orders
totaled 126.338,493 feet, foreign 119,844,356 feet and rail trade
97,252,370
feet.
Labor.
The gradual decrease of employment along the west coast is
continuing,
according to the Four L Employment Service. Logging is
fairly active in
nearly all Douglas fir districts. Labor turnover at camps
is less than Itwas last month. Lumber manufacturing, due to removal
of a night shift
here and there and the shutting down of many small sawmills,
is on a
lower production level than during October. Activity in the
logging and
lumber manufacturing industry of Grays Harbor was
further reduced.
Signs of the approaching quiet season in the lumber manufacturi
ng industry
east of the Cascades are at hand. Several pine sawmills
have already closed
for the winter and others will shut down shortly.
Woods work is well
under way but there have been few calls for woodsmen
at employment
centres, due, it is said, to the fact that many men are traveling
from camp
to camp in search of employment.
Southern Pine Reports.
The Southern Pine Association reports from New
Orleans that for 127
mills reporting,shipments were 8.07% berow production
and orders 18.45%
below production and 11.28% below shipments.
New business taken
during the week amounted to 57,697,156 feet,
shipments
and production 70,747,324 feet. The normal production 65,036.284 feet
of these mills Is
77,184,995 feet. Of the 124 mills reporting running time,
78 operated full
time, 20 of the latter overtime. Two mills were shut
down, and the rest
operated from one to five and one-half days.
The Western Pine Manufacturers Association of
Portland, Ore., reports
some decrease in production, and notable
decreases in shipments and new
business.
The California Redwood Association of San Francisco,
Calif., reports
eonsiderable decrease in production, a nominal increase
in shipments, and
new business well in advance of that reported
for the week earlier.
The North Carolina Pine Association
of Norfolk. Va., with nine more
mills reporting, shows heavy increases
in production and shipments, and a
little decrease in new business.
The Northern Pine Manufacturers
Association of Minneapolis, Minn.,
reports a big decrease in production, nominal
a
decrease in shipments, and
new business slightly below that reported
for the previous week.
The Northern Hemlock and Hardwood
Manufacturers Association of
Oshkosh, Wis.(in its softwood production), with three
fewer mills reporting,
shows a little increase in production, and substantial
decreases in shipments
and new business.
Hardjcood Reports.
The hardwood mills of the Northern Hemlock and
Hardwood Manufacturers Association reported from 19 mills,
production as 1,290,000 feet
shipments 2.736,000, and orders 2,172,000.
MIN ME
The Hardwood Manufacturers Institute
of Memphis. Tenn., reported
from 107 units, production as 17,111,567
feet, shipments 16.893,796, and
orders 20.599,084. The normal production of these
units is 18,050,000 feet.
The two hardwood groups totals for the week
as compared with the
preceding week were:
Mills. Production. Shipments:IA Orders. 3
Week ended Nov. 13
126 18.401,567 19,629.796 T22,771.080
Week ended Nov. 6
141 20,477.443 21,983,643121,479,928
For the past forty-five weeks all hardwood mills reporting to the
National
Lumber Manufacturers Association gave production 1,329.004.241 feet.
shipments 1,331,179.320. and orders 1,363,529,193.
West Coast Lumbermen's Association Weekly Report.
One hundred and seven mills reporting to the West Coast
Lumbermen's Association for the week ended Nov. 6jmanufactured 113,268,010 ft., sold 91,046,801 ft. and shipped
103,191,476 ft. New business was 22,221,209 ft. lessIthan
production and shipments 10,076,534 ft. less than productions
2590
THE CHRONICLE
[VOL. 128.
COMPARATIVE TABLE SHOWING .PRODUCTION, NEW BUSINESS,
Cuban Decree Limiting Output of Sugar Causes Price
.
SHIPMENTS AND UNFILLED ORDERS.
Advances Here and Abroad.
. heck EndedNov.6.
Oct. 30.
Oct. 16.
Oct. 23.
107
106
108
No. of mills reporting_ _._
109
Announcement of the issuance of a decree in Cuba limiting
Production (feet)
113,268,010 114,065.198 116,466,756 114,162,113
New business (feet)
91,046,801
90,810,982 112,443,176 110,786,078 the sugar crop
was contained in the following Associated
Shipments (feet)
103,191,476 101,516,490 103,062,001
94,009,607
Unshipped balances:
Press advices frn Havana, Nov. 18:
. Rail (feet)
98,877,045 102,442,284 111,630,441 115,626,298
Cuba's next sugar crop will not exceed 4,500,000 tons, a Presidential
Domestic cargo (ft.)
127,546,981 139,520,328 151,773,395 145,537,481
126,617,427 116,260,272 132,664,499 122,807,828 decree issued to-night announces.
. Export (feet)
The advisory commission appointed by President Machado and headed
Total (feet)
353,041,453 358,222,884 396,068,335 383,971,607
by Don Rafael Sanchez Aballi, the retiring Cuban Ambassador to the
First 45 Weeks1926.
1923.
1925.
1924.
123
132 United States, now in Havana, recommended to-day that the crop be limiAver.number of mills_ _ _ _
106
115
Production (feet)
4 714.865,482 4,504,437,282 4,206,126,960 4,563,497,726 ted to not more than 4,500,000 tons. The decree also provided for comNew business (feet)
4,790,077,520 4,590,127,608 4,199,779,628 4,576,500,013
Shipments (feet)
4,777,711,868 4,678,914,644 4,327,372,287 4,717,106,033 mencement of actual cutting of cane on Jan. 1, thus delaying starting of
the mills for a few days after the first of next season.
A world sugar conference was provided for at the end of the harvest to
meet in Havana for a complete study of the world's sugar problem.
Census Report on Cotton Consumed in October.
In indicating the effect of this the New York "Times"
Under date of Nov. 13 1926 the Census Bureau issued its
of yesterday, Nov. 19, said:
report showing cotton consumed, cotton on hand, active
Advices that President Machado of Cuba would again restrict the Cuban
cotton spindles and imports and exports of cotton for the cane crop sent sugar prices to the highest points
of the year and swelled
trading
to record proportions on the New York Coffee and Sugar Exchange
month of October 1926 and 1925. Cotton consumed amounted
yesterday. The sugar market opened strongly and in the most exciting
to 568,532 bales of lint.and 75,539 bales of linters, compared session of the year climbed steadily to
the close. Sales for the day were
with 544,097 bales of lint and 77,106 bales of linters in 181,350 tons, a total that eclipsed the record of 172.050 tons established on
June
24. The news from Cuba also had its effect on the New York Stock
October 1925 and 571,105 bales of lint and 74,352 bales of
Exchange, sugar shares ruling higher in that market.
linters in September 1926. It will be seen that there is an
The advances achieved by sugar futures ranged from eleven to twelve
Increase over October 1925 in the total lint and linters com- points. Sales of actual sugar to refineries totaled 500,000 bags of Cubas
at the year's record prices of 2.875 cents to 3 cents, with plenty of buyers
bined of 22,868 bales, or 3.6%. The following is the state- at
the latter price. English and Far Eastern buyers offered more than
ment complete:
these prices. . . .
DEPARTMENT OF COMMERCE.
Bureau of the Census.
Washington, 10 a. m., Nov. 13 1926.
Cotton consumed, cotton on hand, active cotton spindles, and imports
and exports of cotton for the month of October 1926 and 1925, with statistics
of cotton consumed, imported, and exported for the three months ending
Oct. 31.
(The statistics of cotton in this report are given in running bales, counting
round as half bales, except foreign cotton, which is in equivalent 500-pound
bales.)
COTTON CONSUMED AND ON HAND IN SPINNING MILLS AND IN
OTHER ESTABLISHMENTS, AND ACTIVE COTTON SPINDLES.
(Linters Not Included.)
Cotton Consumed
During (Bales)-
Locality.
Cotton on Hand
Oct. 31-
Cotton
Spindles
Year
3 Months In Consuming In Public Stor- Active DurOctober. Ending Establishments age and at Com- ing October.
presses (Bales). (Number).
(Bales).
Oct. 31.
United States 1926 *568,532 *1,640,289 *1,215,873
1925 544,097 1,478,415
1,216,571
Cotton growing States_ 1926
1925
New England 1926
States
1925
All other
1926
States
1925
404,216 1,175,183
366,222 1,001,018
387,295
136,642
147,406
393,874
27,674
77,811
83,523
30.469
842,937
895,086
317,846
280,422
55,090
41,063
*5,469,809
4,500,938
32,592,806
32,520,208
5,269,231
4,409,069
94,894
46,505
105,684
45,364
17,313,622
16,952,948
13,788,470
13,894,120
1,490,714
1,673,140
*Includes 20,863 Egyptian, 6,345 other foreign and 1,852 American-Egyptian
consumed, 40,270 Egyptian, 16,697 other foreign and 4,844 American-Egyptian in
consuming establishments, and 7,381 Egyptian, 10,973 other foreign and 3,577
American-Egyptian in public storage. 3-months consumption 60,909 Egyptian,
17,861 other foreign and 5,168 American-Egyptian.
Linters not included above were 75,539 bales consumed during Oct. In 1926 and
77,106 bales in 1925; 99,318 bales on hand in consuming establishments on Oct. 31
1926 and 83,214 bales in 1925 ; and 42,868 bales in public storage and at compresses
in 1926, and 28,497 bales in 1925. Linters consumed during three months ending
Oct. 31 amounted to 222.672 bales in 1926 and 214,088 bales In 1925.
IMPORTS AND EXPORTS OF COTTON AND LINTERS.
Imports of Foreign Cotton (50(1-Pound Bales).
40
Country of Production.
1926.
Egypt
Peru
China
Mexico
British India
MI other
Total
3 Months Ending
Oct. 31.
October.
1925.
1926.
1925.
7,285
1,845
252
18,872
1,981
214
6.190
2.605
1,477
546
•1,360
224
18.683
4,008
544
24,292
5,896
313
21,874
6,133
1,914
728
5,619
521
30,449
12,402
53,736
36,789
Exports of Domestic Cotton and Linters-Running
Bales (See Note for Linters).
United Kingdom
France
Italy
Germany
Other Europe
Japan
All other
Total
3 Months Ending
Oct. 31.
October.
Country to which Exported.
1926.
1925.
1926.
369,782
159,285
98,404
361,726
126,178
191,930
62,515
430,967
166,057
97,466
350,888
157,689
184.762
33,653
608,644
278,979
182,351
740,632
341,721
299,434
103,972
659,808
272,735
165,009
709,888
340,415
286,476
55,300
1,369,820
1,421,482
2,555,733
2,489,631
1925.
Note.-Figures include 10,948 bales of linters exported during Oci3Obeci n 1926
and 7,446 bales in 1925 and 22,322 bales for the 3 months ending Oct. 31 In 1926
and 11,966 bales in 1925. The distribution for Oct. 1926 follows: United Kingdom,
2,081; Netherlands, 152; France, 1,790; Germany, 5,926; Belgium, 24; Canada, 962;
Mexico, 10; Honduras, 3.
World's Statistics.
The estimated world's production of commercial cotton exclusive of
linters, grown in 1925, as compiled from information secured through the
domestic and foreign staff of the Department of Commerce is 26,504,000
bales of 478 pounds lint, while the consumption of cotton (exclusive of
Enters in the United States) for the year ending July 31 1926 was approximately 23,720.000 bales of 478 pounts lint. The total number of spinning
cotton spindles, both active and idle, is about 164,000.000.
•
Advances of from 10 to 20 points in the price of refined sugar were announced yesterday by six leading sugar refining companies. In connection
with the increase the Lowry Company issued the following statement:
Owing to the strong raw sugar Inarket due to Willett-Gray having reduced their Cuban crop estimate to 4,500.000 tons, a reduction of 700,000
tons from their original estimate and 500.000 tons from their most recent
estimate, we have advanced our price on refined sugar to 6.10 cents per
pound and are firm at this list price.
The Lowry increase was one of 20 points, their previous quotation having
been 5.9 cents. This was also true of the advances by the American
Sugar Refining Co., the Franklin Sugar Refining Co. and the Warner
Sugar Corp. Arbuckle Brothers announced an advance in refined of 15
points to 5.85 cents per pound, while the Federal Sugar Refining Co. advanced its price 10 points to 3.75 cents per pound.
British refiners have advanced refined sugar 3 pence and home-grown
4% pence.
Yesterday (Nov. 19) the Federal Sugar Refining Co.
advanced its quotation on refined 10 points, to 5 .85 cents.
From London the following Associated Press advices were
reported yesterday (Nov. 19):
Considerable excitement prevailed in the Mining Lane sugar market this
morning over the announcement that the Cuban sugar crop would be restricted to 4,500,000 tons.
British refined advanced 18 pence per 115 pounds and English granulated 12 to 18 pence. Foreign descriptions rose 7 pence half-penny to 9
pence.
The White Termina I sugar market was also excited, 20,000 tons being
boughton the first call, prices rising 7 pence halfpenny to 9% per 112 pounds.
New Automobile to be Introduced.
Reports from Toledo, Ohio on the 17th inst. cite the formation of a new automobile manufacturing organization to be
known as the Wayne Motor Car Co. of Detroit. The company will manufacture a new six-cylinder automobile with a
Knight motor, to sell in the $1,000 field. The officers of
the company are reported as being in the automobile business
for many years.
Rubber Shipments Throughout World Totaled 448,672
Tons During Nine Months Ended September.
Up to the end of September a grand total of 448,672 tons
of rubber, both plantation and wild, had been shipped
throughout the world. The greater part of this rubber was
from plantations, 421,120 tons; 171,725 tops came from
British Malaya, 109,123 tons were Malaya foreign imports,
about 88% of which came from the Dutch Island, according
to advices just received by Bankers Trust Co. of New York
from its British Information Service. The latter's advices,
issued under date of Nov. 13 continue:
Ceylon shipped 42,483 tons, Java 36,370 tons and Sumatra 30,036 tons.
Of the other rubber, 18,592 tons were from Brazil and 8,960 tons were wild
rubber. The total of world shipments of rubber in the period ended September 1925 was 367,753 tons.
During the nine months ended September the United Kingdom consumed
32,234 tons of rubber and had on hand a stock of 36,774 tons. This compares with consumption of 29,806 tons for the entire year 1925, and a
stock on hand at the end of the year of 6,220 tons. Consumption in the
United States totaled 276,427 tons in the nine months of 1'926, compared
with 384,644 tons for the entire year 1925. At the end of September this
year stock on hand amounted to 62,078 tons, while at the end of December 1925 it was 51,215 tons.
The exports of rubber and gutta pereha from the United Kingdom during
the period January to September 1926 totaled 41,873 tons. Taking this
tonnage from total imports of 107,292 leaves 65,419 tons as retained in
the nine months. For the year 1925 imports amounted to 92,837 tons,
exports to 84,477 and the total amount retained to 8,361 tons. For the
United States imports last year totaled 396,642 tons, exports 14,872 tons.
and the balance retained, 381,770 tons. This year to the end of September
the figures are: 269,842 tons imported, 10,163 tons exported and 232,280
tons retained.
Nov. 20 1926.]
THE CHRONICLE
Cut in Tire Prices.
. An announcement at San Francisco on Nov. 12 by Harvey
Firestone of the Firestone Tire & Rubber Co. that his company would cut tire prices approximately 15% on Nov. 15,
has been followed by similar action on the part of other
fire concerns. The advices from San Francisco regarding
Firestone, said:
Specifically, the price cut will be from 10 to 20%, according to the
class of tires. The manufacturer implied that his company had been
able to obtain a large quantity of rubber for about 37c. a pound, Sc a
pound lower than the market.
Mr. Firestone came West to visit his sons in Arizona.
Under date of Nov. 13 the New York "Herald-Tribune"
reported the following Associated Press dspatch from
Akron:
Akron tire companies generally prepared to meet the price cut of approximately 15%, effective next Monday, announced in San Francisco last
night by H. S. Firestone, President of the Firestone Tire & Rubber Co.
Few official statements were made, but the understanding was that "all
manufacturers will make the same cuts."
The tire market is steady and the only apparent reason for a reduction
at this time is the desire of the manufacturers to reduce their surplus
stocks by heavy spring dating business which starts on Dec. 1.
From the New York "Times" of Nov. 14 we take the
following:
The Fisk Rubber Co. Is reducing prices on tires and tubes from 10 to
20%, according to a new schedule which was announced yesterday, to
be effective to-morrow. The new schedule establishes prices of both
tires and tubes on the basis of the current prices for both crude rubber
and cotton fabric. Salesmen will commence the company's spring dating
campaign at once.
Numerous Price Reductions Announced by Crude
Dealers --Gasoline Prices Decline.
Oil
During the week there occurred a number of price reductions in the crude oil markets,especially in the Mid-Continent
regions. From Dallas, Tex., on Nov. 16 came the report
that the Magnolia Petroleum Co., a subsidiary of the Standard Oil Co. of New York, had re-graded its schedule for the
purchase of Spindle Top crude in Texas and advanced grade B
crude 15c.a barrel, according to gravity,effective on thatdate.
The new price list follows: Grade A, $1 40; grade B, below
25 gravity, $1 40; 25 to 25.9, $1 45; 26 to 26.9, $1 50; 27 to
27.9, $1 55; 28 to 28.9, $1 60; 29 to 29.9, $1 65; 30 to 30.9,
$1 70; 31 to 31.9,$1 75. This substantially meets the prices
posted on Nov. 10 by Humble Oil & Refining Co., with the
exception that Humble's top gravity is 35 and above at $1 95
a barrel. [See p. 2459 in last week's issue.]
Effective Nov. 17, the Ohio Oil Co. reduced the market
price of Lima, Indiana, Illinois, Princeton, Plymouth and
Western Kentucky crude oils 27c. a barrel and Wooster crude
30c. a barrel. In addition, this company also reduced Elk
Basin, Grass Creek,light, Big Muddy,Lance Creek and Rock
Creek, Wyo., crude oils 40c. a barrel; Mule Creek, Wyo.,
and Artesia, N.M.,crude 30c. a barrel, and Rex Lake,Wyo.,
crude 20c. a barrel.
The Prairie Oil & Gas Co. on Nov. 17 reduced MidContinent crude 15 to 87c. a barrel, according to gravity,
thus meeting the schedule of prices instituted on Nov. 1 by
the Carter Oil Co., a subsidiary of the Standard Oil Co. of
New Jersey. [See page 2322 of our Nov. 6 issue.] In
addition, the Gulf Oil Corp. and the Sinclair Crude Oil
Purchasing Co. (equally owned by the Sinclair Consolidated
Oil Corp. and the Standard Oil Co. of Indiana) also reduced
Mid-Continent crude oil 15 to 870. a barrel, according to
gravity.
A reduction in the price of Pennsylvania crude oil was
announced Nov. 18 by the Joseph Seep Crude Oil Purchasing
Agency. The reduction runs from 25 to 30c. a barrel. The
new schedule of prices compares as follows:
2591
barrel for 38 gravity, the top grade. The company also cut
Grass Creek light, Elk Basin, Osage, Wyo., and Cat Creek,
Mont., crude 40c.,a barrel to $2. The Ohio Oil Co. met
the cut in Mid-Continent crude prices, lowering the posted
prices in the Wyoming field 20c. to 40c. a barrel.
In the gasoline markets, reductions were more local in
character as, for instance, the reduction made by the Continental Oil Co. when it cut the tank wagon price of gasoline
3c. a gallon at Albuquerque, N. M., service station prices
remaining unchanged. The same price change affected
other New Mexico points, according to the reports available.
Canadian prices have also been lowered, a dispatch from
Toronto on Nov. 17 reporting that, effective at once, the
Imperial Oil Co. of Canada, Ltd., had reduced the price of
Canadian crude oil 27c. a barrel, making Petrolia $2 61
and Oil Springs $2 68.
The Standard Oil Co. of Indiana, it is reported, will
announce not later than Dec. 15 of this year the placing of
a new grade of gasoline of 60-62 gravity and better than a
400-end point with a high anti-knock quality on sale throughout its territory. This gasoline, it is stated, will be sold
under the Red Crown name and at the same price, although
it will be of entirely new and revolutionary specifications.
On Nov. 19 the Standard Oil Co. of Ohio reduced the
price of gasoline one cent a gallon, effective Nov. 20. The
new price is 21 cents tank wagon and 23 cents at service
stations.
In the wholesale markets at Chicago on Nov. 17 the
quotations stood as follows: Spot gasoline U. S. motor,
/si6%c.; fuel oil,
83
%@9c.; kerosene, 41-43 water white, 63
24-26 gravity, $1 30@$1 35 a barrel.
Decline Reported in Crude Oil Production.
The American Petroleum Institute estimates that the
daily average gross crude oil production in the United States
for the week ended Nov. 13 was 2,343,850 barrels, as compared with 2,357,050 barrels for the preceding week, a decrease of 13,200 barrels. The daily average production east
of California was 1,710,650 barrels, as compared with 1,722,850 barrels, a decrease of 12,200 barrels. The following are
estimates of daily average gross production by districts for
the weeks given:
DAILY AVERAGE PRODUCTION.
(In barrels.)
Nov. 13'26. Nov.6'26. Oct. 30 '26. Nor.14'25
Oklahoma
546,600
557,500
539,300
486,200
Kansas
114.000
114.900
114,750
107,250
North Texas
260,000
255,900
252.600
78,450
East Central Texas
56,100
56,500
58.500
70.250
West Central Texas_ _ _ _
113,650
109,300
106.700
72.700
Southwest Texas
42,600
42.900
42.550
40,900
North Louisiana
56.900
57,500
59,450
46,300
Arkansas
144,400
146,200
148.050
192,450
Gulf Coast
173.600
177.000
171.100
85,550
Eastern
111,000
110,500
110.000
105.000
Wyoming
62,050
63,900
67.050
82,090
Montana
18.850
17.850
20.750
15,650
Colorado
7,300
7.250
7,550
5,850
New Mexico
4,600
4,650
4.600
6,050
California
633,200
634,200
628,300
644,500
Total
2.343,850
2,357,050
2.331.250
2.039,100
The estimated daily average gross production of the Mid-Continent
field, including Oklahoma, Kansas, north, east central, west central and
southwest Texas, north Louisiana and Arkansas. for the week ended Nov. 13
was 1,334.250 barrels, as compared with 1,340,700 barrels for the preceding week, a decrease of 6,450 barrels. The Mid-Continent production.
excluding Smackover, Arkansas heavy oil, was 1,220,250 barrels, as compared with 1,225,600 barrels, a decrease of 5,350 barrels.
In Oklahoma, production of North Braman is reported at 25,600 barrels,
against 28,500 barrels; South Braman, 5,600 barrels, against 6.200 barrels;
Tonkawa, 33,550 barrels, against 34,700 barrels; Garber, 23,100 barrels,
against 23,e00 barrels; Burbank, 46,800 barrels, against 48,050 barrels;
Bristow-Slick, 26,950 barrels, against 27,000 barrels; Cromwell, 14,650
barrels, against 15,100 barrels; Papoose, 9,450 barrels, against 9.250 barrels;
Wewoka, 25,800 barrels, against 25,550 barrels; Seminole, 106,550 barrels,
against 112,600 barrels.
In north Texas, Hutchinson County is reported at 147,750 barrels,
against 148,300 barrels, and balance Panhandle 14,450 barrels, against
13,200 barrels. In east central Texas, Corsicana Powell, 24,700 barrels,
GradeNew Price. Old Price.
Reduction. against 24,800 barrels; Nigger Creek, 11,500 barrels, against 11,950 barrels;
Bradford District oil in New York
Reagan County, west central Texas, 31.150 barrels, against 30,500 barrels;
transit lines
3.15
3.40
25c.
Crane and Upton counties, 17,950 barrels, against 16,100 barrels; and in
Bradford District oil in National
Transit lines
the southwest Texas field, Luling, 20,000 barrels, against 20,400 barrels;
3.15
3.40
25
Pennsylvania grade in National
Laredo district, 16,500 barrels, against 16,300 barrels; Lytton Springs,
Transit lines
3.05
3.30
25
3,350 barrels, against 3,650 barrels. In north Louisiana, Haynesville is
grade
Keister
1.80
2.05
25
Pennsylvania oil in S. W.Pennsylvania 3.05
reported
at 8.800 barrels, against 9,150 barrels; Urania, 14,850 barrels,
3.30
25
Pennsylvania grade in Eureka Pipe
against 14,350 barrels; and in Arkansas. Smackover light, 13,750 barrels,
lines
3.00
3.25
25
against 13,850 barrels; heavy, 114,000 barrels, against 115.100 barrels, and
Pennsylvania grade in Buckeye Pipe
Lisbon, 6,650 barrels, against 6,850 barrels. In the Gulf Coast field, Hull
lines
2.80
3.05
25
Corning crude in Buckeye lines (run
is reported at 21,400 barrels, against 21,250 barrels; West Columbia,
rior to Se t. 15)
2.15
2.45
30
9,650 barrels, against 8,650 barrels; Spindletop, 81,800 barrels. against
Ca ell crude In Eureka lines
2.40
2.70
30
87,050 barrels; Orange County, 6,500 barrels, against 7,350 barrels, and
Somerset medium in Cumberland lines
2.20*
2.50
30
Somerset light in Cumberland lines
South Liberty, 5,350 barrels, against 5.000 barrels.
2.35
2.65
30
Ragland crude in Cumberland lines
.95
In Wyoming, Salt Creek is reported at 42,600 barrels, against 44,250
1.25
30
It was announced that no further quotations would be made in Caines barrels; and Sunburst. Mont., 15,000 barrels, against 16,000 barrels.
grade oil, which has been discontinued on the market.
In California, Santa Fe Springs is reported at 46,500 barrels, against
The Midwest Refining Co., subsidiary of the Standard 47,000 barrels; Long Beach. 95,000 barrels, no change; Huntington Beach,
against 72,000 barrels; Torrance, 26,500 barrels, against
Oil Co. of Indiana, on Nov. 18 reduced Salt Creek crude 66,000 barrels, Dominguez,
21,000 barrels, no change; Rosecrans, 15,500
27,000 barrels;
oil 18 to 45c. a barrel, according to gravity, to meet the barrels, against 15,000 barrels; Inglewood, 40,000 barrels,
against 39,500
reduction in Mid-Continent crude. The company's new barrels; Midway Sunset, 94,000 barrels, no change; Ventura Avenue,
54,700
barrels,
against
barrels,
57,200
and
Seal
Beach,
2.500 barrels,
schedule ranges from $1 55 for 29 to 29.9 gravity to $2 a
against 1,500 barrels.
2592
THE CHRONICLE
Steel Demand Declines Somewhat But Price Remains
Firm-Pig Iron Price Falls as Market Quiets.
Steel consumers so well provided for their wants in their
September and October buying that no considerable new
demand is looked for in the next few weeks, observes the
"Iron Age" in its Nov. 18 summary of market conditions.
Operations also promise some curtailment with the approach
of the year end. Rolling mill schedules are slightly less this
week. With a corresponding reduction in ingot output, steel
works in the Pittsburgh and nearby districts are running at
70 to 75% of capacity. Steel Corporation subsidiaries are
averaging somewhat less than 80%, according to the statistics gathered by the "Age."
As heretofore, steel production and steel prices are little
affected by the speculative shifts in coal, but the week's
developments in the latter are far from clearing up the uncertainties regarding pig iron and coke for the first quarter of
1927, declared this trade journal, from which we quote
further as follows:
[VOL. 123.
The strength displayed by finished steel prices in fact of contracting
demand is regarded as noteworthy. At the moment the Cormellsville.
coke market is off from its recent high having declined 50 cents in a week,
but the threat of a bituminous coal strike April 1 has not dimmed. Some
coke interests look for an uncertain market until February,when clairfication
should become possible. Meanwhile many pig iron producers refuse.to
quote on iron for delivery beyond the first quarter. Demand for plates
features the finished steel market. Ten thousand tons of tank work came
out of Chicago, making the total pending there fully 25,000 tons. Placement of two Great Lakes ore carriers calls for 7,000 tons of plates and 3.000
tons of shapes. A riveted pipe line in Washington will require 6,000 to
10,000 tons of plates. Locomotive work placed in the Philadelphia district
will take 8,000 tons of plates. Pittsburgh district mills will benefit to the
extent of more than 15,000 tons of plates through recent awards of 1,300
tanks cars. Curtailment of automobile production continues to be a
psychological factor of large proportions. Detroit manufacturers are
displaying marked caution in limiting their output to prevent overloading
of dealers. Improvement in this quarter can scarcely be expected before
the last of December or early January, but a good first quarter is believed
in prospect.
*MN
Sales of pig iron in the Chicago district in the last six weeks exceed 300,000
tons, chiefly first quarter delivery. One small merchant's stack is banked
and one steel work's stack that has been making special iron, has been
blown out in this district but production will not be greatly impaired. The
Chicago district is sanguine over 1927 car building prospects, believing
programs calling for 100,000 cars are being shaped. The Rock Island has
come into the market for a total of 2,000 and may increase this to 2,500.
Tin plate manufacturers express gratification that first half contracts taken
to date on the same price basis as governed in 1926, are only slightly below
the requirements for particular buyers for this year.
The "Iron Trade Review's" composite price on 14 leading iron and
steel products this week is 838 47. This compares with $38 43 last week
and $38 30 the previous week.
While coal reacted after a fortnight's excited buying, the past few days
have brought little further change. It is recognized that stores here must
be replenished and that foreign bunkers must be filled pending fuller resumption in Great Britain. Furnace coke has declined 50 cents in the week. On
the one hand is the view that the maintenance of the advance to the union
wage scale will stabilize fuel prices. Against this it is urged that the present
wages cannot be maintained, and if not, that both coke and pig iron will be
affected.
The pig iron market rather promptly fell into quietness as the end of the Only Five Furnaces in Blast in Great Britain on Sept. 1
British coal strike came clearly in sight. Seeing that the coal flurry and
-Decrease in Pig Iron Production.
the possibility of higher coke put up pig iron, buyers of the latter looked
At the end of September, five months after the beginning
for easier prices under the changed fuel situation.
With the strike settled, it is expected that British inquiries in this market of the coal strike, there were only five furnaces in blast In
for several thousand tons of low-phosphorus pig iron will be withdrawn.
Great Britain, and pig iron production for the month
In general, specifications on finished steel are coining to the mills in good
volume, apart from consumers whose operations are dependent on automo- amounted to but 12,500 tons, comparing with 147 blast furbile plants. Bolt and nut manufacturers have cut down their bar and wire naces producing 539,100 tons during April. During August
orders to the extent that their business with motor car works has fallen off.
there were six furnaces in blast and the production
In railroad equipment there is more activity in the West, both in inquiry,
and awards. The Chicago & North Western has bought underframes and amounted to 13,600 tons. In the United States there were
superstructures for 500 cars and the Pacific Fruit Express has phiced 600 216 furnaces in blast during September,
compared with 215
underframes with a Pacific Coast builder. The Rock Island has asked bids
on 2,500 freight cars. The Santa Fe RR.has ordered 41 locomotives and the during August, but production decreased from 3,200,500 tons
Seaboard Air Line 25 from a Philadelphia works, and other orders bring ill August to 3,161,600 tons in September. Germany's pig
the total to 93 in the week. All are for domestic roads except 13 for Brazil. iron production during September
amounted to 866,300 tons,
Sheet mill operations have fallen below 80%. October sales, as reported
by the independent sheet manufacturers, amounted to 212,029 tons for less with 90 furnacesi in blast; in August the figures were 836,900
than half of the September bulge in bookings. Sales since the middle of and 84, respectively. Belgium, the only other country for
the year are 10% ahead of those for the corresponding period of 1925. which September
statistics are available, produced 308,000
Output of sheets in October, while large at 314,598 tons, still leaves a margin
of 3 to 4% under orders, and brings shipments (301,474 tons in October) tons of pig iron in September, comparing with 313,400 tons
and production close to a parity.
in the previous month. The number of furnaces in blast
Farmer buying of wire products is slow. The automobile industry is
The foregoing, made public Nov.
taking little in the way of spring wire and specialties, and jobbers naturally remained the same-55.
15, is in accordance with advices received by Bankers Trust
are not adding to their stocks at this time of year.
Structural steel contracts in the week totaled about 25,000 tons, against Co. of New York from its British Information Service. The
a recent weekly average of 21,700 tons and an average so far this year of
further:
29,000 tons. Fabricating shops have caught up on orders, however, and trust company announces
are more anxious for tonnage than at any time in months, some contracts
Steel production in the United Kingdom increased in September to 95,700
being taken at the expense of prices.
tons from 52,100 tons in the previous month. This increased production
Two ore boats just placed by the Steel Corporation with Lake shipyards is due to increased supplies of fuel, either home or imported. Coal producwill take 10,000 tons of plates and shapes, and other boat orders are looked tion figures are suspended so that the exact source of the supply is not
for for next season's delivery.
available. The steel production of the United States totaled 3,930,700
After many weeks' delay, the 10,000 tons of cast iron pipe for New York tons, comparing with 4,004,600 in August. Germany's production amounted
City, on which a German foundry made the low prices, has been awarded to 1,126,300 tons, a slight increase over the production for August of
to domestic bidders.
1,194,900 tons. Steel produCtion in Belgium totaled 307,600 tons, comProducers of50% ferrosilicon have begun to quote $85, the present price, paring with 312,900 tons produced in August.
as the basis for 1927 delivery. British ferromanganese is offered at $100
During September the United Kingdom imported iron and steel totaling
for first bait, but consumers,in view of the three-cornered home competition 445,700 tons. This ccmpares with 315,100 tons imported in August, 261,early in the year and its low prices, are not ready to commit themselves for 800 tons in April, when the coal strike began, and with an average of
the new year. •
185,900 imported each month during 1913. For the United States August
While signs of softness in the European steel market have appeared, imports totaled 78,100 tons of iron and steel, comparing with an average
foundry pig iron has advanced about 50 cents to $19 35 per gross ton at monthly import in 1913 of 21,100 tons. Germany imported 84,300 tons in
Antwerp. German railroads have placed 800,000 tons of rails in Germany August, the 1913 monthly average was 25,000 tons. Exports of iron and
and have taken an option on 160,000 tons with Polish mills.
steel from the United Kingdom amounted to 160,200 tons during September,
Due to a decline in foundry iron at Buffalo. the "Iron Age" pig iron com- comparing with 163,700 tons in August„ 313,000 tons in April, and an
13,
from
$20
$20
21
last
week.
This is the average of 414,100 tons during 1913. During August the United States
posite price has dropped to
first recession since the low price of the year, $19 46, was reached in mid- exported 165,600 tons of iron and steel ; the monthly average in. 1913 was
July. The finished steel composite remains at 2.453 cents per pound for 242,300 tons. Germany exported 423,800 tons in August; in 1913 the
the sixth week. This is the high level of the year. The usual composite monthly average of exports, including those from Luxemburg, was 517,300
price table stands as follows:
ions.
Pig Iron.
Finished Steel.
$20.13
Per
Gross
Nov.
16
1926,
Ton.
Nov. 16 1926, 2.4530. Per Lb.
Bituminous Trade Awaits British Strike News2.453c. One week ago
820 21
One week ago
19 71
24530. One month ago
Anthracite Markets Steady Though Output
One month ago
21 55
2.439c. One year ago
One year ago
Declines.
15 72
1.6890. 10-year pre-war average
10-year pre-war average
Based on average of basic Iron at ValBased on steel bars, beams,tank plates,
London, England, was the nerve centre of the bituminous
plain wire, open-hearth rails, black pipe ley furnace and foundry Irons at Chicago,
and black sheets, constituting 87% of Philadelphia, Buffalo, Valley and Bir- coal markets of the United States last week, declares the
mingham.
the United States output.
High.
Low.
Low.
High.
Nov. 18 issue of the "Coal Age" of New York in describing
1926..2.453c.. Jan. 5; 2.4030., May 18 1926_321 54, Jan. 5; $19 46. July 13
1925_ _2 560c., Jan, 6;2.396c.. Aug. 18 1925_ 22 50, Jan. 13; 18 96. July 7 market conditions. Prices along the Atlantic seaboard
1924_ _2.789c., Jan. 15; 2.4600., Oct. 14 1924_ 22 88. Feb. 26; 19 21, Nov. 3
1923_ .2.824c., April 24; 2.446c., Jan. 2 1923_ _ 3086. Mar.20; 2077, Nov. 20 and over a great part of the Appalachian region fluctuated
An easier situation obtains in both finished steel and pig
iron markets, idle steel mill capacity being augmented as
old orders are worked off and new business, generally speaking, is not equal to shipments reports the "Iron Trade Review" in its market summary dated Nov. 18. Specifications
on steel bars show a marked decline, especially at Pittsburgh,
following last week's activity. Demand for pig iron tapered
off rather sharply in keeping with less tense the fuel market,
adds the "Review," in its observations from which we take
the following extracts:
in sympathy with the color of the reports of the latest negotiations to end the British coal strike. There were dips
and rises, but, when the week was over, price levels had
definitely receded. The declines ranged from a modest
25c. in the central Pennsylvania mining field to $1 25 at
tidewater, according to the information gathered by the
"Age" andpublished in its weekly review from which we
take the following:
One section of the eastern producing area-Alabama-and Illinois
and Indiana were impervious to this influence. In those sections the
belated upturn to business was strong enough to carry prices to higher
Nov. 20 1926.]
levels and to support an enlarged demand for tonnage. Western Kentucky
was stronger in Louisville and weaker in Chicago. Southwestern and
far Western coals held a steady course. Neither Utah nor Colorado,
however, found buying enthusiastic, and "no bills" were the lot of producers in both States. Activity characterized the dock trade.
The result of the play of these forces and of other factors, including
labor and transportation, was a net decline of 24 points and 29c. in the
"Coal Age" index of spot bituminous prices. The index number as of
Nov. 15 was 275 and the corresponding weighted average price was $3 32.
The preceding week the figures were 299 and $3 61, respectively. The
full effect of the breaks in the tidewater and Eastern interior markets were
not felt because of the gains made in Illinois and Indiana quotations.
Although present trends are distinctly downward another upswing is
by no means improbable—even if the British strike comes to a speedy
end. Many large producers are sold up for several weeks; some, in fact,
say they will be out of the market until the first of the year. In the
meantime, home industrial and household demand is expanding and there
are vacuums in foreign markets which cannot be filled overnight. When
these demands are registered upon a transportation plant working to
capacity, another orgy of feverish bidding easily is possible.
Roughly speaking, 1,500,000 tons of the output of the first week ot
November were absorbed by tidewater export and lake trade. Export
dumpings at the five principal ports (New York, Philadelphia, Hampton
Roads. Baltimore and Charleston) were 709,154 net tons. Of this tonnage,
at least 500,000 tons may be credited to the British strike. In the lake
trade the season totals are well ahead of any recent year since 1923, but
this movement is drawing to a tapering close. During the week ended
Nov. 14 there were 645,011 tons of cargo and 35,022 tons of vessel fuel
dumped at the lower lake ports.
Anthracite production is not keeping pace with the gains in bituminous.
However, the trade seems willing to absorb all offerings, although egg
Is less popular than stove or nut and independent quotations on domestic
sizes are weaker. No. 1 buckwheat has been adversely affected by the
softer tone in bituminous.
The Connellsville coke trade is marking time. There have been some
decreases in prices, but production is sharply restricted. With the exception of January of this year, by-product production last month was the
highest on record. The total was 3,812,000 net tons. A 34% decline
In beehive output brought the total output of coke down to 4,679,000 tons.
preceding week because of certain holidays, the tonnage
again totaled more than thirteen million tons, according
to the review issued by the United States Bureau of Mines..
Anthracite and coke output also showed slight decreases in
the same period, reports the Bureau, from which we quote
the following interesting details:
In spite of an election holiday, production of soft coal during the week
ended Nov. 6 was again above the 13-million ton mark. Total output
is estimated at 13.116,000 net tons, a decrease of 370.000 tons from the
high record of the preceding week.
Estimated United States Production of Bituminous Coal (Net Tons) Including COQ;
Coked.a
1925
1926
Cat. Year
Cal. Year
to Date.
to Date b
Week.
Week.
404.767,000
12.088,000
Oct. 23
12,712,000
447,412,000
1,615,000
2,119,000
Daily average
1,785,000
2,015.000
417,252,000
Oct. 30_c
13,486,000
12,485,000
460,898,000
1,626,000
2,081,000
Daily average_ _ _ _ 2,248,000
1,796,000
429,423,000
13,116,000
12,171,000
474,014,000
Nov. 6_d
Daily average
2,301,000
1,807,000
2,135,000
a Original estimates corrected for usual error, which in past has averaged 2%.
b Minus one day's production first week in January to equalize number of days
In the two years. c Revised. d Subject to revision. Election day weighted as
0.7 of a normal working day.
Daily loadings indicate that the loss in tonnage was partly due to Election
Day and probably in part to certain religious holidays early in the week.
Activity was so great during the last four days, however, that the daily
average output for the week—weighting Nov.2 was approximately 7-10ths
of a normal working day—was higher even than in the week of Oct. 30.
Total production of bituminous coal during the calendar year 1926 to
Nov. 6 (approximately 262 working days) amounts to 474,014,000 net
tons. Figures for corresponding periods in other recent years of high
production are: 1920. 472,364,000 net tons; 1923, 486.078,000 net tons.
The "Coal and Coal Trade Journal" expressed somewhat
similar views of the effect of the British coal strike news on
the American markets when it stated in its Nov. 18 review
of trading conditions that "it is probable that a great deal
of the price movement in the coal market for the next few
days will be predicated upon news relating to the termination
of the British strike." The "Journal" then goes on to say:
ANTHRACITE.
Production of anthracite during the week ended Nov. 6, curtailed by
the occurrence of Election Day and several religious holidays, amounted
to 1,565,000 net tons. The average weekly output during normal weeks
in October has been more than 2,000,000 tons.
The end of this struggle would not mean that English coal would soon be
distributed about the world, but it is felt that it does mean that American
producers have begun to see a shrinkage of their world-wide markets. Even
if it was assured that every ton of coal brought to the surface in the United
States could be burned without travelingibverseas, the effect would be much
the same. Reactions from high prices are to be expected, is the opinion
of the majority.
Another matter that is lurking in the back of the mind of every coal man
Is the possibility, or the probability, of labor disputes. The end of the year
Is approaching and after that the spring and the termination of agreements
and the fact that there has been a considerable voluntary advancement of
wages. If coal prosperity continues, labor will be hard to keep within
bounds; if the selling price for coal goes down, there will be the usual difficulty of persuading the wage-earner to accept the inevitable. All of which
is not a matter that has to do entirely with the future, but is, on the contrary, one that is being actively considered in the establishment of the
broader plane of prices to-day.
The past week has found a market more or less divergent in fundamental
conditions which, of course, is reflected in prices. The fruits of speculation
were apparent. Not so much, perhaps, as might have been expected,
considering what we have recently gone through; but, nevertheless, coal
has been sold and bought largely on what was supposed to be in prospect
rather than in accord with actual supply and demand. Prices have been
paid in many instances—both up and down—that are not to be found on
any lists of quotations.
Boston and New England have had an unpleasant time of it with the
market off for many classes of coal. The end of the British strike appeals
strongly to this section. It is a shorter haul by ship to this quarter from the
Virginia tidewater than it is to foreign lands. The all-rail route may soon
find its usual waterway rival resuming operations, which will lead to a
renewal of competition between the two.
The market in New York naturally reflects the situation in the country
generally and the shrinkage in coal charters has a more than disturbing
effect. But the fact that winter must come some time has not been overlooked by those who must buy anthracite.
Philadelphia is a crucial point in the present situation. There the
proximity of the fields and the distribution is keenly felt. Last week witnessed a slump in demand and in prices that was partly—and,it is believed,
temporarily—regained. Baltimore seems to have some optimistic system
of its own to make it oblivious of any depressing influence that may affect
other places. Hoarever, it is admitted there that the home demand has
been none too good.
The Pittsburgh district is naturally affected by the general industrial
demand that has substantially absorbed increased production. The coal
scientists who gathered at the Carnegie Institute certainly had reason to
gain the impression that they were in the midst of a prosperous part of the
coal-producing-and-burning world.
There seems to be a cheerful note from the section whose mouthpiece is
Chicago. This is largely due to the fact that the Illinois and Indiana fields
are well in their stride and going strong. It is said from there that a reasonably good situation is likely to continue. The traffic od coal on the Lakes
has eased off but is still large.
In Alabama conditions are peculiarly satisfactory. Even with production
high there has been something like a scramble for coal. The demand by
the industrials is continuing in this section.
Distinctly, the best opinion is that the time for care and caution has
arrived. No one may tell the trend of to-morrow's prices. But the influences that are most dominant in the coal man's mind of the moment are
net those that bespeak the continuance of the highest levels in price.
Bituminous Coal Output Remains High—Anthracite
and Coke Decline Slightly.
Though the output of bituminous coal during the week
ended Nov. 6 declined somewhat from the production In the
2593
THE CHRONICLE
Estimated United Slates Production of Anthracite (Net Tons).
1925
1926
Cal. Year
Cal. Year
to Date.a
Week.
to Dale.
Week.
Week Ended—
61,312.000
13,000
68,221,000
2 062,000
Oct. 23
61,331,000
19,000
70,026,000
1,805,000
Oct. 30
61,359,000
28,000
71,591,000
1 565.000
Nov. 6
a Minus one day's production first week In January to equalize number of days
In the two years.
BEEHIVE COKE.
Production of beehive coke declined slightly in the week ended Nov. 6.
The total for the country is estimated at 192,000 net tons. The decrease
occurred in Pennsylvania.
Estimated Production of Beehive Coke (Net Tons).
1926
Week Ended—
1925
to
to
Nov.6 Oct. 30 Nov. 7
Date.a
Date,
1926.b 1926.c
1925.
192,000 196,000 292,000 10,039,000 8,443.000
United States total
33,000
32,000 33,000 49,000
39,000
Daily average
a Adjusted to make comparable the number of days in the two years. b Subject
to revision. c Revised since last report.
Production
of Coke During Month of
October.
The production of by-product coke increased from 3,641,000 net tons in September to 3,812,000 net tons in October,
a gain of 171,000 net tons, or 4.7%, according to the statistics gathered by the United States Bureau of Mines and
reported Nov. 13. With the exception of January 1926,
October output is the highest on record. The daily rate for
the 31 days in October was 122,975 tons, an increase of
1,596 tons per day, or 1.3%, when compared with the Sep.
tember rate. There were 76 active plants in October, and
these plants produced about 91% of their capacity, reports
the Bureau in its monthly review, from which we quote additional details as follows:
According to the "Iron Age," the output of pig iron made a moderate
gain in October. The total is estimated at 3,313.623 grew WM or 106.891
tons per day for the 31 days in October. This is a gain of 2,348 tons
per day, or 2.3% over September, when the daily rate was 104.543 tons.
The October rate is the largest since June and approximates the January
rate of 106.974 tons per day.
Beehive coke output for October shows a decided drop, the estimated
total being 867,000 tons for the month, compared with 1,310.000 tons
made in September. The decrease is 443.000 tons, or nearly 34%•
The total amount of by-product and beehive coke made was 4,679,000
tons, by-product plants contributing 81% nad beehive plants 19%•
Monthly Output of By-Product and Beehive Coke in the United States (Net Tons).a
Total.
By-Product Coke. Beehive Coke.
4,748,000
1,615,000
3 133,000
1923 monthly average
3,639.000
806.000
2,833,000
1924 monthly average
4,272,000
946,000
3 326.000
1925 monthly average
4,719,000
963,000
3756,000
July 1926
4,501.000
752,000
3.749.000
August 1926
4,951,000
1,310,000
3,641,000
September 1926
4.679,000
867,000
3,812,000
October 1926
breeze.
and
screenings
Excludes
a
was
October
during
plants
coke
at
consumed
coal
of
The total amount
6,844,000 tons, of which 5,477.000 tons were consumed in by-product
ovens. and 1,367.000 tons in beehive ovens.
.
Estimated Monthly Consumption of Coal in the Manufacture of Coke (Net Toss)•
in
Consumed
Total
Consumed in
Coal
Beehive
By-Product
Ovens.
Consumed.
Ovens.
2,507.000
4,523,000
7,030.000
1923 monthly average
4,060.000
1,272,000
5.332.000
1924 monthly average
1,452,000
4,759,000
6,211,000
1925 monthly average
1,519,000
5 396.000
6.915,000
July 1926
5,386,000
1,188.000
6,574,000
August 1926
5,232,000
2,066,000
7,298,000
September 1926
5,477.000
1.367,000
6,844.000
1926
October
coke
during
by-product
made
October.
of
amount
3,150.000
Of the total
tons, or 82.6%, was made in plants associated with Iron furnaces; and
662,000 tons or 17.4%. was made at merchant or other plants.
2594
THE CHRONICLE
[VOL. 123.
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on Nov. 17, made public by the Federal
Reserve Board, and which deals with the result for the
twelve Reserve banks combined, shows a decline for the
week of $14,400,000 in holdings of discounted bills and
increases of $8,000,000 and $7,800,000 respectively, in holdings of acceptances and Government securities purchased
in open market, with the result that total bill and security
holdings remained practically unchanged. Cash reserves
increased $14,800,000 and total deposits $36,300,000, while
Federal Reserve note circulation shows no material change
for the week. After noting these facts, the Federal Reserve
Board proceeds as follows:
The Federal Reserve Bank of New York reports a decrease of $25,800,000
In its discount holdinTs. Cleveland a decrease of$6.100.009, San Francisco
$5.400,000. and Chicago $3,800.000, these reductions being partly offset
by increases of $17,000.000 and $4,800,000. respectively. at the Boston
and Kansas City Reserve banks. Open-market acceptance holdings increased $10.300.000 at the Federal Reserve Bank of New York and declined
$3.100.000 at the Atlanta bank. The System's holdings of Treasury
certificates were $6.100,000 and of United States bonds and notes $1,700.000 above the preceding week's totals.
The principal changes In Federal Reserve note circulation during the
week comprise an increase of $13,100,000 reported by the New York bank
and declines of $6.900,000 reported by Philadelphia. $4.600,000 by Cleveland, and $2,700.000 by 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 2625 and 2626.
A summary of changes in the principal assets and liabilities
of the Reserve banks during the week and the year ending
Nov. 17 1926 is as follows:
Increase (+) or Decrease (—)
During
Week.
Year.
Total reserves
+$14.800.000
+$79,600.000
Gold reserves
+9.300.000
+68.800.000
Total bills and securities
+1,400.000
—37,900.000
Bills discounted, total
14,400.000
+600.000
Secured by U. S. Govt. obligations_
+800.000
+7.700.000
Other bills discounted
—15.200.000
—7.100.000
Bills bought in open market
+8.000.000
—7.100.000
U. S. Government securities, total+7.800.000
—25.100.000
' Bonds
+1,200.000
—8.700.000
Treasury notes
—130.700.000
+500.000
Certificate, of indebtedness
+6.100.000
+114.300.000
Federal Reserve notes In circulation..
—500.000
+42.200.000
Total deposits
+36.300.000
—20.800.000
Members' reserve deposits
+19.600.000
—22.600.000
Government deposits
+11.400.000
+4,300.000
in the Boston district, being partly offset by an increase
of
$10,000,000 in the Philadelphia district. "All other loans
and discounts" increased $18,000,000, the principal changes
including increases of 811,000,000 in the Boston district,
$9,000,000 in the Chicago district and $7,000,000 each in
the Cleveland and Richmond districts, and declines
of
$7,000,000 and $6,000,000 in the New York and St. Louis
districts, re pectively. Total loans to brokers an‘dealers,
secured by stocks and bonds, made by reporting member
banks in New York City were $37,000,000 below the Nov.
3
total, loans for out-of-town banks having increased
$13,000,000, while loans for own account and for others declined
$42,000,000 and $8,000,000, respectively. As already noted,
the figures for these member banks are atways a week behind
those for the Reserve banks themselves. The statement
goes on to say:
Holdings of United States Government securities
decreased $29,000.000
.
of which $24,000,000 was reported by banks in
the New York district.
Holdings of other bonds, stocks and securities
declined $15.000.000, principally in the New York and Cleveland districts.
Net demand deposits were $85.000,000 less than
on Nov.3 at all reporting
member banks and $65,000.000 less at banks in the
New York district.
Borrowings from the Federal Reserve banks declined
$103.000.000 during
the week, the principal changes In this Item
including reductions of $54.000.000 in the New York district and $40.000.000
in the Chicago district,
and an increase of $11,000,000 in the Cleveland district.
On a subsequent page—that is. on page 2626—we give the
figures in full contained in this latest weekly return of the
member banks of the Reserve System. In the following is
furnished a summary of the changes in the principal items
as compared with a week ago and with last year:
Increases (+) or Decreases (—)
During
Week.
Year.
Loans and discounts, total
—$58,000,000 +$29074.
0.000
Secured by U. S. Government obligations_ —11.000.000
—22.000.000
Secured by stocks and bonds
—65.000.000
—19,000.000
All other
+18.000.000 +331,000,000
Investments. total
—44,000.000
+95.000,000
U. S. securities
—29.000.000
—64.000.000
Other bonds, stocks and securities
—15.000.000 +159.000.000
Reserve balances with Federal Reserve banks +20.000.000
—18.000.000
Cash in vault
—10.000.000
+3,000.000
Net demand deposits
—85.000.000 —313.000.000
Time deposits
+6.000.000 +426.000.000
Government deposits
—20.000.000
+37,000.000
Total borrowings from Federal Reserve banks-103.000.000
+3,000,000
Summary of Conditions in World's Markets According
to Cablegrams and Other Reports of the
Department of Commerce.
The Member Banks of the Federal Reserve System—
The Department of Commerce at Washington releases
Reports for Preceding Week—Brokers' Loans
for publication to-day (Nov. 20) the following summary of
conditions abroad, based on advices by cable and —other
in New York City.
It is not possible for the Federal Reserve Board to issue the means of communication:
CANADA.
weekly returns of the member banks as promptly as the
Wholesale and retail trade in Canada has been good during the
returns of the Federal Reserve banks themselves. Both
week
ended Nov. 14, with the largest volume of the business In dry goods, boots
cover the week ending with Wednesday's business, and the and shoes, hardware and seasonal lines. Collections
generally throughout
returns of the Federal Reserve banks are always given out the Dominion have been fair. The import trade of Canada continues to
increase, the total for the twelve months ending Sept. 30
having been
after the close of business the next day (Thursday). The $983,787.000
as compared with $852,548.000 for the same period in
1925.
statement of the member banks, however, including as it At the same time the value of exports advanced
to $1.306,907,000 from
does nearly 700 separate institutions, cannot be tabulated $1,158,291,000 in 1925. The latest local estimate of Canada's 1926 wheat
Is 405.814.000 bushels, which is about 5A millions under the 1925 crop.
until several days later. Prior to the statement for the week crop
Higher transportation costs are affecting wheat shipments to Great
Britain
was
1926,
practice
the
it
to have them ready and the Continent. The rate from Montreal to Liverpool has risen
ending May 19
from
cents per bushel in May to 13% cents in November and the rate
on Thursday of the following week, and to give them out 7M
from
St. John to Liverpool Is expected to reach 1934 cents per bushel in
December
concurrently with the report of the Reserve banks for the as compared with 9.7 cents a year ago. Bond sales for
1926 to date aggrenext week. The Reserve authorities have now succeeded in gate $498,561.000,of which United Statesinvestors purchased $239,725.000,
Canada. $238,057,000, and United Kingdom, $20,580,000.
expediting the time of the appearance of the figures, andthey debt
The national
of the Dominion on Oct. 31 was
having been reduced
following
week on Mondays insteadof on during the month by $6,384.000. The$2.329,444,000
are made public the
amount of the funded debt payable
Thursday. Under this arrangement the report for the week in New York has been reduced by about $45.000,000 and that payable in
ending Nov. 10 was given out after the close of business on Canada has been increased by $35,000.000.
GREAT BRITAIN.
Monday of the pr sent week.
Board of Trade figures show
commerce merchandise valuations
The Federal Reserve Board's condition statement of 691 for October as follows: Imports.foreign
£111,014,000;
£53,177,000, and
reporting member banks in leading cities as of Nov. 10 re-exports. £10.361.000. The figures representexports,
substantial increases in
shows declines of $58,000,000 in loans and discounts, $44,- all three divisions of the trade over the September returns. Comparable
statistics for October 1925 show
of .C108,839.000. 07,082.000.
000,000 in investments, $85,000,000 in net demand deposits and .C13,377,000. respectively. valuations
Negotiations for a
of the
and $103,000,600 in borrowings from the Federal Reserve mining dispute are being continued. Nearly 319.000settlement
coal miners were
working on Oct. 10. The unemployment registers
showed that a total of
banks. Member banks in New York City reported reduc- 1.559.200
persons, exclusive of Idle coal workers, were
without employment
tions of $67,000,000 in loans and discounts, $23,000,000 in on Nov. 1.
investments, $50,000,000 in net demand deposits and
BELGIUM.
Drastic internal regulations in connection with the
$42,000,000 in borrowings from the Federal Reserve bank.
stabilization of the
Belgian currency have included forced quotations of
the internal debt,
Loans on stocks and bonds, including United States the removal
of the railways from State control and the complete
balancing
Government obligations, were $76,000,000 below the pre- or the budget, which were introduced to gain the support of foreign
bankg
vious week's total, decreases of $59,000,000 in the New York and to facilitate the flotation of the one hunderd million dollar international
loan. In this way a basis has been obtained for the fundamental strengthendistrict, $18,000,000 in the Chicago district and $14,000,030 ing of the Belgian international
position which it is believed In Belgium.
Nov. 20 1926.]
TIIE CHRONICLE
should mean ultimate complete economic prosperity. The position of the
national bank is greatly improved as a result of the international loan and
large reserves of gold and gold exchange have been established. The
money market has eased decidedly as a result of repatriation of capital
and the stock market has become active and strong. The industrial situation is good except for the scarcity of coal and uncertainty as to future
supply if the British strike should continue. Living costs have advanced
considerably. Unemployment is slightly higher than last year, but the
situation has improved and the percentage of unemployed to the total
laboring population is very small. Commodity markets in general are
satisfactory with the exception of the automobile market where business
continues dull; reduced prices for gasoline, however, are expected to haprove the situation.
The Netherlands.
The improvement in Dutch business noted in September was maintained
during October. In spite of exceptionally heavy issues of stocks, there
remain large amounts of capital available for iniestment. Although interest rates have increased somewhat they still remain low. The stock
exchange is somewhat weaker, owing to higher rates, unfavorable developments in the rayon market and liquidation of Royal Dutch shares by
French holders. There is practically no idle shipping in Dutch ports and
inland shipping is also flourishing. Shipping shares are recovering, owing
to the rise in coal and grain freights. The cost of living Is relatively stable
but unemployment increased during October. October declared exports to
the United States showed a large decrease. The stabilization of the Belgian franc has resulted in a slackening of Belgian competition which was
becoming a serious factor in the Dutch domestic market. Since the establishment of the International Steel Entente steel prices have increased by
15%, but the greater security resulting from stable prices has placed the
metal trades on a sounder and more profitable basis. The leather market
113 improving but textiles remain dull. The increase in direct shipments of
meat products to Germany has brought a corresponding drop in German
imports of such products via Holland.
GERMANY.
The month of October witnessed further progress in the German business
situation although the relatively low purchasing power of the people reduced
retail sales during the last few days of the month. German industries are
still making a favorale showing; iron and steel production is 25% higher .
than last year and Ruhr coal stocks are almost exhausted. Textile mills
are also increasing their production. The number of unemployed declined
from 1.395,000 to 1,340.000 during the first two weeks of October. There
was a slight increase in note circulation and in the gold reserve during the
month; money conditions remained easy and activity on the stock exchange
has driven many favorite shares to record levels.
ITALY.
Italian business circles are feeling considerable ease over the latest measure
of the Government and the former opinions which were held in many circles.
regarding the hastiness of the present extensive economic reform program.
are being abandoned. Present expectations are that money will flow easier
for commercial eatergrises and the operation of Italian industries, thus
relieving the credit stringency occasioned by the drastic policies instituted
by the Bank of Italy. Prior to announcement of the consolidation of the
internal debt, the high level of exchange caused uneasiness as business intereste were reluctant to make commitments not knowing which turn the exchange would take.
FINLAND.
Conditions prevailing in the export industries continue favorable. The
money market remains unchanged and is characterized by easiness. The
foreign trade balance for the month of September closed with an export
surplus amounting to 109,800.000 marks. The balance for the first nine
months of the current year, however, is passive to the extent of 29,000,000
marks. The favorable condition of export trade is expected in Finland to
continue and the favorable balances for October and anticipated for November indicate an active foreign trade balance at the close of the year.
The demand for timber has been quite lively and sales for next year's shipments have already been completed.
ESTHONIA
A trade and navigation treaty between Belgium and Esthonia was signed
at Brussels, to be effective for one year, and will be automatically extended
if neither of the signatory names abrogates it. According to official figures
just published. Esthonia's imports in September totaled 882.500.000 and
exports, 947,000.000 Estmarks bringing the favorable balance for the first
nine months of the year to 354.b00.000 Estmarks. The question of a
tobacco monopoly is being discussed by the Cabinet of Ministers. It is
believed in Esthonia that considerable revenue will be derived by the State
from this source should it be passed by Parliament.
POLAND.
No material change in the financial and economic situation in Poland has
occurred during October, the business activity and the steady general
economic improvement noticeable for the last several months having been
well maintained during the month. The government's close co-operation
with the industrial and trade organizations and its general responsiveness
to the business needs of the country tends to maintain the confidence of
the business elements in the stability of the present situation. The balancing of the State budget for the current year is now considered in Poland as
reasonably certain, and a net surplus is anticipated. The recent presidential decree ordering discontinuation of issuing unsecured treasury notes
and the gradual withdrawal of same had a salutary effect upon the stability
of the zloty as well as upon the market quotation of Polish securities abroad.
The gold reserve of the Bank of Poland is maintained at above 40% of the
amount of banknote) in circulation, which has been increased during the
last five months by more than 42%. Coal exports have declined during the
month, in consequence of the increased demand for fuel for domestic requirements, coupled with a shortage of railroad cars. Unemployment
decreased to 197.000 from 217.000 a month ago, and 300,000 in May last.
RUMANIA.
A number of factors have combined during the last month to exert a
cumulative adverse effect upon the export of Rumania's principal commodities. I. e.. grain, lumber and petroleum products. Scarcity of money
and curtailment of credit facilities by the National Bank and private
banking institutions, and the reported inadequacy of the Rumanian
railroad transportation for the task of moving large quantities of freight
has the greatest retarding effect upon export shipments. To a lesser
extent, the stagnation of exports at this time of the year. when grain
shipments. in particular. should be in full swing in order to reach the
Danube ports before they become ice-bound, Is said to be the result of the
present high rate of exchange of the len, which makes exports in general,
s.nd especially grain, decidedly unprofitable.
GREECE.
Drachma exchange improved at first as a result of the Nov. 7 election,
then weakened slightly again. Agricultural conditions are reported to be
2595
seriously threatened by the continuance of the unprecedented drought.
Winter cultivation is delayed and there has been a sharp reduction in the
estimates of olive oil production which is now expected in Greece to total
60.000,000 okes (169,320,000 lbs.) instead of 100,000.000 okes (282.200.000
lbs.) Unofficial estimates place the 1926 Patras tobacco crop at 10% lest
than last year's. There has been a further trend toward idleness in Greek
shipping, largely because of high coal prices and consequent high freight
rates, but shipping circles are said to be developing plans for the organization of the merchant'marine on a sound economic basis. There has been
some delay in the cor.struction of the harbor improvements in Piraeus,
because of unexpected difficulties encountered in dealing with the hard
rock of the harbor. On Nov. 3 the National Bank began issuing bonds In
connection with the claims of Greek citizens for property confiscated in
Turkey.
PALESTINE.
Weather conditions have continued favorable and crop prospects are
excellent. Wheat and barley threshing is completed, but the grain is a
rather poor quality and prices have fallen. Drought in some sections has.
however, affected the grape crop and a considerable part of the famous
vineyards of Latroun have been uprooted, vines being damaged beyond
recovery. The quality and quantity of the tobacco crop are good. It is
reported that the /4,500,000 loan to be raised by the Palestine Government
is to be guaranteed by the British Treasury.
TURKEY.
• Constantinople is said to be confronted with a coal shortage. TWO
shortage is due in part to the British coal strike and in part to difficulties
in the Turkish coastwLse shipping situation. The Turkish Grand Nationa
Assembly has convened at Angora for the second term of its fourth session'
In his opening address, the President stressed his determination to further
the program for the country's economic development.
EGYPT.
The general economic condition of the country shows a continued depression, but it is expected locally that the Goverr.ment's I.E. 4.000.000 cotton
financing scheme will do much to relief the situation. At present all
business is affected adversely by the continued low cotton prices and the
attending scarcity of money, and those trades which depend upon business
with the villages of the interior are particularly affected. 13aLk and industrial stocks have registered heavy declines, due to the wholesale liquidation of speculators and to the sale of cotton planters who require ready cash
for the payment of taxes. Whereas in normal years the cotton piece goods
business is flourishing at this season, importers are delaying purchases
until raw cotton prices beccime more suitable. The foodstuffs, and to a
limited extent the pharmaceutical, business are reported to be normal.
JAPAN.
The recent agitation in the Japanese silk market, caused by the slump
in the price of raw silk, has been somewhat retie ed by a loan from the
Bank of Japan. Production will be reduced also as the filatures are to
be closed from Dec. 18 to Dec. 31, inclusive.
CHINA.
The outstanding event of the week ended Nov. 14 was the formal announcement by the Peking Government of the abrogation of the SinoBelgian treaty. On Nov. 11 the Japanese Legation in Peking also announced
the willingness of its Government to enter into negotiations with the
Chinese Government at China's request, for a revision of the Sino-Japanese
general treaty of 1896. China's note to Japan asked for a revision of this
treaty on a basis of equality. Bisir.eas and trade conditions in North
China are being adversely affected by the commandeering of considerable
rolling stock on the Peking-Mukden railway for the transfer of military
authorities from Mukden to Tientsin. The South Manchurian railway
Is reported to have experienced a successful half year ended Sept. 30 1926.
with 27% more gross earnings than for the same period in 1925. The
Peking money market is easier owing to the removal by militarists of the
embargo on shipments of silver between Peking and Tientsin. The failure
of the Russo-Asiatic Bank has not affected the silver market in China to
any appreciable extent.
PHILIPPINE ISLANDS.
The loss of life and property caused by the typhoon of Nov.5 in Southern
Luzon is estimated in the Philippines at $2,000,000. Information concerning the effect of the typhoon on crops is as yet Incomplete, but apparently
the most serious damage was the destruction of cocoanut plantations,
especially in the provinces of Tayabas and Laguna. Southern Luzon is
one of the chief centres of cocoanut cultivation in the Philippines. Minor
damage to the growing sugar cane is also reported.
General business is quiet and buying continues cautious. The abaca
market is firm, but with a slightly downward tendency. Production of
the past week was slightly under expectations. Prices are now quoted at
40 pesos per picul of 139 pounds for grade F; I. 35.50; JUS, 27; JIM. 23:
and L, 13.50. (1 peso equals 110.50)•
Copra trade continues quiet. Lower prices are predicted In the near
future on account of anticipated heavy arrivals of copra at Manila as a
result of the recent typhoon. The price of provincial resecado (dried copra)
or its equivalent delivered at Manila, is now 12.25 pesos per picul. The
Legislature adjourned Nov. 10 after passing about 100 measures. The
important laws enacted included the revised bookkeeping law, the measure
extending the Manila BE., the Independence Plebiscite Bill, and the
extension of the charter of the Bank of the Philippine Islands.
AUSTRALIA.
The Australian Central Weather Bureau estimates this season's wheat
crop at 150.000,000 bushels, as compared with 122.000.000 bushels for the
1925-26 season and with 164,000.000 bushels for 1924-25. Price ex trucks
at Sydney has declined to 5 shillings 9 pence per bushel. Sydney wool
sales are bringing prices slightly below previous series, but in West Australia
sales are firm at October prices. Greasy merino went as high as 264 pence
during the week. The Adelaide dock strike has spread and timber mills
at Port Adelaide have been closed.
ARGENTINA.
There has been a slight improvement noticeable in Argentine trade in the
week ended Nov. 13. though all export markets remain quiet. Ocean
freight rates are declining as a result of the settlement of the British coal
strike, which will release the tonnage ordinarily engaged in the River Plate
trade from the recent emergency coal carriage demands. It is reported that
approximately one-half of the grape crop in Mendoza Province has been
destroyed by untimely frost. The bulk of the fruit affected was, however,
of the wine variety and not the export grade for table use. The prospect
for good crops of all grains during the coming season are said to be excellent.
Estimates from unofficial sources place the next wheat crop total at 223.000.000 bushels, as compared with 191.139,000 bushels for the last crop.
BRAZIL.
The coffee market showed marked unsteadiness during the week ended
Nov. 13 with prices rising from 25.5 mllreis to 25.8 milreis per sack of 60.
2596
THE CHRONICLE
[VoL. 123.
kilos and later declining to 25.3 milreis per sack on Nov. 12. (The average GOLD AND SILVER
EXPORTED FROM AND IMPORTED INTO THE
value of the milreis in this period in terms of United States currency was
UNITED STATES, BY COUNTRIES.
13.35 cents). Coffee stocks in Santos are reported to be increasing. The
exchange value of the milreis has shown a declining tendency as a result of
Gold.
Mom
uncertainty as to the stabilization level which the incoming administration
is expected to decide upon. In view of the recent improvement in sugar
Total.
Refined Bullion.
Total (Includes Coin).
prices it is believed in Brazil that exports of sugar from Brazil will cease
Exports. Imports. Exports. Import:. Exports.
temporarily, awaiting further betterment. Previous shipments have been
Imports.
Countriesmade at heavy losses.
$
$
Ounces.
Ounces.
$
$
Belgium
Statistics of the total trade of Brazil for seven months of 1926 show
130
France
15,440
exports of 1,684.978 contos of reis (at $147.6 per conto, $248,700.000)
5,290
as Germany
86,831
92,111
212
52,000
619
compared with 2,201,567 contos of reis (at $109.6 per conto $241,290,000) Norway
1,225
728
during the same period of 1925. (One conto of reis is equal to 1,000 Spain
5,000
9,120
14,648
King'm.
United
10,352 2,442,587
milreis). The total for both periods are as will be noted about the same
1,387,188
32,895
Canada
58,424
687,701
55,183
when converted into dollars at the average prevailing gold exchange rates Costa Rica_
126,153 814,924
33,952
171
106
for the two years. Imports for the seven months period were valued at Guatemala_
20,522
33,018
20,155
1.529,844 contos of refs (8225,800,000) as compared with 2,170,128 contos Honduras
5,338
119,820
500
68,404
Nicaragua
19,243
of reis ($237,800,000) for the same period in the previous year which Panama
3,760
3,685
84,557
represents a decrease of 5% in gold values when converted at the average Mexico
22,000
51,369
371,406
428,569
3,012,943
70,214 2,481,159
rates of exchange. The favorable visible trade balance for the first seven Jamaica
1,250
months of 1926 was approximately $23,000,000 as compared with $3,500,- Cuba
1,041
5,726
Dominican Rep
20,000
000 during the same period of 1925.
45,700
Dutch West Indies
29,185
PERU.
3,130
Haitian Repub.
The mercantile situation in Peru remained unchanged for the week Argentina
850
81,000
9,318
10,155
ending Nov. 13 1926 with merchants devoting more time to the collection Brazil
28,000
Chile
of accounts than to the sale of goods. There was very little fluctuation
133,884
438,789
Colombia
160,634
3,180
in the exchange value of the Peruvian pound during the period; quotations Dutch
484
1,752
8,109
Guiana
2,332
on Nov. 13 were $3 59 to the Peruvian pound as compared with $3 57 Peru
54,749
'124,485
65,970 1,033,579
on Nov. 16. Rumors persisted of a possible renewal of the exchange pool. Venezuela
32,193
50,000
A law authorizing the President of the Republic to establish an emergency British India_
4,558,235
2,470,804
British
221,923
import tariff for one year, was signed on Tuesday, although the detailed China Malaya
5,584,838
3,051,591
changes in the tariff, schedule have not yet been made public. The re- Dutch East Indies
vised income tax bill has been passed by Congress, but the Agricultural
253,000
136,018
63,185
Japan
2,000,000
Bank bill is still under discussion by that body.
Philippine hrs.
133,838
2,714
Australia
COLOMBIA.
4,866,000
New
29,352
Navigation on the Magdalena River continues without interruption. Brit. Zealand_
28
So. Africa
5,035
Barranquilla still has thousands of tons of freight awaiting shipment up Egypt
5,321
14,495
822
the river and every possible effort is being made to relive the congested Portuguese Africa
4,195
situation wile the river is in good condition and before the commencement
4,578
of the next dry season. While conditions are improving along the MagdaTotal
1,155,584 8,857,003 12,779,693 3,342,672
7,279,210 5,082,933
lena, freight congestion at the Pacific port of Buenaventura is increasing.
Those boats that are arriving at this port with cargo find it necessary to
wait indefinitely for an opportunity to discharge. The Government is
giving the situation serious consideration and additional warehouses to Vincent Massey Named as Canada's First Minister to
receive the incoming merchandise are now under construction. Plans
Washington.
for enlarging the pier and installing modern freight handling facilities
By an Order In Council passed on Nov. 10 by the Canadian
are under way but months must elapse before any real improvement can
be accomplished. In addition to the congestion at the port, thousands of Cabinet, Vincent Massey was appointed Canada's
first Mintons of cargo are on the docks at the Canal Zone, destined for Buena- ister to Washington.
Mr. Massey is at present in England
ventura, but unloaded there by steamers passing through the Canal for
with Premier King attending the Imperial Conference in
West Coast ports to avoid stopping at Buenaventura.
an
unofficial capacity. The Montreal "Gazette" of Nov. 11 in
MEXICO.
The unsatisfactory business situation caused by the economic boycott, its announcement of the appointment said in
part:
poor crops, &c., has had a further feeling of uncertainty injected into
Between November 1915 and January 1918 Mr. Massey
was in charge of
it by the pending labor bill and the international situation..Credits are musketry training in military district
No. 2, comprising Toronto and cenbeing more restricted than formerly. The weakness of Mexican gold and tral Ontario, and held the rank of temporary
Lieutenant-Colonel. He was
silver exchange has had the effect of increasing the cost of goods manu- appointed Associate Secretary of the War
Committee of the Federal Cabifactured in the United States and as a result the volume of sales has been net in January 1918. He was with the Government
Repatriation Commitreduced and collections made more difficult. The motion picture strike, tee as General Secretary and later Director between
December 1918 and
which caused motion picture houses to close, is still in effect.
May 1919. From 1919 to 1921 he was a Director and Secretary of
the
Massey-Harris Co., Toronto, and President of the company from 1921 to
PORTO RICO.
The commercial situation in Porto Rico during the first half of November 1925.
Upon entering the Ministry of Right Hon. W. L. Mackenzie Ring in SepWas slightly better than in either the preceding month or the same period
of 1925. Coffee picking which began early in October continues and tember 1925, as Minister without portfolio, Mr. Massey resigned from the
presidency
of the Massey-Harris Co. and from the directorates of several
liquidations should, it is believed in Porto Rico, soon give additional
strength to the present situation, particularly in the coffee districts. Sugar financial institutions. He stood as a Liberal candidate for election in
price levels and the present world statistical position of Porto Rico are Durham constituency in the general election of last year and was defeated
regarded as more encouraging than for last year. Weather conditions by 946 votes.
continue favorable to growing crops but no new estimates of yields have
The following is from the New York "Times" of Nov. 11:
yet been made. Grapefruit shipments from Porto Rico for the four
For a time it was expected that Mr. Massey would represent the British
months July to October inclusive, were 363,000 boxes, compared with
Empire at Washington in the absence of the British Ambassador, but
the 439.000 boxes shipped during the corresponding period of 1925. The
at the
total value of grapefruit shipped in the first four months of the fiscal present Imperial Conference representatives of other units of the Empire
year 1926 is nearly $273,000 below that for the same period of 1925, objected, and his powers and duties will be solely with Canadian affairs.
At different times in the not remote past the proposal to
this decline being due to lighter shipments in October. November shipsend a Canadian
ments are also running light, though ahead of 1925,but prices are weakening. envoy to Washington has been put forward. Until recently the British Government
opposed
the
innovation
on
the
theory
that such a departure from
Exports of oranges and pineapples for the same four months are also considerably below those for the corresponding period of the previous year, convention would strike at the "diplomatic unity of the Empire." Now
this idea has disappeared, apparently, giving way to the
but shipments of canned fruits are heavier than a year ago. San Juan
broader theory of
self-governing and self-functioning units within the British
bank clearings for the period Nov. 1 to 13 were $8,880,000, compared with
How Great Britain, however, would look upon the sending Commonwealth.
the $7.800,000 handled during the same period of 1925.
of an American
envoy to Ottawa is problematical.
HONDURAS.
Banana shipments for the month of October show a marked decrease
as compared with the same period of last year. The total exports of Protective Steps on London Money
Market-Credit
bananas in October 1926, amounting to 951,820 stems, went to the United
Practically "Rationed" So as to Sustain the
States. In the same month of last year a total of 1,417.124 stems was
Rate for Sterling.
was shipped, 193,372 stems of which went to Great Britain. Losses from
blowdowns in the late spring, reported to be as high as 5,000,000 stems,
From
London,
Nov.
14 the following advices (copyright)
and damage done by locusts have greatly reduced the output this year.
The coming coffee crop in southern Honduras is reported to have been were reported by the New York "Times:"
It has now become too plain for doubt that, so far as
seriouLsy affected by adverse weather conditions. The $2,000,000 loan
London's internal
project, which includes financing of road construction, has not as yet been policy is concerned, the London money market is being strictly managed
on
consummated. Merchants continue to complain of dull business and lines calculated to give the greatest support to sterling. The supply
of
difficulty in collecting accounts. It is believed locally that the exchange credit has been so arranged-it might almost be said rationed-that
the
situation will undoubtedly remain critical until the result of attempts to market's activities have been greatly reduced in the past few months.
Evidence of this is supplied by the fact that the money
affect outside financing is known.
market's deposits
at the Bank of England are only about .£103,000.000. Yet no
pronounced
stringency has prevailed and the market has borrowed very
little this
Gold and Silver Imported into and Exported from the Autumn from the Bank of England. On
the appearance of any sign of
undue pressure in Lombard Street, steps are immediately
United States, by Countries, in October.
taken to relieve
the situation by means of purchase of bills from the
market by banks
The Bureau of Foreign and Domestic Commerce of the acting
indirectly on behalf of the Bank of England, which successfully
Department of Commerce at Washington has made public worked up discount rates when it was seen that Autumn must bring an
ts monthly report, showing the imports and exports of gold undue strain upon the exchanges, owing to the coal strike, and has mainand silver into and from the United States during the month tained them just under the bank rate ever since.
of October 1926. It will be noted that the gold exports were
only $1,155,584. The imports were $8,857,003, the bulk Chancellor Churchill Says British Credits in United
States Have Not Been Used.
of which, namely, $4,866,000, came from Australia, with
$2,000,000 from Japan. Of the exports of the metal,
Answering a question in the House of Commons on Nov. 16
371,406 went to Mexico and $253,000 to Dutch East Indies. Chancellor of the Exchequer Winston Churchill said that the
3
'11
Nov. 20 1926.]
THE CHRONICLE
credits
British Government had not used yet!any of its gold
am to
cablegr
ht
copyrig
a
to
ng
accordi
States,
in the United
the New York "Times."
Bank of Belgium Buys S2,500,000 Gold in New York
in Connection with Stabilization Plan
—Quotations on Belga.
The following is from the New York "Times" of Nov.18:
gold bullion
The National Bank of Belgium has purchased $2,500,000 in
yesterday.
in Nwe York, according to an announcement made abroad
it is underWhile no statement was made at the Federal Resreve Bank,
nal credit
stood that the purchase was part of the working of the internatio
created when
in which the Reserve Bank is participating and which was
Belgium stabilized her currency on a gold basis last month.
stabilization
In addition to the $100,000,000 public loan floated when the
principal
plan went into effect, an agreement was announced by which the
Bank
central banks of Europe, the Bank of Japan and the Federal Reserve
National
Belgian
undertook to purchase prime commercial bills from the
Bank on request up to a total of 510,000,000.
and
Coincident with the announcement of the gold purchase, bankers
foreign exchange dealers yesterday began making quotations on the belga,
the
as
franc
paper
the currency recently substituted by Belgium for the
francs, the
medium of exchange. The belga is the equivalent of five
2.78%
par value of the belga being given at 13.904 cents and the franc at
balances
cents. Difficulties arose over the bookkeeping involved as to how
of
trading
were to be maintained here and abroad and after a few days
Bankers
in the belga there was a return to trading in the Belgian franc.
in
have been informed now that bookkeeping details will be managed
Belgium. and resumption of trading in the belga followed.
The Belgian purchase of gold here was In conformity with the requirements of the stabilization loan calling for the national bank to maintain
its note cira minimum reserve in gold and foreign exchange of 40% of amount
30%
culation and other demand liabilities. Of the prescribed
2597
the creditor
would make such deliveries in capital improvements either in
not with raw
country or in its colonies. Germany will supply its creditors
and machinery
materials and competitive products, but with equipment
improve
which will add to the world's production, less unemployment, and
the basis for world peace.
G. V. Grace & Co. Acquire Interest in Hungarian
General Savings Bank.
G. V. Grace & Co. have acquired a substantial stock interest in the Hungarian General Savings Bank, and it is expected that a public offering will shortly be made. The
Hungarian General Savings Bank was founded in 1881 and
has paid dividends in every year since, the announcement
states. Its growth during the past ten years has been particularly marked, and the bank, it is said, now owns the
largest network of branch offices in Hungary.
Rumania Retiring 500 Lei Notes.
The New York "Herald Tribune" of Nov. 6 reported that
rethe New York agency of the Banque Chrissoveloni has
the
ceived word from the National Bank of Rumania that
from
Rumanian Government is retiring the old 500 lei notes
Dec.
be
will
ion
redempt
for
day
last
circulation, and that the
notes either
these
receive
will
elonl
Chrissov
Bank
The
31.
exchanged against dolto be deposited In Bucharest or to be
by the bank
lars in New York. The notes must be received
to forward
time
allow
to
stated,
is
it
1,
Dec.
not later than
ion.
the currency to Bucharest for redempt
must be in gold.
The Belgian stabilization loan, and the intention of the
Consolidation Loan of
Federal Reserve Bank to aid therein was referred to in these Auspicious Opening of Italian
Lire.
00,000
27,560,0
columns Oct. 30, page 2204.
ation loan of 27,560,consolid
new
Italy's
to
Subscriptions
500,000) to replace
$1,168,
Loan.
Seek
to
German Bank Reported About
000,000 lire (approximately
amid great patriotic
18
Nov.
on
(Nov.
19):
opened
night
last
were
of
"Sun"
bonds
the
d
in
Treasury
The following appeare
BodenPress advices from
ed
Deutsche
e
Associat
Allgemein
the
that
in
stated
to-day
stated
Advices from London
asm, it was
and New enthusi
that the subscriptions
ed
credit Bank of Germany was about to issue through London
estimat
was
it
that
said
which
Rome,
coupon
York bankers a loan of 24,000,000 gold reichsmarks bearing a 7%
,000 lire.
at a price of 96%. Efforts to confirm the information locally were un- on the 18th passed 200,000
availing.
the new issue was contained in these columns
to
ce
Referen
announceIf the loan should be brought out it would be the first to be issued publicly
page 2466. According to an official
in denominations of reichsmarks. American bankers to date have insisted last week,
18 next.
Jan.
until
e
continu
will
tions
dollar
in
loan
subscrip
a
ment Nov. 15,
upon the "exchange guarantee," or in other words, issuing
abroad
denominations. Small issues of these German bank bonds,issued in reichs- It was stated at the same time that Italians resident
established
the
marks or "fine gold," have been placed privately here during the past three
at
,
amount
any
to
loan
the
to
e
subscrib
years. They have netted their holders an average of 25 to 30% profit may
loan bond, which
price of 87.50 lire for each nominal 100 lire
owing to appreciation of principal.
of
one
is
Bank,
1 1927.
Jan.
ng
beginni
The German bank referred to, German General Mortgage
5%
at
interest
bear
will
the large and old established institutions doing a mortgage bank business.
the following
From the New York "Times" we take
to the loan
copyright account from Rome Nov. 16 relative
Repara
German
of
t
Paymen
on
ck
:
&
Domini
purpose
ck
Domini
and its
to be known as the Lictor Loan
Tomorrow a new 5% consolidated loan
tions by "Assisted Schemes."
has been
bearers of the fasces in Ancient Rome.], which
the
after
[Named
of
of more than 20,000,00.000 lire
The payment of German reparations by the new method
rendered necessary by the consolidation
at
issued
be
of trans- worth of Treasury bonds will be offered to the public. It will
"assisted schemes" may help to solve the problem
rate of 5.62%. . . .
the
at
interest
bear
therefore
will
begin 87.50 and
ferring from Germany the maximum payments which
Conversion is Compulsory.
by Domn of Treasin 1928, according to a review published Nov. 13
the consolidation consists in the forced conversio
known,
is
As
A considerable portion of the
inick & Dominick. In its comments, it says:
ury bonds into the new consolidated loan.
a
under the
Two methods of transfer have been in operation in Germany
. These have
direction of the Agent-General for Reparation Payments
the Agentbeen transfers in cash or delivery in kind. It is the duty of
ng
General to insure maximum payments from Germany without endangeri
the stability of German exchange.
been
The transfer of reparation payments in specie has of necessity
a rate
limited, since it may involve the purchase of foreign exchange at
in
that would seriously lower the mark. It seems evident that the increase
reparations from now on will assume the same form as has been the true first
two years; namely, it will consist chiefly of deliveries in kind.
Plan
Germany, then, will pay most of its obligations under the Dawes
by transfer of goods. The character of these goods is of very great imporGerof
shipments
tance to the receiving nations. It is obvious that large
man goods may injure the internal trade of the creditor country by competing with goods manufactured in that country. A limit may thus be reached
as to tho amount of goods a country can economically afford to accept.
For example, every 1,000 tons of coal that Belgium receives as a delivery
in kind for reparations due from Germany means just 1,000 tons less coal
a
sold from its mines. Payments in kind, in other words, have not had
stimulating effect upon the industries of Prance and England.
"Assisted
In order to obviate this depressing influence, the method of
Schemes" has been developed both by the International Chamber of Commerce and by the Assistant Secretary of the United States Treasury. This
proposal suggests that these deliveries in kind shall take the form of"capital
improvements either in the creditor country or in its colonies." A distinction is made between transfers of "consumers' goods," such as clothing,
which is utilized only to be thrown away and which might mean unemploy
as
ment in the receiving country; and transfers in "producers' goods," such
reheavy machinery which would do away with unemployment and would
sult in reconstruction.
Belgium, for example, might need a railroad in an African colony, but
might lack the necessary capital for such a project. Under the method of
Assisted Schemes, Germany would furnish rails, bridges and equipment,
and receive credit therefor in its reparation account with Belgium. Colonial
g power.
labor would do the work with a resultant increase in local purchasin
Most of the construction costs in Belgium can be covered by borrowing
A new country would by
on the equity of goods received from Germany.ents
which would not have
this means be opened up by capital improvem
on its own resources.
rely
to
forced
been possible if the country had been
. .
be sold in the
Instead of making deliveries of merchandise in kind to
there, this new method
creditor country in competition with goods made
which found them
Treasury bonds are held by big industrial concerns
money since they could at any
convenient means of investing their surplus
moment easily be converted back into cash.
all holders of Treasury bonds
If no special provisions had been made
thrown their holdings
who needed cash to meet some liability could have
quotations. The Treasury
into the market, causing a serious slump in
on security of the new
therefore guaranteed that it would advance money
of ready cash. Since,
loan to any holder of Treasury bonds in urgent need
for this operation and
however, the Treasury's reserves are not sufficient
found necessary to offer
there is no intention to increase circulation it was
sufficient money to
the new loan to the public in the hope of thus raising
of Treasury bonds.
meet any demands which may be made by holders
lire in addition to the
It is thought that 600,000,000 or 700.000,000
Treasury's reserves will be all that is required.
Is Seventh Rehabilitation Step.
of a long series of me.1 sConsolidation of the floating debt is the seventh
financial and economic shillures taken in quick succession to heal Italy's
follows:
tion. These steps may be summed up as
England.
1. Settlement of war debts to America and
2. The Morgan loan of $100,000,000.
a single bank of issue.
into
3. Unification of the three banks of issue
000 of the Morgan loan to
4. Payment by the Treasury of the $100,000, a considerable reduction
and
the Bank of Italy to increase its gold reserves
in the fiduciary circulation.
n, such as Mussolini's "battle
5. Various measures to increase productio
industry, steps to increase the
of wheat," the scientific organization of
n of the subsoil in search of
mercantile marine and systematic exploratio
coal, mineral oils, iron and other metals.
exportation, such as the
increase
and
6. Measures to limit consumption
national Institute for exportare-establishment of war-bread,foundation of a
favor of Italian goods.
tion and a great propaganda drive in
debt and emission of the Lictor Loan.
7. Consolidation of the floating
measures are obvious. In only three
The results of these successive
by about 25%,exchange of the dollar
months the lira has increased its value
24. During October, moreover,
having fallen from about 31 to under
ons, probably for the first
exportations showed an excess over importati
time in Italy's history.
is however only partly
trade-balance
Italy's
This great improvement in
attributable to the increase of exportations, its greater portion being due to
decreased importations. The latter is a consequence to a considerable
extent of the sharp falling off of importations of coal due to the British coal
2598
THE CHRONICLE
strike. When the strike Is settled, therefore, importat
ions of coal greater
than the average may be expected to refurnish depleted
stocks, with the
consequent reappearance of an excess of importations
over exportations.
According to a special cablegram (copyright) from Rome
Nov. 18 to the New York "Sun," all branches and organs
of the Fascist party have been ordered to see that
everybody
possible subscribes. Continuing it says:
121.
gram from Warsaw received yesterda
y by the American Polish Chamber Of
Commerce and Industry In the United
States, Inc. The statutes of the
Bank of Poland have been modified,
both of these measures having been
adopted on the recommendation of
the Kemmerer mission.
The economic situation in Poland
continues to improve, according to
word received by the Chamber. The
surplus of revenues over expenses is
Increasing monthly, and in October
this surplus amounted to 22,000,0
00
zlotys. Consequently, it is declared, no
increase in taxation is necessary.
All banks, especially savings banks and insuranc
e companies, will be
compelled to subscribe large portions of their
deposits. Other enterprises,
Industrial or commercial, will be compelled,
either by law or by moral Russo-Asiatic Bank's Crash
pressure.
Claimed to End 30-Year
China Plot—Russo-Asiatic House Said
Salaried employees, especially of the State,
will be informed of their
to Have
duty by their employers, while local Fascist groups
Been Keystone of Rail Alliance
will check up on indito
viduals.
Thwart Tokio.
Pressure Is further Increased by official
intimation that future credit—
which in the last analysis is dictated by
The New York "Evening Post's"
the Bank of Italy—will be granted
Foreign Service, under
against national bonds rather than against
material assets. Since the Peking advices Nov. 13 (copyr
ight)
recent credit restrictions have made money
says:
very tight this Inducement to
The crash of the Russo-Asiatic Bank
business men to assure themselves future
fate in September was not merely
credit is strong.
a financial disaster; It marked the final
defeat of plans for conquest and
dreams for greatness which date back for
just thirty years.
In 1896 China, through her great
statesman Li Hung-Chang, made a
France Buys Exchange—Will Meet Foreign Payme
nts secret treaty with Russia for the building of the
Chinese Eastern Railway.
which was to link up with the
in 1927 Exceeding $100,000,000.
Trans-Siberian line. This treaty,
good for
years, was not published until
fifteen years after it had lapsed, when
The Bank of France, acting for the French Treasury, seven
Li Chang-Mai, the son of
dead LI Hung-Chang, gave the text
to the
has bought sufficient foreign exchange to meet all payments world to defend his father'sthe
memory.
The world was snowed under with
of the Government abroad during 1927, which will run
diplomatic documents of one kind and
other in 1918, so the old Chinese
-Russian treaty created little stir.
considerably beyond the equivalent of $100,000,000. These
In brief, it provided that Russia,
through the Russo-Asiatic Bank, was
advices (Associated Press) were contained in a Paris cable- to finance the Chinese Eastern
Railway, and in turn was to be China's
gram Nov. 8 appearing in the New York "Times," which ally against Japan. The railway was to give Russia an outlet
to ice-free
ports in China, and China was to let
Russia use the line and any ports for
added:
her navy, for her army, or for supplies
, in the event that China and Russia
More than half will go in interest and sinking
funds on the bonded ever jointly fought Japan.
debts held by individuals abroad and $30,000,000 in an installm
This is all a long time ago. To-d
ent debt
ay such alliances, unless China turns
payment to the Washington Treasury, assuming that
the Berenger-Mellon "Red," are unthinkable. But the great Russia-Asiatic
Bank, one of the
settlement is ratified by both sides. Most of
the remainder will go to the world's well-known financial houses, has gone to the wall.
The World War
British Government.
began its undoing. China's civil wars
helped, and then the drop in silver
This accumulation of exchange is not absolutely earmarked
by foreign completed the slaughter.
Payments, which would not be met until due. Meanwhile the exchang
But this bank may again figure In the
e
Is available for use in the market for steadying the franc if
owned nearly 85,000.000 in stock in the chancelleries of the world. China
necessary.
banking company, and is trying to
seize all assets in China for benefit of
Chinese creditors. The Paris office
wants these assets. France wants
them. Russia wants some of them.
French Plan to Tax American Residents in Paris.
But China has them, and it Is hard
to pry a Chinese loose from even a
Under date of Nov. 10 Associated Press advices from copper, much less millions.
Paris said:
American residents in Paris are in somewhat of a flutter over
the prospect
of having to declare and pay income tax on all their property
, not only
in France, but in the United States.
The Minister of Finance has codified all the legislation
the subject
Of taxation of foreigners, and the Government has issued aon
decree clearly
defining their obligations.
The managers of the Paris branches of American banks,
of which
are of first importance, are subject to taxes, as are also the represen five
tatives
of great companies such as agricultural machinery, radiator
s, electricity,
petroleum and lubricating oils.
Many Amer.car.s of wealth have houses or chateaux in France.
Mrs.
W. K. Vanderbilt, James Hazen Hyde, Eugene Higgins,
George Blumenthal, former Ambassador Wallace, Frederick Allen, Ogden
Mills, Ralph
Strassburger, Edward Tuck and A. Kingsley Macomb
er are some of the
most rrominent. The South Americans, A. Martine
z de Hoz and El. J.
Unzue, both of Argentina, are in the same category
.
Besides the owners of houses, all Americans having apartme
nts in
France also come under the new law. It is estimated
there are quite
3,000 residents from Arnerice affected by the ruling.
Booklet of Banco de Descuento on
Ecuador, Prepared
in Honor of Kemmerer Economic
Mission.
The Banco de Descuento of Guayaq
uil, Ecuador, has
prepared a booklet, "Facts About
Ecuador," in honor of
the Kemmerer Economic Mission, by way
of salutation and
welcome on their arrival at Guayaq
uil. The Mission,
recently contracted by the Ecuador Govern
ment, arrived
at Guayaquil on the 18th inst. This Missio
n is presided over
by Prof. Edwin W. Kemmerer, and the other most
prominent
members are:
H. M. Jefferson, Expert in Banking Practice, ofthe
New York Faders
Reserve Bank: Oliver C. Lockhart, Expert in Public
Finance, formerly othe National Bank of Commerce; Robert H. Verfeld,
Expert in Customs
Administration, of the U. S. Tariff Commission; Joseph
T. Byrne, Expert
In Public Accounting, formerly Superintendent of the
Peru Customs;
B. B. Milner, Railroad Expert, formerly with the Pennsylv
ania and the
New York Central.
678,000 Troops for France under War Ministry's Budget
The principal object of this American Mission is to
—230,000 in Colonies and 60,000 on Rhine.
place
Ecuador's currency, banking and public finance on
Associated Press cablegrams from Paris Nov. 9 state:
a sound,
stable basis. The booklet in question contains brief
The total effective.; of the French army, both at home and
general
abroad,
will number 31,029 officers, 647.434 men and 157,300 horses
under the information regarding the country.
provisions of the War Ministry's budget.
In these rip res are included 47,418 native Colonials,
96,449 North
Africans and 11.989 "Irregulars." Roughly, the French army
will be
composed of 678,000 officers and men, of which 230,000
will be stationed
In the colonies, 60,000 on the Rhine and 440,000 in France.
France Issues Loan in Swiss Francs for Alsace and
Lorraine Railroads.
A copyright message from Paris Nov. 12 was reported as
follows by the New York "Times":
A Government decree dated Nov. 10 authorizes the Finance Minister
to issue a loan of 75,000.000 Swiss francs In the form of 1,000 Swiss
franc
bonds, yielding 7% in behalf of Alsace and Lorraine railroads, which
are
owned and operated by the State.
The Credit Suisse of Zurich will float the issue. A sinking fund will
retire the bonds between June 1927 and December 1951. This
is the
second French State railroad issue for Switzerland this fall.
Spanish Loan Oversubscribed.
Associated Press advices, Nov. 17, said:
The 225,000,000 peseta Federal loan, placed on the market yesterda
y,
has been vastly oversubscribed. The subscriptions to-day totaled
567,000,000 pesetas. The great number ofsmall subscribers has particularly pleased
the Government.
The loan, (about $33,800,000) is tax free, carries 5%
interest and is amortizable in fifty years, beginning with 1937.
Poland to Retire 2lotys-12,600,000 in Subsidiary
Currency to Be Taken Up Next Year in Accordance with Recommendation of Prof. Kemmerer.
The following is from the New York "Times" of Nov. 13
Under a decree of the President of Poland,
12.600,000 zlotys of subsidiara
currency will be retired annually
, beginning Jan. 1, according to a cable-
New Corporation to Engage in Internationa
l Finance
on World-Wide Scale Formed Under
Name of
American, British & Continental
Corporation.
A new corporation to engage in international
finance on a
world-wide scale was formally launched on Nov.
18 by Blyth,
Witter & Co. and the J. Henry Schroeder
Panking Corporation, with the active co-operation and suppor
t of ten leading
banking institutions of Europe. The scope
of the corporation, which is to be known as the American,
British & Continental Corporation, is indicated by the
fact that major
banking interests in Great Britain, France
, Belgium, Germany, Switzerland, Netherlands, Austria,
Sweden, Hungary
and Czechoslovakia, have agreed to take an
ownership-interest in the project. The certificate of
incorporation filed
Nov. 18 in Wilmington, Delaware, reveals
that the corporation will operate along the lines of an invest
ment trust.
The J. Henry Schroeder Banking
Corporation of New
York, affiliated with J. Henry Schroeder &
Co.
one of the largest and oldest British bankin of London,
g houses, will
share equally, it is stated, with Blyth, Witter
& Co. in the
control of the new corporation. In additio
n to J. Henry
Schroeder & Co., other European banking institu
tions which
will be stockholders of the corporation are:
France:
Banque de L'Union Parisienne, Paris,
among the largest French banking institutions. founded in 1904; ranking
Germany: The Dresdner Bank, Berlin, In
existence for more than fifty
years and ranking among the four largest banks
in Germany.
Belgium: The Societe Generale de Belgique,
Brussels, founded 104 years
ago and the largest and most important bank
in Belgium.
Nov. 20 1926.]
THE CHRONICLE
In Zurich and eleven
Switzerland: Credit Suisse, with headquarters
and second in point of
branches throughout Switzerland; founded In 1856
size of all Swiss banks.
dit-Anstalt, Vienna.
Austria: The Allgemeine Osterreichische Boden-Cre
of Austria.
established in 1863 and one of the most important banks oldest bank in
Sweden: Stockholms EnsIdida Bank, Stockholm, the
nt banking busiSweden and engaged in both a commercial and investme
ness; founded in 1856.
. established
Budapest
Hungary: Hungarian Commercial Bank of Pest.
has twenty branches
in 1841 and the first or second largest bank in Hungary;
banks and savthroughout the country and has affiliated with it seventeen
ings institutions.
banking
private
a
Holland: Lipmann, Rosenthal & Co., Amsterdam,
connections throughhouse established in 1859 with commercial and banking
out the world.
in 1872, conCzechoslovakia: Boehmlsche Unionbank, Prague, founded
in Czechoslovakia;
sidered the leading bank of Bohemia and second largest
has branches throughout the Republic.
2599
in
Statements of previous weeks have appeared weekly
be found
our issues since July 10; last week's statement will
on page 2471 of our issue of a week ago.
Exchanges
First Annual Convention of Associated Stock
FedSays
Dewey
ry
Treasu
of
ry
Secreta
—Assistant
eral Statute to Curb Fraudulent Securities is
Favored by Secretary Mellon.
annual conThe Associated Stock Exchanges met in first
dization
standar
The
9.
and
8
Nov.
on
Louis
St.
vention at
commisand
ments
require
of stock issues, prices, listing
blue sky
from
ons
exempti
and
es,
Exchang
the
all
on
sions
important
laws of stocks recognized by Exchanges, were the
St. Louis "Globethe
says
ion,
g
convent
the
Bankin
of
es
er
objectiv
Schroed
Blyth, Witter & Co. and the J. Henry
which in its account of the meeting
Corporation, representing the American interests in this new Democrat" of Nov. 10,
of
tory
explana
nt
added:
ng
stateme
corporation, issued the followi
sky laws of recognized
The problem of gaining exemptions from blue
was referred to the
stocks, considered at yesterday's business session,
discussion of the importance
Board of Governors of the association after a
a method whereby
consider
to
of such action. A committee was named
ed, and another committee was
uniform listing requirements can be establish
the commissions charged.
selected to work out a plan for making uniform
activities.
need, in the The latter committee will take up the suggestions of convention speakers,
"We believe that the corporation will meet a very definite
for the who pointed out the need for enabling local exchanges to approach the
field of international finance in that it will provide a medium
y through commissions on the New York Exchange.
investment of American capital throughout the world principall
ns in the
channels representing certain of the strongest banking institutio
Indorsements.
d exprincipal European capital markets.
notice of brokers not members of recognize
took
Conn
&
British
conventio
.
The
the
American
of
tion
capitaliza
the
"It IS expected that
of selling stock. IS
shares changes who make applications for listings as a method
100.000
g
comprisin
000
$14,000.
ately
be
approxim
will
Corp.
tinental
withhold their
stock and was suggested that responsible newspapers be asked to
of 6% first preferred stock. 40.000 shares of 6% second preferred
of space who have not the indorsement
buyers
all
from
capital
l
columns
Additiona
ng
value.
par
advertisi
400,000 shares of common stock, all without
be obtained of a stock exchange for their offerings.
as required by the expansion of the corporation's businessofcan
to Congress and the Secretary
debentures, as
A resolution was passed recommending
up to an amount of $14,000,000 through the issuance
due consideracapital of the Treasury "that in the next change in the revenue law
provided in the corporation's charter and without increasing the
y known as the sales tax on
commonl
Is
what
of
removal
the
given
be
tion
stock.
on was
plan stock transactions." and the Board of Governors of the associati
"We are now engaged with our associates in developing the detailed
authorities.
full empowered to bring the matter to the attention of the proper
announce
to
able
be
to
expect
and
activities
on's
the
corporati
for
within a few
information regarding its financial and corporate structure
Exchange Here Thanked.
days."
and Its president. W. H.
to take
The members of the St. Louis Stock Exchange
The purpose underlying the formation of the corporation Is
d Bixby, were thanked in a formal resolution, which also included the speakers
diversifie
broadly
a
of
ties
opportuni
nt
e
e
investme
of
world-wid
advantag
of the association, and the members
nature, many of which cannot be handled through existing channels. The on the convention program, the officers
who sponsored the organization of the
organizers believe that the time is ripe for the launching of such a corpora- of the Detroit Stock Exchange
established Associated Stock Exchanges.
tion because many countries In Europe and elsewhere having
Stock Exchange, was reRalph W. Simonds, President of the Detroit
currency stabilization and budget equilibrium, are in better position than
, William M. LoudeirPresident
with the Viceat any time since the war to offer the security essential to the investment elected President, together
Wickey of Detroit. The
man of St. Louis and the Secretary, Clark 0.
of American funds.
.
members of the Board of Governors also were re-elected
of the Treasury Mellon.
Simonds made public a letter from Secretary
Stock
Joint
Dallas
of
"The membersof
Bonds
5%
000
declared:
Mellon
$3,000,
Offering of
indorsing the Idea of the association. Mr.
s in trading in securiLand Bank.
the organization can do much to enforce high standard
e on the part of the
ties and to build up In this country a feeling of confidenc
C. F. Childs & Co. offered on Nov. 18 $3,000,000 5% investing public which will result in an increased volume of trading and
farm loan bonds of the Dallas Joint Stock Land Bank. benefits to all concerned."
its purposes:
corporation
"While complete details of the business and activities of the
to employ
have not yet been arranged, It is the intention of the corporation
and
its capital in widely diversified Investments, to participate in domestic
investment
foreign underwritings to extend credits, and to engage in diverse
y,
Charles S. Dewey, Assistant Secretary of the Treasur
aCo-oper
l
"Federa
being
topic
his
,
meeting
addressed the
nt of
tion to Prevent Fraud." Melvin A. Traylor, Preside
of the
one
also
was
tion,
Associa
s
Banker
an
Americ
the
of the
speakers, others being A. D. Noyes, financial editor
Investor
New York "Times," who discussed "The American
of Crane,
and the Stock Exchange"; Eugene E. Thompson
responsiParris & Co., Washington, D. C., who spoke on the
Smith,
B.
Howard
and
public,
the
to
es
b lity of stock exchang
City.
Trust Officer of the Bank of America, New York
the
of
ry
Secreta
"the
that
nt
stateme
the
Mr. Dewey made
$37,403.516 46
Total loans in force-5,055
4600 Treasury believes that there is urgent need for a Federal
86,782,9
Appraised value of land
98,642,819 00
ent securities
Appraised value of land and buildings
3,096,428 statute which will repress the flow of fraudul
Total acres mortgaged
$7,401 09
Average amount loaned per farm
the mails and channels of inter-State and foreign
through
612.55
Average number of acres per farm
$28 02 commerce, but which at the same time will not place an
Average appraised value per acre of land
$31 86
Average appraised value per acre of land and buildings$12 08 undue burden upon business." It is pointed out in the
Average amount loaned per acre
43.1%
_
_
_
land_
of
value
told how
Percentage of amount loaned to appraised
"United States Daily" of Nov. 10 that Mr. Dewey
Percentage of amount loaned to appraised value of land and
38%
of pubgn
campai
a
ed
conduct
buildings
$2,500.000 00 the Federal Government had
Capital
378.173 10 lic education in investments, during war time, but said
Surplus and profits
312.277 50
Reserve (legal)
36,176,000 00 unscrupulous promoters and salesmen were undoing this
Farm loan bonds outstanding (including this issue)
es with the
work. He urged co-operation of stock exchang
for inlaws
ve
protecti
passed
have
on
which
ge
several States
Daily Statement of New York Stock Exchan
ed
he
continu
ion,
legislat
ve
vestors. Discussing this protecti
Call Money Market.
quoted:
paper
the
says
,
week
follows
as
The following are the daily statements issued this
development of
call money
Government is deeply interested in the
These bonds are dated Oct. 1 1926 and are due Oct. 11966;
% and accrued interest, to yield
and they are priced at 1033
ble date (1936) and 5% thereredeema
the
to
about 4.52%
denominations
after. The bonds will be in coupon form in
and interof $1,000, $5,000 and $10,000, fully registerable
Oct. 1)
and
1
(April
interest
and
changeable. Principal
Dallas,
Bank,
Land
Stock
will be payable at the Dallas Joint
. The
Chicago
Co.,
Trust
nst
Mercha
Illinois
or
the
Texas,
charter
its
under
zed
authori
is
Dallas Joint Stock Land Bank
s
to operate in the States of Texas an4 Oklahoma. An analysi
of its loans as of Nov. 12 1926 is furnished as follows:
by the New York Stock Exchange regarding the
market:
NGE.
CALL LOANS ON THE NEW YORK STOCK EXCHA
last, 5%. Quite large
Nov. 15—Renewal, 4;4%; high, 5%; low, 4S4%;
at
turnover, owing to calling of loans, with money in supply
close at 5%.
in
An
advance
last, 5%.
Nov. 16—Renewal, 5%; high, 5%; low, 5%;
in money in full
the renewal rate to-day was enough to bring
at
supply of all requirementa and to leave a surplus unloaned
end of day.
The
temporal"'
Nov. 17—Renewal,5%;high,5%;low,4%%;last,4Si %.
free offerings
strength of the past few days was relieved to-day by
al amount
substanti
a
with
rate
the
in
decline
of funds, forcing a
of money unloanod at the close.
%; last, 4%%. Normal
low,
Nov. 18—Renewal, 4Si %; high, 4Si%;
rate.
turnover. Money in supply at close at renewal
%. Easier
last,
low,
4%;
%; high, 4Si%;
Nov. 19—Renewal,
funds unloaned at
tone in money market with ample supply and
close.
The Federal
publlc against fraudulent
legislation which will protect the investing
possible, will stop the wastage
promotions and which, to the greatest degree
practices. It is said that
of capital directly resulting from these improper
sum of $500,000.000
the amount of capital lost in this way reaches the huge
a year.
House of RepresentaFederal Blue Sky legislation has been pending in the
ee on Inter-State and
tives for several years. Last winter the Committ
52), known as the
R.
(H.
bill
a
Foreign Commerce reported to the House
the use of the United
Denison Blue Sky Bill, which undertakes to prohibit
e for the
States mails or any agency of Inter-State or foreign commerc
in which
transmission of securities for sale to any persons in any other State
for
ions
such
securities.
it is at that time unlawful to sell or solicit subscript
any
of
or
agency
inter-State
malls
the
of
use
the
It also seeks to prevent
or foreign commerce for the transmission of letters or circulars offering for
sale or advertising such securities in such States, and provides penalties
for any violation of the provisions of the Act. The bill exempts from its
operation several important classes of securities and business transactions
and provides for the exemption of certain bonds and notes secured by mortgages on agricultural lands and other real estate.
2600
THE CHRONICLE
[voL. 128.
Reviewed by Mr. Mellon.
banker. The banker will be
This bill was submitted to the Treasu
only too glad to be of assistance
ry Department for an expression
to his friend,
opinion, and I will quote from
of the school teacher, providing the banker
a letter written by Secretary Mellon
himself is in a position really to
advise
. He cannot be expected to
Hon. James S. Parker, Chairman
to
make a very comprehensive study of the
of Committee on Inter-State and
Foreign situation; but, on the other hand,
Commerce of the House of Repres
unless he does this or is in a positio
entatives, expressing his criticism:
obtain information through
n to
"The present bill exempts from its
some agency that has made a thorou
operation several important classes
gh check-up.
his suggestions can possess
securities and business transa
of
little
merit.
securities; and it also provides ctions involving the sale or disposition of
He
turns, first of all, to the
exemption of certain bonds and notes,
stocks listed on the various exchanges
secured country, and particularly
agricultural lands p
of the
ar
nodpotherIra
the exchange nearest to him.
ea
ml estate.
by''Notwiatg3Tao
nn
d
He assumes, as do
theopinion that the many of the State Blue Sky commissioners, that
bill would unreasonably restrict
the
transa
stock
ctions
exchan
in securities and that the made a careful investigation
ges have
objections stated in my former letter
of every security listed, and
to the bill then under consid
would apply with equal
that at least no
eration spurious promotions, so far as
to the present bill. The bill,
careful investigation will show, are
would involve innumerableforce
as drawn, lists sponsored
on the
difficu
lties
of
by
interpretation and administration.
the exchanges. It is here
It would, in effect, subject
that great responsibility
all transactions (conducted
agencies of inter-State comme
through the attaches to your organization, as indeed is recogn
rce)
in
stocks
and
ized
under
other
your constisecurities to the laws tution.
of the various States and territories,
and place upon the Federa
ment almost insuperable difficu
l GovernI understand that the preamb
lties in enforcing these divers
le to the constitution of the
of which create purely technic
e laws, many Exchanges
Associ
al
ated Stock
offense
s.
reads
Their enforcement would not
as follows:
only cause frequent embarrassmen
t to legitimate transactions
result in hardship and injusti
, but would
"In
order
ce,
to
if
a
promot
unifor
e
the
m
genera
penalt
l
y
is
regard to the gravity of the offens
welfare and influence of stock exchan
imposed without to broaden the scope
e prohibited by any particu
ges:
of their activities; standa
lar State law.
rdize the method of handli
securities; to co-ordinate
ng
efforts in the protection
by crime and through wilful
of the public against loss
Tells Other Disadvantages.
and irresponsible dealers
surround trading by its membe
"The number and variety of
in
securit
ies,
and to
rs
with
exempt
ions
greate
that
r
must
safegu
be
made, in order not following constitution:"
to place too great a burden on legiti
ards, we submit the
mate transactions,illustrate the difficu
of regulating issues of
lty
ies by rigid requir
In carrying out the principles
which apply to all
eases alike. In additisecurit
of
on to the difficulties of ements
the
preamb
le
to
your constitution, I
administering such a law, believe that a uniform
the numerous exemptions are
requirement for the listing of
necessarily so complicated that
their application would impose
securities and a conto master stant flow between
a heavy task upon all those who
stock
exchan
securities.
ges
of
deal in and improp
information relating to fraudulent
erly designated securities seekin
The proposed law has
g listing, would be of the greates
further disadvantage both of tacitly approv
all dealings in securitiesthe
t
ing assistance in forwarding the campaigns being waged
in the exempt list, regard
by the States of the
less
such dealings may be, and
of how undesirable Union and by business in genera
also
of
l against fraudulent securities.
unduly restricting many legitimate
financial operations, which
To
our
educat
e
publlc will necessarily be a slow
may fall outside the exempt classification
Furthermore, such a law, imposi
process; but, in the final analys
ng upon the Federal Government the duty. education is the soundest founda
is,
of enforcing State laws, might
tion upon which to build.
The rapidity with which the desired
but would Subject the national not only establish an undesirable precedent
results can be attained, however,
Government to very great expense in organ- depend
izing and maintaining the machin
will
in great measure upon the availab
ility ofinformation and a consta
many laws on this subject passed ery necessary for the enforcement of the drive by
nt
legitimate business to expose and
by the States."
frustrate the efforts offraudulent
Secretary Mellon's letter must
enterpr
ises.
be construed as an opposition only to the
character of the proposed legisla
tion and not to the purposes which the
bill seeks to accomplish. The
Treasury is heatily in favor of the latter.
Suggestions have been made
to the Treasury advocating a licensing Court of Appeals at Albany Upholds
Validity of New
system under which the Federa
l Government would have supervisory
York Martin Anti-Stock Fraud Law.
authority over the issuance of all
securities, a control somewhat similar
to that vested in the Inter-State
The New York Court of Appeals at Alban
Commerce Commission over railroad
y in an opinion
issues.
Department Opposes Plan.
The Treasury is also opposed to this plan,
believing that should any
branch of the Federal Government be
empowered to grant licenses for
the issuance of securities, such licensing
might be construed by the public
to mean governmental sanction and
approval. Moreover, delay would
be inevitable if administration by the
Federal Government were to be
effective, and this would be harmful to
the operations of legitimate business.
The tendency should be to simplify,
rather than complicate and increase,
the Government control to which busine
ss is subjected.
- The Secretary of the Treasury believe
s that there is an urgent need for
a Federal statute which will repres
s the flow of fraudulent and worthl
ess
securities through both the mails
and the channels of inter-State and
foreign commerce, but which at the
same time will not place an undue
burden upon legitimate business.
The State laws are quite diverse
in
character, ranging from "Blue Sky
"laws to "Fraud Acts," and have
proved somewhat inadequate,
and certainly not as comprehensive as
would be a Federal statute.
on Nov. 16 upheld the constitutionality
of the Martin AntiStock Fraud Law, and the power of subpo
ena conferred on
the State Attorney-General under the law.
The "Knickerbocker Press" of Albany says:
The decision of the Court, which was
unanimous, was elucidated in an
opinion by Chief Judge Frank H.Hiscoc
k, who declared that the Legisla
ture
had not only the power, but also
the duty, to pass such a law, and
that the
subpoena power, granted under
its provisions, to the Attorney-G
eneral,
is a lawful executive function and
not a judicial one.
The attack upon the validity of
the law,enacted for the purpose of
ing fraudulent promotions of
stock schemes and bucketeers, was checkdirected
particularly at a provision of the law
which empowers the Attorney-G
eneral
to subpoena books and papers of
stock corporations, which someti
affords a basis for court actions,
mes
to restrain stock selling activit
ies.
The court test had been brough
t by Ernest F. Dunham, a broker
New York City, who had resiste
of
d a subpoena by Deputy Genera
l Keyes
Winter, who had sought to examin
e books, papers and accounts of
the
Dunham brokerage firm. Louis Marsha
ll,
and Joseph W. Spender, another attorn noted constitutional authority,
ey,
subpoena in particular constituted a violati argued that the power of
on of the Constitution.
Judge Hiscock's opinion upholding the author
ity of the Legislature to
enact a law so broad and far reaching as the
Martin Act, held that "a law
preventing the widespread practice of victimi
zing the
of fraudulent securities was not only necessary for the public by the Issue
protection of prospective victims, but also was in the interest of the great
majority of brokers,
who conduct their business on an honorable basis."
In the present court test, the Martin law, especia
lly the provision
empowering the Attorney-General to issue subpoe
nas, was attacked by
Marshall and Spencer, acting for Mr. Dunha
m, the broker, on these
three chief points:
I. That it conferred upon the Attorney-General judicia
l powers.
2. That it denies a person eubjected to a subpoena
the benefits of due
process of law.
3. That it compels self incrimination by a person
subjected to a subpoena,
without any immunity provisions.
Suggestion Considered.
In considering the nature of
such a statute it has been suggested that
legislation might take the form
of a law under which securities which
appear to be fraudulent could be brough
t to the attention of the Department
of Justice through proceedings
in the nature of an information. The
Attorney-General could then be
authorized to investigate such securities
and, if he found evidences of fraud,
to issue a summary order forbidding
their further sale, under heavy penalti
es. Such a law would be similar
to the Martin Act, which has recent
ly been held constitutional by the
Supreme Court of the State of New
York.
A law of this kind, if it were enacted
by Congress, would be far from
perfect, of course, and would be subjec
t to the same criticism that has been
directed at many laws now on the
statute books of some of the States. It
might not always prevent the issue
of fraudulent securities; but at least it
Would place with the United States
Department of Justice a powerful weapon
which might be developed into
great usefulness through the co-operation
of
agencies and organizations, such
as your own. It would provide a central
authority to which reports could
be sent from any State upon eviden
ce of
fraud appearing in the proposed
issue of a new security. Its presence
Hiscock Overrules Objections.
on
the statute books would have the same
effect
upon
fraudu
lent
stock
proThe Court over-rode all three of these object
moters as does the presence of a police
ions, each of which was
man upon the ordinary criminal.
answered by Chief Judge Hiscock in his opinio
n. In this connection the
opinion said:
Co-operation Essential.
The usefulness of such a law, as I said,
"It does not seem to me that the statute, when
would depend largely on your
fairly
co- a basis upon which may be success
operation. In any event, a law of this kind
eted,furnishes
fully rested any interpr
would not tie up business or and some pertin
of these
tions,
ent general conside
bring about the difficulties of enforcement which
may properly beconten
would be inherent in an account in passing upon them. It isration
taken into
a matter of general
Act such as, for instance, the proposed Denison
dishonest members of the business of dealin
knowledge that
Blue Sky Law.
g
in securities, such as are
In reviewing the effects of the so-called Blue
bed in the statute, have been
Sky legislation and fraud descri
omed to pursue fraudu
practices, whereby the rights of their accust
Acts, it is very obvious that they have done a
custom
great good in repressing the occasions, the public
were violated, and,lent
widely victimized. Of ers
on
flow of fraudulent securities. But no law, by itself,
can completely protect privilege, but the duty, of the Legislature, ifcourse, it was not only a
the unwary and uninformed investor. All fraudulent
possibl
e, to prevent these
schemes seek to oper- fraudulent practices. This was not only a duty, which
it owed to the
ate in the dark,and as soon as the full light of investigation
public, but inciden
it was for the benefit of
and a demand for this business, and tally
honestly carrying
who were more or less discredthose
information is turned upon them, they generally
run to cover or cease to of a comparatively small numbe
by the evil practicon
es
r, that the latterited
exist.
should be punished and
stopped. In the attempt to discharge this
obligation, the Legislature
No other class of business, perhaps, is as interested
adopted various laws,such as those making
in
mainta
it
a
ining
crimin
the to 'bucket' a customer's order, or
al offense for a broker
Operations in the security field upon a high plane
to unlawfully pledge
as are(the investment. and now,
or use his securities
in addition, has enacted the statut
banker and the governors of our stock exchanges, and
e which is now
no class of business is Honest brokers, as well as intended victim
before us.
s,
are
in a better position to be forewarned and informed offraudu
interested in its enforcement,
constit
if
utional
and
limite
by
d
lent
an
promotions.
administration which is reason
The Investment bankers, through their national association,
and fair."
able
have
been
doing
constructive work not only to educate people but
,
to improve the character
Chief Judge Hiseock dismissed the
of the laws passed by the various States, and it is unders
claim
tood that considthat the law
erable progress is being made toward a better unders
tanding as to the imposes judicial powers upon the Attorney-Gene
ral with
problems confronting respectively the investment banker
and the State this statement:
Commissioners.
"I find no bestowal of any of those judicia
l powers, which, by our Consti
Difficulties Described.
tution, are lodged with the courts.
Attorney-General decides nothin
in a judicial way. He passes uponThe
The Better Business Bureau has carried on a most comprehensiv
g
no question of civil
e nation- criminal guilt. The ultima
violation or of
te and only end to wnich
wide campaign to educate the small investors away from the
he can proceed is
spurious and by action, or criminal prosecution, to submit
to the court the question
toward the sound and income-producing security. The slogan
whether a person has been guilty of such
of this be
unlawful practice that he
enjoined from further pursuing them
campaign of education is "Before You Invest—Investigate." But
should
or
one must Prosecution.
should be subjected to a crimin
al
place himself in the position of the ordinary uninformed invest
or who has
"Everything which he does, leading up
to
been approached by the usual type of smooth-tongued salesman of spurio
this
point, is the performance
of an executive or administrative power,
us as
such as has long been recognized
stock.
perfectly appropriate and
and whatever judicia
is made by the court. It is valid,
l decision follows
For example, let us take a school teacher in some small town of a
the performance of admini
class an executive official, and
strative duties by
in
no
sense the decision justice
of people whom. I understand, are largely preyed upon. This person will exclusively delegated
ahle questions
to the jurisdiction of judicia
undoubtedly turn to the financial adviser of his locality, probab
l tribunals.
ly a country
The opinion disposes of the contention
of due process with this comment:
Nov. 20 1926.]
THE CHRONICLE
"Neither can I find any viewpoint from which it can be successfully
argued that the provisions of the statute authorize an unreasonable search
and seizure, deprive anyone of due process of law or compel him to furnish
incriminating evidence against himself for the purpose or a criminal prosecution."
Hiscock Sums Up.
In conclusion Judge Biscock wrote:
"We are not to assume that such an official as the Attorney-General of
the State will be oblivious of his duties, and this statute is by no means
Jacking in substantial provisions, by which to safeguard its execution.
Any inquiry under it, must be relevant to the purpose proposed by it:
any person of whom examination is sought is immune from punishment
for refusal to answer unreasonable questions or to comply with unreasonable requests; he is protected, if he asks the privilege, from the use of any
testimony which he may give in criminal proceedings; and lastly, any
official conducting an investigation or examination, who gives publicity
to the information, which has been obtained Is guilty of a misdemeanor.
"Then, when we consider that, in addition to these specific means of
the courts will always be open for any appeal by one who is
protection,
eg
persecuted, I think that It may be fairly expected that none of the
of the evils which flow from the statute will be realized,
predictions
dire
on the other hand, it may be a very substantial protection toithe public
from these widespread evils, which have been perpetrated upon it through
lack of adequate protection."
2601
the hands or under the control of the original producers. Efforts are being
made to speed up the work of getting the financial relief to the farmers,
In the hope of getting under way before title to the crop in Its entirety passes
to other hands.
It was felt that by fixing the termination of the notes as of March 1 1928,
without qualification to permit ofthe calling of the loans, would give definiteness to the plan of withholding the cotton from circulation and thus creating
stability. It would make the cotton available to the trade in a betweenseason period and would not throw a vast amount of staple on the market
during the height of the marketing season of one year or just in advance of
the oncoming crop of the next year.
No Calling of Loans.
There were some of the bankers who thought that it might be well to provide for the calling of the loans as when it would appear to be good business
judgment to bring about the sale of the cotton being held, it then being possible for the farmers to continue holding the cotton under a refinancing arrangement. It was argued in opposition to this suggestion that while it
might be advisable to dispose of the cotton at an appropriate time, it would
add to the sensitiveness of the market to have the cotton considered as an
unknown factor menacing the law of supply and demand.
Ottinger Makes Comments.
As to the future, it was felt that by March 1, eighteen months hence.
Attorney-General Ottinger, who has enforced the law, made this com- sufficient time would have elapsed to permit those at interest to figure out
what, if any, additional assistance might be required by the cotton growers.
ment last night upon the decision:
The success of the entire plan for withholding this cotton depends upon
"This ruling constitutes one of the most smashing and effective blows
aimed atfraudulent stock promotions since the enactment of tne Martin law. the extent of acreage reduction for next season. This will offer great diffiIt is distinctly a victory for the investing public.
culties, since again no hard and fast rule can be adopted to govern curtail"This decree should have the effect of squelching contestants of the right
What may be desirable in one section would be a bad thing for anof the State promptlyto intervene in case of suspected fraud and to halt ment.
diversification,
operations before the public's loaded up with worthlesssecurities. Without other part of the belt, it is pointed out, and the question of
the power of subpoena, the efficacy of the law would be nullified, and the while easy of discussion, is extremely difficult as to actual application.
Martin Act is itself essentially a weapon of prevention and not an instru- What shall be substituted for cotton is the problem. Agricultural experts
ment of punishment.
cannot jump without preparation and more
"It was designed to safeguard the public against exploitation by high here declare that the farmers
instance,
handed and conscienceless purveyors of 'gold brick stocks and bonds.' Its credit from cotton to some other agricultural product. Wheat,for
aim is to impede, obstruct, hinder and thwart the schemes of the promoters would require machinery of which the cotton farmers generally are not posof the worst form of thievery and extortion, with which the Legislature has sessed, elevator and other facilities which would have to be provided, and
been called upon to cope in history. Without such an effective and drastic
To engage in dairying also
instrument, the investing public would be at the mercy of a vicious group of then would come the question of marketing.
felons, operating under the guise of legitimate promoters of honest enter- requires capital, and then there is the suggestion that there are a large
prise. The insidious character of this form of larceny made the Martin number of farmers who have obtained all the credit and more than they are
law stringent as it is, an imperative necessity."
entitled to.
Labor a Problem.
A Washington official to-day stated A is an easy matter to advise the
Percy M. Chandler Cleared of Charges in Connection farmers
to shift from cotton to other crops or to dairying when they are in
with Failure of Chandler Bros. & Co. of
such bad shape as the activity now in their interest would ind'cate, but an
extremely hard matter to put the jreahment into practice. The negro
Philadelphia in 1921.
cropper cannot be turned from cott n to another crop with any hope of
Percy M. Chandler of Chandler & Co., Inc., of this success under existing conditions.
The organizatio: s represented at the Washington confer- ners will have a
city, was cleared of the charges and accusations growing
paid-in capital of 515.000,000. which will give them a maximum borrowing
out of the failure in July 1921 of the New York Stock Ex- capacity
of $150, 00,001, making available a t tal of 5165,000.000 with
change firm of Chandler Bros. & Co. of Philadelphia, when which to make loanson a ly sis of 9 centsper pound on middling wnite, /7 ,-inch
to grade and staple. It is
a jury before Justice McCook in the Supreme Court of New staple, with adjustments up or down, accordingpossible
to effect the withfelt that with the available capital it will be
York County on Nov. 11 rendered a decision in his favor in drawal of the n."eded 4.000.000 bales. If not, Mr. Williams stated, plans
the suit against him of Whittier & Co. A companion case will be made for the raising of additionr1 fund .
The facilities of the co-operatives, wh.ch last year handled 10% of the
was previously won by Mr. Chandler in a suit brought by
total crop and which are prepared to take care of a vast amount of cotton for
S. L. Guiberson, this case being withdrawn by counsel non-members, having signified their desire of being helpful in the situation,
such as
when it came to trial. These two cases, involving $500,000, will be used in common with the assistarce of other organizations,
bankers, to corral the cotton and w. rehouse it in approved fashion. The
attempted to connect Mr. Chandler with the failure of use
such
without
because
saving,
great
a
effect
will
equipment
of their
Chandler Bros. & Co. Mr. Chandler had severed his machinery it would be necessary for the newly formed cotton finance corpersonnel throughout the belt at great
relationship with that firm in 1914 long before the incidents porations to employ considerable
expense and a duplication of service.
arose which resulted in 1921 in the failure of that firm.
After leaving Chandler Bros. & Co., Mr. Chandler formed
the investment firm of Chandler & Co., Inc., incorporated
under the laws of New York State.
In the suits just closed Mr. Chandler succeeded in establishing that he had no connection with the defunct firm of
Chandler Bros. & Co. and that his own firm of Chandler
& Co., Inc., had no connection with the failure.
Bankers' Pool in Georgia.
In the way of funds the co-operatives are able to take care of themselves
to quite an extent,and they have already obtained some $38,009,000 through
the intermediate credit banks; and then there is the bankers' pool in
Georgia.
Taking it all in all, assertions to the contrary notwithstanding, according
to high officials in Washington the co-operative marketing movement will
be given a great deal of impetus by reason of the operations of the finance
corporations. They assert that the co-operatives will be looked to for the
marketing of the cotton held, to quite an extent, and in addition many nonmembers will be induced to handle their financing through the co-operatives
as being the easiest method of securing help from the financing corporations.
Cotton Loan Plan Makes No Provision for Calling
Notes—Details for Removal From Market of
4,000,000 Bales Left to Credit Banks—ConferMovement for Formation of Cotton Finance Corporaence of Representatives of Federal Farm
tion in Texas.
Loan Board and Intermediate Credit
Bankers and cotton interests of Dallas, Houston,and other
Banks.
cities in Texas have during the past two weeks pushed
Loans by the cotton finance corporations to approved forward the plans incident to the formation of a $5,000,000
holders of cotton would mature about March 1 1928, no cotton finance corporation through which it is proposed
provision being made for the earlier calling of the notes, to finance the withdrawal of 1,250,000 bales of cotton
according to the tentative plans worked out at Washington from the market for a minimum period of 18 months. At
by the representatives of the corporations in conference with a meeting on Nov. 4 Houston interests, according to the
the members of the Federal Farm Loan Board and heads of Houston "Post," joined the movement to lend aid to the
the Intermediate Credit Banks. In making this statement cotton farmers of Texas by subscribing $1,000,000 to the
under date of Nov. 14, Washington advices to the New York State-wide fund of $5,000,000 and pledging themselves to
"Journal of Commerce" also supplied the following in- furnish more money if necessary. The bankers and business
formation:
men of Dallas pledged themselves on Nov. 2 to subscribe
It was indicated by Federal Farm Loan Commissioner A. C. Williams that $1,000,000 of the stock if necessary.
for the most part the details of the plan to take some 4,000.000 bales of cot-.
The meetings were the outgrowth of a special session of the
ton off the market would be left to the discretion of the officials of the Intermediate Credit banks. Thus they will have to pass on the question of eligi- Texas Bankers Association held at Dallas on Oct. 26 and 27.
bility, the main consideration in determining whether a loan to be made On the last-named date a committee of the association
under the plan is within the intent of the law,for an "agricultural purpose."
voted in favor of the corporation plan at the suggestion of
Speculation Taboo.
Meyer, Chairman of President Coolidge's Cotton
Eugene
Keeping the aid that is to be extended to the South away from the specuRelief Committee. Regarding the action taken by the
lators and those with speculative intent, seems to have been one of the main
considerations of the conferences here. It is apparent that no hard and fast committee, J. A. Pondrom, President of the City National
rule could be worked out to meet the situation and thus was reached the Bank of Dallas, and Chairman of the cotton committee,
decision to leave the determination of eligibility to the loaning agencies in
issued a statement Oct. 28, saying:
field.
the
Mr. Williams expressed the belief the sentiment in the South would be for
making the best use of the facilities that are to be afforded under the plan
by him and his colfor the relief of the cotton farmers. Reports received
leagues Indicated that a considerable quantity of this year's crop is still in
At a meeting of the cotton committee of the Texas Bankers Association it was decided to organize a corporation with a capital stock of $5.000,000, which corporation will advance to farmers desiring to hold their
cotton approximately 75% of the present market price for a period of 18
2602
THE CHRONICLE
[VOL. 123.
months, or longer if necessary. This organization, with its borrowing
facilities, will be able to carry approximately 1,250.000 bales of
cotton
for a minimum period of 18 months, unless in the meantime cotton
should
reach a price satisfactory in the judgment of the management of the
corporation.
This is in line with the action taken by other cotton-growing
States
and is the only practical way to withhold from the market
a sufficient
quantity of the commodity for a sufficient period of time
to accomplish
the desired result.
It is up to the bankers and business men of Texas to
determine, and
determine quickly, if they will subscribe to the stock of this
corporation
and enable the committee appointed by the Pres', ant of the
Texas Bankers'
Association for that purpose to go ahead with the organizati
on.
2 The banks of Texas already have provided
the funds for the production
of the crop, and the process of liquidation is
now under way. We recommend that these banks convert some of
their present loans on the cotton
crop into new loans on the actual cotton insured
and warehoused or put
under cover, with warehouse receipts
or chattel mortgages attached, and
thus assist the producers in orderly marketing
.
3. The banks of Texas, with capital and surplus
of $119.225,000 and
total resources of $1,274,000,000. afford
ample credit facilities for the holding and orderly marketing of the surplus crop.
We urge, with entire confidence in the
ultimate outcome, the holding
of at least one bale in five, or at least
1.000.000 bales in Texas, until the
next cotton season and the gradual marketing
of the remainder. The
world's consumption of American
last year was 15.160.000 bales,
At the Oct. 26 meeting of the Association the bankers, which sold at approximately 21k. acotton
pound, and consumption will likely be
according to the Dallas "News," reiterated the previous in excess of that amount this year. The Government's recent estimate
of
17.454.000 bales of cotton is based upon the
full crop being gathered. The
Texas bankers' plan adopted Sept. 24 in Dallas (referred to shortage of labor, the heavy
rains and the near approach of the winter
in our issue of Oct. 2, page 1707), by which country bankers season makes It probable that in Texas alone not more than
4,500.000 bales
will be ginned, against the estimate
are urged to convert chattel mortgages and crop liens into There
of 5.400.000 by the Government.
does not seem to us to be such a surplus
as
to
warrant present low
new loans on cotton secured by warehouse receipts and the prices, and we believe that firmness
and patience
holding off the Texas market of at least 1,000,000 bales. much of the lost value reflected in present prices.in marketing will restore
The "News" of Oct. 26 added in part:
Bankers in Control.
About four hundred bankers from all parts of the State attended and
4. The success of this plan of relief depends
entirely upon the reduction
many took part in the discussions. Charles A. Fisk, Amarillo banker and of the acreage in cotton by at least
25% for the years 1927 and 1928. The
President of the organization, presided.
power of credit gives the banker the control
of
his
local situation and through
The week of Nov. 15-20 was recommended as acreage reduction week, the extension of credit he is In
prosition to influence acreage reduction.
with Nov. 20 to be known as pledge day, when all pledges signed by farmers The extension of credit by bankers
beyond the ability of farmers to liquidate
in each locality shall be turned in to the local bankers' committees.
out of their crops at present prices makes
it all the more necessary that the
Although several bankers did not fully agree with the text of the resolu- next crop be produced as economical
ly as possible. The conservation of
tions, they were finally passed. Immediately a committee was appointed credit is essential to the welfare
of the bankers, as well as farmers, and it
by Chairman Fisk to work out details. On the committee are W.W.Wood- Is necessary that the bankers give
co-operation to any program that enables
son, Waco; M. R. Graves. Clarksville; C. S. E. Holland, Houston; R. L. them to improve their financial
position and the welfare of the community.
Thornton, Dallas; Eugene Nolte. Seguin; A. R. Davis, Austin; J. A. PonWe believe that the reduction in acreage
drom, Dallas; Howell Smith. McKinney,and W.M.Massie, Fort Worth.
sideration in the loan policy of the banker should be a necessary conand he should urge upon his
John T. Orr, President of the Texas Farm Bureau Cotton Association, farmer customer a balanced program
of farming that will enable him to
In heart-to-heart talk to the bankers, took issue with those who criticized live at home and bring about a
necessary reduction in home expenses.
farmers for running automobiles and spending money for gasoline. He said
5. We recommend that the bankers of
each cotton county assemble at
farmers were certainly entitled to some luxuries in their life and that automo- once for the purpose of effecting
such an organization as will carry out the
biles were necessities in modern rural life, but he did not approve of farmers intent of these resolutions. In each
county there should boa cotton control
running off to West Texas to pick cotton for $2 a hundred pounds when association organized, composed of bankers,
merchants and farmers, who
there was plenty of work to do at home and save their own crops.
will aid in the reduction of the cotton
acreage.
Mr. Orr pleaded with the bankers to get in behind the only big organized
Pledge Day.
farmers' agency in Texas, which he had the honor to represent, and encour6. We recommend that the week of Nov.
age orderly marketing of cotton.
15-20 be known as Acreage
Aaron Sapiro, nationally known counsel for the co-operatives, was Reduction Week and that Saturday. Nov. 20, be called Pledge
Day, when
called on by Mr. Fisk to present the emergency cotton financing plan which all pledges shall be delivered to the local committee.
7. The Texas Bankers' Association possesses
the co-operatives were ready to launch and which had the approval of the
the machinery and is the
proper organization for the execution of
President's committee at Washington.
these resolutions, and we hereby
This plan, which may come up for discussion at the Wednesday meeting authorize the president and secretary and chairman of the
agricultural
committee
of the Texas Bankers' Association to employ
of the bankers' executive committee, in substance is as follows:
such assistance and
That the co-operative marketing machinery of the twelve organized to incur such expenses as may be necessary in the premises, and
to this end
States through the American Cotton Growers' Exchange constitutes the we pledge our support and co-operation.
8. Finally, we have full faith in the ability
beet agency for marketing cotton and that 4,000,000 bales can be taken off
of the South's bankers and
farmers to arrest and reverse the present
the market, not to be sold until after July 1927.
threatening situation and to recover
That Texas and Southern farmers should join the Farm Bureau cotton and maintain a reasonable degree of prosperity. It is entirely within
their
power to retire the apparent surplus and absorb
co-operatives and strengthen the organization.
It in reduced production
next year. We urge the farmers and their bankers
to stand firm to this
No Effort to Coerce.
program and we are confident that relief will come
in due course.
That there be formed, through private capital, a corporation in the
W. W. WOOD, Chairman.
various cotton States to lend to the growers (who deliver to their coJOHN E. OWENS.
operatives 4,000,000 bales of cotton for storage into 1927, either indirectly
HOWELL E. SMITH.
through bankers or directly as members) or to buy from growers
LYNN TALLEY.
Participation certificates on a basis to make advance payments plus loans equal
C. S. E. HOLLAND.
to 12c. a pound, middling basis. The purchase or loan to include a later
payment to the growers of three-fourths of any profits on the stored cotton
Cotton Acreage Reduction Campaign in North
after deducting ail costs.
Carolina
That there is to be no effort to coerce farmers to join the Farm Bureau
—Proposed $1,000,000 Finance Corporation.
Cotton Associations, but to welcome all who will sign up.
The organization of the "Carolina Cotton Finance CorTexas bankers to form a $10,000,000 cotton corporation, of which
one-third would be subscribed by Texas banks, one-third by outside banks poration" was effected at Greensboro,
No. Caro., at a
and one-third to be obtained on loans on certificates purchased from the
meeting on Nov. 4 of bankers of the various sections of
growers. Probably not more than 2% of any bank's capital would have
the
to State.
The Raleigh "News & Observer" in its announc
be subscribed.
eThis plan would have the co-operation of the United States Depart- ment of the action at Greensboro,
said:
ment of Agriculture, the Treasury Department. the Commerce DepartStockholders of the corporation, a million-dollar one,
met first and elected
ment and the War Finance Corporation and the Federal Farm Loan Board.
directors as follows: J. W.Cone,Julian Price, J. W.Simpson,
This would enable the use of many millions of dollars through the InterJ. S. Duncan,
Hudson, Benjamin Cone, all of Greensboro; W.
C.
C.
C. Wilkerson and
mediate Credit banks to further orderly marketing of cotton.
H. M. Victor. both of Charlotte; N.S. Calhoun and Joseph
C.
Brown, both
Resolution Pledges.
of Raleigh, and Frank P. Fagan of Rocky Mount.
The directors then met and elected the following
Under this plan a local banker, who owns or operates a farm, could join
officers: President,
the co-operative marketing organization and act as trustee for the growers, J. W.Simpson; Chairman of the board, J. W.Cone; Vice-President
s, H. M.
Victor and Jullan Price; General Counsel, J. S. Duncan.
who will deliver their cotton to him.
The board was
Jointly there would be an acreage reduction pledge so drawn that any authorized to select a Secretary and Treasurer at a later date.
The finance committee was chosen as follows: J. W.
infraction would be actionable on the face of the signed pledges from
Simpson, H. M.
growers. The penalty would be withholding of profits from the storing Victor, J. W. Cone, N. S. Calhoun, W.C. Wilkerson and Julian
Price.
This corporation will have a borrowing power from
of the cotton, which should advance in price when sufficient bales are off
banks, either at Baltimore or Columbia, S. C., the Intermediate Credit
the market.
two latter functioning
Judge M. H. Gossett. President of the Intermediate Credit Bank under the Federal Farm Loan Board, and that borrowing power will
be ten
at Houston, announced the method by which Texas farmers could times the capital of the stock, or ten million dollars. This money
will be
avail themselves of the vast surplus funds at the disposal of his loaned on cotton to be stored In United States or North Carolina
warehouses,
bank. He said his bank would make direct loans to co-operative mar- these to be bonded warehouses, and the amount loaned will be
75% of the
keting associations and rediscount paper secured by cotton warehouse market value of the cotton at the time that it is stored.
It was decided that loans would be made to individuals,
receipts when offered by reliable agencies with maturities longer than
supply
merchants
nine months. In the last three years, Judge Gossett said, the Houston and banks, but with the sole purpose to store cotton off the market.
Loans
Intermediate Credit Bank had loaned the Texas Farm Bureau Cotton will be made at 6% interest.
Decision was reached to establish the office of the
Association $11,500,000. but that all eligible banks and eligible corporations
corporatio
n
at
this
may rediscount with the bank. He pointed out that it was the function place and conduct the proposition so that the costa of its operations
be as
of the institution he represents to offer longer maturity and assurances of small as possible.
Borrowers must agree to loans not less than nine
renewal and extension under proper conditions than the Federal Reserve
months in duration,and
banks. A corporation with large capital may be organized by the Texas if needed, up to three years. these loans not to be repaid until maturity
of
banks, through which to touch this new reservoir of approximately $55,- the notes unless cotton is selling at the time it is desired to take
up the note
at not less than 15 cents per pound. The aim is
000.000 in this district.
to take distress cotton off
Judge Gossett stated that already two bankers in a South Central Texas the market and keep it off long enough to do some good to
prices.
The capital of the bank was underwritten by
county were organizing such a corporation with $50,000 capital to meet
bankers throughout the
State and Mr.Simpson stated that first installmen
the present emergency.
ts on subscription to stock
will be called for in a few days. The corporation
Resolutions Adopted.
will be ready to make loans
on cotton at an early date.
Resolutions adopted follow:
Formation of this corporation is the result of a
Be it Resolved, by the Texas Bankers' Association, assembled in Dallas,
meeting called by Governor McLean at which plans were evolved to meet
Texas. this, the 26th, day of October.
the emergency in the
A.D. 1926, that:
We pledge our resources and energies to co-operate with the farmers cotton market.
• Taus So prevent the further sacrifice of their cotton, which, we believe,
On Nov. 4 Gov. McLeod of North Carolina issued a call
ailing below Its con•m1c.value.
fcr a general conference on Nov. 8 to
adopt a program for
Nov. 20 1926.]
THE CHRONICLE
2603
Georgia and Texas have reduction plans under way and that those States
will start shortly.
Commissioner Graham had some conflicting information, but the farlThe Governor issued the call in response to a suggestion from his finance ness of the "per horse" measure furnished the real argument.
committee yesterday after he had gone before the committee and invited
This selection was adopted, reconsidered, compromised, readopted and
suggestions as to what he had done. The resolution was put through again reconsidered before it finally pleased everybody by avoiding the conany
that
agreed
was
it
which
in
discussion
of
hours
three
unanimously after
troversy.
cotton farmer in North Carolina who will stack his cotton in a bonded
Bankers Pledge Support.
warehouse can get three-fourths of the market value by putting up his
The amendment to obtain pledges from bankers provoked no controwarehouse receipt as collateral. . . .
versy, John W. Simpson, prominent Greensboro banker and head of the
"I believe in using every possible means to secure reduction of acreage," financial corporation organized by the Governor, stating that the bankers
said former Congressman L. D. Robinson, of Wadesboro, in proposing the had no objection. Mr. Simpson stated that while the financing corporation
resolution for a general meeting to frame a definite program.
is open to speculators and merchants that it was not organized to help
"Instead of complicating the work of the cotton finance corporation, a them and that the idea is to keep the title to cotton in the hands of farmers
reduced.
be
must
production
aid
campaign
will
it
because
cotton acreage
as far as possible,so that they will benefitfrom any increase in price. . . .
if holding cotton off the market is to do any good," he continued.
Evade Stand on Legislation.
Governor McLean in opening the meeting expressed grave doubt about
Brooks Makes Survey.
legislature
to force a reduction by law. Such a plan was
President Brooks, of State College, was up to second the motion with the the power of the
backed by Mr. Christian, Mr. Alexander and
suggestion that four different ways have been suggested for approaching proposed and vehemently
proposal was buried for the time being at least by reference
the problem of cotton reduction. First through a sign-up campaign; others, but the
the Governor.
second, through a canvass of the large cotton growers; third through the to the central committee and
Wide Representation.
bankers; fourth, through diversification, which is an indirect way.
The meeting was attended by representatives from 36 countries, many
Governor McLean, who addressed the two committees when they met
ten. Well
in the hall of the House of Representatives, suggested three means of meet- of which sent three or four men while Halifax led the list with
Much earnestness wasshown by all ofthe numerous speakers and although
ing the problem of over-production. First, the co-operatives can take care
of a certain quantity of the surplus; second, the commercial banks can take there was disagreement among methods, many holding that the large
care of another portion; third, the cotton finance corporation can take off farmers could not make the drastic 50% cut proposed under the original
resolution for them, while others held that a uniform cut would be unfair,
another portion.
there was a complete agreement on the necessity of a cut and all agreed that
Governor for Reducing.
toward accomplishing
With a corporation that will eventually have ten million dollars credit aid of the bankers and time merchants would go far
for loans on cotton, he thought the individual farmer can be taken care of the desired end.
of
Teri
Resolution.
all right, if he desires to liquidate part of his cotton.
The text of the amended resolution as finally adopted follows:
"I have reduced my cotton crop 50% in the last four years," the Governor
North Carolina is expected to do its duty in the present crisis. The
said, "and I am going to reduce again next year, but it is hardly possible
object, therefore, of this conference is to consider all plans which provide
to close down altogether."
The Governor said $5,000,000 could have been secured as easily as for the reduction of cotton acreage and to adopt one plan, and the ways
81.000.000, and expressed gratification at the prompt response that had and means of inaugurating it immediately. We suggest. therefore...the
following:
been made to his appeal.
After the lengthy discussion, the meeting culminated in the motion for a
1. A Better Balanced System of Agriculture.
We consider this the first essential as a basis for any effective reduction
cotton reduction meeting to be called by the Governor, the resolution, as
drafted by President Brooks, labels the proposed meeting as one "to of cotton acreage. The outline of such a system has already been prepared
consider an agricultural program which shall include a diversification of by the School of Agriculture. It is now in operation on a large number of
farms in North Carolina and is proving successful even under present
crops and a possible reduction of cotton acreage."
conditions. The committee recommends that this outline be further
Memphis Committee Meets.
developed at an early date so as to show how it may be applied to the
a
issued
statement
day
the
in
Quoting the resolution, the Governor later
individual farmer in the several cotton counties of the State, and if it is
in which he referred to a meeting of the Memphis cotton reduction commit- accepted by the farmers it will, the committee believes, effect a necessarF
tee, which was to have considered a cotton reduction program, but which reduction of at least 33 1-3% in cotton acreage.
deferred on account of the earlier action any action except that of endorsing
2. A Campaign for Better Farming and for a Reduction of Cotton
the resolution.
Acreage.
Members of the committee are: Commissioner of Agriculture W. A.
A campaign should be inaugurated immediately in every country to urge
Graham, U. B. Blalock, general manager of the North Carolina Cotton farmers to adopt a better balanced program which should provide for a
Growers' Co-Operative Association; H. M. Cox, Chairman of the Agri- material reduction in cotton acreage—but this to be worked out on a
cultural Committee of the North Carolina Bankers' Association; N. Gy county and community basis so as to effect at least 25% State-wide;redueBartlett, Secretary of the Eastern Carolina Chamber of Commerce, and tion in cotton acreage.
President Brooks, of State College.
3. Application to the Individual Farmer.
Each farmer who cultivates more than five acres in cotton should be
Governor Issues Call.
requested to adopt a diversified program, in accordance with Section One,
"I, therefore, call this meeting to be held in the hall of the House of and to prepare and sign a statement on blanks supplied by the Central
Representatives, Raleigh, Nov. 8, at 11 o'clock," says the Governor in his Committee, hereinafter named, setting forth how he proposes to diversify
announcement. "I request as many farmers as possible to be present also, and what reduction in cotton average will bathe result. The blank might
and other organizations to have representatives who are interested in a carry on one side a balanced system of farming that will apply to his farm
well-adjusted program of farming and the need of a possible reduction in and,on the other side,it might show how many acres in cotton he cultivated
cotton acreage. It is my earnest desire that at this meeting all parties in 1923, and how much he intends to cultivate in 1927, and what other
interested may adopt such a program as the entire State can support and crops he will cultivate and the acreage of each.
push with vigor."
The blanks should also call for the number of bales of cotton on hand
The finance committee also adopted a resolution asking that President and such other information as may be desired concerning the cottoia_on
Fagan, of the State Bankers' Association, to call group chairmen to meet hand.
at an early date after the cotton acreage conference to discuss methods
4. The Support of Bankers and Supply Merchants.
and means of co-operating "in the present emergency due to the current
It is very imperative that the bankers and the supply merchants aid in
excessive cotton crop."
securing the adoption of a better balanced system of agriculture, which
will
At the Raleigh meeting Nov.8 Dr.E.C.Brooks,President will result in the necessary reduction of cotton acreage. Such aidadopt
be very effective if these will extend ample credit to farmers that
of North Carolina State College, was named to direct a such
a program, as is suggested, and discourage those systems of farming
campaign for a diversified program of agriculture in North that violate elementary principles of good business management. No
without the
Carolina, with the immediate objective of a 25% reductiom stable and permanent agricultural program can be maintained requested
to
bankers and the supply merchants. And these are
in cotton acreage for 1927. The "News & Observer," in aid of the
signs a pledge in harmony with this plan and so far as possible uniform in
following
detailing the action taken on the 8th, had the
all the cotton-growing States.
5. Public Recognition of Farmers Who Co-operate.
to say in part:
It is suggested that a method of rating farms, organized on sound businessThe committee accepted, after amending it in two particulars, a resolube worked out and, in order to stimulate farmers to apply for
principle,
tion offered by Dr. Brooks in behalf of himself, Dr. I. 0. Schaub. Director
certificate be issued which may not
it
of Extension at the college; W. A. Graham, Commissioner of Agriculture. the best rating, is suggested that a
be used by farmers and accepted
H. M. Cox of Mt. Olive, Chairman of the Agricultural Connnitte of the only be a mark of distinction but may
basis of A one credit.
North Carolina Bankers Association; U. D. Blalock. General Manager of by banks and supply merchants as a
6. Better Provision for Marketing Surplus Products.
the North Carolina Cotton Growers' Association, and N. C. Bartlett,
"The present marketing system embraces, among others. curb and
Secretary of the Eastern Carolina Chamber of Commerce. . . .
county and community fairs, milk
The mass meeting split on the question of application of the plan to in- still markets in our towns and cities,
parcel post, carload shipments and
dividuals and finally abandoned such application altogether. The original routes for marketing surplus milk, Department of Agriculture and the
resolution called for a maximum for each horse of eight acres where no co-operative marketing. The State
urged to use every means possible
tobacco is grown and of five acres where tobacco is grown. Dr. Brooks School of Agriculture of State College are diversification; and, to this end,
to
stated this scheme had been used rather than specifying the percentage of to increase marketing facilities essential
county boards of agriculture, extension
land that should be planted in cotton because the committee was unable to we should have the co-operation of
agents, teachers of agriculture,the cotton association Mid agents,chambers
agree on a proper percentage. . . .
of commerce, boards of aldermen, county commissioners and other civic
Plan Adopted.
bodies.
Program.
Under the plan as finally worked out the percentage of reduction for
7. Machinery for Inaugurating and Executing this Agricultural
of the
the State will be 25% and the central committee will fix the quotas for each
(a) A central committee consisting of a representative from each
county, the adjournment until Nov. 19 having been taken to give experts following organizations: State College, State Department of Agriculture.
at the college time to work out the necessary data on present acreage. It the Cotton Association, Agricultural Committee of State Bankers' AssociaWas stated that Hoke County has the highest percentage of its total cul- tion, a supply merchant, a representative of chambers of commerce, and
tivated land in cotton, with 1362-3%, while the 40 large cotton counties two or more leading farmers.
average 40%. The average for the sixty-odd counties growing some cotton
(b) A county committee consisting of a representative from each of
the following organizations: county commissioners, county board of agriis 36%.
A county committee organized on the same plan as the State committee culture, extension agents, cotton association field agents, each bank in
will have supervision of the individual application.
the county, supply merchants, chambers of commerce, and one or more
representative farmers.
To Sign Up Bankers and Merchants.
Bankers and merchants will be asked to sign pledges to extend credit
Lauderdale Bankers in Session at Florence, Ala.,
only to those farmers who fall in line with the reduction campaign under the
Approve Cotton Acreage Reduction Plans.
second amendment adopted.
Both amendments were offered by Dr. B. W. Kilgore, a member of the
meeting of Lauderdale bankers on Oct.28 in Florence,
a
At
Southvride committee appointed at the Memphis conference on Oct. 13,
who stated that all of the States in the cotton belt except South Carolina. Ala., the resolutions approving the efforts to relieve the dia.
the reduction of cotton acreage. The "News & Observer"
said in part:
2604
THE CHRONICLE
astrous economic situation resulting from a depressed
cotton market were made, says the Birmingham "AgeHerald,"which says the resolutions signed by eight banks
of the county are as follows:
"Realizing the disastrous economic situation resulting from the depressed cotton market, early in the month we requested our agricultural
leaders for a plan to remedy this situation. Following this a South-wide
cotton conference was held at Memphis which suggested, first, acreage
reduction of at least 25% throughout the entire cotton belt, and, second,
4,000,000 bales of cotton to be retired from the immediate market by means
of a co-operative pooling. We feel this plan if effectively carried out by all
of those who are interested in the production of cotton will be a tremendous
force in the relieving of the depressing situation that is now menacing the
whole Southland, and we will be glad to give our hearty endorsement and
active support to such a movement. We further urge that all bankers,
farmers, furnishing men, and all others interested in agriculture lend their
full co-operation in permanently meeting this crisis—a problem which we
all share jointly. The First National Bank of Florence. Alabama Trust
& Savings Bank, Tennessee Valley Bank, Bank of East Florence, Bank of
Rogersville. Bank of Lexington, Farmers Bank of Anderson, Farmers
&
Merchants Bank of Waterloo."
In addition to being endorsed by the eight banks of the county the resolution has been endorsed by all civic clubs and chambers of commerce of
Florence.
[VOL. 123
acreage, were adopted by tile Executive Committee of the
association at its meeting on Nov. 8 preceding the general
session, which opened at Atlanta on Nov. 9. This is learned
from the Atlanta "Constitution," which says:
While officials at the convention expressed the opinion that the
farmers
of the South probably would not reach the goal of planting one-fourth
less
cotton acreage, they went on record as lending their full support
in encouraging that ideal as one of the main factors in the solution of
the present
conditions of the South, in spite of the fact that it would
mean decreased
sales in the fertilizer industry in 1927. The action, which
was said to be
based entirely on altruistic motives, was in keeping with the
policy of the
association, as set forth by President Spencer L. Carter of
Richmond, Va.,
in an interview Monday night, which is "to study the agricultural
industry
with the view of encouraging the farmers in methods
profitable to themselves and, in the long run, profitable to the fertilizer manufacturers
."
Studebaker to Buy Bale of Cotton for Every Car Sold
in Cotton Belt in November and December.
With the view of aiding the Government in stabilizing
business conditions in the South, upset by overproduction
of cotton, the Studebaker Corp. of America announced at
South Bend, Ind., on Nov. 17, through its President, A. R.
Cut in Cotton Acreage Recommended by President of Erskine, that
it will buy one bale of cotton for every StudeCalifornia Cotton Growers' Association.
baker that is sold in the cotton belt during November and
A Bakersfield dispatch Nov.5 to the Los Angeles "Times" December. The cotton will be
purchased at the market
says:
price and will be stored and kept off the market for at least
Reduction of cotton acreage in Kern County and throughout the State
by 25% was advocated by Harvey Kilburn, President of the California six months, according to Mr. Erskine's statement. The
Cotton Growers' Association and head of the Hoover ranch at Wasco, Studebaker investment in cotton and in the prosperity of the
speaking to cotton men of California assembled to-day at Fresno. Hugh South, it is stated, will
be between $150,000 and $250,000
S. Jewett, prominent cotton man of Bakersfield, also recommended the
as Studebaker sales during the next two months in the cotton
same policy, which is calculated to obviate cotton slump next season.
Eugene Meyer, Chairman of the Commission appointed by President area are expected to be between 3,000 and 5,000
cars.
Coolidge to draft
a financing program for the nation to carry over cotton
growers this year in a telegram urged California cotton producers to Join
in the plan adopted by the cotton Sates of the South.
The plan advocated by Mr. Meyer is the formation of cotton finance
corporations, with sufficient capital to enable them to finance 25% of the
current crop, which is the amount of this year's surplus over a period of
from eighteen to twenty months, or until conditions approximate normal
again.
Governor Ferguson of Texas Declines to Appeal to
Cotton Growers to Reduce Acreage.
The fact that Governor Miriam A. Ferguson had declined
to issue an appeal to cotton growers to reduce their 1927
acreage 25%, as advocated by the committee in seeking
Georgia Cotton Acreage Reduction Committee Urges alleviation from the present low price levels, was noted in
an Austin (Tex.) dispatch to the Da.las "News" of Oct. 26
Banks to Confine Credit to Farmers—Reducing
which gave as follows the Governor's statement in the matter:
Cotton Acreage.
•
I shall not issue any proclamation of this kind at this time.
As a cotton
At a meeting at Macon, Ga., on Nov. 4 the Georgia Cotton farmer as well as an official,
I do not think I am justified in issuing such a
Acreage Reduction Committee adopted a "sane farming proclamation at this time, as conditions may so change the situation as to
system" for Georgia next year, with a recommendation that make such advice improper.
"Too Much Advice."
the banks of the State limit their credit to those farmers
I think the farmer is getting too much advice from those who either lack
who curtail their cotton acreage and who engage in diver- experience
in cotton growing or who are acting too fast in solving this
great
sified farming." The Atlanta "Constitution" reports this, crisis that confronts the cotton growers. For months the Dallas "News"
has been shouting loud and long urging the farmer to raise more cotton
saying:
on
Plans were put on foot to set up organizations in each county,to carry
out the recommendations of the committee. The meeting here to-day
was carrying out the program adopted at the Memphis conference
and to
arrange for the completion of the county organizations.
Following the meeting, the committee composed of J. 0. Carpenter,
Chairman; J. Phil Campbell, and J. E. Conwall, gave out the following
statement:
"The committee on cotton acreage reduction from its investigations has
determined that there will be a material reduction of cotton acreage
in
Georgia during the coming season, and we find that many of the
growers of
cotton are anxious to place themselves on record as reducing their
acreage.
"For this reason and in order that the reduction in acreage for
the coming
year may be measured, we recommend that the cotton acreage
reduction
pledge as recommended by the Memphis meeting be submitted
to the
growers in Georgia, with the further recommendation that each
farmer
limit his acreage to a reasonable acreage per plow, making this acreage of
cotton a part of balanced farming system, including the production of
feed
crops and a reasonable acreage of such other money crops to which
their
farms are adapted and for which markets are provided.
"We further recommend that in each county the pledge be a part of
a plan developed by the local farming interests, together with the county
agent and the local bankers, this plan to be a farm plan best suited for
the local territory. It is our opinion that by following such a plan Georgia
will have accomplished its full share toward the reduction of cotton acreage
In the south.
"Conditions in Georgia are such that many of the farmers have already
reduced cotton production to a minimum acreage per plow as part of a
sane farming program, and this plan as outlined above provides that others
Who are placing too much dependence upon cotton enter into a similar plan.
Asks Credit Limit.
"Believing that the production of cotton in Georgia next year will largely
be based upon credit furnished by local institutions, recommend that the
bankers of Georgia pledge themselves to extend credit for cotton production
only to those growers who will agree to limit their acreage of cotton and
to make cotton growing a part of a sane farming system, which includes
the production of food and feed crops, as well as such other money crops to
which their territory may be adapted.
"In order that this plan may be properly carried out we recommend
the selection in each county of a committee composed of two farmers, the
county agent, the county superintendent of schools and a local banker."
less acres and now it has changed front and is urging the farmer to plant
less acres, and I suppose it wants him to raise more cotton. It has not explained the apparent inconsistency of its position.
It is several months until planting time and nobody knows now for sure
just how much cotton will finally show up for market. I am sure there is
going to be a great damage to cotton on account of bad weather and .continued rains and a great per centage of the crop is bound to be low grade.
When all these facts are in, it may be apparent that cotton will bring
around 1234 cents a pound for the next crop. If such is the case, then I
ask what crop would these self-appointed advisers, who are resoluting and
telling the farmers what to do, have them raise? What will become of the
small farmer, who can only get credit on a cotton crop for his supplies when
he tells his banker or his merchant that his cotton crop will be cut from
fifty acres to thirty-seven and a half acres?
Talk is cheap, but facts are facts. We hear a great deal about the willingness of the Federal Reserve Bank and the big bankers to help the poor farmers, but the people had just as well know the facts now, and that is
that the
Federal Reserve Bank will not loan a dollar on cotton unless it is in a
bonded
warehouse and with the indorsement of banks, and the banks will
not loan
a dollar on cotton unless the farmer already has sold it to a cotton
buyer.
and whatever aid the bankers are extending or are willing to extend
is only
helping the middleman, and this will do no good toward helping
the price
of cotton.
"Let 'Ent Try," She Says.
I am not overstating the facts, and if any farmer doubts it,
Just let him
go to the banks and try to get any money on his cotton on his
farm or try
to get any money from the Federal Reserve Bank. I am not
going to take
the responsibility to advise at this time a reduction of 25%
of the cotton
crop when I do not know, and no one else knows, the condition
that will
exist at planting time. What I would advise my farmer
friends to do is to
prepare to get themselves a sow, a cow and a hen. Live at
home as much
as possible, and when we raise some cotton next year possibly
we will now
owe so many debts and then we can hold our cotton and
not be forced to
sell it until we are offered a fair price for it. What I want
to emphasize
to my farmer friends is that we are going to have to work
out our own
salvation. The price of cotton cannot be fixed by
resolutions, but will
be fixed by the ability of the farmer to hold as well as the
amount of cotton
he raises. Let's study well our plan for the future and
keep our heads
cool, and when we have resolved what to do, then will
be time enough to
announce some definite plan.
It is stated that the appeal for a reduction was presented
by H. A. Wroe, Austin banker, who received it from the
Executive Committee of National Fertilizer Association general headquarters at Memphis.
Endorses Memphis Plan for Cotton Acreage
Secretary Mellon Says Manner in Which Bankers and
Reduction.
Resolutions indorsing unequivocally the Memphis plan
Business Men Are Co-Operating Toward Financing
of reducing cotton acreage in the South next year 25% and
of Cotton Is Gratifying.
authorizing the National Fertilizer Association to conduct
Gratification is expressed by Secretary of the Treasury
a campaign urging the use of more fertilizer on the reduced Mellon with the co-operation in the South
by the various
Nov. 20 1926.]
THE CHRONICLE
2605
pasturage and live stock. The three States in which the cotton area has
interests toward the financing of the surplus cotton crop; been so largely increased in the past six years are Texas, Oklahoma and
said:
5
Nov.
on
Washington
at
him
by
Arkansas.
a statement issued
Since 1920 Texas has increased her cotton acreage from 11,000,000 acres
I am very much interested in the steps now being taken in the South to
66%. Oklaorganize cotton finance corporations with ample capital to finance the to 18,000,000 acres planted in 1926, or an increase of about
planted 6,000,000 acres,
storage of this year's surplus of cotton until it can be marketed advan- homa planted 2,600,000 acres in 1920 and in 1926
2,800,planted
100%.
Arkansas
of
period
coare
six-year
the
men
during
an increase
tageously. The manner in which the bankers and business
present year.
operating with agricultural interests in a practical program which, it is 00 acres in 1920 and planted 4,000,000 acres in 1926, the
the United
hoped, will meet the situation effectively, is extremely gratifying; and I These three States planted 57% of the entire cotton acreage of
States.
trust that the program will be carried through to a successful conclusion.
Georgia, which a few years ago stood as the second largest cotton proI understand that the co-operative marketing associations in every
and only
Southern State have placed their facilities at the disposal of the cotton ducing State in the Union, planted 5,500,000 acres in cotton in 1920 period.
finance corporations and these two agencies will, I am sure, work together 3,900,000 acres in 1928, a decrease of nearly 80% in the six-year
18,000,000
which
of
acres,
Texas, with a total cultivated area of 29,500,000
In the general inttrest.
acres is now planted to cotton, or 60% of her cultivated area. The old
cotton States east of the Mississippi River are planting about one-third
Walton Peteet Criticises Cotton Relief Plan Sponsored of their cultivated area now in cotton and are gradually losing their grip on
cotton production except North Carolina and the Mississippi delta.
by Eugene Meyer—Thinks Advance of Nine
The old States, with their depleted soils, high cost of operation and low
Cents a Pound Not Enough.
yields per acre, cannot under existing conditions compete with the fertile
and low cost of production. Diversification and proWalton Peteet, Washington representative of Western soils of the Southwest
duction of other marketable crops than cotton must be more generally
and Southern farm relief organizations, in a statement adopted in the old States, while the fleecy staple finds more proftable atissued at Washington on Nov. 5 declared the cotton aid plan traction to growers in the vast unopened fertile lands of the Southwest.
situation presents a vital problem in securing any large reduction of
of the President's Cotton Commission to be "Impracticable The
cotton acreage in the Southwest where the increase in acreage has been so
said
and
concerned,"
is
farmer
cotton
average
the
so far as
pronounced in the last few years.
Cotton, like all other commodities, will be produced in greatest quantity
that "as a plan to enable cotton farmers to solve their surwhere the cost of operation is less and the price shows a reasonable profit to
plus problem it is foredoomed to failure." The Baltimore the
producers. The farmers in the old cotton States must be trained in the
"Sun" quoted Mr. Peteet as follows:
intensive culture of cotton and on a more restricted acreage per plow,
expansion in production of other marketable products and the adoption of
Reject Co-operatives' Plan.
systematic crop rotation to build up and improve the fertility of their
Commission
the
to
presented
had
co-operatives
cotton
Mr. Peteet said the
depleted soils. Their future purchasing power, progress and prosperity
plans for utilization of the co-operatives in managing a movement, backed depend upon a recognition of these facts and promptly turning their attenby the Commission, to take 4,000,000 bales off the market and stabilize the tion to an -adoption of the changes which are required in their agricultural
price on a level near production costs. The Commission, he said, rejected industry.
these plans.
"The managers of the co-operatives were disappointed, but not discouraged," he said. "They resolved to go back and organize a cotton-holding
Secretary of Agriculture Jardine on Agricultural
movement in their several States in co-operation with the bankers and busiCo-operative Movement—PlansitoiReduce
the
that
ahead,
go
to
ness men. The President's Commission told them
Cotton Acreage.
and
market
the
off
cotton
holding
for
plans
definite
no
had
Commission
that its Chairman, Eugene Meyer, was going South 'to investigate condithe National Grange at Portland, Me., on
Addressing
tions.'
Nov. 12, on the advantages of co-operative marketing, SecCo-operatives "Fade Out" of Plans.
"The next day Mr. Meyer started South with definite plans to direct retary of Agriculture W. M. Jardine referred to the fact that
the holding movement into the organization by bankers of special companies "In the case of the cotton crop, an effort Is being made by
in each State. The formal plans of these loan companies take no account
co-operation with
of the co-operatives. In two important cotton States—Georgia and Texas— Southern farmers and business men, in
a sharp clash occurred between Mr. Meyer and the managers of the cotton agencies of the United States Government to meet the presco-operatives.
ent emergency through financing the withdrawal of a suffi"Thus the co-operatives fade out of the plans of the Mellon-Hoover-Jarcient portion of the crop from the current market. At the
dine-Meyer Commission to save the cotton situation.
"The special loan companies in each cotton State promoted by Mr. Meyer same time," he continued, "constructive plans are being
may do some good. It is too early yet to say how much or how little."
years, to
adopted to reduce the cotton acreage in future
Loan Half Production Cost.
obtain yields of greater quantity and higher quality to the
The plan of the Commission is to lend holders of cotton 9 cents a pound,
remaining land to diversified crops."
or $45 a bale, and hold the cotton off the market for 18 months or two acre, and to plant the
years. The money will be advanced by the Federal Intermediate Credit He added:
banks through the corporations formed in the several States by local busiEffective marketing programs are further being laid out. The plant
ness interests.
which are under way in connection with the cotton situation afford an
is
bale
a
$45
that
"is
Peteet,
Mr.
said
plan,"
the
trouble
with
"The
excellent example of the employment of sound, constructive effort on the
just half the cost of production. Few farmers can afford to accept such a part of all interested agencies, both in meeting the present emergency and in
the
loan and turn the money over to their banker, where it would go in
These endeavoring to make sure that this emergency shall not be repeated.
case of the great majority of farmers who have liens on their cotton.
The present situation, except as to cotton, presents not so much an
loans.
proposed
the
than
more
to
amount
cases
many
in
banks,
liens, held by
emergency problem as a group of problems requiring constructive plans
May Benefit Banks.
to cover a long period. The history of the Grange shows a record of par"The plan is impractical so far as the average cotton farmer is con- ticular success in dealing with such problems. The Grange has never been
two
wait
to
afford
can
who
planters
disheartened by temporary setbacks. Nor has it been ready to adopt plans
cerned. It may serve a few large
years for results, and it may relieve banks too heavily loaded with cotton of temporary spectacular appeal in lieu of programs perhaps more difficult to inaugurate, but promising larger results in economic benefit and
paper.
"As a plan to enable cotton farmers to solve their surplus problem it is personal satisfaction. Rural mail delivery, the parcel post, the establishAdministrathe
of
hollowness
the
ment of the Department of Agriculture, the founding of agricultural colforedoomed to failure. It demonstrates
tion's plan for farm relief and exposes the insincerity of its professions of leges, the creation of experiment stations, the development of good roads,
the conservation of natural resources—all these accomplishments were carbelief in co-operative marketing."
ried through in large measure by the consistent efforts of the Grange over
long periods of time. These have meant much in putting farming and
Size of Cotton Bales Larger.
the farmer on a sound basis.
National and world conditions both those now existing and those which
The "Wall Street Journal" of Nov. 9 printed the following may
confidently be expected for the future, likewise demand constructive
New Orleans advices:
programs to-day.
Cotton bales are large and increasing in size, according to Hester. For
These problems, in the last analysis, are concerned with marketing.
three months of the season ended with October, the average commercial
In part, Secretary Jardine also said:
weight of bales was 628.84 pounds, against 516.94 during the same period
last year. During the first two months this season, weights averaged 519.04
We are meeting to-day in the midst of an agricultural situation which
pounds. As usual, Alabama bales are heaviest and average 544.22, against will be peculiarly benefited by the constructive efforts characteristic of
528.44 in the first three months last season. Texas bales average 630.76, the Grange. Farm conditions are gradually improving. The primary need
against 520.02. Georgia bales average 519.67 pounds, against 606.66. is for steady, continued improvement, for a long-time policy which will
These are accepted here as typical bumper crop weights.
insure a consistently prosperous agriculture, a self-reliant personnel on
American farms, and a satisfying rural life.
In general, the agricultural situation is better than in any year since
Harvie Jordan on Cotton Situation—Says Old States 1920. Good returns have come to stockmen, dairymen, potato growers,
with Depleted Soils Cannot Compete with New
and winter wheat farmers. General conditions in the corn belt as a vdiole
Lase shown improvement. On the other hand, the spring wheat harvest in
Fields.
seine regions has been low, while the cotton crop, which is abundant, Is
The Nov. 9 issue of the New York "Journal of Commerce" selling at disastrously low prices.
Taking agriculture as a whole, the crop year 1925-26 showed an approxiTreasurer
notes that Harvie Jordan, Managing Director and
mate net return on the value of the cefileil invested in agriculture of 4.6%,
of the American Cotton Association in a letter sent out to his This compares with 8.1% in the crop Yrar 1922-123 and 6-10 of 1% in the
members points out some fundamental facts of cotton acre- crop year 1920-21.
The results that have
achieved are due largely to the intelligence,
agre that appear to have been lost sight of by a great many energy and determinationbeen
of the farmers themselves, qualities which the
commentators on the cotton situation, and he plainly tells members of an organization such as yours especially appreciate, since you
cotton growers that they must recognize these facts if they have emphasized their importance for many years. In the years following
the depression, farmers have curtailed overproduction, have sought to bring
are to prosper from cotton farming. The letter, according their principal enterprises into profitable balance, have improved the
quality of their output, and have regulated to better advantage the moveto the paper quoted, says:
In discussing the present cotton crisis due to overproduction from exces- ment of agricultural products to market.
cotton
the
present
analyze
to
be
In spite of this gradual improvement, one must remember that farmers
of interest
sive acreage planted it will
area situation and present certain fundamental facts. It cannot be denied are still trying to work out from under a burden of debt and reduced buythat the cotton growing industry of the South is rapidly shifting to the ing power. There remains a disparity between the prices of farm products
vast expanse of fertile land of the Southwest, formerly largely devoted to and the prices of industrial goods and services. . . .
2606
THE CHRONICLE
[VOL 123
Marketing is a comparatively new problem in agriculture. It has de- price to
the consumer, but to reduce the spread which exists between
the
veloped as life has become more complex, as the farm has become less
price which the consumer pays and the price which the farmer
receives,
self-sustaining, as inventions have come into use, as industry has become
and to stabilize on a consistent basis the supply and prices of
farm products.
extensive, and as advertising and other modern methods have created in
Peaks and valleys have formed the chief difficulty of agriculture.
Co-operathe public mind special tastes and demands. From the planting of the crop tion,
more than any other one movement, can eliminate these.
Itself, therefore, the farmer's problem to-day is not simply a problem of
Although economic benefit from co-operation is emphasized, this
production alone, but a problem of production to meet the effective demand
will be
by no means its sole result. In every other country in
which agricultural.
of the market in the most economical way, and then of feeding the products
co-operation has developed along sound lines it has led to a
happier rural
on to the market in such a manner as to eliminate the peaks of oversupply
life and a larger, more inspiring rural civilization. The
reasons are plain.
and the valleys of deficiency. In production, therefore, the first step is to
Co-operation, to be successful, depends on the co-operative habit
ascertain the quantity and quality of the market demands.
of mind,
the readiness to work together for the common good.
The spirit thus enThe second problem is to produce the requisite quantity and quality at as
gendered will not be confined to the co-operative organizations
low a unit cost as possible. With ey
themselves.
4 million farms in the United States It will spread out and permeate the
school, the church, and every other
the'problem of getting information as to effective market demands cannot
community activity. There will be a growing realization
that the interests
well be handled by individual farmers. As I shall point out later,
it of farmers are common interests, and that rural life
is not made up merely
requires organization.
of producing, selling and buying, but of a multitude of
Quality production and economical costs, however, are largely
useful and beauticoncerns ful things which bring happiness to the individual
and to the group.
of the individual farmer. There are farmers who with little or no
addiThe economic results of co-operation, further, are of
tional cost produce wheat the protein content of which brings a substantial
value not simply
in themselves, but as opening the way for a better rural
premium on the market. Cotton producing areas show a variation
community existfrom ence. The farmer, the farm woman, the
farm child, is entitled to conless than 100 pounds of low quality cotton to 300 and 400 pounds of high
veniences,
comforts
and
satisfactions
equivalent
to
those
found in the cities.
quality cotton per acre. Statistics on milk records in the State of
New The fanner is not a seeker of great wealth, but he
may rightly demand that
York show an increase over cost of feed of $31 per cow yielding 3,000
competence which will enable him and his family to work
pounds of milk up to $133 per cow yielding 9,000 pounds. If I were
out a fruitful
in the and happy life. This desire, I am confident,
may in large measure be
dairy business I would rather' care for ten 9,000-pound cows than for
assured through the addition to the farmer's individual
forty 3,000-pound cows. They would require much less labor and only
efforts, of agricultural co-operation properly organized and effectively
one-fourth as much stable room.
administered.
These are merely a few examples of what may be done by the individual
farmer in reg dating his production to meet the demand for both quality Senator
Reed Says Conscription of Property Urged
by
and quantity production—and at a substantial profit. . .
.
President Coolidge "Would Spell National Paralysis."
The effect of maladjustment of supply and demand on price is amazing
to one who has not studied the relationships that here exist. For example,
The declarations of President Coolidge at Kansas City
in 1924 the potato crop of the United States was 425,000,000 bushels. New
York potatoes brought a wholesale price in New York City of 1 cent a pound. on Nov. 11 for "all-inclusive" conscription in time of war
The next year the potato crop of the country was 323,000,000 bushels.
The was characterized in a formal statement by Senator James A.
New York City wholesale price for New York potatoes rose to 4 cents
a Reed on Nov. 13 as "the most astonishing statement
which
pound. There was an increase of 300% in the price from a decrease of less
than 25% in the production. Is it not evident that agricultural production, ever fell from the lips of an Amerie al President." Associated
if it is to be profitable to the fanner, must be reasonably adjusted to the Press advices from St. Louis on the 13th
inst. said:
market demand?
"Such a proposal would spell national paralysis and national defeat,"
The way to do this, in my estimation, is for the farmers to unite
the
Senator
asserted. "Mr. Coolidge declared that in future wars there
cooperatively, so that their organizations can get information on supply
and should be a general conscription of all people and all property, that his
demand with a minimum of trouble and expense, and then to carry out
the conscription 'should be all-inclusive.' The phrase he employed was the
recommendations based on this authentic information. Following this they 'conscription of capital,' but capital embraces
every form of property.
should market their major crops likewise through their organizations, instils
"I heard this phrase, the 'conscription of capital,' first employed by that
ing the placing of crops on the market at the right time and insuring
that class of pacifists who insisted that the World War was deliberately brought
the sellers—the farmers themselves—shall have equal power with the buy- on by capitalists who desired
to enrich themselves out of the struggle, and
ers in dealing with the market. The fanner in the past has sold on a buy- that if capital should
be conscripted wicked capitalists would no longer
er's market. It is his right as a seller to have equal power with the buyer. promote wars.
It is because of recognition of such facts as these that the movement for
"Of course, the idea that the recent war was the result of a conspiracy
of
agricultural co-operation in the United States has made such rapid growth capitalists is an absurdity which
reasonable men do not for a moment enterIn recent years. It is estimated that last year 21
/
2 billion dollars' worth of tain, but I never expected to hear the President of the United States
publicly
farm products, or one-fifth of the agricultural production of the United declare an acceptance of this
monstrous fallacy and yet more monstrous
States was marketed through co-operatives. The increase in business of the doctrine of general conscription."
co-operatives in the last ten years and the small proportion of failures
The one result of such a move, Senator Reed said, would
be the abrohave borne remarkable testimony to the soundness of the co-operative idea gation of the right to life, liberty and
property guaranteed by the Constias applied to agriculture.
tution.
The persent co-operative marketing movement owes much to the early
"At the mere approach of war every dollar would go into hiding,"
said
activities of the Grange. Go-operative associations had existed before the Mr. Reed "Business would be paralyzed; the
wheels of industry would cease
formation of the Grange in 1867, but they were small, local organizations. to move: the entire machinery of trade and commerce would
stop.
Concerned with the manufacture of butter or cheese, or other local problems.
"No man would dare trade, barter, buy or sell: no one would
The Grange definitely made co-operation a national movement. In Texas, make an investment. Universal chaos would immediately venture to
result. Acfor example, in 1886, 105 marketing associations and 155 co-operative cordingly,at the very time when the Government would most need to
stimustores had sprung up from the Orange movement. . . .
late the activities of the people and to promote the highest commercial
The American Cranberry Exchange has become one of the outstanding activities, everything would suddenly come to a standstill. The result
co-operative organizations I. the United States. The Exchange was formed would be worse than the loss of a hundred battles."
In loll and is a federation of associations in four States—Massachusetts,
Under such a law. Mr. Reed said, a military autocracy would be erected
New York (Long Island), New Jersey. and Wisconsin. Co-operative mar- on the ruins of our civilization, the press would be throttled, the right of
keting of cranberries dates back to 1895, and there was a national co- peaceable assemblage denied, woman would be subject to command by
operative organization formed to market this crop as early as 1906.
military autocrats and the President could exercise powers greater than
The American Cranberry Exchange controls approximately 60% of the over dreamed of by a Roman dictator, or an Oriental despot.
cranberries produced in the United States. It sold 314,083 barrels of the
"The astounding thing is that a President should so far forget the prin1925 crop at an average price of $11 29 per barrel f.o.b. shipping points.
ciples underlying our civilization and our form of Government. A draft
The Exchange through ita promotion of grade standards and its mer- of any kind, particularly for foreign wars, is obnoxious to the spirit of
our
chandising activities has been able to obtain consistently satisfactory prices civilization. But that is a very different thing from the proposal
to confor its members, despite increases in production. The average annual pro- script the women as well as the men, the old as well as the young, property
duction of the five years 1912-16 was 512,800 barrels, and the average as well as soldiers."
price was $5 94. For the five years 1921-25, average annual production
was 532,200 barrels, and the average price $1087 per barrel. Numerous
other examples might be cited in fruit, in eggs, in wool, in other crops, Arguments For and Against Installment Selling Before
where commodity organizations have yielded sound, definite results.
Academy of Political Science.
The principle applied effectively in many instances where it is not now
Estimating the annual sales on the installment plan at
In use—wheat, corn and other grains, for example. To-day we have a
great number of farmers' elevators handling grain. That is a step in the $10,000,000,000, John E. Rovensky, First Vice-President
of
right direction, but we need to take a further step. We need consolidation
the Bank of America, told the Academy of Political Science,
into big overhead organizations, thus forming central sales agencies with
real bargaining power. The small local organization does not have the meeting at the Hotel Astor on Nov. 17, that the wide extenopportunity to exert real influence on the market, but let the local organi- sion of installment selling was bringing the method
into unzations join together and they will very quickly have noticeable effect.
sound channels of trade. The New York "Commercial,"
Co-operation is directly in accord with one of the fundamental principles
of the Grange—that of equal opportunity to all citizens—as well as with from which we quote, indicates as follows Mr. Rovensky's
the historic practice of the Grange from the beginning.
further observations:
Still further growth and improvement in co-operative marketing may be
Outlining two phases of installment selling—the sale of necessitlea—as
looked for both through the increased experience of the organizations them- tending to increase the productivity of the individual,
the speaker continued:
selves and through the assistance which the United States Department of
"But we now come to the third phase—in which men engaged in all sorts
Agriculture and other agencies will give. This assistance will not be in of lines of business are entering the installment sales field
for no other reason
the way of direction, but will consist simply of useful information—infor- than that they feel the necessity of entering it to
get what they consider
mation which a Government agency can readily procure and distribute, but their share of the consumer's income. They allege,
doubtless with some dewhich could not be economically gathered by individual farmers or indi- gree of truth, that unless they grant Installment
credit terms the purchases
vidual co-operative organizations. , g
of the public will be deflected to other lines of trade and their business will
The establisnment of a Division tifAlo-operative Marketing in the Depart- suffer.
ment of Agriculture by Act of Congress at the last session will enable us
"Many of the arguments in favor of installment sales,such as the one that
to give the co-operatives valuable, authentic information as to supply and mass production has been made possible by it,
prices reduced and employdemand conditions in the United States and abroad, and also data as to ment created, are true only from the standpoint
of some individual industry
plans whin have proved effective and others which have proved ineffective that has profited (justly, perhaps, if the
commodity produced lea necessity)
in actual co-operative experience. In this way the Department of Agri- at the expense of other industries. Quite
the
culture is carrying out with reference to agricultural distribution the same the stimulation of production is temporary, contrary, to the extent that
the ultimate results may be
policy that it has followed for many years with reference to agricultural harmful, as it may Induce overproduction
and consequently a serious reaoproduction; namely, the supplying of adequate, sound information on which tion when demand again becomes
normal. It is evident that only by infarmers may act confidently and effectively.
creasing the total income of society can we permanently increase its total
Agricutural co-operation, though a farmers' movement, is not aimed at expendicures.
giving the farmer special privilesva over other groups. It seeks simply
"Installment sales unquestionably are here to stay, and thequestions that
the equality of opportunity for which the Grange and other bodies of sound present themselves are: Are we proceeding
along the right lines? Have
thinkers have always stood. The economic object is not to increase the we gone too far?
Nov. 20 19261
THE CHRONTCLE
2607
so when you consider that your savings are perhaps drawing 3% or 4%
interest in the bank while you are paying out of your earnings from 15%
to 30%•
Tricks of Installment Sellers Cited.
"No one who is buying unnecessary articles on the installment plan Is
getting his money's worth. He is, in fact, curtailing his purchasing power
and is really getting the least finally out of his investment than any other
buyer. Many advertisers do not announce the selling price of such articles
as vacuum cleaners, electric refrigerators, automobiles. That is a trick to
was
One of those who lauded the installment buying
enable the dealer to add enough to the factory cost to allow him to make
charges. If the buyers insLsta
John J. Raskob, Chairman of the Finance Committee of the profits out of financing, freight and servicing
having a long time In which to pay for his purchase, manufacturer,
General Motors Corporation, whose comments were given on
merchant and dealer can not do otherwise than charge for the accommodaas follows in the "Journal of Commerce":
tion. and they charge dearly.
"Young people who have tied themselves up with these installment pay"The automobile industry is the greatest industry in the world to-day.
is absolutely mortgaged are in no position to
Three-fourths of its sales are made on the installment plan. Since 1919 ments so that their future
into business or to make a small investment in
the General Motors Acceptance Corporation's experience has involved the seize an opportunity to go
purchase of over 8800.000.000 of consumers' credit. The loss experience some enterprise."
"Much complaint is heard," he.contInued. "about the spread between the
has averaged less than one-fifth of one per cent."
an article and its cost to the consumer—in other words.
Pointing to these results of individual contact with installment automobile cost of production of
and retailer, all of which Is added to
selling, John J. Raskob. Chairman of the Finance Committee of General the expense of the jobber, wholesaler
New comes this other means of extending that
Motors Corporation, in an address last night at the annual dinner of the the cash buyer's expense.
the enormous and unnecessary expense of maintaining the
Academy of Political Science on the development of Installment purchasing. spread, namely,
great credit organizations throughout the country."
said In part:
As one dangerous feature of the system Senator Couzens pointed out:
"The mere fact that consumption credit of the new kind, or installment
"The consumer's dollar Is used up for the next week, next month, next
buying, provokes criticism and rouses opposition must not surprise us.
some other cause,that dollar Is
Every form of credit had the same difficulties to meet at the beginning. year. but if, as the result of Illness or from
to do with the repossessed goods
It was only as the result of long experience and careful analysis that what mit received the problem will arise of what
paid. These will curtail produowas sound In each form of credit was gradually differentiated from unsound. goods on which Installments have not been
real problem In salesmanship: and will constitute
Every phase of economic life has been attended by the addition of a new Lion of new goods: will be a
which will give financiers a new question to conform of credit appropriate to its own conditions. Every great advance in frozen assets to deal with
prosperity, they have not yet had to meet.
the development of our nation has been first financed on credit and then sider—one which, because of our
paid for by the people n installments. Consumer credit. paid In installWarns of "Inevitable Reaction."
living
ments, is simply the adaptation of this principle to the individual's advance.
"It takes no seer to predict the Inevitable reaction as the result of
will be forced
Must Discriminate.
beyond our means. The time is coming when a great number
step,
additional
one
There is only
"Consumer credit in its rapid growth has left In its wake many instances to repudiate their time contracts.
buyer permitsthe contract tube
of misapplication and abuse which no one can conscientiously defend, but and that is the time contract by which the
as upon the article purchased.
in Its evolution bankers will learn to discriminate in such a way as will it lien on his home and other assets as well
and dealer under the sales are to
promote the use and remove the abuse of installment purchasing. Merely That step must come if the manufacturer
in times of financial stress.
because a purchaser may be willing to obligate himself to pay for an auto- insure themselves against ultimate losses
see the hand"I hope business men, bankers and manufacturers will
mobile in installments is no reason for extending credit: installments reprebut, above all. I hope
sent only the arrangement of the payment, whereas in the proper appraise- writing on the wall In time to curb this expansion
happening before It is too late
ment of all credit factors lies the whole foundation of sound consumer that the buyer will wake up to what is really
economist
and we encounter a great crisis. That crisis will come. Every
credits."
the day is not very
As to the economic justification for consumer credit Mr. Raskob said: and sound thinker knows it will come. In my judgment
to snme extent.
"Aside from food, clothing and shelter. there Is perhaps no greater or more far distant, but we have yet time to help ourselves
present
"Looking at the subject from another angle, we find that under
Insistent demand for anything than for automobiles, which demand arises
the capital his
from the strong desire of mankind to go on wheels and to go fast The circumstances the dealer is required to have many times
the
practicallY
himself
desire for automobiles is sufficiently great to inspire people to work. pro- business should necessitate and at the end finds
spends his time
vided through working this desire can be satisfied, and this desire provides employee of some accentance or credit cornoration. He
his time paper.
an incentive to work which results In converting Idle hours into the energy making collections for the corporation which has reirchasei
produce
"The price gap which in former days a manufacturer strove to
necessary to produce our motor cars. The records show that they have not
of building
methods
been acquired at the expense of homes, savings, life insurance or other between his product and that of his competitor whose
and
were not so efficient has been lost sight of by general willingness
factors in economic welfare.
industry's so-called
"Who is willing to assume responsibility for prohibiting consumer credit encouragement to buy on time, together with the
payand insignificant down
With the almost certain result of driving people to mortgage their homes. high-pressure selling methods of free trials.
forgets the real price it
draw down their savings, borrow on life insurance policies, and to the extent ments, whereupon the public is hypnotizei and
guide his own business
practice
that these will not supply the means to meet their requirements, have our is paying:the dealer lets false competitive
better
and the manufacturer substitutes for the money he has saved by
factories raiuce production with consequent idle labor?
methods greatly added costs for resale and sales promotion
"Consumption requires production, production requires work, work manufacturing
distributors.
demands wages, wages mean consumption, and so the circle of prosperity work among his
"Efficient manufacturing methods planned for the purpose of passing
Ii completed."
the consumer are practically discounted by the installment
to
on
the saving
Some of the other discussions were referred to as follows practices:"
"I am inclined to the opinion that we have reached the point in some
cases where the interests of some individuals do not run parallel to those of
society as a whole. The first and second phases of installment selling.
which I described, were doubtless beneficial, but the third—In which business men are crowding Into the Installment field because they fear the loss
of business in their particular line by sales being diverted Ito other lines—
Is bringing about an extension of the installment sales method into unsound
channels."
ot.
•
in the "Times:"
Selling in Behalf
John Maurice Clark. Professor of Economics at Columbia University. Survey by M. V. Ayres of Installment
as
said that while the dangers of instalment buying were obvious, such
of A. B. A.—Views of H. A. Wheeler and
in
the
overconfidence
overpersuading the customer to buy and stimulating
Alfred Reeves.
seller. it had its good effects.
1 Professor E. It. A. Seligman of the Department of Political Economy at
buying was discussed by Harry
installment
of
subject
The
estiwas
Columbia University said the instalment sales volume annually
V. Ayres, Chicago, economist
Milan
banker;
Wheeler,
A.
$40,000.some
of
total
mated at from $5.000.000.000 to 87,000,000,000 of a
and analyst, and Alfred Reeves, General Manager of the
000.000. He the!, said:
"Does Instalment selling increase production_ In the paint business it National Automobile Chamber of Commerce, before the
has been a failure. In the automobile business It has been a notable success.
which opened a twoInstalment selling has undoubtedly come to stay. It has given rise to many third national automotive conference,
abuses and to not a few dangers, but there is every likelihood that we shall day session at the Palmer House, Chicago, on Nov. 15
find repeated here the history of credit in general."
under the auspices of the National Association of Finance
Benjamin A. Javitz, mousel to a number of trade organizational, said
instalment buying was here to stay, and advocated an instalment Council Companies. From the Chicago "Journal of Commerce"
of America to "undertake to study and advise with all those interested in it is learned that they defended the installment selling movethe practice of instalment sales."
Ayers' observations that paper
ment; with reference to Mr.
says:
Senator Couzens -Assails Installment Buying—Says It
Mr. Ayers recently conducted an exhaustive survey of installment selling
Is Doing More Harm to the Country than any Other
for the American Bankers' Association. This report was presented to the
bankers at their annual convention, following which the association's
One Cause.
policy commission approved installment selling. The report, however, was
Of the many factors contributing to the high cost of living, not
madll
made public at that time.
Senator Couzens of Michigan believes that one of the greatest
Three Facts Established.
is the spread of the "buy it on the installment plan" idea.
This report, as presented to the finance men yesterday, establishes these
The "Wall Street Journal" Washington Bureau, in stating outstanding facts:
the
That installment business has not increased to any marked extent In
this, Nov. 16, quotes him as making the following declara- last
two years and that It has now become stabilized.
tions to Dow, Jones & Co.:
That annual sales of goods. exclusive of real estate stocks and bonds on
"Everyone knows that this system cannot be suddenly withdrawn with- the installment plan in this country amounts to $8.179.090.000. That of
out doing damage to Industry, and no rational person wants to condemn all this amount the average outstanding debt Is $2,638,000,015) or 42.7% of
l
installment sales. The purchase of homes, well selected real-estate or the total of Installment sales. Outstanding. vary only slightly from month
sound securities, or any other commodity that appreciates In value, is sound. to month.
But to buy things that wear out, or rapidly depreciate in value, on the same
That the preponderance of installment sales is of automobiles.
basis as you would buy a home is economically unsound. Widely extended
That the total increase In Installment buying between 1923 and
and
dcflation
loss."
means
ultimately
and
that
inflation
credits mean
was only 8% while savings deposits Increased 17%.
From data compiled by the Federal Trade Commission, Senator Couzens
That the total installment debt is only a very slight percentage of the
figures out that the additional cost under the installment plan 0( 50 article national income, estimated at $70.000,000,009 and that no material
such as furniture. automobiles, clothing, radios, electric equipments, Is amount of installment payments will be defaulted in "hard times."
from 15% to 30% above the price at cash.
Reduces Bills Payable.
"The difference." he said, "appears under the names of service charges,
Recounting the experience of thousands of leading merchants with the
financial charges, commissions. &c.
plan in clothing. Mr. Ayers showed that the plan has reduced
"This wide-spread installment buying stultifies initiative, ambition and ten-payment
more harm c„ the amount of bills payable on the nierchant-s' books from 25% under the
energy to an extent yet unrealized and, 1 believe. Is doing
muse. The argument old charge account system to 8% under the new method.
the development of our country than any other one
Discussing automobiles Mr. Ayers' redort shows that the total cash value
each month's wages, rather
that it Is better to pay out of each week's or
cars sold In the United States annually Is $3.448.000.000, of which
than_to use savings or 'nest eggs,' is a fallacious one which must appear of an
2608
THE CHRONICLE
$2,642,000,000 worth are sold on the installment
plan. By the addition of
carrying charges the latter figure becomes $2,819,0
00,000. Of this amount
$881,000,000 is the cash payment, leaving $1,938,0
00,000 as the deferred
payment. But nothing like the total of this is
outstanding at any one time
as payments are made each month,so $1,049,0
00,000, or 54% of the annual
automobile installment paper is outstanding
at one time.
Mr. Ayers presented similar figures for eighteen
other commodities bought
on the installment plan and compared the increase
s in production of the
articles in the last two years. The increases ranged
from zero in the case
of automobiles and pianos to 450% in mechanic
al refrigerators and 215%
In radio sets.
"But all of the substantial increases," the report
points out, "with the
one exception of furniture, are in the very small
items with the result that
the total increase for the two years amounts
to only 8%."
[vol. 123
gold dollar, the stability of the value of gold
money throughout the world, and the stability of world busines
s and industry." His address, delivered at the annual dinner
of the
Bankers and Bank Clerks' Mutual Benefi
t Association at
Pittsburgh, follows in part:
The President of a very successful business
recently told me, with great
earnestness, that the future great benefacto
rs of mankind would be not
the preachers, nor the teachers, nor even the physician
s, but the big business men.
I have come to believe that there is much
truth in this idea, although
I was brought up on the hard-boiled doctrine
that buiness and philanthropy
could never be mixed.
Business is to-day realizing, as never before,
that it has responibilities to
Sees Sales Stabilized.
the public. In particular, the banker is realizing
that his function is not
On this figure Mr. Ayers based his declarat
ion that installment sales merely to strive for private profit, but to render, as
have become stabilized.
For several generations the Bank of England, well, a public service.
though nominally a priConcerning the relation of installment
business to saving and insurance vate bank, has been increasingly regarded by the
the report continued: "In 1912 there were
public and by itself as
$3,400,000,000 in savings in existing for the good of English business in general.
all types of banks. In 1925 this had been
In a special sense, all
increased to $28,400.000,000. In large banks and all central banks are public
service institutions. Our own
the five years from 1920 to 1925 deposits and
Federal Reserve System is no exception.
building
and
loan
assets
In
fact, it seems as if it were
together grew from 617,820,000,000 to $28,600,
000.000, an increase of 60% destined to become, if indeed it has not already
become, the greatest public
Surely there is nothing here to indicate that
installment sales are preventing service organization in the world.
savings.
Among other important public services it is
performing for the world the
"From 1913 to 1925 the amount of new life
insurance written annually invaluable service of stabilizing the value of
increased from $2,356.000,000 to $9,927,0
gold. It is not generally
realized that on the policy and conduct
00.000."
of the Federal Reserve System,
The national income of the United States is
and
around $70,000,000,000. the thousands et banks associated with it, now
largely
Mr. Ayers concluded, of which approximately
depend the stability
$6,179,000,000 is spent for of the American gold dollar, the stability of
the
merchandise on the installment plan.
value
of
gold
money
Of this total about 92,638,000,000, throughout the world, and the stability of world
or less than 4% Is owed at any one time on short installm
business and industry.
In times past, the banker might pursue
ent paper, he said.
his private profit freely without
The same paper, in its account of the remarks
being troubled by any thought of the
effect of his transactions on the
of the chasing
purpower of the dollar, the price level,
other two speakers, said:
and general business conditions.
But, to-day, he cannot escape some
thought of such effects; for, to-day,
every
banking
transaction, as it affects the volume
Defense Comes as Surprise.
of credit in use, tends
to affect the value of gold, the
Mr. Wheeler's defense of installment selling and his declarat
general level of prices and general
ion that this conditions.
business
method of financing is one of the chief factors
in America's unprecedented
There are two special reasons for
prosperity, came as more or less of a surprise to the automobi
this changed situation. One of
le men, many is the growth in the
these
last century of bank credit;
of whom expected Mr. Wheeler, as an orthodox banker, to
the other is the recent
denounce the increase in our
gold reserve.
practice as contrary to the old established principles of conserva
tive thrift,
First as to bank credit: the contrast
In spite of the fact the economic policy commission of the America
between present and former condin Bank-. tions is startling
. Originally, of course, a gold
ers' Association recently went on record as favoring installm
dollar derived its worth
ent sales.
as
money from its worth if Melted into gold
Without installment selling, Mr. Wheeler declared, the United
bullion, available for use in
States jewelry, gilding or
would be a backward child in international relations and
dentistry. Every dollar of bank
if the old policy derive its value
credit was supposed to
from the fact that it was redeemable
of conservative thrift were followed without deviation, he
said, many of the
in gold.
In those days banking was too small
nation's leading industries would not exist, hundreds of
a factor to affect appreciably
public improve- value of
the
gold. Bank credit, that is deposits and
ments would never have been completed and thousands of
checks against them, was a
buildings would small tail
to the large bullion dog. That is, the
never have been built.
value
of the gold dollar,
or sovereign, was
Mr. Wheeler confessed that he was unable to draw a line
between the But to-day, the determined almost entirely by the use of gold in the arts.
salaried man seeking credit without resources other
tail is wagging the dog, because
than his income and big as the
the
tail
is several times as
dog. To-day, in Anglo-Saxon
the corporation with assets behind it. That responsibility,
countries, bank credit and currency
he said, rests perform from 80
to 90% of the money function
upon the finance companies themselves.
in
our
commercial system,
and this money function is
incomparably more important than
the goldsmith's market.
Cites Business Boom.
To-d
ay, therefore, it is the volume
Citing the attacks that have been made on installment
of credit in use that determin
selling. Mr. value
es the
of gold bullion rather than vice
Wheeler said that wages are at the highest point in history,
versa.
unemployment
We turn now to the other and more
at a low ebb, savings accounts top all records and industry
recent factor, our present overgrown
is forging ahead gold reserve.
During the last few years the
at an unprecedented rate. Could any of these conditions,
gold reserve of our Federal
or any one of Reserve
them, prevail if the ciriticism of installment selling,
System has been about double the
which is old by now, is
law or of prudent banking. Thus the dangerminimum requirements of the
justified? he asked.
of the reserve approaching or
falling below these minimum requirements
"It depends on you gentlemen," Mr. Wheeler said,
has not
"whether this great scarcely
even been considered by, the Federal Reserve hampered, and has
system of financing becomes a blessing or a curse."
He said that it was ing of
banks in their grantcredit on rediscounts or in their sales or
impossible to conceive of any great and sudden shrinkag
purchases of Government
e of income, "be- securitie
s and commercial acceptances in the open
cause employers are always anxious to hold their organiza
market. The old guide
tions together."
of banking policy, the gold reserve ratio, is gone--for
The greatest danger confronting financing compani
the present, at least.
es, he held, is not if
the Federal Reserve banks now chose to follow the
inability of purchasers to pay but lies in the system
old rule of conduct
which builds up plants
and policy they would extend credit enough to take up
capable of producing an enormous volume and
the slack and so to
capable of sustaining a
reduce the reserve ratio to near 40%. But if they
huge loss when demand falls off.
did this they would
inflate prices to double the present level, and we
"Take away installment selling and you disrupt business
would have a repetition
,"
he
said.
of the disastrous joy ride of 1919 and 1920.
"The danger confronts the manufacturers not the
finance companies."
Rather than permit such a runaway inflation, the
Federal Reserve Sys.
Aids Mass Production.
tern felt compelled to ignore the reserve ratio as a
guide, and virtually to
Installment selling, Mr. Wheeler told the finance
substitut
e a new criterion, that of stability—"to
men, is directly reaccommo
date business."
sponsible for the growth of mass production. Banks
ordinarily could not Under this new policy the Federal Reserve System considers what is going
have accomplished the same result, he admitted.
to be the effect upon business conditions rather
than upon the reserve ratio
"You have loosed a power for great good or great
evil," he concluded. of (1) its open market purchases and sales; (2) the changing of its
redis"Properly restrained, that power means prosperi
ty; unrestrained, it is count rate; (3) of its practice as to putting gold certificates into
perfectly sure
circula-to bring disaster."
tion in place of Federal Reserve notes or vice
versa,
and
(4)
of
its
advice
and moral influence. The Reserve banks
Mr. Reeves declared that consumer credit "has aided in maintain
have foregone the profit
ing our
national prosperity and that the record business done
might have made by encouraging rediscounts
they
this year by the
and by buying securitie
automobile industry has been cited by economists as an
s and
acceptan
ces
to
the
limit;
they have in effect kept
aid to many branches
one-half
of their gold
idle; and all this in an effort to prevent
of trade, causing the purchase of raw materials and providing
undue inflation or deflation
employment
, and
so to stabilize general business conditions for
for thousands of workers."
you and for me and all
In my opinion this intelligent and
of us.
public-spirited policy and the
Plans Permit Volume-Trading.
surprising
success with which it has been carried
out are largely the cause
This volume of business, he added, would not have been possible
of our
to the present prosperity, our large production and consumption, our
same degree without the means of financing purchases. "It is
small degree
sound eco- of unemployment. For four years we have had a roughly
stabilize
nomics to provide credit facilities for the consumer as for
d
dollar.
This stabilization work of the Federal
the producer,"
Reserve System has only
Mr. Reeves continued. .Any form of financing is necessarily of
just
value or begun. It is not yet fully self-conscious; the technique is
not yet perfect,
otherwise, according -to the soundness of the way it is handled.
although the recent testimony of Governor
Strong
of
the
New
York Federal
"With time payments sales limited to one year, with a third down,
and Reserve Bank, before the Committee on Currency and Banking of
careful inspection of the risk, the transaction usually is amply
the House
of Representatives on the Stabilization
protected."
Bill of Congressman
Mr. Reeves estimated the production of motor cars for this year at
Strong, has
put the matter very clearly. It is not yet
4,500,understood by the rank and file
000, a new record. Without installment selling, Mr. Reeves said,
of
bankers,
much
less
by the business men whose
this
interests are being served.
figure would have been cut 25%•
And the reason for this is that the
banker, or even the business
"There is the fear that a big depression in business would hurt install- who is even more largely affected does
man
not understand that
our dollar, even
ment selling," Mr. Reeves added, "but depressions nowadays do not
come our gold dollar, is not stable in purchasing power, that
it
is
fast because of statistics available and moreover the average note outstand
not
a
factory
satisstandard
or measure of value, and that from
the fluctuations in its
ing in the automobile field, at least, is comparatively small, not exceedin
g purchasing power great evils flow.
$260 on new cars."
Professor Irving Fisher on Stabilization Through
Federal Reserve System.
"The Interest of Bankers and Business Men in Stable
Money" was the topic of an address delivered on Nov.
15 by
Irving Fisher, Professor of Economics, Yale Univers
ity.
Professor Fisher, among other things, stated that "It is not
generally realized that on the policy and conduct of the Federal Reserve System, and the thousands of banks associated
with it, now largely depend the stability of the American
Nominations for Directors of New
York Federal Reserve
Bank,
The Federal Reserve Bank of New
York announces the
following nominations received from
member banks in Group
2 in the Second (New York)
District for directors of the
New York Bank: Nominees for Class A
director, Robert H.
Treman of Ithaca, N. Y.; Charles
Van Winkle, of Rutherord, N. J.; for Class B director, Theodo
re F. Whitmarsh of
New York City, and Frank D. Clearm
an of Belleville, N.J.
The notice of the Bank says:
Nov. 20 19261
THE CHRONICLE
• The banks of Group 2. that is, those having capital and surplus
not
exceeding $1,999,000 and not below $201,000, will be the
only ones which
will vote at this election. On or about Dec. 4, announcement of the result
will be made to all member banks.
2609
Out of a meeting between Senator Simmons, of the Senate
Finance Committee, and Representative John Garner, of the HOUS8
Ways and Means
Committee, came a concrete proposal for a permane
nt tax reduction •of
$325,000,000 which may be increased to $400.000
,000. It would curtail
the corporation income tax from 13% to
11% or even less, would wipe out
the excise taxes, and perhaps slightly modify the tobacco
tax and lower
the surtax on incomes between $30,000 and
$90,000.
Both Simmons and Garner have steadfast insisted
ly
the Treasury surplus
will run more than $100,000,000 above
any figure Treasury experts have
named,and that no plan such as suggested by
President Coolidge for returning taxes would be accepted. Permanent revision is the demand of the
minority leaders.
Pronouncement of the Democratic agreement
to-day had no visible effect
at the Treasury except to bring a reiteration that
no permanent tax revision
would be sanctioned by it at this time. Secretary
Mellon has insisted that
there is not sufficient certainty as to tax returns
next year to warrant
adoption of a permanent policy.
The Treasury estimates that the main features
of the Garner-Simmons
plan would cost the Government $350,000,000 in
revenue annually. Even
should there be a surplus of $400,000,000 this year, which
Under-Secretary
Winston would not admit, it was argued that only
the comparatively small
margin of $50,000,000 would be left. Basing his
argument on the estimate
that a surplus of only $200,000,000 was in sight for the
next fiscal year, Mr.
Winston insisted the Democratic plan would leave a
deficit of $150,000.000.
State Banking Officials Discuss McFadden Bill with
Author of Bill.
According to the New York "Journal of Commer
ce,"
Washington advices, Nov. 12, representatives of the
Association of State Bank Superintendents conferred with Senator
Pepper, Representative Louis T. McFadden and others
on
matters having to do with the McFadden Nation
al Bank
bill. The meeting, it is said, was an executive one, but
it
was understood that they discussed Regulation "H"
of the
Federal Reserve Board, which was the subject
of considerable agitation in the House of Representatives
during the
dependency of the McFadden bill. The delgeat
ion included
Superintendent Warder of New York,
Superintendent
Cameron of Pennsylvania and Secretary Sims
The New York "Times" account from Washington on
of thesuperintendents' organization, from New Orleans.
The account Nov. 18 stated that if Treasury surplus would permit, all
continues:
so-called nuisance taxes and the automobile taxes would be
It is plainly indicated here that if the McFadde
n bill is to become a law a repealed.
It further said:
mstion will have to be made in the House
and adopted by
that body to
recede from its objections to the Senate amendme
nts and to concur therein.
It is pointed out that to endeavor to revamp the measure
under a compromise
agreement will be very unsatisfactory, and more or less
of a hedge podge
of legislation will result. '
United States Chamber of Commerce
Passage of McFadden Branch BankinRecommends
g Bill—
Reduction of Taxes also Urged.
The United States Chamber of Commer
ce has recomm3nded to President Coolidge the passage
of the McFadden
National Bank bill, reduction of individ
ual and corporate
income taxes, repeal of excise and estate
taxes and agricultural relief. Other recommendations, the
facts thereof
which were presented to the President by
John J. O'Leary,
President of the Chamber, include: Radio
control, ratification of the Turkish-American treaties,
rail consolidation and
the opening of the parcel post mails of
the United States
to the transmission of cigars in small lots
from Cuba.
The National Chamber is particularly
interested in the
early enactment of the McFadden
bill, Mr. Coolidge was
informed. The Washington
correspondent of the New
York "Journal of Commerce" in
reporting this Nov. 15,
added:
•
The Federal Reserve System has
become such an integral part of the
business structure of the country that
no question as to its continuance
should be allowed to arise, it was
explained. Extension of the charters
should not be made dependent on
the adoption of other modifications of
the Federal Reserve Act, nor should
it be permitted to fail at the coming
session of Congress because of disagree
ment over other sections of the
bill, the Chamber declared. It holds
also that it would be unfortunate
if controversy over the branch banking
provision
s should jeopardize the
passage of this legislation, which it considers
the most important measure
iipw before Congress.
"On behalf of American business
we should like to point out certain
inequalities still existing in the tax law
which it is our hope will be eliminated
when it is next possible to make a
ment presented to Mr. Coolidge revision of our tax program," the statesays.
"While the individual taxpayer has
received most substantial reductions
in his taxes the corporation has not
rather had its tax increased from received any tax reduction, but has
12%% to 13%%. In operation the
present corporate income tax is
diametrically opposed to the theory upon
which our individual income tax
is constructed. This results in wholly
unmerited prejudice and
inequality, not only for small share holders
but
also for the great number of small
corporations which characterize
American business.
Repeal of Excise Taxes.
"Great strides were made in the
elimination of excise taxes and taxes
on particular businesses which were imposed
for the great war. We firmly believe that as a means for raising revenue
such taxes ought to be repealed
as soon as the state of the Treasury allows.
When the Federal Government
Imposed the Federal estate tax it entered
into a field which should be
left to the States. This again was a wartime
"The final removal of the debt problem measure.
from the field of debate and
uncertainty by ratification of the
French agreement will do much to restore
that confidence on which international
credit and .world commerce are
based. We believe that the continua
nce of the present era of prosperit
y
will be better assured by the final settleme
nt of those debts."
The Chamber advocates application to the
agricultu
ral
problems
of
the
principles which have distinguished America
n enterprise In other directions.
It states that there is an increasing tendency to look
upon agriculturals'
varied and complex problems en masse to seek
some legislative process
through which the general average of farm
purchasing power may be
lifted to a higher level. The problems of the cotton
belt which have contributed to the price fall in that commodity. it
finds, are separate and
distinct from the problems of the range country,
the corn belt and the
Northwest. No single piece of legislation can solve them,
it was added.
Democrats of Senate and House Agree on
Tax Cuts.
The ranking Democratic members of the Senate and House
committees which shape tax bills agreed on Nov.
18 on a
basic plan of action as to tax reductions, according to the
Associated Press which, in outlining their proposals, said:
An agreement was reached further to consider suggestions
by Senator
Simmons for a cut in the middle income surtax brackets
—those between
$38,000 and $88,000—and also the propriety of repealing leaf tobacco
taxes.
The understanding with regard to the surtax and tobacco
taxes did not
bring those items into the program agreed upon beyond the
question of
considering them.
Last night (Nov. 19) Associatd Press dispatches from
Washington had the following to say:
President Coolidge is opposed to the Democratic proposal for repeal
of
the automobile tax.
It was explained at the White House to-day that since Congress appropri
,
ates about $90,000,000 a year for roads, the Presiden thinks
t
it only fair a
tax be paid to the national Government by automobile
users. He feels
that in the future, however, if Treasury condition warrant,
a cut might be
made in this tax.
Last week (pages 2477 to 2480) we gave extended reference
to the tax relief proposals of President Coolidge, Secretary
Mellon and others. In its issue of Nov. 16 the United States
"Daily" referred as follows to a further expression of view by
Secretary Mellon:
Secretary Mellon said orally Nov. 15 that the Treasury
may be able
to stand a rebate to taxpayers amounting to 15%
from the receipts of
the current fiscal year instead of the rebate of 10 or
12%% proposed by
President Coolidge. Mr. Mellon explained that the Treasury
was not
yet ready to say definitely that it would be able to return
15%, but he
said present indications pointed to such a figure.
'If the Treasury is in a position to give back 15% of the
receipts in the
March and June tax payments of 1927, it will mean that
a sum in excess
of $300,000,000 will have bee naccumulated as surplus
during the fiscal
year ending June 30 next.
Mr. Me,lon regretted that much "confusion and turmoil"
has resulted
from the proposal to extend a credit to the taxpayers,
a proposal which
he held to be "perfectly simple and without any grounds
for confusion."
Further accounts of the President's stand have also
figured in the newspapers this week, the New York "Times
"
in its advices from its Washington correspondent
Nov. 17
saying in part:
Another chapter was added to the proposed
tax reduction program
to-day when an explanation made at the White
House in behalf of President
Coolidge, showed that the President was now
in accord with Secretary
Mellon s view that the Treasury surplus should be
utilized in giving income
tax payers a credit on 1926 taxes paid in
1927. The President's original
idea was that there should be a rebate or refund
on
1925 taxes paid in 1926.
His new proposal, which is essentially the same
as that of Secretary Mellon,
would permit taxpayers to deduct the amount
of credit given from their
first two installments of tax payment
s—on March 15 and June 15 1927.
It became known to-day that Treasury
officials see the likelihood that
by the end of this fiscal year, that is,
on June 30 1297,the Treasury surplus
will amount to $400,00).000. Some officials
surmise that the surplus
may reach $400,000,000 by that time.
Th,s surprising intelligence contrasts strongly with
the recent expression of
belief on the part of those officially concerne
d that the surplus might reach
$300,000,000. Only a short time ago it was estimated that the surplus
would be about $200,000,000.
Surplus Estimates Mount.
At the time President Coolidge made his first suggesti of
on a tax refund—
Nov. 5, three days after the election—he was figuring on a possible
refund
of 10 or 12% of taxes paid in 1926, with that refund based
on an estimated
surplus of $250.00 `,000. In the brief period since then there
have been intimat,ons that $50,000,000 might be added to this sum, and
to-day the
estimate goes to $400,000,000, or even $450,000, 00.
In making known to-day his view ofthe situation, President Coolidge
indicated that the question was becontling involved in a confusion terms,
of
and'
it was ment oned that rebates,refunds and credits were the terms
which were
causing the confusion. It was explained that the main point to
keep in
mind was that the Administration was aiming at a reduction of taxes
that
would apply on the first two tax payments installments of
1927. The
President's idea,as explained authoritatively, was that the surplus should
be
absorbed in a temporary refund of taxes through credits on mcome
tax
bills. The President, it was said, had no intention in his original
statemen
t
of undertaking to propose any different plan. To this was
added that as
revenue legislation must originate in the House of Representatives,
it
is
for
the House to determine the form any tax reduction leg.siati
on shall take.
The matter will be handled by the Committee on Ways and
Means. The
President took the position that when the committee has
informat
ion as to
the amount of the surp us, it will be able to determine
the form of tax reduction legislationland how the reduction shall be applied.
2610
THE CHRONICLE
(VOL. 123.
efficient service In territory now served by profitable lines, without deAmerican Mining Congress to Seek Nation's Viewpoint tracting from this service by the added burden.
Ownerent
Week,
Governm
With this situation in mind, do you favor voluntary, consolidation, com. on Taxation, Five-Day
pulsory conolidation, or the present individual freedom of action?
ship and Railroad Consolidation Through
Questionnaire.
. The nation's viewpoint on five leading public questions is Recommendations for Stabilization of Metal Market
to be secured by the American Mining Congress. Through
Proposed in Response to Questionnaire of American
Mining Congress.
'a questionnaire it will gauge publ.c sentiment on the following propositions which it regards as outstanding current
Stabilization of the metal market at a price that can be
Issues: Taxation, public lands, Government ownership, the maintained over a period of years is among suggestions
five-day week, and railroad consolidation. A selected group advanced to the Amerioan Mining Congress in response to
of 500 leaders in industry, professional men, editors, clergy- its recent questionnaire to the metal and coal mining industries
men, heads of transportation systems, economists, manufac- for data on improved mine practices. This idea has been
turers and other outstanding men and women in all sections advanced by a metal mining company. Other recommendaof the country are being asked to express their views on tions in reply to its query "In what field of metal mining and
these national problems. "The purpose of this inquiry is to metallur y is there the greatest need of and opportunity for
secure a truly representative cross section of the thought of research and development r" are the following:
Establishment oi small smelt.:ra to handle 25 tons of ore per 24 hours.
leading Americans on these vital national problems affectStandards of preparation in the non-metalliay.
.
ing the public welfare," says the American Mining Congress
Treatment of complex ores, and refractory sulphide ores.
naIncreasing extractiens and recoveries from low grade ores.
"From the answers will be compiled a symposium of
country.
BenefIclatIon of low grade iron ore.
tional thought on the principal problems facing the
Re-working old operations abandoned heretofore for lack at that time
these
A system of key numbers is being used In securing
of the present knowledge of recovery operations.
anbe
will
Scientific prospecting.
views and the opinions expressed by the writers
their identity."
nounced in summary form without revealing
are:
Conference Called by National Association of Real
Among questions to be covered by the survey
and made satissimplified
be
system
tax
Estate Boards to Draft Modifications of Federal
income
Federal
Bow may the
Revenue Act.
factory from an administrative standpoint? securities be slowed down?
In what way can the issuance of tax-free
and beat taxes be curbed?
A conference to formulate requests of real estate boards
In what way can the increase in State
ownership
pass to private
for modification of the Federal Revenue
Should the 400,000,000 acres of public land
under the Federal Government? over the country
and be made taxable, or should they remain
encroachment of the Act of 1926 was held In Chicago beginning Nov. 11. The
further
What action should be taken to prevent
meeting was called by the National Association of Real
Government in business?
efficiency of industry and labor
Will the five-day week maintain the
Boards through its Committee on Federal LegislaEstate
and
costs
production
unit
and lower production costs? Or, will it increase
. It was announced that the whole matadd to the consumer's burden?or compulsory consolidation of railroads, or tion and Taxation
Should there be voluntary
ter of the present income tax situation in regard to real
Individual freedom of operation?
estate sales would be gone into and a study made of the
The questionnaire follows:
sufficient
yielded
have
laws
recommendations which have been made to the committee
revenue
Federal
our
Taxation.—Although
a substan- at its request by member boards of the association throughaddition
in
and
,
Government
the
of
needs
the
meet
revenue to
reduce the national debt, the
tial annual surplus which has been applied to have been enormous. The out the country, this to be followed by the drawing up of
administrative difficulties of the income tax
behind in the work of suggested changes held necessary to remove injustices,
Bureau of internal Revenue Is still many years
and corporation; the Board inequalities or uncertainties resulting from the present
auditing the large returns of both individuals
behind with Its work, with the
of Tax Appeals is already nearly two yearsand thus far Congress has been statute and the Treasury Department regulations which
number of appeals increasing constantly;prompts the question: What, in
have been issued under it. Changes to be considered are
unable to remedy the situation. This
income tax ystem and how held not only to involve millions of dollars In tax returns,
your opinion, .s the matter with our Federal
standive
administrat
may it be simplified and made satifactory from an
but to be of serious importance In real estate selling In vapoint?
of all the area west of a rious sections of the country, and to have an important
Public Land Situation,—More than one-half
border of Colorado is still
ement -of home ownership through
north-and-south line drawn through the eastern
fourths of the area of the State bearing upon the encourag
In Federal ownership. In Utah, three-Arizona
and Idaho 67%; Nevada, vitally affecting long-time payment sales of residence lots
belongs to the Federal Government; in portion of
areas must police
homes. The committee plans to present to the Joint
87%; New Mexico, 43%. The taxable and incurthese
other expenditures on and
the whole State, build and maintain roadsown.
e of Congress on Internal Revenue Taxation seine
Committe
account of the domain which they do not Union, the enabling Act granted
request for niod.fications in the ReveWhen these States were admitted to the States." Yet there remain 184,- time in December a
them "an equal footing with the original ted public lands, 180,000,000 nue Act in accordance with the findings of the conference.
000,000 acres of unreserved and unappropria
acres granted In addition to changes which may be asked In the Revenue
acres in sequestered parks and reservations, and 45,000,000
a high royalty basis, Act, the conference will consider any other requests which
under the General Leasing Act. This Act has in effect
upon Eastern
which acts as a tax upon the Western States not assessed
then existing di- the association and its member boards may make at the
States having similar resources. In 1836 the 26 States
public lands, and called it a coming session of Congress.
vided up $28,000,000 derived from the sale ofrepaid,
either in principal or
Not a dollar of this has ever been
90,111."
Robert Jenilson, of Birmingham, Ala., President of the
charged
interest, and it stand on the books of the United States Treasury
on, C. C. Hieatt, of Louisville, President-elect,
associati
fund."
e
"unavailabl
against the several States as
able and other officers of the association planned to meet with
better
is
Congress
that
maintain
ituation
present
the
of
Proponents
the Legislatures of the several States.
consider the formulation of a national' legisto administer these vast areas than400,000,00
00 acres should pass to private the committee to
Is it your judgment that these
in regard to real estate matters. Real
the
under
program
ever
remain
should
it
lative
that
or
taxable,
ownership and be made
boards of communities where the Federal tax problem
estate
Federal Government as a perpetual landlord?
much
been
has
years there
Government Ownership.—During the past two
into private Industry. This is Is a serious one, due to the large interests Involved, have
discussion of the invasion of Government
ramifications lead from been invited to send representatives to the conference.
Its
.
illustrations
of
exemplified by a wide range
and lighting systems, into StateZander, of Chicago, Chairman of the Committee on
municipally-operated street railway
n of public works by day labor instead Henry
operated insurance, and constructio
Legislation and Taxation, presided. The associathe
and
parties,
outside
for
Federal
service by navy yards
of contract, construction paints
and many other articles in competition with tion in its announcement Nov. 6 said:
manufacture of clothing,
private enterprise.
The present law especially in reference to installment sales of real
or there will be no Government. If
to so-called syndicates for the financing of real
Taxes must be levied and collected
Government would be no less, property and in reference
of
cost
the
wned,
o
publicly
were
ts hr in its wording so maladjusted to the actual condidevelopmen
all utilities
estate
to
have
would
Government
of
expenses
while taxes necessary to defray the
tions in regard to the time when profits accrue as to be In effect a serious
real estate selling, particularly upon the
be raised through other sources.
tax-exempt securities is in- handicap upon certain types of has
by
represented
s
indebtednes
pointed out.
State and local
While Federal taxes are being selling of homes, the associationsales already
annually.
dollars
billion
yne
of personal property effected on the
creasing over
For example, In reporting
Increased. The enormous annual
being
are
taxes
load
and
is
to
only such portion of the
return
required
taxpayer
State
the
plan
reduced,
fund charges is not and cannot be offset Installment
reIncrease of interest and sinking public
profit as is in due ratio to the amount of the purchase price actually the
.
expenditure
of
on
by economies in other items
slow up the issuance of ceived by him during the year. In installment sales of real estate,
to
t
youesugges
the
would
of
measures
25%
taxpayer receives during the year more than
What rneaure or
increase In State and local taxes be other hand, it the
tax-free securities, and how may the to prevent further encroachments of purchase price, he must pay taxes not on the portion of the anticipated
received in that year, but on the whole amount of
actually
he
curbed? What action should be taken
whiel
profit
and
the Government in business?
suggested by Mr. Ford the anticipatea proft, even though later payments may be defaulted
recently
week
five-day
rather than
loss
net
a
as
may
whole
a
of
fact,
matter
as
The Pine-Puy Week.—The
transaction
the
of
ManufacAssociation
has been endorsed by labor leaders. The National
profit.
their opposition.
turers and many employer groups have indicated
maintained and production costs
_ Do you believe that efficiency would be toward increase in unit produc- Senator Reed of Missouri Refers to Tax Proposals of
lowered by its adoption? (Jr would it tend of the consumer?
President Coolidge as Joke—Says Taxpayers Paid
tion cost, thus adding to the general burden
consolidation is that the
Railroad Gonaolidatiou.—The theory of railroadtheir prosperity lied carry
$250,000,000 More Than Was Justified.
strong and highly profitable lines should share
consultation
e
unprofitabl
Senator James A. Reed, in St. Louis for a
the burden-, of the weaker and
of the interests of
10,expressed,
The probleni of consolidation Iles In the safeguardingthe
Nov.
on
ee
ic
State
Committ
Democrat
the
of
e
with
maintenanc
the Investor in already profitable lines, and also In
Nov. 20 19261
THE CHRONICLE
to a "Post-Dispatch" reporter, his views on the lately announced plan of President Coolidge for a refund to income
taxpayers. From that paper we take as follows what
Senator Reed had to say:
2611
grain exchanges have endeavored to have it made on quantities, but failed.
It was re-enacted in 1916 and 1917 and reduced to 1 cent on every $100
valuation in 1924. Several efforts have been made by the officials of grain
exchanges to have the tax removed, but without success. With the grain
markets in an unsatisfactory condition, the tax is regarded as burdensome
on traders and is said to be causing many to reduce their operations.
It has been estimated by Board of Trade officials that this tax paid by
its members has ranged from $2,000,000 to $3,000,000 in years when values
were high. The tax amounted to $1 on every 5,000 bushels when wheat
was $2 a bushel. At present low prices it is estimated that the total tax
paid by the local grain trade is about $1,500,000 a year.
One of the greatest jokes of the season is the propaganda that Mr.
Coolidge Is going to reduce taxes, and that he is about to make a present
to income taxpayers of 10 to 12% of their 1926 payments, as money which
he has saved for them.
The facts are that on the insistence of Mr. Mellon, backed by the President. Congress was literally dragooned into making a levy much greater
than was justifiable.
$250.000.000 Too Much.
United States Senate Sitting as Court of Impeachment
Under that levy, the taxpayers were compelled to pay to the
Federal
in Trial of Judge George W. English Adjourns
Government an amount which it is now admitted, was 6250,000,000
more
than they should have been compelled to pay. It is now proposed,
Until Dec. 13 Following His Resignation.
as
a special act of grace, that this money, which was unnecessarily and wrongMeeting in special session on Nov. 10 as a court of Imfully extorted from the American People, shall be returned; and
the proposal
Is so made as to give the impression that we owe this great benefaction
to peachment, the Senate received official notification of the
Mr. Coolidge and his eminent Secretary of the Treasury.
resignation on Nov. 4 of George W. English as Federal Judge
Instead of commendation for the return of the money there
ought to be for Eastern
nothing but disgust with an administration that took
Illinois, and then adjourned until Dec. 13. The
from the taxpayers
$250.000,000 that the Government did not need.
Associated Press advices from Washington on Nov. 10, reAll the talk about the wonderful economies being practiced
by the Coolidge ferring to the adjournment, said:
Administration is simply so much bunk. In the inspired articles
sent out
This procedure was to give the House time to act upon a recommends,.
from Washington it has been stated that these mythical savings
were the
tion to be made by its prosecutors that the proceedings against English,
result of the budget system. Two facts which are indisputable,
however, charging usurpation
of power and other "high misdemeanors," be disconstand out.
tinued in view of the resignation.
Says Budget Proved Costly.
The session of the Senate as a court lasted Just eight minutes.
First. that Congress actually appropriated less money in
the aggreVice-President newer presided and 53 Senators were in their seats, with
gate that was recommended by the Budget Commission. The
inevitable galleries half filled. A large number of the House members were
conclusion is that if the budget system had never existed,
grouped
and Congress around the Senate Chamber.
had been allowed to follow its own judgment, less would have
been approRepresentative Michener of the House prosecutors announced they would
priated than the budget management recommended.
recommend to the House that the impeachment proceedings, begun more
Second. the Senate, by numerous amendmeats reduced
the tax burdens than a year ago, be "discontinued."
which were recommended by Mr. Mellon and backed up
by Mr. Coolidge.
On motion of Senator Curtiss of Kansas, the Republican leader, the SenThis proceeded to such an exteat that objectors declared there
would be ate approved a resolution directing the Sergeant-at-Arms to notify
all w16.•
an actual deficit created in the Treasury. Nevertheless, against
strenuous nesses that they need not appear at this time. _
opposition, large reductions were made, and having been
made, the taxes
were still kept so high, because of the insisteace of the
Secretary of the
Reference to the charges aga'nst Judge English and the
Treasury, that the surplus of $250.000,000 has been created.
Another amusing incident Is that the "spokesman for the White
House," adoption by the Senate on May 5 of an order fixing Nov. 10
Who is the President himself, gave out a statement that
these taxes were as the date for the trial, was made in our issue of May 85
to be rebated or else credited on the taxes of next year
to persons paying page 2596.
The resignation of Judge English was tendered
taxes. But at this point. the Manufacturers' Association
and various
other associations of corporations, raised the cry that they
did not want to President Coolidge In the following letter:
the Money distributed to the taxpayers, but held in the
Treasury so that
the corporation tax could be greatly reduced next year.
U. S. DISTRICT COURT, EASTERN DISTRICT OF ILLINOIS,
Chamber of Judge George W. English, East St. Louis.
v.
Says Corporations Want Money.
East St. Louis, Ill., Nov. 4 1926.
That is, the 5250,000,000 having been wrongfully
To
Excellency,
His
the President of the United States:
extorted from the
people, the corporations want that money to be employed
I
tender
hereby
my
resignation
Judge
as
of the District Court of the
to reduce their
taxes next year. This demand of the organized
corporations and the United States for the Eastern District of Illinois to take effect at once.
organized lobby has produced a statement from
In tendering this resignation I think it is due you and the public that
the White House. through
the "spokesman for the President," that is,
the President himself. that 1 state my reasons for this action.
he is about to engage in a great battle to reduce
While I am conscious of the fact that I have discharged my duties IM
taxes; that he doesn't
Just know how they ought to be re limed, or
whether there should be a District Judge to the best of my ability, and while I an, satisfied that I
rebate to the people who paid the money. Nevertheless,
he is fighting have the confidence of the law-abiding people of the district, yet I hare
an imaginary battle for the people and he calls on
all good people, regardless come to the conclusion on account of the impeachment proceedings instituted
of party, to back him in his valialit
against me, regardless of the final result thereof, that my usefulness as a
struggle.
The cold truth is that, when the corporations rose up to make this Judge has beer seriously Impaired.
demand, Mr. Coolidge's feet began to get cold. He does not know exactly
I therefore feel that it Is my patriotic duty to resign and let some one
What to do. except that his instincts as a politician teach him in any
event who is in no wise hampered be appointed to discharge the duties of tb6
to pose as the champion of the people. Ile wants to appear as an apostle. office.
leading the hosts of righteousness, when as a matter of fact there will not
Your obedient servant,
be the slightest difficulty with Congress, if the proposal put to Congress is
GEORGE W. ENGLISH.
to return the money to the people from whom it was actually taken. There
The President's acceptance of the resignation follows:
will be very great controversy if it is proposed to use money taken from all
THE WHITE HOUSE.
the citizens. for reducing taxes on corporations.
Of course, if the proposal is to employ the money to reduce the national
Washington, Nov. 4 1926.
debt, that is a different question, and one that has considerable merit. Hon. George W. English, U. S. Distrito Court, East St. Louis, III.
Sir: Your resignation as Judge of the District Court of the United State,
The sooner we cut clown our debt, the sooner
we will be in condition, if
for the Eastern District of Illinois, dated Nov. 4 1926, has been received,
there is ever another war in which
this country has to engage, to finance
and is hereby accepted to take effect at once.
ourselves. After all, unlimited credit is a very
large element in national
defense.
Very truly yours,
Incidentally. I might remark that Mr. Coolidge's generosity
CALVIN COOLIDGB,
is not confined to the American people, nor. Indeed, to the corporations. His
present
On Oct. 29 Representative Earl C. Michener (Rep.) of
program is to cancel 50% of the French
debt to us, while leaving our debt,
for the money that we loaned to France. to remain
Adrian, Mieh., ranking member of the House managers for
as a burden on the
American people.
the impeachment
trial of .Judge English, called a meeting
of the House managers, to he held in Washington on Nov. 4.
Grain Traders Ask President Coolidge to Drop Sales Tax.
On that date (Nov. 4) the following statement was issued
Relief from the 1-cent tax on each $100 involved In sales in
behalf of the Rouse managers by Representative Micheof grain futures Is to be asked from Congress at the coming ner:
session as the cut most favored by Chicago Board of Trade
The primary purpose of this impeachment proceedings is to remove from
brokers, according to the Chicago "Tribune" of Nov. 12, office an official whom the House of Representatives has determined to be
unfit to further perform the duties of the office. The managers on the
which says:
part
An open letter to President Coolidge from C. D. Berry, member of
the
Chicago Board, says so, urging the removal of that tax rather
than the
proposed 10 to 12% reduction in personal and corporate income taxes
for
1926, payable in 1927. Mr. Berry sent a copy of his letter to the Board
of Trade directors, who took it up at their meeting last Tuesday.
Letter is Semi-Official.
The directors sent a reply to Mr. Berry thanking him for presenting the
copy of his letter and for his efforts for relief. In the course of his letter
Mr. Berry said:
. "Before reducing taxer; on Incomes, would it not be advisable to relieve
the grain trade and the American farmer of the war stamp taxes? The
Canadian farmer, with whom we must compete, has already been relieved of
these taxes."
Secretary James J. Fones of the Chicago Board of Trade, in his letter to
Mr. Berry said:
"Your letter was presented to the board of directors at their meeting on
Nov. 9 with the information that you desired also to publish it as an open
letter in the press. The Board of Trade directors see no objection and
thank you for your courtesy and thoughtfulness in submitting it to them
for their approval."
Tax Started in 1914.
The stamp tax on sales on gain exchanges was enacted and became operative in 1914. It originally was 2 cents on every $100 valuation. The
of the House of Representatives are charged with the responsibility
of presenting the facts to the Senate. Judge English has tendered his resignation to the President and the resignation has been accepted; therefore,
he is no longer a United States District Judge and the primary purpose of
the impeachment proceedings has been accomplished.
In consideration of Judge English's resignation and its acceptance the
managers have determined to ask the Senate not to proceed with the impeachment trial on Nov. 10 A nd will request that the matter be continued
before the Senate until the regular session of the Congress which convenes
on the first SI,,nday in December. This request is made in order that the
House of Representatives may have the opportunity to instruct the managers
on the part of the House as to the desires of the House in the premises.
Annual Report of Trustees of City Club of New York—
Skyscrapers Condemned as Causing Congestion
and Swamping of Subways.
That New York's subway system should be fashioned in
the form of a cobweb, rather than carry on any farther
in
its present form of a wheel without a rim, is
recommended
by the trustees of the City Club ill their annual report
presented at the annual meeting of the club held on Nov. 15 In
.v
2612
[vol.. 123
THE CHRONICLE
the club house. Skyscrapers, which are condemned, are
described in the report as forming a thickly congested hub
of a great rapid transit wheel, in which subways are the
spokes that lead to the hub and thus encourage more skyscrapers, to make the present congesttion still worse. Although the City Club has not yet taken a position for or
against the plan of the new subway system now under construction, the mutual effect of more skyscrapers and more
spokes in the wheel, is pointedly set forth in the following
extract from the trustees' report:
Tr(plait.
Without repeating the thoughts that have been brought out in the last
there is general agreement that the
"Bulletin,"
club's
two issues of the
clumping of skyscrapers, so that they form a huge hub of day-time business and manufacturing in the centre of a city as large as New York,
provides us with a congestion that is already intolerable from the point of
view of comfort and decency. This congestion has already swamped
Manhattan's street system. It has already swamped the existing subways
that carry all the workers to and fro between their outlying homes and
their working places in the hub. The subways are like the spokes of a
wheel--all of them leading into the hub, and back again out of the hub.
There is little in the city's rapid transit layout in the way of cross strands
between spokes, by way of either outer or inner circumference. We are
still a wheel in design, where we should be a cobweb. The spider is well
known for its silence, efficiency and dispatch. It builds its rapid transit
system better than we human beings have done. The spider builds a web
with cross strands as well as spokes—and the spider gets there, comfortably
and easily. We build only spokes—thus far—and, sometimes we get there
comfortably and easily. Most often, however, we get there in the fashion
of chimpanzees, as we cling to the flying rings and make our gymnastic
way between working hub and outlying home. And yet chimpanzees are
better off than we are. They have room to spare as they go leaping
through the upper leafy reaches of the forests. But there is no room to
spare in the subways. The cracking of human wishbones is likely to become at any moment a staccato accompaniment to the roar of subway
trains.
And so we have a subway problem as well as a street problem of congestion—and each of them is well-nigh financially insoluble at the present
moment.
The club's Committee on Public Service is studying the subway problem
with especial reference to the financing, routing and operation of the new
and third subway system now under construction.
In part President DeBost, said:
Ladies and gentlemen and our distinguished guest, we are here to-night
to celebrate the 158th Annual Dinner of this ancient, honorable and necessary Chamber of Commerce of the State of New York.
I am reminded of the first dinner of this body, because it was so different
from this one. In 1769, at the erd of the first year, because the Chamber
had been so successful, it was decided to celebrate by a "Publick Dinner in
the Chamber." Our home was then in Faunces Tavern. By resolution
unanimously carried, the cost per head was fixed at five shillings, to be
defrayed by the absent members. This custom prevailed for some years.
although in 1772 some members protested but were defeated. I will not
spoil this fine evening by reciting the menu and especially the collaterals.
Each year my admiration for this organization increases and I appreciate
more its use, its influence and the great responsibility which we members
have in maintaining the high standards set by the men who organized it
and those who have guided it down to the present day.
Probably to-night is not a proper or opportune time for me to sound our
own praises and I will, therefore, not do so at length.
During the past two years I have had the opportunity to meet, I may
say, the majority of the active members and to study the faces of the
others. I, therefore, know that it would be impossible in any city, state or
country to gather together again such a representative, earnest, interested
body of men as that composing our membership. While we, as individuals,
all have political affiliations, the actions of this body are to the last degree.
non-partisan, and the Chamber has always continued to carry out the
policies adopted by its early members.
Aside from the work of this Chamber as a body, I know of no more
Important work that we members can do individually than to preach
Americanism and patriotism, and to try in every way to impress upon those
who do not understand and may be led in the wrong direction, what a
tremendous privilege it is for them to be permitted to live under our magnificent form of Government and how fortunate they are either to have been
born here or to have been invited to this country as our guests. Tell them
more about this beautiful flag of ours, and what it stands for, slid try and
offset the teachings of those who are preaching against it and are willing
and anxious to trample it under foot. I am sure that I may pledge for the
members of this Chamber their hearty and earnest support of every measure
tending to the betterment of our country, Its commerce, its industries and
Its labor, as well as I can promise their criticism of every move tending in
the other direction.
Christmas Club Preparing to Distribute $398,268,000.
About $400,000,000—to be exact, $398,268,000—will be
distributed, it is stated, to 7,800,000 members of the ChristIn discussing the work of the club for the coming year, mas Club in the United States during the next few weeks.
This figure represents an increase in Christmas Club savings
President Richard S. Childs said:
After eight years during which active citizen interest was systematically over 1925 of about $85,000,000, or 27%, while the increase
rebuffed with sneers and insults at City Hall, we have entered a season in the number of members over 1924 is 11M%. The average
where citizen committees are created by the Mayor and provided with
to $51 32. This is an
municipal funds to work on major problems. Moreover, the city under distribution per member amounts
home rule now has enlarged opportunity to make progress. The City Club, increase of about 11% over 1925 when per member distribuconsisting essentially of a group of citizens who have formed the habit of tion was $44 88. In addition to being a record distribution
bestirring themselves about public problems, has equipped itself with a
Club to a record membership, more banks,
full-time staff headed by a counsel of exceptional experience and qualifica- for the Christmas
it is stated, participated in the movement during 1926 than
tions. We look forward happily to the prospect of a civic renaissance.
The trustees reported the following partial program of ever before. While the increase for the entire country over
definite steps in government which the club hopes to help the preceding year was 27%, the increase for Greater New
York amounted to 32%. On the basis of calculations made
during the next year:
1. Re-zoning of the city, to limit more effectively the height of future by H.F. Raw% President of the Christmas Club, something
buildings, and to re-zone as to use and area, in order to decentralize and like $179,421,3E0 will be placed immediately into the stores
distribute business and manufacturing, and prevent increase in centralized
country in the rush of Christmas buying;$110,146,400
congestion of working population, for the relief of street, subway and of the
other transportation conditions, and decrease the annual toll of 1,000 will be deposited in permanent savings and thrift accounts;
people killed in New York by motor vehicles.
$47,186,382 will go for insurance premiums and mortgage
2. Construction of new subways according to plans that will procure
in
aid
interests; $42,761,190 will go for taxes and $18,752,648 will
possible,
the best facilities for the least money, and will, so far as
decentralizing rather than further centralizing the city's work areas.
go to fixed charges maturing in the holiday season.
3. Further accomplishing a sharp and necessary increase in park acquiBanks all over the country will begin the distribution of
sition, not only in outlying areas, but also in the central congested parts
this money within the next few days. The Christmas
of the city.
4. Bringing school construction abreast of present needs with particular Club, organized 16 years ago by Mr. Hawn, is designed to
reference to provision for adequate playgrounds as a part of each new
promote a systematic weekly saving plan, for a 50-week
unit of school construction.
5. Securing adoption and beginning of execution of a definite program period, for the purpose of accumulating at the end of the
for sewage and garbage disposal.
year a certain fixed amount that can be used for any antici6. Aiding action sufficiently in advance in securing of additional water
purpose. 7,600 banks are participating in the undersupply; and in this connection taking up the question of increasing water pated
taking. While a considerable percentage of the accumulation
rates.
7. Carrying out jointly with the Women's City Club, if possible, a num- is used for holiday purposes, there has been an increasing
ber of luncheon meetings at a hotel, to be addressed by public officials on
percentage of this sum redeposited in permanent savings in
current problems of interest.
pro- each year the plan has been operative. Over $45,000,000
8. Working for adoption without further delay of constitutional
accompanyvision for a four-year term for the Governor of the State, with
will be distributed in the five boroughs of New York City
ing changes in other terms of office; and provision for executive budget.
approximately $76,000,000 will be distributed in the
abolition
or
and
consolidation
of
question
the
of
consideration
9. Continuing
of New York.
Metropolitan District of New York. The distribution in
of county Government in the area of the City
in
status
order
home rule
10. Consideration of a possible change in city
Metropolitan territory follows:
action in default of action by a city the
to make room for alternative local
Government.
Manhattan Borough
Borough
216,156,000 Essex County,N.J
17.287,400Passaic County, N.J
24,960,240
2,716,960
Brooklyn
2,346,400
6,136.780 Union County, N.J
Borough
The club elected the following four new trustees: Nigel Bronx
1,110,600
7,294,370 Middlesex County, N.J
Queens Borough
and
Percy
Hunt
T.
Henry
642,100
Pletcher,
County,
J.
960,400
N.
Monmouth
Borough
Richmond
Cholmeley-Jones, Henry
1,720,800
6,864,000
Y
Conn
N.
County,
County,
Fairfield
Westchester
long
had
have
who
6,790,000
Jackson. The new trustees are all men
Hudson County, N.J
878,090,430
1,104,380 Total
N. J
experience in civic work in connection with city government. Bergen County,
31,000.
to
50
$12
in
from
range
will
Cinamounts
of
Mayor
checks
The
then
Mr. Hunt was District Attorney and
Massachusetts leads the States in per capita savings in this
cinnati.
movement with New York and Pennsylvania not far behind.
of The largest Christmas Club in the United States is operated
Banquet
Annual
at
Bost
De
President
Remarks of
York—
by The Bank of the Manhattan Co. in its 36 branches in
Chamber of Commerce of State of New
Tavern.
Queens and Brooklyn. The club numbers 65,000 members
First Home of Chamber in Fraunces
with an aggregate deposit of $3,500,000. In Manhattan
of
home
first
the
was
The fact that the Fraunces Tavern
of the largest distributions will be made by The State
one
was
the Chamber of Commerce of the State of New York
$800,000.
L. Bank,members of their Christmas Club will receive
referred to by the President of the Chamber, William
Vernon, N. Y.,
Mount
of
Vernon
Trust
Co.
Mount
The
on
chamber
DeBost at the 158th annual banquet of the
will
the first bank in New York State to install the plan,
Nov. 18.
Nov. 20 1926.]
THE CHRONICLE
pay out about $400,000, or $10 per capita to the citizens
of that community.
Starting about the middle of December and before the
middle of January, enrollment for the Christmas Club for
next year will be undertaken. These accounts are opened
at the bank, trust company or financial institution, and the
members select the class of payments best suited to their
individual requirements, varying in amounts from 25c. a
week, to $20 a week, and continue the payments in the
classes selected for a period of 50 weeks. There are no
fines, no dues and all the money is returned by the bank in
one lump sum just before Christmas. It has been estimated
that over two million new permanent savings accounts have
been opened as a direct result of the Christmas Club plan.
The plan encourages saving on a systematic basis through
the unique method that it offers.
The Christmas Club, a corporation, is to-day paying
$2,500 in cash prizes to winners of their 1926 contest. All
members of the club were entitled to compete and 93 prizes
varying in amount from $1,000 to $5 were given for a motion
picture scenario showing how the Christmas Club plan had
stimulated permanent thrift. The first prize of $1,000 went
to Miss Carrie Bridgens of Lock Haven,Pa., the second prize
of $500 to R. C. Porter of Ironton, 0., and the third prize
of $250 to Mrs. Harvey E. Sheesley of Lykens, Pa. The
advertising agency of Frank Seaman, Inc., and Lasky,
Griffith and Cruze of Famous Players were the judges in
the contest.
Appeal by Bankers' and Brokers' Committee in Behalf
of United Hospital Fund.
The usual appeal is being made by the Bankers' and Brokers' Committee of the United Hospital Fund of New York
for contributions from bankers and brokers of Greater New
York to the forty-eighth annual collection for the fifty-six
non-municipal hospitals which are members of the fund. All
auxiliaries are going to make a special effort to bring the
total collection for this year up to $1,000,000. The Bankers'
and Brokers' Committee collected last year about $92,000,
which was the .largest amount obtained by any auxiliary.
The committee very much hopes that it will succeed this
year—which has been a prosperous one for "Wall Street"
as well as for the country at large—to bring the total collection up to $150,000. Albert H. Wiggin is the Treasurer of
the fund, and the committee hopes to achieve this desirable
result and keep "Wall Street" far in the lead in this charitable work. The letter of appeal states that "the amount
collected will be distributed as usual, without regard to creed,
color or nationality," by a committee composed of the
Mayor and William L. De Bost, President of the Chamber of
Commerce; Lucius R. Eastman, President of the Merchants'
Association; Otto T. Bannard, Arthur Curtiss James, Edwin
P. Maynard, James Speyer and Henry J. Fisher, President
of the fund.
The committee consists of 90 well-known bankers and
brokers, who, as trustees or directors of one or more of the
56 hospitals, are devoting time to the management and welfare of these institutions. James Speyer is Chairman and
Walter E. Frew Associate Chairman of the committee.
Among the members of the committee are the following:
Cornelius R. Agnew
George F. Baker
Linzee Blagden
Frank L. Boynton
George S. Brewster
Robert S. Brewster
Thatcher M. Brown
George W. Chauncey
Barron G. Collier
George W. Davison
Moreau Delano
Marshall Field
Philip J. Goodhart
George Hadden
J. Horace Harding
Theodore Hetzler
G. Beekman Hoppin
Lewis Iselin
William M. Kingsley
Alvin W. Krech
Harold M.Lehman
Adolph Lewisohn
Edwin G. Merrill
DeWitt Millhauser
Junius S. Morgan, Jr.
Walter W. Naumburg
Acosta Nichols
Frederick Osborn
William H. Porter
George B. Post
Percy R Pyne
C. Tiffany Richardson
W. Emlen Roosevelt
A. W. Rossiter
Louis F. Rothschild
Walter E. Sachs
Edward W. Sheldon
Herbert K. Twitchell
Ellsha Walker
Felix M. Warburg
Howard Willets
Monthly Luncheon Meeting of British Empire
Chamber of Commerce.
The regular monthly luncheon meeting of the members
of the British Empire Chamber of Commecrc was held at the
Bankers Club, this city, Nov. 16. Sir William Alexander,
K.B.E., D.S.O., M.P., of London, Eng., Managing Director
of Charles Tennant dr Co., Ltd., Glasgow, and President of
the American British Chemical Supplies, Inc., was the
principal speaker. The subject of his remarks was "Ameriean-British Inter-Relationship and Business Conditions."
Captain Hilton Philipson, who served with distinction in
the Scots Guards during the World War and was Member
2613
of Parliament for Northumberland, also spoke, his topic
being "The Influence of Trade Unions in British Polities."
James Brown, of Brown Bros. & Co., bankers, President
of the Chamber, presided.
ITEMS ABOUT BANKS, TRUST COMPANIES, &C.
The New York Stock Exchange membership of Dwight
Braman was reported posted for transfer this week to Marshall W. Pask, the consideration being stated as $160,000.
This is the same as the last preceding sale.
A Chicago Board of Trade membership was reported sold
this week for $7,000 net to buyer. The last preceding sale
was for $6,800.
A membership on the Philadelphia Stock Exchange was
reported sold this week for $9,900, an advance of $2,100
over the last preceding sale.
Garrard B. Winston, Under Secretary of the Treasury,
and Chellis A. Austin, President of the Seaboard National
Bank, will be the principal speakers at the Eighth Annual
Dinner of the American Acceptance Council at the WaldorfAstoria on Thursday evening, Dec. 2.
The Bank of America officially opened its new 23-story
building at Wall and William streets on Nov. 18. There
were receptions to the officers of correspondent banks,friends
of the bank and the general public, and guests were given an
opportunity to see all the departments of the bank. The
new building, begun in the spring of 1924, is the fourth home
which the Bank of America has had on this same Wall and
William site since the bank was granted its charter in 1812.
The structure is built in American Colonial style. An appearance of beauty and dignity has been obtained in the main
banking room through close adherence to Colonial architectural detail. A double row of Doric columns runs the length
of this room,which is two stories in height,covering the entire
lot 55 by 162 feet and containing a gallery, bank screen and,
space for officers.
Placed on exhibition in the museum are several historical
treasures connected with the earliest history of the bank.
There is a note of J. Fennimore Cooper, who owned 25 shares
of the bank stock; the petition for charter presented at Albany in 1812, a strongbox for specie, said to have been captured by the British forces in the War of 1812; the first ledger
used in the bank, &c. The Bank of America occupies four
floors in the new building in addition to the main banking
floor and five sub-basements, extending to a depth of 60
feet. The remaining floors are leased for office space. The
Bank of America's first home, occupied 114 years ago, was a
brownstone house owned by Francis Bayard Winthrop.
The second home was built in 1835 and was replaced with a
larger structure in 1888. The latter was demolished a little
over a year ago to make way for the new structure.
Several consolidations have entered into the history of the
Bank of America in recent years. In 1920 there was a merger
with the Franklin Trust Co.,at which time Edward C. Delafield became President succeeding William H. Perkins, who
had occupied this office for thirty years. The purchase of
the Atlantic Fhttional Bank, controlled by the Kountze interests, occurred the following year, and in 1923 the Battery
Park National Bank was merged. According to its last
statement the Bank o-f America has deposits of $144,601,152
aridTotal —re-sources of-$169-,9i7:654. It has four offices In
New York and four in Brooklyn.
W.A. Harriman & Co., Inc., have purchased a substantial
interest in the Eastern Exchange Bank, according to an
announcement on Nov. 17, at which time it was made
known that Hamilton Pell and E. Roland Harriman, of
W. A. Harriman & Co., Inc., had been elected directors of
the bank. No changes in the official personnel of the bank
will be made, R. L. Bigelow continuing as President. Upon
completion of the new 36-story structure at 35-37-39 Broadway, to be erected by the Harriman interests, the bank will
occupy quarters on the ground floor, extending from Broadway through to Trinity Place, and in the meantime will
occupy temporary quarters at 10 Broadway, pending completion of the new building.
The Eastern Exchange Bank is the outgrowth of the private
banking business established many years ago by Bigelow &
Co., investment bankers. Later, the Bigelow State Bank
was formed and the name was eventually changed to the
Eastern Exchange Bank. This bank is said to be the only
THE CHRONICLE
2614
banking institution in New York confining its activities
entirely to individual deposit accounts, and makes a point
of extending banking facilities to small accounts. It does
not engage in commercial business and discounts no commercial paper. It loans only on marketable collateral.
.-
Dec. 1 has been fixed as the d te for the opening of the
National Bank of Yorkville of this city, the organization
of which was noted in these columns July 31, page 537 and
Aug. 7, page 670. The bank will start with a capital of
$500,000 and surplus of $200,000. It will be under the
presidency of Charles E. Chalmers. In addition to the
other officials indicated in our issue of Aug. 7, the following
have been named as Vice-Presidents: Crawford B. Smith
and Sidney Worms.
G.Le Boutillier, Vice-President of the Long Island Railroad
Co., was unanimously elected a director of the County
Trust Co. of New York at a meeting of the directors on
Nov. 16.
William C. Potter, President of the Guaranty Trust Co.
of New York on Nov. 12 announced the appointment of
Thomas L. Robinson as a Vice-President, to be in charge of
the Commercial Banking and Foreign Departments of the
Fifth Avenue office of the company. Mr. Robinson's career
Is sketched as follows:
Mr. Robinson has been a Vice-President of the American Exchange
National Bank for the last seven years. He is a graduate of the University
of Michigan and the Michigan Law School, and practiced law in Youngstown, Ohio, for several years prior to entering the banking field. He was
Vice-President and Trust Officer of the Dollar Savings & Trust Co. at
Youngstown for a number of years. He then became President of the Republic Rubber Co., which position he held for seven years. At the outbreak of the World War Mr. Robinson went to Europe as Deputy Commissioner of the Red Cross in Italy. Upon the entry of this country into the
war, he became a Major in the United States Army, and at the close of the
war became associated with the American Exchange National Bank.
Joseph B. Terbell, President of the American Brake
Shoe & Foundry Co., was elected a director of the Guaranty
Trust Co. of New York at a meeting of the board of the
trust company on Nov. 17. The condensed statement of
condition of the Guaranty Trust Co. as of Nov. 15 shows
deposits of $511,107,403 and total resources of $638,897,032.
The company's surplus and undivided profits total $25,202,569, which shows a gain in undivided profits of $595,783
since Sept. 30 1926, the date of the last published statement.
The late Clermont H. Wilcox has been succeeded by John
Anderson as Second Vice-President of the Union Dime Savings Bank of this city. Mr. Anderson is Chairman of
Charles Pfizer & Co., Inc., and a director of many other
corporations, including the Metropolitan Life Insurance
Co. and the American Surety Co.
[VOL 123.
connected with the Auditor of Public Accounts, at Springfield.
With total resources of $5,204,189,000, and a gain of $260,000,000 for the year, New York leads all the States by a
wide margin in volume of trust company resources, according to "Trust Companies of the United States," just issued
by the United States Mortgage & Trust Co. of New York.
Incidentally, the Empire State trust companies have more
than 25% of the trust resources of the entire country. The
total for the United States as of June 30 was $19,335,270,000, a gain of $1,190,000,000 and two and one-half times the
aggregate of ten years ago. Depos:ts were approximately
sixteen billions, a gain of nine hundred millions. In analyzing the figures just made public, John W. Platten, President
of the United States Mortgage & Trust Co., says:
The present strong position of the trust companies, attained through a
steady, continued progress, reflects a healthy condition in the trust company field. Further development along the lines now so clearly marked
cannot fail to result in a much wider acceptance of the trust principle, with
a corresponding increase in the volume of business entrusted to fiduciary
institutions.
It seems proper to re-state, what has heretofore been
noted in these columns, that this yearly publication is not
limited to trust companies, per se, but embodies statistics
of all companies with the word "trust" in their titles, actively engaged In business in the United States and territories, coming under the jurisdiction of the State Bank Commissioner, Auditor, etc., and doing either a trust or banking
business, or both, and those banks, banking associations or
Institutions acting in a fiduciary capacity without the word
"trust" in their titles, but supervised as above and commonly classed as trust companies by the State officials to
whom they are amenable.
An increase in the capital of the Hartford-Connecticut
Trust Co.—from $2,000,000 to $2,500,000—was voted on
Nov. 11 by the directors of the institution, according to the
Hartford "Courant" of Nov. 12. A special meeting of the
stockholders has been called for Nov. 24 to ratify the proposed increase. Continuing, the- Hartford paper said in
part:
An issue of 5,000 additional shares making the total outstanding issue
25,000, will follow ratification by the stockholders. The new shares will
be issued as par, $100, on a basis of one share to every four now held.
Stock of the Hartford-Connecticut Trust Co. was quoted $615 bid in tha
local market yesterday. New stock will be issued on and after Jan. 3 to
stockholders of record Nov. 24 and subscriptions will be payable on or
before Dec. 24.
The action yesterday (Nov. 11) of the trustees of the Hartford-Connecticut Trust Co. is one of the important financial developments of the year
and is especially gratifying to the stockholders because of the favorable
terms of the issue. Ordinarily the capital increases are made by the issue
of stock at a premium, the extra amount being payable into the surplus.
The Hartford-Connecticut Trust Co. is in a strong financial position and
Is therefore so situated that the stockholders are permitted to share in the
prosperity of the institution.
The stock of the Hartford-Connecticut Trust Co. has been paying dividends at the rate of 16% for the past three years and it is anticipated that
the rate of 16% will be continued with the additional capital.
Owing to ill health, Joseph H. Ward has resigned as
President of the Excelsior Savings Bank of this city. At
a meeting of the board of trustees held on Nov. 11 Reginald
Roome was made President and Arthur Plage was chosen
Second Vice-President and Comptroller. Mr. Roome had
Official announcement was made in Springfield, Mass. on
previously been Second Vice-President and Mr. Plage had
Tuesday of this week (Nov. 16) of a proposed union of the
been Comptroller.
Garard & Co. of Chicago announces the addition of a
trust department and change of corporate name to the
Garard Trust Co. The change, it is explained, is deemed
advisable both because of the large growth in the company's
business during the past few years and the increase in the
number of clients who desire the fuller service which only a
trust company can render. F. M. Hickok, who has been
made a Vice-President of the company, will be in charge of
the new department. Mr. Hickok for a number of years has
been Vice-President of the Marine Trust Co. of Buffalo,
New York. He is a former Chicagoan and is well acquainted
with investment conditions in the Central West. Beside the
addition of a trust department, the company is enlarging its
facilities in other directions. Its legal, statistical and architectural departments in particular have been enlarged and
strengthened. The company under its new name is expanding its field of operations, opening up new territories throughout the Central West. Its capital and surplus has been increased to $2,500,000. Its present officers are Elzy A.
Garard, President; C. W. Anderson, A drew Russel, F. M.
Hickok, Vice-Presidents; F. H. Baschen, Secretary and
Treasurer; G. B. Miller, Assistant Secretary and Treasurer.
The State Bank of Chicago has appointed Roscoe J. Toed,
formerly head bank examiner for several northern Illinois
counties as traveling representative of the business promotion department, which is headed by Gaylord S. Morse,
Assistant Cashier. Mr. Todd for a number of years was
Third National Bank and the Chicopee National Bank, of
that city, to form a new institution to be known as the
Third National Bank & Trust Co. with resources in excess
of $35,000,000. The proposed consolidation has already
received the unanimous appr val of the directors ofboth
banks and now awaits ratification by the respective shareholders at a date yet to be named. George A. MacDonald,
President of the Chicopee National Bank, will retire on Dec.
31 to engage in business in New York; with this exception,
the personnel of both institutions will remain unchanged.
The following in regard to the proposed merger is taken from
the Springfield "Republican" of Nov. 17:
This consolidation, when it becomes effective. will result in the establishment here of a bank second to none in Massachusetts, outside of Boston, in
the strength of its resources. The combined resources of these banks, as
reported to the controller on June 30, totaled $35,454,243. Those of the
Third National Bank were 120,817,156 and those of the Chicopee NaLonal
Bank 114,567,087.
The combined deposits of the two banks on the same date amounted to
nearly 130.000,000. those of the Third National being 117,490,091 and of
the Chicopee National 112,002.118.
The prospective financial strength of the new bank is further indicated
by their combined capital, surplus and undivided profits, which on June
30 totaled $4,620,222. The contribution of the Third National bank to
this total was 13,005,160 and that of the Chicopee National 11,615,062.
The announcement of the proposed merger was made last evening by
Frederic M. Jones, President of the Third National Bank in the following
signed statement issued to the press:
The directors of both•the Third National Bank of Springfield and the
Chicopee National Bank have for a long time felt that the interests of
Springfield and Western Massachusetts would be better served by a larger
bank in Springfield which would give a greater and more comprehensive
service to the community. To accomplish this and to meet the larger
Nov. 20 1926.]
THE CHRONICLE
2615
demands of commercial, financial, manufacturing and other interests, the possible to reorganize the institution. Mr. Laughlin, it was
directors of each of these banks have voted to submit to their respective stated, had
gone to Kansas City ten years ago to form the
shareholders a plan for their consideration, which, if adopted, will merge
and consolidate the two institutions into a bank to be known as the Third Midwest National Bank & Trust Co. Prior to that time he
National Bank & Trust Co.
had been an assistant bank examiner of Kansas under
"Shareholders of both institutions will receive full details of the proposed
plan and will be called to attend special meetings of their banks at a date Charles M. Sawyer, later Governor of the Federal Reserve
Bank, the resulting institution, the Midwest Reserve Trust
to be later determined.
• "George A. MacDonald, who has been President of the Chicopee National
Co., surviving a year. No depositors lost, it was stated, but
Bank since 1914 and has brought it to its present outstanding position,
will retire Dec.31 1926. Mr. MacDonald has long advocated more extended directors and stockholders forfeited their investment and
banking facilities for Springfield and has only the best wishes for the success "suit is being pressed against signer of a million-dollar
of the larger institutions and calls favorable attention of all depositors and
note, given in guarantee of deposits." Mr. Laughlin, It was
stockholders to the plan.
"The plan contemplates that the personnel of both banks will otherwise said, effected a settlement with the banks' creditors of 10
remain unchanged."
cents on the dollar and shortly afterwards became active
The establishment of a $35.000,000 bank in this city, local financial
experts predict will greatly increase the prestige of Springfield as a banking head of a new bank. The following is taken from the paper
center and tend to attract to this city the banking business of large manu- mentioned:
facturers throughout Western Massachusetts who now borrow from New
Hampered by "frozen" loans, the Federal Trust Co. had been leaning
York and Boston banks. Hitherto the local banks have been unable to
make adequate loans to certain classes of borrowers, each bank being heavily on the rediscount facilities of the Federal Reserve System, until. It
was
said, all the eligible paper in the trust company had been presented.
restricted by banking law to individual loans not exceeding 10% of its
The rediscounts were placed at slightly In excess of $400.000.
capital and surplus.
Mr. Laughlin has been constantly hopeful his bank would weather an
As the capital and surplus of the Third National totals $2,000.000, the
maximum loan permissible by law would be $200.000. The Chicopee Na- adverse situation and recently had described his bank as in an improved
tional, whose capital and surplus Is $1,000,000, was similarly limited to a condition.
The adverse clearings yesterday amounted to what Mr. Laughlin termed
maximum loan of $100.000. After the merger becomes effective the new
a "run on the bank." Be said he had assurances of assistance from direcbank can legally loan in excess of $300.000 to any depositor.
The merger of the two banks will result in the obliteration of the Chic- tors, but did not dare to endanger the small depositors in the face of large
opee National, as a separate entity and the transfer of Its business to the withdrawals.
When the directors concurred in closing the bank. Mr. Laughlin telecommondious banking quarters of the Third National Bank. The Chicopee
National long ago had outgrown its present quarters at Main and Elm Sts., phoned the State Finance Commissioner's office at Jefferson City, The
and plans had been drawn early in the year for a new bank building to State will be in charge of the bank to-day.
The Federal Trust Co. ceased to clear Its items through the clearing
be erected this fall on a Main St. site opposite Court Sq. owned by the
Chicopee National Building Trust. This project was set aside when house more than a year ago,resigning as an associate member. Mr. Laughovertures looking toward a possible merger of the two banks were begun. lin had ascertained that under the law he had a right as a member bank of
The present Chicopee National Bank Building will probably be placed on the Federal Reserve System to clear his city checks through the Federal
Reserve Bank.
the market after the consolldation takes place.
The trust company was exempted from certain rules the clearing houseThe Italian Merchants Bank of Philadelphia, at Tenth association imposed on Its members. No unfriendly feeling was marked,'
other
and Catharine streets, that city, failed to "meet its ex- but one result was to set the Federal Trust Co. rather apart from
downtown banks.
change" on Nov. 4 and was closed at 4 p. m. by order of the
State Banking Department. The bank is a private institution owned by Pasquale Teti, who is President. Its assets
are said to be about $430,000. Within an hour after the
natice of closing was posted on the doors hundreds of depositors, mostly of the laboring class, gathered about the
building. A detail of police kept the crowd in check. According to the Philadelphia "Ledger" of Nov. 5, private bank
examiners were making an examination of the institution's
books and Deputy Banking Commissioner William R. Smith
had assumed charge of the State's investigation.
As an aftermath to the closing of the Federal Trust Co.
of Kansas City, Mo., on Nov. 12, the Kansas City Terminal,
Trust Co., Kansas City, Mo., a neighborhood bank, with
a cash reserve of $30,000 on deposit in the failed institution,
and warned by the State Banking Department to make
good $44,000 in questionable paper, .failed to open forbusiness on Nov.13,according to a dispatch by the Associated
Press from Kansas City on that day, printed in the New
York "Times" of Nov. 14. The dispatch went on to say:
A posted notice announced that the board of directors had ordered theinstitution closed and placed in the hands of the State Finance Department.
The Terminal Trust Co. (Kansas City Terminal Trust Co.) had total.
assets of $617,788,33. The State statement of July 5 last showed it had
deposits of $540,783 64.
Closing of the State Bank of Bath, Ill., on Nov. 9 was
reported in the following d:spatch by the Associated Press
on that date, printed in the St. Louis "Globe-Democrat" of
A later dispatch by the Associated Press from Kansas
Nov. 10:
City, Mo.(Nov. 15), appearing in the New York "Times"
Doors of the State Bank of Bath were closed to-day, following the nonappearance of Lawrence B. Travers, President of the bank, who left Bath
either late Saturday night or early Sunday morning without acquainting
his family or bank officials of his plans or destination.
Directors of the bank to-day asked the State Banking Department to
take charge and State Bank Examiner Jaeger is auditing the books of the
institution.
Mrs. Mildred Trawn, wife of the missing President, who is the bank's
Cashier, to-day professed ignorance of her husband's whereaabouts.
Associated Press dispatches from Spencer, Iowa, on Nov. 9,
appearing in New York daily papers of Nov. 10, reported the
closing on that date of three national banks at Spencer,
Webb and Royal, Iowa, each known as the Citizens' National Bank, and of three State banks, one at Spencer, another at Terril, and a third at Fostoria, all six institutions
being controlled by J. H. McCord. National bank examiners
have taken charge of the institutions. Mr. McCord was
reported as saying that the closing of the institutions was
decided upon by the directors as a measure to protect the
depositors and that the diff.culties of the banks grew out of
continued withdrawals and small receipts. The three State
banks which were closed are the Citizens' Savings Bank of
Spencer, the Terril Savings Bank at Terril, and the Citizens' Savings Bank at Fostoria.
--4--
On Nov. 12 the Federal Trust Co. of Kansas City, Mo., an
Institution with combined capital and surplus of $240,000
and deposits approximating $2,000,000, was closed by vote
of its directors and placed in the hands of the State Bank
Commissioner. Heavy "runs" on the institution during the
two weeks preceding the failure were given as the cause of
the bank's embarrassment. The failed bank, according to
the Kansas City "Times" of Nov. 13, represented a reorganization three years ago of the Federal Savings & Trust Co.,
which had operated on a small scale for two years previously. P. E. Laughlin, the President, was reported in the
"Times" as saying: "I think the deposits are safe. I don't
see how they can be otherwise. The bank has been operated
carefully." He was also reported as saying it should be
of Nov. 16, reported that two small banks whose affairs werelinked with the closed Federal Trust Co. of Kansas City,
namely, the Waldo State Bank of Kansas City, Mo., and
the Thayer State Bank, Thayer, Kan., had closed on that
day (Nov. 15). This dispatch also reported that the Park
National Bank of Kansas City, Mo., had averted "a run,"
when cash reserves were turned in and displayed, and
changed the gathering into a public reception when W. J.
Bailey, Governor of the Federal Reserve Bank of Kansas
City, told about 200 depositors that the bank was backed
by the Federal Reserve System and guaranteed them they
would not lose "a cent." Uneasiness which followed the
closing of the Federal Trust Co. and the Terminal Trust Co.,
it was stated, had caused the gathering of the depositors.
The dispatch further stated that the officials of all the closed
small banks had declared they were sound and that they
would be reorganized as soon as the affairs of the Federal
Trust Co. were adjusted.
According to the Kansas City "Star" of Nov. 15, the
the Waldo State Bank, mentioned above, had deposits at
the time of its last statement (Aug. 27) of $536,281 31, of
which $125,000 was State of Missouri money. This deposit,
however, it was stated, was secured by Liberty and school
bonds amounting to $117,932 13, and in addition by real
estate first mortgage bonds amounting to $14,500. The
bank's capital stock, it was stated, was $100,000 and its
undivided profits at the time of the statement $10,279.
Total assets were listed as $646,578 91 and the total liabilities balanced that figure. The "Star" further stated that
the institution had $30,000 deposited in the closed Federal
Trust Co., which was its correspondent bank. S. D.
Slaughter is President of the Waldo State Bank and J. G.
Laughlin, Cashier. The latter, the "Star" stated, was a,
brother of P. E. Laughlin, President of the failed Federal_
Trust Co.
Three State banks in Kansas, institutions organized andbuilt up by the late C. G. Cochran, a Northwest Kansas.
2616
I Vol.. 11:a
THE CHRONICLE
pioneer, closed their doors on Nov. 10. The banks were the
Citizens' State Bank of Hays City, the Ellsworth State Bank
at Ellsworth, and the Farmers' State Bank of Walker, with
combined deposits of approximately $639,000. The Citizens'
State Bank was operated under the State guaranty law,
but the other two were not. All three institutions, it is understood, were controlled by the Cochran estate. A press
dispatch from Hays City printed in the Kansas City "Star"
of Nov. 10 contained the following in regard to the failures:
"The Citizens' State Bank is closed." Forrest Cochran explained here this
morning,"because of frozen assets. This condition is due principally to the
depression which began about five years ago. The board of directors decided,for the protection of the depositors and creditors, to close the Citizens
State Bank pending negotiations for a reorganization of the institution."
Mr. Cochran did not discuss the closing of the banks at Ellsworth and
Walker, but it is understood they were affected similarly by the conditions
applying to the Hays bank.
The Citizens' State Bank has been known as in a shaky financial condition for some time, as the result of depression, but the business interests
of the city have been hopeful of a recovery.
The bank was capitalized at $50,000. with a surplus of $50,000. Its most
recent statement, in September, Jaye its deposits at $490,000 and loans and
discounts of more than $600,000. In contrast to this statement, it is recalled that before the period of depression struck the bank its deposits had
been in excess of one million dollars.
The item of rediscounts tells the story of the wreck. The banks had borrowed money to take care of the demands of farmers for funds. The banks
were all over-extended, the Ellsworth bank much worse than the other two.
The banks had suffered severely by the crop failures of two years and had
been unable to collect upon the paper they held.
The closing of the bank at Ellsworth came simultaneously with the action
here and at Walker. The impression at Ellsworth, however, this morning
was not optimistic over the prospect of reorganization. if any was attempted
there. The list of officers gives Forrest Cochran as President; H. E. Morris, Vice-President: Frantk Sout, Cashier, and Edward Artaf, Assistant
Cashier. Morris this morning expressed surprise when the State formally
Closed the bank.
Deposits of the bank, according to its last statement in September, were
$62,017, with resources of $188,840 and loans of $160,074.
The Farmers' State Bank of Walker had a capital of $15,000 and a surplus
of $6,000. The deposits were $87,000, the loans $102.000 and the rediscounts $16,659. J. J. Drieling was Cashier. I. L. Perkins is in charge of
the bank.
A dispatch from Bluefield, W. Va., to the Richmond
"Dispatch" on Oct. 27 reported the closing on that day of
the First National Bank of Pocahontas, Va., upon the discovery of a shortage in its funds amounting to more than
$100,000. D. It. Wood, the National Bank Examiner for
the district, it was stated, was in charge of the institution
and would remain until the appointment of a receiver. The
dispatch further stated that James H. McNeer, for many
years Cashier of the First National Bank of Pocahontas,
had signed a statement, according to the Bank Examiner,
exonerating all the other bank employees in the failure and
taking upon himself the blame. Mr. McNeer in his statement admitted that for about 14 years he had been taking
money from the deposits from time time, hiding the fact
successfully from the directors and bank examiners, and
hoping some time to replace the deficit. The dispatch also
stated that Mr. Wood had declared that in his opinion "all
depositors would be paid in full and that loss would be sustained by the stockholders in the organization." The failed
bank was capitalized at $35,000, with a surplus of $70,000.
The proposed union of.the four North Carolina banks,
referred to in these columns on Sept. 18 and Oct. 30, namely
the Third National Bank of Gastonia, the People's Loan &
Trust Co. of King's Mountain, the Farmers' Bank & Trust
Co. of Cherryville, and the Mount Holly Bank of Mount
Holly, was consummated on Nov. 1, and a new board of
directors elected, according to advices from Gastonia on
Nov. 4, appearing in the Raleigh "News & Observer" of the
following day. The name of the new organization is the
Commercial Bank & Trust Co., with a combined capital anti
surplus of $500,000 and total resources of $3,000,000.
A special meeting of the stockholders of the Guardian
Trust Co. of Houston, Texas, has been called for Dec. 22 to
vote on a proposed Increase in the capital stock of the company from $300,000 to $600,000, according to the Houston
"Post" of Nov. 14. James A. Baker is President of the institution.
trading United States Steel crossed 151, but receded to 149%
at the close. Motor shares as a group were fairly strong,
Hudson,Chrysler,White and Mack Truck making substantial
gains. General Motors moved forward in the first hour,
but lost its gain as the day advanced and closed nearly 2
4. The market was iregular and the tone
points off at 1463
uncertain on Monday, and while numerous advances and
declines occurred during the day, the final prices in many
cases showed little change. United States Steel common
was the feature of the trading because of its advance of 2
points to a new top for the present movement. Copper
shares displayed moderate strength, Kennecott and Anac:nda
making fractional gains. Most of the railroad issues were
weak, about the only exception being Rock Island, which
moved forward a point or more. On Tuesday advances were
made by a few special stocks, though changes on the whole
were comparatively small. Copper stocks again advanced,
Kennecott reaching a new peak followed by Nevada Consolidated and Greene-Cananea. In the industrial list
American Can was an outstanding feature and scored a gain
of nearly two points. Other strong stocks included Timken
Roller Bearing and General Electric. Baldwin Locomotive
and Woolworth were also in strong demand at improving
prices. United States Steel commcn moved up to 153%
but reacted to 151. On Wednesday the market continued
moderatlystronguntilthe final hour when a brisk reactionary
movement deveolped which carried most of the active stocks
to lower levels. Railroad shares were strong in the early
t ading,though most of the gains were lost in the final hour.
J. I. Case Threshing Machine common was conspicuous
because of its sharp drop of 10 points to 144, and General
Motors showed a net loss of 3 points from its morning high.
Irregular prices characterized trading on the Stock Exchange on Thursday and while some groups were strong, at
times, the general trend of the market was toward lower
levels. Railroad stocks were in active demand and in the
early trading moved briskly forward, but many of them
lost their gains in the closing hour. Texas Gulf Sulphur
was particularly strong and advanced to a new high record
at 483/2. The recent cut of 25c. a barrel in Pennsylvania
crude oil had a depressing effect on the oil shares, which
moved down to lower levels. United States Steel common
4.
declined to 1453/i and General Motors receded to 1477
Other weak stocks included, Woolworth, Pullman, Du Pont,
Allied Chemical, Hudson Motor and Coca Cola. The
trend of the market was again toward lower levels on Friday,
though a number of the so-called specialties were bid up to
new tops for the present movement. Baldwin Locomotive
continued its remarkable advance and closed with a net gain
of 3X points. United States Steel common broke to 143%
and General Motors receded to 138 ex-dividend. The weak
stocks included American Can, Pullman Co., New York
Central, Du Pont, Atchison and Consolidated Gas. The
final tone was weak.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Week Ended Nov. 19.
Stocks,
Number of
Shares.
Railroad,
sty.,
Bonds.
State,
Municipal &
Foreign Bonds.
673,845
1,293.134
1,482,251
1,431,107
1,464,194
1,579,200
$2,910,000
7,539,000
7,839.000
7,946,000
8,380,000
8,582,000
81.645,000
3,973,000
3,587,500
4,846,000
4.680,000
2,825,000
8161,500
458,350
839,400
441,000
620,900
931,000
7.923.731
843.196.000
821 556 500
sa 452 150
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Tntal
Week Ended Nov. 19.
Sales at
New York Stock
Exchange.
1926.
Stocks-No. shares__ _
Bonds.
Government bonds_ _
State & foreign bonds_
Railroad & misc. bonds
Total bonds
1925.
have been very irregular during the present week with the
general tendency downward. Speculative activity centred
principally around the railroad stocks, oil issues, and certain
Industrial issues. The market was somewhat unsettled
during the short session on Saturday, a number of the more
prominent displaying pronounced strength, while others
.equally strong moved toward lower levels. In the early
Jan. 1 to Nov. 19.
1926.
1925.
7,923,731
12,650,361
399,767,492
393.853.010
$3,452,150
21,556,500
43,196,000
85.655,950
11.050,000
47,517,600
$227,834,500
616,267,450
1,753,580,700
S311,635.710
627,664,000
2,678,827,375
$68,204,650 $64,223,550 $2,597,682,650 $3,618,127,085
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
Price movements on the New York Stock Exchange
United
States
Bonds.
Week Ended
Nov. 19. 1920.
Baltimore.
Shares. Bow:Sales
84,000
17.350
26,000
24,100
*7.000
15,000
22.169
28,298
26,738
29,748
17,804
13,632
$14,000
16,700
24,200
25,000
74,000
19,000
1,363
1,152
1,929
2,881
3.077
1,583
$16,000
19,200
23,800
28,000
36,300
28,000
116.677
$93,450
138.389
$172,900
11,985
$151,300
144.696
8133,400
142 nin
5228300
10.443
8147,600
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
11,723
19.419
31,916
23,398
17,532
12,689
Total
wee., week revised
Philadelphia.
Shares. Bond Sale,. Shares. Bond Sales
*.In addition, sales of rights were: Thursday. 4,250.
Nov. 20 1926.]
THE CHRONICLE
2617
No fresh Indian currency returns have come
THE CURB MARKET.
to hand since our last issue.
The stock in Shanghai on the 30th ult.
consisted of about 71,300,000
Irregularity was the chief characteristic of Curb
ounces
in
sycee,
Marke
73.300,
t
000 dollars, and 5,800 silver bars, as compar
trading as it has been for some time past. There
ed
with about 70,800,000 ounces in sycee, 73,900,
000 dollars, and 5.340 silver
definite trend to prices and the business transa was no bars on the 23d idem.
On Oct. 31 1925 the stock was returned as about
cted
was
small. Interest again centred in South American oils,
000 ounces in sycee, 67,500,000 dollars and 5,560
silver bars; it will
Carib 56,600,
be seen, therefor that the present stock is about
Syndicate being conspicuous for activity and an
16% more than that held
advan
ce a year ago, but,e,
as the price of silver has fallen, the sterling
from 19% to 223', the close to-day being at 223..
value of the
British- stock is about 10% less than that at the date mention
American Oil sold up from 65% to 71 and at
ed.
70 finally.
Statistics for the month of October 1926
and for the week ended Nov. 3
Tidal Osage Oil dropped from 24% to 19 but recove
are appended:
183/g. There was very little change in Standard Oil red to
-Bar Silver,Per Or.Std.Bar Gold,
Borne Scrymser on few transactions improved from shares.
Month of OctoberCash.
2 Mos.
Per Oz. Fine.
68 to 70. Highest
price
Chesebrough Manufacturing moved up from
2634el.
2634d.
Ms. 1134d.
Lowest
price
to
2450.
763'
823/i
2334d.
845. 934d.
and reacted finally to 77. Cumberland Pipe Line
price
25.290d. •
25.1654.
advanced Average
84s. 11.4d.
Weeksome seven points to 116 but dropped back
to-day
Oct.28
to
111.
247-16d.
243-16d.
Eureka Pipe Line sold up from
84s, 1134d.
Oct.29
2413-154.
443' to 47. Illinois Pipe Oct.30
249-154.
84s. 1134d.
Line gained four points to 140 and
24 13-16d.
24 9-16d.
84s. 1134d.
sold
finally
at
Nov. 1
1383...
2415-16d.
Vacuum Oil, after slight improvement from
249-16d.
84s. 1134d.
Nov.2
24
15-16d.
97,
to
fell
963/i
24 9-164.
3 the close to-day being
84s. 11;4d.
Nov.3
to 934,
249-164.
243-16d.
at 943.
84s. 1134d.
rials were Average
24.750d.
without special feature. American SeatinIndust
24.437d.
84s. 11.54.
g
Co.
commo
n
The silver quotations to-day
was active and sold up from 413/
cash and two months delivery are,
2 to 448
/
8, closing to-day at respectively, }id. and 34d. belowforthose
fixed a week ago.
443i. The preferred moved up from 415
%
to
44%
and
rested
finally at 443. Continental Tobacco dropp
ed
from
343/8 to
26 and sold finally at 263/8. Johns-Manville
ENGLISH FINANCIAL MARKETS-PER CABLE.
from 161 to
1683 and sold finally at 166. Among robe
public
The daily closing quotations for securities, &c., at London,
utiliti
es
American Gas & Electric common declin
ed from 107% to as reported by cable, have
1043,. Pennsylvania Water & Power advan
been as follows the past week:
ced from 164
London,
% and reacted finally to
to 1713
Sat.,
Mon.,
Tues.,
Wed.,
Thurs.,
PM.,
1Vk.end.Nov.19. Nov. 13. Nov. 15. Nov. 16. Nov.
A complete record of Curb Market transa
17. Nov. 18. Noy. 19.
ctions for the Silver, per oz.d. 2534
26
2534
week will be found on page 2643.
2534
2734
2534
Gold,per fine oz 845.11 yid. 848.1134d. 84s. 934d. 84s.1134
DAILY TRANSACTIONS AT
THE NEW YORK CURB MARKE
T.
STOCKS (No. Shares).
Week Ended Nov. 19.
Ind& Mise
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Oil.
I Mining.
BONDS (Par Value).
Domestic Por'n Govt.
43,160
95,488
118,022
133,025
100,492
123,260
45,050
106,770
112,270
127,130
129,920
99,200
163,300 81,122.000
147,220 1,824.000
117,800 1,598,000
49,100 2,466,000
66,100 1,914,000
83,2001 2,089,000
613,447
620,340
626.720 811013000 81,345,000
8133.000
402.000
219.000
245,000
176,000
170,000
Consols,234% _
British, 5%..
British, 4%% _
French Kenton
an Paris)__fr
French War L'n
On PartiOfr
d. 848.11345. 84s.11345.
549-16
5434
9934
9934
9334
9334
5434
99%
0334
519-18
9934
9334
549-16
9934
9334
50.85
50.80
51.25
50.60
59.65
59.05
59.85
59
51.25
58.90
The price of silver in New York on the same days has been
Silver ln N. Y., per oz. (eta.):
Foreign
5434
5434
5534
5534
5534
5434
COURSE OF BANK CLEARINGS.
THE ENGLISH GOLD AND SILVER
MARKETS.
Bank clearings the present week again will show a deWe reprint the following from the
crease compared with a year ago. Preliminary figure
weekl
s
Samuel Montagu & Co. of London, writte y circular of compiled
by us, based upon telegraphic advices from the
n under date of
Nov. 3 1926:
chief cities of the country, indicate that for the week ending
GOLD.
The Bank of England gold reserve
to-day (Saturday, Nov. 20), bank exchanges for all the
against notes amounted to
£151,232,850
on the 27th inst., as compared
cities of the United States from which it is possible to obtain
with .C152,498,130 on the previou
s Wednesday. Owing to the late arrival
of the steamer from South Africa
no gold weekly returns will be 7.4% smaller than for the corres
was available in the open market
ponduntil to-day, when about £750,00 became
0
available. About £100,000 was
ing week last year. The total stands at $10,121,196,
absorbed for India and the trade, and the
200,
remainder by the Continent. The
following movements of gold to and from against $10,977,291,665 for the same -week in
1925. At
the Bank of England have
been announced since our last letter:
this centre there is a loss for the five days of 11.7%. Our
Oct. 28. Oct. 29. Oct. 30.
Nov. 1. Nov. 2. Nov. 3.
comparative summary for the week is as follows:
Received
£750,00
0
Withdrawn
£247.000
Liii:obb £81,000 16,000£302.000
The receipt of E750,000 on
Clearings-Returns by Telegraph.
the 2d inst. was in the form of sovereigns
Week Ended Nov. 20.
from South Africa. The
withdrawal of bar gold has not been on such a
heavy scale as in recent weeks.
The destinations of the £267,000 sovereigns New York
taken from the Bank were
announced as follows: Canada. £200,000: Chicago
Arabia, £25,000; Argentina, £20,000
Philadel
; Spain, £12,000, and India, £10.000. Boston phia
During the week under review
£28,000 on balance has been withdrawn from Kansas City
the Bank, decreasing the net
influx since Jan. 1 1926 to £7,703,000, and St. Louis
increasing the net efflux
since the resumption of an effective gold standard San Francisco
to £3,892,000.
Los Angeles
Pittsburgh
United Kingdom imports
and exports of gold during the week endiais Cleveland
the 27th ultimo were:
Detroit
Imports-Baltimore
Exports
France
New Orleans
£32,300 Germany
£905,830
United States of America10,309 Netherlands
Venezuela
92,904
Total 13
10,910
France
British West Africa
11,265 Other cities,cities, 5 days
40,759 Switzerland
5 days
British South Africa
13,000
700,379
Austria
73.980
Other countries
Total all
6,533 British India
10,309 All cities, 1 cities, 5 days
day
Straits Settlements
29,800
Other countries
5,294
Total all cities for week
is01,190
£1,142,382
CURRENCY.
According to the Bagdad
correspondent of the "Times" the Government
of Iraq intends to submit proposals
to the Chamber of Deputies for the
establishment of a national
Iraqi currency and note issue to take
the place
of the rupee currency now in use.
The standard unit of the new currency
will be the gold dinar, equival
ent in value to half of the pound sterling
, and
the issue will be made by a Currenc
y Board established by Act of the Iraqi
Parliament. It is further stated
that in order to prevent any depreciation
of the now notes by their over-issue, they
will be issued only in exchange for
rupees withdrawn from circulation,
and the necessary purchases of sterling
will be made with the money thus withdr
awn.
SILVER.
The market has been sustained by
the demand for shipment by this
week's steamer for the Bombay
November settlement. The stringency
was reflected by the discount of Hd. for
forward delivery, which is larger
than has obtained for some time. Indian
bazaar orders were mostly not
to buy outright but to sell two months' silver against
spot purchases.
The slenderness of the support was
revealed to-day, by a sharp setback caused by China selling for forward deliver
y and the impracticability
ofshipping more prompt silver by this week's
steamer,owing to insufficiency
of supplies. America has been dealing again both ways-rathe
r more as a
buyer than a seller. The tone is still uneasy but
a certain amount of bear
covering is likely to arise at falling rates.
United Kingdom imports and exports of silver
during the week ending
the 27th ultimo were:
ImportsExports.C58,590 British India
£109,370
Unin
te
ci3
e States of America-- 72,596 Other countries
7,261
53,780
Other countries
£184,966
£116,631
Per
Cent.
1926.
1925.
$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
111,614,556
158,894.556
95,941,901
71,620,601
$5,041,898,344
591,409,459
527,000,000
435,000,000
142,022,263
151,400,000
193,053,000
138,334,000
154,313,196
108,403,404
161,375,554
106,794,405
77,633,802
+12.0
-8.5
-5.9
+20.6
+8.5
+3.0
-1.5
-10.2
-7.8
87,250,003.852
1,184,326,315
87,828,637,427
1,278,941,530
-7.4
-7.4
$8,434,330,167
1,686,866,033
$9,107,578,957
1,869,712,708
-7.4
-7.4
S10.121.198 200 310.977.291.865
-7.4
-11.7
-0.0
-1.2
Complete and exact details for the week covere
d 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 below,we are able to give final and
complete
results for the week previous-the week ended Nov. 13.
For
that week there is a decrease of 11.7%, the 1926
aggregate
of clearings being $9,272,239,952 and the
1925 aggregate
810,503,698,834. Outside of New York City the decrease
is
only 6.8%, the bank exchanges at this centre having
shown
a loss of 15.3%. We group the cities now accord
ing to the
Federal Reserve districts in which they are located,
and
from this it appears that in the Boston Reserve
District
there is a falling off of 3.8%, in the New York
Reserve
District (including this city) of 15.2%, and in the
Philadelphia Reserve District of 11.0%. In the Clevel
and Reserve
District the totals are smaller by 4.1%, in the
Reserve District by 13.2%, and in the AtlantRichmond
a Reserve
District by 22.8%, the latter due mainly to
the decrease
at the Florida points, Jacksonville showi
ng a loss of 31.0%,
SUMMARY OF BANK CLEARINGS
Week End. Nov. 13 1926.
1926.
1925.
Inc or
Dec.
1923.
1924.
$
$
$
$
%
Federal Reserve Dints.
448,980,427
586,761,551
573,931,242 -3.8
552.070,447
1st Roston..- -12 cities
5,758,638,215 4,674,079,867
-15.2
6,222,168,753
5,275,305,343
"
York
.11
New
Ind
503,812,341
646.242,323
607,217,4-44 -11.0
550,738,110
Brd Philadelphial0 "
377.033,671
379.355,553
411,655,234 -4.1
393,912,627
8th Cleveland.- 8 "
191,635,560
196,378,400
-13.2
221,864,236
192,593,155
5th Richmond - 6 "
212,736,746
211,495,802
-22.8
260,485,265
203,998,091
5th Atlanta._ .53 "
907,561,455
902,681,732
952,373,402 -5.0
901,597,116
7th Chicago...20 "
233,382,140
243,787.378
-6.8
228,681,190
213,017,791
13th St. Louis_ _ 8 "
133,539.358
177,513,509
147,174,526 +1.2
148,985,664
9th Minneapolis 7 "
240,283,799
259,055,070
251,708,915 +1.0
256.191,320
10th Kansas City12 "
66,089,109
86,887,280
-6.4
88,808,713
83.098,096
5 "
llth Dallas
478,324,366
477,926,454
635,631,884 -4.8
509,712.192
1288 San Fran_ _17 "
8,467,488,839
129 cities 9,272,239,952 10,503,698,834 -11.7 9,830,725,257
Total
3,917,752,443
4,115,247,247 4,416,009,068 -6.8 4,191,658,204
Outside N. Y. City
377.035.993
167.089.575
vxa too'no -4-71
1,4 III Ion
90 Mt..
flanarla
Week Ending Nov. 13.
Clearings al1926.
Seventh Feder al Reserve District-Ch
223,119
314.824
Mich.-Adrian_ _
982.081
•1.000.000
Ann Arbor__
163.460.989 177,710,122
Detroit
9.012.883
7.964.589
Grand Rapids_
2.793,001
3.503,607
Lansing
2,935,858
3.473.565
Ind -Ft. Wayne
19.736.000
25,261.000
Indianapolis__
3,485.700
3,407,400
South Bend_ _ _
6,124,441
5,862.220
Terre Haute_ _ _
44.572.517
47,666.371
waukee
2,362,819
2,548.700
la.-Ced. Rapids
9.955.485
10,053,630
Des Moines_ _ _
6,307.006
5,933.365
Sioux City__ _
1.319.994
1,226.932
Waterloo
1.588.887
1,493,143
Ill.-Bloomington
610.422,357 649,936,905
Chicago
a
a
Danville
1,338.421
1.425,887
Decatur
5.332,478
4.630.127
Peoria
3,119.209
3.413.229
Rockford
2.639.989
2.422,668
Springfield _ _ _
Week Ending Nov. 13.
1926.
1925.
Inc.or
Dec.
1924.
1923.
$
S
$
%
$
Reserve Dist rIct-Boston +3.0
746.037
768.813
+7.1
3,247.646
3,479,478
-2.6
509,000.000
496.000,000
3,016,734 -21.2
2,377,444
a
a
a
1,887,009 -22.0
1,471.968
a
a
a
1,898.584 -25.5
1,412.400
6.083.631 -12.2
5,344.265
3,930,466 -0.8
3,897.621
19.240,224 -23.2
14,776.882
8,181,498 -12.0
7.202.465
15,877,600 -8.0
14,607,900
821.813 -11.0
731.211
711.019
3,607.603
531.000.000
2.466.722
a
1,613.211
a
1.4964.567
5,843.995
3,612.000
14,206.533
7,301.801
13,483,000
951,100
877.328
2,889.955
395,000.000
2,805,651
a
1,614,295
a
2,108.271
5,957,332
3,608,000
11,951,685
7.360,795
14,004,600
802,515
-3.8
586,761,551
448,980,427
Total(12 cities
552,070,447
573,931,242
Second Fede al Reserve 0 strict-New York.
5,398.981
6,341.672
6.363 792 +1.1
6.432,160
N. Y.-Albany.
1.050,800
1,056.500
1,188.300 -2.3
1.161.141
Binghamton__
53,212,699
52.337.437
-22.9
67,948.578
52,401.344
Buffalo
851,292
844,933
998.442 -6.2
936,249
Elmira
1,573.409
1.520.087
2.157.731 -29.0
c1,531,850
Jamestown.._.
4,549,736.396
5.636,067,053
New York_ _ _ 5,156,992,705 6,087.689,766 -15.3
12,024.759
13.827.866
13,107,995 +0.003
13,108,375
Rochester
4,707,269
4.811.039
6,721,572 -11.4
5.956,474
Syracuse
3,210.990
2.909,435
3.579,377 -5.3
c3,389.648
Conn.-Stamfor
473.133
609.434
689.813 -0.7
685.075
. J.-Montelal
41,840,139
38,312.759
+3.1
31,723.387
32,710.322
Northern N. J.__
4,674,079,867
Total(11 cities) 5,275.305,343 6.222.168.753 -15.2 5,758,638,215
Third Federal Reserve Dist rict-Philad e'phla 1,418.783
1,522,231 + 11.0
1.689.363
Pa.-Altoona
3,950,775
4.300.433 -7.0
.4,000.000
Bethlehem _
1,187.570
1.428,909 -20
1.399.907
Chester
2.742.555
3,559.684 -14.5
2.187.626
Lancaster
Philadelphia _
509,000.000 574,000.000 -11.3 515.000.000
3.785,218
4,391,109 +5.6
4.636,145
Reading
5,901,027
6,034,055 +9.4
6.599.106
Scranton
4,106.336
4.775.148 -33.8
3,162,740
Wilkes-Barre_
1.077,304
+3.6
1.784.901
1,848.723
York
6,172.755
6,420.974 -3.2
6.214,500
N.J.-Trenton_
a
a
a
a
t'
Del.-Wilming
1,469.636
3,760,478
1,543,877
2.938.507
475.000,000
3.483,528
5.699.370
3.714.739
1,583,668
4,618.538
a
546,242,323
503.812,341
Total(10 cities
540.738,110
607,217,444 -11.0
Fourth Fede si Reserve 0 istrict-Clev eland-8,846,000
5.709,00 -25.7
e4.245.000
- Ohio-Akron. _
5,643.176
4,397.823 +8.7
4.779,460
Can ton
67.822,191
76.014.042 -4.7
72,464.163
Cincinnati
114,604,074
-0.7
121,944,074
121,031,240
Cleveland
16,024,200
17,917,900 -3.0
17,386,300
Columbus
a
a
a
a
Dayton
a
a
a
a
Lima
1,884,488
1,843,854 -10.7
c1,646,871
Mansfield
a
a
a
a
Springfield__
a
a
a
a
Toledo
5,526,219
-21.9
7,107,300
5,552,284
Youngstown_
a
a
a
a
• Pa.-Erie
167.807.509 176.720,241 -5.1 159,006,195
Pittsburgh--4.1 379.356,543
Total(8 cities)- 394,012,627 411,654,234
Fifth Federal
W.Va.--Flunt'g'n
Va.-Norfolk_ _ _
Richmond
S.C.-Charleston
Md.-Baltimore_
D.C.-Washing'n
7,200,000
5.309.667
68,710,046
118,236,094
15,951.700
a
a
1,894,731
a
a
4,510,286
a
155,161.147
377,063,671
Reserve Dist rict-Richm ond1,825,046 -19.4
1,470.707
9,011,927 -15.0
c7.661,469
66,988.000 -24.2
50.776.000
2,153,919 +7.7
e2,3111.799
101,570,405 112.734.065 -11.9
29.151.279 -1.1
28.794,775
1.894.322
8,188.808
59,337,363
2.915.774
99,051,002
24,991,131
2,136,291
10,258,162
59,403.870
3,495,532
93.002,583
23,339,122
221,864.236 -13.2
196,378,400
191,635,560
a-.
Sixth Federal Reserve Dist rict-Atlant +14.0
6,719.734
c7.663.131
Tenn.-Chatt'ga
+8.7
2.892,000
3.144,961
Knoxville
21.551,380 -2.3
21,052,731
Nashville
-30.0
74.763,944
52,299,574
_
_
_
Ga.-Atlanta
2.369.200 -9.9
2,136.038
August
2,012,320 -4.9
1,913,693
Macon
a
a
a
Savannah
31,057,590 -31.0
21,446,128
Fla.-Jack'nville
24.576,244 -70.5
7,249,757
Miami
25.189.879 -7.8
23,228.467
2.159.359 -5.4
2.042,207
Mobile
1,880,000 -0.6
1,868.689
_
n
MLss.-Jackso
523,600 -14.8
446.350
Vicksburg
64,789,015 -12.8
56,506.365
'La.-NewOrleans
8.550,024
3,261,625
21.704.632
64,310.260
2,470.985
1,751,674
a
16,484,786
5,413,601
28.582.475
1,881.804
1,659,261
466,865
59,858.810
6,610,292
2.962.785
20,638.982
64,470,747
2.686,970
1.854,353
a
10,647,384
260.484.265 -22.8
211,494,802
212.736.746
Total(6 cities).
Total(13 cities
192.593,155
200.998.091
Inc. or
Dec.
29,960,533
2,087,172
1,214.030
454,971
69.148,557
1924.
cago
292,101
+41.1
1,116,220
+1.8
-8.0 147.337,517
8.114,159
-11.6
2.338.013
-20.3
2.961,023
+18.3
20.035,000
+28.0
2.626.000
-2.3
6,639.654
-4.3
42.187,849
+6.9
-7.3
2.547,010
+1.0
10.895,300
-5.9
5,871,947
1,672,341
-7.1
-6.0
1,555,299
-6.1 639,703,717
a
a
+6.5
1,345.730
-13.0
4.486.528
+9.4
2.543,845
-8.2
2.415,479
1923.
232.242
882.574
141,116.004
6,784,789
2.323,255
2,755.216
23,325.000
2,288.000
5,946.518
40,727.774
2,283.735
10.954.540
6,591.723
1.662.209
1,613,873
646,729,146
a
1,407,135
4,647,812
2,495,417
2,794,487
906,684,732
907.561,455
6.176.747
149.987,078
33.753.091
394,129
33.029.353
18,749,298
326,377
1.371.305
6.229,551
143.460,138
34,959,380
440,117
32,031.605
14,448.732
331,167
1,481,450
Total(8 cities). 213,037,791 228.681,190 -6.8 243,787,378
Ninth Federal Reserve Dia trict - Min neapol s20.048,268
+0.6
14,756,468
14,853,188
Minn.-Duluth.. _
91.855.607 +3.7 113,805,251
95.305,152
Minneapolis.. _
34.990,310
33.133,003 -6.4
31,010.763
St. Paul
2,702,219
2.078,248 -0.3
2,072.379
No. Dak.-Fargo
1,633.945
1,661.818 -6.9
1,547,981
S. D.-Aberdeen.
717.364
691,132 +18.4
818,693
Mont.-Billings _
3.616.152
2.998,060 +12.6
3.377,508
Helena
233,382,140
+1.2 177,513,509
Total(7 cities)- 148,985,664 147.174.526
Tenth Federal Reserve Die trict - Kan sas Cit y-402.024
296.877 +7.8
c319,963
Neb.-Fremont..
524,524
554,354 -12.0
487,933
Hastings
4,081.229
4,850,637 -11.1
4,310,975
Lincoln
39,606,868
39,902,201 -0.2
39,828,928
Omaha
2.803,316
3,019,721
+1.4
3,061.442
Kan.-Topeka _ _
6.706,371
6.406.274 +8.0
c6,919,642
Wichita
Mo.-Kan. City. 133.064,803 136,086,208 -2.2 136,864,191
6.844,325
6.034,433 +6.9
c6.452.794
St. Joseph. _ _ _
a
a
a
a
Okla.-Muskogee
38.111,124
31,962.228 +27.7
40.826.784
Oklahoma City
a
a
a
a
Tulsa
1,192.411
1,174,615 +2.7
1.205.972
Colo.-Colo .Spgs
20,804,254
-16.6
22,166,553
Denver
18,475,681
1,123.433
1.254.844 -1.5
1,236,403
Pueblo
133,539,358
259,054,070
240,283,799
1.763.784
52.646,055
15,085,023
11,218.721
a
5,273,697
1.959,129
31,206.933
.13,840,607
13,042.158
a
6.040.282
Total(19 cities) 904.597.116 952.373.402 -5.0
Eighth Federa 1 Reserve Dia Wet-St. Lo uis5.203.998 +7.5
5,597.120
Ind.-Evansville.
129.700,000 145.900.000 -11.1
Mo.-St. Louis
31.732,473 +1.7
32,265.901
Ky.-Louisville
373.156 -17.3
308.655
Owensboro. _ _ _
28,026,162 -4.9
26.654,711
Tenn.- Memphis
+5.1
15,667.926
17,473.504
Ark.-1.1 Me Rock
364.161
333.604
III.-Jacksonville
1,413,314 +20.6
1.704,296
Quincy
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Clearings al-
1925.
Total(12 cities) 258,191,320 253,708.945 +1.0
Eleventh Fede ral Reserve District-D allas
+0.6
1.916.196
1,927.568
Texas-Austin _ _
56.200,899 -11.3
49,963,020
Dallas
13,502.523 +10.3
Fort Worth._ _ c14,998,143
11.137.000 -3.2
10.78.5,000
Galveston
a
a
a
Houston
5,872,095 -7.6
5,424,365
La -Shreveport.
9.385.130
76,096.662
40.088,670
2,591,550
1,543,525
605.600
3,228,221
334,937
443.384
4,088.499
36,505.372
3,115.715
7.233.435
133.509.392
7,181,159
a
23,583,956
a
1,355.671
21,990.667
841,612
66,089,109
86.887,280
88,808,713 -6.4
83.098.096
Total(5 cities).
Twelfth Feder al Reserve D istrict-San Franci sco42.701,653
40.297.372
46,008,256 -2.6
44,833,158
Wash -Seattle.
12.276.000
11,706,000
12,326.000 +3.7
12,768.000
Spokane
a
a
a
a
Tacoma
1221,618
1,924,404
2.367.283 -22.1
1,844.882
Yakima
41,012,238
38.919.471
38.873,706 + 12.8
Ore -Portland.. 43.806.087
17,048,891
16,644,591
-9.4
19,901,381
18,035.488
Utah-S. L. City
a
a
3i
a
a
a
Nev.-Reno
a
a
a
a
a
Aria -Phoenix..
5.223,543
5,295,222
+9.7
5,901,321
6.476,435
Cal.-Fresno_ _
0,290.162
6.239,186
6,364.576 -8.1
5,845,463
Long Beach_
-5.7 137.066,000 146,116,000
Los Angeles_ _ 154,412,000 163,774.000 -10.4
16.019,852
16.758,533
21,103.992
18,906,028
Oakland
5,564.808
6,157,931
-0.7
6.011.400
5,971,548
Pasadena
9.395,930
9,115,437
+6.5
8.099,814
c8,626.477
Sacramento _ _
4,344.788
4,626.812
5,741.977 +11.9
6,423,210
San Diego. _ _ _
161,600.000
-9.4
173,500,000
189.139,000
171,280,000
. San Francisco.
2,448,432
3,135,086
3,451,217 +3.2
3,560,857
San Jose
1,192,444
1,302,963
1,817.913 -24.5
1,372.931
Santa Barbara.
1,995,753
1,950.558
+5.9
2,065.828
Santa Monica_
2,658,500
2,961,200
2,799,400 +24.5
3,483.800
Stockton
Total(17 cities) 509,712.192 535.631.884 -4.8 477.926.454 478.324.366
Grand total (129
9,272.239,952 10503,698,834 -11.7 9.830,725,257 8,467,488.839
cities)
Outside New York 4,115,247,247 4,416,009.068 -6.8 4.194,658,204 3,917.752,443
Week Ended November 11.
arin s at
Inc. or
1923.
1925.
Dec.
1924.
1926.
$
$
%
Canada110,338,097 103,959.712 +6.1
Montreal
-0.4
88.056,813
87,712.254
Toronto
62.042,674 +16.5
72,308.141
Winnipeg
16.593,842
14,462.354 +14.7
Vancouver
+6.6
8.880,994
7,333.509
Ottawa
6,276,616 +28.6
8.072,608
Quebec
2.872,285
-1-6.0
3,048,321
Halifax
+9.1
4,685,678
5,111,357
Hamilton
7,281,446 +38.4
10.078,436
Calgary
2,518,808 -1.9
2,471.246
St. John
1,794,330 +10.0
1,973,906
Victoria
2,450.537 +6.7
2,370.343
London
4,282,361 +17.8
5,044,797
Edmonton
6,698,788 -5.9
6,300,948
Regina
680.952 +19.2
811,557
Brandon
710,386
425,393 +67.0
Lethbridge
2,461.040
2.187,819 +12.5
Saskatoon
1,537.434
1,372,575 +12.0
M oose Jaw
981.443
876.517 +12.0
Brantford
1,246.893
722,800 +72.5
Fort William _ _ _ _
537.028 +14.6
615,688
New Westminster
319,261 +19.4
381,258
Medicine Hat....
1.027.281
866.140 +18.6
Peterborough,.,...
769.162 +23.6
951.156
Sherbrooke
929,143 -2.6
905,084
Kitchener
974,533
3,368,860 -71.1
Windsor
365.757 +27.2
465.238
Prince Albert. _._
784,349 +12.0
878,889
Moncton
630,453
719,870 -12.4
Kingston
scul4cc.mmicpaucx..
bcCD6.
.occoVcu
.coW'coa.
,wa.
415-uw7.0,40
000..ct.
u00u.0000cv/wcunu
.0wo00&v.occo..cuc
00w0tv0cc0v000.coc
00.0000.u
ccoccoccvmolonuclo.o&c...o.-ccp.m..oco.,cu
and Miami of 70.5%. In the Chicago Reserve District the
figures show a diminution of 5.0%, in the St. Louis Reserve
District of 6.8%, and in the Dallas Reserve District of
6.4%. On the other hand, the Minneapolis Reserve District
and the Kansas City Reserve District both register small
gains,the former having an increase of 1.2% and the latter
of 1.0%. The San Francisco Reserve District falls 4.8%
behind.
In the following we furnish a summary by Federal Reserve
districts:
.
First Federal
Malne-Bangor._
Portland
Mass.-Boston_
Fall River_ _
Holyoke
Lowell
Lynn
New Bed ford _
Springfield. _
Worcester _ _
-Conn.-Hartford
New Haven_ _
R.I.-Providenc
N.H.-Manch'e
(Vox,. US.
THE CHRONICLE
2618
$
121,938,047
102,182,019
74,251,021
15.231,070
8,019,691
6,209,932
2,876,700
5.937,277
6.840,706
2,815,019
2,271,012
2,261,407
3,718,569
5,474,192
642,681
793,403
2,888,755
1,737,197
1184.189
1,332,614
539.865
480,626
779,886
816,793
880,149
3,196,241
405.976
931.904
598,896
377,035.993
353.334.135 329.189 1122 .4.73 357 1159 575
figures. c Week
a No longer repot clearings. b Do not respond to requests for
Estimated.
Week ended Nov. 11. e Week ended Nov. 12. •
ended Nov. 10.
Total(29 cities)
Nov. 20 1926.]
THE CHRONICLE
Sominertial andMisceilanerrnsnews
2619
Wheat.
bush,
691,000
295,000
On Lakes
On Canal and River
Corn.
bush,
0014.
bush,
Rye.
bush.
Barley.
bush.
19,000
' Breadstuffs figures brought from page 2677.-All
Total Nov. 13 1926 _ _ 73,626,000 29,273.000
Total Nov. 6 1926_ _72,431,000 26,332.000 48,154.000 13.331.000 4.624.000
the statements below regarding the movement of grain- 1 Total
48,041.000 13,131.000
Nov. 14 1925_ _ _43,324,000 1.458,000 64,833,000 10,548.000 4,810.000
6,058,000
receipts, exports, visible supply, dm., are prepared by us
Note.-Bonded grain not included above: Oats,
New
York. 54,000 bushels; Buffalo,
221,000; Duluth. 10,000; total, 285,000 bushels,
against 361,000 bushels In 1925.
from figures collected by the New York Produce Exchange. Barley,
New York, 79,000 bushels; Baltimore. 37,000; Buffalo.
2,144.000: Buffalo
afloat, 383,000; Duluth, 138,000; Canal, 397,000;
First we give the receipts at Western lake and river ports bushels,
On Lakes, 78,000; total, 3.256.000
against 2,825.000 bushels in 1925. Wheat, New York. 2,480,000
bushels;
for the week ending last Saturday and since Aug. 1 for Boston, 135,000; Philadelphia, 883,000;
Baltimore,
Buffalo afloat, 2,641,000; Duluth, 274,000: Canal, 1.139.000: Buffalo, 6,781,000;
each of the last three years.
total, 16.467,000 bushels, against 8,614,000 bushels 385,000; On Lakes, 1,749,000:
In 1925.
I
Receipts atChicago
Minneapolis_
Duluth
Milwaukee_ _ _
Toledo
Detroit
Indianapolis.
St. Louis_ _ _ _
Peoria
Kansas City_
Omaha
St. Joseph.
Wichita
Sioux City
Total week '26
Same wk. '2
Same wk. '2
Since Aug.1
1926
1924
CanadianMontreal
2,003,000
Ft. William & Pt. Arthur_31.759.000
Other Canadian
12,346,000
"I
58,000 2,955.000
212,000 1,646,000
1,611,000 1,233,000 3.515,000
bbls.1961bs. bush.60 lbs bush.58 lbs.bush. 32 lbs.bush.48lbs bush
1,766.000 1,055,000 2,116,000
.561bs
.
265,000
442.000 3,862,000 1,070.000
139,511
69,000
Total Nov. 13 1926._ _A6,108.000
58,000 6.332.000 2.500,000 7,277.000
2,705,000
147.000
382.000
271,000
87,000
Total Nov. 6 1926. _A1,335.000
5.615,000 2,533.000 6.904.000
1,568.000
29.000
20,000
158.000
Total Nov. 14 1925.-36,666,000
369,000
79,000
41.000
3,458,000 1,508,000 6.961,000
162.000
114,000
161,11i
26,000
22.000
Summary181,000
94,000
161.000
6,000 American
73,626,000 29,273,000 48,154,000 13,331,000 4.624.000
40,000
' 32,000
45,000
11,000 Canadian
46.108,000
55,000
58.000 6.332,000 2,500,000 7,277.000
569.000
152.000
14,000
102,000
685.000
489.000
354,000
47,11 i
4,000
Total Nov. 13 1926_119,734.000 29.331,000 54,486,000
52,000
17.000
313.000
15,831,000 11,901,000
130,000
15,411
2,000
Total
Nov.
6
1926_113,766.000 26,332,000 53.655,0001
1,042,000
125,000
63,000
Total Nov. 14 1925- 79.990,000 1,537,000 68,291,000 5,664,000 11,714.000
239,000
268,000
12,058,000 13,019,000
60,000
-.--96.000
65.000
14,000
The world's shipments of wheat and corn, as furnished 1;
370.000
10,000
54,000
19,000
32,000
Broomhall to the New York Produce Exchange,
1,000
Flour. I .Fheat.
460,000 7,656,000
390,000 7,178.000
421,000 13.674,000
Corn.
6,136,000
2.826,000
2.754,000
Oats.
Barley.
2,509,000
792,000
584,000
3,115,000 1,179,000
718.000
3.448,000 1.099,000 1,435,000
Wheat.
7.466,000 172,870,000 72,287,000 59,524,000 2.496,000
16,989,000
.
. , (1 51,928,000 0,0 ,000 5. 6,000
7,698,000 307,941,000 69.979,000 132,988.000 32,337,000 12,732,000
38.961,000
Total receipts of flour and grain at the seaboard ports
for
the week ended Saturday, Nov. 13 follow:
Receipts at-I Flour. I
Wheat.
Corn.
I
Barrels. I Bushels. I Bushels.
New York.-275,000 2,601,000,
42,000
Philadelphia_
42,000
409,000,
1,
Baltimore. _ _ _
39.000
358,0001
5,000
Newport News
1.0001
New Orleans *
60,000,
166,000;1
Galveston__
1 250.0001 117
Montreal ___.
95.0001 4,067,000f
17
Boston
32,000.
2.0001
Total wk. '26
544.0001 7,853,000
Since Jan 1'26 22,306,000 208.404,000
182,
6,588,000
Oats.
Barley.
Rye.
Bushels.
Bushels. Bushels.
184,000
874.000
29,000
21.000
12,000
61,000
10,000
941,
212,000
2,000
The exports from the several seaboard ports for the
week
ending Saturday, Nov. 13 1926, are shown in the
annexed
statement:
Wheat.
Corn.
Flour.
Oats.
Rye.
Barley.
Bushels. Bushels.
1,736,177
22,000
24,000
356,000
New York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Montreal
277.000
200.000
2,641,000
Total week 1926- 5,256.177
Same week 1925. _._ 4,450,860
Barrels, Bushels. Bushels. Bushels.
109,787
22.294 601,724
14,000
4.000
26,000
1,000
44,000
48,000
8,000
1,000
143.000
610,000 515,000
44,000
47.000
346,787
8,000
246.922 1.153.368
632,294 1,116,724
47.833 750,118
The destinatnn of these exports for the week and
since
July 1 1926 is as below:
Flour.
Week
Nov. 13
1926.
Since
July 1
1926.
Wheat.
Week
Nov. 13
1926.
Since
July 1
1926.
Corn.
Week
Nov. 13
1926.
Since
July 1
1925.
Barrels. Barrels.
Bushels.
Bushels. Bushels.
United Kingdom_ 146,772 1,764,525 Bushels.
1,914.666
198,610
Continent
163.665 2,558,017 3,191.511 47.863.140
73,629,468
17,000
So.& Cent. Amer_ 14,000
247.980
150,000 3,189,000
23.000 1,038,000
West Indies
16.000
233,000
11,000
21,000
509.000
Other countries_ _ _
6.350
245,4565
560,350
Total 1926
346.787 5,049,087 5,256.177
44,000 1,762.610
Total 1925
246.922 4.869.403 4.4511 Ran 125.252.958
ma F.42 22/1
47 (11111 2 4R9 0110
The visible supply of grain, comprising
the stocks in
granary at principal points of accumula
seaboard ports Saturday, Nov. 13, were astion at lake and
follows:
United StatesNew York
Boston
Philadelphia
Baltimore
New Orleans
Galveston
Fort Worth
Buffalo
" afloat
Toledo
Detroit
Chicago
Milwaukee
Duluth
Minneapolis
Sioux City
Bt. Louis
Kansas City
Wichita
Bt.Joseph, Mo
Peoria
Indianapolis
Omaha
GRAIN STOCKS.
Wheat,
Corn,
Oats.
Rye.
Barley.
bush,
bush.
bush.
bush.
bush.
668,000
143,000
758.000
120,000
63.000
3.00043,000
6,000
1.209.000
9:000
136,000
18.000
1.000
2,834,000
44.000
160,000
86.000
3 ,000
1.145,000
181,000
63,000
1.849,000
158,000
2,557.000
100,000 1,408,000
5.000
78,000
4.193.000 2,866.000 3,594.000
369.000
254,000
1,161,000
871,000
133,000
100,000
2.026.000
121.000
319.000
53.000
5,000
220,000
10.000
50,000
10,000
5,358,000 16,724,000 7,540.000 2,725.000
494.000
916.000
667,000 2.064,000
505,000
181,000
9,169.000
16,000 8,906,000 4,819,000
632.000
10,436,000
955,000 18.123,000 3,798,000 2,724,000
447,000
285.000
318,000
8,000
9.000
4.264.000 1,116,000
368,000
28,000
47.000
14,157,000 2,013,000
723.000
306,000
15,000
4,033.000
2,000
8,000
973,000
504,000
97.000
84,000
12,000
613.000
698,000
1.401,000
616,000
313,000
1,000
3.609,000 1,392,000 2,332,000
232.000
18,000
Week
Nov. 12.
Since
July 1.
Corn.
1
1925.
1928.
Since
July 1.
Week
Nov. 12.
I
Since
July 1.
1923.
Since
July 1.
Bushels.
Bushels. I Bushels.
Bushels.
Bushels.
Bushels.
North Amer_ 11,279,000 195,554.000 144,636.000
50.000 1,148.000 1,365.000
Black Sea_ _ _ 2,472.000 19,036,000 12.248,000
846,000 7.430.000 9,406,000
Argentina_ __
363.000 10,650,000 23,305,000 3.880.000 83,880,000 66,048,000
Australia.
392,000 8,480,000 14,496.
India
328,000 3,792,000 2,512,
Oth.Countr's
960,000 7,305.000
51.000
711,000 23,171,000
Total
15,794,000244,817,000 197,197,0
4.627,000 93,169,000 99,990,000
FOREIGN
301,000 1,876.000
253,000
6.000,000 30,418,000 29,126,000
100,005 1,191,000
969,000
247.000
7,248,111 70,243,000 38,338,00028,975,000
• Receipts do not Include grain passing
through
New
Orleans
for
foreign ports
on through bills of lading.
Exports from-
1926.
24,000
31,000
29,000
Week 1925...
515,000 6,092,000
Since Jan 1 '2521,831,000 199,528,000
Exports for Week
and Since
July 1 to-
for the week
ending Friday, Nov.122 and since July 1 1926 and 1925,
are shown in the following:
TRADE OF NEW YORK-MONTHLY
STATEMENT.
Merchandise Movement at New York.
Month.
Imports.
1925-26.
1924-25.
Exports.
1925-26. 1 1924-25
S
$
$
1
$
January __ 215.137.735 156.923.263 153.410.759 156.313.003
February.195.930.212 160.460.910 135.855.812 123.210.344
March____ 234.703.468,183.494.498 147.798.478 175.312.931
April
193,961,303,166.694.0071 164.810.083 171.392,165
May
161.807.859149,170.0181124.551.637,147.545,548
June
175.031.076,160.308.912,112.535,945 123.740,727
July
164,794 382 154.206.974 132.903.105 135.781.354
August _ _. 161,973.351 166,853,232 116,821,090 168,713.039
September 182,914,678 166.212.02 151.629.61 137.468,016
Customs Receipt,
at New York.
1925-26.
1924-25.
$
26.628.
25.131.7.
29.523.24.
24.280.72
22.333.74
25.280.5:10
24.619.552
29.183.549
32.000,997
17.121.232
27.072.503
27.666.955
22.893.230
21.937.376
23.298.326
24.327.006
26.235.015
30.186,355
Total_ _ _ 1686254064 1484323834l124031652211339477127 238,982,95
9220,734,018
Movement of gold and silver for the nine months:
Gold Movement at New York.
Month.
Imports.
Silver-New York.
Exports.
1925-26. I 1924-25. 1 1925-26.
2
1
$
1
S
1
January _ _
705.698 1.029.134 2.569.831
February. 10.707.020'
612,514 2.012.359
March._ __ 3,201,6671 3.662.342 2,038,148
A pril
895.895 5.694.336
802,731
May
619.245 7.776.455
901.208
June
4,287,6011
948.8111 2,174.510
July
846.762 6,489.017, 1,598,540
August __ _
662,466,
759.804 21,154,9791
September
972.6171
672,610 21.675,322
Exports.
1924-25.
$
66.002.262
33.520.7112
21.435.084
19.899.381
10.304.670
2.641.349
2.468.247
1.024.953
5.060,700
1925-26.
$
1.858.862
5.524,28
1,613.500
2.252,99
1.273.84
1,925.83
2,172.443
1,724.207
3,225,587
6.436,232
3.848.818
5,556.070
4.650.649
4.432.012
4,945.823
3.888.993
4.260.831
3,758.076
Total_ _ 22.898.971 27,645,023 54,927,623
162.357.438 21,571,5611 41.777.504
National Banks.-The following information regarding
national banks is from the office of the Comptroller
of the
Currency, Treasury Department:
VOLUNTARY LIQUIDATIONS.
Nov. 9-1394-The American Exchange-Pacific National
Bank,
New York, N. Y
Effective at close of business Nov.8 1926. Liquidating$7,500,000
Agent, Irving Rank & Trust Co., New York, N. Y.
Succeeded by American Exchange-Pacific Bank, which
will later be consolidated with the Irving Bank & Trust
Co. of New York. N. Y., under the title American
Exchange Irving Trust Co.
Nov. 9-9096-First National Bank in Warren, III
50,000
Effective Nov. 5 1926. Liquidating Agent, Frank
Thorp, Warren. Ill. Absorbed by the State Bank of
Warren, Ill.
•
CONSOLIDATION.
Nov. 9-5253-The First Nat'l Bank of Monessen. Pa
$50,000
and 12994-The National Rank & Trust Co. of Monessen. Pa150,000
Consolidated under the Act of Nov. 7 1918, under the
charter of the First National Bank of Monessen, No.
.5253, and under title "First National Bank and Trust
Co. of Monessen," with capital stock of $160,000.
APPLICATIONS TO ORGANIZE RECEIVED. 51
Capital,
Nov. 9-The Junction National Bank of New York, N. Y.._
__
Correspondent, Frank J. Murphy,3804 Junction Ave., $200.000
Long Island City, N. Y.
Nov. 10-The National Bank of Rochelle Park, N.
25,000
Correspondent, Henry Schnakenberg, 152 Rochelle
Ave. Rochelle Park, IC J.
Nov. I2-The'
South Hollywood National Dank, South Hollywood, Calif
50.000.
Correspondent, Ed. B. Murray, 141 N. Arden
Blvd.,
South Hollywood, Calif.
TO CONVERT RECEIVED.
Nov.
[VOL. 123.
THE CHRONICLE
2620
APPLICATION
$25,000
Bank of Lebanon, S. D
13-The First National
of Citizens State Bank of Lebanon, S. D.
Conversion
CHARTERS ISSUED.
003-The Tloga Nat'l Bank of Philadelphia, Pa Nov. 10-13
President, Wilber H. Zimerman; Cashier, Lester D.
Barford.
004-The Endicott Nat'l Bank, Endicott, N. V__
Nov. 11-13
President, S. Howard Ammerman; Cashier, Adolphus
E. Howell.
-The Waynesboro Nat'l Bank & Trust Co.,
Waynesboro, Pa
Conversion of Waynesboro Trust Co., Waynesboro,Pa.
President, NI. T. Brown; Cashier, S. G. Benedict.
CHANGE OF TITLE
-The Doylestown National Bank, Doylestown,
Pa.,to "The Doylestown National Bank & Trust Co."
Nov. 13-13005
$200,000
100,000
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table, in which
we show the dividends previously announced, but which
have not yet been paid.
The dividends announced this week are:
200,000
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
*334 Jan. 10 *Holders of rec. Dec. 17
Atlantic Coast Line RR., common
•134 Jan. 10 *Holders of rec. Dec. 17
Common (extra)
*234 Dec. 30 *Holders of rec. Nov.30
Boston & Albany (guar.)
75c. Dec. 4 Nov. 21 to Dec. 3
Chestnut Hill RR. (guar.)
4
Dec. 21 Holders of rec. Dec. 1
On., N.0. & Texas Pacific, common
3
Dec. 21 Holders of rec. Dec. 1
(extra)
Common
134 Dec. 1 Holders of rec. Nov.20
Auction Sales.-Among other securities, the following, Preferred (guar.)
2
Nov.20 Holders of rec. Nov. 17
& Bound Brook (guar.)
not actually dealt in at the Stock Exchange, were sold at auction Delaware
Gulf Mobile & Northern, pref. (quar.).. *134 Jan. 3 *Holders of rec. Dec. 15
3 *Holders of rec. Dec. 15
in New York, Boston and Philadelphia on Wednesday of Preferred (account accumulated divs.) *8234 Jan.
Jan. 1 Dec. 12 to Jan. 4
• 2
Illinoia Central, leased lines
this week:
2 *Holders of rec. Dee. 1
Jan.
*2
Mobile de Birmingham, preferred
6
Dec. 1 Holders of rec. Nov. 10
Ontario & Quebec, common
By Adrian H. Muller & Sons, New York:
1 Holders of rm. Nov. la
Dec.
5
stock
Debenture
$ per sh.
$ per sh. Shares. Stocks.
Shares. Stocks.
Phila. Germantown & Norristown (au). $1.50 Dec. 4 Nov. 21 to Doe. 3
869.502.33 notes of the Norma
56
2 Standard Coupler Co., pref
dissoluChocolate Co., Inc., in
50 Taylor Wharton Iron & Steel
Public Utilities.
$110 lot
Co.. pref
Gas& Elm.,orig. pref.(qu.) y8734c Dec. 31 Holders of rec. Nov. 30
100 Asbestos Corp. of Amer.,com.1$55lot Associated series
250 East Side Estates, Inc., no 25
9123-Sc Dec. 31 Holders of rm. Nov.30
preferred (extra)
Original
Corp.of Amer., pref.;
Asbestos
100
lot
$100
y$1.75 Dec. 31 Holders of rec. Nov. 30
Par
$7 dividend series preferred (quar.)_
Chicago Burlington & Quincy RR.200
6,250 Cape Breton Explor. Coal &
50c. Dec. 1 Holders of rec. Nov. 1542
(quar.)_
A
class
Utilities,
Ry.,
Public
Atlantic
Pass.
Nazareth
250 lot 20 Bethlehem &
Bevel. Co., Ltd.. par $5
'134 Jan. 3 *Holders of rec. Dec. 10
(quar.)..
common
1014 Boston Elevated Ry..
common, par $50
. 100 New England Sanitary UtilizeJan. 3 *Holders of rec. Dec. 10
*4
lot
preferred
3600
First
_
common_
Co.,
Taylor
Ronald
$30 lot 10
tion Co
*334 Jan. 3 *Holders of rec. Dec. 10
2
Preferred
Silk Co., pref
Nov. 16
1,220Deep Sea Fisheries,Inc.,v.t.c. 10c. 100 Empire Silk
Dec. 1
$1.75
2
Central Gas & Electric, pref.(guar.)._
Co., pref
*$1.5() Nov. 15 *Holders of rec. Nov. 12
90 Haytian Amer. Corp., pref. _ _ _ $50 lot 100 Empire Silk Co., pref
2
Citizens Traction (Pittsburgh)
of rec. Nov.200
Holders
1
Deo,
2,100 Harlan Petrol. Co.. par $1 _ _$31 lot 100 Empire Silk Co., pref
_
(quar.)__
23-4
2
common
Connecticut Power,
337 lot 100 Emplre
134 Dec. 1 Holders of rec. Nov.20a
1,000 Leadville Mining Co
Preferred (guar.)
Chloride Mining Co., par 100
16 to Nov.30
Nov.
1
Dec.
150c.
200 Assets Realization Co.,par310_313 lot 5.000
(quar.)_
pref.
Elm.,
&
Gas
Shore
E
stern
pret
20 Boucher. Inc.,
130
1,250 Ashland Cotton Co., corn_ _ $60
Engineers Public Service, pref.(quar.).. $1.75 Jan. 3 Holders of rec. Dec. 14
30e. 20 Boucher. Inc. com., no par_
mon, v. t e
*50e. Jan. 2 *Holders of rec. Dec.
lot Fall River Electric Light (guar.)
120 New Mix Products,Inc.. no par
14
rec.
Dec.
of
2
*Holders
Jan.
100 Vegetable 011 Corp., pref_-_
*25e.
Met
Extra
Columbia
100 Alaska British
Dec. 1 Holders of rec. Nov. 15
50 Vegetable Oil Corp., common, $30
Georgia Railway & Power,common (an.) $1
als Co., par $10
lot
DO par
Dec. 1 Holders of rec. Nov. 170
Per cent. Keystone Telep. of Phila., pref. (quar.). $1
Bonds
20 Seashore Estates, Inc., no par_ $49 lot $50,000
Dec. 15 *Holders of rec. Dec. 1
*2
(guar.)._
common
JanesLight,
St
Laclede Gas
Rockford Beloit
322 Pennsylvania Brake Beam Co.,
Dec. 15 *Holders of rec. Dec. 1
*2
eds.
55,
1930,
1st
(extra)
Co.
Common
Ry.
vine
134
par SI0
Dec. 15 *Holders of rec. Dec. 1
*23-4
lot
$2,800
Preferred
of deposit
3 Holders of rm. Dec. 40
134
Jan.
Mackay Companies, common (quar.)..
Jan, 3 Holders of rec. Dee. 442
1
(guar.)
Boston:
Preferred
Arnold,
By Wise, Hobbs &
1 Holders of rec. Dec. 16
Jan.
43340
.'
erv.,pf.(qu
W.PennPub.S
$ per sh. Monongahela
$ per sh. Shares. Stocks.
Nov. 15
Shares. Stocks.
Nat.Public Sort'. Corp., cl. A,com.(qu.' 40c. Dec. 15 Holders of roe. Nov.
16
37334 14 First Peoples Trust spec. units__ 5% Nebraska
134
Holders of rec.
Dec.
5 Merchants National Bank
(guar.)
pref.
Power,
95
pref._
5 Old Colony L. de P. Assn.,
10
_ _223
Dec.
rec.
of
3
*Holders
Dec.
*2
(guar.)
5 Webster & Atlas Nat.
7834 New England Tel. & Tel.
112 ex-div. 24 Cambridge Gas Light Co
Bank_"750. Dec. 3 *Holders of rec. Dec. 15
7 Merrimack Mfg.Co
corn.
(an.)
Pow.,
Ont.
&
Lockp.
Niagara
5934
Works
Gas
River
15
rec.
4334 12 Fall
Dec.
of
*Holders
Jan.
50 Androscoggin Mills
*135
(quar.)
Preferred
50 Int. Securities Trust units. 1
33
Jan.
3
Holders of rec. Dec. 15a
50 Nonquitt Spinning Co
Peoples Gas Co., preferred
share 634% Pref. 134 shares
135-136
Holders of rec. Nov.20
Dec.
134
A
(quar.)_
50 West Point Mfg. Co
pref.
Power,
County
Pinellas
23
19,u
:
54
%-1
141
onnmon
2534
Holders of rec. Nov.20
8734c. Dec.
13 Tremont & Suffolk Mills
Seven per cent cum. pref.(guar.)
40 Fitchburg Gas& Elec. Co_118%-118%
41
134 Jan. 1 Holders of rec. Dec. 31
24 Nashua Mfg. Co
Quebec Power, common (guar.)
50 50 Graton & Knight Co
of rec. Dee. 15
Holders
3
Jan.
I%
50 Lancaster Mills. preferred
(guar.)
Preferred
61%
pref
& Knight Co.,
18 Nashua Mfg. Co., pref __ _ _81 H-81% 4 Craton
Southern Calif. Edison, ser. A pf. (qu.)_ 4334c. Dec. 15 Holders of rec. Nov.20
River Gas Works
Dec. 15 Holders of rec. Nov. 20
10 Jones, MeD.& Egret. Corp,cl. A 2834 21 Fall
3734e.
(guar.)
preferred
B
67
Series
Carp
Light
Elec.
Lowell
150
2 Quincy Mkt. C. S. Jr W'h Co__ 3334 50
250. Southern Gas & Power, class A (quar.).. 4334c. Dec. 15 Holders of rec. Nov. 250
Mercantile Credit Plan units
$1 Dec. 15 Holders of rec. Nov.30
40 Quincy Mkt. C. S. & W'h Co.,
Standard Gas & Elec., pref. (quar.)
98
5734-5734 3 American Mfg. Co
Nov.22 Holders of rec. Nov.22a
15
preferred
United Rys. Investment, preferred
_102
pref.
8%
CJ.
P.
New England
134 Dm. 1 Nov. 19 to Nov.21
20 Turners Falls Pr. & El. Co_ _ _ _178 34 50Western
com.
((muar.)_.
Elm.,
&
R.E.Trustees...184% ex-div. Washington Ry.
234 Dec. 1 Nov. 19 to Nov. 21
100 Cambridge Elec. Securities_...138 if 5 Boston Wharf Co
Preferred
111
4
97
195 Dec. 1 Holders of rec. Nov. 150
5 Metropolitan Ice Co., pref
Per cent. West Ohio Gas, class A (guar.)
Bonds.
195 Jan. 1 Holders of rec. Dec. 15
20 Hood Rubber Products, pref. _ _101%
Winnipeg Electric Co., pref. (guar.)
35.000 The Lustran Synd. part. etfs. 2
72
18 First Peoples Trust units
Banks.
By R. L. Day & Co., Boston:
Dec. I Holders of roe. Nov.29
3
$ per all. Montauk (Brooklyn) (guar.)
$ per sh. Shares. Stocks.Lt. Co., par $25_ _.67
Shares. Stocks.
Trust Companies.
31 Holders of rec. Dec. 21
Dec.
8
33634 25 Lowell Elec.
3 First National Bank
$25. 6234 Equitable (quar.)
24234 50 Lowell Gas Light Co., par
1 National Shawmut Bank
par $25_ 7834
33634 16 Cambridge Gas Lt. Co.,
Insurance.
40 First National Bank
Fire
lot
_31
common
•100 Jan. 10 *Holders of roe. Dee. ao
24734 35 Cumberland Corp.,
1 Atlantic National Bank
77% Fidelity-Phenix (stock dividend)
Dec. 15 Holders of rec. Deo410a
5
336% 25 Mass. Ltg. Cos., common
75 First National Bank
North River
7 Turners Falls Pow. de Elec. Co-17734
393
1 Second National Bank
18434
Trost
Estate
Real
Western
20
32434
5 Old Colony Trust Co
Miscellaneous.
3 Wm.Filene's Sons Co.,2d pref. _ _107
134 Dec. 1 Nov. 19 to Nov.30
15 City National Bank, South NorMills (guar.)
15 North Packing & Provision Co_ _105% Aeushnet
183
•$1.50 Dec. 31 *Holders of rm. Dec. 15
walk. Conn
Adams Express (guar.)
_100%
pref.._
734%
Co..
Rubber
Hood
134 Dec. 1 Nov. 4 to Dec. 2
10
100 Chicago Joint Stock Land Bank 78
American Candy, pref.(guar.)
1st
*75c. Jan. 1 'Holders of rec. Dec. 20
13034 6 Amer. Founders Trust, 7%
2 King Philip Mills
American Seating, common (quar.)
39
$50
par
pref.,
Ian. 1 *Holders of rec. Dec. 20
*250.
82
Co.,
pref.
Finishing
States
3 United
Common (extra)
*25c. Apr. 1 *Holders of rm. Mar. 20
284 3 Amer.Founders Tr.,6%2nd pref., 1534
30 Tremont & Suffolk Mills
Common (extra)
par $25
July 1 'Holders of rec. June 30
*25c.
3234
25 Hamilton Woolen Co
Common (extra)
20 Brockton Gas Light Co., par $25 4534
40
*250. Oct. 1 *Holders of rm. Sept.30
11 Ipswich Mills, common
Common (extra)
*75c. Jan. 1 'Holders of rm. Dec. 20
2134 2 New England Confectionery Co_ _415
5 Hill Manufacturing Co
(guar.)
Preferred
133
1734 5 Old Colony Gas Co.. pref
2 Everett Mills
12340. Jan. 1 Holders of rec. Nov. 300
734 American Thread, preferred
19 Saco Lowell Shops, 2d pref
_
3 Holders of rec. Dec. 150
15 Naumkeag Steam Cotton Co_ _ _150
7734 American Home Products (monthly). 20c. Jan.
7234 5 Mars. Lighting Cos., common___106
•155 Jan. 1 "Holders of rec. Dec. 10
5 Massachusetts Cotton Mills
pref.
(quar.)
Ill.,
of
Co.
Armour &
Bost. Ltg. Prop.,common
North
5
Si
_120
_
_
_
Co..
1 "Holders of rec. Dec. 10
•134
ng
(guar.)._
Jan.
Pepperell
Manufacturi
10
112
Armour dr Co. of Del., pref.
6834 5 Boston Wharf Co
4
Dec. 16 Holders of rec. Dec. 8
12 Arlington Mills
Atlantic Terra Cotta, preferred (quar.).
13134 25 Hood Rubber Co., 734% pref__10034
_
1 *Holders of rec. Dee. 20
Jan.
.75c.
(qu.)
2 New London Northern RR
corn.
Co.,
72
Belding-Hemingway
25 units First Peoples Trust
Jan. 1 *Holders of rec. Dec. 18
*31
1 Boston Elevated Ry. Co., 2d 0..104
(guar.)
6234 36-70 Amer. Founders Trust. corn_ 490. Borg & Beck
Wu.).
15
Doe.
$1.50
Holders of rec. Dec. la
com.
Rub.,
80 Springfield Ry. Cos., pref
&
Hose
Woven
Boston
5234 Note for $17,000. dated May 12
3
Dec. 15 Holders of rec. Dec. la
2 United Electric Rys.Co
Preferred
1926,due Nov. 12 1926,signed by
(guar.) _ _ *134 Jan. 1 *Holders of rec. Dec. 20
38 Saco Lowell Shops, common.... 3
common
Company,
colas
Bucyrus
having
DeRosa,
Angelo
'1 34 Jan. 1 *Holders of rec. Dec. 20
25 Quincy Market Cold Storage &
Common (extra)
lateral the mtge. note of Assunta
3334
'134 Jan. 1 *Holders of rec. Dec. 20
Warehouse Co., common
Preferred (quar.)
DeSimone,in the sum of $22.000,
72
950. Dec 1 Holders of rec. Nov.20
(guar.)
6 units First Peoples Trust
pref.
Inc.,
&
421
Burdines,
by property No.
secured
ag
TrustPeoples
*155 Jan. 3 *Holders of roe. Dec. 15
First
units
32special
$17,065 lot Burns Bros., pref. ((muar.)
423 Hanover St., Boston
$1.50 Deo, 20 Holders of rec. Dm. 842
Mining (guar.)
30 Hood Rubber Co., 734% Pref 100%
Arizona
&
Calumet
div.
50c. Dec. 15 Holders of rec. Nov.30
Co.,..
Copper
Consol.
Hecht
10 George E. Keith Co., 1st pf_101 dr
Calumet &
pf.(qu.)
1
Jan. 3 Holders of rec. Dec. 15
hia:
Canadian Connecticut Cot. Mill,
By Barnes & Lofland, Philadelp
134 Deo, 15 Dec. 11 to Doe. 14
$ per sh. Carter (William) Co., pref.(guar.)
Shares. Stocks.
sh,
per
$
'134
(quar.)_
pt.
Mach.,
Stocks.
Shares.
Case (J. I.) Thresh.
2 Cobbs Creek Title & Tr. Co.,
100
10 Ambler(Pa.) Trust Co.. par $50. 75
75
Chesebrough Manufacturing (guar.)--- 75c. Dec. 28 Holders of rec. Dee. 100
par $50
25e. Dec. 28 Holders of rec. Dee.
5 Hillside Cemetery Co., par 325- 22
Extra
Co.for Ins.on Lives,&c....860
Pa.
20
10a
1934
Dec.
$50-rec.
of
par
28
50c.
Holders
Dec.
16 Phila. Bourse, com.,
Special extra
10 Girard Ave. Title & Trust Co.,
rec. Dec. 20
310
30 Internat. Educational Publishing lot
Chicago Yellow Cab Co.(monthly)....' 33 1-3c Jan. 1 *Holders of
par $50
20
Jan.
5145
rec.
of
33
1
1-3e
*Holders
Feb.
Co., preferred
Monthly
1 Commonwealth Title Ins. & Tr_540
•33 1-3c Mar. 1 *Holders of rec. Feb. 18
15 Internat. Educational Publishing lot 5 Commonwealth Title Ins. & Tr--540
Monthly
$3
•14 Jan. 1 *Holders of rec. Doe. 15
Co., common
Cities Service,common (monthly)
Jenkintown (Pa.) Bk. de Tr. Co_355
10
350.345
stock)_
par
*134 Jan. 1 *Holders of rec. Dec. 15
5 North Phlla. Trust Co.,
Common (payable in common
50 Media Title & Tr. Co.. par $25 _124
and preferred B (monthly).. •Si Jan. 1 *Holders of rec. Doe. 15
33 North Phila. Trust Co., par 350_341% 21 Phila. Life Ins. Co., par $10--- _ 1434
Preferred
*50o. Dec. 15 *Holders of rm. Doe. 10
20 North Phila. Trust Co., par $50_340% 72 John B. Stetson Co., pref.,
ClInchtield Coal Corp., corn
934
134 Dec. 1 Holders of rec. Nov.300
3734 Colonial Steel, pref. (guar.)
50 Bornot, Inc.. class A
par $25
Jan, 1 Holders of rec. Dee. 20
10 Drovers & Merchants Nat. Bk_21634 10 Hestonv., Mantua & Fairmount
Commercial Solvents Corp., class B(qu.) $2
550.41034
par
,
(guar.)
Germantown
134 Dee, 15 Holders of rec. Dec. la
39
6 Nat.Bk.of
Crane Company, corn.
Passenger Ry., pref
Deo, 15 Holders of rec. Dec. la
I%
2134
$10
2 First Nat. Bk. of Philadelphia. 470
(guar.)
par
Preferred
Co.,
Ins.
20 Victory
250. Jan. 3 Holders of rec. Dee. 70
3 Nat. Bk.of North Philadelphia_ _261
McCahan Sugar Ref. &
Cuban-American Sugar, com.(quar.)
J.
W.
10
Jenkin134 Jan. 3 Holders of rec. Doe. 70
94%
2 Citizens Nat. Bk. of
Preferred (quar.)
Molasses Co., pref
134 Dee, 31 Holders of rec. Doe. 150
96
town,Pa
Crucible Steel, pref. (quar.)
dc Chase, Inc., pref
Hare
20
100
Camden.
2
Dm. 1 Holders of rec. Nov. 160
(quar.)
of
ng,
com.
Bank
96
pref
5 First Nat.State
Dartmouth Manufacturi
Nov. 160
5 Hare & Chase, Inc., pref
95
134 Doe. 1 Holders of roe. Dec. la
N. J. (together with 5-5000 truePreferred (guar.)
25 Hare & Chase, Inc.,
0.
2
50
(guar.)
Dec.15 Holders of rec.
pref.
94
pref
ng.
teed assets Nat. State Bank)___ _343
Manufacturi
Inc.,
Derk
& Chase,
Hare
Doe. I
rec.
40
of
Holders
_
699
31
Dec.
1 Fidelity-Phila. Trust Co
com., no par 26
Douglas-Pectin Corporation ((muar.)
50 Hare & Chase,Inc.,
698
50o. Doe. 31 Holders of rec. Dec. 1
27 Fidelity-Phila. Trust Co
cons., no par 25
Extra
Dec. 1
rec.
25 Hare& Chase,Inc., com.,no Par 2434
of
Holders
15
Dec.
Co.,
&
com.(qu)
$1.75
Nem.
9 Bk.of No. Amer.& Trust Co--- _377
Du Pont(Et.)de
1
40 Hare & Chase.Inc.,
Jan. 5 Holders of rec. Doe.
$5
20 Bk.of No. Amer.& Trust Co---375
Common (extra)
Jan. 10
'134
31050. Jan. 25 Holders of rm.
Debenture stock (guar.)
Dec. 1
rm.
By A. J. Wright & Co., Buffalo: Stocks.
of
Holders
24
D.
((muar.)
Sper . Emporium Corporation
15
3 Holders of rm. Dec.
Cameoper sh. Shares.
Shares. Stocks.
Pow., pref.,
15
Equitable Office Bldg. Corp., com.(qu.) 15,‘ Jan..30
1 Buff. Niag. & East.
holders of rec. Dec. 30
2 David Grimes Radio &
1% Jan. 3 Holde
2554
Preferred (guar.)
Nov.
to
24
Nov.
Record Corp., no par
pref.(quar.)...
Co.,
Egan
&
MIL.
A.)
Pow..
24
East.
(J.
Nov.
Fay
&
rec.
Pifsg.
1 ll 5 litrff.S
1,000 Lakeside Lorraine, par El.__ 3
31% Federal Mining & Smelting, pref.(guar.) 195 Dec. 15 Holders of
no par
32% lot
10 Assets Realization Co
1234c.
500 Keorr Mines. par r'I
Nov. 0-573
4
Nov. 20 1926.]
Name of Company.
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Per
When
Books Closed.
Name of Company.
Cent. Payable.
Days Inclusive.
Railroads (Steam).
Atchison Topeka & Santa Fe. corn.(qu.) lit
Dec. 1 Holders of rec. Oct.
Baltimore & Ohio, common (guar.)
29s
134 Dec. 1 Oct. 17 to Oct. 18
Preferred (guar.)
1
Dec. 1 Oct. 17 to Oct.
Canadian Pacific. corn (guar)
18
234 Dec 31 Holders of rec. Dec. la
Catawissa, preferred stocks
$1.25 Nov.22 Holders of rec. Nov. 116
Chesapeake & Ohlo, preferred A
334 Jan 1'27 Holders of tee. Dee.
Chicago & North Western,corn
2
Dec 31 Holders of rec. Dec. 84
Preferred
334 Dec 31 Holders of rec. Dec. la
la
Chicago St Paul Minn dr Omaha. pref._
5
Dee 31 Holders of rec. Dec.
Cleveland dr Pittsburgh. reg. gu.(qu.)._ 87340.
la
Dec. 1 Holders of rec. Nov.
Special guaranteed (quar.)
10a
50c.
Dee.
1 Holders of rec. Nov. 10a
Consolidated RRa.of Cuba, pref.(guar.)
134 Jan. 8 Holders of rec. Dec. 10a
Cripple Creek Central, pref.(guar.)._
1
Dec. 1 Holders of rec. Nov. 15
Cuba RR., common (quar.)
$1.20 Dec. 20 Holders of rec. Dec. 200
Preferred (guar.)
8
Febl'27
Hold. of rec. Jan. 15'27o
Delaware & Hudson Co. (guar.)
234 Dec. 20 Holders
of rec. Nov. 27a
Georgia Southern dr Florida, corn
5
Nov.
28
Holders
of tee. Nov. 12
and
second
preferred
First
234 Nov.26 Holders of rec. Nov. 12
Hudson & Manhattan RR., common
134 Dee. 1 Holders of rec. Nov. 160
Illinois Central, Coro. (quar.)
134 Dec. 1 Holders of rec. Nov.
Maine Central, common
$1 Dec. 15 Holders of rec. Dec. ba
1
Preferred (guar.)
134 Dee. 1 Holders of rec. Nov. 15
Midland Valley, preferred
$1.25 Dec. 1 Holders of rec. Nov. 206
New Orleans Texas & Mexico (quar)
134 Dee 1 Holders of rec. Nov. I5a
N.Y. Chicago & St. Louis, common
244 Jan, 3 Holders of rec. Nov. 15a
Preferred Series A (guar.)
134 Jan. 3 Holders of tea. Nov.
Norfolk & Western, corn. (Qum.)
144 Deo, 18 Holders of tea. Nov. 15a
30a
Common (extra)
3
Dec. 18 Holders of rec. Nov.30a
North Pennsylvania (quar)
$1
Nov.25 Holders of tee. Nov. lba
Per
When
Cent. Payable.
Books Closed.
Days Incluttee.
Railroads (Steam) (Concluded).
Pennsylvania (guar.)
8754c Nov.30 Holders of rec. Nov. la
Pitted). Bessemer & Lake Erie, prat
$1.50 Dec. 1 Holders of rec. Nov.15
Pitts. & West Virginia, corn.(quar.)
134 Jan. 31 Hold,of tea. Jan. 15'270
Pittsb. Youngstown & Ashtab.. pt.(cm.)
1% Dec. 1 Holders of rec. Nov. 206
Reading Company, first pref. (aunt.)...
. 50c. Dec. 9 Holders of rec. Nov.23a
Southern Pacific Company (quar.)
134 Jan. 3 Holders of rec. Nov.266
Union Pacific, common (aunt.)
234 Jan. 3 Holders of rec. Dec. la
Wabash Ry.. pref. A (quar.)
1% Nov 26 Holders of rec. Oct. 25e
Public Utilities.
4d1rondack Power & Light.core
(mtbli) 100. Nov.30 Holders of rec. Nov. 200
American Power & Light, corn.(guar.)
_ _ 25c. Dec. 1 Holders of rec. Nov. 166
Common (payable in common stock) _ _
(u) Dec. 1 'Holders of rec. Nov. 166
Amer.SuperpowerCorp.,com.A4cB(qu.) 30c.
Doe. 81 Holders of rec. Nov.30.
Com. A & B lin partio. pref. stockl_
n50c. Dee. 31 Holders of rec. Nov. 300
First preferred (guar.)
51.50 Jan. 3 Holders of rec. Dec. la
Amer. Teleg. & Cable(mar.)
•134 Doe. 1 *Holders of rec. Nov.30
american Telep. & Teleg.(guar.)
214.1 an 15'27 Holders of rec. Dec. 200
Quarterly
HA pr 15'27 Holders of rec. Mar.160
Androscoggin & Kennet,.Ity.„ let pf.(qu) 2134
Deo, 1 Holders of rec. Nov. 15a
Second pref
1
Associated Gee & Eleo 46 Pref.(guar.) 541.50 Dee. 1 Holders of rec. Nov. 150
Dec. 1 Holders of rec. Oct. 30
46% preferred (guar.)
PS 1.6234 Dee. 1 Holders of rec. Oct. 30
Baton Rouge Elec. Co.. pref., set. A(qu.)
1%
Blackstone Valley Gas& El., corn.(au.). $1.25 Dec. I Holders of rec. Nov. 15a
Dec. 1 Holders of tea. Nov.150
Preferred
3
Dec. 1 Holders of rec. Nov.
Brazilian Tr.,L.& Pow.,ordinary (qu.).
134 Dec. 1 Holders of rec. Oct. 15a
Brooklyn City RR.(guar.)
20c. Dec. 1 Holders of rec. Nov.30
130
Brooklyn Edison Co.(quar.)
2
Brooklyn-Manhattan 'Fran., pt. A (qu.). 134,1 Dee. 1 Holders of rec. Nov. 12a
an 15'27 Holders of rec. Dee.
Preferred series A (guar.)
144A pr 15'27 Holders of rec. Apr. 81
1
Central Ark. R.
.& Light, pref.(guar.). 1%
Central Indiana Power Co., pref.(guar.) 134 Dec. 1 Holders of rec. Nov. 15a
Dec. 1 Holders of rec. Nov. 206
Chicago Rap.Tran., prior pt.(mthly.)-. 650. Dee.
1
Holders
of rec. Nov. 160
Cleveland Elec. Ilium.,6% pref. (quar.)
134 Dec. 1 Holders of rec. Nov. 15
Community Pow. dr Light, 2d pref
2 Dec. 1 Nov. 21 to
Dec. 1
Consolidated Gas of N. Y., corn.(qu.)_. $1.25 Dee.
15
Holders of rec. Nov. 10a
Consumers Power,8.6% pref.(monthly) 134 Jan.
Holders
2
of
tee.
Dec.
lb
6.6% preferred (guar.)
1.65 Jan. 2 Holders of rec. Dee. lb
7% preferred (gar.)
134 Jan. 2 Holders of tee. Dec. lb
6% preferred (monthly)
50o. Dee. 1 Holders of rec. Nov. 15
6% preferred (monthly)
50o. Ian 2'27 Holders of rec. Dec. 15
5.6% preferred (monthly)
550
Joe. 1 Holders of tee. Nov. 15
6.6% preferred (monthly)
.an 2'27 Holders of rec. Dec. 16
Duquesne Light Co., 1st pref.(quar.)_ _ 550
134 Dec. lb Holders of rec. Nov.150
_
Empire Gas & Fuel,8% pref.(mthly.)'662-3i
Dec. 1 *Holders of rec. Nov. 15
7% preferred (monthly)
Federal Light de Trac., common (qua •58 1-3( Dec. 1 *Holders of rec. Nov. 15
r.). 200.
Common (payable in common stock) floc. Ian. 3 Holders of rec. Dec. lba
Ian. 3 Holders of rec. Dec. lba
Preferred (guar.)
1% Dee.
Holders of rec. Nov. lba
Hackensack Water, corn
75c.
Dec.
Holders of rec. Nov. 200
Preferred
8734( Dec.
Holders of rec. Nov. 206
Indianapolis Water, pref. (guar.)
1% Ian.
Holders of rec. Dec. 150
Kentucky Hydro Elec. Co., pref. (au.)
134 Dec. 20 Holders of rec. Nov.804%
Kentucky Utilities, Junior pref. (quar.)_
1%
Nov. 20 Holders of tea. Nov. la
Laclede Gas dr El. Co., prior lien stk.(qu)
Louisville Gas dr Elec., corn. A & B (qu.) .134 Dec. 1 *Holders of tee. Nov. 15
Manila Elec. Corp.. common (guar.)._ 4334c Dec. 25 Holders of rec. Nov. 300
50o. Dec. 31 Holders of tee. Dec 15.
Massachusetts Gas Cos.. pref
2
Dec. I Nov. 16 to Nov.30
Middle West Utilities, prior lien
stk.(qu.) 2
Dec. 15 Holders of rec. Nov.30
Municipal Service, common (quar.)_
- 25o. Dec. 1 Holders of rec. Nov.150
National Power & Light, corn. (aunt.)_.
20c.
Dec.
I Holders of rec. Nov. 150
North American Edison, pref.(quar.)_
North Amer. Utility Secur., 1st pf.(qu.) $1.50 Dee. 1 Holders of rec. Nov. ltra
31.50
Dec.
15
Holders of rec. Nov.30
First pref. allot. ctfs. (guar.)
Dec. 15 Holders of rec. Nov.30
North Carolina Public Service, pref.(qu. $1.50
) $1.75 Dec.
Holders of rec. Nov. lb
Northern States Power (Wis.), pf.(au.)_
1%
Holders of rec. Nov.20 Northwestern Public Service, pref. (qu.) 1% Dec.
Dec.
Holders of rec. Nov.20
Ohio Edison,6% preferred (guar.)
1% Dec.
Holders of reo. Nov. 15
6.6% preferred (amar.)
1.65 Dee.
Holders of rec. Nov.15
7% preferred (aur.)
144 Dee.
Holders of IVO. Nov.15
6.6% preferred (monthly)
Dee.
Holders of roe. Nov.
Oklahoma Gas & Elec., pref. (guar.)._ _ 550.
1% Dec. 15 Holders of tee. Nov.15
30
Pennsylvania Gas & Elec., cl. A (quar.)_
o3734c Dec. 1 Holders of rec. Nov.20
Preferred (guar.)
"134 Jan. 1 *Holders of rec. Dec. 20
Penn-Ohio Edison. 7% pref.(gust.)
1%
Dec.
1 Holders of tea. Nov.20
Philadelphia Electric (quar.)
Phila. & Suburban Water, pref. (quar.)_ 50c. Dec. 15 Holders of rec. Nov. 17a
Portland Electric Power,2d pref.(guar.) 1)4 Dec. 1 Holders of rec. Nov. lla
1% Dec. 1 Holders of rec. Nov. 15
Radio Corporation of Amer., pref.(qu.)
Jan. 1 Holders of rec. Dec. la
Rochester Gas dr Elec., pref. B (guar.) _ 8734c
1% Dec. 1 Nov. 14 to Dec. 1
Preferred C and D (guar.)
134 Dec. 1 Nov. 14 to Dec. 1
South'n Colorado Pow.,com.,01. A (Qs.)
- 50o. Nov.26 Holders of rec. Oct. 80
Preferred (aunt.)
Southwestern Power & Light, pref.(qu.) 144 Dec. 1 Holders of rec. Nov.30
1% Dec.
Holders of rec. Nov. 16
Standard Gas & Electric Co.
Common (payable In common
Tennessee Elec. Pow.6% 1st pf. stock). 11-200 Jant$H Holders of tee. Dec. 310
.(qu.).
1% Jan. 2 Holders of rec. Dec.
7% first preferred (quar.)
134 Jan. 2 Holders of rec. Dec. lb
7.2% Mat preferred
15
(guar.)
1.80 Jan. 2 Holders of rec. Dec. 15
6% first preferred (monthl
y)
500.
Dee. I Holders of rec. Nov. 15
6% first preferred (monthl
y)
50o. Jan. 2 Holders of rec. Dec. 15
7.2% first preferred (monthl
y)
600. Dec. 1 Holders of rec. Nov. lb
7.2% first preferred (monthl
y)
60c. Jan. 2 Holders of rec. Dec. 15
Utility Shares Corp., coin.(No.
1)
50o. Dec. 15 Holders of rec. Nov.
Participating preferred (aar.)
300. Dec. 1 Holders of rec. Nov.30
Virginia Elec.& Power. pref
15
(quar.)_._ $1.75 Dec. 20 Holders of
rec. Nov. 15a
Washington Water Power,
634% pf.(qu.) 1% Dec. 15 Holders of roe. Nov.246
West Chester Street Hy.. Prof.
(quar.)
_ 1% Dee. 1 Holders of tea. Nov.21
West Penn Rye., pref.(guar.)
134 Doe. 15 Holders of reo. Nov.24
Wisconsin Power & Light. pref.
(tinar.)- 1% Dec. 15 Holders of rec. Nov.303
Wisconsin Pub. Serv.,
634% pref.(CM.). 1% Dec. 1 Holders of rec. Nov.30
Seven per cent preferred
(guar.)
1% Dec. 1 Holders of rec. Nov. 30
Wisconsin River Power. Prof.
(quar.)
$1.78 Nov.20 Holders of tee. Oct. 31a
Banks.
Amer. Colonial Bank of Porto
Moo(7n.) 4
Dee. 1 Holders of rec. Nov. 19
Chelsea Exchange (guar.)
2
Jan. 3 Holders of rec. Dec. 176
Standard(guar.)
3
Jan. 3 Holders of rec. Dee. 276
Standard National Corp., common
(cm.) $3
Jan. 3 Holders of rec. Dec. 270
Preferred (guar.)
134 Jan. 3 Holders of rec. Dec. 27a
Miscellaneous.
Abbotte Alderney Dairies,
Holders of tea. Nov. 15a
American Art Works, corn let p1,(qu.). 134 Dee.
& pf.(qu.)
134 Jan. IS Holders of rec. Dec. 31
American Chain. class A
(guar.)
50o. Dee. 3 Dec. 22 to Jan. 2
American Chicle, corn.(guar.)
750. Jan. 1 Holders of rec. Dec. lba
6% Preferred (auar.)
1% Jan. 1 Holders of rec. Dec. 150
Prior pref.(quar.)
134 Jan.
"folders of rec. Dec. 15a
American Felt. preferred (guar.)
1.50 Dec.
Holders of rec. Nov. lba
American Hardware Corp.(Glum.)
$1 Jan 1'2 Holders of rec. Dee. 160
Amer. Home Products (monthl
y)
20
Dec. 1 Holders of rec. Nov. 15a
Amer. Laundry Machinery,con.
(guar.) 75o. Dee.
Nov.23 to Dec. 1
Common (extra)
25o. Dee.
Nov.23 to Dec. 1
Common (guar.)
$1
Marl'27 Holdersofreo.Feb.21'27
American Linseed, prof.(guar.)
154 Jan 3'2 Holders of rec. Dec.
Preferred (guar.)
17a
144 Aprl'2 Hold, of red.Mar.
American Mfg., common (guar.)
1% Dec. 3 Holders of rec. 18'27a
Preferred (guar-)
134 Dee. 8 Holders of tee. Dec. 17
Amer. Metal, common (attar.)
Dee,
it
Dec.
Holders of rec. Nov. 17
Preferred (guar-)
190
Holders of
American bfultigraph, common (quar.). 154 D.
40c. Dec. 1 Holders of rec. Nov.20a
Amer. Radiator, common (guar.)
rec. Nov. 15
51.25
Dec.
81 Holders of
American Railway Express (guar.)
$1.50 Dec. 81 Holders of rec. Dec. I5a
Amer. Rolling Mill, corn. (guar.)
500. Jan. 15 Holders of rec. Dec. 15a
Preferred (aunt.)
rec. Dec. 310
144 Jan. 1 Holders
Amer. Smelt. & Refg., prof. (aunt.)
.. 1% Deo, 1 Holders of rec. Dec. 15a
American Stores (guar.)
of rec. Nov. 50
50o.
Jan. 1 Dec. 17 to
Extra
Jan. 1
50c. Dee, 1 Nov.
Amer. Sumatra Tobacco. prof.
16 to Dec. 1
(guar.).-$1.75 Dec. 1 Holders
of rec. Nov. 19a
Miscellaneous (Concluded).
Foote Bros. Gear & Mach., corn.(qu.)__ .250. Jan. 1 *Holders
of rec. Dec. 20
French & French Companies. prof
3
Dec. 1 Holders of rec. Nov. 15
Gabriel Snubber, coin. A and B (quar.)_ *8734c Jan. 1
'Holders at rec. Dec. 15
Gamewell Company, corn.(quar.)
$1.25 Dec. 15 Holder
1 rec. Dec. 4a
la Preferred (guar.)
1% Dec. 1 Holders of rec. Nov. 200
Glidden Company, common (quar.)
*50c. Jan. 2 "Holders of rec. Dec. 16
Prior preferred (guar.)
•134 Jan. 2 *Holders of rec. Dec. 16
Globe-Democrat Pub. Co., pref.(quar.)_
134 Dec. 1 Holders of rec. Nov. 20
Gotham Silk Hosiery, corn.(guar.)
82340. Dec. 31 Holders of rec. Dec. 15
Hamilton-Brown Shoe (monthly)
1
Dec. 1 Nov. 24 to Nov. 30
Hamilton Dairies, pref.(qu.)(No. I)._
1% Dec. 1 Holders of rec. Nov. 20
Hathaway Baking Co..cony. pro!.(qu.)_
134 Dec. 15 Holders of rec. Dec. 1
Hathaway Manufacturing (guar.)
*$1.50 Dec. 1 "Holders of rec. Nov. 18
Heywood-Wakefield Co
$2.50 Dec. 1 Nov. 21 to Nov. 30
Hires (Charles E.) Co., class A (quar.)
500. Dec. 1 Holders of rec. Nov. lba
Hood Rubber Products, pref. (quar.) _
1% Dec. 1 Nov.21 to Dec. 1
Houston Gulf Gas, pref. (quar.)
•S1.75 Dec. 1 *Holders of rec. Nov. 15
Household Products (extra)
*50e. Jan. 3'Holders of rec. Dec. 15
Illinois Pipe Line
Dec. 1 *Nov. 24 to Dee. 14
*6
Imperial Royalties(monthly)
134 Nov.30 Holders of rec. Nov.25
International Cement, common (quay.). *$1
Dec. 3 *Holders of rec. Dec. 15
Preferred (guar.)
'134 Dec. 31 *Holders of rec. Dec. 15
International Milling. pref. (quar.)
*134 Dec. 1 *Holders of rec. Nov.20
International Salt (quar.)
134 Jan. 3 Holders of rec. Dec. 156
Isle Royal Copper Co
Johnson-Stephens-Shindle Shoe (quar.). 50c. Dec. 15 Holders of rec. Nov.306
50c. Dec. 1 Holders of rec. Nov. 15a
Kayser (Julius) & Co., pref. (quar.)_ _ _ _ *$2
Jan. 3 *Holders of rec. Dec. 17
Kennecott Copper Corp. (quar.)
Jan. 2 Holders of rec. Dec 3
Kroger Grocery & Baking, common (qu.) $1.25
50c. Dec. 1 Holders of rec. Nov. 15a
Lake of the Woods Milling. corn.(qu.) _ 3
Dec. 1 Holders of rec. Nov. 20a
Preferred (auar.)
1%
Loblaw Groceterlas Co., Common (qu.)_ 250. Dec. 1 Holders of rec. Nov. 20a
Dec. 1 Nov. 17 to Nov.30
Prior preference (quar.)
1% Dec. 1 Nov. 17 to Nov. 30
Loew's Buffalo Theatres, Inc., pf.
.(qu.)_
2
Jan. 1 Holders of rec. Dec. 200
Lord & Taylor, common (quar.)
2)4 Jan. 3 Holders of rec. Dec. 17a
Mallinson (H.11.) & Co., pref. (guar.)._
1%
Jan. 1 Holders of rec. Dec. 21
McCahan (W. J.) Sugar Refining &
Molasses Co., preferred (quar.)
134 Dec. 1 Holders of rec. Nov. 19a
McColl Brothers. Ltd., common
40c. Dec. 1 Holders of rec. Nov.20
Preferred (quar.)
' 134 Dec, 1 Holders of rec. Nov.20
Mergenthaler Linotype (guar.)
$1.25
Dec. 31 Holders of rec. Dec. 46
Extra
Metro-Goldwyn Pictures Corp., p1.(qu.) 25c. Dee. 31 Holders of rec. Dec. 40
134 Dec. 15 Holders of rec. Nov. 27a
Metropolitan Paving Brick, corn. (cm.). 50c.
Dec. 1 Nov. 16 to Nov. 30
Preferred (guar.)
134 Jan. 1 Dee. 16 to Dec. 31
Missouri Portland Cement (guar.)
50c. Dec. 15 Holders of rec. Dec. 8
Mystic Steamship
*50c. Nov.27 *Holders of rec. Nov. 18
National Lead, common (altar.)
2
Dec. 31 Holders of rec. Dec. 10
National Surety (guar.)
234 Jan. 3 Holders of rec. Dec. 176
National Transit
250.
Dec. 15 Holders of rec. Nov. 30a
Extra
1234c. Dec.
New York Canners, Inc., pref.(aar.)_ _ $1.50 Dec. 15 Holders of rec. Nov. 30a
1 Holders of rec. Nov.
North American Provision (quar.)
*134 Jan. 1 *Holders of rec. Dec. 22a
10
Ogilvie Flour Mills, pref.(aar.)
134 Dec. 1 Holders of rec. Nov. 22a
Package Machinery,common
4
Dec. 1 Holders of rec. Nov.20a
Patchogue-Plymouth Mills, corn.
(guar.)
Dec. 1 Holders of rec. Nov. 18
$1
Penn-Dixie Cement, corn.(No. 1)
"80c. Jan. 1 *Holders of rec. Dec. 15
Preferred (guar.) (No. 1)
*134 Dec. 15'Holders of rec. Nov.
20
Pierce-Arrow Motor Car, pref. (quar.)_ _ *2
Jan. 1 *Holders of rec. Doe.
Pittsburgh Steel Foundries, pref.(qu.)
•134 Dec. 31 'Holders of rec. Dec. 15
Procter & Gamble,6% pref. (quar.) _ _ •134
15
Dec. 15 *Holders of rec. Nov.24
Real Silk Hosiery Mills, common (au.)_
_ *El
Jan. 1 'Holders of
Preferred (guar.)
*134 Jan. 1 *Holders of rec. Dec. 20
rec. Dec. 20
acovill Manufacturing (stock dividend
)_ 125
Holders of rec. Nov. 10
Shubert Theatre (quar.)
Sloss-Sheffield Steel & Iron, corn.(quar.) $1.25 Dec. 15 Holders of rec. Dec. la
*134
Dec. 20'
,Holders of rec. Dec. 10
Preferred ((mar.)
*134 Jan. 3 *Holders of rec. Dee. 20
Solar Refining
*5
Dec. 20 *Dec. 1 to Dec. 10
South Porto Rico Sugar, corn.(quar.)__
134 Jan. 3 Holders of rec. Dec. 10
_
Preferred (quar.)
2
Jan. 3 Holders of rec. Dec. 10
Standard Oil (N..!.) $25 par stock
(qu.)_ 25c. Dec. 15 Holders of rec. Nov. 26
$25 par stock (extra)
12340. Dec. 15 Holders of rec. Nov.26
$100 par value stock (quar.)
l'
Dec. 15 Holders of tee. Nov.26
5100 par value stock (extra)
50c. Dec. 15 Holders of rec. Nov. 26
Stern Brothers, class A (guar.)
*51
Jan.
1 'Holders of rec. Dec. 20
Stromberg Carburetor (quar.)
51.50 Jan. 3 Holders of rec. Dec. 10
Sun 011 (quar.)
250. Dec. lb Holders of rec. Nov.26a
Stock dividend
Dec. 15 Holders of rec. Nov.26a
of
Symington (The) Co.. class A (quar.)_
Texas Gulf Sulphur, no par stock (No. _ _ 50c. Jan. 2 Holders of rec. Dec. 15
$1
1)
Dec.
15 Holders of rec. Dec. la
Thomson Electric Welding (quar.)
50c. Dec. 1 Holders of rec. Nov. ba
Extra
Dec. 1 Holders of rec. Nov. ba
$1
Underwood Computing Mach.,
pref.(au) $1.75 Jan. 1 Holders of rec. Dec. 15
Union Storage
50c. Dec. 15 Holders of rec. Dec. 1
United Profit-Sharing Corp.,com.(ext
.) 600. Jan. 15 Holders of rec. Dec. 15a
Common (payable in common
stock)_
(z) Jan. 15 Holden; of rec. Dec. 15a
17.5. Dairy Products, first pref.
(quar.) $1.75 Dec. 1 Holders of rec. Dec. 166
Second preferred (guar.)
52
Dec. 1 Holders of rec. Dec. 16a
Universal Picture Corp., first
pref.(a.) 2
Jan. 1 Holders of rec. Doe. 20
Thu Bloc. Corp., Ltd., 1st & 2d
Virginia Iron, Coal & Coke, prefp1.(qu.) 134 Dec. 1 Holders of rec. Nov. 22a
•234 Jan. 2 *Holders of rec. Dec. 15
Wabasao Cotton (guar.)
*51 Jan. 2 *Holders of rec. Dec. 15
Bonus
*50c. Jan. 2 *Holders of rec. Dec. 15
Waldorf System, corn. (guar.)
3134c Jan. 3 Holders of rec. Dec. 20
Preferred (guar.)
20c. Jan. 3 Holders of rec. Dec. 20
Wesson 011 & Snowdrift, pref. (quar.)
Yellow Truck dr Coach, class B (guar.)..•$1 .75 Dec. 1 *Holders of rec. Nov. 18
_ •1834c Jan. 1 *Holders of rec.
Preferred (guar.)
Dec.
*134 Jan. 1 *Holders of rec. Dec. 15
Youngstown Sheet dc Tube, corn.
15
(quar.) *51
Dec. 31 'Holders of rec. Dec. 15
Preferred (quar.)
*I% Dec. 31 "Holders of rec.
Dec. 15
Below we give the dividends announced
in previous weeks
and not yet paid. This list does not includ
e dividends announced this week, these being given
in the preceding table.
2621
Name of Company.
Name of Company.
[Vol.. 123.
THE CHRONICLE
2622
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
I
Name of Company.
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Miseelleneeus (Continued).
15: Dee. 1 Holders of ree.Nov. 200,
Harbison-Walker Refrae.. corn. (quar.).
Miscellaneous (Continued).
106
14 Jan. 3 Holders of rec. Dec. la
134 Jan. 20 Holders of tee. Jan. 171
d (guar.)
Preferre
la
Amer. Sugar Refining, corn. (guar.)---Dec.
rec.
of
Holders
158 Jan. 3
500 D. 1 Holders of rec. Nov.
..
A
(gust.)
obis
tion.
n
(guar.)
Corpora
Hartma
d
Preferre
of rec. Nov.10a
15.271
Holders
ree.Feb.
1
of
Holders
Dec.
((p.)
$2
Mar127
B
50e.
coin.
&
com.
Class A (guar.)
American Tobacco,
75e. Nov. 22 Holders of tee Oct 16a
50c Jrnel'27 Holders of rec. May 170
(guar.)
Class A (guar.)
Anaconda Copper Mining
Nov. 29 *Holders of rec. Nov.:20_
*120
(o) Dee. 1 Holden] of tee. Nov. 174
Class B (guar.) In class A stock
Anglo-Persian 011, Ltd.. ord. (in stk.).
of rec. Doe. 17
Holders
2
Jan.
Mar 127 Holders of rec. Feb15'270
(o)
$134
A
stock
(guar.)
Class B (guar.) In class
Armstrong Cork, common
Jan. 15 Holders of rec. Dec 17
. 15
(o) Jrnel'27 Hold. of roe. May 17'270
Class B (guar.) In class A stock
Common (payable In common stock)_
Jan. 2 Holders of rec. Dee. 17
30 Holders of roe Nov. 166
1.0
Nov
14
Marx
Inc.,
(go.)
com.
&
Hoer
Sells
Hart
18a
Preferred (guar.)
750. Jan. 3 Holders of rec. Doe. 200
10e. Dec. 1 Holders of tee. Nov. 250
Hayes Ionia Co.(monthly)
Artioom Corp.. common (guar.)
154 Dec. 1 Holders of me Nov.
be. Jan 1'27 Holders of rec. Dee, 210
y
Monthl
(guar.)
d
130
Preferre
14 Dee. 1 Holders of rec. Nov
be. Febl'27 Holders of roe. Jan. 250
Monthly
Associated Dry Goods, 1st pref.(guar.). 14 Dec. I Holders of rec. Nov. 130
10e. Marl'27 Holders of tee. Feb. 2511
Monthly
Second preferred (guar.)
Jan1'27
Dec. 15 Holders of rec. Nov. 266
34
750
d
(guar.)
preferre
common
Wheel,
Coal
Hayes
&
Atlantic Ice
Si Dec. 10 Holders of rec. Nov. 30a
114 Dec. 15 Holders of rec. Nov. 280
Preferred (guar.)
300
Atlas Powder. common (guar.)
Si Jan. 10 Holders of rec. Nov.20a
25c. Nov. 20 Holders of roe Nov. 4
ne
(guar.)
Corp.
Hazelti
Common (extra)
Dee.
Dec. 15 Holders of rec. Nov. 156
14 Jan2'27 Holders of rec.
50r
Flenla Mining (altar 1
Babcock at Wilcox (guar.)
15: Apr1'27 Hold. of reo. Mar.20'27a Hibbard, Spencer, Bartlett & Co.(mthly)
36e, Nov. 26 Holders of tee. Nov. 19
Quarterly
Dec. 31 Holders of rec. Dec. 24
25e. Dec. 1 Holders of rec. Nov. 20
35e
y)
(monthl
Monthly
common
Katz,
&
20
Balaban
25e. Jan. 1 Holders of rec. Dec. 20
20e Dee. 31 Holders of tee. Dec. 24
Extra
Common (monthly)
to Dec. 1
1 Holders of rec. Dec.
2
Dee. I Nov 21
14 Jan
fliebee Co., 2d pref. (guar.)
Preferred (guar.)
Dee. 10 Holders of rec. Nov. 24a
Dee. 2 Holders of rec. Nov. 16
2
60c.
Mines
Dold
dated
.
r
Consoli
common
,
(extra)
Hollinge
Packing
Beech Nut
of rec. Nov.c 30a
Holders
If
me Nov.206
15
Holders
26
Dec.
Nov
y)
50e.
134
(monthl
3a Homestake Mining
Belding Corticeill, Ltd.. (guar.)
51.50 Nov. 15 Holders of rec. Nov. 90
15: Jan. 3 Holders of rec. Dec. 15a
Hoosac Cotton Mills. nref. (guar.)
Bethlehem Steel, pref. (guar.)
Holders of rec. Nov.
Nov. 11
rec.
1
of
Dec.
I
Dee.
__
Holders
14
(guar.)
11
pref.
Y.,
N.
of
(guar.)
&
Harden
15a Horn
Borden Company. com.
75e. Dec. t Holders of rec. Nov. 150.
250. Dec. 1 Holders of rec. Nov.
Housenold Products (guar.)
Common, extra
Dec. 31 Holders of rec. Dec. 1
Dec. 31 Holders of rec Dee. 15
s
*53
pref
ion.
River
Navigat
Hodson
19
Boston Wharf
.70e. Dec. 1 Holders of rec. Nov. lea Illinois Brick (guar.)
.60e. Jan. 15 *Holders of rec. Jan. 4
Brach (E. J.) & Sons. com.(quar.)
.40e. JanI5'27 Holders of rec. Jan. 4
14 Dec. 1 Holders of rec. Nov.
Extra
Brill Corporation, preferred ((Marl-- -Holders of rec. Nov. 8a
1.4
Dec.
1
.60e. A p15'27 Holders of rec. Apr. 4
ly
(gnarl
Quarter
Nov.80
Bristol Mfg Corp.
.800. 1y15'27 Holders of rec. July 4
) 154 Dec. 10 Holders of rec. Nov. 20a
Quarterly'
British Columbia Flab & Packing (guar
50c. Dec. 1 Holders of rec.
*60e. 0c15'27 Holders of rec. Oct. 4
ly
Quarter
(guar.)
common
IS
Brown Shoe,
Dec. 15 Holders of rec. Nov.
25
Dec. I Nov. 18 to Nov.30
$1
(guar.)
Ltd.
Imperial 011,
Dee
rec.
of
. Buckeye Pipe Line (guar.)
Holders
24
Dec.
Dee. I Nov. 16 to Nov.30
25
50c.
Special
Butte Copper & Zinc
Doe. I Holders of rec. Nov. 100
17 Holders of rec. Dee, 806
Jan.
25e.
2
(guar.)
Gas
&
011
dent
Indepen
Butterick Co
Dec. 1 Holders of rec. Nov. lb a Ingersoll-Rand Co..com.(guar.)
Holders of rec. Nov. So
/8
Stock dividend
Dec. 15 Holders of rec. Nov. 300
ec..
pec
D
Holders of rec. Nov. 86
$1
1
756
3
n
(extra)
Commo
(guar.)
Ita
Nov.
Packing
California
1 Holders of rec.
D.
50e.
Dee.
Holders of rec. Nov. 15a
6234e
(guar.)
(guar.)
corn.
common
Steel.
of rec. Jan 1 '27a Inland
California Petroleum Corp.,
Holders
Jartir$7
of tee. Dec. 166
Jan.
*14
14
Holders
Preferred (guar.)
Canada Dry Ginger Ale. stock div. (gut.) 15: Jan. I
Holders nt roe Nov. 151
14 Upe.
Internat. Agricultural Corp.. pr pf.(gu
Casey-Hedges Co., pref. (guar.)
1 Holders of rec. Nov. 18
Dec.
(s)
of rec. Nov. 190
3
Nov.
Holders
50c.
ring
(111.)
Enginee
ion
150 Internat. Combust
Castle Braid (stock dividend)
Holders of rec. Nov. 100
$1.50 Nov.25 Holders of rec. Nov. 19a International Harvester. pref.(qua?)..
15: Doe.
Caterpillar Tractor (guar.)
of rec. Nov. 15
14 Dec. 1 Holders of rec. Nov.
Dec.
Holders
42e.
(guar.)
corn.
.
Amer.,
of
(guar.)
Trust
Secur.
pref.
Int.
s of rec. Nov. 20
Century Ribbon Mills,
Holders of rec. Nov. 15
14 Dec.
.- •15: Dec. 1 *Holder of roe. Nov. 190
Seven per cent preferred (guar.)
Chicago Flexible Shaft, pref. (guar.)
Holders of rec. Nov. 15
I% Dec.
33 1-3e Dec. 1 Holders
(gnar.)
y)
d
814%
preferre
(monthl
Co.
26a
Cab
Nov.
of rec.
Chicago Yellow
Holders of rec. Nov. 15
15: Dec.
(qua?.)..,._ 60e. Dec. 10 Holders
Six per cent preferred (guar.)
Childs Co., corn.($100 par)
60c. Doe. 10 Holders of tee. Nov. 26a International Shoo. pref. (monthly)
Holders of ree Nov 15
34 Dec.
Common,no par value (guar.)
14 Dec. 10 Holders of rec. Nov.28
Nov. 21 to Doe. 1
_
14 Dec.
(guar.)_
pref.
Steel,
&
Iron
te
Intersta
Preferred (guar.)
62340 Dec. 27 Holders of rec. Dec. is
Nov. 21 to Dec. 1
Dec.
45
Preferred (acct. accum. dive.)
Chill Copper Co.(guar.)
3 Holders of roe. Dec. 115a
75c. Jan
Holders of roe. Nov. 190
"2.8, Dec.
, Common (guar.)
Chrysler Company.com.(guar.)
Jan 3'27 Holders of rec. Dec. 15a Jaeger Machine Corn. (guar.)
Holders of ree. Nov.20
$2
Dec.
375:e.
n
Shoe.
fohanse
of rec. Nov. 15
Preferred
1
Holders
Dec.
8:
of rec. Nov. 15
Holders
Dec.
y)
15:
).(monthl
Jones & Laughlin Steel. corn.(guar.
Cities Service, common cons.stock)
f4 Dec. 1 Holders of roe. Nov. 15
of rec. Dee. 206
Kaufmtrn Dept. Stores, pref. (qua?.).. 14 Jan 2'23 Holders
Common (payable in
Doe. 1 Holders of tee. Nov. 15
of roe Dee. 230
Holders
34
Jan.
...
y)
51
(qua?.)
(monthl
R
1
common
B
Co.,
Preferred and pref.
1 Holders of rec. Dec. 31a Kinney (l
Jan.
43
rec. Nov. 21a
of
1
Holders
Doc.
2
Preferred (guar.)
City Housing Corporation(qua?.)
50c. Dec. I Holders of rec. Nov. 12a Kirby
14 Dec. 10 Dec. 1 to Dee. 10
Lumber (guar.)
City Ice & Fuel,common
rec. Dee. 15
of
51.75 Jan. 1 Holders of rec. Dec. 15
Dec..(
Holders
30e.
.._
(guar.)
(S. S.) Co.. common
Coca-Cola Co.(guar.) (guar.)
$1.75 Jan. 1 Holders of rec. Doe. lba Kresge
15: Dec. 31 Holders of rec. Dec. 16
Preferred (guar.)
Coca-Cola International
Nov.28 Holders of rec. Nov. 100
2
of rec. Dec. 240
1
Holders
Jan,
)._
SI
(num.
common
pref.
Co..
&
(B.)
Iron,
eirner
Colorado Fuel &
15: Dec. 1 Holders of rec. Nov. Ill Kuupenh d (guar.)
(gnarl_
154 Dec. 1 Holders of rec. Nov. 23a
Preferre
150
Congoleum-Nairn, Inc.. pref.
. 14 Dee, 1 Holders of rec. Nov.20a Lanston Monotyne Machine (guar.)
1(4 Nov. 30 Holders of rec Nov. 204
Consolidated Cigar Corp.. pref.(qu.).
1 Holders of reo. Nov.
Dec.
15:
Nov. 30 Holders of rec. Oct. 1100
$1
(guar.)
ion
&
Lehigh Coal Navigat
20a
Dec.
Consolidation Coal, pref
rec.
of
Holders
3
Jan.
14
_
Nov.30 Holders of rec. Oct. 30a
$1
(quar.)___
Extra
Continental Can, Inc., pref.
Dec. 15 Holders of rec. Nov. 15
Doe. 1 Holders of rec Nov I5a
25e.
75rt
Co.
(altar
Fink
&
(guar.)
Lehri
of rec. Nov. 15a
Continental 011
Holders
1
Dec.
14
1 Holders of rec. Nov.204
Dec.
50e.
(qua__
coin.
LIbbey-Owens Sheet Glass,
Converse Rubber Shoe. pref. (guar.)
Dec. 15 Holders of rec. Nov. 20
1
Dee. I Holders of rec. Nov. 200
$1
Common (extra)
Cookeville Shale Brick. pref.(qUar.)
1 Holders of rec. Nov.20a
Dec. 31 Holders of rec. Dec. 20a
Dec.
.154
$1
(guar.)
d
Preferre
Coty,Inc.(guar.)
rec. Nov. 16a
Dee. 31 Holders of rec. Dee. 20a Liggett
$1
& Myers Tob.,com&com.B(q11.) 750. Dec. 1 Holders of
Extra
Dec. I *Holders of rm. Nov. 9
Dec. 1 Holders of rec. Nov. 16a
51
*14
)(quelx.
coin.
ive
Works,
Locomot
Lima
(guar.)
Crows Nest Pass Coal
Dec. 1 Holders of rec. Nov. 20a Loew's, Inc.(guar.)
Jec. 3 Holders of rec. Dec. 130
60e.
$1
Cuba Company, common (guar.)
Feb. 1 *Holders of rec. Jan. 15
Dec. 3. Holders of rec. Dee. 130
$1
Extra
Preferred
Dec. 15 Holders of rec. Nov. 30
25c. Jan. 15 Holders of rec. Dee. 31
3
Loew's London Theatres (Can.). com
Cumberland Pipe Line (guar.)
15 Holders of rec. Dec. 31
Jan.
3(4
Dec. 15 Holders of tee. Dec. 1
$1
Preferred
of rec. Nov. 15a
Cuneo Pram. Inc.(guar.)
14 Dec. 1 Holders of rec. Nov. 17a
(guar.). 75e. Dec. 1 Holders of rec. Nov. 150 Lord & Taylor, 1st pref.(guar.)
Cushman's Sons, Inc., common
Holders
6
Dee. 10 Holders of rec. Nov. 17e
1
Dec.
15(
d
dividen
as
Christm
Seven per cent preferred (guar.)
Doe. 1 Holders of rec. Nov. 3
Dec. 1 Holders of rev Nov. 15
$2
__
Ludlow Manufacturing Associates (gu.)- 52.50
Eight dollar dividend, preL(guar.)
81.50 Dec. I Holders of rec. Nov. 26a
14 Dec. 24 Holders of tee. Dec. lla
ent(Quan)
of rec. Dec. 90 Mahoning Investmcommon
Holders
Dec. 1 Holders of rec. Nov. 1Ca
Davis Mills ((War.)
15
3758e
Dec.
(guar.)
50e.
_
_
(qu.)__
200 Manhattan Shirt,
Dec. 1 Holders of rec. Nov. 10
51
Decker (Alfred) de Cohn,com.
154 Dec. 1 Holders of rec. Nov.
Marmon Motor Car, common (No. I)
Preferred (guar.)
50c. Dee, 1 Holders of rec. Nov. 15a
Dec. 1 Holders of rec. Nov. 150 Martin
154
(guar.)
Corp.
-Parry
of rec. Nov. 15a
Holders
Dec. 1 Holders of rec. Nov. 15a
Deere & Co.. pref.(guar.)
1
$2
Dec.
(.211.).
424
common
200 May Department Stores,
Pref.(acct. accum. dividend)
15: Jan. e2 Holders of rec. Dec. lba
25e. Dec. 1 Holders of rec. Nov.30a
Preferred (guar.)
Detroit Steel Products (monthly)
Dec. 1 Holders of rec. Nov. 15a
50e.
Dec. 15 Holders of rec. Nov.
2
Maytag Co. (guar.)
28
Diamond Match (guar.)
40e. Dec. 1 Holders of rec. Nov. 200
1251 anI527 Holders of tee. Aug. 18
MeCrory Stores Corp.. com. A di B (go.) 250 Dec. 1 Holders of tee. Nov. la
Draper Corporation (extra)
Dec. 1 Holders of rec. Nov.
Ltd
Mines,
400.
ne
Porcupi
.e
(guar.)
common
McIntyr
Nov. 300
Eagle-Picher Lead.
154 Dee. 1 Holders of rec. Nov. 15
51.25 Jan. 3 Holders of rec. Nov.
Menge I Company, preferred (guar.)
30a
Eastman Kodak, common (guar.)
Jan, 1 Holders of rec. Dee. 150
75e. Jan. 3 Holders of rec.
& Mfrs.Sec.. panic. pref.(qua?.) 624c
Common (extra)
el
Jan. 1 Holders of rec. Doe. 150
div.).
Jan. 3 Holders of roe. Nov. 300 Merch.
(stock
d
134
preferre
ating
Particip
15
Preferred (guar.)
Nov.
reo.
of
Dec.
1 Holders of rec. Oct. 28
14
Holders
30
Nov.
(qu.)._. 824c.
com.(guar.)
EitIngon Sehild Co.. Inc.. com. (qua?.)_ 500. Nov. 20 Holders of rec. Oct. 290 Merrimack Mfg..
(guar.) 51.75 Dec. 1 Holders of rec. Nov. 150
Mid-Continent Petroleum. pref.
Electric Refrigeration, common stock).. 114 Nov.20 Holders of rec. Oct 29a
Deo,
1 Holders of roe. Nov. 100
2
(guar.)
pref.
60 Miller Rubber,
Common (payable in common
Dec. I Holders of rec. Oct. 30
$2
& pt.(q11.) $1.25 Jan. 3 Holders of rec. Dee.
Mohawk Mining (guar.)
Electric Storage Battery,com.(guar.)__ - 314c. Dec. 1 Holders of rec. Nov. 19
Jan.
1 Holders of rec. Doe. 21
A
(go.).
class
*51.75
Co.,
&
corn.
Ward
Goods,
Montgomery
of rec. Nov. 15a
Ely-Walker Dry
(guar.)._
15: Dec. 15 Holders of rec. Nov. 300
(quar.).- 6234e Dec. 1 Holders of rec. Nov. 16a
Montreal Cottons. Ltd., corn.
Erie Steam Shovel, common
154 Dec. 15 Holders of rec. Nov. 300
$1.60 Dec. 1 Holders
d
(guar.)
(guar.)
d
preferre
Preferre
cent
Seven per
75e. Dec. 1 Holders of rec. Nov. 170
750. Dee. 31 Holders of tee. Oct. 16e
-Munsingwear, Inc. (guar.)
Fairbanks-Morse & Co.. corn. (Quar.)
154 Dee. 1 Holders of tee. Nov. 15e
150. Dec. 15 Holders of tea. Nov.80
Munyon Remedy Co.(guar.)
Preferred (guar.)
Dee, 1 Holders of rec. Nov. 20a
Jan. IS Holders of roe. Dec. 310
20c.
51
(guar.)
common
y)
Biscuit,
(monthl
l
Fair (The), common
15: Nov. 30 Holders of rec. Nov. 170
20e. Jan. I Holders of rec. Dec. 200 Nationa d (guar.)
Preferre
Common (monthly)
15: Dec. 1 Holders of rec. Nov.23a
20e. Feb. 1 Holders of rec. Jan. 20a
.pref.(guar.)_
Suit
&
Cloak
l
y)
Nationa
(monthl
Common
158 Feb. I Holders of rec. Jan. 20a
... 14 Deo, 1 Holders of rec. Nov.150
Natl. Dept. Stores. 2nd pref.(gust.)
Preferred (guar.)
Dec. 1 Holders of rec. Oct. 30
Jan 1'27 De0. 21 to Dee. 81
3
Corp.. letPL(W.) 2
Grocer. preferred
FamousPlayers(Can.) Corp.,com •(MI.) $2
Jan. 3 Holders of roe. Dec. 150 National Lead,
15: Dec. 15 Holders of rec. Nov. 191
(guar.)
pref.
l
-Lasky
Nationa
18 *Holders of rec. Jan. 4
Famous Players
Jan.
14
*16e.
Jan. 3 Holders of rec. Dec. 6
(guar.)
g
(guar.)
Securities
National Sugar Refinin
Jan. 1 Holders of rec. Doe. 16a
Fifth Avenue Bus
134 Dee. 1 Holders of rec. Nov. 16
, preferred (guar.) 2
Newberry (J. J.) Co., pref.(guar.)
Dec. 1 Holders of ree. Nov.r15a
First National Pictures
435
50c.
div.)
Nov. 22 Holders of rec. Nov. 50
(guar.)
Co.
accum.
Copper
a
New Corneli
Fisk Rubber, 2d pf. (acct. &Dk.(qU.) 50c. D. 1 Holders of rec. Nov. 20a
Dee. 10 Holders of roe. Nov.20
2
New Jersey Zinc, extra
Fitzsimmons& Con'l Dredge
50c. Jan, 15 Holders of tee. Dec. 31
.) 15: Jan 1'27 Holders of tee. Sept. 20
pref.(qU
(guar.)
rtation
o..
Transpo
Mach.C
York
New
Foote Bros.Gear &common (guar.)
250. Jan. o2 Holders of rec. Dec. I5a
15e. Dec. 1 Holders of re0. Nov.
Central Texas 011 (guar.)
Forhan Company,
40e. Jan. a2 Holders of tee. Dec. 15a North n Pipe Line
53 Jan. 1 Holders of rec. Dee. 10
Norther
Jan, 1 Holders of tee. Dee. 10
Class A (guar.)
$2 Dec. 15 Holders of rec. Dec. la
Si
Extra
Foundation Co., corn. (guar.)
Dec. 15 Holders of too. Nov. 13
14 Dec. 1 Holders of tee. Nov. 15a
60e.
Nov.21.1a Ohio 011 (guar.)
General Asphalt. pref. (guar.)
50o. Deo, 15 Holders of rec. Nov.13
. $1.25 Dec. 1 Holders of rm.
(guar.)
B
&
A
Extra
pref.
Dec. 1 Holders of tee. Nov.230
General Box Corp..
3 Holders of rec. Dec. 15a
50e.
Jan.
154
Oil Well Supply (guar.)
*2
Jan. 1 Holders of rec. Dec. I70
General Cigar,7% pref.(guar.)
14 Jan. 3 Holders of tee. Dec. 23a
Omnibus Corporation. pref. (guar.)
Debenture preferred (guar.)
14 Doe, I Holders of rec. Nov.20a
25o. Nov.20 Holders of tee. Nov. 10
(guar.)
d
preferre
,
Hosiery
of rec. Nov.20a Onyx
200
General Development (guar.)
(qua?.). $1.75 Dec. 11 Holders
Circuit. Inc., own.(monthly). 0 2-3 Dee. 1 Holders of rec. Nov. 200
Jan. 4 Holders of rec. Nov. 20a Orpbeum y
IS 2-3 Jan 2'27 Holders of reo. Dec.
General Motors Corp., common
$4
Monthl
of ree Jan. 10a
160
rec.
Common (extra)
of
Deo.
227
Jan
Holders
2
134 Feb. 1 Holders of rec. Jan. 10a
Preferred (guar.)
Holders
114 JanI5'27 Holders of reo. Dec. 310
Preferred (guar )
(guar.).- 14 Feb. 1 Holders of rec. Jan. 10a Otte Elevator, pref.(guar.)
Feb. 1
Six per cent debenture stock
1 Holder, of rec. Dec. 184
75e,
Jan.
14
(guar.)
common
(guar.)
Bottle,
stock
Owens
Doe. 15 Holders of rec. Dee. 5
Jan, 1 Holders of rec. Dec. 164
Seven per cent debenture
52
1
Y)
Common (extra)
Jan, 1 Holders of rec. Dec. 160
Dee. 31 Holders of rec. Dee. 30a
General Necessities Corp.(monthl
5
105
Common (payable In common stock)_
Dec. 1 Holders of rec. Nov. 1
15:
Jan. 1 Holders of tee. Doe. Ifla
Stock dividend
$1
(guar.)
Preferred
of rec. Nov. I
Holders
I
Dee.
200
()Nene Safety Razor (guar.)
Nov.30 Holders of re*. Nov. 150
500
Packard Motor Car (monthly)
Extra
20c. Dec. 31 Holders of rec. Dec .I50
y)
n
(monthl
Commo
31 Holders of reo. Jan. 15a
20e.
Jan.
C. G.Spring & Bumper- each 10 abs.) 13-10 Feb1527 Holders of tee. Feb.8'27
y)
Common (monthl
of rec. Dee. 20
Common (In corn.stk. on
20e. Feb. 28 Holders of tee. Feb. 150
$1.60 Jan 127 Holders
Common (monthly)
Dec 1 Holders of rm. Nov. 10
Globe-Wernicke Co., common (qua?.). 40 Dec. 10 Holders of rec. Nov. 300 Patbe Exchange. Inc., pref.(guar.)
2
Nov. 206
of rec. Nov. 15a
Golden Cycle Mining & Reduo.
$1 Dec. 1 Holders of rec. Doe. 16a Pender(David) Grocery.class A (guar.) 8754e Dec. 1 Holders of rec. Dec. 150
Goodrich (B. F.) Co.,corn.(guar.)
50o. Dec. 23 Holders of rec.
14 Jan. 3 Holders
Pennok Oil Corporation (gust.)
Holders of rec. Nov. 19
of rec. Nov.200
Preferred (guar.)
1
Holders
1
_
Dec.
1
Dee.
(guar.).
common
331-30
Corp.,
170
Phillips-Jones
Gossard (H. W.)& Co., corn.(m'th11).- 331-30 Jan 3'27 Holders of rec. Dee. 20
Dee. 1 Holders of rec. Nov. 1511
Phoenix Hosiery, let & 24 pt-cf. (guar.). I
Nov.
Holders of rec. Nov. 12
Common (monthly)
50e. Dec. 1 Holders of reo. Nov.160
(qu.) 60e. Dec. 1 Holders of rec. Nov. 12
Pines Winterfront, A & B (guar.)
rec.
of
Great Atlantic & Pacific Tea,com.
Holders
1
1
Dec.
Dec.
151
134
20.2
of rec. Doe. 80 Pittsburgh Steel. pref. (quar.)
Preferred (guar.)
. 154 Dec. 1 Holders of tee. Nov. 150
750. Dec. 28 Holders
Pittsburgh Terminal Coal. pref. (guar.)
Great Northern Iron Ore Properties.---. 15: Jan. 3 Holders fo rec. Dec. 16
I Holders of toe. Nov. 1S
Polar Wave Ice & Fuel. class A (guar.). 624c. Dec. 30 Holders of rec. Oct. 3O:
15
Dee.
of
rec.
Greenfield Tap & Die.6% pref.(guar.)
Holders
3
Nov.
$7501
50e
Jan.
2
Dec. I6a
150 Prairie 011 & Gas (guar.)
8% preferred (guar.)
Jan. 3 Holds of roe.
Jan. 3 Holders of rec. Dee.
2
Pratt & Lambert Co..common (gust,)..
Guantanamo Sugar. preferred (guar.)*Holders of tee. Dee. 15
Jan. 3 Holders of rec. Deo'154 Jan. 3
n (extra)
Commo
tee.
151
Dee.
of
Gulf States Steel, common (guar.)
Holders
15( Jan. 2
Preferred (guar.)
Nov. 20 1926.]
Name of Company.
THE CHRONICLE
Per
When
Cent. Papa')le
Books Closed.
Days Inclusive.
2623
Weekly Returns of New York City Clearing House
Banks and Trust Companies.
Miscellaneous (Concluded).
Pressed Steel Car, pref. (guar.)
154 Dec. 31 Holders of roe. Dee. 10
The
following
shows the condition of the New York City
Pro-phy-lac-tic Brush. pref. (guar.) _ _
1 M Dec. 15 Holders of rec. Dec. 1
Pure 011Co.,corn.(guar.)
3714c Dee. 1 Holders of roe. Nov. 106 Clearing House members for the week ending Nov. 13.
The
Common (extra)
121.40 Dec. 1 Holders of rec. Nov. 100
Purity Bakeries, class A (guar.)
75c. Dec. 1 Holders of roe. Nov. 35a figures for the separate banks are the averages of the daily
Preferred (guar.)
154 Dec. 1 Holders of rec. Nov. 15.2
results. In the case of the grand totals, we .also show the
Quaker Oats, common (quar.)
Jan. 15 Holders of rec. Dec. 316
51
Preferred (guar.)
1% Feb. 28 Holders of rec. Feb. la actual figures of condition at
the end of the week.
Preferred (guar.)
134 Nov.30 Holders of rec. Nov. 1
Quiasett Mills. preferred (guar.)
Dee, 1 Holders of roe. Nov.2130
3
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
Reid Ice Cream Co„ corn.(guar.)
750. Jan. 3 Holders of rec. Dec. 200
Preferred (quar.)
134 Dee. 1 Holders
(Stated in thousands of dollars-that is, three ciphers (000) omitted,)
Remington Typewriter, let pref. (qu.)_. 134 Jan. 1 Holders of roe. Nov.20a
of rec. Dec. 15
Second preferred (guar.)
2
Jan. 1 Holders of rec. Dec. 15
Republic Iron & Steel, common (quay.). 51
Newt
Dec. 1 Holders of rec. Nov. I5a
Preferred (guar.)
I
CaoffalProfits. Loans,
11.4 Jan. 2 Holders of rec. Dec 156
Reserve
Bt. Joseph Lead (guar.)
Week Ending ,
50e. Dee. 20 Dec. 10 to Dec. 20
Discount Cash I with
Net
Time Bank
Extra
25e. Deo, 20 Dec. 10 to Dee. 20
Nov. 13 1926. Nat'l. June 30 Investin
I
Legal Demand
De-ircuSan Toy Mining
1c. ,Jan. 3 Holders of ree.dDee. 15a
State, Sept.30 meats, Vault. Deposi- Deposits. posits. ration.
Savage Arms. common (guar.)
51
Dec. 1 Holders of rec. Nov. 150
(000 omitted.) Tr.Cos.Sept..30
ctc.
tortes.
First preferred (guar.)
134 Jan. 2 *Holders of rec. Dec. 15
Second preferred (quar.)
•134 Feb. 15 *Holders of rec. Feb. 1
Members of Fed. Res.Bank. Average. Average Average Average. Average Awe.
Schulte Retail Stores. corn. (guar.)
12
Dec. 1 Holders of rec Nov. 15
Bank of N Y &
5
$
$
5 , $
s
5
5
Sherwin-Williams Co., pref. (quar.)Trust Co. _ _ _ 4,000 13,200
134 Dec. 1 Holders of roe. Nov. 150
71,462
474 6.957
51,480 7,697
Shippers Car Line Corp.. class A (guar.) 50c.
Nov 30 Holders of rec Nov. 18
Bk of Manhat'n 10,700 15,571 170,125 3.409 17,744
129.709 27.667
Preferred (quar)
SI .75 Nov 30 Holders of rec. Nov. 18
Bank
6.500
5,143
of
America
76.533
1.669 11,206
84.830 3.587
Shreveport-El Dorado Pipe Line(guar.)- 25c. Jan.
National City.. 50.000 63.133 644.607 5,314 71,573 *678,749 105.617
2 Dec. 22 to Jan. 1
91
Extra
$1
Jan. 2 Dec. 22 to Jan. 1
Chemical Nat__ 4,500 18,535 138,787 1,196 16,129
121,812 3.359
347
Simms Petroleum
50c. Jan. 3 Holders of rec. Dec. 15
Ex-Pac
Nat
Am
7,500 13.095 137,951 2,1911 17,339
125.50(1 9,414 4.951)
Simon (Franklin) Co., pref. (guar.)._ _
1M Dee. 1 Holders of rec. Nov.18a Nat 13k of Cam. 25,000 41,943 357,440
839 40.127
301.810 28.675
Skelly Oil (guar.)
500. Dec. 15 Holders of rec. Nov 156 ChatPh N B &T 13.500 12.763 215.02
2,867 22.875
159,864 43,190 6:146
Smallwood Stone. class A (guar-)
62'cc Dec. 15 Holders of rec. Dec. 5
Hanover Nat.. 5.000 26.003 120.364
535 13,836
105.239
Spalding(A. G.)& Co., 1st pref.(guar.)_
194 Dee. I Holders of MO. Nov. Hia Corn Exchange_ 10.000 14.767
5,279 25,114
30 200.25
171.719 30:758
Second preferred (guar.)
2
Dec. 1 Holders of rec. Nov. 18
National
Park._
10.000
24,152 157.00
752 16,568
126.52
7.095 3.506
Spear & Co.. preferred (guar.)
134 Dec. 1 Holders of rec. Nov. 15a Bowery &E R. 3,000 3.224
59.27
1.820 5.860
40.04 18,238 1,480
Standard 011 (Calif.) (guar.)
500. Dec. 15 Holders of rec. Nov. 150 First National . 10.000 74,875 270.01
606 24,154
182.408 14.120 6.473
Extra
50c. Dec. 15 Holders of rec. Nov. 15a Irving Fik 3r Tr 22.000 19.9811 296.07
2.877 35,514
265.85 30,572
Standard Oil (Indiana) (guar.)
621.4c Dec. 15 Holders of rec. Nov. 17
Continental. _ 1,000 1.234
7.87
121
838
5,962
440
_
EAU*
25e. Dec. 15 Holders of rec. Nov. 17
Chase National_ 40,000 36.782 584,07
7,331 70.458 *542,465 45.047 2,228
Standard 011 (Nebraska) (quay.)
62c. Dec. 20 Nov.25 to Dec. 20
Fifth Avenue__
2,93
50
25.40
872 3.193
24.1 1
Extra
50e. Dec. 20 Nov.25 to Dec. 20
Commonwealth.
13,31
574 1,430
675
80
9:314:451
Standard 011 of New York (guar.)
40e. Dee. 15 Holders of rec. Nov. 19
Garfield Nat'l._ 1,000 1,782
16,48
50
2.803
16.60
345
Standard 011 (Ohio). com.(guar.)
Jan. 1 Holders of rec. Nov. 26
234
Seaboard
Nat'l_
121,79
6.00
10.415
1,00
15,119
115,23
2,723
46
Preferred (guar.)
134 Dec. 1 Holders of rec. Oct. 26
Bankers Trust_ 20.00 34.555 320,05
87 33.995 *277,58 38,930
Standard Sanitary Mfg., corn. (guar.)._ $1.25 Nov. 20
Holders of rec. Nov. 4
US Mtge & Tr_ 3.000 4,82
59,150
715 7.162
53,846 4,539
Preferred (guar.)
134 Nov.
Guaranty Trust 25.000 24,606 425.244 1,320 44.056 '397.421 59,793
!Rix, Baer & Fuller. common (guar.)._ 37 Mc. Dec. 20 Holders of rec. Nov. 4
1 Nov. 16 to Nov. 19
Fidelity Trust_ _ 4,000 3,154
41,333
738 4.686
35.589 4.079
Studebaker Corp., common (guar.)
$1.25 Dee. 1 Holders of rec. Nov. 106 New York Trust 10.000 21,320 167,763
605 18.016
133.671 18.401
Preferred (guar.)
134 Dec. 1 Holders of rec. Nov. 109 Farmers L & Tr 10.000 19,820 143,184
564 14,38
*108.71 19,152
Superior Steel, common (quar.)
50o. Dec. 1 Holders of rec. Nov. 15a Equitable
302.89 27,954
Trustl 30,000 22,144 265,845 1.573 28,872
Swan-Finch Oil Corporation pref
h836 Nov.
Nev. 1 to Nov 14
Taunton tk New Bedford Copper (quar.) 51.50 vriv. 22
313 Holders of rec. Nov. 15a Total of averages333.0095:10.014 5.106.423 46.624570.011 c4.203,687555,84
325.267
Extra
$6.50 Nov.
Holders of roe. Nov. 15a
Tennessee Copper & Chemical (guar.).- 236. Dec. 30
15 Holders of rec. Nov. ana Totals, actual condition Nov. 65,122,286 46,112584,637c4.241.514558.
10625,530
Thompson (J. R.) Co.(monthly)
30e. Dee. 1 Holden of roe. Nov 236 Totals, actual condition Oct. 305,138,759 48,009572,604c4.188,
962555.16925,276
Thompson Products, pref.(quar.)
Dec. 1 Holders of roe. Nov. 20a Totals, actual co ndition Oct. 235.174,831 47,264,588,242c4.263.295338,381
Tidal Osage Oil. pref. (guar.)
25,300
Ill Dec. I Holders of rec. Nov. 220
1
Timken-Detroit Axle. pref. (guar.)
134 Dec. 1 Nov. 21 to Nov. 30
State Banks Not Members of Fed'i Res've Bank.
Timken Roller Bearing. common (guar.) $1
Dec. 4 Holders of roe. Nog. lga Greenwich Bankl 1.000 2,583
24,711
2,220
2,048
22,965 2,759 -Common (extra)
25c, Doe, 4 Holders of rec Nov. 16a State Bank..__ 5.000, 5.669 109,036 4,844 2.583
39,931 64,56
Traveler Shoe(guar.)
37 Mc Jan. 03 Holders of rec. Dec. 156
Truscon Steel, common (guar.)
40e Jan. 15 Holders of rec. Jan. ba Total of mem°
6.000 8,252 133.747 7,064 4.63i
62,896 67.32 -Common (payable in common stock) _ _ h8
Jan. 15 Holders of rec. Jan. If a
Preferred (guar
134 Dec. 1 Holders of rec Nov. 20a Totals, actual condition ,Nov.
6 135.365 6,734 4.419
I
63.934 67.343 -.
Underwood Typewriter. common (guar.) $1
Jan. 1 Holders of rec. Dec. 4a Totals, actual edndition Oct. 30 132.309 7.581 4.658
62.092 67.261
Preferred (guar.)
154 Jan. 1 Holders of roe. Dee. da Totals, acme/ c. million lOct. 23 134,182 6,935 4,204
63.091 67.229 ---Union Mills. corn. (guar.)
.50e. Dec. 1 *Holders of rec. Nov. 15
Preferred (guar.)
•I 16 Dec. 1 *Holders of rec. Nov. 15
Trust C,ompa riles dot Mem rs of Fed 'I Res',e Bank,
Union Tank Car, common (guar.)
$1.25 Dee. I Holders of roe Nov. 100 Title Guar & T 10.000 18,580 65.294 1,860 4,203
40,418 1,371 -United Biscuit. class A (guar.)
$1
Dee, 1 Holders of rec. Nov. 10
Lawyers 'Trust_ 3.000 3.394
22.195
931 1.730
17.466
837
United Cigar Stores of Amer.. corn.(qu.) 50e. Dec. 30
Holders of rec Dec. 10a
Common (payable in Common stock)-. Il
13,000 21,974
87.489 2,791 5.933
1.4 Dec. 30 Holders of rec. Dec. Ina Total of mere
57,884 2,208 --Preferred (guar.)
154 Dec. 15 Holders of rec. Nov.d3na
United Drug. corn. (quar.)
2
Dec. 1 Holders of rec. Nov. 15a Totals, actual ct ndition Nov. 6
87,839 2.763 6,112
58.235 2.170 ---United Fruit (quar.)
Totals, actual condition Oct. 30
51
Jan. 3 Holders
87,383 2,636 6.226
58.014 2.248
U.S.Cast Iron Pipe & Fdy.. Dom.(1u.). 234 Dee. 15 Holders of rec. Dec. 90 Totals, actual condition Oct.
23 87.737 2.677 6.093
of rec. Dee. la
58,324
2.228
Preferred (guar.)
134 Dec. 15 Holders of roe. Dee la
U.S. Gypsum,common (guar.)
Ord aggr.,ave.352,1005e0.271 5.327,659 56.479580,575 4.324.467 25,37525,267
40c. Dec. 31 Dec. 5 to Dec. 19
Common (extra)
Comparison with prey.week
51.40 Doe. 31 Dec. 5 to Dec. 19
-70.899 +211-1,527 -50.707 +12128 +35
Common (payable In common stock)._ f35
Dec. 31 Dec. 5 to Dec. 19
Preferred (guar.)
Ord assn. actleond'n Nov. 65,346.490 65.609595.168 4,363,683627,61925.53
134 Dec. 31 Dec. 5 to Dec. 19
0
U.S. Hoffman Machinery,oom.(guar.). 750.
Deo, 1 Holders of rec. Nov.20a Comparison with prey.week
-12,961-2,617+11680 +54.615 +2.941 +254
Common (extra)
25e. Deo, 1 Holders of rec. Nov. 20a
U.S..Playing Card (guar.)
Gr'd aggr„ acrIcond'n Nov. 65,358,451 58.226 583.488 4.309.068
Jan. 3 Holders of rec. Dee. 21
24.678 5.276
U.S. Realty & Improvement (guar.).- 52
Deo, 15 Holders of rec. Nov.26a Ord aggr.„ eelcond'n Oct. 305.396,750 66.876598.539 4.384.7l0607.83825
- 51
U.S. Steel Corp., common (guar.)
300
Gr'd aggr., nalcond'n Oct. 235.326.864 66.073550,038 4,333.808589,
131 Dec. 30
Dee. 1
Preferred (guar.)
Ord aggr.. meicond'n Oct. 165.378,099, 57.467603.820 4,367,935591.069825 109
134 Nov.29 Nov. 2 to Nov. 3
United States Stores, prior pref.
9025 042
Ord
(guar.).
aggr.,
154
Dec.
eat
Holders
of
rec.
I
Nov.
cond'n
16
Oct.
95,423,546 57.708 619,4131 4,393.446 592.38425 061
Universal Pipe & Radiator. pref.(qu.)..
134 Febl'27 Holders of rec.Jan I 5'27a Gr'd aggr., acrl cond'n Oct. 25.507,436 53.571 571,685 4,409.892587,1261.4.618
Preferred (guar.)
11.4 M'y2'27 Holders of rec.Apr15'27a
Preferred (guar.)
Note.
-U.
S.
deposits
Augl
Holders
'27
134
of recluly15170
deducted from net demand deposits in the general total
Preferred (quay.)
1 It Nov1'27 Holders of rec.Oct.15'27a above were as follows: Average total Nov. 13. $29.725,000.
Vacuum 011 (guar.)
Actual totals Nov. 13,
527,806.000: Nov.6,532.717.000:Oct.30.832.727.000;
50e. Doe. 20 Holders of rec. Nov.30
Oct. 23, $33,175.000: Oct. 16,
Extra
545,974,000:
50o.
Oct. 9, $53,319,000. Bills payable, rediscounts. acceptances and
Deo, 20 Holders of rec. Nov. 30
Special extra
other
liabilities, average for week Nov. 13, 5590,712.000: Nov.
Dee. 20 Holders of rec. Nov.30
Valvoline Oil. common (guar.)
6, $601.084,000: Oct. 30,
$569.189,090: Oct. 23, 5560,844,000: Oct. 16, $598,004.000:
134 Dec. 17 Holders of rec. Dec. 11
Vanadium Corp.. extra
Oct.
9„
$591,824.000.
51
Dee, 15 Holders of ree. Dec. la Actual totals Nov. 13, 5597,811.000; Nov. 6, $624,541,000: Oct. 30.
Van Raalte Co.. let pref. (guar.)
$608,177,000:
134 Dec. 1 Holders of rec. Nov. 17a Oct. 23, 5540.853.000: Oct. 16, $604.130,000: Oct. 9, 5626.470,000.
Vesta Battery. pref. (guar.)
•1
Doe, 1 *Holders of rec. Nov. 20
* Includes deposits In foreign branches not included
Va.-Carolina Chemical, prior pt.
in total footings as follows:
OS13- 144 Deo, 1 Holders of reo. Nov. 166 National City Bank, 5165,010.000:
Wamsutta Mills(guar.)
Chase National Bank, $11.154.000: Bankers
Doe. 15 Holders of rec. Nov. 90 Trust Co., $26.022,000; Guaranty
I
Weber & Hellbroner, preferred (quar.)__
Trust Co.. 570,644.000: Farmers' Loan dr Trust
134 Dee, I Holders of roe. Nov. 15
Co., $3,023,000; Equitable Trust Co.. $90.440.000.
Welch Grape Juice, common (quar.)--Balances carried in bank in
25e.
Nov.
30
Holders
rec.
of
foreign
Nov.
20
countries
as
reserve for such deposits were: National City Bank, $25,403.000:
Preferred (guar.)
Chase National Bank, $3,007,000; Bankers Trust Co.,
Western Maryland Dairy, prior pf.(qu.) 156 Nov.30 Holders of rec. Nov.20
52.920.000: Guaranty Trust
Co., $5,960,000; Farmers' Loan dr Trust Co., $3,023,000;
White(3.0.) at Co.. Ins., pref.(quay.). 87340.Dec. 1 Holders of reo. Nov.20
Equitable Trust Co.,
134 Deo, 1 Holders of roe. Nov. 15
white GT.03 Engineering.
57.943,000.
Pref.(guar.). 154 Deo, 1 Holders of roe. Nov. 15
white(3.0.) Managem't Corp..
c Deposits In foreign branches not included.
Id.(qU.) 154 Doe. 1 Holders of me. Nov. 15
White Motor Co.(guar.)
Dee, 31 Holders of me. Dee. I50
$1
Woolworth (F. W.) Co.(guar.)
The reserve position of the different groups of institutions
51
Dec. 1 Holders of rec. Nov. 10
Extra
$1
Dec.
15 Holders of rec. Nov. 100 on the basis of both the averages for the week and the
Wright Aeronautical Co.(guar.)
250,
Nov.30 Holders of rec. Nov. 15a actual condition at the
Wrigley (Wm.) Jr. & Co.(monthly)._ _
end of the week is shown in the
25o. Dee. 1 Holders of roe. Nov. 20
Monthly
following two tables:
250. Jan. 3 Holders of rec. Dec. 20
Extra
500. Jan, 3 Holders of rec. Dec. 20
Monthly
STATEMENT OF RESERVE POSITION OF
25e. Feb. 1 Holders of rec. Jan. 20
Monthly
CLEARING HOUSE BANKS
250. Mar, 1 Holders of rec. Feb. 20
AND TRUST COMPANIES.
Yale dr Towne Mfg.(special)
Dec. 1 Holders of rec. Nov. 106
$1
•From unofficial source'. f The New York Stook
Exchange has ruled that stook
will not be quoted.ex-dividend on this date and
Averages.
New York Curl Market Association has ruled not until further notice. 5Th.
that stock will not be quoted exCash
Reserve
diVidend On this date and not until further
notice
Reserve
in
Total
a Transfer books not closed for thls dividend. d Correction.
Reserve
Surplus
e Payable in stook.
In Vault. Depositaries Reserve.
IPayable In 13001010n OLOCk
Required.
Reserve,
0 Payable In
dividends. m Payable In preferred stock scrip. h On account of accumulated
Members
Federal
$
n Payable in partic. pref stock at par, cash being paid in lieu of fractional
Reserve banks_
570.011.000 570.011.000 563.154.600
o At the rate of one-fortieth share of class A stock for each share of class Bshares.
stock. State banks*
7,064.000 4,631,000 11,695,000 11.321.280 6,856.400
p In lieu of cash, dividends may be taken In stock at the
373,720
rate of 4 75-100 of a share
2,791,000 5.933,000 8,724.000 8,682,600
of class A stock for each share of $6 dividend stock and 5 15-100 of a share of class A Trust companies*41.400
stock for each share of $6 50 dividlit d stock
Total Nov.13--- 9.855.000 580.575,000 590,430,000 583.158.480
r Fisk Rubber not ex the 35% accumulated dividends until Doe. 2.
7.271.520
Total
Nov.
G
9805.000
_
_
582.102.000
per
01
591.908.000
annum
rate
for
8%
period from May 1 to Dee. 31 1925.
589.349,380
8 At
Total Oct. 30_ _ _ _ 9.625.000 582.567.000 692.192.000 586,843.230 2.558,620
t Subject to authorisation by stockholders.
Total Oct. 23_
9.514.000 584.969.000 594,483.000 587.894.620 5.348.770
ff Amer.Power & Light stock dividend Is one-fiftieth of a share of common stock
6.588.380
cash
one-fortieth
or
of a share of class A stock.
fr Optional
• Not members of Federal Reserve Bank.
a Dividend is one share of stork for each Mx shares held.
b This is the reserve required on net demand deposits in
Profit-Sharing
stock
dividend
United
the
is one share corn,
case of State banka
s
for each 20 shares.
and trust companies, but in the case of
p y In lieu of Cash dividends may be taken in stock at the stock
rate of 3 15-100 of a share includes also amount of reserve required on members of the Federal Reserve Bank
net time deposits, whin was as
of class A stock for each share of original series pref. stock and 5 5-100 of a share of
follows:
Nov.
13,
516.675.290:
Nov.
6,516,313.070;
Oct.
30, 515,879,240: Oct. 23, $15,532,
elate A stock for each share of $7 dividend series pref. stock.
890: Oct. 16, 515,618,810.
THE CHRONICLE
2624
Actual Figures.
Reserve
Cash
In
Reserve
in Vault. Depositaries
Members Federal
Reserve banks_ _
State banks.
Trust companies._ _
Total
Total
Total
Total
Total
Reserve.
a
Reserve
Required.
Surplus
Reserve.
Boston Clearing House Weekly Returns.-In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
$
584.637,000 584,637,000 568,140,000 16,497,000
6.734.000 4,419.000 11,153,000 11,508,120 --355,120
139,750
2,763.000 6,112,000 8,875,000 8,735,250
Nov.13_ ___ 9,497,000 595,168,000 604,665,000 588,383,370 16.281.630
Nov. 6____ 10,217,000 583,488,000 593.705,000 581,098,790 12,606,210
Oct. 30____ 9,612,000 598,539,000 608,151,000 590,484,760 17,666,240
9,250,000 550,038,000 559,288,000 583.267,460 -23,979,460
Oct. 23_
•Not members of Federal Reserve Bank.
a This Is the reserve required on net demand deposits in the case of State banks
Bank inand trust companies, but in the case of members of the Federal Reserve
follows:
cludes also amount of reserve required on net time deposits, which was as
315,613,23,
Oct.
S16,151,430:
30,
Oct.
Nov. 13. $16,743,180: Nov.6,316.655,070;
110: Oct. 16, 315,651,660.
BOSTON CLEARING HOUSE MEMBERS.
Nov. 17
1926.
Changes front
Previous Week.
Nov. 10
1926.
Nov. 3
1926.
S
$
$
$
69,500,000
69,500,000
Capital
69,500,000 Unchanged
94,002,000
90,876,000
94,021,000 Inc. 3,145,000
Surplus and profits_.
Loans, disc'ts & invest- 1,049,848,000 Dec. 11,703,000 1,061,551,000 1,053,720,000
Individual deposits
717,486,000 Inc. 5,202,000 712.284,000 714,747,000
Due to banks
139,174,000 Dec. 3,259,000 142,433,000 138,835,000
236,369,000 Dec. 531,000 236,900,000 236,672,000
Time deposits
17,795,000
17,034.000
United States deposits_
13,240,000 Dec. 3.794,000
33,292.000
30,599.000
30,142,000 Dec. 457,000
Exchanges for Cl'g H'se
85,737,000
85,988,000 Inc. 6,401,000
79,587,000
Due from other banks
83,857,000
83,985 000 Inc.
65,000
83.920.000
Res've in legal deposles
11,290,000
75,000
11,546,000
11,471,000 Dec.
Cash In bank
811.000
338.000
305.000
643,000 Inc
Res've excess in F.R.Bk
State Banks and Trust Companies Not in Clearing
House.-The State Banking Department reports weekly
Philadelphia Banks.-The Philadelphia Clearing House
figures showin the condition of State banks and trust com- return for the week ending Nov. 13, with comparative figures
panies in New York City not in the Clearing House as follows:
for the two weeks preceding, is given below. Reserve
GREATER
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN
requirements for members of the Federal Reserve System
STATEMENT.
NEW YORK; NOT INCLUDED IN CLEARING HOUSE
are 10% on demand deposits and 3% on time deposits, all
(Figures Furnished by State Banking Department.)
Differences from
to be kept with the Federal Reserve Bank. "Cash in vaults"
Previous Week
Nov. 13.
$1,225,503,600 Inc. $8,171,400 is not a part of legal reserve. For trust companies not memLoans and Investments
775,000
5,225,300 Inc.
Gold
123,000 bers of the Federal Reserve System the reserve required is
25,667,000 Inc.
Currency notes
1,302,700
Dec.
97,378,700
York_
New
of
Banks
Reserve
Federal
Deposit with
Dec. 863,500 10% on demand deposits and includes "Reserve with legal
1,263,694,200
Total deposits
depositaries" and "Cash in vaults."
Deposits eliminating amounts due from reserve depositaries and from other banks and trust com-1,187,284,000 Inc.
417,000
panies in N.Y. City, exchange & U.S. deposits
24,200
171,479,100 Inc.
Reserve on deposits
Week Ended Nov. 13 1926.
Percentage of reserves. 20.7%.
Two Ciphers (00)
RESERVE.
Membersof Trust
1926
omitted.
-Trust CompaniesState BanksFE.Systetn Companies Total.
385,616,700 15.36%
*S42,664,300 15.74%
Cash in vault
27.980,300 05.02% Capital
49,975,0
5,000.0 54,975,0
Deposits in banks and trust cos__ __ 15,217,800 05.61%
150,266,0 17,778,0 168,044,0
and profits
$113,597,000 20.38% Surplusdisc'ts
$57,882,100 21.35%
& Inveetm'ts 951.364,0 48.500,0 999,864.0
Loans,
Total
494,0 40.850,0
for Clear House 40.356,0
Bank of New York, which for the Exchanges
20,0 115,488.0
115,468,0
Due from banks
•Includes deposits with the Federal Reserve
865,0 137,914,0
137,049.0
Bank deposits
State banks and trust companies combined on Nov. 13 was 897,378.700.
652,664,0 28,496,0 681,160,0
Individual deposits
2,195,0 156,886,0
154,691,0
Time deposits
944,404,0 31,556,0 975,960.0
Total deposits
3,377,0
Banks and Trust Companies in New York City.-The Res've with legal deposit's..
3,377,0
69,421,0
with F. R.Bank
69,421,0
averages of the New York City Clearing House banks and Reserve
1,409.0 13,047,0
Cash in vault.
*11,638,0
banks
and
State
the
for
those
trust companies combined with
4,786.0 85.845.0
Total reserve & cash held
81,059,0
70,717,0
4,436,0 75.153,0
Reserve required
trust companies in Greater New York City outside of the Excess
in vault 10,342,0
cash
350,0 10,692,0
&
res.
follows:
Clearing House are as
IN
COMBINED REBULTS OF BANKS AND TRUST COMPANIES
GREATER NEW YORK
Week EndedJuly 17
July 24
July 31
Aug- 7
Aug. 14
Aug. 21
Aug. 28
Sept. 4
Sept. 11
Sept. 18
Sept. 25
Oct. 2
Oct. 9
Oct. 18
Oct. 23
Oct. 80
Nov. 6
iv.,.. 11
Loans and
Inveuments.
Demand
Deposits.
$
6.590,587,300
6.484,702.300
6,568,161,000
6,649,515,100
6.574,966,900
6,544,607,200
6,538,084,700
6.588.168,500
6.593,206,900
6,625,391,700
6.616,162.700
6,683,007,800
6,668,046,700
6,617.799.100
6,559,420,600
6.553,253,200
6,615,890,200
6.553.162.600
$
5,537,899,000
5,511.878,400
5.497,566.600
5,562.538,500
5,700,305,900
5,437.978,000
5,522.021,300
5,512,541.300
5,569.556,300
5,607,019.600
5,576.966,700
5,662,751,200
5,660,177.400
5,628.365.000
5,542,973,000
5,539,644,900
5.562.041,000
5.511.751.000
Total Cash
in Vaults.
Reserve in
Depositaries.
$
87,442.700
81,662,300
82,039.100
81,793,500
83,952,500
80,536.800
82,328.600
83,086.700
87.287.200
85.257.300
83,168.800
84,153,500
85.684,200
89,206,200
84,662,600
86.188,300
86,272,300
87.381.300
$
730,145,100
702.008,100
723.588.600
727,017,800
712,571,100
709,242,000
708,699,500
105,865,300
713,794.700
725,144,400
718.452,500
733,798,400
730.174,600
719,799,109
722.780.700
717,062,800
723,552,600
721.151.800
New York City Non-Member Banks and Trust Cornpanies.-The following are the returns to the Clearing
House by clearing non-member institutions and which are not
included in the "Clearing House Returns"in the foregoing:
S OF NEW YORK
RETURN O'NON-MEMBER INSTITUTION
CLEARING ROUSE.
is, three ciphers (0OO] omitted.)
(Stated 4* thousands of dollars-that
Reserve
Net j Net
with
Legal Demon
rim
Vault. Deposi- Deposits.Deposits.
tortes.
I
Average. demo..10121100. Allege.
$
$
$
$
$
7,199
4,029
1,124
60
13,896
Loans,
DiaCLEARING
counts.
Net
Capita:.
NON-MEMBERS
Profits. Invest'tents,
Week Ending
clbc.
Nov. 13 1926.
Members of
Fed's Res've Bank.
Grace Nat Bank__
$
1.000
$
1,883
Cash
1,124
7,199
4,029
Total
State Banks.
Not Members of the
Federal Reserve Bank.
Bank of Wash.lite_
Colonial Bank
1.000
1,883
13,896
60
400
1,200
1.006
3,216
9,773
35,520
785
3,821
418
1,837
6,700
30,634
3,020
5,352
1,60d
4,222
45,293
4,606
2,255
37.334
8,372
Total
Trust Company.
Not Member of the
Federal Reserve Bank.
Mech.Tr.,Bayonn
5
61
9,079
464
33
3,677
5,844
500
610
9,079
464
33
3,677
5.844
6,717, 68,268
I +1.589
5,130
1-80
3.412 a48,210
-24 +1,283
18,245
+42
Total
3,10
Grand aggregate
Comparison with prey, week
3,436 246,947 18,203
5.050
6,7171 66.679
3.100
Gr'd aggr., Nov. 6
3,260 1146,308 18,064
5,035
6,717, 6,105
Gr'd agar., Oct. 30
3,1001
3.293 046.901 18,029
4,939
6,717 66,364
3,10t
Gr'd aggr., Oct. 23
3.289 046,421 18,036
5.212
6,545 65.840
3,000
Grd aggr.. Oct. 16
$19,000.
deducted.
a United States deposits
liabilities, 82,899,000.
Bills payable, rediscounts, acceptances, and other
Excess reserve, 1182,230 docrease.
Oa. 30
1926.
Nov. 6
1926.
54,975.0
168,044,0
994,893.0
50,009.0
116,646,0
138,450.0
690.644,0
156,941,0
986.035.0
3,921,0
72.008,0
11,913,0
87,842,0
78,129.0
11,713.0
54.975,0
168,044,0
993,907,0
40,761,0
102.258.0
132.675.0
675,094,0
154,654,0
962.423,0
3,923,0
70,781,0
12,046,0
86.750,0
74.659,0
12,091,0
•Cash In vault not counted as reserve for Federal Reserve members
Condition of the Federal Reserve Bank of New York.
-The following shows the condition of the Federal Reserve
Bank of New York at the close of business Nov. 17 1926 in
comparison with the previous week and the corresponding
date last year:
Nov. 17 1926. Nov. 10 1926. Nov. 181925.
$
$
Resources343,410,000 343,410,000 370.348,000
Gold with Federal Reserve Agent
8,529,000
10,017,000
10,389,000
Gold redemp. fund with U. B. Treasury..
Gold held exclusively eget. F.R.notes. 351,939,000
Goldsettlement fund with F. R. Board_ 269,036,000
Geld and gold cenlficates held by bank.. 426,951,000
Total gold reserves
Reserves other than gold
353,427,000
270,455,000
394,366.000
380,737,000
252,710,000
373,228,000
1,047,926,000 1,018,248,000 1,006,675,000
24,843,000
25,005,000
27,490,000
1.072,769,000 1,043,253,000 1,034.165,000
Total reserves
15,700,000
15,845,000
17,585.000
Non-reserve cash
•
Bills discounted89,476,000
67,152,000
Secured by U. S. Govt. obligations_ 61.119,000
29,114,000
58,501,000
48,886,000
Other bills discounted
Total bills discounted
Bills bought In open market
U. S. Government securitiesBonds
Treasury notes
Certificates of indebtedness
90,233,000
74,362,000
116,038,000
64,041,000
147,977,000
26,252,000
1,322,000
18,436,000
40,747,000
1,322,000
17,766,000
34,996,000
1,257,000
58,342,000
4,115,000
Total U. S. Government securities-.
Foreign loans on gold
60,505,000
54,084,000
63,714,000
1,539,000
Total Ms and securities (See Note)
225,100,000
234,163,000
239,482,000
Due from foreign banks (See Nate)
Uncollected Items
Bank premises
All other resources
651,000
202,708,000
16,740,000
3,060,000
650,000
157,592,000
16,740,000
3,101,000
671,000
187,307,000
17,252,000
4,243,000
Total resources
1,536,728,000 1,473.084,000 1,498,965,000
LiabilitiesFed'i Reserve notes In actual circulation_ 391,141,000
Deposits-Member bank, reserve awl__ 853.123,000
3,885.000
Government
3,749,000
Foreign bank (See Note)
11,437,000
Other deposits
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
Total liabilities
378.072,000
839,261.000
4,005.000
3,110,000
9,645,000
356,779,000
864,565,000
4,132,000
11,520,000
11,458,000
872,194,000 856,021.000 891,675,000
172,472,000 138,173,000 155,504,000
32,153,000
36,661,000
36,646,000
58,749.009
59,964,000
59,964,000
4,105,000
4,296,000
4,208,000
1,536,728,000 1,473,084.000 1,498,965,000
Ratio of total reserves to deposit and
82.8%
84.9%
84.5%
Fed'i Res've note liabilities combined_
Contingent liability on bills purchased
10,049,000
12.547,000
15,631,000
for foreign correspondents
in
NOTE-Beginning with the statement of Oct. 7 two new items were added
due to
order to show separately the amount of balances held abroad and amounts
now
foreign correspondents. In addition, the caption, All other earning assets," to
changed
made up of Federal intermediate credit bank debentures, has been bills
and se"Other securities," and the caption, "Total earning assets" to "Total
description of the
curdles." The latter term has been ad ded as a more accurate the provisions of
under
and
acquired
securities
acceptances
total of the discounts,
items include*
Sections 13 and 14 of the Federal Riserve Act, which are the only
heron
Nov. 20 1926.]
THE-CHRONICLE
2625
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Nov. 18, 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 2594, being the first item in our department of "Current Eve its and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS NOVEMBER 17 1924.
Nov. 17 1926. Nov. 10 1920. Nov. 3 1926. Oct 27 1928. Oct. 20 1926. Oct. 13 1926. Oct. 6 4926, Sept. 29 1926 Nov. 181925.
RESOURCES.
$
$
$
$
$
$
$
s
$
iold with Federal Reserve agents
1,397,938,000 1,387,666,000 1.337,772,000 1,411,623,000 1,409,541.000 1.329,143,000 1,383,196,000 1,359,115,000 1,355,579,000
}old redemption fund with U. B. Trees_
58,396,000
61,931,000
54,130,000
51,568.000
62,770,000
57,044,000
62,443,000
62,930,000
65,555,000
Gold held exclusively eget. F.R.notes 1,456,334,000 1,450,436,600 1,399,703,000 1,465,753,000 1,461,109,000 1,386.187.000 1,446,126,000 1,424,670,000 1,418,022,000
;old settlement fund with F.R.Board.... 709.237,000 744,647,000 789,574,000 727,545,000 745,626,000 817.152.000 745,469,000 762.134,000 724,982,000
bold and gold certificates held by banks
685,518,000 646.672,000 617.997,000 630,029,000 619,140.000 615,583,000 621,789,000 620,337,000 639,245,000
Total gold reserves
teserves other than gold
2,851,089,000 2,841.755,000 2,807,274,000 2,823,327,000 2,825.875.000 2.818,922.000 2,813,384,000 2,807,141,000 2,782,249,000
133,623,000 128,129,000 127,411,000 130,750,000 128,928,000 126.305,000 128.674,000 130,113,000 122,836,000
2,984,712,000 2,969,884,000 2,934,685,000 ,954,077,000 2,954.803,000 2,945.227,000 2,942.058,000 2,937,254.000 2.905,085.000
56,379,000
53,740,000
46.957,000
52,841,000
54,926,000
47,184,000
49,546,000
50,441.000
49,838,000
Total reserves
400-reserve cash
Mile discounted:
Secured by 13. B. Govt. obligations
Other bills di•counted
288,198,000
278,789,000
287,369,000
294,044,000
347,003,000
328,895,000
316,185.000
315,738,000
290,035.000
296.587,000
339,205.000
364,696.000
288.717.000
334.872.000
365,993,000
350,637.000
280,534,000
285,832,000
Total bills discounted
3111s bought in open market
7. 8. Government securities:
Bonds
treasury notes
Certificates of indebtedness
566,987,000 1.581.413,000
347,882,000 339,901,000
675.898,000
332.098,000
631,923,000
307,541,000
586.622.000
292,824,000
703,901.000
291,312.000
623.589.000
273.262.000
716630,000
275.623.000
566,366,000
354,980,000
47,630,000
113,544,000
146,956,000
46,482,000
113.003,000
140.882.000
47,211,000
136,416.000
118,719,000
46,611,000
135,901,000
117,662,000
53,287,000
136,145.000
117,532,000
53.803,000
135,516.000
118,849.000
53,537,000
135.379,000
117.419.000
55,322.000
138.305.000
108,414,000
56,352,000
244,272,000
32,655,000
Total U. B. Government securities
3ther securities (8ee note)
Foreign loans on gold
308,130,000
2,534,000
i
300.367,000, 302.346,000
2,500,000
2,500,000i
300,174,000
2,500,000
306,964,000
2,500.000
308.168.000
3,700.000
306,335.000
3,700.000
302,041,000
3,700,000
333.279.000
3,150,000
5,701,000
Total bills and securities (see note)
Due from foreign banks (see note)
Uncollected items
Bank premises
Ill other resources
1,225.533.000 1.224,181,00011,312,842,000 1,242.138,000 1.188,910.000 1.307,081.000 1,206.886.000 1,297.994.000 1,263,476,000
651,000
650.000
650,0001
650,000
650.000
718.000
671,000
717.000
648,000
854,986.000 704,567,000' 695,976,000 693,558,000 807.671.000 747,408,000 731,382.000 675.918,000 816,673,000
60,084,000
60,051,0001 60,051,000
60,047,000
60,039.000
60.014,000
60,012,000
61,809,000
60,007,000
14,772,000
14,161,000. 13,961.000
13,752,000
13,561.000
13,789,000
13,409,000
18,108,000
13,704,000
Total resources
LIABILITIES.
Et. R. notes In actual circulation
DepositsMember banks-reserve account
Government
Foreign banks (see note)
Other deposits
5,197,117,000 5,027,234,000'5.065,122,000 5,017,063,000 5,080,580,000 5,121,421,000 5,004,905,000 5,035,363,000 5,115,368,000
Total deposits
Deferred availability Items
Capital paid In
3urplus
All other liabilities
2,301,120,000 2,264,869,000 2,276,419,000 2,281,131.000 2.257,556.000 2,274,226,000 2.259,847,000 2,330.386,000 2,321.899,000
777,322,000 643,311,000 665,233,000 638,465.000 727.440.000 725.275,000 649,483,000 624.068.000 733,512,000
124,906,000 124.885,000 124,379.000 124,392,000 124.002,000 123,901.000 123.855.000 123.796.000 116,813,000
220,310,000 220,310,000 220,310,000 220,310,000 220.310.000 220,310,000 220.310.000 220,310.000 217,837,000
23,178,000
23.351.000
23,071,000
22,254,000
21,419.000
21.410.000
17,257,000
20.437.000
20,337.000
1,750,281,000 1.750,788,000 1,755,430,000 1,730.511.000 1,729,833.000 1,756.299.000 1.730,973.000 1,716,466.000 1,708,050,000
2,238,208,000 2,218,651,000 2.207.325,000 2,216,896,000 ,213,488.000 2.217.091.000 2,211,909,000 2,248.876.000 2,260,822,000
29,226,000
17,867,000
32,932,000
38,546,000
19.416.000
24,975,000
51,703,000
30.560.000
23.537.000
12.186,000
12,973,000
9,938,000
8,258,000
6.855.000
5.894.000
12,999,000
6,586,000
11.829,000
20,713,000
18,413,000
23,976,000
17,431,000
17,797,000
20,681,000
23,103,000
17,795.000
17,978,000
Total liabilitim
5,197,117,000 5,027,234,000 5.065.122.0005.017.063,060 5.080,560.000 5,121.421.000 5,004,905,000 5,035.363.000 5,115,368,000
Ratio of gold reserves to deposit and
F. R. note liabilities combined
.
70.4%
69.6%
70.7%
70.8%
69.9%
70.3%
69.0%
70.4%
69.3%
Ratio of total reserves to deposit and
F. R. note liabilities combined
73.7%
72.8%
73.6%
74.1%
74.0%
73.1%
73.7%
72,1%
72.6%
Contingent liability on bills purchased
for foreign correspondents
40,344,000
49,177,000
40.945.000
42.853.000
43,981.000
46,093,000
45,385,000
45,296,000
36,848,000
Distribution by Maturities5
$
$
$
$
$
$
3
$
1-15 day bills bought In open market
81,062.000
91,107,000
77,575.000
118,061,000 100,826,000 105,231,000 - 80,100,000
88.824.000 101,396,000
1-15 days bills discounted
434,547,000 445,279,000 532,567,000 487,139,000 447,760,000 652,134,000 462,120,000 559,138.000 438.585,000
1-15 days U. B. certif. of indebtedness_
124.000
1.475.000
750,000
4,878,000
5,751,000
1-15 days municipal warrants
16-30 days bills bought in open market_
67.019,000
62,260.111
61.678,000
70,252,000
55,152.000
56.753.000
55,497,000
64,868,000
57,686,000
16-30 days bills discounted
43.079,111
41,394,000
41.440.000
42,886,000
41,464,000
45,403,000
46,164,000
44,123.000
36,883,000
16-30 days U. B. certif. of indebtedness_
107,000
49,223,000
2,346,000
16-30 days municipal warrants
31-60 days bills bought in open market.
84,738.000
84,092,000
77,042,000
76,556.000
90,048.000
96.883,000
82,448.000
73.136,000 105,985,000
31-60 days bills discounted
61,189,000
61,099.000
57,690,000
55,466,000
65,550,000
57,044,000
67.478,000
63,744,000
55,854,000
31-60 days U. B. certif. of Indebtedness44,084,000
48,921,000
44,103,000
44,138.000
31-60 days municipal warrants
34,000
31-90 days bills bought In open market_
64,329,000
69,254.000
67,887,000
62,677.000
63,310,000
55,991,000
44.400,000
50,171,000
66,519,000
51-90 days bills discounted
32,864,000
33,131,000
26,544,000
33,116.000
25,867,000
37,634.000
42,486,000
43,619,000
25,107,000
51-90 days U. S. certif, of indebtedness.
43,811,000
44.103.000
38,853.000
51-90 days municipal warrants
Over 90 days bilis bought in open market
10,781,000
13,202.000
9.521,000
10.365.000
12,506.000
11.942.000
12,086.000
16,212,000
7,995,000
Over 90 days bills discounted
7,884,000
7.475,000
8.721,000
6,626,000
5,697,000
8,065,000
5,341,000
6,006,000
9,937,000
Over 90 days certif. of indebtedness
74.511,000
91,854,000
73,559.000
91,982,000
73.394,000
73.563.000
73,316.000
68,811,000
25,431,000
Over 90 days municipal warrants
F. 11 notes received
from Comptroller-- 2.953,990.000 2.940,133.000
F. R. notes held by F.
R. Agent
866,761,000 856.221.000
Issued to Federal Reserve Banks
How Secureday gold and gold certificates
Gold redemption fund
Gold fund-Federal Reserve Board
By eligible paper
2.936.126,000 2,945,863,000 2.937.876,000 2,914,314,000 2,919.310,000 2,919,203,000 2,923,655.000
875.780,000 877,685,000 863,777,000 851.172,000 858.782,000 853.802.000 896,802,000
2,087,229,000 2,083.912,000 2,060,346,000 2.068,178,000 2.074 099.000 2,063,142,000 2,060.528.000 2.065,401,000 2,026,853,000
.
307,554,000
100,101,000
890,283,000
891,338,000
307,214,000
101.017,000
979,435,000
884.836,000
307,413,000 306.429,000 306,428.000
92,990.000
96.106.000
96,715.000
937,369,000 1,009,088,000 1,006,398.000
958,606,000 900,057,000 837,644,000
306,428.000
105,902.000
916,813.000
947,286,000
306.433,000
92.258,000
984,505,000
859,423,000
306.633,000
95,579,000
956.903.000
953,368,000
305,301,000
111.014,000
939,264,000
878,126,000
To "L_.
2,289,276.000 2,272,502,000 2,296,378,000 2.311,680,000 2.247,185,000 2,276,429,000 2,242,619,000 2,312,483.000 2,233,705,000
NO FE.-Beghaning with the statement of Oct. 7 1925. two new I ems were added in order to show separately the amount of
balances held abroad and amounts due
so foreign correspondents. In addition, the caption,"All other earning assets," now made of Foreign Intermediate
Credit Bank debentures, has been changed to "Mon
secogittes," and the caption. "Total earning assets" to "Total bills and securities." The latter item has been
adopted as a more accurate description of the total of the
discounts, acceptances and securities acquired under the provisions of Sections 13 and 14 of the Federal Reserve
Act, which are the only items included therein.
•R• vie, d fogtires
WEEKLY STATEMENT OF RESOURCES AND LIABILI CIES OF EACH OF THE 12 FEDERAL
RESERVE BANKS AT CLOSE OF BUSINESS NOV. 17 1926
Two ciphers (00) omitted.'
"
Boston. New York. Phila. Cleveland. Richmond Atlanta. Chicago, St. Louts. aftnneap. Kan. Cgs Dallas. Ban Pan. Total.
Federal Reserve Bank ofRESOURCES.
$
$
$
$
$
$
$
$
$
$
$
$
8
d with Federal Reserve Agents 140,810,0 343,410,0 94.871.0150,269,0 59,424,0 117,615,0
148.540,0 17,922,0 54.515,0 52,089,0 28.897,0 189,576,0 1.397.938,0
d red'n fund with U.S. Treas. 6.052,0
8,529,0 14,117,0 5,947,0 1,559,0 4,111,0 6,825,0 1,234,0 2,608,0 3,165,0 1,905,0 2,344,0
58,396,0
'old held excl. agst. F.R. notes 146,862,0 351,939,0 108,988.0 156.216,0 60,983,0 121.726,0
d settle.% fund with F.R.Board 41,442,0 269,036.0 42,020,0 55,591,0 25.491,0 22,093,0 155,365,0 19.156,0 57,123,0 55,254,0 30,802,0 191,920,0 1,456,334,0
131,259,0 24,770.6 18,151.0 26.520,0 20,915,0 31,943,0
d and gold certificates
32,514,0 426,951,0 30,346,0 45,922,0 11,177,0 4.140,0 65,218,0 13,958,0 6.923,0 5,284,0 9,857,0 33.228,0' 709,237.0
685.518,0
'otaigold reserves
220,818,0 1,047.928,0 181,354.0 257,729,0 97,651.0 147,959.0 351,842,0 57,890.0 82,197,0 87,058,0 61,574.0 257,091,0 2,851,089,0
oerves other than gold
12.937,0
24,843,0 7,103,0 11,263,0 6,325,0 11,198,0 23,416,0 14,207,0 2,978,0 4.780,0 7,864,0 6.709,0 133,623,0
'otal reserves
233,755,0 1.072.769,0 188,457,0 268,992,0 103,976,0 159,157,0 375,258,0 72,097,0 85,175,0 91,838,0 69,438,0 263,800,0 2,984,712,0
a-reserve cash
6,619,0
15,700,0 1,318,0 4,748,0 2,920,0 3,899,0 9.610.0 3,748,0
703,0 2,004,0 1,682,0 3,428,0
56,379,0
s discounted:
cc. by U.S. Govt. obligations 23.176,0
61,119,0 25,744,0 48.950,0 10,797,0 3,488,0 63,479.0 15,373,0 5,484,0 7,854,0 4,126,0 18,608,0 288,198.0
other bills discounted
17.983,0
29,114,0 16,230,0 27,031,0 24,843,0 44,274,0 35,794,0 22,997,0 3,768,0 12,837,0 11.636,0 32.282,0 278,789,0
'otal bills discounted
41,159,0
90,233,0 41,974,0 75,981,0 35,640,0 47,762,0 99,273,0 38,370,0 9,252,0 20,691,0 15,762,0 50,890,0 566,987,0
a bought in open market
31,854.0
74,362,0 28,740,0 32,416,0 14,802.0 34,063,0 46,016,0 9,869,0 14,063,0 18,396,0 14,674,0 28,627,0 347,882,0
B. Government securities:
529,0
Hands
1,322.0
585,0 1,121.0 1.191,0242.0 21.533,0 1,825,0 7,567,0 8,839,0 2,791,0
85,0
47,630,0
3,254.0
Yeasury notes
18,436,0 16.029,0 19,985,0 2.010,0 1,499,0 9,301,0 8,653.0 3,004,0 6,483.0 6.217,0 18.673,0 113.544.0
5,813,0
lertlficates of indebtedness
40,747,0 3,314,0 14.436,0 3,858,0
107,0 17,854,0 9,219.0 5,920,0 13,327,0 12,250.0 20,111,0 146,956,0
•,,,ssi 13. S. Govt.securities
9,596.0
60.505.0 19.028.0 35.542.0 7.059.0 1.848 n 48884.0 19.697.0 16.491.0 28.649.0 21.258.0 38 880 n am 1200
THE CHRONICLE
2626
RESOURCES (Concluded)
Two Ciphers (00) omitted.
Boston.
New York.
$
i
Plata.
Cleveland. Richmond Atlanta. Chicago.
Other etteuritiee
Total bills and securities
Due from foreign banks
Uncollected Items
Bank premises
All other resources
82,609,0
8
2,000,0
$
$
$
$
se. Louis. Minneap, Kan.City
$
5
$
•
Dallas. San Fran
$
534.0
Total.
$
$
2,534,0
225,100,0 92.642,0 143,939,0 57,501,0 83,673,0 193,977,0 67.936,0 40,340,0 67,736,0 51,694,0 118,386,0 1,225,533,0
651,0
651,0
202,708,0 74,579,0 79,947,0 73,037.0 37.688,0 106,063,0 42,442,0 17,905,0 55,073.0 37,098,0 52,014,0 854,986,0
16,740,0 1,599,0 7,409,0 2,365,0 2,975,0 7,933,0 4,111,0 2,940,0 4,688,0 1,793,0 3,484,0
60,084,0
333,0
414,0 1,052,0
3,060,0
795,0 1.934,0
634,0 2,250,0
893,0
14,772,0
395,0 2,847,0
76,132,0
4,068.0
165,0
403,348,0 1,536,728.0 359.009,0 506,087,0 240,132,0 288,186,0 694,775,0 190,968,0 149,313,0 222,212,0 162,100,0 444,259,0 5,197,117,0
Total resources
LIABILITIES.
F. R. notes in actual circulation_ 148,670,0 391,141,0 118,489,0 204,072.0 80,752,0 168,711,0 217,285,0 46,216.0 66,921,0 69,369,0 50,313,0 188,342,0 1,750,281,0
DePosite:
member bank-reserve AWL 148,834,0 853,123.0 135,069,0 187,133,0 69,182,0 66.680,0 325,367,0 81.152,0 52,465,0 88,528,0 60,202,0
170,473,0 2,238,208,0
Government
2,604.0
3,885,0 1,525,0 • 3,007,0 3,014,0 2,885,0 3,187,0 1,796,0 1,447,0 1,242,0 1.254,0 3,380,0
29,226,0
Foreign bank
966,0
673,0
3,749,0 1,207,0 1,359,0
508,0 1,741,0
546,0
407,0
495,0
12,973,0
445,0
877,0
104,0
Other deposits
11,437,0
117,0
127,0 1,409,0
106,0 1,123,0
249,0
170,0
161,0
20,713,0
20,0 5,690,0
Total deposits
152,508,0 872,194,0 137,928,0 192,908.0 72,986,0 70,179,0 331,418,0 83,743,0 54,489,0 90,426,0 61,921,0 180,420,0 2,301,120,0
Deferred availability items
75,300,0 172,472,0 68.446,0 70,518.0 66,911.0 33,920,0 95.330,0 44,778,0 15,972,0 48,051,0 36,849,0 48,775,0 777,322,0
Capital paid in
8,800.0
36,661,0 12,569,0 13,556,0 6,099,0 5,032,0 16,695,0 5,308,0 3,079,0 4,181,0 4,304,0 8,622,0 124,906,0
Surplus
17,020,0
59,964,0 20,464,0 22,894.0 11,919,0 8,700,0 30.613,0 9,570,0 7,501.0 8,979,0 7,615,0 15,071,0 220,310,0
All other liabilities
1,050,0
4,296,0 1,113,0 2,139,0 1,465,0 1,644,0 3,434,0 1,353,0 1,351,0 1,206,0 1,098,0 3,029,0
23,178,0
Total liabilities
403,348,0 1.536,728,0 359,009,0 506,087,0 240,132,0 288,186,0 694,775,0 190,968,0 149,313,0 222,212,0 162,100,0444,259,0 5,197,117.0
Memoranda.
Reserve ratio (per cent)
84.9
77.6
73.5
67.8
67.6
66.6
68.4
55.5
70.2
57.5
73.7
61.9
71.5
Contingent liability on bills purchased for foreign correspondla 3,512,0
15,631,0 4,390,0 4,944,0 2,449,0 1,848,0 6,330,0 1,987,0 1,479,0 1.802,0 1,617,0 3,188,0
49,177,0
F. R. notes on hand (notes ree'd
from F. R. Agent less notes In
circulation)
41,127,0
91,729.0 36,182,0 25,450,0 14.186,0 28,366,0 37,117,0 4,925,0 3,972,0 7,261,0 5,535,0
41,098,0 336,948,0
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS NOV. 10
1926.
Federal Reserve Agent at-
Boston.
New York.
(Two Clphera (00) omitted.)
$t
F.R.notee reed from Comptroller 247,297,0
F.R.notes held by F. R. Agent__ 57,500,0
F.Rmotee issued to F.B.Bank 189,797,0
(bilateral held as security for
F. R.notes Issued to F.R.Bk.:
Gold and gold certificates___ 35,300,0
16,510,0
Gold redemption fund
Gold fund-F.R.Board
89,000,0
73,013,0
Eligible Paper
Total collateral
213.823,0
Phila. Cleveland. Richmond Atlanta. Chic go. St. Louis. Minneap,ICan. City Dallas.
2'oial
San Fran.
$
$
$
$
$
5
3
$
$
5
$
768,190,0 198,871,0 275,662,0 126,827,0 283,552,0 448,119.0 71,081.0 86.701,0
71.225,0 280,040,02,953,990,0
285,320,0 44,200,0 46,140,0 31,889,0 66.475,0 193.717,0 19,940,0 15,808.0 116,425,0
39,795,0 15,377.0 50.600,0 866,761,0
482,870,0 154,671.0229,522.0 94,938,0 197,077.0 254.402,0 51,141,0 70,893,0 76,630,0 55.848.0
229,440,0 2,087,229,0
168,698,0
8,780,0 28,805,0 15,223,0
7,745,0 13,507,0
23,712,0 9,094,0 11,489,0 4,119,0 9,392.0 2,896,0 1,877,0 1,008,0 3,229,0 19,496,0 10,000,0 307,554.0
151,000,0 85,777,0 130,000,0 26,500,0 93,000,0 145,644,0 8,300,0 40,000,0 48,860.0 3.401,0 13,374,0 100,101.0
154,507,0 61.751,0 105,749,0 49,454,0 81,711,0 145,149,0 48,234,0 23,047,0 38,870,0 6,000,0 166,202.0 990,283,0
30,367,0 79,486,0 891,338,0
497,917,0 156,622.0 256,018,0 108,878.0 199.326.0 293.689.0 68.156,0 77,562.0 90.959,0
59,264.0 269,062,0 2,289.276,0
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resource.:
and liabilities of the 691 member banks from which weekly returns are obtained. These figures are always a week behind
those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement
of Dec. 12 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon the figures
for the latest week appears in our Department of "Current Events and Discussions," on page 2594.
1.Data for all reporting member banks in each Federal Reserve District at close of business NOVEMBZR 1.0 1926. (Three ciphers (000) omitted.)
Federal Reserve Dislike.
Boston. New York
Number of reporting banks
Loans and discounts. grow:
Secured by U.5.Gov't obligations
Secured by stocks and bonds
All other loans and discounts
93
• 38
$
$
45,085
8,390
347,454 2,144,489
671,468 2,878,814
Phila.
Cleveland. Richmond Atlanta. Chicago. SS. Louis. Minneap. Kan. My Dallas, San Fran.
50
75
68
$
11,767
425,129
382,304
3
21,037
564,176
796,313
35
Total.
691
$
II
6,158
140,464
314,113 5,372,970
967,737 8.798,852
99
31
24
$
4,907
148,621
366,816
$
$
18,800
5,611
103,162 882.710
410,804 1.270,325
66
$
6,833
191,748
321,273
47
$
3,329
70,236
180.946
$
4.496
107,640
309.405
$
4,051
73,492
242,647
819,200 1,381.526
520,344
519,577 t,171,835
519,854
254,511
421,541
320,190 1,288,008 14,312,286
84,887
264,961
284,440
363,515
68,461
66,724
38,927
59,485
312,920
453,930
62.169
118,545
68,411
47,197
103.195
94,876
348,948
847,955
135,185
98,412
Total loans and investments
1,415,238 7,187.310 1,168,148 2,029,481
Reeerve balance] with F.R.Bank
99.613 734,961
81,243 122.635
Cash in vault
21.815
33.368
78,817
19,924
Net demand deposits
939,825 5,482,003 780,380 1,041,113
Time deposits
429,256 1,309,762 243,828 818,714
Government deposits
8,956
15,052
14,388
34,109
Bills pay. & redly. with F. R. Bk.:
Secured by U.S.Gov't obligations
7,125
42,695
48,508
4.514
All other
9,538
18,654
40,141
5,427
655,529
42,612
14,688
388,855
208.972
2,839
Total loans and discounts
1,027,312 5,068,388
lavertmenta:
U. S. Government securities_ _ 138,849 971,018
Other bonds,stocks and securlifes 249,077 1,147,904
Total investments
387,928 2,118,922
Total borrowings from F.R.Bank
Bankers' balances of reporting member banks in F. R. Bank cities:
Due to banks
Due from banks
766,850
180,714
115,608
198.071
617,989 2,938,685
39,557 248,473
52,536
11,533
335,604 1.781.561
225,104 1,059,946
5,6613
14,312
700,568
48.082
8.338
403,720
216.768
2.120
370,119
27,942
5,968
223,82.
122,825
657
619,612
57.184
12,467
497,720
149,607
1,652
53,069
25.156
246,697 2,433,043
220,925 3.111,395
78,225
467,622 5.544,438
398,415 1,755,630 19,856,724
29,715 109,257 1,641,174
11,242
22,373
293,069
273,925 789,268 12,935,800
100,319 885,131 5,770,232
4,445
11,222
115,418
5,868
10,702
3,662
20,985
41,115
20,701
8,552
15,239
5,760
700
991
8,319
2,665
8,503
31,916
18,864
203,371
177,753
50,780
381,124
88,649
14,052
61,349
16,570
24,627
61,816
23,791
6.460
9,310
11,168
128,557 1,041,543
45.763 102.577
164.405
59.860
45.758
29.702
32,491
17.530
19,124
12.601
349,235
146.227
80,406
28,119
53,750
19.543
95,859
59.175
34,553
25 57A
12,552
65
108,439 2,154,120
n 1 x.rx
an. FRO
2. Data of reporting member banks in New York City. Chicago. and for the whole country.
AU Reporting Member Banks.
Reporting Member Rants in N. Y. City.
Reporting Member Banks in Chicago
Nor. 10 1926. Nov. 3 1926. Nov. 11 1925. Nov. 10 1926. Nor. 3 1926. Nor. 111925. Nor, 10 1926.
Nor. 3 1926. Nor. 111925.
691
692
723
Number of reporting banks
55
55
61
46
46
46
$
$
$
$
$
$
Loans and discounts, groan
$
s
3
140,464,000
obligations
151,765,000
53,314,000
41,449,000
Gov't
162,002,000
48.036,000
U.
S.
Secured by
13,663,000
13,929,000
18,460,000
5,372,970,000 5,438,407,000 5,391,671,000 1,863,472,000 1,915,461,000 2,091,062,000 663,050,000
Secured by stocks and bonds
8,798,852,000 8,780,129,000 8.468,569,000 2,528,491,000 2,531,879,000 2,331,762,000 709,008,000 884,528,000 661,206,000
All other loans and discounts
697,542,000 690,570,000
14,312,286,000 14,370,301,000 14,022,242,000 4,433,412,000 4,500,654,000 4,470,860,000 1,385,721,000
Total loans and discounts
1,395,999,000 1,370,236,000
Investments
2,433,043,000 2.462,104,000 2,498,988,000 859,365,000 877,972.000. 893,420,000 166,657,000
U.S. Government securities
162.423,000 172,102,000
Other.bonds. stocks and securities_ 3,111,395,000 3,126,089.000 2,952,521,000 836,133,000 840,389,000 857,149,000 209,488,000 208,642,000 182,629,000
5,544,438,000 5,588,193,000 5,449,509,000 1,695.498,000 1,718,361,000 1,750,569,000 376,145,000
Total investments
371,065,000 354,731,000
19,856,724.000 19,958,494,000
Total loans and Investments
1,641,174,000 1,621.418,000
Eseerve balances with F.11. Danko
303,094,000
293,069,000
Cash in vault
12,935,800,000 13,020,750,000
Net demand deposits
5,770,232,000 5,764,726,000
Time deposits
134,925,000
115,418,000
Government deposits
Bills payable and rediscounts with
Federal Reserve Banks:
273,549,000
203,371,05n
Secured by U. 5. Gov't obligation5
210.605,000
177.753,000
All other
484,151,000
381.124,000
Total borrowings from F. R. bits
19,471,751.000 6,128.910,000 6,219,015,000 6,221,429,000 1,761,866.0GO
1,658.904,000 875,673,000 653,141,000 710,990,000 174,156,000 1,767,084,000 1,724,967,000
180,512,000 167,744,000
290,409,000
66,136,000
63,082,000
67,082,000
21,022,000
23,953,000
23,549,000
13,248,605,000 4,930,422,000 4,980,789,000 5,234.362,000 1,207,221,000
5,344,285,000 871,657,000 859,615,000 775,431.000 520,946,000 1,207,251..000 1,210,856,000
519,558,000 492,582,000
78,145,000
31,245,000
36,763,000
19,404,000
7,715,000
3,015,000
9,170,000
186,623,000
191,038,000
17,200.000
35,215,000
48,265,000
45,675,000
32,845,000
42,874,000
5,158,000
5,477,000
35,830,000
12,789,000
8,155.000
3,722,000
377,661,000
52,415,000
93,940,000
75,719,000
10.635,000
48,619,000
11,877,000
Loans to brokers and dealers (secured by stocks and bonds) made by reporting
member banks in New York City:
797,685,000 839,582,000
For own account
1,059,765,000 1,047,443,000
For account of out-of-town banks
745,556,000 753,354,000
For account of others
Total
On demand
On time
'Revised figures
2,603,006,000 2,640,379,000
1,894,344,000 1,929,519,000
708.662,000 710,860,000
.
Nov. 20 1926.]
THE 0311.10NICIL19
Vaulters'
2627
New York City Realty and Surety Companies.
IJ
azetteo
Alliance R'Ity
Amer Surety_
Bond &
0_
Lawyers Mtge
Lawyers Title
& Guarantee
AU prices dollars per share.
Bid. Ask.
Bid. , Ask.
Bid. Ask.
45
47 Mtge Bond__ 140 150 Realty Assoc
186 189 Nat Surety.. 216 219
(Bklyn)corn 220 226
319 324 N Y Title &
1st pref_ _ 89
94
262 266
Mortgage.. 443 448
2d pref..
93
88
U S Casualty_ 315 325 Westchester
280 280
Title & Tr_ 500 550
Wall Street, Friday Night, Nov. 19 1926.
Railroad and Miscellaneous Stocks.-The review of the
Stock Market is given this week on page 2616.
The following are sales made at the Stock Exchange this Quotations for U. S. Treas. Ctfs. of Indebtedness, &C.
week of shares not represented in our detailed list on the
Int.
Int.
Maturity
Rate.
Bid. Asked.
Maturity.
Rats.
Md. Asked.
pages which follow:
STOCKS.
Week Ended Nov. 19.
Sales
for
Week.
Range for Week.
Lowest.
Highest.
Range Since Jan. 1.
Lowest.
Highest.
Par.Shares $ per share. $ per share. $ per share.$ per share.
Railroads.
Buff Roch & Pitts pf _100
44 9834 Nov 15 9952 Nov 15 92
Consol ER of Cuba pf100 5,700 69 Nov 15 7034 Nov 13 6934
Morris & Essex
50
12 81 Nov 18 81
Nov 18 7932
NY & Harlem
50
20 175 Nov 13 175 Nov 13 1703.4
NY Rys ctfs 2nd stpd_*
211 140 Nov 18 142 Nov 16 108
Pac Coast 2nd pref. _100
200 40 Nov 19 42 Nov 19 40
Reading Eta
5,400 19 Nov 19 20 Nov 15 1632
Southern Ry Eta
17,800 3-16 Nov 17 1
Nov 13
32
Vicksb Shrev&Pac p1100
100 9834 Nov 19 9852 Nov 19 91
Industrial & Misc.
Amalgamated Leather.* 1,400 1534 Nov 13 17 Nov 17 1434
Preferred
100 • 700 106 N2 Nov 1910834 Nov 15 102
Am Type Founders p1100
30010334 Nov 16 10516 Nov 1: 10234
Am Wholesale Cp pf_100
100 9952 Nov 13 9934 Nov 13 9734
Autosales pref
50
100 4034 Nov 15 4034 Nov lb 18
Cana Dry Ginger Ale_ _• 8,600 3652 Nov 15 3934 Nov 18 3234
Central Alloy Steel__ _ _* 8,300 30 Nov 13 3134 Nov 16 2834
Cent Leather pf ctfs.100
320 51
Nov 15 5114 Nov 171 50
Certificates
100
800 734 Nov 17 812 Nov 19 734
Column Gas & Elec MU.* 8,400 85 Nov 13 8734 Nov 18 , 79
New
• 6,300 8654 Nov 19 8734 Nov 16 8634
Preferred ctfs
100
10011434 Nov 1611434 Nov 16 11434
Preferred new
100 1,900 9834 Nov 18 9934 Nov 19 9834
Continental Bak Cl A _ _•24,100 6734 Nov 17 74 Nov 13 5034
Class B
19,40O*
834 Nov 16 934 Nov 1 734
Preferred
100 2.100 90 Nov 16 9132 Nov 16 87
Crex Carpet
100
100 22 Nov 16 22 Nov 16 20
Cudahy Packing new_50 4,600 5134 Nov 19 5234 Nov 13 5134
Deere & Co pref
100
500 107 Nov 17 110 Nov 13 10434
Detroit Edison Eta
7.285 334 Nov 13 334 Nov 13 352
Elk Horn Coal Corp__ _•
700 1234 Nov 15 14 Nov 17 852
Preferred
50
300 2334 Nov 19 2734 Nov 15 21
Emerson Brantingham
preferred ctfs
100
800 9 Nov 16 9 Nov 16 8
Engineers Pub Serv_ _ _• 5,800 2152 Nov 13 2334 Nov 15 1934
Preferred
* 1,300 9334 Nov 16 94 Nov 16 9234
Erie Steam Shovel
5 5,800 2334 Nov 18 2534 Nov 13 2134
Preferred
100 1,100 10052 Nov 16101% Nov 13 100
Federal Motor Truck_ _• 1.900 2434 Nov 15 2552 Nov 16 23
Gen Gas & Elec ci B___•
100 37 Nov 17 37 Nov 17 36
Hartman Corp ci
• 2,300 2634 Nov 15 2734 Nov 15 2534
Internat Match pref Rts53,075 432 Nov 15 474 Nov 17 4
Jones & L Steel pref _100
10011734 Nov 17 117 X Nov 17 114
Kayser & Co 1st pref..*
300 106 Nov 13 108 Nov 18 100
Kinney Co pref
100
100 85 Nov 1: 85 Nov 18 85
Kraft Cheese
25 8,400 63 Nov 18 68 Nov 15 58
Liquid Carbonic ctfs_ _ _•28,500 5234 Nov 16 5834 Nov 19 4334
Loose-Wiles Bis 1st pf100
10011834 Nov 1911834 Nov 19 112
McCrory Storm pf _ _100
100108% Nov 15108% Nov 15 105
Manhattan Shirt pref100
10011834 Nov 18118% Nov 18 11334
Manatl Sugar
100 600 3852 Nov 17 42 Nov 19 27
Marland Oil Eta
24,900
32 Nov 15
% Nov 13
32
Murray Body ctfs
• 1,200 734 Nov 13 734 Nov 19 7%
Nat Supply pref
100
100 114 Nov 18 114 Nov 18 10452
NY Steam 1st pref._ __•
100105% Nov 1310534 Nov 13 9952
011 Well Supply pref_100
100 109 Nov 19 109 Nov 19 10452
Otis Steel Prior pf _ _ _100 500 65 Nov 16 6634 Nov 18 63
Peerless Motor Car---50 1,300 28 Nov 18 2934 Nov 15 28
Penn-Dixie Cement-1, 7.700 3932 Nov 19 40% Nov 16 3932
Preferred
100
100 9934 Nov 16 9934 Nov 16 9952
Peoples Gas, Chic Eta.. 2,000 254 Nov 15 252 Nov 13 2
Purity Bakeries cl A._25 2,600 4752 Nov 15 4834 Nov 17 47
Class El
* 3,100 42 Nov 17 4332 Nov 15 4134
Preferred
100
300 100 Nov 15 101 Nov 16 99
Real Silk Hosiery
10 8,300 4352 Nov 18 4634 Nov 13 4334
Slosa•Sheff St & Ir pf _100
100 107 Nov 13 107 Nov 1310034
So Porto Rico Sugar Eta 9.400 234 Nov 13 334 Nov 19 134
Stand Oil of N Jersey Rts909260 134 Nov 19 252 Nov 17 174
Texas Co ctfs
25 5,100 5432 Nov 18 55 Nov 15 5034
Texas Corp new
25 9,900 54 Nov 18 55 Nov 15 54
Virg Coal & Coke pref100
100 78 Nov 13 78 Nov 13 70
White Sewing Mach pt* 3,800 5532 Nov 19 5734 Nov 16 4634
•No par value.
Mar 100X
Nov 7134
Jan 83
Nov 205
July 145
Nov 57%
Mar 2252
Oct 1
Mar 9832
Oct
Oct
July
Jan
Nov
Feb
Feb
Oct
Nov
Oct 21
July 113
Aug 107
Aug 100
Jan 4034
Oct 49
Oct 3334
Nov 5174
Nov 8%
Oct 8752
Nov 8752
Nov 11434
Nov 9934
Oct 9374
Oct 1534
Oc 9652
Sept 63
Nov 5234
Mar 110
Nov 314
June 1634
Mar 3034
Sept
Sept
Feb
Jan
Nov
Sept
Aug
Nov
Nov
Nov
Nov
Nov
Nov
Aug
Sept
Aug
Jan
Nov
Nov
Oct
Oct
Oct
July 1434
Oct 2434
Nov 9652
Oct 2534
Oct102
Oct 3434
Oct 4832
Aug 30
Oct 5
Jan 120
May 108
Sept 9952
Oct 68
Oct 5834
Jan 11832
Apr 110
Jun 119
Apr 5034
Oct 1
Oct 1134
Mar115
Apr 10534
Apr 109
Nov 74
Nov 3134
Nov 40%
Nov 9934
Oct 23.4
Oct4934
Nov 4334
Oct101
Nov 5034
Jan 110
Oct 334
Nov 234
Oct 5534
Nov 55
July 78
Oct 6434
Sept
July
Aug
Nov
Nov
Aug
Aug
Sept
Nov
Aug
Nov
Jan
Nov
Nov
Nov
Feb
June
Jan
Oct
Aug
Aug
Oct
Oct
Sept
Nov
Nov
Nov
Sept
Nov
Nov
Nov
Oct
June
Nov
Nov
Nov
Nov
Nov
Oct
The Curb Market.-The review of the Curb Market is
given this week on page 2617.
A complete record of Curb Market transactions for the
week will be found on page 2643.
New York City Banks and Trust Companies.
AU prices dollars per share.
Banks-N.Y. Bid
America•____ 300
Amer Ex Pao_ 462
Amer Unions_ 203
Bowery EastR 390
Broadway Cen 345
Bronx 'loco*. 1300
Bronx Nat_ _ _ 495
Bryant l'urk' 200
Capitol Nat_ _ 225
Cent Merean. 275
145
Central
424
Chase
Chath Phenix
Nat Bk &Tr 357
Chelsea Each* 280
Chemical._ _ _ 810
Colonial._ _ _ 600
Commerce_ __ 412
Com'nwealth• 290
Continental-. 260
Corn Exch.__ 578
CosmolAan
.
- 280
Fifth Avenues 2200
2650
First
160
Franklin
370
Garfield
225
Globe Exch
350
Grace
Greenwieh•- 525
Hamilton__ __ 215
•Banks marked
Ex-right,
.
Ask.
310
468
213
400
365
1450
510
225
230
285
155
428
Banks.
Hanover
Harriman_
Manhattan'.
Mutual*
National City
New Nerh'dso
Park
Penn Exch...
Port Morris._
Public
Seaboard
Seventh
Standard
State*
Trade'
United
United States.
NVash'n
ork nown..._
Brooklyn.
Coney Island*
Dewey•
First
Mechanics"
Montauk.
Municipal •_ _
Nassau
People's
Queensboros
Bid.
035
605
226
575
627
325
498
130
260
565
700
166
680
690
157
190
298
640
137
Trust Cos
Bid. Ask.
New York.
Bank of N Y
& Trust Co. 640 650
Bankers Trust 657 663
631 Bronx Co Tr_ 310 330
330 Central Union 910 920
295 300
502 County
375 385
140 Empire
Equitable Tr_ 282 285
575 Farm L & Tr. 543 548
710 Fidelity Trust 390 300
420 440
175 Fulton
800 Guaranty Tr_ 415 418
363
605 trying Bank
285
162
&'trust Co. 299 303
817
205 LawyersTrust
305 Manufacturer 518 523
415
750 M nrray 11 ill_ 225 230
300
143 Mutual(West275
chester) ___ 215 230
584
325 375 N Y Trust... 549 554
300
200
fcrminal Tr_ 175 185
2500
400 410 Title Gu & Tr 682 688
2750
296 302 U 6 Mtg & Tr. 395 402
175
350
United States 1720 1740
380
305 312 Weetcheier Tr 550
245
350 360
Brooklyn.
640 675 Brooklyn....803 812
550
200
Kings County 2000 2150 •
225
Midwood____ 275 290
(*) are State banks
(i) New stook.
(x) Ex-dividend.
Ask.
625
230
Dec. 15 1926_ 364% 100
100Pli Mar.15 1927-- 434% 10016 100fis
Dec. 15 1927_ 436% 10028n 100nn June 15 1927_-- 814% 99ust
100'n
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 Stook
Exchange. The transactions in registered bonds are given
in a footnote at the end of the tabulation.
Daily Record of U. S. Bond Prices. Nov. 13 Nov. 15 Nov. 16 Nov. 17 Nov. 18 Nov. 19
First Liberty Loan
High 100"st 100"at 100"st 1001132 100", 100"n
34% bonds of 1932-47__ 1.0w_ 100un 1001.• 10015n 100nn 1001,2 100,421
(First 334s)
Close 1001,s2 100"; 1001.22 1001.42 100154 1001431
Total sales in $1,000 units__
1
8
52
1
4
308
Converted 4% bonds of1HIV;
Total sales in $1,000 units_ __
Converted 454% bondrigh
of 1932-47 (First 432,0 Low_
Close
Total sales in $1.000 units._
Second Converted 4X% High
bonds of 1932-47 (First)Low_
Second 4%s
Total sale: in $1,000 units ___
econd Liberty Loan
{High
4% bonds of 1927-42_ __ _ Low_
(Second 45)
Total sales in $1,000 units_ __
Converted 432% bondsrlgh
of 1927-42 (second
Low_
454')
Close
Total sales in $1.000 units.l'hird Liberty Loan
1111gb
432% bonds of 1928
Low
(Third 432s)(Close
Total sales in $1,000 units__
Fourth Liberty Loan
1111gb
454% bonds of 1933-38
Low.
(Fourth 43(0)
Close
Total sales in $1,000 unUs___
Treasury
High
434e. 1947-52
Low_
(Close
rota sales in $1,000 units_(High
45, 1944-1954
Low_
Close
Total sales in $1,000 units__
(High
334S, 1946-1956
Low_
Close
Total sates in 51.000 units__
---- - ---- ---1021,21 10211,2 102,112 102,11.1
1021,s2 1021,22 1021,82 102"ss
1021,22 10211st 102"st 1020n
7
13
77
-- ----------- - --- --------
--- - --- --- 102"s:
- - -- 102,16
---- 10211a
91
------.
-------
____
---____
____
---____
----
---____
-- --
---1002,22
10018,2
100"at
48
101,
22
101,s2
1011n
55
102"ss
102,11ss
1022%
35
1081122
108"2
108 1s
10
10411,
104"a
104"s
1
1021n
102121
1021n
1
-- -100,022
100":2
10011s:
158
101,
22
101,22
1011n
43
10211,
102,,
,
1022.,
227
108.0,
108"s
10811s
3
104"s
10414
10411:
1
1021st
1021st
1021st
2
---100",
100"2
10011:
140
101'22
101,22
1011n
101
102"s
1022,2
102"st
208
109
108"st
108"st
21
104"st
104",,
10411st
33
1021n
1021st
1021st
250
- - -1001,22
1001,8
10011st
36
101,
s2
101,22
1011n
123
10211n
102,1ss
102"st
178
1082%
108";
108"s
7
104n;
1040,
104ns
4
102132
1021st
1021s:
2
--- ---.
____ 100,
22
---- 100,22
---11141,1•1
100"22
100"st
83
101,
22
101,
s2
1011n
30
102"s
102,42
1021112
300
108"n
1080,
1080,
1
1040
,
10411s
10401
1002,2
100,91
10011,
22,
1011st
101412
1011n
31
102",
10222,
102",
13
108";
108":
108111
1.
1041%
104111
104111
i02,, 102,
6
102',, 102,
s
1021n 1021r
2
2
Note.-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
1 1st 3548
1 1st 4525
1 2d 4s
100112 to 1001st I 13 2d 434s
1021,n to 1021,22
8 351 434*
100
to 100
19 4th 434*
10011st to 100,,s2
10112. to 1011n
102"st to 102"st
Foreign Exchange.-Sterling exchange ruled firm and a
trifle higher early in the week, but before the close weakness
set in on less favorable strike news and some of the gains
were lost. In the Continental exchanges great strength
developed in French and Norwegian currencies, but without
special activity, locally at least.
To-day's (Friday's) actual rates for sterling exchange were
4 8454@
484 5-16 for checks and 4 84%(M4 84 13-16 for cables. Commercial
on
banks, sight, 48454 @484 3-16; sixty days, 4 80
Si
P4
ninety
803-16;
days. 4 7854 @)4 78 5-16, and documents for payment (sixty
days), 4 8052
04 80 7-16. Cotton for payment, 4 84 32(414 843-16, and grain
for payment. 4 84.i.604 84 3-16.
To-day's (Friday's) actual rates for Paris bankers' francs
were 3.61(?)
3.6154 for short. German bankers' marks are not yet quoted for long
and
short bills. Amsterdam bankers' guilders were 39.91
for short.
Exchange at l'aris on London, 137.00 fr.; week's range, 137.00 fr. high
and 144.95 fr. low.
The range for foreign exchange for the week follows:
Sterling ActualChecks.
Cables.
High for the week
4 84 11-16
4 85 3-16
Low for the week
4 8432
4 84X
Paris Bankers' FrancsHigh for the week
3 6334
36234
Low for the woek
328
329
German Bankers' MarksHigh for the week
23.73
23.75
Low for the week
23.7154
23.7334
Amsterdam Bankers' GuildersHigh for the week
39.99
40.01
Low for the week
39.95
39.97
Domestic Exchange.-Chicago, par. St. Louis, 15@)25c. per $1,000
discount. Boston, par. San Francisco, par. Montreal, $1.5625 per
$1,000 premium. Cincinnati, par.
CURRENT NOTICES.
-Bruce C. Hoblitzell, formerly with W. A. Harriman & Co.. Inc., has
become associated with J. K.Rice, Jr., & Co. of New York in their trading
department.
-George P. McCreery. formerly with Boyd, Evans & Devlet, is now
associated with Lockwood, Chandler & Co., 115 Broadway, New York.
-Taylor, Ewart & Co., Inc. announce the opening of a Philadelphia
office in the Packard Building under the direction of Louis J Groch.
-Warthern & Zeitner, members of the New York Stock Exchange,
announce the removal of their offices to 120 Broadway, New York.
-Kidder, Peabody & Co. announce that William Holway Hill and Alexander Winsor have become partners in their firm.
-Eastman, Dillon & Co. announce that Herbert B. Smithers
has joined
their New York office.
-William E. Bagnall has become associated with Cowen &
Co, 3)
Broad St., New York.
2628
New York Stock Exchange- Stock Record, Daily, Weekly and Yearly
OCCUPYING SVC PAGES
For sales during the week of stocks usually Inactive. see preceding page
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Nov. 13.
Monday,
Nov. 15.
Tuesday,
Nov. 16.
Wednesday
Nov. 17.
Thursday,
Nov. 18.
Friday,
Nov. 19.
g per share $ per share 3 per share 3 per share $ per share $ per share
15614 15614 15658 15714 15578 15734 15618 15734 1547 1563, 1523s 1557
9912 100
997 997 .9934 100
100 100
100 10018 100 100
12
78
kl
78
18
78
34
34
33
34
34
73
21114 21314 211 21334 212 213
21212 21334 20834 21212 20734 20812
10358 104
10334 10414 104 10438 10358 10414 10358 10414
1034 104
7218 7218 *72
73
7338 72
73
73
7234 73
7214 721
/
4
433
*4214. 4314 *4214 4314 43
43
*43
43
43
43
43
*10012 102 *100 102 "10012 102 *10012 102 *10012 102 *10012 101
67% 68
68
6938 6834 693
6818 69
68
6812 6812 6918
8512 86
86
*85
86
86
86
8614 86
8614
864 *85
1678 1512 1634 1618 1714 1558 1638 1512 1618
16
*1612 17
85 '80
80 '80
80
85
80
80 '79
84
80
80
*5914 63 '5914 63
*5914 63
*5914 63
5938 5938 *5914 63
16412 16412 16412 165 '164 165
16412 16412 16412 16458 16334 16414
*272 282 "270 280 *278 281 *270 281
270 280 *270 280
16214 16312 16212 16434 163 16434 163 16514 16314 16538 16212 16512
*____
*161
_
*159 _ __ *160
162 162 *160 . __
*5
-514 '5
-5/
1
4
5
-5
*5
-514 *5
-5/
1
4
514 *5
*712 8
734 8
8
'712 8
8
.8
812
8
8
*245 290 "245 290 *245 290 '245 290 "245 290 *245 290
32
*3212 34
32
33
33
*3114 34
*32
34
*3112 34
4832 4838 4778 48
45
4712 4734 47
46
4718 4612 47
0
938 *018 014
018
932 *0
*9
9
9
9
9
25
2512 25
2552 25
25
2512 2538 2534 25
2512 24
834 9
10
834 9
94 10
1014
934 1118
108 10
95 11
95, 97
812 918
812 914
978 10
812 812
18
18
18
18
1934 1838 1914 1834 2034
177 194 19
173, 1734 1734 1734 1738 1838 1834 1914 1818 1918 1812 2034
78
7834 7814 7834 7734 78
78
8038 7914 8038 7714 791
/
4
"125 126
125 12518 "125 127
125 126
125 125
125 125
6914 6712 6834 66% 68
67% 677
69% 68
68
6912 68
*104 10412 10412 10412 10434 10434 10434 10478 1047 1048 105 10514
*9434 954 947 95
95
9512 9534 9534 96
95/
1
4 9552 953
844 85
86
*85
87
86
86
87
*88
8612 87
89
72
72
*72
74
*72 74
72
72
"71
74
*71
74
70
*67
70
*68
*67
70
"68
70
"67
70
*67
70
17018 17018
17318 17412 172 17312 172 172
173 173
"172 175
144 146
146 147
148 14812 148 14814 14684 148
14814 149
4338 4338 *43
4334 4334 4334 44
4312
4334 44
44
44
3812 3833
3834 3834 3858 3858 3834 39
"39
39¼ 383, 39
4618 4614 464 4614 4534 4618
1
4 4618 46'a 4618 481
4618 46/
*4412 447 '4412 45
*4412 447 '444 4414
*4412 45
"4412 45
793 8014 7934 80
791 797
79
797
7934 7934 7934 80
2014 20
1934 20
1912 1934
20
194 1914 1934 1914 20
*3634 373 "3634 3734 3634 373
3612 371 *3612 371
/
4 3612 364
*10614 1071 '10614 1071 *10612 10712 107 10714 *10612 10712 10714 10734
3812 3818 3812 3812 3812 3834 3812
393 a38
39
39
39
753,
77
*7512 78 '7512 78
*73
77
753* *7513 78
*73
12112 12134
'12214 i228 12238 12238 122 12212 12212 12212 122 122
123 123 "121 124
"123 124 '123 124 '123 124 *123 124
*7534 76
*7534 761 *7534 7612 '7534 761 *7534 7612 7534 7534
*2534 261 '2534 261 *2534 2612 *2514 261
1
4 *25/
1
4 2612
2614 26/
643 '6212 67
*6212 67
6434 '59
634 6334 *6212 67
'59
4718 48
475 494 4714 48% 484 49
474 477
474 50
1
1
*1
14 •1
1
112 "1
1
112 *1
112
4312 4212 4318 4218 4212 4178 42
4314 433* 43
43
43
*84
65
65 "64
641
65 '64
/
4 641 '64
65 '64
65
8938 8934 "891
90
9012 893* 8912 8914 8914
/
4 90
8912 897
13112 13112 132 132
13114 13214 131 13112 1305, 13058 12814 129
53
92
*90
5358 *521
92 .90
525 5258 5234 54
/
4 53
*90
92
*90
94
92
*90
*90
92
5112 514 524 54
*512 0
*47
*434 6
*47
6
6
*47
*433 57
6
28
"20
30
*20
33
*22
27
*19
30 '20
*20
30
451, 45
45
444 43
45
4512 43
43
457
434 434
18
"14
18
*12
18
1214 1214 *14
'12
"14
20
18
"138 15s "138 Ps 1*38 138 *138 138 *138 138
138
13,
35
*35
"35
37 '35
35
38
347 34%
38
37
*35
62
60.
*57
62
63 '55
*57
59
*57
59
63
*57
62
*5634 6312 *5634 631 '564 6312 '564 6312
'56
63'2 57
3112 3112
3212 32'2 3234 32s 3218 3258 3134 3184 3134 32
9358 9358 *9318 935
935 9358 9334 937
931, 9312 9314 93's
30
301
38% 3914 38
3838 38
39's 3734 3878 3818 39
9014 89
89
8914 893
8978 9114 897g 91
89% 89
90
*514 534 *518 534 *54 53
•518 53
.518 534 *513 534
2
2
2
*178 2
218 218 *218 23,
21s
•24 238
*121 129 *121 129 •121 129 "121 128 "121 128 *121 128
13614 13758 137 1381, 13618 1371: 13412 137
1363
,13714 13638 137
192 19234
193 193
19234 19234 193 193
:193 *19112 193
1921
103 103
103 103
51103 104 *100 103 *10112 104 90112 104
4258 433* 4214 423* 4114 4212
4312 421: 4314 4212 43
43
24% 244 24
/
4 244 241
243*
2433 24% 24% 2478 2414 241
"9
9
1014 *812 91
*1038 11
10
10
1014
11
*10
*15
19
•15
19
19
19
*15
*15
19 '15
19
•15
38
*35
37 '35
"35
37
38
*35
37
38
38
"35
16412 1644 16478 16514 165 16512 16412 16512 1641s 16412 16318 1644
85 '83
85
84
834 834 84
834 8312 '83
85
*83
80
7918 7934 784 793
7912 79
7914 79
7914 79
79
25
*15
25 '15
25
*15
25
"15
25
25 '15
'15
56% 564 5614
/
4 564 5618 5612 56
5618 6614 5614 563 561
20
"18
20
20 '19
19
19
20 '14
20 '19
*19
10912
11014 10912 10912 109 109
10934 10934 *10912 110
111 111
9314 *92
9314 *92
931
/
4 "92
1
4 "92
9314
: 93/
9314 '861
*90
86 *____ 88 •_ -- _ 88 •
_ 88
86
88
*86
•86
88
_
_ aiiii-i
___ '148
__ - 15012 15018 '148
___ •148
*148
108
1
118
108
1
09
1-(Iii
*108
110
*108
1
09
109
•109 10918
7
861
88% 8714 87
: 8734
8714 87
8714 87% 87
8732 88
41
*4034 41
*3934 4012 '3934 4012 40% 40,2 41
40
40
"4134 434 *4112 434 *4112 4312 "4112 4312 '4134 4312 '4134 4312
48
43
4712 *45
43
"4512 4712 '45
47
*43
48
'43
9812 9878 985* 9914 9734 9833
9714 9714 9714 9858 9818 99
91
"9012 91
*9012 91
91
91
91
'9018 9012 904 91
6112 62
6234 624 6212 62% 6238 6234 6312 "6212 64
*62
"7512 7712 *7512 77
*7512 77
•7512 77 '7512 77
*754 77
31
1
4 3112 31% 31
323* 317 323* 314 32/
324 3234 32
38
3914 38
3834 3734 3834 38% 3914 38
3812 3812 *38
:10778
10714 10711 1073s 10834 10734 10838 10712 10838 10738 10734 1061
119 11912 11858 11914 11812 11958 11812 11938 118 11834
11934 120
95
9412 *94
94
94
94
93
*9312 9378 *9312 937
93
4912
: 4912 5012 49
5ot4 504 5012 5012 4912 4912 4912 501
3878 3712 3712 *3612 3712 3634 3634 3712 3814
3612 3612 37
65
'62
136
*62
65
*62
66
*62
63
*62
66
*62
164 16434 1634 16434 16214 164
16278 16312 16312 164
16314 164
*7012 go
4,7014 go
go
ems go
go
7934 8032 7934 80
_ 3412 *---- 3412
:• _ 2412 *
*2434 3412 *2334 3412 *2334 241
.9
. 175 *126 175
_ .. *12
. _'115_ eiiii
0115
_ *115
394 4012
4034 -41-14 4012 41
41 -41-58 4034 -41-14 4034 -4-17418
7334 7412 74
7418 743
743
7458 745* 7334 7414 74
63
"60
63
63 '60
*60
63
63 '60
*60
63 '60
12
•115
4
12
1154
8
1214 1238 1218 124 12
1218 *1134 117
215* 2078 2078
/
4 2158 "20
*20
2134 "2012 2134 *2014 2112 211
3434 3512 344 3412
343
*3412 3434 '3434 35
3434 3434 *34
8138 8138 82
*811
/
4 8112 8114 811
8138 '81
82 '81
/
4 *81
2578 2578 263, 2658 2558 26
2511 2578 25,4 26
26
26
43
43
43
*434 45
43
*44
4412 .43
44
•43
44
1
91
91
9118
91
9118 *91
•Bld and asked prism. a Ex dividend.
9134 *90
91
"89
90
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Shares.
PER SHARE
Range Since Jan. 1 1926.
On basis of 00-share lots
I
I
1.4tOddi
$ Per share
Highest
PER SHARE
Range for Previous
Year 1925.
Lowest
Highest
$ per share $ per share $ Per share
Railroads.
Par
30,300 Atoll Topeka & Santa Fe--100 122 Mar 30
2,000 Preferred
100 9418 Mar 5
10,300 Atlanta Birm & Atiantic 100
12May 28
6,100 Atlantic Coast Line RR-100 18112Mar 30
10,700 Baltimore di Ohio
100 831:Mar 3
1,400 "Preferred
100 6712 Jan 6
300 B ngor & Aroostook
50 33 Mar 2
Preferred
100 9778Feb 8
24,400 Bkln-Manh Tract vs o_No par 5418 Mar 31
1,300 Preferred vs o
No par 78 Mar 31
5,300 Brunswick Term & Ry Soo.100
812 Mar 4
365 Buffalo Rochester & Pitts-100 694 Mar 26
3 Canada Southern
100 58 Jan 15
2,200 Canadian Pacific
100 14612 Jan 9
Central RR of New Jersey_100 240 Mar 30
30,800 Chesapeake 4 Ohio
100 112 Mar 2
100 Preferred
100 119 Jan 20
200 Chicago & Alton
100
414Sept 18
400 Preferred
100
6I8May 18
C C C & St Louis
100 17314 Mar 29
300 Chic & East Illinois R.R....-100 3014May 10
2,700 Preferred
100 3612 Mar 31
000 Chicago Great Weetern
100
734 Mar 31
5,100 Preferred
00 1614Mar 30
13,600 Chicago Mllw & St Paul
100
8i2Nov 11
9,500 Certificates
100
818 Apr 20
24,550 Preferred
100 1418 Mar 31
24,500 Preferred certificates
100 14 Apr 20
28,500 Chicago & North Western 100 6514 Mar 30
1,100 Preferred
100 1181
:Jan 4
42,800 Chicago Rock Isl & Paciflo_100 40':Mar 3
1,900 7% preferred
100 96 Mar 4
1,000 6% preferred
100 13314 Mar 31
900 Colorado & Southern
100 52 Mar 3
300 First preferred
100 62 Mar 2
161 Sept 1
10018 Nov 18
10 Jan 2
26212 Jan 2
10934Sept 7
738 Aug 20
46 Feb 1
101 July 12
6938 Nov 15
8612 Aug 23
1858 Nov 5
8734July 20
61 June 14
16858Sept 7
305 Jan 11
17838Sept 24
171 Sept 28
115 Feb 20
1814 Feb 13
275 Aug 24
37 Feb 10
5134 Feb 10
1218Sept 9
3158Sept 9
1412 Jan 6
14 Jan 8
24 Aug 24
2338 Aug 24
83348ept 10
1261
:Apr 30
6912 Nov 15
10514 No:19
96 Nov 19
9614 Oct 13
74 Oct13
11614 Jan
924 Feb
3 Jan
14714 Jan
71 Mar
628 Apr
3514 Mar
89 June
3518 Jan
7278 Jan
3 Feb
48
Apr
56
Jan
13612 Mar
265 Mar
8914 Mar
10514 Apr
35 Apr
518 Apr
140 May
2934 Mar
40 Mar
9 Jan
1914 Mar
314 Apr
7 Sept
7 Arm
1272 Oct
47 Apr
101% Apr
4018 Mar
92 Jan
82 Mar
4418 Jan
60 Mar
Second preferred.
100
1,600 Delaware & Hudson
100
4,200 Delaware Lack & Western_ 50
900 Deny & Rio Or West pref._100
6,100 Erie
100
11,400 First preferred
100
Second preferred
100
14,800 Great Northern preferred_ _100
2,900 Iron Ore Properties__No par
800 Gulf Mobile de Northern 100
500 Preferred
100
3,300 Hudson & Manhattan
100
100 Preferred
100
900 Illinois Central
100
100 Preferred
100
20 Railroad Sec Series A--1000
100 Int Rys of Cent America 100
100 Preferred
100
21.700 Interboro Rapid Tran v t 4_100
200 Iowa Central
100
3,300 Kansas City Southern
100
100 Preferred
100
3,300 Lehigh Valley
60
100
1,500 Louisville & Nashville
Manhattan Elevated guar_100
100
3,300 Modified guaranty
Market Street Railway_ __ _100
100
Preferred
100
2,000 Prior preferred
100
100 Second preferred
200 Minneapolis & St Louis_ _ _100
200 Minn St Paul 455 Marle_100
100
100 Preferred
100
Leased lines
3,600 Mo-Ran-Texas AR____No par
1,600 Preferred
100
30,800 Missouri Pacific
100
9,200 Preferred
100
Nat Rye of Mex let pref 100
1,500 Second preferred
100
New On Texas de Meileo 100
100
66,200 New York Central
100
1,200 NY Chic & St Louis Co
100
800 Preferred
100
17,600 NY N H & Hartford
1,700 N Y Ontario & Western__ _100
1,200 NY Railways pref ctig_No par
New York State Railways_100
100
100 Norfolk Southern
100
7,500 Norfolk & Western
100
400 Preferred
100
12,600 Northern Pacific
100
Pacific Coast
50
17,800 Pennsylvania
100
100 Peoria & Eastern
100
900 Pere Marquette
100
Prior preferred
100
200 Preferred
10 pitta Ft Wayne & Chic pref 100
100
300 Pittsburgh & West Ya
50
5,700 Reading
700 First preferred
50
40
Second preferred
100
100 Rutland RR pref
100
20,200 St Louls-San Francisco
100
1,300 Preferred A
100
1,200 St Louis Southwestern
100
Preferred
100
4,000 Seaboard Air Line
100
6,500 Preferred
100
28,900 Southern Pacific Co
100
5.600 Southern Railway
100
1,100 Preferred
100
2,300 Texas & Pacific
100
2,200 Third Avenue
Twin City Rapid Transit 100
100
13,400 Union Pacific
100
1,500 Preferred
United Railways Investm1.100
Preferred
14,400 Wabash
100
100
2,300 Preferred A
100
Preferred B
100
1,800 Western Maryland
100
300 Second preferred
1,000 Western Pacific new
100
400 Preferred new
100
2,700 Wheeling & Lake Erie Ry _ _100
100
200 Preferred
3112Mar 31
96Is Mar 30
10352 Mar 30
8712 Apr 6
4218 Mar 30
1312 Jan 8
5914 Oct 25
14112Mar 30
7434 Jan 8
1984 Mar 3
65 Mar 2
3372 Mar 30
68 Mar 3g
67 Mar 29
11 Mar 3
1632 Mar 30
3234 Nov 6
7712 Jan 15
18 Mar 30
37 Mar 30
72 Sept 27
183125ept 2
15312 Jan 12
47 Jan 2
40 Jan 2
5014 Oct 6
4718 Oct 6
8012Sept 10
2714 Feb 15
4114 Sept 29
109I2Sept 30
40 Apr 8
7914 July 26
131 Sept 7
12912Sept 7
77 June 23
31 Feb 13
66 June 24
5214May 25
312 Jan 15
5138Sept 9
6838Sept 10
9312July 15
144 Sept 3
9234 Apr 20
6178May 28
10 Feb 9
40 Feb 9
5134 Feb 10
221
:Feb 10
37 Jan 11
524 Feb 3
79 Feb 3
6678 Feb 24
4718 Feb 9
95 Jan 4
45 Sept 1
95 Sept 3
834 Jan 7
412 Jan 7
13212 Jan 9
14713Sept 7
20412ilept 23
106 July 8
4832July 17
287e Feb 13
2014 Feb 5
2811 Jan 14
4432Sept 2
17078 Oct 2
8538 Aug 11
8212 Aug 26
48 Jan 6
5718 Oct 27
2634 Jan 14
11312Sept 24
06 July 7
917* July 17
15034 Nov 6
1193* Jan 11
100 July 9
42 Apr 26
45 Sept 24
6114 Aug 2
102 Sept 7
9214July 14
74 Feb 9
80'i July 27
5012 Nov 4
483* Feb 18
110t45ept 3
13114Sept 3
9512 Aug 5
61% Jan 13
43 Apr23
7834 Jan 4
16838 Oct 1
8114 Aug 28
271: Apr 7
125 Nov 11
52 Jan 12
7884 Jan 13
72 Jan 29
1634 Jan 4
24% Sept 25
394 Jan 2
8634 Bent 11
32 Jan 2
504 Jan 4
54 Jan 624 Aug
1334 Mar 155 Apr
125 Mar 14734 June
3434 Oct 60 Jan
2634 May 393 Den
35 June 4678 Jan
34 June 4334 Jan
60 Apr 8234 Dec
25 Dec 4034 Jan
23 Mar 3638 Sept
8912 Mar 10914 Sept
2134 Mar
3834 Aug
644 Feb 72 July
111 Mar 12512 Dec
1124 Apr 12514 Dee
6814 Aug 7414 Dee
18
Jan 334 Sept
5912 Jan 661
:July
1312 Mar 3412 Feb
112 Jan
312 Mar
2834 Mar 51 Dee
57 Jan 6314 Dee
69 Mar 884 Dee
106
Jan 148 Dee
64 May 1194 Sept
3218 Mar 5114 Feb
6 Nov 12 Bent
20 Jan 4614 Sept
4214 Nov 6514 Sept
15 Dec 35/
1
4 Sept
214 Oct4 Mar
3034 Apr 57 Nov
40 Mar 8814 Nov
57'nJune 83 Feb
2814 Jan 454 Sept
7434 Jan 9212 Deo
3034 Jan 4134 Dec
71 Mar 9112 Dec
112 June
314 Dec
ll:June
314 Dec
11314 June 13712 Dec
113'4June 1374 Dec
118 June 183 Dec
881: Jan 9878 Nov
28 Mar 47 Dec
2058 Apr 3434 Aug
5 Dec 12 June
21 Dec 36 July
217 Apr 45 Sept
1234 Mar 151 Dee
7512 Jan 88 Dec
5814 Apr 7814 Dec
20 Aug 404 Dec
4212 Apr 553a Dec
1334 Apr 21% Dee
6134 June 854 Dec
78 July 8934 Dec
684 Apr 7958 Dec
139 Jan 144 Nov
63 Mar 123 Dec
6934 Mar 9114 June
357 Mar 41 June
3614 Mar 4404 June
42 Apr 62% Jan
5712 Jan 10214 Aug
76 Jan 9214 July
4334 June 8914 Dec
704 June 7834 Dec
203
, Jan 5414 Nov
35 Mar 514 Aug
96 Oct 1083e Jan
7758 Jan 1204 Dec
83 Jan 954 &Pi
4314 Jan 59 Dec
74 Apr 1534 BeP1
58 Jan 7814 Dec
13314 Apr 14314 Jan
72 Jan 77/
1
4 July
18 Aug 33': May
4812 Mar 8372 Der
1912 Mar 4714 Ant
5634 Jan 7372 Dee
384 Jan 6012 Alit
11 Mar 1133s Aui
16 Mar 26/
1
4 Jac
193 July 394 Del
72 July 81 Del
1034 Mar 32 Del
22 Apr 5372 De
7014May 21
98 Sept 14
Industrial & Miscellaneous.
600 Abitibi Power & Paper _No par
59 Jan 11
15014 Mar 30
129 Mar 30
3712May 19
2212 ALir 29
3334 Mar 30
30 Mar 30
6212 Mar 30
1814 Oct 20
2518 Apr 20
95 Mar 29
3458 Jan 22
6734 Mar 31
11312Mar 3
11512Mar 30
7114 Jan 6
2514 Mar 30
62 Mar 30
241
:Jan 15
1 Aug 14
3414 Mar 3
6058 Mar 31
7512 Mar 3
118 Mar 30
84 Mar 3
384 Jan 26
418 July 31
1912 Oct22
3918June 21
1134 Oct29
138July 26
34 Apr 21
55 Mar 20
60 Oct 28
2912 Oct20
82 Mar 2
27 Mar 3
7112Mar 3
434 Apr 10
134 Oct 27
120 Mar 30
117 Mar 30
130 Mar 3
93 Mar 11
301s Mar 30
1934 Mar 30
6 Jan 25
1718 Oat 2'
2778 Apr 15
13914 Mar 30
8312 Nov 4
6534 Mar 30
15 Oct 19
48% Mar 30
1578 Oct 19
67 Mar 3
79 Mar 1
7034 Mar 29
1421: Jan 2
85 Mar 30
79 Mar 30
40 Jan 5
40 Mar 30
42 Apr 8
85 Mar 30
8311 Apr 1
5712 Mar 19
72 Mar 19
27l3Mar31
62
Jar
1404 Dee
98 Dec
1114 Dee
288 Dec
944 Dec
6704 Nov
564 Nov
100
Oct
64 Nov
83% Dee
174 Nov
9258 May
59 May
1521e Jan
321
Jan
13012 Dee
130 Deo
1052 Feb
1911 Feb
200 Dec
3814 Aug
57/
1
4 Jan
15 Feb
3232 Feb
16% Jan
11 Nov
284 Jan
22 Nov
8072 Dee
120 Dee
587 Dee
100 Dee
894 Mar
7012 Sent
6634 Dee
7614 De
New York Stock Record-Continued-Page 2
2629
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. 13.
Monday,
Nov. 15.
Tuesday,
Nov. 16.
TVednesday
Nov. 17.
Thursday,
Nov. 18.
Friday,
Nov. 19.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Sinee Jan. 1 1926
On basis of 100-share tots
Lowest
Highest
PER SHARE
Range for Previous
Year 1925
Lowest
Highest
per share $ per share $ per share
$ Per share
per share $ per share Shares. Indus. & Miscell. (Con.) Par $ Per share $ per share $ per char. 3 per slum
555212 55
*54
*5312 56
4554
56
•54 . 56
56
56
200 Abraham dr Strawl____No par 43 May 20 5912Sept 27
56
*110 112 •11012 112 *11012 112 *11012 112 *11012 112 *11012 112
Preferred
100 10418 Mar 19 111 Sept 28
*26121 27
*2612 27
*2612 27
*2612 27
*2612 27
Albany Pert Wrap Pap_No par 2612 Oct 6 2734June 23
*2612 27
*134 136 *134 136 55138 146 55136 146 *138 146 *138 146
All America Cables
100 131 Jan 6 155 July 24 119 Jan 13358 OCt
4127 i 129
12714 12714 12812 12812 55127 129
125 127 *125 127
100 9978 Mar 18 136 Sept 22
700 Adams Express
90 Apr 1174 oot
, *144 15
1412 15
1412 1412 1312 1418 12
1312 1278 1314 4,600 Advance Rumely
100 10 Mar 19 22 Sept 24
Oct
13 Apr 20
47 4 47
48
48
•4618 4712 4118 45
4214 4258 4218 4278 3,200 Preferred
100 4118 Nov 17 65348ept 24
47 Feb 8214 Oct
578, 6
558 578
578 578
91, Jan 4
1
512 538
512 534 10,100 Ahumada Lead
512 534
512 Nov 17
74 Oct 125s May
*132g 133
13212 13212 13212 13212 131 13334 13138 13414 13134 13438 4,900 Air Reduction, Inc.
No par 10714May 19 14512 Aug 9
8684 Jan 11738 Dec
8 . 8
778 8
734 734 *734 77,
No par
7113 Oct 20 16 Feb 10
734 74
938 Dec 1574 Jan
712 758 1,700 Ajax Rubber. Inc
*14
114
118
114 138
118
112 4,100 Alaska Juneau Gold Min__ 10
112 *138
78 Oct 22
213 Oct
Jan
2 Jan 4 • 1
114 14 *138
' 13318 13434 132 1344 13312 13512 13234 13534 13112 13414 13034 1334 81,800 Allied Chemical & Dye_No Par 106 Mar 30 147 Sept 22
80 Mar 11658 Dec
5512012 12178 12034 12034 12114 12114 12114 12114 *121 12178 *121 12178
100 11814 Mar 20 12214 Aug 17 117
300 Preferred
Jan 12114 Nov
*8714 88
8758 8758 8714 8778 88
*8612 8712 1,300 Allis-Chalmers Mfg
87
8812 87
100 7814 Mar 26 9458 Jan 14
7112 Jan 9714 Dec
55107 I 11012 55107 1104 10912 10912 55109 110
10912 10912 *10912 110
100 105 Apr 7 11012May 24 10314 Jan 109 Dec
500 Preferred
2934 30
2912 30
2912 2934 2912 30
2958 30
No par 2414May 20 3278 Aug 9
2912 297s 4,300 Amerada Corp
1412 154 1414 1512 15
1312 14
154 1412 1412 1378 14
9 Oct 14 3438 Jan 14
6,600 Amer Agricultural Chem _ _100
; Oct
1312 Mar ..247
4812 5014 4912 54
5118 5358 46
4818 4812 48
49
100 354 Oct 30 9612 Jan 14
49
12,100 Preferred
3612 Mar 8212 Dee
*43
4434 44
4414 4414 4414 44
44
4438 44
10 3458140r 31
43
46 Oct28
3912 Dec 4438 Dec
4334 1,100 Amer Bank Note, new
56
56
*55
*55
56
56
*55
*55
551 5555
56
50 55 Jan 15 5812Ju1y 10
200 Preferred
56
5312 Jan 5812 Sept
*22
23
22
22
*22
*22
23
23
24
23
231
100 2012Sept 13 3834 Feb 5
2434
2958 Oct 43 Jan
1,900 American Beet Sugar
*57
61
•58
61
*5714 59
58
*5712 59
58
100 55 Nov 5 83 Feb 24
59
61
1,400 Preferred
78 Dec 8778 June
551612 17
1612 1678 1638 1658 1612 1838 1738 18
2618 Mar 5412 Jan
1634 1712 4,680 Amer Bosch Magneto__No par 16 May 19 3438 Jan 4
14312 14434 14312 14512 144 144
143 144
143 143
141 143
904 Mar 156 Dee
3,600 Am Brake Shoe & F_--No Par 110 May 19 180 Feb 2
55114 116 45114 116 *114 116 *114 116
116 116
100 11014 Mar 24 12814 Feb 18 10712 Jae 11458 Dec
11614 11614
200 Preferred
41
4112 4058 4114 4014 4114 40
39
41
40
4734 Dec 5378 Oct
39
3934 11,400 Amer Brown Boyer, El_No par 304 Mar 29 50 Aug 9
*96
9612 9612 9612 5596
9634 96
100 864 Mar 31 974 Jan 16
963 *96
9634 *96
9018 Nov 98 Dee
9634
100 Preferred
6118 5138 5138 5214 52
5438 5438 5458 5214 53'g 5058 522 188,000 American Can w I
25 3878 Mar 30 6318 Aug 4
474 Dec 4934 Dee
*125 12512 *125 12512 12512 12512 12538 12538 12512 12534 12614 12612
100 121 Jan 4 12678 July 27 115 Jan 12178 Sept
800 Preferred
10012 10114 101 10178 101 101
10012 10012 10014 10012 4,600 American Car & Fdy.._.No par 9112Mar 31 11478 Jan 12
101 101
9712 Apr 11514 Sept
*123 125 55123 125 *123 125 *123 125 55123 1243 12312 12414
100 12012 Oct 15 12914June 23 12014 Apr 128 July
200 Preferred
2553 2538 2512 25,2 2512 2534 2534 253 552518 2578 2614 2878
2212 Oct 27 Feb
1,000 American Chain,class A._..25 2314 Mar 30 2614July 20
*3512 36
36
*3312 36
36
3338 3338 3334 333 *3218 3338
37
Jan 82 Apr
31 Oct 11 51 Jan 4
No pa
400 American Chicle
*35
36
35
35
3334 3334 3312 334 32
Jan 5813 Apr
33
37
28 Oct 13 4714 Jan 7
No pa
33
33
1,300 Do certificates
858 834
878 9
414 Jan 5 1038 Aug 19
94 978
414 Dec
912 10
634 Jan
934 97s 11,300 Amer Druggists Syndicate_ _10
912 97
127 12912 127 128
127 12714 12612 12718 126 126
Jan
100 10578 Mar 3 140 Jan 6 125 AD 166
12512 12512 3,300 American Express
18
1858 1814 1878 1818 1812 1718 1812 1638 17
2714 Apr 5138 Sept
1414 Nov 3 4238 Jan 2
1618 1712 9,850 Amer & For'n Pow new _No pa
8412 85
*8414 86
8412 8412 .84
Jan 94 Feb
87
79 Oct 1 98 Feb 13
8418 841 *84
85
No pa
85
600 Preferred
*71s 734 *718 712 *71s 7,2
1438 Dee
812 Ma
74 738
718 718
7 May 10 1712 Feb 9
900 American Hide & Leather.100
712 734
374 374 *3714 39
38
7578 Jan
3938 393s 3912 4112 4112 41,2 1,850 Preferred
38
5812 Sep
100 3312May 7 6714 Feb 9
2678 27 22612 27
2612 2634 2578 263
235s Oct 8 27 Nov 12
, *2534 261a 2638 2638 1,800 Amer Home Products..No pa
124 124 4512412 12512 125 12512 125 12912 12812 13034 129 130,4 9,700 American Ice
83 Ma 139 Dec
100 109 Mar 31 136 June 8
83 '8178 8212 *8778 8212 8212 8212 *82
*81
7412 Mar 86 Ju
8312 *8212 8312
Preferred
100 8112 Oct 18 8634June 1
10
38 ' 3812 38
3912 3812 3958 3812 3878 3812 4014 3834 3958 18,80 Amer International Corp 100 3134July 19 4634 Feb 16
3218 Mar 4878 Nov
1212 1212 1212 1212 1214 1238 1214 1214
1114 Jan 20 Nov
,Nov 18 1578 Jan 4
1078 124 1112 12
6,10 American La France F E___10 107
3058 -3038 *3018 31
3014 3014 2912 2978 29,8 2918 2918 2918
20 Mar 594 Nov
100 2558 Oct 20 5278 Jan 4
80 American Linseed
*73 q 7578 *7234 7578 513
Oct
53 Jan 89
7578 75
7578 *7234 7678 *73
Preferred
75
100 6734 Oct 19 87 Jan 4
10
10758 1081 10812 11014 10858 110
10738 10914 42,40 American Loeom new.
1714 10934 10712 109
__No par 904 Mar 31 1194 Jan 4 10412 Jan 14478 Mar
*11812 119 •11812 11912 11812 11812 11812 120
11934 12018 120 120
Preferred
100 116 Aug 9 1204 Feb 11 115 Aug 124 Feb
70
*7212 7234 7212 7212 *7214 7258 *7214 7258 557214 7258 *7214 7258
100 Amer Machine & Fdy__No par 6514 Oct 11 8012 Aug 16
55119 125 55119 125 *119 125 *119 125 *119 125 *119 125
Preferred
100 114 July 15 122 Aug 23
*4714 4712 4712 4712 4718 4718 4714 4738 4734 474 24614 4738 1,200 Amer Metal Co Ltd...No par 4134 Oct 28 5738 Feb 16
iCfai 'ifs; Oct
55112 115 *11378 115
11378 11378 *112 115 *112 115 *112 115
100 11312 Apr 15 120 Feb 6 111 Mar 119 Nov
100 Preferred
6312 6414 6314 64
z62
6214 6112 62
6212 62
6014 61 14 4,300 Am Power & Light___No par 5034May 19 7212Sept 8
110 110
110 110 *10934 110
10934 10934 *10912 110
897s Jan 12-21-2 Nov
10914 1093
r5 101 14May 19 12238 Aug 9
1,000 American Radiator...-. "
5584
86
*8312 87
*8212 85
*8212 85
558212 88
8212 85
Amer Railway Express_ _ _ _100 7738 Mar 31 86 Nov 12 x76 Sept 84 Jan
5541
*40
47
47
4634 4634 4558 49
48 Jan 7934 Dec
74 Jan 5
48
50
5547
1,500 American Republics__.No par 3978 Nov 5
49
6414 6414 6312 6414 64
3678 Jan 7834 Nov
64,4 63
6312 63
6378 62
2,200 American Safety Razor_ _ _ _100 42 Apr 14 7034 Aug 17
63
678 678
678 678
512 Jan 2 1178 Mar 12
678 678
51s Dec 1412 Feb
618 634
4,900 Amer Ship & Comm__.No par
618 614
6
6
13714 13812 13718 13878 13712 1384 136 1384 135 13612 13212 136
9038 Mar 14412 Dee
24,800 Amer Smelting & Refining _100 10958 Apr 21 152 Aug 17
11814 11814 *118 11814 *118 11814 11814 11812 119 11918 11914 1191
100 11278 Mar 31 12014 Aug 17 10512 Jan 1154 Oct
1,100 Preferred
45130 133 *127 132
128 13118 35127 132 *127 132 *127 132
100 12134 Oct 6 165 Feb 9 13814 Apr 154 Nov
1,339 American Snuff
*44
4412 4418 4438 44
3758 June 4712 Dec
4312 431
4414 4418 4438 4312 44
2,600 Amer Steel Foundries..No par 40 May 11 47 Aug 3
55113 114 *113 114 55113 114 *113 114 55113 114 55113 114
Jan 11318 Oct
100 11014 Sept 21 115 Feb 23 108
Preferred
7958 7934 794 8078 7914 804 79
4758 Jan 7751 Deo
100 6514 Apr 14 8234 Feb 5
8014 8012 8214 21,300 Amer Sugar Refining
8078 79
5510618 19718 10718 107141'
9114 Jan 10414 Nov
100 100 June 19 109 Nov 19
5107 110
700 Preferred
10814 10914 *108 109
1084 109
36
2914 Aug 13 404 Nov 19
36
3612 3834 3734 3878 38
3878 3758 384 3818 4034 22,000 Am Sum Tob new ctfs_No pa
Option A Ws
100 1412 Apr 28 36 Aug 19
3734 June 47 Feb
'295 301z -2958 2958 ;2912
100 Amer Telegraph & Cable_ _100 2512July 6 414 Feb 10
;i613 32 ;i91-2 32
100 13958June 18 15034 Feb 15 13058 Jan 145 Dee
14858 14834 14812 14834 14838 14838 14838 14834 14838 14834 148 14858 6,400 Amer Telep & Teleg
85 Feb 12112 Oct
50 11138 Mar 31 12484Sept 8
119 11934 120 120
11978 12012 2,000 American Tobacco
12078 12118 120 12078 11918 120
100 10618 Jan 4 113 May 28 10412 Jan 110 Nov
110 110 *10912 110 55110 11012 *110 11012 11012 11012 11038 11034
500 Preferred
8412 Feb 11912 Oct
50 11018 Mar 31 124 Sept 8
6,000 Common Class B
11812 119
1191s 12034 11934 12012 119 12014 11834 11914 119 120
400 American Type Founders_ _100 114 Jan 22 135 Feb 13 103 Apr 13538 Nov
*11914 120
119 119
11014 11014 11934 11934 55119 • 121 55119 121
343e Jan 7614 Dec
6,100 Am Water Works & Elea_ _20 4314 Apr 13 74 Jan 4
54
5612 57
58
57
564 5512 57
5678 58
5778 57
9714 Aug 103 Feb
let preferred (7%)
100 10112 Mar 3 10814 Jar 27
4510112 104 *10112 104 *10112 104
102 102 *10214 10234
104 104
3434 May 6434 Jan
100 19 June 9 4278 Jan 13
*2812 2834 2834 2878 29
314 3012 3178 3012 3278 3218 3278 22,800 American Woolen
6912 May 961s Jan
83
100 68 Apr 30 8934 Jan 4
86
83
863s 5,100 Preferred
8218 824 8334 8412 8412 84
,
4 8334 86
712 Jan
112 Dec
554 Jan 13
700 Amer Writing Paper pref. 100
12 Aug 13
78
1
118
118
1
112
1
551
112 *1
*1
114
Jan
4
12 Dec
412 Jan 13
Preferred certificates._ _ _100
12 Aug 4
7 May 1212 Jan
7l
7l
814
518May 19 1218 Feb 4
_ -1-/7615 Amer Zinc, Lead & Stnelt___2
73
77
834
8'2
8
818
2478 May 4478 Dee
4514 46
25 20 May 19 4818 Feb 4
45
4534 4412 45
4018 4414 4234 437s 4214 4312 10,100 Preferred
4878 4918 49
3514 Apr 5314 Nov
4818 10,800 Anaconda Copper Mining_50 4112 Mar 30 5178 Aug 6
4912 49
4814 4878 48
4938 4834 49
*41
4112 41
Jan 4612 Dec
26
41
500 Archer, Dan'Is, Midi'd_No par 3478June 11 4414 Jan 2
41
*41
4138 4112 41
42
4112 *40
*103 106 •103 106 55103 106 55103 106 55103 106 55103 106
Oct
9012 Jan 105
Preferred
100 100 Mar 4 108 Oct 16
*9212 93
Oct
*9212 93
9016 Mar 100
100 904May 21 9778 Jan 13
100 Armour dr Co (Del) pref
93
559212 93
9212 9212 *9114 9312 *91
1478 15
1458 1478 1412 1434 *1434 1478 1412 1434 1412 144 5,700 Armour of Illinois Class A._25 1318May 22 2512 Feb 13
20 Mar 2712 Oct
*784 84 2,900 Class B
838 812
534May 20 17 Jan 4
838 812
16 Dec 2084 Oct
25
83s 834
8,4 83s
734 8
*84
88
5584
89
90 Dec 934 Nov
100 80 Apr 30 93 Feb 11
100 Preferred
*93
8514 8514
90
8414 5584
5584
90
24
24
1758 001
24
24
Jan
500 Am Cons Corp tem elf No par 18 Apr 12 3134 Jan
23
8
2318 *23
2378 2378 *2214 25
25
352214 23
*2212 23
15
Jan 203s Nov
200 Art Metal Construction._ _ _10 1918 Jan 2 2334 Oct 5
*2234 23
*2234 23
2234 2234 *2258 23
*51
52
*5112 52
500 Artloom
53
*5112 52
39 June 8034 Dec
No par 4634Sept 23 8312 Jan 21
*52
53
5178 53
•52
45112
•112
*112
Preferred
100 108 Mar 18 112 Nov 4 10112 Aug 110 Dec
45112 113 55112 113 *11014 115
5541
4112 41
41
4812 Aug 813s Nov
4114 4134 3,700 Associated Dry Goods_...100 3714 Mar 30 547s Jan 9
4012 4114 4114 4234 42
42
*98 100
5598 100
Oet
Jan 102
*9912 10012 *99 10012 5599 100
94
100 let preferred
100 96 Mar 25 10212 Jan 6
100 100
*104 107 *10412 107 *104 107
Jan 10814 Feb
100 2d preferred
100 102 May 19 108 Jan 28 101
105 105 *104 108 55104 107
*50
52
*5012 5178 *5012 514 *5012 52
32 Mar 4714 Dee
24 Associated 011
25 4434 Jan 8 60 Mar 4
*5012 5112 5012 501_
5536
37
3638 37
20 Jan 77 Sept
37
3738 37
36
3734 3518 3612 2,200 AU Gulf dr WISS Line_ __100 29 Oct 11 6838 Jan 6
37
*34
36
3512 3578 3558 3558 *35
Jan 60 Sept
31
600 Preferred
35
100 334 Oct 27 5614 Jan 30
35
3514 36
36
10234 10234 10378 10378 10212 10534 *103 10412 103 10412 102 10212 3,000 Atlantic Refining
9512 Jan 1174 Feb
100 97 Mar 3 12838May 24
*11514 11534 11634 11634 •11534 117 *11534.117 *116 117 55116 117
11734 June
Sept
113
June
22
120
100 Preferred
100 11518 Oct
*6212 63
45 June 65 Dee
63
63
563
300 Atlas Powder
64
*6234 64
6212 63
556234 64
No par 54 Mar 4 63 Nov
Jan
*97
08
5597
6612 Oct 94
98
*9612 98
*9538 98
Preferred
100 94 Jan 8 9718 Aug 16
*96
*9538 98
98
918 Feb 21 Dec
9 8 *878 9
55834 9311 *834 0,
1712 Jan 30
8 4587, 938
8 Oct 21
Atlas Tack
No par
938 *878 938
5587.3 93
*814
*812 9
22 July 3211 Jan
84 83s "84 812
1,000 Austin, Nichols&Co vte No par
812 812 *84
74 Oct 23 28 Jan 29
*50
55
8738 Mn 95 Aug
*54
55
55
300 Preferred
*5412 55
55
100 54 Nov 3 93 Jan 6
55
*54
55
55
12
414 May
12 Dec
*28
1
218 Feb 11
38
54 Oct 11
12
800 Auto Knitter Hosiery..No par
12
12
*38
12
38
4
134 13818 134 13634 13438 13934 13638 13958 13534 1381 13714 142 229,500 Baldwin Locomotive Wks_ 190 9278 Mar 31 142 Nov 19 107 Mar 146 Feb
Jan
1164
Aug
117 117 55116 117 *11612 11712 117 118
107
118
Nov
17
105
Mar
31
500 Preferred
100
11734 11734 118 118
1834 Aug 3312 Dec
27
27
2718 2712 2714 2712 2718 2712 2714 271
334 Jan 21
27
25 2312May I
273s 7,100 Barnsdall Corp class A
16 Aug 30 Dec
2434 25
552478 25
*2412 25
900 Class B
2478 25
25
25 2212 Oct 27 294 Jan 2
552478 25
25
3814 Sept 6314 Feb
48381 4834 4858 5278 5212 5414 52
39 Mar 31 5134 Nov 17
No pa
5434 5112 5234 524 534 22,400 Ba uk Clears, Inc
80 Mar 7744 Anil
7178 Feb 4
57
5834 5858 5912 59
5556 8157
20 524 Oct
5,600 Beech Nut Packing
6038 5758 58
59
61
37 Sept 4158 Dee
2812 281 *2838 2812 28
3934 Jan 4
27'8Sept2
284 2814 2814 2818 2818 2814 2858 1,500 Beld'g H'way Co tem ctfNo pa
37 June 5312 Jan
4414 4438 4414 451s 444 4512 444 4558 444 4514 4418 4412 21,000 Bethlehem Steel Corp
100 3714May 20 511g Sept 20
9314 June 102 Jan
105 Feb 2
*10312 10358 10358 10358 10334 10334 10378 10378 10378 104
100 99 June
2,100 Preferred (7%)
10334 104
33
33
33
33
28 June 11 35 Sept 7
33
1,000 Bloomingdale Bros_ _ _ _No pa
3338 3238 3234 553258 33
33
33
107 110 *107 110 55107 110 55107 110 45107 110 •107 110
100 10414June 2 109 Sept 27
Preferred
418 May - -87e Oct
934 Jan 11
418 Mar 24
*fps 7
678 74
67819 64
No par
614 714
4,000 Booth Fisheries
7
7
55612 7
25 June 62
Oct
5113 Jan 7
3434 Oct 1
5546
50
*46
50
100
*46
48
*46
ist preferred
100
49
*46
4818 4612 4612
405
8 Aug 48 July
23
2512 2512 5524
25381 2538 23
251
400 Botany Cons Mills class A._50 20 May 25 4118 Jan 4
25
25
*24
25
27
Oct 4411 May
27 rit,273s 2718 2718 274 2712 2634 27
264 2614 3,400 Briggs Manufacturing-No Par 24 Oct 20 3712 Jan 4
26
261
*ss
7, 1
7,
3 Jan I8
5 Oct
153 MaY
IiMay
*58
1
100
*1
158
1
600 British Empire Steel
1
14
118
22 July 36
27 Jan 28
Oct
934June 2
5516
40
*912 16
*1614 21
100
2018 2018 2014 2034 5912 21
400 1st preferred
11
14
63
8
July
1018
Jan
Oct
112June
24
*1i3 10,234
100
35*
3
3
1,200 2d preferred
334 4
3
334 4
3,2 34
15914 15912 15858 15912 15778 158 •155 158
100 133 Mar 31 163 Sept 8 12058 Jan 15612 Nov
*15712 159
15714 15712 1,100 Brooklyn Edison, Inc
7318 Dec 10014 Nov
9314 9312 934 94
94
No par 68 Mar 30 9714 Anil 6
94
9378 *9212 93
9312 9334 93
1,900 Bklyn Union Gas
46 Dec 4814 Dee
4858 Jan 7
2912June
No pa
*3334 36
3812 3678 3512 3614 *3334 36
1,100 Brown Shoe Inc
53334 36
*3334 36
96 Mar 109
111 Mar 10
Oct
100 107 June
____ '109...'109
•109
•109
*109 -- -- *109
Preferred
24 June 493* Jan
3434 344 36
3187
36
3514 3514 *354 36
35
*3514 3614 4,900 Brutusw-Balke-Collan'r.No par 244 Mar 30 3934Sept 15
9212 Feb 136 Dee
700 Burns Bros new clAcom No par 121 ' Mar 31 144 July 23
*13212 134 *13234 13312 13212 13212 133 13438 •103 13334 133 133
17 Mar 39 Dee
44 Feb 13
3112 3318 3114 3134 32
3134
32
B com _ _._No Par 29 Nov .
26000
0 lde
3234 31
*31
New
3114 5531
Oct
9112 July 99
100 97 Mar 30 1034June 22
101 101 *10012 103 *101 103 •I0118 103 *101 103
*1ggis 101
Preferred
11712Sept 15
85 Jan 103 Sept
11312 11312 11014 112
112 112
700 Burroughs Add Mach..No par 7712 Apr 1
109 109
*110 114 •110 113
.1816 end dated prices; no sales on this day. s Es-dividend,
2630
New York Stock Record -Continued- Page 3
For sales during the week of stocks usually inactive, see
third page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER
CENT.
Saturday,
Nov. 13.
Monday,
Nov. 15.
Tuesday,
Nov. 16.
Wednesday, Thursday,
Nor. 17.
Nov. 18.
Friday,
Nor. 19.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan.1 1928.
On basis of 100-share lots
PER SHARE
Range for Profane
Year 1925.
Lowest
Highest
Lowest i Highest
$ per share $ per share $ per share $ per share $ per share
$ per share Shares. Indus. & Miscall.(Con.) Par $ per
*28
shore $ per share $ per share $ per shall
2714 2612 2612 *26
28
526
28
*26
28
28
28
Bush
200
Terminal
new____No
par
1834 Mar 18 3414 July 1
91
91
*9114 92
*9114 9134 *9114 0134 *9114 9112 *9114 9112
1458 June 26 Dee
Debenture
100 88 Apr 6 93 Aug
10214
__ *10214 _ __ •10214 _ __ *10214 _ _ _ *104
80 May 8972 June
_ __ 104 104
100 Bush Term Bldgs, pref
100 9912 Jan 20 104 Nov 1
54 _-54
5
-54
964 Jan 103 Deo
5
-54
478 -5
478 -5
5
Butte
2,800
5
Copper
et
Zino
5
41aSept 28
5512 56
55
614 Feb 1
55
5434 5434 53
414 Mar
834 Jan
5412
100 1734 Mar 3 71 Sept 1
1312 134 1312 1312 1212 1358 1212 1234 5418 5418 5418 5418 3,000 Butterick Co
17 May 2834 Jan
1212 1212 1212 1234 2,000 Butte & Superior Mining
10
718May 18 1814 Jan 1
574
76
76
7712 77
64
77
May
76
2414
77
Jan
7314
747
8
By-Products
734
1,500
73
3
4
Coke_ _ _ _No par 53 June 30 90 Sept 2
39
39
3978 42
4278 4478 43
44
41
4338 42
4338 9,800 Byers & Co (A M)......No par 28 Mar 29 447
*89
6912 89
8 Nov 1
6914 894 6934 6914 6912 6812 8912 68
-23 - -Oct -447
;-0ot
California
4,400
69
Packing-No
par
6614 Oct 18 1794 Feb
3134 3134 23034 31
3012 3118 3034 31
10012 Jan 384 Nov
3012 3034 3012 3034 6,000 California Petroleum
134
25 2934 Oct 11 3818 Feb 1
134 *134
178
158
2378 Jan 3438 Dec
134 *134
178 *134
178
134
13
600
4
Callahan
Zinc-Le
ad
10
70
1122)lar
70
28
7012 7178 70
24 Jan 1
114 Oct
7158 70
434 Feb
7012 8934 6934 89
60
4,100 Calumet Arizona Mining
10 5512Mar 29 7358 Aug
1612 1612 1658 1878 1812 1678 1612 18
45 Apr 8118 Dec
34 1612 1858
1612 1658 3,100 Calumet & Heels
25 1338 Mar 31
15812 15812 15714 158
15112 15614 141 15414 14234 14612 13812 14234 25,900 Case
1812 Aug
1214 May 184 Jan
Thresh Machine
100
6212
*111 11134 *111 11134 11134 112
Jan 4 178 Aug
24 Mar 6812 Dee
112 112
111 111
11134 11134 1,300 Preferred
100 96 Jan 5 11812 Aug 1
758 8
712 8
60 Mar 10712 Dee
8
8
712 734
74 712
734 814 3,300 Central Leather
100
7 Nov 11 2012 Jan
5034 51
5014_ 5112 5114 52
1434 Mar 2338 Oct
5114 52
51
51
5112
4,1001
51
Preferred
100 4314 Apr 28 6834 Jan
•11
1114 1114 1114 12
4914 Mar 71
12
1212 1212 512
Oct
*12
13
13
400,Century Ribbon Mills_No par
1014 Oct 25 3278 Jan
580
8518 *80
8518 *80
3034 Sept 4712 Mar
8518 *80
8518 *80
854 57814 85's
1 Preferred
100 83 may 25 90 Jan 2
94 Dec 9834 Jan
644 6412 64
6412 8414 65
631,5 6412 63
6438 6234 6334 5,000 Cerro de Pasco Copper-No par 5712 Jan 22
4378 44
734 Aug 9
4312 44
434 Mar OA Nov
4312 44
4312 4414 4314 4334 42
4338 3,900 Certain-Teed Produets_No par 3618May 20 494
4106 109 *106 109 *104 109
Jan 5
4034 Mar 5834 Sept
59712 109
*9712 109 *10514 109
151 preferred
100 100 May 22 10614 Nov 9
*938 934
912 958
8912 Jan 110 Sent
912 94
912 934
9
93
8
2,700
*9
Chandler
914
Cleveland
Mot
No
par
812 Nov 5 28 Feb11_2318 24
24
2418 2414 25
2434 2434 24
52414 2434 4,500 Preferred
24
No par 2212 Nov 6 454
113 113
11312 11312 11338 11358 114 114 *110 11412 5113 11412
400 Chicago Pneumatic Tool_ _100 9412 Apr 8 120 Feb 15
*50
51
Jan 2 -filil; 1%*5012 51
51
liti. iii- Be;
51
50
51
50
5014 4934 4934
800 Childs Co
No par 4518M8y 19 6638 Jan 4
3212 3234 3212 3272 3252 3272 3212 33
4978 Mar 7478 Oct
3212 3234 3212 3238 5,600 Chile Copper
25 30 Mar 3 3638 Jan 6
*2558 27
*254 27
304 Mar 3752 Jan
*2558 27
*2558 27
8
5255
*255
27
27
8
Chlno
Copper
5
113 Mar 3
31
31
3112 3112 '
19 Apr 2858 Feb
331
33
531
*3012 31300 Christie-Brown certifs.No par 294 Oct 15 21 Nov 4
31
33
31
384 3738 36
633
13234 Dec 8412 Dee
374 3612 3714 3618 364
36 169,900 Chrysler Corp new..._No par 2812 Mar 30 5474 Jan 4
*1014 10214 10214 10214 10214 10214 102 10212 3578 3638 35
8 Jan 9
103 103 *103 104
700 Preferred
No par 93 Mar 30 108 Jan 2 16018 July 11178
58112 62
8134 6134 62
Nov
62
8212 6278 *8112 63
*6112 6312
800 Cluett, Peabodr&-Co____4(10 6014Mar 31 6812
*114 115 *114 115 *114 115 *11412
Jan 7
584 Mar 7134 Jan
115 5114 115 *114 115
Preferred
100 10314 Jan 13 118 Sept 17 10312 Jan 109
16612 1687s 167 16834 165 16778 166 1677
Sept
8
1633
8
8
4
1645
1677
25,508
1625
8
Coca Cola Co
No par 128 Mar 24 1684 Nov 13
*56
5612 5578 58
80 Jan 17734 Nov
*5514 58
*5512 - 56
5512 5538 5414 5478 1,800 Collins & Alkman
No par 3434May 27 5934Sept 18
114 114 *113 114 *113 11412 5113 114 '
3113 11414 113 113
400 Preferred
100 9834May 27 119 Sept 20
4218 4238 4134 4314 427s 4358 4112 4278 41
2-4112 4058 4112 14,400 Colorado Fuel dc Iron
100 2738 Mar 3 4938 Oct 2
'64
6478 *64
3214 -Apr 4814 -Jan
6478 64
64
6414 6412 6412 6412 6458 8458
800 Columbian Carbon v t o No par 5558 Jan 28
8512 86
6978 Feb 23
45 Mar 8234 Dee
86
87
8718 8818 8758 8814 8834 8678 8818 8712 5,200 Col Gas & Elea
No par 8312Mar 29 90 Jan 9
114 114
11412 11452 1144 11434 11412 115 *11414 11534 11534 116
4534 Jan 86 Oct
2,600 Preferred
100 11134Sept 13 116 Nov 19 10414 Jan 11412 Deo
1612 19121658 1914 19 .1913 1834 194 1818 1814
1838 1812 4,550 Commercial Credlt____No par 1612 Nov 13
474 Jan 14
2114 2114 5_ _ _ _ 234 5____ 2312 *21
3812 Sept 5518 Dec
2312 520
*20
23
23
Preferred
25 2114 Nov 13 2614 Jan 13
2514 Sept 2712 Oct
*---- 2312 *_ _ _ _ 23
20
20
20
*2012 24
20
*2014 24
200 Preferred B
25
Nov
20
16
2734
Jan
11
.88
90
2614 Sept 2734 De3
90
90
*88
*87
8912 8718 8718 87
90
8718 1,400 1st preferred (8%)
100 87 Nov 10
*56
5638 *56
57
5612 5612 58
58
5912 6012 5978 6012 1,000 Comm Invest Trust......No par 55 Apr 12 9912 Feb 28
72 Jan 11
•97 100
50 -Jan 8412 Nov
*97 101)
*9814 100
*99 100
100 10014 *10034
500
7%
preferred
100
June
97
7
104
Jan 28 100 Nov 1094 Nov
*91
9114 01
9114 *9158 93
*92
93
9234 9412 *94 -944 1,100 Preferred (84)
100 89 May 7 100 Jan 13
201 204
202 2074 207 21134 208 2134 20614 21134 20812 21034 31,900 Commercial
Solvents B No par 11814 Jan 4 21334 Nov 17
2032 2034 2012 21
78 May 189 -Jan
2012 2078 2058 2034 2014 2012 1814 2018 24,400 Congoleum-Nairn Ino_No
par
1212May13
*4834 49
294Bept 1
154 Nov 434 Jan
*4858 40
49
4912 49
49
4812 4918 49
4914
1,300 Congress Cigar
No par 4012May 17 53 Sept 28
Cl.,
*12
3
'
312
34 *12
34
34
*4
34
Conley Tin Foil stpd_ _ _No par
*12
34
12 Oct 8
1 Mar 12
7832 787s 78
-4 May 17 -Feb
7938 7758 7941 7812 81
794 8112 79
8038
36,200
Consolidated
Cigar
No par 4514 Apr 15 8112 Nov 18
*9914 10058 9712 102
284 Jan 8314 Dee
*97 102
10134 103
*9712 10234 '
39712 103
600 Preferred
100 91 Mar 31 1074July 28
2
2
134 2
7934 Jan 98 Dee
178
178
134
178
178
171;
178
178 2,700 Consolidated Distrib'rs No par
112 Aug 13
10912 110's 10812 10912 10832 10878 10814 10934 10858 1097
612 Jan 7
318 Jan
938 Feb
8 108 10912 29,700 Consolidated Gas(NY)NO par 87 Mar 30
234 284
11538 Aug 6
234 278
744 Mar 97 Del
273 338
334
3
314 418
334 44 66,300 Consolidated Textile_No par
114May 10
412 Nov 18
724 721
7238 7234 7234 7314 73
234 June
514 Jan
74
73
7312 7238 7314 6,000 Continental Can, Ino_No par 70 Mar 30
13512 138
9212 Jan 2
138 13613 13814 13814 136 13614 137 13814 13814 13814
6013 Mar 9312 Dee
1,300 Continental Insurance
25 122 Mar 31 14434 Jan 9 103
1152 1184 1152 1172 1112 1158 11
Jan 140 Dee
1112 11
1118
1078 1118 14,200 Cont'l Motors tem etts_No per
97
8May
4912 5038 50
17
13
Jan 5
814 Jan
1512 Oct
503 494 5018 494 50
4858 4938 4814 49
50,100 Corn Products Refin w I
25 3558 Mar 30 5012 Nov 15
'125 127 *125 127 •125 127 *125 127 *125
3238May 4238 Dee
127 *125 127
Preferred
100 12212 Jan 8 1294 Apr 28 11818 Jan 127 July
557
59
58
5834 58
5978 594 5978 5814 59
5034
59
20,400
Coty.
Inc
No
par
4412
Mar 29 6034 Jan 4
7112 7112 7112 7238 72
48 Aug 804 Dee
754 75
7814 7614 7858 76
774 14,700 Crucible Steel of Amerloa_100 64 Apr 15 8112 Jan
'100 102 *100 102 *100 105
4
6413 Mar 8458 Nov
10078 101
101 101 510014 102
400 Preferred
100 98 Mar 30 102 Aug 5
3378 3438 31
92 May 102 Dee
3418 32
3212 32
3212 32
3212 232
3312 21,100 Cuba Co
No par 2814 Oct 30 53311June 20
4414 Dec 5432 Oct
372 872
878 9
878 87
878 9
878 978
978 10
8,900 Cuba Cane Sugar
No par
84May 22 1112 Jan 29
42
734 Oct 1452 Feb
424 42
43
42
4254 42
43
4278 4378 4378 4538 20,200 Preferred
100 3512June 8 4958 Feb 4
2478 25
3712 Oct 8252 Feb
2478 2518 25
25
25
26
25
2814 2612 2778 43,000 Cuban-Amerloan Sugar_ 10 2014 Aug 10 304 Jan 28
*102 105 *102 105 *103 105 *103 105 *103
20 Oct334 Mar
105
105
105
Preferred
100
100 9734 Jan 5 105 Nov 19
*1612 19
9378 Nov 101 Mar
*1612 19
18
18
1734 173
1734 1734 1734 1812 1,300 Cuban Dom'can Bug new No par 1512Sept 24 2014June 7
*10312 10412 104 104 *10212 104 *103 104 4 *10212
104 *10112 10312
200 Cudahy Packing
100 76 Apr 21 11018Sept 17
9312 -Dec 107 Oct
593
96
*92
96
*92
96
96
08
*9214 97
*9214 9712
100
Cushman'a
Sons
No par 7712Mar 1 10512Sept 2
82 Mar 104 Oct
*4314 444 *4314 44
4318 4313 4 18 4318 41
334 43
41
2,100 Cuyamel Fruit
No par 4218 Apr 15 51 Jan 14
44 Nov 59 May
2712 2818 2758 28
2758 2838 27
2814 274 2738 21314 27
4,000 Davison Chemical v t o_No par 2312 Oct20 4634 Feb 17
2778 Apr 4934 Jan
133 134 *13312 13414 134 13438 13412 13412 513414 13434
13412 13412 1,500 Detroit Edison
100 12312 Mar 30 14118 Feb 1 110 Jan 1594 Sept
•32
3314 *32
33
33
33
3312 1,100 Devoe & Reynolds A__No par 31 Oct 7 10418 Feb
3312 3234 3312
33
10
53 Oct904 Dee
2318 2378 2338 2412 24
2458 2358 2458 2234 2358 2234 23
64,600 Dodge Bros Class A___No par 2114May 17 4714 Jan 2
2134 June 4834 Nov
8258 8258 8212 8238 8212 827a 82
8258 8112 82
814 82
6,500 Preferred centre
No par 7912May 17 90 July 20
7312 May 9111 Oct
10
10
10
10
10
10
972 10
Vs 972 *934 978 2,100 Dome Mines, Ltd
No par
8 Oct 18 20 Mar 13
1234 Apr 1818 Nov
*434 44
4313 43
4334 44
43
44
4378 *43
*43
44
2,100 Douglas Pectin
No par 19 Mar 20 4412 Oct23
14 Feb 234 Aug
11534 11534 *11434 11512 *11412 115
11518 11558 11512 11558 11512 11512 1,400 Duquesne Light let pref-100 11112Mar 3 11834
Aug 10 105 Jan 11314 Dee
11912 11934 119 11912 11914 11912 11912 121
11934 12012 119 120
3,600 Eastman Kodak Co
No
10858Mar
par
30 123 Aug 23 1044 July 118
524
2412 24
Jan
24
24
24
24
24
2334 2334 2334 24
1,500 Eaton Axle & Spring_ _ _No par 23 OCt21 3234 Feb 14
1012 Feb 304 Dec
168 17014 16718 170
18738 170
18758 171
16558 16938 164 16834 52,100 E I du Pont de Nem new_No pa 15134 Nov 4 17114 Nov 12
*10612 107
10612 10878 10612 10612 10834 107 510834 107 *10834 107
non-vol
8%
800
deb
100 10014 Apr20 1084 Oct 7
11
94
11
Jan 1041-2 Nov
1078 1078 11
11
1114 1112 1114 1114 1118 1112 1,900 Eisenlohr & Bros
25 1034 Oct 11 2012 Feb 1
'65
67
67
67
56512 68
*85
8712 *65
6714 *65
6714
100 Electric Autolits
No par 6134 Mar 31 82 Feb 1
*938 912
912 10
---- ---10
1012
934 1018
912 058 11,300 Electric Boat
934 10
No par
4 Mar 23 104Sept 22 -- ___
---- --1834 184 1812 19
1814 184 18
1833 1758 18
171s 1734 15,200 Elea Pow & Lt otIe
No par 1514 Oct 7 3412 Feb 10
1738
10318 10318 *10314 105
Apr
103 1O3Is 10314 10314 1024 lO27a 103 103
700 40% pr pd
9912 Mar 30 115 Feb 11 100 Mar 4012 July
5
__ •103
__ •10234
Juno
•103
*10234 ___ *10234 _ _
Pref full paid
10212 Oct 5 11012 Feb 26 10012 Mar 110
10395
95
944 943
11034 June
95 951 *9514 151
9514 -951
9512 9534 1,400 Preferred certife
8912
Mar 24 9814 Sept 10
8978 Aug 944 Den
465s 474 4458 4658 4434 4538 433s 4434 41
4334 414 42
29,400 Electric RefrigeratIon_No par 41 Nov 18 7812June 23
834 8312 8212 83
8278 8358 8234 84
8314 833
8312 5,500 Elec Storage Battery__No par 7118 Mar 3 9418 Aug 19
81311*118 218 *118 218 *118 Ps 514 218 514 218 83
4 Mar 80 -Dee
Emerson-Brantingham Co.100
514 218
1 May 20
4 Feb 1
118 May
1334 1334 510
532 July
*10
20
251 *10
35
*10
251 *10
2512
100 Preferred
100
5 May 20 2434 Jan 29
8
8834 69
May 204 Aug
6858 69
683s 881
1384 1381
6814 6814 8812 6812 1,900 Endleott-Johnson Corp- 50 8512Mar 31 7252 Feb 8
8334 Apr 7472 Sept
*117 119 .117 119
11914 11914 5115 120 *115 120 *115 120
100 114 Jan 7 120 Sept 15 111
100 Preferred
May 11854 Oct
*118 12012 121 123
1224 12478 126 12834 124 127'z 127 12814 3,500 Equitable Office Bldg pfd..100 9978June 17
13214July
5734 574 5734 57
57
587s 5712 574 58
5758 5714 5734 10,300 Eureka Vacuum Clean.No par 43 May 19 58 Nov 28
15
4812 Nov 574 bee
515
1512 515
1512 1514 1514 515
1512 515
151 515
154 4,400 Exchange Buffet Corp_No par 1434 July 20 17 Apr 22
134 July
1978 Jan
*212 4
*3
4
*212 4
525s 4
524 4
*212 4
Fairbanks Co
25
2 Apr 16
334Sept 11
214 Mar
484 Anil
*43
*43
44
44
*43
4378 *4314 4378 4338 4338 43
43
300 Fairbanks Morse
No par 4012 Oct 20 5934 Feb 10
3214
Jan
5108 111 *107 111 *107 111 5107 111 *10614 108 *10614 108
Got
5452
Preferred
100 108 Oct 8
115 11578 11.5 116
1154 11818 11518 1174 115 1154 11434 11612 27,600 Famous Players-Lasky _No par 10318 Jan 19 115 Feb 9 10812June 11018 NOV
12712Ju
ne 11
9014 Feb 114,34 July
12132 12138 12138 12112 5121 12112 *121 12112 *121 12112 121 12178
800 Preferred (8%)
115
100
Mar 31 124 Mar 11 10378 Feb 120 July
3872 3932 *3912 4032 3812 3934 3618 3812 37
3734 384 42
44,800 Federal Light & Trao
15 28 Mar 31 42 Nov 19
26
Oct 3714 Dee
*88
90
90 •87
58712 90
587
90
58712 90
58734 90
Preferred
No par 88 June 18 91128ep1 28
8212 Sept 89 Dee
585
90
*80
90
580
580
*80
90
90
90
*80
90
Federal Mining & SmelVg.100 41 May 22 11134 Jan 5
1514 mar 9512 Dec
704 7514 *74 75 *73 75 75 75 574 7512 *72 74
600 Preferred
100 61 Mar 3 105 Jan 6
494 Mar 947s Dee
193 195
195 195
194 200
194 194
194 195
195 198
2.500 Fidel Men Fire Ins of N Y. 25 160 Apr 15 2004 Jan 23 1474
Jan 179 Dee
*1458 16
*1458 16
*15
1434 1434 515
*15
16
16
16
100 Fifth Ave Bus tern otfs_No par 14 Oct 14 2158 Feb 9
12
Jan
1784 July
*99 101
99 *____ 100
99
*9912
9912 9912 59912 101
200 First
Nat'l Pic, let prof.100
1
96 May 18 0
107 Feb 13 _
0
2814 2814 2814 2814 2878 2878 2914 3018 3034 31
30
30's 2,100 First Nat'l Stores
No par 2514 Nov 13 4938 Feb 5
384 Dec 40 Dee
1658 17
1612 1658 1638 18's 7,800 Fisk Rubber
1658 1634 1638 1634 1612 167s
No par 1414May 20 2814 Jan 13
1012 Mar 2834 Oct
*78
79
*79
80
79
79
7834 79
79
79
79
79
900 let preferred stamped-.100 7678 Apr 19 8414 Mar 113
59814 10118 59814 1014 *9814 102
9814 9814 •96 102
*9814 99
100 94 June 3 107 Mar 1
100 let preferred cony
48
4834 48
4878 4812 4834 4812 4958 4812 4912 48
4878 27,400 Fleischman Co new___ _No par 324 Mar 29 5812 Feb 1
•8218 8314 8212 8312 *8312 84
8234 8172 8178 2,000 Foundation Co
8272 8334 82
No par 7634 Oct In 17954 Jan 29
90
Jan 18334 Nov
6858 6914 6918 70
9612 70
6934 7178 6978 7034 6878 7014 8,500 Fox Film Clam A
No Dar 554 Malip21 85 Jan 2
8812 Sept 85 Dee
30
301 10,800 Freeport Texas Co... Nopar 1958 Jar( 13 3412June 3
303* 31
3038 3034 3012 3072 3032 3012 304 31
8 Mar 244 Oct
29
2914 2834 29
2932 30
3014 3118 31
3212 3134 32's 11,900 Gabriel Snubber A___ _No par 2552 Nov 11 42 Feb 11
284 Aug 397s Nov
5512 6
512 512 *512 6
100 Gardner Motor
*534 6
*54 6
5534 6
No Par
54 Nov 5
034 Jan 4
44 Jan
1614 Mu
4412 45
*44
4412 44
4478 4414 4434 •4412 4478 1,500 Gen Amer Tank Car
44
44
100 39 Mar 29 5532 Jan 2
444 Aug
Oct
*103 104 *103 104
300 Preferred
10318 10334 *10338 104 *10338 10412 *103 104
100 9912June 24 10512July 27
9334
Nov
Feb
1
774 7832 774 7812 774 78
7512 7734 7412 764 744 7838 23,400 General Asphalt
100 50 Mar 3 9414 Aug 28
424 Mar 70 g:
0117 123 *116 123 *118 123
100 Preferred
11812 11612 *112 117 5112 120
100 9478 Mar 3 1404 Aug 28
8612 Mar 109
534 5312 53
53
53
2,200 General Cigar. Ina new-No par 46 Mar 29 5912 Feb 11 ___ ....... 53
53
*5212 5312 53
352
53 '
.-._.
*115
_ *115 _ __ 5115
__ *115 ---Preferred (7)
100 109 Jan 11 11512 Feb 18 105
__ •115
__ *115
Jan 11114 Mir
•110 117 *110 11-7 *110 117
117
Debenture
(7)_100
*110
5110
117
-preferred
*110
1-1-7
10914
55
5538 5424 55
5478 55
5450 54% 542, 5524 534 $578 3,700 Gen Outdoor Adv A_ __No par 51 Apr 12 11812 Feb 10 104 July 110 _De!
4518 Aug 5414 13,395
3414 3414 3412 3538 3458 35
3518 3538 3528 3574 10,800 Trust certificates_ __No par 2658 Mar 30 5832 Aug 4
35
Mar 30 3578 Nov 19
3514
Ms Aug 344 Den
- --- General Electric
___ _
100 285 Apr 15 38812 Feb 19 22714 Feb 33114 Azle
_
aa li- -8258 ri3-7i -iii8 "itii; -iii.2 162 -8414 16:i -iir2 -i
-7-9.iiiti New
No NV 79 June 9 9512 Aug 14 ...-- ---- . - ---.,20 and raked pricer no sale, on this day. g 1212-dlyldend. I ElfIgIlIl.
n
1
New York Stock Record-Continued--Page 4
2631
For sales during the week of stocks usually inactive, see fourth page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Nov. 13.
Monday,
Nov. 15.
Tuesday,
Nov. 16.
Wednesday, Thursday,
Nov. 17.
Nov. 18.
Friday,
Nov. 19.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Sines Jan. 1 1926
On basis of 100-share Jots
Lowest
Highest
PER SHARE
Range for Previous
Year 1925
Lowest
Highest
Per share $ per share $ Per share $ Per than
$ per share $ per share $ Per share $ per share $ per share $ per share Shares. Indus. & Mlacell. (Con.) Par
1078 Oct 11% July
1118 1114
1114 1114 9,200 General Electric special_..10 11 Jan 5 1158 Mar 22
ills 11% 1118 1114 1114 1114 1118 11,4
5878 Dec 61% Dee
1,400 General Gas & Eleo A.No par 34 Mar 30 59 Jan 2
43
42
41
4112 *40
42
4158 4138 4134 4134 4178 43
99 Dec 100 Dee
No par 95 May 11 99348ept 10
Preferred A (7)
*9814 9812 *9814 9812 *9814 9812 *9814 9812
*9814 99
*9814 99
Preferred A (8)
No par 10512 Apr 8 113 Sept 9 110 Dec 110 Dee
*111 113 *111 113 *111 113 *111 113 *111 '113 *111 113
_
1
4 Apr 27 96 Jan 4
No par 92/
100 Preferred B (7)
9434 *93
9434
9434 *94
9434 *93
9434 *93
934 93/
1
4 *93
6458 Jan 14933 No,
14812 15178 147% 150% x138 14212 425,300 General Motors Corp No Par 11314 Mar 29 22534 Aug 9
14634 14834 14712 150
14612 149
Jan 115 Dee
100 11312 Jan 29 12034 Sept 1 102
11934 120
3,900 7% preferred
11912 11934 11912 11912 119 11912 11912 11934 11958 120
*10312
100 9814 Apr 13 105 June 29
8812 Apr 9912 Nov
*10312
*10312
100 6% preferred
*10312 - - 104 104 *10312
42 Jan 59% Dee
General'Petroleum
.,,.. _25 4912Mar 2 7018June 23
68 Nov 803* 001
84
85
83
83
8212 84
13,000 Gen Ry Signal new____ZaTar 6012 Mar 31 9378 Aug 18
8412 8578 8412 8578 8334 85
9012 July 10578 Nov
104 105 *104
100 103 Apr 14 105 Nov 16
____ *104 _200 Preferred
*104
*104 105 *104 105
42
Oct 5812 Jan
46
*42
47
*42
46
45
*43
200 General Refractories___No par 36 May 27 49 Jan 4
4814 *42
45
45
*45
47 Mar 83 Dec
No par 4114 NOV 16 78% Jan 19
44
4218 4414 4114 4212 4112 4378 4238 4212 4218 4212 13,200 Gimbel Bros
44
10034 10034 10014 10014 10014 10014 10018 10014 1,500 Preferred
100 100 Nov 10 11138 Jan 7 10214 Mar 114% Nov
10012 100% 101 101
1212 Mar 2612 Dec
1834 1834 1812 1834 1812 1812 1812 19
No par 1538June 3 2534 Jan 4
3,400 Glidden Co
1858 1834 1812 19
37 Mar 51
Oct
46
4614 4814 *46
48
800 Gold Dust Corp vs o No par 4112Mar 31 5873 Feb 3
4878 4878 4634 4834 46
4612 48
45
Oct
20
703
4
Feb
9
Jan
7484 Nov
36%
248
4712
Par
483t,
4814
4818
49
48
47
48
5,600
Goodrich
Co
(B
F)___
_No
4978 4978
4818
Jan 102 Nov
100 95 June 25 100 Feb 18
92
9738 *96
100 Preferred
9733 *96
9738
*9518 9738 *9534 9738 9618 9818 *96
101 101
86% Jan 114% Oct
101 101
10114 1013a *101 10112 101 10118
800 Goodyear T & Rub pf v t o_100 9812 Mar 30 10978 Aug I
101 101
Apr 109. De
100 10538 Jan 22 109 Sept 14 103
107 107 *10612 107
100 Prior preferred
*106 108 *106 107% *10658 10718 *10858 107
1
39 Dec 42 De11
6712 • 68
8912 67
8878 8518 8738 6514 6678 6514 853 13,100 Gotham Silk Hosiery__Ne par 3314 Mar 30 69 Nov 15
67
-- ---- -No par 4712Ju1y 12 6872 Nov 15
8618 6518 6818 65
7,300 New
651
867s 6732 6718 6878 6858 6818 68
100 98 Apr 6 125 Aug 17
9912 Dec 10212 Dec
11814 11814 11512 11512 *1.1512 118 *113 116
11214 113
600 Preferred
*11512 118
314 33
913 • 98 *034 10
187s Dec 23 Sept
8 Oct 30 2112 Jan 23
*978 10
No par
10
*034 10
10
600 Gould Coupler A
13 Mar 21% Dec
8 14,300 Granby Cons M Sm & Pr_100 16% Mar 31 3514 Nov 9
3414 3412 3414 3412 3418 3412 3334 3433 333* 3334 3318 33,
1
4 Feb 2
Jan 113% June
91
10112 10158 10214 10278 10214 10214 102 10212 10134 10312 10338 1053* 9,200 Great Western Sugar tern ct125 89 Apr 14 106/
100 10812Mat 30 11814Ju1y 22 107 Apr 115% Dec
Preferred
*115 120 *115 11812 *115 11812 *115 118 *115 117 *115 117
934 Apr 3 3038 Nov 10
1134 Mar 1914 Jan
29
30
2812 2934 2812 2934 27
2612 28
2712 2714 27, 12,300 Greene Cananea Copper. 100
754 754
73
3% Sept
518 Jan 5 107s Feb. 1
612 Jan
4,200 Guantanamo Sugar....No par
833
814 81
*738 73* *733 78
78 738
6718 Mar 9584 Nov
100 5138 Oct 25 9338 Jan 4
5714 5712 56
5778 5612 5728 5838 5714 5512 563
4,400 Gulf States Steel
578 58
4212 July 89 Feb
100 45 June 18 59 Nov 1
*50
60
*55
57
56
*54
65
*55
5512 55
57
300 Hanna 1st pref class A
*55
*2612 28
27,2 271
1,300 Hartman Corp class A.No par 26 Oct 20 2918 Nov 12
2738 2712 2753 2812 2812 2812 *2612 28
30 Mar Wig Nov
2534 *25
2578 *2518 257ii 2514 2578 *2512 26
2518 251
No par 24 Sept 24 46 Jan 14
500 Hayes Wheel
*25
*3312 85
86 May 7784 Jan
25 68 Mar 29 86 Ivi'w 9
8312 8353 *8312 8534 84
84
*8412 8534 85
851
600 Helme(0 W)
27 Dec 48% Jan
28
*2412 27
*24
*2414 27
*2412 27
28
*2412 27
Hoe(R) & Co tern ctis_No par,1712M1y 27 3512 Aug 11
*24
43 Jan 50 Jan
100 4712 Jan 4 83 Oct 9
6112 6112 *60
81
*60
62
*60
82
*60
62
81
200 Homestake Mining
81
3412 Jan 47% Nov
4234 4234 *4213 43
*4212 43
43
43
500 Househ Prod.Inc.tem ctfNopar 40 Mar 3 48% Jan 8
*4354 4334 *423* 43
Jan
71 Jan 5
59 Apr 85
*5212 55
1
4 Mar 31
55
*54
55
55
55
55
100 Houston Oil of Tex tern ctfs100 50/
*53
*54
5412 *52
1612 June 31% Nov
4218 4178 4218 4114 4134 4118 4134 4118 4118 4014 41
No par 27 Jan 8 45 Sept 15
5,300 Howe Sound
42
3334 Jan 13912 Nov
4512 4713 4614 4714 4434 4812 4334 45
47
43,
8 4438 108,000 Hudson Motor Car
No par 4034 Oct29 12314 Jan 4
44
1414 Mar 31 Nov
2114 21
2114 2078 2118 2012 2078 10,600 Hupp Motor Car Corp.__ _10 17 Mar 2 2833 Jan 4
2012 2034 2034 2138 21
13% Jan 41% June
2914 2814 2914 2814 29
28
28
2838 2712 2812 2738 28
23,000 Independent 011 & Gae_No par 1958 Mar 30 34 Jan 2
13 Mar 24 Aug
15 Oct 29 2414 Feb 4
No par
1634 18
16
200 Indian Motocycle
*1614 1634' *1614 1634 *1614 1634 1614 1614 •16
di± Jan
1414 Dee
1
4 Feb 13
818 814 *712 812
1,000 Indian Refining
10
734 Oct20 13/
838 838
8
8
8
812 812
8
6 Sent 12% Dee
10
712 Oct 20 1212 Feb 13
8
8
2,900 Certificates
*712 734 *712 784
814
734 8
814 814 *8
*96 107
77 Mar 110 Dee
*96 107
. Preferred
*96 107
100 90 May 14 104 Jan 7
*96 107
*96 107
*98 107
9414 95
77 Nov 10712 Dec
*94
96
9534 96
95
1,100 Ingersoll Rand new____No par 8014 Mar 31 104 Jan 5
1194
96
9612 *95
97
*3912 4053 *3938 408 *40
3834 May 50 Feb
41
40
300 Inland Steel
*40
*40
4014
No par 3412May 11 4312 Jan 7
4034 40
100 Preferred
1
4 Mar 16 115 Feb 9 10412 Apr 112 Sept
109 109 *103 11034 *103 11034 *103 110/
100 108/
1
4 *103 11034 *103 11034
2214 Apr 3214 Jan
2718 2778 2734 2778 2734 2734 27311 2734 2718 2738 27
2718 4,300 Inspiration Cons Copper .20 2034 Mar 30 2858 Nov 10
1412 1434 14
_
*15
1514 1434 15
1438
1,900 Intercont'l Rubber___No par 1312May 10 2134 Feb 11
1412 1418 1418 14
1112 1138 1138 1138 1134 *1034 1114 11
*11
11
1012 1012 2,200 Internet AgrIcul
71s Jan 241$ Nov
No par
934 Oct30 2614 Jan 22
86
26712 8713 65
40 Apr 85 Nov
85
60
6112 1,000 Prior preferred
*64
64
66
100 57 Nov 8 95 Jan 27
6414 *63
53
5312 5338 5334 5312 5378 53
5312 5312 5378 5,100 Int Business Maehines_No par d3818 Mar 30 5434 Nov 9 110 Mar 17614 Nov
53
531
5234 5234 521 53
5034 5218 5118 5134 51
52 Jan 8112 Sept
157s 5153 5238 5,200 International Cement__No par 443* Oct 20 71% Jan 21
10338 10358 *102 10312 *10212 10312 *10212 10313 *10212 10334 *10212 10334
100 Preferred
100 10178 Oct 26 106 Jan 26 10212 Nov 107 Aug
437g 4378 4343 4334 42
4338 401 4238 3918 41
3134 Jan 6912 Dee
23834 40
39,100 Inter Comb Eng Corp_.No par 3312 Mar 30 6112 Jan 5
13318 13478 13313 134
13314 134
13014 13318 13012 131
9618 Mar 13814 Sept
13012 13112 13,500 International Harvester
100 11214 Mar 29 13812 Oct 4
*122 12412 *12214 12414 *12214 1244 *12238 124 *12253 124
100 118 Jan 5 12634 Aug 7 114 Mar 121 Nov
123 123
100 Preferred
7% June 14% Feb
*714 712 *714 7,2 *714 712 *714 712 *714 712 *714 713
6 Sept 21 1238 Feb 17
Int Mercantile Marine_ _ _ _100
27 Aug 5214 Feb
35
3512 3312 3514 3418 3534 34
3438 3313 35
100 27 Mar 30 4638 Feb 16
13,300 Preferred
33
34
5638 Dec 60% Dee
5834 5834 5838 5834 5812 5834 5812 5912 59
5914 59
5938 9,900 International Match pref...35 5312 Mar 3 66% Feb 23
2414 Mar 4812 Nov
38
3834 3712 38141 3734 3838 3712 38
3718 373* 3612 3714 32,200 International Nickel (The).25 3253 Mar 30 4614 Jan 5
*102 ____ *102
94 Jan 102 Nov
___ _I *102 103
100 10118 Jan 29 10414 Apr 21
10334 10334 103 103
103 103
300 Preferred
28
4814 Mar 76
4418
Apr
15
Aug
Oct
nternational
100
63
/
1
4
5618 5618 561s 5618 *56
1,600
Paper
57
57
56
58
5612
5714
5812
86 July 99% Oct
100 89 May 7 9812 Jan 2
9612 9612 9612 97
*9678 97
9812 9812 9878 9778 97
1,000 Preferred (7)
97
*154 160 *155/
1
4 160 *157 160 *158 160 *158 180
100 International Shoe ___No par 135 May 6 175 Jan 11 108 Feb 19934 July
160 180
8712 Apr 144 Aug
100 111 Mar 3 133 Jan 25
8,600 Internet Telco & Teleg
11914 11938 11814 11912 11834 11938 11814 11834 117 118
11614 1177
18 July 2938 Oct
No par 1812July 24 29 Jan 7
200 IntertyPe Corp
*1934 2078 *20
1934 193
2078 *20
2078 1978 1978 •1934 207
100 25 Jan 4 43 Nov 11
1612 July 26% Dec
1,700 Jewel Tea, Inc
4312 431
45
45
*4312 44
44
4338 4458 4314 431
43
100 11512 Jan 29 125 Feb 9 10212 Jan 11512 Dec
Preferred
8 __-*12312 ____ *12353 128 *12353 126 *12338 126 *12358 ____ *123,
1134 Dec 21% Feb
400 Jones Bros Tea, Inc.stpd 100 10 Oct20 1912 Feb 5
*1018 11 I 1118 1118 *1014 11
1078 11
*1012 1034 *1012 1034
35% Aug 65 Nov
No par
12 Nov 12 66 Feb 19
1418 1412 8,800 Jordan Motor Car
1214 14
14
1412 1412 1412 1334 1414 1334 14
14 May
8
112 June
Jan
Gulf
10
14
Mar
4
8
4
100
Kansas
33
*14
14
14
*4
38
*14
%
*14
%
*14
%
99
Jan 10912 Sept
100 Kan City P&L 1st pf A.No par 10714 Mar 29 11314 Nov 4
•112 11212 *112 113 *112 11212 *112 11212 112 112 *112 114
1834 Mar
42% Dec
45
4512 14,800 Kayser (J) Coy t o__„No par 3314May 20 4758 Jan 14
4234 4358 4334 4434 45
48
4434 4512 443 45
12% Mar 21% July
9 Oct 9 2112 Feb
25
*934 10
*934 10
914 912 2,200 Kelly-Springfield Tire
97e 98
912 958
933 10
41 Mar
74 July
100 43% Oct20 7414 Feb 5
47
8% preferred
*41
*41
46
*44
50
*41
50
*41
50
*41
50
43
Oct
20
7314
Mar 72 July
55
preferred
100
50
Feb
5
*49
6%
53
*50
*49
53
*49
53
*49
53
*49
53
.7
1,100 Kelsey Wheel, Inc
kuu 124 Dee
79
100 78 Nov 3 126 Feb 4
*8034 84
7814 *76
8018 8012 812 8112 80
80% 78
No par 4934 Mar 30 6414 Nov 18
4612 Mar
5914 Nov
6278 63% 63
6334 6378 6414 6312 64
6314 6312 6212 6312 84,250 Kennecott Copper
1,400 Keystone Tire & Rubb_No par
12May 11
1% Sept
218 Jan 2
%
3% July
12
58
38
34
%
*58
/
1
4
%
58
%
560 Kinney Co
No par 39 Nov 5 8218 Jan 7
75 Mar 100 Oct
39
39% *3914 4034 *3918 3914 3914 3914 39% 391.2 39
39
56,100 Kresge (S 8) Co new
10 42/
1
4M3r 30 82 Jan 29
5214 528 52
5234 5234 5433 5434 5558 5412 5558 5318 55
100 113 Feb 18 11434 Feb 26 11014 Mar iii- Oct
*110 11212 *11012 113 *11012 113 *110 113 *11012 11212 *11012 11212
Preferred
2058
500 Kresge Dept Stores__ _No par 1518 Mar 25 33% Jan 14
*19
20
2812 Dec 4514 Jan
19
2012 no
2058 *20
203* *20
203* *20
*73
75
80
200
Preferred
*73
75
*75
100 7014 Mar 26 9314 Feb 1
75
75
80
88
Jan 9714 June
*75
80
*75
Laclede Gas L (8t Louis)__100 146 Mar 29 17512Ju1y 10 11014 Jan 178 Mar
13159 162 *159 162 *159 162 *159 162 *159 182 *159 182
2114 2118 2138 21
2018 2011 13,000 Lago Oil & Transport_No par 1918May 14 2412June 14
2114 2114 21
2114 2034 21
No par 3012MaY 7 72 Nov 5
8934 8934 691g 8934 6934 7032 6978 7134 6912 7018 6918 7014 8,200 Lambert Co
No par
*714 712
884 Aug 18
115 Feb 19
714 714 *714 738
14 Jan 4
Oct
7
714
7
7
*7
712 1,100 Lee Rubber & T1re
600 Lehn & Fink
No par 3034 Mar 30 4118 Jan 2
3312 *3312 3412 *3334 3453 3378 3378
3412 342 *3314 3434 33
3714 Dec 44% Oct
2058 2038 2078 2078 2078 2078 20
500 Life Savers
*2018 207a
No par 1714May 4 22 June 25
*2014 21
20
977 98 • 98
9812 9812 9912 2,100 Liggett & Myers Tob new_ _25 7218 Mar 31 9912 Nov19
*96% 9712 21/712 9712 *9712 98
57 Mar 92 Dee
Preferred
100 1193* Jan 18 12934May 5
*124 12512 4'124 12512 *124 12512 *124 12512 •124 12512 12512 12512
1612 Jan 124 Dee
3E08 9812 39534 9712 9718 9718 9778 9778 9713 9812 98 100
13,700 "B" new
26 71 Mar 24 100 Nov 19
5512 Mar 89% Dee
61
28114 6114 *61
700 Lima Los Wks
61
6114 6114 6114 *59
No par 5312 Mar 31 6934 Jan 4
61
6114 *59
60 June 74% Jan
4458 4478 443* 4478 44% 45
7,400 L. ew's Incorporated_ _.No par 3414 Mar 2 48,i Sept 28
22 Feb 4414 Nov
*4478 45
44/
1
4 454 44% 45
618 61/1
'
. .q,,,ar
Jan
9% Apr
818 618
614 614
6% 614
618 618
614 64 1,300 Loft Incorporated,
6
8 Oct 8 1114 Feb 10
400 Long Bell Lumber A...No par 4212July 23 501: Feb 3
*43% 44
14 Mar 43 Sept
*4338 44
*4338 44
433* 4358 4312 4312 *4312 44
1,400 Loose-Wiles Biscuit
146 14814 141 145
77 Feb 14384 Dee
*141 146 *145 146
13812 142 *140 145
100 88 Mar 30 16914 Oct ,1
145 145
14934 14934 145 145
500 2d preferred
*140 160
143 14314 *142 160
100 12014Mar 30 167 Sept 8 104 Feb 148 Dec
2934 3178 3112 3338 323* 33
3238 3278 3238 3258 3258 3312 23,500 Lorillard
3014 Jan 3914 Sept
1
4 Feb 3
2
2734 Oct 25 42/
11712 11712 11733 11978 11834 119 *118 1188 1,000 Preferred
*11412 11912 118 118
100 111% Apr 5 120 Aug 31 108% Feb 116 Aug
1358 Aug 23% Feb
1412 1458 1414 1438 1453 1434 1412 145a 14% 1412 1414 1453 3,700 Louisiana 011 temp otts.No par 12 Mar 3 1933June 21
2414 *2414 2412 2414 2412 2414 2412 2412 2412 24
Vt
26% July
*24
2433 1,700 Louisville 0& El A._ __No par 2234 Mar 31 2618 Feb 10
2512 2512 3612 2512 26
1,300 Ludlum Steel
31/
1
4 Feb 60 Dee
2712 2712 28
*2514 28
26
27
No pa
2258 Oct 2e 584 Feb 4
Mackay Companies
*12512 130 *126 127 *128 127 *128 12812 *126 127 *126 127
100 122 Oct 26 138 Feb 9 114 Mar 141 Sept
7112
200 Preferred
66 Mar 7814 Feb
70% 7053 *7018 7112 7018 70% *70
7112 *70
7112 *70
100 68 Mar 19 73% Feb 9
9314 9412 9314 9538 94
Jan 242 Nov
9578 93% 95
92% 9418 9234 9412 51,800 Mack Trucks, Inc
No par 8953 Nov 4 159 Jan 4 117
Jan 113 Aug
200 1st preferred
*10914 112 *10914 112 *107 111 *109 111
10914 10914 110 110
100 109 Nov 12 113 June 10 104
99
Jan 106% Atut
46ep5
2d preferred
5
1083
3
*103 107 *103 104 *103 106 *103 106 *103 106 *103 106
Oct
100 102
120 120
12018 12018 •120 12214 *120 123
Oct
8912 Jan 112
120 12134
*12012 122
800 Macy (R H)& Co, Ino..No par 8612 Mar 29 126348e98 7
*11434 11641 *11484 116 *11434 116 *11434 116 *115 116 *11434 116
Preferred
WO 11434 (act 20 11814 Jan 14 11434 Jan 118 Aug
37
37
34 Mar 46 Nov
*3718 3734 37
37
3734 3734 36% 36% 3612 36% 1,200 Mag a Copper
.No par 34 Apr 19 4478 Feb 10
2114 Dec 3712 Jan
14
1312 1438 1418 1412 1378 1378 14,
1518 1634 5,000 Mallinson (II R) & Co.No par 125
8 1514
,v:0‘. 1 2818 Jan 5
*12
'66
61
79 July 8214 June
500 Maned Sugar pref
*57
81
85
61
62
61
81
100 55 June 4 82 Feb 1
8034 8034 *59
32 Mar 59 Mar
5412 5458 5478 5478 *5318 55
5318 5318
500 Manh Eiec Supply.._.No par 44 Oct 16 8734July 19
*531s 58
*5314 55
2014 Mar 34% Nov
24
22312 2378 2312 24
4,300 Manhattan Shirt
25 2178 Oct 20 32% Jan 4
2418 2514 2578 28
2312 2312 24
2812 Mar 4912 Apr
44
*40
44
41200 Manila Electric Corp-No Par 2712 Mar 20 4538 Sept 14
*40
41
*40
41
44
41
41
*40
2038 Sept 3512 Jan
19
1958 1984 1914 1934 1932 1934 1912 1912 1814 19
1918 5,900 Maracaibo 011 Expl____No par 1612 Oct 6 28 Feb 2
3258 Mar 6012 Des
5338 5334 5318 5334 53% 5358 5314 53% 20,300 Marland 011
We 5453 05314 54
No Pa, 4914 Mar 30 6338June 17
1038 Mar 3278 Oct
2812 2812 28% *2712 2814 28
381 *27
200 Marlin-Rockwell
*2712 284
28
No pa
, 2412 Oct 21 33 Mar 11
*28
19 Dec 3718 Jan
*20
20
2078 2034 21
2118
1,200 Martin-Parry Corp_ _ _ _No par
17 May 20 23 June 25
21% 21% 21
2012 20'2 220
51
Jan 10714 Dec
8734 *8712 87% 87
8512 2.000 Mathieson Alkali Wk,tern ctf50 6212May 12 106% Jan 2
88
84
84
8618 86'8 88
84
8 13712 138
13812 13834 13714 13812 136 138
3,600 May Department Stores...._50 10870W 17 14514 001 26 101 Mar 1391s Deo
13912 139'2 2137 1377
June
11
11612
*125
Feb
2
125
Mar
_
1223
8
124 June
*125
*125
*12514
___
,
4
.12514
100
Preferred
-*125
21% Nov 26% Oct
22
*2134 1218 2212 2212
2238 _ -2:1565 Maytag Co
22% 22
No par 19 Mar 3 2413Sept 8
*2214 2238 z22
79 Mar 13934 Oct
7834 7934 78
900 McCrory Stores Class B Ns par 72 Mar 30 121 Jan 11
78
79
78
*7812 7934 x7858 79%
*75% 80
16
Jan 22/
400 McIntyre Porcupine Mines...5 2214 Oct 14 30 Feb 15
*23,
8 24
2334 2334
*23% 24
1
4 Oct
2334 2334 *2334 24
*23/
1
4 24
*2378 24
18
Jan 24% Nov
24
200 Metro-Goldwyn Pictures pf _27 2214 Jan 8 2414 Feb 9
*2334 24
24
241s 2418 *24
2414
*2384 24
Feb
25
23
_No
par
13
13
/
1
4July
9
2,100
011_
83
4
83
4
812
Dec
8
8
,
2
812
Seaboard
2212
83
4
83
4
84
8
,
8
8
,
8
Mexican
Jan
87
84
5 11 Mar 3 1738 Oct 1
1878 17
1878 17
1
8 May 2334 Jan
1878 17
1631 1831 3,600 Miami Copper
16% 16% 17
3018 3073 301ii 303s 30
1
4 31
2534 Aug 38 Nov
31
313s 31
3034 14,100 Mid-Continent Petro__No par 2712July 22 37 inn 2
3114 30/
' • nol and naked pricer no soles on this day s Bz-dividend. a Ex-righto
2632
New York Stock Record-Continued-Page 5
For sales during the week of stocks usually inactive, see fifth page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CE2V7'.
Saturday,
Nov. 13.
Monday,
Nov. 15.
Tuesday,
Nov. 16.
Wednesday, Thursday,
Nov. 17.
Nov. 18.
Friday,
Nov. 19.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
.
PER SHARE
Range Since Jan. 11926.
On basis of 100-share tots
PER SHARE
Range for Previous
Year 1925.
Lowest
Highest
Lowest
Highest
$ per share $ per share 8 per share $ per share $ per share $ per share Week.
Indus. &Miscall.(Con.) Par $ per share $ per share $ per share $ per share
•10112 1055* *9934 101 *10114 11478 *10118 1147 *102 112
101 10158
Mid-Cont
200
Petrol prof
100 90 Mar 30 10158 Nov 19
8314 Apr 9414 001
1
1
1
1
1
1
78
1
1
1
78 9,809 Middle States 011 Corp
34
84 Nov 19
_10
*84
24 Jan 8
sii Apr
314 June
78
34
34
38
34
38
58
38
58
12 3,800
Certificates
10
12 Oct 8
118 Jan 8
14 Feb
*1064 115 "10612 115 '10612 H5 *10912 115 *10934 H5 '11012 115
14 Feb
Midland Steel Prod pref-__100 107 Mar 30 13312 Feb 23
96 Jan 147 Ang
*33
343 *33
3434 33
33
*32
3434 "32
38 '32
400 Miller Rubber °LILL-No par 30 May 17 4434
3311
Feb 25 -- _ ---- _--- -8334 84% 8312 8438 8412 8512 8312 85
834 84
82
8312 7,300 Montana Power
100 6938 Mar 26 8612 Nov 11
64 Apr 9914 Aug
6612 6634 6618 6634 66
6714 66
67
6512 6614 6334 664 45.100 Montg Ward & Co Ill corp_ 10 56 May 19 82
Jay 2
41 Mar 8414 Noir
13
1314 13
1314 13
1312 13
13
13
13
1214 13
3,400 Moon Motor°
No par 124 Oct 15 3738 Feb 10
228
4 Mar 42 Deo
5
518
5
518
5
54
5
54
4
3
4
4
15,900
5
43
4
Mother Lode Coalition_No par
4 Nov 19
712
Feb
"1458 147
94 Jan
8
6 May
1438 1434 1414 1412 14
14
147
1412 14
1458 2,100 Motion Picture
No par 137 Oct 6 2312Juoe 3
1958 Dec 2012 Deo
35
35
3412 347
3412 35
3434 35
3412 35 '3438 3434 2,300 Motor Meter A
No
par 3334May 19 5338 Feb 10
40 Nov 447 Oet
21
21
21
21
21
21
2038 2034 20% 2034 2058 2058 1,600 Motor Wheel
No par 2018Sept 21 3378 Feb 15
18 Apr 35 June
8
1014
818 812
812 812 *814 812 '814 9
9
2,000 Mullins Body Corp_. No par
10
734 Nov 19 1934 Feb 1
13 Aug 2112 Feb
*37
3712 "37
3712 *37
3712 *364 3712 *37
3712 *37
Munsingwear Co
3712
No par 3434 Apr 6 3834July 6
3018
*74 9
Apr 39 Deo
*718 9
*712 814 *7% 9
200 Murray Body
*74 814
738 738
No par
3 May 8 157 Feb 20
514 Dec 4212 Mar
55
5534 5512 56
56
565* 5518 5538 5518 5618 5514 554 12,400 Nash Motors Co
No par 52 Mar 24 86 Feb 23 19312 Jan 488
*612 7
*64 2
Oot
*612 7
*012 7
•63
.61
100
612
634
National Acme stamped _100
638 Nov IS 1278 Jan 9
414 Mar 121/ Dee
93
93
9318 9312 934 944 9338 944 931 94
9318 9312 4,200 National BLscult
25 74 Jan 8 9812June 25
65 Apr 79 Deo
3129 130
129 129 *12914 131 *12712 131 '12614 130
200
128 128
Preferred
100 126 Jan 27 13112 Apr 28 1234 Mar 12812 MaY
3914 3912 39
3912 39
3912 3914 4178 4114 4214 41
417 12,500 Nat Cash Register A w I No par 3712 Oct23 54 Jan
5
, 1814 1814
1818 1818 *18
1854 1814 1912 '1814 1912 1814 1914 1,000 National Cloak & Sult
100 18 Nov 3 57 Jan 2
491/ bee" -Ws Oct
5912 6012 '60
62
60
6014 "60
5934 60
62
5818 595
MOO
Preferred
100 5818 Nov 19 9212 Jan
8734 Dec 104 Jan
•6712 68
6734 68
6734 6812 6812 6938 6734 69
684 11,600 Nat Dairy prod tern otrallo par 587 Nov 11 80 Jan 8
68
2
42 Jan 817 NOV
26
26
2518 3518 2578 3578 26
26
28
28
2534 3534 1,700 Nat Department Stores No par 24 Oct 25 4238 Jan
7
3812 Jan 45 May
'904 91
*9018 91
904 9018 *9018 91
9018 904 90
700
9018
lst preferred
100 8934 Oct 15
96 Apr 102 Jan
20
2018 '2012 22 '20
204 20
20
2114 *2014 2112 20
1,100 Nat Distill Prod ctfa___No par 1212May 18 97 Jan 19
34 Jan 4
2958 Dec 434 Ofd
*4314 47
*43% 4534 "4312 4534 '4312 4534 434 4312 "4312 4534
200
Preferred temp etf_No par 3712 Aug 2 734 Jan 4
Oet
5212 Jan 81
*27
29 "25
27
25
25
28 '25
*25
28 '25
100 Nat Enam & Stamping
28
100 2118July 14 404 Jan 2
25 Apr 41% Dec
*80
85 '80
85 "80
85 '81
+131
85
85
85 '81
Preferred
100 76 July 13 8934 Jan 4
75 June 8934 Jan
153 153 *15012 154 •152 153
153 153 "150 15134 *150 152
National Lead
100
138 Apr 15 17434 Jan 5 1384 Apr 17434 Nov
*11614 11612 11612 11612 '11614 118 *11714 118 *11712 118 x116 116
Preferred
500
100 116 Jan 16 120
2012 2034 22034 2114 2034 213* 2078 21
2038 2058 195* 205 12,000 National Pr & Lt ctfs__No par 168,Mar 2 383 May 20 11412 Sept 119 Sept
* Jan
8038 8178 81
81
80
8078 6612 8112 8014 81.18 8034 81
12,000 National Supply
50 5512 Jan 4 81% Nov 2113
Jan
54-38 Dec 71
*118 126
126 126 *126 130 .12712 130 '123 130
125 125
200 National Tea Co
No par 117312 Nov 4 238 Jan 4 201 Dec 250 Dee
157 16
1584 164 1578 16
1534 16
1512 1578 23,300 Nevada Consol Copper
1534 16
8June
5
115
1
1614 Nov 6
118 Apr 165* Jan
43
43
4212 43
4212 4258 4114 4114 4038 418 .3,300 NY Air Brake
425* 43
No par 3612 Jan 2 461
3112 Oct 564 Jan
3218 324 325* 333
3212 34
33
3414 2812 335* 2918 3018 21,500 N Y Canners temp ctfs_No par 2812 Nov 18 8482Sept 7
Jan 29
811 Mar 814 Dec
*8112 84
*8112 84
*8112 84
*8012 84
*8013 84
*8012 84
Preferred •
No par 82 Oct 19 85 Apr 29
34
3478 '34
3478 34
34 '3312 3412 '33
35
*33
34
400 New York Dock
100 32 Oct 2 4578 Feb 5 -1-8 Mar -484 No,
no
7114 '70
7114 "7014 72 '7014 72
"70
72 '70
72
Preferred
100
May 13 74 Feb 5
524 Jan 76 Dee
*2814 2812 2812 3834 284 2878 2834 2878 28% 2914 283 2918 2,200 Niagara Falls Power pf new 25 69
2758 Mar 31 2914 Nov 18
2758 Oct 29 Jan
2
4958 5014 4934 5012 495* 50
7
3
49
4912 49
50
49
49
14,400 North American Co
10 42 Mar 30 67 Jan 14
Oot
414 Jan 75
5012 5012 "5012 51
51
51
51
*5012 51
51
51
51
1,100
Preferred
50
49
Jan
2
524
Aug
31
465* Jan 5013 Sent
*96
9612 '9434 9618 *9512 97
9618 9618 .98
9612 9638 9812
300 No Amer Edison pref__No par 9118 Mar 31 9678Sept 18
9412
Dec
Deo
964
*4
478
412 434
412 412 *44 5
*414 5
'414 5
400 Norwalk Tire & Rubber
10
418 Oct 20 1518 Jan 14
1212 Sept 1814 Aug
1558 1558 *1534 1634 *1512 1634 *1512 16
*1513 16
*1512 16
200 Nunnally Co (The)____N0 par 1338 Mar 1
1712 Jan 7
8 Jan 184 Nov
3112 3112 3112 3112 31
32
3012 31
*3012 32
314 *31
900 011 Well Supply
25 30 July 2 365* Oct 13
Dec 38 Nos
335*
1458 1438 15
15
15
15
1412 15
14
1412 1438 144 2,700 Omnibus Corp
No par 12 Oct 16 2214 Feb23-36
36
36
36 '34
36
36
3614 36
3612 36
36
1,900 Onyx Hosiery
No
par
3114
Feb 2 451:June 29 -1-8-% Jan 39 Deo
"116
_
.5116
___ *11614 ___ '11458
_ _ '116
_ --Preferred
100 95 Apr 17 116 Nov 4
*goy id
7814 Mar 97 NOT
*69 -60
'11
59 -5CC 6-5914 -5914 '58 -59
594
5914
400 Oppenhelm Collins & CoNo par 47 Jan 12 635*Sept 29
41% Sept 53 Dee
3118 3138 3114 3134 3114 315
3114 31
31
31
23038 3038 3,900 Orpheum Circuit, I110
1 2712Mar 25 3134 Nov 29
253 Jan 327 July
"103 106 '103 105 *103 106 *10312 106 *10312 106 *1034 106
Preferred
100 101 Jan 13 105 Apr 21
Jan 107 Sent
98
12612 12938 12612 1283 12614 12712 12618 12712 126 12618 123 12634 7,300 Otis Elevator
50 106 May 20 12934 Feb 5
875 Feb 14012 Aug
'105 107 '105 107 '105 107 '105 107 '105 107 "105 107
Preferred
100 102% Jan 13 10912 Aug 30 101 Feb 112 July
8
8
'8
814 '8
8
814
8
"818 814
818 818
400 Otis Steel
No par
8 Oct 18 1412 Jan 19
8 Mar 1514 Aug
_ _
. _
_
__
Preferred
100 85 May 17 1077 Feb 17
504 Mar 9712 Aug
32f8 825* ilia -i1-78 8
-114 11-58 i1
ii Ts Ii14 8134 - -34 niiii4 il-3-4 -2,7
766 Owens Bottle
4
25
Mar
533
29
85
Sept
425
18
Mar 693/ Nov
*50
52 '50
"50
52
52
"50
52
"50
52
50
52
100 Outlet Co
No par, 44 May 19 52 Apr 5
4914 Nov 57 Nov
*1024 104 '103 104 *103 104
104 104 '104 10412 '104 105
400
Preferred
100 9712 Apr 1 105 Sept 29
98
Nov
10078 Deo
12912 12912 129 12912 "12914 131 "129 12912 "128 12812 '12834 12912
400 pacific Gas & Electrio_100 118 Mar 31 1337
88ept 21 1024 Jan 1374 Nov
112 112
14
15 26,000 Pacific 011
112 112
Hz 15*
158
112 13*
No par n1 May 13 8318 Feb 13
5138 Aug 784 Deo
354 3514 z3458 35
3434 35% 347 355* 3518 3538 354 354 12,500 Packard Motor Car
10 3134 Mar 31 4514July 7
Jan 4812 Nov
15
1134 1178 1112 1134 1115 1112 101s 1112 10
9
1034
1018 17,900 Paige Det Motor Car--No Par
9 Nov 19 2813 Jan 4
1734 May 32
Oct
'64 65
635* 64
6412 6412 8478 65 "6334 64
64
84
700 Pan-Amer Petr & Trans
50 5618 Mar 31 7612 Jan 2
5912 Sept 83% Mar
6334 6418 6338 64
6334 6412 6338 64
6278 6338 6238 6333 32,700
Class B
50 5678 Mar 31 7838 Jan 4
601s
Aug
844
Mar
3278 327 "32
33
327 3278 3218 3278 3114 3238 3112 3214 2,000 Pan-Am West Petrol B_No par 30 Oct 13 46 Jan 2
374 Oct 4934 Dee
16
1612 1618 1612 *1618 1612 1618 1638 1513 18
1518 1518 1,800 Panhandle Prod & Ref_No par
412 Jan 21 32 June 17
214 Aug
614 Dee
'73
82
72
72
82
*72
75
75 '72
82
*72
Preferred
200
82
100 61 Jan 19 9938June 16
37
Oct 6012 Dec
19
19
2012 2012 20
2112 21
2118 2012 2012 *1914 2012 5,100 Park & Tilford tern otle_No par 181% Oct 23 2818 Jan 4
25 Sent 354 Jan
6% 618
614 64
614 614 '6
614 '6
615 64 1,000 Park Utah CM
614
1
518Sept 30
84 Feb 5
37
, 387
38
3718 38
3712 3734 3712 38
37
374 373
, 8,600 Pathe Exchange A____No par 3414 Nov 10 83 Jan 7 -7-0 Nov -903a Oct
22
22
22
2234 2212 2212 224 2233 2134 224 2134 2238 8,100 Penick dr Ford
No par 1678 Jan 28 23 June 16
17 Dec 28 Apr
14
1412 158 14
14
1518 14
1414 144 1414 1412 2,900 Penn Coal & Coke
14
50
7 Aug 6 19 Oct 26
1254 Apr 2638 Jan
33
38
4
4 11,800 Penn-Seaboard SO vto Pro par
%
%
%
58
34
34
4
38
53 Oct 26
214 Jan 4
1 Aug
3 Jan
12412 125
124 12412 124 12412 13412 12412 124 124
12334 13378 1,600 People's G L & C MI1101_100 117 Jan 4 130 Feb 11 112 Jan 123
Oct
77
77
77
794 76% 7634 767 77
'76
77
1,000 Philadelphia Co (PIttab)-50 5918 Mar 2 7712 Nov 18
775* 77
514
Mar
8714
Dec
*49
50 "4812 4912 4912 4934 '49
50
4934 4934
*4912 50
300 6% preferred
50 45 Oct 11 5114July 7
4512 Jan 49 July
4312 435
435 44
4312 437
434 444 4314 4338 4134 435* 9,200 Phila & Read C & I---No par 3614 Apr 14 4834 Feb 13
3
37 May 5218 Jan
*4212 45 "43
45 '43
45 '43
45
*4212 44
404 44
Certificates of Int___No par 365*June 14 4612 Jan 11
38 July 5012 Jan
"4812 56
"4812 61
"4812 5218 *4812 524 *4812 56
*4712 57
Phillips-Jones Corp____No par 49 Sept 30 555 Jan 29
51 Nov 9018 Jan
324 3212 3114 3134 315g 32
3112 3012 314 9,700 Phillip Morris & Co. Ltd....10 16 Apr 3 33 Nov 12
3014 314 31
1234 Mar 2514 Sept
5114 52
5118 5138 514 5178 5038 5138 50
5018 5018 5112 81,700 Phillips Petroleum___-No par 40 Mar 30 5234Sept 1
364 Mar 4718 June
kw
41
40
41
40
413* 4312 4312 4312 *42
40
4312 2,000 Phoenix Hosiery
5 31 Mar 30 4478 Jan 9
18
Apr 4214 July
'100 104
101 101 *101 10312 "100 104 '100 104 "100 104
100
Preferred
100 94 Mar 25 103 Oct 28
84 Apr 99 Dec
2312 2412 24
253* 2334 264 2238 24
22
23
21
57,100 Pierce-Arrow Mot Car No par 19 May 15 4313 Jan 9
22
1078 Mar 475 Oct
11078 11514 1135 11512 111 115
108 110
10712 10812 10612 108
9,500
Preferred
100
7612 Apr 15 12714 Aug 19
43 Mar 100 Nov
12
12
4
84
12
4
12
34
78
78
44
78 31,100 Pierce 011 Corporation
25
4 Oct 1
1% Jan 30
114 Nov
34 Feb
1118 1118 1112 1112 1112 13
12
*11
1218 1253 1211 1212 4,000
Preferred
100 1118 Nov 15 27% Jan 30
2014 Dec 40 Feb
234 23
28
278
28
234 27s
25* 278
5,000 Pierce Petrol'm tern etfsNo par
3
27* 27
214 Aug 26
7 Jan 30
412 Dec
84 Feb
334 334 3334 33
35
3558 33
33
3214 3212 3212 34
2,300 Pittsburgh Coal of Pa...,_.,100 29 June 9 4211 Jan 5
3714 May 544 Jan
75 .72
"72
75 '72
7412 "7112 7412 7112 7112 7034 7034
Preferred
200
100 70 June 21 85 Jan 5
80 May 99 Jan
*9912 10012 *974 10012 *9714 10012 *974 10012 *9714 10013 *9714 10012
Pittsburgh Steel prat
100 94 Mar 29 9814 Nov 4
94 Mar 1024 Jan
*4314 47 '42
47
*42
45
42
42 '40
45
*42
46
100 Pitts Term Coal
100 39 Oct 5 6378 Jan 9
30 Apr 6334 Jan
88
"82
87 '83
"81
"82
88
88
"80
83
*80
Preferred
86
100 8012 Oct 7 9214 Feb 5
79 July 8814 Nov
9912 98
99
9912 100% 98
9714 987a 9618 9712 9618 9714 13,600 Post'm Cer Co Inc new_No par 754 Mar 30 12478 Feb
3
643* Nov 121 Dee
404 415/ 417 423* 4234 4234 42
42
41
41
*41
424 3,900 Pressed Steel Car new
100 3418May 19 434 Aug 31
. _
8178 82
81
8212 8212 *8258 83 '8238 83
82
80
80
Preferred
100 7812 Oct 31 9534 leo 7 -7612 July 924 Jan
700
1833
1918
1834
19
1918
1714 1734 1713 1734 3,100 Producers & Refiners Corp_50 11 Mar 29 2034 Oct 29
*1812 1918 19
121/ Aug 325* Feb
*3812 39
40
*39
41
*39
3812 39 '38
*3812 40
39
Preferred
300
50 3034May 11 4134 Oct 29
27 Sept 4758 Feb
3214 3178 324 32
32
3173 32
3134 32
317s 32
3238 26,800 PubServCorp of NJ new No par 3114 Oct29 3212 Nov 9
9912 9912 *99 1004 *99 101
*99 101
*99 101
*994 101
100 8% preferred
100 964 Apr 7 101 Oct1_1093/ 10938 10912 10912 10912 10934
110 110
10914 1094 *10914 110
900
100 10318 Jan 12 110 Nov 13
7% preferred
99 - -jai/ 106 Nov
1237a 12378 12414 12414 *12412 1243 12434 12434 *12312 125 *124 125
300
100 115 Mar 2 12434 Nov 17 10858 Apr 119 00
8% preferred
1025* 10234 10278 1027s 10278 10278 '10234 103
"10234 103 *1023 103
300 Pub Serv Elec & Gas p1d_100 97 Jan 22 10418Sept 27
921j May 10018 Dee
"11234 114 *11234 114 *11234 11312 *11234 11333 *11234 11312 *11234 114
Pub Service Elea Pr pref_100 106 Jan 18 114 Aug 5
99 Jan 108
Oct
183 18478 181 18412 35.500 Pullman Company
18238184
185 18718 1844 188
184 188
100 14514 Mar 31 19912Sept 16 129 Mar 17312 Sept
405* 3912 414 404 42
*39
3914 3014 3934 3912 3934 39
11,600 Punta Alegre Sugar
50 33 Apr 14 47 Feb 4
33
July
474
J00
264
2638 2534 2614 7,600 Pure 011 (The)
2598 2638 3612 2673 2612 2673 2638 2612
25 2514 Oct 20 31 Jan 4
254 Aug 3334 Feb
•11012 112 *11012 112
*110 11014 *110 11012 11014 11014 . 201
8% preferred
100 106 Apr 14 11234June 25
Sent
6-1-12 5914 6118 5934 614 137,033 Radio Corp of Amer_ __No par 32 Mar 30 6158 Nov 19 1024 Jan 1084
5812 5914 5814 58% 58% 60% 5918
3914 Nov 777 Jae
5112 51% 514 1,700
Preferred
5078 503 5134 '51
*504 507a 5014 5012 *50
50 4458 Mar 31
5134 Nov 17
Feb
45
54
Dec
_ *375* 40
*3678 41
__ *3678 41
___Rand Mines, Ltd
No par 3234 Apr 30 4134 Oct 1
3334 Nov 394 Aug
164 1594 ,16
3,801, Ray Consolidated CoDper__10 1012 mar 3 1,l31 Nov 8
*1614 Ilia; -lili4 -114 1814 164 164 1638 164 _1733 Feb
Apr
113
8
43 '4214 4234 *42
425*
43 '42
'42
Reid Ice Cream
No par 4034 Oct 18 56 Jan 4
4212 "4212 4234 '42
43
Oct 6014 Dee
*8
85* 85,
No par
84 85*
*812 9
834
84 818 1.600 Reis (Robt) & Co
814 87
712July 24 188 Feb 23
10 May 2514 July
*105 107 "1043/ 107
1,200 Remington Typewriter____100 8312 Apr 20 127 Feb 3
10512 1051 10434 105
106 10614 10512 107
11734 Deo
Jan
468
*113 11614 *113 115 *113 115 '1078 11312 •10734 1131 *10734 11312
100 106 Apr 21 118 Oct 1 100
7% 1st preferred
Jan 1094 Ore
*110 114 **HO 114 *110 114 *110 114 *110 114 *111 114
100 105 Apr 1 11514 Aug 27 103 Sept 1134 Apr
o 2d preferred
95
98
958 10
934 5,600 Replogle Steel
104 105* 10
1018
1014
No par
104 10
8 Oct 27 157 Jan 4
125* June 234 Jan
•56
57 '
55
564 564 561/ 6678 5712 5518 5612 5518 56
3.400 Republic Iron & Steel
100 44 May 10 635* Jan 7
424 Apr - 648 Jan
4,9612 9712 *9612 9712 *9614 97
95
98
gg
*96
97
97
200
Preferred
100 9114 Mar 30 99 Sept 15
8414
July 95 Jae
43
No par
434 • 44 1,000 Reynolds Spring
414 Oct 29 105* Jan 5
512
'5
434
434 43
5
5
434 434
8 July 18 Jan
11512 1121/ 11712 120
119 12178 45,500 Reynold8 (RJ) Tob Class B 25 90 Mar 30
11838 11978 11834 11912 11838 119
Nov 19
724 Mar 951 Nov
1211
s
81
*78
*77
81
'78
79 '78
81
Roasts Insurance Co
*78
25 79 Sept 17 100 Jan 20
86
*78
80
86 June 974 Feb
"4912 4978 4914 4934 *4914 4934 4913 4918 4878 494 4818 4813 2,200 Royal Dutch Co(N Y sharee)_
473* Oct 21 5718 J90 9
484 Mar 575* Jan
3978 397
1,000 St Joseph Lead
10 3638May 11 4818 Feb 10
40
3914 3912 *3912 40
.40
404 4038 4012 40
353 July 524 May
5312 5238 5278 3,400 Safety Cable
5338 534 5314 5334 5312 54
No par 4218 Mar 31 5512 Nov 10
5378 53
53
48 Dec 504 Dec
8112 8112 *79
82
*77
200 Savage Arms CornoratIon_100 73 Mar 31 10212 Feb 10
82
*77
82
*804 82
82
*78
4812 July 1083* Mar
41
44 '4
37
4
4
4
1,506 Seneca Copper
4
414
No par
4
4
418 44
11 Nov
Oct 29 104 Jan 4
9 Nov
7 8312 *6258 64
624 6212 1,300 Shubert Theatre Corp_No par 52 Mar 4 7058July 28
63 63
6312 6312 62% 63
62,
614 Dec Ws Dee
46
4678 24512 4538 4612 4512 4512 4512 443 4538 45
4514 5.000 Schulte Retail Stores
No par 4212Mar 30 13812 Jan 23 10134 Sept 1347 Dee
*11414 1214 *11414 12114 *11414 12114 *11414 12114 *11414 12114 *11414 1214
Preferred
100 1124 Jan 6 120 Sept 9 110
Jan 118 AUg
*1313 1312 *1318 134 '1314 135* *134
Seagrave Corp
* *13's
No par 124 Mar 3 14% Mar 12
134 Nov 1034 J,1939
1338 "
3
'
3 133
1358
•Bld and asked Woes: no sales on tills day. .Ex-dividend. o Ex-right*. is Ex-dividend one share of Standard 011 of California new.
2633
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. 13.
Monday,
Nov. 15.
Tue sday, Wednesday, Thursday,
Nov. 16.
Nov. 17.
Nov. 18.
Friday,
Nov. 19.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Sines Jan. 1 1926
On basis of 100-share lots
Lowest
Highest
PER SHARE
Rangefor Previous
Year 1925
Lowest
Highest
per share $ per share $ per share
$ per share $ per share $ per share $ per share $ per share $ per share Shares. Indus. & Memel'.(Con.) Par $ per share
5114 5314 12,600 Sears,Roebuck & Co newNopar 4414 Mar 29 5838Sept 7
5358 52% 53% 5214 53
524 524 5212 52% 52
40 j
6;
1 Mar 92 AUg
M
ua
lry 3
20
8 6938 Jan 4 -4No par 4712
2,200 Shatuck (F 0)
59
5818 5814 5814 59% 5812 5914 59
58
58
58
58
484 Jan 4
394 Sept 49 Dee
Shell Transport & TradIng.£2
*4314 4414 *4234 43% *4212 43% *4212 4334 *42% 43% *4138 43%
2133 Aug 284 Dee
No par 24 Mar 3 304 Nov 9
304 3014 3014 3012 3014 3012 3014 3012 3018 3012 29% 30% 37,500 Shell Union Oil
9912 Jan 10614 Nov
100 103 Mar 3 114 July 2
300 Preferred
*107 108 *10718 108 *107 10818 107% 10718 10718 10718 10712 10712
1734 Sept 2634 Jan
10 154 Aug 18 283e Jan 2
1818 1838 8,300 Simms Petroleum
1812 18% 1838 1812 1814 1812 1812 1812 1838 19
No par 283s Oct 15 5412 Jan 4
314 Mar 5414 Nov
31
3012 3078 30
3012 3014 3014 2,100 Simmons Co
31% 3158 3112 3112 31
100 10512 Nov 10 10913 July 2 1004 Jan 10618 Dee
Preferred
*10534 10658 *10534 10658 *10534 10658 *10534 1063* *106 10658 *106 106%
17 Jan 244 Feb
17% 1818 1734 17% 1712 1734 1713 17% 11,300 Sinclair Cons 011 Coro_Ne par 1634 Oct 19 2474 Feb 23
18
1818 1734 18
7834 Jan 9414 Feb
100 90 Mar 30 9912June 24
Preferred
95
9512
*93
*93
96
9512 *93
9512 *93
*93
9414 *93
4 Mar 321: Nov
264
213
374June
28
Mar
30
Co
25
Skelly
011
333
3312
11,300
32%
32%
3234
32%
33
3338
3314
335
8
33% 3334
8014 Mar 1431: Dec
123 129
1,400 Sloss-Sheffield Steel llt Iron 100 103 Apr 12 14212 Aug 10
12714 12834 *123 128 *121 128
*120 124 *121 124
100 92 Apr 15 14712 Feb 2
62 Jan 10918 Dee
126 12812 128 131
124 127
12934 13614 13514 139% 25,300 South Porto Rico Sugar
12518 127
9934 Jan 1134 Dec
100 110 Oct 8 120 Nov 18
11834 11834 119 119
400 Preferred
120 120 *115 121
*114 119 *114 119
25 3014 Oct 25 33 July 19
3114 6,500 Southern Calif Edison
314 3112 3118 3118 31
30% 3058 30% 30% 3034 31
-____
4434 4558 17,600 Southern Dairies cl A_No par 41 Oct 27 5512July 17
4558 46% 4534 4634 4512 474 46
46% 4512 46
No par 1712 Oct 20 3534 Mar 11
14,800 Class B
2318 2134 22% 2018 22
23% 24% 2318 2414 22% 2312 22
131 Dec 24 May
No par 11 June 2 1734 Feb 19
Spear & Co
*11% 1312 *1112 1312 *1112 1313 *1112 1312 •111z 1312 *1112 1312
7814 Dec 92 may
100 72 Apr 20 8212 Jan 13
600 Preferred
80
79
80
80
7912 7912 80
*75
7812 37812 7812 78
151: Feb 3672 Sept
No par 1834 Apr 19 3138 Feb 5
2238 2214 2214 212* 213* 8,500 Spicer Mfg Co
2018 2038 2012 2134 2114 2234 21
92 Apr 108 July
100 101 Jan 12 10512Sept 1
Preferred
*103 106 •10212 106 *10212 106 •10212 106 *10212 106 *10212 106
Oct
4014 Jan 61
55
5514 54% 5514 5412 55
541 548 5414 5412 5378 5438 9,900 Standard Gas & El Co_No par 51 Mar 2 69 Feb 8
5012 Mar 5612 Nov
50 5334 Mar 30 574 Feb 9
*5638 5634 5658 5634 5634 56% 56% 5634 5612 57
5634 5678 2,100 Preferred
62 May 88 Dec
100 6712 Oct 20 9212 Feb 4
*68
70
70
7012 3,800 Standard Milling
68
69
*68
6912 7238 6912 7134 70
81
Jan 8634 Deo
•
100 80 Mar 2 90 Feb 5
*83
87
87
50 Preferred
*83
87
*83
*83
87
*83
87
83
83
5934 60% 268% 58% 58% 59
585o 59
5812 58% 5818 5812 24,800 Standard Oil of Cal new.No par 524May 14 6338Sept 8
38s Mar 47l Feb
42
4212 4112 4238 4112 4212 4112 42
4038 136,300 Standard Oil of New Jersey_25 39 Nov 19 464 Jan 2
4014 413* 39
100 11514 Aug 26 11918May 18 11614 July 119 Feb
116% 11612 11638 11612 117 11714 11718 11738 11718 11714 11718 11714 53,400 Pref non-voting
312 Nov 15 108 Feb 10
558 Aug 16 Jan
312 434
4
4
378 4
*434 5
334 334 3,900 Stand Plate Glass Go__No par
6214 Mar 82 Dec
par 75 Mar 27 92 Nov 16
No
Products
Sterling
90
4,000
91
9018
92
902
90
91
91
91
903
4
907
*8912
55 Mar 9612 Dec
37,100 Stewart-Warn So Corp_No par 61 Nov 4 9278 Jan 2
63% 64
6312 64% 64
6678 6614 6814 6718 59
61 Mar 894 Oct
57
*56
5812 57
1,200 Stromberg Carburetor_No par 5512 Nov 18 7714 Jan 4
5734
5512 5618 57
*56
57
56
56
4114 Jan 684 Nov
50,600 Studeb'rCorp(The) new No par 47 May 18 62 Sept 15
5034 50
49% 5058 50
50% 5"5°53 4912 503* 4918 50
100 11412 Feb 23 12212June 23 112 Mar 125 Sept
*11814 121 *11814 121 *11814 121 •11814 121 *11814 12018 12014 12014
100 Preferred
Oct 12 Mar
3
334 Feb 21
112July 27
No par
218 214
2% 218
*218 214
2
218 4,600 Submarine Boat
2
2
2
218
3818 Nov 434 Nov
No par 3018 Mar 30 414 Jan 4
33% 33% *3212 33% *3212 3338 3314 3314 3134 3278 3158 32
1,200 Sun Oil
64 Feb
2 Dec
5 Nov 1
par
1 July 29
37
No 100
4
414
4
414
4
414
3% 4
3% 4
414 21,800 Superior Oil
20 May 4134, Jan
191: Apr 12 3478Sept 7
*24
*2414 28
28
Superior Steel
*24
27
*2414 28
26
*25
*2334 26
57a Mar 1512 Oct
84 Apr 13 174Sept 13
50
13
*1318 1312 13% 1318 1312 1312 *13
800 Sweets Co of America
1314
13
1312 13
101: Jan 2078 Sept
4 Nov 8 1412 Jan 4
*4% 5
*478 5
5
512 1,100 Symington temp ctfsNo par
434 434 *478 5
434 434
1934 Dec 2614 Sept
1238 1238 1212 1212 1218 1218 12
1218 1134 1238 1238 14
3,200 Class A temp etfa____No par 104 Oct20 204 Feb 4
11 Aug 164 Nov
12
700 Telautograph Corp ___No par 11 Apr 5 1478 Jan 19
1212 •12
12
12
*12
1212
12
1212 12
1212 *12
752 Apr 16 iDee
No par 1034 Oct 19 16 Feb 5
118 113* 1114 1112 3,500 Tenn Copp & C
1114 1112 1138 1113 1158 1158 1158 1158
42$4 Jan 55 Dec
545 55
55
25 48 Mar 30 58 Aug 31
55
5418 5412 5438 5458 7,700 Texas Company (The)
54% 55
545* 55
4718 4778 4714 4814 4714 4814 473 4812 4812 4914 167,100 Texas Gulf Sulphur new No pa' 39 Oct 25 4914 Nov 19
4634 48
8 Aug 2388 Feb
1434 15
1434 1.3
147 15
1418 1458 1438 145* 7,300 Texas Pacific Coal & OIL__ _10 12 Oct 20 1912 Jan 7 I871458 1434
Apr 657 Dec
949 949
31 Texas Pacific Land Trust_100 510 Mar 19 1035 May 27 255
925 925 .920 940 *900 950 *900 930
940 940
3214 Sept 394 340*
2814 *27
*27
28
*28
No par 2714 Mar 31 34 Jan 14
100 The Fair
28
2734 2734 *2758 28
*2734 28
5012Se56
16
4May
7
47
47
*47
4714 47
Thompson
(rIt)
500
4714
47
47
47
Co
421
4714
474 4714
-Dee
4 Sept
2812 28
*2814 2834 28
100 2714 Oct25 3914 Jan 25 161800 Tide Water Oil
2812 2814 28'4
28
*28
2834 *28
Oct
99 Nov 101
N-ov 4 103 Jan 25
*90
9134 *90
_
100
400 Preferred
91
*90
92
894
8912 8912 89
*8913 91
594
Oct
Mar
373
4
Nov
16
3
Bearing_No
par
8538
Mar
783
4
827
78
444
8 8238 8538 823* 8434 x7958 8212 7834 8158 157,900 Timken Roller
78
Jan 10134 Nov
70
10834 10938 10812 109
100 954 Apr 12 1164Sept 22
25,400 Tibacco Products Corp
10712 10814 107 108
1085* 1098 108 109
9318 Jan 1104 Nov
11513 1151z 11534 11578 11514 11514 115 115
100 103 Mar 3 11831:Sept 21
900 Class A
11434 11434
115 115
54 May
312 Sept
512 July 9
418 41
3 Mar 4
428 20,400 Transc't'l Oil tenant newNopar
4
418
4
418
4
4
334 41s
418
2412 Sept 35 Jan
16
17
17
1612 17
17
800 Transue& Williams SO No par 15 Aug 28 27 Jan 28
1738 1738 *1718 1878 •1612 19
384 Mar 6514 Nov
4512 46
4512 46
4814 4814 4814 4834 2,300 Underwriter Typewriter___25 4314 Nov 12 6334 Jan 7
49
4714 4714 48
Oct
Apr 86
36
*44
45
4334 4334 44
4212 4312 424 4318 4012 42
45
2,800 Union Bag & Paper Corp_ _100 35 May 21 7114 Jan 5
9538 06
9514 9618 9412 95'z 9438 9578 9414 0512 943* 951k 16,900 Union Carbide & Carb_No par 77lzMsr29 9612 Nov 12
Oct 438 Feb
33
5213 53
53
535
5334 541,3 5338 54
25 3714 Jan 20 5838Sept 23
52
20,100 Union Oil California
5212 5212 53
94 Dec 134 June
115 11584 11512 11512 115 115
*114 116
100 8414Mar31 1204 Oct 1
114 11412 114 114
1,200 Union Tank Car
100 11314May 22 118 July 12 11314 June 1171e May
11618 11618 11614 11614 *11618 11612 *11618 11612 *11618 11612 *11618 11623
200 Preferred
24 May 387g Max
2512 Jan 21 357 July15
United Alloy Steel_ __No pa
6014 Jan 11512 Nov
25 8318 Feb 4 10934 Aug 17
95
96
-6614 -61
7 - -668 I71-3 -664 -08-1-.6
-- -6-6-1-2 16,200 United Cigar Stores
97
4 95
115
Dee 13314 Dec
June
30
125
1144
Mar
4
100
•122 125 *122 125 *124 128 *12414 125 *12412 125
100 Preferred
125 125
100 134 Mar 30 171 Sept 8 11078 Feb 16212 Oct
16512 16612 x163 165
16234 165
165 166
163 16334 3,900'United Drug
165 165
51
Jan 581g Nov
50 55i2Mar 5 59 July 8
1st Preferred
05634 58
5712 58
5714 3,500
57
5734 5634 5714 5678 57
57
No par 98 Apr 15 120 Nov 1.':
7,400 United Fruit new
11312 11512 *113 115 *11312 115
11414 11423 114 11434 115 120
2 -ii;O
4 -AI; -ill100 17% Oct20 3812Mar 2 -111United Paperboard
•1713 20
*1712 21
*1712 21
*1712 21
*1712 20
*1712 21
: Oct
944 Dee 1031
Universal Pictures 1st pfd 100 90 Mar 8 9712July 8
*9513 0612 *9512 9612 *9512 9612 *96
9612
961 *96
9612 *96
Feb
507
4
26
Dec
283
4
Jan
5
1358
Mar
31
par
_No
Pipe
&
Rad_
Universal
23% 43,700
2278 2338 2212 2214 2214 23
2234 2412 2212 2312 22
65 July 94 Feb
100 52 Mar 30 7912 Nov 17
777
7734 18,400 Preferred
74
7414 7312 737
75
773* 7913 773 788 77
250
Feb
Apr
13114
24812
Aug
3
19
Fdy_100
150
May
Pipe
&
Cast
Iron
US
14,800
212
20712
209 213
214232195* 21478 21612 214 21714 212 217
91 July 113 Aug
100 10014Mar 8 109 July 9
700 Preferred
10578 10612 106 106 *106 107 *106 107 *106 107 *106 107
3018 Feb 6314 Dee
5414 11,200 USDistrlbCOrptemCtfNOPaT 89 Mar 30 6112 Feb 13
53
54
5213 5212 5212 5314 5212 5314 5314 54
53
Jan 494 Oct
23
800 U S Hoff Mach Corp vtcNo par 4574 Jan 2 598 Feb 4
5434 5434 54
*5418 5412 5438 5438 5435 5438 25312 5312
54
Oct
7014 Dec 98
100 4538 Mar 30 82 Sept 17
47,000 US Industrial Alcohol
7734 7953 7712 7938 7778 7938 7758 7912, 7614 7814 7614 78
100 9914 Apr 22 11478 Nov 8 102 Dec 115 June
100 Preferred
1087s 1087*
*10818 112 *108 113 *10818 111 *109 110 1.109 110
Jan
4
par
7174
484
Mar
29
new.No
3,500 US Realty & Impt
5834 59
60
5813 5813 5813 5878 5812 59
59
59781 59
100 5014May 19 884 Jan 23 13-1-2 iv-f-ai -971-2 WO;
53,700 United States Rubber
6234 6338 6158 6258 593* 62
5834 60131 5878 5934 5724 59
9234 Mar 10874 Nov
100 10112Mar 30 109 Jan 19
1st Preferred
500
*107 108 *107 103 *10612 10712 *10612 10712 *10612 10712 10614 107
Deo
Feb 51
30
4,700 US Smelting, Ref & Min_ __50 30 Oct 23 4974 Jan 2
36
37
3612 37
3612 3512 36
3612 3634 *3612 304 36
44
Apr 4914 Dec
50 42 Oct 26 50 Jan 4
600 Preferred
*45
4534 4512 4512 46
4614 4614 4612 46'3
46
46
46
1394
Nov
1123
8
Mar
Aug
17
117
Apr
15
States
Steel
Corp_100
United
1593*
961,100
14738
14912 15138 1495* 15213 15058 15338 14712 15138 14534 14778 14358
100 12412Mar 3 13018-lune 11 12218 May 1264 Jan.
2,900 Preferred
*12712 12838 12778 12838 12734 12838 128 129
129 12918 129 129
5112 Mar 5914 Nov
No par 5612 Jan 4 62 Nov 15
400 U S Tobacco
*6414 67
6578 66
*6512 66
*6414 6613 *6414 67
*6414 67
100 112 Mar 19 11912N0v 11 1053g Apr114 Sept
400 Preferred
119 11912 *11912 __
*119 121
*11912
*11912 ---- *11911 _ _
82 Mar 111 Nov
10 93 Apr 1 116 Nov 13
115 116 *11412 116
11212 1-12-12 1,100 Utah Copper
11534 11534 11112 11412 *114 115
1,800 Utilities Pow & Lt A___No par 2814 Mar 31
No par 29 Mar 3
7,400 Vanadium Corp
No par 4314July 21
3,300 Vick Chemical
Virginia-Caro Chem
No pa
38 Feb 26
No par
9 Oct 20
. -iiii -iii8 123* 1.978 I15-8 -1614 1078 1038 1038 6,600 New
-1014 1e13-4 -itoi.?
No pa
34July 2
3914 ii - -iiT8 ii2
100 314 Oct 14
37I 393* -56i4
41
-14114 -56% -461-4 -io- W-2 - -s-,66 6% pref w I
2,400 7% prof w I
100 83 Oct 15
87
*8612 88
8712 8712 87
88
8912 *8712 88
8718 87
500 Virginia Iron Coal & Coke 100 40 May 15
56
50
*53
55
50
52
50
52
*55
51
50
51
31,600 Vlvaudou (V) new __-_No par 26 Mar 30
3314 3414 33
3214 32% 325* 33
3414 3234 3312 3238 33
300 Preferred
100 9434 Jan 29
104 10434 *104
10314 10314
*102 104 *103 104
____ •10314 105
1,500 Waldorf System
No par 17 Jan 12
2114 2118 2118 2118 2118 *21
2114 21
2114 *21
2114
*21
Walworth Co cgs
*1512 16
.1512 16
No par 1214JUne 2
*1512 1614 *1558 16
*1512 16
*1534 16
99
600,Ward Baking Class A_ _No par 99 June 30
99 *101 120 *100 110 *101 120 *100 120
*85 100
4,82000
0' C
272 275* 2634 275* 2614 2714 26
prlassB
red (100)
27
No pa
21 14 Oct 20
26
27
265* 26
9012 91
Preferred
91
*91
No pa
884 Oct 7
914 90
9012 90
9012 9012 *90
90
4912 47
4912 5012 47% 503* 48
4914 4614 4734 464 4812 65,100 Warner Bros Pictures A_.l0 12 June 11
5514 5514 5512 5534 *55
No par 4378 Apr 15
527s 53
5612 56
5614 55'2 5512 1,100 Warren Bros
1,600 Weber & Hellbr, new c.No par 53 Apr 20
60
*5514 57
58
59
*5912 6134 59
57
58
5538 56
1,800 Western Union Telegraph_ 100 1341:Mar 30
1434 14314
14418 14418 1447 1447s 144 1444 143 143% 14312 144
2,100. Westinghouse Air Brake__ _ 50 10514 Mar 31
129 130
130 13114 12912 130
13114 13114 131 13138 13038 131
5,400 Westinghouse Elm & Mfg_ _ 50 65 May 19
6812 69
69
6838 69% 6834 692* 6814 6812 68
68% 69
1334May 10
700 Weston Elm Instrument
17
*1612 1718 *1612 1634 1612 163* 51618 1612
1612 1634 17
2714 Jan 4
2001 Class A
3212
3212 *32
3212 *32
3212 3218 3214 *32
3212 *32
*32
HI
:Jan 6
*9512
'West
par
9812
Penn
No
9812
*95
97
Elec
al
A
',ft
*95
9812
*95
*95
9838
9812
*95
300, Preferred
100 954May 17
*99 10012 *9958 10018 10018 10018 10014 10014 10012 10012 *99 10012
200 West Penn Power pref._ -100 108 Mar 25
113 113 *11212 115 *11212 114
11334 11334 *113 116
*113 116
lio par 254 Apr 20
900 White Eagle 011
26
26
257* 25% 26
26
255* 253* 25)8 2534 2512 2512
so 5l's Apr 15
5712 5838 5634 5778 56
5614 56% 5612 57
5612 5512 5614 14,100 White Motor
600 White Rock Min Sp otf_No Par 22 Oct22
*2434 25 *24 2434 2412 2412 23 24
*2434 25
25
25
34Ju1y 22
2,009'Wickwire Spencer Steel ctf___
*78
1
78
78
74
1
I
1
1
7s
78
1
5 18 May 17
2214 2112 223* 2078 215* 205* 2114 2018 2034 113,903 Willys-Overland (The)
2014 2114 23
8812
Oct 25
100
1,000
93
93
93
Preferred
92
93
93
92
9
93
923*
9214 93
6 May 20
1,600 Wilson & Co, Inc, new_No par
1018 1018
10
1018 1018 1018 1018 10
10
1018 10
10
May
21
14
r
o
a
5
0
2
2138 2138 21
No
I
v
1.700
207
8
203
4
2114
2114
Clan
A
2078 2114 2114 212
213s
42 May 19
Preferred
6658 6658 661z 6612
6734 6734 6734 6634 67
6814 684 *67
13514May 19
190% 195% 187 19314 18612 19012 131,800,Woolworth Co (F W)
184113 18612 18458 18738 18414 191
1914 Oct 29
100
2013 4,100 Worthington P & M
2238 20
2212 2258 2212 2212 2218 2212 20
2212 23
100 51 Nov 1
*45
50
5014 *45
*45
50
50
5014 *47
Preferred A
*45
50
*45
33% Nov 18
800 Preferred B
*39 40100
40
41
3818 40
40
*39
403 *40
t3E02 41
3012 2,900 Wright Aeronautical-No Par 2412 Mar 30
3218 303 308 3038 314 *304 3114 30
x31
31
31
No par 47 Apr 3
700! Wrigley (Win Jr)
5312 5312 5312 *51% 53
*51% 5312 *5214 5314 5312 5414 *53
25 604 Mar 4
200 Yale & Towne
70
*6912 693
6912 70
69
6912 *69
70*%
5914 6914 *69
2834 275* 2838 27
2734 2538 2718 84,900, Yellow Truck & Coach____100 20 May 24
2718 2714 2634 2834 28
100 9112 Apr 3
200; Preferred
*95 100
*99 100
99
99
*____ 995* 9912 9912 *99 100
8418 3,800 Youngstown Sheet & T_No par 69 May 14
8518 84
8678 84
8634 86
8512 8512 *8512 86% 86
Rs-dividend and ex-rights.
•Rid and asked prime no Woe an this day r Ex-J.Ividend.
*30
30
30
3012
41% 41% 4112 4178
47
48
4718
47
3014 3014
4112 4178
47
474
30
3038
4114 4212
47
4734
*2912 30
2913 30
4114 4112 4118 4114
4618 47
4618 47
37 Feb 15
43 Aug 16
52 Aug 6
178 Jan 15
2512 Feb
n 8
3
158
69 Jan 4
9818 Jan 6
6012 Nov 11
3414 Nov 16
10134 Nov 16
2174 Aug 19
2314 Jan 27
195 Jan 2
8538 Feb 1
11012 Jan 15
6914Sept 15
5724 Oct 28
8512 Jan 13
15772Sept 8
13912Sept 8
794 Feb 10
1912 July 28
321g Oct 7
9812 Oct 28
101 Sept 29
115 Sept 21
2934 Feb 10
90 Feb II
384 Feb 3
338 Jan 6
34 Jan 4
99 Feb 4
1211 Oct 21
23% Oct 21
7312 Oct 28
222 Jan 4
4434 Jan 8
80 Feb 2
65 Feb 24
3934July 18
5934 Feb II
724 Aug 26
3938Sept 8
1071:Sept 2
9514 Aug 9
30 Aug38 Aug
254 May 3434 July
Sept --8-8
Ki-li
--1-1-2
174 Dec 2174 Dec
478 July.
ls Aug
5614 Nov634 Dec
9214 Nov951
: Dee
30 June 46 Dec.
714 Jan 2834 Dec
---- ---.
1978 Jan.
141
: Aug
2114 Dec 2414 Dec
116
Apr 198 Dec
374 Mar 9512 Oct
9412 Feb 112 Der
274 Oct
1714 Dec
:July
43 June 501
: Dee
Apr 1001
51
11614 Jan 1447; Sept
Apr 144 Aug
97
Jae
6614 Mar 84
914 Apr 2011 Aug
1934 Mar We Deo
_-.
---- July
104 - -Jan 111
2512 Aug 3134 Feb
5714 Mar 1044 Aug
: Dec 492s Aug
331
blg May
2 Dec
91e Jan 3474 Nov
7214 Jan 1237; Dec
---- --
11274 -ii; 220
Oct
3514 Aug 7931 Jan
76 Nov 88
Jan
58 Aug 7634 Feb
16 Mar 324 July
251
:Mar 574 Oct
62 Sept 7024 July
224 Oct 4034 Oct
90
Oct 100
Oct
63 Mar 9912 Nov
2634
Jan
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
1 190P the Exchange method of gaoling bonds was Oa Inge,/ and vrizea are now "and interest"--exceys
for Income and defaulted bonds.
tt.
BONDS
Price
Week's
..ange
BONDS
Price
Week's
Range
N.Y.STOCK EXCHANGE
Friday,
Range or
N. Y. STOCK EXCHANGE
Since
Friday.
Range or
Since
Week Ended Nov. 19.
Non. 19.
Last oak
Jan. 1
Week Ended Nov. 19.
Nov. 19,
Last Bale
Jan. 1
U. S. Government,
Bid
Ask Low
High No. Low
High
Bid
Ask Low
High No. Low
High
First Liberty LoanMexican Irrigation 4348._1993 M N
30 Mar'26 31
30
J D 100/432 Sale 10013321001832 374 991942012944
334% of 1932-1947
Assenting a I 4318_ - __ _ _1943 _
333
4
22
Sale
40
3712
4
281
378
4
Cony 4% of 1932-47
J D 100 1008122 1008832 Oct'26
999142011944 Mexico(US)extl 58 of 1899£'45 Ci-.1 50
70
5113 Oct'26
4212 55
Cony 934% of 1932-47
J D 1021132 Sale 102183210218n 319 101 1440299u
Assenting 5.9 of 1899
1945
42 Sale 42
25
42
3413 504
2d cony 434% of 1932-47
J D 1018032 - - 1012242 Oct'26
101341 02144
Assenting 58 large
44 Nov'26
4854
38
Second Liberty LeanAssenting 52 small
3713 May'25
48 of 1927-1942
53 N 100
Sale 1004n 100432
2 9994200"44
Gold deb 48 of 1904
19543 D 28
3912 34 July'26
34
Cony 434% of 1927-1942
274
MN 100142 Sale 1001142100.22 679 100142 101
Assenting 48 of 1904
27% Sale 2714
2814 108
2014 374
Third Liberty LoanAssenting 45 of 1904 small.....
2538 Sept'26
25/
1
4 2538
444% of 1928
MS 101422 Sale 101312 101832 391 10099220119w
Assenting 48 of 1910
.1"-3
-2714
-2734 2558 Aug'26
Fourth Liberty LoanAssenting 914 of 1910 large
____
2712
Sale
2812 13
-3-‘71;
434% of 1933-1938
A 0 1028722 Sale 1023432102842 1089 101"U 03'31
Assenting 45 of 1910 small
23% Sale 234
314
22
2518 99
Treasury 43414
1947-1952 A 0 1058132 Sale 10.58822109
59 1061144 109
Tress 6210'31 assent (large)'33 i"-J 39 Sale 3912
4118 12
3912 524
Treasury 4s
1944-1954 J D 104242 Sale 1041822101"n 41 102183204842
Small
39 Sale 3758
3713 63%
4213 62
Treasury 3Ha
1946-1956 M S 102842 Sale 102132 102832 259 10014302"n Montevideo 78
1952 .1 D 102 Sale 13112 102
98
96 10213
State and City Securities.
Netherlands 65 Mat prices)..1972 M S 1074 Sale 10738 107% 14 10612
110
N Y City-4 5 Corp stock_1960 M S 10012 10078 10078 Nov'26
100 101
30-year external 68 (fiat) 1954 A 0 104 Sale 10358 104
126
1034
10478
434a Corporate stock
1969 M 8 10152
_ 10114 Oct'26
10012 1024 Nortvay 20-year extl 65
1943 F A 10138 Sale 16138 10114 96
9918 10238
4338 Corporate stock
1966 A 0 10158 10218 10178 Oct'26
1004 10238
20-year external 68
1944
F
A
102
Sale 10138 10218 39 100 10214
ilMs Corporate stock
1972 A 0 10178 10214 10158 Oct'26
10034 102
30-year external 65
1952 A 0 10178 Sale 10138 10212 100 100 10212
634s Corporate stock
1971 J D 106 10634 10684 Oct'26
10512 10634
40-year is I 5148 temp
19653 13 9914 Sale 9838
9914 277
9914
95
61.48 Corporate stock_July1967 .1
10478 10632 Oslo(City) 30-years f 68
10534 1J658 10638 Oct'26
1955 M N 102 Sale 1013
24
102
9812 102
6348 Corporate stock
1965J D ____ 10638 10584 Oct'26
8
10634
1045
Panama (Rep) extl 534s
1953 .1 D 10214 Sale 10214 10234 12 1004 103
4348 Corporate stock
1063 M
10534 10638 10558 Nov'26
10412 10658 Peru (Rep of) external 88_1999 A 0 10313 104 1034 104
10 10112 105
4% Corporate stock
1959 M N
9812 Sale 9812
1
Extl sink fd 7345 temp- _1940 MN 10012 Sale 100
98'2
9734 99
10014 41
97 1014
4% Corporate stock
1958 M N 988 988 9884 Sept'26
Poland (Rep of) gold 68
9734 99
1940 A 0 75 Sale 74
36
75
75
61
4% Corporate stock
9778 99
9838 987 9884 Sept'26
Extl sink td g 85
19503
.1
9212
Sale 91
9258 573
8218 9258
6% Corporate *Hock
974 9834 Porto Alegre (City of) 8a
9778 Oct'26
1981 J D 105 Sale 105
7
105
9858
105
6% Corporate stock
1E 11191
974 977s Queensland (State) extl s 175 1941 A 0 113 11312 1131± 114
9778 Oct'26
14 11012 1144
6% Corporate stock
1936 M N
98
99
99 Mar'26 25-year external 68
1997 F A 10412 Sale 10412 105
31 1044 108
% Corporate stock...1957 M N 1054 106 10534 Nov'26 -- 10412 108
Rio Grande do Sul extl s f 83_1946 A 0 10334 Sale 1032± 10418
21
98% 105
% Corporate stock__ _1957 M N 10538 106 10538 Sept'26
10414 1054 Rio de Janeiro 25-yr a f 85.__1996 A 0 103 Sale 103
974 104
1034 19
334% Corporate atk_May 1954 51 N -8914 8934 89 Aug'26 -8734 8912
25-yr exti 8s
1947 A 0 1023, Sale l0l34 10234 34
103
97
334% Corporate stk.Nov 1954 M N 8914 ____ 8912 Oct'26 --884 8912 Rotterdam (city) extl 6s___1964 M N 10412 105 1041± 10514
8 103 107
330 Corporate stock
1955 M N 9612
8814 89
89 Apr'26 _
Sao Paulo(City)8 f 8s
1952 M N 10614 108 1O712 10838 11 10012 1094
New York State Canal Im 40 1961 J J
10213 Oct'26 ---- 101%102': San Paulo (State) ext a f 85..1936 .1 J 104 Sale 104
10434 50 10214 1064
48 Canal
1960 ---- ____
1021, 111212
10212 Aug'26 _
External s f 85 lot recta__ _1950 J .1 105 Sale 10438 106
52 10112 106
441
102 M '26 --_- 10114 1112
1962 -- External water loan Th.__ 1056 M 5 9713 Sale 9612
94
97
9412 974
9a Canal
J
____
10238
1942
Mar'25
J
Santa Fe (Prov Arg Rep) 713_19421M S 9414 Sale 9414
827
95
96
93
4348 Canal'mot
la" fill; Seine (France) exti 7s
102
Apr'26 19421.1 J 95% Sale 9334
9514 388
95/
1
4
84
45 Highway impt reglat'd_ 196
10178 Mar'26
_ 10178 1017s Serbs, Croats & Slovenes 88_1962 MN 9513 Sale 95
958
4
174
97
8712
953
4
Highway improv't 4%a_ -1963
11014 May'26
11014 11102 901880L113 (City) extl 65
1936M N 90 Sale ' 8818
30
90
81
901
/
4
Virginia 2-38
1991
761* Feb.25 ---_
Sweden 20-year 65
1939,3 D 10514 Sale 10538 10512 11 10312 106/
1
4
Foreign Gov't and Municipal's
External 1030 5341;
1959;M NI 10314 Sale
10334 193 10112 1051
/
4
Argentine Govt Pub Wks68.1980 A 0 9814 Sale ' 98
97% 9858 Swiss Confed'n 20-yr 8 f 814_1990 J .1, 11334 11412 10318
9812 42
11334 1134 17 113 1174
Argentine (Nat Govt of) 7e_1927 F A 10014 Sale 10014
10038 33 10111 10218 Switzerland Govt ext 5345_1946 A 0 1031 1 Sale 103
10312 47 10212 106
14
Sink fund 65 of June l925.1959J 1.) 98 Sale 98
96
98% 90
9978 Tokyo City 58 loan of 1912 1952IM S 7412 Sale 1 7412
3
75
77
67
1959 A 0 98 Sale , 977
Extl f (38 of Oct 1925
9814 65
9578 100
Trondhjem (City) extl 63411-1944,3
100 101 1100
6
100
994 10112
Rink fond .:a -Ierlem A . _1957 NI
98 Sale 98
9814 140
9614 101
Upper Austria (Prov) 75
1995!.1 D 1090
23
4 sal
ki
a
l
e
110
9
59
8
13
93
1
90
94
External fls series B._Dec 1958
98 Sale 98
11814 41
9534 99% Uruguay (Republic) esti 88_ .19961F A
8 10712 111
10914
Est]e f 65 of May 26 temp 1960 M N 98 Sale 98
97/
1
4 9978
9814 105
External f 68
1960 M N 9514 Sale 94%
9512 80
1
4 97
94/
Argentine Treasury 58 E
11
1945 M S 8812 Sale i 8812
89
85
9314
Railroad
Australia 30-yr 58.. _July 15 1955 J .1 9738 Sale 9634
9712 217
9618 9912 Ala Gt Sou 1st cons A 58
19431.1
10234 ____ 10278 Nov'26
10172 103%
Austrian (Govt) 5 f 78
10118 Sale 101%
1943 _
10138 50 100 103
Ala Slid 181 guar gold 5a
1928 SIN 10012 102 101112 Sept'26 -- 10018 102
Bavaria (Free State) 6345
95
1945
98
9734 Sale 97
9438 98
Alb & Sum cony 334(2
1946,A 0 8612 ____ 8638 Nov'26
8418 81314
Belgium 25-yr ext s f 748 g_1945 J 1) 110,Sale 11038
11112 133 105 11112 Alleg & West 151 ego 4,
1998-A 0 8518 Sale 8518
8234 86/
851s
1
4
1
20
-years f 88
122 10534 10858 Alleg Val gen guar g 48
10712 Sale 10713
108
1942 M El
9414
94%
1
923
8 96
25-year external 614s
119-19 1Fv1
208
951 1 Salo , 9414
to,
9512
9:,12 Ann Arbor hot g 48 _ _ .July 1995Q .1 7912 8412 7918
80
2
757, 824
1955J J 9078 Sale I 89
External s f (ia
644
91
8112 91
Ateh Top dr 8 Fe-Gen g 48_1995 A 0 93 Sale 9212
93
27
894 94
External 30-year s I 7s_ _1955
9858 Sale 977
99
866
91% 99
Registered
jA 0
9172
8818 914
9178 137
Stabilization ion 7s
t43
5(51 i .
194
9834 Sale 977
9414 99
09 1386
A dpistment gold 45_ July 19115; Nov 873 8812 88
8812
8
8434 88/
1
4
Bergen (Norway) a f 38
3 11214 115
_ 11234 11234 1127a
Registered
INov 8413 ____ 8734 Sept'26
_
,
8734 873
25-year sinking fund 65_1949 A 0 100 Sale 9934 10212 12
98 10212
Stamped
July 1995 M N 8738 8734 8738
877s
8412 89
5
Berlin (Germany) 633s
1980 A 0 9738 Sale I 967s
8.515 9 34
9784 298
Registered
N
85
Sept'26
IM
834 85
Bogota (City) ext'l 8 f 8s_.1945 A 0 10234 Sale 10214
Mks 104
10234 17
Cony gold 45 1909
19553 13 8858 89
89
89
1
4
84/
1
4 89/
Bolivia (Republic. of) 88_ _ _1947 M N 10312 Sale 103
9412 10418
10334 70
Cone 43 1905
19 5 J 13 8858 89
8838
8838
844 8972
Bordeaux (City of) 15-yr 65_1934 /81 N 9212 Sale I 911.1
81 14 92%
9272 131
Conv g 4a none of 1910
1960IJ 13 8434 8531 87 Nav.20
8312 87114
Brazil(U Sot) external 88_ __1941 J D 10438 Sale 10414
10012
105
47
1044
East Okla Div Isle 4s
1928,111 S 99 Sale 99
4
99
98% ii10
External a f 6340 of 1926 1957 AG 89 Sale I 884
89
90
Rocky Mtn Div 1st 45
8912 193
1
196513 J 8938 ____ 9012
9012
8612 9012
72 (Central Railway)
1952 J
8918 9612
95
81
95 Sale 9412
Trans-Con Short L let 48.195813 .1 9018 91
90%
3
91
92
88
7145(coffee Hecur) E (flat) 1952 A0
10 103% 108
Cal-Ariz 1st & ref 4348 A._1962 M S 973 Sale 9714
8
9734
9474 99/
1
4
Bremen (State of) ext'l 72.-1935 51 N 1053
9.1 4 Sale 10
9212 10234 All Knoxv & Nor 1st g 58_ -19461.1 0 10418
°6
134 10
°00
2638
14 104
10312
Apr'26
10313 103/
1
4
Buenos Aires (City) extl 61481955 J J 100 Sale I 9934
29
9714 10134 At!& Chart A List A 4Siti 1994'.1
9734 ____ 9734 Oct'26
96/
1
4 98/
1
4
Canada (Dominion of) 5a_ _ .1931 AO 10118 Sale 101
10034 10318
10112
1st 30-year 58 merles B.__ .19443 .1 10312 10312
3
10312
102
/
1
4
1004
10-year 53481929 F A 10178 Sale 10158 10178 37 10118 103% Atlantic City 1st cons 4s_
1951,12 J 8312 87
8312 July'25
58
1952 MN 10434 Sale 10414
10414 58 102 10558 A tl Coast Line 1st cons 4,July '521M 13 937 Sale 933
9412 22
i
434s
9712 99
9778 Sale .9713
26
1936 FA
98
10-year secured 78
1930 M N 10512 10578 10512 10512
1 105 107
Carlsbad (City) a f 85
1954 .1 J 10412 105 10458 105
37 wit4 105
General unified 4 145
1964.1 D 9812 9878 9814
3
9814
9334 98/
1
4
Chile (Republic) ext'l s f 88_1941 FA 10812 Sale 108
10812 16 10714 10984
L & N coil gold 48.....0et 1952 M N 914 924 9138
92% 28
90
94/
1
4
20-year external 78
1942 MN 100 Sale 100
10012 71 100 10212 Atl & Danv lat g 48
I948,J .1 7912 Sale 794
35, 76
81
82/
1
4
25-year sinking fund 88
1946 MN 10812 Sale 10814
10858 13 107 109%
2,1 4a
1998!.1 J 7012 Sale 697
7012 16
65
Me
External sinking fund 641 _1960 A (3 9314 Sale 9314
934 93/8 All es Yad 1st g guar 4s___ _1949:A 0 8134 823 8214
9328 136
4
8214
764 83
Chile Mtge Bk 6145 June 30 1957 .11) 96 Sale 9514
9434 9812 Austin & NW 1st gu g 5s. _ _1941 .1 .1 102 ____ 10212 Nov'26
9614 123
1004
10312
S I 6245 of 1926_ _June 30 1961 .11) 0712 Sale 9714
9658
62
9728
9912
Chinese(Hukuang Ry)59__ _1951 3D 2814 Sale 2814
2814 4878 Balt & Ohio 151K 48____July 1948IA 0 93 Sale 9212
2912 16
93
62
8914 93
Christiania (Oslo) 30-yr at 621954 11.1 5 10034 Sale 10034 101
5
99 10212
July 1948 Q
Registered
9112 ____ 9112
2
9112
8835 9112
Cologne(City) Germany614111950 MS 9712 Sale 9614
93
102
91
98
1933M S 97 Sale 964
20-year cony 4348
123
97
94
9854
Colombia(Republic)634s
1927 AO 10018 Sale 10018
10014
5
Registered
IM S
9934 101
9638
Nov'26
884 96318
Dept of Antioquia 75 A. 1945 J J
9312 Sale 93
93
9334
Refund & gen be series A.-1995 J D 100 Sale 99% 100
9384 25
163
9313 100
External s f 7s ser H. _1945 J J 9314 Sale 93
93
9314
1948 A 0 10458 10478 10418 1094 59 10218 105
let g 58
9314 43
Copenhagen 25-year at 5348_1944 33 9914 Sale 9918
9814 101
1929
19-year 68
99% 61
.1 1024 Sale 10234 103
49 1024 104
Cordoba (Prey) Argentina 781942
9812 Sale 9812
9534 9812
2
19553 D 19784 Sale 10712 108
Ref & gentle aeries u
9812
110 104 109
Cuba ISs of 1904
1949
10112 Sale 10112 10112 23
98 102
PLE& W Va Sys ref 443-1991 MN 9238 9234 9214
9'212 95' We 994
External 58 of 1914 ger A.1949 FA
08 111214
10114
1
10114
19503
Southw Div 1,1 55
10114 Sale 10138 10178 167
98 102
External loan 4y4s
1949 F A 9214 93
92
8834 111118
92
8
Tol & Cin Div 1st ref 98 A -I9.59 J .1 813 Sale 8112
34
82
744 82
Sinking fund 5345
1953 • J 10212 Sale 10212 103
35 10013 103
993 Sale 9938
Ref & gen 58 series 13._2000 M
279
997
8
99%
97%
Csechoalovakta(Rep of) 8&.195i A 0 10414 Sale 103
9934 10.14 Battle Crk & Stur 1st gu 38-1989 J D 628 6412 6212 Oct'26
10414 66
65%
61
Sinking good 85 ser B
1952 A 0 10334 Sale 10212 104
104
9934 104
Beech Creek Ist gu g 43-1936 J .1 0432 9612 9434 Oct'26
9574
93
External s 7 S4 a series A 1945 A 0 104 Bale 10258 10412 183
954 10412
Registered
.1 D 9418 ____ 94 Aug'26
94
94
panish Cons Munich)88 A 1946 F A 11114 Sale 11114
11112
6 10812 11214 Beech Crk Ext 1St g 3lis.....1951 A 0 9438 9612 9
83
134
9
83
134
4
2
83
80
&Mee B f 88
1946 F A 11112 Sale 111% 1111
/
4
6 1094 112
19443 D 92
Big Sandy 1,1 48
894
013
4
Denmark 20-year 65
1942 J J 104 Sale 10314
102
10434
72
10434
Bost & N Y Air Line let 911-1955 F A 80 Sale 7713
79
12
727
8
794
Dept of Caldas(Colombia)7348'96
14 Ela
....1e. 98
14
9814 111
9512 99
Bruns & W 1st go gold 4s
1938
9558 97
9314 Sept'26 - - -934 954
Aj
Dominican Rep Con Adm Sf 58'58
10214 Oct'26
10112 10512 Buffalo R & P gen gold 55-1937 M
10234 10313 1023 Oct'26 -- 10172
10312
Custom Administr'n 5148_1942 M S 9712 Sale 97%
934 9914
9714 16
Congo! 43444
1967MN 9314 Sale 9238
9312 39
8712 9312
Dresden (City) external 78._1945 M N 10014 Sale 99% 10012 65
9214 101
Registered
M N 88
90
8818 Oct'26 -874
884
Dutch East Indies extl 6s_ _1947 .1 J 10414 Sale 104
104% 96 10334 1064 Burl C R & Nor 1st 5a
1934* 0 100
43
14 1_0_3_,8_ 10
00
41
4 No138
0
'
4236
410.04 111153
40-year 642
1962 M 8 10312 Sale 10312 10434 63 10312 10612 (:anada Sou cons gu A 5s__ _ _1962 A 0
10228 111504
30-year external 6S4a
10214 16 10113 10418 Canadian Nat 434s_Sept 15 195453 S 943 Sale 9413
1953 M 8 102 Sale 102
0434 11
9314 9514
30-year external 541
10314 25 102 10514
5-year gold 4348. _Feb 15 1930 F A 99
1953 51 N 102 10212 1024
9914 99
9914 28
98
9912
El Salvador (Repub) 85
10714 15 103 10914 Canadian North deb s f 78..19403 0 11534 Sale 11534
1948 J 3 10714 Sale 10634
116
9 11452 11714
8434 9012
Finland (Republic) extl 641_1945 MS 9034 Salo 8912
9014 89
s
f
deb
19463
20-year
6148
11712 11812 11712 11712
3 1164 1184
9412 100
External sink fund 78
9934 85
1950 M S 99% Sale 9914
10-yr gold 4348___Feb 15 1935 F A 98 Sale 9734
98
9
964 984
94
9458 Canadian Pac Ry 414deb stock__ J
Externals f6345
9958 66
944 94
1956 MS 94
8314 Sale 8518
8512 47
8012 87
8914 9412 Carb & Shaw 1st gold 4a.___1932 M S 95
0414 40
Finnish Mun Loan 6345 A 1954 A 0 9414 Sale 9358
96
944 July'26
9414
94
8914 95
9414 39
External 8541 series 13---1994 A 0 9418 Sale 9358
Caro Cent tst cons g 42
19493 D
1_0_3_1i 84% Nov'26
81% 844
9811 107- Caro Clinch & 0 tat 3-yr 55_1938
French Repub 25-yr ext'l 814.1945 M S 10714 Sale 0634 10712 182
D 10
9238
4'8
102% Oct'26
10374
1014
9212 10214
D 102 Sale 0034 10214 498
20-year external loan 7348_1941
1st & con g 68 series A
1952 J D 19738 10734 10834 10738
19 10634 1094
8618 9712 Cart & Ad 1st 511 if 48
9712 1298
External 78 of 1924
1949 J ID 9738 Sale 9534
19813 D 8858 90
8818 Oct'26 - - - 814 90
10538 297 10118 105% Cent Branch U P 1st g 45. _ 1948 .1 D
German Republic ext'l 7a_ _1949 A 0 10514 Sale 0518
794 84/
1
4
94 10014 Central of Ga 1st g 5s_Nov 1945 F A 10
100
46
German Cent Agric Bank 75_1950 M S 9934 Sale 9934
94
3 9
10
a5
le12 10
9312 Nov
9.3
2
6
-_3
_ 10318 106
96% 118113
10012 18
Graz (Municipality) 88
1954 M N 10012 Sale 00
Consol gold Se
1945 M N 1037 Sale 10314 1037s
10212
1043
4
3
10314
10612
105
3
8
178
fat Brit & irel(UK of) 5%9.1937 F A 10434 Sale 095s
Reglidered
M N 100 102 10138 Feb.26 -- 1011
/
4 1011
/
4
5 11718 119
1734 11734
10-year cony 53431
10-year seeured 68. _June 1929 .1 D 10
1929 F A 11778 118
04
23
34Sale
10
102% 103
16 102% 10374
9278 103
103
84
Greater Prague(City)7345__1952 M N 10284 Sale 0218
Ref & gen 534a series B..1959 A 0
105
1
105
84
9112
9112 48
9112 Sale 9014
Greek Government 78
Chatt Div our money g 98_1951 .1 D 8678 8812 8618 Oct'26 -- - - 10178 10614
1964 151 N
81114 8831
9812 73
9534 9954
Haiti (Republic) 1 1238
Mae & Nor Div 1.1K 5s...1948 .1 J 100 103 1021 Sept'26 - - 1952 A 0 9814 Sale 9814
100 11134
96Ia
11.313
16
10312
J
10212
10318
10912
Moblie Division 58
Heidelberg (Germany) ext 73050
1946 .1 J 102 10213 102
Oct'26 -- 10132 102
84/
1
4 100
Hungarian Mimic Loan 7(4s.1946
971s 65
Cent New Eng 1st gu
.1 9678 Sale 9634
.1 J 76
77
7614
77
77
16
68
934 102
10033 105
Hungary (Kingd of) 2 f 730.1944 F A 100 Sale 100
Central Ohio reorg 430_ __ _1930 M S 984
99
Oct'26 -9812 994
Ind Bank of Japan 6% notee.1927 F A 10012 Sale 10014
9934 1907, Central RR of Gs coil g 56_1937 M N 10012 Sale 10014
1004 63
98% 10134
10012 28
8818 9434 Central of NJ gen gold 52._ _1987 J
9212 1454
Italy (Kingdom of) ext'l 713._1951
924 Sale 9134
111 11212 111
1 108% 113
111
Japanese Govt loan 4s____1931
9012 169 18358 9013
J 9038 Sale 90
Registered
1987 Q J 10038
10832 1114
9218 10 18 Cent Pac 1st ref gu g 48...A949 F A 9178 Sale 1091: Nov'26 -30-year • f 630
10014 564
1954 F A 100 Sale 99%
884 93/
32
1
4
92
I 9134
Oriental Development 68_1953 M 9 944 Sale 9312
94%
85
9458 248
Registered
. F A 89
____ 90 Sept'26 - - -90
on
95
67
Leipzig (Germany)at 75
Ols
Mtge guar geld 348...Aug 1929 J D 9712
9934 Sale 9913 100
1947 F A
9644 9712
9712
9712
1
Lyons (City of) 15-year 643_1934 M N 9214 Sale 91%
81 15 9212
9212 190
Through St L 1st gu 443_1954 A 0 8912 90 I 8912 Nov'26
87
90
RI'. 927s
Wity of) 15-yr 621_1934 M N 924 Sale 913
Cluarantee4 a As
, 9278 107
1980 F A 10134 Sale 10132 10134 -974 DU
78
41,b..=•-.1 'Option eala
t
t
2635
New York Bond Record -Continued-Page Z
BONDS
N.Y.STOCK EXCHANGE
• Week Ended,Nov. 19.
Price
Friday,
Nov. 19.
Veers
Range or
Lag Sale
b
High No,
Ask Low
Bid
Charleston & Savannah 5s__1936 J J 11774 -- 11812 Oct'26
10078 17
Ches & Ohio fund & Impt 1e_1929 J J 1004 Sale 10014
6
1939 MN 10414 Sale 10378 10414
1st consol gold 58
10212 Oct'26 1939 MN
Registered
1992 MS 9714 Bale 9678
9774 96
General gold 4149
1992 MS - - -- 9478 Oct'26
Registered
1930 FA
9914 76
9914 Sale 9918
20-year cony 448
10012 Sept'26 1946 .1 .1 10018
ba
g
1st
Valley
Craig
4 Aug'26 ---1
Potts Creek Branch 1st 01_1946 J .1 8474' 8778 86/
8714 Nov'26 ---8474 88
R & A Div 1st eon g 45_ 1989
4 8412 Oct'26 ---1
8478 86/
1989
2d consol gold 4s
10014
5
Warm Springs V 1st g 55_ _1941 MS 9912 10112 10014
6
1949 AO 71% Sale 7014
7178
-Chic & Alton RR ref g 35
6814 Oct'26 _--Ctf dep stpd Apr 1926 Int_ _
1950
6112 40
6112 Sale 6014
Railway first lien 31-48.
5812 45
59% Sale 5814
Cite dep Jan '23 & sub cows
8
8678
ChM Burl & Q-Ill Div 3J-56_1949 ii 8614 --- 8678
8412 Feb'26
J J ____
Registered
6
1949 J J 93% 9412 9418
9414
Illinois Division 45
1927 MN 9978 9974 9978 Nov'26 ---Nebraska Extension 4s
MN 9878 _ _ _ _ 9912 Mar'26 ---Registered
1958 M
9312 Sale 933
934 19
General 45
9218 Mar'26 M
Registered
1971 FA 10712 Sale 10614
10712 15
1st & ref 55 series A
Chicago dr East Ill 1st 65_..1934 AO 106 10712 10512 Oct'26
8174 423
-0 de Ill Ry (new co) gen 55..1951 MN 80 Sale 80
6
1982 MN 106% Sale 10612 1067
Chic & Erie 1st gold 55
604 267
Chicago Great West 1st 45..1959 MS 6914 Sale 6012
-Chic Ind & Louisv-Ref 65_1947 3,
1947 3,
Refunding gold bs
Refunding 45 Series C_-._1947 J
1966 M
General Ea A
May 1966 33
General 65 B
Chic Ind & Sou 50-year 45_ _1956 J
-Chic L & Emit 1st 4%Fs_ _ _1969 JD
M & Puget Sd 1st gu 45_ _ -1949 .1
U S Tr certifs of deposit__ _ _ _ _
-Ch M & St P gen g 45 Ser A..e19891-3
Registered
Q J
General gold 3J/5 ser B...81989 J 3
Gen 41-45 Series C__ _May 1989 J
Registered
Gen & ref series A 434s..a2014 * 0
Guar Tr certifs of deposit__ _
Gen ref cony ser B 55___a2014 VA
Guar Tr eertifs of deposit.. _
1934 Ii
15t see 68
1932 J D
Debenture 4345
Bankers Tr certife of deposit
1925 JD
Debenture 45
US Mtge & Tr ctfs of del11934 Ii
25-year debenture 45
Farm L & Tr (Cs of deP--•
Chic & Mo Riv Div 5s...1026
-Chic & N'west gen g 31.4s...1987 MN
Q F
Registered.....
_1987 MN
General 45 _ _..... .
Registered
Q F
Stpd 45 non-p Fed in tax '87 M
Gen 445stpd Fed Inc tax.1987 MN
._1987 MN
General 58 stamped
Sinking fund 65_ _ _ 1879-1929 AO
AO
Registered
1879-1929 AO
Sinking fund bs
1879-1929 * 0
Registered
Sinking fund deb bs
1933 MN
MN
Registered
10-year secured 75 g
1930 J D
15-year secured 63556-1938 MS
May 2037 J D
1st els ref g 5s
3
-ChIeR I & P-Ratiway gen 451988
'
Registered
J J
_____,_1934 AO
Refunding gold
AO
Registered
Range
Since
Jan. 1
Low
High
11812 11812
10014 10174
10278 10578
10114 10314
92
9774
933 94%
977 997k
10018 10284
88
83
8574 88%
8278 8712
9824 102
717
65
70
64
5178 6112
5924
51
8374 87
8412 8474
9178 941/
9674 10014
994 9912
9078 9374
9118 92%
10278 10712
10378 10712
73/
4 8174
1
10158 1067s
6418 707
1
11312 Bale 11312 113'2
4 10414 104
/
Oct'26 ---1031
_ 9078 Sept'26
9078
98% 9914 9914 Nov'26
107 10774 10678 10678
7
8978 ____ 9014 Aug'26
9614 _ _
4 Nov'26 --/
971
64
58
55 Sale 5378
5512 325
5512 Sale 5314
85% 42
85% Sale 847
81 Sept'26 ---4 77
1
75/
7374 Oct'26 ---9512 21
9512 Bale 94
9274
95
9274
6
96
175
58
58 Sale 558
5714 Sale 55
5788 247
5614 45
56 Sale 55
424
56 Sale 5174
56
10412 Sale 10418 104% 58
5874 211
5674 Bale 5478
195
57
5614 Sale 5414
5612 112
5614 Sale 5414
5612 Sale 547
252
58
58
26
5614 Sale 5414
5614 Sale 54 8
5614 113
9918 _ _ _ _ 9912 June'26
4
76
76
7678 79
7414 _ _ _ _ 7412 July'26 ---88' 891 8812
8874 14
88
87 Aug'26
8874
8874
6
10312 6;1;- 10318
1037 183
107 107% 10614
10614
1
10412 Sale 103
103
21
10274 Sept'26
10114
10114
3
10114
101
Oct'26
10112 10275 101% 101%
5
10114 Aug'26
10612 107 10612 107
17
12
11174 Sale 11112 112
10212 18
102% 103 10218
8778 44
8774 Sale 8775
8514 874 847 Oct'26 ---9214 281
92 Sale 918
8988 Aug'26 ----
• Ch St L & N 0 Mem Div 45.1951 J O
St L & P 1st cons g 59___ _1932 AO
Chic St PM & 0 cons 65._1930 J D
Cons 6s reduced to 3145_ _1930 J D
1930 M
Debenture bs
Stamped
Chic T B& So East 1st 5s..1960 3D
Inc gu bs
Dec 1 1960 M
Chic Un Sta'n 1st gu 41.45 A-1963 J O
1st bs series B
1963 3 .1
Guaranteed g Se
1944 3D
let 6 s series C
1963 J 1
Chic & West Ind gen g 65....p1932 Q SI
Consol 50-year 45
1952 .1
1st ref 51-0 ser A
1962 MS
-Choc Okla & Gulf cons 55...1952 MN
• Chi H & D 2d gold 4 SU_ _1937 J J
0 St L & C 1st g 45_ _ _Aug 1936 Q F
Aug 1936 Q F
.Registered
•Cin Leb & Nor gu 45 g
1942 MN
'Gin S ds CI cons 1st g 55.....1928
1
894
8912
8914 _
Oct'26 ---101
101%
5
10314
10314 103% 10314
9414 _ _ _ _ 95 Nov'26 ---99
9912 994 Nov'26 _-__
Oct'26
99 10018 99
310
93
4 Sale 0112
1
92/
185
87
8612 Sale 8312
9788 16
9774 97% 0712
104 10574 0512 10512 17
10418 14
4 10414 102
/
1021
5
11874
11874 Sale 1814
10574 Sept'26
105
88,
87
8674 Sale 884
10478 501
10414 Sale 04
2
10414
10378 10412 0414
971
4 9712 9718 Nov'26 ____
/
9574 10
9554 Sale 9574
9212
9314 July'26
00'26 _ _ _
8974 - - 91
9974 ---- 10012 Nov'26 ____
Cleve Cin Ch & St L gen 48.1993 JD
20-year deb 415s
1931'3
General 58 Series B
D
1993
.Ref & impt 68 series A...1929 J J
65 series C
1941'3
58 series D
1963 J
Cairo Div 1st gold 45.. _1939• J
Cln W & M Div 1st g 414_1991 J J
Bt L Div 1st coil tr g g 4s_ _1890 MN
Registered
MN
8pr & Col Div 1st g 45_ -1940 MS
WW Val Div 1st g 4s_ -_1940 J
-0 C C & lads eons g 65___1934 J J
•Cley Lor & W con 1st g 55..1933 AO
Cleve & Mahon Val g 68....1938 J J
1935 MN
Cl & Mar lot gu g 445
Cleve & P gen gu 4I4s ser B-1942 A0
3
Series 41/5
'
1942
Series C 345
1948 MN
1950 FA
Series D 3SO
Cleve Shor Line 1st gu 4348_1961 *0
Cleve Union Term 5S45-_-.1972 * 0
1973 * 0
1st 5 f 5s ser 1.1
1945 J o
-Coal River Ry 1st gu 45_
Colorado & South 1st g 45..1929 FA
.Refunding & exten 4Sis_ _1935 MN
1948 A 0
Col & H V 1st ext g 49
1955 FA
•Col & Tol 1st ext 45
Conn & Passum Itiv 1st 48-1943 A 0
1930 F •
Consol Ry deb 45
1954 J J
Non-cony 45
J
Registered
Non-cony debenture 49-1955 J J
Non-cony debenture 4s_ -.1956 J
Cuba RR 1st 50-year bs g---1952 J
1936 J D
lst, ref 714s
1936 J O
1st Ken & re( lis ser B
Cuba Northern Ry 1st 6s...1966 J J
7
8874
874
9912 Nov'26 -_-10
104
104
10278 10278 15
1064 Nov'26
7
10312
10334
9312
1
9312
Oct'26 ____
85
87% 13
8775
8314 Feb'26
9112 Oct'26 ____
9118 93
8112 May'26
9212 _
10478 107 1075 Nov'26 ____
10112 10212 10114 Sept'26 ____
99% Sept'26 ____
9912
98
9974 9874 Nov'26
9918 Aug'26
10112 Mar'26
8514 Oct'26
8512
8412
4 Sept'26 ____
1
84/
70
101
10014 Sale 987
8
10778 108% 10712 10774
10412 Sale 103/
4 10412 68
1
8812 _ _ _ _ 8878 July'26 ____
9978 10
9914 Sale 9914
15
97
9674 Sale 96%
8918 9212 90 Aug'26
8974
8954 Sale 8974
2
3
88
88
_
9212
9312 Oct'26
69
68 Nov'26 ____
73
70 Sept'26 ____
Oct'26 ____
13a
71
72
Oct'26
69
73
72
9512 18
94% 9512 9412
10878 Sale 0812 10814 11
4
994
9912 Sale 99
984 9734
98
984 24
8874 Sale
9912 99%
104 Sale
10278 Sale
10612 107
10312 104
934 94
8512 _ _
87% Sale
IDS'Jen. b Due Yob. e Due May. p Due Deo. 8 Option sale
11078 11312
101 101
7958 9038
92
9974
1034 10874
8312 92
95
4
/
971
53
47
4578 5512
8175 87
81
81
7014 7434
9078 9512
91
9274
4814 58
4714 5778
4712 5614
47
5614
102 106
5674
47
4674 57
4578 5612
4678 58
4712 56
47
5614
9812 997
7478 79
7412 7412
8558 8912
8614 87
8578 8914
10114 1037
103 10875
10112 10578
10274 I0374
10012 10318
10012 101
100 10212
10114 10114
10614 10818
11114 11412
9985 10414
88
85
8334 8512
874 9214
8814 9012
Price
Friday,
Nov. 19.
BONDS
N.Y.EITOCH EXCHANGE
Week Ended Nov. 19.
Day & Mich 1st cons4 SO_ _1931 J J
N
Del& Hudson lat & ref 45__ _1943
1935 AC
30-year cony bs
1937 MN
15-year 5SSs
1930 J D
10-year secured 7s
D RR & Bdge 1st gu 45 g__ _1936 FA
3
'
Den & R G-1st cons g 45_1936
3
'
1936
Consol gold 4(45
Improvement gold 53- - _1928 J D
Den & R G West gen 5s_Aug 1955 MN
3
'
Des M & Ft D 1st gu 4s_ _ _1935
Temporary ctfs of deposit_ _-Des Plaines Val 1st 4Sis_ __ _1947 MS
Det & Mack-let lien g 48_1995 J D
1995 J D
Gold 48
Detroit River Tunnel 434s,,.1961 MN
3
'
Dul Missabe & Nor gen 55-1941
1937 * 0
Dul & Iron Range 1st 5s
3
'
g bs_ _ _1937
Dul Sou Shore &
Feek's
Range or
Lass Sale
Rangs
Sines
Jan. 1
11
Ask Low
High No,
Bfd
2
9812
9814 _ _ 9812
9412 86
9414 Sale 94
17
4 Sale 11518 116
/
1151
3
104%
104 10414 104
6
10714 10774 10714 107%
9412
95 Apr'26
9178'Ho
9118 Sale 9078
10
95
95
9412 95
8
9974
9912 9974 9912
7574 572
7514 Sale 7454
39 Sept'26
41
34
37
35
3674 Nov'26
_ _ 9674 Aug'26
93%
2
75
7014 75
70
4
65
65
67% 65
1
96%
9612 9712 96%
____ 10312 Oct'26
104
3
10212 10378 10212 10212
4
75
8274 8214
8212
H42
Low
9778 9812
9032 95
k0818 12278
102% 10814
107 1104
9414 95
8532 9138
95
89
9512 100
7574
62
4712
39
3332 47
gm, 6614
75
70
65
65
94% 984
1034 10434
10112 1034
8114 9012
93
91 Sept'26
East Ry Minn Nor Div 1st 4s_'48 A0 91
4
East T Va & Ga Div g bs._ _1930 J J 10074 Sale 10074 1004
2
10618
1956 MN 106 10612 106
Cons 1st gold 55
Elgin Joliet & East let g 55_1941 MN 10114 10212 10112 Oct'26
3
104%
10474
1044
A0
1965
5s
1st
W
Ei
&
El Paso
Erie 1st consol gold 75 ext..1930 MS 10712 10774 10818 Nov'26
4
1
804 52
8078 Sale 79/
1996 J
1st cons g 45 prior
3 76% 7912 7724 Oct'26
'
1997
Registered
7218 90
1996 J J 72 Sale 7154
1st consol gen lien g 45
Oct'26
68
1996 ii
Registered
Sale 9712 9712 6
Penn coil trust gold 4s....1951 P A
7714 15
50-year cony 413 series A 1953 AO 7714 Sale 7674
45
1953 AO 77 Bale 7674
77
Series B
8214 309
1953 A0 81 Sale 81
Gen cony 48 series D
7
Erie & Jersey 1st f 65._ _19553' 111% Sale 11118 11178
5
11114
Genesee River 1st s f 55_1957• J 11114 Sale 111
89 June'26
1940• J 8814 91
Erie & Pitts gu g 330 B
1940 3, 8814 91
8834 Sept'26
SerlesC3is
9414 309
1954 MN 9374 Sale 9212
Est RR extl sf78
Fla Cent & Penn 1st tat g 55_1930 J J
1943J J
Consol gold 55
Florida East Coast let 4(4a.1959.' D
1971 M S
1st & ref 5s series A
Fonda Johna & Glov 4Sis _1952 MN
1941 .1 J
Fort St U D Co 1st g 4%s
Ft W & Den C 1st g 5SO_ _ _1961 J D
Ft Worth & Rlo Gr 1st g 45_ -1928 J J
1933 A 0
Frem Elk & Mo Val 1st 6s
10012 101 10012 Nov'26
7
101
101
10114
1
98
98
9818 98
9974 188
9912 Bale 98
21
60
60 Sale 5818
9314 9514 9014 Dec'25
10514 - - -- 1064 Sept'26
10
971
974
9778 98
10712 109 10712 Nov'26
GH&SAM&PIst 5s___1931 MN
J
1931
2d extens 55 guar
Galv Holm & Rend 1st 58_ _1933 AO
Ga & Ala Ry let cons 58.0et 1945 J J
Ga Caro & Nor 1st gu g 55_ _1929 3,
1946 AO
Georgia Midland let 35
Gr R& I ext 1st go g 4149_1941 J J
Grand Trunk of Can deb 75.1940 * 0
1936 M S
15-year 5 f 68
Grays Point Term 1st U....1947 J O
Great Nor gen 75 series A-.1936 J
J
Registered
let & ref 4(48 series A_ __ _1961 J
1952 J J
General 5 .--Sts series B
1973 J J
General 55 series C
.• 1
1976
General 4,-Ss series D
Green Bay & West deb ctfs A_ _ _ _ Feb
Feb
Debentures Ws B
Greenbrier Ry 1st gu 45_ _ _ _1940 MN
Gulf Mob & Nor 1st 5 Sis_ _ _1950 AO
5s _51952 33
Gulf & S I 1st ref & t
3
10012 Bale 1004 1001
6
100 10012 10012 1001
9714 9712 97 Nov'26
9834 9812 984 Nov'26
1001
2
10014 Sale 10014
72 Nov'26
7218 73
Sept'26
9678 _ - 97
11512 116 11578 11574 20
10678 Sale 106% 107'2 33
4
/
941
- - 9512 Oct'26
162
11374 Sale 1134 114
11318 Apr'26
Nov'26
-iiTs
107': 32
10712 Sale 19068744
36
10234 103 10212 103
216
94
4
1
94 Sale 93/
6
2,
1:2
O0
3,2 N
24
23,2 8
2214
9178 ____ 9114 July'26
____ 10412 Nov'26
105
10
107
10512 ____ 107
98
98
973 98
Hocking Val 1st eons g 4 Sls_1999 J
1999 J
Registered
2 6
_1037
v:2
_
oY
_
ia
98
8 NN
9918 90
55_
g
MN
cons
Housatonic Sty
10014 Oct'26
1937 J J 10174 _
FIL & T C 1st g int guar
Mar'26
10174
____
4
1017
MN
1930
65
1st
W
N
&
Waco
8674 9012
Houston Belt & Term 18t 68-1937 J J
101 102
ift:26
01'4 N
08
10278 10412 Houston E & W Tex 1st g 55-1933 MN 10018 10012 19
4
,6
82
'
9
2 Nov
18
7,
1933 MN I003s
00
1st guar 55 red
9814 - - - - 19
4 95
/
941
Sale
Hud & Manhat 58 series A..1957 P A
9814 101
214 Apr'26
97
8
FA
Registered
9812 10014
93
77
Adjustment Income bs Feb 1957 * 0 8212 Sale
76% 87
_ 9374 Oct'26
3 9312
'
Illinois Central 18t gold 4s......1951
944 98
1951 J 1 91 -66 93 Mar'26
Registered
101 1057s
1951
3 8C2_ 91 Sept'26
'
1st gold 31-/s
4
/
100 1011
84 -69- 8274 Jan'25
J
Registered
11578 11914
87 Sept'26
Extended 1st gold 3S/5.-1951 AO 8412 87
9912 1064
Feb'26
6818 80
71
1951 M
1st gold 3s sterling
8714
81
90
10012 105
Collateral trust gold 413...1952 AO 8974 9012 90
AO 8474 _- 8014 Nov'25
Registered
10234 10414
9312
1955 MN 93% Sale 9318
1st refunding 48
98
9874
Oct'26
82
1952
.• 1 8218 83
Purchased lines 31-I5
93
9574
8214 8412 July'25
Registered
3, 81
9314 9314
8818
8812
8912 91
Collateral trust gold 4s__1953 MN 8818
Registered
100 10112
MN
8512 Oct'26
854Refunding 55
10712 10674 1064
1955 MN 107
1934
884
15-year secured 5348
85
3 10212 Sale 10212 103
'
113
113 Bale 112
6-.1936
9714 9934
I5-year secured 634
,
9214 97% 9278 July'26
102 10418
Cairo Bridge gold 45
1950
7578 761 7514 Oct'26
10174 10378
Litchfield Div 1st gold 38_1951
.1
No'26
8218 8314 82
105 108
Loulsv Div & Term g 31-48.1953
4 Aug'26
/
821 811
81
9974 10374
Registered
76 Nov'26
9312
91
Omaha Div 1st gold 38........195l
A 75,4
Oct'26
7518 -77
75
8134 8572
St Louis Div & Term g 35_1951
8418 851 8512 Nov'26
8212 8814
Gold 3!4s
1951
84 Sept'26
Springfield Div let g 3348.1951
8 7s-83,4 8314
911/
89
A 9014 91-14 90 Nov'26
Western Lines 1st a 48_ -1951
84 Aug'25
8112 90
1951
Registered
A
10418 10774 III Central & Chic St L & NO.
103%
10318 Sale 103
10114 10274
Joint 1st ref 55 series A_..1963
10412 10512 10414 Sept'26
99% 99%
1951
Gold 5s
10214 Apr'26
El
9634 9874
Registered
_ 7812 Feb'26
7978
9918 9918
1951
Gold 334s
_ _ 9112
9112
9218
10112 1011? Ind Bloom & West 1st ext 48_1940 A
9178
9174 Oct'26
834 86
1950
Ind III & Iowa 1st g 45
8312 Oct'26
-8234 -85
8488 85'8 Ind & Louisville 1st gu 45-1956
4 Nov'26
/
3 10214 1027s 1021
'
9774 1014 Ind Union By gen 55 ser A 1985
3 10214 10312 10212 Sept'26
'
1965
1054 10834
Cle11 & ref asseries B
10712
10074 10474 lot & Grt Nor 1st 65 ser A..1952 3, 10674 Sale 106
8274
Adjustment 65 ser A July 1952 Aprl 8274 Sale 81
8634 88%
79%
Aprl 77% 7974 7878
9814 9912
Stamped
7714
9534 974 Int Rys Cent Amer 1st 55.....1972 MN 7614 Sale 7614
1941 MN 9514 Sale 95
9514
1st coil tr 6% notes
8718 9212
58
55
5512
Iowa Central 1st gold 55_ _ _1938 J D 55
874 90
55
55
59
55
88
81
Certificates of deposit
1612 18
16% Nov'26
1951 M
7512 9311
Refunding gold 4s
9078 Nov'26
0 9012 92
'
6512 73
James Frank & Clear 1st 49_1959
70
70
Apr'26
1938 3, 10212
KaA&CIRlstgug5s
6512 75
- 101
85
8512
1990 * 0 8412 87
Kan & M let gu g 45
654 74
9974 100/
1927 J
9974
4 9974
1
8824 9614
2d 20-year bs
10178 Sale 101% 101%
105 110
KG Ft S & M cons g 68_ _ _ _1923 M
92%
9712 100
C Ft Et & M Ry ref g 413_1936 * 0 9212 Sale 9212
9214 9834 ICC&MR&B 1st go 53_1929 A0 9914 997 9978 Oct 28
74%
Kansas City Sou 1st gold 38_1950 AO 7374 Sale 7374
3 9918 Sale 9874
Apr 1950
9914
Ref & Impt 5e
26
188
187
9112
91
10032 101%
10024 10624
10114 10474
10224 10518
10524 10814
7414 8024
77% 7778
73
64
65
,
681
963s 9831
6714 7714
6714 7711
734 85
104 11134
1044 11114
92
86
89%
88
8112 9414
98 1002
9814 102
95% 99
97 1004
584 64%
i6596
107
107
98%
108%
9714 10114
100 101
9312 99
98 100
9914 100%
73
63
95% 97%
113 1164
1064 108
9512 954
10934 1144
1124 1134
914 98%
10232 108
974 103
9034 9572
86
78
134 2'34
8832 9114
101 106
1034 1074
91% 98
90
90
9512 99%
100 10234
10134 101%
9612 100
1004 1014
100 1014
924 9814
97
97
7514 834
9114 97%
93
93
8314 91
5
71
71
8812 92
6
-1716is 938
81% 854
1
-ni" WI;
1
26
13
15
5
29
304
12
14
5
10
10
2
11
10
31
18
117
8512 8512
105 1084
1014 104
11112 1134
90% 92%
74
7814
80% 83
7832 824
7312 76
73% 73
8112 8714
824 85
8934 901s
9912 1034
1034 1054
1024 1024
7812 784
9214
91
8924 92
7924 8414
10024 104
10074 10318
103 10712
83
66
6914 8012
7614 81
9412 94
65%
55
55
65
234
15
884 914
101 101
87
83
9934 10114
10014 10332
8912 93
9834 1024
76
72
93% 994
2636
New York Bond Record—Continued—Page 3
v
BONDS
N.Y.STOCK EXCHANGE
Week Ended Nov. 19.
Price
Friday.
Nov. 19.
Week's
Range or
Iasi Sale
Range
Since
Jan. I
81d
Ask Low
High No.
Kansas City Term let 48_....1960 J J 8812 Sale 8814
884 66
Kentucky Central gold 48_1987 Si 8678 89
91
Oct'26 _
Kentucky & Ind Term 496_1961 J J 8314 8434 85
2
85
Stamped
1961 J
874
9014
2
9014
Lake Erie & West let g 56_1937 J
10238 _ _ 10218 Nov'26
2d gold 66
1941 Si 994 100
9934 Nov'26
Lake Shr & Mich g 3%6_1997 JD 81
82 8012
41
82
Registered
1997 JD 7818 7912 7712 Sept'26
Debenture gold 411
1928 M S 994 Sale 99
9918 153
25-year gold 46
1931 MN 9758 Sale 9712
9734 78
Registered
1931 MN
96 Dec'25
Leh Val Harbor Term 511._ _ _1954 FA 10438 105 10434
33
105
Leh Val N Y let gu g 4%8_1940
J 9812 ---- 9878 Nov'26
Lehigh Val (Pa) cone g 46_2003
N 86 Sale 8534
4
86
Registered
MN
8012 May'26
General cons 4%6
2003 MN 96
9612 9618
9612 10
Lehigh Val RR gen be series_2003 MN 10434 105 10434 10434
5
Lob V Term By let gu g 58..1941 AO 10312 1033 10312 10334 10
Leh & N Y Ist guar gold 46_ _1945 MS 884 90 4 8934 Nov'26
Lex & East let 50-yr 56 gu_ _1965 *0 109 10934 108
Oct'26
Little Miami 45
1952 MN 86
88 8612 Oct'26
Long Dock consol g 68
1935 AO
Oct'26
109
Long Isld let con gold 5sJuly1931 Q J 10034
1
10034 10934
let consol gold 4s____Ju1y1931 Q J 9712 -- 9712 Aug'26
General gold 45
1938 SD 9414 -- 92 Aug'26
Gold 45
SD
1932
9214
- - 97 July'26
Unified gold 4s
S 89
1949
90 8878
8878 10
Debenture gold 58
3
1934 SD 9912 Sale 99
9978
20-year p m deb be
8
1937 MN 98
9818
9814 9734
Guar refunding gold 4s
1949 MS 8818 8912 8912
3
8934
Nor Sh B let con g gu 58_01932 Q J 9938 100
9914 Nov'26
Louisiana & Ark let g 58_1927 MS
4 101 10018 Oct'26
Lou & Jeff Bdge Co gu g 48._1945 MS 1003
8834 9018 9914 Oct'26
Louisville & Nashville 56_1937 MN 104 10312 Nov'26
Unified gold 48
1940 Si 9558 Sale 9512
9558 46
Collateral trust gold 58_1931 MN 10118 Sale 10118
101% 10
10-year secured 76
10612 15
1930 MN 106 Sale 106
let refund 5Sis series A 2003 *0 10678 Sale 10678 10678
2
let & ref 56 series B
2
105
2003 A 01 105% 10578 101
let & ref 4i.s series C
0912 49
2003 A0 99% Sale 99
N 0& M let gold 66
1930 is 10334 10412 10414 Sept'26
2d gold 65
1930 is 10312 10411 10334 Oct'26
Paducah & Mem Div 4s 1948 FA 9212 Sale 9212
2
9212
St L0111/3 Div 2d gold 36_1980 MS 6712 -- -- 6712 Nov'26
_
Mob & Monty( let g 4%et_ _1946 MS 100 ---- 9834 Aug'26
South By Joint Monon 48_1952 Si 87/
1
4 8814 88 Nov'26
All Knoxv & Cin Div 48_1955 MN 9338 Sale 93%
9338
Lousy Cin & Lex Div g 4%6'31 MN 9912 1004 9914 Nov'26 _
Mahon Coal RR let 55
1934 is 103 -- -- 10134 Mar'26
Manila RR (South Lines) 48_1939 MN 65 Sale 6434
10
65
let 48
7114 Sept'26
1959 MN 7114 72
Manitoba Colonization be__ _1934 SD 10014
10012 Oct'26
is
Man GB&N W Ist 3t4s
834 ---- 8312 Oct'26
1941
Mich Cent Det & Bay City 52231 M
10132 10134 10134 Nov'26
MS
Registered
101 June'26
Mich Air LIne 48
9318 Oct'26
1940 is 933s
JL & S 1st gold 330
79 Mar'26
1951 MS 8334 1st gold 3
854
1952 MN
8518
20-year debenture 4s
1929 *0 9858 Sale 9858 • 984 10
Mid of N J ist ext 58
944 Oct'26
1940 *0 95
96
Milw L S & West imp g be_.-1929 FA 10034 Sale 10034 10034
1
Mil & Nor let ext 4%Mblue)1934 in 9512 9614 9412 Dec'25
Cone ext 4s(brown)
1
9512
1934 SD 9512 96
9512
Mil Spar & N W let gu 48_..l947 MS 9118 9414 92
Oct'26
Mllw & State L 1st gu 3%6_1941 Si 8318 ---- 8138 Dec'25
Minn & St Louis 1st 76
1927 SD
let consol gold 5s
1934 MN
MN
Temp ctfs of deposit
15t & refunding gold 4s___1949
S
Ref & ext 50-yr 58 ser A1962 Q F
let guar g 78
D
1927
fdStP&SSM cong4eintgu'38 J
lst cons 56
1938 ii
let cons 58 gu as to Int_ _ 1938 J J
10-year coil trust 6%IL__ _1931 M S
let & ref 66 series A
1946 ii
25-year 5 kie
1949 MS
let Chicago Term a f 4s_ _ A941 M N
Mi88isSIDDI Central let 5s.. _1949 J J
Mo Kan dc Tex—let gold 43_1990 J. D
Mo-K-T RR—Pr 168 ser A._1982 ii
40-year 4s series 13
1962 is
10-year Os series C
1932 ii
Cum adjust 58 ser A Jan_1967 A0
Missouri Pacific (reorg Co)
1st dr refunding laser A._1965 FA
let & refunding Os ser D_ _1949 FA
1st & refund (is fier E int_1955 MN
General 4s
1975 M
tfoPac3d 78 ext at 4 ^,1, _ _ _ _1938 MN
9834 Sale 9834
9914
107 Sale 10612 10714
107 Sale 10612 10714
73% Sale 734
74%
98% 99
924 Oct'26
Mob & Ilir prior lien g 5s_ _ _1945
Mortgage gold 4s
1945 a .3
Small
1945 Si
Mobile & Ohio new gold 65_ _1927 JD
1st extended gold 6e__ July1927 Q J
General gold 4s
1938 MS
Montgomery Div let g 58.1947 FA
St Louis Division be
1927 SD
Mob & Mar let gu gold 48_ _1991 MS
Mort C 1st gu g Os
1937 J J
Si
Registered
let guar gold 58
1937 J J
Morrie & Essex let gu 554e200O JD
Nashy Chatt & St L 1st 5&.l928 *0
N Fla & S 1st gu g 5s
1937 FA
Nat By of Mex pr lien 4 14e...1957 Si
July 1914 coupon on
Assent cash war rct No 3 on
Guar 70-year 8 f 4s
1977 AD
AD
April 1914 coupon off
Assent cash war ret No 3 on
Nat RR Me: prior lien 4)4e.1926 is
July 1914 coupon on
Assent cash war rct No 3 on.
let consol 48
1951 AD
AO
April 1914 coupon on
Assent cash war ref No 3on.
1001
_ _ _ 99 Sept'25
8514
8-86
8514
8514
7834 8573 7834 Sept'26
101 102 10112 Nov'26
10012 101 100%
101
9238 9518 92% Nov'26
984 101
99 Nov'26
100 10014 100
Oct'26
9012
_ 9034 Nov'26
11134 ---- 11134
11134
10914 Oct'26
10334 Sale 10334 10334
794 Sale 7918
794
10138 Sale 10138
10138
1014 10312 10212 Nov'26
30 Sept'25
19 Apr'25
1614 1734 1612
1712
8712 Aug'25
2318 Sept'26
_
20
1814 20 - 20
3812 July'25
23 July'26
2512 IS112 3014 Nov'26
28 Apr'25
1812 J3n 1'26
_
1538
1518
1412
New England cons bs
1945 Si
Consol 48
1945 J J
NJ June RR guar 1st 4s___ _1986 FA
NO& NE Iiirref&Imp 430 A'52'S
New Orleans Term let 4s....1953 J J
NO Texas & Mel n-c Inc 58_1935 AD
1st rs series 13
1954 AO
let 5%a serlee A
1954 A0
N & C Bdge gen guar 4 tis....1945 J J
NYB&MBletcong 58._1935 AD
N Y Cent RR cony deb 64..1935 MN
MN
Registered
Consol 48 series A
1998 FA
Ref & 'mot 4 S48 • A"......2013 AD
Ref dr inlet 5s series C_2018 AD
AD
Registered
Due Jan
/1 Due Agell
9812 9934 9812
9812
Oct'26
57
55
55
56
54
1858 1912 1838 Nov'26
13
13
1312 13
9912 102 100 Nov'26
89 Sale 8812
89
9814 Sale 9712
984
9884
9834 Sale 9812
10212 Sale 10212 103
102 Sale 102
105
91 Sale 91
91
93 Mar'26
9412 964 944
9478
8738 Sale 8IV8
88
1014 Sale 10138 10234
8512 86
8638
8614
100 10312 10138 10312
8.04
9414 Sale ,9414
974 101 1001g July'26
86%
861e -- 86%
84% Sept'26
8414
9534 9612 96 Nov'26
87
87 Sale 87
100
10014 Sale 100
10014
10014 Sale 100
10514 Hale 105% 10514
96% Oct'26
10114
10034
- 10114
107 Sale 106% 107
l06'lMay'26
8934
8934 Sale 89%
9814 Sale 97%
9812
10512 Sale 0512 10554
0334 Oct'26
p Due Dor. o Due Oot.
BONDS
N.Y.STOCK EXCHANGE
Week Ended Nov. 19.
Price
Friday,
Nov. 19.
Week's
Range or
Last Sale
Range
Since
Jan. 1
High
Bid
Ask Low
High No. Low
His)
8834 N Y Central & Hudson River—
92
Mortgage 334s..
1997$ J 8012 Sale 7934
40
81
7812 814
9112
Registered
1997 5 J 7912 Bale 7912
2
7912
7658 804
Debenture gold 48
9014
1934 M N 964 Sales 9614
96% 16
944 964
103
Registered
MN
9434 Sept'26
9418 0414
101
30-year debenture 48
1942 J J
95 Nov'26
9214 97
82
Registered
93 Feb'25
Lake Shore coll gold 350_1998 F A 7938 Sale 77%
80
757k 80
79% 31
Registered
9911
1998 F A
2
77
78
77
76
9228
Mich Cent coil gold 3Sis 1998 F A 8018 Sale 79%
8018 49
84
78
Registered
1998 F A
7834 Sept'26
80
77
N Y Chic & St L 1st g 4e
102 105
1937 A 0 9538 ____ 95% Oct'26
9234 95%
90
Registered
99
1937 A 0
945 July'26
94%
92
82% 87%
25-year debenture 46
1931 M N iii2 les 96%
5
9311 97%
967
s
2d 138 series A B C
83
80
1931 M N 103 Sale 102% 10334 27 10218 105
Refunding 5345 series A _1974 A 0 105 Sale 103%
99
92
1802 105
93
105
10034 10534
Refunding 5%e series B _1975 J J 1044 Bale 10414 10538 61
9814 10536
102 105
N Y Connect 1st gu 4 Sis A 1953 F A 9612 Sale 9512
87
92
9612
96/
1
4
9088
let soar 58 series B
85
1953 F A 1034 Sale 10318 10314
4 10014 104
lob% 110
N Y & Erie 1st ext gold 42_1947 M N
ging
91%
Oct'26
914
8488 5712
3d ext gold 4.3is
1933M S
98 Sept'26
98
98
109 10934
4th ext gold be
1930A 0 100%
190% Mar'26
10018 1001
.
100% 101
5th ext gold 421
1928 J D 9812
- 99 Mar'26
9814 99
94% 9712 N Y & Greenw L gu g bs__1946 M N 9812 ____ 99% Nov'26
9915
94
904 93
NY & Harlem gold 334e..2000 MN
79% Oct'26
7914 7914
97
97
843s 914 N Y Lack & W 1st & ref 58 1973 MN
80 July'25
First
&
9714 9978
ref 4.34s
1973 MN 100 foif 101
Oct'26
993* 1-61"
94 100
NY LE&W lat 7s ext
1930 M S 10512
Ng% 10614
1061s July'26
9038 N Y & Jer8ey 1st 68
85
1932 F A 10014 1-6634 10034 Nov'26
100% 1014
9918 10034 N Y & Long Branch gen g 4s1941 MS
9034 92
9034 Oct'26
90
9014
9978 101
NY&NE Bost Term 46._1939 A 0
.. _ 91% Oct'26
9114
88
8638 9012 NYNH &H n-c deb 413_1947 M S 897512 7-7
76
1
76
70%
7711
1024 10534
Registered
M S
60 June'25
9314 954
Non-cony debenture 3346_1947 M S 68
70 Aug'26
"airs
"fir
10038 104
Non-cony debenture 3346_1954 A 0 66% -6134
4 67
67
61s4 68
105 108
Non-cony debenture 4s___1955 J J 7534 76
74%
76
17
6614 76
10538 11014
Non-cony debenture 4s...,1958 M N 76 Sale 75
72
76
67%
76
101 10814
Cony debenture 3346
19565 S 6718 Sale 6634
74
3
6634
61
96 10014
Cony debenture 66
1948 J J 10412 Sale 0414 10514 68
10588
97%
104 107
Registered
J J
- 102
_
Oct'26
96 102
10312 104
Collateral trust 68
1940 A 0 iaT4 Sale 102
9818 102%
1024 44
9138 93
Debenture 48
1957 M N 6978 Sale 6838
70
58
38
70
6512 68
Harlem R.& Pt Chas 1st 481954 M N 8914 Sale 8914
15
84%
8914
8914
9834 9938 N Y & Northern 1st g be__ _ _1927 A 0 10014
_ 10014
100 100/g
8518 89
NY 0& W ref let g 4s_June 1992 M S 7514 Sale 7412 Oct'26
7512 44
67
1
4
76
904 934
General 48
1955 5 D 7058 Sale 70%
70%
6212 71
994 100
N Y Providence & Boston 49.1942 A 0 884 _ _ 8814 Nov'26 16
8814 8814
10154 10134 N Y di Putnam 1st con gu 431993 A 0 884 5618 88,2
8912
8812
8812
604 67
N Y & RB 1st gold be
1927 M S 991
_ 100
Oct'26
1
4
100 199/
6212 781e NY Susq & West let ref 58.19375 J 83%
2-85 8312 Oct'26
77% 8911
100 101
2d gold 4Sis
1937 F A 70
75
71%
Oct'26
73
64
8312 85
General gold 58
1940
60
68 68%
69
744
12
63
10078 102
Terminal let gold 56
1943 M N 99 10034 99
9714 99
994 101
N Y W'ches & B lst ser I 4%s'46 S J 7912 Sale 78 July'26
7912 74
6104 7911
924 9558
8038 NordRyext'lefO34e
79
1950 A 0 89 Sale
8914 362
7714 8914
83
8512 Norfolk South lst di ref A 58_1961 F A '8834 Sale 874
8818
7714 90
8834 65
9358 9878 Norfolk & South 1st gold 58_1941 M N 10014 10012 100
2
103
100
98
904 96
Norfolk & NV,et gen gold 65_1931 M N 10578 10612 10514 106
1 10514 108114
1001g 10158
Improvement & ext 68_1934 F
10834 10912 10834 Nov'26
10812 110
New River let gold
1932 A 0 10678 107% 10678. Oct'26
10674 10714
"fige "9-91; N & W Ry 1st e0118 g 48_1996
A 0 92% 91% 9212
9314
9014 9314
8
89
93
Registered
1996 A 0
9012 Oct'26
89
921s
DWI let lien & gen g 48 1944 J J 9234 Sale 9234
93
12
9074
944
10-yr cony. 63
1929 M S 16212
138 167
— 15234 Nov'26
1
9812
98
PoeahC&Cjolnt4s._l94l5 D 93 Sale
93% Oct'26
91
94
64
57
North Cent gen dr ref 58 A__1974 M S 10518 10814 10412
Aug'26
10014 10411
1
55
6334 North Ohio let guar e 58----1945 A 0 94
95
4
88
9434
9714
1734 23
North Pacific prior lien 4s___1997 Q .1 904 9078 9414
gels 91
MS
9334 129
1614
12
1
Registered
1997 Q J 8918 96 894
8918 15
86
89/
1
4
100 100
General lien gold 38
02047 Q F 66 Sale 654
6612 59
6114 661
,
8578 9112
32
Registered
a2047 Q F 6412 67 6418 Nov'26
60
6414
9712 9934
25
Ref & Inapt 43is series A_ _2047 J J 9412 9514 95
9512
87
951s
974 9934
2
Registered
J J 9114 _- 11238 Apr'25
13 10138 106
Ref & impt 68 series B_ _ _2047 J J 11312 Sale 11278
1131z 112 10854 fat;
12 10038 105
Registered
J J 10934 -- 11014 Mar'26
11014 11066
8858 974
1
Ref & kept bs aeries C ___2047 J J 10278 10314 10258 10314
6
9814 104
93
93
Ref di inapt Edi series D_.20475 J 10318 Sale 10234 10318 22
9814 103%
93 10111 Nor Pee Term Co let g 6e__1933 J J 10978 110 10514 10934
2
2 10934 11014
88
31
8458
Nor of Calif guar g 58
1938A 0 104 105 10434 May'28
10112 105%
83 9614 103 North Wisconsin 1st 65
1930 J J 102% ---- 10258 Oct'26
10212 103%
801s 8612
7
og
L Gham lst gu 4s g_1948 J J 7918 Sale 7918
41 1014 10414
80
5
73
82
256
9012 9534 Ohio Connecting By let 48_ _1943 M
9214
9034 Dec'25
Ohio River RR let g 58
1936 J D 102 10214 10138 Oct'26
loaf,
kis;
8914 100
General gold 5s
80
1937 A 0 10038 10212 10034 Oct'26
100% 102%
123 10114 10714 Oregon & Cal 1st guar g 5s..1927J 100 10018 100
100
5 100 101%
70 10114 10714 Oregon RR & Nav con g 48_1946 J D 92
9278 921g
924 13
8914 921,
65
7412 Ore Shore Line let cons g 58_1946 5 J 10634 Sale 10634 10714 12 10414 108
218
93
88
19465 5 10534 10814 107
Guar cons bs
107
1 10518 108
Guar refunding 48
19295 D 9814 9838 9838
984 10
9678 9874
_
Oregon-Wash 181 & ref 48— _1961 J J 8634 8738 8714
88
269
8334 8$1
798 947k Pacific Coast Co let g 5s_ _ 1946 J D 934 95
1
9414
9414 10
91% 96
7854 87 Pee RR of Mo let extl g 423_ _1938 F A 9434 Sale 9334 9434 5 91% 944
10078 10358
1938 5 J 102 .._ _ 1014 Oct'26 -- 100 1011
2d extended gold 58
/
4
8 1004 10614 Paducah & Ills 1st s f 4345._1955 5 J 9714 9814 9734 Oct'26
9614 9814
90
9212 Parie-Lyons-Med RR 66.. _ _1958 F A 85 Sale 84
854 573
7312 8514
Sinking
9834 101
fund external 713_1958 M S 9412 Sale 9314
944 -410
82
9412
9912 10012 Paris-Orleans RR s 078
1954 M S 9334 Sale 924
9378 210
82
937s
_
87
98% Paullsta Railway 76
1942 M 8 10112 1014 10134 10134
7 10058 1034
20 109% 11212 Pennsylvania RR cons g4s-1943 M N 95 ____ 9534
9534
1
9314 9534
10914 10914 .Consol gold 45
1948 MN 94 Sale 94
94
9111 9914
2
10112 10334
45 sterl Mod dollar-May 1 1948 M N 94
9412 9354
9114 9814
933
4
1
3
77% 81%
Consolidated 4145
1960 F A 10114 Sale 101
10138
97% 101%
9
4 10038 10158
D 99 Sale 9812
General 4)45 series A..-- 1965
99
80
9414 99%
10134 10318
General be series B
21 10634 Sale 10614 107
1968
23 102% 107
1930 A 0 10634 Sale 10634 107
10-year secured 76
117 106% 108%
1936 F A 11214 Sale 1117
15-year secured 6%s
1123s 40 111% 11311
36 "ii" WC
:
Registered
F A 11118 ____ 11114 Oct'26
1104 11214
40-year
1964 M N 10214 Sale 10218
58
10212 85
9858 102%
23l 231 Pa Co gu 3gold
Sis coll tr A reg 1937 M S 85 ---- 87
Oct'26
87
—.87
1
1754 27
Guar 3346 coil trust ser B_1941 F A 85
87 85
85
83
2
26
Guar 3Sis trust ctfe C
1942 J D 8412 -__ 84% Aug'26
84
844
Guar 3%a trust ctfe D
1944 J D 84% 85 83% June'26 _82
834
2714 3512
Guar I5-25-year gold 4e_ 1931 A 0 9738 97% 973
9614 9714
5
978
Guar 48 series E
1952 MN 8814 89% 8858
8858 18
8614 8914
If
6
13
2082 Peoria & Eastern 1st cons 48_1940 AO 8512 88 85%
8534
1
791g 871*
Income 48
1990 Apr. 40,8 4034 40% Nov'26
35
42
9514 10018 Peoria & Pekin Un let 5 Sis_1974 AO 10958 _
102% 10234 16 10014 104
2
81
87
Pere Marquette let ser A 58_1956 55 104 Sale 103% .
38
1041g
10114
10414
8438 85,4
1st 48 series 13
1956 .1
88 Sale
7
8538 884
884
9284 97% Phila Halt & Wash let g 46_ _1943 MN 9484 Sale 98
1
9414
9358 964
944
2
84
8814
General 56 series B
1974 FA 10912
_ 10912 10912
4
11118
10618
8
96% 10034 Philippine By let 30-yr s I 4s 1937'5 42 Sale 42
4218
4
4012 45
62
96 100% Pine Creek registered U....1932 SD 10638 10714
10514 Mar'25
80 102% 10512 PCC&StLguflisA
1940 AO 99% 100
994
4 'fife 1664
9918
94% 97
Series B 4 kis guar
1942 AG 9918 9912 994
9918
9 964 9914
10
9934 102
Series C 448 guar
1942 MN 9918 _ _ 98% Nov'26
9714 984
27 104% 109
Series D 46 guar
1945 MN 9412 Sale 9412
04 921
9412
106% 10612
Series E 3 Sis guar gold
1949 FA 9518
9512 Nov'26
92%
95%
12
854 9014
Series F 45 guar gold
1953SD 94% 97
9712 Nov'26
9278 9712
41
9214 9812
Series Ci 48 guar
1957
N 94%
9712 Nov'26
9711
93
71 10118 100
10318 10358
OPtIon sale
Low
85
86
81
8534
100
9838
784
77
9838
9614
2637
New York Bond Record—Continued—Page 4
BONDS
N. Y.STOCK EXCHANGE
Week Ended Nov. 19.
El
Price
Friday.
Nov. 19.
Bid
Veers
Range or
Last Sale
Ask Low
04,8
High No. Low
Otte Cin Chic & St L (Concluded)
1960 FA
Series H 45
1963 FA
Series I cons guar 4;is_
1964
Series I 4410
N
General M be series A_I970 3D
Registered
3D
1976 AO
Gen mtge 58 series B
a1928 AO
Pitts & L Erie 2d g 68
J
Pitts Melt & Y let gu 6s-___1932
1940 AO
Pitts Sh & L E 1st g 5a
1943
1st consol gold 58
Pitts Va & Char 1st 45
1943 MN
FILMY & Ash let cons 5a_ __ _1927 MN
lat gen 48 series A
1948 ID
1962 FA
1st gen 55 series B
1957 MN
Providence Secur deb 4s
1958 M
Providence Term 1st 4s
9518
97/
1
4 Nov'26
95/
1
4 ____ 981s Aug'26
2
95/
1
4
97
97
10614 106/
1
4 10632 10612 18
_ 102
Oct'26
10614 Sale 1061
10612 209
____ 10034 100 Nov'26
1051
/
4 10714 106
Oct'26
/
4 Nov'26
10134 -- 1011
10112
10134 June'26
9114 May'25
10032 ____ 1001
/
4 Nov'26
92/
1
4
9112 Mar'26
16
105 Sale 10412 105
6512 70
6812 Aug'26
83/
1
4 ____ 84/
1
4 Aug'26
Reading Co gen gold 45
1997 J J
Registered
J J
Jersey Central coil g 4s_ __1951 A ()
Gen & ref 43.45 series A_ _ _1997 J .1
Rlchm & Danv deb fa stmpd 1927 A 0
Rich & Meek lat g 48
1948 MN
Warn Term Ry let gu 59-1952 .1 J
Rio Grande June let gu 5s_ _1939 J D
Rio Grande Sou Ist gold 4s_ _1940 J ,j
Guaranteed (Jan 1922 coup on)
Rio Grande West let gold 48_1939 3
Mtge & cell trust 45 A_ __ _1949 A 0
RI Ark & Louts lat 4 Ms__ _1934 M 8
Rut-Canada 1st gu g 4a
1949 J J
Rutland 1st con g 4 Lis
1941J
8t Jos & Grand Isl 1st g 45 1947 J
19963 J
Fit Lawr & Ad1r 1st g 68
2d gold 138
1996 A 0
13t L & Cairo guar g 45
1031,1 J
St L Ir Mt& 11 gen con g 56_1931 A 0
Stamped guar 58
1931 A 0
Unified & ref gold 48
1929 J J
Registered
3
Rlv&GDlvlstg4s
1933 M N
St L M Bridge Ter gu g 68_ _ _1930 A 0
et L & San Fran (reorg co)48 1950 J J
Registered
J J
Prior lien series B 55
1950 J J
Prior lien series C 68
19283 J
Prior lien 53.45 series D__.1942 J J
Cum adjust series A 68_ _ _51955 A 0
Income series A es
51960 Oct.
St Louis & San Fr Ry gen 68_1931 3 3
General gold 5s
19313 J
St L Peor N W 1st gu 58-1948 J .1
St Louis Sou 1st gu g 48_ _ _ _1931 M
St L W 1st g 411 bond ctfs_ _1989 MN
2d g 48 Income bond et:84)1989 J J
Cense'gold 48
1932 J D
let terminal & unifying 55.19523 J
St Paul & K C Sh L 1st 4L15_1941 F A
1931Q F
St Paul & Duluth 1st 5s
1st consol gold 45
1968 J D
St Paul E Gr Trunk 4415_ _ _1947 J J
St Paul Minn & Man con 489333 D
Registered
D
let consol g 48
1933 J D
Registered
J J
6s reduced to gold 4
_ _1933 J J
Registered
1933 3 J
Mont ext let gold 4e
1937 J D
Registered
.1 D
Pacific ext guar 48 (sterling)'40 J J
St Paul Union Depot 5s___1972 J J
9814 Sale 98%
9814
9512 _
441
/
4 May'25
92
911
/
4 Sale 911
/
4
9818 Sale 97/
1
4
9818
____ 100 100
Oct'26
_
7814
7912 Oct'26
10138 10212 10112 Sept'26
10012 10114 10018 Oct'26
Oct'26
514 - - 7
6 May'25
5
12
9134 Sale 911
/
4
9134
84 Sale 84
84
94/
1
4 Sale 9414
9438
7938 Oct'26
7834 80
9018 9214 9018
9018
861
/
4 __ _ 8612
8618
99 10014 9914 Sept'26
105 106 105
105
9512 Oct'26
9512 97
101 Sale 10012 101
10038 Sept'26
9712 Sale 9712
973
93 Sept'25
9314
9314 Sale 93
____ 10014 10014
10014
84/
1
4 Sale 8438
85
_ 8214 Oct'26
9934 Sale 9914
99/
1
4
10212
102 Sale 102
10234 Sale 10214
10278
9938 Sale 99
9912
94
9312 Sale 9314
Oct'26
10518 10534 105
10012 10112 10012 Oct'26
10338 10512 10312 Oct'26
9438 Oct'26
87
8734
8734 8732
7934 8034 7912 Oct'26
9412
9412 Sale 94
9612
9612 Sale 95
9234 93
9212
9312
10112 - - 10114 Sept'26
90
9212 89/
1
4 Sept'26
9334 98
92/
1
4 Oct'26
97
9534 9714
9212 July'25
10734 10834 10734
10734
108 Aug'26
-554 1-661
2 9934 Nov'26
9712 Aug'26
941
/
4 96
941
/
4 Oct'26
9412 Nov'26
9014 Oct'26
1
4 104/
1
4
104/
1
4 10514 104/
BA dr Ar Pass lat gu g 45_ _1943 J J
Santa Fe Pres & Phen 5s_1942 M 5
Bay Fla & West lat g 68
1934 A 0
1st gold 68
1934 A 0
Scioto V & NE 1st gu g 48_ _1989 MN
Seaboard Air Line g 45
1950 A 0
Gold 48 stamped
1950 A 0
•
Adjustment 5s
Oct 1949 F A
Refunding 48
1959 A 0
1st & cons as aeries A
1945 M 5
Atl & Birm 30-yr lit g 4a_d1933 M S
Seaboard All Fla 1st gu 68 A _1935 F A
Seaboard & Roan 58 extd_ _1931 J J
Bo Car & Ga 1st ext 5 Lis_
1929 M N
13 & N Ala cons gu g 58
1936 F A
Gen cons guar 50-yr 5.5._ _1963 A 0
SG Pac coll 4s(Cent Pac coil) k'49 J D
Registered
.1 D
20-year cony 4s
June 1929 M 8
20-year cony 58
19343 D
20-year gold 68
1944 M N
San Fran Terml let 4s_,.1950 A 0
Registered
IA 0
So Pac of Cal—Gu g 58
1937 MN
So Pao Coast lat gu g 48___ _1937 J J
BO Pac RR let ref 45
19553 J
3
9
21
4
12
60
1
3
2
20
48
56
3
320
89
24
71
166
272
7
29
21
39
3
1
8812 Sale 8814
8812 24
102
_ 10212 Sept'26
1081
/
4 - - -- 108 Sept'26
102/
1
4 104 10234 Oct'26
9014 9338 8918 Oct'26 - 8032 8112 8038 Oct'26 1
4
8012 44
8014 8012 79/
145
82
82 Sale 81
73/
1
4 64
72/
1
4 Sale 7238
9634 646
9612 Sale 95l2
9118 9112 91
9134 15
96
72
96 Sale 9512
_
100 10012 10018 Oct'26
4
1011
10118 10112 10118
1
102 10312 10312 10312
10812 - - -- 10834 Nov'26
1
4
8914 22
89 Sale 88/
1
8418
8418
8412 87
9834 103
9812 Sale 9838
10138 10212 10034
10034
9
10034 10134 10038 Nov'26
9018
1
/
4
9014 9012 901
Oct'26
80
155- ---: 10312 Oct'26 _
95 Sept'26
9412
9312 60
9332 Sale 9314
1994 3' 10738 Sale 107
8outhern—lst cons g 50
10712 113
Registered
JO
10512 10512
1
Devel & gen 48 series A_ __1956 AO 851
107
86
/
4 Sale 85%
Develop & gen fis
1956 AO 11272 Sale 11212 113
41
Devel & gen 6Sis
1956 AO 119/
1
4 Sale 11834 1193s 40
Mem Div 1st g 434e-5s_1996ii 10612
106 Nov'26
St Louis Div let g 48
1951 J J 8934 90
8934 Nov'26
East Tenn reorg lien g 58_1938
S 10034 103 10018 Nov'26 _
Mob & Ohio cell tr 48_ __ _1938 M S 911
911
/
4
4
/
4 Sale 9112
Spokane Internat 1st g 5s_ _ _19553' 8414 8534 8534 Oct'26 _
Superior Short Line 1st 58_..e1930 Si
100
10012 Sept'26
Term Assn of St L 1st g 45.68_1939 AO 9912 9914 9812 Oct'26
let cons gold 5s
1944 FA 1021
/
4 Sale 10238 10238
6
Gen refund s f g 45
19.53'3 87
8814 26
8812 8814
Texarkana & Ft 91st 5348 A 1950 FA 10438 Sale 104
10412 120
Tex & N 0 eon gold 58
194333 99/
1
4 100
9912 Sept'26 - _ _
Texas & Pac 1st gold 58
2000 3D 1001
/
4
10614 20
106
La Div
L 1st g 63
1931
100 10012 1003s 1003s
5
Tex Pac-Mo Pac Ter 5)Sa_ _1964 M
10418 Sale 10338 10418 13
Tel & Ohio Cent let 8u fa---1935 J J 101
1
_ 101
101
Western Div 1st g Ss
1935 AO 10012
10034 10034 10
General gold 55
1935 JO 10014 10078 10014
10014
3
rob do Peoria & West 4s
1917 J J
15
20
Oct'26
22
Tol St L & W 50-yr g 4s_Ig50 AO 90 Sale 90
4
9014
1931 J J 99
Tol W V &0gu 4%8 A
_
9938 98 Mar'26
4318
Series 13
1933ii 99
96/
1
4 Dec'25
Series C 48
1942 MS 93
Oct'26
93
Tor Ham & Buff 1st g 4a
1946 3D 89/
1
4 ____ 8938 Oct'26
Ulster & Del let cons g 5a__ _1928 in
1952 AO
lat refunding g 48
19473'
Union Pacific 1st g 49
Registered
3,
1927ii
20-year cony 48
3,
Registered
e2008 MS
18t & refunding 48
e2008 MS
lst lien & ref 55
10-year perm secured 68_1928 J J
6612
42
9414
93%
9934
66
66
43
43
9412
941
/
4
9318
9334
99/
1
4
9934
9912 May'26
91 Bale 9038
91
107 Sale 10712 10734
10134 Sale 10134 102/
1
4
67
43
Sale
____
100
6
1
51
10
39
35
17
8
BONDS
N.Y.STOCK EXCHANGE
Week Ended Nov. 19.
Range
Since
Jan, 1
High
9714 9712
95/
1
4 981s
98
96
100 108
102 102
9912 108
100 101
106 106
10078 10314
10134 101%
-554 fo-o-1,
-3
91
9112
10212 105
6212 6834
1
4
83/
1
4 84/
95/
1
4 99
Price
Friday,
Nov. 19.
Range
Sines
Jas, 1
Wars
Range or
Last Sale
Bid
Ask Low
High N,.
U N J RR & Can gen 4s___1944
S 9414
9212 Dec'25
Utah & Nor let ext 45
1933 .1 3 9614 9812 96
Oct'26
Vandal% cons g 48 series A_ _1955 FA 9012 92
9012 Aug'26
Consol 45 series B
1957 MN 9012
90/
1
4 Oct'26
Vera Cruz & P 1st gu 4 IS a _ —19343,
20 Sept'25
3, 24
July 1914 coupon on
24 Apr'26
26
Assenting 1st 4155
1934
24 Sale 24
2
24
j 10038 -- -- 101 Sept'26
Virginia Mid 88 series F_ 1931
General 55
1936 MN 10238
102
/
1
4
Nov'26
-Va & Southw'n 1st gu 55_2003 J J 10112 Sale 10112 10112 36
1958 AO 97 Sale 93
let cons 50-year 58
97
52
Virginian let 68 series A
1962 MN 10312 Sale 10234
10312 152
1939 MN 10318 Sale 10318
Wabash let gold 58
10338 38
1939 FA 10112 Sale 10112 10112 15
2d gold 58
Ref f 5;i8 series A
1975 MS 104 Sale 10334
10412 90
Debenture B6sregistered_1939 MS
8314 Feb'25
'
3 8412 8414 8412 Aug'26
let lien 50-yr g term 4s_.L954
1941 ii 10212
Det & Chi ext 1st g 55_
102/
1
4 102/
3
1
4
Des Moines Div 1st g 48_1939 33 88 15-- 88/
1
4 Sept'26
1941 A0 82
Om Div let g 33.48
8234 8134 Nov'26
1941 MS 8934
Tol & Ch Div g 48
9012 Oct'26
Warren let ref gu g 334s_
2000 FA 75 16- 8012 Sept'26
1948 QM 8534 88
Wash Cent let gold 4s
8518 Nov'26
Wash Term let gu 3 SS a
1945 FA 8512 8534 8512 Sept'26
_ _1945 FA 9212
let 40-year guar 48_
85
Oct'26
95
90
9414 9811
/
4
9934 10012
80
78
10012 10234
9512 10114
99
W Mm W & NW let gu 55_1930 FA 98
98/
1
4 Nov'26
514 7
West Maryland 1st g 48_ _ A952 AO 75 Sale
8
75/
1
4 106
1937"3 10112 10134 10112 10112
West N Y & Pa 1st g 58
1
1943 AO 8738 8834 87/
• 7412 85
Gen gold 45
1
4.
2
873s
Apr 1 1943 Nov
45 Feb'25
89
947s
Income g Ss
9934 Sale 99/
1
4
75/
1
4 8334 Western Pao 1st ger A 83-1946 M
9934 110
104 Sale 10418
92
1946 M
87
let gold 68 series B
10412 15
1
4 Sale 8634
2361 J J 86/
7814 8614 West Shore 1st 48 guar
8712 26
9712 9912
'
3 8614 - -- 86
2361
Registered
8618 12
105 105
Wheeling & Lake Erie
95
9612
Wheeling Div let gold 68_1928 J J 9912 100
99'1 Oct'26
95
100 101
1930 FA 100
Oct'26
Ext'n & impt gold 58
9012 10
10014 10038
Refunding 44s series A 1966 MS 9012 Sale 9014
1949 MS 8612 87/
1
4 8612 Nov'26
9534 9734
RR 1st consol 45
Wilk & Eaat 1st gu g 6a_ _1942 3D 7134 Sale 7112
7134
89
W- Will & S F let gold 55
1938 3D 10212 10412 103
103
/
4 Winston-Salem S B 1st 4s
86/
1
4 Nov'26
_
9934 1001
1960 3' 8612 87
77/
1
4 85
2
8412 8212
Wis Cent 50-yr let gen 45_ _1949 3' 83
8212
80
84
8914 14
Sup & Dul div & term 1st 48'36 MN 8912 Sale 89
93
99/
1
4 Wor & Con East 1st 4 Sis_ _ _1943 J J 8614 86 June'26
10138 103
991
/
4 10318
INDUSTRIALS
9012 12
9214 99,2 Adams Express coll tr g 4e..1948 M
9012 Sale 89
84/
1
4 9614 Ajax Rubber let 15-Yr 8 f 88-1936 3
1
4 10512 19
105 Sale 104/
101 10618 Alaska Gold M deb 65 A__ _1925 M
4
4/
1
4 4
Oct'26
1001
/
4 10112
4
5/
1
4 4
Cony deb 138 series B
1926 M
Oct'26
10212 104
90/
1
4 Sale 90
Alpine-Montan Steel 78_ _1955 M
7
9038
94/
1
4 973s Am Agric Chem 1st 58
1928 A
Oct'26
- 103
84/
1
4 88
10412 Sale 10312 104% 38
1st ref s f 7 Lis g
1941F
92/
82
1
4 9412 92%
75
Amer Beet Bug cony deb 68_1935 F
93% 15
10134 Sale 10114
9138 9514 American Chain deb s f 68._1933 A
10134 18
891
/
4 9738 Am Cot Oil debenture 5s_1931 M N 94 Sale 94
94
17
86
9312 Am Dock & Impt gu 65
1936 J J 10512
10512 Nov'26
_ 1.
324 125
10114 10114 Amer Ice deb 7s_ __July 15 1939
*125
1
103 10312 10312 Nov'26
91
1939
87
Am Mach & Fdy f 6s
901
/
4 92/
1
4 Am Republic Corp deb 6s 1937 A 0 99 Sale 99
9912 10
9534 9734 Am Sm dr It 1st 30-yr 58 ser A '47 A 0 101 Sale 101
10114 34
1947 A 0 10712 10812 10834 109
9
lst M 68 series B
1
4 Sale 104/
1
4 105
10733 10934 Amer Sugar Ref 15-yr 6e_1937 J J 104/
20
107 108
9812 90
Am Telep & Teleg coil tr 45.19293 J 9812 Sale 9814
1936 M S 9334 9514 9312 Nov'26
Convertible 4s
99 100
1933 M S 98 10012 9912 Oct'26
9712 99
20-year cony 4348
1
4 Sale 102/
1
4 102/
1946 J D 102/
93
1
4 34
30-year cell tr 58
9538
103 June'26
J D
Registered
9214 9412
1
4 10118 249
19603 J 101 Sale 100/
35-yr s f deb 5a
8918 90/
1
4
1
4 Sale 105/
1
4 We
1943 M N 105/
10178 10534
67
20-year f 6 Lis
1940 A 0 10234 1031y 10212 10312 26
Am Type Found deb 88
97/
1
4
84 .89
42
98
Am Wet Wks & Elec 5s__1934 A 0 9734 98
59 Sale 59
10012 10234 Am Writ Paper s f 7-6s,_.1939
1
59
60 Sale 5878
108 110
66
60
Temp interchangeable Ms dep.
10234 10234
1
4 104
Anaconda Cep Min 1st 68 1953 F A 10334 Sale 103/
877s 90
236
7814 9534
10278 Sept'26
Registered
78/
1
4 82
10712 144
15-year cony deb 75
1938 F A 1.97 Sale 10612
1
4 107/
76
877s Andes Cop Min cony deb 7E1_1943 J J 10738 Sale 106/
1
4 426
_ 97 Nov'26
69/
1
4 76
Anglo-Chilean Nitrate 7sww1945 M N
85/
1
4 Sale 8512
91
Without warrants
9634
8634 61
1
4 Sale 871
8812 94
Antilla(Comp (Azuc)7 4sl939 J J 87/
/
4
90
76
9214 9834 Ark & Mem Bridge & Ter 38_1964 M (3 9934 100 100 Nov'26 99/
1
4 10012 Armour & Co let real eat 44e'39 J D 92 Sale 9134
92
15
101 102
Armour & Co of Del 534sl943 J J 94 Sale 9334
9412 38
10212 10234 10214
10214 10414 Associated 011611 gold notes 1935 M
10212 42
10534 10834 Atlanta Gas L 1st 58
1
4
1
4 Mar'25
1947 J D 100/
-- 99/
8512 901
1
4 14
/
4 Atlantic Fruit 78 etts dep_ _.1934.2 D 15/
15 Sept'26
8418 8512
Stamped ctts of deposit
2018 Jan'26 96/
1
4 9834 Atl Gulf & WI SS L col tr 58_1959 J J -55- -f6- 687s
3
681
/
4
100 10234 Atlantic Refg deb 5s
1937.2 J 10112 Sale 10012 10112 58
9934 10178
91
87
Baldw Loco Works let &L._ _1940 M N 10612 10734 10632 10712
9
86
85
Baragua(Comp Az) 7 Lis__ _1937 .1 .1 105 Sale 105
105
1
100/
1
4 10434 Barnadall Corp deb 6s
1940 J D 99 .Sale 9832
9912 429
9414 95
Belding-Hemingway 88
1936 J J 97 Sale 96
97
16
90
9334 Bell Telephone of Pa 55
1
4 Sale 10212 103
1948 J J 102/
28
1st & ref 55 series C
1960 A 0 10318 10314 103
10312 103
104 108
Beth Steel let & ref 58 guar A '42 M N 10012 Sale 100
10012 21
1011
/
4 10612
97/
1
4 Sale 97
30-yr p m & imp s f 581936 J
9734 55
811
/
4 8618
1011
Cons 30-year 68 series A 1948 FA 10112 Sale 101
/
4 141
10618 113/
1
4
Cons 30 year 5 Lis series 8_1953 FA 9612 Sale 96
9612 85
112 11932 Bing & Bing deb 6 Lis
92/
1
4 9478 95
Oct'26 _ _
1950 M
10134 10611 Booth Fisheries deb 5 f 65_ _ _1926 • 0 9712
97
Oct'26 91
86
8434
85
Botany Cons Mills 6 Lis_ _1934 AO 8412 -85
8
99/
1
4 101
Brier Hill Steel 1st 5 L4s1942 AO 10312 Sale 10312 104
18
8712 93
7134
1
B'way & 7th Av let c g 5s _1943 J O 713s 7512 7134
81
8734
69/
1
4 Oct'26
Ctfs of dep stmpd June '26 int _
9912 10012 Brooklyn City RR 55
94
9412
4
94¼ 94
1941 J
9514 9812 Bklyn Edison Inc gen 65 A 1949 • J 10438 Sale 111418
1041
/
4 29
101 106
10434
4
'
3 104 10414 104
General 138 series B
1930
8434 83,4 Bklyn-Man R T sec 6s
9814 410
1968 33 9814 Sale 9714
1011
/
4 105
60/
1
4
Bklyn Qu Co & Sub con gtd 55'41 MN 6012 Sale 6034
7
1
4
79 Aug'26
983s 102/
1st 58
1941 J J 7514 79
103 10712 Brooklyn R Tr 1st cony g 48_2002 J
8812 Aug 25
9934 101
13612 Ney'25-3-yr 7% secured notes_ _ _ _1921 ii
9914 105
12812 Mar'25 -Ctfs of deposit stamped......
10012 1011
-55- Vita 93
/
4 Bklyn Un El let g 4-55
93
5
1950 F
10012 1011
/
4
93
93
3
1950 FA 9234 93
Stamped guar 4-58
97/
1
4 10212 Bklyn Un Gas 18t cons g Ss_ _1945 MN 103 Sale 103
103
3
1
4 11412 114
20
37/
1
4
114
1
1st lien & ref es series A 1947 MN 113/
8714 90/
1
4
15712
6
1936 J J 156 Sale 156
Cony deb 514s
91 June'26
93
9738 98
1932 in 92
Buff & Snag Iron 81 58
/
4 9178 9014
9114
5
1962 AO 901
Bush Terminal let 45
93 -63.96/
1
4 12
1955 J J 9678 9714 9612
Consul 69
1
4 Bush Term Bides 55 gu tax-ex '60 A0 100 101 100
87/
1
4 90/
10014
9
-iai. 16.;
6012 80
3612 48
92/
1
4 9512
83/
1
4 9334
9914 100
99
99%
86
91
lost, 15512
10178 103/
1
4
a DWI J411. 0 Due May. iDueJune. h Due July. k Due Aug. p Due Nov
H
Cal G & E Corp unit & ref 85_1937 MN
Cal Petroleum s f g 6 kis_ _ _1933 A0
Camaguey Bug 18t 515 75_ 1942 A0
Cent Dist Tel let 30-yr 58_ _1943 J O
Cent Foundry let at es_MaY1931 FA
'
3
Cent Leather let lien s f 831945
s OutIon eats.
101/
1
4 Sale
10334 Sale
98 Sale
103 Sale
98 Sale
1021
/
4 Bale
1011
/
4
10334
9712
103
98
1021
/
4
10138
103/
1
4
98
103
9812
10212
5
51
5
59
Low
Hiplb
-1354
-IC
88
9012
8816 90%
24
24
22
33"
101 101
101 102%
9912 108
9034 97
9934 103/
1
4
101 104
9812 102
98% 105
84
86'z
101 102%
8414 90
77% 8314
87
9012
80
81
84
86
83
8878
83
91:8
9628 9826
66/
1
4 757s
10034 102%
83/
1
4 88
1007
10034 10511
83/
1
4 871s
83
8612
9912 102%
95
9978
8078 9012
81
8936
1
4 7434
64/
102/
1
4 103
8514 8814
80/
1
4 87
86% 90%
76% 861:
85
902
10112 10112
4
6
312
89% 9113
10234 104%
10318 106
6012 10112
9814 102
9312 97%
10512 106:8
118 13412
10014 104
98 100%
99 10124
106 109
102 10512
96% 98%
92
95%
9714 10212
10012 10312
10234 103
97/
1
4 102
102/
1
4 106%
10014 105
9524 9912
42
6212
41% 62%
10114 104%
102% 10278
10214 10724
9678 108
9212 1001a
8512 86/
1
4
84% 9214
94% 1001s
9014 92%
92
9618
102 10312
15
28
201
/
4 20%
65% 7112
9934 10234
10214 110
103 1061g
95 101
9434 100%
100% 103%
100 10378
95% 1021e
93
9818
951e 101%
87% 97%
9013 95
70
97%
8012 9514
101 105
701
/
4 76%
68/
1
4 73
9314 95%
102% 10534
103% 106%
92% 98,
4
60
64%
72
79
8818 8818
881, 971j
8812 95%
100/
1
4 104%
110 114
126 166
91
92
87% 9214
90
9814
95% 101
10014 102%
103% 10524
90% 9978
101% 103%
9334 99%
100 103
2638
BONDS
N.Y.STOCK EXCHANGE
Week Ended Nov. 19.
New York Bond Record -Continued Price
Friday.
Nov. 19.
Week's
Range or
Last Sale
Range
Since
Jan. 1
rage 5
BONDS
N.Y.STOCK EXCHANGE
Week Ended Nov. 19.
PuceVeek's
Friday,
Nov.-19.
Rangier
Last Sale
Range
Hints
Jan. 1
High
High No. Low
Ask Low
Bid
High
Ask Low
Mph No, Low
5 1154 12318 Kings County Elec 1st g 48..1949 F A 8012 ____ 8012 Nov'26 ---12014
Sale 120
7714 8214
Stamped guar 4e
7712 gg
4414 56
3
1949 F A 8012 Sale 8012
5234 Nov'26
8012
Kings County Lighting be_ 1954 J J 10018 101 10018 Nov'26
6 10112 103
Hat gale 10134 10134
98% 108
Firet & ref 034s
1954 J J 110 1171 10933 110
74% 48
7414 Sale 74
14 106 112
65% 81
10534 Sale 10518
105% 70 104% 10912 Kinney(GR)& Co 734% dotes '36 J D 104 105 10334 104
6 101% 107
10138 103% Kresge Found'n coil It 85_ _ _1936• D 10114 Sale 01
10214
102
75 100 10214
-- 10214 Oct'26
8 10214 10512 Lackawanna Steel 1st Es A..1050 PA S 9834 Sale 98%
10438
10334 1-438 10414
99
7
9814 100
9484 9712 Lac Gas Lot St L ref&ext 55_1934 A 0 101 Sale 101
97 Sale 96%
97% 252
1 100 10333
101
Coll & ref 534s series C
8218-1953 F A 10358 104 10384 10418 18 10258 105
82
82%
82 May'26
9014 9584 Lehigh C & Nav s f 434s A _1954 • J 9814 9914 97% Nov'26 ---95
958
_4 9514
9584 18
971s 1004
J 10133 10184 10118 Nov'26
83% 9212 Lehigh Valley Coal 1st g 513_1933
9212 44
9212 Sale 91
10018 10134
1st 40-yr gu lot red to 4%A933 1 .1
2
941z ____ 95
9914 1014
544 95
99%
99%
99% 100
Oct'26 ---F
1st
A 101 Sale 01
& ref st bs
1954
99% 101
99%
99% 100
101
5
9978 10
9914 101.
Lax Ave & PP hat go g 5s._1993 M S
10
Oct'25
4012 Feb'26 ---3978 404
Liggett & Myers Tobacco 75_1944 A 0 122 12212
---- 22
124
13 118 1264
11
Columbus Gas 1st gold be_ _1932 ii 98
A 0 117
Registered
97 100%
98
____ 2012 May'26
9814 97%
- 1204 122
25
Commercial Cable 1st g 48_2397 Qi 8234 Sale 8112
83
fis
83
1951 F A 102 Sale 01
75
102
19
9934 10334
15
Commercial Credit s1 65_1934 MN 95 Sale 95
F A 9818 ____ 99% Sept'26
95 10018
99
Registered
9918 100
2
Col tr t 5%% notes
1935 J J 9212 Sale 9212
9212 9984 Liquid Carbonic Corp 68_1941 F A 10614 Sale 0233 107
93
664
98 107
Commonwealth Power 6s
1947 MN 10418 10412 10418
10438 41 10284 10512 Loew's Inc deb 63 with warr_1941 A 0 9934 Sale 9934 10014 159
9878 1004
1 10412 108
Lorillard (P) Co 75
Computing-Tab-Rec 81 68._1941 S i 10433 Sale 10433 1048s
1944 A 0 116% Sale 1712 11758 15 1154 1214
Conn Ry & L let & retg 4345 1951
'
S 9314 9412 9314 Nov'26
Registered
A 0 115
90
9412
_
1812 June'26
- 1184 1184
Stamped guar 434s
90
be
1951 F A 9914 Sale 9912
95
1951 • J 9314 95
9912
3
93%
934 "193
9888 1024
Consolidated Cigar 5 f 68._ _1936 AO 9933 Sale 981e
F A 9414 ___ 9614 Oct'25 --Registered
9712 9958
9933 171
Cons Coal of Md 1st & ref 56_1950 S D 8414 Sale 8334
Louisville Gas & Elec (Ky) Es 52 M N 10078 Sale 00% 101
7812 86
977 101
843s 62
21
24 10414 106
Consol Gas(NY)deb 5%8_1945 FA 106 Sale 1054 106
Louisville Ry 1st cons 55_ __1930 J .1 93
9512 91% Nov'26 ---SS
5
Cont Pap & Bag Mills 634s._1944 FA 75
7372 82
Lower Austrian Hydro Elec Pow7512 75
7514
1st 8 1 6 34s
9814 10284
Consumers Gas of Chic go be 1936 S D 10114 ____ 10214 Oct'26
1944 F A 86 Sale 8534
86
7
Ws 88
22
Consumers Power 1st 5s
9712 103
1015
1952 MN 10112 Sale 10114
2
Manatl Sugar 1st s f734s.__1942 A 0 9812 Sale 9838
Copenhagen Telep ext fig__ _1950 AO 100 Sale 9914
99 101
100
9314 103
9878 36
1 10012 103% Manhat Ry(NY)cons g 45_1990 A 0 67 Sale 66%
Corn Prod Refg 1st 25-yr s t bs'34 MN 99
102
102
6712 81
594 6919
8284 9578
14
2648
Crown Cork & Seal 1st 81 66_1942 FA 94% Sale 9478
95
2013 .1 D 60
61
59 Nov'26 ---63
63
9912 65
99 100
Manila Elec Ry & Lt 5 f bs_ _1953 M S 9618 961 9634 Nov'26 - Crown-Willamette Pap 68._ _1951 ii 9914 Sale 9914
89% 98
Market St Ry 78 ser A Apr111940 Q .1 9618 Sale 9618
96
Cuba Cane Sugar cony 78_ _1930 ii 9412 Sale 9318
88
9412 20
9612 62
954 994
Metr Ed let & ref g (Is ger 13.1952 F A 1071 Sale 10733 10734 22 104 1084
92 100
Cony deben stamped 8%
97% 69
4 _1930 is 97% Sale 96
12 10612 10912
lst & ref bs series C
Cuban Am Sugar let coil 88_1931 MS 10778 Sale 107% 108
1953 J
10018 Sale 100
10014
6
1633 10114
9114 9914 Metropolitan Power 1st 68 A1953 J D 105 Sale 105
98% 27
Cuban Dom Bug 1st 734s.._ _1944 MN 97 Sale 97
105
.1 1024 10634
4 10014 102% Metr Wes Side El(Chic)40_1938 F A
102
734
Cumb T & T 1st & gen 5s
7334 Nov'26 ---1937 ii 102 Sale 102
7112 745e
18
9384 97% Mid-Cont Petrol 1st 6345---1940 M
97
Cuyamel Fruit let f 6s A _ _ _1940 AO 97 Sale 97
104% Sale 104%
10434 41 10114 10514
Midvale Steel &0cony sf581936 M S 9714 Sale 9612
9788 63
92% 98
3
92
07
9315
'
S 9234 9314 93
Milw Elec Ry&Lt ref&ext 4348'31 J J 9818 98% 98
Davison Chemical deb 6348_1931
9878 25
9658 99
Aug'25
AO
9218
_
General
& ref bs A
1951
D 9934 100 100 Nov'26
Deny City Tramw 1st con be 1933
9888 101%
1st & ref 55 B
94
9834
Den Gas & E L 1st & ref s tg 5e'51 MN 9812 - - - 9812
1961
98% 13
9734 Sale 975
9734 54
9012 100
9878 72
MN 98% Sale 9812
9312 98% Milwaukee Gas Light 1st 45_1927 M N 9912 997 9912
Stamped as to Pa tax
9912
2' 99
9975
12
91
70
68
6912
69
Montana Power 1st 58 A._1943
.11 10112 Sale 10114
Dery Corp(D G) 1st 5 f 75..1942 MS 68
10184
71 99% 105
5 10078 10378 Montreal Tram 1st & ref 58_ _1941 J J 9712 Sale 9714
'
S 101% Sale 101%
102%
Detroit Edison 1st coil tr 58_1933
9712 271 9612 98%
100% 108
Gen & ref s f Sc series A..1955 A 0 93
'1st & ref 58 series A_July 1940 MS 10212 Sale 10212 10212
93% 93 Nov'26 ----I 9212 93
1 100 104% Morris & Co 151st 4 Ms_ _ 1939
102%
Gen & ref 58 series A
1949 AD 10214 10214 102%
5 8614 Sale 8614
8612
8
84
88
10814 16 106 10884 Mortgage-Bond Co 4s ser 2_1966 A 0 80
1st & ref 68 series B_July 1940 MS 10814 Sale 107%
81
81 May'26
81
80
65
S
D
10214
102%
Sale
10018 104
1028
Gen & ref bs ser B
10-25-year 58 series 3
4
1955
1932 J ./ 9634 9712 9633
96%
2
9614
98
17
95
90
Del United 1st cons g 4348_1932• J 95 Sale 94%
9712 Murray Body 1st 6348
D 9614 9678 9534
1934
9614 401 8312 96%
951e 244
9212 9784 Mutual Fuel Gas 1st go g 5s-1947 M N 10112 Sale 10112 10112
Dodge Bros deb 68
1940 MN 9512 Sale 9514
5
9918 103
13
83
Dold (Jacob) Pack 1st 6s
6984 86
1942 MN 83 Sale 8212
Mut Un Tel god b ext 4% 1941 PA N 10134 _
10184 Nov'26
100 1024
8
4084
41%
34
Dominion Iron & Steel Es_ _1939 MS 411e 43
6234
9712 15
Donner Steel 1st ref 78
Nassau Elec guar gold 4s_ _1951 5 J
9278 98
1942 5' 9714 Sale 97
5912 Sale 5914
5984 31
58% 94%
10618 10 104% 107
Duquesne Lt 1st & coil fis_ _ _1949 5' 105% 10618 10578
National Acme 734s
D 102 Sale 10114
1931
102
31
98 102
1st coil trust 5345 series B_1949• J 10514 Sale 10514
10512 12 10434 106% Nat Dairy Prod 6% notes_ _ _1940 M N
100
63
9933 Sale 993
9512 10011
Nat Roam & Stamps 1st 58_1929 J D 101 10212 101
10114 10 1004 103
East Cuba Sug 15-yr 51 g 730'37 MS 107 10712 05%
10612 22 103 10858 Nat Starch 20-year deb 58..1930 J J 9914 101
9934 Oct'26
994 1034
2
93
Ed El III Bkn 1st con fp4s__ _1939 ii 95
93
96
93
99% National Tube 1st be
1952 M N 10333 104 10333 10333 14 10114 1044
1 103 108%
10678
Ed Elea III 181 cons g 58_ __ _1995 5, 10678 Sale 06%
Registered
MN
10214 Sept'26 - --- 1024 1024
22
98
Elec Pow Corp(Germany)634s'50 MS 9714 Sale 96%
Newark Consol Gas Es
8578 98
1948 J D
10238 10233 2 1004 1034
9912 12
98% 10018 New England Tel & Tel 5E1_1952 J
Elk Horn Coal 1st & ref 6348.1931 J D 9912 Sale 9912
10234 Sale 10212 10284 23 1004 1034
97% 10112
Deb 7% notes (with warets'31 SD 9912 Sale 99
10018 31
1st g 4348 series B
1961 M N 9434 Sale 9433
95 642
92% 94%
10484 143 10112 104% N Y Air Brake 1st cony 68_ _1928 M N 10012 102 102
Empire Gas & Fuel 7348_ _1937 MN 10414 Sale 0318
102
21 10072 103
1st & ref (3148(wIth war:018)'41 AO 98% Sale 9812
9878 220
9612 9878 New On Pub Serv 1st be A.-1952 A 0 9533 Sale 9518
9538 35
9084 964
3
Equip Gas Light 1st con be 1932 M
First & ref bs series B
9912 10034
10012 Sale 0015 10012
1955 1 D 9478 9514 9514
953
3
9014 Ms
9
Federal Light & Tr 1st 5s
N Y Dock 50-year 1st g 4s 1951 F A
9212 98
1942 MS 9584 Sale 9512
84
9534
8512 84
85%
4
8112 861$
4 100 104% NY Edison 1st & ref 634s A_1941 A 0 11512 11534 11512 11534 52 115 118
let lien Bs stamped
0312 10414
1942 MS 10312 104
9712
1
30-year deb 68 ser 13
9812
First lien & ref bs B
1944 A 0 103 Sale 103
93
9712 9712
10378 49 102 10414
1954 JD 97
Federated Metals s I 76
N Y Gaa El Lt & Pow g 515_1948 J D 10514 10512 10514 Nov'26
84
98
8612 10
1939 iD 84 Sale 84
104 108
Fisk Rubber 1st s I 88
11612 13 11312 11684
Purchase money gold 4s_1949 F A
9112 Sale 9112
1941 MS 11614 11612 1614
92
29
894 92
Ft Smith Lt & Tr 1st g 55._ _1936 MS 86% 8714 8718
NYLE&WC&RR 5%8_1942 M N 101
7514 89
____ 101 July'26
8712 10
101 101
85
9818
9818
Frameric Ind & Dev 20-yr 7348'42
NYLEAWDock&Imp 581943 J .1
9734 Sale 96%
88
_
19112 Sept'26 - --- 10118 10244
17 101 107%
Francisco Sugar 1st st 7348_1942 MN 104 Sale 0212 104
&QEIL&P lstgbs
101
101
1
1930 F A 101 10112
1004 1034
• 9312 682
55 Apr'26
French Nat Mall SS Lines is 1949 SD 93 Sale 91
79
9312 NY Rya 1st R E & ref 4s_1942 J 5
52
60
58 _ _ 6034 Oct'26 - _
Certificates of deposit
46
02
10088 102%
0234 Sept'26 412 Oct'26 - Gas & El of Berg Co cons g 581949 JD 10134 103
312 -7412 1014
30-year adj Inc 5s.._ _Jan 1942 A 0
312 10
102 110
5 Aug'26
Gen Asphalt cony (Is
Certificates of deposit
1939 AD 107 10812 07 Nov'26 -312 10%
1
91
92
. 2818 Sale 2678
9184 91
N Y Rys Corp Inc 6s.._Jan 1965
87
Gen Electric deb g 3%s_ _ _ _1942 FA 91
28% 114
22
37
11
103
10212 Sale 0214
95 104
.1 8418 Sale 84
Gen Elec(Germany)713Jan 15_'45
Prior lien 68 series A
1965
8412 89
81% 88%114%
8
NY & Richm Gas let 65_ _ _ .1,951 M N 10212 Sale 0212 10314
99114 119
f deb 61-48 with war
1940 SD 11212 11412 14
2 10084 1034
24
99
97
9812 NY State Rys 1st cons4%8_1962 M N 5412 Sale 5488
Without warr'ts attach'd '40 J O 99 Sale 9812
5514 96
49
594
1011z 391
Gen' Petrol 1st s 1 Es
lst cons6 Ms series B
1962 M N 75 Sale 71%
9884 10112
1940 FA 10188 Sale 0084
77% 17
80
82
Gen Refr 1st s f g 6s ser A.._1952 F' A 102 103 10138 10112 18 10014 10314 N Y Steam 1st 25-yr 6s ser A.1947 M N 10438 105% 04%
10512 20 10118 10512
97
89
97
NY Telep 1st Sc gen St 4%6_1939 M N 9812 Sale 9812
92
Good Hope Steel & I sec 7s_ _1945 AD 97 Sale 9614
9834 45
97
9912
Goodrich (B F) Co 1st 630_1947 S i 10612 Sale 10638 10633 32 104 107
30-year deben s t(38_ __Feb 1949 F A 11014 Sale 10
11012 21 10978 11114
20-year refunding gold 68_1941 A 0 10878 Sale 0812 10878 51 1074 1094
Goodyear Tire & Rub 181 88.1941 MN 12112 Sale 1204 12112 49 11912 122
1101z 42 109% 11288 Niagara Falls Power 1st 55_ _1932 .1 J 101 10112 01
10-year 51 deb g 8s.NI ay 1931 FA 11014 Sale 11014
10112
2 100 103
97
8684 11
___ 8612 8612
Ref de gen 6s
Jan 1032 A 0 105 10534 0514 10533
85
Gould Coupler 1st 5 1 68_ _ _1940 FA
4 1044 1064
Meg Lock & Opt 1st 55 A..1955 A 0 10014 Sale 0014
Oct'26 -- - 100 101
Granby Cons M S& P con 68 A'28 MN 100 101 100
10012 41
99 10114
No Amer Cement deb 6864 A.1940 M
Stamped
1928 MN 100 102 10011 Oct'26 --- 100 101
9614 Sale 9518
9614! 48
9118 100
13814 30 100 141
1930 MN 13414 Sale 13414
North American Edison 6s_ _1952 M El 10434 Sale 0384 104 1 48 1014 105
Cony deb 75
9778 89
9712 Sale 961e
(A Cons El Power(Japan)75_1944
Secured e t g 6318 ser B _ _1948 M S 10.512 Sale 10514 10512 17 1034 106
908s 97%
Great Falls Power 1st 5158 1940 M N 103% 104 10333 Oct'26 -- 100 10412 Nor Ohio Trac & Light 68_ _ _1947 M S 9614 Sale 9533
9614 22
924 99
Nor'n States Pow 25-yr 58 A _1941 A 0 10014 Sale 997
10014 26
974 101
85%
6
Hackensack Water 1st 48_ _1952 S i 8584 8712 8558
Registered
8418 88%
A 0
9914 Sept'26 _ - _
99
994
M
S
90
Oct'26
_
_
90
90
86% - - - 1930
1st & ref 25-yr 68 series B..1941 A 0 10514 Sale 10434
Hartford Si Ry let 48
105141 17 1044 1064
9412 10018 North W T 1st Id g 4%s gtd-1934 J J
96% Oct'26'-- -95
97
1952 FA
Havana Rice consol g 58_
984 Oct'26'____
964 984
25
9914 10214
102
Hershey Choc 1st & coll 53451940 S i 10134 Sale 10134
98
9
9112 9914 Ohio Public Service 734s A_.1946 A 0 11414 1151 11412 11518
Hoe(R)& Co let 6348 ser A.1934 AO 98 Sale 97%
8 112 1165e
8912 30
79
lst & ref 7s series 13
1947 F A 11418 11484 113% 114
9384
Holland-Amer Line 68 Ufa:1_1947 MN 89 Sale 89
8 11038 119
1948 J J 105 106 105
Hudson Co Gas 181 g 5s_ _ _1940 MN 10212 10284 10233 Nov'26 -- -- 100% 10312 Ohio River Edison 1st 60
10533 14 10114 1064
10218 33 101% 103 Old Ben Coal 1st 65
1944 F A 9114 Sale 91
Humble OH& Refining 5348_1932 Si 10218 Sale 102
9112 10
88
974
Ontario Power N F 1st bs_ _ _1943 F A 101 Sale 101
1011e 15
99% 1024
10314 53 10084 10312 Ontario Transmission 58_..1945 M N 10018 10058 10018
Illinois Bell Telephone 58__ _1956 J D 10314 Sale 102%
__
9938 101
23
98
9484 98 Pacific Gas AR!gen & ref 58.1942 J J 100 Sale 100 Nov'26-1940 A 0 974 9812 97%
Illinois Steel deb 4 Ms
10033 71
974 1004
98% 99% Pac Pow & Lt Ist&ref 20-yr 55'30 F A 10018 Sale 100
1946 A 0 9914 Sale 9878 • 9914 29
Reeder Stee ICorp s 1 78
10012
994 1014
6
9118 98% Pacific Tel & Tel 1st 58
1937 J i 10214 Sale 102
1936 M N 9734 9812 98 Nov'26
Ind Nat Gas & 011 58
1021
75 10038 1025s
4 10114 10518
Ref mtge 58 series A
1952 PA N 10133 Sale 10112 10184 28
1952 M N 103% 104 10312 103%
Indiana Steel 1st 58
9878 1024
Pan-Amer P & T cony s f 68_1934 M N 10484 Sale 10484
Ingersoll-Rand 1st 58 Dec 311935 55 100% --- 9934 Dec'25
10584 110 104
1st 10-year 7s
1014 70 -9884 10412
1930 F A 105 1053s 105% 1067
1045 MN 10118 Sale 10084
Inland Steel deb 534e
24
102
22
10112
Sale
100%
102
101%
Paramount-Bway
1st
5%5_1951
5
MS
J 9778 Sale 9633
Inspiration Con Copper 634e 1931
98
94
92% 98
11 Apr'25
Park-Lox at leasehold 634s_ _1953 J J 9112 92
91
Interboro Metrop coil 4348_ 1958 AO
92
11
8518 96
"ii
13 May'26
13 Pat do Passaic GA El cons 65.1949 M El 102 10212 10214 Oct'25 _
15
Guaranty Tr Co et's dep
100 10234
May'25
1012
Peop Gas & C 1st cons g 68_1943 A 0 11312 114 11333 Oct'26
Ctt deg Stpd toad 16 74 1910
11014
1134
7612 778 -62l2 76-1-2
Refunding gold 55
1947
76 Sale 73%
S itn38 10158 10114
Interboro Rap Tran 1st bs_ _1966
30
984 1084
76% 1108
62
76% Philadelphia Co coil tr (3s A _1944 F A 10434 Sale 10412 10112
ii 7612 Sale 7334
Stamped
10434 34 10312 10534
306
7714
80
64
80
15-year cony deb 534e_ _ _ _1938 AA 13 10034 Sale 10033 10084
1932 AD 7814 Sale
10-year Sc
984 10112
b
351
98
8584 98 Phila & Reading C & I ref 58_1973 J J 102 Sale 1011
99% 102%
10-year cony 7% notes.._1932 MS 98 Sale 9658
102
12
5
8814 9812
9484
N 9484 Sale 9218
Int Agile Corp 1st 20-yr 58_ _1932
4
81
83
91% Pierce-Arrow Mot Car deb 881043 MS 1077 Sale 108
8212 8212
Stamped extended to 1942_ _ _ MN 80
10833 17 103 110
8484 98 Pierce 0115 f 8s
9114 100
Dec 15 1931 S D 101 102 10112 101% 10
9758 10778
Inter Mercan Marines I 68_ _1941 AD 9038 sale 9034
103
91% 98 Pillsbury Fl Mills 20-yr 65_1943 AD 10218 10411 102I
98
International Paper 58
102
84
1947 is 97 Sale 9638
b 10114 104%
9612 10012 Pleasant Val Coal 1st gel58_1928 S i
9934 104
___ 99% Sept'26 _
Ref s 6s ser A
98% 100
1956 MS 9958 Sale 9912
914
9812-93
9084 Oct'26 _ _ _
Lot Telep & Teleg cony 5348 1945 MS 110 Sale 0912 11014 199 107 1164 Pocah Con Collieries 1st 5:581957 5
90% 93
Port Arthur Can & Dk 65 A _1953 FA 105
05
105
19 102 10515
2 100 116
108
1st M 6s series B
1953 FA 105
08
___ 105
Jurgens Works65(flat price)-1947 Si 10714 108
105
5 101% 1054
10014
104
30
Portland Mee Pow 1st 136 B_1947 MN 10014 Sale 10Ol4
Kansas City Pow & Lt bs_ _ _1952 MS 10212 Sale 02% 10215
99 104
10038
4
9 101% 10618 Portland Gen Elec 1st 58_1935 S i 100 10011 9978 100
5558 1024
Kansas Gas & Electric 6s_ _ _1952 MS 10412 Sale 0412 106
6
105 10712 Portland Ry 1st & ref 56. _1930 MN 95
10714
96
Kayser (Julius) & Co 1st 8t 75'42 FA 10612 10712 0714
925e 96
9512
9512
2
9612 99 Portland Ry L & P 1st ref 58.1942 FA 9033 9114 9034
9878 12
Keith (B F) Corp 1st 6s_
8834 9454
91
9
1946 MS 9814 Sale 9814
1st lien & ref 65 series B...1947 MN 10014 Sale 10033
99 10311
Kelly-Springf Tire8% notes_ 1931 MN 104 Sale 0312 104% 95 10278 108
10033
2
90
93
1st & refund 73.64series A.1945 MN 107 10712 107 Nov'26
10534 10811
Keyston Telep Co 158 58_19355' 93 Sale 93 Nov'26 - _
1 102 104 Porto Rican Am Tob 8s.__ _1931 MN
103
10434 10514
Kings County El & P g 58
0434 Nov'26
1937 AD 103 Sale 03
22 12078 124
Purchase money 65
1997 AD 122% Sale 2284 123
Central Steel let g si 88__ _ _1941 MN
Chic City & Conn Rys 58.11en1927 AO
ChO L & Coke let gu g 58_ _1937 S i
Chicago Rya 1st be
1927 FA
Chile Copper cony 68 ser A..1933 AO
Mein Gas & Elec 1st & ref 58,58 AO
5348 ser B due
Jan 1 1961 AO
Cities Serv POW & L 5168_1944 MN
Clearfield Bit Coal 1st 415_1940 J J
Colo F & I Co gen s be- _1943 FA
Col Indus 1st & coil 58 gu__ _1934 FA
Columbia 0& E 1st bs
1927 ii
Stamped
1927 ii
Col & 9th Av let go g se_-1993 M S
Bid
120
lava
103% Ion
Option sale.
Nov. 20 1926.]
THE CHRONICLE
New York Bond Record-Concluded-Page 6
2639
Quotations of Sundry Securities
All bond prices are "and In crest" except where marked
BONDS
N. Y. STOCK EXCHANGE
Week Ended Nov. 19.
Price
Frid
Prides.
Nov. 19.
Veek's
Range or
Last sale
co
Pressed Steel Car cony g 6s__1933 Si
Prod & Ref 5188(with war'ts)'31 J D
Without warrants attached___ J D
Pub Seri,Corp of NJ sec 65_1944 FA
Pub Serv Elec & Gas 1st 54681959 AG
1964 AO
1st & ref 5468
Pub Seri,El Pow & Ltg 66_1948 AO
Punta Alegre Sugar deb 78_1937 J J
Remington Arms 68
1937 MN
Repub I & 10-30-yr 58 s f_ _1940 AO
Ref & gen 5348 Series A_1953is
Rheinelbe Union 78 with war 1946 is
Without stk purch warts.1946 is
Rhine-Main-Danube 78 A- 1950 MS
Rhine-Westphalta Elec Pow 76'50 MN
1955 FA
Rime Steel let 78
Robbins & Myers 51 78
1952 J D
Rochester Gas Az El 78 ser B_1946 MS
Gen mtge 6465 series C__ _1948 MS
Roch & Pitts C&Ipm 5s_ _1946 MN
Rogers-Brown Iron gen&ref 78'42 MN
Stamped
MN
High No.
Bid
Ask Low
94 Sale 94
9412 12
_
11118
11114 Sept'26
111
111
11114 29
100
104 Sale 10334 104
104% Sale 104% 105
17
104% Sale 10478 105
23
107 Sale 107
10714 22
11114 Sale 11014 11112 42
61
95 Sale 9412
95
10038 Sale 10038 100%
2
97% Sale 9614
62
98
11218 Sale 11314
11478 67
974 Sale 97
97% 160
102 Sale 101
48
102
10034 Sale 10012 101
28
9O3
8
9012 Sale 9012
4
70
75
75
7514
11112 Sale 11118
7
11112
_
10514 - --- 10514 Oct'26
9011-. _ 9014 Sept'26
5012 51 52 Nov.26
6
5012 51
5038
5112
1937 M N
St Jos Ry Lt & Pr 58
St Joseph Stk Yds 1st 446 s.. _1930 J
StLEoekMt&P5sstmPd.1955J J
St Paul City Cable cons 55.. A937 J
Ban Antonio Pub Seri,151 68_1952 J
Saxon Pub Wks(Germany) 75'45 M
19465 J
SchulcoCoguar6l4s
Sharon Steel Hoop let 88 ser A '41 M 13
Sheffield Farms 181k ref 634s'42 A 0
Sierra & San Fran Power 53_1949 F A
Sinclair Cons 011 15-year 78_1937 M 8
ls$l'ncoltr6sCwitbwar..19275 D
1938 J 13
1st lien 641e series B
Sinclair Crude Oil 3-yr 68 A_1928 F A
3-yr 6% notes B Feb 151926 F A
Sinclair Pipe Line s f 58
1942 AG
Smith(A 0)Corp 1st 6463_1933 MN
95
5
9518
9514 95
9738 98
9718 Aug'26
4
75
75
7634 75
4
9514 9512 954
9514
10618 Sale 10538 10618 11
101 Sale 10012 10134 89
10018 144
9938 Sale 9938
1
108 Sale 108
108
108 Sale 10712 10814 10
3
954 96
9514
9512
97 Sale 97
97% 47
100 Sale 100
. 10018 262
92 Sale 9218 • 9212 98
87
100% Sale 10034 101
10118 Oct'26
174
9234 Sale 9212
93
4
102 Sale 10134 102
South Porto Rico Sugar 78._1941 J D
South Bell Tel & Tel lst f 531941 .1 J
Southern Colo Power 6s
1947 J
S'west Bell Tel let & ref 5s 1954 F A
Spring Val Water g 58
194814 N
Standard Milling let be
1930 M N
let & ref 534e
1945 M S
Steel & Tube gen s f 78 ser C _1951 J J
Steverui Hotel lst 68ser A _ _ _1945 J J
Sugar Estates (Oriente) 75_ _1942 _ _
Superior 011 1st sf78
1929 FA I
Syracuse Lighting let g 58_ _ _1951 J 13
Tenn Coal Iron & RR gen 58_1951 J J
Tennessee Elea Powlst 68-_1947.11
13
Third Ave lat ref 4.8
19605
Adj Inc /Se tax-ex N Y Jan 1960 A 0
Third Ave By let g 58
1937.1 J
Toho Elec Pow let 7s
1955
6% gold notes ___ _July 15 1929 J J
Tokyo Elec Light 6% notes_1928 F A
Toledo Edison lst 7s
1941 M S
Toledo Tr L & P 536% notes 1930 J J
Trenton & El 1st g 5s._1949 M El
Trumbull Steel let Sf 6s_ _ _ _1940 F A
Twenty-third St By ref
_1962 J J
Tyrol Hydro-Elec Pow 7468-1955 M N
12
10814 109
2
10234 1027s
7
99% 100%
103
10314 44
9914 Nov.26
2
10034 10034
1003-4 10012 Nov.26
107% Sale 10712 107% 26
99% Sale 9912
99% 13
9712 Sale 9712
9713 29
100 Sale 100
10018 13
_
10238 10212 1024 Nov.26
3
10338 105 10312 104
10514 Sale 105
10512 37
6418 Sale 62%
64% 109
5934 Sale 5618. 60
665
97 Sale 97
97
8
9818 Sale 9718
9818 75
9812 Sale 98%
9834 70
9914 Sale 9878
9914 117
108 10812 108
10814 14
991c 55
99 Sale 984
102 103 10218 10218
1
98 Sale 9612
60
98
6512 70
65 Nov.26
11
98 Sale 97
98
Uligawa El Pow s f 78
1945 M
Undergr'd of London 4 its_ _1933 is
Income (Is
1948 is
Union Elec Lt At Pr(Mo)58_1932 MS
Ref & ext 58
1933 MN
Un E L&F(111)1stg 546s ser A1954 is
Union file,/ By(Chic) bs
1945 AG
Union 011 1st lien s f be
1931 is
30-yr 6s series A
May 1942 FA
1st liens 1 5s series C
1935 FA
United Drug 20-yr 6s_Oct 15 1944 AG
United Fuel Gas 1st s f 6s
1936 is
United Rys St L 1st g 48_ __ _1934 J J
United SS Co 15-yr 68
1937 MN
United Stores Realty 20-yr lis '42 AG
US Rubber 181k ref baser A 1947 is
Registered
'S
10-Yr 734% secured notes.1930 FA
US Steel Corp f coupon Apr 1963 MN
f 10-60-yr 5slregist__ A pr 1963
N
Utah Lt& Tray 181k ref be_ _1944 AO
Utah Power Az Lt 1st 55
1944 FA
Utica Elec L Az P 1st bs
1950 is
Utica Gas& Elec ref & ext 5111957 Si
Vertientes Sugar let ref 78_1942 SD
Victor Fuel let a f bs
1953Si
Va-Caro Chem 1st 78
1947 SD
sod as to payt 40% of pen
1st 78
• 1947
Ctf of deposit asstd
Ctf of deposit stpd
_
Va Iron Coal & Coke let g 581949 MS
Va Ry Pow let & ref Es
1934 Si
Walworth deb 6168(with war)'35 AG
let Oink fund Os series A __ _1945 AG
Warner Sugar Refin let 7s.. _1941 SD
Warner Sugar Corp let 78_ 1939 J
Wash Water Powers f 5e._ _1939 Si
Westches Ltg g be stmpd gtd 1950 3D
1944 MN
West Ky Coal let 7s
West Penn Power Ser A 5s
1946 MS
1963 MS
1st be series E
1953 AG
let 5445 series F
1956 J D
1st sec be series G
1950 is
Weet V C C lst 68
51
9778 Sale 9712
98
93%
_ 96 Apr'26
96
9338
_ _ 96
7
10112 Sale 10112 101%
7
101 10114 101
10114
10138 102 10238 Nov.26
3
83
83 Sale 83
10138 101% 10118 Nov.26
15
107 Sale 10638 107
9834 Saie 0814
98% 43
10634 Sale 10618
10634 34
6
103 Sale 10218 103
5
7612
7512
76
77
92
9214 9214 Nov.26
9
10512 -- 10412 10434
954 Sale 9484
9512 168
9278 Sept'26
29
1067s 1-6718 10612 107
107 Sale 10634 10814 278
_ 10612 Nov.26
9334 Sale 93%
9414 25
31
9714 Sale 9714
98
102
10218 Oct'26
10218 Ercile 10134 102%
2
98 Sale 9712
13
98
56
65
57 Aug'26
2
10814 - 10812 10812
1944 AO
Western Electric deb as
Western Union coil tr cur 58-1938 is
Fund & real est g 4368--- _1950 MN
1936 PA
15-year 640
Wes'house E & M 20-yr g 58.1946 MS
Westphalia Un El Pow 6 46s_1950 SD
wheeling Steel Corp let 546s 1948 Si
White Sew Mach 6s(with war)'36 is
Wickwire Spen St'l 1st 75_1935
Certificates of deposit
MN
Ctfs of deposit stamped
Wickwire Sp St'l Co 78 Jan 1935 MN
Willys-Overland s f 6 36s____1933 MS
Wilson Az Co 1st 25-yr s f 6s__1941 AO
Ftegistered
1941 AO
Winchester Arms 7345
68_1943 Si
Yotmg'n Sheet & T 20-yr
s Option sale.
109
10234
100
103
100
Sale
10314
1003s
Sale
10014
10814 -- -- 10712 10712
4
10814 -- - 108
10838
10814
_ 10812 Sept'26
_
9512
_ 9312
6
9312
9834 99
38
9834
99
90
3
91%
9114 91
95 Sale 95
17
95
8412 85
14
8434
85
61 Sale 59%
16
61
10234 10312 10212 Nov.26
10238
102 Nov.26
3
10112 10134 102
102
10012 Sale 10012 101
8
10012 Sale 10012 100% 15
105 10514 10512 Nov.26
10034 Sale 10018' 101 -222
82 Sale 82
4
8212
10134 Sale
101% Sale
9918 Sale
112 Sale
10114 Sale
9538 Sale
9578 Sale
994 Sale
51 Sale
42% Sale
10112 Sale
101 Sale
10412 105
10312 Sale
10134 10212 132
101
101% 14
8
99%
9918
33
11134 112
10118
10138 168
94%
9512 121
83
9514
96
9914
10014 83
6
5012
51
6014 Mar'26
7012 Mar'26
16
42%
45
10112 101% 14
10012 101% 54
93 Feb'25
6
10412 105
10338 10334 147
Range
Since
Jan. 1
Standard Oil Stocks P r Bid. Ask.
Anglo-Amer 011 vot stock_ CI *1912 2018
Non-voting stock
£1 *18% 1914
High Atlantic Refining
Low
100 102 103
Preferred
94
9818
100 116 117
11014 11234 Borne Scrymser Co
100
New
10934 11214
*68
73
100 10434 Buckeye Pipe Line Co_ - __50 *4212 43
10334 10614 Chesebrough Mfg new..25 *78
RO
10 *18% 1878
10378 10512 Continental 011 v t c
Crescent Pipe Line Co.. 50 *1518 1512
10138 109
104 11112 CumberlandPlpe Line_ __100 110 115
Eureka Pipe Line Co_ _ __I00 46
8014 95
47
9714 1003s Galena Signal Oil com__ _100 1114 13
Preferred old
100 49
9212 98
55
Preferred new
95% 11512
100 45
50
93
9734 Humble Oil & Refining....25 *56% 57
100 130 13312
9812 10214 Illinois Pipe Line
95 10114 Imperial 011
*3612 36%
63
88
9214 Indiana Pipe Line Co.. _50 61
International Petroleum-- t *30% 31
77
53
National Transit Co_ _12.50 1312 1334
111 114
104% 106 ' New York Transit Co_..100 *30
34
9014 9012 Northern Pipe Line Co._100 63 67
25 *5714 58
50
7334 Ohio Oil
6518 Penn Mex Fuel Co
25 *2012 21
49
Prairie Oil Az Gas new_ _ _25 *49 4914
Prairie Pipe Line new...100 12412 12512
9114 97
100 195 200
9538 9718 Solar Refining
2412
81% Southern Pipe Line Co new. *24
75
South Penn Oil
25 *3574 3614
9514 98
101% 106% Southwest Pa Pipe Lines.100 5512 5712
Standard Oil (California)._ _ *58% 5814
9234 102
99 10012 Standard 011 (Indiana)...25'
64 6414
Standard Oil (Kansas)_ _ _25 *1712 1812
10738 106
106% 108% Standard Oil (Kentucky)_25 11712 119
9112 9812 Standard Oil (Neb)new._25 *4714 48
9334 99% Standard 01101 New Jer_.25 39% 3912
Preferred
9938 11334
100 11714 117%
87
94% Standard 011 of New York.25 *3034 30%
100 301 305
100% 10112 Standard Oil(Ohio)
Preferred
100 118 119
10038 10112
100 16
87
9414 Swan Sr Finch
18
100 113 115
100 10212 Union Tank Car Co
Preferred
100 11614 11612
10514 10914 Vacuum Oil new
25 *9418 9412
10112 1031e Washington 011
10
Other Oil Stocks
9712 10214
10032 10352 Atlantic Lobos Oil
*114 112
Preferred
9914 10032
50 *314 312
98% 10112 Gulf Oil
25 *89% 8912
977g 10114 Mountain Producers
10 *2518 2514
Mexican Eagle 011
10712 109
5
414 6
100 180 187
9914 10034 National Fuel Gas
Salt Creek Consol
_10
8912 100
7% 8
95 100% Salt Creek Producers_ _ _ _10 *3018 30%
Railroad Equipments Per et.
100 103
5.10 5.00
102% 10514 Atlantic Coast Line 68
Equipment 646e
4.90 4.70
102% 106
5.12 5.00
55% 6512 Baltimore Az Ohio 65
Equipment 446s & 5s.... 4.8.5 4.62
4112 65%
92% 9812 Buff Roch Az Pitts equip 68_ 5.20 5.00
9012 9834 Canadian Pacific 446s & 68. 4.95 4.65
CentralRR of N J 68
5.10 4.95
9638 99
5.20 5.00
96
9912 Chesapeake St Ohio 6s
Equipment 6468
5.15 4.90
10714 10934
4.85 4.70
Equipment58
98 101
5.12 5.00
10018 10234 Chicago Burl & Quincy 6s
Chicago & North West 6s
5.15 5.00
9411 99
Equipment 6348
4.95 4.75
75
61
4.85 4.70
Chic RI & Pee 446s & be_
9414 98
5.25 5.05
Equipment68
Colorado Az Southern 68_
5.20 5.00
96
98
Delaware & Hudson 68
5.12 5.00
94
96
Erie 4465 & 58
5.00 4.75
95
90
Equipment68
5.25 5.05
10012 10212
5.20 5.00
10018 102% Great Northern 6s
Equipment 55
4.85 4.70
10012 10234
4.85 4.70
7712 8512 Hocking Valley 58
Equipment68
5.15 5.00
10018 102
4.75 4.60
100% 1084 Illinois Central 434e & 5s..
Equipment(is
5.10 5.00
95% 99
Equipment 78&646s
4.85 4.70
10312 10712
101% 10412 Kanawha & Michigan Os.._ 5.30 5.10
Equipment434e
5.00 4.80
7412 79
Kansas City Southern 5348. 5.10 4.85
8712 95
LouisvilleSt Nashville 68... 5.12 5.00
103 105
Equipment634s
4.90 4.75
9134 95
4.95 4.75
92% 9278 Michigan Central 55 & 6s...
105% 108% Minn StP&SSM 446s& 5s 5.10 4.85
Equipment 6469 dr 7s... 5.25 4.90
103 10734
10434 10612 Missouri Kansas & Texas (is 5.30 5.00
Missouri Pacific 68 & 6Ke_ _ 5.20 4.90
8618 94
4.90 4.65
95
99% Mobile Az Ohio 540& be
100% 102% New York Central 434e & 55 4.80 4.60
Equipment68
5.10 5.00
100% 102%
Equipment78
4.10 4.75
9012 9912
4.70 4.55
5314 6412 Norfolk Az Western 446s_ _
Northern Pacific 7s
5.00 4.75
105 110
Pacific Fruit Express 78__
4.95 4.75
10434 11112 Pennsylvania RR eq 58 & 68 5.12 4.65
Pittsb & Lake Erie 0345.... 5.05 4.80
10412 110
Equipment68
5.15 5.00
10678 10812
Reading Co 4345 & 55
4.70 4.55
9114 98
9712 101% St Louis & San Francisco 5s. 4.85 4.70
89
9512 Seaboard Air Line 5465 & 613 5.25 4.95
Southern Pacific Co 4468_ _ _ 4.70 4.60
9114 97
Equipment7s
79 100
4.90 4.70
56
4.85 4.70
887s Southern By 434e & 5s
Equipment68
10112 102%
5.15 5.00
10112 10338 Toledo & Ohio Central 6s_ - _ 5.15 5.00
100 10214 Union Pacific 7s
4.90 4.70
Short Term Securities
99% 103
9934 10314 Anaconda Cop Min 68.29J&J 10214 10212
104 1067s Chic RI & Pay 58 1929_J&J 99% 10018
100 10078 Federal Bug Ref 65'33.M&N 82
86
Missouri Pacific 5s'27_
65
91
100 10014
Sloss-Sheff S & I 6s'29_F&A 102 10212
10018 10314 Wise Cent 534s Apr 151927. 100 10014
Indies. & Miscall_
101 10312
American Hardware
9614 100
90
25 •88
11038 11718 Babcock & Wilcox
100 116 118
99% 10118 Bliss(E W)Co new
24
*23
9314 95
*57
Preferred
94
98
9534 Borden Company cora- -z t *95
Celluloid Company
94% 101
16
100 13
Preferred
46
55
100 ao
7012
100 115 117
6014 6014 Childs Company pref
100 172 177
7012 7012 Hercules Powder
100 115 117
Preferred
39% 6812
International Silver pref.
_100 103 108
10114 105
95% 10138 Lehigh Valley Coal Sales_50 *97 99
Phelps Dodge Corp
100 134 137
165 170
foir Royal Baking Pow com_100 103
103
100
Preferred
10114 105
Singer Manufacturing_ _ _100 378 388
*512
Singer Mfg Ltd
50
ioir;
Per C Basis
Public Utilities
"10414 105
American Gas &
*96
9612
6% Preferred new
Deb 65 2014
M&N 1112 1,214
Amer Light & Trac corn.100 214 215
Preferred
100 118 121
9812
Amer Pow & Light pref._100 98
Deb 65 2016
M&S 10034 101
Amer Public Utill com _100 68
72
7% prior preferred_ ___100 90 92
4% partic preferred_ _ _100 77
80
Associated Gas& Elec pref_t *4911 51
Secured g 640 1954_ _J&J 10414 105
Blackstone Val G&E corn.5O *9912 101
Com'w.lth Pow Corp new_ _ t *4118 4132
Preferred
100 9012 91
Consol Gas 6% pre(
6012
50 60
Elm Bond & Share pref _100 10612 107
Elee Bond & Share Secur-t *6714 68
Lehigh Power Securities_ ..-t •1512 1534
Mississippi Riv Pow pref.100 9412 9612
First mtge 55 1951_ _Ha 10078 1013s
g deb 78 1935__M&N 132
National Pow & Light pref_t *10114 1-61-3-4
North States Pow cora__100 10512 107
Preferred
101 10134 133
Nor Texas Elec Co com.100 17
20
Preferred
100 52 56
Ohio Pub Serv,7% Pre:-100 10314 10414
Pacific Gas& El let pref_100 99 100
Power Securities corn
9
t *6
Second preferred
28
*25
Coll trust (is 1949_ _ _J&D 90
93
Incomes June 1949__F&A *87
90
Puget Sound Pow & Lt--100 2814 2914
100 8312 85
6% preferred
7% preferred
100 d103 105
let & ref 546s 1949__J&D 100 101
Republic By & Light----100 90
93
Preferred
100 116
South Cal Edison 8% pt._25 *34
35 Stand G & E 7% pr pf--100 10214 103
Tenn Elec Power 1st pref 7% 103 104
Toledo Edison 7% pref_100 10312 10414
8% preferred
100 115
Western Pow Corp pref.
_100 9712 99
Chic It Stk 141 Bk Bonds
5468 Nov 1 1951 opt 1931__ 10212 10412
Nov 1 1951 opt 1931_ 10014 102
be
58 May 1 1952 opt 1932__ 10014 10214
434s Nov 1 1952 opt 1932.. 9912 10012
434s Nov 1 1952 opt 1932-- 99 14112
43.js may 1 1963 opt 1933__ 99 10114
10014 1024
5s Nov 1 1963 opt 1933
446s Nov 1 1964 opt 1934__ 9812 10012
446s Oct 1 1965 opt 1935.. 9812 10012
Pat Coast of Portland. Orebe 1955 opt 1935_ _M&N 10114 10314
58 1954 opt 1934___M&N 101% 133
Sugar Stocks
2
Caracas Sugar
50
Cent Aguirre Sugar com 20 *90
9112
Fajardo Sugar
100 150 151
Federal Sugar Ref corn._100 30
40
Preferred
100 50 65
Godsehaux Sugar.Inc
t *3
4
Preferred
23
100 20
Holly Sugar Corp com----t *32
36
Preferred
100 75 80 .
National Sugar Reflning_100 13012 13212
New Niquero Sugar
100 60
70
Santa Cecilia Sup Corp pf100
12 3
Savannah Sugar cora
*142 145
Preferred
100 122 125
Sugar Estates Oriente p1_100 78
79
Tobacco Stocks
American Cigar corn__ 100 130 135
Preferred
100 100 104
British-Amer Tobac ord_.£1 *2212 2312
Bearer
Zl. *2212 2312
Imperial Tob of.G B & Irel'd *28
2834
Sot Cigar Machinery_ __.100 133 108
Johnson Tin Foil & Met_100 65
MacAndrews & Forbes_ _100 34
Preferred
100 100 134
Mengel Co
100 36
38
Porto Rican-Amer TO_ _100 67
72
Universal Leaf Tob core--- 3634 3712
Preferred
100 98 100
Young (J 13) Co
_ 119
100
Preferred
100 104 108
Rubb Stks(Mated guoten)
Falls Rubber corn
9%
Preferred
*1812
25
Firestone Tire Az Rub core.10 •115 125
100 10012 10112
6% Preferred
100 97
9812
7% Preferred
General Tire & Rub corn __25 *149 175
Preferred
100 103
Goodyear Tire & R col:H.100 30
97
Goody'r R & R of Can pf.100
India Tire & Rubber new__ t *2934 102
Mason Tire & Rubber com_t *112 2
Preferred
100 18,2 20
Miller Rubber preferred_100 100 101
30
100
Mohawk Rubber
73%
Preferred
22
Seiberling Tire & Rubber. t *21
100 95 9812
Preferred
Water Bonds.
Arkan Wat 181 55'56 A.A&O 9512 96
B1rm WW 1st5KeA'54.A&O 104 105
let M 58 1954 ser B_ _J&D 9712 9812
Butler Wat Co 8 f Se '27.J&J 100
58 Sept 2 1931_ __ _M&S 1 96% 98
CityW(Chatt)5468.545J&D 10312 10412
J&D 9612 9712
1st M bs 1954
City of New Castle Water
95
58 Dec 2 1941____3&D 1 93
Clinton WW 1st 5s'39_F&A 89
Com'w'th Wat 1st 546sA '47 10112 1-0-2-1-2
9312
Connellsv W 5sOct2.39A&01 92
94
E St L & Int Wat 58'42.J&J 93
Jeri 101 102
1st M 6s 1942
Hun'n Wat lst6s.54 A_M&fi 10334 10434
Mid States WW 6836 M&N 98
MonmConW 1st 58.56AJ&D 95
Monon Val Wat 5348.50 J&J 9912
Muncie WW bs Oct 2'39 A01 92
StJoseph Water 5s 1941A&O 94 Vi34
So Pitts Wat 1st 531960 J&J 96
97
let M Eis 1955
F&A 97
9712
Ter H WW (is '49 AJAzD 103
1st M 55 1956 ser B.._ F&A 93
Wichita Wat 1st 68'49_ M&S 103
181 M bs 1956 ser B..F&A 93
*Per share. t No par value. 8 Basis. d Purchaser also pays accrued dividend.
a New stock. ,1 Flat price. k Last sale. a Nominal. z Ex-dividend. y Ex-rights.
r Canadian au
. s Sale price.
BOSTON STOCK EXCHANGE- Stock Record s..8NC=Spago
2640
Jr.. 04. A ZWLI
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Nov. 13.
Monday,
Nov. 16.
Tuesday,
Nov. 16.
Wednesday. Thursday,
Nov. 17.
Nov. 18.
Friday,
Nov. 19.
Sales
for
the
Week.
STOCKS
BOSTON STOCK
EXCHANGE
Range Since Jan 1 1926
Lowest
Highest
Railroads.
172 Boston & Albany
173 17414 174 175
•172 173
174 174
100 159 Jan 9 175 Feb 13
175 175
175 175
405 Boston Elevated
100 77 May 3 8512Ju1y 15
81
.381
8112 81
8112
8012 81
81
81
81
81
81
92 Preferred
100 89 Feb 27 102 Mar 20
__ 101 101
3.101
____ *101
10012 10012 10012 10012 101 101
1st preferred
446
100 11518 Jan 16 122 Jan 7
*118
___ *11812 119
118 11812 *118 119
11712 11712 118 118
100 9812 Jan 9 112 Jan 2
304 2d preferred
*--__ 105 *____ 105
10112 10112
104 105
104 104
100 35 Max 30 5812Ju1y 26
5312 5312 5314 5334 53
780 Beaten 55 Maine
5312 5312
5314 5314 5314 53 -54
_ *50
Preferred
100 32 Apr 14 53 June 30
____ ____ ____ ___ _._
_ .50
--- --- *50_ _ *50
100 59 Apr 15 82 Oct 2
*78 -86
;78
80
80 -8-6
80 16 *78 ------------256 Series A 181 pref
100 84 Apr 15 126 Nov 16
*122 ____ *122 126
126 126 *123 ____ ells ------------100 Series B 188 prof
Series C 1st pref
100 74 Apr 15 110 Sept 29
*102 ____ *102 110 *102
*102
___ *102
10 Series D let pref
100 105 Jan 29 156 Sept 30
'150
___ •150 ___ 155 155 *150
_ __ *150-- ---- ---794 Prior preferred
94 Apr 16 107 Sept 17
105 105
105 105
104/
1
4 10412 105 10514 105 165 .310412 105
--------31 Boston & Providence
100 z17512Mar 19 187 Nov 18
*186
__ *186
185 187
_ *183
__ *186
725 East Maas Street Ry Co
100 28 Oct 6 61 Jan 6
.12 3 12
*32 2214 32 -3-214 32 -3-2
3134 -311
4 3112 3214
55 1st preferred
100 5912 Apr 29 71 Jan 2
6512 6512 6512
*62
*64
6512 *64
65
65
65
65
65
10 Preferred B
100 56 May 6 69 Jan 13
64
64
+62
64
•132
64
*62
64
*62
64
*62
64
690 Adjustment
100 40 Apr 29 49/
1
4 Jan 29
4312 4212 4212
*42
4212 43
*42
43
4312 4312 *42
44
10 Maine Central
100 49 Sept 1 60 Feb 3
51
51
*50
*50
53
•_ _ _ _ 53
51
51
*50
53
53
957 NY NH & Hartford
100 3178 Mar 30 4832July 17
4318 4318 4212 4278 4212 4338 42/
4278 43
1
4 4212 4112 433e
10 Northern New Hampshlre_100 81 Apr 8 9612 Nov 10
*96
____ .96 ____ *96
96
96
96
___ 96
---- ---Norwich & Worcester pret_100 120 Apr 22 130 Aug 9
*124
*124
___ *124
___ *124
__ *124
100 111 Jan 6 125 Sept 1
59 Old Colony
123 12-3
13123 124
123 12312 ---- ---124 124+123 1-24
1310358 ____ 10312 10358 4.10352 ___ *10312
*10312 ------------25 Vermont & Massachusetts_100 9934 Mar 12 105 July 26
Miscellaneous.
212Sept 22
5 Jan 7
*212 3
*212 3
212 234 --------500 Amer Pneumatic Service_25
212 212 *212 3
--------360 Preferred
50 1912 Nov 10 2414June 3
2014 2014 2014 2014 *20
20
20
20
20
21
980 Amer Telephone & Teleg_100 13912June 24 15034 Feb 15
14838 14834 14814 1483s 14818 14812 1481s 14812 14818 14812 14818 4812
722 Amoskeag Mfg
No par 4812July 13 71 Jan 2
51
50
51
51
*51
5114 5034 51
5114 51 5 114 51
40 Preferred
No par 7212 Nov 4 78 Feb 23
73
73
•73
75
*7212 75
7212 7212 *7212 7412 7212 7212
Art Metal Construe, Ine____10 20 Jan 16 211
/
4 Jan 23
5212 Apr 14 6334 Jan 11
25 Atlas Plywood tr ctts
____ ____
*57
58
*57
58
57
57
57
5
Atlas Tack Corp
No par
814 Oct 11 1714 Jan 2
_ ____ ___ ____ ___ ____ ____
1,075 Beacon 011 Co corn tr Mfg__
1418May 11 2012 Jan 14
1612 1712 1712 1712 1612
16
16
16
735,-4 16-32 16
--------105 Bigelow-Hartf Carpet_No par 74 Nov 1 9812 Jar 2
76
76
+741
/
4 -- __ *7412
*7438
75
76
50 Boston Cons Gas pref 6;4%100 10512 Jan 2 10912June 21
____ ---*107 1-09
107 10712 *107 109
107 10712 *107 1-09
280 Dominion Stores, Ltd-No par 57 May
6812 Feb 1
6334 6334 -------65
65
*62 _65 _ _6434 65
*60
63
_ __ ____
11218June 9
Preferred A
100 104 Jan
134May 2
312 Jan 21
East Boston Land
10
_ ____
*112 2 ____
iii2 -2;1.52 2
.-31i2 2
*i.12 1
70 Eastern Manufacturing
312Mar
5
1
4 _-6738 Oct 26
*5/
*512 6
512 512 *512 6
514 6
*6
612
300 Eastern SS Lines, Inc
8812 Jan 22
25 44 Nov
47
47
48
48
*47
51
48
48
4812 4812 *4712 52
No par 34 Nov
45 Jan 6
3612 --------90 Preferred
/
4 *36
/
4 361
3612 351
3658 3658 *36
3634 *36
1
4 Oct
1st preferred
100 90/
99/
1
4 Jan 9
__ ___
-_93
*91
93
*91
93
92 .391
*91
92 .391
14 Nov 1
230 Economy Grocery Stores
15
_15
26 Feb 5
15
15
16
14
15
1512 *15
15
1538 *15
100 2207 Jan 15 250 Feb 11
790 Edison Electric Blum
220 22234 22212 22512 223] 224
220 221
220 220
220 220
Galveston-Houston Elec._100 14 June 22 27 Oct 4
____ ____
22
*20
22
*20
*20
22
*20
22
+20
22
1134 Apr 12 17 Jan 22
General Pub Serv Corp corn__
11
*10
11
1112 *10
*10
1112 *10
1112 *10
1
4 Apr 20 4058 Jan 12
No par 34/
37
3734 3714 3734 1,960 Gilchrist Co
3612 3634 3634 3634 3758 3812 3778 38
No
par
30 11312 Feb 6
°Ilene
Razor
1,317
8812Mar
Safety
9112
903
4
91
91
913
4
9112 9118
9014 9112 9012 9138 91
25 10 May 6 14 Sept 17
205 Greenfield Tap & Die
10
10
11
*10
10
10
*10
12
+10
12
10
10
1
4 Nov 18 6834 Feb 4
No par 41/
2,309 Hood Rubber
/
4 4678 47
5114 4618 471
49
49
4738 4812 47
4812 49
Internal Cement Corp_No par 52 May 17 6814 Feb 9
____ ____ ___ ____ ____ ____ ____ ____ ____
International Products_No par .10 Jan 2 .25 Mar 24
____ ____
*.25 __
*.25 __
*.25 __
.3.25 __
.3.25 __
____
____
Preferred
100 .30 May 19 .55 Jan 5
____
.25
*____
.25
*_
.
.25
*
_
_
.25
.25 *
*
28 Kidder, Peab Accen A pref_100 2
.93 Apr 15 96 July 30
_ __
iiL
_ _ *95 _ .
_
i',6
_ _ ,i,6
;iii
_
152 Libby, McNeill & Libby____10
934 Feb 1
612 Aug 13
5
914
914
6
5
8
*918
14
91
/
4
2
2
38
93
2
12
912
*91
/
4 -64
Loew's
253
6 July 8 1218 Jan 18
Theatres
25
63
4
7
7
63
4
8
678 678 *634 67
*678 7
*678 7
2,421 Massachusetts Gas Cos___100 80 Apr 20 9412 Nov 17
93
9412 9212 9334 92
9012 9112 92
91
9018 9018 90
266 Preferred
100 65 Jan 6 7018 Feb 20
6712 6734
68
68
70
70
x68
68 *568_ _
69
70
30 Mergenthaler Linotype_No par 1104 June 2 1110 May 1
10712 10712 107 107
*106 107 *106 107 *106 1-07- 107 107
Mexican Investment, Inc
734 Apr 22 1458May 26
10
___
___
50 Miss Riv Pow stpd pref
_
100 89 Apr 9 96 Jan 4
-9-6-12 *9412 9612 9512 9512 *9412 9512 *9512 9612 ____
412 Jan 5
2 Aug 4
10
842 National Leather
212
212 _-212 258 *238 258
212 212
212 212
212 212
5 1512 Jan 9 2912July 19
2514 2512 2514 2512 1,338 Nelson (Herman) Corp
2618 2534 26
2618 2614 26
26
26
Eng
Oil
Ref
Co
It
.95
Apr 29
.20
Jan
2
New
vs__
3.20 .25 .3.20 .25 ---'
3.20 .25 .3.20 .25 *.20 .25 '
3 July 15 10/
Preferred tr Ws
100
1
4 Jan 6
_ ____ ____ ___
*4
54
54
_
*4
_
_
54
--------215 New England Pub Serv prior rd 95 Sept 20 101 Sept 1
•100 1203
.
4 *100 1-064 100 121 *100 10034 *10012 1218 Feb 18
1 Oct 1
New Eng South Mills_ _No par
212 _____ ____ ____
212 *1
212 *1
212 *1
*.75 212 ..1 1
5 Aug 5 28 Jan 29
100
40 Preferred
_ ...,8
*6
8
*6
36
8
*6
8
5
5
100 11072 Apr I 11834 Feb 17
800 New Eng Telep & Teleg
11514 11612 116 11634 11612 11634
11414 11412 11412 11412 115 116
No Amer Utll 1st pf full paid__ 89 Feb 15 96 Feb 25
__ ____ ____ ___
_ *9012
_ __ *91
*9012 _ __ *91_ __ *91
17 Nov 16 27 Feb 25
610 1st pref 25% paid
___
17
1712 17 Iilz 1718 1712 ____
*1712 1-9
+17
19
100 3512July 6 55 Jan 2
Mills
Pacific
887
43
4212
4212
4212
4214
42
42
4218 4214 4214
42
42
40
Mar 25 6814 Jon 12
pref__
.100
let
(Thos
0),
Plant
60
45
45
45
45
47
*44
4478 *44
45
45
*44
47
10 15 Feb 8 1714 Aug 26
1612 --------10 Reece Button Hole
*15 __ _ .1.15
151s *15
15
*15
16
134 Apr 28
Oct 30
114
Machine_
10
Folding
Reece
--------15
114
1-38
114
Ps *114 -1-38 *114
•114
138 3114
359 Swed-Amer Inv part pref 100 98 May 28 110 Aug 6
10234 10234 10118 102
10318 10318 10212 10212 102 102
102 102
/
4 Nov 5
100 111 Apr 21 1171
338 Swift & Co
117 117 *117 11712 117 11712 11712 11712 11612 11714 11612 117
25 54 Mar 31 72 Sept 10
95 Torrington Co
70
7014 7014 70
*70
71
070
71
7012 71
*70
71
7 Jan 5 1512 Feb 11
5
195 Union Twist Drill
____ __
13
*12
11
12
*1112 12
*1112 12
12
12
25 47 Mar 31 5314 Aug 25
1
4 4978 1,607 United Shoe Mach Corp
4938 4938 4958 4912 4978 49/
4912 49
4914 4912 49
25 28 Jan 2 30 June 25
277 Preferred
28
2812 28
28
28
28
28
28
28
28
102814 29
801 U S & Foreign Sec 1st pref f pd 82 Nov 15 135 Feb 16
85
85
85
8312 8312 84
82
8212 8278 84
*82
83
60 May 30 90 Apr 3
--------475 1st pref 75% paid
79
7812 78
76
7712 78
78 .3.378
7612 78
1,525 WaldortSys,Ine, new sh No par 17 Jan 6 2234 Oct 19
2
2118 21
2114 21
2118 21
21
2114 21
21
21
95 Walth Watch el B com_No par 29 Jan 18 40 Feb 5
3718 3718 3718 38
*3718 39
*37
39
*37
39
39
*37
100 52 Jan 23 60 July 19
31 Preferred trust ctfs
56
56
56
56
58
58 *556
56
56 *556
.1.356
58
100 101 .Sept 30 11012 Apr 13
25'Prior preferred
10618 108
*106 110 *106 110 *106 110 *106 110 *106 110
20 1234May 28 23 Jan 27
Company
Walworth
20
153
4
153
4
1512
1512
*1512
16
*1512
16
1614
*1512
*1512 16
50 44 Mar 25 5734 Oct 28
947 Warren Bros
/
4 56
56
5614 551
56
5612 5534 56
53
5334 5312 54
39 Apr 15 43 May 24
50
1st preferred_
___
____ ____
*4112 42
*4112 42 .34112 42
+4112 42
*411
/
4 42
60 42 Apr 16 47 Feb 10
2d preferred
--------75
_
*44
45
45
45
*44
45
45
*44
45
*44
1034 Aug 18 171
corn__
/
4 Jan 2
Candle
Baumer
Will
&
____
*1412
15
*1412
15
____
.141
/
4 15
•x1412 15 *x1412 15
Mining.
ohm ,
.05 Mar 15 .40 July 19
Consolidated......-25
Adventure
.30
*_
.20
--------.30
*__
.20
•__
.30
•
*
25 .10 Feb 2 .10 Feb 2
Algoinah Mining
-47:0-5 .20 ..05 .20 -47.17,15 .25 *IS .25 *.if5 .25 ;70-5 .25
138 Aug 4
329 Arcadian Consolidated........ 25 .25 Mar 27
.90 .90
*a.85 .91
.90 1
.80 .80 1.a.85 .95
.3(1.85 .95
914May 25 1234 Jan 2
5
Commercial
Arizona
585
10
103
8
1012
1014 1012 1078 *1014 1034 *1012 1034 1012
10
10 29 June 2 6554 Jan 4
Bingham Mines
*3312 35
+3312 35
*3312 35
*3312 35
*3312 35
*3312 35
25 1314June 7 1858 Aug 9
1658 1634 1612 1634 *1658 1634 1,719 Calumet & Hecla
1612 1612 1634 1678 1612 17
1 .20 June 10 .50 Jan 2
215 Carson Hill Gold
_
.25 .25 .3.25
__
.25 .26 *.30
__
'
3.25
•.25
25 13 May 20 20 Jan 4
Copper Range Co
635
-1478
147
8
4
15
143
143
4
143
4
147
8
133
4
15
4
*1434 -1-512 143
214 Oct 13
Mining_
10
Copper
4 Feb 3
Butte
East
2,249
3
3
318
318
318 318
318 318 *318 312
p 33, 314
114 Jan 20
25 .25 Nov 3
Franklin
*a.30 .45
11%1.30 .50 *a.30 .45 '3(1.30 .60 *11.30 .50 *a.30 .45
25 .50 Feb 25
114July 17
Consolidated
Hancock
.75
.3.50
1
.3.50
...GO
1
1
1..60
1
.3.50
3.50 1
6'
14
Mar
1
29
2114
Jan 4
Coal
Co
Hardy
785
17
18
1712 1712 *1712 1814 1612 17
1712 18
1 1814 1814
5
112m.1
:
0cnrt 2
949
149
1 1096
25
1 1.7
2
9 Jan 11
Helvetia
.81
.3.80
1
*.80
.
3.80
1
1
.80
.
3
114
.1.1
j
O
Creek
Coal
uicyt 29
Island
389
190
190
190
189
18812
188
187 187
1190 190 *____ 190
29 Preferred
10112 10112 ____ ____
110112 103 +10112 103 *10112 103 *10112 103
912June 7 14 Aug 9
25
Copper
Isle
Royale
433
12
12
12
12
12
12
1212
1214 1218
I *12
1238 12
25 .60 Jan 2
278Sept 30
214 238 1,835 Keweenaw Copper
212 212
258 234
212 212
212 234
212 258
25 .60 Oct 26
138July 14
150 Lake Copper Co
1
.3.75
1
'3.75
'
1..75 1
.85 .85 *.75 1
1
1
.80
25
June
12
Copper
212 Mar 15
La
Salle
*1
114
+1
114
114
114 *1
114 *1
114 *1
*1
Mine
13
4
Jan
26
Valley
6
2
Mason
58Sept 17
218
*17
8
214
*17
8
*134 218 *134 214 *178 218
•134 2
25 .20 Nov 17 .75 July 19
120 Mass Consolidated
.20 .20 .3.25 .40 .3.25 .40
.25 .25 .3.25 .40 *.25 .40
Colony
25 .50 Oct 25
Mayflower-Old
112
Jan 5
1,120
*.50
.60
.50
.50
.60
.55
.55 .55
.55 .55
1'3[1.50 .60
25 30 Mar 30 46 Oct 18
317 Mohawk
42
4212 42
4212 4212 42
44
4312 .3143
43
44
3.x43
8 1812May 19 24 Aug 9
380 New Cornelia Copper
22
22
22
22
23
.
23
23
23
23
I 23
2314 23
New Dominion Copper
.05 Jan 30 .20 June 10
1
.15 ____ ____
.18 *____
.18 *-- .15 *____
.18 •__
*____
00 22 Sept 28 25 Feb 4
25
New River Company
*21
21 •____ 21
•---- 22 •____ 21 +____ 21 .1.____
100 45 July 13 72 Feb 11
Preferred
195
60
*57
63
*__
60
60
60
60
65
*61
65
*61
5 July 8
5
879 Nipissing Mines
778 Jan 27
518 553
534
3.
-.1
573 578
512 512
512 578
E *512 534
15
2 Apr 13
378Sept 20
234 234 1,535 North Butte Mining
234 234
234 278
234 278
278 278
F ' 234 234
25
.50
Mining
4
Jan
0.11bway
178 Nov 19
347
8
17
112
212
138 *ally 2 .3a112
138
114
114 *al
*al
25 14 May 26 20 July 17
360 Old Dominion Co
/
4
1614 1658 1614 161
1 *1614 1634 1614 1614 1612 1612 *1614 1634
No par 101256ar 29 15 Jan 2
Pocahontas
Co
P'd
Cek
676
4
113
4
113
12
4
113
12
1134 1134 12
12
1214 1214 12
25 1512May 24 25 July 16
230 Quincy
18
1818 181s *1712 1812 18
1814
1812 18
1812 1812 18
25 2512May 25 3812 Feb 10
120 St Mary's Mineral Land
*2612 28
27
2712 27
2734 27
*27
27
*2712 2734 27
378 Nov 15
Mining
958 Jan 4
Seneca
4
40
4
*33
412
378 37s *373 412 *37s 412 *378
*373 414
10 .30 Nov 1 .80 Jan 5
100 Shannon
.31 .31
'.35 .50 4..35 .50 .3.35 .50 .3.35 .50 +.35 .50
Copper.. 10 .25 Sep 30
Beaton
130
14'41Mar 1
Superior
&
.30
.30
.50
•.30
.50
.27 .3.25 .45 •.25 .45 .3.30
.
454 Oct 26 1134 Feb 5
5
57S 618 2,730 Utah-Apex Mining
534 578
534 534
534 634
57s 578
5% 534
1 .513 Jan 8 2% Mar 13
112 112 2,900 Utah Metal & Tunnel
112 +138 2
112
112 112
112 158
112 112
25 .40 May 24 .75 Feb 23
125 Victoria
3.50 ____ •'50 -___
I •.65 .95
.65 .65 3..50 .65 •.50 ____ '
25 .10 Sept 13 .40 July 20
100 Winona
.21 .21 3..20 .30 4..20 .30 ---- ---,•.20 .30 •.20 .30
25 .40 Feb 1 .45 Mar 22
Wyandot
- _---
los
F *1
114
p
Rangefor Previous
Year 1925
Lowest
155 Feb
75/
1
4 Mar
92 Jan
109 Mar
94 Mar
10 Apr
111
/
4 Apr
17 Apr
29 Apr
25 Apr
35/
1
4 Apr
96 Dec
167 Feb
26 Sept
60 July
51 Aug
35 Sept
23 May
28 Mar
70 Feb
100
Jan
Jan
96
87 Feb
Highest
16434 Jan
85 Jan
10414 Dee
130 Dee
116 Deo
4912 Dee
46 Des
65 Dee
8712 Dee
7912 Deo
116 Deo
99 Nov
180 May
5212 NOV
73 Dot
70 Deo
50 Deo
56 Deo
4634 Dee
90 Deo
Oc
125
Oct
113
101 Dec
5
212 Mar
1612 Mar 2412
13038 Jan 145
6112 May 87
7014 May 8614
16
14 Jan
4612 Aug 6712
912 Aug 21
27-12 Nov 129-1-2 Oct
103
Jan 10814 Aug
74 Oct
2814 Jan
99 June 100 Deo
638 Sept
112 Apr
134 Jan
3 July
42 Mar 8978 Dee
461
/
4 Oct
35 Jan
Jan 100 Ally
89
18 Aug 2312 Sept
200
Jan 213 May
Jan
Oct 38
17
_-- ---__
-3234 Aug -43 July
5712 Jan 11512 Dee
11 May 1512 June
52 May 72 Oct
Oct
5212 Jan 80
2 Jan
.05 Dec
1
4 Jan
.10 Dec 10/
82/
1
4 Jan 9512 Nov
938 Jan
614 Apr
1114 Aug 1378 Jan
68 Feb 85 Deo
Oct
6312 Jan 70
Oct
167
Jan 197
714 Sept1634 Jan
8712 Jan 9614 Nov
634 Jan
324 Dec
1158 Dec 17 Dee
2 June
.10 Dec
534 Apr 12 Sept
278 Dec 11 Feb
Jan
20 Dec 55
99 Apr 12212 Nov
90 Sept100 May
20 May 28 Mar
50 Dec 8112 Jan
32 Aug 75
Oct
18 Apr
1514 Aug
234 Jan
114 Nov
9914 Dec 101 Dee
10914 Apr 120 Feb
4512 Apr 7312 Dee
3 Oct712 Jan
4034 July 50 Nov
2612 Jan
29
Oct
98 Mar 124/
1
4 Dee
2412 Jan 73 Nov
1934 Jan
1412 Aug
5 Jan 34 flea
1714 Jan 67 Dee
65
Jan 105 Dec
1634 June 2714 July
37
Jan 5012 July
3758 Jan 4312 July
4012 Jan 48 Dec
11 Mar 2172 bee
Jan
.05 Dec .25
Jan
.10 Ma .25
3 Jan
.50 Dee
912 Mar 1538 Feb
2814 July 6014 Oct
1238 June 1872 Jae
.20 May .90 Aug
18 Dec 33 Jan
614 Jan
3 June
138 Jail
.04
Jan
134 Feb
.50 June
1512 July 23 Jan
1 Dec312 Feb
16512
00 D
192414
Des
ee
May
978 Apr 2012 Jan
112 June
.50 Jun
1
Apr
3 Jan
84 Jan
1 Dec
.95 Sept284 Jan
.40 51,81
11
/
4 Jan
.50 Nov3 Jan
Jan
2512 June 41
25 Jan
18 Ma
.85 Feb
.10 Jul
25 Apr 31 Aug
40 June 55 Aug
6114 Jan
438 July
378 Nov
.89 June
11
/
4 Jam
.15 Nov
27
Jae
1634 -Dec
1012June 1878 Beni
Apr 3912 Jan
19
Jan
2812 Apr 48
11 Nov
714 Nov
118 Jar
.60 May
2 Jan
.70 May
378 Jan 8 34 JarJar
Jar
.98
July
.40
114 Jan
.22 Nov
Jaz
.10 Dec .48
Ap .21 Tel
.05
stock, x Ex-dividend. y Ex-rights. a Es-dividend and rights.
•Did and asked prices; no sales on this day. a ASsessment paid. I EX-stook dividend, t New
Deo
Dee
Deo
Alla
Aug
Aug
Dee
Dec
Nov. 20 1926.]
THE CHRONICLE
Feb
Aug
1,000 62
Mar 70%
5,450 65
Mar 7655
2,000 74
Apr 88
4,000 97% July 9854
5,000 94
Apr 9934
6,1100 9254 Ma
9435
4,500 97% Jun
99%
13,000 98% Oct 99
3,000 90
Jan 99
2,000 99% Feb 10554
1,000 99
Mar 102%
4,000 10034 Fe 102
10,000 95
Apr 100
21,000 9954 Jun 102%
3,500 99% Ma 101%
June
June
June
June
May
June
June
Oct
June
Apr
July
May
Oct
Aug
Aug
11236
40
37
55
6054
108
73
7634
4955 50
386
5034 15091 5151 19,593
934
934 931 1,894
5451 5234 5434 2,561
44
200
4454
5751 56
332
5634
11
11
11
795
8754 8734
35
2551 2354 2534 3,426
9851 9851
7
8751 8655 9154 4,062
251 231
1,475
334 334 4,400
4051 3951 4034 1,192
110 11254 4,395
9136 8755 9255 17,971
102 103%
391
1
1
100
4154 4154 4154
35
53
55
80
34
34
50
3434
BondsAmer Gas & Elec 53_._2007 9754
Consol Trite NJ 1st 58 1932
Elec & Peoples tr ctfs 4s_'45 67
Inter-State Rys colt 48 1043
Keystone Teiep 1st 55.1935
Lehigh C&Nav gen 4.55s'24 96
Penn RR 6555
1930
Peoples Pass tr ctfs 48_1943
Phila Co 1st 55
1949
Stamped sk fd & red 1951 9951
Phila. Elec 18t s f 4s...-1966
1960
1966 10436
1st 55
1947 107
554s
1953
5345
Os
1941
1972 103
5515
United Rys gold tr ett 45'49
•No par value.
94
6254
57
4834
93
96
11255
6134
10434
9934
8754
102
103
10654
10634
10754
10254
63
98 $11,200
6255 14.000
5754 17,000
2,000
4834
94
9,000
96
1,000
11251 4,000
6158
3,000
10434
1,000
9955 4,000
8734
1,000
10255 13,000
10434 96,000
107
13,000
107
2,000
10736 6,000
103
8,000
63
10.000
48
Oct 5054 July
4131 Apr 6736 Jan
394 Apr
934 Oct
41
Oct 5754 Feb
2736 May 5836 Feb
56
Nov 65
Feb
Mar 1634 May
11
Apr 9954 July
82
Oct
1334 July 28
Jan 101
89
Feb
May 9251 Sept
55
455 Jan
211, Apr
331 Oct751 Feb
38
Jan 4395 Jan
8436 Mar 14454 Jan
81;4 Oct 9214 Nov
Mar 10651 Oct
80
351, Mar
1
Sept
40 ik Oct 48 ,July
Jan
Apr 56
49
34 i Nov 3834 Feb
8994 Feb
Jan
58
Nov
50
4854 Nov
Jan
91
Nov
96
11234 Nov
6136 Nov
10336 Apr
9636 Jan
84 • Feb
10191 Oct
Mar
102
10391 Mar
10351 Mar
105
July
10036 Nov
June
57
10151
6935
6934
5694
94
10036
11234
7855
10434
999-4
8734
10355
10455
108
108
10834
103
65
May
Feb
Feb
Feb
Nov
May
Nov
Jan
Nov
May,
Sept
Apr
June
June
June
Aug
Nov
Jan
Baltimore Stock Exchange.-Record of transactions.at
Baltimore Stock Exchange Nov. 13 to Nov. 19, both inclusive, compiled from official sales lists:
Stocks
Friday
Sales
Last Week's Range for
Sale
ofPrices.
1Veek.
Par Price. Low. High Shares.
Amer Wholesale pref...100
100 100
Arundel Corp new stock...* 3355 32% 34
218 218
Atlas Coast L(Conn)50
49% 4955
Bait Electric pref
Baltimore Trust Co--.50 129% 129% 130
Baltimore Tube pref_ _ _100
35
35
•
Benesch (I) corn
40
40
25
Preferred
27
27
50
165 165
Century Trust
.100
Ches&Po Tel of Bait pf.
1(455 114%
• 1855 18
Commercial Credit
1955
25
Preferred
2154 22
100 87
87
655% preferred
88%
Consol Gas E L& Pow_ _ ..• 6255 5154 53
100
111 11154
055% preferred
113 113
100
7% preferred
126% 126%
100
8% preferred
40
42
Consolidation Coal...A00
100
9854 9838
Preferred
2655 2755
Eastern Roll Mill new stk _ *
131
.50
131
Fidelity & Deposit
1355 13%
Finance Ja Guar Co pref_25
195
605
50
116
498
10
35
42
10
9
1,019
95
4
962
14
40
55
205
5
610
11
30
Range Since Jan. 1.
Low.
98
2854
190
45
120
35
27
26%
153
110%
18
2134
87
45
10854
109
124
30
85
2655
11755
13
June
Apr
Mar
Jan
Apr
Nov
Sept
Jan
July
Jan
Nov
Nov
Nov
Jan
Mar
Mar
Jan
Mar
Aug
Nov
Mar
Oct
High.
Feb
101
Jan
36
262% Jan
4955 Nov
Feb
154
Feb
55
Jan
40
Jan
27
Feb
182
June
116
11655 Jan
26% Jan
Feb
97
5754 Feb
11155 Aug
113% Sept
128% Feb
Feb
53
9855 Nov
48
Oct
131% Nov
17
June
XXX
26951
High.
XXXXX
49
72
Low.
z10254 103
50 10055 Jan 103
Aug
1755 18
220 1655 Oct 2051 Sept
48
49
50 36
Jan 59
Jan
z7154 7434 3,381 60
Mar 9434 Jan
13551 13934
230 9955 Apr 13955 Nov
11236 11294
93 10934 Apr 11336 June
40
40
72 38
Jan 4031 Sept
2036 2036
23 1331 May 29
Sept
37
160 29
Apr 38
3736
Sept
2554 2534
14 25
Mar 2634 Feb
8234 8334
195 73
Jan 9334 Aug
6234 53
210 50
July 68
Jan
26934 26951
65 268
Oct 275
Oct
54
55
1,145 49
Sept 5554 Oct
57
64
896 31
Mar 74
Nov
65
210 3434 Jan 56
55
July
50
5034
380 49
Mar 6434 Jan
454 434
40
434 Nov
736 Jan
78
78
5 60
Jan 7855 Oct
155 134
410
134 July
434 Jan
108 110
585 9755 Mar 12034 Feb
90
9036
99 8034 Apr 9355 July
2694 2734
602 25
Mar 3355 Jan
227 7034 Sept 91
7194 73
Feb
56
5655 17,600 4891 Mar 5734 Oct
75
7534
403 71
Jan 91
Feb
May
Apr
Feb
Feb
Jan
Jan
Oct
June
Feb
Feb
Jan
Jan
AD
Jan
Ala
Jan
Nov
Ma
Mar
Jan
Jan
Jan
July
Oct
2FlagtnaPitt29
22OSSRt0
Abbots Al Dairy pref.. _100
Almar Stores
Alliance Insurance
10
American Stores
•
Baldwin Locomotive.--100
Bell Tel Co of Penn pref__
Cambria Iron
50
Congoletun Co Inc
*
Cense'Traction of N J _100
East Shore0az E8% pf _25
Elec Storage Battery_ _100
Fire Association new__ _10
Horn & Hardart(Phila)com
Horn*Hardart(NY)corn
Giant Portland Cement.50
Preferred
50
Insurance Co of N A _ _._10
Keystone Telephone. _50
Keystone Watch Case_ •
Lake Superior Corp_ _ _ _100
Lehigh Navigation
50
Lehigh Valley
50
Lit Brothers
10
Penn Cent L & P cum pf__*
Pennsylvania RR
50
Pennsylvania Salt Mfg...60
Philadelphia Co (Pitts)Preferred (cumul6%)_ 50
?Win Elee of Pa
25
Power receipts
25
Phila. Rapld•Transit_ --.50
Phila & Read C & I Co_ ....*
Phila Tractleth
50
Phila & Western'
60
Reading Company
50
Shreve El Dorado Pipe L 25
Scott Paper Co pref___100
Stanley Go of America_ _-•
Tono-Belmont -Devel_ _1
Tonopah Mining
1
Union Traetion
50
United Gas Impt
50
Dividend stock
Victor Talking Machine_ _1
Warwick Iron & Steel_ _ _10
West Jersey & Sea Shore 50
Westmoreland Coal, new 50
York Rys, pref
50
Range Since Jan. 1.
9954
10034
.9558
9555
10454
10551
99
9894
9055
100
9951
100
9134
9431
9191
8755
10034
69
48
6734
9734
9155
62
10054
XX:g
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low, High. Shares.
BondsBait Traction lot 58..1929
9994 9931
Consolidated Gas 58_ _1939
10354 10254
Genera14%8
1954 9854 9831 9851
Cousol G,EL&P 4558.1935
9836 983.4
555% notes ger E_1952
10634 107
6% notes series A_ _1949
1O73 10754
Elkhorn Coal Corp 73_1931
9954 9954
6585
1932
9936 9954
Fair & Clarks Trac 5s_1938
93
93
Fla Cent & Penin cons 58'43
101 101
Ga Car & Nor 18t 5s_ _1929
100 10054
Ga Sou & Florida 5s..1945 10154 101 54 10131
Houston 0116%8
102 102
1935
hid Electric Ry let 58_1931
96
96
6558
1952 _-_- 9634 9634
Monon Valley Trac 55_1942
92
92
Stand Gas Equip 1st Os '29
10011 1004
United Ay & Elec 48..1949
7034 7034
Income 48
1949 52
52
51
Funding 55
1936 75
7434 75
6% notes
1927
9936 100
68 when issued
1949
9751 9755
Wash Balt & Annap 5s 1941 64
64
65
West md Dairy as
1 9411
101
101
• No par value.
000=0000000000000C-.
.
0
2M00[.
Philadelphia Stock Exchange.-Record of transactions
at Philadelphia Stock Exchange, Nov. 13 to Nov. 19, both
inclusive, compiled from official sales lists:
PP.0-4t0 Q.P.WQ...00t4000:t,
:Wt‘co-A..W
C.o.00ANCW4.000CmCWC,
CCOo,c.W.0.
C,
-,
-.
High.
Apr 74
Jan 102
COCCC0C0 C0
QC
0-0
00000000CCOCC00000
Low.
65
99
piobs
00l
p-ogObb-eobbb8bb
r
o oo
22,000
1,000
High.
2itMtgiggPAttgOOSSZOttg
Atl G & W I SS L 5s._1959
69
70
Chic Jet Ry & U S Y 58'40 100% 100% 100%
East Mass Street RR Co
Series A 4558
1948
6534 6555
Series B 58
1948
68% 7054
Series D 65
1948
82
8434
Gen Public Ut116358_ _1956
97% 9755
Houston Lt & Pr 58__ 1953 9955 9955 9955
K C Mem & Bdge 4s_ _1934
93% 93%
Income 58
1934
98% 99%
Keyinone Tel & Tel 69_1951 9836 9855 98%
4355
1931
Mass Gas
98% 98%
5515
1946 103
102% 103
Miss River Power 58._1951
101 101
New East Tel & Te1.58 1932
100% 100%
So Ice Utilities Co Os.. _1946
96
96
Swift & Co 58
1944
10154 10154
Western Tel & Tel 58..1932
100 100%
Range Since Jan. 1.
Low.
1734 Sept
1734 Nov
9
Aug
23
Apr
8536 Aug
81 .Mar
3755 Nov
20
Nov
1934 Aug
20
Mar
94
May
4136 Apr
20
Apr
2831 June
955 May
6255 June
49
Mar
36
Nov
7834 Jan
141
May
13
Oct
88
Oct
232
Aug
' 17
Jan
187
Mar
8
Mar
XXXX
X X
X
1.,-.0000mm.woNn000mooci.N.
Bonds-
Finance Service class A 10
1736 1754
Class B
10
1 731 1734"
Preferred
10
10
10
Hare & Chase
• 23
23
2434
Preferred
100 93
93
9336
Houston 0 pref v t Ws 100
8134 83
Manufacturers Finance_ 25
3734 3934
1st preferred
25
20
20
2nd preferred
25.
19% 20
Trust preferred
25 21'21
21
Maryland Casualty Co_ _25 99
98
99
Merch & Miners, new. •
4251 43
61°nun Vail Tres prof. _25 2354 2254 2391
Mtge & Accept
_.50 36
36
36
Mt V-Woodb Mills
pref..v tr 100 17
16
17
Preferred v t r
100 77
76
77
New Amsterd'm Cas Co _10
5134 52
Norfolk & Southern
36
36
Northern Central
50 8136 8134 8255
Penna Water & Power_ COO
167 171
Silica Gel Corp
•
1455 1454
Stand Gas Equip pref _ _100 94
94
94
Union Trust
50
23734 23754
United Ry & Electric _ _ _ 50 2036
20
2034
U S Fid.11ty & Guar_ _.90 224
222 225
Wash Balt & Annap_ _ _ _50
8
8
8
Range Since Jan. 1.
INNNMWONNN0VN,
INWNCIWC-NOMNN-.
N
N
Boston Bond Record.-Transactions in bonds'at Boston
Stock Exchange Nov. 13 to Nov. 19, both inclusive:
00
Outside Stock Exchanges
Friday
Last Week's Range Sales
Sale
ofPrices.
for
Price. Low. High. Week.
2641
Frtaay
sales
Last Week's Range for
Sale
of Prizes.
Week.
Stocks (Continued) Par Price. Low. HWh. Shares,
Chicago Stock Exchange.-Record of transactions at
Chicago Stock Exchange N ov.13 to Nov. 19, both inclusive,
compiled from official sales lists:
Stocks-
O'rway
bates
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Adams Royalty Co corn_ _9' 27
All America Radio cl A..6 12
Amer Pub Serv pref.__ _100
American Shipbuildlng_100
Preferred
100
Amer States Secur Corp A •
251
•
355
Class B
Warrants
Armour & Co (Del) pref 100
Armour & Co pref
100 8351
Common cl A v t c...25 1451
Associated Invest com_ _ ..* 3755
Auburn Auto Co com__25 56
Balaban & Katz v t e___25 6354
Preferred
100
Beaver Board pref etts_100
Bendix Corp cl A
10 3554
Borg & Beck corn
10 50
Brach & Sons(E J) corn._*
Bunts Bros
0
Butler Brothers
20 2734
Central III Pub Serv pref.'
Central Ind Power pref_100
Central Pub Serv (Del)_ _*
1734
Central S W corn
4 48
Central S W 7% pref
• 93
Prior lien pref
• 99
Warrants
Chic City & Con Ry pt sh •
Preferred
•
Chicago Fuse Mfg Co.,...5
Chic N S & Milw com__100
Prior lien pref
100
Preferred
100
Commonwealth Edison_100 13631
Consumers Co new
5
754
Common v t c
5
734
Preferred
100
Continental Motors
•
Crane Co
25 61
Preferred
100 118
Crown (Will)Pap 1st pfd.'
Cuneo Press A
50 4934
Decker (Alf) & Cohn Inc.*
Deere & Co pref
100
Diamond Match
100 116
Eddy Paper Corp (The)..• 25
El Household Util Corp_10 1654
Elm Research Lab
• 16
Empire G Oz F 7% p16_100 9355
Evans & Co Inc claw A 5 29
Class B
5
Fair Co(The)
• 28
Preferred
100 105
Fitz Simons & Con D & D
Foote Bros(3 & M)Co...' 1251
Gill Mfg Co
10
455
Gossard Co(H W)
• 3451
Great Lakes D & D___100
Greif Bros Coop'ge A com •
Hart,Schaffner & Marx 100
Hupp Motor
10
Illinois Brick
25 50
Illinois Nor Utilities p1_100
Jaeger Machine Co
*
Kellogg Switchb'd new_10
Preferred
100 9551
Kentucky Util cum pref_50
Kraft Cheese Co
25 63
La Salle Ext Univ (110_10
834
Libby,MeN&Libby,new.10
951
Lindsay Light
10
McCord Radiator Mfg A.
Middle West Utilities_ _ _ _• Ill
Preferred
100 105
Prior lien preferred._100 11551
Range since Jan. 1.
Low.
High.
27
2835
700 2351 Oct 3735 Feb
12
1391
2,000
9
Apr 19
Jan
97
180 92
9734
May 99
July
7854 79
175 70
May 9534 Jan
103 103
115 10251 July 104
Oct
234 3
516
151 May
894 Feb
334 ag
975
1
Mar
534 Feb
%
55
110
51 May
1 June
92
93
367 90
Aug 98
Mar
8334 85
3,100 7991 May 9234 Mar
1434 15
275 13
May 2554 Feb
3694 3751
160 30
Aug 3734 Mar
5531 5634 1.740 4051 Mar 7214 Mar
6351 64
605 62
Sept 7635 June
102 102
69 98
July 103
Feb
38
38
445 32
Mar 45
Aug
35
3534 1,700 2535 Mar 3854 Oct
4934 5234 9,150 28
Jan 55
Sept
29
29%
380 2731 May 3734 Feb
15
15
135 14
Apr 22
July
2754 28
2,645 27% Nov 30
JUly
88
8834
177 87
May 91
Jan
8634 87
20 85
July 93
Jan
1636 1734
656 12
Apr 1754 Nov
925 4734 Nov 50
4734 50
Nov
9154 93
675 8955 Mar 9654 July
9854 99
692 93 June 100
Feb
1751 19
2,700 1034 Jan 2551 July
54
200
51
55 May
54 Jan
351 394
1,350
251 Aug
7
Jan
32
32
50 30 June 35
Jan
41
41
2,250 37
May 6151 Feb
9951 100
305 99
Mar 101
Mar
74
74
10 71
Oct 83
Jan
13654 137
932 13534 Aug 145 June
754 2,010
754
1054 Feb
534 Aug
755 751
960
751 Nov
735 Oct
76
78
100 70
Sept 93
Feb
1135 1154
395
994 May 1354 Jan
51
52
489 4731 Oct 60
Jan
11734 118
35 11354 Mar 118
Nov
9855 9855
170 9734 Mar 10034 Jan
4954 4934
520 4534 July 50
Feb
30
90 30 June 32 June
30
10734 110
142 106
Feb 110
Aug
116 117
Mar 12554 Feb
1,065 116
25
26
Apr 27 June
773 18
1454 18
6,110 1134 Oct 25
Jan
16
17
1,875
854 July 3251 Jan
9334 9355
Apr 97
800 91
Jan
29
2955
850 25
May 32
Sept
26
26
150 2434 Oct29
Sept
2734 28
May 3335 Jan
795 27
105 105
100 104
Oct109
Feb
2854 2834
100 26
Jan 32 June
1131 1254 1,600
9
May 1554 Jan
454 451
360
334 May
534 Aug
34
3455
225 3194 Mar 39
Jan
143 143
Mar 171
05 122
Jan
3954 3994
70 36
May 43
May
10655 10634
195 10655 Nov 125
Jan
2094 21
177 19
Mar 2831 Jan
50
6234 2,590 37
Jan 57
Sept
9051 9154
30 90
May 9294 Oct
3055 3154
560 2434 May 3254 Nov
1334 14
250 13
Nov
17
June
9536 9534
30 95
Nov 102
June
51
51
25 49
Mar 5255 Aug
6854 7.010 55
63
May 9055 Jan
791 9
4,050
7
Sept1434 Jan
951 991 5.700
734 Mar 1034 Sept
134 155
75
154 July
334 Feb
3851 3851
25 36
May 4934 Sept
111 113
935 108
May 13434 Jan
10455 105
845 9754 Jan 11155 Feb
11555 11551
1,590 10634 Jan 12334 Feb
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Continued) Par Price. Low. HAM. Shares.
Low.
96
67
Mar
444 July
81% Sept
5631 Jan
1,000
7331
5234 30.000
3834 5,800
32,000
98
4,000
75
73%
45
29
95
75
7731 Oct
5431 Sept
46
Sept
Feb
99
8531 Oct
1,000 1014 Mai
, 103
1,000 104% Nov 105
June
Nov
* No par value.
Low.
16035
19131
13
4515
72
438
56
80
4.55
40
100
68%
30
111%
Mar
Jan
May
Jan
Apr
Mar
Jan
June
Nov
Nov
Mar
Oct
Oct
Mar
Am Vitrified Prod com_ _50
Preferred
100
Am Wind GI Mach coin 100
Preferred
100
Am Wind Glass Co pref_100
Arkansas Nat Gas com _100
774
Blaw-Knox Co
25 74
Byers (A M) Co com_
•
Preferred
100 104
Citizens Traction
50
Columbia Gas & El corn__ 87
Preferred w I
Conley Tank Car pref _100
Devonian 011
10 15
Duquesne Lt 7% pref _ _100
Exchange Nat Bank_ _100
First National Bank _ _100 308
Houston Gulf Gas
*
Indep Brewing corn
50
Jones-Laughl SU pref._100 118
Lone Star Gas
25 4334
Nat Fireproofing com _100
Preferred
100 2631
Ohio Fuel Corp
25
Corti( of deposit
4534
Okla Nat Gas ctf of dep
20
Pittsburgh Brew Corn., _50
Preferred
50 1231
Pittsburgh Coal com _100
Preferred
100
Pittsburgh 011 dr Gaa----5
334
Pittsb Plate Gas corn.,.,100
Salt Creek Consol 011_ _ _10
8
San Toy Mining
1
Sc
Stand Pb Glass pr pref _ _100
Preferred
100
Stand Sanitary Mfg__25 9134
Tidal Osage 011
100 20
Union Steel Casting
Preferred
U 8 Glass Co
25
Waverly 011 Wks cl A__ * 4231
West, house Air Brake_ _50
BondsIndep Brew 6s
Oct
Jan 96
91
9331 Jan 9835 Sent
102
Oct 11231 Feb
Nov
364 Aug 42
834 Jan
84 Aug
834 Jan 13% Aug
90
Oct 9731 Feb
11
July
May 13
101
May 110
Sent
6
Apr 18
Feb
3534 May 3134 May
44 1July 48
Feb
48 )Jan 6031 Jan
Mar 42
36
Sept
Mar 484 June
35
24 June 284 Oct
20% Apr 33
Aug
65
Oct 8934 Jan
9534 May 10034 Sept
19% June 24
Sept
Jan 305
Feb
285
2.50 Jan
.50 Nov
3234 Mar 42
Apr
29
Sept 33% Feb
7
5
Apr
Oct
32% July 40
Oct
Mar 134
118
Sept
97
Apr 10234 July
Jan 325
Jan
301
9434 June 984 Sept
Marl, 6231
Aug
9934 Mar 10434 Mar
Nov
8434 Jan 11
41% Apr 52% Sept
19% Sept 2031 Nov
Jan
735 Oct 32
Nov
10254 Jan 108
9831 Mar 10231 Nov
22% June 274 Aug
90
Jan
May 96
2334 Mar 3034 Nov
87
Aug 96% Feb
Sept
9631 May 110
Jan
Oct 97
90
Jan 108
Feb
100
5234 Mar 8334 Sept
3634 Jan 67 June
3734 Jan 664 June
2
Aug
1.50 June
Oot
Feb
Oct
Feb
Jan
Mar
Aug
Aug
7834 7634
Range Since Jan. 1.
Low.
23
90
58
80
10851
534
45
4234
98.
37
794
95
100
1234
112
85
305
54
234
114
30
731
2534
33
4134
194
3
11
3134
7031
334
270
731
3c
76
25
8931
8
31
103
15
4031
106
Aug
Apr
Nov
Oct
Jan
Feb
Mar
Nov
Apr
May
Aug
Aug
June
Apr
Mar
Aug
Aug
Nov
Jan
Jan
Apr
Nov
Nov
Apr
Sept
Oct
Jan
Jan
Oct
Oct
Aug
June
Oct
Jan
June
May
Oct
July
Oct
Feb
Nov
Nov
Mar
75
Jan
High.
3334
9434
80
0134
112
84
80
4234
105
38
87
99
10131
17
1184
87
350
10
651
1194
46
1834
39
4531
4534
204
7
15
4134
8334
6
310
10
8c
854
50
118 34
27
39
108
1954
4234
139
Jan
Jan
Jan
Jan
Feb
Oct
Sept
Nov
Aug
Aug
Nov
Nov
Sept
Jan
Nov
June
Jan
Feb
Mar
Aug
Oct
Feb
Jan
Nov
Nov
Sept
Mar
Feb
Feb
Jan
Jan
Jan
Feb
Nov
Aug
Feb
Jan
Nov
Nov
Oct
Jan
Sept
Sept
7614 Nov
* No par value.
Cincinnati Stock Exchange.-Record of transactions at
Cincinnati Stock Exchange Nov. 13 to Nov. 19, bbth inclusive, compiled from official lists:
High.
200 5: Oct
207 June
2531 Feb
Mar
60
Apr
351
483
Nov
Feb
75
91
Feb
8
Sept
Apr
48
10431 Oct
Feb
80
384 Feb
150
Feb
1955
28
2934
904 90%
6034 61
81
82
108 108
74 8
74
74
4234 4234
103 104
37
37
86
87
9834 99
101 101
15
184
11535 11534
85
85
308 308
54 54
3
331
117 118
4334 4431
731 731
2534 27
45
4531
45
4531
20
20
434 434
12
1234
3234 3234
74
74 34
334 334
272 273
734 8
Sc
Sc
8034 8034
25
25
90
92
19
2334
36
3834
104 104
15
15
41
4234
130 130
0
42
19835 197
100 197
American Bank
71
195 198
Anglo & L P Nat Bank _100 196
15
Armour & Co "A" com• 14% 14% 14%
40
50
50
25
Associated 011
10.545
8431 85
Bancitaly Corporation_ _25 85
1,044
458 483
100 481
Bank of Italy
389
71
Calamba Sugar,com._ _100 684 68
15
84
84
100
Preferred
880
4.50 4.75
10 4.62%
California Conner
258
40
40
Calif Cotton Mills, corn 100
40
102% 102%
Calif Oregon Pow pref 100
• 6831 68% 6934 1,365
Calif Packing Corn
Calif Petroleum, corn _ _ _ 25 30% 3034 314 2,575
590
132 1344
Caterpillar Traction__ _100 133
Coast Counties Gas &
30
95
95
100
Elec, 1st pref
162
964 96%
East Bay Water A pfd_100
194
1034 10331
100
B preferred
110
4034 4234
20
Ewa Plantation Co
15
635 631
10
Fageol Motors pref
1,912
11 34 12
Federal Telegraph Co- _10
40
9131 92
Fireman's Fund Insur- _25
555
Foster & Keiser (Com)-10 1234 12% 124
401
1034 10334
Great West Pow, pref _100
175
8
9
20
FrultSrPaek(free)
Haiku
258
38
37
3634
Hale Bros, Inc
485
46% 48
Hawaiian COMM & Sug _25 48
107
5634 5634 57
Hawaiian Pineapple- 85
404 41
20 41
Hawaiian Sugar
1,430
39
3734
3831
10
Honolulu Cons Oil
110
284 2631
Hunt Bros Packing Co A_*
35
30% 31
Illinois Pacific Glass A_ •
560
69
68
Key Sys Tren, prior p1100
215
9831
L A Gas& Elec, pref._ _100 9831 9831 22%
210
224
Magnin, I, corn
54
300 300
Mercantile Trust Co__ _100
.50 .50 5,212
pf.100
Calif.
Co
of
Natomas
1,988
38
39
North American Oil__ _ _10 39
383
20 33% 31 34 3335
Oahu Sugar
so
7
7
7
20
Olaa Sugar
175
20 3931 3831 3931
Onomea Sugar
617
Pacific Gas & Elee com _ 100 129% 12931 13031
863
100 994 9934 994
let preferred
64
313 314
Pacific Ltg Corp com_100 314
110
9634
9635
9631
100
6% preferred
1,240
.
1.50
1.50
Pacific 011
244
104 104%
Pacific Tel & Tel pref_ _100
320
110
109
Paraffine Cos Inc corn_ _ _ _•
• 5034 5031 5134 1,957
Phillips Petroleum
75
1934 20
}Ugly Wiggly W States A_
20
20
20
SF Sacramento RR pref100 20
65
S J Lt & Pr prior pfd_ _100 107% 10735 108
10
10231
10236
100
7% preferred A
400
244 25
B F Schlesinger A corn- _ _*
5
9235 923.4
100
Preferred
3034 14,361
30
30
Shell Union Oil corn
20
9034 91
Sherman&Clay 7% pr pf 100 91
170
101 10834
Southern Pacific
100 107
5
92
92
Sperry Flour Co pref. _100
365
10234 103
Spring Valley Water_ _ _100 103
Standard Oil of Calif_ _ _ _25 5831 584 60% 12,679
4.040
Union 011 Associates_ _ _ _25 52% 5234 54
7,415
Union Oil of California_ _25 5231 5234 54
500
1.6734
1.8731
U S Petroleum
1
Range Since Jan. 1.
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
8
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. High. Shares.
111011
1.45
Aug
May 3654
Feb 260
10
May
4.50
June
May 1034
Oct 98
May 2934
Pittsburgh Stock Exchange.-Record of transactions
at Pittsburgh Stock Exchange Nov. 13 to Nov. 19, both
inclusive, compiled from officials sales lists:
4
a
San Francisco Stock and Bond Exchange.-Record of
transactions at San Francisco Stock and Bond Exchange
Nov. 13 to Nov. 19, both inclusive, compiled from official
sales lists:
Low.
* No par value.
,-;
1014 1014
105 105
Nov
Mar
July
Sept
Nov
Range Sines Jan. 1.
100
1.25
195 2931
70 235
320
854
5
3.75
9
710
5 94
970 24%
4
7334
5234
3734
96
75
26.000
50,000
1.25 1.25
3434 35
25331 25334
9
934
431 44
9
935
95
95
2734 2731 2715
--
5234
7435 76
53
52
Universal Consol 011
" 1
Walalua Agricul Co Ltd 20
Wells Fargo Bk & Un Tr100
West Amer Finance pref_ 10
West Coast Life Ins Co_ 1
Yellow & Checker Cab A 10
Zellerbach Corp pret_ _ _100
Zellerbach Corp
a..;
4934 Feb
June
104
9934 June
654 Oct
1634 Aug
Apr
128
264 July
434 Jan
33;1 Oct
Jan
32
Nov
100
974 Aug
28 June
21% Feb
Feb
24
23 .Aug
6034 Aug
140 June
143 June
July
106
Nov
190
10834 July
37% Nov
5834 Jan
2534 Jan
Jan
16
Mar
180
Nov
26
Jan
93
1184 Nov
2234 .1 Jan
6034 Sept
0634 Nov
5835 Jan
331 Sept
Feb
26
Mar
31
May
92
Sept
54
July
171
Nov
29
814 Jan
115
Nov
234 Feb
9;1 Jan
5731 Oct
Feb
32
3934 Sept
504 Feb
4
Oct
Mar
Jan
Mar
Nov
Oct
Mar
May
Sent
Mar
Jan
Nov
Oct
Oct
June
Nov
Mar
Oct
Oct
Oct
Jan
Feb
Aug
June
June
Oct
Jan
Apr
Nov
Apr
Apr
Apr
Jan
Oct
Mar
Oct
Apr
Mar
Apr
Mar
Aug
Mar
May
Oct
Aug
Apr
Mar
May
Mar
140 40
43
43
99
370 98
99
9931
98
98
60 96
98
80
1,660 24%
59
59
110 14%
1434 1434
155 124
125 125
22% 2235
260 1934
24
234 2% 4,950
234
314 3134 32;4 3,250 26
2734 2834
290 26
09% 97 100
565 93
924 91
924
100 91
410 24
2534 2534
14% 144 1434
200 124
1934 1934
100 194
211 13
204 13
2034
350 33%
564 56% 5034
129 129
20 127
129 129
50 128
101 101
10 9934
180 190
202 128
375 105
107
107 108
35% 35
3534 1,200 2534
4431 4334 4634 2,485 314
• so
20
158 17%
204
100 10
10
1031
514 514 53% 1,350 4934
825 22
2831 - 2534 284
874 8334 6831 11,785 61
116
116 117% 1,195
204 194 20% 5,020 144
375 42
4731
474 47
709 7234
95
9434 9634
180 3434
35
35
275
31
231 231
365 11
1334 1434
95 15
18
18
180 814
8734 8734 8834
40 4234
5031 50% 504
148 160% 4,530 125
149
100
834
2634 2634 2735
64
67% 2,370 584
64
1,230 107%
1134 115
868 13
1434 1434 14%
5
150
531 5%
535 49
52% 52% 5334
1,420 26
284 29 31
29.
25;1 284 9,750 21
26
1,015 4234
45
4531
45
53
Hig4
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par Price. Low. MOIL Shares.
4..i
BondsChicago City Ry 58--1927
Chic City AL Con Rya 58'27
Chic Rye let m ctfs of dep
1927
5s
1927
55, Series A
1927
45, Series B
HousGOCosf g 6%51931
Northwestern Elev 55_1941
Peoples GI L & C let ref
1927
3. gold 55
Pub Ser FL&RM 5315'62
Range Since Jan 1
MOQ00000NO0^4 000t-.000q000t-OM/1,
000Vh0§0.00000000
-.........000....N4MCM ,
-.0NVV, ,
-.0C-CONmM,
-4
[-.N.QNVNV0N0,
00,
m
,-.M NNM....
I-t
N
..N MNMN
4,
-,
-.
MOM
00
0
Midland Steel Products_ _*
Midland Util prior lien _100
100
Preferred A
Morgan Lithograph Co...*
•
Mosser Leather, corn
Nat Carbon, pref, new_100
Nat Elec Power A w I__ •
National Leather
10
National Standard
•
North American Car,corn.*
Nor West UM pr In prof 100
100
7% preferred
Novadel, pref
Omnibus, vot tr ctfs w I a_*
*
Penn Gas & Elec w
Pick, Barth & Co, pref A_*
Pines Winterfront A
5
Pub Serv of Nor Ill
Pub Serv of Nor III_ _100
Preferred
100
Quaker Oats Co
•
Preferred
100
Q R S Music, corn
•
Real Silk Hosiery Mills_10
Reo Motor
10
Ryan Car Co (The)_ _ _25
Sears, Roebuck & Co_ _100
So Colo Pr Elec A,com_ _25
Stewart-Warner Speedom •
Swift & Co
100
Swift International
15
Thompson (J R)
25
Union Carbide az Carbon'
United Biscuit class A. •
United Iron Works v t c.10
United Lt & Pr A w I new.*
B w 1 new
Preferred el A w a_ _ _•
Preferred el A w 1 a_•
U S Gypsum
20
Vesta Battery Corp__ _ _10
Ward(Mongtomery)&Co 10
Class A
Williams Oil0 Mat com__*
Wolverine Portland Cem 10
Wrigley Jr
•
Yates Machines part pfd_*
Yellow Tr & Cch Mfg B.10
Yellow Cab to Inc (Chic) *
Stocks- .
[voL. 122.
THE CHRONICLE
2642
Stocks-
Priaay
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Am Laundry Mach com-25
Amer Products
Amer Rolling Mill coin_ _ 25
100
Preferred
Amer Thermos "A"
100
Baldwin corn
100
New preferred
100
Buckeye, Inc
_100
Carey (Philip) com
*
Churngold Corp
*
City Ice & Fuel
Cooper Corp (new)_ _ _100
100
Preferred
Eagle-Picher Lead com_ _20
100
Fay & Egan pref
•
Formica Insulation
100
Giant Tire
*
Gibson Art corn
100
Gruen Watch pref
Hatfield-Reliance pref _100
100
Jaeger
20
Kodel Radio pref
10
Kroger corn
100
Kalmo partie
100
First preferred
•
Mead P & P
Paragon Refining corn_ .,25
Procter dr Gamble com_20
100
o preferred
100
Pure 0118% pref
•
Putman Candy corn
100
U Sean prof
20
U S Playing Card
US Print & Lith com_ 100
100
Preferred
100
US Shoe pref
*
Whitaker Paper com
100
Preferred
109
45
1103.4
11
45
2131
54
4135
10834
12331
731
159
11234
10234
17735
8
BanksFifth-Third-Union un1ts100
100
First National
Public UtilitiesCincinnati & Sub Tel_ _50
100
Cln Gaa & Elec
On Gas Transportation 100
100
Ohio Bell Tel pref
93
Tractions-Cln Street Ry
50
373.4
RailroadsLittle Miami guar
50
108 109
2431 25
45
4534
11031 11035
934 11
200 200
108 106
4234 4334
177 177
45
50
2131 2131
79
80
10334 1034
2834 2934
85
70
22
22
54
51334
4131 4231
10834 10834
100 100
304 324
2034 2035
123 127
43
43
100 100
100 100
74 734
16031 159
1124 1124
9531 98
22
22
10234 1024
177 180
78
79
95
95
4635 463.4
49
5034
10454 10931
323
330
323
330
9135
9234
121
10934
9234
9334
121
1104
3834 3734
94
94
437
25
858
43
255
2
45
208
10
184
185
208
153
1,734
2
10
10
830
1,911
50
1,892
100
727
5
11
100
465
445
78
197
50
5
82
17
20
35
55
11
Range smut Jan. 1.
Low.
108
Mar
24 34 Apr
444 Oct
108 34 May
931 Oct
200
July
10434 Jan
30
Jan
173 • July
47
Nov
2131 Nov
854 July
9931 June
2634 May
55
Apr
30
Apr
2831 Jan
3835 Feb
113 34 Feb
100
Nov
3731 Oct
2034 May
105
Mar
4234 May
100
Nov
100
Nov
834 May
13934 Jan
10831 Apr
8554 Jan
20
Mar
99
Mar
135
May
74
Nov
91
July
44
Aug
43 June
98
Apr
5 218
1 321
225 90
339 88
12
147 109
High.
147.31
2734
47
111
2034
248
107.
45
181
70
254
80
108
294
80
37
59
44
109
10234
3234
2134
13531
4534
104
100
974
184
11434
98
2434
105
187
95
100
5834
58
105
May 328
Jan 335
Mar
Mar
Jan
Feb
Oct
Sept
Mar
Feb
Aug
Oct
Apr
Feb
Jan
Mar
Jan
Nov
Feb
Jan
Oct
Sept
Aug
Nov
Nov
Jan
June
June
July
Nov
Jan
July
Mar
Sept
July
Sept
Oct
Feb
Feb
Jan
Jan
Oct
Feb
Apr
9034 Mar
0554 Apr
Jan 115
July
757
33
Oct
39
Nov
2
91
May
95
Oct
* No par value.
St. Louis Stock Exchange.-Record of transactions
at St. Louis Stock Exchange Nov. 13 to Nov. 19, both
inclusive, compiled from official sales lists:
Nov. 20 1926.]
Stocks-
Sales
Friday
Last Week's Range for
ofPrices.
Sale
Week.
Par. Price. Low. High. Shares.
THE CHRONICLE
Range Since Jan. 1.
Low.
High.
Central & Southwest Ut11_ _
48
162 16336
'31 155
Feb Centrifugal PIN Corp ' 18%
Jan 171
Checker Cab Mfg,claw A
Chic Nipple Mfg class A _ 50 44%
Trust Company Stocks
Class B
100 420
American Trust
50 30%
420 420
Mar
13 40934 July 425
Childs Co, pref
Miscellaneous Stocks100
53
Mar 55
Amer Credit Indemnity_25
20 4894
54
Oct Cities Service, corn
33 49
Preferred
20 3334 3234 3334
Nov 33% Oct
100 92%
385 32
A S Aloe,eom
Preferred B
* 4234 40
4431 Feb
Boyd-Welsh Shoe
10
43
610 35% Ma
Preferred BB
3534 3631
100
Brown Shoe,com
100
108 30 June 4435 Feb
Bankers' shares
114 114
Boyd Richardson, pref_100
Nov
20 111
Jan 114
23,4
87
Ely & Walker DO.com_25
87
Mar Colombian Syndicate
10 84
Aug 90
10
Fulton Iron Works, cora_ _• 10
10
Nov 3635 Feb Columbia Gas & El(new co)
1,388 10
Common w I
Hamilton-Brown Shoe25
42
4235
105 42
Jan
Nov 57
Hussmann Rein, com_
Preferred w I
*
34
Nov 41
100
3434
Jan
45 34
Huttig El & D,corn
• 29
29
Nov 44
2934
130 29
Feb Com'wealth Power CorpCommon
Hydraulic Press Brk, pf.100 77
76
77
• 41%
310 76
Nov 97)5 Jan
Preferred
•
Indep Packing, corn
25
Nov 29
100 90%
25
Feb
5 25
International Shoe, com__• 160
158 160
•
207 135
May 17535 Jan Consol Dairy Prod
,4
Preferred
10734 10734
.100
8 107
Oct 111% Jan Con Gas, E L&P Bait corn' 83
•
Johnson-S & S Shoe
55
55
• 22%
Jan Consol Laundries
25 50
May 98
Missouri Portl Cement-25
56
5735
405 48% Ma
Jan Continental Tobacco... •
67
National Candy, com _ _100 8735 8634 8734
£1 2534
180 70 •
Apr 90
Feb Courtaulds Ltd
•
Pedigo-Weber Shoe
3235 36
629 28
May 39
Jan Cuban Tobacco v t c__
Polar Wave Ice A
• 3154 31
10 34
3135
Nov 37% Feb Cuneo Press. corn
150 31
Rice-Stix Dry Goods,com_• 2034 10
Cla s A
50
Nov 25% Feb
s
295 19
20
6)4
First preferred
100
10
2 31
10 106
Nov 109
Jan Curtin; Aeropl & M,com_• 1934
Second preferred
Preferred
_100
98
Nov 102% Jan
98
15 97
Scruggs-V-B DO,corn_ _25 23
10rn •. 183
2231 23
41 22% Nov 30
Mar Curtis Pub Co, co
113%
First preferred
$7 preferred
100 87
87
Nov 92
87
50 87
Feb
Sheffield Steel, corn
•
*
25
2534
200 • 24
May 2934 Jan Davies(Wm),class A_
5%
Sieloff Packing, corn
•
19
19
20 18 June 22
Jan De Force Radio
Sou Acid & Sulph, cony .*
& Reynolds,
45
Corp.'Dev cl B. •
45
230 42% June 52% Feb
Southwest Bell Tel, pref100 115
11434 115
10 11235 Apr 115% Sept Dixon (Joe) Crucible_ _100
St Louis Car, pref
• 19%
91
100
91
55 90
Nov 97
Jan Doehier Die-Casting
Stlx, Baer & Fuller
* 32
32
28% Aug 3531 Jan Dominion Stores, Ltd____• 6435
32
12
63,4
.Wagner Electric, corn__ * 1931
DubillerCond
Corporation*
1931 21
1334 July 3435 Jan
37
Wagner Elec Corp, pre(.109
6834 70
2
67% July 85
Jan Dunhill International.---'
8%
Wm Waltke,com
•
• 4936 4934 50
232 40
Apr 50
Nov Durant Motors, Inc
Due Co, class A
•
8%
Mining StocksClass A v t c
•
33%
Consol Lead & Zinc Co_ ...• 18
512 1635 Nov 28
Mar EltIngon Sehild Co, corn
1634 18
Elec Bond & Share pref-100 107
Street Railway BondsElec Bond & Share Secur-• 6734
EastSt L & Sub Co 5s_1932
8836 8634 $11,000 8331 Jan 8735 Oct Elec Househ'd Util Corp.10
United Railways, 4s_1934
76
Jan 78% Apr Elec Invest without warr.• 39%
7631 65,000 75
4s, cent( of deposit_1934
7534 76
Jan 7834 Apr Elec Pow & Lt, 2d pf A..*
22,000 74
Option warrants
Miscellaneous BondsElec Railway Securities__•
Merchants' Bridge 6s_1929
10135 10134 5,000 10135 Nov 102% June Empire Pow Corp part stk•
Wagner Elec Mfg 7s_serial 99
99
2,000 9734 Oct 10135 Jan Eatey-Welte Corp class A-• 44%
99
Houston Oil 635s
1935
Class B
10234 10231 20,000 9934 June 10231 Nov
• 16%
Pageol Motors Co item--10
* No par value.
Fajardo Sugar
100 150
n'yShps• 27
New York Curb Market.-Below is a record of the Farmer(Fanny)Ca
Purch Corp cl A-•
transactions in the New York Curb Market from Nov. 13 to Federal
C1810 B
•
98
Nov. 19, both inclusive, as compiled from the official lists. Firestone T & R,7% pf.100 390
Ford Motor Co of Can-100
As noted in our issue of July 2 1921, the New York Curb Forhan Co, class A
• 1731
Market Association on June 27 1921 transferred its activities Foundation CoForeign shares clam A._• 17%
from the Broad Street curb to its new building on Trinity For
Theatres. el A,com__• 23%
Place, and the Association is now issuing an official sheet Franklin(HH) Mfg,corn •
Preferred
100
which forms the basis of the compilations below.
Freed-Eisernann Radio_ __•
Freshman (Chas) Co
• 31
Friday
Sales
Gamewell Co, corn
•
Week Ended Nov. 19.
Last Week's Range for
35,4
•
Range Since Jan. 1.
Garod Corp
Sale.
ofPrices.
heck.
General Baking, class A • 54
StocksPar. Price. Lou'. High. Shares.
535
Low.
High.
Class B
•
General Elec (Germany)-Indus. & Miscellaneous.
Gen'l Fireproofing, corn...'
Aetna Life Insur Co
100
550 550
Sept Gen' Tire & Rubb, com_25 161
Nov 635
10 500
Ala Great Southern com_50 125
12434 125
Mar 13434 Sept Gilchrist Co
200 95
•
Preferred
50 125
360 9431 Mar 135
Sept Gillette Safety Razor.-_-• 91
12434 127
Alabama Power, $7 pref _ _•
10835 10834
20 10634 Oct 10834 Nov GillIcan-Chipley Co
*
Allied Packers, corn
•
134 'Apr
100
131 1%
3% Feb C G Spring & Bump cony •
Alpha Portland Cement...
38
300 37 Sept 4534 July Glessonite Prod. com-10 11%
3834
Aluminum Co common_ •
185
71
70
2.600 5435 Jan 76
Feb Glen Alden Coal
6% preferred
i00
10234 103
Nov Gobel (Adolf) Inc com : 22
700 9835 May 103
American Arch Co
100
11254 11234
100 106
Oct 13236 Feb Goodyear T & com__100 30)4
Am Brown Boveri El Corp
Greif & Bros. Inc, pref _ _ _ _ 105%
Founders shares
• 1731
300 1654 Oct 2234 Aug Grimes Rad & Cam Rec.'
1734 1834
Founders shares v t c___
1835 1835
1834
635
100 1834 Nov
1836 Nov
Happiness Candy St CIA.'
Am Cyanamid, el A,com20
35
35
100 35
Nov 4634 Feb
Founders shares
•
Class B corn
20
400 3234 Oct47
35
3634
Feb Hartford Fire In ur Co_100
s
Preferred
100 8834 8836 89
90 8634 Sept96
Feb Hay Elec & UM,v t c
•
Amer EleetrIce, class A 25
2034 21
300 20
July 2434 Feb Hazeltine Corporation_ •
Amer Gas & Elee, com...• 10434 10434 10734 9,900 64
Mar 11034 &Pt Hires(Chas) Coal Acorn.' 22%
Preferred
• 9654 96
9634
500 9036 Apr 96/4 July Home Insurance Co_ __100
American Hawaiian SS 10
734 July
1036 1034
635
200
Industrial Rayon, class A-•
1134 Jan
Amer Lt & Trac, com__100 215
213 22435
Mar 264
1,525 196
Jar
Insur Co of No Amer_..10
Preferred
100 11936 119 121
4
275 105
Mar 124
NON lot Concrete Inc fdrs shill
hmer Pow & Lt, pref_-100 9834 9736 9834
600 92
Apr 9934 Oet Int Match part pref new_35 59)5
ArnerIC80 Rayon Products*
8
8
1134 1,700
29
Nov 3531 Jan
8
Internet
UM
Clam
A
_
.•
Amer Rolling Mill, coin 25
4535 4534
10 4431 Oct 5931 Feb
Class B
Preferred
100 110
110 110
80 106
166
Jan 110
Oct
Johns-Manville, Inc
Am Seating (new corm nee 4434 4134 4534 20,300 3234 July 4534 No,. Kress
(£i 11) & Co new
Convertible preferred_ _• 4435 4134 45
12,500 3854 Oct 45
Nos
Kroger Grocery & Bak'g_10
Am Superpower Corp A _.• 2834 2836 28%
200 1934 Mar 3734 Jar
Kruskal & Kruskal, Inc_ • 18%
Claw B
• 2934 2934 3034 3,900
Jar
2134 Mar 39
Land Co of Florida
•
Participating pref __._26 2634 2631 2694
900 23
No
Mar 2636
Landover Holding CorpFirst preferred
•
94% 9434
100 93
May 9535 Sep
Class A stamped
1
American Thread, pref_ --5
3.11 3111
1,800
Aug
4
Jar
354
Lehigh
Power SecuritiesAm Writ Pap new com v t c
936 1034
900
934 Nov
New consolidated corp.' 15)5
1034 No
New preferred v t c_ _100 2936 29
900 29
2936
Nov 34
Lehigh Valley Coal Sales.50 98%
Sep
Anglo-ChliNitrate Corp_.• 1334 1334 1494 3,600
1334 Nov 1434 Nol
Lehigh Val Coal Ms. new.. 47
Arizona Power, com_ -100
2234 2234
75 19
Oct 3934 Jar
Libby,
McNeill & Libby _10
5
Am Pr Wks, without warr_
5
5
270
5
Nov
5
Nco
Libby Owens Sheet Glass25
A8800 088& Elea,class A.• 3134 3431 3534 3,300 2534 Mar 3831 Am
135
Liberty Radio Chain St..'
Atlantic Fruit & Sugar__• 994
90c
1
6,300 890
Jan
23,4 Fel
MacAnd & Forbes. corn _ _• 41
Atlaa Portisuld Cement-.
4236 4235
200 4034 Oet 5534 Mal
Madison So Gard Co v t o• 14
Automatic Fuel Saving_..•
654
6
635
1,900
5
Oct
636 Nol
Marconi Wird Tel of Can_1
Babcock & Wilcox Co_.100
116
118
150 112
Oct 149
Jar
Mare Wirel Tel of Lond-E1
Bancitaly Corporation--25
85
85
200 7834 June 85
Noi
May Dept St's, new com.25 6934
Bancroft (Jos) & Sons com• 36
36
36
100 36
Nov 3834 Ate
McCord Red& Mfg, v t 0.*
Beaverboard Cos pref_ .100 38
3234 38
300 3234 Nov 45
AU
Mengel Co
100
Blackstone V G & E,comb° 9934 9934 9935
200 9034 Apr 11834 Jai
Mesabi Iron Co
• 2234 2234 2435
•
Bliss(E W)& Co
1,500 1834 May 2734 Oe
Metropol 5 & 50e St el A--•
1436 1454
Bohn Aluminum & Brass.•
100 1335 June 1731 Jai
Middle West Utll, com •
Bon Anil Co coin A
• 5534 55
5534 3.600 55
NON 5634 00
Prior lien stock
IN
Borden ComPanY
50 9535 95
9534
700 9136 May 110
Jai
7% preferred
100
Bradley Fireproof Prod_ .1
47e 49c
3,000 47e Nov
135 Jai
Midvale Company
•
Br821118,11 Tr. L & P.ord.100
104 104
Mar 11034 Oc
100 89
Miller Rubber pref. __ _100
Bridgeport Machine, com.•
5
535 1,100
454 Nov 1534 Jai
Miss Riv Pow 6% pi&.100
4335 4734 17,300
Brill Corp (new), class A_• 46
2435
Mohawk & Hud Pow.
•• 2234 2234 2335 4,700 3154 Sept 6734 Jai
Class B
13
Sept 33
Jai
Valley Co corn'Mhawk
• 41
2335 2334
Brit-Amer Tob. ord bear.£1
900 12134 July 3136 Jun
Municipal Service Corp--*
Ordinary registered_ 41
2335 2334
400 12135 July 3036 Jun
klur-Red Radio Corp.._ _•
Brooklyn City RR
6
1U
695 4,300 6
634
Nov
934 Fe]
Nat Elec Power, class A-.
100 230
228 237
Bucyrus Co, corn
275 179
8)5
Jan 335
Fe]
Nat Food Prod, class B..'
Buffbilag&EarrtPow,euzu_•
3034 3034
100 2334 July 3834 JAI
Nat Power & Light. pref..'
25
25
2534
Preferred
300 24
Feb
3135
Jut
Nat Pub Serv, corn,CIA..'
100 53
52
53
Celluloid Co, pref
60 51
•
Feb 75
Au
Common.clans B
*
17335 174
Celotez Co common
175 117 June 305
Ate
Nelson (Herman) Co
5 2531
9331 94
100
•
Preferred 7%
100 88 June 9734 Ale
Neptune Meter, class A •
centre' Aguirre Sugar_ _.50 9034 8691 92
2.200 7634 July 95
Fe]
New
Ariz
Mex
Land1
&
Central Leather (new Corp)
N Y Telep, 635% pref_100 113
18
1,000 17
Class A vet trust etfs..• 17% 17
18%
Nov 21
Oc
Northeast
Power,
com
•
._ . _
...-. •- ..r. Inn 72
71 NC 72
am
yt
vs,... Tn te rs...
Northern Ohio Power Ce•• 1235
Bank StocksNat'l Bank of Comm'ee 100 162
2643
Friday
Sales
Last Week's Range for
Sale
OfPrices.
Week.
Stocks (Concluded) Par Price. Law. High. Shares.
Range Since Jan. 1.
Low.
48
1731
44%
44%
48
50 48
2.300 16,4
18)5
4435
400
4
44)5
100 42
sog 30%
100 2531
117 117
70 114
48% 49
13.800 37%
92% 5,400 82%
92
sg 8% 4,500 7
83
83
100 74
2431 2431
100 19
2)1
234 10,400
134
85)5 86%
98
99
3.400
5.600
78
92
Aug
Aug
4134 4234 13.200 29
Mar
9031 90%
700 82
Mar
1% 235
800
134 Oct
5155 5331
2,600 44% Jan
2254 2334 4,400 21
Aug
26
3434 3.100 1134 May
2551 2614
600 23% Oct
40
40
100 38
Nov
3334 34
2,200 26
Feb
4934 50
200 31
Sept
1954
1,400
1734
15,1 May
80
80
100 75)5 June
183 188
120 183
Nov
11334 11434
20 113
Sept
29
29
100 29
Oct
5% 6
3,500 510 Jun(
33
33%
20
32
Nov
141 144
20 130
Mar
1934 1951
800 11% May
6331 6454
150 57
May
491 63,4
8,200
33( Oct
2015 22
900 17% Oct
834 935
3.500
3% May
935 934
100
934. Oc
8% 835
400
8
Oct
300 25
3334 33%
Sep
10534 107
440 10414 Jan
6734 6936
5,700 56% Mar
400 1535 Nov
15% 17
3954 4134 6,400 30% Ma
125 8534 No
8634 87
300
634 7
5)5 Oct
535 534
300
4% Jan
200 21
2654 2634
May
4234 443-4 22,800 24
J1111
1655 165's
1.200
634 Sept
334 334
1,700
Oct
3
1.050 124,4 Apr
14234 15234
2635 27
300 19% Sept
31
3135
300 30
May
1054 1034
300
934 Sept
97)5 98
23
96% Aug
330 390
160 326
NON
1734 1794 1,900 13% Mar
1634
23%
1835
83
5%
31
55
334
53%
5)5
1836
24%
1835
83
6
33%
55
434
57)5
6%
ssg 38%
52% 554
160 161
39
39
90
91%
30
30
10
10%
11% 1154
183 185
22
23
30.34 31%
105)5 105%
1% 1%
6% 635
535 1335
474 476
3235 32%
1335 13%
22
22%
358 364
6% 6%
51
51
3% 4
5834 5931
28
29
435 4%
160% 16835
60% 60%
128 129
1835 18)5
18)4 18)5
935
9%
6,100
900
100
25
300
9,200
25
3,400
7,400
9,600
100
26
20
100
3,800
100
600
600
2,100
1,00
80
300
200
3,500
3,300
10
30
10
40
20
2,40
100
500
1,200
200
200
4,326
100
20
100
100
300
15
May
1934 Mar
18% Nov
7834 June
% Mar
17% Jan
5435 Nov
2% Feb
44% Apr
6% Mar
22% Ma
40
Ma
160
No
35
May
Mar
89
29% Oct
10
Nov
5
Apr
13835 Jan
22
Nov
28
May
105% Nov
1% Apr
6
JULY
531 June
460
Oc
28 June
8,1 Apr
22
Nov
333 Sent
6
Oct
50
Oct
134 Oct
5831 Nov
25
Sept
3% Sept
130
Mat
6034 Nov
108
Apr
16
May
17,
Oct
8
15)5 16% 23,300 10
9834 9834
75 80
4631 47% 9.900 36%
700
934 935
7%
140 143
310 125
80c 134 8,700 10e
41
41
300 39%
14
1,500 13%
14)4
860 90e
200 73e
4
200
4
334
69)5 6934
100 6935
18
18
300 17
32
32
150 31
1% 1%
100
1%
3)1 335
100
3
11535 11535
50 107%
500 98
11531 110
104 105%
600 97
23% 23%
100 21%
100 100
70 97
96
96
50 92
24% 2455
2.100 20%
39% 41)5 4,700 25
11
11)5
500 10
1
300
1%
1
22
1,200 15%
22)5
835 9% 2,000
8)5
101)5 102
300 97
18)5 19)5 1,300 15%
14
14)4
500 10
2531 2531
100 1934
23% 23%
200 2334
10)5 10)5
200
935
11235 11335
350 110)5
18)5 19% 6,800 15%
12)5 13% 2,900 11
High.
Nov
Nov 48
Jan
May
27
July
9,4 Feb
Feb 44% Aug
Oct
32
Api
Apr 119% Jan
Fet 49
Nov
Apr 9254 Nov
Oct
83,4 Nov
83
Nov
Mar
Jan 24% Nov
Oct
314 Jan
Apr
Mar
Mar
Mar
Mar
Aug
Apr
May
Sept
Sept
Sept
Nov
May
Nov
Sept
June
May
Jan
Jan
May
Sept
Apr
Mar
July
Sept
Nov
Mar
Nov
Mar
Mar
Mar
Ma
Jun
Apr
Apr
Oct
Mar
86% Nov
99,4 Sent
43%
91
/4
53
284
34%
35%
64
34%
50%
23%
8934
203
115%
33
10%
101%
159
20
67%
11
26%
14%
21
22
37%
110
86
2235
74)5
90
8
10
32
44%
16)5
10%
169
28
3334
13%
100
655
20
SePt
Oct
Jan
Feb
Feb
Nov
June
Jan
Nov
Feb
Jaii
Feb
Sept
Sept
Mar
I Jall
Feb
Jan
Nov
Jan
Jan
Jan
Sept
Feb
Feb
Jan
July
Jan
Feb
Jan
Sept
Sept
Jan
Feb
Nov
Nov
Jan
Feb
Sept
June
June
Jan
Mar
Jan
Jan
55
3435 Jan
Jan
33
July
90
954 Aug
37% Sent
593.5 Jan
8
Aug
79% Jae
17)1 Jan
4234 Nov
58% Aug
161
Nov
40
Jan
114
Feb
38 June
16% July
12% Sept
186
Nov
25,1 Oct
40
Mar
105,1 Nov
7
Jan
8% Jan
754 Jan
498
Sept
44% Jan
21% July
26
Jan
Nov
364
19% Jan
Jan
64
8% Jan
59)4 Nov
Jan
39
9% Jan
168% Nov
6335 Oct
132
July2034 Feb
47% Jan
9% Feb
22
102
40735
10
219
3,‘
46%
15J4
1%
63,4
70
25%
52
2%
6
135
122%
11134
25%
103
96%
28%
4135
13)5
3
2635
10
102%
24
1614
1295k
2534
17
115%
36%
2836
Jan
Aug
Nov
Sept
Jan
Jan
Feb
00*
Jan
Jan
Nov
Jan
Jan
J80
Jan
Jan
Feb
Feb
Mar
Feb
Sept
Feb
Aug
Mar
Sept
Jan
Nov
Jan
Jan
July
June
Jan
Jan
June
Jan
Jan
2644
THE CHRONICLE
Fr(dayl
Sales
Last Week's Range for
Sale
ofPfiC68.
Week.
Stocks (Continued) Par /Vice. Low. High. Shares.
•
Range 31.Cd Jan. 1.
Low.
High
.
Nor Ontario L & Pow pf100
83
83
20 7734 Sept 85
Aug
Nor States P Corp,com _ 100
105% 107%
1,900 98% May 13634 Jan
Preferred
100 102
102 102
50 99% Apr 103% Oct
Ohio Brass, class B
79
79
25 74
Aug 79% Jan
Ovington Bros. part pref.' 10%
9% 1034
500
914 June 11
June
Pacific Steel Boiler
• 12
11% 1234
400 11
Apr 16% Feb
render(David) Groc cl A.*
42
42
100 42
Nov 5214 Jan
Class B
22
22
100 22
Oct 36% Feb
Penney(JB)&Co el A pf 100
9834 98%
.10 98
Aug 99
July
Penn ohio Edison, prior pf_
97% 9731 9714
10 9734 Nov 9734 Nov
Warrants
9
9
9
100
Nov
Nov
9
9
Penn Ohio &cur Corp_ ___•
8%
831
4,500
6% May 10% Sept
Preferred
• 81
80% 81
80 7931 Oct 86
Oct
Penne Pow & Lt, pref
• 10734 107 10731
450 10434 Jan 109
Aug
Penn Water & Power__100 169
164 171%
990 130% Mar 174
Jan
Peoples Drug Stores. Inc.' 32
30
32
1,100 20
Mar 34% Mar
Phelps-Dodge Corp _ _ _ _100 134
134 136
30 120
May 139
Apr
Philadelphia Eke corn_ _25 50% 50% 51
200 40
Mar 67
Jan
Phllip-Morr Cons Inc corn • 14% 14% 1514 15,200 10
Sept 15% Nov
Class A
25
19
20
1,700 18% Oat 21% Sept
Pick(Albert).Barth dr CoCommon vol trust ctf_ _1
12% 13%
600 10
Apr 13% Oct
Pillsbury Flour Mills_ _50
45
475 36
4614
Feb 50% Sept
Pitney Bowes Postage
Meter Co
•
614
731
400
Apr
5
834 Feb
Pittsb & L E RR com _50
160 160
100 130
Mar 178
Sept
Pond Creek Pocahontas_
12% 1231
100 12% Nov 14% Nov
Procter & Gamble corn_ _20
158 158
30 142% June 163
Jan
Pro-phy-lac-tic Brush,com•
48
48
100 42
Feb 57
Oct
Puget Bound P&L.corn 100 28% 28% 29
800 26
Oct 66% Jan
Pyrene Manufacturing_ AO
12% 12%
700 10% Mar 12% Oct
Quaker Oats prof
100
110 110
10 110
Nov 110
Nov
Rand-Kardex Bureau____* 45% 41%. 46% 13,300 3434 Apr 48
Jan
Realty Associates,
• 240
220 240
170 195
Oct 245 June
Rein-Noisel Typewcorn_.
corn A*
34
34
200 30% Mar 52% Jan
Reo Motor Car
10 1934 1911 20
3,000 19% Oct 25% Jan
Republic Mot Truck v t 0..•
4% 5% 2,900
534
3;4 Oct 1611 Jan
Richmond Radiator corn *
19
20
1,500 15
Jan 23
Feb
42% 4434 1,200 36% Feb 44% Nov
Preferred
100 44
RIckenbacker Motor
1%
1
1
•
6,700
Nov
1
934 Jan
Royal Bak Powd, pref.
10134 101%
20 9934 Apr 103
_100
Feb
St Regis Paper Co
45% 4434 4714
1,200 39
Sept 5031 June
58% 60
Scovill Manufacturing...'
500 58
Nov 60
Nov
28
27
Seeman Brothers, corn_ •
400 27
Aug 30
Oct
13,700 11% Nov 22% Joly
Bervel Corp (Del), corn..' 12% 11% 14
Sharon Steel Hoop
500 20
2734
50 26% 26
Mar 30% Sept
200 45% May 58
58
58
Shredded Wheat
•
Nov
24%
24
200 23
Sierra Pac Elec Co,corn 100
Mar 28% Jan
13% 13%
400 1134 Mar 22% Jan
Silica Gel Corp,corn, v t 0.
375 385
70 295
Binger Manufacturing..100 375
May 401
Sept
7
100
7
Sni Vlscosa ord (200 lire)
Oct 16
6
Jan
5% 614
534
300
Dep rcts Chase Nat Bk..
Oct 13% Apr
24% 24%
100 24% Oct 33 June
Sou Calif Edison, prof B_25
30
30%
South Cities U Ill el A v tc•
200 29
Nov 30% Nov
36% 37
200 3314 Aug 37
Class A common
•
Nov
25% 26
Sou Colorado Pow cl A_ _25 26
300 23
July 49
Feb
21% 21%
Southern 0& P.claw A..'
100 21% Nov 27% Feb
32
35
39,600 21% Mar 46% Jan
S'eastern Pow & Lt, corn.' 33
32
28% 34% 7,300 26
Corn vot trust certif.
Aug 34% Nov
Participating preferred.' 67% 6734 68% 2,700 59
Mar 69% Sept
9
9
10% 7,300
Warrants to per corn 81k.
Mar 15% Feb
7
114
114 11514
Southwest Bell Tel pf_100
40 9914 Feb 116
July
14% 15
Sparks, Withington Co_
1,200 10
May 28% Jan
20
20
Spiltdorf Bethlehem Elec.'
200 20
Aug 43% Jan
114 114
Stand Mot Construe_ _ _100
800
134 Nov
2% Mar
431 4%
Stand Publishing cl A _25
300
4% Oct 1914 June
112 112
Standard Screw, corn..100 112
25 102% July 118
Nov
18
Btuts Motor Car
20%
1,400 1634 Oct 3734 Jan
• 18
116% 116%
Swift & Co
50 110
100
Apr 119
Nov
Swift International
15 2034 19% 20% 1,900 14% May 22% Jan
47
Tampa Electric Co
47
100 45% Oct 67
May
50c
450 500
Thompson(RE)Radio vie
1,900 450 Nov
5% Jan
28
28
nets (Leonhard) Inc
100 28
Nov 28
Nov
Timken-Detroit Axle_-10 1331 13% 13% 4,800
8% Mar 13% Nov
334
Tobacco Prod Exports.--'
3% 334
1,200 3% Oct
4% Jan
39
39
Todd Shipyards Corp__ •
300 29
Jan 403( Sept
Trans-Lux Day Pict Screen
7
731
734 5,500
Class A common
•
Jan
6% June 14
1140 1160
900 1131
Travelers Insurance-- _100
Oct 1243
Sept
914 1034
9%
400
Trumbull Steel common_25
8% Jan
13% Feb
26% 26%
200 22
Truscon Steel
10
Mar 30% Jan
160 165
120 155
Tubize Artif Silk clam B--•
Nov 240
Jan
814 9%
300
Tung Sol Lamp Wks.com•
7% Mar 1034 Jan
1814 18%
300 17% May 19% Sept
Claw A
•
36
3731
5
Steel
Union
Casting
Nov 37% Nov
36
United Artists Theatre Co
97
97
200 97
Allot ctfs for corn & pf Ink
Nov 101
June
7
7
8
United Biscuit, class B___•
400
Nov
7
17% June
28% 2914
400 23
United Elec Coal Cos V t e•
Mar 44% Feb
89% 9014
SOO 89% Nov 90% Nov
United Gas & Elec new....
108% 111% 2,200 84
United Gas Impt
50
Mar 144% Jan
91
88% 92% 3,200 82
New stock w 1
Oct 92% Nov
United Light & Power A...• 13% 13% 14% 41,720 10% Oct 28
Feb
75 85 June 8831 Oct
Preferred A
• 87% 87% 87%
10% 11% 2,600
United Profit Sharing cons* 1111
9% Oct 11% Nov
49
200 47
49%
United Shoe-Mach com..25 4911
Apr 53
Aug
15411 160
140 125
20
US Gypeum, corn
Mar 166
July
U S Light & Hest,corn..10 2934 2934 32% 1,100 16
Mar 33
Oct
6% 6% 1,900
10
Preferred
5% Mar
7% May
1131 11%
100 11% Nov
U 43 Rubber Reclaiming_ •
14 June
13
•
13
13
100
334 Nov
US Stores Corp, clagsB__•
14
Jan
36% 3734 1.500 3614 Nov 3714 Nov
Universal Leaf Tob com_ •
600 13% Aug 18
Utilities Pow & Lt, cl B_-• 13% 1334 14
Feb
17
17
100 16
Jan 18% Feb
Utility Shares Corp. pf n-v•
2% .2%
10
214 Oct
Option warrant........
Feb
6
102% 10314 2.900 68
Apr 10634 Oct
Victor Talking Mach-100
3954 23,000
35
8 June 65
Warner Bros Pictures...• 37
Sept
600 23% Mar 30% June
Warner Quinlan Co ----• 2554 25% 26
96
140 9234 June 99
97
Nov
Wesson Oil&Snow pref ---• 96
15%
600 13;4 June 1614 Oct
15
West Dairy Prod Cl B vte-• 15
160 9134 Mar 99
Jan
Western Power. pref_100 9814 9714 9814
Oct 29% Sept
White Sew Mach corn -- 20% 2014 21% 5,600 14
600
14
...... 14
9
Mar 17% Apr
Yellow Taxi Corp. N
.ioa".
Right/41%
May Dept Stores
1%
100
1% NovI
134 Nov
Former Standard 011
Subsidiaries.
Anglo-Amer 011 (vol sh) £1 19% 19% 20% 1,700 1634
300 1634
------ 1931 19%
Non-voting stock..
70
350 65
Borne Scrymser, new.. 25 ------ 68
1,100 42
Buckeye Pipe Line
50 x4234 x4234 44
1,000 65
Chesebrough Mfg
25 --- 7634 8234
Continental 011 v t(3-10 18% 18/4 19% 13,400 17%
610 102
109 116
Cumberland Pipe Llne-100 111
4411 47
700 43
Eureka Pipe Line
100 47
100
034
Galena-Signal Oil, com _100 ------ 11% 11%
46
30 35
New preferred
-- 46
100 45% 49
50 4534
Old preferred
100 49
56% 59% 10,900 52
Humble Oil & Refining__25 57
Illinois Pipe Line
136 140
270 131
100
Imperial 011 (Can)
4,400 8234
• 3634 36% 38
Indiana Pipe Line
250 5434
no 6034 6014 63
National Transit___12.50 1331
12% 13% 2,400 1234
New York Transit
3134 3114
100
200 2734
Northern Pipe Line72% 75
300 64
I00
Ohio 011
5714 5734 5834 2,100 ow
Penn Mexico Fuel
19% 21%
25
600 15
28
May 21
Mar 20%
Nov 75
Oct 6934
Jan 7231
Oct 2534
Oct 137
Nov 6334
Oct 3234
Oct 85
Oct 9734
Oct 88%
June 144%
May 39%
Nov 70
Nov
2934
Oct 5134
Nov 8034
July 6734
Mar 24%
Nov
Nov
Sept
Jan
Nov
Jan
Jan
Jan
Jan
Apr
Jan
Apr
Apr
Nov
Mar
Jan
Mar
Feb
Jan
July
[Voi... 123.
Friday
Sales
Former Standard 011
Last Week's Range for
Subsidiaries
Sale
ofPrices.
Week.
(Concluded)
Par Price. Low. High. Shares.
Prairie OH & Gas
25
Prairie Pipe Line
100
Solar Refining
100
South Penn 011
25
So'West Pa Pipe Lines.100
Standard Oil (Indiana) 25
Standard 011 (Kansas)-25
Standard Oil(KY)
25
Standard 011(Neb)
25
Standard Oil of N Y
25
Standard 011(0)com__100
Preferred
100
Swan & Finch
100
Vacuum 011
25
Range Sine. Jan. 1.
High.
48% 48% 49% 6,550 48
12512411 12514
1,300 122%
198 198
10 18434
36% 3634
500 3434
5531 57
100 49
6434 64
68
30,100 6034
1714 17% 1914 1,500 1634
118 118%
400 108
x4731 247% 49% 1,600 42
x3034 x3034 32% 36,200 30%
300 302
60 288
118
118 118
100 116%
17
17
50 15%
9431 9334 97
8,200 9014
Ma r 6034 Feb
Sep t 127341May
June 210
Aug
June 50
Jan
May 57 •Nov
Oct 7031 Jan
Oct 36% Jan
Mar 134% Jan
Apr 51% May
Apr 4934 Jan
Oct 332
Jan
Feb 122
July
Oct 23
Jan
Oct 10934 Jan
Oiher 011 Stocks.
Amer Contr 011 Fielde-5
Amer Maracaibo Co
•
Argo 011Corp
10
Arkansas Natural Gas-10
Atlantic Lobos Oil, corn....
Barnsdall Corp-Stock
porch warr (per 100 war)
Beacon 011 Co, corn
•
British American Oil..._25
Carib Syndicate..
Consolidated Royalties__ _1
Creole Syndicate..-•
Crown Cent Petro Corp.'
Crystal Oil Refining corn.'
Preferred
100
Darby Petroleum
•
Euclid 011
Gibson 011 Corp
1
Gulf 011 Corp of Pa- -25
International Petroleum..'
Kirby Petroleum
•
Leonard Oil Develop't__25
Lion 011 Refining
•
Livingston Petroleum....'
Lone Star Gas Corp
Mastodons Syndlcate----1
Marsay Oil Corp
•
Marland Oil of Mexico.
Oldstock
1
Mexican Panuco 011-.10
Mexico Oil Corti
10
Mountain & Gulf 011
1
Mountain Producers -..10
National Fuel Gas
100
New Bradford 011
5
New England Fuel 011-•
New York 011
25
North Cent Texas 011_ _ __•
Northwest 011
1
Ohio Fuel Corporation_ _25
Certificates of deposit...
Oklahoma Nat Gas ctf dep
Pandem 011 Corp
Pantepec 011 of Venezuela*
Peer Oil Corp
•
Pennok 011 Corp
•
Reiter-Foster 011 Corp...'
Royal-Can Oil Syndicate_•
Ryan Consol Petroleum..•
Salt Creek Consol 011_ _ _10
Salt Creek Producers_ __10
Tidal Osage voting stock_*
Non-voting stock
•
Tide Water Assoc Oil__ •
Preferred
Venezuelan Petroleum_ _5
Wilcox 011 & Gas new-___*
Woodley Petroleum Corp-•
1
"Y" Oil& Gas
ioo
1lir
634
19,700
39,000
100
300
100
1%
16%
70
2234
13%
134
890
3
30%
2
711
23%
75c
43%
234
2
420
25%
534
4534
8%
12
1534
8
30%
21
18%
22%
95%
26
8
95
15%
65%
1914
9
13
114
11
50%
634
800
3
90
3034
1%
731
2334
600
43%
2
11%
53
9934
1731
71
22%
9%
1334
234
12%
52
614
131
331
9134
31%
2
•8
24%
750
43%
2%
1134
53
214
2
234
360 420
1% 1%
2434 2534
183 187%
531
6
6
10
1034
1014 10)4
60
60
4514
20
8
11%
260
14
1534
350
5
8
29%
18%
17%
22%
9514
674
26
7%
230
4514
20
8%
12
300
14
1711
3543
5
831
3014
24%
2214
23%
97%
7%
28%
834
260
450 Oct
Oo
4
134. Oct
5% Jun
114 Oct
6%
14%
334
8%
334
Feb
Jan
July
Oct
May
15 82
4,700 1434
1,100 60
87,600
934
300
831
30,900 10
4,200
1%
800 11
150 5014
300 750
33,400 600
8,600
211
2,700 82
11,100 28%
5,500
1
4,900
6%
3,100 20
200 500
200 38
5,600
2
100 11%
100 50%
800
114
9,100
134
02.000
80
400
1%
10,600 23
430 131
600
5%
100
2
1,000
8
300
8%
1,000
30
June 125
May
Ma
1934 Jan
Oct fl
Nov
Ma
22% Feb
Ma
1034 Feb
Mar 16
Sept
Mar
7% Jan
Nov
14
Sent
Nov 6334 Sept
Apr
8% Nov
Oct
331 Feb
Oct
734 May
AD
Sept
95
Mar 37)( Jan
Oct
334 Feb
Apr 12% Feb
May 25% Feb
Oct
134 Jan
Aug 46
Oct
Nov
2% Oct
Nov
16
Jan
Oct 53
Oct
Nov
334 Jan
Nov
534 Feb
Apr 42o Nov
131 Jan
Aug
Apr 26
Jan
Apr 196
NoV
Oct
6% Jan
Mar 11% July
Mar 17
Jan
July 12% Feb
May
8o Nov
800
300
5,900
10,500
3,000
1,000
7.500
3,000
300
2,200
9,200
9,200
15,900
10,000
59,800
12,000
2,000
1,500
9,000
Sept
Nov
Oct
Oct
Oct
Oct
Oct
Apr
Oct
Oct
Oct
Apr
May
Oct
Nov
Jan
Mar
May
Jan
423(
20
6
11%
200
12
12
20c
4%
7%
26%
734
8%
20%
9534
414
22
4%
50
45% NoV
20 INov
0% May
1231 100t
Feb
22% Feb
30% Aug
114 Sept
7% Jan
10
Feb
Jan
36
27
Nov
25% Nov
27
Mar
9934 Mar
734 Mar
3634 June
9% Sept
350 May
Mining Stocks.
Amer Tin & Tungsten_ ..l
Arizona Globe Copper-1
Calumet &Jerome Cop...1
10
Carnegie Metals
Consol Copper Mines....1
Cons Nevada-Utah Corp-3
Cresson Consol GM & M_1
1
Divide Extension
Engineer Gold Mlnes,Ltd 5
1
Eureka Croesus
1
Falcon Lead Mines
First National Copper- _ -5
First Thought Gold Min_ -1
1
Forty-nine Mining
-5
Golden Centre Mines
Hawthorne Mines, Inc_ - _1
254
Hecla Mining
5
Hollinger Cons0 M
10
Iron Cap Copper
1
Kay Copper Co
5
Kerr Lake
6
Mason Valley Mines
6
New Cornelia
100
New Jersey 21no
Newmont Mining Corp_10
Nipiesing Mines
5
•
Noranda Mines,Ltd
1
Ohio Copper
Premier Gold Mln,Ltd. 1
1
Red Warrior Mining
Reorg Div Annex Mln_10c
1
San Toy Mining
South Amer Gold & Fiat !
Spearhead Gold Mining__ 1
1
Tech-Hughes
Tonopah Belmont Deve1.1
Tonopah Exten MinIng..1
1
Tonopah Mining
U S Continental
1
United Eastern
United Verde Extens__50e
5
Utah Apex
Wenden Copper Mining_ _1
West End Consol
West End Extension
1
Yukon Gold Co
5
BondsAllied Pack deb 85-1939
1939
Debenture Os
Aluminum Co 7e
1933
Am 0& El 6s, new___2014
American Power & Light6s.old without warr-2016
Amer Rollins M11165._1938
1936
Amer Seating fis
A.merisan Thread 68..1928
Amer W Wks El 68_1975
Amer Writing Paper 6e 1947
Anaconda Cop Min 64_1929
Andian Nat Corp 68.. _1940
Without warrants
&
60
90
2714
Sc
414
800
200
60
120
850
2
75
390
6o
4
40
5
2%
450
24%
514
234
40
40
2,000
20 Aug
100 Aug
60
3,000
70
60 Nov 310 Feb
90
90
2,000
80 June 160 Feb
12
12
100 11% Sept 21
Jan
2% 3
2.600
114 Apr
314 May
40
40
1,000
30 May
70 June
231 37,,
700
134 June
234 Jan
50
Sc
3,000
30 Feb
70 Mar
4% 4% 1,400
3
Nov 28% Feb
70
90 18,000
30 Apr
740 • 860 173,100 610 Aug 160 Aug
860
200 200
1,000 170 Mar 254 Nov
Feb
2o
30 12,000
2o Nov 106 Apr
130
90 14,000
50 Feb 190 Apr
2
2
300
I
Mar
3 May
90 12o 74,000
8o
Oct 320 Feb
16% 16%
800 1534 Mar log Mar
19
19
100 17% Jan 19% June
311 314
100
Nov
3
431 Oct
1% 1% 30,800 1 5-16
Oct
2% Mar
750 850
800 740 Nov
1% Feb
1% 2
700
114 June
2% Sept
22
2334
600 1831 May 23% Aug
185 186
120 178
Oct 210 tJan
74
7514 1.600 46% Jan
77 LOot
5% 5% 2,800
5 June
73,
4 Jan
18% 19
4.600 1214 Mar 1934 Aug
390 390
3,000 370 Nov 750 Jan
1% Dirt 3,400
IN Nov
2% Mar
160 200
7,000 150 July 350 Feb
50
70 14,000
Sc
Oct
220
June
tio
8c 10,000
30 Mar
80 Nov
4%
4
700
3% Oct
5% July
40
7c 225,000
20
7c Nov
4,314 534 8,100 2 11-16 Feb
Jan
514 Oct
234 2
1,700
211
Apr
414
Jan
250 300
1,100
80 May
13( Jan
335 354
100
311 Oct
714 Feb
60
6o
1,000
Sc Sept 100 Jan
430 45c
2,000 30c June 690 Sept
24% 25
1,000 24
Nov 133
Feb
5% 5%
900
414 Oct 11% Feb
2% 2%
500
214 May
a34 Jan
90
90
6.000
90 Nov 300 Feb
30
30
2.600
3c Mar
70 May
450 49c
2,000 200 Aug 490 Nov
73
7131 73 $45,000 70%
6134 6134 1.000 6134
105% 105% 106
28,000 10534
102% 10131 102% 180,000 98%
Jan
May 89
Jan
Nov BO
Oct 107% Fug
Apr 10231 Nov
101
10334
102%
10131
9711
83
102%
Jan
Jan
Oot
Sept
Mar
Aug
Oct
9931
100% 101% 238,000 96
103% 103% 3,000 101
10035 102% 258,000 97%
101% 101% 28,000 101%
97
9734 88,000 92%
82
83
74,000 77%
10234 10231 62,000 10234
98
9931 27,000
9734
101%
103%
102%
103%
9834
Nov
July
Nov
Jim
sePs
85% Oct
103% Aug
Oct 101% July
Nov. 20 192g.]
Ronda (Con.inued)-
THE CHRONICLE
trrtaay
Last Week's Range Sales
Sale
OfPrices.
for
Price. Low. High. Week.
Range Since Jan. 1.
Low.
High.
Appalach El Pow 56.._1956
ASSOC Gas & Elec 68._1955
Assoe'd Sim Hardw 6346'33
Atlantic Fruit 8s
1949
Barnsdall Corp. 6s, with1940
out warrants
Beaver Board Co 8s__1933
Bell Tel of Canada 56_1955
Berlin Electric 6%s___1928
1929
6345
Berlin Elec Elev 6346_1956
Boston & Maine RR 681933
Brunner Tur & Eq 7540'55
Buffalo Gen Elea 50 ..1956
Burneister & Wain of Copenhagen 15-yr (36._1940
Calif Pet Corp 6348
1938
Canada SS Lines 6s_ 1941
Canadian Nat Rys 76-1935
Canadian Pac 434s__ _1946
Carolina Pow & Lt 58.1956
Cities Service 6s
1966
Cities fiery 78, Ser D 1966
Cities Serv 88 ser E
1966
Cleve Elec Ill Is SrB 1961
Columbia 0& E 5s...1928
9534 95% 9554 30.000
10034 100% 101
54,000
9734 97% 9734 41,000
19
19
19
6,000
9434 July 9734 Nov
92% Mar 10334 Aug
95
Jan 98
Sent
17% Nov 33)4 Jan
90
9934 99%
101
100%
99%
99
9534 9434
100%
'85
10234 10234
9034 15,000
99% 41,000
101
84.000
99% 4,000
100
25,000
95% 475,000
10014 9,000
8554 3,000
10254 24,000
90
Nov
93% Fe!
99% Jan
98
Mar
Mar
97
9454 Nov
94% Jan
85 June
9954 Jan
94
98%
97
111
9634
100%
96
121
130
10254
10034
94
2,000
98% 217,000
9754 29.000
11134 8.000
96% 36,000
101% 141,000
96% 210,000
121% 72.000
130
1.000
102% 13.000
10054 3,000
Commander-Lambee 65 '41
Cons G,El&P 53485er E'52
1066
Is series F
Consol Publishers 6543.'36
Consolidated Textile 8s '41
Container Corp 6s_ _ _ _1946
Cuba Co 6% note__ _ _1929
Cuban Telep 7%s__ _1941
Cudahy Pack deb 5540.1937
Si
1946
Detrolt City Gas 615-1947
Detroit Edison deb 7E3_1930
Duke-Price Pow let 651906
East Term Off Bldg 6540'43
Eitingon-Schild 60._- _1938
Else Refrigeration 6s__1936
Federal Sugar 6s
1933
Fiat 20-yr s 1 7s
1946
Fisk Rubber 554e
1931
Florida Pow & Lt 58_1954
98% 9834
106% 106%
10234 10134 102%
9834 98% 99
8754 85% 87%
97%
9755 97
1
3 11m
00
100 100
11154 11154
94
9354 9434
9654 97
10634 1013% 107
13034 130%
10274 10334
103
99
99
9734 97)4
98)4 9734 98%
85% 84
8534
91% 91
92
9734 97% 97%
93% 93% 93%
9854
9613
10134
9634
12134
102
h
Clair (Robert) Co 7s...1937 104%
Galena-Signal Oil 7s 1930 as
Gatineau Power 50_1955 945(
68
1941
Gen'l Ice Cream 63413_1935
General Petroleum 60-1928
Goodyear T & R 5s
1928 98
Goody'r T & R Cal 514e31 95%
Grand Trunk Ry 6345_1936 108%
Great Cons Elec 630 1950 90%
Gulf 01101 Pa 5s
1937
Serial 5548
1928
Hamburg Elm Co 73 1935 100
Havana Elec By 530-1951
With COM ertk Dumb war- 91
, Hood Rubber 7s
1936 10334
634% notes Oct 15 1936_
Ill Central RR 450_1968 9654
' Ills Power & Lt 5 Ms_ _1954
Indep Oil & Oas 6348-1931 9934
'Indiana Limestone 60_1941 98%
Indianapolis P & L13e_1936 100%
Internat Gt Nor 50 13-1956 96%
Intemat Paper 13s. w1_1941 98
, Interstate Nat Gas 66-19313
With warrants
Without warrants
Keystone Telep 5346-1955 8934
Krupp (Fried), Ltd, 7131929 101%
Laclede Gas Lt 550_1935
Lehigh Pow Secur 68.-2026 94%
Libby, McN & Lib 78_1931 103%
Leonard Tiets, Inc), 7146'46
With stock purch warls
Long Isld Ltg Co 66-.1945 10354
Manitoba Power 53.46_1951 9834
Mansfield Min & Smelting
(Germany) ys
1941 102
Mass Gas Cos 534s_ _1940 10334
McCallum Hosiery 6146'41
Miss Mill Mach 71_1956 94%
Midwest Gas 76
1936
Montgomery Ward 58_1946 97
Montreal L,H & P 50 A_'51
Morris de Co 730
1930
Nat Pow At Light 6e A 2026 9834
Nevada-Calif Elm 58_1958
Nevada Cons Is
1941 105
New On Tex & M RR 513'58
Nor States Pow 654a_.1933 111
654e gold notes
1933
Ohio Power Sc eer B..-1952 99
434$ Series D
1956 90%
7s
1951
Ohio River Edison 50_1951 97
Okla Natural Gas 60_1941 9934
Otis Steel be
1941 9414
Pan Amer Petrol 68-1940 9954
Park Ave Bldg Mayfair
Rouse N Y 6s
1940
Pennok 0116s
1927
Penn-Ohio Ed ison66_ -1950
Penn-Dixie Cement 68 1941
Penn Pow & Light 5s_ _1952 10034
bs series D
1953 100%
Phila. Electric 5340_1947
Phila Elec Pow 530-1972 10354
• Phila Rapid Tran 63_1962 100%
Pub Eery Corp NJ 5348,56 10054
Pure 011 Co 6%a
1933 10334
Rand-Kardex Bur 53431931 115
Richfield Oil of Calif 68'41
Saud& Falls Co 53_1955 96%
• Saxon Public Wks034e1951 96%
. Schulco Co 6345
1946 9935
Schulte R E Co 68_1935
(is withou$ corn etk 1935
Serval Corp 13s
1931 95%
Shawsheen Mills 70_1931
Slemans & Halske 75_1928
75
1935 101
BieMane & Halske-S S.
6148 with warrants_1951 99
Sileslan-American 7s...1941 95%
Simms Petrol 6% notes '29
Sloss-Sheff S & I 63.__1929
1934 104
Solvay be Cie 68
Southeast P & L 68.-2025
9634
Without warrants
Sou Calif Edison 6s___1951 98
1944
. bs
Southern Gas Co 6340_1935 103
Southwest P & L 6s.- _2022
90%
10054
101%
10034
100
95%
101%
101%
10354
Nov
Sept
June
Sept
Nov
Nov
Sept
Feb
May
94
9834
96%
110
96%
97%
91%
10134
109
10254
100
July
Oct
Oct
Jan
Nov
May
Apr
Jan
Jan
Oct
June
95
9834
97%
114%
97
101%
96%
121%
132
10234
10054
July
Oct
Nov
June
Oct
Nov
Nov
Nov
Nov
Nov
Nov
16.000
4.000
14,000
14,000
6,000
18,000
10.000
12,000
18,000
13.000
8,000
1,000
83,000
3,000
14,000
45,000
29,000
123.000
168,006
190,000
98%
105
100
97
80
80
100
108)4
91
9414
104%
124%
WO%
98
96
96%
84
8954
93%
91%
Aug
Ma
Jan
Sept
June
Jun
Sep
Jan
July
Jun(
Jan
Apr
Ain
Nov
Aug
Oct
Nov
Oct
Apr
Mar
99
107
10234
100
92
9954
100
112
96%
9754
10754
13854
10354
10134
98
107
98%
93%
9854
9634
Aug
June
June
Aug
Feb
Aug
Sept
Mar
Aug
Sept
Sept
Feb
Ang
Aug
Aug
Jan
Feb
July
Jan
June
10354 10434 3,004
8734 88
23,000
93% 9434 213,001,
97% 9834 75,000
115 115
2,000
101% 10154 7,001.
98
9834 29,001.
95% 9634 11,000
108 10834 11,000
sag arA 262.000
100% 100% 25,000
10034 10054 9,000
100 10035 27,000
103
• 80%
93
97%
111
10034
96%
955(
107%
85
98%
100%
94
May
Oct
Oct
Sept
Sept
Aug
Aug
Nov
May
Apr
Feb
Aug
Jan
105% Mar
103
Mar
95
Aug
9954 July
138
Jan
10214 Jan
99% Jan
99
Apr
10934 June
91% Nov
10134 June
10134. Jan
10154 Nov
89%
103%
9834
9534
9954
98
97%
100%
9634
98
91
103%
9834
9634
99%
99%
9854
10234
97%
98%
11854 120
98
98
8934 91
100% 10134
100% 100%
9454 95
103% 1045(
105 108
103 103%
9654 9634
41,000 8834 Oct
5,000 10334 Nov 92% Aug
5,000 98% Oct 105% June
98% Oct
23,000 9534 Nov
1,000 99% Nov 96% Bent
100%
Sept
53,000 9534 May
100% Feb
54,000 97
Oct 9054 Ails
148,000 9834
103% Oct
192.000 9434 July
Oct 97% Nov
50,000 98
Oct 9834. Nov
57,000 110
Aug 122
Aug
21,000 97% Oct 101
Aug
66,000 88
Apr 91m Nov
72,000 90)4 Jan 101% Nov
2,000 98
Jan 10134 Aug
155,00
Mar 95% Feb
93
2,00 10354 Oct 105
Jan
144,000 9334 Mar 108
Nov
13,000 99% Mar 103% July
21,000 94% Apr 98
Apr
10154 102
44,000
102% 10334 199,000
9534 9534
1,000
9434 95
71,000
100 10054 5,000
97
14,000
97
993-4 9954, 35,000
1025( 103
7,000
98% 99
98,000
93
93
5,000
105 108 145,000
10154 101% 54,000
111 11134 19,000
103 10334 14,000
98% 99
441000
90% 90% 182,000
106% 10614 2,0041
96% 97 185,000
99
99% 168.000
94
9434 84,000
99% 9935 98.000
94
99%
95%
91%
100
97
9934
102
118
92
91%
99%
108
10234
94
80%
105%
0411
99
93%
99;4
May
Jan
Nov
Oct
Nov
July
Oct
Sept
Ana
Oct
June
Coot
Ma
Au
Jan
Aug
May
Jun
Sep
Sept
Oct
102
10354
9934
9654
100%
98%
9934
105%
99
93%
108%
101%
131
104)4
10154
93%
107
97
99%
99
105
98
98
3,000
100 100
1,000
11234 113% 23,000
9934 99% 7,000
100 100% 108,1100
100 10036 88,000
107 107
4,000
10254 10354 158,000
100 10054 19,000
100 100% 215,000
103% 103% 35,000
112% 117
63,000
99
99
9.000
96
9634 20,001)
9554 97 381.000
9934 10034 95,000
94
7,000
9456
8554 8634 5,000
9534 9634 104,000
100 100
15,000
100% 101
22,000
100% 10134 12,000
98
9834
98
99
97%
9734
106%
10054
97%
98
10254
101%
99
94
913(
100
92
83
95%
96
96%
94
Nov
Apr
Apr
Sell
Ma
Jun
Jan
Mar
Jan
Aug
Jan
Ma
Oct
Mar
Aug
July
AD
AD
NON
May
Jan
Jan
102% May
107% Feb
1163( Sept
99% Sept
100% Nov
100% Nov
108% June
103% Nov
10134 May
100% Nov
10454 Aug
118
Jan
99
Oct
97
July
97
Nov
101
Aug
98% Jan
July
90
109
June
10234 Jan
10154 Sept
10254 Sept
99
95%
101
10134
104
9914 107,000
99
95% 123,000 935(
101
4,000 101
10134 2,000 10154
104
11,000 101%
85% 9634
98
983.4
101 101%
100 103
97% 9734
409,000
52,000
22.000
21,000
1,000
2645
Friday
Sales
Last Week's Range for
Range Since Jan. I.
Sale
ofPrices.
Week.
Price. Low.
,High.
High Shares. Low.
89
97)4
96%
95
9734
Oct 9934
Oct 95%
No 101
Nov 103%
Aug 104%
Nov
June
Sept
Oct
Nov
Aug
Oct
Apr
Nov
June
Nov
Nov
Jan
Jan
June
June
June
Nov
Nov
June
July
Ott
Nov
Nov
June
May
Mar 96% • Nov
Nov
99 June
Jan 10134 June
Mar 103
Nov
Oct 97% Nov
Bonds (Concluded)-
Stand 011 of N Y 6343_1933 10554 10534 105%
Stinnes (Hugo) Corp 7%
notes Oct 1 '36, with warr 9936 • 9934 9934
781948 with Warrants_ __
9934 9914 9934
Stutz Motors of Am 73037
98
98
Sun Oil 550
1939 9954 9934 100
Swift & Co 53_ Oct 15 1932 9855 98
9834
Thyssen (Aug) I&S 70.1930 10234 1023410254
Tidal-Osage 011 76 _ __ _1931
103 103
Trans-Cont'l 011 75-1930
9634 97
Ulen & Co 614s
1936 100
100 100
United Rye of Hay 7.51s '38
11054 Ill
U S Rubber 634% notes'27
Serial 634% notes_ _1928
634% notes
1929
Serial 635% notes 1930
Serial 634% notes...1931
serial 634% notes_ _1932
Serial 634% notes_ _1933
Serial ()Si% notes__1934
Serial 634% notes_ _1935
Serial 634% notes__1936
Serial 634% notes 1937
• Serial 654% notes_ _1938
Serial 634% notes 1933
Serial 634% notes__1940
U S Smelt & Ref 550.1935
United Steel Wks Burlach,
Luxemburg 7e
1951
US Steel Works A 634e '51
With stk our warr, Ser A
Without stock pun warr_
Series C
Valvoline 01163
1937
1976
Wabash Ry be
Warner Bros Pic 650.1928
Webster Mills 654s..1933
Western Union Tel 59_1951
Youngst Sheet & T 63_1943
10034 10034
101
101 101
1013'( 10134 10134
102 102
10235 10134 10234
101 10134
101 10134
19.1
10134
101 101
101 10154
10154 10134
10134 1013.4
10154 10154 10154
102
10154 102
10134 101 10154
9854
9834 99
42,000 10454
Oct 10734
Jan
106,000 9934 Nov 9934
84,000 9914 Nov 9934
3,000 9634 Nov 120
29.000 9754 Jan 10034
124,000 9654 Jan 9854
17.000 93
Jan 1024
1.000 10234 Oct 10534
12,000 91
June 99
3,000 100
Nov 101
4,000 10934 Jan 11234
Nov
Nov
Jan
June
Apr
J11/7
MaY
Jute
Nov
Aug
11.000
14,000
12,000
2.000
4,000
24,000
9,000
7,000
1,000
10,000
15.000
16.000
5.000
8,000
50.000
141.000
9834 9854 457.000
9234 94
46,000
98% 9854 38.000
104 104
2,000
9674 9834 9734 281,000
10834 1073411234 172.000
97
9754 13,000
10074 10034 10134 344.066
10334 104
21,000
9834
9334
10
@FedFRASER